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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 for the year to 30 June 2025 comprise the financial
statements of the Company and its consolidated subsidiaries
(together the Group). The principal activity of the Group is
described in the Directors\u2019 report on page 90.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-3": { "value": "Ashmore Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-394": { "value": "Ashmore Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-5": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-395": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-398": { "value": "
2) Basis of preparation
The Group and Company financial statements for the year ended
30 June 2025 have been prepared in accordance with UK-adopted
international accounting standards.
The financial statements have been prepared on a going
concern basis.
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 at least 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 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 Group\u2019s consolidated financial statements
in accordance with UK-adopted International Financial Reporting
Standards (IFRS) requires management to make estimates and
apply judgements that affect the reported amounts of assets,
liabilities, income, and expenses. These estimates and
judgements are periodically evaluated based on historical
experience, current conditions, and expectations of future
events that are considered reasonable under the circumstances.
Actual outcomes may differ from these estimates.
In preparing the financial statements, the key source of
estimation uncertainty at the reporting date results from the
Group\u2019s valuation of level 3 financial assets and liabilities using
unobservable inputs (note 19).
The key accounting judgement is the assessment of whether
certain funds with seed capital investments are controlled by the
Group and therefore need to be consolidated into the financial
statements based on IFRS 10 criteria (note 20).
The Group has considered climate-related risks in the preparation
of the financial statements, particularly in the valuation of
financial assets. It has been assessed that climate risks did not
have a material impact on the Group\u2019s accounting estimates or
judgements for the year ended 30 June 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-449": { "value": "The Group and Company financial statements for the year ended 30 June 2025 have been prepared in accordance with UK-adopted international accounting standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-450": { "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 at least 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 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-451": { "value": "Principal estimates and judgements The preparation of the Group\u2019s consolidated financial statements in accordance with UK-adopted International Financial Reporting Standards (IFRS) requires management to make estimates and apply judgements that affect the reported amounts of assets, liabilities, income, and expenses. These estimates and judgements are periodically evaluated based on historical experience, current conditions, and expectations of future events that are considered reasonable under the circumstances. Actual outcomes may differ from these estimates. In preparing the financial statements, the key source of estimation uncertainty at the reporting date results from the Group\u2019s valuation of level 3 financial assets and liabilities using unobservable inputs (note 19). The key accounting judgement is the assessment of whether certain funds with seed capital investments are controlled by the Group and therefore need to be consolidated into the financial statements based on IFRS 10 criteria (note 20). The Group has considered climate-related risks in the preparation of the financial statements, particularly in the valuation of financial assets. It has been assessed that climate risks did not have a material impact on the Group\u2019s accounting estimates or judgements for the year ended 30 June 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-399": { "value": "3) New and amended Standards and Interpretations There were no new or amended Standards issued by the IASB that became effective during the year ended 30 June 2025 which had a material impact on the Group\u2019s consolidated financial statements. The IASB issued IFRS 18 Presentation and Disclosures in Financial Statements in 2024, which is effective for annual reporting periods beginning on or after 1 January 2027. The Group expects IFRS 18 to impact the presentation and disclosure of its financial statements but does not anticipate a material effect on recognition or measurement. No other Standards or Interpretations issued but not yet effective are expected to have a material impact on the Group\u2019s financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-396": { "value": "4) Material accounting policy information The following material 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. This includes an Employee Benefit Trust (EBT) established for the employee share-based awards and consolidated investment funds. References to profit or loss in the notes to the financial statements has the same meaning as the statement of comprehensive income. Interests in subsidiaries Subsidiaries are entities, including investment funds, over which the Group has control as defined by IFRS 10 Consolidated Financial Statements. 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 results 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.
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 profit or
loss. Any investment retained is recognised at its fair value at the
date of loss of control.
Interests in associates
Associates are partly owned entities over which the Group has
significant influence but not control.
Investments in associates 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 attributable results of
associates are recognised in the consolidated profit or loss.
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
\u2018kick out\u2019 rights (to remove the Group as investment manager).
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
In accordance with IFRS 10, the Group assesses whether it
controls an investee by evaluating its exposure or rights to
variable returns and its ability to affect those returns through its
power over the investee. Based on this assessment, the Group
has determined that certain investment funds qualify as
unconsolidated structured entities, as it does not have control
over them. The Group classifies the following as unconsolidated
structured entities:
\u2013 Segregated mandates and pooled funds managed by the
Group without a direct investment interest: The Group acts as
an investment manager but does not hold any beneficial
interest in these funds. The Group has concluded that it does
not control these entities because its exposure to variable
returns is insignificant. In the case of segregated mandates,
third-party investors have the unilateral ability to remove the
Group as fund manager without cause. Accordingly, the Group
is deemed to be acting as an agent rather than a principal, and
these entities are not consolidated.
\u2013 Pooled funds managed by the Group with a direct investment
interest, for example, seed capital investments: Where the
Group holds a direct interest in a fund, it assesses whether its
exposure to variable returns and decision-making rights result
in control. If the Group\u2019s aggregate economic interest is below
the threshold established for principal-agent assessment, and
it does not have substantive rights to direct relevant activities,
it is considered to be acting as an agent. In such cases, the
Group does not consolidate the fund and instead accounts for
its investment as a financial asset in accordance with IFRS 9.
Disclosure of AuM related to both 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
recognised in profit or loss, 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 profit or
loss 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.
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.
Goodwill
Goodwill is initially recognised as the excess of the purchase
consideration over the fair value of identifiable net assets
acquired in a business combination. It is carried at cost less
accumulated impairment losses and is not amortised, as it is
considered to have an indefinite useful life. Goodwill is tested for
impairment at least annually, or more frequently if there are
indicators of impairment, by comparing its carrying value to its
recoverable amount. Impairment losses are recognised
immediately in profit or loss and are not reversed.
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 relate to office
premises. In accordance with IFRS 16 Leases, the Group
recognises a right-of-use asset and a corresponding lease liability
at the lease commencement date.
The lease liability is initially measured at the present value of
lease payments to be made over the lease term. These
payments are discounted using the interest rate implicit in the
lease, or, if that rate cannot be readily determined, the Group\u2019s
incremental borrowing rate, which reflects the rate the Group
would have to pay to borrow funds to acquire an asset of similar
value in a similar economic environment.
The right-of-use asset is initially measured at cost, comprising
the amount of the initial lease liability, any lease payments made
at or before the commencement date, initial direct costs, and an
estimate of costs to dismantle or restore the leased asset, if
applicable. Right-of-use assets are presented within property,
plant and equipment in the consolidated balance sheet.
Subsequently, the lease liability is measured using the effective
interest method, with interest expense recognised in profit or
loss and the liability reduced by lease payments made. The right-
of-use asset is depreciated on a straight-line basis over the
shorter of the lease term or the useful life of the underlying
asset. The Group reassesses the lease term if a significant event
or change in circumstances occurs that is within its control and
affects its ability to exercise (or not exercise) an extension or
termination option.
Short-term leases (those with a lease term of 12 months or less)
are not recognised on the balance sheet. Lease payments for
such arrangements are recognised as an expense on a straight-
line basis over the lease term.
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 or minus transaction costs, except for financial assets
classified at FVTPL. Transaction costs for financial instruments at
FVTPL are expensed. 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 fair value
through profit or loss. 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 except for derivative liabilities that are
classified at FVTPL.
Amortised cost is the amount at which the financial asset or
financial liability is measured at initial recognition minus the
principal repayments, plus or minus the cumulative amortisation
using the effective interest method of any difference between
that initial amount and the maturity amount and, for financial
assets, adjusted for any loss allowance.
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.
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 in profit
or loss within finance income or expense.
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 recognised in
the profit or loss within finance income or expense.
(i) Non-current financial assets measured at fair value
Non-current financial assets include the Group\u2019s interests in
funds that are expected to be realised within a period longer than
12 months from the balance sheet date. They are held at fair
value with changes in fair value being recognised in profit or loss
within finance income or expense.
(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 recognised in profit or loss within finance income
or expense. 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 profit or
loss. 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 recognised in profit or loss within foreign
exchange gains or losses and net gains or losses on investment
securities, 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 profit or loss within other
expenses, 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. Cash equivalents
comprise short-term deposits with contractual maturities of less
than three months and units in money market funds held for the
purposes of meeting short-term cash commitments. Cash
equivalents are readily convertible to known amounts of cash
and are subject to insignificant risk of changes in value.
(iii) Term deposits
Term deposits are fixed term interest-yielding cash investments
with contractual maturities of greater than three months.
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 profit or loss 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 in profit
or loss within finance income or expense 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 applies valuation
techniques that are consistent with the principles of IFRS 13
Fair Value Measurement, and prioritises the use of observable
market inputs where 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.
Listed securities traded on recognised exchanges or regulated
markets are valued at the last available closing bid price. Where
securities are traded across multiple active markets, the price
from the principal market is used. For instruments traded on
secondary markets with regulated dealer activity, valuation may
be based on observable dealer quotes.
For instruments not listed or traded on regulated markets, the
Group uses valuation techniques such as the market approach,
income approach, or cost approach, in line with the International
Private Equity and Venture Capital Valuation Guidelines. These
techniques may incorporate observable inputs (e.g., comparable
market transactions) or unobservable inputs (e.g., discounted
cash flows adjusted for liquidity, credit, and market risks).
Investments in funds are valued using the latest available net
asset value (NAV) of the units or shares.
The fair value of derivative instruments is determined using
market valuations at the reporting date.
The Group has a separate PMVC to oversee the valuation
process and review the valuation methodologies, inputs and
assumptions used to value individual investments.
Smaller investments may be valued directly by the PMVC but
material investments are valued by independent third-party
valuation specialists.
Valuation techniques used 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.
The governance framework ensures that fair value
measurements are subject to rigorous internal scrutiny and
reflect the best available information at the reporting date.
Hedge accounting
The Group applies the general hedge accounting model in IFRS
9, aligning hedge accounting relationships with its risk
management objectives and strategy. The Group adopts a
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. For hedge
accounting purposes, the Group designates only the change in
fair value of the hedging instrument that relates to the spot
element of forward contracts or the intrinsic value of option
contracts in its cash flow hedging relationships.
The intrinsic value of an option contract, representing the in-the-
money portion, is considered the effective component of the
hedge. The time value of options and the forward points of
forward contracts are excluded from the hedging relationship
and are accounted for in accordance with IFRS 9\u2019s treatment of
costs of hedging.
The effective portion of changes in fair value of the hedging
instrument is recognised in other comprehensive income and
accumulated in the cash flow hedge reserve within equity. This
amount is reclassified to profit or loss in the same period during
which the hedged item affects the Group\u2019s financial
performance.
To qualify for hedge accounting, the following criteria must
be met:
\u2013 formal documentation of the hedging relationship at inception;
\u2013 The hedged forecast cash flows must be highly probable and
capable of affecting profit or loss; and
\u2013 The hedge must be expected to be highly effective, and
effectiveness must be reliably measurable and assessed on an
ongoing basis.
Any ineffective portion of the hedge is recognised immediately
in profit or loss within foreign exchange gain/(loss). If the
hedging instrument is terminated, sold, or ceases to be highly
effective, hedge accounting is discontinued prospectively.
Impairment of financial assets
In accordance with IFRS 9, the Group recognises expected credit
losses (ECLs) on financial assets measured at amortised cost.
The ECL model requires the recognition of credit losses based
on forward-looking information, incorporating both historical data
and future expectations of credit risk.
Assets measured at amortised cost
The Group applies the simplified approach to measure ECLs for
trade receivables, which do not contain a significant financing
component. Under this approach, the Group recognises lifetime
expected credit losses from initial recognition and throughout the
life of the receivable.
The Group assesses credit risk based on days past due, whether
there is deterioration in the credit quality of the counterparty, and
knowledge of specific events that could influence a
counterparty\u2019s ability to pay.
The ECL allowance is deducted from the gross carrying amount
of trade receivables and is updated at each reporting date to
reflect changes in credit risk.
For cash and deposits held with banks, the Group assesses
credit risk using the general ECL model, which considers,
whether there has been a significant increase in credit risk since
initial recognition, external credit ratings as the primary indicator
of counterparty credit risk and forward-looking information and
macroeconomic factors. Credit risk is deemed to have increased
if the credit rating has deteriorated at the reporting date relative
to the credit rating at the date of initial recognition.
Impairment of non-financial assets
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 impairment review
Goodwill is tested for impairment at least 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.
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 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.
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. 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 include
foreign exchange gains or losses on non-Sterling denominated
revenues, receivable and payable balances. 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. 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 recognising 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 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 are 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. 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.
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 profit or loss.
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 profit or loss within
personnel expenses when payable in accordance with the
scheme particulars.
Share-based payments
The Group issues share awards to its employees under share-
based compensation plans which are accounted for under IFRS 2
Share-based Payment.
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 profit or loss within personnel
expenses 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 profit or loss within
personnel expenses.
The Group has in place an intragroup recharge arrangement for
equity-settled share-based awards whereby the Company is
reimbursed based on the grant-date cost of share awards
granted to employees of subsidiary entities. During the vest
period, the subsidiaries recognise a share-based payment
expense with an intercompany payable to the Company.
The 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 term deposits, and both realised and
unrealised gains on financial assets at FVTPL.
Finance expense includes both realised and unrealised losses on
financial assets at FVTPL.
Taxation
Tax expense for the year comprises current and deferred tax. Tax
is recognised in profit or loss within tax expense 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. Investments
in subsidiaries are reviewed at least annually for impairment or
when there is an indication of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-400": { "value": "
Basis of consolidation
The consolidated financial statements of the Group comprise the
financial statements of the Company and its subsidiaries. This
includes an Employee Benefit Trust (EBT) established for the
employee share-based awards and consolidated investment funds.
References to profit or loss in the notes to the financial
statements has the same meaning as the statement of
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-401": { "value": "
Interests in subsidiaries
Subsidiaries are entities, including investment funds, over which
the Group has control as defined by IFRS 10 Consolidated
Financial Statements. 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 results 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. 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 profit or loss. 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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-402": { "value": "Interests in associates Associates are partly owned entities over which the Group has significant influence but not control. Investments in associates 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 attributable results of associates are recognised in the consolidated profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-452": { "value": "Interests in associates Associates are partly owned entities over which the Group has significant influence but not control. Investments in associates 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 attributable results of associates are recognised in the consolidated profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-403": { "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 \u2018kick out\u2019 rights (to remove the Group as investment manager). 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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-404": { "value": "Interests in unconsolidated structured entities In accordance with IFRS 10, the Group assesses whether it controls an investee by evaluating its exposure or rights to variable returns and its ability to affect those returns through its power over the investee. Based on this assessment, the Group has determined that certain investment funds qualify as unconsolidated structured entities, as it does not have control over them. The Group classifies the following as unconsolidated structured entities: \u2013 Segregated mandates and pooled funds managed by the Group without a direct investment interest: The Group acts as an investment manager but does not hold any beneficial interest in these funds. The Group has concluded that it does not control these entities because its exposure to variable returns is insignificant. In the case of segregated mandates, third-party investors have the unilateral ability to remove the Group as fund manager without cause. Accordingly, the Group is deemed to be acting as an agent rather than a principal, and these entities are not consolidated. \u2013 Pooled funds managed by the Group with a direct investment interest, for example, seed capital investments: Where the Group holds a direct interest in a fund, it assesses whether its exposure to variable returns and decision-making rights result in control. If the Group\u2019s aggregate economic interest is below the threshold established for principal-agent assessment, and it does not have substantive rights to direct relevant activities, it is considered to be acting as an agent. In such cases, the Group does not consolidate the fund and instead accounts for its investment as a financial asset in accordance with IFRS 9. Disclosure of AuM related to both consolidated and unconsolidated structured entities is provided in note 27. ", "dimensions": { "concept": "ashmoregroupplc:DescriptionOfAccountingPolicyForInterestsInUnconsolidatedStructuredEntities", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-405": { "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 recognised in profit or loss, 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 profit or loss 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-453": { "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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-406": { "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. Goodwill Goodwill is initially recognised as the excess of the purchase consideration over the fair value of identifiable net assets acquired in a business combination. It is carried at cost less accumulated impairment losses and is not amortised, as it is considered to have an indefinite useful life. Goodwill is tested for impairment at least annually, or more frequently if there are indicators of impairment, by comparing its carrying value to its recoverable amount. Impairment losses are recognised immediately in profit or loss and are not reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-454": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-455": { "value": "Goodwill Goodwill is initially recognised as the excess of the purchase consideration over the fair value of identifiable net assets acquired in a business combination. It is carried at cost less accumulated impairment losses and is not amortised, as it is considered to have an indefinite useful life. Goodwill is tested for impairment at least annually, or more frequently if there are indicators of impairment, by comparing its carrying value to its recoverable amount. Impairment losses are recognised immediately in profit or loss and are not reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-476": { "value": "Goodwill Goodwill is initially recognised as the excess of the purchase consideration over the fair value of identifiable net assets acquired in a business combination. It is carried at cost less accumulated impairment losses and is not amortised, as it is considered to have an indefinite useful life. Goodwill is tested for impairment at least annually, or more frequently if there are indicators of impairment, by comparing its carrying value to its recoverable amount. Impairment losses are recognised immediately in profit or loss and are not reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-407": { "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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-408": { "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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-456": { "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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-409": { "value": "Leases The Group\u2019s lease arrangements primarily relate to office premises. In accordance with IFRS 16 Leases, the Group recognises a right-of-use asset and a corresponding lease liability at the lease commencement date. The lease liability is initially measured at the present value of lease payments to be made over the lease term. These payments are discounted using the interest rate implicit in the lease, or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate, which reflects the rate the Group would have to pay to borrow funds to acquire an asset of similar value in a similar economic environment. The right-of-use asset is initially measured at cost, comprising the amount of the initial lease liability, any lease payments made at or before the commencement date, initial direct costs, and an estimate of costs to dismantle or restore the leased asset, if applicable. Right-of-use assets are presented within property, plant and equipment in the consolidated balance sheet. Subsequently, the lease liability is measured using the effective interest method, with interest expense recognised in profit or loss and the liability reduced by lease payments made. The right- of-use asset is depreciated on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset. The Group reassesses the lease term if a significant event or change in circumstances occurs that is within its control and affects its ability to exercise (or not exercise) an extension or termination option. Short-term leases (those with a lease term of 12 months or less) are not recognised on the balance sheet. Lease payments for such arrangements are recognised as an expense on a straight- line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-410": { "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 or minus transaction costs, except for financial assets classified at FVTPL. Transaction costs for financial instruments at FVTPL are expensed. 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 fair value through profit or loss. 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 except for derivative liabilities that are classified at FVTPL. Amortised cost is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance. 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. 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 in profit or loss within finance income or expense. 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 recognised in the profit or loss within finance income or expense. (i) Non-current financial assets measured at fair value Non-current financial assets include the Group\u2019s interests in funds that are expected to be realised within a period longer than 12 months from the balance sheet date. They are held at fair value with changes in fair value being recognised in profit or loss within finance income or expense. (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 recognised in profit or loss within finance income or expense. 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 profit or loss. 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 recognised in profit or loss within foreign exchange gains or losses and net gains or losses on investment securities, 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 profit or loss within other expenses, 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. Cash equivalents comprise short-term deposits with contractual maturities of less than three months and units in money market funds held for the purposes of meeting short-term cash commitments. Cash equivalents are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value. (iii) Term deposits Term deposits are fixed term interest-yielding cash investments with contractual maturities of greater than three months. 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 profit or loss 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 in profit or loss within finance income or expense 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 applies valuation techniques that are consistent with the principles of IFRS 13 Fair Value Measurement, and prioritises the use of observable market inputs where 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. Listed securities traded on recognised exchanges or regulated markets are valued at the last available closing bid price. Where securities are traded across multiple active markets, the price from the principal market is used. For instruments traded on secondary markets with regulated dealer activity, valuation may be based on observable dealer quotes. For instruments not listed or traded on regulated markets, the Group uses valuation techniques such as the market approach, income approach, or cost approach, in line with the International Private Equity and Venture Capital Valuation Guidelines. These techniques may incorporate observable inputs (e.g., comparable market transactions) or unobservable inputs (e.g., discounted cash flows adjusted for liquidity, credit, and market risks). Investments in funds are valued using the latest available net asset value (NAV) of the units or shares. The fair value of derivative instruments is determined using market valuations at the reporting date. The Group has a separate PMVC to oversee the valuation process and review the valuation methodologies, inputs and assumptions used to value individual investments. Smaller investments may be valued directly by the PMVC but material investments are valued by independent third-party valuation specialists. Valuation techniques used 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. The governance framework ensures that fair value measurements are subject to rigorous internal scrutiny and reflect the best available information at the reporting date. Hedge accounting The Group applies the general hedge accounting model in IFRS 9, aligning hedge accounting relationships with its risk management objectives and strategy. The Group adopts a 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. For hedge accounting purposes, the Group designates only the change in fair value of the hedging instrument that relates to the spot element of forward contracts or the intrinsic value of option contracts in its cash flow hedging relationships. The intrinsic value of an option contract, representing the in-the- money portion, is considered the effective component of the hedge. The time value of options and the forward points of forward contracts are excluded from the hedging relationship and are accounted for in accordance with IFRS 9\u2019s treatment of costs of hedging. The effective portion of changes in fair value of the hedging instrument is recognised in other comprehensive income and accumulated in the cash flow hedge reserve within equity. This amount is reclassified to profit or loss in the same period during which the hedged item affects the Group\u2019s financial performance. To qualify for hedge accounting, the following criteria must be met: \u2013 formal documentation of the hedging relationship at inception; \u2013 The hedged forecast cash flows must be highly probable and capable of affecting profit or loss; and \u2013 The hedge must be expected to be highly effective, and effectiveness must be reliably measurable and assessed on an ongoing basis. Any ineffective portion of the hedge is recognised immediately in profit or loss within foreign exchange gain/(loss). If the hedging instrument is terminated, sold, or ceases to be highly effective, hedge accounting is discontinued prospectively. Impairment of financial assets In accordance with IFRS 9, the Group recognises expected credit losses (ECLs) on financial assets measured at amortised cost. The ECL model requires the recognition of credit losses based on forward-looking information, incorporating both historical data and future expectations of credit risk. Assets measured at amortised cost The Group applies the simplified approach to measure ECLs for trade receivables, which do not contain a significant financing component. Under this approach, the Group recognises lifetime expected credit losses from initial recognition and throughout the life of the receivable. The Group assesses credit risk based on days past due, whether there is deterioration in the credit quality of the counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. The ECL allowance is deducted from the gross carrying amount of trade receivables and is updated at each reporting date to reflect changes in credit risk. For cash and deposits held with banks, the Group assesses credit risk using the general ECL model, which considers, whether there has been a significant increase in credit risk since initial recognition, external credit ratings as the primary indicator of counterparty credit risk and forward-looking information and macroeconomic factors. Credit risk is deemed to have increased if the credit rating has 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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-457": { "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. 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 in profit or loss within finance income or expense. 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 recognised in the profit or loss within finance income or expense. (i) Non-current financial assets measured at fair value Non-current financial assets include the Group\u2019s interests in funds that are expected to be realised within a period longer than 12 months from the balance sheet date. They are held at fair value with changes in fair value being recognised in profit or loss within finance income or expense. (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 recognised in profit or loss within finance income or expense. 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 profit or loss. 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 recognised in profit or loss within foreign exchange gains or losses and net gains or losses on investment securities, 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 profit or loss within other expenses, 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. Cash equivalents comprise short-term deposits with contractual maturities of less than three months and units in money market funds held for the purposes of meeting short-term cash commitments. Cash equivalents are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value. (iii) Term deposits Term deposits are fixed term interest-yielding cash investments with contractual maturities of greater than three months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-477": { "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 recognised in the profit or loss within finance income or expense. (i) Non-current financial assets measured at fair value Non-current financial assets include the Group\u2019s interests in funds that are expected to be realised within a period longer than 12 months from the balance sheet date. They are held at fair value with changes in fair value being recognised in profit or loss within finance income or expense. (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 recognised in profit or loss within finance income or expense. 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 profit or loss within finance income or expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-478": { "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 profit or loss. 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 recognised in profit or loss within foreign exchange gains or losses and net gains or losses on investment securities, 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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-496": { "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 profit or loss. 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 recognised in profit or loss within foreign exchange gains or losses and net gains or losses on investment securities, except for the effective portion of cash flow hedges, which is recognised in other comprehensive income. Hedge accounting The Group applies the general hedge accounting model in IFRS 9, aligning hedge accounting relationships with its risk management objectives and strategy. The Group adopts a 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. For hedge accounting purposes, the Group designates only the change in fair value of the hedging instrument that relates to the spot element of forward contracts or the intrinsic value of option contracts in its cash flow hedging relationships. The intrinsic value of an option contract, representing the in-the- money portion, is considered the effective component of the hedge. The time value of options and the forward points of forward contracts are excluded from the hedging relationship and are accounted for in accordance with IFRS 9\u2019s treatment of costs of hedging. The effective portion of changes in fair value of the hedging instrument is recognised in other comprehensive income and accumulated in the cash flow hedge reserve within equity. This amount is reclassified to profit or loss in the same period during which the hedged item affects the Group\u2019s financial performance. To qualify for hedge accounting, the following criteria must be met: \u2013 formal documentation of the hedging relationship at inception; \u2013 The hedged forecast cash flows must be highly probable and capable of affecting profit or loss; and \u2013 The hedge must be expected to be highly effective, and effectiveness must be reliably measurable and assessed on an ongoing basis. Any ineffective portion of the hedge is recognised immediately in profit or loss within foreign exchange gain/(loss). If the hedging instrument is terminated, sold, or ceases to be highly effective, hedge accounting is discontinued prospectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-479": { "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 profit or loss within other expenses, 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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-480": { "value": "(ii) Cash and cash equivalents Cash represents cash at bank and in hand. Cash equivalents comprise short-term deposits with contractual maturities of less than three months and units in money market funds held for the purposes of meeting short-term cash commitments. Cash equivalents are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-458": { "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 profit or loss 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 in profit or loss within finance income or expense 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 applies valuation techniques that are consistent with the principles of IFRS 13 Fair Value Measurement, and prioritises the use of observable market inputs where 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. Listed securities traded on recognised exchanges or regulated markets are valued at the last available closing bid price. Where securities are traded across multiple active markets, the price from the principal market is used. For instruments traded on secondary markets with regulated dealer activity, valuation may be based on observable dealer quotes. For instruments not listed or traded on regulated markets, the Group uses valuation techniques such as the market approach, income approach, or cost approach, in line with the International Private Equity and Venture Capital Valuation Guidelines. These techniques may incorporate observable inputs (e.g., comparable market transactions) or unobservable inputs (e.g., discounted cash flows adjusted for liquidity, credit, and market risks). Investments in funds are valued using the latest available net asset value (NAV) of the units or shares. The fair value of derivative instruments is determined using market valuations at the reporting date. The Group has a separate PMVC to oversee the valuation process and review the valuation methodologies, inputs and assumptions used to value individual investments. Smaller investments may be valued directly by the PMVC but material investments are valued by independent third-party valuation specialists. Valuation techniques used 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. The governance framework ensures that fair value measurements are subject to rigorous internal scrutiny and reflect the best available information at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-481": { "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 applies valuation techniques that are consistent with the principles of IFRS 13 Fair Value Measurement, and prioritises the use of observable market inputs where 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. Listed securities traded on recognised exchanges or regulated markets are valued at the last available closing bid price. Where securities are traded across multiple active markets, the price from the principal market is used. For instruments traded on secondary markets with regulated dealer activity, valuation may be based on observable dealer quotes. For instruments not listed or traded on regulated markets, the Group uses valuation techniques such as the market approach, income approach, or cost approach, in line with the International Private Equity and Venture Capital Valuation Guidelines. These techniques may incorporate observable inputs (e.g., comparable market transactions) or unobservable inputs (e.g., discounted cash flows adjusted for liquidity, credit, and market risks). Investments in funds are valued using the latest available net asset value (NAV) of the units or shares. The fair value of derivative instruments is determined using market valuations at the reporting date. The Group has a separate PMVC to oversee the valuation process and review the valuation methodologies, inputs and assumptions used to value individual investments. Smaller investments may be valued directly by the PMVC but material investments are valued by independent third-party valuation specialists. Valuation techniques used 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. The governance framework ensures that fair value measurements are subject to rigorous internal scrutiny and reflect the best available information at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-459": { "value": "Hedge accounting The Group applies the general hedge accounting model in IFRS 9, aligning hedge accounting relationships with its risk management objectives and strategy. The Group adopts a 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. For hedge accounting purposes, the Group designates only the change in fair value of the hedging instrument that relates to the spot element of forward contracts or the intrinsic value of option contracts in its cash flow hedging relationships. The intrinsic value of an option contract, representing the in-the- money portion, is considered the effective component of the hedge. The time value of options and the forward points of forward contracts are excluded from the hedging relationship and are accounted for in accordance with IFRS 9\u2019s treatment of costs of hedging. The effective portion of changes in fair value of the hedging instrument is recognised in other comprehensive income and accumulated in the cash flow hedge reserve within equity. This amount is reclassified to profit or loss in the same period during which the hedged item affects the Group\u2019s financial performance. To qualify for hedge accounting, the following criteria must be met: \u2013 formal documentation of the hedging relationship at inception; \u2013 The hedged forecast cash flows must be highly probable and capable of affecting profit or loss; and \u2013 The hedge must be expected to be highly effective, and effectiveness must be reliably measurable and assessed on an ongoing basis. Any ineffective portion of the hedge is recognised immediately in profit or loss within foreign exchange gain/(loss). If the hedging instrument is terminated, sold, or ceases to be highly effective, hedge accounting is discontinued prospectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-460": { "value": "Impairment of financial assets In accordance with IFRS 9, the Group recognises expected credit losses (ECLs) on financial assets measured at amortised cost. The ECL model requires the recognition of credit losses based on forward-looking information, incorporating both historical data and future expectations of credit risk. Assets measured at amortised cost The Group applies the simplified approach to measure ECLs for trade receivables, which do not contain a significant financing component. Under this approach, the Group recognises lifetime expected credit losses from initial recognition and throughout the life of the receivable. The Group assesses credit risk based on days past due, whether there is deterioration in the credit quality of the counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. The ECL allowance is deducted from the gross carrying amount of trade receivables and is updated at each reporting date to reflect changes in credit risk. For cash and deposits held with banks, the Group assesses credit risk using the general ECL model, which considers, whether there has been a significant increase in credit risk since initial recognition, external credit ratings as the primary indicator of counterparty credit risk and forward-looking information and macroeconomic factors. Credit risk is deemed to have increased if the credit rating has 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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-482": { "value": "Impairment of financial assets In accordance with IFRS 9, the Group recognises expected credit losses (ECLs) on financial assets measured at amortised cost. The ECL model requires the recognition of credit losses based on forward-looking information, incorporating both historical data and future expectations of credit risk. Assets measured at amortised cost The Group applies the simplified approach to measure ECLs for trade receivables, which do not contain a significant financing component. Under this approach, the Group recognises lifetime expected credit losses from initial recognition and throughout the life of the receivable. The Group assesses credit risk based on days past due, whether there is deterioration in the credit quality of the counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. The ECL allowance is deducted from the gross carrying amount of trade receivables and is updated at each reporting date to reflect changes in credit risk. For cash and deposits held with banks, the Group assesses credit risk using the general ECL model, which considers, whether there has been a significant increase in credit risk since initial recognition, external credit ratings as the primary indicator of counterparty credit risk and forward-looking information and macroeconomic factors. Credit risk is deemed to have increased if the credit rating has deteriorated at the reporting date relative to the credit rating at the date of initial recognition. Impairment of non-financial assets 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 impairment review Goodwill is tested for impairment at least 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. 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 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. 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. 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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-411": { "value": "Impairment of non-financial assets 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 impairment review Goodwill is tested for impairment at least 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. 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 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. 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. 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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-412": { "value": "Net revenue Net revenue is total revenue less distribution costs and include foreign exchange gains or losses on non-Sterling denominated revenues, receivable and payable balances. 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. 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 recognising 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 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 are 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. 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. 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 profit or loss. 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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-413": { "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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-414": { "value": "Employee benefits Obligations for contributions to defined contribution pension plans are recognised as an expense in profit or loss within personnel expenses when payable in accordance with the scheme particulars.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-415": { "value": "Share-based payments The Group issues share awards to its employees under share- based compensation plans which are accounted for under IFRS 2 Share-based Payment. 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 profit or loss within personnel expenses 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 profit or loss within personnel expenses. The Group has in place an intragroup recharge arrangement for equity-settled share-based awards whereby the Company is reimbursed based on the grant-date cost of share awards granted to employees of subsidiary entities. During the vest period, the subsidiaries recognise a share-based payment expense with an intercompany payable to the Company. The 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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-416": { "value": "Finance income and expense Finance income includes interest receivable on the Group\u2019s cash and cash equivalents and term deposits, and both realised and unrealised gains on financial assets at FVTPL. Finance expense includes both realised and unrealised losses on financial assets at FVTPL.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-461": { "value": "Finance income and expense Finance income includes interest receivable on the Group\u2019s cash and cash equivalents and term deposits, and both realised and unrealised gains on financial assets at FVTPL. Finance expense includes both realised and unrealised losses on financial assets at FVTPL.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-483": { "value": "Finance income and expense Finance income includes interest receivable on the Group\u2019s cash and cash equivalents and term deposits, and both realised and unrealised gains on financial assets at FVTPL. Finance expense includes both realised and unrealised losses on financial assets at FVTPL. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-417": { "value": "Taxation Tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss within tax expense 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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-462": { "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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-418": { "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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-419": { "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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-420": { "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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-421": { "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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-422": { "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. Investments in subsidiaries are reviewed at least annually for impairment or when there is an indication of impairment.", "dimensions": { "concept": "ashmoregroupplc:DescriptionOfAccountingPolicyForCompanyOnlyAccountingPolicies", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-423": { "value": "
5) Geographical 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, an alternative
performance measure, which is \u00a352.5 million for the year as reconciled on page 154 (FY2024: adjusted EBITDA of \u00a377.9 million).
The disclosures below are supplementary and provide the location of the Group\u2019s non-current assets at year end, which comprise
goodwill, property, plant and equipment, deferred acquisition costs and investment in associate.
Analysis of non-current assets by geography
2025 2024
\u00a3m \u00a3m
United Kingdom and Ireland
20.5
23.1
Americas
65.9
71.5
Asia and Middle East
2.1
2.6
Total non-current assets
88.5
97.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-463": { "value": "Analysis of non-current assets by geography
2025 2024
\u00a3m \u00a3m
United Kingdom and Ireland
20.5
23.1
Americas
65.9
71.5
Asia and Middle East
2.1
2.6
Total non-current assets
88.5
97.2
Analysis of revenue by geography
2025 2024
\u00a3m \u00a3m
United Kingdom and Ireland
86.2
119.4
Americas
21.6
25.1
Asia and Middle East
36.6
44.5
Total revenue
144.4
189.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-424": { "value": "
6) Revenue
Management fees are accrued throughout the year in line with prevailing levels of AuM and performance fees are recognised when
they are crystallised, and there is deemed to be a low probability of a significant reversal in future periods.
The Group is not considered to be reliant on any single source of revenue. During the year, none of the Group\u2019s funds (FY2024: none)
provided more than 10% of total revenue in the year respectively when considering management fees and performance fees
on a combined basis.
Disclosures relating to revenue by location are provided below.
Analysis of revenue by geography
2025 2024
\u00a3m \u00a3m
United Kingdom and Ireland
86.2
119.4
Americas
21.6
25.1
Asia and Middle East
36.6
44.5
Total revenue
144.4
189.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-425": { "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, the Saudi riyal and the Colombian peso. Average rate Average rate Closing rate Closing rate year ended year ended as at 30 June as at 30 June 30 June 30 June 2025 2024 2025 2024 US dollar 1.3704 1.2641 1.2970 1.2609 Euro 1.1674 1.1795 1.1911 1.1653 Indonesian rupiah 22,248 20,700 20,890 19,763 Saudi riyal 5.1395 4.7424 4.8668 4.7292 Colombian peso 5,598 5,239 5,461 5,030 Foreign exchange gains are shown below.
2025 2024
\u00a3m \u00a3m
Net realised and unrealised hedging gains
4.1
 1.0
Translation gains/(losses) on non-Sterling denominated monetary assets and liabilities
(2.4)
1.5
Total foreign exchange gains
1.7
2.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-426": { "value": "
8) Finance income
2025
2024
\u00a3m \u00a3m
Interest and investment income
40.9
39.1
Realised gains on disposal of investments
0.3
5.2
Net realised gains on seed capital investments measured at fair value
7.5
11.3
Net unrealised gains on seed capital investments measured at fair value
2.7
15.1
Interest expense on lease liabilities (note 16)
(0.3)
(0.3)
Finance income
51.1
70.4
Included within interest and investment income is interest earned on cash deposits of \u00a320.4 million (FY2024: \u00a325.2 million) and
investment income of \u00a320.5 million (FY2024: \u00a313.9 million) on consolidated funds (note 20c).
Included within net realised and unrealised gains on seed capital investments totalling \u00a310.2 million (FY2024: \u00a326.4 million gains)
are \u00a32.2 million gains (FY2024: \u00a34.7 million gains) on financial assets measured at FVTPL (note 20a), \u00a37.1 million gains (FY2024:
\u00a319.1 million gains) on non-current financial assets measured at fair value (note 20b) and \u00a30.9 million realised gains on disposal of
consolidated funds (FY2024: \u00a32.6 million realised gains).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-464": { "value": "8) Finance income
2025
2024
\u00a3m \u00a3m
Interest and investment income
40.9
39.1
Realised gains on disposal of investments
0.3
5.2
Net realised gains on seed capital investments measured at fair value
7.5
11.3
Net unrealised gains on seed capital investments measured at fair value
2.7
15.1
Interest expense on lease liabilities (note 16)
(0.3)
(0.3)
Finance income
51.1
70.4
Included within interest and investment income is interest earned on cash deposits of \u00a320.4 million (FY2024: \u00a325.2 million) and investment income of \u00a320.5 million (FY2024: \u00a313.9 million) on consolidated funds (note 20c). Included within net realised and unrealised gains on seed capital investments totalling \u00a310.2 million (FY2024: \u00a326.4 million gains) are \u00a32.2 million gains (FY2024: \u00a34.7 million gains) on financial assets measured at FVTPL (note 20a), \u00a37.1 million gains (FY2024: \u00a319.1 million gains) on non-current financial assets measured at fair value (note 20b) and \u00a30.9 million realised gains on disposal of consolidated funds (FY2024: \u00a32.6 million realised gains).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-484": { "value": "8) Finance income
2025
2024
\u00a3m \u00a3m
Interest and investment income
40.9
39.1
Realised gains on disposal of investments
0.3
5.2
Net realised gains on seed capital investments measured at fair value
7.5
11.3
Net unrealised gains on seed capital investments measured at fair value
2.7
15.1
Interest expense on lease liabilities (note 16)
(0.3)
(0.3)
Finance income
51.1
70.4
Included within interest and investment income is interest earned on cash deposits of \u00a320.4 million (FY2024: \u00a325.2 million) and investment income of \u00a320.5 million (FY2024: \u00a313.9 million) on consolidated funds (note 20c). Included within net realised and unrealised gains on seed capital investments totalling \u00a310.2 million (FY2024: \u00a326.4 million gains) are \u00a32.2 million gains (FY2024: \u00a34.7 million gains) on financial assets measured at FVTPL (note 20a), \u00a37.1 million gains (FY2024: \u00a319.1 million gains) on non-current financial assets measured at fair value (note 20b) and \u00a30.9 million realised gains on disposal of consolidated funds (FY2024: \u00a32.6 million realised gains).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-497": { "value": "8) Finance income
2025
2024
\u00a3m \u00a3m
Interest and investment income
40.9
39.1
Realised gains on disposal of investments
0.3
5.2
Net realised gains on seed capital investments measured at fair value
7.5
11.3
Net unrealised gains on seed capital investments measured at fair value
2.7
15.1
Interest expense on lease liabilities (note 16)
(0.3)
(0.3)
Finance income
51.1
70.4
Included within interest and investment income is interest earned on cash deposits of \u00a320.4 million (FY2024: \u00a325.2 million) and investment income of \u00a320.5 million (FY2024: \u00a313.9 million) on consolidated funds (note 20c). Included within net realised and unrealised gains on seed capital investments totalling \u00a310.2 million (FY2024: \u00a326.4 million gains) are \u00a32.2 million gains (FY2024: \u00a34.7 million gains) on financial assets measured at FVTPL (note 20a), \u00a37.1 million gains (FY2024: \u00a319.1 million gains) on non-current financial assets measured at fair value (note 20b) and \u00a30.9 million realised gains on disposal of consolidated funds (FY2024: \u00a32.6 million realised gains).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-500": { "value": "8) Finance income
2025
2024
\u00a3m \u00a3m
Interest and investment income
40.9
39.1
Realised gains on disposal of investments
0.3
5.2
Net realised gains on seed capital investments measured at fair value
7.5
11.3
Net unrealised gains on seed capital investments measured at fair value
2.7
15.1
Interest expense on lease liabilities (note 16)
(0.3)
(0.3)
Finance income
51.1
70.4
Included within interest and investment income is interest earned on cash deposits of \u00a320.4 million (FY2024: \u00a325.2 million) and investment income of \u00a320.5 million (FY2024: \u00a313.9 million) on consolidated funds (note 20c). Included within net realised and unrealised gains on seed capital investments totalling \u00a310.2 million (FY2024: \u00a326.4 million gains) are \u00a32.2 million gains (FY2024: \u00a34.7 million gains) on financial assets measured at FVTPL (note 20a), \u00a37.1 million gains (FY2024: \u00a319.1 million gains) on non-current financial assets measured at fair value (note 20b) and \u00a30.9 million realised gains on disposal of consolidated funds (FY2024: \u00a32.6 million realised gains). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-501": { "value": "8) Finance income
2025
2024
\u00a3m \u00a3m
Interest and investment income
40.9
39.1
Realised gains on disposal of investments
0.3
5.2
Net realised gains on seed capital investments measured at fair value
7.5
11.3
Net unrealised gains on seed capital investments measured at fair value
2.7
15.1
Interest expense on lease liabilities (note 16)
(0.3)
(0.3)
Finance income
51.1
70.4
Included within interest and investment income is interest earned on cash deposits of \u00a320.4 million (FY2024: \u00a325.2 million) and investment income of \u00a320.5 million (FY2024: \u00a313.9 million) on consolidated funds (note 20c). Included within net realised and unrealised gains on seed capital investments totalling \u00a310.2 million (FY2024: \u00a326.4 million gains) are \u00a32.2 million gains (FY2024: \u00a34.7 million gains) on financial assets measured at FVTPL (note 20a), \u00a37.1 million gains (FY2024: \u00a319.1 million gains) on non-current financial assets measured at fair value (note 20b) and \u00a30.9 million realised gains on disposal of consolidated funds (FY2024: \u00a32.6 million realised gains). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-427": { "value": "
9) Personnel expenses
Personnel expenses during the year comprised the following:
2025 2024
\u00a3m \u00a3m
Wages and salaries
23.8
 25.0
Performance-related cash bonuses
17.5
 23.4
Share-based payments (note 10)
22.0
 29.5
Social security costs
2.5
 2.5
Pension costs
2.3
 2.2
Other costs
2.9
 2.5
Total personnel expenses
71.0
 85.1
Number of employees
At 30 June 2025, the number of investment management employees of the Group (including Executive Directors) during the year
was as follows:
Average for Average for
the year the year
ended ended At At
30 June 2025 30 June 2024 30 June 2025 30 June 2024
Number Number Number Number
Total investment management employees
275
305
272
283
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 74 to 88. There are retirement benefits accruing to two Executive Directors under a defined contribution scheme
(FY2024: two).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-465": { "value": "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 74 to 88. There are retirement benefits accruing to two Executive Directors under a defined contribution scheme (FY2024: two). Key management personnel \u2013 Group and Company The compensation paid to or payable to key management personnel is shown below:
2025 2024
\u00a3m \u00a3m
Short-term benefits
1.0
1.6
Defined contribution pension costs
\u2013
\u2013
Share-based payment benefits (note 10)
2.2
2.0
3.2
3.6
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 consolidated statement of comprehensive income. Details of the remuneration of Directors are given in the Remuneration report on pages 70 to 88. During the year, there were no other transactions entered into with key management personnel (FY2024: none). Aggregate key management personnel interests in consolidated funds at 30 June 2025 were \u00a332.7 million (30 June 2024: \u00a332.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-428": { "value": "10) Share-based payments The cost related to share-based payments recognised by the Group in consolidated profit or loss is shown below:
2025 2024
Group \u00a3m \u00a3m
Omnibus Plan
21.9
29.4
Phantom Bonus Plan
0.1
0.1
Total share-based payments expense
22.0
29.5
The total expense recognised for the year in respect of equity-settled share-based payment awards, excluding national insurance, was \u00a320.5 million (FY2024: \u00a327.9 million), of which \u00a32.2 million (FY2024: \u00a32.0 million) relates to share awards granted to key management personnel.
Group and Company 2025 2024
Year of grant \u00a3m \u00a3m
2019
\u2013
3.3
2020
3.9
 3.8
2021
3.1
 3.2
2022
2.9
 3.0
2023
4.9
 6.3
2024
3.3
 8.4
2025
2.4
 \u2013
Total Omnibus share-based payments expense reported in profit or loss
20.5
 28.0
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 granted under the Omnibus Plan are generally accounted for as equity-settled share-based payments, with the exception of phantom awards which are classified as cash-settled share-based payments. 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) Awards outstanding under the Omnibus Plan were as follows: i) Equity-settled awards
2025 2025 2024 2024
Number of Weighted Number of Weighted
shares subject average shares subject average
Group and Company to awards share price to awards share price
Restricted share awards
At the beginning of the year
29,802,680
\u00a32.61 19,032,817 \u00a33.32
Granted
8,613,488
\u00a31.75 15,307,268 \u00a31.91
Vested
(3,398,755)
\u00a34.19 (3,762,882) \u00a33.32
Forfeited
(742,690)
\u00a32.52 (774,523) \u00a32.81
Awards outstanding at year end
34,274,723
\u00a32.24 29,802,680 \u00a32.61
Bonus share awards
At the beginning of the year
8,431,485
\u00a33.24 10,146,521 \u00a33.31
Granted
3,406,067
\u00a31.75 385,864 \u00a31.91
Vested
(2,999,371)
\u00a33.62 (2,095,393) \u00a33.30
Forfeited
\u2013
\u2013
(5,507)
\u00a33.00
Awards outstanding at year end
8,838,181
\u00a32.55 8,431,485 \u00a33.24
Matching share awards
At the beginning of the year
8,780,733
\u00a33.20 10,210,529 \u00a33.31
Granted
3,422,039
\u00a31.75 681,691 \u00a31.91
Vested
(1,643,447)
\u00a34.37 (1,929,553) \u00a33.31
Forfeited
(430,500)
\u00a32.64 (181,934) \u00a33.13
Awards outstanding at year end
10,128,825
\u00a32.55 8,780,733 \u00a33.20
Total
53,241,729
\u00a32.35 47,014,898 \u00a32.84
ii) Cash-settled awards
2025 2025 2024 2024
Number of Weighted Number of Weighted
shares subject average shares subject average
Group and Company to awards share price to awards share price
Restricted share awards
At the beginning of the year
236,603
\u00a32.36 113,062 \u00a33.13
Granted
31,462
\u00a31.75 146,461 \u00a31.91
Vested
(27,993)
\u00a34.27 (22,920) \u00a33.33
Forfeited
(2,720)
\u00a32.10
\u2013
\u2013
Awards outstanding at year end
237,352
\u00a32.05 236,603 \u00a32.36
Bonus share awards
At the beginning of the year
65,148
\u00a33.07 81,740 \u00a33.12
Granted
16,856
\u00a31.75
\u2013
\u2013
Vested
(18,890)
\u00a34.38 (16,592) \u00a33.33
Forfeited
\u2013
\u2013
\u2013
\u2013
Awards outstanding at year end
63,114
\u00a32.33 65,148 \u00a33.07
Matching share awards
At the beginning of the year
65,148
\u00a33.07 81,740 \u00a33.12
Granted
16,856
\u00a31.75
\u2013
\u2013
Vested
(18,890)
\u00a34.38 (16,592) \u00a33.33
Forfeited
\u2013
\u2013
\u2013
\u2013
Awards outstanding at year end
63,114
\u00a32.33 65,148 \u00a33.07
Total
363,580
\u00a32.15 366,899 \u00a32.61
iii) Total awards
2025
2025
2024
2024
Number of Weighted Number of Weighted
shares subject average shares subject average
Group and Company to awards share price to awards share price
Restricted share awards
At the beginning of the year
30,039,283
\u00a32.61 19,145,879 \u00a33.32
Granted
8,644,950
\u00a31.75 15,453,729 \u00a31.91
Vested
(3,426,748)
\u00a34.19 (3,785,802) \u00a33.32
Forfeited
(745,410)
\u00a32.52 (774,523) \u00a32.81
Awards outstanding at year end
34,512,075
\u00a32.24 30,039,283 \u00a32.61
Bonus share awards
At the beginning of the year
8,496,633
\u00a33.24 10,228,261 \u00a33.31
Granted
3,422,923
\u00a31.75 385,864 \u00a31.91
Vested
(3,018,261)
\u00a33.62 (2,111,985) \u00a33.30
Forfeited
\u2013
\u2013
(5,507)
\u00a33.00
Awards outstanding at year end
8,901,295
\u00a32.54 8,496,633 \u00a33.24
Matching share awards
At the beginning of the year
8,845,881
\u00a33.20 10,292,269 \u00a33.31
Granted
3,438,895
\u00a31.75 681,691 \u00a31.91
Vested
(1,662,337)
\u00a34.37 (1,946,145) \u00a33.31
Forfeited
(430,500)
\u00a32.64 (181,934) \u00a33.13
Awards outstanding at year end
10,191,939
\u00a32.55 8,845,881 \u00a33.20
Total
53,605,309
\u00a32.35 47,381,797 \u00a32.83
The weighted average fair value of awards granted to employees under the Omnibus Plan during the year was \u00a31.75 (FY2024: \u00a31.91), 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 2024: \u00a30.3 million) of which \u00a3nil (30 June 2024: \u00a3nil) relates to vested awards.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-429": { "value": "
11) Other expenses
Other expenses consist of the following:
2025 2024
\u00a3m \u00a3m
Travel
2.2
2.0
Professional fees
3.9
7.0
Information technology and communications
8.4
8.1
Amortisation of intangible assets
0.1
0.2
Lease expenses
0.3
0.5
Depreciation of property, plant and equipment (note 16)
3.0
2.9
Premises-related costs
1.5
1.6
Insurance
0.7
0.8
Research costs
0.3
0.3
Auditor\u2019s remuneration (see below)
1.1
1.0
Operating expenses in consolidated funds (note 20(c))
2.1
1.2
Other operating expenses
4.1
4.2
27.7
29.8
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
2025 2024
\u00a3m \u00a3m
Fees for statutory audit services:
\u2013
Fees payable to the Company\u2019s auditor for the audit of the Group\u2019s accounts
0.3
0.3
\u2013
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries
0.6
0.5
pursuant to legislation
Fees for non-audit services:
\u2013
Other assurance non-audit services
1
0.2
0.2
1.1
1.0
1. Other assurance non-audit services include fees paid to EY for the Group's half year review, internal controls reporting under ISAE 3402 and regulatory assurance
reporting relevant to a number of the Group's subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-485": { "value": "11) Other expenses Other expenses consist of the following:
2025 2024
\u00a3m \u00a3m
Travel
2.2
2.0
Professional fees
3.9
7.0
Information technology and communications
8.4
8.1
Amortisation of intangible assets
0.1
0.2
Lease expenses
0.3
0.5
Depreciation of property, plant and equipment (note 16)
3.0
2.9
Premises-related costs
1.5
1.6
Insurance
0.7
0.8
Research costs
0.3
0.3
Auditor\u2019s remuneration (see below)
1.1
1.0
Operating expenses in consolidated funds (note 20(c))
2.1
1.2
Other operating expenses
4.1
4.2
27.7
29.8
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
2025 2024
\u00a3m \u00a3m
Fees for statutory audit services:
\u2013
Fees payable to the Company\u2019s auditor for the audit of the Group\u2019s accounts
0.3
0.3
\u2013
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries
0.6
0.5
pursuant to legislation
Fees for non-audit services:
\u2013
Other assurance non-audit services
1
0.2
0.2
1.1
1.0
1. Other assurance non-audit services include fees paid to EY for the Group's half year review, internal controls reporting under ISAE 3402 and regulatory assurance reporting relevant to a number of the Group's subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-498": { "value": "11) Other expenses Other expenses consist of the following:
2025 2024
\u00a3m \u00a3m
Travel
2.2
2.0
Professional fees
3.9
7.0
Information technology and communications
8.4
8.1
Amortisation of intangible assets
0.1
0.2
Lease expenses
0.3
0.5
Depreciation of property, plant and equipment (note 16)
3.0
2.9
Premises-related costs
1.5
1.6
Insurance
0.7
0.8
Research costs
0.3
0.3
Auditor\u2019s remuneration (see below)
1.1
1.0
Operating expenses in consolidated funds (note 20(c))
2.1
1.2
Other operating expenses
4.1
4.2
27.7
29.8
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
2025 2024
\u00a3m \u00a3m
Fees for statutory audit services:
\u2013
Fees payable to the Company\u2019s auditor for the audit of the Group\u2019s accounts
0.3
0.3
\u2013
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries
0.6
0.5
pursuant to legislation
Fees for non-audit services:
\u2013
Other assurance non-audit services
1
0.2
0.2
1.1
1.0
1. Other assurance non-audit services include fees paid to EY for the Group's half year review, internal controls reporting under ISAE 3402 and regulatory assurance reporting relevant to a number of the Group's subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-466": { "value": "Auditor\u2019s remuneration
2025 2024
\u00a3m \u00a3m
Fees for statutory audit services:
\u2013
Fees payable to the Company\u2019s auditor for the audit of the Group\u2019s accounts
0.3
0.3
\u2013
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries
0.6
0.5
pursuant to legislation
Fees for non-audit services:
\u2013
Other assurance non-audit services
1
0.2
0.2
1.1
1.0
1. Other assurance non-audit services include fees paid to EY for the Group's half year review, internal controls reporting under ISAE 3402 and regulatory assurance reporting relevant to a number of the Group's subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-430": { "value": "
12) Taxation
Analysis of tax charge for the year:
2025 2024
\u00a3m \u00a3m
Current tax
UK corporation tax on profits for the year
12.2
12.9
Overseas corporation tax charge
7.9
11.6
Adjustments in respect of prior years
0.1
0.8
20.2
25.3
Deferred tax
Origination and reversal of temporary differences (note 18)
3.3
4.6
Tax expense
23.5
29.9
Factors affecting tax charge for the year
2025 2024
\u00a3m \u00a3m
Profit before tax
108.6
128.1
Profit on ordinary activities multiplied by the UK tax rate of 25% (FY2024: 25%)
27.2
32.0
Effects of:
Permanent differences including non-taxable income and non-deductible expenses
1.8
4.7
Different rate of taxes on overseas profits
(3.5)
(4.9)
Non-taxable investment returns
1
 (2.1) (2.7)
Adjustments in respect of prior years
0.1
0.8
Tax expense
23.5
29.9
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:
2025 2024
\u00a3m \u00a3m
Current tax expense/(credit) on foreign exchange gains/(losses)
(0.5)
0.2
Tax expense/(credit) recognised in reserves
(0.5)
0.2
18) Deferred taxation Deferred tax assets and liabilities recognised by the Group and Company at year end are attributable to the following:
2025
2024
Other Other
temporary Share-based temporary Share-based
differences payments Total differences payments Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
5.0
11.2
16.2
6.3
12.6 18.9
Deferred tax liabilities
(9.5)
\u2013
(9.5)
(8.9)
\u2013
(8.9)
(4.5)
11.2
6.7
(2.6)
12.6 10.0
2025
2024
Other Other
temporary Share-based temporary Share-based
differences payments Total differences payments Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
\u2013
10.3
10.3
\u2013
11.4
11.4
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. Deferred tax assets on share-based payments represent tax deductible amounts on shares expected to vest in future periods, and are measured based on the market value of shares as at 30 June 2025. Movement of deferred tax balances The movement in the deferred tax balances between the balance sheet dates has been reflected in the consolidated statement of comprehensive income as follows:
Other
temporary Share-based
differences payments Total
Group \u00a3m \u00a3m \u00a3m
At 30 June 2023
1.7
12.9 14.6
Charged to the consolidated statement of comprehensive income
(3.8)
(0.3) (4.1)
Foreign exchange revaluation
(0.5)
\u2013
(0.5)
At 30 June 2024
(2.6)
12.6 10.0
Charged to the consolidated statement of comprehensive income
(1.5)
(1.4) (2.9)
Foreign exchange revaluation
(0.4)
\u2013
(0.4)
At 30 June 2025
(4.5)
11.2
6.7
Other
temporary Share-based
differences payments Total
Company \u00a3m \u00a3m \u00a3m
At 30 June 2023
\u2013
11.6
11.6
Charged to the consolidated statement of comprehensive income
\u2013
(0.2)
(0.2)
At 30 June 2024
\u2013
11.4
11.4
Charged to the consolidated statement of comprehensive income
\u2013
(1.1)
(1.1)
At 30 June 2025
\u2013
10.3
10.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-467": { "value": "12) Taxation Analysis of tax charge for the year:
2025 2024
\u00a3m \u00a3m
Current tax
UK corporation tax on profits for the year
12.2
12.9
Overseas corporation tax charge
7.9
11.6
Adjustments in respect of prior years
0.1
0.8
20.2
25.3
Deferred tax
Origination and reversal of temporary differences (note 18)
3.3
4.6
Tax expense
23.5
29.9
Factors affecting tax charge for the year
2025 2024
\u00a3m \u00a3m
Profit before tax
108.6
128.1
Profit on ordinary activities multiplied by the UK tax rate of 25% (FY2024: 25%)
27.2
32.0
Effects of:
Permanent differences including non-taxable income and non-deductible expenses
1.8
4.7
Different rate of taxes on overseas profits
(3.5)
(4.9)
Non-taxable investment returns
1
 (2.1) (2.7)
Adjustments in respect of prior years
0.1
0.8
Tax expense
23.5
29.9
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:
2025 2024
\u00a3m \u00a3m
Current tax expense/(credit) on foreign exchange gains/(losses)
(0.5)
0.2
Tax expense/(credit) recognised in reserves
(0.5)
0.2
18) Deferred taxation
Deferred tax assets and liabilities recognised by the Group and Company at year end are attributable to the following:
2025
2024
Other Other
temporary Share-based temporary Share-based
differences payments Total differences payments Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
5.0
11.2
16.2
6.3
12.6 18.9
Deferred tax liabilities
(9.5)
\u2013
(9.5)
(8.9)
\u2013
(8.9)
(4.5)
11.2
6.7
(2.6)
12.6 10.0
2025
2024
Other Other
temporary Share-based temporary Share-based
differences payments Total differences payments Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
\u2013
10.3
10.3
\u2013
11.4
11.4
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. Deferred tax assets on share-based
payments represent tax deductible amounts on shares expected to vest in future periods, and are measured based on the market
value of shares as at 30 June 2025.
Movement of deferred tax balances
The movement in the deferred tax balances between the balance sheet dates has been reflected in the consolidated statement
of comprehensive income as follows:
Other
temporary Share-based
differences payments Total
Group \u00a3m \u00a3m \u00a3m
At 30 June 2023
1.7
12.9 14.6
Charged to the consolidated statement of comprehensive income
(3.8)
(0.3) (4.1)
Foreign exchange revaluation
(0.5)
\u2013
(0.5)
At 30 June 2024
(2.6)
12.6 10.0
Charged to the consolidated statement of comprehensive income
(1.5)
(1.4) (2.9)
Foreign exchange revaluation
(0.4)
\u2013
(0.4)
At 30 June 2025
(4.5)
11.2
6.7
Other
temporary Share-based
differences payments Total
Company \u00a3m \u00a3m \u00a3m
At 30 June 2023
\u2013
11.6
11.6
Charged to the consolidated statement of comprehensive income
\u2013
(0.2)
(0.2)
At 30 June 2024
\u2013
11.4
11.4
Charged to the consolidated statement of comprehensive income
\u2013
(1.1)
(1.1)
At 30 June 2025
\u2013
10.3
10.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-486": { "value": "12) Taxation Analysis of tax charge for the year:
2025 2024
\u00a3m \u00a3m
Current tax
UK corporation tax on profits for the year
12.2
12.9
Overseas corporation tax charge
7.9
11.6
Adjustments in respect of prior years
0.1
0.8
20.2
25.3
Deferred tax
Origination and reversal of temporary differences (note 18)
3.3
4.6
Tax expense
23.5
29.9
Factors affecting tax charge for the year
2025 2024
\u00a3m \u00a3m
Profit before tax
108.6
128.1
Profit on ordinary activities multiplied by the UK tax rate of 25% (FY2024: 25%)
27.2
32.0
Effects of:
Permanent differences including non-taxable income and non-deductible expenses
1.8
4.7
Different rate of taxes on overseas profits
(3.5)
(4.9)
Non-taxable investment returns
1
 (2.1) (2.7)
Adjustments in respect of prior years
0.1
0.8
Tax expense
23.5
29.9
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:
2025 2024
\u00a3m \u00a3m
Current tax expense/(credit) on foreign exchange gains/(losses)
(0.5)
0.2
Tax expense/(credit) recognised in reserves
(0.5)
0.2
18) Deferred taxation Deferred tax assets and liabilities recognised by the Group and Company at year end are attributable to the following:
2025
2024
Other Other
temporary Share-based temporary Share-based
differences payments Total differences payments Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
5.0
11.2
16.2
6.3
12.6 18.9
Deferred tax liabilities
(9.5)
\u2013
(9.5)
(8.9)
\u2013
(8.9)
(4.5)
11.2
6.7
(2.6)
12.6 10.0
2025
2024
Other Other
temporary Share-based temporary Share-based
differences payments Total differences payments Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
\u2013
10.3
10.3
\u2013
11.4
11.4
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. Deferred tax assets on share-based payments represent tax deductible amounts on shares expected to vest in future periods, and are measured based on the market value of shares as at 30 June 2025. Movement of deferred tax balances The movement in the deferred tax balances between the balance sheet dates has been reflected in the consolidated statement of comprehensive income as follows:
Other
temporary Share-based
differences payments Total
Group \u00a3m \u00a3m \u00a3m
At 30 June 2023
1.7
12.9 14.6
Charged to the consolidated statement of comprehensive income
(3.8)
(0.3) (4.1)
Foreign exchange revaluation
(0.5)
\u2013
(0.5)
At 30 June 2024
(2.6)
12.6 10.0
Charged to the consolidated statement of comprehensive income
(1.5)
(1.4) (2.9)
Foreign exchange revaluation
(0.4)
\u2013
(0.4)
At 30 June 2025
(4.5)
11.2
6.7
Other
temporary Share-based
differences payments Total
Company \u00a3m \u00a3m \u00a3m
At 30 June 2023
\u2013
11.6
11.6
Charged to the consolidated statement of comprehensive income
\u2013
(0.2)
(0.2)
At 30 June 2024
\u2013
11.4
11.4
Charged to the consolidated statement of comprehensive income
\u2013
(1.1)
(1.1)
At 30 June 2025
\u2013
10.3
10.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-431": { "value": "
13) Earnings per share
Basic earnings per share at 30 June 2025 of 12.17 pence (30 June 2024: 13.94 pence) is calculated by dividing the profit after tax for
the financial year attributable to equity holders of the parent of \u00a381.2 million (FY2024: \u00a393.7 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 the effect of dilutive potential ordinary shares
arising from share awards. 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.
2025 2024
Number of Number of
ordinary ordinary
shares shares
Weighted average number of ordinary shares used in the calculation of basic earnings per share
667,060,639
672,458,761
Effect of dilutive potential ordinary shares
22,439,347
19,272,227
Weighted average number of ordinary shares used in the calculation of diluted earnings per share
689,499,986
691,730,988
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-432": { "value": "14) Dividends Dividends paid in the year
2025 2024
Company \u00a3m \u00a3m
Final dividend for FY2024: 12.10p (FY2023: 12.10p)
86.2
85.9
Interim dividend FY2025: 4.80p (FY2024: 4.80p)
33.9
34.0
120.1
119.9
In addition, the Group paid \u00a33.5 million (FY2024: \u00a34.5 million) of dividends to non-controlling interests. Dividends declared/proposed in respect of the year
2025 2024
Company pence pence
Interim dividend per share paid
4.80
4.80
Final dividend per share proposed
12.10
12.10
16.90
16.90
On 4 September 2025, the Board proposed a final dividend of 12.10 pence per share for the year ended 30 June 2025 (30 June 2024: 12.10 pence final dividend proposed). 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 \u00a386.0 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-6": { "value": "0.121", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-468": { "value": "
15) Goodwill
2025
2024
Group \u00a3m \u00a3m
Cost (at original exchange rate)
At the beginning of the year
70.2
70.4
Disposal
\u2013
(0.2)
At the end of the year
70.2
70.2
Net book value
At the beginning of the year
87.0
86.7
Disposal
\u2013
(0.2)
Foreign exchange revaluation through reserves
1
 (6.5) 0.5
At the end of the year
80.5
87.0
1. Foreign exchange revaluation through reserves is a result of the retranslation of US dollar-denominated goodwill.
2025 2024
Company \u00a3m \u00a3m
Cost and net book value
At the beginning of the year
4.1
4.1
At the end of the year
4.1
4.1
Goodwill impairment review
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.
The Group\u2019s goodwill is allocated to a single cash-generating unit, as described on page 116. Goodwill is tested for impairment at
least annually or whenever there is an indication that the carrying amount may not be recoverable. The key assumption used to
determine the recoverable amount is based on fair value less costs of disposal calculation using the Company\u2019s market share price.
An annual impairment review of goodwill was undertaken for the year ending 30 June 2025, and no factors indicating potential
impairment of goodwill were noted.
Based on the calculation as at 30 June 2025 using a share price of \u00a31.57, 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 15% 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-433": { "value": "15) Goodwill
2025
2024
Group \u00a3m \u00a3m
Cost (at original exchange rate)
At the beginning of the year
70.2
70.4
Disposal
\u2013
(0.2)
At the end of the year
70.2
70.2
Net book value
At the beginning of the year
87.0
86.7
Disposal
\u2013
(0.2)
Foreign exchange revaluation through reserves
1
 (6.5) 0.5
At the end of the year
80.5
87.0
1. Foreign exchange revaluation through reserves is a result of the retranslation of US dollar-denominated goodwill.
2025 2024
Company \u00a3m \u00a3m
Cost and net book value
At the beginning of the year
4.1
4.1
At the end of the year
4.1
4.1
Goodwill impairment review 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. The Group\u2019s goodwill is allocated to a single cash-generating unit, as described on page 116. Goodwill is tested for impairment at least annually or whenever there is an indication that the carrying amount may not be recoverable. The key assumption used to determine the recoverable amount is based on fair value less costs of disposal calculation using the Company\u2019s market share price. An annual impairment review of goodwill was undertaken for the year ending 30 June 2025, and no factors indicating potential impairment of goodwill were noted. Based on the calculation as at 30 June 2025 using a share price of \u00a31.57, 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 15% 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-434": { "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 Company
\u00a3m \u00a3m
Property, plant and equipment owned by the Group
1.0
0.3
Right-of-use assets
4.1
0.9
Net book value at 30 June 2025
5.1
1.2
The movement in property, plant and equipment is provided below:
2025 2024
Property, plant Property, plant
and equipment and equipment
Group \u00a3m \u00a3m
Cost
At the beginning of the year
23.6
23.0
Additions
0.9
3.9
Retirement of right-of-use assets
\u2013
(3.2)
Foreign exchange revaluation
(0.6)
(0.1)
At the end of the year
23.9
23.6
Accumulated depreciation
At the beginning of the year
16.3
16.5
Depreciation charge for the year
3.0
2.9
Retirement of right-of-use assets
\u2013
(3.0)
Foreign exchange revaluation
(0.5)
(0.1)
At the end of the year
18.8
16.3
Net book value at 30 June
5.1
7.3
2025 2024
Property, plant Property, plant
and equipment and equipment
Company \u00a3m \u00a3m
Cost
At the beginning of the year
14.4
14.2
Additions
0.1
0.2
At the end of the year
14.5
14.4
Accumulated depreciation
At the beginning of the year
11.8
10.1
Depreciation charge for year
1.5
1.7
At the end of the year
13.3
11.8
Net book value at 30 June
1.2
2.6
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.
In accordance with IFRS 16, the Group recognises a lease liability and a corresponding right-of-use asset at the commencement date
of each lease. Lease liabilities are measured as the present value of future lease payments, discounted using the Group\u2019s
incremental borrowing rate, which reflects the rate the Group would pay to borrow funds over a similar term and with similar
security. For the year ended 30 June 2025, the weighted average incremental borrowing rate applied was 5.0% (FY2024: 4.8%).
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 Lease Right-of-use Lease
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 June 2023
5.3
5.8
3.2
3.4
Additions
3.1
3.1
\u2013
\u2013
Remeasurement
(0.2)
(0.2)
\u2013
\u2013
Lease payments
\u2013
(2.5)
\u2013
(1.3)
Interest expense (note 8)
\u2013
0.3
\u2013
0.1
Depreciation charge
(2.1)
\u2013
(1.2)
\u2013
Foreign exchange revaluation through reserves
(0.1)
(0.1)
\u2013
\u2013
At 30 June 2024
6.0
6.4
2.0
2.2
Additions
0.6
0.6
\u2013
\u2013
Remeasurement
0.1
0.1
\u2013
\u2013
Lease payments
\u2013
(2.6)
\u2013
(1.3)
Interest expense (note 8)
\u2013
0.3
\u2013
0.1
Depreciation charge
(2.4)
\u2013
(1.1)
\u2013
Foreign exchange revaluation through reserves
(0.2)
(0.2)
\u2013
\u2013
At 30 June 2025
4.1
4.6
0.9
1.0
The contractual maturities on the minimum lease payments under lease liabilities are provided below:
Group
Company
30 June 30 June 30 June 30 June
2025 2024 2025 2024
Maturity analysis \u2013 contractual undiscounted cash flows \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
2.3
2.4
1.0
1.3
Between 1 and 5 years
2.0
3.9
\u2013
1.0
Later than 5 years
0.7
0.9
\u2013
\u2013
Total undiscounted lease liabilities
5.0
7.2
1.0
2.3
Lease liabilities are presented in the balance sheet as follows:
Current
2.0
1.9
1.0
1.2
Non-current
2.6
4.5
\u2013
1.0
Total lease liabilities
4.6
6.4
1.0
2.2
Amounts recognised under financing activities in the cash flow statement:
Payment of lease liabilities
2.3
2.2
1.2
1.2
Interest paid
0.3
0.3
0.1
0.1
Total cash outflow for leases
2.6
2.5
1.3
1.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-469": { "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. In accordance with IFRS 16, the Group recognises a lease liability and a corresponding right-of-use asset at the commencement date of each lease. Lease liabilities are measured as the present value of future lease payments, discounted using the Group\u2019s incremental borrowing rate, which reflects the rate the Group would pay to borrow funds over a similar term and with similar security. For the year ended 30 June 2025, the weighted average incremental borrowing rate applied was 5.0% (FY2024: 4.8%). 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 Lease Right-of-use Lease
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
At 30 June 2023
5.3
5.8
3.2
3.4
Additions
3.1
3.1
\u2013
\u2013
Remeasurement
(0.2)
(0.2)
\u2013
\u2013
Lease payments
\u2013
(2.5)
\u2013
(1.3)
Interest expense (note 8)
\u2013
0.3
\u2013
0.1
Depreciation charge
(2.1)
\u2013
(1.2)
\u2013
Foreign exchange revaluation through reserves
(0.1)
(0.1)
\u2013
\u2013
At 30 June 2024
6.0
6.4
2.0
2.2
Additions
0.6
0.6
\u2013
\u2013
Remeasurement
0.1
0.1
\u2013
\u2013
Lease payments
\u2013
(2.6)
\u2013
(1.3)
Interest expense (note 8)
\u2013
0.3
\u2013
0.1
Depreciation charge
(2.4)
\u2013
(1.1)
\u2013
Foreign exchange revaluation through reserves
(0.2)
(0.2)
\u2013
\u2013
At 30 June 2025
4.1
4.6
0.9
1.0
The contractual maturities on the minimum lease payments under lease liabilities are provided below:
Group
Company
30 June 30 June 30 June 30 June
2025 2024 2025 2024
Maturity analysis \u2013 contractual undiscounted cash flows \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
2.3
2.4
1.0
1.3
Between 1 and 5 years
2.0
3.9
\u2013
1.0
Later than 5 years
0.7
0.9
\u2013
\u2013
Total undiscounted lease liabilities
5.0
7.2
1.0
2.3
Lease liabilities are presented in the balance sheet as follows:
Current
2.0
1.9
1.0
1.2
Non-current
2.6
4.5
\u2013
1.0
Total lease liabilities
4.6
6.4
1.0
2.2
Amounts recognised under financing activities in the cash flow statement:
Payment of lease liabilities
2.3
2.2
1.2
1.2
Interest paid
0.3
0.3
0.1
0.1
Total cash outflow for leases
2.6
2.5
1.3
1.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-435": { "value": "
17) Trade and other receivables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade debtors
40.8
48.7
1.6
2.4
Prepayments
3.1
3.3
1.7
1.7
Amounts due from subsidiaries
\u2013
\u2013
26.8
31.3
Loans due from subsidiaries
\u2013
\u2013
315.7
319.7
Other receivables
5.1
8.3
3.7
6.9
Total trade and other receivables
49.0
60.3
349.5
362.0
Group trade debtors include accrued management and performance fees in respect of investment management services provided
up to 30 June 2025. Management fees are received in cash when the funds\u2019 net asset values are determined, typically every month
or every quarter. 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 2025, the assessed provision for expected credit losses was
immaterial and the Group has not recognised any credit losses in the current year (FY2024: none).
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 related to the provision of funding for seed capital
investments and cash invested by subsidiaries in daily-traded investment funds. Loans due from subsidiaries included within
non-current assets amounted to \u00a3192.5 million as at 30 June 2025 (30 June 2024: \u00a3196.3 million included within non-current assets).
The intercompany loans are repayable on demand, accrue interest at market rates and the amounts classified as current are regularly
settled during the year. 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 credit losses in the current year (FY2024: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-470": { "value": "17) Trade and other receivables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade debtors
40.8
48.7
1.6
2.4
Prepayments
3.1
3.3
1.7
1.7
Amounts due from subsidiaries
\u2013
\u2013
26.8
31.3
Loans due from subsidiaries
\u2013
\u2013
315.7
319.7
Other receivables
5.1
8.3
3.7
6.9
Total trade and other receivables
49.0
60.3
349.5
362.0
Group trade debtors include accrued management and performance fees in respect of investment management services provided up to 30 June 2025. Management fees are received in cash when the funds\u2019 net asset values are determined, typically every month or every quarter. 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 2025, the assessed provision for expected credit losses was immaterial and the Group has not recognised any credit losses in the current year (FY2024: none). 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 related to the provision of funding for seed capital investments and cash invested by subsidiaries in daily-traded investment funds. Loans due from subsidiaries included within non-current assets amounted to \u00a3192.5 million as at 30 June 2025 (30 June 2024: \u00a3196.3 million included within non-current assets). The intercompany loans are repayable on demand, accrue interest at market rates and the amounts classified as current are regularly settled during the year. 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 credit losses in the current year (FY2024: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-487": { "value": "17) Trade and other receivables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade debtors
40.8
48.7
1.6
2.4
Prepayments
3.1
3.3
1.7
1.7
Amounts due from subsidiaries
\u2013
\u2013
26.8
31.3
Loans due from subsidiaries
\u2013
\u2013
315.7
319.7
Other receivables
5.1
8.3
3.7
6.9
Total trade and other receivables
49.0
60.3
349.5
362.0
Group trade debtors include accrued management and performance fees in respect of investment management services provided up to 30 June 2025. Management fees are received in cash when the funds\u2019 net asset values are determined, typically every month or every quarter. 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 2025, the assessed provision for expected credit losses was immaterial and the Group has not recognised any credit losses in the current year (FY2024: none). 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 related to the provision of funding for seed capital investments and cash invested by subsidiaries in daily-traded investment funds. Loans due from subsidiaries included within non-current assets amounted to \u00a3192.5 million as at 30 June 2025 (30 June 2024: \u00a3196.3 million included within non-current assets). The intercompany loans are repayable on demand, accrue interest at market rates and the amounts classified as current are regularly settled during the year. 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 credit losses in the current year (FY2024: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-436": { "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 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:
2025
2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Investment securities
132.5
156.5
32.5
321.5
98.1
75.1
27.7
200.9
Financial assets at FVTPL \u2013 non-current
\u2013
33.9
32.4
66.3
\u2013
28.3
29.3
57.6
Financial assets at FVTPL \u2013 current
\u2013
17.0
\u2013
17.0
\u2013
32.8
\u2013
32.8
Derivative financial instruments
\u2013
0.9
\u2013
0.9
\u2013
0.2
\u2013
0.2
Total financial assets
132.5
208.3
64.9
405.7
98.1
136.4
57.0
291.5
Financial liabilities
Third-party interests in consolidated funds
32.0
27.4
13.9
73.3
24.9
4.0
10.5
39.4
Total financial liabilities
32.0
27.4
13.9
73.3
24.9
4.0
10.5
39.4
Financial instruments not measured at fair value
Financial assets and liabilities that are not measured at fair value include cash and cash equivalents, term deposits, 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 2025 and 2024.
Transfers between levels
During the year, investments with a carrying value of \u00a32.8 million were transferred out of level 2 into level 3 as their value was
determined based on valuation techniques that include unobservable inputs. There were no transfers between level 1 and level 2
of the fair value hierarchy during the year (FY2024: none).
Fair value measurements using significant unobservable inputs (level 3)
The following table presents the changes in level 3 financial assets and liabilities for the years ended 30 June 2025 and 2024:
Third-party
Financial assets at interests in
Investment FVTPL \u2013 non- consolidated
securities current funds
\u00a3m \u00a3m \u00a3m
At 30 June 2023
28.8
39.2
10.6
Additions
\u2013
3.2
1.2
Disposals
(7.7)
(21.0) (3.3)
Unrealised gains recognised in finance income
6.2
7.7 2.0
Unrealised gains recognised in foreign exchange reserve
0.4
0.2 \u2013
At 30 June 2024
27.7
29.3 10.5
Additions
13.1
3.4 5.9
Disposals
(21.7)
(2.6) (9.3)
Transfers in
2.8
\u2013
1.2
Unrealised gains recognised in finance income
12.3
4.0 5.6
Unrealised losses recognised in foreign exchange reserve
(1.7)
(1.7) \u2013
At 30 June 2025
32.5
32.4 13.9
Valuation of financial assets measured at fair value on a recurring basis categorised within level 3 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 2025 and 2024, and the associated sensitivity to changes in unobservable inputs to a reasonable alternative.
2025 Change in
Fair value Significant Range of Sensitivity fair value
Asset class and valuation technique \u00a3m unobservable inputs estimates factor \u00a3m
Unquoted securities
Market approach
4.1
EBITDA multiple
12x
+/- 1x
+/- 0.6
Marketability adjustment
30%
+/- 5%
-/+ 0.6
Discounted cash flow
28.4
Discount rate
10%-18%
+/- 1%
-/+ 1.0
Marketability adjustment
30%-53%
+/- 5%
-/+ 1.9
Unquoted funds
Net assets approach
32.4
NAV
1
1x
+/- 5%
+/- 1.6
Total financial assets within level 3
64.9
Third-party interests in consolidated funds
(13.9)
NAV
1
 1x
+/- 5%
-/+ 0.7
2024 Change in
Fair value Significant Range of Sensitivity fair value
Asset class and valuation technique \u00a3m unobservable inputs estimates factor \u00a3m
Unquoted securities
Market approach
5.8
EBITDA multiple
16x
+/- 1x
+/- 0.3
Marketability adjustment
30%
+/- 5%
-/+ 0.7
Discounted cash flow
20.0
Discount rate
10%-18%
+/- 1%
-/+ 1.0
Marketability adjustment
30%-54%
+/- 5%
-/+ 2.2
Unquoted funds
Net assets approach
31.2
NAV
1
1x
+/- 5%
+/- 1.6
Total financial assets within level 3
57.0
Third-party interests in consolidated funds
(10.5)
NAV
1
1x
+/- 5%
-/+ 0.5
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.
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 30 to 35.
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. The Group considers its share capital and
reserves to constitute its total capital.
Ashmore reports under IFPR 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 as at 30 June 2025,
including its regulatory requirements, is \u00a393.3 million (30 June 2024: \u00a397.0 million).
Ashmore holds total capital resources of \u00a3604.2 million as at 30 June 2025, providing an excess of \u00a3510.9 million over the Group
capital requirement (30 June 2024: \u00a3696.2 million, providing an excess of \u00a3599.2 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.
2025 2024
Notes \u00a3m \u00a3m
Cash and cash equivalents
221.1
308.0
Term deposits
127.6
203.8
Cash and deposits
348.7
511.8
Trade and other receivables
17
45.9
57.0
Total
394.6
568.8
The Group\u2019s cash and cash equivalents and term deposits are predominantly held with counterparties with credit ratings ranging
from A- to AAAm as at 30 June 2025 (30 June 2024: A to AAAm).
Term deposits have an average annual interest rate of 4.8% and average remaining maturity term of four months as at 30 June 2025.
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.
The Group produces cash flow forecasts to assist in the efficient management of the receipt and payment of liquid assets and
liabilities. The Group places surplus cash held by the operating entities over and above the amounts required for working capital
management in interest-yielding liquidity funds and term deposits. The Group ensures that liquid assets are maintained in all
regulated subsidiaries to meet regulatory requirements. The Group does not have any debt as at 30 June 2025 (30 June 2024: none).
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 2025 and 30 June 2024 based on
contractual undiscounted payments:
At 30 June 2025
More than
Within 1 year 1-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Current trade and other payables
29.9
\u2013
\u2013
29.9
Lease liabilities
2.3
2.0
0.7
5.0
Total
32.2
2.0
0.7
34.9
At 30 June 2024
More than
Within 1 year 1-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Current trade and other payables
34.2
\u2013
\u2013
34.2
Lease liabilities
2.4
3.9
0.9
7.2
Total
36.6
3.9
0.9
41.4
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.
The effective interest earned on bank balances and term deposits during the year is given in the table below:
2025 2024
% %
Deposits with banks and liquidity funds
4.77
5.18
At 30 June 2025, 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 \u00a32.1 million higher/lower (FY2024: \u00a32.4 million higher/lower), mainly as a result of
higher/lower interest on cash balances.
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 sensitivity (in absolute terms) to a 5% exchange movement in the US dollar, Colombian peso, Indonesian
rupiah, Saudi riyal and the Euro.
2025
2024
Impact on Impact on
profit Impact on profit Impact on
before tax equity before tax equity
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar +/- 5%
0.6
16.3
1.6
17.1
Colombian peso +/- 5%
0.1
1.0
0.1
0.9
Indonesian rupiah +/- 5%
\u2013
0.4
0.1
0.5
Saudi riyal +/- 5%
0.6
1.2
0.5
0.9
Euro +/- 5%
0.1
0.1
0.4
0.3
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 through consolidation of underlying results, assets and
liabilities of consolidated 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 2025, a 5% movement in the fair value of these investments would have a \u00a317.0 million (FY2024: \u00a312.9 million) impact
on profit before tax. The sensitivity information for level 3 seed capital investments is provided under note 19.
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$47.6 billion and applying the year\u2019s average net management fee rate of 35bps, a 5%
movement in AuM would have a US$8.3 million impact, equivalent to \u00a36.0 million using a year end exchange rate of 1.3704,
on management fee revenues (FY2024: US$49.3 billion and applying the year\u2019s average net management fee rate of 39bps, a 5%
movement in AuM would have a US$9.5 million impact, equivalent to \u00a37.5 million using a year end exchange rate of 1.2641,
on management fee revenues).
Hedging activities
The Company uses forward and option contracts to hedge its exposure to foreign currency risk. These hedges, which have been
assessed as effective cash flow hedges as at 30 June 2025, protect a proportion of the Group\u2019s revenue cash flows from foreign
exchange movements. The cumulative fair value of the outstanding foreign exchange hedges asset at 30 June 2025 was \u00a30.8 million
and is included within the Group\u2019s derivative financial instruments (30 June 2024: \u00a30.1 million foreign exchange hedges asset
included in derivative financial instruments).
The notional and fair values of foreign exchange hedging instruments were as follows:
2025
2024
Notional Fair value Notional Fair value
amount assets amount assets
US$m \u00a3m US$m \u00a3m
Cash flow hedges
Foreign exchange nil-cost option collars
40.0
0.8
40.0
0.1
40.0
0.8
40.0
0.1
The maturity profile of the Group\u2019s outstanding hedges is shown below.
2025 2024
Notional amount of option collars maturing: US$m US$m
Within 6 months
20.0
20.0
Between 6 and 12 months
20.0
20.0
Later than 12 months
\u2013
\u2013
40.0
40.0
When hedges are assessed as effective, intrinsic value gains and losses are initially recognised in other comprehensive income and
later reclassified to profit or loss 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 gain/(loss) related to the time value of the hedges
is recognised in profit or loss for the year.
An intrinsic value gain of \u00a30.6 million (FY2024: \u00a3nil) on the Group\u2019s hedges has been recognised through other comprehensive
income in the year and a \u00a30.2 million intrinsic value gain (FY2024: \u00a30.1 million intrinsic value loss) was reported in profit or loss within
finance exchange in the year.
Included within the net realised and unrealised hedging gain of \u00a34.1 million (note 7) recognised at 30 June 2025 (30 June 2024:
\u00a31.0 million gain) are:
\u2013 a \u00a30.3 million gain in respect of foreign exchange hedges covering net management fee income for the financial year ending
30 June 2025 (FY2024: \u00a30.1 million loss); and
\u2013 a \u00a33.8 million gain in respect of crystallised foreign exchange contracts (FY2024: \u00a31.1 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.
2025 2024
Notes \u00a3m \u00a3m
Cash and cash equivalents
6.9
20.1
Term deposits
127.5
202.0
Cash and deposits
134.4
222.1
Trade and other receivables
17
347.8
360.3
Total
482.2
582.4
The Company\u2019s cash and cash equivalents term deposits are held with counterparties which have credit ratings ranging from A-
to AAAm as at 30 June 2025 (30 June 2024: A to AAAm).
Term deposits have an average annual interest rate of 4.8% and average remaining maturity term of four months as at 30 June 2025.
All trade and other receivables are considered to be fully recoverable and none were overdue at year end (30 June 2024: 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.
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.
The effective interest earned on bank balances and term deposits during the year is given in the table below:
2025 2024
% %
Deposits with banks and liquidity funds
5.21
5.73
At 30 June 2025, 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 \u00a30.9 million higher/lower (FY2024: \u00a31.4 million higher/lower), mainly as a result of
higher/lower interest on cash balances.
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 2025, if the US dollar had strengthened/weakened by 5% against Sterling with all other variables held constant, profit
before tax for the year would have increased/decreased by \u00a315.9 million (FY2024: increased/decreased by \u00a316.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-471": { "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 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:
2025
2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Investment securities
132.5
156.5
32.5
321.5
98.1
75.1
27.7
200.9
Financial assets at FVTPL \u2013 non-current
\u2013
33.9
32.4
66.3
\u2013
28.3
29.3
57.6
Financial assets at FVTPL \u2013 current
\u2013
17.0
\u2013
17.0
\u2013
32.8
\u2013
32.8
Derivative financial instruments
\u2013
0.9
\u2013
0.9
\u2013
0.2
\u2013
0.2
Total financial assets
132.5
208.3
64.9
405.7
98.1
136.4
57.0
291.5
Financial liabilities
Third-party interests in consolidated funds
32.0
27.4
13.9
73.3
24.9
4.0
10.5
39.4
Total financial liabilities
32.0
27.4
13.9
73.3
24.9
4.0
10.5
39.4
Financial instruments not measured at fair value Financial assets and liabilities that are not measured at fair value include cash and cash equivalents, term deposits, 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 2025 and 2024. Transfers between levels During the year, investments with a carrying value of \u00a32.8 million were transferred out of level 2 into level 3 as their value was determined based on valuation techniques that include unobservable inputs. There were no transfers between level 1 and level 2 of the fair value hierarchy during the year (FY2024: none). Fair value measurements using significant unobservable inputs (level 3) The following table presents the changes in level 3 financial assets and liabilities for the years ended 30 June 2025 and 2024:
Third-party
Financial assets at interests in
Investment FVTPL \u2013 non- consolidated
securities current funds
\u00a3m \u00a3m \u00a3m
At 30 June 2023
28.8
39.2
10.6
Additions
\u2013
3.2
1.2
Disposals
(7.7)
(21.0) (3.3)
Unrealised gains recognised in finance income
6.2
7.7 2.0
Unrealised gains recognised in foreign exchange reserve
0.4
0.2 \u2013
At 30 June 2024
27.7
29.3 10.5
Additions
13.1
3.4 5.9
Disposals
(21.7)
(2.6) (9.3)
Transfers in
2.8
\u2013
1.2
Unrealised gains recognised in finance income
12.3
4.0 5.6
Unrealised losses recognised in foreign exchange reserve
(1.7)
(1.7) \u2013
At 30 June 2025
32.5
32.4 13.9
Valuation of financial assets measured at fair value on a recurring basis categorised within level 3
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 2025 and 2024, and the associated sensitivity to changes in unobservable inputs to a
reasonable alternative.
2025 Change in
Fair value Significant Range of Sensitivity fair value
Asset class and valuation technique \u00a3m unobservable inputs estimates factor \u00a3m
Unquoted securities
Market approach
4.1
EBITDA multiple
12x
+/- 1x
+/- 0.6
Marketability adjustment
30%
+/- 5%
-/+ 0.6
Discounted cash flow
28.4
Discount rate
10%-18%
+/- 1%
-/+ 1.0
Marketability adjustment
30%-53%
+/- 5%
-/+ 1.9
Unquoted funds
Net assets approach
32.4
NAV
1
1x
+/- 5%
+/- 1.6
Total financial assets within level 3
64.9
Third-party interests in consolidated funds
(13.9)
NAV
1
 1x
+/- 5%
-/+ 0.7
2024 Change in
Fair value Significant Range of Sensitivity fair value
Asset class and valuation technique \u00a3m unobservable inputs estimates factor \u00a3m
Unquoted securities
Market approach
5.8
EBITDA multiple
16x
+/- 1x
+/- 0.3
Marketability adjustment
30%
+/- 5%
-/+ 0.7
Discounted cash flow
20.0
Discount rate
10%-18%
+/- 1%
-/+ 1.0
Marketability adjustment
30%-54%
+/- 5%
-/+ 2.2
Unquoted funds
Net assets approach
31.2
NAV
1
1x
+/- 5%
+/- 1.6
Total financial assets within level 3
57.0
Third-party interests in consolidated funds
(10.5)
NAV
1
1x
+/- 5%
-/+ 0.5
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-488": { "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 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:
2025
2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Investment securities
132.5
156.5
32.5
321.5
98.1
75.1
27.7
200.9
Financial assets at FVTPL \u2013 non-current
\u2013
33.9
32.4
66.3
\u2013
28.3
29.3
57.6
Financial assets at FVTPL \u2013 current
\u2013
17.0
\u2013
17.0
\u2013
32.8
\u2013
32.8
Derivative financial instruments
\u2013
0.9
\u2013
0.9
\u2013
0.2
\u2013
0.2
Total financial assets
132.5
208.3
64.9
405.7
98.1
136.4
57.0
291.5
Financial liabilities
Third-party interests in consolidated funds
32.0
27.4
13.9
73.3
24.9
4.0
10.5
39.4
Total financial liabilities
32.0
27.4
13.9
73.3
24.9
4.0
10.5
39.4
Financial instruments not measured at fair value Financial assets and liabilities that are not measured at fair value include cash and cash equivalents, term deposits, 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 2025 and 2024. Transfers between levels During the year, investments with a carrying value of \u00a32.8 million were transferred out of level 2 into level 3 as their value was determined based on valuation techniques that include unobservable inputs. There were no transfers between level 1 and level 2 of the fair value hierarchy during the year (FY2024: none). Fair value measurements using significant unobservable inputs (level 3) The following table presents the changes in level 3 financial assets and liabilities for the years ended 30 June 2025 and 2024:
Third-party
Financial assets at interests in
Investment FVTPL \u2013 non- consolidated
securities current funds
\u00a3m \u00a3m \u00a3m
At 30 June 2023
28.8
39.2
10.6
Additions
\u2013
3.2
1.2
Disposals
(7.7)
(21.0) (3.3)
Unrealised gains recognised in finance income
6.2
7.7 2.0
Unrealised gains recognised in foreign exchange reserve
0.4
0.2 \u2013
At 30 June 2024
27.7
29.3 10.5
Additions
13.1
3.4 5.9
Disposals
(21.7)
(2.6) (9.3)
Transfers in
2.8
\u2013
1.2
Unrealised gains recognised in finance income
12.3
4.0 5.6
Unrealised losses recognised in foreign exchange reserve
(1.7)
(1.7) \u2013
At 30 June 2025
32.5
32.4 13.9
Valuation of financial assets measured at fair value on a recurring basis categorised within level 3 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 2025 and 2024, and the associated sensitivity to changes in unobservable inputs to a reasonable alternative.
2025 Change in
Fair value Significant Range of Sensitivity fair value
Asset class and valuation technique \u00a3m unobservable inputs estimates factor \u00a3m
Unquoted securities
Market approach
4.1
EBITDA multiple
12x
+/- 1x
+/- 0.6
Marketability adjustment
30%
+/- 5%
-/+ 0.6
Discounted cash flow
28.4
Discount rate
10%-18%
+/- 1%
-/+ 1.0
Marketability adjustment
30%-53%
+/- 5%
-/+ 1.9
Unquoted funds
Net assets approach
32.4
NAV
1
1x
+/- 5%
+/- 1.6
Total financial assets within level 3
64.9
Third-party interests in consolidated funds
(13.9)
NAV
1
 1x
+/- 5%
-/+ 0.7
2024 Change in
Fair value Significant Range of Sensitivity fair value
Asset class and valuation technique \u00a3m unobservable inputs estimates factor \u00a3m
Unquoted securities
Market approach
5.8
EBITDA multiple
16x
+/- 1x
+/- 0.3
Marketability adjustment
30%
+/- 5%
-/+ 0.7
Discounted cash flow
20.0
Discount rate
10%-18%
+/- 1%
-/+ 1.0
Marketability adjustment
30%-54%
+/- 5%
-/+ 2.2
Unquoted funds
Net assets approach
31.2
NAV
1
1x
+/- 5%
+/- 1.6
Total financial assets within level 3
57.0
Third-party interests in consolidated funds
(10.5)
NAV
1
1x
+/- 5%
-/+ 0.5
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-499": { "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 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:
2025
2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Investment securities
132.5
156.5
32.5
321.5
98.1
75.1
27.7
200.9
Financial assets at FVTPL \u2013 non-current
\u2013
33.9
32.4
66.3
\u2013
28.3
29.3
57.6
Financial assets at FVTPL \u2013 current
\u2013
17.0
\u2013
17.0
\u2013
32.8
\u2013
32.8
Derivative financial instruments
\u2013
0.9
\u2013
0.9
\u2013
0.2
\u2013
0.2
Total financial assets
132.5
208.3
64.9
405.7
98.1
136.4
57.0
291.5
Financial liabilities
Third-party interests in consolidated funds
32.0
27.4
13.9
73.3
24.9
4.0
10.5
39.4
Total financial liabilities
32.0
27.4
13.9
73.3
24.9
4.0
10.5
39.4
Financial instruments not measured at fair value Financial assets and liabilities that are not measured at fair value include cash and cash equivalents, term deposits, 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 2025 and 2024. Transfers between levels During the year, investments with a carrying value of \u00a32.8 million were transferred out of level 2 into level 3 as their value was determined based on valuation techniques that include unobservable inputs. There were no transfers between level 1 and level 2 of the fair value hierarchy during the year (FY2024: none). Fair value measurements using significant unobservable inputs (level 3) The following table presents the changes in level 3 financial assets and liabilities for the years ended 30 June 2025 and 2024:
Third-party
Financial assets at interests in
Investment FVTPL \u2013 non- consolidated
securities current funds
\u00a3m \u00a3m \u00a3m
At 30 June 2023
28.8
39.2
10.6
Additions
\u2013
3.2
1.2
Disposals
(7.7)
(21.0) (3.3)
Unrealised gains recognised in finance income
6.2
7.7 2.0
Unrealised gains recognised in foreign exchange reserve
0.4
0.2 \u2013
At 30 June 2024
27.7
29.3 10.5
Additions
13.1
3.4 5.9
Disposals
(21.7)
(2.6) (9.3)
Transfers in
2.8
\u2013
1.2
Unrealised gains recognised in finance income
12.3
4.0 5.6
Unrealised losses recognised in foreign exchange reserve
(1.7)
(1.7) \u2013
At 30 June 2025
32.5
32.4 13.9
Valuation of financial assets measured at fair value on a recurring basis categorised within level 3 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 2025 and 2024, and the associated sensitivity to changes in unobservable inputs to a reasonable alternative.
2025 Change in
Fair value Significant Range of Sensitivity fair value
Asset class and valuation technique \u00a3m unobservable inputs estimates factor \u00a3m
Unquoted securities
Market approach
4.1
EBITDA multiple
12x
+/- 1x
+/- 0.6
Marketability adjustment
30%
+/- 5%
-/+ 0.6
Discounted cash flow
28.4
Discount rate
10%-18%
+/- 1%
-/+ 1.0
Marketability adjustment
30%-53%
+/- 5%
-/+ 1.9
Unquoted funds
Net assets approach
32.4
NAV
1
1x
+/- 5%
+/- 1.6
Total financial assets within level 3
64.9
Third-party interests in consolidated funds
(13.9)
NAV
1
 1x
+/- 5%
-/+ 0.7
2024 Change in
Fair value Significant Range of Sensitivity fair value
Asset class and valuation technique \u00a3m unobservable inputs estimates factor \u00a3m
Unquoted securities
Market approach
5.8
EBITDA multiple
16x
+/- 1x
+/- 0.3
Marketability adjustment
30%
+/- 5%
-/+ 0.7
Discounted cash flow
20.0
Discount rate
10%-18%
+/- 1%
-/+ 1.0
Marketability adjustment
30%-54%
+/- 5%
-/+ 2.2
Unquoted funds
Net assets approach
31.2
NAV
1
1x
+/- 5%
+/- 1.6
Total financial assets within level 3
57.0
Third-party interests in consolidated funds
(10.5)
NAV
1
1x
+/- 5%
-/+ 0.5
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-437": { "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:
Investment
Financial securities Other Third-party Financial
assets (relating to (relating to interests in assets at
at FVTPL \u2013 consolidated consolidated consolidated FVTPL \u2013 non-
current funds)
funds)
1
funds current Total
Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Carrying amount at 30 June 2023
55.8
229.9 10.6 (56.2) 51.4 291.5
Transfers from consolidated funds to FVTPL
18.1
(21.0) \u2013 2.9 \u2013 \u2013
Transfers from FVTPL to consolidated funds
(21.4)
23.4 \u2013 (2.0) \u2013 \u2013
Additions
9.5
\u2013
\u2013
(0.4) 4.2 13.3
Disposals
(33.4)
(29.0) \u2013 12.1 (18.4) (68.7)
Fair value movement
4.2
(2.4) (4.6) 4.2 20.1 21.5
Carrying amount at 30 June 2024
32.8
200.9 6.0 (39.4) 57.3 257.6
Transfers from FVTPL to consolidated funds
(69.5)
88.5 1.9 (19.9) (1.0) \u2013
Additions
61.6
63.1 \u2013 (22.8) 11.1 113.0
Disposals
(10.1)
(51.7) \u2013 17.3 (2.1) (46.6)
Fair value movement
2.2
20.7
\u2013
(8.5)
1.0 15.4
Carrying amount at 30 June 2025
17.0
321.5 7.9 (73.3) 66.3 339.4
1. Includes cash and other assets held by consolidated funds that are not investment securities, see note 20(c). a) Financial assets at FVTPL \u2013 current Where Group companies invest seed capital into funds managed by the Group and the Group concludes it does not have control over the fund, the interests in the funds are recognised as financial assets and measured at FVTPL. If the Group retains control over the fund in accordance with the requirements of IFRS 10, the seed capital investment will cease to be classified as a financial asset, and will be consolidated line by line after it is assessed and concluded that the Group has control over the investment fund. 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. During the year three funds with an aggregate value of \u00a370.5 million (FY2024: four funds with aggregate value of \u00a321.4 million) were transferred from the FVTPL category to consolidated funds as they met the control requirements under IFRS 10. FVTPL investments at 30 June 2025 comprise shares held in debt and equity funds as follows:
2025 2024
\u00a3m \u00a3m
Equity funds
13.5
23.5
Debt funds
3.5
9.3
Total
17.0
32.8
Included within finance income are gains of \u00a32.2 million (FY2024: gains of \u00a34.7 million) on the Group\u2019s financial assets measured at FVTPL. b) Financial assets at FVTPL \u2013 non-current Non-current financial assets include the Group\u2019s interests in funds that are expected to be realised within a period longer than 12 months from the balance sheet date.
2025 2024
\u00a3m \u00a3m
Infrastructure funds
27.8
25.0
Debt funds
33.9
27.3
Other funds
4.6
5.0
Total
66.3
57.3
Included within finance income are gains of \u00a37.1 million (FY2024: gains of \u00a319.1 million) on the Group\u2019s non-current financial assets measured at fair value.
c) Consolidated funds
The Group has consolidated 24 investment funds as at 30 June 2025 (30 June 2024: 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 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 fund assets and liabilities
consolidated by the Group.
2025 2024
\u00a3m \u00a3m
Investment securities
1
321.5
200.9
Cash and cash equivalents
8.0
6.1
Other
2
 (0.1) (0.1)
Third-party interests in consolidated funds
(73.3)
(39.4)
Consolidated seed capital investments
256.1
167.5
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 gains of \u00a329.9 million (FY2024: net losses of
\u00a34.7 million) relating to the results of the consolidated funds for the year, as follows:
2025 2024
\u00a3m \u00a3m
Fair value gains/(losses) on investment securities
13.7
(30.5)
Third-party interests\u2019 share of (gains)/losses in consolidated funds
(1.9)
13.3
Net gains/(losses) on investment securities
11.8
(17.2)
Investment income
20.5
13.9
Audit fees
(0.3)
(0.2)
Operating expenses
(2.1)
(1.2)
Net gains/(losses) on consolidated funds
29.9
(4.7)
Included in the Group\u2019s cash generated from operations is \u00a32.4 million cash utilised in operations (FY2024: \u00a31.0 million cash utilised
in operations) relating to consolidated funds.
As of 30 June 2025, the Group\u2019s consolidated funds were domiciled in Guernsey, Luxembourg, Indonesia, India and the
United States.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-472": { "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 30 to 35. 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. The Group considers its share capital and reserves to constitute its total capital. Ashmore reports under IFPR 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 as at 30 June 2025, including its regulatory requirements, is \u00a393.3 million (30 June 2024: \u00a397.0 million). Ashmore holds total capital resources of \u00a3604.2 million as at 30 June 2025, providing an excess of \u00a3510.9 million over the Group capital requirement (30 June 2024: \u00a3696.2 million, providing an excess of \u00a3599.2 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.
2025 2024
Notes \u00a3m \u00a3m
Cash and cash equivalents
221.1
308.0
Term deposits
127.6
203.8
Cash and deposits
348.7
511.8
Trade and other receivables
17
45.9
57.0
Total
394.6
568.8
The Group\u2019s cash and cash equivalents and term deposits are predominantly held with counterparties with credit ratings ranging from A- to AAAm as at 30 June 2025 (30 June 2024: A to AAAm). Term deposits have an average annual interest rate of 4.8% and average remaining maturity term of four months as at 30 June 2025. 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. The Group produces cash flow forecasts to assist in the efficient management of the receipt and payment of liquid assets and liabilities. The Group places surplus cash held by the operating entities over and above the amounts required for working capital management in interest-yielding liquidity funds and term deposits. The Group ensures that liquid assets are maintained in all regulated subsidiaries to meet regulatory requirements. The Group does not have any debt as at 30 June 2025 (30 June 2024: none). 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 2025 and 30 June 2024 based on contractual undiscounted payments: At 30 June 2025
More than
Within 1 year 1-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Current trade and other payables
29.9
\u2013
\u2013
29.9
Lease liabilities
2.3
2.0
0.7
5.0
Total
32.2
2.0
0.7
34.9
At 30 June 2024
More than
Within 1 year 1-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Current trade and other payables
34.2
\u2013
\u2013
34.2
Lease liabilities
2.4
3.9
0.9
7.2
Total
36.6
3.9
0.9
41.4
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. The effective interest earned on bank balances and term deposits during the year is given in the table below:
2025 2024
% %
Deposits with banks and liquidity funds
4.77
5.18
At 30 June 2025, 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 \u00a32.1 million higher/lower (FY2024: \u00a32.4 million higher/lower), mainly as a result of higher/lower interest on cash balances. 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 sensitivity (in absolute terms) to a 5% exchange movement in the US dollar, Colombian peso, Indonesian rupiah, Saudi riyal and the Euro.
2025
2024
Impact on Impact on
profit Impact on profit Impact on
before tax equity before tax equity
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar +/- 5%
0.6
16.3
1.6
17.1
Colombian peso +/- 5%
0.1
1.0
0.1
0.9
Indonesian rupiah +/- 5%
\u2013
0.4
0.1
0.5
Saudi riyal +/- 5%
0.6
1.2
0.5
0.9
Euro +/- 5%
0.1
0.1
0.4
0.3
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 through consolidation of underlying results, assets and liabilities of consolidated 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 2025, a 5% movement in the fair value of these investments would have a \u00a317.0 million (FY2024: \u00a312.9 million) impact on profit before tax. The sensitivity information for level 3 seed capital investments is provided under note 19. 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$47.6 billion and applying the year\u2019s average net management fee rate of 35bps, a 5% movement in AuM would have a US$8.3 million impact, equivalent to \u00a36.0 million using a year end exchange rate of 1.3704, on management fee revenues (FY2024: US$49.3 billion and applying the year\u2019s average net management fee rate of 39bps, a 5% movement in AuM would have a US$9.5 million impact, equivalent to \u00a37.5 million using a year end exchange rate of 1.2641, on management fee revenues). Hedging activities The Company uses forward and option contracts to hedge its exposure to foreign currency risk. These hedges, which have been assessed as effective cash flow hedges as at 30 June 2025, protect a proportion of the Group\u2019s revenue cash flows from foreign exchange movements. The cumulative fair value of the outstanding foreign exchange hedges asset at 30 June 2025 was \u00a30.8 million and is included within the Group\u2019s derivative financial instruments (30 June 2024: \u00a30.1 million foreign exchange hedges asset included in derivative financial instruments). The notional and fair values of foreign exchange hedging instruments were as follows:
2025
2024
Notional Fair value Notional Fair value
amount assets amount assets
US$m \u00a3m US$m \u00a3m
Cash flow hedges
Foreign exchange nil-cost option collars
40.0
0.8
40.0
0.1
40.0
0.8
40.0
0.1
The maturity profile of the Group\u2019s outstanding hedges is shown below.
2025 2024
Notional amount of option collars maturing: US$m US$m
Within 6 months
20.0
20.0
Between 6 and 12 months
20.0
20.0
Later than 12 months
\u2013
\u2013
40.0
40.0
When hedges are assessed as effective, intrinsic value gains and losses are initially recognised in other comprehensive income and later reclassified to profit or loss 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 gain/(loss) related to the time value of the hedges is recognised in profit or loss for the year. An intrinsic value gain of \u00a30.6 million (FY2024: \u00a3nil) on the Group\u2019s hedges has been recognised through other comprehensive income in the year and a \u00a30.2 million intrinsic value gain (FY2024: \u00a30.1 million intrinsic value loss) was reported in profit or loss within finance exchange in the year. Included within the net realised and unrealised hedging gain of \u00a34.1 million (note 7) recognised at 30 June 2025 (30 June 2024: \u00a31.0 million gain) are: \u2013 a \u00a30.3 million gain in respect of foreign exchange hedges covering net management fee income for the financial year ending 30 June 2025 (FY2024: \u00a30.1 million loss); and \u2013 a \u00a33.8 million gain in respect of crystallised foreign exchange contracts (FY2024: \u00a31.1 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.
2025 2024
Notes \u00a3m \u00a3m
Cash and cash equivalents
6.9
20.1
Term deposits
127.5
202.0
Cash and deposits
134.4
222.1
Trade and other receivables
17
347.8
360.3
Total
482.2
582.4
The Company\u2019s cash and cash equivalents term deposits are held with counterparties which have credit ratings ranging from A- to AAAm as at 30 June 2025 (30 June 2024: A to AAAm). Term deposits have an average annual interest rate of 4.8% and average remaining maturity term of four months as at 30 June 2025. All trade and other receivables are considered to be fully recoverable and none were overdue at year end (30 June 2024: 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. 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. The effective interest earned on bank balances and term deposits during the year is given in the table below:
2025 2024
% %
Deposits with banks and liquidity funds
5.21
5.73
At 30 June 2025, 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 \u00a30.9 million higher/lower (FY2024: \u00a31.4 million higher/lower), mainly as a result of higher/lower interest on cash balances. 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 2025, if the US dollar had strengthened/weakened by 5% against Sterling with all other variables held constant, profit before tax for the year would have increased/decreased by \u00a315.9 million (FY2024: increased/decreased by \u00a316.5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-489": { "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. The Group considers its share capital and reserves to constitute its total capital. Ashmore reports under IFPR 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 as at 30 June 2025, including its regulatory requirements, is \u00a393.3 million (30 June 2024: \u00a397.0 million). Ashmore holds total capital resources of \u00a3604.2 million as at 30 June 2025, providing an excess of \u00a3510.9 million over the Group capital requirement (30 June 2024: \u00a3696.2 million, providing an excess of \u00a3599.2 million over the Group capital requirement). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-490": { "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.
2025 2024
Notes \u00a3m \u00a3m
Cash and cash equivalents
221.1
308.0
Term deposits
127.6
203.8
Cash and deposits
348.7
511.8
Trade and other receivables
17
45.9
57.0
Total
394.6
568.8
The Group\u2019s cash and cash equivalents and term deposits are predominantly held with counterparties with credit ratings ranging from A- to AAAm as at 30 June 2025 (30 June 2024: A to AAAm). Term deposits have an average annual interest rate of 4.8% and average remaining maturity term of four months as at 30 June 2025. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-491": { "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. The Group produces cash flow forecasts to assist in the efficient management of the receipt and payment of liquid assets and liabilities. The Group places surplus cash held by the operating entities over and above the amounts required for working capital management in interest-yielding liquidity funds and term deposits. The Group ensures that liquid assets are maintained in all regulated subsidiaries to meet regulatory requirements. The Group does not have any debt as at 30 June 2025 (30 June 2024: none). 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 2025 and 30 June 2024 based on contractual undiscounted payments: At 30 June 2025
More than
Within 1 year 1-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Current trade and other payables
29.9
\u2013
\u2013
29.9
Lease liabilities
2.3
2.0
0.7
5.0
Total
32.2
2.0
0.7
34.9
At 30 June 2024
More than
Within 1 year 1-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Current trade and other payables
34.2
\u2013
\u2013
34.2
Lease liabilities
2.4
3.9
0.9
7.2
Total
36.6
3.9
0.9
41.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-492": { "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. The effective interest earned on bank balances and term deposits during the year is given in the table below:
2025 2024
% %
Deposits with banks and liquidity funds
4.77
5.18
At 30 June 2025, 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 \u00a32.1 million higher/lower (FY2024: \u00a32.4 million higher/lower), mainly as a result of higher/lower interest on cash balances. 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 sensitivity (in absolute terms) to a 5% exchange movement in the US dollar, Colombian peso, Indonesian rupiah, Saudi riyal and the Euro.
2025
2024
Impact on Impact on
profit Impact on profit Impact on
before tax equity before tax equity
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar +/- 5%
0.6
16.3
1.6
17.1
Colombian peso +/- 5%
0.1
1.0
0.1
0.9
Indonesian rupiah +/- 5%
\u2013
0.4
0.1
0.5
Saudi riyal +/- 5%
0.6
1.2
0.5
0.9
Euro +/- 5%
0.1
0.1
0.4
0.3
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 through consolidation of underlying results, assets and liabilities of consolidated 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 2025, a 5% movement in the fair value of these investments would have a \u00a317.0 million (FY2024: \u00a312.9 million) impact on profit before tax. The sensitivity information for level 3 seed capital investments is provided under note 19. 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$47.6 billion and applying the year\u2019s average net management fee rate of 35bps, a 5% movement in AuM would have a US$8.3 million impact, equivalent to \u00a36.0 million using a year end exchange rate of 1.3704, on management fee revenues (FY2024: US$49.3 billion and applying the year\u2019s average net management fee rate of 39bps, a 5% movement in AuM would have a US$9.5 million impact, equivalent to \u00a37.5 million using a year end exchange rate of 1.2641, on management fee revenues). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-493": { "value": "Hedging activities The Company uses forward and option contracts to hedge its exposure to foreign currency risk. These hedges, which have been assessed as effective cash flow hedges as at 30 June 2025, protect a proportion of the Group\u2019s revenue cash flows from foreign exchange movements. The cumulative fair value of the outstanding foreign exchange hedges asset at 30 June 2025 was \u00a30.8 million and is included within the Group\u2019s derivative financial instruments (30 June 2024: \u00a30.1 million foreign exchange hedges asset included in derivative financial instruments). The notional and fair values of foreign exchange hedging instruments were as follows:
2025
2024
Notional Fair value Notional Fair value
amount assets amount assets
US$m \u00a3m US$m \u00a3m
Cash flow hedges
Foreign exchange nil-cost option collars
40.0
0.8
40.0
0.1
40.0
0.8
40.0
0.1
The maturity profile of the Group\u2019s outstanding hedges is shown below.
2025 2024
Notional amount of option collars maturing: US$m US$m
Within 6 months
20.0
20.0
Between 6 and 12 months
20.0
20.0
Later than 12 months
\u2013
\u2013
40.0
40.0
When hedges are assessed as effective, intrinsic value gains and losses are initially recognised in other comprehensive income and later reclassified to profit or loss 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 gain/(loss) related to the time value of the hedges is recognised in profit or loss for the year. An intrinsic value gain of \u00a30.6 million (FY2024: \u00a3nil) on the Group\u2019s hedges has been recognised through other comprehensive income in the year and a \u00a30.2 million intrinsic value gain (FY2024: \u00a30.1 million intrinsic value loss) was reported in profit or loss within finance exchange in the year. Included within the net realised and unrealised hedging gain of \u00a34.1 million (note 7) recognised at 30 June 2025 (30 June 2024: \u00a31.0 million gain) are: \u2013 a \u00a30.3 million gain in respect of foreign exchange hedges covering net management fee income for the financial year ending 30 June 2025 (FY2024: \u00a30.1 million loss); and \u2013 a \u00a33.8 million gain in respect of crystallised foreign exchange contracts (FY2024: \u00a31.1 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-439": { "value": "22) Share capital Authorised share capital
2025 2025 2024 2024
Number of Nominal value Number Nominal value
Group and Company shares \u00a3\u2019000 of shares \u00a3\u2019000
Ordinary shares of 0.01p each
900,000,000
90
900,000,000
90
Issued share capital \u2013 allotted and fully paid
2025 2025 2024 2024
Number of Nominal value Number Nominal value
Group and Company shares \u00a3\u2019000 of shares \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 2025, there were equity-settled share awards issued under the Omnibus Plan totalling 53,241,729 (30 June 2024: 47,014,898) shares that have release dates ranging from September 2025 to October 2029. Further details are provided in note 10. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-473": { "value": "22) Share capital Authorised share capital
2025 2025 2024 2024
Number of Nominal value Number Nominal value
Group and Company shares \u00a3\u2019000 of shares \u00a3\u2019000
Ordinary shares of 0.01p each
900,000,000
90
900,000,000
90
Issued share capital \u2013 allotted and fully paid
2025 2025 2024 2024
Number of Nominal value Number Nominal value
Group and Company shares \u00a3\u2019000 of shares \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 2025, there were equity-settled share awards issued under the Omnibus Plan totalling 53,241,729 (30 June 2024: 47,014,898) shares that have release dates ranging from September 2025 to October 2029. Further details are provided in note 10. 23) Own shares The Trustees of the Ashmore Group plc 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 2025, the EBT owned 60,817,341 (30 June 2024: 49,481,410) ordinary shares of 0.01p with a nominal value of \u00a36,082 (30 June 2024: \u00a34,948) and shareholders\u2019 funds are reduced by \u00a3154.6 million (30 June 2024: \u00a3149.5 million) in this respect. The EBT is periodically funded by the Company for these purposes.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-438": { "value": "
23) Own shares
The Trustees of the Ashmore Group plc 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 2025, the EBT owned 60,817,341 (30 June 2024: 49,481,410) ordinary
shares of 0.01p with a nominal value of \u00a36,082 (30 June 2024: \u00a34,948) and shareholders\u2019 funds are reduced by \u00a3154.6 million
(30 June 2024: \u00a3149.5 million) in this respect. The EBT is periodically funded by the Company for these purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-440": { "value": "
24) Trade and other payables
Group
Group
Company
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade payables
17.0
15.5
2.9
3.4
Accruals and provisions
12.9
18.7
3.1
9.1
Amounts due to subsidiaries
\u2013
\u2013
8.3
11.1
Total trade and other payables
29.9
34.2
14.3
23.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-494": { "value": "24) Trade and other payables
Group
Group
Company
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade payables
17.0
15.5
2.9
3.4
Accruals and provisions
12.9
18.7
3.1
9.1
Amounts due to subsidiaries
\u2013
\u2013
8.3
11.1
Total trade and other payables
29.9
34.2
14.3
23.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-474": { "value": "24) Trade and other payables
Group
Group
Company
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade payables
17.0
15.5
2.9
3.4
Accruals and provisions
12.9
18.7
3.1
9.1
Amounts due to subsidiaries
\u2013
\u2013
8.3
11.1
Total trade and other payables
29.9
34.2
14.3
23.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-441": { "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.
2025 2024
Company \u00a3m \u00a3m
Cost
At 30 June 2025 and 2024
19.9
19.9
In the opinion of the Directors, the following subsidiary undertakings principally affected the Group\u2019s results or balance sheet at 30 June 2025. A full list of the Group\u2019s subsidiaries and all related undertakings is disclosed in note 33.
Country of
incorporation/
formation and % of equity
principal place of shares held
Name
operation 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
57.73
Ashmore CAF-AM Management Company SAS
Colombia
52.58
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
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 24 investment funds as at 30 June 2025 (30 June 2024: 18 investment funds) over which the Group is deemed to have control:
Country of
incorporation/ Proportion of
principal place of ownership
Name Type of fund operation interest %
Ashmore Emerging Markets Debt and Currency Fund Limited
Alternatives
Guernsey
57.15
Ashmore SICAV Emerging Markets Equity Ex China Fund
Equity
Luxembourg
49.17
Ashmore SICAV Emerging Markets India Equity Fund
Equity
Luxembourg
93.63
Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund
Equity
Luxembourg
47.47
Ashmore SICAV Emerging Markets Middle East Equity Fund
Equity
Luxembourg
86.59
Ashmore SICAV Emerging Markets Shariah Active Equity Fund
Equity
Luxembourg
78.02
Ashmore SICAV Emerging Markets Indonesian Equity Fund
Equity
Luxembourg
100.00
Ashmore SICAV Emerging Markets Mexico Equity Fund
Equity
Luxembourg
100.00
Ashmore SICAV Emerging Markets Sovereign Debt Fund
External Debt
Luxembourg
70.69
Ashmore SICAV Emerging Markets Investment Grade Total Return Fund
Blended debt
Luxembourg
100.00
Ashmore SICAV Emerging Markets Total Return Debt Fund 2
Blended debt
Luxembourg
100.00
Ashmore SICAV Emerging Markets Frontier Blended Debt Fund
Blended debt
Luxembourg
69.20
Ashmore SICAV Emerging Markets Impact Debt Fund
Blended Debt
Luxembourg
100.00
Ashmore SICAV Emerging Markets Local Currency Bond Fund 2
Local currency
Luxembourg
100.00
Ashmore Dana USD Fixed Income
Local currency
Indonesia
41.39
Ashmore Dana Pasar Uang Syariah
Local currency
Indonesia
83.18
Ashmore India Equities Fund
Equity
India
80.31
Ashmore Emerging Markets Local Currency Bond Fund
Local currency
USA
96.01
Ashmore Emerging Markets Active Equity Fund
Equity
USA
94.77
Ashmore Emerging Markets Equity ESG Fund
Equity
USA
100.00
Ashmore Emerging Markets Equity Ex China Fund
Equity
USA
100.00
Ashmore EM Equity Fund LP
Equity
USA
100.00
Ashmore EM Active Equity Fund LP
Equity
USA
100.00
Ashmore Emerging Markets Debt Fund
Corporate debt
USA
100.00
33) Subsidiaries and related undertakings
The following is a full list of the Ashmore Group plc subsidiaries and related undertakings as at 30 June 2025, along with the
registered address and the percentage of equity owned by the Group. Related undertakings comprise significant holdings in
associated undertakings and Ashmore sponsored public funds in which the Group owns greater than 20% interest.
% voting
Name
Classification
interest
Registered address and place of incorporation
Ashmore Investments (UK) Limited
1
Subsidiary
100.00
61 Aldwych, London WC2B 4AE
Ashmore Investment Management Limited
Subsidiary
100.00
United Kingdom
Ashmore Investment Advisors Limited
Subsidiary
100.00
Aldwych Administration Services Limited (dormant)
Subsidiary
100.00
Ashmore Asset Management Limited (dormant)
Subsidiary
100.00
Ashmore Investment Management (Ireland) Limited
Subsidiary
100.00
32 Molesworth Street, Dublin 2, D02
Y512, Ireland
Ashmore Group plc 2024 Employee Benefit Trust
Subsidiary
100.00
First Floor, Le Marchant House,
Le Truchot, St. Peter Port, GY1 1GR,
Channel Islands, Guernsey
Ashmore Investment Management India LLP
Subsidiary
100.00
Units 206, 207, 208
Ceejay House,
Ashmore India Equities Fund
Consolidated fund
80.31
Shivsagar Estate, Dr. Annie Besant
Road, Worli, Mumbai 400 018, India
Ashmore Investment Management (US) Corporation
Subsidiary
100.00
437, Suite 1904, Madison Avenue, New
Ashmore Investment Advisors (US) Corporation
Subsidiary
100.00
York, New York, NY 10022, United
States
Ashmore EM Blended Debt Fund GP, LLC
Subsidiary
100.00
The Corporation Trust Center, 1209
Ashmore EM Active Equity Fund GP, LLC
Subsidiary
100.00
Orange Street, Wilmington, DE 19801,
USA
Ashmore EM Equity Fund GP, LLC
Subsidiary
100.00
Ashmore Healthcare International Limited
Subsidiary
100.00
P.O. Box 61, 4th Floor Harbour Centre,
Rex Healthcare Limited
Subsidiary
100.00
North Church Street, Grand Cayman
KY1-1102, Cayman Islands
KCH Malaysia (Cayman) Ltd
Subsidiary
100.00
KCH Holding Company Limited
Subsidiary
100.00
2462
ResCowork01, 24th Floor, Al Sila
Tower, Abu Dhabi Global Market
Square, Abu Dhabi, Al Maryah Island,
UAE
Ashmore QFC LLC
Subsidiary
100.00
9th Floor, QFC Tower 1, Westbay, Doha,
Qatar
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.
% voting
Name
Classification
interest Registered address and place of incorporation
Ashmore Investment Management (Singapore) Pte. Ltd.
Subsidiary
100.00
1 George Street, #15\u201304, 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,
Ashmore Dana Pasar Uang Syariah
Consolidated fund
83.18
SCBD Lot 10, Jl. Jenderal. Sudirman Kav.
52\u201353
Jakarta 12190, Indonesia
Ashmore Dana USD Fixed Income
Consolidated fund
41.39
Ashmore Management Company Colombia SAS
Subsidiary
57.73
Carrera 7 No. 75\u201366,
Ashmore-CAF-AM Management Company SAS
Subsidiary
52.58
Office 701 & 702,
Bogot\u00e1, Colombia
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
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\u20135\u20131
Marunouchi, Chiyoda\u2013ku,
Tokyo 100\u20136511, Japan
Ashmore Investments (Colombia) SL
Subsidiary
100.00
Calle Suero de Qui\u00f1ones 34-36, 28002
Madrid, Spain
Ashmore Management (DIFC) Limited
Subsidiary
100.00
Unit L30\u201307, 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 AISA (Cayman) Limited
Subsidiary
100.00
PO Box 309, Ugland House, Grand Cayman,
KY1\u20131104, Cayman Islands
Ashmore Investments (Holdings) Limited (in liquidation)
Subsidiary
100.00
Les Cascades Building,
33 Edith Cavell Street, Port Louis,
Mauritius
% voting Registered address and place of
Name
Classification
interest incorporation
Ashmore Management Company Limited
Subsidiary
100.00
Trafalgar Court,
Ashmore Global Special Situations Fund 3 (GP) Limited (in liquidation)
Subsidiary
100.00
Les Banques,
Ashmore Global Special Situations Fund 4 (GP) Limited (in liquidation)
Subsidiary
100.00
St Peter Port,
Ashmore Global Special Situations Fund 5 (GP) Limited (in liquidation)
Subsidiary
100.00
GY1 3QL,
Guernsey
Ashmore Venezuela Recovery Fund 2 Ltd
Financial asset
39.98
Ashmore Emerging Markets Debt and Currency Fund Limited
Consolidated fund
57.15
Ashmore SICAV Emerging Markets Middle East Equity Fund
Consolidated fund
86.59
10, rue du Chateau d\u2019Eau,
Ashmore SICAV Emerging Markets Total Return Debt Fund 2
Consolidated fund
100.00
L\u20133364
Leudelange,
Grand\u2013Duchy of Luxembourg
Ashmore SICAV Emerging Markets Equity Ex China Fund
Consolidated fund
49.17
Ashmore SICAV Emerging Markets India Equity Fund
Consolidated fund
93.63
Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund
Consolidated fund
47.47
Ashmore SICAV Emerging Markets Investment Grade Total
Consolidated fund
100.00
Return Fund
Ashmore SICAV Emerging Markets Indonesian Equity Fund
Consolidated fund
100.00
Ashmore SICAV Emerging Markets Local Currency Bond Fund 2
Consolidated fund
100.00
Ashmore SICAV Emerging Markets Shariah Active Equity Fund
Consolidated fund
78.02
Ashmore SICAV Emerging Markets Frontier Blended Debt Fund
Consolidated fund
69.20
Ashmore SICAV Emerging Markets Sovereign Debt Fund
Consolidated fund
70.69
Ashmore SICAV Emerging Markets Impact Debt Fund
Consolidated fund
100.00
Ashmore SICAV Emerging Markets Mexico Equity Fund
Consolidated fund
100.00
Ashmore SICAV Emerging Markets Equity ESG Fund
Financial asset
21.99
Ashmore Emerging Markets Equity Ex China Fund
Consolidated fund
100.00
50 South LaSalle Street,
Ashmore Emerging Markets Debt Fund
Consolidated fund
100.00
Chicago, Illinois 60603, USA
Ashmore Emerging Markets Active Equity Fund
Consolidated fund
94.77
Ashmore Emerging Markets Local Currency Bond Fund
Consolidated fund
96.01
Ashmore Emerging Markets Equity ESG Fund
Consolidated fund
100.00
Ashmore EM Equity Fund LP
Consolidated fund
100.00
Ashmore EM Active Equity Fund LP
Consolidated fund
100.00
Ashmore China Real Estate Debt Recovery Fund
Financial asset
26.35
Cautionary statement regarding forward-looking statements
It is possible that this document could or may contain forward-looking statements that are based on current expectations or beliefs,
as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate
only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend,
plan, goal, believe, will, may, should, would, could or other words of similar meaning.
Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown
risks and uncertainties and can be affected by other factors that could cause actual results, and the Group\u2019s plans and objectives,
to differ materially from those expressed or implied in the forward-looking statements. There are several factors that could cause
actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the forward-looking statements are changes in global, political, economic,
business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business
combinations or dispositions. The Group undertakes no obligation to revise or update any forward-looking statements contained within
this document, regardless of whether those statements are affected as a result of new information, future events or otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-442": { "value": "26) Investment in associate The Group held an interest in the following associate as at 30 June 2025, over which it continues to have significant influence:
Country of incorporation/ % of equity
formation and principal shares held by
Name
Type
Nature of business
place of operation the Group
Taiping Fund Management Company
Associate
Investment management
China
5.23%
The movement in the carrying value of investment in associate for the year is provided below:
2025 2024
Associate
\u00a3m \u00a3m
At the beginning of the year
2.7
2.3
Share of profit for the year
0.3
0.5
Foreign exchange revaluation
(0.2)
(0.1)
At the end of the year
2.8
2.7
The summarised financial information for the associate is shown below.
2025 2024
Associate \u00a3m \u00a3m
Total assets
61.2
59.7
Total liabilities
(7.0)
(7.5)
Net assets
54.2
52.2
Group\u2019s share of net assets
2.8
2.7
Revenue for the year
22.8
20.7
Profit for the year
5.7
9.6
Group\u2019s share of profit for the year
0.3
0.5
The carrying value of the investment in associate represents the cost of acquisition subsequently adjusted for share of profit or loss and other comprehensive income or loss. No impairment is believed to exist relating to the associate as at 30 June 2025. The Group had no undrawn capital commitments (30 June 2024: \u00a3nil) to investment funds managed by the associate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-443": { "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.
Less: AuM within
AuM within unconsolidated
consolidated structured
Total AuM funds entities
US$bn US$bn US$bn
30 June 2024
49.3
0.3
49.0
30 June 2025
47.6
0.5
47.1
Included in the Group\u2019s consolidated management fees of \u00a3131.7 million (FY2024: \u00a3162.6 million) are management fees amounting to \u00a3130.6 million (FY2024: \u00a3161.9 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.
2025 2024
\u00a3m \u00a3m
Management fees receivable
26.8
37.6
Trade and other receivables
1.4
1.5
Seed capital investments
1
83.3
90.0
Total exposure
111.5
129.1
1. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-444": { "value": "
28) Related party transactions
Related parties of the Group include key management personnel, close family members of key management personnel, subsidiaries,
associates, 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:
2025 2024
\u00a3m \u00a3m
Short-term benefits
1.0
1.6
Defined contribution pension costs
\u2013
\u2013
Share-based payment benefits (note 10)
2.2
2.0
3.2
3.6
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 consolidated statement of
comprehensive income.
Details of the remuneration of Directors are given in the Remuneration report on pages 70 to 88.
During the year, there were no other transactions entered into with key management personnel (FY2024: none). Aggregate key
management personnel interests in consolidated funds at 30 June 2025 were \u00a332.7 million (30 June 2024: \u00a332.2 million).
Transactions with subsidiaries \u2013 Company
Details of transactions between the Company and its subsidiaries are shown below:
2025 2024
\u00a3m \u00a3m
Transactions during the year
Management fees
46.4
57.0
Net dividends
79.9
99.6
Loans advanced to subsidiaries
(22.0)
(53.3)
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 \u00a348.4 million of gross management fees and performance fees (FY2024: \u00a361.7 million) from the
92 funds (FY2024: 96 funds) it manages and which are classified as related parties. As at 30 June 2025, the Group had receivables
due from funds of \u00a37.7 million (30 June 2024: \u00a34.9 million) that are classified as related parties.
Transactions with the EBT \u2013 Group and Company
The EBT has been provided with an interest free 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 2025, the loan
outstanding was \u00a3146.7 million (30 June 2024: \u00a3138.4 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 \u00a30.4 million to the Foundation during the year (FY2024: \u00a30.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-495": { "value": "28) Related party transactions Related parties of the Group include key management personnel, close family members of key management personnel, subsidiaries, associates, 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:
2025 2024
\u00a3m \u00a3m
Short-term benefits
1.0
1.6
Defined contribution pension costs
\u2013
\u2013
Share-based payment benefits (note 10)
2.2
2.0
3.2
3.6
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 consolidated statement of comprehensive income. Details of the remuneration of Directors are given in the Remuneration report on pages 70 to 88. During the year, there were no other transactions entered into with key management personnel (FY2024: none). Aggregate key management personnel interests in consolidated funds at 30 June 2025 were \u00a332.7 million (30 June 2024: \u00a332.2 million). Transactions with subsidiaries \u2013 Company Details of transactions between the Company and its subsidiaries are shown below:
2025 2024
\u00a3m \u00a3m
Transactions during the year
Management fees
46.4
57.0
Net dividends
79.9
99.6
Loans advanced to subsidiaries
(22.0)
(53.3)
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 \u00a348.4 million of gross management fees and performance fees (FY2024: \u00a361.7 million) from the 92 funds (FY2024: 96 funds) it manages and which are classified as related parties. As at 30 June 2025, the Group had receivables due from funds of \u00a37.7 million (30 June 2024: \u00a34.9 million) that are classified as related parties. Transactions with the EBT \u2013 Group and Company The EBT has been provided with an interest free 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 2025, the loan outstanding was \u00a3146.7 million (30 June 2024: \u00a3138.4 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 \u00a30.4 million to the Foundation during the year (FY2024: \u00a30.6 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-446": { "value": "29) Commitments The Group has undrawn investment commitments relating to seed capital investments as follows:
2025 2024
Group \u00a3m \u00a3m
Ashmore I \u2013 CAF Colombian Infrastructure Senior Debt Fund
\u2013
4.4
Ashmore II \u2013 CAF Colombian Infrastructure Senior Debt Fund
8.7
\u2013
Ashmore Andean Fund II, LP
0.1
0.1
Fondo Ashmore Andino III \u2013 FCP
0.6
2.7
Total undrawn investment commitments
9.4
7.2
Company The Company has undrawn loan commitments to other Group entities totalling \u00a3399.1 million (30 June 2024: \u00a3432.0 million) to support their investment activities but has no investment commitments of its own (30 June 2024: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-475": { "value": "29) Commitments The Group has undrawn investment commitments relating to seed capital investments as follows:
2025 2024
Group \u00a3m \u00a3m
Ashmore I \u2013 CAF Colombian Infrastructure Senior Debt Fund
\u2013
4.4
Ashmore II \u2013 CAF Colombian Infrastructure Senior Debt Fund
8.7
\u2013
Ashmore Andean Fund II, LP
0.1
0.1
Fondo Ashmore Andino III \u2013 FCP
0.6
2.7
Total undrawn investment commitments
9.4
7.2
Company The Company has undrawn loan commitments to other Group entities totalling \u00a3399.1 million (30 June 2024: \u00a3432.0 million) to support their investment activities but has no investment commitments of its own (30 June 2024: 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-445": { "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": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-447": { "value": "31) Non-controlling interests The Group\u2019s material NCI as at 30 June 2025 was held in PT Ashmore Asset Management Indonesia Tbk. Set out below is summarised financial information and the amounts disclosed are before intercompany eliminations.
40% NCI
Ashmore Indonesia
2025 2024
Summarised balance sheet \u00a3m \u00a3m
Total assets
17.1
18.4
Total liabilities
(4.4)
(3.9)
Net assets
12.7
14.5
Non-controlling interests
5.0
5.8
Summarised statement of comprehensive income
Net revenue
7.7
10.3
Profit for the period
3.5
5.3
Other comprehensive loss
(0.8)
(1.2)
Total comprehensive income
2.7
4.1
Profit allocated to NCI
1.4
2.1
Dividends paid to NCI
1.8
1.9
Summarised cash flows
Cash flows from operating activities
3.2
5.4
Cash flows generated from investing activities
0.6
2.5
Cash flows used in financing activities
(4.6)
(5.2)
Net increase/(decrease) in cash and cash equivalents
(0.8)
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-448": { "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": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-7": { "value": "61 Aldwych London WC2B 4AE United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } } } }