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"value": "Notes to the financial statements 1) General information Ashmore Group plc (the Company) is a public limited company listed on the London Stock Exchange and incorporated and domiciled in the United Kingdom. The consolidated financial statements of the Company and its subsidiaries (together the Group) for the year ended 30 June 2023 were authorised for issue by the Board of Directors on 5 September 2023. The principal activity of the Group is described in the Directors\u2019 report on page 113. 2) Basis of preparation The Group and Company financial statements for the year ended 30 June 2023 have been prepared in accordance with UK-adopted international accounting standards. The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of derivative financial instruments and financial assets and liabilities that are held at fair value through profit or loss. The Company has taken advantage of the exemption in section 408 of the Companies Act 2006 that allows it not to present its individual statement of comprehensive income and related notes. Going concern The Board of Directors has considered the resilience of the Group, taking into account its current financial position, and the principal and emerging risks facing the business in the context of the current economic outlook. The Board reviewed cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the Group will have sufficient funds to meet its liabilities as they fall due for that period. The Board applied stressed scenarios, including severe but plausible downside assumptions on AuM, profitability of the Group and known commitments. While there are wider market uncertainties that may impact the Group, the stressed scenarios, which assumed a significant reduction in revenue for the entire forecast period, show that the Group and Company would continue to operate profitably and meet their liabilities as they fall due for a period of at least 12 months from the date of approval of the annual financial statements. The financial statements have therefore been prepared on a going concern basis. Principal estimates and judgements The preparation of the financial statements in conformity with UK- adopted international accounting standards requires the use of certain accounting estimates, and management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The estimates and judgements used in preparing the financial statements are periodically evaluated and are based on historical experience and other factors, including expectations of future events 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. There are areas of the financial statements where the use of estimation is important, but where the risk of material adjustment is not significant, including the assessment of performance conditions attached to certain executive share awards (note 10), assumptions used in the valuation of level 3 seed capital investments (note 19) and deferred tax assets (note 18). The areas where judgements are made include the impairment review of goodwill (note 15), the calculation of lease assets and liabilities (note 16) and consolidation of seed capital investments (note 20). 3) New Standards and Interpretations not yet adopted There were no Standards or Interpretations that were in issue and required to be adopted by the Group as at the date of authorisation of these consolidated financial statements. No other Standards or Interpretations have been issued that are expected to have a material impact on the Group\u2019s financial statements. 4) Significant accounting policies The following principal accounting policies have been applied consistently where applicable to all years presented in dealing with items considered material in relation to the Group and Company financial statements, unless otherwise stated. Basis of consolidation The consolidated financial statements of the Group comprise the financial statements of the Company and its subsidiaries, associates and joint ventures. This includes an Employee Benefit Trust (EBT) established for the employee share-based awards and consolidated investment funds. Interests in subsidiaries Subsidiaries are entities, including investment funds, over which the Group has control as defined by IFRS 10. The Group has control if it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date when control ceases. The Group reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the elements of control. The profit or loss and each component of other comprehensive income are attributed to the equity holders of the Company and to any non-controlling interests. Based on their nature, the interests of third parties in consolidated funds are classified as liabilities and appear as \u2018Third-party interests in consolidated funds\u2019 on the Group\u2019s balance sheet. Associates and joint ventures are presented as single-line items in the statement of comprehensive income and balance sheet. Intercompany transactions and balances are eliminated on consolidation. Consistent accounting policies have been applied across the Group in the preparation of the consolidated financial statements as at 30 June 2023. A change in the ownership interest of a consolidated entity that does not result in a loss of control by the Group is accounted for as an equity transaction. If the Group loses control over a consolidated entity, it derecognises the related assets, goodwill, liabilities, non-controlling interest and other components of equity, and any gain or loss is recognised in consolidated comprehensive income. Any investment retained is recognised at its fair value at the date of loss of control. Interests in associates and joint arrangements Associates are partly owned entities over which the Group has significant influence but no control. Joint ventures are entities through which the Group and other parties undertake an economic activity which is subject to joint control. Investments in associates and interests in joint ventures are measured using the equity method of accounting. Under this method, the investments are initially recognised at cost, including attributable goodwill, and are adjusted thereafter for the post-acquisition changes in the Group\u2019s share of net assets. The Group\u2019s share of post-acquisition profit or loss is recognised in the statement of comprehensive income. Where the Group\u2019s financial year is not coterminous with those of its associates or joint ventures, unaudited interim financial information is used after appropriate adjustments have been made. Interests in consolidated structured entities The Group acts as fund manager to investment funds that are considered to be structured entities. Structured entities are entities that have been designed so that voting or similar rights are not the dominant factor in deciding which party has control: for example, when any voting rights relate to administrative tasks only and the relevant activities of the entity are directed by means of contractual arrangements. The Group\u2019s assets under management are managed within structured entities. These structured entities typically consist of unitised vehicles such as Soci\u00e9t\u00e9 d\u2019Investissement \u00e0 Capital Variable (SICAVs), limited partnerships, unit trusts and open-ended and closed-ended vehicles which entitle third-party investors to a percentage of the vehicle\u2019s net asset value. The Group has interests in structured entities as a result of the management of assets on behalf of its clients. Where the Group holds a direct interest in a closed-ended fund, private equity fund or open-ended pooled fund such as a SICAV, the interest is accounted for either as a consolidated structured entity or as a financial asset, depending on whether the Group has control over the fund or not. Control is determined in accordance with IFRS 10, based on an assessment of the level of power and aggregate economic interest that the Group has over the fund, relative to third-party investors. Power is normally conveyed to the Group through the existence of an investment management agreement and/or other contractual arrangements. Aggregate economic interest is a measure of the Group\u2019s exposure to variable returns in the fund through a combination of direct interest, expected share of performance fees, expected management fees, fair value gains or losses, and distributions receivable from the fund. The Group concludes that it acts as a principal when the power it has over the fund is deemed to be exercised for self-benefit, considering the level of aggregate economic exposure in the fund and the assessed strength of third- party investors\u2019 kick-out rights. The Group concludes that it acts as an agent when the power it has over the fund is deemed to be exercised for the benefit of third-party investors. If the Group concludes that it acts as a principal, it is deemed to have control and, therefore, will consolidate a fund as if it were a subsidiary. If the Group concludes that it does not have control over the fund, the Group recognises and measures its interest in the fund as a financial asset. Interests in unconsolidated structured entities The Group classifies the following investment funds as unconsolidated structured entities: \u2013 Segregated mandates and pooled funds managed where the Group does not hold any direct interest. In this case, the Group considers that its aggregate economic exposure is insignificant and, in relation to segregated mandates, the third-party investor has the practical ability to remove the Group from acting as fund manager, without cause. As a result, the Group concludes that it acts as an agent for third-party investors. \u2013 Pooled funds managed by the Group where the Group holds a direct interest, for example seed capital investments, and the Group\u2019s aggregate economic exposure in the fund relative to third-party investors is less than the threshold established by the Group for determining agent versus principal classification. As a result, the Group concludes that it is an agent for third-party investors and, therefore, will account for its beneficial interest in the fund as a financial asset. The disclosure of the AuM in respect to consolidated and unconsolidated structured entities is provided in note 27. Foreign currency The Group\u2019s financial statements are presented in Pounds Sterling (Sterling), which is also the Company\u2019s functional and presentation currency. Items included in the financial statements of each of the Group\u2019s entities are measured using the functional currency, which is the currency that prevails in the primary economic environment in which the entity operates. Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of the Group entities at the spot exchange rates at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into the functional currency at the spot exchange rate at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are generally recognised in comprehensive income, except for qualifying cash flow hedges to the extent that the hedge is effective, in which case foreign currency differences arising are recognised in other comprehensive income. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated into Sterling at the spot exchange rates at the balance sheet date. The revenues and expenses of foreign operations are translated into Sterling at rates approximating to the foreign exchange rates ruling at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income, and accumulated in the foreign currency translation reserve, except to the extent that the translation difference is allocated to non-controlling interests. When a foreign operation is disposed of such that control is lost, the cumulative amount in the foreign currency translation reserve related to that foreign operation is reclassified to comprehensive income as part of the gain or loss on disposal. If the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. If the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign currency differences arising on the item form part of the net investment in the foreign operation and are recognised in other comprehensive income, and accumulated in the foreign currency translation reserve within equity. Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date. The acquisition date is the date on which the acquirer effectively obtains control of the acquiree. The consideration transferred for the acquisition is generally measured at the acquisition date fair value, as are the identifiable net assets acquired, liabilities incurred (including any asset or liability resulting from a contingent consideration arrangement) and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are expensed as incurred, except if they are related to the issue of debt or equity securities. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognised in profit or loss. If the contingent consideration is classified as equity, it will not be remeasured and settlement is accounted for within equity. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. Goodwill The cost of a business combination in excess of the fair value of net identifiable assets or liabilities acquired, including intangible assets identified, is recognised as goodwill and stated at cost less any accumulated impairment losses. Goodwill has an indefinite useful life, is not subject to amortisation and is tested annually for impairment or when there is an indication of impairment. Intangible assets The cost of intangible assets, such as management contracts and brand names, acquired as part of a business combination is their fair value as at the date of acquisition. The fair value at the date of acquisition is calculated using the discounted cash flow methodology and represents the valuation of the profits expected to be earned from the management contracts and brand name in place at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and impairment losses. Intangible assets with finite life are amortised on a systematic basis over their useful lives. The useful life of an intangible asset which has arisen from contractual or other legal rights does not exceed the period of the contractual or other legal rights. Non-controlling interests (NCI) The Group recognises NCI in an acquired entity either at fair value or at the NCI\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. This decision is made on an acquisition-by- acquisition basis. Changes to the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost is determined on the basis of the direct and indirect costs that are directly attributable. Property, plant and equipment are depreciated using the straight- line method over the estimated useful lives, assessed to be five years for office equipment and four years for IT equipment. The residual values and useful lives of assets are reviewed at least annually. The Group\u2019s property, plant and equipment include right-of use assets recognised on lease arrangements in accordance with IFRS 16 Leases. Leases The Group\u2019s lease arrangements primarily consist of leases relating to office space. Obligations and rights under lease agreements are recognised and classified within property, plant and equipment on the Group\u2019s consolidated statement of financial position in accordance with IFRS 16. The Group initially records a lease liability reflecting the present value of the future contractual cash flows to be made over the lease term, discounted using the rate implicit in the lease, being the rate that the lessee 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. Where this rate is not readily available, the Group applies the incremental borrowing rate applicable for each lease arrangement. A right-of-use asset is also recorded at the value of the lease liability plus any directly related costs and estimated dilapidation expenses and is presented within property, plant and equipment. Interest is accrued on the lease liability using the effective interest rate method to give a constant rate of return over the life of the lease whilst the balance is reduced as lease payments are made. The right-of-use asset is depreciated over the life of the lease as the benefit of the lease is consumed. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects the likelihood that it will exercise (or not exercise) a term extension option. The cost of short-term (less than 12 months) leases is expensed on a straight-line basis over the lease term. Deferred acquisition costs Costs that are directly attributable to securing an investment management contract are deferred if they can be identified separately and measured reliably and it is probable that they will be recovered. Deferred acquisition costs represent the incremental costs incurred by the Group to acquire an investment management contract, typically on a closed-ended fund. The Group amortises the deferred acquisition asset recognised on a systematic basis, in line with the revenue generated from providing the investment management services over the life of the fund. Financial instruments Recognition and initial measurement Financial instruments are recognised when the Group becomes party to the contractual provisions of an instrument, initially at fair value plus transaction costs except for financial assets classified at fair value through profit or loss. Purchases or sales of financial assets are recognised on the trade date, being the date that the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or been transferred or when the Group has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation under the liability has been discharged, cancelled or expires. Subsequent measurement The subsequent measurement of financial instruments depends on their classification in accordance with IFRS 9 Financial Instruments. Under IFRS 9, the Group classifies its financial assets into two measurement categories: amortised cost and FVTPL. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost are measured at FVTPL. The Group classifies its financial liabilities at amortised cost or derivative liabilities measured at FVTPL. Amortised cost is the amount determined based on moving the initial amount recognised for the financial instrument to the maturity value on a systematic basis using a fixed interest rate (effective interest rate), taking account of repayment dates and initial premiums or discounts. Financial assets The Group classifies its financial assets into the following categories: investment securities at FVTPL, financial assets at FVTPL and financial assets measured at amortised cost. The Group may, from time to time, invest seed capital in funds where a subsidiary is the investment manager or an adviser. Where the holding in such investments is deemed to represent a controlling stake and is acquired exclusively with a view to subsequent disposal through sale or dilution, these seed capital investments are recognised as financial assets measured at FVTPL. If a seed capital investment remains under the control of the Group for more than one year from the original investment date, the underlying fund is consolidated line by line. Investment securities at FVTPL Investment securities represent securities, other than derivatives, held by consolidated funds. These securities are measured at fair value with gains and losses recognised through the consolidated statement of comprehensive income. Financial assets at FVTPL Financial assets at FVTPL include certain readily realisable interests in seeded funds, non-current financial assets measured at fair value and derivatives. From the date the financial asset is recognised, all subsequent changes in fair value, foreign exchange differences, interest and dividends are reflected in the consolidated statement of comprehensive income and presented in finance income or expense. (i) Non-current financial assets measured at fair value Non-current financial assets include closed-end funds that are measured at FVTPL. They are held at fair value with changes in fair value being recognised through the consolidated statement of comprehensive income. (ii) Current financial assets measured at fair value The Group classifies readily realisable interests in seeded funds as current financial assets measured at FVTPL with fair value changes being directly recognised through the consolidated statement of comprehensive income. Fair value is measured based on the proportionate net asset value in the fund. (iii) Derivatives Derivatives include foreign exchange forward contracts and options used by the Group to manage its foreign currency exposures and those held in consolidated funds. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and subsequently remeasured at fair value. Transaction costs are recognised immediately in the statement of comprehensive income. All derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly in comprehensive income, except for the effective portion of cash flow hedges, which is recognised in other comprehensive income. Financial assets measured at amortised cost (i) Trade and other receivables Trade and other receivables are initially recorded at fair value plus transaction costs. The fair value on acquisition is normally the cost. Subsequent to initial recognition these assets are measured at amortised cost less impairment loss allowances. Impairment losses are recognised in the statement of comprehensive income for expected credit losses, and changes in those expected credit losses over the life of the instrument. Loss allowances are calculated based on lifetime expected credit losses at each reporting date. (ii) Cash and cash equivalents Cash represents cash at bank and in hand, and cash equivalents comprise short-term deposits and investments in money market instruments that are redeemable on demand or with an original maturity of three months or less. The carrying amount of these assets approximates their fair value. Financial liabilities The Group classifies its financial liabilities into the following categories: financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL Financial liabilities at FVTPL include derivative financial instruments and third-party interests in consolidated funds. They are carried at fair value with gains or losses recognised in the consolidated statement of comprehensive income within finance income or expense. Financial liabilities at amortised cost Other financial liabilities including trade and other payables are subsequently measured at amortised cost using the effective interest rate method. Interest expense is recognised as it is incurred using the effective interest method, which allocates interest at a constant rate of return over the expected life of the financial instrument based on the estimated future cash flows. Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the \u2018exit price\u2019) in an orderly transaction between market participants at the measurement date. In determining fair value, the Group uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that maximises the use of relevant observable inputs and minimises the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Group. Unobservable inputs are inputs that reflect the Group\u2019s judgements about the assumptions other market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. Securities listed on a recognised stock exchange, or dealt on any other regulated market that operates regularly, is recognised and open to the public, are valued at the last known available closing bid price. If a security is traded on several actively traded and organised financial markets, the valuation is made on the basis of the last known bid price on the main market on which the securities are traded. In the case of securities for which trading on an actively traded and organised financial market is not significant, but which are bought and sold on a secondary market with regulated trading among security dealers (with the effect that the price is set on a market basis), the valuation may be based on this secondary market. Where instruments are not listed on any stock exchange or not traded on any regulated markets, valuation techniques are used by valuation specialists. These techniques include the market approach, the income approach or the cost approach. The use of the market approach generally consists of using comparable market transactions or using techniques based on market observable inputs, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as deemed appropriate for liquidity, credit, market and/or other risk factors. Investments in funds are valued on the basis of the last available net asset value of the units or shares of such funds. The fair value of the derivatives is their quoted market price at the balance sheet date. Hedge accounting The Group applies the general hedge accounting model in IFRS 9. This requires the Group to ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and to apply a more qualitative and forward-looking approach to assessing hedge effectiveness. The Group uses forward and option contracts to hedge the variability in cash flows arising from changes in foreign exchange rates relating to management fee revenues. The Group designates only the change in fair value of the spot element of the forward and option contracts in cash flow hedging relationships. The effective portion of changes in fair value of hedging instruments is accumulated in a cash flow hedge reserve as a separate component of equity. The Group applies cash flow hedge accounting when the transaction meets the specified hedge accounting criteria. To qualify, the following conditions must be met: \u2013 formal documentation of the relationship between the hedging instrument(s) and hedged item(s) must exist at inception; \u2013 the hedged cash flows must be highly probable and must present an exposure to variations in cash flows that could ultimately affect comprehensive income; \u2013 the effectiveness of the hedge can be reliably measured; and \u2013 the hedge must be highly effective, with effectiveness assessed on an ongoing basis. For qualifying cash flow hedges, the change in fair value of the effective hedging instrument is initially recognised in other comprehensive income and is released to comprehensive income in the same period during which the relevant financial asset or liability affects the Group\u2019s results. Where the hedge is highly effective overall, any ineffective portion of the hedge is immediately recognised in comprehensive income. Where the instrument ceases to be highly effective as a hedge, or is sold, terminated or exercised, hedge accounting is discontinued. Derecognition of financial assets and liabilities The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risk and rewards of ownership of the asset. The Group derecognises a financial liability when the Group\u2019s obligations are discharged, cancelled or they expire. Impairment of financial assets Under IFRS 9, impairment losses on the Group\u2019s financial assets at amortised cost are measured using an expected credit loss (ECL) model. Under this model, the Group is required to account for expected credit losses, and changes in those expected credit losses, over the life of the instrument. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition and, consequently, more timely information is provided about expected credit losses. The Group applies the simplified approach to calculate expected credit losses for financial assets measured at amortised cost. Under this approach, expected credit losses are calculated based on the life of the instrument. Assets measured at amortised cost The Group measures loss allowances at an amount equal to lifetime expected credit losses. Expected credit loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The Group\u2019s financial assets subject to impairment assessment under the ECL model comprise cash deposits held with banks and trade receivables. In assessing the impairment of financial assets under the ECL model, the Group assesses whether the risk of default has increased significantly since initial recognition, by considering both quantitative and qualitative information, and the analysis is based on the Group\u2019s historical experience of credit default, including forward-looking information. The Group\u2019s trade receivables comprise balances due from management fees, performance fees and expense recoveries from funds managed, and are generally short term and do not contain financing components. Factors considered in determining whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. The Group assesses lifetime expected credit losses based on historical observed default rates, adjusted by forward-looking estimates regarding the economic conditions within the next year. Externally derived credit ratings have been identified as representing the best available determinant of counterparty credit risk for cash balances and credit risk is deemed to have increased significantly if the credit rating has significantly deteriorated at the reporting date relative to the credit rating at the date of initial recognition. Impairment of non-financial assets For all other assets other than goodwill, an impairment test is performed annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets, other than goodwill, that have suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Goodwill Goodwill is tested for impairment annually or whenever there is an indication that the carrying amount may not be recoverable based on management\u2019s judgements regarding the future prospects of the business, estimates of future cash flows and discount rates. When assessing the appropriateness of the carrying value of goodwill at year end, the recoverable amount is considered to be the greater of fair value less costs to sell or value in use. The pre-tax discount rate applied is based on the Group\u2019s weighted average cost of capital after making allowances for any specific risks. The business of the Group is managed as a single unit, with asset allocations, research and other such operational practices reflecting the commonality of approach across all fund themes. Therefore, for the purpose of testing goodwill for impairment, the Group is considered to have one cash-generating unit to which all goodwill is allocated and, as a result, no further split of goodwill into smaller cash-generating units is possible and the impairment review is conducted for the Group as a whole. An impairment loss in respect of goodwill cannot be reversed. Net revenue Net revenue is total revenue less distribution costs and including foreign exchange. The Group\u2019s total revenue includes management fees, performance fees and other revenue. The primary revenue source for the Group is fee income received or receivable for the provision of investment management services. The Group recognises revenue in accordance with the principles of IFRS 15 Revenue from Contracts with Customers. The core principle of IFRS 15 is that revenue is recognised to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Group applies the IFRS 15 five-step model for recognising revenue, which consists of identifying the contract with the customer; identifying the relevant performance obligations; determining the amount of consideration to be received under the contract; allocating the consideration to each performance obligation; and earning the revenue as the performance obligations are satisfied. The Group\u2019s principal revenue recognition policies are summarised below: Management fees Management fees are presented net of rebates, and are calculated as a percentage of net fund assets managed in accordance with individual management agreements. Management fees are calculated and recognised on a monthly basis in accordance with the terms of the management fee agreements. Management fees are typically collected on a monthly or quarterly basis. Performance fees Performance fees are presented net of rebates, and are calculated as a percentage of the appreciation in the net asset value of a fund above a defined hurdle. Performance fees are earned from some arrangements when contractually agreed performance levels are exceeded within specified performance measurement periods, typically over one year. The fees are recognised when they can be reliably estimated and/or crystallised, and there is deemed to be a low probability of a significant reversal in future periods. This is usually at the end of the performance period or upon early redemption by a fund investor. Once crystallised, performance fees typically cannot be clawed-back. Rebates Rebates relate to repayments of management and performance fees charged subject to a rebate agreement, typically with institutional investors, and are calculated based on an agreed percentage of net fund assets managed and recognised as the service is received. Where rebate agreements exist, management and performance fees are presented on a net basis in the consolidated statement of comprehensive income. Other revenue Other revenue principally comprises fees for other services, which are typically driven by the volume of transactions, along with revenues that vary in accordance with the volume of fund project development activities. Other revenue includes transaction, structuring and administration fees, project management fees, and reimbursement by funds of costs incurred by the Group. This revenue is recognised as the relevant service is provided and it is probable that the fee will be collected. Distribution costs Distribution costs are costs of sales payable to external intermediaries for marketing and investor servicing. Distribution costs vary based on fund assets managed and the associated management fee revenue, and are expensed over the period in which the service is provided. Employee benefits Obligations for contributions to defined contribution pension plans are recognised as an expense in the statement of comprehensive income when payable in accordance with the scheme particulars. Share-based payments The Group issues share awards to its employees under share-based compensation plans. For equity-settled awards, the fair value of the amounts payable to employees is recognised as an expense with a corresponding increase in equity over the vesting period after adjusting for the estimated number of shares that are expected to vest. The fair value is measured at the grant date using an appropriate valuation model, taking into account the terms and conditions upon which the instruments were granted. At each balance sheet date prior to vesting, the cumulative expense representing the extent to which the vesting period has expired and management\u2019s best estimate of the awards that are ultimately expected to vest is calculated. The movement in cumulative expense is recognised in the statement of comprehensive income with a corresponding entry within equity. For cash-settled awards, the fair value of the amounts payable to employees is recognised as an expense with a corresponding liability on the Group\u2019s balance sheet. The fair value is measured using an appropriate valuation model, taking into account the estimated number of awards that are expected to vest and the terms and conditions upon which the instruments were granted. During the vesting period, the liability recognised represents the portion of the vesting period that has expired at the balance sheet date multiplied by the fair value of the awards at that date. Movements in the liability are recognised in the statement of comprehensive income. The Group has in place an intragroup recharge arrangement for equity-settled share-based awards whereby the parent Company is reimbursed based on the grant-date cost of share awards granted to employees of the subsidiary entity. During the vest period, the subsidiary entity recognises a share-based payment expense in accordance with IFRS 2 requirements with an intercompany payable to the parent Company. The parent Company recognises an intercompany receivable and a corresponding credit within equity as a share-based payment reserve. The intercompany balances are settled regularly and reported as current assets/liabilities. Finance income and expense Finance income includes interest receivable on the Group\u2019s cash and cash equivalents, and both realised and unrealised gains on financial assets at FVTPL. Finance expense includes both realised and unrealised losses on financial assets at FVTPL. Interest expense on lease liabilities is presented within finance expense. Taxation Tax expense for the year comprises current and deferred tax. Tax is recognised in the consolidated statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year, and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the balance sheet date in the countries where the Group operates. Current tax also includes withholding tax arising from dividends. Deferred tax Deferred tax is recognised using the balance sheet liability method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following differences are not provided for: \u2013 goodwill not deductible for tax purposes; and \u2013 differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the balance sheet date. Dividends Dividends are recognised when shareholders\u2019 rights to receive payments have been established. Equity shares The Company\u2019s ordinary shares of 0.01 pence each are classified as equity instruments. Ordinary shares issued by the Company are recorded at the fair value of the consideration received or the market price at the day of issue. Direct issue costs, net of tax, are deducted from equity through share premium. When share capital is repurchased, the amount of consideration paid, including directly attributable costs, is recognised as a change in equity. Own shares Own shares are held by the Employee Benefit Trust (EBT). The holding of the EBT comprises own shares that have not vested unconditionally to employees of the Group. In both the Group and Company, own shares are recorded at cost and are deducted from retained earnings. Segmental information Key management information, including revenues, margins, investment performance, distribution costs and AuM flows, which is relevant to the operation of the Group, is reported to and reviewed by the Board on the basis of the investment management business as a whole. Hence, the Group\u2019s management considers that the Group\u2019s services and its operations are not run on a discrete geographic basis and comprise one business segment (being provision of investment management services). Company-only accounting policies In addition to the above accounting policies, the following specifically relates to the Company: Investment in subsidiaries Investments by the Company in subsidiaries are stated at cost less, where appropriate, provisions for impairment. 5) Segmental information The Group\u2019s operations are reported to and reviewed by the Board on the basis of the investment management business as a whole, hence the Group is treated as a single segment. The key management information considered is adjusted EBITDA which is \u00a3106.2 million for the year as reconciled on page 28 (FY2022: adjusted EBITDA of \u00a3164.3 million was derived by adjusting operating profit by \u00a33.1 million of depreciation and amortisation expense, \u00a346.2 million of loss related to seed capital and \u00a34.2 million of foreign exchange gains). The disclosures below are supplementary, and provide the location of the Group\u2019s non-current assets at year end other than financial assets and deferred tax assets. Disclosures relating to revenue by location are in note 6. Analysis of non-current assets by geography 2023 \u00a3m 2022 \u00a3m United Kingdom and Ireland 24.3 26.5 United States 69.8 73.5 Other 1.9 2.5 Total non -current assets 96.0 102.5 6) Revenue Management fees are accrued throughout the year in line with prevailing levels of AuM and performance fees are recognised when they can be estimated reliably and it is probable that they will crystallise. The Group is not considered to be reliant on any single source of revenue. During the year, none of the Group\u2019s funds (FY2022: none) provided more than 10% of total revenue in the year respectively when considering management fees and performance fees on a combined basis. Analysis of revenue by geography 2023 \u00a3m 2022 \u00a3m United Kingdom and Ireland 142.3 193.6 United States 13.7 22.0 Other 37.2 38.8 Total revenue 193.2 254.4 7) Foreign exchange The foreign exchange rates which had a material impact on the Group\u2019s results are the US dollar, the Euro, the Indonesian rupiah and the Colombian peso. \u00a31 Closing rate as at 30 June 2023 Closing rate as at 30 June 2022 Average rate year ended 30 June 2023 Average rate year ended 30 June 2022 US dollar 1.2714 1.2145 1.2079 1.3289 Euro 1.1653 1.1617 1.1523 1.1785 Indonesian rupiah 19,061 18,092 18,259 19,146 Colombian peso 5,309 5,053 5,519 5,164 Foreign exchange gains are shown below. 2023 \u00a3m 2022 \u00a3m Net realised and unrealised hedging gains 4.4 6.3 Translation gains on non -Sterling denominated monetary assets and liabilities 1.0 5.3 Total foreign exchange gains 5.4 11.6 8) Finance income/(expense) 2023 \u00a3m 2022 \u00a3m Interest and investment income 27.2 7.7 Net realised gains on seed capital investments measured at fair value 2.4 0.1 Net unrealised gains /(losses) on seed capital investments measured at fair value 4.6 (9.5) Interest expense on lease liabilities (note 16) (0.3) (0.4) Total finance income /(expense) 33.9 (2.1) Included within interest and investment income is interest earned on cash deposits of \u00a316.2 million (FY2022: \u00a32.0 million) and investment income of \u00a311.0 million (FY2022: \u00a35.7 million) on consolidated funds (note 20c). Included within net realised and unrealised gains on seed capital investments totalling \u00a37.0 million (FY2022: \u00a39.4 million losses) are \u00a32.6 million gains (FY2022: \u00a312.5 million losses) on financial assets measured at FVTPL (note 20a), \u00a31.4 million gains (FY2022: \u00a34.2 million gains) on non-current financial assets measured at fair value (note 20b) and \u00a33.0m realised gains on consolidated funds (FY2022: \u00a31.1 million losses on financial assets held for sale). 9) Personnel expenses Personnel expenses during the year comprised the following: 2023 \u00a3m 2022 \u00a3m Wages and salaries 24.0 22.1 Performance -related cash bonuses 17.3 20.7 Share -based payments (note 10) 17.5 24.9 Social security costs 2.4 1.9 Pension costs 2.1 1.8 Other costs 2.9 2.0 Total personnel expenses 66.2 73.4 Number of employees At 30 June 2023, the number of investment management employees of the Group (including Executive Directors) during the year was as follows: Average for the year ended 30 June 2023 Number Average for the year ended 30 June 2022 Number At 30 June 2023 Number At 30 June 2022 Number Total investment management employees 309 305 310 309 Directors\u2019 remuneration Disclosures of Directors\u2019 remuneration during the year as required by the Companies Act 2006 are included in the Remuneration report on pages 78 to 111. There are retirement benefits accruing to two Executive Directors under a defined contribution scheme (FY2022: two). 10) Share-based payments The cost related to share-based payments recognised by the Group in the statement of comprehensive income is shown below: Group 2023 \u00a3m 2022 \u00a3m Omnibus Plan 17.4 25.1 Phantom Bonus Plan 0.1 (0.2) Total share-based payments expense 17.5 24.9 The total expense recognised for the year in respect of equity-settled share-based payment awards was \u00a318.5 million (FY2022: \u00a324.5 million), of which \u00a30.4 million (FY2022: \u00a30.2 million) relates to share awards granted to key management personnel. The Executive Omnibus Incentive Plan (Omnibus Plan) The Omnibus Plan was introduced prior to the Company listing in October 2006 and provides for the grant of share awards, market value options, premium cost options, discounted options, linked options, phantoms and/or nil-cost options to employees. The Omnibus Plan will also allow bonuses to be deferred in the form of share awards with or without matching shares. Awards granted under the Omnibus Plan typically vest after five years from date of grant, with the exception of bonus awards which vest after the shorter of five years from date of grant or on the date of termination of employment. Awards under the Omnibus Plan are accounted for as equity-settled, with the exception of phantoms which are classified as cash-settled. The combined cash and equity-settled payments below represent the share-based payments relating to the Omnibus Plan. Total expense by year awards were granted (excluding national insurance) Group and Company Year of grant 2023 \u00a3m 2022 \u00a3m 2017 \u2013 3.2 2018 3.0 2.9 2019 3.7 3.5 2020 3.5 3.5 2021 3.9 5.5 2022 3.3 5.7 2023 1.2 \u2013 Total Omnibus share-based payments expense reported in comprehensive income 18.6 24.3 Awards outstanding under the Omnibus Plan were as follows: i) Equity-settled awards Group and Company 2023 Number of shares subject to awards 2023 Weighted average share price 2022 Number of shares subject to awards 2022 Weighted average share price Restricted share awards At the beginning of the year 19,311,495 \u00a33.65 19,997,393 \u00a33.58 Granted 5,553,128 \u00a32.14 4,423,544 \u00a33.71 Vested (4,671,286) \u00a33.25 (3,874,613) \u00a33.44 Forfeited (1,160,520) \u00a32.17 (1,234,829) \u00a33.44 Awards outstanding at year end 19,032,817 \u00a33.32 19,311,495 \u00a33.65 Bonus share awards At the beginning of the year 10,997,593 \u00a33.64 10,617,648 \u00a33.58 Granted 3,014,720 \u00a32.14 2,285,034 \u00a33.75 Vested (3,686,132) \u00a32.87 (1,905,089) \u00a33.44 Forfeited (179,660) \u00a33.67 \u2013 \u2013 Awards outstanding at year end 10,146,521 \u00a33.31 10,997,593 \u00a33.64 Matching share awards At the beginning of the year 10,379,745 \u00a33.65 10,687,135 \u00a33.58 Granted 3,031,105 \u00a32.14 2,297,585 \u00a33.75 Vested (2,547,699) \u00a33.28 (1,881,231) \u00a33.44 Forfeited (652,622) \u00a32.18 (723,744) \u00a33.42 Awards outstanding at year end 10,210,529 \u00a33.31 10,379,745 \u00a33.65 Total 39,389,867 \u00a33.32 40,688,833 \u00a33.65 ii) Cash-settled awards Group and Company 2023 Number of shares subject to awards 2023 Weighted average share price 2022 Number of shares subject to awards 2022 Weighted average share price Restricted share awards At the beginning of the year 110,280 \u00a33.60 122,239 \u00a33.53 Granted 47,785 \u00a32.14 15,741 \u00a33.75 Vested (45,003) \u00a33.24 (27,700) \u00a33.40 Forfeited \u2013 \u2013 \u2013 \u2013 Awards outstanding at year end 113,062 \u00a33.13 110,280 \u00a33.60 Bonus share awards At the beginning of the year 80,511 \u00a33.60 80,765 \u00a33.55 Granted 34,982 \u00a32.14 11,276 \u00a33.75 Vested (33,753) \u00a33.24 (11,530) \u00a33.40 Forfeited \u2013 \u2013 \u2013 \u2013 Awards outstanding at year end 81,740 \u00a33.12 80,511 \u00a33.60 Matching share awards At the beginning of the year 80,511 \u00a33.60 80,765 \u00a33.55 Granted 34,982 \u00a32.14 11,276 \u00a33.75 Vested (33,753) \u00a33.24 (11,530) \u00a33.40 Forfeited \u2013 \u2013 \u2013 \u2013 Awards outstanding at year end 81,740 \u00a33.12 80,511 \u00a33.60 Total 276,542 \u00a33.13 271,302 \u00a33.60 iii) Total awards Group and Company 2023 Number of shares subject to awards 2023 Weighted average share price 2022 Number of shares subject to awards 2022 Weighted average share price Restricted share awards At the beginning of the year 19,421,775 \u00a33.65 20,119,632 \u00a33.58 Granted 5,600,913 \u00a32.14 4,439,285 \u00a33.71 Vested (4,716,289) \u00a33.25 (3,902,313) \u00a33.44 Forfeited (1,160,520) \u00a32.17 (1,234,829) \u00a33.44 Awards outstanding at year end 19,145,879 \u00a33.32 19,421,775 \u00a33.65 Bonus share awards At the beginning of the year 11,078,104 \u00a33.64 10,698,413 \u00a33.58 Granted 3,049,702 \u00a32.14 2,296,310 \u00a33.75 Vested (3,719,885) \u00a32.87 (1,916,619) \u00a33.44 Forfeited (179,660) \u00a33.67 \u2013 \u2013 Awards outstanding at year end 10,228,261 \u00a33.31 11,078,104 \u00a33.64 Matching share awards At the beginning of the year 10,460,256 \u00a33.65 10,767,900 \u00a33.58 Granted 3,066,087 \u00a32.14 2,308,861 \u00a33.75 Vested (2,581,452) \u00a33.28 (1,892,761) \u00a33.44 Forfeited (652,622) \u00a32.18 (723,744) \u00a33.42 Awards outstanding at year end 10,292,269 \u00a33.31 10,460,256 \u00a33.65 Total 39,666,409 \u00a33.32 40,960,135 \u00a33.65 The weighted average fair value of awards granted to employees under the Omnibus Plan during the year was \u00a32.14 (FY2022: \u00a33.73), calculated based on the average Ashmore Group plc closing share price for the five business days prior to grant. For Executive Directors, the fair value of awards also takes into account the performance conditions set out in the Remuneration report. Where the grant of restricted and matching share awards is linked to the annual bonus process, the fair value of the awards is spread over a period including the current financial year and the subsequent five years to their vesting date when the grantee becomes unconditionally entitled to the underlying shares. The fair value of the remaining awards is spread over the period from the date of grant to the vesting date. The liability arising from cash-settled awards under the Omnibus Plan at the end of the year and reported within trade and other payables on the Group consolidated balance sheet is \u00a30.3 million (30 June 2022: \u00a30.4 million) of which \u00a3nil (30 June 2022: \u00a3nil) relates to vested awards. 11) Other expenses Other expenses consist of the following: 2023 \u00a3m 2022 \u00a3m Travel 2.1 0.9 Professional fees 5.5 4.7 Information technology and communications 7.8 7.3 Amortisation of intangible assets (note 15) 0.2 0.2 Lease expenses 0.4 0.4 Depreciation of property, plant and equipment (note 16) 3.0 2.9 Premises -related costs 1.3 1.3 Insurance 1.0 1.0 Research costs 0.4 0.4 Auditor\u2019s remuneration (see below) 0.9 0.9 Consolidated funds 1.1 1.2 Other expenses 4.1 3.9 27.8 25.1 Lease expenses relates to short-term leases where the Group has applied the optional exemption contained within IFRS 16, which permits the cost of short-term leases (less than 12 months) to be expensed on a straight-line basis over the lease term. Auditor\u2019s remuneration 2023 \u00a3m 2022 \u00a3m Fees for statutory audit services: \u2013 Fees payable to the Company\u2019s auditor for the audit of the Group\u2019s accounts 0.2 0.2 \u2013 Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant to legislation 0.5 0.5 Fees for non-audit services: \u2013 Other non-audit services 0.2 0.2 0.9 0.9 12) Taxation Analysis of tax charge for the year: 2023 \u00a3m 2022 \u00a3m Current tax UK corporation tax on profits for the year 5.6 11.1 Overseas corporation tax charge 10.5 14.9 Adjustments in respect of prior years 0.1 (0.5) 16.2 25.5 Deferred tax Origination and reversal of temporary differences (note 18) 9.1 1.0 Tax expense 25.3 26.5 Factors affecting tax charge for the year 2023 \u00a3m 2022 \u00a3m Profit before tax 111.8 118.4 Profit on ordinary activities multiplied by the blended UK tax rate of 20.5% (FY2022: UK tax rate of 19%) 22.9 22.5 Effects of: Permanent differences including non -taxable income and non-deductible expenses 7.4 4.7 Different rate of taxes on overseas profits (3.2) (3.3) Non -deductible/(non-taxable) investment returns 1 (1.9) 3.2 Adjustments in respect of prior years 0.1 (0.6) Tax expense 25.3 26.5 1. Non-taxable investment returns comprise seed capital investment gains/losses in certain jurisdictions in which the Group operates for which there are local tax exemptions. The tax charge/(credit) recognised in reserves within other comprehensive income is as follows: 2023 \u00a3m 2022 \u00a3m Current tax expense/(credit) on foreign exchange gains/(losses) (0.6) 2.9 Tax expense/(credit) recognised in reserves (0.6) 2.9 13) Earnings per share Basic earnings per share at 30 June 2023 of 12.43 pence (30 June 2022: 13.42 pence) is calculated by dividing the profit after tax for the financial year attributable to equity holders of the parent of \u00a383.3 million (FY2022: \u00a388.5 million) by the weighted average number of ordinary shares in issue during the year, excluding own shares. Diluted earnings per share is calculated based on basic earnings per share adjusted for dilutive potential ordinary shares. There is no difference between the profit for the year attributable to equity holders of the parent used in the basic and diluted earnings per share calculations. The weighted average number of shares used in calculating basic and diluted earnings per share are shown below. 2023 Number of ordinary shares 2022 Number of ordinary shares Weighted average number of ordinary shares used in the calculation of basic earnings per share 670,224,113 659,466,487 Weighted average number of ordinary shares used in the calculation of diluted earnings per share 685,760,649 702,124,339 14) Dividends Dividends paid in the year Company 2023 \u00a3m 2022 \u00a3m Final dividend for FY2022 \u2013 12.10p (FY2021: 12.10p) 84.8 85.0 Interim dividend FY2023 \u2013 4.80p (FY2022: 4.80p) 33.6 33.5 118.4 118.5 In addition, the Group paid \u00a33.3 million (FY2022: \u00a33.0 million) of dividends to non-controlling interests. Dividends declared/proposed in respect of the year Company 2023 pence 2022 pence Interim dividend per share paid 4.80 4.80 Final dividend per share proposed 12.10 12.10 16.90 16.90 On 5 September 2023, the Board proposed a final dividend of 12.10 pence per share for the year ended 30 June 2023. This has not been recognised as a liability of the Group at the year end as it has not yet been approved by shareholders. Based on the number of shares in issue at the year end that qualify to receive a dividend, the total amount payable would be \u00a385.1 million. 15) Goodwill and intangible assets Group Goodwill \u00a3m Fund management intangible assets \u00a3m Total \u00a3m Cost (at original exchange rate) At 30 June 20 23 and 2022 70.4 0.9 71.3 Accumulated amortisation and impairment At 30 June 20 21 \u2013 (0.5) (0.5) Amortisation charge for the year \u2013 (0.1) (0.1) At 30 June 202 2 \u2013 (0.6) (0.6) Amortisation charge for the year \u2013 (0.1) (0.1) At 30 June 20 23 \u2013 (0.7) (0.7) Net book value At 30 June 20 21 80.1 0.4 80.5 Accumulated amortisation for the year \u2013 (0.1) (0.1) Foreign exchange revaluation through reserves * 10.4 0.1 10.5 At 30 June 20 22 90.5 0.4 90.9 Accumulated amortisation for the year \u2013 (0.1) (0.1) Foreign exchange revaluation through reserves * (3.8) (0.1) (3.9) At 30 June 2023 86.7 0.2 86.9 * Foreign exchange revaluation through reserves is a result of the retranslation of US dollar-denominated intangibles and goodwill. Company Goodwill \u00a3m Cost At the beginning and end of the year 4.1 Net carrying amount at 30 June 202 3 and 2022 4.1 Goodwill
The Group\u2019s goodwill balance relates to the acquisition of subsidiaries. The Company\u2019s goodwill balance relates to the acquisition of the
business from ANZ in 1999.
Goodwill acquired in a business combination is allocated to the cash-generating units that are expected to benefit from that business
combination. It is the Group\u2019s judgement that the lowest level of cash-generating unit used to determine impairment is the investment
management segment level. The Group has assessed that it consists of a single cash-generating unit for the purposes of monitoring and
assessing goodwill for impairment. This reflects the Group\u2019s global operating model, based on a single operating platform, into which
acquired businesses are fully integrated and from which acquisition-related synergies are expected to be realised. Based on this model,
the Group\u2019s investment management activities are considered as a single cash-generating unit, for which key management regularly receive
and review internal financial information.
An annual impairment review of goodwill was undertaken for the year ending 30 June 2023, and no factors indicating potential impairment
of goodwill were noted. Goodwill is tested for impairment annually or whenever there is an indication that the carrying amount may not be
recoverable based on management\u2019s judgements regarding the future prospects of the business, market capitalisation, macroeconomic and
market considerations. The key assumption used to determine the recoverable amount is based on a fair value calculation using the
Company\u2019s market share price.
Based on the calculation as at 30 June 2023 using a market share price of \u00a32.08, the recoverable amount was in excess of the carrying
value of goodwill and no impairment was implied. In addition, the sensitivity of the recoverable amount to a 10% change in the Company\u2019s
market share price will not lead to any impairment. Therefore, no impairment loss has been recognised in the current or preceding years.
Fund management intangible assets
Intangible assets as at 30 June 2023 comprise fund management contracts recognised by the Group on the acquisition of Ashmore Avenida
Investments (Real Estate) LLP in July 2018.
16) Property, plant and equipment The Group\u2019s property, plant and equipment include right-of-use assets recognised on lease arrangements as follows: Group \u00a3m Company \u00a3m Property, plant and equipment owned by the Group 1.2 0.9 Right -of-use assets 5.3 3.2 Net book value at 30 June 202 3 6.5 4.1 The movement in property, plant and equipment is provided below: Group 2023 Property, plant and equipment \u00a3m 2022 Property, plant and equipment \u00a3m Cost At the beginning of the year 23.0 21.9 Additions 0.6 0.5 Foreign exchange revaluation (0.6) 0.6 At the end of the year 23.0 23.0 Accumulated depreciation At the beginning of the year 13.9 10.7 Depreciation charge for the year 3.0 2.9 Foreign exchange revaluation (0.4) 0.3 At the end of the year 16.5 13.9 Net book value at 30 June 6.5 9.1 Company 2023 Property, plant and equipment \u00a3m 2022 Property, plant and equipment \u00a3m Cost At the beginning of the year 13.9 13.5 Additions 0.3 0.4 At the end of the year 14.2 13.9 Accumulated depreciation At the beginning of the year 8.4 6.8 Depreciation charge for year 1.7 1.6 At the end of the year 10.1 8.4 Net book value at 30 June 4.1 5.5 Lease arrangements The Group leases office space in various countries and enters into lease agreements on office premises with remaining lease periods of one to six years. Lease terms are negotiated on an individual basis and contain varying terms and conditions depending on location. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. The Group calculates the lease liabilities using the lessee\u2019s incremental borrowing rates that resulted in a weighted average incremental borrowing rate of 4.9% (FY2022: 4.6%). The carrying value of right-of-use assets, lease liabilities and the movement during the year are set out below. Group Company Right-of-use assets \u00a3m Lease liabilities \u00a3m Right-of-use assets \u00a3m Lease liabilities \u00a3m At 30 June 202 1 9.4 9.8 5.5 5.7 Lease payments \u2013 (2.4) \u2013 (1.3) Interest expense (note 8) \u2013 0.4 \u2013 0.2 Depreciation charge (2.1) \u2013 (1.1) \u2013 Foreign exchange revaluation through reserves 0.3 0.2 \u2013 \u2013 At 30 June 2022 7.6 8.0 4.4 4.6 Additions 0.2 0.1 \u2013 \u2013 Lease payments \u2013 (2.5) \u2013 (1.3) Interest expense (note 8) \u2013 0.3 \u2013 0.1 Depreciation charge (2.4) \u2013 (1.2) \u2013 Foreign exchange revaluation through reserves (0.1) (0.1) \u2013 \u2013 At 30 June 2023 5.3 5.8 3.2 3.4 The contractual maturities on the minimum lease payments under lease liabilities are provided below: Group Company Maturity analysis \u2013 contractual undiscounted cash flows 30 June 2023 \u00a3m 30 June 2022 \u00a3m 30 June 2023 \u00a3m 30 June 2022 \u00a3m Within 1 year 2.4 2.6 1.3 1.3 Between 1 and 5 years 3.9 6.0 2.3 3.7 Later than 5 years \u2013 0.2 \u2013 \u2013 Total undiscounted lease liabilities 6.3 8.8 3.6 5.0 Lease liabilities are presented in the balance sheet as follows: Current 2.1 2.2 1.2 1.3 Non -current 3.7 5.8 2.2 3.3 Total lease liabilities 5.8 8.0 3.4 4.6 Amounts recognised under financing activities in the cash flow statement: Payment of lease liabilities 2.2 2.0 1.2 1.1 Interest paid 0.3 0.4 0.1 0.2 Total cash outflow for leases 2.5 2.4 1.3 1.3 17) Trade and other receivables Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Trade debtors 60.7 66.1 2.1 1.0 Prepayments 4.4 3.5 1.9 2.1 Amounts due from subsidiaries \u2013 \u2013 10.4 73.8 Loans due from subsidiaries \u2013 \u2013 266.4 376.9 Other receivables 5.3 4.7 3.6 3.1 Total trade and other receivables 70.4 74.3 284.4 456.9 Group trade debtors include accrued management and performance fees in respect of investment management services provided up to 30 June 2023. Management fees are received in cash when the funds\u2019 net asset values are determined, typically every month or every quarter. Performance fees are accrued when crystallised, and amounted to \u00a31.3 million as at 30 June 2023 (30 June 2022: \u00a30.5 million). The majority of fees are deducted from the net asset values of the respective funds by independent administrators and therefore the credit risk of fee receivables is minimal. As at 30 June 2023, the assessed provision for expected credit losses was immaterial and the Group has not recognised any expected credit losses in the current year (30 June 2022: \u00a3nil). Amounts due from subsidiaries for the Company represent intercompany trading balances that are repayable within one year. Loans due from subsidiaries for the Company include an intercompany loan to a subsidiary related to the provision of funding for seed capital investments and cash invested by the subsidiary in daily-traded investment funds. Loans due from subsidiaries included within non- current assets amounted to \u00a3167.8 million as at 30 June 2023 (30 June 2022: \u00a3132.0 million included within non-current assets). The intercompany loan is repayable on demand and the amount classified as current is regularly settled during the year. Under the IFRS 9 expected credit loss model, credit risk is assessed by determining the borrower\u2019s capacity to meet contractual cash flow obligations, taking into account the available net assets to repay the intercompany balance in future periods. Expected credit losses are estimated based on the assumption that repayment is demanded at the reporting date. If the borrower has sufficient accessible highly liquid assets available to settle the balance if demanded at the reporting date, the expected credit loss has been assessed to be immaterial. In line with the Company\u2019s historical experience, and after consideration of current credit exposures, the Company does not expect to incur any credit losses and has not recognised any expected credit losses in the current year (30 June 2022: \u00a3nil). 18) Deferred taxation Deferred tax assets and liabilities recognised by the Group and Company at year end are attributable to the following: 2023 2022 Group Other temporary differences \u00a3m Share-based payments \u00a3m Total \u00a3m Other temporary differences \u00a3m Share-based payments \u00a3m Total \u00a3m Deferred tax assets 11.0 12.9 23.9 12.5 20.2 32.7 Deferred tax liabilities (9.3 ) \u2013 (9.3) (8.8) \u2013 (8.8) 1.7 12.9 14.6 3.7 20.2 23.9 2023 2022 Company Other temporary differences \u00a3m Share-based payments \u00a3m Total \u00a3m Other temporary differences \u00a3m Share-based payments \u00a3m Total \u00a3m Deferred tax assets \u2013 11.6 11.6 \u2013 18.2 18.2 Deferred taxes at the balance sheet date reflected in these financial statements have been measured using the relevant enacted or substantively enacted tax rate for the year in which they are expected to be realised or settled. Movement of deferred tax balances The movement in the deferred tax balances between the balance sheet dates has been reflected in the statement of comprehensive income as follows: Group Other temporary differences \u00a3m Share-based payments \u00a3m Total \u00a3m At 30 June 20 21 (2.9) 27.2 24.3 Credited/(charged) to the consolidated statement of comprehensive income 6.0 (7.0) (1.0) Foreign exchange revaluation 0.6 \u2013 0.6 At 30 June 20 22 3.7 20.2 23.9 C harged to the consolidated statement of comprehensive income (1.8) (7.3) (9.1) Foreign exchange revaluation (0.2) \u2013 (0.2) At 30 June 20 23 1.7 12.9 14.6 Company Other temporary differences \u00a3m Share-based payments \u00a3m Total \u00a3m At 30 June 20 21 \u2013 25.1 25.1 C harged to the statement of comprehensive income \u2013 (6.9) (6.9) At 30 June 20 22 \u2013 18.2 18.2 C harged to the statement of comprehensive income \u2013 (6.6) (6.6) At 30 June 20 23 \u2013 11.6 11.6 19) Fair value of financial instruments The Group has an established control framework with respect to the measurement of fair values. This framework includes committees that have overall responsibility for all significant fair value measurements. Each committee regularly reviews significant inputs and valuation adjustments. If third-party information is used to measure fair value, the committee assesses and documents the evidence obtained from the third parties to support such valuations. There are no material differences between the carrying amounts of financial assets and liabilities and their fair values at the balance sheet date. Fair value hierarchy The Group measures fair values using the following fair value levels that reflect the significance of inputs used in making the measurements, based on the degree to which the fair value is observable: \u2013 Level 1: Valuation is based upon a quoted market price in an active market for an identical instrument. This fair value measure relates to the valuation of quoted and exchange traded equity and debt securities. \u2013 Level 2: Valuation techniques are based upon observable inputs, either directly (i.e. as prices) or indirectly (i.e. derived from prices). This fair value measure relates to the valuation of quoted equity securities in inactive markets or in interests in unlisted funds whose net asset values are referenced to the fair values of the listed or exchange traded securities held by those funds. Valuation techniques may include using a broker quote in an inactive market or an evaluated price based on a compilation of primarily observable market information utilising information readily available via external sources. \u2013 Level 3: Fair value measurements are derived from valuation techniques that include inputs not based on observable market data. For financial instruments that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of the financial year. The fair value hierarchy of financial instruments which are carried at fair value at year end is summarised below: 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Financial assets Investment securities 112.3 88.8 28.8 229.9 158.8 82.7 23.6 265.1 Financial assets measured at fair value \u2013 55.8 \u2013 55.8 \u2013 32.3 \u2013 32.3 Non -current financial assets at fair value \u2013 14.9 39.2 54.1 \u2013 \u2013 39.3 39.3 112.3 159.5 68.0 339.8 158.8 115.0 62.9 336.7 Financial liabilities Third -party interests in consolidated funds 36.0 9.6 10.6 56.2 58.4 6.3 8.3 73.0 Derivative financial instruments \u2013 0.2 \u2013 0.2 \u2013 5.2 \u2013 5.2 36.0 9.8 10.6 56.4 58.4 11.5 8.3 78.2 Transfers between levels The Group recognises transfers into and transfers out of fair value hierarchy levels at each reporting period based on assessments of price inputs used in the valuation of financial assets. There were no transfers between level 1, level 2 and level 3 of the fair value hierarchy during the year. Fair value measurements using significant unobservable inputs (level 3) The following table presents the changes in level 3 items for the years ended 30 June 2023 and 2022: Investment securities \u00a3m Non-current financial assets at fair value \u00a3m Third-party interests in consolidated funds \u00a3m At 30 June 20 21 42.4 34.0 16.9 Additions \u2013 1.9 \u2013 Disposals (25.5) (1.5) (10.7) Transfers out (1.5) \u2013 \u2013 Unrealised gains recognised in finance income 4.4 3.5 2.1 Unrealised gains recognised in reserves 3.8 1.4 \u2013 At 30 June 2022 23.6 39.3 8.3 Additions 2.5 2.9 1.2 Disposals (9.1) (5.0) (3.8) Unrealised gains recognised in finance income 12.0 2.0 4.9 Unrealised losses recognised in reserves (0.2) \u2013 \u2013 At 30 June 20 23 28.8 39.2 10.6 Valuation of level 3 financial assets recognised at fair value on a recurring basis using valuation techniques Investments valued using valuation techniques include financial investments which, by their nature, do not have an externally quoted price based on regular trades, and financial investments for which markets are no longer active as a result of market conditions, e.g. market illiquidity. The valuation techniques used include comparison to recent arm\u2019s length transactions, market approach making reference to other instruments that are substantially the same, discounted cash flow analysis, enterprise valuation and net assets approach. These techniques may include a number of assumptions relating to variables such as interest rate and price earnings multiples. Changes in assumptions relating to these variables could positively or negatively impact the reported fair value of these instruments. When determining the inputs into the valuation techniques used, priority is given to publicly available prices from independent sources when available, but overall the source of pricing is chosen with the objective of arriving at a fair value measurement that reflects the price at which an orderly transaction would take place between market participants on the measurement date. The fair value estimates are made at a specific point in time, based upon available market information and judgements about the financial instruments, including estimates of the timing and amount of expected future cash flows. Such estimates could include a marketability adjustment to reflect illiquidity and/or non-transferability that could result from offering for sale at one time the Group\u2019s entire holdings of a particular financial instrument. The following tables show the valuation techniques and the significant unobservable inputs used to estimate the fair value of level 3 investments as at 30 June 2023 and 2022, and the associated sensitivity to changes in unobservable inputs to a reasonable alternative. Asset class and valuation technique 2023 Fair value \u00a3m Significant unobservable input s Range of estimates Sensitivity factor Change in fair value \u00a3m Unquoted securities Market multiple and discount 6.4 EBITDA multiple 15x +/ - 1x +/- 0.6 Marketability adjustment 30% +/ - 5% -/+ 0.7 Discounted cash flow 32.3 Discount rate 10% -17% +/ - 1% -/+ 3.0 Marketability adjustment 1 0%-54% +/ - 5% -/+ 2.8 Unquoted funds Net assets approach 29.3 NAV 1 1x +/ - 5% +/- 1.5 Total level 3 investments 68.0 Asset class and valuation technique 2022 Fair value \u00a3m Significant unobservable input s Range of estimates Sensitivity factor Change in fair value \u00a3m Unquoted securities Market multiple and discount 6.2 EBITDA multiple 1 4x +/ - 1x +/- 0.5 Marketability adjustment 30% +/ - 5% -/+ 0.4 Discounted cash flow 26.3 Discount rate 10% -20% +/ - 1% -/+ 3.6 Marketability adjustment 1 0%-60% +/ - 5% -/+ 1.5 Unquoted funds Net assets approach 30.4 NAV 1 1x +/ - 5% +/- 1.5 Total level 3 investments 62.9 1. NAV priced assets include seed capital investments whose value is determined by the fund administrator using unobservable inputs. The significant unobservable inputs applied include EBITDA, market multiples, last observable vendor price and discount rates. The sensitivity demonstrates the effect of a change in one unobservable input while other assumptions remain unchanged. There may be a correlation between the unobservable inputs and other factors that have not been considered. It should also be noted that some of the sensitivities are non-linear, therefore larger or smaller impacts should not be interpolated or extrapolated from these results. Financial instruments not measured at fair value Financial assets and liabilities that are not measured at fair value include cash and cash equivalents, trade and other receivables, and trade and other payables. The carrying value of financial assets and financial liabilities not measured at fair value is considered a reasonable approximation of fair value as at 30 June 2023 and 2022. 20) Seed capital investments The Group considers itself a sponsor of an investment fund when it facilitates the establishment of a fund in which the Group is the investment manager. The Group ordinarily provides seed capital in order to provide initial scale and facilitate marketing of the funds to third-party investors. Aggregate interests held by the Group include seed capital, management fees and performance fees. The Group generates management and performance fee income from managing the assets on behalf of third-party investors. The movements of seed capital investments and related items during the year are as follows: Group Financial assets held for sale \u00a3m Financial assets measured at fair value \u00a3m Investment securities (relating to consolidated funds) 1 \u00a3m Other (relating to consolidated funds) 2 \u00a3m Third-party interests in consolidated funds \u00a3m Non-current financial assets measured at fair value 3 \u00a3m Total \u00a3m Carrying amount at 30 June 20 21 42.4 41.0 318.1 9.6 (105.7) 31.4 336.8 Reclassification: Financial assets held for sale to consolidated funds (39.1) \u2013 40.5 0.4 (1.8) \u2013 \u2013 Consolidated funds to FVTPL \u2013 39.1 (59.5) 0.1 20.3 \u2013 \u2013 Additions \u2013 5.5 \u2013 \u2013 \u2013 1.9 7.4 Disposals (0.1) (44.9) (25.5) \u2013 10.2 (1.5) (61.8) Fa ir value movement (3.2) (8.4) (8.5) 1.0 4.0 4.7 (10.4) Carrying amount at 30 June 20 22 \u2013 32.3 265.1 11.1 (73.0) 36.5 272.0 Additions \u2013 23.0 22.8 \u2013 (1.4) 19.5 63.9 Disposals \u2013 \u2013 (23.3) \u2013 3.7 (5.0) (24.6) Fa ir value movement \u2013 0.5 (34.7) (0.5) 14.5 0.4 (19.8) Carrying amount at 30 June 20 23 \u2013 55.8 229.9 10.6 (56.2) 51.4 291.5 1. Investment securities in consolidated funds are measured at FVTPL. 2. Relates to cash and other assets in consolidated funds that are not investment securities, see note 20(c). 3. Excludes \u00a32.7 million of other non-current financial assets measured at fair value that are not classified as seed capital. a) Financial assets measured at fair value through profit or loss Where Group companies invest seed capital into funds operated and controlled by the Group and the Group is actively seeking to reduce its investment and it is considered highly probable that it will relinquish control within a year, the interests in the funds are recognised as financial assets and measured at FVTPL. If the fund remains under the control of the Group for more than one year from the original investment date, it will cease to be classified as a financial asset, and will be consolidated line by line after it is assessed that the Group controls the investment fund in accordance with the requirements of IFRS 10. Investments cease to be classified as consolidated funds when they are no longer controlled by the Group. A loss of control may happen through sale of the investment and/or dilution of the Group\u2019s holding. No such fund was transferred to the FVTPL category during the year (FY2022: three funds with an aggregate value of \u00a339.1 million were transferred to the FVTPL category). FVTPL investments at 30 June 2023 comprise shares held in debt and equity funds as follows: 2023 \u00a3m 2022 \u00a3m Equity funds 29.6 15.5 Debt funds 26.2 16.8 Financial assets measured at fair value 55.8 32.3 Included within finance income are gains of \u00a32.6 million (FY2022: losses of \u00a312.5 million) on the Group\u2019s financial assets measured at FVTPL. b) Non-current financial assets measured at fair value Non-current financial asset investments relate to the Group\u2019s holding in closed-end funds and are measured at FVTPL. 2023 \u00a3m 2022 \u00a3m Real estate funds 0.9 1.5 Infrastructure funds 22.0 24.1 Other funds 28.5 10.9 Non -current financial assets measured at fair value 1 51.4 36.5 1. Excludes \u00a32.7 million (30 June 2022: \u00a32.8 million) of other non-current financial assets measured at fair value that are not classified as seed capital. Included within finance income are gains of \u00a31.4 million (FY2022: gains of \u00a34.2 million) on the Group\u2019s non-current financial assets measured at fair value. c) Consolidated funds The Group has consolidated 17 investment funds as at 30 June 2023 (30 June 2022: 18 investment funds), over which the Group is deemed to have control (refer to note 25). Consolidated funds represent seed capital investments where the Group has held its position for a period greater than one year and its interest represents a controlling stake in the fund in accordance with IFRS 10. Consolidated fund assets and liabilities are presented line by line after intercompany eliminations. The table below sets out an analysis of the carrying amounts of interests held by the Group in consolidated investment funds. 2023 \u00a3m 2022 \u00a3m Investment securities 1 229.9 265.1 Cash and cash equivalents 10.3 10.0 Other 2 0.3 1.1 Third -party interests in consolidated funds (56.2) (73.0) Consolidated seed capital investments 184.3 203.2 1. Investment securities represent trading securities held by consolidated investment funds and are measured at FVTPL. Note 25 provides a list of the consolidated funds by asset class, and further detailed information at the security level is available in the individual fund financial statements. 2. Other includes trade receivables, trade payables and accruals. The maximum exposure to loss is the carrying amount of the assets held. The Group has not provided financial support or otherwise agreed to be responsible for supporting any consolidated or unconsolidated funds financially. Included within the consolidated statement of comprehensive income are net losses of \u00a315.3 million (FY2022: net losses of \u00a340.5 million) relating to the Group\u2019s share of the results of the individual statements of comprehensive income for each of the consolidated funds, as follows: 2023 \u00a3m 2022 \u00a3m In vestment income 11.0 5.7 Fair value l osses on investment securities (44.3) (61.3) Change in third -party interests in consolidated funds 19.3 16.5 Audit fees (0.2) (0.2) Other expenses (1.1) (1.2) Net losses on consolidated funds (15.3) (40.5) Included in the Group\u2019s cash generated from operations is \u00a30.1 million cash utilised in operations (FY2022: \u00a32.8 million cash utilised in operations) relating to consolidated funds. As of 30 June 2023, the Group\u2019s consolidated funds were domiciled in Guernsey, Luxembourg, Saudi Arabia and the United States. 21) Financial instrument risk management Group The Group is subject to strategic and business, client, investment, treasury and operational risks throughout its business, as discussed in the Risk management section. This note discusses the Group\u2019s exposure to and management of the following principal risks which arise from the financial instruments it uses: credit risk, liquidity risk, interest rate risk, foreign exchange risk and price risk. Where the Group holds units in investment funds, classified either as financial assets measured at FVTPL or non-current financial assets, the related financial instrument risk disclosures in the note below categorise exposures based on the Group\u2019s direct interest in those funds without looking through to the nature of underlying securities. Risk management is the ultimate responsibility of the Board, as noted in the Risk management section on pages 35 to 41. Capital management It is the Group\u2019s policy that all entities within the Group have sufficient capital to meet regulatory and working capital requirements and it conducts regular reviews of its capital requirements relative to its capital resources. Ashmore has been reporting under IFPR since 1 January 2022 and applies the ICARA approach to the calculation of the capital and liquidity requirement for its UK regulated entity, AIML. The Board has determined that the capital required to support the Group\u2019s activities, including its regulatory requirements, is \u00a380.6 million. The equivalent figure as at 30 June 2022, calculated under the previous ICAAP approach, was \u00a3125.2 million. Ashmore holds total capital resources of \u00a3704.8 million as at 30 June 2023, providing an excess of \u00a3624.2 million over the Group capital requirement (30 June 2022: \u00a3788.7 million, providing an excess of \u00a3663.5 million over the Group capital requirement). Credit risk The Group has exposure to credit risk from its normal activities where the risk is that a counterparty will be unable to pay in full amounts when due. Exposure to credit risk is monitored on an ongoing basis by senior management and the Group\u2019s Risk Management and Control function. The Group has a counterparty and cash management policy in place which, in addition to other controls, restricts exposure to any single counterparty by setting exposure limits and requiring approval and diversification of counterparty banks and other financial institutions. The Group\u2019s maximum exposure to credit risk is represented by the carrying value of its financial assets measured at amortised cost, excluding prepayments. The table below lists financial assets subject to credit risk. Notes 2023 \u00a3m 2022 \u00a3m Trade and other receivables 17 66.0 70.8 Cash and cash equivalents 478.6 552.0 Total 544.6 622.8 The Group\u2019s cash and cash equivalents, comprising short-term deposits with banks and liquidity funds, are predominantly held with counterparties with credit ratings ranging from A- to AAAm as at 30 June 2023 (30 June 2022: A to AAAm). As at 30 June 2023, the Group held \u00a356.8 million (30 June 2022: \u00a3225.7 million) in the Ashmore Global Liquidity Fund. All trade and other receivables are considered to be fully recoverable at year end. They include fee debtors that arise principally within the Group\u2019s investment management business. They are monitored regularly and, historically, default levels have been insignificant. There is no significant concentration of credit risk in respect of fees owing from clients. Group Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. In order to manage liquidity risk, there is a Group liquidity policy to ensure that there is sufficient access to funds to cover all forecast committed requirements for the next 12 months. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 30 June 2023 and 30 June 2022 based on contractual undiscounted payments: At 30 June 2023 Within 1 year \u00a3m 1-5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Current trade and other payables 24.2 \u2013 \u2013 24.2 Lease liabilities 2.4 3.9 \u2013 6.3 Total 26.6 3.9 \u2013 30.5 At 30 June 2022 Within 1 year \u00a3m 1-5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Current trade and other payables 36.4 \u2013 \u2013 36.4 Lease liabilities 2.6 6.0 0.2 8.8 Total 39.0 6.0 0.2 45.2 Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market interest rates. The principal interest rate risk is the risk that the Group will sustain a reduction in interest income through adverse movements in interest rates. This relates to deposits with banks and liquidity funds held in the ordinary course of business. The Group has a cash management policy which monitors cash levels and returns within set parameters on a continuing basis. Bank and similar deposits (including liquidity funds) held at year end are shown on the consolidated balance sheet as cash and cash equivalents. The effective interest earned on bank and similar deposits during the year is given in the table below: 2023 % 2022 % Deposits with banks and liquidity funds 3.22 0.41 At 30 June 2023, if interest rates over the year had been 50 basis points higher/lower with all other variables held constant, profit before tax for the year would have been \u00a32.5 million higher/lower (FY2022: \u00a32.5 million higher/lower), mainly as a result of higher/lower interest on cash balances. An assumption that the fair value of assets and liabilities will not be affected by a change in interest rates was used in the model to calculate the effect on profit before tax. In addition, the Group is indirectly exposed to interest rate risk where the Group holds seed capital investments in funds that invest in debt securities. Foreign exchange risk Foreign exchange risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. The Group\u2019s revenue is almost entirely denominated in US dollars, while the majority of the Group\u2019s costs are denominated in Sterling. Consequently, the Group has an exposure to movements in the GBP:USD exchange rate. In addition, the Group operates globally, which means that it may enter into contracts and other arrangements denominated in local currencies in various countries. The Group also holds a number of seed capital investments denominated mainly in US dollars, Colombian pesos and Indonesian rupiah. The Group\u2019s policy is to hedge a proportion of the Group\u2019s revenue by using a combination of forward foreign exchange contracts and options for a period of up to two years forward. The Group also sells US dollars at spot rates when opportunities arise. The table below shows the Group\u2019s sensitivity to a 1% exchange movement in the US dollar, Colombian peso, Indonesian rupiah and the Euro, net of hedging activities. 2023 2022 Foreign currency sensitivity test Impact on profit before tax \u00a3m Impact on equity \u00a3m Impact on profit before tax \u00a3m Impact on equity \u00a3m US dollar +/ - 1% 0.4 2.5 0.4 3.9 Colombian peso +/ - 1% \u2013 0.2 0.1 0.2 Indonesian rupiah +/- 1% \u2013 0.1 \u2013 0.1 Euro +/- 1% 0.1 0.1 \u2013 \u2013 Price risk Price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of market changes. Seed capital The Group is exposed to the risk of changes in market prices in respect of seed capital investments. Such price risk is borne by the Group directly through interests in financial assets measured at fair value or indirectly either through line-by-line consolidation of underlying financial performance and positions held in certain funds. Details of seed capital investments held are given in note 20. The Group has procedures defined by the Board governing the appraisal, approval and monitoring of seed capital investments. At 30 June 2023, a 5% movement in the fair value of these investments would have a \u00a314.6 million (FY2022: \u00a313.6 million) impact on net assets and profit before tax. Management and performance fees The Group is also indirectly exposed to price risk in connection with the Group\u2019s management fees, which are based on a percentage of value of AuM, and fees based on performance. Movements in market prices, exchange and interest rates could cause the AuM to fluctuate, which in turn could affect fees earned. Performance fee revenues could also be reduced depending upon market conditions. Management and performance fees are diversified across a range of investment themes and are not measurably correlated to any single market index in Emerging Markets. In addition, the policy of having funds with year ends staged throughout the financial year has meant that in periods of steep market decline, some performance fees have still been recorded. The profitability impact is likely to be less than this, as cost mitigation actions would apply, including the reduction of the variable compensation paid to employees. Using the year end AuM level of US$55.9 billion and applying the year\u2019s average net management fee rate of 38bps, a 5% movement in AuM would have a US$10.6 million impact, equivalent to \u00a38.3 million using a year end exchange rate of 1.2714, on management fee revenues (FY2022: US$64.0 billion and applying the year\u2019s average net management fee rate of 39bps, a 5% movement in AuM would have a US$12.5 million impact, equivalent to \u00a310.3 million using a year end exchange rate of 1.2145, on management fee revenues). Hedging activities The Group uses forward and option contracts to hedge its exposure to foreign currency risk. These hedges, which have been assessed as effective cash flow hedges as at 30 June 2023, protect a proportion of the Group\u2019s revenue cash flows from foreign exchange movements. The cumulative fair value of the outstanding foreign exchange hedges asset at 30 June 2023 was \u00a30.2 million and is included within the Group\u2019s derivative financial instruments (30 June 2022: \u00a35.2 million foreign exchange hedges liability included in derivative financial instruments). Group The notional and fair values of foreign exchange hedging instruments were as follows: 2023 2022 Notional amount US$m Fair value assets/ (liabilities) \u00a3m Notional amount US$m Fair value assets/ (liabilities) \u00a3m Cash flow hedges Foreign exchange nil-cost option collars 40.0 0.2 100.0 (5.2) 40.0 0.2 100.0 (5.2) The maturity profile of the Group\u2019s outstanding hedges is shown below. Notional amount of option collars maturing: 2023 US$m 2022 US$m Within 6 months 30.0 40.0 Between 6 and 12 months 10.0 40.0 Later than 12 months \u2013 20.0 40.0 100.0 When hedges are assessed as effective, intrinsic value gains and losses are initially recognised in other comprehensive income and later reclassified to comprehensive income as the corresponding hedged cash flows crystallise. Time value in relation to the Group\u2019s hedges is excluded from being part of the hedging item and, as a result, the net unrealised loss related to the time value of the hedges is recognised in the consolidated statement of comprehensive income for the year. An intrinsic value gain of \u00a34.9 million (FY2022: \u00a36.0 million loss) on the Group\u2019s hedges has been recognised through other comprehensive income and a \u00a30.5 million intrinsic value gain (FY2022: \u00a30.5 million intrinsic value loss) was reclassified from equity to the statement of comprehensive income in the year. Included within the net realised and unrealised hedging gain of \u00a34.4 million (note 7) recognised at 30 June 2023 (30 June 2022: \u00a36.3 million gain) are: \u2013 a \u00a30.5 million gain in respect of foreign exchange hedges covering net management fee income for the financial year ending 30 June 2023 (FY2022: \u00a30.5 million loss); and \u2013 a \u00a33.9 million gain in respect of crystallised foreign exchange contracts (FY2022: \u00a36.8 million gain). Company The risk management processes of the Company, including those relating to the specific risk exposures covered below, are aligned with those of the Group as a whole unless stated otherwise. In addition, the risk definitions that apply to the Group are also relevant for the Company. Credit risk The Company\u2019s maximum exposure to credit risk is represented by the carrying value of its financial assets measured at amortised cost, excluding prepayments. The table below lists financial assets subject to credit risk. Notes 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents 327.7 159.7 Trade and other receivables 17 282.5 454.8 Total 610.2 614.5 The Company\u2019s cash and cash equivalents comprise short-term deposits held with banks and liquidity funds which have credit ratings ranging from A- to AAAm as at 30 June 2023 (30 June 2022: A to AAAm). All trade and other receivables are considered to be fully recoverable and none were overdue at year end (30 June 2022: none overdue). Liquidity risk The Company\u2019s exposure to liquidity risk is not considered to be material and, therefore, no further information is provided. Details on other commitments are provided in note 29. Company Interest rate risk The principal interest rate risk for the Company is that it could sustain a reduction in interest revenue from bank deposits held in the ordinary course of business through adverse movements in interest rates. Bank and similar deposits (including liquidity funds) held at year end are shown on the Company\u2019s balance sheet as cash and cash equivalents. The effective interest earned on bank and similar deposits during the year is given in the table below: 2023 % 2022 % Deposits with banks and liquidity funds 4.17 0.46 At 30 June 2023, if interest rates over the year had been 50 basis points higher/lower with all other variables held constant, post-tax profit for the year would have been \u00a31.2 million higher/lower (FY2022: \u00a30.6 million higher/lower), mainly as a result of higher/lower interest on cash balances. An assumption that the fair value of assets and liabilities will not be affected by a change in interest rates was used in the model to calculate the effect on post-tax profits. Foreign exchange risk The Company is exposed primarily to foreign exchange risk in respect of US dollar cash balances and US dollar-denominated intercompany balances. However, such risk is not hedged by the Company. At 30 June 2023, if the US dollar had strengthened/weakened by 1% against Sterling with all other variables held constant, profit before tax for the year would have increased/decreased by \u00a32.4 million (FY2022: increased/decreased by \u00a33.6 million). 22) Share capital Authorised share capital Group and Company 2023 Number of shares 2023 Nominal value \u00a3\u2019000 2022 Number of shares 2022 Nominal value \u00a3\u2019000 Ordinary shares of 0.01p each 900,000,000 90 900,000,000 90 Issued share capital \u2013 allotted and fully paid Group and Company 2023 Number of shares 2023 Nominal value \u00a3\u2019000 2022 Number of shares 2022 Nominal value \u00a3\u2019000 Ordinary shares of 0.01p each 712,740,804 71 712,740,804 71 All the above ordinary shares represent equity of the Company and rank pari passu in respect of participation and voting rights. At 30 June 2023, there were equity-settled share awards issued under the Omnibus Plan totalling 39,389,867 (30 June 2022: 40,688,833) shares that have release dates ranging from July 2023 to September 2027. Further details are provided in note 10. 23) Own shares The Trustees of the Ashmore 2004 Employee Benefit Trust (EBT) acquire and hold shares in Ashmore Group plc with a view to facilitating the vesting of share awards. As at 30 June 2023, the EBT owned 50,834,683 (30 June 2022: 55,512,301) ordinary shares of 0.01p with a nominal value of \u00a35,083 (30 June 2022: \u00a35,551) and shareholders\u2019 funds are reduced by \u00a3164.2 million (30 June 2022: \u00a3187.6 million) in this respect. The EBT is periodically funded by the Company for these purposes. 24) Trade and other payables Group 2023 \u00a3m Group 2022 \u00a3m Company 2023 \u00a3m Company 2022 \u00a3m Current Trade payables 13.3 15.8 3.0 2.4 Accruals and provisions 10.9 20.6 4.5 11.4 Amounts due to subsidiaries \u2013 \u2013 20.5 29.7 Total trade and other payables 24.2 36.4 28.0 43.5 25) Interests in subsidiaries Operating subsidiaries held by the Company There were no movements in investment in subsidiaries held by the Company during the year. Company 2023 \u00a3m 2022 \u00a3m Cost At 30 June 2023 and 2022 19.9 19.9 In the opinion of the Directors, the following subsidiary undertakings principally affected the Group\u2019s results or financial position at 30 June 2023. A full list of the Group\u2019s subsidiaries and all related undertakings is disclosed in note 33. Name Country of incorporation/ formation and principal place of operation % of equity shares held by the Group Ashmore Investments (UK) Limited England 100.00 Ashmore Investment Management Limited England 100.00 Ashmore Investment Advisors Limited England 100.00 Ashmore Management Company Colombia SAS Colombia 59.26 Ashmore CAF -AM Management Company SAS Colombia 53.09 Ashmore Avenida Investments (Real Estate) LLP Colombia 56.00 Ashmore Management Company Limited Guernsey 100.00 Ashmore Investment Management India LLP India 100.00 PT Ashmore Asset Management Indonesia Tbk Indonesia 60.04 Ashmore Investment Management (Ireland) Limited Ireland 100.00 Ashmore Japan Co. Limited Japan 100.00 A shmore Investments (Holdings) Limited Mauritius 100.00 Ashmore Investments Saudi Arabia Saudi Arabia 100.00 Ashmore Investment Management (Singapore) Pte. Ltd. Singapore 100.00 Ashmore Investment Management (US) Corporation USA 100.00 Ashmore Investment Advisors (US) Corporation USA 100.00 Consolidated funds The Group consolidated the following 17 investment funds as at 30 June 2023 (30 June 2022: 18 investment funds) over which the Group is deemed to have control: Name Type of fund Country of incorporation/ principal place of operation % of net asset value held by the Group Ashmore Emerging Markets Debt and Currency Fund Limited Alternatives Guernsey 57.72 Ashmore SICAV Emerging Markets Corporate Debt ESG Fund Corporate debt Luxembourg 100.00 Ashmore SICAV Emerging Markets Equity ESG Fund Equity Luxembourg 99.36 Ashmore SICAV E merging Markets Indonesian Equity Fund Equity Luxembourg 100.00 Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund Equity Luxembourg 47.55 Ashmore SICAV Emerging Markets Middle East Equity Fund Equity Luxembourg 88.78 Ashmore SICAV Emerging Markets IG Total Return Fund Blended debt Luxembourg 100.00 Ashmore SICAV Emerging Markets Total Return ESG Fund Blended debt Luxembourg 99.77 Ashmore SICAV Emerging Markets Sovereign Debt ESG Fund External debt Luxembourg 100.00 Ashmore SICAV E merging Markets China Bond Fund Local currency Luxembourg 100.00 Ashmore Saudi Equity Fund Equity Saudi Arabia 69.29 Ashmore Emerging Markets Active Equity Fund Equity USA 73.14 Ashmore Emerging Markets Equity ESG Fund Equity USA 100.00 Ashmore Emerging Markets Short Duration Select Fund Equity USA 100.00 Ashmore Emerging Markets Investment Grade Income Fund Corporate debt USA 100.00 Ashmore Emerging Markets Corporate Debt ESG Fund Corporate debt USA 100.00 Ashmore Emerging Markets Local Currency Bond Fund Local currency USA 78.91 26) Investment in associates The Group held an interest in the following associate as at 30 June 2023, over which it continues to have significant influence: Name Type Nature of business Country of incorporation/ formation and principal place of operation % of equity shares held by the Group Taiping Fund Management Company Associate Investment management China 5.23% The movement in the carrying value of investment in associates for the year is provided below: Associates 2023 \u00a3m 2022 \u00a3m At the beginning of the year 2.1 0.9 Reclassification \u2013 (0.2) Gain on dilution \u2013 1.3 Share of profit for the year 0.5 \u2013 Foreign exchange revaluation (0.3) 0.1 At the end of the year 2.3 2.1 The summarised financial information for the associate is shown below. Associates 2023 \u00a3m 2022 \u00a3m Total assets 53.2 54.5 Total liabilities (10.0) (13.3) Net assets 43.2 41.2 Group\u2019s share of net assets 2.3 2.1 Revenue for the year 23.6 23.5 Profit for the year 9.6 0.8 Group\u2019s share of profit for the year 0.5 \u2013 The carrying value of the investment in associates represents the cost of acquisition subsequently adjusted for share of profit or loss and other comprehensive income or loss. No permanent impairment is believed to exist relating to the associate as at 30 June 2023. The Group had no undrawn capital commitments (30 June 2022: \u00a3nil) to investment funds managed by the associate. 27) Interests in structured entities The Group has interests in structured entities as a result of the management of assets on behalf of its clients. Where the Group holds a direct interest in a closed-ended fund, private equity fund or open-ended pooled fund such as a SICAV, the interest is accounted for either as a consolidated structured entity or as a financial asset, depending on whether the Group has control over the fund or not. The Group\u2019s interest in structured entities is reflected in the Group\u2019s AuM. The Group is exposed to movements in AuM of structured entities through the potential loss of fee income as a result of client withdrawals. Outflows from funds are dependent on market sentiment, asset performance and investor considerations. Further information on these risks can be found in the Strategic report. Considering the potential for changes in AuM of structured entities, management has determined that the Group\u2019s unconsolidated structured entities include segregated mandates and pooled funds vehicles. Disclosure of the Group\u2019s exposure to unconsolidated structured entities has been made on this basis. The reconciliation of AuM reported by the Group within unconsolidated structured entities is shown below. Total AuM US$bn Less: AuM within consolidated funds US$bn AuM within unconsolidated structured entities US$bn 30 June 20 22 64.0 0.3 63.7 30 June 20 23 55.9 0.3 55.6 Included in the Group\u2019s consolidated management fees of \u00a3185.4 million (FY2022: \u00a3247.0 million) are management fees amounting to \u00a3184.2 million (FY2022: \u00a3246.0 million) earned from unconsolidated structured entities. The table below shows the carrying values of the Group\u2019s interests in unconsolidated structured entities, recognised in the Group balance sheet, which are equal to the Group\u2019s maximum exposure to loss from those interests. 2023 \u00a3m 2022 \u00a3m Management fees receivable 37.7 47.6 Trade and other receivables 1.3 0.8 Seed capital investments * 107.2 68.8 Total exposure 146.2 117.2 * Comprise financial assets measured at fair value and non-current financial assets measured at fair value (refer to note 20). The main risk the Group faces from its beneficial interests in unconsolidated structured entities arises from a potential decrease in the fair value of seed capital investments. The Group\u2019s beneficial interests in seed capital investments are disclosed in note 20. Note 21 includes further information on the Group\u2019s exposure to market risk arising from seed capital investments. 28) Related party transactions Related parties of the Group include key management personnel, close family members of key management personnel, subsidiaries, associates, joint ventures, Ashmore funds, the EBT and The Ashmore Foundation. Key management personnel \u2013 Group and Company The compensation paid to or payable to key management personnel is shown below: 2023 \u00a3m 2022 \u00a3m Short -term benefits 0.8 0.8 Defined contribution pension costs \u2013 \u2013 Share -based payment benefits (note 10) 0.4 0.2 1.2 1.0 Short-term benefits include salary and fees, benefits and cash bonus. Share-based payment benefits represent the cost of equity-settled awards charged to the statement of comprehensive income. Details of the remuneration of Directors are given in the Remuneration report on pages 78 to 111. During the year, there were no other transactions entered into with key management personnel (FY2022: none). Aggregate key management personnel interests in consolidated funds at 30 June 2023 were \u00a344.5 million (30 June 2022: \u00a362.7 million). Transactions with subsidiaries \u2013 Company Details of transactions between the Company and its subsidiaries are shown below: 2023 \u00a3m 2022 \u00a3m Transactions during the year Management fees 59.7 67.2 Net dividends 145.2 174.0 Loans repaid by subsidiaries 110.5 183.8 Amounts receivable or payable to subsidiaries are disclosed in notes 17 and 24 respectively. Transactions with Ashmore funds \u2013 Group During the year, the Group received \u00a364.0 million of gross management fees and performance fees (FY2022: \u00a396.2 million) from the 104 funds (FY2022: 99 funds) it manages and which are classified as related parties. As at 30 June 2023, the Group had receivables due from funds of \u00a34.6 million (30 June 2022: \u00a35.8 million) that are classified as related parties. Transactions with the EBT \u2013 Group and Company The EBT has been provided with a loan facility to allow it to acquire Ashmore shares in order to satisfy outstanding unvested share awards. The EBT is included within the results of the Group and the Company. As at 30 June 2023, the loan outstanding was \u00a3150.7 million (30 June 2022: \u00a3163.7 million). Transactions with The Ashmore Foundation \u2013 Group and Company The Ashmore Foundation is a related party to the Group. The Foundation was set up to provide financial grants to worthwhile causes within the Emerging Markets countries in which Ashmore invests and/or operates with a view to giving back to the countries and communities. The Group donated \u00a30.5 million to the Foundation during the year (FY2022: \u00a30.6 million). 29) Commitments The Group has undrawn investment commitments relating to seed capital investments as follows: Group 2023 \u00a3m 2022 \u00a3m Ashmore Andean Fund II, LP 0.1 0.1 Ashmore Avenida Colombia Real Estate Fund I (Cayman) LP 0.1 0.1 Ashmore I \u2013 CAF Colombian Infrastructure Senior Debt Fund 5.7 6.6 Fondo Ashmore Andino III \u2013 FCP 3.0 \u2013 Ashmore KCH HealthCare Fund II \u2013 1.2 Ashmore KCH HealthCare LLC \u2013 4.4 Total undrawn investment commitments 8.9 12.4 Company The Company has undrawn loan commitments to other Group entities totalling \u00a3482.5 million (30 June 2022: \u00a3394.1 million) to support their investment activities but has no investment commitments of its own (30 June 2022: none). 30) Contingent assets and liabilities The Company and its subsidiaries can be party to legal claims arising in the normal course of business. The Directors do not anticipate that the outcome of any such potential proceedings and claims will have a material adverse effect on the Group\u2019s financial position and at present there are no such claims where their financial impact can be reasonably estimated. There are no other material contingent assets or liabilities. 31) Non-controlling interests The Group\u2019s material NCI as at 30 June 2023 was held in PT Ashmore Asset Management Indonesia Tbk (Ashmore Indonesia). Set out below is summarised financial information and the amounts disclosed are before intercompany eliminations. 40% NCI Ashmore Indonesia Summarised balance sheet 2023 \u00a3m 2022 \u00a3m Total assets 19.8 23.0 Total liabilities (4.4) (6.4) Net assets 15.4 16.6 Non -controlling interests* 6.1 13.6 Summarised statement of comprehensive income Net r evenue 10.9 12.3 Profit for the period 5.1 5.9 Other comprehensive income/(loss) (0.9) 1.6 Total comprehensive income 4.2 7.5 Profit allocated to NCI 1.6 3.0 Dividends paid to NCI 2.3 2.3 Summarised cash flows Cash flows from operating activities 4.6 6.5 Cash flows used in investing activities \u2013 (3.6) Cash flows used in financing activities (6.3) (6.3) Net decrease in cash and cash equivalents (1.7) (3.4) * \u00a36.8 million of historical NCI was reclassified to retained earnings during the year. 32) Post-balance sheet events There are no post-balance sheet events that require adjustment or disclosure in the Group consolidated financial statements. 33) Subsidiaries and related undertakings The following is a full list of the Ashmore Group plc subsidiaries and related undertakings as at 30 June 2023, along with the registered address and the percentage of equity owned by the Group. Related undertakings comprise significant holdings in associated undertakings, joint ventures and Ashmore sponsored public funds in which the Group owns greater than 20% interest. Name Classification % voting interest Registered address and place of incorporation Ashmore Investments (UK) Limited 1 Subsidiary 100.00 61 Aldwych, London WC2B 4AE United Kingdom Ashmore Investment Management Limited Subsidiary 100.00 Ashmore Investment Advisors Limited Subsidiary 100.00 Aldwych Administration Services Limited (dormant) Subsidiary 100.00 Ashmore Asset Management Limited (dormant) Subsidiary 100.00 Ashmore Avenida Investments (Real Estate) LLP Subsidiary 56.00 Ashmore Avenida Devco Holding Company Limited 2 Subsidiary 100.00 Ashmore Investment Management (Ireland) Limited Subsidiary 100.00 32 Molesworth Street, Dublin 2, D02 Y512 Ashmore Investment Management India LLP Subsidiary 100.00 507A Kakad Chambers, Dr Annie Besant Road Worli, Mumbai 400 018, India Ashmore Investment Management (US) Corporation Subsidiary 100.00 The Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, USA Ashmore Investment Advisors (US) Corp oration Subsidiary 100.00 Avenida Partners LLC Subsidiary 100.00 200 Park Avenue South New York, 10003 USA Avenida CREF I Manager Cayman LLC Subsidiary 100.00 Avenida CREF I Manager LLC Subsidiary 100.00 Avenida A2 Partners LLC Subsidiary 100.00 Avenida Colombia Member LLC Subsidiary 83.30 Avenida CREF II Partners LLC Subsidiary 100.00 Avenida CREF II GP LLC Subsidiary 100.00 MCA Partners LLC Subsidiary 100.00 1. Ashmore Investments (UK) Limited (registered number 3345198) is exempt from the requirements relating to the audit of accounts under section 479A of the UK Companies Act 2006. 2. Ashmore Avenida Devco Holding Company Limited is under an active proposal to strike off. Name Classification % voting interest Registered address and place of incorporation Avenida REF Holding SA Subsidiary 100.00 Yamandu 1321, 11500 Montevideo Uruguay Avenida CREF II Manager SRL Subsidiary 99.99 Avenida CREF Partners SRL Subsidiary 99.99 Avenida CREF II GP SRL Subsidiary 85.09 Ashmore Avenida LatAm Energy Efficient Affordable Housing Fund III GP Subsidiary 100.00 10 rue du Ch\u00e2teau d\u2019Eau, L-3364 Leudelange, Grand Duchy of Luxembourg Ashmore Investment Management (Singapore) Pte. Ltd. Subsidiary 100.00 1 George Street, #15-04, Singapore 049145 KCH Cairo Pte. Ltd (dormant) Subsidiary 100.00 KCH Cairo S.A.E . (dormant) Subsidiary 99.20 Zone (T) \u2013 Emaar, Up Town Cairo, Mokattam, Cairo, Egypt PT Ashmore Asset Management Indonesia Tbk Subsidiary 60.04 Pacific Century Place, 18 th Floor, SCBD Lot 10, Jl. Jenderal. Sudirman Kav. 52-53 Jakarta 12190, Indonesia Ashmore Dana Pasar Uang Syariah Financial asset 100.00 Ashmore Dana USD Fixed Income Financial asset 39.42 Ashmore Management Company Colombia SAS Subsidiary 59.26 Carrera 7 No. 75-66, Office 701 & 702 Bogot\u00e1, Colombia Ashmore -CAF-AM Management Company SAS Subsidiary 53.09 Ashmore Holdings Colombia SAS Subsidiary 100.00 Ashmore Investment Advisors S.A. Sociedad Fiduciaria Subsidiary 100.00 Ashmore Backup Management Company SAS Subsidiary 100.00 Avenida Colombia Management Company SAS Subsidiary 100.00 Ashmore Avenida DP General Partner SAS Subsidiary 80.00 Ashmore Avenida Back Office SAS Subsidiary 100.00 Ashmore Peru Backup Management Subsidiary 100.00 Av. Circunvalaci\u00f3n del Club Golf Los Incas No. 134, Torre 1, Of. 505, Surco. Lima, Per\u00fa Ashmore Japan Co. Limited Subsidiary 100.00 11F, Shin Marunouchi Building 1-5-1 Marunouchi Chiyoda-ku Tokyo Japan 100-6511 Ashmore Investments (Colombia) SL Subsidiary 100.00 c/o Hermosilla 11, 4\u00baA, 28001 Madrid, Spain Ashmore Management (DIFC) Limited Subsidiary 100.00 Unit L30-07, Level 30, ICD Brookfield Place, Dubai International Financial Centre, Dubai, UAE Ashmore Investment Saudi Arabia Subsidiary 100.00 3rd Floor Tower B, Olaya Towers Olaya Main Street, Riyadh, Saudi Arabia Ashmore Saudi Equity Fund Consolidated fund 69.29 Ashmore AISA (Cayman) Limited Subsidiary 100.00 PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands AA Development Capital Investment Managers (Mauritius) LLC Subsidiary 55.00 Les Cascades Building 33 Edith Cavell Street, Port Louis Mauritius Ashmore Investments (Holdings) Limited Subsidiary 100.00 Name Classification % voting interest Registered address and place of incorporation Ashmore Management Company Limited Subsidiary 100.00 Trafalgar Court Les Banques St Peter Port GY1 3QL Guernsey Ashmore Global Special Situations Fund 3 (GP) Limited Subsidiary 100.00 Ashmore Global Special Situations Fund 4 (GP) Limited Subsidiary 100.00 Ashmore Global Special Situations Fund 5 (GP) Limited Subsidiary 100.00 Ashmore Venezuela Recovery Fund 2 Ltd Financial asset 45.85 Ashmore Emerging Markets Debt and Currency Fund Limited Consolidated fund 57.72 Ashmore SICAV E merging Markets Middle East Equity Fund Consolidated fund 88.78 10, rue du Chateau d\u2019Eau L-3364 Leudelange Grand-Duchy of Luxembourg Ashmore SICAV E merging Markets Sovereign Debt ESG Fund Consolidated fund 100.00 Ashmore SICAV E merging Markets Corporate Debt ESG Fund Consolidated fund 100.00 Ashmore SICAV E merging Markets China Bond Fund Consolidated fund 100.00 Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund Consolidated fund 47.55 Ashmore SICAV Emerging Markets IG Total Return Fund Consolidated fund 100.00 Ashmore SICAV Emerging Markets Total Return ESG Fund Consolidated fund 99.77 Ashmore SICAV E merging Markets Indonesian Equity Fund Consolidated fund 100.00 Ashmore SICAV Emerging Markets Equity ESG Fund Consolidated fund 99.36 Ashmore SICAV Emerging Markets Local Currency Bond Fund 2 Consolidated fund 100.00 Ashmore SICAV Emerging Markets Shariah Active Equity Fund Financial asset 100.00 Ashmore SICAV Emerging Markets IG Short Duration Fund Financial asset 30.01 Ashmore SIC AV Emerging Markets Multi-Asset Fund Financial asset 28.46 Ashmore E merging Markets Corporate Debt ESG Fund Consolidated fund 100.00 50 South LaSalle Street Chicago, Illinois 60603 Ashmore E merging Markets Investment Grade Income Fund Consolidated fund 100.00 Ashmore E merging Markets Active Equity Fund Consolidated fund 73.14 Ashmore E merging Markets Local Currency Bond Fund Consolidated fund 78.91 Ashmore E merging Markets Equity ESG Fund Consolidated fund 100.00 Ashmore E merging Markets Short Duration Select Fund Consolidated fund 100.00",
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"value": "1) General information Ashmore Group plc (the Company) is a public limited company listed on the London Stock Exchange and incorporated and domiciled in the United Kingdom. The consolidated financial statements of the Company and its subsidiaries (together the Group) for the year ended 30 June 2023 were authorised for issue by the Board of Directors on 5 September 2023. The principal activity of the Group is described in the Directors\u2019 report on page 113.",
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"value": "domiciled in the United Kingdom. The consolidated financial ",
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"value": "United Kingdom",
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"fact-400": {
"value": "2) Basis of preparation The Group and Company financial statements for the year ended 30 June 2023 have been prepared in accordance with UK-adopted international accounting standards. The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of derivative financial instruments and financial assets and liabilities that are held at fair value through profit or loss. The Company has taken advantage of the exemption in section 408 of the Companies Act 2006 that allows it not to present its individual statement of comprehensive income and related notes. Going concern The Board of Directors has considered the resilience of the Group, taking into account its current financial position, and the principal and emerging risks facing the business in the context of the current economic outlook. The Board reviewed cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the Group will have sufficient funds to meet its liabilities as they fall due for that period. The Board applied stressed scenarios, including severe but plausible downside assumptions on AuM, profitability of the Group and known commitments. While there are wider market uncertainties that may impact the Group, the stressed scenarios, which assumed a significant reduction in revenue for the entire forecast period, show that the Group and Company would continue to operate profitably and meet their liabilities as they fall due for a period of at least 12 months from the date of approval of the annual financial statements. The financial statements have therefore been prepared on a going concern basis. Principal estimates and judgements The preparation of the financial statements in conformity with UK- adopted international accounting standards requires the use of certain accounting estimates, and management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The estimates and judgements used in preparing the financial statements are periodically evaluated and are based on historical experience and other factors, including expectations of future events 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. There are areas of the financial statements where the use of estimation is important, but where the risk of material adjustment is not significant, including the assessment of performance conditions attached to certain executive share awards (note 10), assumptions used in the valuation of level 3 seed capital investments (note 19) and deferred tax assets (note 18). The areas where judgements are made include the impairment review of goodwill (note 15), the calculation of lease assets and liabilities (note 16) and consolidation of seed capital investments (note 20). ",
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"fact-455": {
"value": "The Group and Company financial statements for the year ended 30 June 2023 have been prepared in accordance with UK-adopted international accounting standards. ",
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"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
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"fact-456": {
"value": "Going concern The Board of Directors has considered the resilience of the Group, taking into account its current financial position, and the principal and emerging risks facing the business in the context of the current economic outlook. The Board reviewed cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the Group will have sufficient funds to meet its liabilities as they fall due for that period. The Board applied stressed scenarios, including severe but plausible downside assumptions on AuM, profitability of the Group and known commitments. While there are wider market uncertainties that may impact the Group, the stressed scenarios, which assumed a significant reduction in revenue for the entire forecast period, show that the Group and Company would continue to operate profitably and meet their liabilities as they fall due for a period of at least 12 months from the date of approval of the annual financial statements. The financial statements have therefore been prepared on a going concern basis.",
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"fact-457": {
"value": "Principal estimates and judgements The preparation of the financial statements in conformity with UK- adopted international accounting standards requires the use of certain accounting estimates, and management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The estimates and judgements used in preparing the financial statements are periodically evaluated and are based on historical experience and other factors, including expectations of future events 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. There are areas of the financial statements where the use of estimation is important, but where the risk of material adjustment is not significant, including the assessment of performance conditions attached to certain executive share awards (note 10), assumptions used in the valuation of level 3 seed capital investments (note 19) and deferred tax assets (note 18). The areas where judgements are made include the impairment review of goodwill (note 15), the calculation of lease assets and liabilities (note 16) and consolidation of seed capital investments (note 20). ",
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"fact-401": {
"value": "3) New Standards and Interpretations not yet adopted There were no Standards or Interpretations that were in issue and required to be adopted by the Group as at the date of authorisation of these consolidated financial statements. No other Standards or Interpretations have been issued that are expected to have a material impact on the Group\u2019s financial statements.",
"dimensions": {
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"fact-398": {
"value": "4) Significant accounting policies The following principal accounting policies have been applied consistently where applicable to all years presented in dealing with items considered material in relation to the Group and Company financial statements, unless otherwise stated. Basis of consolidation The consolidated financial statements of the Group comprise the financial statements of the Company and its subsidiaries, associates and joint ventures. This includes an Employee Benefit Trust (EBT) established for the employee share-based awards and consolidated investment funds. Interests in subsidiaries Subsidiaries are entities, including investment funds, over which the Group has control as defined by IFRS 10. The Group has control if it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date when control ceases. The Group reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the elements of control. The profit or loss and each component of other comprehensive income are attributed to the equity holders of the Company and to any non-controlling interests. Based on their nature, the interests of third parties in consolidated funds are classified as liabilities and appear as \u2018Third-party interests in consolidated funds\u2019 on the Group\u2019s balance sheet. Associates and joint ventures are presented as single-line items in the statement of comprehensive income and balance sheet. Intercompany transactions and balances are eliminated on consolidation. Consistent accounting policies have been applied across the Group in the preparation of the consolidated financial statements as at 30 June 2023. A change in the ownership interest of a consolidated entity that does not result in a loss of control by the Group is accounted for as an equity transaction. If the Group loses control over a consolidated entity, it derecognises the related assets, goodwill, liabilities, non-controlling interest and other components of equity, and any gain or loss is recognised in consolidated comprehensive income. Any investment retained is recognised at its fair value at the date of loss of control. Interests in associates and joint arrangements Associates are partly owned entities over which the Group has significant influence but no control. Joint ventures are entities through which the Group and other parties undertake an economic activity which is subject to joint control. Investments in associates and interests in joint ventures are measured using the equity method of accounting. Under this method, the investments are initially recognised at cost, including attributable goodwill, and are adjusted thereafter for the post-acquisition changes in the Group\u2019s share of net assets. The Group\u2019s share of post-acquisition profit or loss is recognised in the statement of comprehensive income. Where the Group\u2019s financial year is not coterminous with those of its associates or joint ventures, unaudited interim financial information is used after appropriate adjustments have been made. Interests in consolidated structured entities The Group acts as fund manager to investment funds that are considered to be structured entities. Structured entities are entities that have been designed so that voting or similar rights are not the dominant factor in deciding which party has control: for example, when any voting rights relate to administrative tasks only and the relevant activities of the entity are directed by means of contractual arrangements. The Group\u2019s assets under management are managed within structured entities. These structured entities typically consist of unitised vehicles such as Soci\u00e9t\u00e9 d\u2019Investissement \u00e0 Capital Variable (SICAVs), limited partnerships, unit trusts and open-ended and closed-ended vehicles which entitle third-party investors to a percentage of the vehicle\u2019s net asset value. The Group has interests in structured entities as a result of the management of assets on behalf of its clients. Where the Group holds a direct interest in a closed-ended fund, private equity fund or open-ended pooled fund such as a SICAV, the interest is accounted for either as a consolidated structured entity or as a financial asset, depending on whether the Group has control over the fund or not. Control is determined in accordance with IFRS 10, based on an assessment of the level of power and aggregate economic interest that the Group has over the fund, relative to third-party investors. Power is normally conveyed to the Group through the existence of an investment management agreement and/or other contractual arrangements. Aggregate economic interest is a measure of the Group\u2019s exposure to variable returns in the fund through a combination of direct interest, expected share of performance fees, expected management fees, fair value gains or losses, and distributions receivable from the fund. The Group concludes that it acts as a principal when the power it has over the fund is deemed to be exercised for self-benefit, considering the level of aggregate economic exposure in the fund and the assessed strength of third- party investors\u2019 kick-out rights. The Group concludes that it acts as an agent when the power it has over the fund is deemed to be exercised for the benefit of third-party investors. If the Group concludes that it acts as a principal, it is deemed to have control and, therefore, will consolidate a fund as if it were a subsidiary. If the Group concludes that it does not have control over the fund, the Group recognises and measures its interest in the fund as a financial asset. Interests in unconsolidated structured entities The Group classifies the following investment funds as unconsolidated structured entities: \u2013 Segregated mandates and pooled funds managed where the Group does not hold any direct interest. In this case, the Group considers that its aggregate economic exposure is insignificant and, in relation to segregated mandates, the third-party investor has the practical ability to remove the Group from acting as fund manager, without cause. As a result, the Group concludes that it acts as an agent for third-party investors. \u2013 Pooled funds managed by the Group where the Group holds a direct interest, for example seed capital investments, and the Group\u2019s aggregate economic exposure in the fund relative to third-party investors is less than the threshold established by the Group for determining agent versus principal classification. As a result, the Group concludes that it is an agent for third-party investors and, therefore, will account for its beneficial interest in the fund as a financial asset. The disclosure of the AuM in respect to consolidated and unconsolidated structured entities is provided in note 27. Foreign currency The Group\u2019s financial statements are presented in Pounds Sterling (Sterling), which is also the Company\u2019s functional and presentation currency. Items included in the financial statements of each of the Group\u2019s entities are measured using the functional currency, which is the currency that prevails in the primary economic environment in which the entity operates. Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of the Group entities at the spot exchange rates at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into the functional currency at the spot exchange rate at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are generally recognised in comprehensive income, except for qualifying cash flow hedges to the extent that the hedge is effective, in which case foreign currency differences arising are recognised in other comprehensive income. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated into Sterling at the spot exchange rates at the balance sheet date. The revenues and expenses of foreign operations are translated into Sterling at rates approximating to the foreign exchange rates ruling at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income, and accumulated in the foreign currency translation reserve, except to the extent that the translation difference is allocated to non-controlling interests. When a foreign operation is disposed of such that control is lost, the cumulative amount in the foreign currency translation reserve related to that foreign operation is reclassified to comprehensive income as part of the gain or loss on disposal. If the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. If the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign currency differences arising on the item form part of the net investment in the foreign operation and are recognised in other comprehensive income, and accumulated in the foreign currency translation reserve within equity. Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date. The acquisition date is the date on which the acquirer effectively obtains control of the acquiree. The consideration transferred for the acquisition is generally measured at the acquisition date fair value, as are the identifiable net assets acquired, liabilities incurred (including any asset or liability resulting from a contingent consideration arrangement) and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are expensed as incurred, except if they are related to the issue of debt or equity securities. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognised in profit or loss. If the contingent consideration is classified as equity, it will not be remeasured and settlement is accounted for within equity. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. Goodwill The cost of a business combination in excess of the fair value of net identifiable assets or liabilities acquired, including intangible assets identified, is recognised as goodwill and stated at cost less any accumulated impairment losses. Goodwill has an indefinite useful life, is not subject to amortisation and is tested annually for impairment or when there is an indication of impairment. Intangible assets The cost of intangible assets, such as management contracts and brand names, acquired as part of a business combination is their fair value as at the date of acquisition. The fair value at the date of acquisition is calculated using the discounted cash flow methodology and represents the valuation of the profits expected to be earned from the management contracts and brand name in place at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and impairment losses. Intangible assets with finite life are amortised on a systematic basis over their useful lives. The useful life of an intangible asset which has arisen from contractual or other legal rights does not exceed the period of the contractual or other legal rights. Non-controlling interests (NCI) The Group recognises NCI in an acquired entity either at fair value or at the NCI\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. This decision is made on an acquisition-by- acquisition basis. Changes to the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost is determined on the basis of the direct and indirect costs that are directly attributable. Property, plant and equipment are depreciated using the straight- line method over the estimated useful lives, assessed to be five years for office equipment and four years for IT equipment. The residual values and useful lives of assets are reviewed at least annually. The Group\u2019s property, plant and equipment include right-of use assets recognised on lease arrangements in accordance with IFRS 16 Leases. Leases The Group\u2019s lease arrangements primarily consist of leases relating to office space. Obligations and rights under lease agreements are recognised and classified within property, plant and equipment on the Group\u2019s consolidated statement of financial position in accordance with IFRS 16. The Group initially records a lease liability reflecting the present value of the future contractual cash flows to be made over the lease term, discounted using the rate implicit in the lease, being the rate that the lessee 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. Where this rate is not readily available, the Group applies the incremental borrowing rate applicable for each lease arrangement. A right-of-use asset is also recorded at the value of the lease liability plus any directly related costs and estimated dilapidation expenses and is presented within property, plant and equipment. Interest is accrued on the lease liability using the effective interest rate method to give a constant rate of return over the life of the lease whilst the balance is reduced as lease payments are made. The right-of-use asset is depreciated over the life of the lease as the benefit of the lease is consumed. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects the likelihood that it will exercise (or not exercise) a term extension option. The cost of short-term (less than 12 months) leases is expensed on a straight-line basis over the lease term. Deferred acquisition costs Costs that are directly attributable to securing an investment management contract are deferred if they can be identified separately and measured reliably and it is probable that they will be recovered. Deferred acquisition costs represent the incremental costs incurred by the Group to acquire an investment management contract, typically on a closed-ended fund. The Group amortises the deferred acquisition asset recognised on a systematic basis, in line with the revenue generated from providing the investment management services over the life of the fund. Financial instruments Recognition and initial measurement Financial instruments are recognised when the Group becomes party to the contractual provisions of an instrument, initially at fair value plus transaction costs except for financial assets classified at fair value through profit or loss. Purchases or sales of financial assets are recognised on the trade date, being the date that the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or been transferred or when the Group has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation under the liability has been discharged, cancelled or expires. Subsequent measurement The subsequent measurement of financial instruments depends on their classification in accordance with IFRS 9 Financial Instruments. Under IFRS 9, the Group classifies its financial assets into two measurement categories: amortised cost and FVTPL. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost are measured at FVTPL. The Group classifies its financial liabilities at amortised cost or derivative liabilities measured at FVTPL. Amortised cost is the amount determined based on moving the initial amount recognised for the financial instrument to the maturity value on a systematic basis using a fixed interest rate (effective interest rate), taking account of repayment dates and initial premiums or discounts. Financial assets The Group classifies its financial assets into the following categories: investment securities at FVTPL, financial assets at FVTPL and financial assets measured at amortised cost. The Group may, from time to time, invest seed capital in funds where a subsidiary is the investment manager or an adviser. Where the holding in such investments is deemed to represent a controlling stake and is acquired exclusively with a view to subsequent disposal through sale or dilution, these seed capital investments are recognised as financial assets measured at FVTPL. If a seed capital investment remains under the control of the Group for more than one year from the original investment date, the underlying fund is consolidated line by line. Investment securities at FVTPL Investment securities represent securities, other than derivatives, held by consolidated funds. These securities are measured at fair value with gains and losses recognised through the consolidated statement of comprehensive income. Financial assets at FVTPL Financial assets at FVTPL include certain readily realisable interests in seeded funds, non-current financial assets measured at fair value and derivatives. From the date the financial asset is recognised, all subsequent changes in fair value, foreign exchange differences, interest and dividends are reflected in the consolidated statement of comprehensive income and presented in finance income or expense. (i) Non-current financial assets measured at fair value Non-current financial assets include closed-end funds that are measured at FVTPL. They are held at fair value with changes in fair value being recognised through the consolidated statement of comprehensive income. (ii) Current financial assets measured at fair value The Group classifies readily realisable interests in seeded funds as current financial assets measured at FVTPL with fair value changes being directly recognised through the consolidated statement of comprehensive income. Fair value is measured based on the proportionate net asset value in the fund. (iii) Derivatives Derivatives include foreign exchange forward contracts and options used by the Group to manage its foreign currency exposures and those held in consolidated funds. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and subsequently remeasured at fair value. Transaction costs are recognised immediately in the statement of comprehensive income. All derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly in comprehensive income, except for the effective portion of cash flow hedges, which is recognised in other comprehensive income. Financial assets measured at amortised cost (i) Trade and other receivables Trade and other receivables are initially recorded at fair value plus transaction costs. The fair value on acquisition is normally the cost. Subsequent to initial recognition these assets are measured at amortised cost less impairment loss allowances. Impairment losses are recognised in the statement of comprehensive income for expected credit losses, and changes in those expected credit losses over the life of the instrument. Loss allowances are calculated based on lifetime expected credit losses at each reporting date. (ii) Cash and cash equivalents Cash represents cash at bank and in hand, and cash equivalents comprise short-term deposits and investments in money market instruments that are redeemable on demand or with an original maturity of three months or less. The carrying amount of these assets approximates their fair value. Financial liabilities The Group classifies its financial liabilities into the following categories: financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL Financial liabilities at FVTPL include derivative financial instruments and third-party interests in consolidated funds. They are carried at fair value with gains or losses recognised in the consolidated statement of comprehensive income within finance income or expense. Financial liabilities at amortised cost Other financial liabilities including trade and other payables are subsequently measured at amortised cost using the effective interest rate method. Interest expense is recognised as it is incurred using the effective interest method, which allocates interest at a constant rate of return over the expected life of the financial instrument based on the estimated future cash flows. Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the \u2018exit price\u2019) in an orderly transaction between market participants at the measurement date. In determining fair value, the Group uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that maximises the use of relevant observable inputs and minimises the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Group. Unobservable inputs are inputs that reflect the Group\u2019s judgements about the assumptions other market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. Securities listed on a recognised stock exchange, or dealt on any other regulated market that operates regularly, is recognised and open to the public, are valued at the last known available closing bid price. If a security is traded on several actively traded and organised financial markets, the valuation is made on the basis of the last known bid price on the main market on which the securities are traded. In the case of securities for which trading on an actively traded and organised financial market is not significant, but which are bought and sold on a secondary market with regulated trading among security dealers (with the effect that the price is set on a market basis), the valuation may be based on this secondary market. Where instruments are not listed on any stock exchange or not traded on any regulated markets, valuation techniques are used by valuation specialists. These techniques include the market approach, the income approach or the cost approach. The use of the market approach generally consists of using comparable market transactions or using techniques based on market observable inputs, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as deemed appropriate for liquidity, credit, market and/or other risk factors. Investments in funds are valued on the basis of the last available net asset value of the units or shares of such funds. The fair value of the derivatives is their quoted market price at the balance sheet date. Hedge accounting The Group applies the general hedge accounting model in IFRS 9. This requires the Group to ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and to apply a more qualitative and forward-looking approach to assessing hedge effectiveness. The Group uses forward and option contracts to hedge the variability in cash flows arising from changes in foreign exchange rates relating to management fee revenues. The Group designates only the change in fair value of the spot element of the forward and option contracts in cash flow hedging relationships. The effective portion of changes in fair value of hedging instruments is accumulated in a cash flow hedge reserve as a separate component of equity. The Group applies cash flow hedge accounting when the transaction meets the specified hedge accounting criteria. To qualify, the following conditions must be met: \u2013 formal documentation of the relationship between the hedging instrument(s) and hedged item(s) must exist at inception; \u2013 the hedged cash flows must be highly probable and must present an exposure to variations in cash flows that could ultimately affect comprehensive income; \u2013 the effectiveness of the hedge can be reliably measured; and \u2013 the hedge must be highly effective, with effectiveness assessed on an ongoing basis. For qualifying cash flow hedges, the change in fair value of the effective hedging instrument is initially recognised in other comprehensive income and is released to comprehensive income in the same period during which the relevant financial asset or liability affects the Group\u2019s results. Where the hedge is highly effective overall, any ineffective portion of the hedge is immediately recognised in comprehensive income. Where the instrument ceases to be highly effective as a hedge, or is sold, terminated or exercised, hedge accounting is discontinued. Derecognition of financial assets and liabilities The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risk and rewards of ownership of the asset. The Group derecognises a financial liability when the Group\u2019s obligations are discharged, cancelled or they expire. Impairment of financial assets Under IFRS 9, impairment losses on the Group\u2019s financial assets at amortised cost are measured using an expected credit loss (ECL) model. Under this model, the Group is required to account for expected credit losses, and changes in those expected credit losses, over the life of the instrument. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition and, consequently, more timely information is provided about expected credit losses. The Group applies the simplified approach to calculate expected credit losses for financial assets measured at amortised cost. Under this approach, expected credit losses are calculated based on the life of the instrument. Assets measured at amortised cost The Group measures loss allowances at an amount equal to lifetime expected credit losses. Expected credit loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The Group\u2019s financial assets subject to impairment assessment under the ECL model comprise cash deposits held with banks and trade receivables. In assessing the impairment of financial assets under the ECL model, the Group assesses whether the risk of default has increased significantly since initial recognition, by considering both quantitative and qualitative information, and the analysis is based on the Group\u2019s historical experience of credit default, including forward-looking information. The Group\u2019s trade receivables comprise balances due from management fees, performance fees and expense recoveries from funds managed, and are generally short term and do not contain financing components. Factors considered in determining whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. The Group assesses lifetime expected credit losses based on historical observed default rates, adjusted by forward-looking estimates regarding the economic conditions within the next year. Externally derived credit ratings have been identified as representing the best available determinant of counterparty credit risk for cash balances and credit risk is deemed to have increased significantly if the credit rating has significantly deteriorated at the reporting date relative to the credit rating at the date of initial recognition. Impairment of non-financial assets For all other assets other than goodwill, an impairment test is performed annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets, other than goodwill, that have suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Goodwill Goodwill is tested for impairment annually or whenever there is an indication that the carrying amount may not be recoverable based on management\u2019s judgements regarding the future prospects of the business, estimates of future cash flows and discount rates. When assessing the appropriateness of the carrying value of goodwill at year end, the recoverable amount is considered to be the greater of fair value less costs to sell or value in use. The pre-tax discount rate applied is based on the Group\u2019s weighted average cost of capital after making allowances for any specific risks. The business of the Group is managed as a single unit, with asset allocations, research and other such operational practices reflecting the commonality of approach across all fund themes. Therefore, for the purpose of testing goodwill for impairment, the Group is considered to have one cash-generating unit to which all goodwill is allocated and, as a result, no further split of goodwill into smaller cash-generating units is possible and the impairment review is conducted for the Group as a whole. An impairment loss in respect of goodwill cannot be reversed. Net revenue Net revenue is total revenue less distribution costs and including foreign exchange. The Group\u2019s total revenue includes management fees, performance fees and other revenue. The primary revenue source for the Group is fee income received or receivable for the provision of investment management services. The Group recognises revenue in accordance with the principles of IFRS 15 Revenue from Contracts with Customers. The core principle of IFRS 15 is that revenue is recognised to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Group applies the IFRS 15 five-step model for recognising revenue, which consists of identifying the contract with the customer; identifying the relevant performance obligations; determining the amount of consideration to be received under the contract; allocating the consideration to each performance obligation; and earning the revenue as the performance obligations are satisfied. The Group\u2019s principal revenue recognition policies are summarised below: Management fees Management fees are presented net of rebates, and are calculated as a percentage of net fund assets managed in accordance with individual management agreements. Management fees are calculated and recognised on a monthly basis in accordance with the terms of the management fee agreements. Management fees are typically collected on a monthly or quarterly basis. Performance fees Performance fees are presented net of rebates, and are calculated as a percentage of the appreciation in the net asset value of a fund above a defined hurdle. Performance fees are earned from some arrangements when contractually agreed performance levels are exceeded within specified performance measurement periods, typically over one year. The fees are recognised when they can be reliably estimated and/or crystallised, and there is deemed to be a low probability of a significant reversal in future periods. This is usually at the end of the performance period or upon early redemption by a fund investor. Once crystallised, performance fees typically cannot be clawed-back. Rebates Rebates relate to repayments of management and performance fees charged subject to a rebate agreement, typically with institutional investors, and are calculated based on an agreed percentage of net fund assets managed and recognised as the service is received. Where rebate agreements exist, management and performance fees are presented on a net basis in the consolidated statement of comprehensive income. Other revenue Other revenue principally comprises fees for other services, which are typically driven by the volume of transactions, along with revenues that vary in accordance with the volume of fund project development activities. Other revenue includes transaction, structuring and administration fees, project management fees, and reimbursement by funds of costs incurred by the Group. This revenue is recognised as the relevant service is provided and it is probable that the fee will be collected. Distribution costs Distribution costs are costs of sales payable to external intermediaries for marketing and investor servicing. Distribution costs vary based on fund assets managed and the associated management fee revenue, and are expensed over the period in which the service is provided. Employee benefits Obligations for contributions to defined contribution pension plans are recognised as an expense in the statement of comprehensive income when payable in accordance with the scheme particulars. Share-based payments The Group issues share awards to its employees under share-based compensation plans. For equity-settled awards, the fair value of the amounts payable to employees is recognised as an expense with a corresponding increase in equity over the vesting period after adjusting for the estimated number of shares that are expected to vest. The fair value is measured at the grant date using an appropriate valuation model, taking into account the terms and conditions upon which the instruments were granted. At each balance sheet date prior to vesting, the cumulative expense representing the extent to which the vesting period has expired and management\u2019s best estimate of the awards that are ultimately expected to vest is calculated. The movement in cumulative expense is recognised in the statement of comprehensive income with a corresponding entry within equity. For cash-settled awards, the fair value of the amounts payable to employees is recognised as an expense with a corresponding liability on the Group\u2019s balance sheet. The fair value is measured using an appropriate valuation model, taking into account the estimated number of awards that are expected to vest and the terms and conditions upon which the instruments were granted. During the vesting period, the liability recognised represents the portion of the vesting period that has expired at the balance sheet date multiplied by the fair value of the awards at that date. Movements in the liability are recognised in the statement of comprehensive income. The Group has in place an intragroup recharge arrangement for equity-settled share-based awards whereby the parent Company is reimbursed based on the grant-date cost of share awards granted to employees of the subsidiary entity. During the vest period, the subsidiary entity recognises a share-based payment expense in accordance with IFRS 2 requirements with an intercompany payable to the parent Company. The parent Company recognises an intercompany receivable and a corresponding credit within equity as a share-based payment reserve. The intercompany balances are settled regularly and reported as current assets/liabilities. Finance income and expense Finance income includes interest receivable on the Group\u2019s cash and cash equivalents, and both realised and unrealised gains on financial assets at FVTPL. Finance expense includes both realised and unrealised losses on financial assets at FVTPL. Interest expense on lease liabilities is presented within finance expense. Taxation Tax expense for the year comprises current and deferred tax. Tax is recognised in the consolidated statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year, and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the balance sheet date in the countries where the Group operates. Current tax also includes withholding tax arising from dividends. Deferred tax Deferred tax is recognised using the balance sheet liability method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following differences are not provided for: \u2013 goodwill not deductible for tax purposes; and \u2013 differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the balance sheet date. Dividends Dividends are recognised when shareholders\u2019 rights to receive payments have been established. Equity shares The Company\u2019s ordinary shares of 0.01 pence each are classified as equity instruments. Ordinary shares issued by the Company are recorded at the fair value of the consideration received or the market price at the day of issue. Direct issue costs, net of tax, are deducted from equity through share premium. When share capital is repurchased, the amount of consideration paid, including directly attributable costs, is recognised as a change in equity. Own shares Own shares are held by the Employee Benefit Trust (EBT). The holding of the EBT comprises own shares that have not vested unconditionally to employees of the Group. In both the Group and Company, own shares are recorded at cost and are deducted from retained earnings. Segmental information Key management information, including revenues, margins, investment performance, distribution costs and AuM flows, which is relevant to the operation of the Group, is reported to and reviewed by the Board on the basis of the investment management business as a whole. Hence, the Group\u2019s management considers that the Group\u2019s services and its operations are not run on a discrete geographic basis and comprise one business segment (being provision of investment management services). Company-only accounting policies In addition to the above accounting policies, the following specifically relates to the Company: Investment in subsidiaries Investments by the Company in subsidiaries are stated at cost less, where appropriate, provisions for impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-402": {
"value": "Basis of consolidation The consolidated financial statements of the Group comprise the financial statements of the Company and its subsidiaries, associates and joint ventures. This includes an Employee Benefit Trust (EBT) established for the employee share-based awards and consolidated investment funds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-403": {
"value": "Interests in subsidiaries Subsidiaries are entities, including investment funds, over which the Group has control as defined by IFRS 10. The Group has control if it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date when control ceases. The Group reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the elements of control. The profit or loss and each component of other comprehensive income are attributed to the equity holders of the Company and to any non-controlling interests. Based on their nature, the interests of third parties in consolidated funds are classified as liabilities and appear as \u2018Third-party interests in consolidated funds\u2019 on the Group\u2019s balance sheet. Associates and joint ventures are presented as single-line items in the statement of comprehensive income and balance sheet. Intercompany transactions and balances are eliminated on consolidation. Consistent accounting policies have been applied across the Group in the preparation of the consolidated financial statements as at 30 June 2023. A change in the ownership interest of a consolidated entity that does not result in a loss of control by the Group is accounted for as an equity transaction. If the Group loses control over a consolidated entity, it derecognises the related assets, goodwill, liabilities, non-controlling interest and other components of equity, and any gain or loss is recognised in consolidated comprehensive income. Any investment retained is recognised at its fair value at the date of loss of control.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-404": {
"value": "Interests in associates and joint arrangements Associates are partly owned entities over which the Group has significant influence but no control. Joint ventures are entities through which the Group and other parties undertake an economic activity which is subject to joint control. Investments in associates and interests in joint ventures are measured using the equity method of accounting. Under this method, the investments are initially recognised at cost, including attributable goodwill, and are adjusted thereafter for the post-acquisition changes in the Group\u2019s share of net assets. The Group\u2019s share of post-acquisition profit or loss is recognised in the statement of comprehensive income. Where the Group\u2019s financial year is not coterminous with those of its associates or joint ventures, unaudited interim financial information is used after appropriate adjustments have been made.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-458": {
"value": "Interests in associates and joint arrangements Associates are partly owned entities over which the Group has significant influence but no control. Joint ventures are entities through which the Group and other parties undertake an economic activity which is subject to joint control. Investments in associates and interests in joint ventures are measured using the equity method of accounting. Under this method, the investments are initially recognised at cost, including attributable goodwill, and are adjusted thereafter for the post-acquisition changes in the Group\u2019s share of net assets. The Group\u2019s share of post-acquisition profit or loss is recognised in the statement of comprehensive income. Where the Group\u2019s financial year is not coterminous with those of its associates or joint ventures, unaudited interim financial information is used after appropriate adjustments have been made.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-480": {
"value": "Interests in associates and joint arrangements Associates are partly owned entities over which the Group has significant influence but no control. Joint ventures are entities through which the Group and other parties undertake an economic activity which is subject to joint control. Investments in associates and interests in joint ventures are measured using the equity method of accounting. Under this method, the investments are initially recognised at cost, including attributable goodwill, and are adjusted thereafter for the post-acquisition changes in the Group\u2019s share of net assets. The Group\u2019s share of post-acquisition profit or loss is recognised in the statement of comprehensive income. Where the Group\u2019s financial year is not coterminous with those of its associates or joint ventures, unaudited interim financial information is used after appropriate adjustments have been made.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-405": {
"value": "Interests in consolidated structured entities The Group acts as fund manager to investment funds that are considered to be structured entities. Structured entities are entities that have been designed so that voting or similar rights are not the dominant factor in deciding which party has control: for example, when any voting rights relate to administrative tasks only and the relevant activities of the entity are directed by means of contractual arrangements. The Group\u2019s assets under management are managed within structured entities. These structured entities typically consist of unitised vehicles such as Soci\u00e9t\u00e9 d\u2019Investissement \u00e0 Capital Variable (SICAVs), limited partnerships, unit trusts and open-ended and closed-ended vehicles which entitle third-party investors to a percentage of the vehicle\u2019s net asset value. The Group has interests in structured entities as a result of the management of assets on behalf of its clients. Where the Group holds a direct interest in a closed-ended fund, private equity fund or open-ended pooled fund such as a SICAV, the interest is accounted for either as a consolidated structured entity or as a financial asset, depending on whether the Group has control over the fund or not. Control is determined in accordance with IFRS 10, based on an assessment of the level of power and aggregate economic interest that the Group has over the fund, relative to third-party investors. Power is normally conveyed to the Group through the existence of an investment management agreement and/or other contractual arrangements. Aggregate economic interest is a measure of the Group\u2019s exposure to variable returns in the fund through a combination of direct interest, expected share of performance fees, expected management fees, fair value gains or losses, and distributions receivable from the fund. The Group concludes that it acts as a principal when the power it has over the fund is deemed to be exercised for self-benefit, considering the level of aggregate economic exposure in the fund and the assessed strength of third- party investors\u2019 kick-out rights. The Group concludes that it acts as an agent when the power it has over the fund is deemed to be exercised for the benefit of third-party investors. If the Group concludes that it acts as a principal, it is deemed to have control and, therefore, will consolidate a fund as if it were a subsidiary. If the Group concludes that it does not have control over the fund, the Group recognises and measures its interest in the fund as a financial asset. ",
"dimensions": {
"concept": "ashmoregroupplc:DescriptionOfAccountingPolicyForInterestsInConsolidatedStructuredEntities",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-406": {
"value": "Interests in unconsolidated structured entities The Group classifies the following investment funds as unconsolidated structured entities: \u2013 Segregated mandates and pooled funds managed where the Group does not hold any direct interest. In this case, the Group considers that its aggregate economic exposure is insignificant and, in relation to segregated mandates, the third-party investor has the practical ability to remove the Group from acting as fund manager, without cause. As a result, the Group concludes that it acts as an agent for third-party investors. \u2013 Pooled funds managed by the Group where the Group holds a direct interest, for example seed capital investments, and the Group\u2019s aggregate economic exposure in the fund relative to third-party investors is less than the threshold established by the Group for determining agent versus principal classification. As a result, the Group concludes that it is an agent for third-party investors and, therefore, will account for its beneficial interest in the fund as a financial asset. The disclosure of the AuM in respect to consolidated and unconsolidated structured entities is provided in note 27.",
"dimensions": {
"concept": "ashmoregroupplc:DescriptionOfAccountingPolicyForInterestsInUnconsolidatedStructuredEntities",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-407": {
"value": "Foreign currency The Group\u2019s financial statements are presented in Pounds Sterling (Sterling), which is also the Company\u2019s functional and presentation currency. Items included in the financial statements of each of the Group\u2019s entities are measured using the functional currency, which is the currency that prevails in the primary economic environment in which the entity operates. Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of the Group entities at the spot exchange rates at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into the functional currency at the spot exchange rate at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are generally recognised in comprehensive income, except for qualifying cash flow hedges to the extent that the hedge is effective, in which case foreign currency differences arising are recognised in other comprehensive income. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated into Sterling at the spot exchange rates at the balance sheet date. The revenues and expenses of foreign operations are translated into Sterling at rates approximating to the foreign exchange rates ruling at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income, and accumulated in the foreign currency translation reserve, except to the extent that the translation difference is allocated to non-controlling interests. When a foreign operation is disposed of such that control is lost, the cumulative amount in the foreign currency translation reserve related to that foreign operation is reclassified to comprehensive income as part of the gain or loss on disposal. If the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. If the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign currency differences arising on the item form part of the net investment in the foreign operation and are recognised in other comprehensive income, and accumulated in the foreign currency translation reserve within equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-459": {
"value": "Foreign currency The Group\u2019s financial statements are presented in Pounds Sterling (Sterling), which is also the Company\u2019s functional and presentation currency. Items included in the financial statements of each of the Group\u2019s entities are measured using the functional currency, which is the currency that prevails in the primary economic environment in which the entity operates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-408": {
"value": "Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date. The acquisition date is the date on which the acquirer effectively obtains control of the acquiree. The consideration transferred for the acquisition is generally measured at the acquisition date fair value, as are the identifiable net assets acquired, liabilities incurred (including any asset or liability resulting from a contingent consideration arrangement) and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are expensed as incurred, except if they are related to the issue of debt or equity securities. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognised in profit or loss. If the contingent consideration is classified as equity, it will not be remeasured and settlement is accounted for within equity. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. Goodwill The cost of a business combination in excess of the fair value of net identifiable assets or liabilities acquired, including intangible assets identified, is recognised as goodwill and stated at cost less any accumulated impairment losses. Goodwill has an indefinite useful life, is not subject to amortisation and is tested annually for impairment or when there is an indication of impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-460": {
"value": "Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date. The acquisition date is the date on which the acquirer effectively obtains control of the acquiree. The consideration transferred for the acquisition is generally measured at the acquisition date fair value, as are the identifiable net assets acquired, liabilities incurred (including any asset or liability resulting from a contingent consideration arrangement) and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are expensed as incurred, except if they are related to the issue of debt or equity securities. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognised in profit or loss. If the contingent consideration is classified as equity, it will not be remeasured and settlement is accounted for within equity. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-461": {
"value": "Goodwill The cost of a business combination in excess of the fair value of net identifiable assets or liabilities acquired, including intangible assets identified, is recognised as goodwill and stated at cost less any accumulated impairment losses. Goodwill has an indefinite useful life, is not subject to amortisation and is tested annually for impairment or when there is an indication of impairment. Intangible assets The cost of intangible assets, such as management contracts and brand names, acquired as part of a business combination is their fair value as at the date of acquisition. The fair value at the date of acquisition is calculated using the discounted cash flow methodology and represents the valuation of the profits expected to be earned from the management contracts and brand name in place at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and impairment losses. Intangible assets with finite life are amortised on a systematic basis over their useful lives. The useful life of an intangible asset which has arisen from contractual or other legal rights does not exceed the period of the contractual or other legal rights.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-481": {
"value": "Goodwill The cost of a business combination in excess of the fair value of net identifiable assets or liabilities acquired, including intangible assets identified, is recognised as goodwill and stated at cost less any accumulated impairment losses. Goodwill has an indefinite useful life, is not subject to amortisation and is tested annually for impairment or when there is an indication of impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-409": {
"value": "Intangible assets The cost of intangible assets, such as management contracts and brand names, acquired as part of a business combination is their fair value as at the date of acquisition. The fair value at the date of acquisition is calculated using the discounted cash flow methodology and represents the valuation of the profits expected to be earned from the management contracts and brand name in place at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and impairment losses. Intangible assets with finite life are amortised on a systematic basis over their useful lives. The useful life of an intangible asset which has arisen from contractual or other legal rights does not exceed the period of the contractual or other legal rights. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-410": {
"value": "Non-controlling interests (NCI) The Group recognises NCI in an acquired entity either at fair value or at the NCI\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. This decision is made on an acquisition-by- acquisition basis. Changes to the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-411": {
"value": "Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost is determined on the basis of the direct and indirect costs that are directly attributable. Property, plant and equipment are depreciated using the straight- line method over the estimated useful lives, assessed to be five years for office equipment and four years for IT equipment. The residual values and useful lives of assets are reviewed at least annually. The Group\u2019s property, plant and equipment include right-of use assets recognised on lease arrangements in accordance with IFRS 16 Leases. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-412": {
"value": "Leases The Group\u2019s lease arrangements primarily consist of leases relating to office space. Obligations and rights under lease agreements are recognised and classified within property, plant and equipment on the Group\u2019s consolidated statement of financial position in accordance with IFRS 16. The Group initially records a lease liability reflecting the present value of the future contractual cash flows to be made over the lease term, discounted using the rate implicit in the lease, being the rate that the lessee 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. Where this rate is not readily available, the Group applies the incremental borrowing rate applicable for each lease arrangement. A right-of-use asset is also recorded at the value of the lease liability plus any directly related costs and estimated dilapidation expenses and is presented within property, plant and equipment. Interest is accrued on the lease liability using the effective interest rate method to give a constant rate of return over the life of the lease whilst the balance is reduced as lease payments are made. The right-of-use asset is depreciated over the life of the lease as the benefit of the lease is consumed. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects the likelihood that it will exercise (or not exercise) a term extension option. The cost of short-term (less than 12 months) leases is expensed on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-413": {
"value": "Deferred acquisition costs Costs that are directly attributable to securing an investment management contract are deferred if they can be identified separately and measured reliably and it is probable that they will be recovered. Deferred acquisition costs represent the incremental costs incurred by the Group to acquire an investment management contract, typically on a closed-ended fund. The Group amortises the deferred acquisition asset recognised on a systematic basis, in line with the revenue generated from providing the investment management services over the life of the fund. ",
"dimensions": {
"concept": "ashmoregroupplc:DescriptionOfAccountingPolicyForDeferredAcquistionCosts",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-414": {
"value": "Financial instruments Recognition and initial measurement Financial instruments are recognised when the Group becomes party to the contractual provisions of an instrument, initially at fair value plus transaction costs except for financial assets classified at fair value through profit or loss. Purchases or sales of financial assets are recognised on the trade date, being the date that the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or been transferred or when the Group has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation under the liability has been discharged, cancelled or expires. Subsequent measurement The subsequent measurement of financial instruments depends on their classification in accordance with IFRS 9 Financial Instruments. Under IFRS 9, the Group classifies its financial assets into two measurement categories: amortised cost and FVTPL. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost are measured at FVTPL. The Group classifies its financial liabilities at amortised cost or derivative liabilities measured at FVTPL. Amortised cost is the amount determined based on moving the initial amount recognised for the financial instrument to the maturity value on a systematic basis using a fixed interest rate (effective interest rate), taking account of repayment dates and initial premiums or discounts. Financial assets The Group classifies its financial assets into the following categories: investment securities at FVTPL, financial assets at FVTPL and financial assets measured at amortised cost. The Group may, from time to time, invest seed capital in funds where a subsidiary is the investment manager or an adviser. Where the holding in such investments is deemed to represent a controlling stake and is acquired exclusively with a view to subsequent disposal through sale or dilution, these seed capital investments are recognised as financial assets measured at FVTPL. If a seed capital investment remains under the control of the Group for more than one year from the original investment date, the underlying fund is consolidated line by line. Investment securities at FVTPL Investment securities represent securities, other than derivatives, held by consolidated funds. These securities are measured at fair value with gains and losses recognised through the consolidated statement of comprehensive income. Financial assets at FVTPL Financial assets at FVTPL include certain readily realisable interests in seeded funds, non-current financial assets measured at fair value and derivatives. From the date the financial asset is recognised, all subsequent changes in fair value, foreign exchange differences, interest and dividends are reflected in the consolidated statement of comprehensive income and presented in finance income or expense. (i) Non-current financial assets measured at fair value Non-current financial assets include closed-end funds that are measured at FVTPL. They are held at fair value with changes in fair value being recognised through the consolidated statement of comprehensive income. (ii) Current financial assets measured at fair value The Group classifies readily realisable interests in seeded funds as current financial assets measured at FVTPL with fair value changes being directly recognised through the consolidated statement of comprehensive income. Fair value is measured based on the proportionate net asset value in the fund. (iii) Derivatives Derivatives include foreign exchange forward contracts and options used by the Group to manage its foreign currency exposures and those held in consolidated funds. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and subsequently remeasured at fair value. Transaction costs are recognised immediately in the statement of comprehensive income. All derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly in comprehensive income, except for the effective portion of cash flow hedges, which is recognised in other comprehensive income. Financial assets measured at amortised cost (i) Trade and other receivables Trade and other receivables are initially recorded at fair value plus transaction costs. The fair value on acquisition is normally the cost. Subsequent to initial recognition these assets are measured at amortised cost less impairment loss allowances. Impairment losses are recognised in the statement of comprehensive income for expected credit losses, and changes in those expected credit losses over the life of the instrument. Loss allowances are calculated based on lifetime expected credit losses at each reporting date. (ii) Cash and cash equivalents Cash represents cash at bank and in hand, and cash equivalents comprise short-term deposits and investments in money market instruments that are redeemable on demand or with an original maturity of three months or less. The carrying amount of these assets approximates their fair value. Financial liabilities The Group classifies its financial liabilities into the following categories: financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL Financial liabilities at FVTPL include derivative financial instruments and third-party interests in consolidated funds. They are carried at fair value with gains or losses recognised in the consolidated statement of comprehensive income within finance income or expense. Financial liabilities at amortised cost Other financial liabilities including trade and other payables are subsequently measured at amortised cost using the effective interest rate method. Interest expense is recognised as it is incurred using the effective interest method, which allocates interest at a constant rate of return over the expected life of the financial instrument based on the estimated future cash flows. Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the \u2018exit price\u2019) in an orderly transaction between market participants at the measurement date. In determining fair value, the Group uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that maximises the use of relevant observable inputs and minimises the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Group. Unobservable inputs are inputs that reflect the Group\u2019s judgements about the assumptions other market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. Securities listed on a recognised stock exchange, or dealt on any other regulated market that operates regularly, is recognised and open to the public, are valued at the last known available closing bid price. If a security is traded on several actively traded and organised financial markets, the valuation is made on the basis of the last known bid price on the main market on which the securities are traded. In the case of securities for which trading on an actively traded and organised financial market is not significant, but which are bought and sold on a secondary market with regulated trading among security dealers (with the effect that the price is set on a market basis), the valuation may be based on this secondary market. Where instruments are not listed on any stock exchange or not traded on any regulated markets, valuation techniques are used by valuation specialists. These techniques include the market approach, the income approach or the cost approach. The use of the market approach generally consists of using comparable market transactions or using techniques based on market observable inputs, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as deemed appropriate for liquidity, credit, market and/or other risk factors. Investments in funds are valued on the basis of the last available net asset value of the units or shares of such funds. The fair value of the derivatives is their quoted market price at the balance sheet date. Hedge accounting The Group applies the general hedge accounting model in IFRS 9. This requires the Group to ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and to apply a more qualitative and forward-looking approach to assessing hedge effectiveness. The Group uses forward and option contracts to hedge the variability in cash flows arising from changes in foreign exchange rates relating to management fee revenues. The Group designates only the change in fair value of the spot element of the forward and option contracts in cash flow hedging relationships. The effective portion of changes in fair value of hedging instruments is accumulated in a cash flow hedge reserve as a separate component of equity. The Group applies cash flow hedge accounting when the transaction meets the specified hedge accounting criteria. To qualify, the following conditions must be met: \u2013 formal documentation of the relationship between the hedging instrument(s) and hedged item(s) must exist at inception; \u2013 the hedged cash flows must be highly probable and must present an exposure to variations in cash flows that could ultimately affect comprehensive income; \u2013 the effectiveness of the hedge can be reliably measured; and \u2013 the hedge must be highly effective, with effectiveness assessed on an ongoing basis. For qualifying cash flow hedges, the change in fair value of the effective hedging instrument is initially recognised in other comprehensive income and is released to comprehensive income in the same period during which the relevant financial asset or liability affects the Group\u2019s results. Where the hedge is highly effective overall, any ineffective portion of the hedge is immediately recognised in comprehensive income. Where the instrument ceases to be highly effective as a hedge, or is sold, terminated or exercised, hedge accounting is discontinued. Derecognition of financial assets and liabilities The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risk and rewards of ownership of the asset. The Group derecognises a financial liability when the Group\u2019s obligations are discharged, cancelled or they expire. Impairment of financial assets Under IFRS 9, impairment losses on the Group\u2019s financial assets at amortised cost are measured using an expected credit loss (ECL) model. Under this model, the Group is required to account for expected credit losses, and changes in those expected credit losses, over the life of the instrument. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition and, consequently, more timely information is provided about expected credit losses. The Group applies the simplified approach to calculate expected credit losses for financial assets measured at amortised cost. Under this approach, expected credit losses are calculated based on the life of the instrument. Assets measured at amortised cost The Group measures loss allowances at an amount equal to lifetime expected credit losses. Expected credit loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The Group\u2019s financial assets subject to impairment assessment under the ECL model comprise cash deposits held with banks and trade receivables. In assessing the impairment of financial assets under the ECL model, the Group assesses whether the risk of default has increased significantly since initial recognition, by considering both quantitative and qualitative information, and the analysis is based on the Group\u2019s historical experience of credit default, including forward-looking information. The Group\u2019s trade receivables comprise balances due from management fees, performance fees and expense recoveries from funds managed, and are generally short term and do not contain financing components. Factors considered in determining whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. The Group assesses lifetime expected credit losses based on historical observed default rates, adjusted by forward-looking estimates regarding the economic conditions within the next year. Externally derived credit ratings have been identified as representing the best available determinant of counterparty credit risk for cash balances and credit risk is deemed to have increased significantly if the credit rating has significantly deteriorated at the reporting date relative to the credit rating at the date of initial recognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-462": {
"value": "Financial assets The Group classifies its financial assets into the following categories: investment securities at FVTPL, financial assets at FVTPL and financial assets measured at amortised cost. The Group may, from time to time, invest seed capital in funds where a subsidiary is the investment manager or an adviser. Where the holding in such investments is deemed to represent a controlling stake and is acquired exclusively with a view to subsequent disposal through sale or dilution, these seed capital investments are recognised as financial assets measured at FVTPL. If a seed capital investment remains under the control of the Group for more than one year from the original investment date, the underlying fund is consolidated line by line. Investment securities at FVTPL Investment securities represent securities, other than derivatives, held by consolidated funds. These securities are measured at fair value with gains and losses recognised through the consolidated statement of comprehensive income. Financial assets at FVTPL Financial assets at FVTPL include certain readily realisable interests in seeded funds, non-current financial assets measured at fair value and derivatives. From the date the financial asset is recognised, all subsequent changes in fair value, foreign exchange differences, interest and dividends are reflected in the consolidated statement of comprehensive income and presented in finance income or expense. (i) Non-current financial assets measured at fair value Non-current financial assets include closed-end funds that are measured at FVTPL. They are held at fair value with changes in fair value being recognised through the consolidated statement of comprehensive income. (ii) Current financial assets measured at fair value The Group classifies readily realisable interests in seeded funds as current financial assets measured at FVTPL with fair value changes being directly recognised through the consolidated statement of comprehensive income. Fair value is measured based on the proportionate net asset value in the fund. (iii) Derivatives Derivatives include foreign exchange forward contracts and options used by the Group to manage its foreign currency exposures and those held in consolidated funds. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and subsequently remeasured at fair value. Transaction costs are recognised immediately in the statement of comprehensive income. All derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly in comprehensive income, except for the effective portion of cash flow hedges, which is recognised in other comprehensive income. Financial assets measured at amortised cost (i) Trade and other receivables Trade and other receivables are initially recorded at fair value plus transaction costs. The fair value on acquisition is normally the cost. Subsequent to initial recognition these assets are measured at amortised cost less impairment loss allowances. Impairment losses are recognised in the statement of comprehensive income for expected credit losses, and changes in those expected credit losses over the life of the instrument. Loss allowances are calculated based on lifetime expected credit losses at each reporting date. (ii) Cash and cash equivalents Cash represents cash at bank and in hand, and cash equivalents comprise short-term deposits and investments in money market instruments that are redeemable on demand or with an original maturity of three months or less. The carrying amount of these assets approximates their fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-482": {
"value": "Financial assets at FVTPL Financial assets at FVTPL include certain readily realisable interests in seeded funds, non-current financial assets measured at fair value and derivatives. From the date the financial asset is recognised, all subsequent changes in fair value, foreign exchange differences, interest and dividends are reflected in the consolidated statement of comprehensive income and presented in finance income or expense. (i) Non-current financial assets measured at fair value Non-current financial assets include closed-end funds that are measured at FVTPL. They are held at fair value with changes in fair value being recognised through the consolidated statement of comprehensive income. (ii) Current financial assets measured at fair value The Group classifies readily realisable interests in seeded funds as current financial assets measured at FVTPL with fair value changes being directly recognised through the consolidated statement of comprehensive income. Fair value is measured based on the proportionate net asset value in the fund. Financial liabilities at FVTPL Financial liabilities at FVTPL include derivative financial instruments and third-party interests in consolidated funds. They are carried at fair value with gains or losses recognised in the consolidated statement of comprehensive income within finance income or expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-483": {
"value": "(iii) Derivatives Derivatives include foreign exchange forward contracts and options used by the Group to manage its foreign currency exposures and those held in consolidated funds. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and subsequently remeasured at fair value. Transaction costs are recognised immediately in the statement of comprehensive income. All derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly in comprehensive income, except for the effective portion of cash flow hedges, which is recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-484": {
"value": "(i) Trade and other receivables Trade and other receivables are initially recorded at fair value plus transaction costs. The fair value on acquisition is normally the cost. Subsequent to initial recognition these assets are measured at amortised cost less impairment loss allowances. Impairment losses are recognised in the statement of comprehensive income for expected credit losses, and changes in those expected credit losses over the life of the instrument. Loss allowances are calculated based on lifetime expected credit losses at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-485": {
"value": "(ii) Cash and cash equivalents Cash represents cash at bank and in hand, and cash equivalents comprise short-term deposits and investments in money market instruments that are redeemable on demand or with an original maturity of three months or less. The carrying amount of these assets approximates their fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-463": {
"value": "Financial liabilities The Group classifies its financial liabilities into the following categories: financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL Financial liabilities at FVTPL include derivative financial instruments and third-party interests in consolidated funds. They are carried at fair value with gains or losses recognised in the consolidated statement of comprehensive income within finance income or expense. Financial liabilities at amortised cost Other financial liabilities including trade and other payables are subsequently measured at amortised cost using the effective interest rate method. Interest expense is recognised as it is incurred using the effective interest method, which allocates interest at a constant rate of return over the expected life of the financial instrument based on the estimated future cash flows. Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the \u2018exit price\u2019) in an orderly transaction between market participants at the measurement date. In determining fair value, the Group uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that maximises the use of relevant observable inputs and minimises the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Group. Unobservable inputs are inputs that reflect the Group\u2019s judgements about the assumptions other market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. Securities listed on a recognised stock exchange, or dealt on any other regulated market that operates regularly, is recognised and open to the public, are valued at the last known available closing bid price. If a security is traded on several actively traded and organised financial markets, the valuation is made on the basis of the last known bid price on the main market on which the securities are traded. In the case of securities for which trading on an actively traded and organised financial market is not significant, but which are bought and sold on a secondary market with regulated trading among security dealers (with the effect that the price is set on a market basis), the valuation may be based on this secondary market. Where instruments are not listed on any stock exchange or not traded on any regulated markets, valuation techniques are used by valuation specialists. These techniques include the market approach, the income approach or the cost approach. The use of the market approach generally consists of using comparable market transactions or using techniques based on market observable inputs, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as deemed appropriate for liquidity, credit, market and/or other risk factors. Investments in funds are valued on the basis of the last available net asset value of the units or shares of such funds. The fair value of the derivatives is their quoted market price at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-486": {
"value": "Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the \u2018exit price\u2019) in an orderly transaction between market participants at the measurement date. In determining fair value, the Group uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that maximises the use of relevant observable inputs and minimises the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Group. Unobservable inputs are inputs that reflect the Group\u2019s judgements about the assumptions other market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. Securities listed on a recognised stock exchange, or dealt on any other regulated market that operates regularly, is recognised and open to the public, are valued at the last known available closing bid price. If a security is traded on several actively traded and organised financial markets, the valuation is made on the basis of the last known bid price on the main market on which the securities are traded. In the case of securities for which trading on an actively traded and organised financial market is not significant, but which are bought and sold on a secondary market with regulated trading among security dealers (with the effect that the price is set on a market basis), the valuation may be based on this secondary market. Where instruments are not listed on any stock exchange or not traded on any regulated markets, valuation techniques are used by valuation specialists. These techniques include the market approach, the income approach or the cost approach. The use of the market approach generally consists of using comparable market transactions or using techniques based on market observable inputs, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as deemed appropriate for liquidity, credit, market and/or other risk factors. Investments in funds are valued on the basis of the last available net asset value of the units or shares of such funds. The fair value of the derivatives is their quoted market price at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-464": {
"value": "Hedge accounting The Group applies the general hedge accounting model in IFRS 9. This requires the Group to ensure that hedge accounting relationships are aligned with its risk management objectives and strategy and to apply a more qualitative and forward-looking approach to assessing hedge effectiveness. The Group uses forward and option contracts to hedge the variability in cash flows arising from changes in foreign exchange rates relating to management fee revenues. The Group designates only the change in fair value of the spot element of the forward and option contracts in cash flow hedging relationships. The effective portion of changes in fair value of hedging instruments is accumulated in a cash flow hedge reserve as a separate component of equity. The Group applies cash flow hedge accounting when the transaction meets the specified hedge accounting criteria. To qualify, the following conditions must be met: \u2013 formal documentation of the relationship between the hedging instrument(s) and hedged item(s) must exist at inception; \u2013 the hedged cash flows must be highly probable and must present an exposure to variations in cash flows that could ultimately affect comprehensive income; \u2013 the effectiveness of the hedge can be reliably measured; and \u2013 the hedge must be highly effective, with effectiveness assessed on an ongoing basis. For qualifying cash flow hedges, the change in fair value of the effective hedging instrument is initially recognised in other comprehensive income and is released to comprehensive income in the same period during which the relevant financial asset or liability affects the Group\u2019s results. Where the hedge is highly effective overall, any ineffective portion of the hedge is immediately recognised in comprehensive income. Where the instrument ceases to be highly effective as a hedge, or is sold, terminated or exercised, hedge accounting is discontinued. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-465": {
"value": "Derecognition of financial assets and liabilities The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risk and rewards of ownership of the asset. The Group derecognises a financial liability when the Group\u2019s obligations are discharged, cancelled or they expire. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-466": {
"value": "Impairment of financial assets Under IFRS 9, impairment losses on the Group\u2019s financial assets at amortised cost are measured using an expected credit loss (ECL) model. Under this model, the Group is required to account for expected credit losses, and changes in those expected credit losses, over the life of the instrument. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition and, consequently, more timely information is provided about expected credit losses. The Group applies the simplified approach to calculate expected credit losses for financial assets measured at amortised cost. Under this approach, expected credit losses are calculated based on the life of the instrument. Assets measured at amortised cost The Group measures loss allowances at an amount equal to lifetime expected credit losses. Expected credit loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The Group\u2019s financial assets subject to impairment assessment under the ECL model comprise cash deposits held with banks and trade receivables. In assessing the impairment of financial assets under the ECL model, the Group assesses whether the risk of default has increased significantly since initial recognition, by considering both quantitative and qualitative information, and the analysis is based on the Group\u2019s historical experience of credit default, including forward-looking information. The Group\u2019s trade receivables comprise balances due from management fees, performance fees and expense recoveries from funds managed, and are generally short term and do not contain financing components. Factors considered in determining whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. The Group assesses lifetime expected credit losses based on historical observed default rates, adjusted by forward-looking estimates regarding the economic conditions within the next year. Externally derived credit ratings have been identified as representing the best available determinant of counterparty credit risk for cash balances and credit risk is deemed to have increased significantly if the credit rating has significantly deteriorated at the reporting date relative to the credit rating at the date of initial recognition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-487": {
"value": "Impairment of financial assets Under IFRS 9, impairment losses on the Group\u2019s financial assets at amortised cost are measured using an expected credit loss (ECL) model. Under this model, the Group is required to account for expected credit losses, and changes in those expected credit losses, over the life of the instrument. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition and, consequently, more timely information is provided about expected credit losses. The Group applies the simplified approach to calculate expected credit losses for financial assets measured at amortised cost. Under this approach, expected credit losses are calculated based on the life of the instrument. Impairment of non-financial assets For all other assets other than goodwill, an impairment test is performed annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets, other than goodwill, that have suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Goodwill Goodwill is tested for impairment annually or whenever there is an indication that the carrying amount may not be recoverable based on management\u2019s judgements regarding the future prospects of the business, estimates of future cash flows and discount rates. When assessing the appropriateness of the carrying value of goodwill at year end, the recoverable amount is considered to be the greater of fair value less costs to sell or value in use. The pre-tax discount rate applied is based on the Group\u2019s weighted average cost of capital after making allowances for any specific risks. The business of the Group is managed as a single unit, with asset allocations, research and other such operational practices reflecting the commonality of approach across all fund themes. Therefore, for the purpose of testing goodwill for impairment, the Group is considered to have one cash-generating unit to which all goodwill is allocated and, as a result, no further split of goodwill into smaller cash-generating units is possible and the impairment review is conducted for the Group as a whole. An impairment loss in respect of goodwill cannot be reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-415": {
"value": "Impairment of non-financial assets For all other assets other than goodwill, an impairment test is performed annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets, other than goodwill, that have suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Goodwill Goodwill is tested for impairment annually or whenever there is an indication that the carrying amount may not be recoverable based on management\u2019s judgements regarding the future prospects of the business, estimates of future cash flows and discount rates. When assessing the appropriateness of the carrying value of goodwill at year end, the recoverable amount is considered to be the greater of fair value less costs to sell or value in use. The pre-tax discount rate applied is based on the Group\u2019s weighted average cost of capital after making allowances for any specific risks. The business of the Group is managed as a single unit, with asset allocations, research and other such operational practices reflecting the commonality of approach across all fund themes. Therefore, for the purpose of testing goodwill for impairment, the Group is considered to have one cash-generating unit to which all goodwill is allocated and, as a result, no further split of goodwill into smaller cash-generating units is possible and the impairment review is conducted for the Group as a whole. An impairment loss in respect of goodwill cannot be reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-416": {
"value": "Net revenue Net revenue is total revenue less distribution costs and including foreign exchange. The Group\u2019s total revenue includes management fees, performance fees and other revenue. The primary revenue source for the Group is fee income received or receivable for the provision of investment management services. The Group recognises revenue in accordance with the principles of IFRS 15 Revenue from Contracts with Customers. The core principle of IFRS 15 is that revenue is recognised to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Group applies the IFRS 15 five-step model for recognising revenue, which consists of identifying the contract with the customer; identifying the relevant performance obligations; determining the amount of consideration to be received under the contract; allocating the consideration to each performance obligation; and earning the revenue as the performance obligations are satisfied. The Group\u2019s principal revenue recognition policies are summarised below: Management fees Management fees are presented net of rebates, and are calculated as a percentage of net fund assets managed in accordance with individual management agreements. Management fees are calculated and recognised on a monthly basis in accordance with the terms of the management fee agreements. Management fees are typically collected on a monthly or quarterly basis. Performance fees Performance fees are presented net of rebates, and are calculated as a percentage of the appreciation in the net asset value of a fund above a defined hurdle. Performance fees are earned from some arrangements when contractually agreed performance levels are exceeded within specified performance measurement periods, typically over one year. The fees are recognised when they can be reliably estimated and/or crystallised, and there is deemed to be a low probability of a significant reversal in future periods. This is usually at the end of the performance period or upon early redemption by a fund investor. Once crystallised, performance fees typically cannot be clawed-back. Rebates Rebates relate to repayments of management and performance fees charged subject to a rebate agreement, typically with institutional investors, and are calculated based on an agreed percentage of net fund assets managed and recognised as the service is received. Where rebate agreements exist, management and performance fees are presented on a net basis in the consolidated statement of comprehensive income. Other revenue Other revenue principally comprises fees for other services, which are typically driven by the volume of transactions, along with revenues that vary in accordance with the volume of fund project development activities. Other revenue includes transaction, structuring and administration fees, project management fees, and reimbursement by funds of costs incurred by the Group. This revenue is recognised as the relevant service is provided and it is probable that the fee will be collected. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-417": {
"value": "Distribution costs Distribution costs are costs of sales payable to external intermediaries for marketing and investor servicing. Distribution costs vary based on fund assets managed and the associated management fee revenue, and are expensed over the period in which the service is provided.",
"dimensions": {
"concept": "ashmoregroupplc:DescriptionOfAccountingPolicyForDistributionCosts",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-418": {
"value": "Employee benefits Obligations for contributions to defined contribution pension plans are recognised as an expense in the statement of comprehensive income when payable in accordance with the scheme particulars.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-419": {
"value": "Share-based payments The Group issues share awards to its employees under share-based compensation plans. For equity-settled awards, the fair value of the amounts payable to employees is recognised as an expense with a corresponding increase in equity over the vesting period after adjusting for the estimated number of shares that are expected to vest. The fair value is measured at the grant date using an appropriate valuation model, taking into account the terms and conditions upon which the instruments were granted. At each balance sheet date prior to vesting, the cumulative expense representing the extent to which the vesting period has expired and management\u2019s best estimate of the awards that are ultimately expected to vest is calculated. The movement in cumulative expense is recognised in the statement of comprehensive income with a corresponding entry within equity. For cash-settled awards, the fair value of the amounts payable to employees is recognised as an expense with a corresponding liability on the Group\u2019s balance sheet. The fair value is measured using an appropriate valuation model, taking into account the estimated number of awards that are expected to vest and the terms and conditions upon which the instruments were granted. During the vesting period, the liability recognised represents the portion of the vesting period that has expired at the balance sheet date multiplied by the fair value of the awards at that date. Movements in the liability are recognised in the statement of comprehensive income. The Group has in place an intragroup recharge arrangement for equity-settled share-based awards whereby the parent Company is reimbursed based on the grant-date cost of share awards granted to employees of the subsidiary entity. During the vest period, the subsidiary entity recognises a share-based payment expense in accordance with IFRS 2 requirements with an intercompany payable to the parent Company. The parent Company recognises an intercompany receivable and a corresponding credit within equity as a share-based payment reserve. The intercompany balances are settled regularly and reported as current assets/liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-420": {
"value": "Finance income and expense Finance income includes interest receivable on the Group\u2019s cash and cash equivalents, and both realised and unrealised gains on financial assets at FVTPL. Finance expense includes both realised and unrealised losses on financial assets at FVTPL. Interest expense on lease liabilities is presented within finance expense.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-467": {
"value": "Finance income and expense Finance income includes interest receivable on the Group\u2019s cash and cash equivalents, and both realised and unrealised gains on financial assets at FVTPL. Finance expense includes both realised and unrealised losses on financial assets at FVTPL. Interest expense on lease liabilities is presented within finance expense.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-421": {
"value": "Taxation Tax expense for the year comprises current and deferred tax. Tax is recognised in the consolidated statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year, and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the balance sheet date in the countries where the Group operates. Current tax also includes withholding tax arising from dividends. Deferred tax Deferred tax is recognised using the balance sheet liability method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following differences are not provided for: \u2013 goodwill not deductible for tax purposes; and \u2013 differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-468": {
"value": "Deferred tax Deferred tax is recognised using the balance sheet liability method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following differences are not provided for: \u2013 goodwill not deductible for tax purposes; and \u2013 differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-422": {
"value": "Dividends Dividends are recognised when shareholders\u2019 rights to receive payments have been established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-423": {
"value": "Equity shares The Company\u2019s ordinary shares of 0.01 pence each are classified as equity instruments. Ordinary shares issued by the Company are recorded at the fair value of the consideration received or the market price at the day of issue. Direct issue costs, net of tax, are deducted from equity through share premium. When share capital is repurchased, the amount of consideration paid, including directly attributable costs, is recognised as a change in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-424": {
"value": "Own shares Own shares are held by the Employee Benefit Trust (EBT). The holding of the EBT comprises own shares that have not vested unconditionally to employees of the Group. In both the Group and Company, own shares are recorded at cost and are deducted from retained earnings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-425": {
"value": "Segmental information Key management information, including revenues, margins, investment performance, distribution costs and AuM flows, which is relevant to the operation of the Group, is reported to and reviewed by the Board on the basis of the investment management business as a whole. Hence, the Group\u2019s management considers that the Group\u2019s services and its operations are not run on a discrete geographic basis and comprise one business segment (being provision of investment management services). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-426": {
"value": "Company-only accounting policies In addition to the above accounting policies, the following specifically relates to the Company: Investment in subsidiaries Investments by the Company in subsidiaries are stated at cost less, where appropriate, provisions for impairment. ",
"dimensions": {
"concept": "ashmoregroupplc:DescriptionOfAccountingPolicyForCompanyOnlyAccountingPolicies",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-427": {
"value": "5) Segmental information The Group\u2019s operations are reported to and reviewed by the Board on the basis of the investment management business as a whole, hence the Group is treated as a single segment. The key management information considered is adjusted EBITDA which is \u00a3106.2 million for the year as reconciled on page 28 (FY2022: adjusted EBITDA of \u00a3164.3 million was derived by adjusting operating profit by \u00a33.1 million of depreciation and amortisation expense, \u00a346.2 million of loss related to seed capital and \u00a34.2 million of foreign exchange gains). The disclosures below are supplementary, and provide the location of the Group\u2019s non-current assets at year end other than financial assets and deferred tax assets. Disclosures relating to revenue by location are in note 6. Analysis of non-current assets by geography 2023 \u00a3m 2022 \u00a3m United Kingdom and Ireland 24.3 26.5 United States 69.8 73.5 Other 1.9 2.5 Total non -current assets 96.0 102.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-469": {
"value": "Analysis of non-current assets by geography 2023 \u00a3m 2022 \u00a3m United Kingdom and Ireland 24.3 26.5 United States 69.8 73.5 Other 1.9 2.5 Total non -current assets 96.0 102.5 Analysis of revenue by geography 2023 \u00a3m 2022 \u00a3m United Kingdom and Ireland 142.3 193.6 United States 13.7 22.0 Other 37.2 38.8 Total revenue 193.2 254.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-428": {
"value": "6) Revenue Management fees are accrued throughout the year in line with prevailing levels of AuM and performance fees are recognised when they can be estimated reliably and it is probable that they will crystallise. The Group is not considered to be reliant on any single source of revenue. During the year, none of the Group\u2019s funds (FY2022: none) provided more than 10% of total revenue in the year respectively when considering management fees and performance fees on a combined basis. Analysis of revenue by geography 2023 \u00a3m 2022 \u00a3m United Kingdom and Ireland 142.3 193.6 United States 13.7 22.0 Other 37.2 38.8 Total revenue 193.2 254.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-429": {
"value": "7) Foreign exchange The foreign exchange rates which had a material impact on the Group\u2019s results are the US dollar, the Euro, the Indonesian rupiah and the Colombian peso. \u00a31 Closing rate as at 30 June 2023 Closing rate as at 30 June 2022 Average rate year ended 30 June 2023 Average rate year ended 30 June 2022 US dollar 1.2714 1.2145 1.2079 1.3289 Euro 1.1653 1.1617 1.1523 1.1785 Indonesian rupiah 19,061 18,092 18,259 19,146 Colombian peso 5,309 5,053 5,519 5,164 Foreign exchange gains are shown below. 2023 \u00a3m 2022 \u00a3m Net realised and unrealised hedging gains 4.4 6.3 Translation gains on non -Sterling denominated monetary assets and liabilities 1.0 5.3 Total foreign exchange gains 5.4 11.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-430": {
"value": "8) Finance income/(expense) 2023 \u00a3m 2022 \u00a3m Interest and investment income 27.2 7.7 Net realised gains on seed capital investments measured at fair value 2.4 0.1 Net unrealised gains /(losses) on seed capital investments measured at fair value 4.6 (9.5) Interest expense on lease liabilities (note 16) (0.3) (0.4) Total finance income /(expense) 33.9 (2.1) Included within interest and investment income is interest earned on cash deposits of \u00a316.2 million (FY2022: \u00a32.0 million) and investment income of \u00a311.0 million (FY2022: \u00a35.7 million) on consolidated funds (note 20c). Included within net realised and unrealised gains on seed capital investments totalling \u00a37.0 million (FY2022: \u00a39.4 million losses) are \u00a32.6 million gains (FY2022: \u00a312.5 million losses) on financial assets measured at FVTPL (note 20a), \u00a31.4 million gains (FY2022: \u00a34.2 million gains) on non-current financial assets measured at fair value (note 20b) and \u00a33.0m realised gains on consolidated funds (FY2022: \u00a31.1 million losses on financial assets held for sale). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-470": {
"value": "8) Finance income/(expense) 2023 \u00a3m 2022 \u00a3m Interest and investment income 27.2 7.7 Net realised gains on seed capital investments measured at fair value 2.4 0.1 Net unrealised gains /(losses) on seed capital investments measured at fair value 4.6 (9.5) Interest expense on lease liabilities (note 16) (0.3) (0.4) Total finance income /(expense) 33.9 (2.1) Included within interest and investment income is interest earned on cash deposits of \u00a316.2 million (FY2022: \u00a32.0 million) and investment income of \u00a311.0 million (FY2022: \u00a35.7 million) on consolidated funds (note 20c). Included within net realised and unrealised gains on seed capital investments totalling \u00a37.0 million (FY2022: \u00a39.4 million losses) are \u00a32.6 million gains (FY2022: \u00a312.5 million losses) on financial assets measured at FVTPL (note 20a), \u00a31.4 million gains (FY2022: \u00a34.2 million gains) on non-current financial assets measured at fair value (note 20b) and \u00a33.0m realised gains on consolidated funds (FY2022: \u00a31.1 million losses on financial assets held for sale).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-488": {
"value": "8) Finance income/(expense) 2023 \u00a3m 2022 \u00a3m Interest and investment income 27.2 7.7 Net realised gains on seed capital investments measured at fair value 2.4 0.1 Net unrealised gains /(losses) on seed capital investments measured at fair value 4.6 (9.5) Interest expense on lease liabilities (note 16) (0.3) (0.4) Total finance income /(expense) 33.9 (2.1) Included within interest and investment income is interest earned on cash deposits of \u00a316.2 million (FY2022: \u00a32.0 million) and investment income of \u00a311.0 million (FY2022: \u00a35.7 million) on consolidated funds (note 20c). Included within net realised and unrealised gains on seed capital investments totalling \u00a37.0 million (FY2022: \u00a39.4 million losses) are \u00a32.6 million gains (FY2022: \u00a312.5 million losses) on financial assets measured at FVTPL (note 20a), \u00a31.4 million gains (FY2022: \u00a34.2 million gains) on non-current financial assets measured at fair value (note 20b) and \u00a33.0m realised gains on consolidated funds (FY2022: \u00a31.1 million losses on financial assets held for sale).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-431": {
"value": "9) Personnel expenses Personnel expenses during the year comprised the following: 2023 \u00a3m 2022 \u00a3m Wages and salaries 24.0 22.1 Performance -related cash bonuses 17.3 20.7 Share -based payments (note 10) 17.5 24.9 Social security costs 2.4 1.9 Pension costs 2.1 1.8 Other costs 2.9 2.0 Total personnel expenses 66.2 73.4 Number of employees At 30 June 2023, the number of investment management employees of the Group (including Executive Directors) during the year was as follows: Average for the year ended 30 June 2023 Number Average for the year ended 30 June 2022 Number At 30 June 2023 Number At 30 June 2022 Number Total investment management employees 309 305 310 309 Directors\u2019 remuneration Disclosures of Directors\u2019 remuneration during the year as required by the Companies Act 2006 are included in the Remuneration report on pages 78 to 111. There are retirement benefits accruing to two Executive Directors under a defined contribution scheme (FY2022: two). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-432": {
"value": "10) Share-based payments The cost related to share-based payments recognised by the Group in the statement of comprehensive income is shown below: Group 2023 \u00a3m 2022 \u00a3m Omnibus Plan 17.4 25.1 Phantom Bonus Plan 0.1 (0.2) Total share-based payments expense 17.5 24.9 The total expense recognised for the year in respect of equity-settled share-based payment awards was \u00a318.5 million (FY2022: \u00a324.5 million), of which \u00a30.4 million (FY2022: \u00a30.2 million) relates to share awards granted to key management personnel. The Executive Omnibus Incentive Plan (Omnibus Plan) The Omnibus Plan was introduced prior to the Company listing in October 2006 and provides for the grant of share awards, market value options, premium cost options, discounted options, linked options, phantoms and/or nil-cost options to employees. The Omnibus Plan will also allow bonuses to be deferred in the form of share awards with or without matching shares. Awards granted under the Omnibus Plan typically vest after five years from date of grant, with the exception of bonus awards which vest after the shorter of five years from date of grant or on the date of termination of employment. Awards under the Omnibus Plan are accounted for as equity-settled, with the exception of phantoms which are classified as cash-settled. The combined cash and equity-settled payments below represent the share-based payments relating to the Omnibus Plan. Total expense by year awards were granted (excluding national insurance) Group and Company Year of grant 2023 \u00a3m 2022 \u00a3m 2017 \u2013 3.2 2018 3.0 2.9 2019 3.7 3.5 2020 3.5 3.5 2021 3.9 5.5 2022 3.3 5.7 2023 1.2 \u2013 Total Omnibus share-based payments expense reported in comprehensive income 18.6 24.3 Awards outstanding under the Omnibus Plan were as follows: i) Equity-settled awards Group and Company 2023 Number of shares subject to awards 2023 Weighted average share price 2022 Number of shares subject to awards 2022 Weighted average share price Restricted share awards At the beginning of the year 19,311,495 \u00a33.65 19,997,393 \u00a33.58 Granted 5,553,128 \u00a32.14 4,423,544 \u00a33.71 Vested (4,671,286) \u00a33.25 (3,874,613) \u00a33.44 Forfeited (1,160,520) \u00a32.17 (1,234,829) \u00a33.44 Awards outstanding at year end 19,032,817 \u00a33.32 19,311,495 \u00a33.65 Bonus share awards At the beginning of the year 10,997,593 \u00a33.64 10,617,648 \u00a33.58 Granted 3,014,720 \u00a32.14 2,285,034 \u00a33.75 Vested (3,686,132) \u00a32.87 (1,905,089) \u00a33.44 Forfeited (179,660) \u00a33.67 \u2013 \u2013 Awards outstanding at year end 10,146,521 \u00a33.31 10,997,593 \u00a33.64 Matching share awards At the beginning of the year 10,379,745 \u00a33.65 10,687,135 \u00a33.58 Granted 3,031,105 \u00a32.14 2,297,585 \u00a33.75 Vested (2,547,699) \u00a33.28 (1,881,231) \u00a33.44 Forfeited (652,622) \u00a32.18 (723,744) \u00a33.42 Awards outstanding at year end 10,210,529 \u00a33.31 10,379,745 \u00a33.65 Total 39,389,867 \u00a33.32 40,688,833 \u00a33.65 ii) Cash-settled awards Group and Company 2023 Number of shares subject to awards 2023 Weighted average share price 2022 Number of shares subject to awards 2022 Weighted average share price Restricted share awards At the beginning of the year 110,280 \u00a33.60 122,239 \u00a33.53 Granted 47,785 \u00a32.14 15,741 \u00a33.75 Vested (45,003) \u00a33.24 (27,700) \u00a33.40 Forfeited \u2013 \u2013 \u2013 \u2013 Awards outstanding at year end 113,062 \u00a33.13 110,280 \u00a33.60 Bonus share awards At the beginning of the year 80,511 \u00a33.60 80,765 \u00a33.55 Granted 34,982 \u00a32.14 11,276 \u00a33.75 Vested (33,753) \u00a33.24 (11,530) \u00a33.40 Forfeited \u2013 \u2013 \u2013 \u2013 Awards outstanding at year end 81,740 \u00a33.12 80,511 \u00a33.60 Matching share awards At the beginning of the year 80,511 \u00a33.60 80,765 \u00a33.55 Granted 34,982 \u00a32.14 11,276 \u00a33.75 Vested (33,753) \u00a33.24 (11,530) \u00a33.40 Forfeited \u2013 \u2013 \u2013 \u2013 Awards outstanding at year end 81,740 \u00a33.12 80,511 \u00a33.60 Total 276,542 \u00a33.13 271,302 \u00a33.60 iii) Total awards Group and Company 2023 Number of shares subject to awards 2023 Weighted average share price 2022 Number of shares subject to awards 2022 Weighted average share price Restricted share awards At the beginning of the year 19,421,775 \u00a33.65 20,119,632 \u00a33.58 Granted 5,600,913 \u00a32.14 4,439,285 \u00a33.71 Vested (4,716,289) \u00a33.25 (3,902,313) \u00a33.44 Forfeited (1,160,520) \u00a32.17 (1,234,829) \u00a33.44 Awards outstanding at year end 19,145,879 \u00a33.32 19,421,775 \u00a33.65 Bonus share awards At the beginning of the year 11,078,104 \u00a33.64 10,698,413 \u00a33.58 Granted 3,049,702 \u00a32.14 2,296,310 \u00a33.75 Vested (3,719,885) \u00a32.87 (1,916,619) \u00a33.44 Forfeited (179,660) \u00a33.67 \u2013 \u2013 Awards outstanding at year end 10,228,261 \u00a33.31 11,078,104 \u00a33.64 Matching share awards At the beginning of the year 10,460,256 \u00a33.65 10,767,900 \u00a33.58 Granted 3,066,087 \u00a32.14 2,308,861 \u00a33.75 Vested (2,581,452) \u00a33.28 (1,892,761) \u00a33.44 Forfeited (652,622) \u00a32.18 (723,744) \u00a33.42 Awards outstanding at year end 10,292,269 \u00a33.31 10,460,256 \u00a33.65 Total 39,666,409 \u00a33.32 40,960,135 \u00a33.65 The weighted average fair value of awards granted to employees under the Omnibus Plan during the year was \u00a32.14 (FY2022: \u00a33.73), calculated based on the average Ashmore Group plc closing share price for the five business days prior to grant. For Executive Directors, the fair value of awards also takes into account the performance conditions set out in the Remuneration report. Where the grant of restricted and matching share awards is linked to the annual bonus process, the fair value of the awards is spread over a period including the current financial year and the subsequent five years to their vesting date when the grantee becomes unconditionally entitled to the underlying shares. The fair value of the remaining awards is spread over the period from the date of grant to the vesting date. The liability arising from cash-settled awards under the Omnibus Plan at the end of the year and reported within trade and other payables on the Group consolidated balance sheet is \u00a30.3 million (30 June 2022: \u00a30.4 million) of which \u00a3nil (30 June 2022: \u00a3nil) relates to vested awards. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-433": {
"value": "11) Other expenses Other expenses consist of the following: 2023 \u00a3m 2022 \u00a3m Travel 2.1 0.9 Professional fees 5.5 4.7 Information technology and communications 7.8 7.3 Amortisation of intangible assets (note 15) 0.2 0.2 Lease expenses 0.4 0.4 Depreciation of property, plant and equipment (note 16) 3.0 2.9 Premises -related costs 1.3 1.3 Insurance 1.0 1.0 Research costs 0.4 0.4 Auditor\u2019s remuneration (see below) 0.9 0.9 Consolidated funds 1.1 1.2 Other expenses 4.1 3.9 27.8 25.1 Lease expenses relates to short-term leases where the Group has applied the optional exemption contained within IFRS 16, which permits the cost of short-term leases (less than 12 months) to be expensed on a straight-line basis over the lease term. Auditor\u2019s remuneration 2023 \u00a3m 2022 \u00a3m Fees for statutory audit services: \u2013 Fees payable to the Company\u2019s auditor for the audit of the Group\u2019s accounts 0.2 0.2 \u2013 Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant to legislation 0.5 0.5 Fees for non-audit services: \u2013 Other non-audit services 0.2 0.2 0.9 0.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-471": {
"value": "Auditor\u2019s remuneration 2023 \u00a3m 2022 \u00a3m Fees for statutory audit services: \u2013 Fees payable to the Company\u2019s auditor for the audit of the Group\u2019s accounts 0.2 0.2 \u2013 Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant to legislation 0.5 0.5 Fees for non-audit services: \u2013 Other non-audit services 0.2 0.2 0.9 0.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-434": {
"value": "12) Taxation Analysis of tax charge for the year: 2023 \u00a3m 2022 \u00a3m Current tax UK corporation tax on profits for the year 5.6 11.1 Overseas corporation tax charge 10.5 14.9 Adjustments in respect of prior years 0.1 (0.5) 16.2 25.5 Deferred tax Origination and reversal of temporary differences (note 18) 9.1 1.0 Tax expense 25.3 26.5 Factors affecting tax charge for the year 2023 \u00a3m 2022 \u00a3m Profit before tax 111.8 118.4 Profit on ordinary activities multiplied by the blended UK tax rate of 20.5% (FY2022: UK tax rate of 19%) 22.9 22.5 Effects of: Permanent differences including non -taxable income and non-deductible expenses 7.4 4.7 Different rate of taxes on overseas profits (3.2) (3.3) Non -deductible/(non-taxable) investment returns 1 (1.9) 3.2 Adjustments in respect of prior years 0.1 (0.6) Tax expense 25.3 26.5 1. Non-taxable investment returns comprise seed capital investment gains/losses in certain jurisdictions in which the Group operates for which there are local tax exemptions. The tax charge/(credit) recognised in reserves within other comprehensive income is as follows: 2023 \u00a3m 2022 \u00a3m Current tax expense/(credit) on foreign exchange gains/(losses) (0.6) 2.9 Tax expense/(credit) recognised in reserves (0.6) 2.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-435": {
"value": "13) Earnings per share Basic earnings per share at 30 June 2023 of 12.43 pence (30 June 2022: 13.42 pence) is calculated by dividing the profit after tax for the financial year attributable to equity holders of the parent of \u00a383.3 million (FY2022: \u00a388.5 million) by the weighted average number of ordinary shares in issue during the year, excluding own shares. Diluted earnings per share is calculated based on basic earnings per share adjusted for dilutive potential ordinary shares. There is no difference between the profit for the year attributable to equity holders of the parent used in the basic and diluted earnings per share calculations. The weighted average number of shares used in calculating basic and diluted earnings per share are shown below. 2023 Number of ordinary shares 2022 Number of ordinary shares Weighted average number of ordinary shares used in the calculation of basic earnings per share 670,224,113 659,466,487 Weighted average number of ordinary shares used in the calculation of diluted earnings per share 685,760,649 702,124,339 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-436": {
"value": "14) Dividends Dividends paid in the year Company 2023 \u00a3m 2022 \u00a3m Final dividend for FY2022 \u2013 12.10p (FY2021: 12.10p) 84.8 85.0 Interim dividend FY2023 \u2013 4.80p (FY2022: 4.80p) 33.6 33.5 118.4 118.5 In addition, the Group paid \u00a33.3 million (FY2022: \u00a33.0 million) of dividends to non-controlling interests. Dividends declared/proposed in respect of the year Company 2023 pence 2022 pence Interim dividend per share paid 4.80 4.80 Final dividend per share proposed 12.10 12.10 16.90 16.90 On 5 September 2023, the Board proposed a final dividend of 12.10 pence per share for the year ended 30 June 2023. This has not been recognised as a liability of the Group at the year end as it has not yet been approved by shareholders. Based on the number of shares in issue at the year end that qualify to receive a dividend, the total amount payable would be \u00a385.1 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-437": {
"value": "15) Goodwill and intangible assets Group Goodwill \u00a3m Fund management intangible assets \u00a3m Total \u00a3m Cost (at original exchange rate) At 30 June 20 23 and 2022 70.4 0.9 71.3 Accumulated amortisation and impairment At 30 June 20 21 \u2013 (0.5) (0.5) Amortisation charge for the year \u2013 (0.1) (0.1) At 30 June 202 2 \u2013 (0.6) (0.6) Amortisation charge for the year \u2013 (0.1) (0.1) At 30 June 20 23 \u2013 (0.7) (0.7) Net book value At 30 June 20 21 80.1 0.4 80.5 Accumulated amortisation for the year \u2013 (0.1) (0.1) Foreign exchange revaluation through reserves * 10.4 0.1 10.5 At 30 June 20 22 90.5 0.4 90.9 Accumulated amortisation for the year \u2013 (0.1) (0.1) Foreign exchange revaluation through reserves * (3.8) (0.1) (3.9) At 30 June 2023 86.7 0.2 86.9 * Foreign exchange revaluation through reserves is a result of the retranslation of US dollar-denominated intangibles and goodwill. Company Goodwill \u00a3m Cost At the beginning and end of the year 4.1 Net carrying amount at 30 June 202 3 and 2022 4.1 Goodwill The Group\u2019s goodwill balance relates to the acquisition of subsidiaries. The Company\u2019s goodwill balance relates to the acquisition of the business from ANZ in 1999. Goodwill acquired in a business combination is allocated to the cash-generating units that are expected to benefit from that business combination. It is the Group\u2019s judgement that the lowest level of cash-generating unit used to determine impairment is the investment management segment level. The Group has assessed that it consists of a single cash-generating unit for the purposes of monitoring and assessing goodwill for impairment. This reflects the Group\u2019s global operating model, based on a single operating platform, into which acquired businesses are fully integrated and from which acquisition-related synergies are expected to be realised. Based on this model, the Group\u2019s investment management activities are considered as a single cash-generating unit, for which key management regularly receive and review internal financial information. An annual impairment review of goodwill was undertaken for the year ending 30 June 2023, and no factors indicating potential impairment of goodwill were noted. Goodwill is tested for impairment annually or whenever there is an indication that the carrying amount may not be recoverable based on management\u2019s judgements regarding the future prospects of the business, market capitalisation, macroeconomic and market considerations. The key assumption used to determine the recoverable amount is based on a fair value calculation using the Company\u2019s market share price. Based on the calculation as at 30 June 2023 using a market share price of \u00a32.08, the recoverable amount was in excess of the carrying value of goodwill and no impairment was implied. In addition, the sensitivity of the recoverable amount to a 10% change in the Company\u2019s market share price will not lead to any impairment. Therefore, no impairment loss has been recognised in the current or preceding years. Fund management intangible assets Intangible assets as at 30 June 2023 comprise fund management contracts recognised by the Group on the acquisition of Ashmore Avenida Investments (Real Estate) LLP in July 2018.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-472": {
"value": "15) Goodwill and intangible assets Group Goodwill \u00a3m Fund management intangible assets \u00a3m Total \u00a3m Cost (at original exchange rate) At 30 June 20 23 and 2022 70.4 0.9 71.3 Accumulated amortisation and impairment At 30 June 20 21 \u2013 (0.5) (0.5) Amortisation charge for the year \u2013 (0.1) (0.1) At 30 June 202 2 \u2013 (0.6) (0.6) Amortisation charge for the year \u2013 (0.1) (0.1) At 30 June 20 23 \u2013 (0.7) (0.7) Net book value At 30 June 20 21 80.1 0.4 80.5 Accumulated amortisation for the year \u2013 (0.1) (0.1) Foreign exchange revaluation through reserves * 10.4 0.1 10.5 At 30 June 20 22 90.5 0.4 90.9 Accumulated amortisation for the year \u2013 (0.1) (0.1) Foreign exchange revaluation through reserves * (3.8) (0.1) (3.9) At 30 June 2023 86.7 0.2 86.9 * Foreign exchange revaluation through reserves is a result of the retranslation of US dollar-denominated intangibles and goodwill. Company Goodwill \u00a3m Cost At the beginning and end of the year 4.1 Net carrying amount at 30 June 202 3 and 2022 4.1 Goodwill The Group\u2019s goodwill balance relates to the acquisition of subsidiaries. The Company\u2019s goodwill balance relates to the acquisition of the business from ANZ in 1999. Goodwill acquired in a business combination is allocated to the cash-generating units that are expected to benefit from that business combination. It is the Group\u2019s judgement that the lowest level of cash-generating unit used to determine impairment is the investment management segment level. The Group has assessed that it consists of a single cash-generating unit for the purposes of monitoring and assessing goodwill for impairment. This reflects the Group\u2019s global operating model, based on a single operating platform, into which acquired businesses are fully integrated and from which acquisition-related synergies are expected to be realised. Based on this model, the Group\u2019s investment management activities are considered as a single cash-generating unit, for which key management regularly receive and review internal financial information. An annual impairment review of goodwill was undertaken for the year ending 30 June 2023, and no factors indicating potential impairment of goodwill were noted. Goodwill is tested for impairment annually or whenever there is an indication that the carrying amount may not be recoverable based on management\u2019s judgements regarding the future prospects of the business, market capitalisation, macroeconomic and market considerations. The key assumption used to determine the recoverable amount is based on a fair value calculation using the Company\u2019s market share price. Based on the calculation as at 30 June 2023 using a market share price of \u00a32.08, the recoverable amount was in excess of the carrying value of goodwill and no impairment was implied. In addition, the sensitivity of the recoverable amount to a 10% change in the Company\u2019s market share price will not lead to any impairment. Therefore, no impairment loss has been recognised in the current or preceding years. Fund management intangible assets Intangible assets as at 30 June 2023 comprise fund management contracts recognised by the Group on the acquisition of Ashmore Avenida Investments (Real Estate) LLP in July 2018.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-489": {
"value": "15) Goodwill and intangible assets Group Goodwill \u00a3m Fund management intangible assets \u00a3m Total \u00a3m Cost (at original exchange rate) At 30 June 20 23 and 2022 70.4 0.9 71.3 Accumulated amortisation and impairment At 30 June 20 21 \u2013 (0.5) (0.5) Amortisation charge for the year \u2013 (0.1) (0.1) At 30 June 202 2 \u2013 (0.6) (0.6) Amortisation charge for the year \u2013 (0.1) (0.1) At 30 June 20 23 \u2013 (0.7) (0.7) Net book value At 30 June 20 21 80.1 0.4 80.5 Accumulated amortisation for the year \u2013 (0.1) (0.1) Foreign exchange revaluation through reserves * 10.4 0.1 10.5 At 30 June 20 22 90.5 0.4 90.9 Accumulated amortisation for the year \u2013 (0.1) (0.1) Foreign exchange revaluation through reserves * (3.8) (0.1) (3.9) At 30 June 2023 86.7 0.2 86.9 * Foreign exchange revaluation through reserves is a result of the retranslation of US dollar-denominated intangibles and goodwill. Company Goodwill \u00a3m Cost At the beginning and end of the year 4.1 Net carrying amount at 30 June 202 3 and 2022 4.1 Goodwill The Group\u2019s goodwill balance relates to the acquisition of subsidiaries. The Company\u2019s goodwill balance relates to the acquisition of the business from ANZ in 1999. Goodwill acquired in a business combination is allocated to the cash-generating units that are expected to benefit from that business combination. It is the Group\u2019s judgement that the lowest level of cash-generating unit used to determine impairment is the investment management segment level. The Group has assessed that it consists of a single cash-generating unit for the purposes of monitoring and assessing goodwill for impairment. This reflects the Group\u2019s global operating model, based on a single operating platform, into which acquired businesses are fully integrated and from which acquisition-related synergies are expected to be realised. Based on this model, the Group\u2019s investment management activities are considered as a single cash-generating unit, for which key management regularly receive and review internal financial information. An annual impairment review of goodwill was undertaken for the year ending 30 June 2023, and no factors indicating potential impairment of goodwill were noted. Goodwill is tested for impairment annually or whenever there is an indication that the carrying amount may not be recoverable based on management\u2019s judgements regarding the future prospects of the business, market capitalisation, macroeconomic and market considerations. The key assumption used to determine the recoverable amount is based on a fair value calculation using the Company\u2019s market share price. Based on the calculation as at 30 June 2023 using a market share price of \u00a32.08, the recoverable amount was in excess of the carrying value of goodwill and no impairment was implied. In addition, the sensitivity of the recoverable amount to a 10% change in the Company\u2019s market share price will not lead to any impairment. Therefore, no impairment loss has been recognised in the current or preceding years. Fund management intangible assets Intangible assets as at 30 June 2023 comprise fund management contracts recognised by the Group on the acquisition of Ashmore Avenida Investments (Real Estate) LLP in July 2018.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-438": {
"value": "16) Property, plant and equipment The Group\u2019s property, plant and equipment include right-of-use assets recognised on lease arrangements as follows: Group \u00a3m Company \u00a3m Property, plant and equipment owned by the Group 1.2 0.9 Right -of-use assets 5.3 3.2 Net book value at 30 June 202 3 6.5 4.1 The movement in property, plant and equipment is provided below: Group 2023 Property, plant and equipment \u00a3m 2022 Property, plant and equipment \u00a3m Cost At the beginning of the year 23.0 21.9 Additions 0.6 0.5 Foreign exchange revaluation (0.6) 0.6 At the end of the year 23.0 23.0 Accumulated depreciation At the beginning of the year 13.9 10.7 Depreciation charge for the year 3.0 2.9 Foreign exchange revaluation (0.4) 0.3 At the end of the year 16.5 13.9 Net book value at 30 June 6.5 9.1 Company 2023 Property, plant and equipment \u00a3m 2022 Property, plant and equipment \u00a3m Cost At the beginning of the year 13.9 13.5 Additions 0.3 0.4 At the end of the year 14.2 13.9 Accumulated depreciation At the beginning of the year 8.4 6.8 Depreciation charge for year 1.7 1.6 At the end of the year 10.1 8.4 Net book value at 30 June 4.1 5.5 Lease arrangements The Group leases office space in various countries and enters into lease agreements on office premises with remaining lease periods of one to six years. Lease terms are negotiated on an individual basis and contain varying terms and conditions depending on location. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. The Group calculates the lease liabilities using the lessee\u2019s incremental borrowing rates that resulted in a weighted average incremental borrowing rate of 4.9% (FY2022: 4.6%). The carrying value of right-of-use assets, lease liabilities and the movement during the year are set out below. Group Company Right-of-use assets \u00a3m Lease liabilities \u00a3m Right-of-use assets \u00a3m Lease liabilities \u00a3m At 30 June 202 1 9.4 9.8 5.5 5.7 Lease payments \u2013 (2.4) \u2013 (1.3) Interest expense (note 8) \u2013 0.4 \u2013 0.2 Depreciation charge (2.1) \u2013 (1.1) \u2013 Foreign exchange revaluation through reserves 0.3 0.2 \u2013 \u2013 At 30 June 2022 7.6 8.0 4.4 4.6 Additions 0.2 0.1 \u2013 \u2013 Lease payments \u2013 (2.5) \u2013 (1.3) Interest expense (note 8) \u2013 0.3 \u2013 0.1 Depreciation charge (2.4) \u2013 (1.2) \u2013 Foreign exchange revaluation through reserves (0.1) (0.1) \u2013 \u2013 At 30 June 2023 5.3 5.8 3.2 3.4 The contractual maturities on the minimum lease payments under lease liabilities are provided below: Group Company Maturity analysis \u2013 contractual undiscounted cash flows 30 June 2023 \u00a3m 30 June 2022 \u00a3m 30 June 2023 \u00a3m 30 June 2022 \u00a3m Within 1 year 2.4 2.6 1.3 1.3 Between 1 and 5 years 3.9 6.0 2.3 3.7 Later than 5 years \u2013 0.2 \u2013 \u2013 Total undiscounted lease liabilities 6.3 8.8 3.6 5.0 Lease liabilities are presented in the balance sheet as follows: Current 2.1 2.2 1.2 1.3 Non -current 3.7 5.8 2.2 3.3 Total lease liabilities 5.8 8.0 3.4 4.6 Amounts recognised under financing activities in the cash flow statement: Payment of lease liabilities 2.2 2.0 1.2 1.1 Interest paid 0.3 0.4 0.1 0.2 Total cash outflow for leases 2.5 2.4 1.3 1.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-473": {
"value": "Lease arrangements The Group leases office space in various countries and enters into lease agreements on office premises with remaining lease periods of one to six years. Lease terms are negotiated on an individual basis and contain varying terms and conditions depending on location. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. The Group calculates the lease liabilities using the lessee\u2019s incremental borrowing rates that resulted in a weighted average incremental borrowing rate of 4.9% (FY2022: 4.6%). The carrying value of right-of-use assets, lease liabilities and the movement during the year are set out below. Group Company Right-of-use assets \u00a3m Lease liabilities \u00a3m Right-of-use assets \u00a3m Lease liabilities \u00a3m At 30 June 202 1 9.4 9.8 5.5 5.7 Lease payments \u2013 (2.4) \u2013 (1.3) Interest expense (note 8) \u2013 0.4 \u2013 0.2 Depreciation charge (2.1) \u2013 (1.1) \u2013 Foreign exchange revaluation through reserves 0.3 0.2 \u2013 \u2013 At 30 June 2022 7.6 8.0 4.4 4.6 Additions 0.2 0.1 \u2013 \u2013 Lease payments \u2013 (2.5) \u2013 (1.3) Interest expense (note 8) \u2013 0.3 \u2013 0.1 Depreciation charge (2.4) \u2013 (1.2) \u2013 Foreign exchange revaluation through reserves (0.1) (0.1) \u2013 \u2013 At 30 June 2023 5.3 5.8 3.2 3.4 The contractual maturities on the minimum lease payments under lease liabilities are provided below: Group Company Maturity analysis \u2013 contractual undiscounted cash flows 30 June 2023 \u00a3m 30 June 2022 \u00a3m 30 June 2023 \u00a3m 30 June 2022 \u00a3m Within 1 year 2.4 2.6 1.3 1.3 Between 1 and 5 years 3.9 6.0 2.3 3.7 Later than 5 years \u2013 0.2 \u2013 \u2013 Total undiscounted lease liabilities 6.3 8.8 3.6 5.0 Lease liabilities are presented in the balance sheet as follows: Current 2.1 2.2 1.2 1.3 Non -current 3.7 5.8 2.2 3.3 Total lease liabilities 5.8 8.0 3.4 4.6 Amounts recognised under financing activities in the cash flow statement: Payment of lease liabilities 2.2 2.0 1.2 1.1 Interest paid 0.3 0.4 0.1 0.2 Total cash outflow for leases 2.5 2.4 1.3 1.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-439": {
"value": "17) Trade and other receivables Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Trade debtors 60.7 66.1 2.1 1.0 Prepayments 4.4 3.5 1.9 2.1 Amounts due from subsidiaries \u2013 \u2013 10.4 73.8 Loans due from subsidiaries \u2013 \u2013 266.4 376.9 Other receivables 5.3 4.7 3.6 3.1 Total trade and other receivables 70.4 74.3 284.4 456.9 Group trade debtors include accrued management and performance fees in respect of investment management services provided up to 30 June 2023. Management fees are received in cash when the funds\u2019 net asset values are determined, typically every month or every quarter. Performance fees are accrued when crystallised, and amounted to \u00a31.3 million as at 30 June 2023 (30 June 2022: \u00a30.5 million). The majority of fees are deducted from the net asset values of the respective funds by independent administrators and therefore the credit risk of fee receivables is minimal. As at 30 June 2023, the assessed provision for expected credit losses was immaterial and the Group has not recognised any expected credit losses in the current year (30 June 2022: \u00a3nil). Amounts due from subsidiaries for the Company represent intercompany trading balances that are repayable within one year. Loans due from subsidiaries for the Company include an intercompany loan to a subsidiary related to the provision of funding for seed capital investments and cash invested by the subsidiary in daily-traded investment funds. Loans due from subsidiaries included within non- current assets amounted to \u00a3167.8 million as at 30 June 2023 (30 June 2022: \u00a3132.0 million included within non-current assets). The intercompany loan is repayable on demand and the amount classified as current is regularly settled during the year. Under the IFRS 9 expected credit loss model, credit risk is assessed by determining the borrower\u2019s capacity to meet contractual cash flow obligations, taking into account the available net assets to repay the intercompany balance in future periods. Expected credit losses are estimated based on the assumption that repayment is demanded at the reporting date. If the borrower has sufficient accessible highly liquid assets available to settle the balance if demanded at the reporting date, the expected credit loss has been assessed to be immaterial. In line with the Company\u2019s historical experience, and after consideration of current credit exposures, the Company does not expect to incur any credit losses and has not recognised any expected credit losses in the current year (30 June 2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-440": {
"value": "18) Deferred taxation Deferred tax assets and liabilities recognised by the Group and Company at year end are attributable to the following: 2023 2022 Group Other temporary differences \u00a3m Share-based payments \u00a3m Total \u00a3m Other temporary differences \u00a3m Share-based payments \u00a3m Total \u00a3m Deferred tax assets 11.0 12.9 23.9 12.5 20.2 32.7 Deferred tax liabilities (9.3 ) \u2013 (9.3) (8.8) \u2013 (8.8) 1.7 12.9 14.6 3.7 20.2 23.9 2023 2022 Company Other temporary differences \u00a3m Share-based payments \u00a3m Total \u00a3m Other temporary differences \u00a3m Share-based payments \u00a3m Total \u00a3m Deferred tax assets \u2013 11.6 11.6 \u2013 18.2 18.2 Deferred taxes at the balance sheet date reflected in these financial statements have been measured using the relevant enacted or substantively enacted tax rate for the year in which they are expected to be realised or settled. Movement of deferred tax balances The movement in the deferred tax balances between the balance sheet dates has been reflected in the statement of comprehensive income as follows: Group Other temporary differences \u00a3m Share-based payments \u00a3m Total \u00a3m At 30 June 20 21 (2.9) 27.2 24.3 Credited/(charged) to the consolidated statement of comprehensive income 6.0 (7.0) (1.0) Foreign exchange revaluation 0.6 \u2013 0.6 At 30 June 20 22 3.7 20.2 23.9 C harged to the consolidated statement of comprehensive income (1.8) (7.3) (9.1) Foreign exchange revaluation (0.2) \u2013 (0.2) At 30 June 20 23 1.7 12.9 14.6 Company Other temporary differences \u00a3m Share-based payments \u00a3m Total \u00a3m At 30 June 20 21 \u2013 25.1 25.1 C harged to the statement of comprehensive income \u2013 (6.9) (6.9) At 30 June 20 22 \u2013 18.2 18.2 C harged to the statement of comprehensive income \u2013 (6.6) (6.6) At 30 June 20 23 \u2013 11.6 11.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-441": {
"value": "19) Fair value of financial instruments The Group has an established control framework with respect to the measurement of fair values. This framework includes committees that have overall responsibility for all significant fair value measurements. Each committee regularly reviews significant inputs and valuation adjustments. If third-party information is used to measure fair value, the committee assesses and documents the evidence obtained from the third parties to support such valuations. There are no material differences between the carrying amounts of financial assets and liabilities and their fair values at the balance sheet date. Fair value hierarchy The Group measures fair values using the following fair value levels that reflect the significance of inputs used in making the measurements, based on the degree to which the fair value is observable: \u2013 Level 1: Valuation is based upon a quoted market price in an active market for an identical instrument. This fair value measure relates to the valuation of quoted and exchange traded equity and debt securities. \u2013 Level 2: Valuation techniques are based upon observable inputs, either directly (i.e. as prices) or indirectly (i.e. derived from prices). This fair value measure relates to the valuation of quoted equity securities in inactive markets or in interests in unlisted funds whose net asset values are referenced to the fair values of the listed or exchange traded securities held by those funds. Valuation techniques may include using a broker quote in an inactive market or an evaluated price based on a compilation of primarily observable market information utilising information readily available via external sources. \u2013 Level 3: Fair value measurements are derived from valuation techniques that include inputs not based on observable market data. For financial instruments that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of the financial year. The fair value hierarchy of financial instruments which are carried at fair value at year end is summarised below: 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Financial assets Investment securities 112.3 88.8 28.8 229.9 158.8 82.7 23.6 265.1 Financial assets measured at fair value \u2013 55.8 \u2013 55.8 \u2013 32.3 \u2013 32.3 Non -current financial assets at fair value \u2013 14.9 39.2 54.1 \u2013 \u2013 39.3 39.3 112.3 159.5 68.0 339.8 158.8 115.0 62.9 336.7 Financial liabilities Third -party interests in consolidated funds 36.0 9.6 10.6 56.2 58.4 6.3 8.3 73.0 Derivative financial instruments \u2013 0.2 \u2013 0.2 \u2013 5.2 \u2013 5.2 36.0 9.8 10.6 56.4 58.4 11.5 8.3 78.2 Transfers between levels The Group recognises transfers into and transfers out of fair value hierarchy levels at each reporting period based on assessments of price inputs used in the valuation of financial assets. There were no transfers between level 1, level 2 and level 3 of the fair value hierarchy during the year. Fair value measurements using significant unobservable inputs (level 3) The following table presents the changes in level 3 items for the years ended 30 June 2023 and 2022: Investment securities \u00a3m Non-current financial assets at fair value \u00a3m Third-party interests in consolidated funds \u00a3m At 30 June 20 21 42.4 34.0 16.9 Additions \u2013 1.9 \u2013 Disposals (25.5) (1.5) (10.7) Transfers out (1.5) \u2013 \u2013 Unrealised gains recognised in finance income 4.4 3.5 2.1 Unrealised gains recognised in reserves 3.8 1.4 \u2013 At 30 June 2022 23.6 39.3 8.3 Additions 2.5 2.9 1.2 Disposals (9.1) (5.0) (3.8) Unrealised gains recognised in finance income 12.0 2.0 4.9 Unrealised losses recognised in reserves (0.2) \u2013 \u2013 At 30 June 20 23 28.8 39.2 10.6 Valuation of level 3 financial assets recognised at fair value on a recurring basis using valuation techniques Investments valued using valuation techniques include financial investments which, by their nature, do not have an externally quoted price based on regular trades, and financial investments for which markets are no longer active as a result of market conditions, e.g. market illiquidity. The valuation techniques used include comparison to recent arm\u2019s length transactions, market approach making reference to other instruments that are substantially the same, discounted cash flow analysis, enterprise valuation and net assets approach. These techniques may include a number of assumptions relating to variables such as interest rate and price earnings multiples. Changes in assumptions relating to these variables could positively or negatively impact the reported fair value of these instruments. When determining the inputs into the valuation techniques used, priority is given to publicly available prices from independent sources when available, but overall the source of pricing is chosen with the objective of arriving at a fair value measurement that reflects the price at which an orderly transaction would take place between market participants on the measurement date. The fair value estimates are made at a specific point in time, based upon available market information and judgements about the financial instruments, including estimates of the timing and amount of expected future cash flows. Such estimates could include a marketability adjustment to reflect illiquidity and/or non-transferability that could result from offering for sale at one time the Group\u2019s entire holdings of a particular financial instrument. The following tables show the valuation techniques and the significant unobservable inputs used to estimate the fair value of level 3 investments as at 30 June 2023 and 2022, and the associated sensitivity to changes in unobservable inputs to a reasonable alternative. Asset class and valuation technique 2023 Fair value \u00a3m Significant unobservable input s Range of estimates Sensitivity factor Change in fair value \u00a3m Unquoted securities Market multiple and discount 6.4 EBITDA multiple 15x +/ - 1x +/- 0.6 Marketability adjustment 30% +/ - 5% -/+ 0.7 Discounted cash flow 32.3 Discount rate 10% -17% +/ - 1% -/+ 3.0 Marketability adjustment 1 0%-54% +/ - 5% -/+ 2.8 Unquoted funds Net assets approach 29.3 NAV 1 1x +/ - 5% +/- 1.5 Total level 3 investments 68.0 Asset class and valuation technique 2022 Fair value \u00a3m Significant unobservable input s Range of estimates Sensitivity factor Change in fair value \u00a3m Unquoted securities Market multiple and discount 6.2 EBITDA multiple 1 4x +/ - 1x +/- 0.5 Marketability adjustment 30% +/ - 5% -/+ 0.4 Discounted cash flow 26.3 Discount rate 10% -20% +/ - 1% -/+ 3.6 Marketability adjustment 1 0%-60% +/ - 5% -/+ 1.5 Unquoted funds Net assets approach 30.4 NAV 1 1x +/ - 5% +/- 1.5 Total level 3 investments 62.9 1. NAV priced assets include seed capital investments whose value is determined by the fund administrator using unobservable inputs. The significant unobservable inputs applied include EBITDA, market multiples, last observable vendor price and discount rates. The sensitivity demonstrates the effect of a change in one unobservable input while other assumptions remain unchanged. There may be a correlation between the unobservable inputs and other factors that have not been considered. It should also be noted that some of the sensitivities are non-linear, therefore larger or smaller impacts should not be interpolated or extrapolated from these results. Financial instruments not measured at fair value Financial assets and liabilities that are not measured at fair value include cash and cash equivalents, trade and other receivables, and trade and other payables. The carrying value of financial assets and financial liabilities not measured at fair value is considered a reasonable approximation of fair value as at 30 June 2023 and 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-442": {
"value": "20) Seed capital investments The Group considers itself a sponsor of an investment fund when it facilitates the establishment of a fund in which the Group is the investment manager. The Group ordinarily provides seed capital in order to provide initial scale and facilitate marketing of the funds to third-party investors. Aggregate interests held by the Group include seed capital, management fees and performance fees. The Group generates management and performance fee income from managing the assets on behalf of third-party investors. The movements of seed capital investments and related items during the year are as follows: Group Financial assets held for sale \u00a3m Financial assets measured at fair value \u00a3m Investment securities (relating to consolidated funds) 1 \u00a3m Other (relating to consolidated funds) 2 \u00a3m Third-party interests in consolidated funds \u00a3m Non-current financial assets measured at fair value 3 \u00a3m Total \u00a3m Carrying amount at 30 June 20 21 42.4 41.0 318.1 9.6 (105.7) 31.4 336.8 Reclassification: Financial assets held for sale to consolidated funds (39.1) \u2013 40.5 0.4 (1.8) \u2013 \u2013 Consolidated funds to FVTPL \u2013 39.1 (59.5) 0.1 20.3 \u2013 \u2013 Additions \u2013 5.5 \u2013 \u2013 \u2013 1.9 7.4 Disposals (0.1) (44.9) (25.5) \u2013 10.2 (1.5) (61.8) Fa ir value movement (3.2) (8.4) (8.5) 1.0 4.0 4.7 (10.4) Carrying amount at 30 June 20 22 \u2013 32.3 265.1 11.1 (73.0) 36.5 272.0 Additions \u2013 23.0 22.8 \u2013 (1.4) 19.5 63.9 Disposals \u2013 \u2013 (23.3) \u2013 3.7 (5.0) (24.6) Fa ir value movement \u2013 0.5 (34.7) (0.5) 14.5 0.4 (19.8) Carrying amount at 30 June 20 23 \u2013 55.8 229.9 10.6 (56.2) 51.4 291.5 1. Investment securities in consolidated funds are measured at FVTPL. 2. Relates to cash and other assets in consolidated funds that are not investment securities, see note 20(c). 3. Excludes \u00a32.7 million of other non-current financial assets measured at fair value that are not classified as seed capital. a) Financial assets measured at fair value through profit or loss Where Group companies invest seed capital into funds operated and controlled by the Group and the Group is actively seeking to reduce its investment and it is considered highly probable that it will relinquish control within a year, the interests in the funds are recognised as financial assets and measured at FVTPL. If the fund remains under the control of the Group for more than one year from the original investment date, it will cease to be classified as a financial asset, and will be consolidated line by line after it is assessed that the Group controls the investment fund in accordance with the requirements of IFRS 10. Investments cease to be classified as consolidated funds when they are no longer controlled by the Group. A loss of control may happen through sale of the investment and/or dilution of the Group\u2019s holding. No such fund was transferred to the FVTPL category during the year (FY2022: three funds with an aggregate value of \u00a339.1 million were transferred to the FVTPL category). FVTPL investments at 30 June 2023 comprise shares held in debt and equity funds as follows: 2023 \u00a3m 2022 \u00a3m Equity funds 29.6 15.5 Debt funds 26.2 16.8 Financial assets measured at fair value 55.8 32.3 Included within finance income are gains of \u00a32.6 million (FY2022: losses of \u00a312.5 million) on the Group\u2019s financial assets measured at FVTPL. b) Non-current financial assets measured at fair value Non-current financial asset investments relate to the Group\u2019s holding in closed-end funds and are measured at FVTPL. 2023 \u00a3m 2022 \u00a3m Real estate funds 0.9 1.5 Infrastructure funds 22.0 24.1 Other funds 28.5 10.9 Non -current financial assets measured at fair value 1 51.4 36.5 1. Excludes \u00a32.7 million (30 June 2022: \u00a32.8 million) of other non-current financial assets measured at fair value that are not classified as seed capital. Included within finance income are gains of \u00a31.4 million (FY2022: gains of \u00a34.2 million) on the Group\u2019s non-current financial assets measured at fair value. c) Consolidated funds The Group has consolidated 17 investment funds as at 30 June 2023 (30 June 2022: 18 investment funds), over which the Group is deemed to have control (refer to note 25). Consolidated funds represent seed capital investments where the Group has held its position for a period greater than one year and its interest represents a controlling stake in the fund in accordance with IFRS 10. Consolidated fund assets and liabilities are presented line by line after intercompany eliminations. The table below sets out an analysis of the carrying amounts of interests held by the Group in consolidated investment funds. 2023 \u00a3m 2022 \u00a3m Investment securities 1 229.9 265.1 Cash and cash equivalents 10.3 10.0 Other 2 0.3 1.1 Third -party interests in consolidated funds (56.2) (73.0) Consolidated seed capital investments 184.3 203.2 1. Investment securities represent trading securities held by consolidated investment funds and are measured at FVTPL. Note 25 provides a list of the consolidated funds by asset class, and further detailed information at the security level is available in the individual fund financial statements. 2. Other includes trade receivables, trade payables and accruals. The maximum exposure to loss is the carrying amount of the assets held. The Group has not provided financial support or otherwise agreed to be responsible for supporting any consolidated or unconsolidated funds financially. Included within the consolidated statement of comprehensive income are net losses of \u00a315.3 million (FY2022: net losses of \u00a340.5 million) relating to the Group\u2019s share of the results of the individual statements of comprehensive income for each of the consolidated funds, as follows: 2023 \u00a3m 2022 \u00a3m In vestment income 11.0 5.7 Fair value l osses on investment securities (44.3) (61.3) Change in third -party interests in consolidated funds 19.3 16.5 Audit fees (0.2) (0.2) Other expenses (1.1) (1.2) Net losses on consolidated funds (15.3) (40.5) Included in the Group\u2019s cash generated from operations is \u00a30.1 million cash utilised in operations (FY2022: \u00a32.8 million cash utilised in operations) relating to consolidated funds. As of 30 June 2023, the Group\u2019s consolidated funds were domiciled in Guernsey, Luxembourg, Saudi Arabia and the United States. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-443": {
"value": "21) Financial instrument risk management Group The Group is subject to strategic and business, client, investment, treasury and operational risks throughout its business, as discussed in the Risk management section. This note discusses the Group\u2019s exposure to and management of the following principal risks which arise from the financial instruments it uses: credit risk, liquidity risk, interest rate risk, foreign exchange risk and price risk. Where the Group holds units in investment funds, classified either as financial assets measured at FVTPL or non-current financial assets, the related financial instrument risk disclosures in the note below categorise exposures based on the Group\u2019s direct interest in those funds without looking through to the nature of underlying securities. Risk management is the ultimate responsibility of the Board, as noted in the Risk management section on pages 35 to 41. Capital management It is the Group\u2019s policy that all entities within the Group have sufficient capital to meet regulatory and working capital requirements and it conducts regular reviews of its capital requirements relative to its capital resources. Ashmore has been reporting under IFPR since 1 January 2022 and applies the ICARA approach to the calculation of the capital and liquidity requirement for its UK regulated entity, AIML. The Board has determined that the capital required to support the Group\u2019s activities, including its regulatory requirements, is \u00a380.6 million. The equivalent figure as at 30 June 2022, calculated under the previous ICAAP approach, was \u00a3125.2 million. Ashmore holds total capital resources of \u00a3704.8 million as at 30 June 2023, providing an excess of \u00a3624.2 million over the Group capital requirement (30 June 2022: \u00a3788.7 million, providing an excess of \u00a3663.5 million over the Group capital requirement). Credit risk The Group has exposure to credit risk from its normal activities where the risk is that a counterparty will be unable to pay in full amounts when due. Exposure to credit risk is monitored on an ongoing basis by senior management and the Group\u2019s Risk Management and Control function. The Group has a counterparty and cash management policy in place which, in addition to other controls, restricts exposure to any single counterparty by setting exposure limits and requiring approval and diversification of counterparty banks and other financial institutions. The Group\u2019s maximum exposure to credit risk is represented by the carrying value of its financial assets measured at amortised cost, excluding prepayments. The table below lists financial assets subject to credit risk. Notes 2023 \u00a3m 2022 \u00a3m Trade and other receivables 17 66.0 70.8 Cash and cash equivalents 478.6 552.0 Total 544.6 622.8 The Group\u2019s cash and cash equivalents, comprising short-term deposits with banks and liquidity funds, are predominantly held with counterparties with credit ratings ranging from A- to AAAm as at 30 June 2023 (30 June 2022: A to AAAm). As at 30 June 2023, the Group held \u00a356.8 million (30 June 2022: \u00a3225.7 million) in the Ashmore Global Liquidity Fund. All trade and other receivables are considered to be fully recoverable at year end. They include fee debtors that arise principally within the Group\u2019s investment management business. They are monitored regularly and, historically, default levels have been insignificant. There is no significant concentration of credit risk in respect of fees owing from clients. Group Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. In order to manage liquidity risk, there is a Group liquidity policy to ensure that there is sufficient access to funds to cover all forecast committed requirements for the next 12 months. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 30 June 2023 and 30 June 2022 based on contractual undiscounted payments: At 30 June 2023 Within 1 year \u00a3m 1-5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Current trade and other payables 24.2 \u2013 \u2013 24.2 Lease liabilities 2.4 3.9 \u2013 6.3 Total 26.6 3.9 \u2013 30.5 At 30 June 2022 Within 1 year \u00a3m 1-5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Current trade and other payables 36.4 \u2013 \u2013 36.4 Lease liabilities 2.6 6.0 0.2 8.8 Total 39.0 6.0 0.2 45.2 Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market interest rates. The principal interest rate risk is the risk that the Group will sustain a reduction in interest income through adverse movements in interest rates. This relates to deposits with banks and liquidity funds held in the ordinary course of business. The Group has a cash management policy which monitors cash levels and returns within set parameters on a continuing basis. Bank and similar deposits (including liquidity funds) held at year end are shown on the consolidated balance sheet as cash and cash equivalents. The effective interest earned on bank and similar deposits during the year is given in the table below: 2023 % 2022 % Deposits with banks and liquidity funds 3.22 0.41 At 30 June 2023, if interest rates over the year had been 50 basis points higher/lower with all other variables held constant, profit before tax for the year would have been \u00a32.5 million higher/lower (FY2022: \u00a32.5 million higher/lower), mainly as a result of higher/lower interest on cash balances. An assumption that the fair value of assets and liabilities will not be affected by a change in interest rates was used in the model to calculate the effect on profit before tax. In addition, the Group is indirectly exposed to interest rate risk where the Group holds seed capital investments in funds that invest in debt securities. Foreign exchange risk Foreign exchange risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. The Group\u2019s revenue is almost entirely denominated in US dollars, while the majority of the Group\u2019s costs are denominated in Sterling. Consequently, the Group has an exposure to movements in the GBP:USD exchange rate. In addition, the Group operates globally, which means that it may enter into contracts and other arrangements denominated in local currencies in various countries. The Group also holds a number of seed capital investments denominated mainly in US dollars, Colombian pesos and Indonesian rupiah. The Group\u2019s policy is to hedge a proportion of the Group\u2019s revenue by using a combination of forward foreign exchange contracts and options for a period of up to two years forward. The Group also sells US dollars at spot rates when opportunities arise. The table below shows the Group\u2019s sensitivity to a 1% exchange movement in the US dollar, Colombian peso, Indonesian rupiah and the Euro, net of hedging activities. 2023 2022 Foreign currency sensitivity test Impact on profit before tax \u00a3m Impact on equity \u00a3m Impact on profit before tax \u00a3m Impact on equity \u00a3m US dollar +/ - 1% 0.4 2.5 0.4 3.9 Colombian peso +/ - 1% \u2013 0.2 0.1 0.2 Indonesian rupiah +/- 1% \u2013 0.1 \u2013 0.1 Euro +/- 1% 0.1 0.1 \u2013 \u2013 Price risk Price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of market changes. Seed capital The Group is exposed to the risk of changes in market prices in respect of seed capital investments. Such price risk is borne by the Group directly through interests in financial assets measured at fair value or indirectly either through line-by-line consolidation of underlying financial performance and positions held in certain funds. Details of seed capital investments held are given in note 20. The Group has procedures defined by the Board governing the appraisal, approval and monitoring of seed capital investments. At 30 June 2023, a 5% movement in the fair value of these investments would have a \u00a314.6 million (FY2022: \u00a313.6 million) impact on net assets and profit before tax. Management and performance fees The Group is also indirectly exposed to price risk in connection with the Group\u2019s management fees, which are based on a percentage of value of AuM, and fees based on performance. Movements in market prices, exchange and interest rates could cause the AuM to fluctuate, which in turn could affect fees earned. Performance fee revenues could also be reduced depending upon market conditions. Management and performance fees are diversified across a range of investment themes and are not measurably correlated to any single market index in Emerging Markets. In addition, the policy of having funds with year ends staged throughout the financial year has meant that in periods of steep market decline, some performance fees have still been recorded. The profitability impact is likely to be less than this, as cost mitigation actions would apply, including the reduction of the variable compensation paid to employees. Using the year end AuM level of US$55.9 billion and applying the year\u2019s average net management fee rate of 38bps, a 5% movement in AuM would have a US$10.6 million impact, equivalent to \u00a38.3 million using a year end exchange rate of 1.2714, on management fee revenues (FY2022: US$64.0 billion and applying the year\u2019s average net management fee rate of 39bps, a 5% movement in AuM would have a US$12.5 million impact, equivalent to \u00a310.3 million using a year end exchange rate of 1.2145, on management fee revenues). Hedging activities The Group uses forward and option contracts to hedge its exposure to foreign currency risk. These hedges, which have been assessed as effective cash flow hedges as at 30 June 2023, protect a proportion of the Group\u2019s revenue cash flows from foreign exchange movements. The cumulative fair value of the outstanding foreign exchange hedges asset at 30 June 2023 was \u00a30.2 million and is included within the Group\u2019s derivative financial instruments (30 June 2022: \u00a35.2 million foreign exchange hedges liability included in derivative financial instruments). Group The notional and fair values of foreign exchange hedging instruments were as follows: 2023 2022 Notional amount US$m Fair value assets/ (liabilities) \u00a3m Notional amount US$m Fair value assets/ (liabilities) \u00a3m Cash flow hedges Foreign exchange nil-cost option collars 40.0 0.2 100.0 (5.2) 40.0 0.2 100.0 (5.2) The maturity profile of the Group\u2019s outstanding hedges is shown below. Notional amount of option collars maturing: 2023 US$m 2022 US$m Within 6 months 30.0 40.0 Between 6 and 12 months 10.0 40.0 Later than 12 months \u2013 20.0 40.0 100.0 When hedges are assessed as effective, intrinsic value gains and losses are initially recognised in other comprehensive income and later reclassified to comprehensive income as the corresponding hedged cash flows crystallise. Time value in relation to the Group\u2019s hedges is excluded from being part of the hedging item and, as a result, the net unrealised loss related to the time value of the hedges is recognised in the consolidated statement of comprehensive income for the year. An intrinsic value gain of \u00a34.9 million (FY2022: \u00a36.0 million loss) on the Group\u2019s hedges has been recognised through other comprehensive income and a \u00a30.5 million intrinsic value gain (FY2022: \u00a30.5 million intrinsic value loss) was reclassified from equity to the statement of comprehensive income in the year. Included within the net realised and unrealised hedging gain of \u00a34.4 million (note 7) recognised at 30 June 2023 (30 June 2022: \u00a36.3 million gain) are: \u2013 a \u00a30.5 million gain in respect of foreign exchange hedges covering net management fee income for the financial year ending 30 June 2023 (FY2022: \u00a30.5 million loss); and \u2013 a \u00a33.9 million gain in respect of crystallised foreign exchange contracts (FY2022: \u00a36.8 million gain). Company The risk management processes of the Company, including those relating to the specific risk exposures covered below, are aligned with those of the Group as a whole unless stated otherwise. In addition, the risk definitions that apply to the Group are also relevant for the Company. Credit risk The Company\u2019s maximum exposure to credit risk is represented by the carrying value of its financial assets measured at amortised cost, excluding prepayments. The table below lists financial assets subject to credit risk. Notes 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents 327.7 159.7 Trade and other receivables 17 282.5 454.8 Total 610.2 614.5 The Company\u2019s cash and cash equivalents comprise short-term deposits held with banks and liquidity funds which have credit ratings ranging from A- to AAAm as at 30 June 2023 (30 June 2022: A to AAAm). All trade and other receivables are considered to be fully recoverable and none were overdue at year end (30 June 2022: none overdue). Liquidity risk The Company\u2019s exposure to liquidity risk is not considered to be material and, therefore, no further information is provided. Details on other commitments are provided in note 29. Company Interest rate risk The principal interest rate risk for the Company is that it could sustain a reduction in interest revenue from bank deposits held in the ordinary course of business through adverse movements in interest rates. Bank and similar deposits (including liquidity funds) held at year end are shown on the Company\u2019s balance sheet as cash and cash equivalents. The effective interest earned on bank and similar deposits during the year is given in the table below: 2023 % 2022 % Deposits with banks and liquidity funds 4.17 0.46 At 30 June 2023, if interest rates over the year had been 50 basis points higher/lower with all other variables held constant, post-tax profit for the year would have been \u00a31.2 million higher/lower (FY2022: \u00a30.6 million higher/lower), mainly as a result of higher/lower interest on cash balances. An assumption that the fair value of assets and liabilities will not be affected by a change in interest rates was used in the model to calculate the effect on post-tax profits. Foreign exchange risk The Company is exposed primarily to foreign exchange risk in respect of US dollar cash balances and US dollar-denominated intercompany balances. However, such risk is not hedged by the Company. At 30 June 2023, if the US dollar had strengthened/weakened by 1% against Sterling with all other variables held constant, profit before tax for the year would have increased/decreased by \u00a32.4 million (FY2022: increased/decreased by \u00a33.6 million). ",
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"fact-474": {
"value": "Capital management It is the Group\u2019s policy that all entities within the Group have sufficient capital to meet regulatory and working capital requirements and it conducts regular reviews of its capital requirements relative to its capital resources. Ashmore has been reporting under IFPR since 1 January 2022 and applies the ICARA approach to the calculation of the capital and liquidity requirement for its UK regulated entity, AIML. The Board has determined that the capital required to support the Group\u2019s activities, including its regulatory requirements, is \u00a380.6 million. The equivalent figure as at 30 June 2022, calculated under the previous ICAAP approach, was \u00a3125.2 million. Ashmore holds total capital resources of \u00a3704.8 million as at 30 June 2023, providing an excess of \u00a3624.2 million over the Group capital requirement (30 June 2022: \u00a3788.7 million, providing an excess of \u00a3663.5 million over the Group capital requirement).",
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"fact-475": {
"value": "Credit risk The Group has exposure to credit risk from its normal activities where the risk is that a counterparty will be unable to pay in full amounts when due. Exposure to credit risk is monitored on an ongoing basis by senior management and the Group\u2019s Risk Management and Control function. The Group has a counterparty and cash management policy in place which, in addition to other controls, restricts exposure to any single counterparty by setting exposure limits and requiring approval and diversification of counterparty banks and other financial institutions. The Group\u2019s maximum exposure to credit risk is represented by the carrying value of its financial assets measured at amortised cost, excluding prepayments. The table below lists financial assets subject to credit risk. Notes 2023 \u00a3m 2022 \u00a3m Trade and other receivables 17 66.0 70.8 Cash and cash equivalents 478.6 552.0 Total 544.6 622.8 The Group\u2019s cash and cash equivalents, comprising short-term deposits with banks and liquidity funds, are predominantly held with counterparties with credit ratings ranging from A- to AAAm as at 30 June 2023 (30 June 2022: A to AAAm). As at 30 June 2023, the Group held \u00a356.8 million (30 June 2022: \u00a3225.7 million) in the Ashmore Global Liquidity Fund. All trade and other receivables are considered to be fully recoverable at year end. They include fee debtors that arise principally within the Group\u2019s investment management business. They are monitored regularly and, historically, default levels have been insignificant. There is no significant concentration of credit risk in respect of fees owing from clients. ",
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"fact-476": {
"value": "Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. In order to manage liquidity risk, there is a Group liquidity policy to ensure that there is sufficient access to funds to cover all forecast committed requirements for the next 12 months. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 30 June 2023 and 30 June 2022 based on contractual undiscounted payments: At 30 June 2023 Within 1 year \u00a3m 1-5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Current trade and other payables 24.2 \u2013 \u2013 24.2 Lease liabilities 2.4 3.9 \u2013 6.3 Total 26.6 3.9 \u2013 30.5 At 30 June 2022 Within 1 year \u00a3m 1-5 years \u00a3m More than 5 years \u00a3m Total \u00a3m Current trade and other payables 36.4 \u2013 \u2013 36.4 Lease liabilities 2.6 6.0 0.2 8.8 Total 39.0 6.0 0.2 45.2",
"dimensions": {
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-477": {
"value": "Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market interest rates. The principal interest rate risk is the risk that the Group will sustain a reduction in interest income through adverse movements in interest rates. This relates to deposits with banks and liquidity funds held in the ordinary course of business. The Group has a cash management policy which monitors cash levels and returns within set parameters on a continuing basis. Bank and similar deposits (including liquidity funds) held at year end are shown on the consolidated balance sheet as cash and cash equivalents. The effective interest earned on bank and similar deposits during the year is given in the table below: 2023 % 2022 % Deposits with banks and liquidity funds 3.22 0.41 At 30 June 2023, if interest rates over the year had been 50 basis points higher/lower with all other variables held constant, profit before tax for the year would have been \u00a32.5 million higher/lower (FY2022: \u00a32.5 million higher/lower), mainly as a result of higher/lower interest on cash balances. An assumption that the fair value of assets and liabilities will not be affected by a change in interest rates was used in the model to calculate the effect on profit before tax. In addition, the Group is indirectly exposed to interest rate risk where the Group holds seed capital investments in funds that invest in debt securities. Foreign exchange risk Foreign exchange risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. The Group\u2019s revenue is almost entirely denominated in US dollars, while the majority of the Group\u2019s costs are denominated in Sterling. Consequently, the Group has an exposure to movements in the GBP:USD exchange rate. In addition, the Group operates globally, which means that it may enter into contracts and other arrangements denominated in local currencies in various countries. The Group also holds a number of seed capital investments denominated mainly in US dollars, Colombian pesos and Indonesian rupiah. The Group\u2019s policy is to hedge a proportion of the Group\u2019s revenue by using a combination of forward foreign exchange contracts and options for a period of up to two years forward. The Group also sells US dollars at spot rates when opportunities arise. The table below shows the Group\u2019s sensitivity to a 1% exchange movement in the US dollar, Colombian peso, Indonesian rupiah and the Euro, net of hedging activities. 2023 2022 Foreign currency sensitivity test Impact on profit before tax \u00a3m Impact on equity \u00a3m Impact on profit before tax \u00a3m Impact on equity \u00a3m US dollar +/ - 1% 0.4 2.5 0.4 3.9 Colombian peso +/ - 1% \u2013 0.2 0.1 0.2 Indonesian rupiah +/- 1% \u2013 0.1 \u2013 0.1 Euro +/- 1% 0.1 0.1 \u2013 \u2013 Price risk Price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of market changes. Seed capital The Group is exposed to the risk of changes in market prices in respect of seed capital investments. Such price risk is borne by the Group directly through interests in financial assets measured at fair value or indirectly either through line-by-line consolidation of underlying financial performance and positions held in certain funds. Details of seed capital investments held are given in note 20. The Group has procedures defined by the Board governing the appraisal, approval and monitoring of seed capital investments. At 30 June 2023, a 5% movement in the fair value of these investments would have a \u00a314.6 million (FY2022: \u00a313.6 million) impact on net assets and profit before tax. Management and performance fees The Group is also indirectly exposed to price risk in connection with the Group\u2019s management fees, which are based on a percentage of value of AuM, and fees based on performance. Movements in market prices, exchange and interest rates could cause the AuM to fluctuate, which in turn could affect fees earned. Performance fee revenues could also be reduced depending upon market conditions. Management and performance fees are diversified across a range of investment themes and are not measurably correlated to any single market index in Emerging Markets. In addition, the policy of having funds with year ends staged throughout the financial year has meant that in periods of steep market decline, some performance fees have still been recorded. The profitability impact is likely to be less than this, as cost mitigation actions would apply, including the reduction of the variable compensation paid to employees. Using the year end AuM level of US$55.9 billion and applying the year\u2019s average net management fee rate of 38bps, a 5% movement in AuM would have a US$10.6 million impact, equivalent to \u00a38.3 million using a year end exchange rate of 1.2714, on management fee revenues (FY2022: US$64.0 billion and applying the year\u2019s average net management fee rate of 39bps, a 5% movement in AuM would have a US$12.5 million impact, equivalent to \u00a310.3 million using a year end exchange rate of 1.2145, on management fee revenues).",
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"fact-478": {
"value": "Hedging activities The Group uses forward and option contracts to hedge its exposure to foreign currency risk. These hedges, which have been assessed as effective cash flow hedges as at 30 June 2023, protect a proportion of the Group\u2019s revenue cash flows from foreign exchange movements. The cumulative fair value of the outstanding foreign exchange hedges asset at 30 June 2023 was \u00a30.2 million and is included within the Group\u2019s derivative financial instruments (30 June 2022: \u00a35.2 million foreign exchange hedges liability included in derivative financial instruments). Group The notional and fair values of foreign exchange hedging instruments were as follows: 2023 2022 Notional amount US$m Fair value assets/ (liabilities) \u00a3m Notional amount US$m Fair value assets/ (liabilities) \u00a3m Cash flow hedges Foreign exchange nil-cost option collars 40.0 0.2 100.0 (5.2) 40.0 0.2 100.0 (5.2) The maturity profile of the Group\u2019s outstanding hedges is shown below. Notional amount of option collars maturing: 2023 US$m 2022 US$m Within 6 months 30.0 40.0 Between 6 and 12 months 10.0 40.0 Later than 12 months \u2013 20.0 40.0 100.0 When hedges are assessed as effective, intrinsic value gains and losses are initially recognised in other comprehensive income and later reclassified to comprehensive income as the corresponding hedged cash flows crystallise. Time value in relation to the Group\u2019s hedges is excluded from being part of the hedging item and, as a result, the net unrealised loss related to the time value of the hedges is recognised in the consolidated statement of comprehensive income for the year. An intrinsic value gain of \u00a34.9 million (FY2022: \u00a36.0 million loss) on the Group\u2019s hedges has been recognised through other comprehensive income and a \u00a30.5 million intrinsic value gain (FY2022: \u00a30.5 million intrinsic value loss) was reclassified from equity to the statement of comprehensive income in the year. Included within the net realised and unrealised hedging gain of \u00a34.4 million (note 7) recognised at 30 June 2023 (30 June 2022: \u00a36.3 million gain) are: \u2013 a \u00a30.5 million gain in respect of foreign exchange hedges covering net management fee income for the financial year ending 30 June 2023 (FY2022: \u00a30.5 million loss); and \u2013 a \u00a33.9 million gain in respect of crystallised foreign exchange contracts (FY2022: \u00a36.8 million gain). ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-444": {
"value": "22) Share capital Authorised share capital Group and Company 2023 Number of shares 2023 Nominal value \u00a3\u2019000 2022 Number of shares 2022 Nominal value \u00a3\u2019000 Ordinary shares of 0.01p each 900,000,000 90 900,000,000 90 Issued share capital \u2013 allotted and fully paid Group and Company 2023 Number of shares 2023 Nominal value \u00a3\u2019000 2022 Number of shares 2022 Nominal value \u00a3\u2019000 Ordinary shares of 0.01p each 712,740,804 71 712,740,804 71 All the above ordinary shares represent equity of the Company and rank pari passu in respect of participation and voting rights. At 30 June 2023, there were equity-settled share awards issued under the Omnibus Plan totalling 39,389,867 (30 June 2022: 40,688,833) shares that have release dates ranging from July 2023 to September 2027. Further details are provided in note 10. ",
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"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-445": {
"value": "23) Own shares The Trustees of the Ashmore 2004 Employee Benefit Trust (EBT) acquire and hold shares in Ashmore Group plc with a view to facilitating the vesting of share awards. As at 30 June 2023, the EBT owned 50,834,683 (30 June 2022: 55,512,301) ordinary shares of 0.01p with a nominal value of \u00a35,083 (30 June 2022: \u00a35,551) and shareholders\u2019 funds are reduced by \u00a3164.2 million (30 June 2022: \u00a3187.6 million) in this respect. The EBT is periodically funded by the Company for these purposes. ",
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"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-446": {
"value": "24) Trade and other payables Group 2023 \u00a3m Group 2022 \u00a3m Company 2023 \u00a3m Company 2022 \u00a3m Current Trade payables 13.3 15.8 3.0 2.4 Accruals and provisions 10.9 20.6 4.5 11.4 Amounts due to subsidiaries \u2013 \u2013 20.5 29.7 Total trade and other payables 24.2 36.4 28.0 43.5 ",
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},
"fact-447": {
"value": "25) Interests in subsidiaries
Operating subsidiaries held by the Company
There were no movements in investment in subsidiaries held by the Company during the year.
2023
2022
2023 and 2022 19.9 19.9
In the opinion of the Directors, the following subsidiary undertakings principally affected the Group\u2019s results or financial position at
30 June 2023. A full list of the Group\u2019s subsidiaries and all related undertakings is disclosed in note 33.
Country of
incorporation/
formation and
principal place of
operation
% of equity
shares held
by the Group
Ashmore Investments (UK) Limited
England 100.00
Ashmore Investment Management Limited
England 100.00
Ashmore Investment Advisors Limited
England 100.00
Ashmore Management Company Colombia SAS
Colombia 59.26
-AM Management Company SAS Colombia 53.09
Ashmore Avenida Investments
(Real Estate) LLP Colombia 56.00
Ashmore Management Company Limited
Guernsey 100.00
Investment Management India LLP India 100.00
PT Ashmore Asset Management Indonesia Tbk
Indonesia 60.04
Ashmore Investment Management (Ireland) Limited
Ireland 100.00
Ashmore Japan Co. Limited
Japan 100.00
shmore Investments (Holdings) Limited Mauritius 100.00
Ashmore Investments Saudi Arabia
Saudi Arabia 100.00
Ashmore Investment Management (Singapore) Pte. Ltd.
Singapore 100.00
Ashmore Investment Management (US) Corporation
USA 100.00
Investment Advisors (US) Corporation USA 100.00
Consolidated funds
The Group consolidated the following 17 investment funds as at 30 June 2023 (30 June 2022: 18 investment funds) over which the Group
is deemed to have control:
Type of fund
Country of
incorporation/
principal place of
operation
% of net
asset value
held by the
Group
Ashmore Emerging Markets Debt and Currency Fund Limited
Alternatives Guernsey 57.72
Emerging Markets Corporate Debt ESG Fund Corporate debt Luxembourg 100.00
SICAV Emerging Markets Equity ESG Fund Equity Luxembourg 99.36
merging Markets Indonesian Equity Fund Equity Luxembourg 100.00
SICAV Emerging Markets Global Small-Cap Equity Fund Equity Luxembourg 47.55
SICAV Emerging Markets Middle East Equity Fund Equity Luxembourg 88.78
Emerging Markets IG Total Return Fund Blended debt Luxembourg 100.00
Emerging Markets Total Return ESG Fund Blended debt Luxembourg 99.77
Emerging Markets Sovereign Debt ESG Fund External debt Luxembourg 100.00
merging Markets China Bond Fund Local currency Luxembourg 100.00
Ashmore Saudi Equity Fund
Equity Saudi Arabia 69.29
Active Equity Fund Equity USA 73.14
Equity ESG Fund Equity USA 100.00
Short Duration Select Fund Equity USA 100.00
Ashmore Emerging Markets Investment Grade Income Fund
Corporate Debt ESG Fund Corporate debt USA 100.00
Local Currency Bond Fund Local currency USA 78.91
33) Subsidiaries and related undertakings
The following is a full list of the Ashmore Group plc subsidiaries and related undertakings as at 30 June 2023, along with the registered
address and the percentage of equity owned by the Group. Related undertakings comprise significant holdings in associated undertakings,
joint ventures and Ashmore sponsored public funds in which the Group owns greater than 20% interest.
Classification
% voting
interest Registered address and place of incorporation
Ashmore Investments (UK) Limited
1
Subsidiary 100.00
61 Aldwych, London WC2B 4AE
United Kingdom
Ashmore Investment Management Limited
Subsidiary 100.00
Ashmore Investment Advisors Limited
Subsidiary 100.00
Aldwych Administration Services Limited
(dormant) Subsidiary 100.00
Management Limited (dormant) Subsidiary 100.00
Ashmore Avenida Investments
(Real Estate) LLP Subsidiary 56.00
Ashmore Avenida Devco Holding Company Limited
2
Subsidiary 100.00
Ashmore Investment Management (Ireland) Limited
Subsidiary 100.00 32 Molesworth Street, Dublin 2, D02 Y512
Ashmore Investment Management India LLP
Subsidiary 100.00
507A Kakad Chambers, Dr Annie Besant
Road Worli, Mumbai 400 018, India
Ashmore Investment Management (US) Corporation
Subsidiary 100.00
The Corporation Trust Center, 1209 Orange
Street, Wilmington, DE 19801, USA
Ashmore Investment Advisors (US) Corp
oration Subsidiary 100.00
Subsidiary 100.00 200 Park Avenue South
New York, 10003
USA
Manager Cayman LLC Subsidiary 100.00
Avenida CREF I Manager LLC
Subsidiary 100.00
Subsidiary 100.00
Avenida Colombia Member LLC
Subsidiary 83.30
Avenida CREF II Partners LLC
Subsidiary 100.00
Subsidiary 100.00
Subsidiary 100.00
1. Ashmore Investments (UK) Limited (registered number 3345198) is exempt from the requirements relating to the audit of accounts under section 479A of the UK
Companies Act 2006.
2. Ashmore Avenida Devco Holding Company Limited is under an active proposal to strike off.
Classification
% voting
interest Registered address and place of incorporation
Subsidiary 100.00
Yamandu 1321, 11500
Montevideo
Uruguay
Avenida CREF II Manager SRL
Subsidiary 99.99
Avenida CREF Partners SRL
Subsidiary 99.99
Subsidiary 85.09
Energy Efficient Affordable Housing
Subsidiary 100.00
10 rue du Ch\u00e2teau d\u2019Eau, L-3364
Leudelange, Grand Duchy of Luxembourg
Ashmore Investment Management (Singapore) Pte. Ltd.
Subsidiary 100.00 1 George Street, #15-04, Singapore 049145
(dormant) Subsidiary 100.00
. (dormant) Subsidiary 99.20
Zone (T) \u2013 Emaar, Up Town Cairo,
Mokattam, Cairo, Egypt
PT Ashmore Asset Management Indonesia
Tbk Subsidiary 60.04
Pacific Century Place, 18
th
Floor,
SCBD Lot 10, Jl. Jenderal. Sudirman Kav.
52-53 Jakarta 12190, Indonesia
Ashmore Dana Pasar Uang Syariah
Financial asset 100.00
Ashmore Dana USD Fixed Income
Financial asset 39.42
Ashmore Management Company Colombia SAS
Subsidiary 59.26 Carrera 7 No. 75-66,
Office 701 & 702
Bogot\u00e1, Colombia
-CAF-AM Management Company SAS Subsidiary 53.09
Ashmore Holdings Colombia SAS
Subsidiary 100.00
Ashmore Investment Advisors S.A. Sociedad Fiduciaria
Management Company SAS Subsidiary
100.00
Avenida Colombia Management Company SAS
Ashmore Avenida DP General Partner SAS
Subsidiary
80.00
Ashmore Avenida Back Office SAS
Management Subsidiary 100.00
Av. Circunvalaci\u00f3n del Club Golf Los Incas
No. 134, Torre 1, Of. 505, Surco. Lima, Per\u00fa
Ashmore Japan Co. Limited
Subsidiary 100.00
11F, Shin Marunouchi Building 1-5-1
Marunouchi Chiyoda-ku
Tokyo Japan 100-6511
Investments (Colombia) SL Subsidiary 100.00 c/o Hermosilla 11, 4\u00baA, 28001 Madrid, Spain
Ashmore Management (DIFC) Limited
Subsidiary 100.00
Unit L30-07, Level 30, ICD Brookfield Place,
Dubai International Financial Centre, Dubai,
UAE
Ashmore Investment Saudi Arabia
Subsidiary 100.00 3rd Floor Tower B, Olaya Towers
Olaya Main Street, Riyadh, Saudi Arabia
Ashmore Saudi Equity Fund
Consolidated fund 69.29
AISA (Cayman) Limited Subsidiary 100.00 PO Box 309, Ugland House, Grand Cayman,
KY1-1104, Cayman Islands
AA Development Capital Investment Managers
Subsidiary 55.00 Les Cascades Building
33 Edith Cavell Street, Port Louis
Mauritius
Investments (Holdings) Limited Subsidiary 100.00
Classification
% voting
interest Registered address and place of incorporation
Ashmore Management Company Limited
Subsidiary 100.00
Trafalgar Court
Les Banques
St Peter Port
GY1 3QL
Guernsey
Ashmore Global Special Situations Fund 3 (GP) Limited
Subsidiary 100.00
Ashmore Global Special Situations Fund 4 (GP) Limited
Subsidiary 100.00
Ashmore Global Special Situations Fund 5
(GP) Limited Subsidiary 100.00
Ashmore Venezuela Recovery Fund 2 Ltd
Financial asset 45.85
Ashmore Emerging Markets Debt and Currency Fund Limited
Consolidated fund 57.72
merging Markets Middle East Equity Fund Consolidated fund 88.78
10, rue du Chateau d\u2019Eau
L-3364 Leudelange
Grand-Duchy of Luxembourg
merging Markets Sovereign Debt ESG Fund Consolidated fund 100.00
merging Markets Corporate Debt ESG Fund Consolidated fund 100.00
merging Markets China Bond Fund Consolidated fund 100.00
SICAV Emerging Markets Global Small-Cap Equity Fund Consolidated fund 47.55
Emerging Markets IG Total Return Fund Consolidated fund 100.00
Emerging Markets Total Return ESG Fund Consolidated fund 99.77
merging Markets Indonesian Equity Fund Consolidated fund 100.00
Emerging Markets Equity ESG Fund Consolidated fund 99.36
Ashmore SICAV Emerging Markets Local Currency Bond Fund 2
Emerging Markets Shariah Active Equity Fund Financial asset 100.00
Ashmore SICAV Emerging Markets IG Short Duration Fund
AV Emerging Markets Multi-Asset Fund Financial asset 28.46
merging Markets Corporate Debt ESG Fund Consolidated fund 100.00
50 South LaSalle Street
Chicago, Illinois 60603
merging Markets Investment Grade Income Fund Consolidated fund 100.00
merging Markets Active Equity Fund Consolidated fund 73.14
merging Markets Local Currency Bond Fund Consolidated fund 78.91
merging Markets Equity ESG Fund Consolidated fund 100.00
merging Markets Short Duration Select Fund Consolidated fund 100.00
",
"dimensions": {
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"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-448": {
"value": "26) Investment in associates The Group held an interest in the following associate as at 30 June 2023, over which it continues to have significant influence: Name Type Nature of business Country of incorporation/ formation and principal place of operation % of equity shares held by the Group Taiping Fund Management Company Associate Investment management China 5.23% The movement in the carrying value of investment in associates for the year is provided below: Associates 2023 \u00a3m 2022 \u00a3m At the beginning of the year 2.1 0.9 Reclassification \u2013 (0.2) Gain on dilution \u2013 1.3 Share of profit for the year 0.5 \u2013 Foreign exchange revaluation (0.3) 0.1 At the end of the year 2.3 2.1 The summarised financial information for the associate is shown below. Associates 2023 \u00a3m 2022 \u00a3m Total assets 53.2 54.5 Total liabilities (10.0) (13.3) Net assets 43.2 41.2 Group\u2019s share of net assets 2.3 2.1 Revenue for the year 23.6 23.5 Profit for the year 9.6 0.8 Group\u2019s share of profit for the year 0.5 \u2013 The carrying value of the investment in associates represents the cost of acquisition subsequently adjusted for share of profit or loss and other comprehensive income or loss. No permanent impairment is believed to exist relating to the associate as at 30 June 2023. The Group had no undrawn capital commitments (30 June 2022: \u00a3nil) to investment funds managed by the associate. ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-449": {
"value": "27) Interests in structured entities The Group has interests in structured entities as a result of the management of assets on behalf of its clients. Where the Group holds a direct interest in a closed-ended fund, private equity fund or open-ended pooled fund such as a SICAV, the interest is accounted for either as a consolidated structured entity or as a financial asset, depending on whether the Group has control over the fund or not. The Group\u2019s interest in structured entities is reflected in the Group\u2019s AuM. The Group is exposed to movements in AuM of structured entities through the potential loss of fee income as a result of client withdrawals. Outflows from funds are dependent on market sentiment, asset performance and investor considerations. Further information on these risks can be found in the Strategic report. Considering the potential for changes in AuM of structured entities, management has determined that the Group\u2019s unconsolidated structured entities include segregated mandates and pooled funds vehicles. Disclosure of the Group\u2019s exposure to unconsolidated structured entities has been made on this basis. The reconciliation of AuM reported by the Group within unconsolidated structured entities is shown below. Total AuM US$bn Less: AuM within consolidated funds US$bn AuM within unconsolidated structured entities US$bn 30 June 20 22 64.0 0.3 63.7 30 June 20 23 55.9 0.3 55.6 Included in the Group\u2019s consolidated management fees of \u00a3185.4 million (FY2022: \u00a3247.0 million) are management fees amounting to \u00a3184.2 million (FY2022: \u00a3246.0 million) earned from unconsolidated structured entities. The table below shows the carrying values of the Group\u2019s interests in unconsolidated structured entities, recognised in the Group balance sheet, which are equal to the Group\u2019s maximum exposure to loss from those interests. 2023 \u00a3m 2022 \u00a3m Management fees receivable 37.7 47.6 Trade and other receivables 1.3 0.8 Seed capital investments * 107.2 68.8 Total exposure 146.2 117.2 * Comprise financial assets measured at fair value and non-current financial assets measured at fair value (refer to note 20). The main risk the Group faces from its beneficial interests in unconsolidated structured entities arises from a potential decrease in the fair value of seed capital investments. The Group\u2019s beneficial interests in seed capital investments are disclosed in note 20. Note 21 includes further information on the Group\u2019s exposure to market risk arising from seed capital investments. ",
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"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-450": {
"value": "28) Related party transactions Related parties of the Group include key management personnel, close family members of key management personnel, subsidiaries, associates, joint ventures, Ashmore funds, the EBT and The Ashmore Foundation. Key management personnel \u2013 Group and Company The compensation paid to or payable to key management personnel is shown below: 2023 \u00a3m 2022 \u00a3m Short -term benefits 0.8 0.8 Defined contribution pension costs \u2013 \u2013 Share -based payment benefits (note 10) 0.4 0.2 1.2 1.0 Short-term benefits include salary and fees, benefits and cash bonus. Share-based payment benefits represent the cost of equity-settled awards charged to the statement of comprehensive income. Details of the remuneration of Directors are given in the Remuneration report on pages 78 to 111. During the year, there were no other transactions entered into with key management personnel (FY2022: none). Aggregate key management personnel interests in consolidated funds at 30 June 2023 were \u00a344.5 million (30 June 2022: \u00a362.7 million). Transactions with subsidiaries \u2013 Company Details of transactions between the Company and its subsidiaries are shown below: 2023 \u00a3m 2022 \u00a3m Transactions during the year Management fees 59.7 67.2 Net dividends 145.2 174.0 Loans repaid by subsidiaries 110.5 183.8 Amounts receivable or payable to subsidiaries are disclosed in notes 17 and 24 respectively. Transactions with Ashmore funds \u2013 Group During the year, the Group received \u00a364.0 million of gross management fees and performance fees (FY2022: \u00a396.2 million) from the 104 funds (FY2022: 99 funds) it manages and which are classified as related parties. As at 30 June 2023, the Group had receivables due from funds of \u00a34.6 million (30 June 2022: \u00a35.8 million) that are classified as related parties. Transactions with the EBT \u2013 Group and Company The EBT has been provided with a loan facility to allow it to acquire Ashmore shares in order to satisfy outstanding unvested share awards. The EBT is included within the results of the Group and the Company. As at 30 June 2023, the loan outstanding was \u00a3150.7 million (30 June 2022: \u00a3163.7 million). Transactions with The Ashmore Foundation \u2013 Group and Company The Ashmore Foundation is a related party to the Group. The Foundation was set up to provide financial grants to worthwhile causes within the Emerging Markets countries in which Ashmore invests and/or operates with a view to giving back to the countries and communities. The Group donated \u00a30.5 million to the Foundation during the year (FY2022: \u00a30.6 million). ",
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"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-479": {
"value": "Key management personnel \u2013 Group and Company The compensation paid to or payable to key management personnel is shown below: 2023 \u00a3m 2022 \u00a3m Short -term benefits 0.8 0.8 Defined contribution pension costs \u2013 \u2013 Share -based payment benefits (note 10) 0.4 0.2 1.2 1.0 Short-term benefits include salary and fees, benefits and cash bonus. Share-based payment benefits represent the cost of equity-settled awards charged to the statement of comprehensive income. Details of the remuneration of Directors are given in the Remuneration report on pages 78 to 111. During the year, there were no other transactions entered into with key management personnel (FY2022: none). Aggregate key management personnel interests in consolidated funds at 30 June 2023 were \u00a344.5 million (30 June 2022: \u00a362.7 million).",
"dimensions": {
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"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-451": {
"value": "29) Commitments The Group has undrawn investment commitments relating to seed capital investments as follows: Group 2023 \u00a3m 2022 \u00a3m Ashmore Andean Fund II, LP 0.1 0.1 Ashmore Avenida Colombia Real Estate Fund I (Cayman) LP 0.1 0.1 Ashmore I \u2013 CAF Colombian Infrastructure Senior Debt Fund 5.7 6.6 Fondo Ashmore Andino III \u2013 FCP 3.0 \u2013 Ashmore KCH HealthCare Fund II \u2013 1.2 Ashmore KCH HealthCare LLC \u2013 4.4 Total undrawn investment commitments 8.9 12.4 Company The Company has undrawn loan commitments to other Group entities totalling \u00a3482.5 million (30 June 2022: \u00a3394.1 million) to support their investment activities but has no investment commitments of its own (30 June 2022: none). ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-452": {
"value": "30) Contingent assets and liabilities The Company and its subsidiaries can be party to legal claims arising in the normal course of business. The Directors do not anticipate that the outcome of any such potential proceedings and claims will have a material adverse effect on the Group\u2019s financial position and at present there are no such claims where their financial impact can be reasonably estimated. There are no other material contingent assets or liabilities. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-453": {
"value": "31) Non-controlling interests The Group\u2019s material NCI as at 30 June 2023 was held in PT Ashmore Asset Management Indonesia Tbk (Ashmore Indonesia). Set out below is summarised financial information and the amounts disclosed are before intercompany eliminations. 40% NCI Ashmore Indonesia Summarised balance sheet 2023 \u00a3m 2022 \u00a3m Total assets 19.8 23.0 Total liabilities (4.4) (6.4) Net assets 15.4 16.6 Non -controlling interests* 6.1 13.6 Summarised statement of comprehensive income Net r evenue 10.9 12.3 Profit for the period 5.1 5.9 Other comprehensive income/(loss) (0.9) 1.6 Total comprehensive income 4.2 7.5 Profit allocated to NCI 1.6 3.0 Dividends paid to NCI 2.3 2.3 Summarised cash flows Cash flows from operating activities 4.6 6.5 Cash flows used in investing activities \u2013 (3.6) Cash flows used in financing activities (6.3) (6.3) Net decrease in cash and cash equivalents (1.7) (3.4) * \u00a36.8 million of historical NCI was reclassified to retained earnings during the year. ",
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"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-454": {
"value": "32) Post-balance sheet events There are no post-balance sheet events that require adjustment or disclosure in the Group consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-5": {
"value": "61 Aldwych London WC2B 4AE United Kingdom",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300U3L59WB4YI2X12",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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}
}