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"unit": "iso4217:GBP" } }, "fact-431": { "value": "348800000.0", "decimals": -5, "dimensions": { "concept": "ashmoregroupplc:CashAndDeposits", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-437": { "value": "
1) General information
Ashmore Group plc (the Company) is a public limited company
listed on the London Stock Exchange and incorporated and
domiciled in the United Kingdom. The consolidated financial
statements for the year to 30 June 2026 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 95.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-3": { "value": "Ashmore Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-432": { "value": "Ashmore Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-435": { "value": "Ashmore Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-4": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-433": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-438": { "value": "
2) Basis of preparation
The Group and Company financial statements for the year
ended 30 June 2026 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 (see note 19).
The key accounting judgement is the assessment of whether
certain funds with seed capital investments are controlled by
the Group in accordance with IFRS 10 criteria and therefore
need to be classified as assets held for sale (see notes 4
and 20a), financial assets at fair value through profit or loss
(see note 20b), consolidated funds (see notes 4 and 20d) or
consolidated portfolio companies (see notes 4 and 20e).
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 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-492": { "value": "The Group and Company financial statements for the year ended 30 June 2026 have been prepared in accordance with UK-adopted international accounting standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-493": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-494": { "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 (see note 19). The key accounting judgement is the assessment of whether certain funds with seed capital investments are controlled by the Group in accordance with IFRS 10 criteria and therefore need to be classified as assets held for sale (see notes 4 and 20a), financial assets at fair value through profit or loss (see note 20b), consolidated funds (see notes 4 and 20d) or consolidated portfolio companies (see notes 4 and 20e). 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 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-439": { "value": "
3) New and amended Standards and Interpretations
The amendments to IAS 21 Lack of Exchangeability were
adopted in the year and had no material impact. No other new
or amended Standards effective during the year ended 30 June
2026 had a material impact on the Group\u2019s consolidated
financial statements.
The amendments to IFRS 9 and IFRS 7 Classification and
Measurement of Financial Instruments, effective for periods
beginning on or after 1 January 2026, will be adopted for the
year ending 30 June 2027 and are not expected to have a
material impact.
IFRS 18 Presentation and Disclosures in Financial Statements,
issued in 2024 and effective for periods beginning on or after
1 January 2027, will be applied for the year ending 30 June
2028, with comparatives restated. IFRS 18 introduces defined
categories and subtotals in the statement of profit or loss, requires
disclosure of management-defined performance measures,
and removes certain classification options in the statement of
cash flows. The Group expects an impact on presentation and
disclosure, but not on recognition or measurement.
No other Standards or Interpretations issued but not yet
effective are expected to have a material impact on the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-495": { "value": "3) New and amended Standards and Interpretations The amendments to IAS 21 Lack of Exchangeability were adopted in the year and had no material impact. No other new or amended Standards effective during the year ended 30 June 2026 had a material impact on the Group\u2019s consolidated financial statements. The amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments, effective for periods beginning on or after 1 January 2026, will be adopted for the year ending 30 June 2027 and are not expected to have a material impact. IFRS 18 Presentation and Disclosures in Financial Statements, issued in 2024 and effective for periods beginning on or after 1 January 2027, will be applied for the year ending 30 June 2028, with comparatives restated. IFRS 18 introduces defined categories and subtotals in the statement of profit or loss, requires disclosure of management-defined performance measures, and removes certain classification options in the statement of cash flows. The Group expects an impact on presentation and disclosure, but not on recognition or measurement. No other Standards or Interpretations issued but not yet effective are expected to have a material impact on the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-523": { "value": "3) New and amended Standards and Interpretations The amendments to IAS 21 Lack of Exchangeability were adopted in the year and had no material impact. No other new or amended Standards effective during the year ended 30 June 2026 had a material impact on the Group\u2019s consolidated financial statements. The amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments, effective for periods beginning on or after 1 January 2026, will be adopted for the year ending 30 June 2027 and are not expected to have a material impact. IFRS 18 Presentation and Disclosures in Financial Statements, issued in 2024 and effective for periods beginning on or after 1 January 2027, will be applied for the year ending 30 June 2028, with comparatives restated. IFRS 18 introduces defined categories and subtotals in the statement of profit or loss, requires disclosure of management-defined performance measures, and removes certain classification options in the statement of cash flows. The Group expects an impact on presentation and disclosure, but not on recognition or measurement. No other Standards or Interpretations issued but not yet effective are expected to have a material impact on the Group. 32) Prior year restatement Consolidation of a portfolio company The Group has reassessed the consolidation requirements of IFRS 10 in respect of its interests in funds and has concluded that it controls a portfolio company held through one of its funds, being an infrastructure company in the Americas, as disclosed in note 20e. In accordance with IAS 8, the comparative consolidated balance sheet, consolidated statement of changes in equity and consolidated cash flow statement for the year ended 30 June 2025 have been restated. The impact of the restatement on the Group was an increase in net assets of \u00a33.4 million and an increase in cash and cash equivalents of \u00a30.1 million. There was no impact on profit or earnings per share. The impact on the financial statement line items is set out below:
As previously
reported Restatement As restated
Consolidated balance sheet
\u00a3m \u00a3m \u00a3m
Non
-current assets
Property, plant and equipment
5.1
28.7
33.8
Trade and other receivables
\u2013
3.0
3.0
C
urrent assets
Investment securities
321.5
(11.1)
310.4
Trade and other receivables
45.8
4.4
50.2
Cash and deposits
348.7
0.1
348.8
Total assets
908.1
25.1
933.2
Equity
Foreign exchange reserve
(43.2)
(0.3) (43.5)
Non
-controlling interests
8.2
3.7
11.9
Total equity
790.8
3.4
794.2
Liabilities
Other financial liabilities
\u2013
18.0
18.0
Third
-party interests in consolidated funds
73.3
(0.4)
72.9
Trade and other payables
27.2
4.1
31.3
Total liabilities
117.3
21.7
139.0
As previously
reported Restatement As restated
Consolidated
statement of changes in equity
\u00a3m \u00a3m \u00a3m
Foreign currency translation differences
\u2013 equity holders of the parent
(46.8)
(0.3) (47.1)
Foreign currency translation differences
\u2013 non-controlling interests
(0.5)
(0.2) (0.7)
Movements in non
-controlling interests
0.1
3.9
4.0
Balance at 30 June 2025
790.8
3.4
794.2
As previously
reported Restatement As restated
Consolidated
cash flow statement
\u00a3m \u00a3m \u00a3m
Decrease/(increase) in trade and other receivables
6.4
(8.0)
(1.6)
Increase/(decrease) in trade and other payables
(7.0)
3.0
(4.0)
Net cash generated from operating activities
48.6
(5.0)
43.6
Purchase of investment securities
(65.2)
10.7
(54.5)
Purchase of property, plant and equipment
(0.2)
(27.2) (27.4)
Net cash generated from investing activities
33.6
(16.5)
17.1
Drawdown of financial liabilities
\u2013
19.0
19.0
Increase in non
-controlling interests
\u2013
2.6
2.6
Net cash used in financing activities
 (156.1)
21.6
(134.5)
Net increase/(decrease) in cash and cash equivalents
(73.9)
0.1
(73.8)
Presentation of term deposits In addition to the restatement above, following reconsideration of the requirements of IAS 7, placements of, and proceeds from, term deposits have been reclassified and presented on a gross basis in the Group and Company cash flow statements. There is no impact on the Group\u2019s or Company\u2019s net cash flows from investing activities or on the movement in cash and cash equivalents for the year. The following reclassifications were made: \u2022 For the Group, net inflows of \u00a376.2 million have been presented as proceeds from term deposits of \u00a3342.8 million and placements of term deposits of \u00a3266.6 million. \u2022 For the Company, net inflows of \u00a374.5 million have been presented as proceeds from term deposits of \u00a3341.0 million and placements of term deposits of \u00a3266.5 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-436": { "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 have 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
structured entities. A structured entity is one designed so that
voting or similar rights are not the dominant factor in deciding
who controls it, for example where voting rights relate to
administrative tasks only and the relevant activities are directed
by contractual arrangements. The Group\u2019s assets under
management are held within such entities, which are typically
unitised vehicles; Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable
(SICAVs), limited partnerships, unit trusts and other open-
ended and closed-ended vehicles, entitling third-party investors
to a share of net asset value.
The Group\u2019s interests in these entities arise from managing
assets on behalf of clients and, in some cases, from investing
alongside them. Where the Group holds a direct interest in a
fund, it assesses control under IFRS 10 by reference to its
power over the fund and its aggregate economic interest,
relative to third-party investors. Power is normally conveyed
through an investment management agreement or other
contractual arrangements. Aggregate economic interest
measures the Group\u2019s exposure to variable returns through its
direct interest, expected management and performance fees,
fair value movements and distributions receivable.
The Group concludes that it acts as a principal when the power
it has over the fund is exercised for its own benefit, having
regard to the level of its economic exposure and the strength
of third-party investors\u2019 rights to remove the Group as
investment manager. The Group concludes that it acts as an
agent where the power is exercised for the benefit of third-
party investors. Where the Group acts as a principal, it has
control and therefore consolidates the fund. Where the Group
does not have control over the fund, it recognises its interest in
the fund as a financial asset.
Interests in consolidated portfolio companies
Where the Group makes an assessment under IFRS 10 and
concludes that it controls a fund in which it has invested seed
capital, and that fund controls an operating company, the
operating company is consolidated by the Group from the date
on which control is obtained or, if newly incorporated, from the
date of incorporation. These entities are referred to as
consolidated portfolio companies and are held as investments
in the seeded fund and are not part of the Group\u2019s investment
management operations.
Non-controlling interests in consolidated portfolio companies
are measured at the proportionate share of the recognised net
assets attributable to equity holders. The share of a portfolio
company\u2019s net assets attributable to third-party interests in the
consolidated fund is classified as a financial liability of the fund,
and is therefore not presented within non-controlling interests.
Further financial information on consolidated portfolio
companies is set out in note 20e.
Interests in unconsolidated structured entities
The Group assesses whether it controls an investee by
reference to its power over the investee, its exposure to
variable returns and its ability to use that power to affect those
returns. Where the Group manages a fund, that assessment
turns on whether it acts as principal or as agent. The Group has
concluded that it acts as agent, and so does not control, in the
following cases.
\u2022 Funds and segregated mandates in which the Group holds
no investment: The Group acts as investment manager but
holds no beneficial interest, so its exposure to variable
returns is limited to its management fee. In the case of
segregated mandates, investors can also remove the Group
as manager without cause.
\u2022 Funds in which the Group holds a direct interest, including
seed capital investments: Where the Group has invested
alongside third-party investors, it considers the magnitude
and variability of its aggregate economic interest together
with the rights held by those investors. Where the Group\u2019s
aggregate economic interest is not sufficient to make it a
principal, and investors hold substantive rights to remove it
as manager, the Group acts as agent.
Interests in unconsolidated structured entities are accounted
for as financial assets at fair value through profit or loss in
accordance with IFRS 9. AuM of both consolidated and
unconsolidated structured entities are disclosed 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
comprises expenditure directly attributable to bringing the
asset to the condition and location necessary for its intended
use. Property, plant and equipment are depreciated using the
straight-line method over the estimated useful lives, assessed
to be ten years for leasehold improvements, 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 and motor vehicles. 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.
Assets and liabilities held for sale
The Group may invest seed capital in funds that are managed
or advised by a subsidiary of the Group. Where the Group is
deemed to control such a fund, the fund is consolidated in
accordance with IFRS 10 until the Group loses control.
Where, at the reporting date, a controlled fund meets the
criteria in IFRS 5 to be classified as held for sale, the fund's
assets are presented as a single amount within \u2018assets held for
sale\u2019 and its liabilities within \u2018liabilities held for sale\u2019.
Assets held for sale are measured at the lower of their carrying
amount and fair value less costs to sell except where the asset
is outside the measurement scope of IFRS 5. Liabilities
associated with assets classified as held for sale continue to be
measured in accordance with the applicable IFRS, being
amortised cost.
Where investments that have been recognised as assets and
liabilities held for sale are subsequently disposed of or diluted
such that the Group\u2019s holding is no longer deemed to be
controlling, the retained investment is classified as a financial
asset measured at FVTPL in accordance with IFRS 9.
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:
\u2022 it is held within a business model whose objective is to hold
assets to collect contractual cash flows; and
\u2022 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
three months or less from the date of acquisition 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 from the date of acquisition. Term deposits are not
cash equivalents, and placements of and proceeds from term
deposits are presented gross within investing activities in the
cash flow statement.
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:
\u2022 formal documentation of the hedging relationship at
inception;
\u2022 The hedged forecast cash flows must be highly probable and
capable of affecting profit or loss; and
\u2022 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
includes 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.
The Group presents revenue recognised by consolidated
portfolio companies within other revenue, see note 20e.
Distribution and sub-advisory costs
Distribution costs are amounts paid to external intermediaries
for marketing and investor servicing. Sub-advisory costs are
amounts paid to external advisers for investment advisory or
portfolio management services. These costs vary with the level
of fund assets managed and associated management fee
revenue, and are recognised over the period in which the
services are 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 vesting
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 and trading revenues.
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:
\u2022 goodwill not deductible for tax purposes; and
\u2022 differences relating to investments in subsidiaries to
the extent that they will probably not reverse in the
foreseeable future.
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.
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.
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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-440": { "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 have the same meaning as the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-441": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-496": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-442": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-444": { "value": "Interests in consolidated structured entities The Group acts as fund manager to investment funds that are structured entities. A structured entity is one designed so that voting or similar rights are not the dominant factor in deciding who controls it, for example where voting rights relate to administrative tasks only and the relevant activities are directed by contractual arrangements. The Group\u2019s assets under management are held within such entities, which are typically unitised vehicles; Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable (SICAVs), limited partnerships, unit trusts and other open- ended and closed-ended vehicles, entitling third-party investors to a share of net asset value. The Group\u2019s interests in these entities arise from managing assets on behalf of clients and, in some cases, from investing alongside them. Where the Group holds a direct interest in a fund, it assesses control under IFRS 10 by reference to its power over the fund and its aggregate economic interest, relative to third-party investors. Power is normally conveyed through an investment management agreement or other contractual arrangements. Aggregate economic interest measures the Group\u2019s exposure to variable returns through its direct interest, expected management and performance fees, fair value movements and distributions receivable. The Group concludes that it acts as a principal when the power it has over the fund is exercised for its own benefit, having regard to the level of its economic exposure and the strength of third-party investors\u2019 rights to remove the Group as investment manager. The Group concludes that it acts as an agent where the power is exercised for the benefit of third- party investors. Where the Group acts as a principal, it has control and therefore consolidates the fund. Where the Group does not have control over the fund, it recognises its interest in the fund as a financial asset.", "dimensions": { "concept": "ashmoregroupplc:DescriptionOfAccountingPolicyForInterestsInConsolidatedStructuredEntities", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-445": { "value": "Interests in consolidated portfolio companies Where the Group makes an assessment under IFRS 10 and concludes that it controls a fund in which it has invested seed capital, and that fund controls an operating company, the operating company is consolidated by the Group from the date on which control is obtained or, if newly incorporated, from the date of incorporation. These entities are referred to as consolidated portfolio companies and are held as investments in the seeded fund and are not part of the Group\u2019s investment management operations. Non-controlling interests in consolidated portfolio companies are measured at the proportionate share of the recognised net assets attributable to equity holders. The share of a portfolio company\u2019s net assets attributable to third-party interests in the consolidated fund is classified as a financial liability of the fund, and is therefore not presented within non-controlling interests. Further financial information on consolidated portfolio companies is set out in note 20e. ", "dimensions": { "concept": "ashmoregroupplc:DescriptionOfAccountingPolicyForInterestsInConsolidatedPortfolioCompanies", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-446": { "value": "Interests in unconsolidated structured entities The Group assesses whether it controls an investee by reference to its power over the investee, its exposure to variable returns and its ability to use that power to affect those returns. Where the Group manages a fund, that assessment turns on whether it acts as principal or as agent. The Group has concluded that it acts as agent, and so does not control, in the following cases. \u2022 Funds and segregated mandates in which the Group holds no investment: The Group acts as investment manager but holds no beneficial interest, so its exposure to variable returns is limited to its management fee. In the case of segregated mandates, investors can also remove the Group as manager without cause. \u2022 Funds in which the Group holds a direct interest, including seed capital investments: Where the Group has invested alongside third-party investors, it considers the magnitude and variability of its aggregate economic interest together with the rights held by those investors. Where the Group\u2019s aggregate economic interest is not sufficient to make it a principal, and investors hold substantive rights to remove it as manager, the Group acts as agent. Interests in unconsolidated structured entities are accounted for as financial assets at fair value through profit or loss in accordance with IFRS 9. AuM of both consolidated and unconsolidated structured entities are disclosed in note 27.", "dimensions": { "concept": "ashmoregroupplc:DescriptionOfAccountingPolicyForInterestsInUnconsolidatedStructuredEntities", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-497": { "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:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-443": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-447": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-499": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-524": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-498": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-448": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-449": { "value": "Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost comprises expenditure directly attributable to bringing the asset to the condition and location necessary for its intended use. Property, plant and equipment are depreciated using the straight-line method over the estimated useful lives, assessed to be ten years for leasehold improvements, 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-500": { "value": "Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost comprises expenditure directly attributable to bringing the asset to the condition and location necessary for its intended use. Property, plant and equipment are depreciated using the straight-line method over the estimated useful lives, assessed to be ten years for leasehold improvements, 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-450": { "value": "Leases The Group\u2019s lease arrangements primarily relate to office premises and motor vehicles. 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-451": { "value": "Assets and liabilities held for sale The Group may invest seed capital in funds that are managed or advised by a subsidiary of the Group. Where the Group is deemed to control such a fund, the fund is consolidated in accordance with IFRS 10 until the Group loses control. Where, at the reporting date, a controlled fund meets the criteria in IFRS 5 to be classified as held for sale, the fund's assets are presented as a single amount within \u2018assets held for sale\u2019 and its liabilities within \u2018liabilities held for sale\u2019. Assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell except where the asset is outside the measurement scope of IFRS 5. Liabilities associated with assets classified as held for sale continue to be measured in accordance with the applicable IFRS, being amortised cost. Where investments that have been recognised as assets and liabilities held for sale are subsequently disposed of or diluted such that the Group\u2019s holding is no longer deemed to be controlling, the retained investment is classified as a financial asset measured at FVTPL in accordance with IFRS 9.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-501": { "value": "Assets and liabilities held for sale The Group may invest seed capital in funds that are managed or advised by a subsidiary of the Group. Where the Group is deemed to control such a fund, the fund is consolidated in accordance with IFRS 10 until the Group loses control. Where, at the reporting date, a controlled fund meets the criteria in IFRS 5 to be classified as held for sale, the fund's assets are presented as a single amount within \u2018assets held for sale\u2019 and its liabilities within \u2018liabilities held for sale\u2019. Assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell except where the asset is outside the measurement scope of IFRS 5. Liabilities associated with assets classified as held for sale continue to be measured in accordance with the applicable IFRS, being amortised cost. Where investments that have been recognised as assets and liabilities held for sale are subsequently disposed of or diluted such that the Group\u2019s holding is no longer deemed to be controlling, the retained investment is classified as a financial asset measured at FVTPL in accordance with IFRS 9.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-452": { "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: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 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 three months or less from the date of acquisition 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 from the date of acquisition. Term deposits are not cash equivalents, and placements of and proceeds from term deposits are presented gross within investing activities in the cash flow statement. 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: \u2022 formal documentation of the hedging relationship at inception; \u2022 The hedged forecast cash flows must be highly probable and capable of affecting profit or loss; and \u2022 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-502": { "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 three months or less from the date of acquisition 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 from the date of acquisition. Term deposits are not cash equivalents, and placements of and proceeds from term deposits are presented gross within investing activities in the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-525": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-526": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-546": { "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: \u2022 formal documentation of the hedging relationship at inception; \u2022 The hedged forecast cash flows must be highly probable and capable of affecting profit or loss; and \u2022 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-527": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-528": { "value": "(ii) Cash and cash equivalents Cash represents cash at bank and in hand. Cash equivalents comprise short-term deposits with contractual maturities of three months or less from the date of acquisition 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-503": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-529": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-504": { "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: \u2022 formal documentation of the hedging relationship at inception; \u2022 The hedged forecast cash flows must be highly probable and capable of affecting profit or loss; and \u2022 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-530": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-505": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-453": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-454": { "value": "Net revenue Net revenue is total revenue less distribution costs and includes 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. The Group presents revenue recognised by consolidated portfolio companies within other revenue, see note 20e.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-455": { "value": "Distribution and sub-advisory costs Distribution costs are amounts paid to external intermediaries for marketing and investor servicing. Sub-advisory costs are amounts paid to external advisers for investment advisory or portfolio management services. These costs vary with the level of fund assets managed and associated management fee revenue, and are recognised over the period in which the services are provided.", "dimensions": { "concept": "ashmoregroupplc:DescriptionOfAccountingPolicyForDistributionAndSubAdvisoryCosts", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-456": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-457": { "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 vesting 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-458": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-506": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-531": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-459": { "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 and trading revenues. 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: \u2022 goodwill not deductible for tax purposes; and \u2022 differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. 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. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-507": { "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: \u2022 goodwill not deductible for tax purposes; and \u2022 differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. 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. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-460": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-464": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-461": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-462": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-463": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-465": { "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 \u00a335.7 million for the year as reconciled on page 159 (FY2025: adjusted EBITDA of
\u00a352.5 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
2026
2025
\u00a3m
\u00a3m
United Kingdom
and Ireland
38.4
20.5
Americas
112.7
94.6
Asia and Middle East
1.8
2.1
Total non
-current assets
152.9
117.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-508": { "value": "Analysis of non-current assets by geography
2026
2025
\u00a3m
\u00a3m
United Kingdom
and Ireland
38.4
20.5
Americas
112.7
94.6
Asia and Middle East
1.8
2.1
Total non
-current assets
152.9
117.2
Analysis of total revenue by geography
2026 2025
\u00a3m \u00a3m
United Kingdom
and Ireland
88.4
86.2
Americas
25.6
21.6
Asia and Middle East
30.3
36.6
Total revenue
144.3
144.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-466": { "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 (FY2025:
none) provided more than 10% of total revenue when considering management fees and performance fees on a combined basis.
Other revenue includes revenue recognised by consolidated portfolio companies, see note 20e.
Disclosures relating to revenue by location are provided below.
Analysis of total revenue by geography
2026 2025
\u00a3m \u00a3m
United Kingdom
and Ireland
88.4
86.2
Americas
25.6
21.6
Asia and Middle East
30.3
36.6
Total revenue
144.3
144.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-467": { "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
\u00a31
2026 2025 2026 2025
US dollar
1.3273
1.3704
1.3419
1.2970
Euro
1.1609
1.1674
1.1508
1.1911
Indonesian rupiah
23,731
22,248
22,647
20,890
Saudi riyal
4.9867
5.1395
5.0342
4.8668
Colombian peso
4,576
5,598
5,098
5,461
Foreign exchange gains are shown below.
2026 2025
\u00a3m \u00a3m
Net realised and unrealised hedging gains
0.2
4.1
Translation gains
/(losses) on non-Sterling denominated monetary assets and liabilities
1.0
(2.4)
Total foreign exchange gains
1.2
1.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-468": { "value": "
8) Finance income and expense
2026 2025
\u00a3m \u00a3m
Interest
and investment income
28.2
40.9
Realised gains
/(losses) on disposal of investments measured at fair value
(0.2)
0.3
Net
realised gains on seed capital investments measured at fair value
15.9
7.5
Net unrealised gains on seed capital investments measured at fair value
12.6
2.7
Interest expense on lease liabilities (
see note 16)
(0.8)
(0.3)
Interest expense
within the consolidated portfolio company (see note 20e)
(0.9)
\u2013
Net
finance income
54.8
51.1
Included within interest and investment income is interest earned on cash deposits of \u00a312.2 million (FY2025: \u00a320.4 million) and
investment income of \u00a316.0 million (FY2025: \u00a320.5 million) on consolidated funds (see note 20d).
Net gains on seed capital investments measured at fair value were \u00a328.5 million (FY2025: \u00a310.2 million), comprising realised
gains of \u00a315.9 million (FY2025: \u00a37.5 million) and unrealised gains of \u00a312.6 million (FY2025: \u00a32.7 million). Net gains are analysed by
classification of the underlying investment as follows: \u00a321.5 million gains (FY2025: \u00a32.2 million gains) on current financial assets
measured at fair value through profit or loss (see note 20b); \u00a34.6 million gains (FY2025: \u00a37.1 million gains) on non-current financial
assets measured at fair value through profit or loss (see note 20c); \u00a31.5 million gains (FY2025: \u00a3nil) on assets held for sale (see
note 20a), and \u00a30.9 million gains (FY2025: \u00a30.9 million gains) on disposal of interests in consolidated funds (see note 20d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-532": { "value": "8) Finance income and expense
2026 2025
\u00a3m \u00a3m
Interest
and investment income
28.2
40.9
Realised gains
/(losses) on disposal of investments measured at fair value
(0.2)
0.3
Net
realised gains on seed capital investments measured at fair value
15.9
7.5
Net unrealised gains on seed capital investments measured at fair value
12.6
2.7
Interest expense on lease liabilities (
see note 16)
(0.8)
(0.3)
Interest expense
within the consolidated portfolio company (see note 20e)
(0.9)
\u2013
Net
finance income
54.8
51.1
Included within interest and investment income is interest earned on cash deposits of \u00a312.2 million (FY2025: \u00a320.4 million) and investment income of \u00a316.0 million (FY2025: \u00a320.5 million) on consolidated funds (see note 20d). Net gains on seed capital investments measured at fair value were \u00a328.5 million (FY2025: \u00a310.2 million), comprising realised gains of \u00a315.9 million (FY2025: \u00a37.5 million) and unrealised gains of \u00a312.6 million (FY2025: \u00a32.7 million). Net gains are analysed by classification of the underlying investment as follows: \u00a321.5 million gains (FY2025: \u00a32.2 million gains) on current financial assets measured at fair value through profit or loss (see note 20b); \u00a34.6 million gains (FY2025: \u00a37.1 million gains) on non-current financial assets measured at fair value through profit or loss (see note 20c); \u00a31.5 million gains (FY2025: \u00a3nil) on assets held for sale (see note 20a), and \u00a30.9 million gains (FY2025: \u00a30.9 million gains) on disposal of interests in consolidated funds (see note 20d).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-547": { "value": "8) Finance income and expense
2026 2025
\u00a3m \u00a3m
Interest
and investment income
28.2
40.9
Realised gains
/(losses) on disposal of investments measured at fair value
(0.2)
0.3
Net
realised gains on seed capital investments measured at fair value
15.9
7.5
Net unrealised gains on seed capital investments measured at fair value
12.6
2.7
Interest expense on lease liabilities (
see note 16)
(0.8)
(0.3)
Interest expense
within the consolidated portfolio company (see note 20e)
(0.9)
\u2013
Net
finance income
54.8
51.1
Included within interest and investment income is interest earned on cash deposits of \u00a312.2 million (FY2025: \u00a320.4 million) and investment income of \u00a316.0 million (FY2025: \u00a320.5 million) on consolidated funds (see note 20d). Net gains on seed capital investments measured at fair value were \u00a328.5 million (FY2025: \u00a310.2 million), comprising realised gains of \u00a315.9 million (FY2025: \u00a37.5 million) and unrealised gains of \u00a312.6 million (FY2025: \u00a32.7 million). Net gains are analysed by classification of the underlying investment as follows: \u00a321.5 million gains (FY2025: \u00a32.2 million gains) on current financial assets measured at fair value through profit or loss (see note 20b); \u00a34.6 million gains (FY2025: \u00a37.1 million gains) on non-current financial assets measured at fair value through profit or loss (see note 20c); \u00a31.5 million gains (FY2025: \u00a3nil) on assets held for sale (see note 20a), and \u00a30.9 million gains (FY2025: \u00a30.9 million gains) on disposal of interests in consolidated funds (see note 20d).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-553": { "value": "8) Finance income and expense
2026 2025
\u00a3m \u00a3m
Interest
and investment income
28.2
40.9
Realised gains
/(losses) on disposal of investments measured at fair value
(0.2)
0.3
Net
realised gains on seed capital investments measured at fair value
15.9
7.5
Net unrealised gains on seed capital investments measured at fair value
12.6
2.7
Interest expense on lease liabilities (
see note 16)
(0.8)
(0.3)
Interest expense
within the consolidated portfolio company (see note 20e)
(0.9)
\u2013
Net
finance income
54.8
51.1
Included within interest and investment income is interest earned on cash deposits of \u00a312.2 million (FY2025: \u00a320.4 million) and investment income of \u00a316.0 million (FY2025: \u00a320.5 million) on consolidated funds (see note 20d). Net gains on seed capital investments measured at fair value were \u00a328.5 million (FY2025: \u00a310.2 million), comprising realised gains of \u00a315.9 million (FY2025: \u00a37.5 million) and unrealised gains of \u00a312.6 million (FY2025: \u00a32.7 million). Net gains are analysed by classification of the underlying investment as follows: \u00a321.5 million gains (FY2025: \u00a32.2 million gains) on current financial assets measured at fair value through profit or loss (see note 20b); \u00a34.6 million gains (FY2025: \u00a37.1 million gains) on non-current financial assets measured at fair value through profit or loss (see note 20c); \u00a31.5 million gains (FY2025: \u00a3nil) on assets held for sale (see note 20a), and \u00a30.9 million gains (FY2025: \u00a30.9 million gains) on disposal of interests in consolidated funds (see note 20d).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-555": { "value": "8) Finance income and expense
2026 2025
\u00a3m \u00a3m
Interest
and investment income
28.2
40.9
Realised gains
/(losses) on disposal of investments measured at fair value
(0.2)
0.3
Net
realised gains on seed capital investments measured at fair value
15.9
7.5
Net unrealised gains on seed capital investments measured at fair value
12.6
2.7
Interest expense on lease liabilities (
see note 16)
(0.8)
(0.3)
Interest expense
within the consolidated portfolio company (see note 20e)
(0.9)
\u2013
Net
finance income
54.8
51.1
Included within interest and investment income is interest earned on cash deposits of \u00a312.2 million (FY2025: \u00a320.4 million) and investment income of \u00a316.0 million (FY2025: \u00a320.5 million) on consolidated funds (see note 20d). Net gains on seed capital investments measured at fair value were \u00a328.5 million (FY2025: \u00a310.2 million), comprising realised gains of \u00a315.9 million (FY2025: \u00a37.5 million) and unrealised gains of \u00a312.6 million (FY2025: \u00a32.7 million). Net gains are analysed by classification of the underlying investment as follows: \u00a321.5 million gains (FY2025: \u00a32.2 million gains) on current financial assets measured at fair value through profit or loss (see note 20b); \u00a34.6 million gains (FY2025: \u00a37.1 million gains) on non-current financial assets measured at fair value through profit or loss (see note 20c); \u00a31.5 million gains (FY2025: \u00a3nil) on assets held for sale (see note 20a), and \u00a30.9 million gains (FY2025: \u00a30.9 million gains) on disposal of interests in consolidated funds (see note 20d).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-510": { "value": "8) Finance income and expense
2026 2025
\u00a3m \u00a3m
Interest
and investment income
28.2
40.9
Realised gains
/(losses) on disposal of investments measured at fair value
(0.2)
0.3
Net
realised gains on seed capital investments measured at fair value
15.9
7.5
Net unrealised gains on seed capital investments measured at fair value
12.6
2.7
Interest expense on lease liabilities (
see note 16)
(0.8)
(0.3)
Interest expense
within the consolidated portfolio company (see note 20e)
(0.9)
\u2013
Net
finance income
54.8
51.1
Included within interest and investment income is interest earned on cash deposits of \u00a312.2 million (FY2025: \u00a320.4 million) and investment income of \u00a316.0 million (FY2025: \u00a320.5 million) on consolidated funds (see note 20d). Net gains on seed capital investments measured at fair value were \u00a328.5 million (FY2025: \u00a310.2 million), comprising realised gains of \u00a315.9 million (FY2025: \u00a37.5 million) and unrealised gains of \u00a312.6 million (FY2025: \u00a32.7 million). Net gains are analysed by classification of the underlying investment as follows: \u00a321.5 million gains (FY2025: \u00a32.2 million gains) on current financial assets measured at fair value through profit or loss (see note 20b); \u00a34.6 million gains (FY2025: \u00a37.1 million gains) on non-current financial assets measured at fair value through profit or loss (see note 20c); \u00a31.5 million gains (FY2025: \u00a3nil) on assets held for sale (see note 20a), and \u00a30.9 million gains (FY2025: \u00a30.9 million gains) on disposal of interests in consolidated funds (see note 20d). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-469": { "value": "
9) Personnel expenses
Personnel expenses during the year comprised the following:
2026 2025
\u00a3m \u00a3m
Wages and salaries
24.9
23.8
Performance
-related cash bonuses
20.5
17.5
Share
-based payments (see note 10)
25.1
22.0
Social security costs
2.3
2.5
Pension costs
2.4
2.3
Other costs
2.7
2.9
Total personnel expenses
77.9
71.0
Number of employees
At 30 June 2026, the number of investment management employees of the Group (including Executive Directors) was as follows:
Average for
Average for
the year the year
ended ended At At
30 June 2026 30 June 2025 30 June 2026 30 June 2025
Number
Number
Number
Number
Total
investment management employees
278
275
282
272
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 80 to 93. There are retirement benefits accruing to two Executive Directors under a defined contribution scheme
(FY2025: two).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-509": { "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 80 to 93. There are retirement benefits accruing to two Executive Directors under a defined contribution scheme (FY2025: two). Key management personnel \u2013 Group and Company The compensation paid to or payable to key management personnel is shown below:
2026 2025
\u00a3m \u00a3m
Short
-term benefits
2.9
1.0
Defined contribution pension costs
\u2013
\u2013
Share
-based payment benefits (see note 10)
2.1
2.2
5.0
3.2
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 80 to 93. During the year, there were no other transactions entered into with key management personnel (FY2025: none). Aggregate key management personnel interests in consolidated funds at 30 June 2026 were \u00a343.2 million (30 June 2025: \u00a332.7 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-470": { "value": "10) Share-based payments The cost related to share-based payments recognised by the Group in consolidated profit or loss is shown below:
2026
2025
Group
\u00a3m \u00a3m
Omnibus Plan
24.9
21.9
Phantom Bonus Plan
0.2
0.1
Total share
-based payments expense
25.1
22.0
The total expense recognised for the year in respect of equity-settled share-based payment awards, excluding national insurance, was \u00a322.1 million (FY2025: \u00a320.5 million), of which \u00a32.1 million (FY2025: \u00a32.2 million) relates to share awards granted to key management personnel.
The Executive Omnibus Incentive Plan (Omnibus Plan)
The Omnibus Plan was introduced prior to the Company listing in October 2006 and provides for the grant of share awards,
market value options, premium cost options, discounted options, linked options and phantom awards to employees. It also allows
bonuses to be deferred in the form of share awards with or without matching shares. Awards typically vest after five years from
date of grant, with the exception of bonus awards which vest on the earlier of five years from date of grant and the date of
termination of employment.
No share options have been granted under the Omnibus Plan and none were outstanding or exercised during the year (FY2025:
none). The awards set out below are share awards carrying no exercise price, which vest on satisfaction of the relevant service
and, where applicable, performance conditions. The weighted average share prices disclosed represent the grant-date share price
of the awards concerned.
Awards are accounted for as equity-settled share-based payments, with the exception of phantom awards which are cash-settled.
The tables below present the combined cash and equity-settled awards under the Omnibus Plan.
Total expense by year awards were granted (excluding national insurance)
Group and Company
2026 2025
Year of grant
\u00a3m \u00a3m
20
20
\u2013
3.9
202
1
2.8
3.1
202
2
2.8
2.9
202
3
4.6
4.9
202
4
2.5
3.3
202
5
2.4
2.4
202
6
7.0
\u2013
Total
Omnibus Plan share-based payments expense reported in profit or loss
22.1
20.5
Awards outstanding under the Omnibus Plan were as follows:
i) Equity-settled awards
2026 2026 2025 2025
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
 34,274,723 \u00a32.24 29,802,680 \u00a32.61
Granted
 7,143,316 \u00a31.67 8,613,488 \u00a31.75
Vested
 (3,303,754) \u00a33.48 (3,398,755) \u00a34.19
Forfeited
 (1,172,927) \u00a32.06 (742,690) \u00a32.52
Awards outstanding at year end
 36,941,358 \u00a32.03 34,274,723 \u00a32.24
Bonus share awards
At the beginning of the year
 8,838,181 \u00a32.55 8,431,485 \u00a33.24
Granted
 1,541,823 \u00a31.64 3,406,067 \u00a31.75
Vested
 (2,084,487) \u00a33.23 (2,999,371) \u00a33.62
Awards outstanding at year end
 8,295,517 \u00a32.23 8,838,181 \u00a32.55
Matching share awards
At the beginning of the year
 10,128,825 \u00a32.55 8,780,733 \u00a33.20
Granted
 1,552,918 \u00a31.64 3,422,039 \u00a31.75
Vested
 (1,806,641) \u00a33.56 (1,643,447) \u00a34.37
Forfeited
 (173,038) \u00a32.13 (430,500) \u00a32.64
Awards outstanding at year end
 9,702,064 \u00a32.25 10,128,825 \u00a32.55
Total
 54,938,939 \u00a32.10 53,241,729 \u00a32.35
ii) Cash-settled awards
2026 2026 2025 2025
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
 237,352 \u00a32.05 236,603 \u00a32.36
Granted
\u2013
\u2013
31,462
\u00a31.75
Vested
\u2013
\u2013
(27,993)
\u00a34.27
Forfeited
\u2013
\u2013
(2,720)
\u00a32.10
Awards outstanding at year end
 237,352 \u00a32.05 237,352 \u00a32.05
Bonus share awards
At the beginning of the year
 63,114 \u00a32.33 65,148 \u00a33.07
Granted
\u2013
\u2013
16,856
\u00a31.75
Vested
\u2013
\u2013
(18,890)
\u00a34.38
Awards outstanding at year end
 63,114 \u00a32.33 63,114 \u00a32.33
Matching share awards
At the beginning of the year
 63,114 \u00a32.33 65,148 \u00a33.07
Granted
\u2013
\u2013
16,856
\u00a31.75
Vested
\u2013
\u2013
(18,890)
\u00a34.38
Awards outstanding at year end
 63,114 \u00a32.33 63,114 \u00a32.33
Total
 363,580 \u00a32.15 363,580 \u00a32.15
iii) Total awards
2026 2026 2025 2025
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
 34,512,075 \u00a32.24 30,039,283 \u00a32.61
Granted
 7,143,316 \u00a31.67 8,644,950 \u00a31.75
Vested
 (3,303,754) \u00a33.48 (3,426,748) \u00a34.19
Forfeited
 (1,172,927) \u00a32.06 (745,410) \u00a32.52
Awards outstanding at year end
 37,178,710 \u00a32.03 34,512,075 \u00a32.24
Bonus share awards
At the beginning of the year
 8,901,295 \u00a32.54 8,496,633 \u00a33.24
Granted
 1,541,823 \u00a31.64 3,422,923 \u00a31.75
Vested
 (2,084,487) \u00a33.23 (3,018,261) \u00a33.62
Awards outstanding at year end
 8,358,631 \u00a32.23 8,901,295 \u00a32.54
Matching share awards
At the beginning of the year
 10,191,939 \u00a32.55 8,845,881 \u00a33.20
Granted
 1,552,918 \u00a31.64 3,438,895 \u00a31.75
Vested
 (1,806,641) \u00a33.56 (1,662,337) \u00a34.37
Forfeited
 (173,038) \u00a32.13 (430,500) \u00a32.64
Awards outstanding at year end
 9,765,178 \u00a32.25 10,191,939 \u00a32.55
Total
 55,302,519 \u00a32.10 53,605,309 \u00a32.35
The weighted average fair value of awards granted to employees under the Omnibus Plan during the year was \u00a31.66 (FY2025: \u00a31.75),
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 grant date fair value is
recognised over a period comprising the current financial year and the following five years, to the vesting date when the grantee
becomes unconditionally entitled to the underlying shares.
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 \u00a30.5 million (30 June 2025: \u00a30.3 million) of which \u00a3nil (30 June 2025: \u00a3nil)
relates to vested awards.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-471": { "value": "
11) Other expenses
Other expenses consist of the following:
2026
2025
\u00a3m
\u00a3m
Travel
1.9
2.2
Professional fees
4.2
3.9
Information technology and communications
8.7
8.4
Amortisation of
deferred acquisition costs
0.1
0.1
Lease expenses
0.1
0.3
Depreciation of property, plant and equipment (
see note 16)
3.5
3.0
Premises
-related costs
1.6
1.5
Insurance
0.8
0.7
Research costs
0.2
0.3
Auditor\u2019s remuneration (see below)
1.1
1.1
Operating expenses in c
onsolidated funds (see note 20d)
2.4
2.1
Operating expenses in consolidated portfolio compan
y (see note 20e)
0.5
\u2013
Other
operating expenses
3.9
4.1
29.0
27.7
Lease expenses relate 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
2026 2025
\u00a3m
\u00a3m
Fees for statutory audit services:
\u2022
Fees payable to the Company\u2019s auditor for the audit of the Group\u2019s accounts
0.3
0.3
\u2022
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s
0.6
0.6
subsidiaries pursuant to legislation
Fees for non
-audit services:
Other assurance non-audit services
1
0.2
0.2
\u2022
1.1
1.1
1. Other assurance non-audit services include fees paid to EY for the Group\u2019s half-year review, internal controls reporting under ISAE 3402 and regulatory
assurance reporting relevant to a number of the Group\u2019s subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-533": { "value": "11) Other expenses Other expenses consist of the following:
2026
2025
\u00a3m
\u00a3m
Travel
1.9
2.2
Professional fees
4.2
3.9
Information technology and communications
8.7
8.4
Amortisation of
deferred acquisition costs
0.1
0.1
Lease expenses
0.1
0.3
Depreciation of property, plant and equipment (
see note 16)
3.5
3.0
Premises
-related costs
1.6
1.5
Insurance
0.8
0.7
Research costs
0.2
0.3
Auditor\u2019s remuneration (see below)
1.1
1.1
Operating expenses in c
onsolidated funds (see note 20d)
2.4
2.1
Operating expenses in consolidated portfolio compan
y (see note 20e)
0.5
\u2013
Other
operating expenses
3.9
4.1
29.0
27.7
Lease expenses relate 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
2026 2025
\u00a3m
\u00a3m
Fees for statutory audit services:
\u2022
Fees payable to the Company\u2019s auditor for the audit of the Group\u2019s accounts
0.3
0.3
\u2022
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s
0.6
0.6
subsidiaries pursuant to legislation
Fees for non
-audit services:
Other assurance non-audit services
1
0.2
0.2
\u2022
1.1
1.1
1. Other assurance non-audit services include fees paid to EY for the Group\u2019s half-year review, internal controls reporting under ISAE 3402 and regulatory assurance reporting relevant to a number of the Group\u2019s subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-548": { "value": "11) Other expenses Other expenses consist of the following:
2026
2025
\u00a3m
\u00a3m
Travel
1.9
2.2
Professional fees
4.2
3.9
Information technology and communications
8.7
8.4
Amortisation of
deferred acquisition costs
0.1
0.1
Lease expenses
0.1
0.3
Depreciation of property, plant and equipment (
see note 16)
3.5
3.0
Premises
-related costs
1.6
1.5
Insurance
0.8
0.7
Research costs
0.2
0.3
Auditor\u2019s remuneration (see below)
1.1
1.1
Operating expenses in c
onsolidated funds (see note 20d)
2.4
2.1
Operating expenses in consolidated portfolio compan
y (see note 20e)
0.5
\u2013
Other
operating expenses
3.9
4.1
29.0
27.7
Lease expenses relate 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
2026 2025
\u00a3m
\u00a3m
Fees for statutory audit services:
\u2022
Fees payable to the Company\u2019s auditor for the audit of the Group\u2019s accounts
0.3
0.3
\u2022
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s
0.6
0.6
subsidiaries pursuant to legislation
Fees for non
-audit services:
Other assurance non-audit services
1
0.2
0.2
\u2022
1.1
1.1
1. Other assurance non-audit services include fees paid to EY for the Group\u2019s half-year review, internal controls reporting under ISAE 3402 and regulatory assurance reporting relevant to a number of the Group\u2019s subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-511": { "value": "Auditor\u2019s remuneration
2026 2025
\u00a3m
\u00a3m
Fees for statutory audit services:
\u2022
Fees payable to the Company\u2019s auditor for the audit of the Group\u2019s accounts
0.3
0.3
\u2022
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s
0.6
0.6
subsidiaries pursuant to legislation
Fees for non
-audit services:
Other assurance non-audit services
1
0.2
0.2
\u2022
1.1
1.1
1. Other assurance non-audit services include fees paid to EY for the Group\u2019s half-year review, internal controls reporting under ISAE 3402 and regulatory assurance reporting relevant to a number of the Group\u2019s subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-472": { "value": "
12) Taxation
Analysis of tax charge for the year:
2026
2025
\u00a3m
\u00a3m
Current tax
UK corporation tax on profits for the year
14.2
12.2
Overseas corporation tax charge
8.5
7.9
Adjustments in respect of prior years
 (1.9) 0.1
20.8
20.2
Deferred tax
Deferred tax charge/(credit) for the year (
see note 18)
(1.2
)
3.3
Tax expense
19.6
23.5
Factors affecting tax charge for the year
2026 2025
\u00a3m \u00a3m
Profit before tax
126.9
108.6
Tax at the standard UK corporation tax rate of 25%
(FY2025: 25%)
31.7
27.2
Effects of:
Permanent differences including non
-taxable income and non-deductible expenses
(1.6
)
1.8
Different rate
s of tax on overseas profits
(1.6
)
(3.5
)
Non
-taxable investment returns
1
(5.7
)
(2.1
)
Adjustments in respect of prior years
\u2013 current tax
(1.9
)
0.1
Adjustments in respect of prior years
\u2013 deferred tax
(1.3
)
\u2013
Tax expense
19.6
23.5
1. Non-taxable investment returns comprise seed capital investment gains/losses in certain jurisdictions in which the Group operates for which there are local
tax exemptions
The tax credit recognised in other comprehensive income and directly in equity is as follows:
2026 2025
\u00a3m \u00a3m
Recognised in other comprehensive income
Current tax
credit on foreign exchange losses
\u2013
(0.5
)
Recognised directly in equity
Deferred tax credit
on share-based payments (see note 18)
(0.9
)
\u2013
Total tax credit
(0.9
)
(0.5)
18) Deferred taxation Deferred tax assets and liabilities recognised by the Group and Company at year end are attributable to the following:
2026
2025
Other
temporary Share-based Other temporary Share-based
differences payments Total differences payments Total
Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
5.2
16.5
21.7
5.0
11.2
16.2
Deferred tax liabilities
(12.9
)
\u2013
(12.9)
(9.5)
\u2013
(9.5)
(7.7
)
16.5
8.8
(4.5)
11.2
6.7
2026
2025
Other
temporary Share-based Other temporary Share-based
differences payments Total differences payments Total
Company
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
\u2013
14.4
14.4
\u2013
10.3
10.3
Deferred tax liabilities
(0.6
)
\u2013
(0.6)
\u2013
\u2013
\u2013
(0.6
)
14.4
13.8
\u2013
10.3
10.3
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 2026. At 30 June 2026 the aggregate amount of taxable temporary differences associated with investments in subsidiaries for which no deferred tax liability has been recognised was \u00a376.5 million (30 June 2025: \u00a332.0 million). These differences would reverse only on disposal, and the Group controls the timing of any disposal and does not expect these differences to reverse, or any associated tax to crystallise, in the foreseeable future.
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 20
24
(2.6)
12.6 10.0
C
harged to profit or loss
(1.5)
(1.4)
(2.9
)
Foreign exchange revaluation
 (0.4)
\u2013
(0.4)
At 30 June 20
25
(4.5)
11.2
6.7
C
redited/(charged) to profit or loss
(3.2
)
4.4
1.2
Credited to equity
\u2013
0.9
0.9
At 30 June 20
26
(7.7
)
16.5
8.8
Other
temporary Share-based
differences payments Total
Company
\u00a3m \u00a3m \u00a3m
At 30 June 20
24
\u2013
11.4
11.4
Charged to
profit or loss
\u2013
(1.1)
(1.1
)
At 30 June 20
25
\u2013
10.3
10.3
Credited/(charged)
to profit or loss
(0.6)
3.2
2.6
C
redited to equity
\u2013
0.9
0.9
At 30 June 20
26
(0.6)
14.4
13.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-512": { "value": "12) Taxation Analysis of tax charge for the year:
2026
2025
\u00a3m
\u00a3m
Current tax
UK corporation tax on profits for the year
14.2
12.2
Overseas corporation tax charge
8.5
7.9
Adjustments in respect of prior years
 (1.9) 0.1
20.8
20.2
Deferred tax
Deferred tax charge/(credit) for the year (
see note 18)
(1.2
)
3.3
Tax expense
19.6
23.5
Factors affecting tax charge for the year
2026 2025
\u00a3m \u00a3m
Profit before tax
126.9
108.6
Tax at the standard UK corporation tax rate of 25%
(FY2025: 25%)
31.7
27.2
Effects of:
Permanent differences including non
-taxable income and non-deductible expenses
(1.6
)
1.8
Different rate
s of tax on overseas profits
(1.6
)
(3.5
)
Non
-taxable investment returns
1
(5.7
)
(2.1
)
Adjustments in respect of prior years
\u2013 current tax
(1.9
)
0.1
Adjustments in respect of prior years
\u2013 deferred tax
(1.3
)
\u2013
Tax expense
19.6
23.5
1. Non-taxable investment returns comprise seed capital investment gains/losses in certain jurisdictions in which the Group operates for which there are local tax exemptions The tax credit recognised in other comprehensive income and directly in equity is as follows:
2026 2025
\u00a3m \u00a3m
Recognised in other comprehensive income
Current tax
credit on foreign exchange losses
\u2013
(0.5
)
Recognised directly in equity
Deferred tax credit
on share-based payments (see note 18)
(0.9
)
\u2013
Total tax credit
(0.9
)
(0.5)
18) Deferred taxation
Deferred tax assets and liabilities recognised by the Group and Company at year end are attributable to the following:
2026
2025
Other
temporary Share-based Other temporary Share-based
differences payments Total differences payments Total
Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
5.2
16.5
21.7
5.0
11.2
16.2
Deferred tax liabilities
(12.9
)
\u2013
(12.9)
(9.5)
\u2013
(9.5)
(7.7
)
16.5
8.8
(4.5)
11.2
6.7
2026
2025
Other
temporary Share-based Other temporary Share-based
differences payments Total differences payments Total
Company
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
\u2013
14.4
14.4
\u2013
10.3
10.3
Deferred tax liabilities
(0.6
)
\u2013
(0.6)
\u2013
\u2013
\u2013
(0.6
)
14.4
13.8
\u2013
10.3
10.3
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 2026.
At 30 June 2026 the aggregate amount of taxable temporary differences associated with investments in subsidiaries for which no
deferred tax liability has been recognised was \u00a376.5 million (30 June 2025: \u00a332.0 million). These differences would reverse only
on disposal, and the Group controls the timing of any disposal and does not expect these differences to reverse, or any
associated tax to crystallise, in the foreseeable future.
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 20
24
(2.6)
12.6 10.0
C
harged to profit or loss
(1.5)
(1.4)
(2.9
)
Foreign exchange revaluation
 (0.4)
\u2013
(0.4)
At 30 June 20
25
(4.5)
11.2
6.7
C
redited/(charged) to profit or loss
(3.2
)
4.4
1.2
Credited to equity
\u2013
0.9
0.9
At 30 June 20
26
(7.7
)
16.5
8.8
Other
temporary Share-based
differences payments Total
Company
\u00a3m \u00a3m \u00a3m
At 30 June 20
24
\u2013
11.4
11.4
Charged to
profit or loss
\u2013
(1.1)
(1.1
)
At 30 June 20
25
\u2013
10.3
10.3
Credited/(charged)
to profit or loss
(0.6)
3.2
2.6
C
redited to equity
\u2013
0.9
0.9
At 30 June 20
26
(0.6)
14.4
13.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-534": { "value": "12) Taxation Analysis of tax charge for the year:
2026
2025
\u00a3m
\u00a3m
Current tax
UK corporation tax on profits for the year
14.2
12.2
Overseas corporation tax charge
8.5
7.9
Adjustments in respect of prior years
 (1.9) 0.1
20.8
20.2
Deferred tax
Deferred tax charge/(credit) for the year (
see note 18)
(1.2
)
3.3
Tax expense
19.6
23.5
Factors affecting tax charge for the year
2026 2025
\u00a3m \u00a3m
Profit before tax
126.9
108.6
Tax at the standard UK corporation tax rate of 25%
(FY2025: 25%)
31.7
27.2
Effects of:
Permanent differences including non
-taxable income and non-deductible expenses
(1.6
)
1.8
Different rate
s of tax on overseas profits
(1.6
)
(3.5
)
Non
-taxable investment returns
1
(5.7
)
(2.1
)
Adjustments in respect of prior years
\u2013 current tax
(1.9
)
0.1
Adjustments in respect of prior years
\u2013 deferred tax
(1.3
)
\u2013
Tax expense
19.6
23.5
1. Non-taxable investment returns comprise seed capital investment gains/losses in certain jurisdictions in which the Group operates for which there are local tax exemptions The tax credit recognised in other comprehensive income and directly in equity is as follows:
2026 2025
\u00a3m \u00a3m
Recognised in other comprehensive income
Current tax
credit on foreign exchange losses
\u2013
(0.5
)
Recognised directly in equity
Deferred tax credit
on share-based payments (see note 18)
(0.9
)
\u2013
Total tax credit
(0.9
)
(0.5)
18) Deferred taxation Deferred tax assets and liabilities recognised by the Group and Company at year end are attributable to the following:
2026
2025
Other
temporary Share-based Other temporary Share-based
differences payments Total differences payments Total
Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
5.2
16.5
21.7
5.0
11.2
16.2
Deferred tax liabilities
(12.9
)
\u2013
(12.9)
(9.5)
\u2013
(9.5)
(7.7
)
16.5
8.8
(4.5)
11.2
6.7
2026
2025
Other
temporary Share-based Other temporary Share-based
differences payments Total differences payments Total
Company
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
\u2013
14.4
14.4
\u2013
10.3
10.3
Deferred tax liabilities
(0.6
)
\u2013
(0.6)
\u2013
\u2013
\u2013
(0.6
)
14.4
13.8
\u2013
10.3
10.3
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 2026. At 30 June 2026 the aggregate amount of taxable temporary differences associated with investments in subsidiaries for which no deferred tax liability has been recognised was \u00a376.5 million (30 June 2025: \u00a332.0 million). These differences would reverse only on disposal, and the Group controls the timing of any disposal and does not expect these differences to reverse, or any associated tax to crystallise, in the foreseeable future. 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 20
24
(2.6)
12.6 10.0
C
harged to profit or loss
(1.5)
(1.4)
(2.9
)
Foreign exchange revaluation
 (0.4)
\u2013
(0.4)
At 30 June 20
25
(4.5)
11.2
6.7
C
redited/(charged) to profit or loss
(3.2
)
4.4
1.2
Credited to equity
\u2013
0.9
0.9
At 30 June 20
26
(7.7
)
16.5
8.8
Other
temporary Share-based
differences payments Total
Company
\u00a3m \u00a3m \u00a3m
At 30 June 20
24
\u2013
11.4
11.4
Charged to
profit or loss
\u2013
(1.1)
(1.1
)
At 30 June 20
25
\u2013
10.3
10.3
Credited/(charged)
to profit or loss
(0.6)
3.2
2.6
C
redited to equity
\u2013
0.9
0.9
At 30 June 20
26
(0.6)
14.4
13.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-473": { "value": "
13) Earnings per share
Basic earnings per share for the year ended 30 June 2026 of 15.67 pence (30 June 2025: 12.17 pence) is calculated by dividing
the profit after tax for the financial year attributable to equity holders of the parent of \u00a3103.3 million (FY2025: \u00a381.2 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 is shown below.
2026 2025
Number of Number of
ordinary ordinary
shares shares
Weighted average number of ordinary shares used in the calculation of basic earnings per share
659,160,156
667,060,639
Effect of dilutive potential ordinary shares
27,616,103
22,439,347
Weighted average number of ordinary shares used in the calculation of diluted earnings per share
686,776,259
689,499,986
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-474": { "value": "
14) Dividends
Dividends paid in the year
2026
2025
Company
\u00a3m \u00a3m
Final dividend for
FY2025: 12.10p (FY2024: 12.10p)
85.1
86.2
Interim dividend
FY2026: 4.80p (FY2025: 4.80p)
33.7
33.9
118.8
120.1
In addition, the Group paid \u00a31.6 million (FY2025: \u00a33.5 million) of dividends to non-controlling interests.
Dividends declared/proposed in respect of the year
2026 2025
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 2026, the Board proposed a final dividend of 12.10 pence per share for the year ended 30 June 2026 (30 June
2025: 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 \u00a385.1 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-7": { "value": "0.169", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-8": { "value": "0.169", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-6": { "value": "0.121", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-475": { "value": "
15) Goodwill
2026 2025
Group
\u00a3m \u00a3m
Cost
(at original exchange rate)
At the beginning of the year
70.2
70.2
At the end of the year
70.2
70.2
Net book value
At the beginning of the year
80.5
87.0
Foreign exchange revaluation through reserves
1
2.5
(6.5
)
At the end of the year
83.0
80.5
1. Foreign exchange revaluation through reserves is a result of the retranslation of US dollar-denominated goodwill.
2026
2025
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 122. 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 a 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 ended 30 June 2026, and no factors indicating potential
impairment of goodwill were noted.
Based on the calculation as at 30 June 2026 using a share price of \u00a32.01, the recoverable amount of the cash-generating unit was
in excess of its carrying amount including goodwill, and no impairment was implied. In addition, the sensitivity of the recoverable
amount to a 15% change in the Company\u2019s share price would 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-513": { "value": "15) Goodwill
2026 2025
Group
\u00a3m \u00a3m
Cost
(at original exchange rate)
At the beginning of the year
70.2
70.2
At the end of the year
70.2
70.2
Net book value
At the beginning of the year
80.5
87.0
Foreign exchange revaluation through reserves
1
2.5
(6.5
)
At the end of the year
83.0
80.5
1. Foreign exchange revaluation through reserves is a result of the retranslation of US dollar-denominated goodwill.
2026
2025
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 122. 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 a 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 ended 30 June 2026, and no factors indicating potential impairment of goodwill were noted. Based on the calculation as at 30 June 2026 using a share price of \u00a32.01, the recoverable amount of the cash-generating unit was in excess of its carrying amount including goodwill, and no impairment was implied. In addition, the sensitivity of the recoverable amount to a 15% change in the Company\u2019s share price would 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-535": { "value": "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 122. 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 a 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 ended 30 June 2026, and no factors indicating potential impairment of goodwill were noted. Based on the calculation as at 30 June 2026 using a share price of \u00a32.01, the recoverable amount of the cash-generating unit was in excess of its carrying amount including goodwill, and no impairment was implied. In addition, the sensitivity of the recoverable amount to a 15% change in the Company\u2019s share price would not lead to any impairment. Therefore, no impairment loss has been recognised in the current or preceding years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-514": { "value": "
16) Property, plant and equipment
The Group's property, plant and equipment include right-of-use assets recognised on lease arrangements and the property, plant
and equipment of the consolidated portfolio company, as follows:
Group
Company
30 June 30 June 30 June 30 June
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment owned by the Group
5.6
1.0
5.0
0.3
Right
-of-use assets
15.8
4.1
13.1
0.9
Property, plant and equipment owned by
consolidated portfolio company (see note 20e)
44.9
28.7
\u2013
\u2013
Total
net book value
66.3
33.8
18.1
1.2
The movement in property, plant and equipment is provided below:
2026 2026 2026 2025 2025 2025
Owned Right-of-use Total Owned Right-of-use Total
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At the beginning of the year
10.2
13.7
23.9
10.2
13.4
23.6
Additions
1
5.2
14.6
19.8
0.3
0.6
0.9
Write
-off on termination of lease
1
 (6.4) (8.6) (15.0)
\u2013
\u2013
\u2013
Foreign exchange revaluation
\u2013
0.1
0.1
(0.3)
(0.3) (0.6)
At the end of the year
9.0
19.8
28.8
10.2
13.7
23.9
Accumulated depreciation
At the beginning of the year
9.2
9.6
18.8
8.9
7.4
16.3
Depreciation charge for the year
0.5
3.0
3.5
0.6
2.4
3.0
Write
-off on termination of lease
1
(6.4) (8.6) (15.0)
\u2013
\u2013
\u2013
Foreign exchange revaluation
0.1
\u2013
0.1
(0.3)
(0.2) (0.5)
At the end of the year
3.4
4.0
7.4
9.2
9.6
18.8
Net book value at 30 June
5.6
15.8
21.4
1.0
4.1
5.1
2026 2026 2026 2025 2025 2025
Owned Right-of-use Total Owned Right-of-use Total
Company
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At the beginning of the year
6.7
7.8
14.5
6.6
7.8
14.4
Additions
1
5.0
14.0
19.0
0.1
\u2013
0.1
Write
-off on termination of lease
1
 (5.3) (7.8) (13.1)
\u2013
\u2013
\u2013
At the end of the year
6.4
14.0
20.4
6.7
7.8
14.5
Accumulated depreciation
At the beginning of the year
6.4
6.9
13.3
6.0
5.8
11.8
Depreciation charge for year
0.3
1.8
2.1
0.4
1.1
1.5
Write
-off on termination of lease
1
(5.3) (7.8) (13.1)
\u2013
\u2013
\u2013
At the end of the year
1.4
0.9
2.3
6.4
6.9
13.3
Net book value at 30 June
5.0
13.1
18.1
0.3
0.9
1.2
1. Included in additions for the current year is the recognition of the Group\u2019s new London office lease and the associated leasehold improvements. The right-
of-use asset and leasehold improvements relating to the former premises were fully depreciated at the date of relocation, and their cost and accumulated
depreciation have been written off.
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 ten 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 2026, the weighted average incremental borrowing rate applied was 4.1% (FY2025: 5.0%). 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 202
4
6.0
6.4
2.0
2.2
Additions
0.6
0.6
\u2013
\u2013
Remeasurement
\u2013
0.1
\u2013
\u2013
Lease payments
\u2013
(2.6)
\u2013
(1.3)
Interest expense (
see note 8)
\u2013
0.3
\u2013
0.1
Depreciation charge
 (2.4)
\u2013
(1.1
)
\u2013
Foreign exchange revaluation through reserves
 (0.1) (0.2)
\u2013
\u2013
At 30 June 202
5
4.1
4.6
0.9
1.0
Additions
14.6
14.1
14.0
13.5
Lease payments
\u2013
(2.7)
\u2013
(1.3)
Interest expense (
see note 8)
\u2013
0.8
\u2013
0.6
Depreciation charge
 (3.0)
\u2013
(1.8
)
\u2013
Foreign exchange revaluation through reserves
0.1
\u2013
\u2013
\u2013
At 30 June 202
6
15.8
16.8
13.1
13.8
The contractual maturities on the minimum lease payments under lease liabilities are provided below:
Group
Company
30 June 30 June 30 June 30 June
2026 2025 2026 2025
Maturity analysis \u2013 contractual undiscounted cash flows
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within 1 year
1.6
2.3
0.4
1.0
Between 1 and 5 years
10.3
2.0
8.4
\u2013
After
5 years
9.5
0.7
9.4
\u2013
Total undiscounted lease liabilities
21.4
5.0
18.2
1.0
Lease liabilities are presented in the
balance sheet as follows:
Current
0.6
2.0
0.4
1.0
Non
-current
16.2
2.6
13.4
\u2013
Total lease liabilities
16.8
4.6
13.8
1.0
Amounts recognised under financing activities in the cash flow statement:
Payment of lease liabilities
1.9
2.3
0.7
1.2
Interest paid
0.8
0.3
0.6
0.1
Total cash outflow for leases
2.7
2.6
1.3
1.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-476": { "value": "16) Property, plant and equipment The Group's property, plant and equipment include right-of-use assets recognised on lease arrangements and the property, plant and equipment of the consolidated portfolio company, as follows:
Group
Company
30 June 30 June 30 June 30 June
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment owned by the Group
5.6
1.0
5.0
0.3
Right
-of-use assets
15.8
4.1
13.1
0.9
Property, plant and equipment owned by
consolidated portfolio company (see note 20e)
44.9
28.7
\u2013
\u2013
Total
net book value
66.3
33.8
18.1
1.2
The movement in property, plant and equipment is provided below:
2026 2026 2026 2025 2025 2025
Owned Right-of-use Total Owned Right-of-use Total
Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At the beginning of the year
10.2
13.7
23.9
10.2
13.4
23.6
Additions
1
5.2
14.6
19.8
0.3
0.6
0.9
Write
-off on termination of lease
1
 (6.4) (8.6) (15.0)
\u2013
\u2013
\u2013
Foreign exchange revaluation
\u2013
0.1
0.1
(0.3)
(0.3) (0.6)
At the end of the year
9.0
19.8
28.8
10.2
13.7
23.9
Accumulated depreciation
At the beginning of the year
9.2
9.6
18.8
8.9
7.4
16.3
Depreciation charge for the year
0.5
3.0
3.5
0.6
2.4
3.0
Write
-off on termination of lease
1
(6.4) (8.6) (15.0)
\u2013
\u2013
\u2013
Foreign exchange revaluation
0.1
\u2013
0.1
(0.3)
(0.2) (0.5)
At the end of the year
3.4
4.0
7.4
9.2
9.6
18.8
Net book value at 30 June
5.6
15.8
21.4
1.0
4.1
5.1
2026 2026 2026 2025 2025 2025
Owned Right-of-use Total Owned Right-of-use Total
Company
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At the beginning of the year
6.7
7.8
14.5
6.6
7.8
14.4
Additions
1
5.0
14.0
19.0
0.1
\u2013
0.1
Write
-off on termination of lease
1
 (5.3) (7.8) (13.1)
\u2013
\u2013
\u2013
At the end of the year
6.4
14.0
20.4
6.7
7.8
14.5
Accumulated depreciation
At the beginning of the year
6.4
6.9
13.3
6.0
5.8
11.8
Depreciation charge for year
0.3
1.8
2.1
0.4
1.1
1.5
Write
-off on termination of lease
1
(5.3) (7.8) (13.1)
\u2013
\u2013
\u2013
At the end of the year
1.4
0.9
2.3
6.4
6.9
13.3
Net book value at 30 June
5.0
13.1
18.1
0.3
0.9
1.2
1. Included in additions for the current year is the recognition of the Group\u2019s new London office lease and the associated leasehold improvements. The right- of-use asset and leasehold improvements relating to the former premises were fully depreciated at the date of relocation, and their cost and accumulated depreciation have been written off.
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 ten 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 2026, the weighted average incremental borrowing rate applied was 4.1% (FY2025: 5.0%).
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 202
4
6.0
6.4
2.0
2.2
Additions
0.6
0.6
\u2013
\u2013
Remeasurement
\u2013
0.1
\u2013
\u2013
Lease payments
\u2013
(2.6)
\u2013
(1.3)
Interest expense (
see note 8)
\u2013
0.3
\u2013
0.1
Depreciation charge
 (2.4)
\u2013
(1.1
)
\u2013
Foreign exchange revaluation through reserves
 (0.1) (0.2)
\u2013
\u2013
At 30 June 202
5
4.1
4.6
0.9
1.0
Additions
14.6
14.1
14.0
13.5
Lease payments
\u2013
(2.7)
\u2013
(1.3)
Interest expense (
see note 8)
\u2013
0.8
\u2013
0.6
Depreciation charge
 (3.0)
\u2013
(1.8
)
\u2013
Foreign exchange revaluation through reserves
0.1
\u2013
\u2013
\u2013
At 30 June 202
6
15.8
16.8
13.1
13.8
The contractual maturities on the minimum lease payments under lease liabilities are provided below:
Group
Company
30 June 30 June 30 June 30 June
2026 2025 2026 2025
Maturity analysis \u2013 contractual undiscounted cash flows
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within 1 year
1.6
2.3
0.4
1.0
Between 1 and 5 years
10.3
2.0
8.4
\u2013
After
5 years
9.5
0.7
9.4
\u2013
Total undiscounted lease liabilities
21.4
5.0
18.2
1.0
Lease liabilities are presented in the
balance sheet as follows:
Current
0.6
2.0
0.4
1.0
Non
-current
16.2
2.6
13.4
\u2013
Total lease liabilities
16.8
4.6
13.8
1.0
Amounts recognised under financing activities in the cash flow statement:
Payment of lease liabilities
1.9
2.3
0.7
1.2
Interest paid
0.8
0.3
0.6
0.1
Total cash outflow for leases
2.7
2.6
1.3
1.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-536": { "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 ten 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 2026, the weighted average incremental borrowing rate applied was 4.1% (FY2025: 5.0%). 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 202
4
6.0
6.4
2.0
2.2
Additions
0.6
0.6
\u2013
\u2013
Remeasurement
\u2013
0.1
\u2013
\u2013
Lease payments
\u2013
(2.6)
\u2013
(1.3)
Interest expense (
see note 8)
\u2013
0.3
\u2013
0.1
Depreciation charge
 (2.4)
\u2013
(1.1
)
\u2013
Foreign exchange revaluation through reserves
 (0.1) (0.2)
\u2013
\u2013
At 30 June 202
5
4.1
4.6
0.9
1.0
Additions
14.6
14.1
14.0
13.5
Lease payments
\u2013
(2.7)
\u2013
(1.3)
Interest expense (
see note 8)
\u2013
0.8
\u2013
0.6
Depreciation charge
 (3.0)
\u2013
(1.8
)
\u2013
Foreign exchange revaluation through reserves
0.1
\u2013
\u2013
\u2013
At 30 June 202
6
15.8
16.8
13.1
13.8
The contractual maturities on the minimum lease payments under lease liabilities are provided below:
Group
Company
30 June 30 June 30 June 30 June
2026 2025 2026 2025
Maturity analysis \u2013 contractual undiscounted cash flows
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within 1 year
1.6
2.3
0.4
1.0
Between 1 and 5 years
10.3
2.0
8.4
\u2013
After
5 years
9.5
0.7
9.4
\u2013
Total undiscounted lease liabilities
21.4
5.0
18.2
1.0
Lease liabilities are presented in the
balance sheet as follows:
Current
0.6
2.0
0.4
1.0
Non
-current
16.2
2.6
13.4
\u2013
Total lease liabilities
16.8
4.6
13.8
1.0
Amounts recognised under financing activities in the cash flow statement:
Payment of lease liabilities
1.9
2.3
0.7
1.2
Interest paid
0.8
0.3
0.6
0.1
Total cash outflow for leases
2.7
2.6
1.3
1.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-549": { "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 ten 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 2026, the weighted average incremental borrowing rate applied was 4.1% (FY2025: 5.0%). 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 202
4
6.0
6.4
2.0
2.2
Additions
0.6
0.6
\u2013
\u2013
Remeasurement
\u2013
0.1
\u2013
\u2013
Lease payments
\u2013
(2.6)
\u2013
(1.3)
Interest expense (
see note 8)
\u2013
0.3
\u2013
0.1
Depreciation charge
 (2.4)
\u2013
(1.1
)
\u2013
Foreign exchange revaluation through reserves
 (0.1) (0.2)
\u2013
\u2013
At 30 June 202
5
4.1
4.6
0.9
1.0
Additions
14.6
14.1
14.0
13.5
Lease payments
\u2013
(2.7)
\u2013
(1.3)
Interest expense (
see note 8)
\u2013
0.8
\u2013
0.6
Depreciation charge
 (3.0)
\u2013
(1.8
)
\u2013
Foreign exchange revaluation through reserves
0.1
\u2013
\u2013
\u2013
At 30 June 202
6
15.8
16.8
13.1
13.8
The contractual maturities on the minimum lease payments under lease liabilities are provided below:
Group
Company
30 June 30 June 30 June 30 June
2026 2025 2026 2025
Maturity analysis \u2013 contractual undiscounted cash flows
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within 1 year
1.6
2.3
0.4
1.0
Between 1 and 5 years
10.3
2.0
8.4
\u2013
After
5 years
9.5
0.7
9.4
\u2013
Total undiscounted lease liabilities
21.4
5.0
18.2
1.0
Lease liabilities are presented in the
balance sheet as follows:
Current
0.6
2.0
0.4
1.0
Non
-current
16.2
2.6
13.4
\u2013
Total lease liabilities
16.8
4.6
13.8
1.0
Amounts recognised under financing activities in the cash flow statement:
Payment of lease liabilities
1.9
2.3
0.7
1.2
Interest paid
0.8
0.3
0.6
0.1
Total cash outflow for leases
2.7
2.6
1.3
1.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-477": { "value": "
17) Trade and other receivables
Group
Company
2026
2025
2026
2025
\u00a3m \u00a3m \u00a3m \u00a3m
Non
-current
Trade and other receivables
of consolidated portfolio company (see note 20e)
4.3
3.0
\u2013
\u2013
Loans due from subsidiaries
\u2013
\u2013
200.5
192.5
4.3
3.0
200.5
192.5
Current
Trade debtors
46.2
40.8
5.4
1.6
Prepayments
5.2
3.1
2.4
1.7
Amounts due from subsidiaries
\u2013
\u2013
32.8
26.8
Loans due from subsidiaries
\u2013
\u2013
161.9
123.2
Other receivables
2.9
1.9
1.6
3.7
Trade and other receivables
of consolidated portfolio company (see note 20e)
1.0
4.4
\u2013
\u2013
55.3
50.2
204.1
157.0
Group trade debtors include accrued management and performance fees in respect of investment management services
provided up to 30 June 2026. 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 2026, the assessed provision
for expected credit losses was immaterial and the Group has not recognised any credit losses in the current year (FY2025: none).
Loans due from subsidiaries for the Company include intercompany loans related to the provision of funding for seed capital
investments, predominantly denominated in sterling and US dollars, and cash invested by subsidiaries in daily-traded investment
funds. The net increase in loans due from subsidiaries during the year was \u00a346.7 million, comprising \u00a347.3 million of loans
advanced, \u00a311.0 million of loans repaid, and \u00a310.4 million foreign exchange gain arising from the retranslation of US dollar-
denominated balances (FY2025: net decrease of \u00a34.0 million comprising \u00a325.8 million of loans advanced, \u00a33.8 million loans
repaid and \u00a326.0 million foreign exchange loss).
The intercompany loans accrue interest at market rates and the amounts classified as current are repayable on demand and
regularly settled during the year. Applying the general expected credit loss model, the Company has assessed credit risk on these
balances as low and no loss allowance is considered necessary. No credit losses have been recognised in the current year
(FY2025: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-515": { "value": "17) Trade and other receivables
Group
Company
2026
2025
2026
2025
\u00a3m \u00a3m \u00a3m \u00a3m
Non
-current
Trade and other receivables
of consolidated portfolio company (see note 20e)
4.3
3.0
\u2013
\u2013
Loans due from subsidiaries
\u2013
\u2013
200.5
192.5
4.3
3.0
200.5
192.5
Current
Trade debtors
46.2
40.8
5.4
1.6
Prepayments
5.2
3.1
2.4
1.7
Amounts due from subsidiaries
\u2013
\u2013
32.8
26.8
Loans due from subsidiaries
\u2013
\u2013
161.9
123.2
Other receivables
2.9
1.9
1.6
3.7
Trade and other receivables
of consolidated portfolio company (see note 20e)
1.0
4.4
\u2013
\u2013
55.3
50.2
204.1
157.0
Group trade debtors include accrued management and performance fees in respect of investment management services provided up to 30 June 2026. 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 2026, the assessed provision for expected credit losses was immaterial and the Group has not recognised any credit losses in the current year (FY2025: none). Loans due from subsidiaries for the Company include intercompany loans related to the provision of funding for seed capital investments, predominantly denominated in sterling and US dollars, and cash invested by subsidiaries in daily-traded investment funds. The net increase in loans due from subsidiaries during the year was \u00a346.7 million, comprising \u00a347.3 million of loans advanced, \u00a311.0 million of loans repaid, and \u00a310.4 million foreign exchange gain arising from the retranslation of US dollar- denominated balances (FY2025: net decrease of \u00a34.0 million comprising \u00a325.8 million of loans advanced, \u00a33.8 million loans repaid and \u00a326.0 million foreign exchange loss). The intercompany loans accrue interest at market rates and the amounts classified as current are repayable on demand and regularly settled during the year. Applying the general expected credit loss model, the Company has assessed credit risk on these balances as low and no loss allowance is considered necessary. No credit losses have been recognised in the current year (FY2025: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-537": { "value": "17) Trade and other receivables
Group
Company
2026
2025
2026
2025
\u00a3m \u00a3m \u00a3m \u00a3m
Non
-current
Trade and other receivables
of consolidated portfolio company (see note 20e)
4.3
3.0
\u2013
\u2013
Loans due from subsidiaries
\u2013
\u2013
200.5
192.5
4.3
3.0
200.5
192.5
Current
Trade debtors
46.2
40.8
5.4
1.6
Prepayments
5.2
3.1
2.4
1.7
Amounts due from subsidiaries
\u2013
\u2013
32.8
26.8
Loans due from subsidiaries
\u2013
\u2013
161.9
123.2
Other receivables
2.9
1.9
1.6
3.7
Trade and other receivables
of consolidated portfolio company (see note 20e)
1.0
4.4
\u2013
\u2013
55.3
50.2
204.1
157.0
Group trade debtors include accrued management and performance fees in respect of investment management services provided up to 30 June 2026. 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 2026, the assessed provision for expected credit losses was immaterial and the Group has not recognised any credit losses in the current year (FY2025: none). Loans due from subsidiaries for the Company include intercompany loans related to the provision of funding for seed capital investments, predominantly denominated in sterling and US dollars, and cash invested by subsidiaries in daily-traded investment funds. The net increase in loans due from subsidiaries during the year was \u00a346.7 million, comprising \u00a347.3 million of loans advanced, \u00a311.0 million of loans repaid, and \u00a310.4 million foreign exchange gain arising from the retranslation of US dollar- denominated balances (FY2025: net decrease of \u00a34.0 million comprising \u00a325.8 million of loans advanced, \u00a33.8 million loans repaid and \u00a326.0 million foreign exchange loss). The intercompany loans accrue interest at market rates and the amounts classified as current are repayable on demand and regularly settled during the year. Applying the general expected credit loss model, the Company has assessed credit risk on these balances as low and no loss allowance is considered necessary. No credit losses have been recognised in the current year (FY2025: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-478": { "value": "
19) Fair value of financial instruments
The Group has an established control framework with respect to the measurement of fair values. Responsibility for all significant
fair value measurements rests with the PMVC, which regularly reviews significant valuation inputs and valuation adjustments.
Where third-party information is used to measure fair value, the PMVC assesses and documents the evidence obtained from
those third parties to support such valuations. Further details of the PMVC\u2019s role are set out in the Risk management report on
page 23.
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:
\u2022 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.
\u2022 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.
\u2022 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:
2026
2025
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
122.8
153.5
21.2
297.5
132.5
156.5
21.4
310.4
Financial
assets at FVTPL \u2013 non-current
\u2013
18.1
42.0
60.1
\u2013
33.9
32.4
66.3
Financial assets at FVTPL
\u2013 current
0.4
16.5
\u2013
16.9
\u2013
17.0
\u2013
17.0
Derivative financial instruments
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
\u2013
0.9
Total financial assets
123.2
188.1
63.2
374.5
132.5
208.3
53.8
394.6
Financial liabilities
Third
-party interests in consolidated funds
34.4
52.4
17.3
104.1
32.0
27.4
13.5
72.9
Derivative financial instruments
\u2013
0.2
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
Total financial liabilities
34.4
52.6
17.3
104.3
32.0
27.4
13.5
72.9
Financial instruments not measured at fair value
Financial assets and liabilities that are not measured at fair value comprise cash and cash equivalents, term deposits, trade and
other receivables, trade and other payables, assets and liabilities held for sale, and other financial liabilities (see notes 17, 20, 21
and 24). 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 2026 and 2025.
Transfers between levels
There were no transfers between level 1, level 2 and level 3 of the fair value hierarchy during the year (FY2025: 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).
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 2026 and 2025:
Third-party
Financial assets at interests in
Investment FVTPL \u2013 non- consolidated
securities current funds
\u00a3m \u00a3m \u00a3m
At 30 June 20
24
27.7
29.3 10.5
Additions
 2.0 3.4 5.5
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 20
25
21.4 32.4 13.5
Additions
\u2013
1.5
\u2013
Disposals
 (9.2) (0.9) (4.6)
Unrealised gains
recognised in finance income
8.6
7.3
8.4
Unrealised gains
recognised in foreign exchange reserve
0.4
1.7
\u2013
At
30 June 2026
21.2
42.0
17.3
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 2026 and 2025, and the associated sensitivity to changes in unobservable inputs to a
reasonable alternative.
2026 Change in
Fair value
Significant
Range of
Sensitivity
fair value
Asset c
lass and valuation technique
\u00a3m
unobservable input
s
estimates
factor
\u00a3m
Financial assets
Unquoted securities
Market approach
 0.2
EBITDA multiple
1
0x
+/
- 2x
+/- 0.1
Marketability adjustment
30%
+/
- 5%
\u2013
Discounted cash flow
 21.0
Discount rate
10%
-18%
+/
- 1%
-/+ 1.0
Marketability adjustment
25
%-52%
+/
- 5%
-/+ 2.3
Unquoted funds
Net assets approach
1
42.0
NAV
1x
+/
- 5%
+/- 2.1
Total financial assets within level 3
 63.2
Financial liabilities
Unquoted funds
Net assets approach
1
 17.3
NAV
1x
+/
- 5%
-/+ 0.9
Total financial
liabilities within level 3
17.3
2025
Change in
Fair value
Significant
Range of
Sensitivity
fair value
Asset c
lass and valuation technique
\u00a3m
unobservable input
s
estimates
factor
\u00a3m
Financial assets
Unquoted securities
Market approach
 4.1
EBITDA multiple
1
2x
+/
- 1x
+/- 0.6
Marketability adjustment
30%
+/
- 5%
-/+ 0.6
Discounted cash flow
 17.3
Discount rate
10%
-18%
+/
- 1%
-/+ 1.0
Marketability adjustment
30
%-53%
+/
- 5%
-/+ 1.9
Unquoted funds
Net assets approach
1
32.4
NAV
1x
+/
- 5%
+/- 1.6
Total financial assets within level 3
53.8
Financial liabilities
Unquoted funds
Net assets approach
1
13.5
NAV
1x
+/
- 5%
-/+ 0.7
Total financial liabilities within level 3
 13.5
1. NAV priced assets include seed capital investments valued using unobservable inputs. Valuations are reviewed and approved by the PMVC before being
applied by the fund administrator in striking the fund\u2019s net asset value. 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 22 to 27.
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 2026,
including its regulatory requirements, is \u00a388.0 million (30 June 2025: \u00a393.3 million).
Ashmore holds total capital resources of \u00a3609.5 million as at 30 June 2026, providing an excess of \u00a3521.5 million over the Group
capital requirement (30 June 2025: \u00a3603.9 million, providing an excess of \u00a3510.6 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, excluding prepayments, assets held for sale and financial instruments measured at fair value. The table below lists
financial assets subject to credit risk.
2026 2025
Notes \u00a3m \u00a3m
C
ash and deposits
364.7
348.8
Non
-current trade and other receivables
17
4.3
3.0
Current t
rade and other receivables
17
50.1
47.1
Total
419.1
398.9
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 2026 (30 June 2025: A- to AAAm).
Term deposits have an average annual interest rate of 4.1% (FY2025: 4.8%) and average original contractual maturities of six
months (30 June 2025: nine months). As at 30 June 2026, the average remaining maturity was five months (30 June 2025:
four months).
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. As explained on page 160, the Group has no debt as at 30 June 2026
(30 June 2025: 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 2026 and 30 June 2025 based on
contractual undiscounted payments:
At 30 June 2026
More than
Within 1 year 1-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Current trade and other payables
34.9
\u2013
\u2013
34.9
Lease liabilities
1.6
10.3
9.5
21.4
Total
36.5
10.3
9.5
56.3
At 30 June 2025
More than
Within 1 year 1-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Current trade and other payables
31.3
\u2013
\u2013
31.3
Lease liabilities
2.3
2.0
0.7
5.0
Total
33.6
2.0
0.7
36.3
The table excludes third-party interests in consolidated funds of \u00a3104.1 million (30 June 2025: \u00a372.9 million), liabilities held for
sale of \u00a359.1 million (30 June 2025: \u00a3nil) and other financial liabilities (non-recourse borrowings) of the consolidated portfolio
company of \u00a330.1 million (30 June 2025: \u00a318.0 million). These are obligations of the funds and portfolio company concerned
rather than of the Group, are settled solely out of their own assets, and carry no Group guarantee or other credit support. They
therefore do not give rise to liquidity risk for the Group.
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, excluding amounts in consolidated funds and
portfolio companies, is given in the table below:
2026 2025
% %
Cash and deposits
3.50
4.77
At 30 June 2026, 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 \u00a31.7 million higher/lower (FY2025: \u00a32.1 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.
2026
2025
Impact on
Impact on
profit Impact on profit Impact on
before tax equity before tax equity
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar +/
- 5%
1.6
18.7
0.6
16.3
Colombian peso +/
- 5%
0.2
1.5
0.1
1.0
Indonesian rupiah
+/- 5%
0.1
0.4
\u2013
0.4
Saudi riyal
+/- 5%
0.3
1.7
0.6
1.2
Euro +/
- 5%
0.1
0.1
0.1
0.1
Price risk
Price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of market cha nges.
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 2026, a 5% movement in the fair value of these investments would have a \u00a316.2 million (FY2025: \u00a317.0 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$54.0 billion and applying the year\u2019s average net management fee rate of 34bps, a 5%
movement in AuM would have a US$9.2 million impact, equivalent to \u00a36.9 million using a year end exchange rate of 1.3273,
on management fee revenues (FY2025: 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$8.3 million impact, equivalent to \u00a36.0 million using a year end exchange rate of 1.3704,
on management fee revenues).
Hedging activities
The Company uses forward and option contracts to hedge its exposure to foreign currency risk. These hedges, which have been
assessed as effective cash flow hedges as at 30 June 2026, protect a proportion of the Group\u2019s revenue cash flows from foreign
exchange movements. The cumulative fair value of the outstanding foreign exchange hedges liability at 30 June 2026 was
\u00a30.2 million and is included within the Group\u2019s derivative financial instruments (30 June 2025: \u00a30.8 million foreign exchange
hedges asset included in derivative financial instruments).
The notional and fair values of foreign exchange hedging instruments were as follows:
2026
2025
Notional
Fair value
Notional Fair value
amount
assets
/(liabilities)
amount assets/(liabilities)
US$m
\u00a3m US$m \u00a3m
Cash flow hedges
Foreign exchange nil
-cost option collars
40.0
(0.2)
40.0
0.8
40.0
(0.2)
40.0
0.8
The maturity profile of the Group\u2019s outstanding hedges is shown below.
2026
2025
Notional amount of option collars maturing:
US$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 loss of \u00a30.6 million (FY2025: \u00a30.6 million intrinsic value gain) on the Group\u2019s hedges has been recognised
through other comprehensive income in the year and a \u00a30.4 million realised intrinsic value loss (FY2025: \u00a30.2 million realised
intrinsic value gain) was reported in profit or loss within foreign exchange gains in the year.
Included within the net realised and unrealised hedging gain of \u00a30.2 million (see note 7) recognised at 30 June 2026 (30 June
2025: \u00a34.1 million gain) are:
\u2022 a \u00a30.4 million realised intrinsic value loss in respect of foreign exchange hedges covering net management fee income for the
financial year ended 30 June 2026 (FY2025: \u00a30.3 million realised gain); and
\u2022 a \u00a30.6 million gain in respect of crystallised foreign exchange contracts (FY2025: \u00a33.8 million gain).
Company
The risk management processes of the Company, including those relating to the specific risk exposures covered below, are
aligned with those of the Group as a whole unless stated otherwise.
In addition, the risk definitions that apply to the Group are also relevant for the Company.
Credit risk
The Company\u2019s maximum exposure to credit risk is represented by the carrying value of its financial assets, excluding
prepayments and financial instruments measured at fair value. The table below lists financial assets subject to credit risk.
2026 2025
Notes
\u00a3m
\u00a3m
Cash and deposits
62.1
134.4
Trade and other receivables
17
402.2
347.8
Total
464.3
482.2
The Company\u2019s cash and cash equivalents and term deposits are held with counterparties which have credit ratings ranging from
A- to AAAm as at 30 June 2026 (30 June 2025: A- to AAAm).
Term deposits have an average annual interest rate of 4.1% (FY2025: 4.8%) and average original contractual maturities of
six months (30 June 2025: nine months). As at 30 June 2026, the average remaining maturity was five months (30 June 2025:
four months).
Trade and other receivables comprise principally amounts due from and loans to subsidiaries of \u00a3395.2 million (30 June 2025:
\u00a3342.5 million). The Company applies the general expected credit loss model to these balances, assessing credit risk by
reference to the financial position of each borrowing entity and its ability to repay on demand from available liquid resources.
Credit risk on these balances is considered low and, accordingly, no loss allowance has been recognised. Further detail is
provided in note 17.
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:
2026 2025
% %
Cash and deposits
3.56
5.21
At 30 June 2026, 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 \u00a30.5 million higher/lower (FY2025: \u00a30.9 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 2026, 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 \u00a317.8 million (FY2025: increased/decreased by \u00a315.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-516": { "value": "19) Fair value of financial instruments The Group has an established control framework with respect to the measurement of fair values. Responsibility for all significant fair value measurements rests with the PMVC, which regularly reviews significant valuation inputs and valuation adjustments. Where third-party information is used to measure fair value, the PMVC assesses and documents the evidence obtained from those third parties to support such valuations. Further details of the PMVC\u2019s role are set out in the Risk management report on page 23. 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: \u2022 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. \u2022 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. \u2022 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:
2026
2025
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
122.8
153.5
21.2
297.5
132.5
156.5
21.4
310.4
Financial
assets at FVTPL \u2013 non-current
\u2013
18.1
42.0
60.1
\u2013
33.9
32.4
66.3
Financial assets at FVTPL
\u2013 current
0.4
16.5
\u2013
16.9
\u2013
17.0
\u2013
17.0
Derivative financial instruments
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
\u2013
0.9
Total financial assets
123.2
188.1
63.2
374.5
132.5
208.3
53.8
394.6
Financial liabilities
Third
-party interests in consolidated funds
34.4
52.4
17.3
104.1
32.0
27.4
13.5
72.9
Derivative financial instruments
\u2013
0.2
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
Total financial liabilities
34.4
52.6
17.3
104.3
32.0
27.4
13.5
72.9
Financial instruments not measured at fair value Financial assets and liabilities that are not measured at fair value comprise cash and cash equivalents, term deposits, trade and other receivables, trade and other payables, assets and liabilities held for sale, and other financial liabilities (see notes 17, 20, 21 and 24). 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 2026 and 2025. Transfers between levels There were no transfers between level 1, level 2 and level 3 of the fair value hierarchy during the year (FY2025: 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). 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 2026 and 2025:
Third-party
Financial assets at interests in
Investment FVTPL \u2013 non- consolidated
securities current funds
\u00a3m \u00a3m \u00a3m
At 30 June 20
24
27.7
29.3 10.5
Additions
 2.0 3.4 5.5
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 20
25
21.4 32.4 13.5
Additions
\u2013
1.5
\u2013
Disposals
 (9.2) (0.9) (4.6)
Unrealised gains
recognised in finance income
8.6
7.3
8.4
Unrealised gains
recognised in foreign exchange reserve
0.4
1.7
\u2013
At
30 June 2026
21.2
42.0
17.3
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 2026 and 2025, and the associated sensitivity to changes in unobservable inputs to a reasonable alternative.
2026 Change in
Fair value
Significant
Range of
Sensitivity
fair value
Asset c
lass and valuation technique
\u00a3m
unobservable input
s
estimates
factor
\u00a3m
Financial assets
Unquoted securities
Market approach
 0.2
EBITDA multiple
1
0x
+/
- 2x
+/- 0.1
Marketability adjustment
30%
+/
- 5%
\u2013
Discounted cash flow
 21.0
Discount rate
10%
-18%
+/
- 1%
-/+ 1.0
Marketability adjustment
25
%-52%
+/
- 5%
-/+ 2.3
Unquoted funds
Net assets approach
1
42.0
NAV
1x
+/
- 5%
+/- 2.1
Total financial assets within level 3
 63.2
Financial liabilities
Unquoted funds
Net assets approach
1
 17.3
NAV
1x
+/
- 5%
-/+ 0.9
Total financial
liabilities within level 3
17.3
2025
Change in
Fair value
Significant
Range of
Sensitivity
fair value
Asset c
lass and valuation technique
\u00a3m
unobservable input
s
estimates
factor
\u00a3m
Financial assets
Unquoted securities
Market approach
 4.1
EBITDA multiple
1
2x
+/
- 1x
+/- 0.6
Marketability adjustment
30%
+/
- 5%
-/+ 0.6
Discounted cash flow
 17.3
Discount rate
10%
-18%
+/
- 1%
-/+ 1.0
Marketability adjustment
30
%-53%
+/
- 5%
-/+ 1.9
Unquoted funds
Net assets approach
1
32.4
NAV
1x
+/
- 5%
+/- 1.6
Total financial assets within level 3
53.8
Financial liabilities
Unquoted funds
Net assets approach
1
13.5
NAV
1x
+/
- 5%
-/+ 0.7
Total financial liabilities within level 3
 13.5
1. NAV priced assets include seed capital investments valued using unobservable inputs. Valuations are reviewed and approved by the PMVC before being applied by the fund administrator in striking the fund\u2019s net asset value. 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-538": { "value": "19) Fair value of financial instruments The Group has an established control framework with respect to the measurement of fair values. Responsibility for all significant fair value measurements rests with the PMVC, which regularly reviews significant valuation inputs and valuation adjustments. Where third-party information is used to measure fair value, the PMVC assesses and documents the evidence obtained from those third parties to support such valuations. Further details of the PMVC\u2019s role are set out in the Risk management report on page 23. 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: \u2022 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. \u2022 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. \u2022 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:
2026
2025
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
122.8
153.5
21.2
297.5
132.5
156.5
21.4
310.4
Financial
assets at FVTPL \u2013 non-current
\u2013
18.1
42.0
60.1
\u2013
33.9
32.4
66.3
Financial assets at FVTPL
\u2013 current
0.4
16.5
\u2013
16.9
\u2013
17.0
\u2013
17.0
Derivative financial instruments
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
\u2013
0.9
Total financial assets
123.2
188.1
63.2
374.5
132.5
208.3
53.8
394.6
Financial liabilities
Third
-party interests in consolidated funds
34.4
52.4
17.3
104.1
32.0
27.4
13.5
72.9
Derivative financial instruments
\u2013
0.2
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
Total financial liabilities
34.4
52.6
17.3
104.3
32.0
27.4
13.5
72.9
Financial instruments not measured at fair value Financial assets and liabilities that are not measured at fair value comprise cash and cash equivalents, term deposits, trade and other receivables, trade and other payables, assets and liabilities held for sale, and other financial liabilities (see notes 17, 20, 21 and 24). 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 2026 and 2025. Transfers between levels There were no transfers between level 1, level 2 and level 3 of the fair value hierarchy during the year (FY2025: 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). 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 2026 and 2025:
Third-party
Financial assets at interests in
Investment FVTPL \u2013 non- consolidated
securities current funds
\u00a3m \u00a3m \u00a3m
At 30 June 20
24
27.7
29.3 10.5
Additions
 2.0 3.4 5.5
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 20
25
21.4 32.4 13.5
Additions
\u2013
1.5
\u2013
Disposals
 (9.2) (0.9) (4.6)
Unrealised gains
recognised in finance income
8.6
7.3
8.4
Unrealised gains
recognised in foreign exchange reserve
0.4
1.7
\u2013
At
30 June 2026
21.2
42.0
17.3
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 2026 and 2025, and the associated sensitivity to changes in unobservable inputs to a reasonable alternative.
2026 Change in
Fair value
Significant
Range of
Sensitivity
fair value
Asset c
lass and valuation technique
\u00a3m
unobservable input
s
estimates
factor
\u00a3m
Financial assets
Unquoted securities
Market approach
 0.2
EBITDA multiple
1
0x
+/
- 2x
+/- 0.1
Marketability adjustment
30%
+/
- 5%
\u2013
Discounted cash flow
 21.0
Discount rate
10%
-18%
+/
- 1%
-/+ 1.0
Marketability adjustment
25
%-52%
+/
- 5%
-/+ 2.3
Unquoted funds
Net assets approach
1
42.0
NAV
1x
+/
- 5%
+/- 2.1
Total financial assets within level 3
 63.2
Financial liabilities
Unquoted funds
Net assets approach
1
 17.3
NAV
1x
+/
- 5%
-/+ 0.9
Total financial
liabilities within level 3
17.3
2025
Change in
Fair value
Significant
Range of
Sensitivity
fair value
Asset c
lass and valuation technique
\u00a3m
unobservable input
s
estimates
factor
\u00a3m
Financial assets
Unquoted securities
Market approach
 4.1
EBITDA multiple
1
2x
+/
- 1x
+/- 0.6
Marketability adjustment
30%
+/
- 5%
-/+ 0.6
Discounted cash flow
 17.3
Discount rate
10%
-18%
+/
- 1%
-/+ 1.0
Marketability adjustment
30
%-53%
+/
- 5%
-/+ 1.9
Unquoted funds
Net assets approach
1
32.4
NAV
1x
+/
- 5%
+/- 1.6
Total financial assets within level 3
53.8
Financial liabilities
Unquoted funds
Net assets approach
1
13.5
NAV
1x
+/
- 5%
-/+ 0.7
Total financial liabilities within level 3
 13.5
1. NAV priced assets include seed capital investments valued using unobservable inputs. Valuations are reviewed and approved by the PMVC before being applied by the fund administrator in striking the fund\u2019s net asset value. 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-550": { "value": "19) Fair value of financial instruments The Group has an established control framework with respect to the measurement of fair values. Responsibility for all significant fair value measurements rests with the PMVC, which regularly reviews significant valuation inputs and valuation adjustments. Where third-party information is used to measure fair value, the PMVC assesses and documents the evidence obtained from those third parties to support such valuations. Further details of the PMVC\u2019s role are set out in the Risk management report on page 23. 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: \u2022 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. \u2022 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. \u2022 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:
2026
2025
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
122.8
153.5
21.2
297.5
132.5
156.5
21.4
310.4
Financial
assets at FVTPL \u2013 non-current
\u2013
18.1
42.0
60.1
\u2013
33.9
32.4
66.3
Financial assets at FVTPL
\u2013 current
0.4
16.5
\u2013
16.9
\u2013
17.0
\u2013
17.0
Derivative financial instruments
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
\u2013
0.9
Total financial assets
123.2
188.1
63.2
374.5
132.5
208.3
53.8
394.6
Financial liabilities
Third
-party interests in consolidated funds
34.4
52.4
17.3
104.1
32.0
27.4
13.5
72.9
Derivative financial instruments
\u2013
0.2
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
Total financial liabilities
34.4
52.6
17.3
104.3
32.0
27.4
13.5
72.9
Financial instruments not measured at fair value Financial assets and liabilities that are not measured at fair value comprise cash and cash equivalents, term deposits, trade and other receivables, trade and other payables, assets and liabilities held for sale, and other financial liabilities (see notes 17, 20, 21 and 24). 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 2026 and 2025. Transfers between levels There were no transfers between level 1, level 2 and level 3 of the fair value hierarchy during the year (FY2025: 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). 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 2026 and 2025:
Third-party
Financial assets at interests in
Investment FVTPL \u2013 non- consolidated
securities current funds
\u00a3m \u00a3m \u00a3m
At 30 June 20
24
27.7
29.3 10.5
Additions
 2.0 3.4 5.5
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 20
25
21.4 32.4 13.5
Additions
\u2013
1.5
\u2013
Disposals
 (9.2) (0.9) (4.6)
Unrealised gains
recognised in finance income
8.6
7.3
8.4
Unrealised gains
recognised in foreign exchange reserve
0.4
1.7
\u2013
At
30 June 2026
21.2
42.0
17.3
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 2026 and 2025, and the associated sensitivity to changes in unobservable inputs to a reasonable alternative.
2026 Change in
Fair value
Significant
Range of
Sensitivity
fair value
Asset c
lass and valuation technique
\u00a3m
unobservable input
s
estimates
factor
\u00a3m
Financial assets
Unquoted securities
Market approach
 0.2
EBITDA multiple
1
0x
+/
- 2x
+/- 0.1
Marketability adjustment
30%
+/
- 5%
\u2013
Discounted cash flow
 21.0
Discount rate
10%
-18%
+/
- 1%
-/+ 1.0
Marketability adjustment
25
%-52%
+/
- 5%
-/+ 2.3
Unquoted funds
Net assets approach
1
42.0
NAV
1x
+/
- 5%
+/- 2.1
Total financial assets within level 3
 63.2
Financial liabilities
Unquoted funds
Net assets approach
1
 17.3
NAV
1x
+/
- 5%
-/+ 0.9
Total financial
liabilities within level 3
17.3
2025
Change in
Fair value
Significant
Range of
Sensitivity
fair value
Asset c
lass and valuation technique
\u00a3m
unobservable input
s
estimates
factor
\u00a3m
Financial assets
Unquoted securities
Market approach
 4.1
EBITDA multiple
1
2x
+/
- 1x
+/- 0.6
Marketability adjustment
30%
+/
- 5%
-/+ 0.6
Discounted cash flow
 17.3
Discount rate
10%
-18%
+/
- 1%
-/+ 1.0
Marketability adjustment
30
%-53%
+/
- 5%
-/+ 1.9
Unquoted funds
Net assets approach
1
32.4
NAV
1x
+/
- 5%
+/- 1.6
Total financial assets within level 3
53.8
Financial liabilities
Unquoted funds
Net assets approach
1
13.5
NAV
1x
+/
- 5%
-/+ 0.7
Total financial liabilities within level 3
 13.5
1. NAV priced assets include seed capital investments valued using unobservable inputs. Valuations are reviewed and approved by the PMVC before being applied by the fund administrator in striking the fund\u2019s net asset value. 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-554": { "value": "19) Fair value of financial instruments The Group has an established control framework with respect to the measurement of fair values. Responsibility for all significant fair value measurements rests with the PMVC, which regularly reviews significant valuation inputs and valuation adjustments. Where third-party information is used to measure fair value, the PMVC assesses and documents the evidence obtained from those third parties to support such valuations. Further details of the PMVC\u2019s role are set out in the Risk management report on page 23. 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: \u2022 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. \u2022 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. \u2022 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:
2026
2025
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
122.8
153.5
21.2
297.5
132.5
156.5
21.4
310.4
Financial
assets at FVTPL \u2013 non-current
\u2013
18.1
42.0
60.1
\u2013
33.9
32.4
66.3
Financial assets at FVTPL
\u2013 current
0.4
16.5
\u2013
16.9
\u2013
17.0
\u2013
17.0
Derivative financial instruments
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
\u2013
0.9
Total financial assets
123.2
188.1
63.2
374.5
132.5
208.3
53.8
394.6
Financial liabilities
Third
-party interests in consolidated funds
34.4
52.4
17.3
104.1
32.0
27.4
13.5
72.9
Derivative financial instruments
\u2013
0.2
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
Total financial liabilities
34.4
52.6
17.3
104.3
32.0
27.4
13.5
72.9
Financial instruments not measured at fair value Financial assets and liabilities that are not measured at fair value comprise cash and cash equivalents, term deposits, trade and other receivables, trade and other payables, assets and liabilities held for sale, and other financial liabilities (see notes 17, 20, 21 and 24). 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 2026 and 2025. Transfers between levels There were no transfers between level 1, level 2 and level 3 of the fair value hierarchy during the year (FY2025: 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). 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 2026 and 2025:
Third-party
Financial assets at interests in
Investment FVTPL \u2013 non- consolidated
securities current funds
\u00a3m \u00a3m \u00a3m
At 30 June 20
24
27.7
29.3 10.5
Additions
 2.0 3.4 5.5
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 20
25
21.4 32.4 13.5
Additions
\u2013
1.5
\u2013
Disposals
 (9.2) (0.9) (4.6)
Unrealised gains
recognised in finance income
8.6
7.3
8.4
Unrealised gains
recognised in foreign exchange reserve
0.4
1.7
\u2013
At
30 June 2026
21.2
42.0
17.3
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 2026 and 2025, and the associated sensitivity to changes in unobservable inputs to a reasonable alternative.
2026 Change in
Fair value
Significant
Range of
Sensitivity
fair value
Asset c
lass and valuation technique
\u00a3m
unobservable input
s
estimates
factor
\u00a3m
Financial assets
Unquoted securities
Market approach
 0.2
EBITDA multiple
1
0x
+/
- 2x
+/- 0.1
Marketability adjustment
30%
+/
- 5%
\u2013
Discounted cash flow
 21.0
Discount rate
10%
-18%
+/
- 1%
-/+ 1.0
Marketability adjustment
25
%-52%
+/
- 5%
-/+ 2.3
Unquoted funds
Net assets approach
1
42.0
NAV
1x
+/
- 5%
+/- 2.1
Total financial assets within level 3
 63.2
Financial liabilities
Unquoted funds
Net assets approach
1
 17.3
NAV
1x
+/
- 5%
-/+ 0.9
Total financial
liabilities within level 3
17.3
2025
Change in
Fair value
Significant
Range of
Sensitivity
fair value
Asset c
lass and valuation technique
\u00a3m
unobservable input
s
estimates
factor
\u00a3m
Financial assets
Unquoted securities
Market approach
 4.1
EBITDA multiple
1
2x
+/
- 1x
+/- 0.6
Marketability adjustment
30%
+/
- 5%
-/+ 0.6
Discounted cash flow
 17.3
Discount rate
10%
-18%
+/
- 1%
-/+ 1.0
Marketability adjustment
30
%-53%
+/
- 5%
-/+ 1.9
Unquoted funds
Net assets approach
1
32.4
NAV
1x
+/
- 5%
+/- 1.6
Total financial assets within level 3
53.8
Financial liabilities
Unquoted funds
Net assets approach
1
13.5
NAV
1x
+/
- 5%
-/+ 0.7
Total financial liabilities within level 3
 13.5
1. NAV priced assets include seed capital investments valued using unobservable inputs. Valuations are reviewed and approved by the PMVC before being applied by the fund administrator in striking the fund\u2019s net asset value. 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:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-479": { "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 a Group entity
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
Net assets (relating to (relating to interests in assets at
assets at FVTPL \u2013 consolidated consolidated consolidated FVTPL \u2013
held for sale current funds)
funds)
1
funds non-current Total
Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Carrying amount at 30 June 20
24
\u2013
32.8
200.9 6.0 (39.4) 57.3 257.6
Transfers from FVTPL to c
onsolidated funds
\u2013
(69.5)
88.5 1.9 (19.9) (1.0) \u2013
Additions
\u2013
61.6
52.0
\u2013
(22.4)
11.1 102.3
Disposals
\u2013
(10.1)
(51.7) \u2013 17.3 (2.1) (46.6)
Fa
ir value movement
\u2013
2.2
20.7
\u2013
(8.5)
1.0 15.4
Carrying amount at 30 June 20
25
\u2013
17.0
310.4 7.9 (72.9) 66.3 328.7
Transfers from
non-current to current FVTPL
\u2013
28.4
\u2013
\u2013
\u2013
(28.4)
\u2013
Additions
28.7
6.4
55.8
\u2013
(44.8)
16.3
62.4
Disposals
\u2013
(60.1)
(132.4)
\u2013
20.6
(1.0)
(172.9)
Fa
ir value movement
1.4
25.2
63.7
1.2
(7.0)
6.9
91.4
Carrying amount at 30 June 20
26
30.1
16.9
297.5
9.1
(104.1)
60.1
309.6
1. Includes cash and other assets held by consolidated funds that are not investment securities, see note 20d.
a) Assets and liabilities held for sale
Where Group companies invest seed capital into funds operated and controlled by the Group, and the Group is actively seeking to
reduce its investment such that control will be lost, the funds\u2019 assets and liabilities are classified as held for sale and presented
separately in the consolidated balance sheet. During the year, two seed capital investments met these criteria and were classified
as held for sale (FY2025: none).
The assets and liabilities held for sale at 30 June 2026 were as follows:
2026
\u00a3m
A
ssets held for sale
89.2
L
iabilities held for sale
(59.1)
Net
assets held for sale
30.1
Included within finance income are gains of \u00a31.5 million arising on assets held for sale (FY2025: nil). As the Group has a single
business segment (see note 4), no additional segment disclosure of held for sale assets and liabilities is required.
b) Financial assets at FVTPL \u2013 current
Where Group companies invest seed capital into funds managed by the Group and the Group concludes that it does not control
the fund, the interests are recognised as financial assets measured at FVTPL.
If the Group retains control over the fund in accordance with IFRS 10, the seed capital investment ceases to be classified as a
financial asset and the fund is consolidated on a line-by-line basis. Conversely, funds cease to be consolidated when the Group no
longer controls them, which may occur through the sale of an investment and/or dilution of the Group\u2019s holding.
During the year, no funds were transferred from FVTPL to consolidated funds as a result of meeting the control requirements of
IFRS 10 (FY2025: three funds with an aggregate value of \u00a370.5 million). During the year, one fund with a value of \u00a328.4 million
was transferred from non-current FVTPL to current FVTPL, as the investment was expected to be disposed of within 12 months
(FY2025: none). FVTPL investments at 30 June 2026 comprise shares held in debt and equity funds as follows:
2026 2025
\u00a3m \u00a3m
Equity funds
1.2
13.5
Debt funds
15.7
3.5
Total
16.9
17.0
Included within finance income are gains of \u00a321.5 million (FY2025: gains of \u00a32.2 million) on the Group\u2019s current financial assets
measured at FVTPL.
c) Financial assets at FVTPL \u2013 non-current
Non-current financial assets are seed capital interests in funds managed by the Group that are expected to be realised more than
12 months after the balance sheet date.
2026 2025
\u00a3m \u00a3m
Infrastructure funds
35.8
27.8
Debt funds
18.1
33.9
Other funds
6.2
4.6
Total
60.1
66.3
Included within finance income are gains of \u00a34.6 million (FY2025: gains of \u00a37.1 million) on the Group\u2019s non-current financial assets
measured at fair value.
d) Consolidated funds
The Group consolidated 19 investment funds as at 30 June 2026 (30 June 2025: 24 investment funds), over which it is deemed
to have control in accordance with IFRS 10 (see note 25). Consolidated funds represent seed capital investments where the
Group interest gives it a controlling stake in the fund. The assets and liabilities of consolidated funds are presented on a line-by-
line basis, after eliminating intercompany balances and transactions. The table below sets out an analysis of the carrying amounts
of fund assets and liabilities consolidated by the Group.
2026 2025
\u00a3m \u00a3m
Investment securities
1
297.5
310.4
Cash and cash equivalents
7.5
8.0
Other
2
1.6
(0.1)
Third
-party interests in consolidated funds
(104.1
)
(72.9
)
Consolidated seed capital investments
202.5
245.4
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 \u00a351.5 million (FY2025: net gains of
\u00a329.9 million) relating to the results of the consolidated funds for the year, as follows:
2026 2025
\u00a3m
\u00a3m
Fair value gains
on investment securities
58.2
13.7
Third
-party interests\u2019 share of gains in consolidated funds
(20.1
)
(1.9)
Net gains
on investment securities
38.1
11.8
In
vestment income
16.0
20.5
Audit fees
 (0.2)
(0.3
)
O
perating expenses
(2.4)
(2.1
)
Net
gains on consolidated funds
51.5
29.9
Included in the Group\u2019s cash generated from operations is \u00a34.2 million cash utilised in operations (FY2025: \u00a32.4 million) relating to
consolidated funds.
As of 30 June 2026, the Group\u2019s consolidated funds were domiciled in Guernsey, Luxembourg, Indonesia, India and the
United States.
e) Consolidated portfolio companies
Where the Group invests seed capital in a fund that, in turn, controls an operating company, the Group assesses whether it
controls the underlying portfolio company in accordance with IFRS 10. During the year, the Group determined that it controls one
such portfolio company that owns and operates infrastructure assets in the Americas. Accordingly, the Group has consolidated
the portfolio company from the date control was obtained, being 18 September 2024. The portfolio company commenced
revenue-generating activities on 28 February 2026.
See note 32 for further information on the restatement of comparative amounts.
The portfolio company\u2019s contribution to the consolidated financial statements is set out below:
2026
2025
Contribution to profit or loss
\u00a3m \u00a3m
Revenue
3.9
\u2013
Operating costs
 (0.5) \u2013
Operating profit
3.4
\u2013
Interest
expense
(0.9)
\u2013
Third
-party interests\u2019 share of result
(0.8)
\u2013
Profit before tax
1.7
\u2013
Tax expense
 (0.3) \u2013
Profit for the year
1.4
\u2013
Attributable to equity holders of the parent
0.8
\u2013
Attributable to non-controlling interests
0.6
\u2013
2026 2025
Contribution to
the balance sheet
\u00a3m \u00a3m
Property, plant and equipment
44.9
28.7
Trade and other receivables
\u2013 non-current
4.3
3.0
Trade and other receivables
\u2013 current
1.0
4.4
Term deposits
0.6
\u2013
Cash and
cash equivalents
0.7
0.1
Total assets
51.5
36.2
Other financial liabilities
\u2013 non-current
(30.1)
(18.0)
Trade and other payables
\u2013 current
(3.3)
(4.1)
Current tax
 (0.2) \u2013
Total liabilities
 (33.6) (22.1)
Net assets
17.9
14.1
Attributable to equity holders of the parent
6.6
5.9
Attributable to third-party interests in the fund
6.6
4.5
Attributable to non-controlling interests
4.7
3.7
2026
2025
Contribution to
cash flows
\u00a3m \u00a3m
Net cash generated from/(used in) operating activities
3.9
(5.0)
Net cash used in investing activities
 (15.3) (27.2)
Net cash generated from financing activities
12.0
32.3
Net increase in cash and cash equivalents
0.6
0.1
The accounting policies applied by the portfolio company in preparing the information above are consistent with those of the
Group. The following policy information relates specifically to the portfolio company\u2019s property, plant and equipment and other
financial liabilities.
Property, plant and equipment
Property, plant and equipment comprise infrastructure assets measured at cost less accumulated depreciation and any
impairment losses. Cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for
its intended use, including capitalised borrowing costs. Assets under construction are not depreciated; depreciation commences
when the asset is available for use. Infrastructure assets are depreciated on a straight-line basis over their estimated useful lives
of 25 years.
The movement in portfolio company property, plant and equipment during the year was as follows:
2026 2025
Property, plant and equipment
\u00a3m \u00a3m
Net book value at
1 July
28.7
\u2013
Additions
15.5
30.3
Disposals
 (0.4) \u2013
Foreign exchange revaluation
1.1
(1.6)
Net book value at
30 June
44.9
28.7
Other financial liabilities
Other financial liabilities comprise borrowings of the consolidated portfolio company. These borrowings are non-recourse to the
Group and are secured over the portfolio company\u2019s assets. They are recognised initially at fair value, net of directly attributable
transaction costs, and are subsequently measured at amortised cost using the effective interest method.
The Group has not provided any financial guarantee or other credit support in respect of these borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-517": { "value": "The movements of seed capital investments and related items during the year are as follows:
Investment
Financial securities Other Third-party Financial
Net assets (relating to (relating to interests in assets at
assets at FVTPL \u2013 consolidated consolidated consolidated FVTPL \u2013
held for sale current funds)
funds)
1
funds non-current Total
Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Carrying amount at 30 June 20
24
\u2013
32.8
200.9 6.0 (39.4) 57.3 257.6
Transfers from FVTPL to c
onsolidated funds
\u2013
(69.5)
88.5 1.9 (19.9) (1.0) \u2013
Additions
\u2013
61.6
52.0
\u2013
(22.4)
11.1 102.3
Disposals
\u2013
(10.1)
(51.7) \u2013 17.3 (2.1) (46.6)
Fa
ir value movement
\u2013
2.2
20.7
\u2013
(8.5)
1.0 15.4
Carrying amount at 30 June 20
25
\u2013
17.0
310.4 7.9 (72.9) 66.3 328.7
Transfers from
non-current to current FVTPL
\u2013
28.4
\u2013
\u2013
\u2013
(28.4)
\u2013
Additions
28.7
6.4
55.8
\u2013
(44.8)
16.3
62.4
Disposals
\u2013
(60.1)
(132.4)
\u2013
20.6
(1.0)
(172.9)
Fa
ir value movement
1.4
25.2
63.7
1.2
(7.0)
6.9
91.4
Carrying amount at 30 June 20
26
30.1
16.9
297.5
9.1
(104.1)
60.1
309.6
1. Includes cash and other assets held by consolidated funds that are not investment securities, see note 20d. a) Assets and liabilities held for sale Where Group companies invest seed capital into funds operated and controlled by the Group, and the Group is actively seeking to reduce its investment such that control will be lost, the funds\u2019 assets and liabilities are classified as held for sale and presented separately in the consolidated balance sheet. During the year, two seed capital investments met these criteria and were classified as held for sale (FY2025: none). The assets and liabilities held for sale at 30 June 2026 were as follows:
2026
\u00a3m
A
ssets held for sale
89.2
L
iabilities held for sale
(59.1)
Net
assets held for sale
30.1
Included within finance income are gains of \u00a31.5 million arising on assets held for sale (FY2025: nil). As the Group has a single business segment (see note 4), no additional segment disclosure of held for sale assets and liabilities is required.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-518": { "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 22 to 27. 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 2026, including its regulatory requirements, is \u00a388.0 million (30 June 2025: \u00a393.3 million). Ashmore holds total capital resources of \u00a3609.5 million as at 30 June 2026, providing an excess of \u00a3521.5 million over the Group capital requirement (30 June 2025: \u00a3603.9 million, providing an excess of \u00a3510.6 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, excluding prepayments, assets held for sale and financial instruments measured at fair value. The table below lists financial assets subject to credit risk.
2026 2025
Notes \u00a3m \u00a3m
C
ash and deposits
364.7
348.8
Non
-current trade and other receivables
17
4.3
3.0
Current t
rade and other receivables
17
50.1
47.1
Total
419.1
398.9
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 2026 (30 June 2025: A- to AAAm). Term deposits have an average annual interest rate of 4.1% (FY2025: 4.8%) and average original contractual maturities of six months (30 June 2025: nine months). As at 30 June 2026, the average remaining maturity was five months (30 June 2025: four months). 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. As explained on page 160, the Group has no debt as at 30 June 2026 (30 June 2025: 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 2026 and 30 June 2025 based on contractual undiscounted payments: At 30 June 2026
More than
Within 1 year 1-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Current trade and other payables
34.9
\u2013
\u2013
34.9
Lease liabilities
1.6
10.3
9.5
21.4
Total
36.5
10.3
9.5
56.3
At 30 June 2025
More than
Within 1 year 1-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Current trade and other payables
31.3
\u2013
\u2013
31.3
Lease liabilities
2.3
2.0
0.7
5.0
Total
33.6
2.0
0.7
36.3
The table excludes third-party interests in consolidated funds of \u00a3104.1 million (30 June 2025: \u00a372.9 million), liabilities held for sale of \u00a359.1 million (30 June 2025: \u00a3nil) and other financial liabilities (non-recourse borrowings) of the consolidated portfolio company of \u00a330.1 million (30 June 2025: \u00a318.0 million). These are obligations of the funds and portfolio company concerned rather than of the Group, are settled solely out of their own assets, and carry no Group guarantee or other credit support. They therefore do not give rise to liquidity risk for the Group. 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, excluding amounts in consolidated funds and portfolio companies, is given in the table below:
2026 2025
% %
Cash and deposits
3.50
4.77
At 30 June 2026, 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 \u00a31.7 million higher/lower (FY2025: \u00a32.1 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.
2026
2025
Impact on
Impact on
profit Impact on profit Impact on
before tax equity before tax equity
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar +/
- 5%
1.6
18.7
0.6
16.3
Colombian peso +/
- 5%
0.2
1.5
0.1
1.0
Indonesian rupiah
+/- 5%
0.1
0.4
\u2013
0.4
Saudi riyal
+/- 5%
0.3
1.7
0.6
1.2
Euro +/
- 5%
0.1
0.1
0.1
0.1
Price risk Price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of market cha nges. 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 2026, a 5% movement in the fair value of these investments would have a \u00a316.2 million (FY2025: \u00a317.0 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$54.0 billion and applying the year\u2019s average net management fee rate of 34bps, a 5% movement in AuM would have a US$9.2 million impact, equivalent to \u00a36.9 million using a year end exchange rate of 1.3273, on management fee revenues (FY2025: 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$8.3 million impact, equivalent to \u00a36.0 million using a year end exchange rate of 1.3704, on management fee revenues). Hedging activities The Company uses forward and option contracts to hedge its exposure to foreign currency risk. These hedges, which have been assessed as effective cash flow hedges as at 30 June 2026, protect a proportion of the Group\u2019s revenue cash flows from foreign exchange movements. The cumulative fair value of the outstanding foreign exchange hedges liability at 30 June 2026 was \u00a30.2 million and is included within the Group\u2019s derivative financial instruments (30 June 2025: \u00a30.8 million foreign exchange hedges asset included in derivative financial instruments). The notional and fair values of foreign exchange hedging instruments were as follows:
2026
2025
Notional
Fair value
Notional Fair value
amount
assets
/(liabilities)
amount assets/(liabilities)
US$m
\u00a3m US$m \u00a3m
Cash flow hedges
Foreign exchange nil
-cost option collars
40.0
(0.2)
40.0
0.8
40.0
(0.2)
40.0
0.8
The maturity profile of the Group\u2019s outstanding hedges is shown below.
2026
2025
Notional amount of option collars maturing:
US$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 loss of \u00a30.6 million (FY2025: \u00a30.6 million intrinsic value gain) on the Group\u2019s hedges has been recognised through other comprehensive income in the year and a \u00a30.4 million realised intrinsic value loss (FY2025: \u00a30.2 million realised intrinsic value gain) was reported in profit or loss within foreign exchange gains in the year. Included within the net realised and unrealised hedging gain of \u00a30.2 million (see note 7) recognised at 30 June 2026 (30 June 2025: \u00a34.1 million gain) are: \u2022 a \u00a30.4 million realised intrinsic value loss in respect of foreign exchange hedges covering net management fee income for the financial year ended 30 June 2026 (FY2025: \u00a30.3 million realised gain); and \u2022 a \u00a30.6 million gain in respect of crystallised foreign exchange contracts (FY2025: \u00a33.8 million gain). Company The risk management processes of the Company, including those relating to the specific risk exposures covered below, are aligned with those of the Group as a whole unless stated otherwise. In addition, the risk definitions that apply to the Group are also relevant for the Company. Credit risk The Company\u2019s maximum exposure to credit risk is represented by the carrying value of its financial assets, excluding prepayments and financial instruments measured at fair value. The table below lists financial assets subject to credit risk.
2026 2025
Notes
\u00a3m
\u00a3m
Cash and deposits
62.1
134.4
Trade and other receivables
17
402.2
347.8
Total
464.3
482.2
The Company\u2019s cash and cash equivalents and term deposits are held with counterparties which have credit ratings ranging from A- to AAAm as at 30 June 2026 (30 June 2025: A- to AAAm). Term deposits have an average annual interest rate of 4.1% (FY2025: 4.8%) and average original contractual maturities of six months (30 June 2025: nine months). As at 30 June 2026, the average remaining maturity was five months (30 June 2025: four months). Trade and other receivables comprise principally amounts due from and loans to subsidiaries of \u00a3395.2 million (30 June 2025: \u00a3342.5 million). The Company applies the general expected credit loss model to these balances, assessing credit risk by reference to the financial position of each borrowing entity and its ability to repay on demand from available liquid resources. Credit risk on these balances is considered low and, accordingly, no loss allowance has been recognised. Further detail is provided in note 17. 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:
2026 2025
% %
Cash and deposits
3.56
5.21
At 30 June 2026, 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 \u00a30.5 million higher/lower (FY2025: \u00a30.9 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 2026, 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 \u00a317.8 million (FY2025: increased/decreased by \u00a315.9 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-539": { "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 2026, including its regulatory requirements, is \u00a388.0 million (30 June 2025: \u00a393.3 million). Ashmore holds total capital resources of \u00a3609.5 million as at 30 June 2026, providing an excess of \u00a3521.5 million over the Group capital requirement (30 June 2025: \u00a3603.9 million, providing an excess of \u00a3510.6 million over the Group capital requirement). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-540": { "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, excluding prepayments, assets held for sale and financial instruments measured at fair value. The table below lists financial assets subject to credit risk.
2026 2025
Notes \u00a3m \u00a3m
C
ash and deposits
364.7
348.8
Non
-current trade and other receivables
17
4.3
3.0
Current t
rade and other receivables
17
50.1
47.1
Total
419.1
398.9
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 2026 (30 June 2025: A- to AAAm). Term deposits have an average annual interest rate of 4.1% (FY2025: 4.8%) and average original contractual maturities of six months (30 June 2025: nine months). As at 30 June 2026, the average remaining maturity was five months (30 June 2025: four months). 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. Credit risk The Company\u2019s maximum exposure to credit risk is represented by the carrying value of its financial assets, excluding prepayments and financial instruments measured at fair value. The table below lists financial assets subject to credit risk.
2026 2025
Notes
\u00a3m
\u00a3m
Cash and deposits
62.1
134.4
Trade and other receivables
17
402.2
347.8
Total
464.3
482.2
The Company\u2019s cash and cash equivalents and term deposits are held with counterparties which have credit ratings ranging from A- to AAAm as at 30 June 2026 (30 June 2025: A- to AAAm). Term deposits have an average annual interest rate of 4.1% (FY2025: 4.8%) and average original contractual maturities of six months (30 June 2025: nine months). As at 30 June 2026, the average remaining maturity was five months (30 June 2025: four months). Trade and other receivables comprise principally amounts due from and loans to subsidiaries of \u00a3395.2 million (30 June 2025: \u00a3342.5 million). The Company applies the general expected credit loss model to these balances, assessing credit risk by reference to the financial position of each borrowing entity and its ability to repay on demand from available liquid resources. Credit risk on these balances is considered low and, accordingly, no loss allowance has been recognised. Further detail is provided in note 17. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-551": { "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, excluding prepayments, assets held for sale and financial instruments measured at fair value. The table below lists financial assets subject to credit risk.
2026 2025
Notes \u00a3m \u00a3m
C
ash and deposits
364.7
348.8
Non
-current trade and other receivables
17
4.3
3.0
Current t
rade and other receivables
17
50.1
47.1
Total
419.1
398.9
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 2026 (30 June 2025: A- to AAAm). Term deposits have an average annual interest rate of 4.1% (FY2025: 4.8%) and average original contractual maturities of six months (30 June 2025: nine months). As at 30 June 2026, the average remaining maturity was five months (30 June 2025: four months). 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. Credit risk The Company\u2019s maximum exposure to credit risk is represented by the carrying value of its financial assets, excluding prepayments and financial instruments measured at fair value. The table below lists financial assets subject to credit risk.
2026 2025
Notes
\u00a3m
\u00a3m
Cash and deposits
62.1
134.4
Trade and other receivables
17
402.2
347.8
Total
464.3
482.2
The Company\u2019s cash and cash equivalents and term deposits are held with counterparties which have credit ratings ranging from A- to AAAm as at 30 June 2026 (30 June 2025: A- to AAAm). Term deposits have an average annual interest rate of 4.1% (FY2025: 4.8%) and average original contractual maturities of six months (30 June 2025: nine months). As at 30 June 2026, the average remaining maturity was five months (30 June 2025: four months). Trade and other receivables comprise principally amounts due from and loans to subsidiaries of \u00a3395.2 million (30 June 2025: \u00a3342.5 million). The Company applies the general expected credit loss model to these balances, assessing credit risk by reference to the financial position of each borrowing entity and its ability to repay on demand from available liquid resources. Credit risk on these balances is considered low and, accordingly, no loss allowance has been recognised. Further detail is provided in note 17. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-541": { "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. As explained on page 160, the Group has no debt as at 30 June 2026 (30 June 2025: 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 2026 and 30 June 2025 based on contractual undiscounted payments: At 30 June 2026
More than
Within 1 year 1-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Current trade and other payables
34.9
\u2013
\u2013
34.9
Lease liabilities
1.6
10.3
9.5
21.4
Total
36.5
10.3
9.5
56.3
At 30 June 2025
More than
Within 1 year 1-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Current trade and other payables
31.3
\u2013
\u2013
31.3
Lease liabilities
2.3
2.0
0.7
5.0
Total
33.6
2.0
0.7
36.3
The table excludes third-party interests in consolidated funds of \u00a3104.1 million (30 June 2025: \u00a372.9 million), liabilities held for sale of \u00a359.1 million (30 June 2025: \u00a3nil) and other financial liabilities (non-recourse borrowings) of the consolidated portfolio company of \u00a330.1 million (30 June 2025: \u00a318.0 million). These are obligations of the funds and portfolio company concerned rather than of the Group, are settled solely out of their own assets, and carry no Group guarantee or other credit support. They therefore do not give rise to liquidity risk for the Group. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-542": { "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, excluding amounts in consolidated funds and portfolio companies, is given in the table below:
2026 2025
% %
Cash and deposits
3.50
4.77
At 30 June 2026, 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 \u00a31.7 million higher/lower (FY2025: \u00a32.1 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.
2026
2025
Impact on
Impact on
profit Impact on profit Impact on
before tax equity before tax equity
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar +/
- 5%
1.6
18.7
0.6
16.3
Colombian peso +/
- 5%
0.2
1.5
0.1
1.0
Indonesian rupiah
+/- 5%
0.1
0.4
\u2013
0.4
Saudi riyal
+/- 5%
0.3
1.7
0.6
1.2
Euro +/
- 5%
0.1
0.1
0.1
0.1
Price risk Price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of market cha nges. 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 2026, a 5% movement in the fair value of these investments would have a \u00a316.2 million (FY2025: \u00a317.0 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$54.0 billion and applying the year\u2019s average net management fee rate of 34bps, a 5% movement in AuM would have a US$9.2 million impact, equivalent to \u00a36.9 million using a year end exchange rate of 1.3273, on management fee revenues (FY2025: 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). 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:
2026 2025
% %
Cash and deposits
3.56
5.21
At 30 June 2026, 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 \u00a30.5 million higher/lower (FY2025: \u00a30.9 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 2026, 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 \u00a317.8 million (FY2025: increased/decreased by \u00a315.9 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-543": { "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 2026, protect a proportion of the Group\u2019s revenue cash flows from foreign exchange movements. The cumulative fair value of the outstanding foreign exchange hedges liability at 30 June 2026 was \u00a30.2 million and is included within the Group\u2019s derivative financial instruments (30 June 2025: \u00a30.8 million foreign exchange hedges asset included in derivative financial instruments). The notional and fair values of foreign exchange hedging instruments were as follows:
2026
2025
Notional
Fair value
Notional Fair value
amount
assets
/(liabilities)
amount assets/(liabilities)
US$m
\u00a3m US$m \u00a3m
Cash flow hedges
Foreign exchange nil
-cost option collars
40.0
(0.2)
40.0
0.8
40.0
(0.2)
40.0
0.8
The maturity profile of the Group\u2019s outstanding hedges is shown below.
2026
2025
Notional amount of option collars maturing:
US$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 loss of \u00a30.6 million (FY2025: \u00a30.6 million intrinsic value gain) on the Group\u2019s hedges has been recognised through other comprehensive income in the year and a \u00a30.4 million realised intrinsic value loss (FY2025: \u00a30.2 million realised intrinsic value gain) was reported in profit or loss within foreign exchange gains in the year. Included within the net realised and unrealised hedging gain of \u00a30.2 million (see note 7) recognised at 30 June 2026 (30 June 2025: \u00a34.1 million gain) are: \u2022 a \u00a30.4 million realised intrinsic value loss in respect of foreign exchange hedges covering net management fee income for the financial year ended 30 June 2026 (FY2025: \u00a30.3 million realised gain); and \u2022 a \u00a30.6 million gain in respect of crystallised foreign exchange contracts (FY2025: \u00a33.8 million gain). ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-552": { "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 2026, protect a proportion of the Group\u2019s revenue cash flows from foreign exchange movements. The cumulative fair value of the outstanding foreign exchange hedges liability at 30 June 2026 was \u00a30.2 million and is included within the Group\u2019s derivative financial instruments (30 June 2025: \u00a30.8 million foreign exchange hedges asset included in derivative financial instruments). The notional and fair values of foreign exchange hedging instruments were as follows:
2026
2025
Notional
Fair value
Notional Fair value
amount
assets
/(liabilities)
amount assets/(liabilities)
US$m
\u00a3m US$m \u00a3m
Cash flow hedges
Foreign exchange nil
-cost option collars
40.0
(0.2)
40.0
0.8
40.0
(0.2)
40.0
0.8
The maturity profile of the Group\u2019s outstanding hedges is shown below.
2026
2025
Notional amount of option collars maturing:
US$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 loss of \u00a30.6 million (FY2025: \u00a30.6 million intrinsic value gain) on the Group\u2019s hedges has been recognised through other comprehensive income in the year and a \u00a30.4 million realised intrinsic value loss (FY2025: \u00a30.2 million realised intrinsic value gain) was reported in profit or loss within foreign exchange gains in the year. Included within the net realised and unrealised hedging gain of \u00a30.2 million (see note 7) recognised at 30 June 2026 (30 June 2025: \u00a34.1 million gain) are: \u2022 a \u00a30.4 million realised intrinsic value loss in respect of foreign exchange hedges covering net management fee income for the financial year ended 30 June 2026 (FY2025: \u00a30.3 million realised gain); and \u2022 a \u00a30.6 million gain in respect of crystallised foreign exchange contracts (FY2025: \u00a33.8 million gain). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-480": { "value": "
22) Share capital
Authorised share capital
2026 2026
2025
2025
Number of Nominal value Number of Nominal value
Group and Company
shares \u00a3\u2019000 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
2026 2026 2025 2025
Number of Nominal value Number of Nominal value
Group and Company
shares \u00a3\u2019000 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 2026, there were equity-settled share awards issued under the Omnibus Plan totalling 54,938,939 (30 June 2025:
53,241,729) shares that have release dates ranging from September 2026 to May 2031. Further details are provided in note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-519": { "value": "22) Share capital Authorised share capital
2026 2026
2025
2025
Number of Nominal value Number of Nominal value
Group and Company
shares \u00a3\u2019000 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
2026 2026 2025 2025
Number of Nominal value Number of Nominal value
Group and Company
shares \u00a3\u2019000 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 2026, there were equity-settled share awards issued under the Omnibus Plan totalling 54,938,939 (30 June 2025: 53,241,729) shares that have release dates ranging from September 2026 to May 2031. Further details are provided in note 10. 23) Own shares The Trustees of the Ashmore Group plc 2024 Employee Benefit Trust (EBT) acquire and hold shares in Ashmore Group plc with a view to facilitating the vesting of share awards. The EBT is periodically funded by the Company for these purposes. Movements in own shares held during the year were as follows:
2026
2025
Number of 2026 Number of 2025
Group and Company
shares \u00a3m shares \u00a3m
At the beginning of the yea
r
60,817,341
154.6
49,481,410
158.8
Shares purchased
8,311,080
13.9
19,849,209
35.4
Shares released on vesting of share awards
 (7,194,882) (26.3) (8,513,278) (39.6)
At the end of the year
61,933,539
142.2
60,817,341
154.6
Own shares are held at cost, and shares released on vesting are transferred at their weighted average cost. The cost of shares purchased during the year of \u00a313.9 million (FY2025: \u00a335.4 million) is reported as \u201cpurchase of own shares\u201d in the Group and Company cash flow statements and in the statements of changes in equity. As at 30 June 2026, the EBT owned 61,933,539 (30 June 2025: 60,817,341) ordinary shares of 0.01p with a nominal value of \u00a36,193 (30 June 2025: \u00a36,082).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-481": { "value": "
23) Own shares
The Trustees of the Ashmore Group plc 2024 Employee Benefit Trust (EBT) acquire and hold shares in Ashmore Group plc with a
view to facilitating the vesting of share awards. The EBT is periodically funded by the Company for these purposes.
Movements in own shares held during the year were as follows:
2026
2025
Number of 2026 Number of 2025
Group and Company
shares \u00a3m shares \u00a3m
At the beginning of the yea
r
60,817,341
154.6
49,481,410
158.8
Shares purchased
8,311,080
13.9
19,849,209
35.4
Shares released on vesting of share awards
 (7,194,882) (26.3) (8,513,278) (39.6)
At the end of the year
61,933,539
142.2
60,817,341
154.6
Own shares are held at cost, and shares released on vesting are transferred at their weighted average cost. The cost of shares
purchased during the year of \u00a313.9 million (FY2025: \u00a335.4 million) is reported as \u201cpurchase of own shares\u201d in the Group and
Company cash flow statements and in the statements of changes in equity. As at 30 June 2026, the EBT owned 61,933,539
(30 June 2025: 60,817,341) ordinary shares of 0.01p with a nominal value of \u00a36,193 (30 June 2025: \u00a36,082).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-482": { "value": "
24) Trade and other payables
Group Group Company Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade payables
13.6
14.3
2.5
2.9
Accruals
and provisions
18.0
12.9
9.2
3.1
Trade and other payables of consolidated portfolio compan
y (see note 20e)
3.3
4.1
\u2013
\u2013
Amounts due to subsidiaries
\u2013
\u2013
14.7
8.3
Total trade and other payables
34.9
31.3
26.4
14.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-544": { "value": "24) Trade and other payables
Group Group Company Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade payables
13.6
14.3
2.5
2.9
Accruals
and provisions
18.0
12.9
9.2
3.1
Trade and other payables of consolidated portfolio compan
y (see note 20e)
3.3
4.1
\u2013
\u2013
Amounts due to subsidiaries
\u2013
\u2013
14.7
8.3
Total trade and other payables
34.9
31.3
26.4
14.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-520": { "value": "24) Trade and other payables
Group Group Company Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade payables
13.6
14.3
2.5
2.9
Accruals
and provisions
18.0
12.9
9.2
3.1
Trade and other payables of consolidated portfolio compan
y (see note 20e)
3.3
4.1
\u2013
\u2013
Amounts due to subsidiaries
\u2013
\u2013
14.7
8.3
Total trade and other payables
34.9
31.3
26.4
14.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-483": { "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.
2026
2025
Company
\u00a3m \u00a3m
Cost
At 30 June
2026 and 2025
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 2026. A full list of the Group\u2019s subsidiaries and all related undertakings is disclosed in note 34.
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 Mexico, Asesor en Inversiones Independiente, S.A. de C.V.
Mexico
100.00
Ashmore QFC LLC
Qatar
92.50
Ashmore Investment 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 19 investment funds as at 30 June 2026 (30 June 2025: 24 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
Strategic Partners Limited
Alternatives
Guernsey
50.00
Ashmore SICAV Emerging Markets India Equity Fund
Equity
Luxembourg
66.38
Ashmore SICAV Emerging Markets Global Small
-Cap Equity Fund
Equity
Luxembourg
46.67
Ashmore SICAV Emerging Markets Middle East Equity Fund
Equity
Luxembourg
86.84
Ashmore SICAV Emerging Markets Shariah Active Equity Fund
Equity
Luxembourg
42.27
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 Latin
-America Equity Fund
Equity
Luxembourg
99.86
Ashmore SICAV Emerging Markets Sovereign Debt Fund
External Debt
Luxembourg
65.02
Ashmore SICAV Emerging Markets Frontier Blended Debt Fund
Blended debt
Luxembourg
59.59
Ashmore SICAV Emerging Markets Impact Debt Fund
Blended Debt
Luxembourg
78.39
Ashmore Dana USD Fixed Income
Local currency
Indonesia
39.42
Ashmore Dana Pasar Uang Syariah
Local currency
Indonesia
91.15
Ashmore India Equities Fund
Equity
India
62.63
Ashmore Emerging Markets
Equity SMA Completion Fund
Equity
USA
100.00
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 Emerging Markets Debt Fund
Corporate debt
USA
100.00
34) Subsidiaries and related undertakings The following is a full list of the Ashmore Group plc subsidiaries and related undertakings as at 30 June 2026, 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
16 Palace Street, London, SW1E 5JD
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, Shivsagar Estate,
Ashmore India Equities Fund
Consolidated fund
62.63
Dr. Annie Besant Road, Worli, Mumbai 400 018, India
Ashmore Investment Management (US) Corporation
Subsidiary
100.00
437
Madison Avenue, Suite 1904, New York, NY
Ashmore Investment Advisors (US) Corp
oration
Subsidiary
100.00
10022,
United States
Ashmore EM Blended Debt Fund GP, LLC
Subsidiary
100.00
The Corporation Trust Center, 1209 Orange Street,
Ashmore EM Active Equity Fund GP, LLC
Subsidiary
100.00
Wilmington, DE 19801, USA
Ashmore EM Equity Fund GP, LLC
Subsidiary
100.00
Ashmore QFC LLC
Subsidiary
92.50
9th Floor, QFC Tower 1, Westbay, Doha, Qatar
Ashmore Mexico, Asesor en Inversiones Independiente, S.A.
Subsidiary
100.00
Paseo de las Palmas 405-1701, Lomas de
de C.V.
Chapultepec, 11000, Mexico, CDMX, Mexico
Ashmore Investment Management (Singapore) Pte. Ltd.
Subsidiary
100.00
1 George Street, #15\u201304, Singapore 049145
PT Ashmore Asset Management Indonesia
Tbk
Subsidiary
60.04
Pacific Century Place, 18
th
Floor,
Ashmore Dana Pasar Uang Syariah
Consolidated fund
91.15
SCBD Lot 10, Jl. Jenderal. Sudirman Kav.
52\u201353
Jakarta 12190, Indonesia
Ashmore Dana USD Fixed Income
Consolidated fund
39.42
Ashmore IDX 30 Equity Fund
Financial asset
28.40
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
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 Registered address and place of
Name
 Classification interest incorporation
Ashmore Investments (Colombia) SL
Subsidiary
100.00
Calle Suero de Qui\u00f1ones 34-36,
28002
Madrid, Spain
Ashmore Investment Saudi Arabia
Subsidiary
100.00
3rd Floor Tower B, Olaya Towers,
Ashmore Saudi Education Fund
Held for sale
47.22
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
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 Venezuela Restructuring and Recovery Fund
Financial asset
25.06
Ashmore
Strategic Partners Limited
Consolidated fund
50.00
Ashmore SICAV E
merging Markets Middle East Equity Fund
Consolidated fund
86.84
10, rue du Chateau d\u2019Eau,
Ashmore SICAV E
merging Markets India Equity Fund
Consolidated fund
66.38
L\u20133364
Leudelange,
Grand\u2013Duchy of Luxembourg
Ashmore
SICAV Emerging Markets Global Small-Cap Equity Fund
Consolidated fund
46.67
Ashmore SICAV E
merging Markets Indonesian Equity Fund
Consolidated fund
100.00
Ashmore SICAV
Emerging Markets Shariah Active Equity Fund
Consolidated fund
42.27
Ashmore SICAV
Emerging Markets Frontier Blended Debt Fund
Consolidated fund
59.59
Ashmore SICAV Emerging Markets Sovereign Debt Fund
Consolidated fund
65.02
Ashmore SICAV Emerging Markets Impact Debt Fund
Consolidated fund
78.39
Ashmore SICAV Emerging Markets Mexico Equity Fund
Consolidated fund
100.00
Ashmore SICAV Emerging Markets Latin
-America Equity Fund
Consolidated fund
99.86
Ashmore E
merging Markets Equity Ex China Fund
Consolidated fund
100.00
50 South LaSalle Street,
Ashmore E
merging Markets Debt Fund
Consolidated fund
100.00
Chicago, Illinois 60603, USA
Ashmore E
merging Markets Equity ESG Fund
Consolidated fund
100.00
Ashmore EM
Equity Fund LP
Consolidated fund
100.00
Ashmore Emerging Markets Equity SMA Completion Fund
Consolidated fund
100.00
Ashmore China Real Estate De
bt Recovery Fund
Financial asset
26.35
AGPE Limited
Consolidated portfolio company
50.00
190 Elgin Avenue, George Town,
Grand Cayman,
KY1\u20139008, Cayman Islands
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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-484": { "value": "
26) Investment in associate
The Group held an interest in the following associate as at 30 June 2026:
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
Although the Group holds less than 20% of the voting rights, which would ordinarily be presumed not to give rise to significant
influence, it has determined that it retains significant influence over the entity and accordingly continues to account for it as
an associate under IAS 28. This reflects the Group\u2019s right to appoint a director to the associate\u2019s board, which it exercises,
and its participation in decisions on the associate\u2019s financial and operating policies, including the review and approval of its
annual budget.
The movement in the carrying value of investment in associate for the year is provided below:
2026
2025
Associate
\u00a3m
\u00a3m
At the beginning of the year
2.8
2.7
Share of
profit for the year
0.4
0.3
Foreign exchange revaluation
0.4
(0.2)
At the end of the year
3.6
2.8
The summarised financial information for the associate is shown below.
2026
2025
Associate
\u00a3m \u00a3m
Total assets
76.4
61.2
Total liabilities
 (8.5) (7.0)
Net assets
67.9
54.2
Group\u2019s share of net assets
3.6
2.8
Revenue for the year
26.8
22.8
Profit
for the year
7.6
5.7
Group\u2019s share of
profit for the year
0.4
0.3
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 2026. The Group had no undrawn capital commitments (30 June 2025: \u00a3nil) to investment funds managed by the associate.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-485": { "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, held for sale 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. The Group\u2019s unconsolidated structured entities comprise segregated mandates and pooled fund vehicles over which the Group does not have control. Disclosure of the Group\u2019s exposure 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 20
25
47.6
0.5
47.1
30 June 20
26
54.0
0.4
53.6
Included in the Group\u2019s consolidated management fees of \u00a3133.2 million (FY2025: \u00a3131.7 million) are management fees amounting to \u00a3132.1 million (FY2025: \u00a3130.6 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.
2026 2025
\u00a3m \u00a3m
Management fees receivable
33.8
26.8
Trade and other receivables
1.4
1.4
Seed capital investments
1
77.0
83.3
Total exposure
112.2
111.5
1. Comprise financial assets measured at fair value and non-current financial assets measured at fair value (see 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-486": { "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:
2026 2025
\u00a3m \u00a3m
Short
-term benefits
2.9
1.0
Defined contribution pension costs
\u2013
\u2013
Share
-based payment benefits (see note 10)
2.1
2.2
5.0
3.2
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 80 to 93.
During the year, there were no other transactions entered into with key management personnel (FY2025: none). Aggregate key
management personnel interests in consolidated funds at 30 June 2026 were \u00a343.2 million (30 June 2025: \u00a332.7 million).
Transactions with subsidiaries \u2013 Company
Details of transactions between the Company and its subsidiaries are shown below:
2026 2025
\u00a3m \u00a3m
Transactions during the year
Management fees
61.4
46.4
Net dividends
received
100.5
79.9
Net l
oans advanced to subsidiaries
(36.3)
(22.0)
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 \u00a349.6 million of gross management fees and performance fees (FY2025: \u00a348.4 million) from
the 87 funds (FY2025: 92 funds) it manages and which are classified as related parties. As at 30 June 2026, the Group had
receivables due from funds of \u00a36.3 million (30 June 2025: \u00a37.7 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 2026, the loan
outstanding was \u00a3134.9 million (30 June 2025: \u00a3146.7 million).
Transactions with The Ashmore Foundation \u2013 Group and Company
The Ashmore Foundation is a related party to the Group. The Foundation was set up to provide financial grants to worthwhile
causes within the Emerging Markets countries in which Ashmore invests and/or operates with a view to giving back to the
countries and communities. The Group donated \u00a30.4 million to the Foundation during the year (FY2025: \u00a30.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-545": { "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:
2026 2025
\u00a3m \u00a3m
Short
-term benefits
2.9
1.0
Defined contribution pension costs
\u2013
\u2013
Share
-based payment benefits (see note 10)
2.1
2.2
5.0
3.2
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 80 to 93. During the year, there were no other transactions entered into with key management personnel (FY2025: none). Aggregate key management personnel interests in consolidated funds at 30 June 2026 were \u00a343.2 million (30 June 2025: \u00a332.7 million). Transactions with subsidiaries \u2013 Company Details of transactions between the Company and its subsidiaries are shown below:
2026 2025
\u00a3m \u00a3m
Transactions during the year
Management fees
61.4
46.4
Net dividends
received
100.5
79.9
Net l
oans advanced to subsidiaries
(36.3)
(22.0)
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 \u00a349.6 million of gross management fees and performance fees (FY2025: \u00a348.4 million) from the 87 funds (FY2025: 92 funds) it manages and which are classified as related parties. As at 30 June 2026, the Group had receivables due from funds of \u00a36.3 million (30 June 2025: \u00a37.7 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 2026, the loan outstanding was \u00a3134.9 million (30 June 2025: \u00a3146.7 million). Transactions with The Ashmore Foundation \u2013 Group and Company The Ashmore Foundation is a related party to the Group. The Foundation was set up to provide financial grants to worthwhile causes within the Emerging Markets countries in which Ashmore invests and/or operates with a view to giving back to the countries and communities. The Group donated \u00a30.4 million to the Foundation during the year (FY2025: \u00a30.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-487": { "value": "
29) Commitments
The Group has undrawn investment commitments relating to seed capital investments as follows:
2026
2025
Group
\u00a3m
\u00a3m
Ashmore II
\u2013 CAF Colombian Infrastructure Senior Debt Fund
10.6
8.7
Ashmore Andean Fund II, LP
\u2013
0.1
Fondo Ashmore Andino III
\u2013 FCP
0.3
0.6
Ashmore Strategic Partners Limited
71.6
\u2013
Total undrawn investment commitments
82.5
9.4
Company
The Company has undrawn loan commitments to other Group entities totalling \u00a3366.7 million (30 June 2025: \u00a3399.1 million) to
support their investment activities but has no investment commitments of its own (30 June 2025: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-521": { "value": "29) Commitments The Group has undrawn investment commitments relating to seed capital investments as follows:
2026
2025
Group
\u00a3m
\u00a3m
Ashmore II
\u2013 CAF Colombian Infrastructure Senior Debt Fund
10.6
8.7
Ashmore Andean Fund II, LP
\u2013
0.1
Fondo Ashmore Andino III
\u2013 FCP
0.3
0.6
Ashmore Strategic Partners Limited
71.6
\u2013
Total undrawn investment commitments
82.5
9.4
Company The Company has undrawn loan commitments to other Group entities totalling \u00a3366.7 million (30 June 2025: \u00a3399.1 million) to support their investment activities but has no investment commitments of its own (30 June 2025: 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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-488": { "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": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-489": { "value": "31) Non-controlling interests The Group\u2019s material NCI as at 30 June 2026 was held in PT Ashmore Asset Management Indonesia Tbk. Set out below is summarised financial information, before intercompany eliminations.
39.96% NCI
Ashmore Indonesia
2026
2025
Summarised balance sheet
\u00a3m \u00a3m
Total assets
16.5
17.1
Total liabilities
 (4.2) (4.4)
Net assets
12.3
12.7
Non
-controlling interests
4.9
5.0
Summarised statement of comprehensive income
Net r
evenue
8.7
7.7
Profit for the period
3.7
3.5
Other comprehensive loss
 (0.7) (0.8)
Total comprehensive income
3.0
2.7
Profit allocated to NCI
1.5
1.4
Dividends paid to NCI
1.2
1.8
Summarised cash flows
Cash flows from operating activities
1.8
3.2
Cash flows generated from
/(used in) investing activities
(0.5)
0.6
Cash flows used in financing activities
(3.5
)
(4.6
)
Net decrease in cash and cash equivalents
 (2.2) (0.8)
In addition to the above, at 30 June 2026 the Group had non-controlling interests of \u00a34.7 million (30 June 2025: \u00a33.7 million) in a consolidated portfolio company, see note 20e. The Group also had non-controlling interests in other subsidiaries which are individually immaterial, with an aggregate carrying amount of \u00a35.8 million (30 June 2025: \u00a33.2 million) and profit allocated of \u00a31.9 million for the year (2025: \u00a32.5 million). Total non- controlling interests at 30 June 2026 were \u00a315.4 million (30 June 2025: \u00a311.9 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-490": { "value": "
32) Prior year restatement
Consolidation of a portfolio company
The Group has reassessed the consolidation requirements of IFRS 10 in respect of its interests in funds and has concluded that it
controls a portfolio company held through one of its funds, being an infrastructure company in the Americas, as disclosed in note
20e. In accordance with IAS 8, the comparative consolidated balance sheet, consolidated statement of changes in equity and
consolidated cash flow statement for the year ended 30 June 2025 have been restated. The impact of the restatement on the
Group was an increase in net assets of \u00a33.4 million and an increase in cash and cash equivalents of \u00a30.1 million. There was no
impact on profit or earnings per share.
The impact on the financial statement line items is set out below:
As previously
reported Restatement As restated
Consolidated balance sheet
\u00a3m \u00a3m \u00a3m
Non
-current assets
Property, plant and equipment
5.1
28.7
33.8
Trade and other receivables
\u2013
3.0
3.0
C
urrent assets
Investment securities
321.5
(11.1)
310.4
Trade and other receivables
45.8
4.4
50.2
Cash and deposits
348.7
0.1
348.8
Total assets
908.1
25.1
933.2
Equity
Foreign exchange reserve
(43.2)
(0.3) (43.5)
Non
-controlling interests
8.2
3.7
11.9
Total equity
790.8
3.4
794.2
Liabilities
Other financial liabilities
\u2013
18.0
18.0
Third
-party interests in consolidated funds
73.3
(0.4)
72.9
Trade and other payables
27.2
4.1
31.3
Total liabilities
117.3
21.7
139.0
As previously
reported Restatement As restated
Consolidated
statement of changes in equity
\u00a3m \u00a3m \u00a3m
Foreign currency translation differences
\u2013 equity holders of the parent
(46.8)
(0.3) (47.1)
Foreign currency translation differences
\u2013 non-controlling interests
(0.5)
(0.2) (0.7)
Movements in non
-controlling interests
0.1
3.9
4.0
Balance at 30 June 2025
790.8
3.4
794.2
As previously
reported Restatement As restated
Consolidated
cash flow statement
\u00a3m \u00a3m \u00a3m
Decrease/(increase) in trade and other receivables
6.4
(8.0)
(1.6)
Increase/(decrease) in trade and other payables
(7.0)
3.0
(4.0)
Net cash generated from operating activities
48.6
(5.0)
43.6
Purchase of investment securities
(65.2)
10.7
(54.5)
Purchase of property, plant and equipment
(0.2)
(27.2) (27.4)
Net cash generated from investing activities
33.6
(16.5)
17.1
Drawdown of financial liabilities
\u2013
19.0
19.0
Increase in non
-controlling interests
\u2013
2.6
2.6
Net cash used in financing activities
 (156.1)
21.6
(134.5)
Net increase/(decrease) in cash and cash equivalents
(73.9)
0.1
(73.8)
Presentation of term deposits
In addition to the restatement above, following reconsideration of the requirements of IAS 7, placements of, and proceeds from,
term deposits have been reclassified and presented on a gross basis in the Group and Company cash flow statements. There is
no impact on the Group\u2019s or Company\u2019s net cash flows from investing activities or on the movement in cash and cash equivalents
for the year.
The following reclassifications were made:
\u2022 For the Group, net inflows of \u00a376.2 million have been presented as proceeds from term deposits of \u00a3342.8 million and
placements of term deposits of \u00a3266.6 million.
\u2022 For the Company, net inflows of \u00a374.5 million have been presented as proceeds from term deposits of \u00a3341.0 million and
placements of term deposits of \u00a3266.5 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-522": { "value": "32) Prior year restatement Consolidation of a portfolio company The Group has reassessed the consolidation requirements of IFRS 10 in respect of its interests in funds and has concluded that it controls a portfolio company held through one of its funds, being an infrastructure company in the Americas, as disclosed in note 20e. In accordance with IAS 8, the comparative consolidated balance sheet, consolidated statement of changes in equity and consolidated cash flow statement for the year ended 30 June 2025 have been restated. The impact of the restatement on the Group was an increase in net assets of \u00a33.4 million and an increase in cash and cash equivalents of \u00a30.1 million. There was no impact on profit or earnings per share. The impact on the financial statement line items is set out below: As previously reported Restatement As restated Consolidated balance sheet \u00a3m \u00a3m \u00a3m Non -current assets Property, plant and equipment 5.1 28.7 33.8 Trade and other receivables \u2013 3.0 3.0 C urrent assets Investment securities 321.5 (11.1) 310.4 Trade and other receivables 45.8 4.4 50.2 Cash and deposits 348.7 0.1 348.8 Total assets 908.1 25.1 933.2 Equity Foreign exchange reserve (43.2) (0.3) (43.5) Non -controlling interests 8.2 3.7 11.9 Total equity 790.8 3.4 794.2 Liabilities Other financial liabilities \u2013 18.0 18.0 Third -party interests in consolidated funds 73.3 (0.4) 72.9 Trade and other payables 27.2 4.1 31.3 Total liabilities 117.3 21.7 139.0 As previously reported Restatement As restated Consolidated statement of changes in equity \u00a3m \u00a3m \u00a3m Foreign currency translation differences \u2013 equity holders of the parent (46.8) (0.3) (47.1) Foreign currency translation differences \u2013 non-controlling interests (0.5) (0.2) (0.7) Movements in non -controlling interests 0.1 3.9 4.0 Balance at 30 June 2025 790.8 3.4 794.2 As previously reported Restatement As restated Consolidated cash flow statement \u00a3m \u00a3m \u00a3m Decrease/(increase) in trade and other receivables 6.4 (8.0) (1.6) Increase/(decrease) in trade and other payables (7.0) 3.0 (4.0) Net cash generated from operating activities 48.6 (5.0) 43.6 Purchase of investment securities (65.2) 10.7 (54.5) Purchase of property, plant and equipment (0.2) (27.2) (27.4) Net cash generated from investing activities 33.6 (16.5) 17.1 Drawdown of financial liabilities \u2013 19.0 19.0 Increase in non -controlling interests \u2013 2.6 2.6 Net cash used in financing activities (156.1) 21.6 (134.5) Net increase/(decrease) in cash and cash equivalents (73.9) 0.1 (73.8) Presentation of term deposits In addition to the restatement above, following reconsideration of the requirements of IAS 7, placements of, and proceeds from, term deposits have been reclassified and presented on a gross basis in the Group and Company cash flow statements. There is no impact on the Group\u2019s or Company\u2019s net cash flows from investing activities or on the movement in cash and cash equivalents for the year. The following reclassifications were made: \u2022 For the Group, net inflows of \u00a376.2 million have been presented as proceeds from term deposits of \u00a3342.8 million and placements of term deposits of \u00a3266.6 million. \u2022 For the Company, net inflows of \u00a374.5 million have been presented as proceeds from term deposits of \u00a3341.0 million and placements of term deposits of \u00a3266.5 million.", "dimensions": { "concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-491": { "value": "
33) Post-balance sheet events
There are no post-balance sheet events that require adjustment or disclosure in the Group or Company financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-434": { "value": "16 Palace Street London SW1E 5JD United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-9": { "value": "16 Palace Street London SW1E 5JD United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300U3L59WB4YI2X12", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } } } }