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1 PRINCIPAL ACCOUNTING POLICIES
a) Basis of preparation
The consolidated financial statements have been prepared in
accordance with UK-adopted International Financial Reporting
Standards (IFRS) and those parts of the Companies Act
2006 applicable to companies reporting under IFRS, under
the historical cost convention (except for the measurement of
financial assets at fair value through profit and loss and DBVAP
liability which are held at their fair value).
The preparation of financial statements in conformity with IFRS
requires the directors of the Company to make significant
estimates and judgements that affect the reported amounts of
assets and liabilities and disclosure of contingencies at the
date of the financial information and the reported income
and expense during the reporting periods. Although these
judgements and assumptions are based on the directors\u2019 best
knowledge of the amount, events or actions, actual results may
differ from these estimates. The accounting policies set out
below have been used to prepare the financial information.
All accounting policies have been consistently applied.
The financial information has been prepared based on the
IFRS standards effective as at 31 March 2026. There have
been no significant changes issued to IFRS that would affect
the Group and Company during the year.
A number of new accounting standards and amendments to
existing IFRS Accounting Standards have been issued by the
International Accounting Standards Board (IASB), but are not
yet effective for the current reporting period. The Group has
not early adopted these standards.
The most significant forthcoming change is IFRS 18 Presentation
and Disclosure in Financial Statements. In April 2024, the
IASB issued IFRS 18, which replaces IAS 1 and introduces
major changes to the presentation and disclosure structure of
financial statements. IFRS 18 is effective for annual reporting
periods beginning on or after 1 January 2027, with early
application permitted.
Key changes introduced by IFRS 18 include:
\u2022 The introduction of two mandatory subtotals in the statement
of profit or loss: operating profit and profit before financing
and income taxes.
\u2022 A requirement to classify income and expenses into specified
categories (operating, investing, financing).
\u2022 New mandatory disclosures for management-defined
performance measures (MPMs) used in external
communications by management.
\u2022 Strengthened principles for aggregation and disaggregation
to enhance comparability between entities.
The Group is currently assessing the impact of IFRS 18. While
adoption is not expected to affect the Group\u2019s profit or equity,
the standard will require significant changes to:
\u2022 the structure and presentation of the income statement,
\u2022 the classification of income and expenses,
\u2022 the Group\u2019s definition, use and disclosure of management-
defined performance measures, and
\u2022 the format and content of note disclosures.
The Group will complete its detailed assessment during FY27
and establish an implementation plan to ensure readiness for
mandatory adoption in FY28.
b) Going concern
The consolidated financial information presented within
these financial statements have been prepared on a going
concern basis. The Group is reliant on cash generated by
the business to fund its working capital. The Directors have
assessed the prospects of the Group and parent company
over the forthcoming 12 months, including an assessment of
current trading; budgets, plans and forecasts; the adequacy
of current financing arrangements; liquidity, cash reserves and
regulatory capital; and potential material risks to these forecasts
and the Group strategy. This assessment includes a review of
the ongoing impact of the global geopolitical tensions; and
consideration of a severe but plausible downside scenario in
which AuMA falls by 20% with nil net sales. Consequently,
the directors are confident that the company will have
sufficient funds to continue to meet its liabilities as they fall
due for at least 12 months from the date of approval of the
financial statements and therefore have prepared the financial
statements on a going concern basis.
c) Basis of consolidation
Subsidiaries are all entities over which the Group has control.
The Group has control of an entity if, and only if it has all of
the following:
\u2022 power over the entity;
\u2022 exposure, or rights to, variable returns from its involvement
with the entity; and
\u2022 the ability to use its power over the entity to affect its returns.
The Group considers all relevant facts and circumstances
in assessing whether it has power over an entity, including:
the purpose and design of an entity, its relevant activities,
substantive and protective rights, and voting rights and
potential voting rights. There is no fixed minimum percentage
at which the Group consolidates, and each exposure is
reviewed individually.
Subsidiaries comprise operating and holdings companies,
partnerships and those funds where the Group acts as fund
manager and which are consolidated as a result of additional
exposure to the variable returns of the funds through seed
investment. Such seed investments are typically small as a
proportion of the aggregate capital of fund and at the date of
the report no investee funds are considered subsidiaries and
consolidated.
Subsidiaries are fully consolidated from the date on which
control is transferred to the Group. They are de-consolidated
from the date that control ceases. Uniform accounting
policies are applied across all Group entities. Inter-company
transactions, balances, income and expenses on transactions
between Group entities are eliminated on consolidation.
Profits and losses resulting from inter-company transactions that
are recognised in assets are also eliminated on consolidation.
Subsidiaries\u2019 exemption from audit by parental guarantee
The Company has provided a parental guarantee under section
479C of the Companies Act (2006) over the outstanding
liabilities of some of its subsidiaries as at 31 March 2026 until
they are settled in full. The subsidiaries covered by the parental
guarantee are exempt from the requirements of the Companies
Act (2006) relating to the audit of their individual accounts
in accordance with section 479A. The guarantee covers the
following of the Company\u2019s wholly-owned subsidiaries:
\u2022 Liontrust Investment Services Limited
\u2022 Liontrust Investment Funds Limited
This parental guarantee was not provided in the prior year.
d) Significant accounting estimates and judgements
The preparation of the financial statements in conformity with
IFRS requires the use of certain critical accounting estimates.
It also requires management to exercise its judgement in the
process of applying the Group\u2019s accounting policies. Estimates
and judgements used in preparing the financial statements
are periodically evaluated and are based on historical
experience and other factors, including expectations of future
events that are believed to be reasonable. The resulting
accounting estimates may not equal the related actual results.
There are no significant judgements. The Directors make a
number of estimates, these include leases (note k) and share
based payments (note p), neither of which are considered
to be significant. In addition, the Directors make estimates
to support the carrying value of goodwill and intangibles
that arose on previous acquisitions. Further Information on
estimates, impairment testing and scenario analysis can be
found below and within note 13 and 14.
The costs of acquiring intangible assets such as fund
management contracts are capitalised where it is probable
that future economic benefits that are attributable to the assets
will flow to the Group and the cost of the assets can be
measured reliably. The assets are held at cost less accumulated
amortisation. An assessment is made at each reporting date,
on a standalone basis for each intangible asset, as to whether
there is any indication that the asset in use may be impaired.
If any such indication exists and the carrying value exceeds
the estimated recoverable amount at the time, the assets are
written down to their recoverable amount. The recoverable
amount is measured as the greater of fair value less costs to sell
and value in use. Further information on the impairment testing
and estimates used are contained in note 13 and 14.
The fund management contracts relating to the assets acquired
as part of the acquisitions of Alliance Trust Investments Limited;
Neptune Investment Management Limited; Architas Multi-
Manager Limited and Architas Advisory Services Limited
(together \u201cArchitas\u201d) and Majedie Investment Management
Limited are recorded initially at fair value and recorded in the
consolidated financial statements as intangible assets, they are
then amortised over their useful lives on a straight-line basis.
Management have determined that the useful life of these
assets is between 5 and 10 years owing to the nature of the
acquired products. Impairment is tested through measuring the
recoverable amount against the carrying value of the related
goodwill or intangible asset. The recoverable amount is the
higher of the fair value less costs to sell and its value in use.
The Directors assess the fair value less cost of disposal using a
multi-period excess earnings model which includes a number
of inputs requiring management estimates, the most significant
of which include: future business performance and growth
including fund sales, redemptions and market growth; terminal
growth rates; and the discount rate. In the current period,
significant estimates were only required for the goodwill and
intangible assets in relation to Architas and Majedie (see notes
13 and 14 for further detail).
Impairment losses on goodwill, where these are identified,
are not reversed. Impairment is tested through measuring the
recoverable amount against the carrying value of the related
goodwill. The recoverable amount is the higher of the fair
value less costs to sell the CGU and its value in use. Value
in use is assessed using a multi-period excess earnings model
which requires a number of inputs requiring management
estimates and judgements, the most significant of which are:
future business performance and growth (including fund sales,
redemptions and market growth), operating costs, synergies,
and the cost of capital/discount rate.
Due to the strong performance and growth of the Sustainable
Investment team (acquired as part of the ATI acquisition) and
the Global Equity team (acquired as part of the Neptune
acquisition) since acquisition there is no significant estimation
in relation to the impairment of the related goodwill allocated
to the Sustainable and Global Equity Investment teams\u2019 CGU.
e) Non current assets
i) Goodwill
Goodwill arising on acquisitions is capitalised in the consolidated
balance sheet. Goodwill is carried at cost less provision for
impairment. The carrying value of goodwill is not amortised
but is tested annually for impairment or more frequently if any
indicators of impairment arise. Goodwill is allocated to a cash
generating unit (CGU) for the purpose of impairment testing, with
the allocation to those CGUs that are expected to benefit from the
business combination in which the goodwill arose (see note 13).
Impairment losses on goodwill, where these are identified,
are not reversed. Impairment is tested through measuring the
recoverable amount against the carrying value of the related
goodwill. The recoverable amount is the higher of the fair
value less costs to sell the CGU and its value in use. Value
in use is assessed using a discounted cashflow model (DCF)
which requires a number of inputs requiring management
estimates and judgements, the most significant of which are:
AuMA growth and discount rate.
ii) Intangibles
The costs of acquiring intangible assets such as fund management
contracts are capitalised where it is probable that future
economic benefits that are attributable to the assets will flow to
the Group and the cost of the assets can be measured reliably.
The assets are held at cost less accumulated amortisation and
impairment. An assessment is made at each reporting date,
on a standalone basis for each intangible asset, as to whether
there is any indication that the asset in use may be impaired. If
any such indication exists and the carrying value exceeds the
estimated recoverable amount at the time, the assets are written
down to their recoverable amount. The recoverable amount is
measured as the greater of fair value less costs to sell and value
in use.
The fund management contracts and segregated clients\u2019
contracts relating to the assets acquired as part of the
acquisitions are recorded initially at fair value and, they are
then amortised over their useful lives on a straight line basis.
Management have determined that the useful life of these
assets is between 5 and 10 years owing to the nature of the
acquired products. Impairment is tested through measuring the
recoverable amount against the carrying value of the related
intangible asset. The recoverable amount is the higher of the
fair value less costs to sell and its value in use. The Directors
assess the fair value less cost of disposal using a multi-period
excess earnings model which requires a number of inputs
requiring management estimates, the most significant of which
include: future AuMA growth and discount rate.
iii) Property, plant and equipment
Property, plant and equipment are stated at historic purchase
cost less accumulated depreciation. The cost includes the
original purchase price of the asset and the costs attributable to
bringing the asset to its working condition for its intended use.
Leasehold improvements are included at cost and are
depreciated on a straight line basis over the lower of the
estimated useful life and the remaining lease term.
Office equipment is depreciated on a straight line basis over
the estimated useful life of the asset, which is between three
and ten years.
Computer equipment is depreciated on a straight line basis
over the estimated useful life of the asset which is three years.
At each reporting date management reviews the assets\u2019 useful
lives, and will make adjustments if required.
f) Trade and other receivables
Trade and other receivables include prepayments as well
as amounts the Group is due to receive from third parties
in the normal course of business. These include fees as well
as settlement accounts for transactions undertaken. These
receivables are normally settled by receipt of cash. Trade and
other receivables are initially recognised at fair value and then
at amortised cost after deducting provisions for expected credit
losses. The Group applies the IFRS9 simplified approach to
measuring expected credit losses (ECLs) for trade receivables
at an amount equal to lifetime ECLs. The ECLs on trade
receivables are calculated based on actual historic credit
loss experience and is adjusted for forward-looking estimates.
The level of ECL on the Group\u2019s receivables is insignificant
therefore no ECL adjustment was recognised in the year.
Prepayments arise where the Group pays cash in advance
for services. As the service is provided, the prepayment is
reduced and the operating expenses are recognised in the
Consolidated Statement of Comprehensive Income.
Purchase orders from customers for units in managed funds
are initially recognised as receivables pending receipt of
cash to fund the purchase on a trade date basis. Settlement
of the transaction occurs through exchange of cash for units
in the underlying fund which are received from the registrar in
exchange for this consideration. Correspondingly, redemptions
of units in funds are recognised as payables from trade date
until receipt of sales proceeds from the registrar. This purchase
and sale process and settlement cycle results in significant,
but largely offsetting, receivable and payable balances on
the Group balance sheet. A breakdown of these amounts is
provided in notes 16 and 18. Any balances not settled on due
date are segregated within client money accounts separate
from the assets of the Group.
g) Trade and other payables Trade and other payables (excluding deferred income) represent amounts the Group is due to pay to third parties in the normal course of business. These include expense accruals as well as settlement accounts (amounts due to be paid for transactions undertaken as noted above). Trade payables are costs that have been billed. Accruals represent costs, including remuneration, that are not yet billed or due for payment. They are initially recognised at fair value and subsequently held at amortised cost. h) Financial investments As described in note 2a, the Group holds certain units and shares for operational purposes and also in respect of the Deferred Bonus and Variable Allocation Plan (DVBAP) which are held via the Liontrust Asset Management Employee Trust, an Employee Benefit Trust (the \u2018EBT\u2019). All of these units and shares are held at fair value through profit and loss, accounted for on a trade date basis and valued on a mid (for units) or bid (for shares) basis. i ) Cash and cash equivalents Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. Under IFRS cash and cash equivalents are included in the consolidated cash flow statement. j) Own shares Own shares held by the EBT are valued at cost and are shown as a deduction from the Group\u2019s shareholders\u2019 equity. No gains or losses are recognised in the Consolidated Statement of Comprehensive Income. k) Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use (ROU) asset and a lease liability at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and remove the
underlying asset or to restore the underlying asset or the site on
which it is located, less any lease incentives received.
The ROU asset is subsequently depreciated using the straightline
method from the commencement date to the end of the lease
term, unless the lease transfers ownership of the underlying asset
to the Group by the end of the lease term or the cost of the ROU
asset reflects that the Group will exercise a purchase option.
In that case the ROU asset will be depreciated over the useful
life of the underlying asset, which is determined on the same
basis as those of property and equipment. In addition, the ROU
asset is periodically reduced by impairment losses, if any, and
adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of
the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the Group\u2019s
incremental borrowing rate (IBR). Generally, the Group uses its
IBR as the discount rate.
The Group determines its IBR by obtaining interest rates
from various external financing sources and makes certain
adjustments to reflect the terms of the lease and type of the
asset leased. Lease payments included in the measurement of
the lease liability comprise the following:
\u2022 fixed payments, including in-substance fixed payments;
\u2022 variable lease payments that depend on an index or a
rate, initially measured using the index or rate as at the
commencement date; and
\u2022 the exercise price under a purchase option that the Group
is reasonably certain to exercise, lease payments in an
optional renewal period if the Group is reasonably certain
to exercise an extension option, and penalties for early
termination of a lease unless the Group is reasonably certain
not to terminate early.
The lease liability is measured at amortised cost using the
effective interest method. It is remeasured when there is a
significant event or change in circumstances that is within the
control of the Group that affects the determination of the lease
term, and therefore in future lease payments. This could arise
from a change in and index or rate, if the Group changes its
assessment of whether it will exercise a purchase, extension
or termination option or if there is a revised in-substance fixed
lease payment. When the lease liability is remeasured in this
way, a corresponding adjustment is made to the carrying
amount of the ROU asset, or is recorded in profit or loss if the
carrying amount of the ROU has been reduced to zero.
l) Revenue and expenses
Revenue
Revenue is accounted for on an accruals basis when they
become receivable or payable in accordance with IFRS 15.
The Group\u2019s primary source of revenue is fee income from
investment management activities. These fees are generally
based on an agreed percentage of the valuation of the
AuMA and are recognised as the service is provided and it
is probable that the fee will be received. Contractual rebates
payable to customers are deducted from revenue.
Management and administration fees are earned over a
period of time, and revenue is recognised in the same period
in which the service is performed.
Performance fees are earned in respect of certain contracts only
and are recognised when the fee amount can be estimated
reliably and it is highly probable that it will not be subject
to significant reversal. Performance fees can include terms
that a proportion of the fee earned is deferred until the next
performance fee is payable. As there is no certainty that such
deferred fees will be collectable in future years, the Group\u2019s
accounting policy is to include performance fees in income
only when they become due and collectable in accordance
with IFRS 15.
Revenue is also earned from the net value of sales and
redemptions, and liquidations and creations, of units and
shares in units trusts and open-ended investment companies;
and from the operation of a box of units in the unit trusts (\u201cbox
profits\u201d) \u2013 being the \u201cat risk\u201d trading profit or loss arising from
changes in the valuation of holdings of units in Group Unit
Trusts to help manage client sales into, and redemptions from
the trust. For Box profits recognition, refer to note 2a.
Management, administration and performance fees are forms
of variable consideration, however there is no significant
judgement or estimation.
Expenses
Operating expenses represent the Group\u2019s administrative
expenses and are recognised as the services are provided.
Front end fees received and commissions paid on the sales
of units in unitised funds are amortised over the estimated life
of the unit.
DBVAP \u2013 in accordance with regulatory requirements and
good market practice the Group defers a proportion of
senior staff annual bonuses and variable allocations over a
period of 3 years. At the inception of the deferral period the
company purchases units in a portfolio of Liontrust funds or
shares to match the future liability arising from these awards
which is recognised in the EBT as a financial asset. The DBVAP
does not have any further performance conditions but has a
continuous service condition. The costs of purchasing these
units is recognised over the vesting period.
m) Taxation
The tax expense for the period comprises current and deferred
tax. Tax is recognised in the income statement, except to the
extent that it relates to items recognised in other comprehensive
income, or directly in equity; in these cases, the related tax is
also recognised in other comprehensive income or directly in
equity.
The current income tax charge is calculated on the basis
of the tax laws enacted, or substantively enacted, at the
balance sheet date in the countries where the company
and its subsidiaries operate and generate taxable income.
Management periodically evaluates positions taken in tax
returns with respect to situations in which applicable tax
regulation is subject to interpretation. It establishes provisions
where appropriate on the basis of amounts expected to be
paid to the tax authorities.
Deferred income tax is recognised, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. However, the deferred income tax is not
accounted for, if it arises from initial recognition of an asset or
liability in a transaction, other than a business combination,
that at the time of the transaction affects neither accounting nor
taxable profit or loss. Deferred income tax is determined using
tax rates and laws that have been enacted, or substantively
enacted, by the balance sheet date and are expected to apply
when the related deferred income tax asset is realised; or the
deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it
is probable that future taxable profit will be available against
which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when
there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income
taxes assets and liabilities relate to income taxes levied by
the same taxation authority on either the taxable entity or
different taxable entities where there is an intention to settle the
balances on a net basis.
n) Pensions
The Group operates defined contribution schemes for its
employees. The assets are invested in individual Self Invested
Pension Plan accounts and are held separately from the
Group. The costs of the pension scheme are recognised in
the Consolidated Statement of Comprehensive Income in the
period in which they are incurred. The Group has no further
payment obligations once the contributions have been paid.
o) Employee share options and Member incentive awards
The Group operates a number of equity-settled and cash settled,
share-based compensation plans, under which the entity receives
services from employees and members as consideration for
equity instruments of the Group. The fair value of the services
received in exchange for the awards is recognised as an
expense, and credited to equity reserves for equity settled
awards, and provisions for cash settled awards, over the
vesting period. For equity settled awards the total amount to be
expensed is determined at the date of grant by reference to the
fair value of the awards granted. For cash settled awards the
amount to be expensed is remeasured at each balance sheet
date. Monte Carlo and Black-Scholes models have been used
to calculate the fair value of the awards. The models require
estimates to be made to determine the fair value of the awards
the most significant of which are as follows:
Liontrust Long Term Incentive Plan (\u2018LTIP\u2019) with market based
performance conditions attached: a Monte Carlo simulation
model is used to value the award with the following assumptions
having been made:
\u2022 the fair values spread over the vesting period of 3 years with
an exercise price of nil;
\u2022 the options are expected to be exercised at the point they
become exercisable;
\u2022 the risk-free interest rate has been based on the implied
yield of zero-coupon government bonds (UK strips) with a
remaining term equal to the expected term; and
\u2022 the expected volatility is based on the Company\u2019s historical
volatility
Employee Liontrust Long Term Incentive Plan (\u2018eLTIP\u2019) and
Members Liontrust Long Term Incentive Plan (\u2018mLTIP\u2019) with
non-market based performance conditions attached; Liontrust
Company Share Option Plan (\u2018CSOP\u2019) and Save As You Earn
(\u2018SAYE\u2019) scheme. Black-Scholes model is used to value the
award with the following assumptions having been made:
\u2022 the fair value is spread over the vesting period which is 3
years with an exercise price of nil (eLTIP/mLTIP), or set at
the time of issue of the award for CSOP awards and SAYE
options;
\u2022 the eLTIP/mLTIP awards are expected to be exercised at the
point they become exercisable;
\u2022 the CSOP awards are estimated to be exercised at the
midpoint between vest (3 years) and lapse (10 years);
\u2022 the SAYE options are expected to exercised at the point they
become exercisable;
\u2022 the risk-free interest rate of has been based on the implied
yield of zero-coupon government bonds (UK strips) with a
remaining term equal to the expected term;
\u2022 the expected volatility is based on the Company\u2019s historical
volatility;
\u2022 dividend yield of nil for eLTIP/mLTIP awards as dividend
equivalents are paid out in shares on vesting of these
awards; and
\u2022 dividend yield estimated based on the current expectation
and history of dividends paid for CSOP awards.
p) Dividends
An interim dividend never becomes a liability of the company
because the directors can rescind the declaration before
payment. Thus, an interim dividend is recognised in equity
when it is paid.
q) Foreign currency gains/losses
Items in the financial statements of each of the Group\u2019s entities
are measured using the currency of the primary economic
environment in which the entity operates (The \u2018functional
currency\u2019). The consolidated financial statements are presented
in Sterling (\u2018\u00a3\u2019) which is the Group and Company\u2019s functional
and presentation currency.
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of
the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation
at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the
Consolidated Statement of Comprehensive Income.
r) Share Capital
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of new ordinary shares or
options are shown in equity as a deduction, net of tax, from
the proceeds.
s) Employee Benefit Trusts (\u2018EBTs\u2019)
EBTs are accounted for under IFRS 10 and are consolidated
on the basis that the parent has control, thus the assets and
liabilities of the EBT are included on the Company balance
sheet and shares held by the EBT in the Company are
presented as a deduction from equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-234": { "value": "a) Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted International Financial Reporting Standards (IFRS) and those parts of the Companies Act 2006 applicable to companies reporting under IFRS, under the historical cost convention (except for the measurement of financial assets at fair value through profit and loss and DBVAP liability which are held at their fair value). The preparation of financial statements in conformity with IFRS requires the directors of the Company to make significant estimates and judgements that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial information and the reported income and expense during the reporting periods. Although these judgements and assumptions are based on the directors\u2019 best knowledge of the amount, events or actions, actual results may differ from these estimates. The accounting policies set out below have been used to prepare the financial information. All accounting policies have been consistently applied. The financial information has been prepared based on the IFRS standards effective as at 31 March 2026. There have been no significant changes issued to IFRS that would affect the Group and Company during the year. A number of new accounting standards and amendments to existing IFRS Accounting Standards have been issued by the International Accounting Standards Board (IASB), but are not yet effective for the current reporting period. The Group has not early adopted these standards. The most significant forthcoming change is IFRS 18 Presentation and Disclosure in Financial Statements. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 and introduces major changes to the presentation and disclosure structure of financial statements. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, with early application permitted. Key changes introduced by IFRS 18 include: \u2022 The introduction of two mandatory subtotals in the statement of profit or loss: operating profit and profit before financing and income taxes. \u2022 A requirement to classify income and expenses into specified categories (operating, investing, financing). \u2022 New mandatory disclosures for management-defined performance measures (MPMs) used in external communications by management. \u2022 Strengthened principles for aggregation and disaggregation to enhance comparability between entities. The Group is currently assessing the impact of IFRS 18. While adoption is not expected to affect the Group\u2019s profit or equity, the standard will require significant changes to: \u2022 the structure and presentation of the income statement, \u2022 the classification of income and expenses, \u2022 the Group\u2019s definition, use and disclosure of management- defined performance measures, and \u2022 the format and content of note disclosures. The Group will complete its detailed assessment during FY27 and establish an implementation plan to ensure readiness for mandatory adoption in FY28. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-235": { "value": "b) Going concern The consolidated financial information presented within these financial statements have been prepared on a going concern basis. The Group is reliant on cash generated by the business to fund its working capital. The Directors have assessed the prospects of the Group and parent company over the forthcoming 12 months, including an assessment of current trading; budgets, plans and forecasts; the adequacy of current financing arrangements; liquidity, cash reserves and regulatory capital; and potential material risks to these forecasts and the Group strategy. This assessment includes a review of the ongoing impact of the global geopolitical tensions; and consideration of a severe but plausible downside scenario in which AuMA falls by 20% with nil net sales. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-236": { "value": "c) Basis of consolidation Subsidiaries are all entities over which the Group has control. The Group has control of an entity if, and only if it has all of the following: \u2022 power over the entity; \u2022 exposure, or rights to, variable returns from its involvement with the entity; and \u2022 the ability to use its power over the entity to affect its returns. The Group considers all relevant facts and circumstances in assessing whether it has power over an entity, including: the purpose and design of an entity, its relevant activities, substantive and protective rights, and voting rights and potential voting rights. There is no fixed minimum percentage at which the Group consolidates, and each exposure is reviewed individually. Subsidiaries comprise operating and holdings companies, partnerships and those funds where the Group acts as fund manager and which are consolidated as a result of additional exposure to the variable returns of the funds through seed investment. Such seed investments are typically small as a proportion of the aggregate capital of fund and at the date of the report no investee funds are considered subsidiaries and consolidated. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Uniform accounting policies are applied across all Group entities. Inter-company transactions, balances, income and expenses on transactions between Group entities are eliminated on consolidation. Profits and losses resulting from inter-company transactions that are recognised in assets are also eliminated on consolidation. Subsidiaries\u2019 exemption from audit by parental guarantee The Company has provided a parental guarantee under section 479C of the Companies Act (2006) over the outstanding liabilities of some of its subsidiaries as at 31 March 2026 until they are settled in full. The subsidiaries covered by the parental guarantee are exempt from the requirements of the Companies Act (2006) relating to the audit of their individual accounts in accordance with section 479A. The guarantee covers the following of the Company\u2019s wholly-owned subsidiaries: \u2022 Liontrust Investment Services Limited \u2022 Liontrust Investment Funds Limited This parental guarantee was not provided in the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-237": { "value": "d) Significant accounting estimates and judgements The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. Estimates and judgements used in preparing the financial statements are periodically evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. The resulting accounting estimates may not equal the related actual results. There are no significant judgements. The Directors make a number of estimates, these include leases (note k) and share based payments (note p), neither of which are considered to be significant. In addition, the Directors make estimates to support the carrying value of goodwill and intangibles that arose on previous acquisitions. Further Information on estimates, impairment testing and scenario analysis can be found below and within note 13 and 14. The costs of acquiring intangible assets such as fund management contracts are capitalised where it is probable that future economic benefits that are attributable to the assets will flow to the Group and the cost of the assets can be measured reliably. The assets are held at cost less accumulated amortisation. An assessment is made at each reporting date, on a standalone basis for each intangible asset, as to whether there is any indication that the asset in use may be impaired. If any such indication exists and the carrying value exceeds the estimated recoverable amount at the time, the assets are written down to their recoverable amount. The recoverable amount is measured as the greater of fair value less costs to sell and value in use. Further information on the impairment testing and estimates used are contained in note 13 and 14. The fund management contracts relating to the assets acquired as part of the acquisitions of Alliance Trust Investments Limited; Neptune Investment Management Limited; Architas Multi- Manager Limited and Architas Advisory Services Limited (together \u201cArchitas\u201d) and Majedie Investment Management Limited are recorded initially at fair value and recorded in the consolidated financial statements as intangible assets, they are then amortised over their useful lives on a straight-line basis. Management have determined that the useful life of these assets is between 5 and 10 years owing to the nature of the acquired products. Impairment is tested through measuring the recoverable amount against the carrying value of the related goodwill or intangible asset. The recoverable amount is the higher of the fair value less costs to sell and its value in use. The Directors assess the fair value less cost of disposal using a multi-period excess earnings model which includes a number of inputs requiring management estimates, the most significant of which include: future business performance and growth including fund sales, redemptions and market growth; terminal growth rates; and the discount rate. In the current period, significant estimates were only required for the goodwill and intangible assets in relation to Architas and Majedie (see notes 13 and 14 for further detail). Impairment losses on goodwill, where these are identified, are not reversed. Impairment is tested through measuring the recoverable amount against the carrying value of the related goodwill. The recoverable amount is the higher of the fair value less costs to sell the CGU and its value in use. Value in use is assessed using a multi-period excess earnings model which requires a number of inputs requiring management estimates and judgements, the most significant of which are: future business performance and growth (including fund sales, redemptions and market growth), operating costs, synergies, and the cost of capital/discount rate. Due to the strong performance and growth of the Sustainable Investment team (acquired as part of the ATI acquisition) and the Global Equity team (acquired as part of the Neptune acquisition) since acquisition there is no significant estimation in relation to the impairment of the related goodwill allocated to the Sustainable and Global Equity Investment teams\u2019 CGU. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-240": { "value": "i) Goodwill Goodwill arising on acquisitions is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to a cash generating unit (CGU) for the purpose of impairment testing, with the allocation to those CGUs that are expected to benefit from the business combination in which the goodwill arose (see note 13). Impairment losses on goodwill, where these are identified, are not reversed. Impairment is tested through measuring the recoverable amount against the carrying value of the related goodwill. The recoverable amount is the higher of the fair value less costs to sell the CGU and its value in use. Value in use is assessed using a discounted cashflow model (DCF) which requires a number of inputs requiring management estimates and judgements, the most significant of which are: AuMA growth and discount rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-239": { "value": "ii) Intangibles The costs of acquiring intangible assets such as fund management contracts are capitalised where it is probable that future economic benefits that are attributable to the assets will flow to the Group and the cost of the assets can be measured reliably. The assets are held at cost less accumulated amortisation and impairment. An assessment is made at each reporting date, on a standalone basis for each intangible asset, as to whether there is any indication that the asset in use may be impaired. If any such indication exists and the carrying value exceeds the estimated recoverable amount at the time, the assets are written down to their recoverable amount. The recoverable amount is measured as the greater of fair value less costs to sell and value in use. The fund management contracts and segregated clients\u2019 contracts relating to the assets acquired as part of the acquisitions are recorded initially at fair value and, they are then amortised over their useful lives on a straight line basis. Management have determined that the useful life of these assets is between 5 and 10 years owing to the nature of the acquired products. Impairment is tested through measuring the recoverable amount against the carrying value of the related intangible asset. The recoverable amount is the higher of the fair value less costs to sell and its value in use. The Directors assess the fair value less cost of disposal using a multi-period excess earnings model which requires a number of inputs requiring management estimates, the most significant of which include: future AuMA growth and discount rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-238": { "value": "iii) Property, plant and equipment Property, plant and equipment are stated at historic purchase cost less accumulated depreciation. The cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Leasehold improvements are included at cost and are depreciated on a straight line basis over the lower of the estimated useful life and the remaining lease term. Office equipment is depreciated on a straight line basis over the estimated useful life of the asset, which is between three and ten years. Computer equipment is depreciated on a straight line basis over the estimated useful life of the asset which is three years. At each reporting date management reviews the assets\u2019 useful lives, and will make adjustments if required. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-241": { "value": "f) Trade and other receivables Trade and other receivables include prepayments as well as amounts the Group is due to receive from third parties in the normal course of business. These include fees as well as settlement accounts for transactions undertaken. These receivables are normally settled by receipt of cash. Trade and other receivables are initially recognised at fair value and then at amortised cost after deducting provisions for expected credit losses. The Group applies the IFRS9 simplified approach to measuring expected credit losses (ECLs) for trade receivables at an amount equal to lifetime ECLs. The ECLs on trade receivables are calculated based on actual historic credit loss experience and is adjusted for forward-looking estimates. The level of ECL on the Group\u2019s receivables is insignificant therefore no ECL adjustment was recognised in the year. Prepayments arise where the Group pays cash in advance for services. As the service is provided, the prepayment is reduced and the operating expenses are recognised in the Consolidated Statement of Comprehensive Income. Purchase orders from customers for units in managed funds are initially recognised as receivables pending receipt of cash to fund the purchase on a trade date basis. Settlement of the transaction occurs through exchange of cash for units in the underlying fund which are received from the registrar in exchange for this consideration. Correspondingly, redemptions of units in funds are recognised as payables from trade date until receipt of sales proceeds from the registrar. This purchase and sale process and settlement cycle results in significant, but largely offsetting, receivable and payable balances on the Group balance sheet. A breakdown of these amounts is provided in notes 16 and 18. Any balances not settled on due date are segregated within client money accounts separate from the assets of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-242": { "value": "
g) Trade and other payables
Trade and other payables (excluding deferred income)
represent amounts the Group is due to pay to third parties in
the normal course of business. These include expense accruals
as well as settlement accounts (amounts due to be paid for
transactions undertaken as noted above). Trade payables are
costs that have been billed. Accruals represent costs, including
remuneration, that are not yet billed or due for payment. They
are initially recognised at fair value and subsequently held at
amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-243": { "value": "
h) Financial investments
As described in note 2a, the Group holds certain units and
shares for operational purposes and also in respect of the
Deferred Bonus and Variable Allocation Plan (DVBAP) which
are held via the Liontrust Asset Management Employee Trust,
an Employee Benefit Trust (the \u2018EBT\u2019).
All of these units and shares are held at fair value through profit
and loss, accounted for on a trade date basis and valued on
a mid (for units) or bid (for shares) basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-244": { "value": ") Cash and cash equivalents Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. Under IFRS cash and cash equivalents are included in the consolidated cash flow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-245": { "value": "
j) Own shares
Own shares held by the EBT are valued at cost and are shown
as a deduction from the Group\u2019s shareholders\u2019 equity. No
gains or losses are recognised in the Consolidated Statement
of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-246": { "value": "
k) Leases
At inception of a contract, the Group assesses whether a
contract is, or contains, a lease. A contract is, or contains,
a lease if the contract conveys the right to control the use
of an identified asset for a period of time in exchange for
consideration.
As a lessee
At commencement or on modification of a contract that contains
a lease component, the Group allocates the consideration
in the contract to each lease component on the basis of its
relative stand-alone prices. However, for the leases of property
the Group has elected not to separate non-lease components
and account for the lease and non-lease components as a
single lease component.
The Group recognises a right-of-use (ROU) asset and a lease
liability at the lease commencement date. The ROU asset is
initially measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease payments made at
or before the commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The ROU asset is subsequently depreciated using the straightline method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the ROU asset reflects that the Group will exercise a purchase option. In that case the ROU asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the ROU asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate (IBR). Generally, the Group uses its IBR as the discount rate. The Group determines its IBR by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: \u2022 fixed payments, including in-substance fixed payments; \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; and \u2022 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a significant event or change in circumstances that is within the control of the Group that affects the determination of the lease term, and therefore in future lease payments. This could arise from a change in and index or rate, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the ROU asset, or is recorded in profit or loss if the carrying amount of the ROU has been reduced to zero. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-247": { "value": "l) Revenue and expenses Revenue Revenue is accounted for on an accruals basis when they become receivable or payable in accordance with IFRS 15. The Group\u2019s primary source of revenue is fee income from investment management activities. These fees are generally based on an agreed percentage of the valuation of the AuMA and are recognised as the service is provided and it is probable that the fee will be received. Contractual rebates payable to customers are deducted from revenue. Management and administration fees are earned over a period of time, and revenue is recognised in the same period in which the service is performed. Performance fees are earned in respect of certain contracts only and are recognised when the fee amount can be estimated reliably and it is highly probable that it will not be subject to significant reversal. Performance fees can include terms that a proportion of the fee earned is deferred until the next performance fee is payable. As there is no certainty that such deferred fees will be collectable in future years, the Group\u2019s accounting policy is to include performance fees in income only when they become due and collectable in accordance with IFRS 15. Revenue is also earned from the net value of sales and redemptions, and liquidations and creations, of units and shares in units trusts and open-ended investment companies; and from the operation of a box of units in the unit trusts (\u201cbox profits\u201d) \u2013 being the \u201cat risk\u201d trading profit or loss arising from changes in the valuation of holdings of units in Group Unit Trusts to help manage client sales into, and redemptions from the trust. For Box profits recognition, refer to note 2a. Management, administration and performance fees are forms of variable consideration, however there is no significant judgement or estimation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-249": { "value": "Revenue Revenue is accounted for on an accruals basis when they become receivable or payable in accordance with IFRS 15. The Group\u2019s primary source of revenue is fee income from investment management activities. These fees are generally based on an agreed percentage of the valuation of the AuMA and are recognised as the service is provided and it is probable that the fee will be received. Contractual rebates payable to customers are deducted from revenue. Management and administration fees are earned over a period of time, and revenue is recognised in the same period in which the service is performed. Performance fees are earned in respect of certain contracts only and are recognised when the fee amount can be estimated reliably and it is highly probable that it will not be subject to significant reversal. Performance fees can include terms that a proportion of the fee earned is deferred until the next performance fee is payable. As there is no certainty that such deferred fees will be collectable in future years, the Group\u2019s accounting policy is to include performance fees in income only when they become due and collectable in accordance with IFRS 15. Revenue is also earned from the net value of sales and redemptions, and liquidations and creations, of units and shares in units trusts and open-ended investment companies; and from the operation of a box of units in the unit trusts (\u201cbox profits\u201d) \u2013 being the \u201cat risk\u201d trading profit or loss arising from changes in the valuation of holdings of units in Group Unit Trusts to help manage client sales into, and redemptions from the trust. For Box profits recognition, refer to note 2a. Management, administration and performance fees are forms of variable consideration, however there is no significant judgement or estimation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-250": { "value": "Expenses Operating expenses represent the Group\u2019s administrative expenses and are recognised as the services are provided. Front end fees received and commissions paid on the sales of units in unitised funds are amortised over the estimated life of the unit. DBVAP \u2013 in accordance with regulatory requirements and good market practice the Group defers a proportion of senior staff annual bonuses and variable allocations over a period of 3 years. At the inception of the deferral period the company purchases units in a portfolio of Liontrust funds or shares to match the future liability arising from these awards which is recognised in the EBT as a financial asset. The DBVAP does not have any further performance conditions but has a continuous service condition. The costs of purchasing these units is recognised over the vesting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-248": { "value": "m) Taxation The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity; in these cases, the related tax is also recognised in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted, or substantively enacted, at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for, if it arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date and are expected to apply when the related deferred income tax asset is realised; or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-251": { "value": "Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for, if it arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date and are expected to apply when the related deferred income tax asset is realised; or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-252": { "value": "n) Pensions The Group operates defined contribution schemes for its employees. The assets are invested in individual Self Invested Pension Plan accounts and are held separately from the Group. The costs of the pension scheme are recognised in the Consolidated Statement of Comprehensive Income in the period in which they are incurred. The Group has no further payment obligations once the contributions have been paid. s) Employee Benefit Trusts (\u2018EBTs\u2019) EBTs are accounted for under IFRS 10 and are consolidated on the basis that the parent has control, thus the assets and liabilities of the EBT are included on the Company balance sheet and shares held by the EBT in the Company are presented as a deduction from equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-253": { "value": "o) Employee share options and Member incentive awards The Group operates a number of equity-settled and cash settled, share-based compensation plans, under which the entity receives services from employees and members as consideration for equity instruments of the Group. The fair value of the services received in exchange for the awards is recognised as an expense, and credited to equity reserves for equity settled awards, and provisions for cash settled awards, over the vesting period. For equity settled awards the total amount to be expensed is determined at the date of grant by reference to the fair value of the awards granted. For cash settled awards the amount to be expensed is remeasured at each balance sheet date. Monte Carlo and Black-Scholes models have been used to calculate the fair value of the awards. The models require estimates to be made to determine the fair value of the awards the most significant of which are as follows: Liontrust Long Term Incentive Plan (\u2018LTIP\u2019) with market based performance conditions attached: a Monte Carlo simulation model is used to value the award with the following assumptions having been made: \u2022 the fair values spread over the vesting period of 3 years with an exercise price of nil; \u2022 the options are expected to be exercised at the point they become exercisable; \u2022 the risk-free interest rate has been based on the implied yield of zero-coupon government bonds (UK strips) with a remaining term equal to the expected term; and \u2022 the expected volatility is based on the Company\u2019s historical volatility Employee Liontrust Long Term Incentive Plan (\u2018eLTIP\u2019) and Members Liontrust Long Term Incentive Plan (\u2018mLTIP\u2019) with non-market based performance conditions attached; Liontrust Company Share Option Plan (\u2018CSOP\u2019) and Save As You Earn (\u2018SAYE\u2019) scheme. Black-Scholes model is used to value the award with the following assumptions having been made: \u2022 the fair value is spread over the vesting period which is 3 years with an exercise price of nil (eLTIP/mLTIP), or set at the time of issue of the award for CSOP awards and SAYE options; \u2022 the eLTIP/mLTIP awards are expected to be exercised at the point they become exercisable; \u2022 the CSOP awards are estimated to be exercised at the midpoint between vest (3 years) and lapse (10 years); \u2022 the SAYE options are expected to exercised at the point they become exercisable; \u2022 the risk-free interest rate of has been based on the implied yield of zero-coupon government bonds (UK strips) with a remaining term equal to the expected term; \u2022 the expected volatility is based on the Company\u2019s historical volatility; \u2022 dividend yield of nil for eLTIP/mLTIP awards as dividend equivalents are paid out in shares on vesting of these awards; and \u2022 dividend yield estimated based on the current expectation and history of dividends paid for CSOP awards. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-254": { "value": "p) Dividends An interim dividend never becomes a liability of the company because the directors can rescind the declaration before payment. Thus, an interim dividend is recognised in equity when it is paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-255": { "value": "q) Foreign currency gains/losses Items in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (The \u2018functional currency\u2019). The consolidated financial statements are presented in Sterling (\u2018\u00a3\u2019) which is the Group and Company\u2019s functional and presentation currency. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Comprehensive Income", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-258": { "value": "Items in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (The \u2018functional currency\u2019). The consolidated financial statements are presented in Sterling (\u2018\u00a3\u2019) which is the Group and Company\u2019s functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-256": { "value": "r) Share Capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-257": { "value": "
2 FINANCIAL RISK MANAGEMENT
The Group\u2019s activities expose it to a variety of financial
risks: market risk (including price risk, interest rate risk and
foreign exchange risk), credit risk, liquidity risk and capital
risk. The Group\u2019s overall risk management programme
understands the unpredictable nature of financial markets
and seeks to minimise any potential adverse effects on the
Group\u2019s financial performance. The Group uses a number
of analytical tools to measure the state of the business. The
financial review on pages 34 to 36 of the Strategic Report
identifies some of these measures.
a) Market risk
i) Price risk
The Group is exposed to equity securities price risk because
of investments held by the Group and classified on the
consolidated balance sheet as current financial assets (held at
fair value through profit and loss).
The Group holds the following types of investment as assets
held at fair value through profit or loss (see note 17):
Operational investments:
1. Units in UK Authorised unit trusts;
2. shares in the sub-funds of Liontrust Global Funds Plc;
3. Shares in the sub-funds of Liontrust Global Fundamental Plc;
4. shares in the sub-funds of Liontrust Investment Funds ICVC;
and
5. shares in the sub-funds of Liontrust Sustainable Funds ICVC.
Investments held by the EBT
1. Units in UK Authorised unit trusts; and
2. shares in the sub-funds of Liontrust Sustainable Funds ICVC.
For UK Authorised unit trusts and the ICVC\u2019s, the units and
shares held in the \u2018manager\u2019s box\u2019 are to ease the calculation
of daily creations and cancellations of units or shares . These
box positions are not held to create speculative proprietary
positions but are managed in accordance with specified
criteria and authorisation limits. The manager\u2019s box for each
fund is reviewed daily. If there is a negative box position then
units or shares are created to bring the box level positive.
Three control levels of the manager\u2019s box exist for each fund
and each level is required to be signed off by progressively
more senior staff. There are clearly defined maximum limits,
over which manager\u2019s box levels cannot exceed.
The units and shares in the \u2018manager\u2019s box\u2019 are accounted for
on a trade date basis and held at fair value through profit and
loss. The units are valued on a bid price basis and the shares
are valued on a mid price basis.
For UK Authorised unit trusts, the units held in the EBT are
selected as part of the DBVAP to align the interests of the
Directors with the wider business.
For the shares in the sub-funds of Liontrust Sustainable Funds
ICVC held in the EBT are selected as part of the DBVAP to
align the interests of the Directors with the wider business.
The operational investment in the sub-funds of Liontrust Global
Funds PLC, (an Ireland domiciled open ended investment
company) have been undertaken as an investment to aid
incorporation and will be redeemed when the sub funds
grow in size. The Group has a regular review process for
the investments which identifies specific criteria to ensure that
investments are within agreed limits.
Management consider, based on historic information, that a
sensitivity rate of 10% is appropriate. Based on the holdings
in the Liontrust Global Funds at the balance sheet date a price
movement of 10% would result in a movement in the value of
the investment of \u00a362,000 (2025: \u00a3119,000). Based on the
holdings in the Liontrust Authorised Unit Trusts and UK ICVC\u2019sat
the balance sheet date a price movement of 10% would result
in a movement in the value of the investment of \u00a384,000
(2025: \u00a3265,000).
The Group monitors its investments with respect to its regulatory
capital requirements and reviews its investments\u2019 values with
respect to overall Group capital on a monthly basis.
ii) Cash flow interest rate risk
Interest rate risk is the risk that the Group will sustain losses
from the fair value or future cash flows of adverse movements in
interest bearing assets and liabilities and so reduce profitability.
The Group holds cash on deposit in GBP. The interest on these
balances is based on floating rates. The Group monitors its
exposure to interest rate movements and may decide to adjust
the balance between deposits on fixed or floating interest
rates, or adjust the level of deposits. Management consider
that given current interest rate levels a sensitivity rate of 1% is
appropriate for GBP cash. Following a review of sensitivity
based on average cash holdings during the year a 1%
increase or decrease in the interest rate cause a \u00a3550,000
increase or a decrease to nil in interest receivable (2025:
\u00a3913,000 increase or decrease to nil).
iii) Foreign exchange risk
Foreign exchange risk is the risk that the Group will sustain
losses through adverse movements in currency exchange rates.
The Group\u2019s policy is to hold the minimum currency exposure
required to cover operational needs and, therefore, to convert
foreign currency on receipt.
The Group is currently exposed to foreign exchange risk in the
following areas: investments denominated in US Dollars and
Euros and income receivable in Euro, Swiss Francs, Australian
Dollar and US Dollars, these amounts are not considered to
be material.
In calculating the sensitivity analysis below it has been assumed
that expenses/income will remain in line with budget in their
relative currencies year on year.
Management consider that a sensitivity rate of 10% is
appropriate given the current level of volatility in the world
currency markets. In respect of investments denominated in
foreign currencies a 10% movement in the UK Sterling vs. the
relevant exchange rate would lead to an exchange gain or
loss as follows:
Sterling vs. Euros \u2013 a movement of 10% would lead to a
movement of \u00a315,000 (2025: \u00a331,000).
Sterling vs. US Dollar \u2013 a movement of 10% would lead to
a movement of less than \u00a33,000 (2025: less than \u00a35,000).
Sterling vs. Swiss Franc \u2013 a movement of 10% would lead to
a movement of less than \u00a32,000 (2025: less than \u00a32,000).
In respect of Income receivable in Euro a 10% movement in
the exchange rate would result in a movement of \u00a3582,000
(2025: \u00a3846,000) in the income statement.
In respect of Income receivable in US Dollar a 10% movement
in the exchange rate would result in a movement of \u00a3235,000
(2025: \u00a3161,000) in the income statement.
In respect of Income receivable in Australian Dollar a 10%
movement in the exchange rate would result in a movement of
\u00a38,000 (2025: nil) in the income statement.
b) Credit risk
Credit risk is managed at a Group level. The Group is
exposed to credit risk primarily on its trade receivables and
from its financing activities, including deposits with banks and
financial institutions and other financial instruments.
Fees receivable arise primarily from the Group\u2019s investment
management activities and are subject to regular monitoring.
For credit risk management purposes, a financial asset is
considered to be in default where the counterparty is unlikely
to settle its obligations in full or where amounts are more than
90 days past due, unless there is reasonable and supportable
evidence to the contrary. This definition is consistent with
the Group\u2019s internal credit risk assessment framework and
reflects historical experience and forward-looking information.
Historically, instances of default have been insignificant and the
Group\u2019s maximum exposure to credit risk is represented by the
carrying value of its financial assets.
31-Mar-26 31-Mar-25
Maximum exposure to credit risk \u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents
50,620
75,901
Trade receivables
152,591
199,775
The Group monitors credit risk using internal credit risk rating
grades based on the likelihood of default. Financial assets are
categorised as \u2018investment grade\u2019 where counterparties have
a low risk of default, including regulated counterparties and
major financial institutions, and \u2018sub-investment grade\u2019 where
the risk of default is higher. Financial assets are classified as
\u2018credit-impaired\u2019 where there is objective evidence of default,
as defined in the accounting policies.
The gross carrying amounts disclosed above represent the
Group\u2019s maximum exposure to credit risk for financial assets for
which the loss allowance is measured at 12-month expected
credit losses.
For banks and financial institutions only independently rated parties
with a minimum rating of \u2018A-2\u2019 are used and their ratings are
regularly monitored by the Credit & Counterparty Risk Committee.
For receivables the Group takes into account the credit
quality of the client and credit positions are monitored. The
Group has three main types of receivables: management and
performance fees, settlement due from investors in its funds
and from the funds themselves for unit/share liquidations. For
management and performance fee receivables, the Group
proactively manages the invoicing process to ensure that
invoices are sent out on a timely basis and has procedures
in place to chase for payment at pre-determined times after
the despatch of the invoice to ensure timely settlement. For
receivables due from investors, the Group has rigorous
procedures to chase investors by phone/letter to ensure that
settlement is received on a timely basis. For settlement due
from the fund for liquidations, the settlement of these types of
receivables are governed by regulation and are monitored
on an exception basis. In all cases, detailed escalation
procedures are in place to ensure that senior management
are aware of any problems at an early stage.
During the year there have been no losses due to non-payment
of receivables and the Group does not expect any losses from
the credit counterparties as held at the balance sheet date.
c) Liquidity risk
Prudent liquidity risk management requires the maintenance of sufficient net cash and marketable securities. The Group monitors
rolling forecasts of the Group\u2019s liquidity reserves (comprising readily realisable investments and cash and cash equivalents) on the
basis of expected cash flows.
The Group has categorised its financial liabilities into maturity groupings based on the remaining period at the balance sheet date
to the contractual maturity date. The amounts disclosed in the table below are the contractual undiscounted cash flows.
Due Due between
within 3 3 months Due in
months and one year over one year
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Payables
152,157
\u2013
\u2013
Due Due between
within 3 3 months Due in
months and one year over one year
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Payables
205,856
\u2013
\u2013
d) Capital risk management
The Group\u2019s objective when managing capital is to safeguard the Group\u2019s ability to continue as a going concern in order to
provide returns for shareholders and benefits for other stakeholders whilst maintaining an optimal company structure to reduce the
cost of capital and meet working capital requirements.
The Group\u2019s policy is that it and its subsidiaries should have sufficient capital to meet regulatory requirements, keep an appropriate
standing with counterparties and meet working capital requirements at both a Group and subsidiary level. Management reviews
the Group\u2019s assets on a monthly basis and will ensure that operating capital is maintained at the levels required. In order to
maintain or adjust the capital structure the Group may adjust the amounts of dividends paid to shareholders, return capital to
shareholders, issue new shares, buy back shares or sell financial assets which will increase cash and reduce capital requirements.
Regulatory capital requirements and financial resources (unaudited)
Recognised regulatory bodies, such as the FCA in the UK, oversee the activities of a number of the Group\u2019s operating subsidiaries
and impose capital requirements on the regulated legal entities. The FCA imposes prescribed minimum capital requirements and
requires firms to access whether additional capital above the minimum requirement is needed for each entity along with any Group
risks to ensure sufficient capital is in-place to accommodate the potential impact of any risk that may cause harm to our clients, the
market and/or to Liontrust.
The Group\u2019s financial resources for regulatory purposes comprise its share capital, reserves less inadmissible assets. As at 31
March 2026, the Group has regulatory capital (own funds) resources of \u00a353.1 million (2025: \u00a375.6 million).
The anticipated capital requirement for Liontrust as of 31 March 2026 is \u00a317.0m (\u00a318.1m based on the 2025 prudential capital
assessment process). The primary driver for the reduction is that the AuMA for the Group is lower than the previous financial year.
During the period, the subsidiary entities and the Group complied with all regulatory capital requirements each entity is subject to.
The Audit and Risk Committee and the Board regularly discuss the level of regulatory capital at a Group and entity level.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-259": { "value": "a) Market risk i) Price risk The Group is exposed to equity securities price risk because of investments held by the Group and classified on the consolidated balance sheet as current financial assets (held at fair value through profit and loss). The Group holds the following types of investment as assets held at fair value through profit or loss (see note 17): Operational investments: 1. Units in UK Authorised unit trusts; 2. shares in the sub-funds of Liontrust Global Funds Plc; 3. Shares in the sub-funds of Liontrust Global Fundamental Plc; 4. shares in the sub-funds of Liontrust Investment Funds ICVC; and 5. shares in the sub-funds of Liontrust Sustainable Funds ICVC. Investments held by the EBT 1. Units in UK Authorised unit trusts; and 2. shares in the sub-funds of Liontrust Sustainable Funds ICVC. For UK Authorised unit trusts and the ICVC\u2019s, the units and shares held in the \u2018manager\u2019s box\u2019 are to ease the calculation of daily creations and cancellations of units or shares . These box positions are not held to create speculative proprietary positions but are managed in accordance with specified criteria and authorisation limits. The manager\u2019s box for each fund is reviewed daily. If there is a negative box position then units or shares are created to bring the box level positive. Three control levels of the manager\u2019s box exist for each fund and each level is required to be signed off by progressively more senior staff. There are clearly defined maximum limits, over which manager\u2019s box levels cannot exceed. The units and shares in the \u2018manager\u2019s box\u2019 are accounted for on a trade date basis and held at fair value through profit and loss. The units are valued on a bid price basis and the shares are valued on a mid price basis. For UK Authorised unit trusts, the units held in the EBT are selected as part of the DBVAP to align the interests of the Directors with the wider business. For the shares in the sub-funds of Liontrust Sustainable Funds ICVC held in the EBT are selected as part of the DBVAP to align the interests of the Directors with the wider business. The operational investment in the sub-funds of Liontrust Global Funds PLC, (an Ireland domiciled open ended investment company) have been undertaken as an investment to aid incorporation and will be redeemed when the sub funds grow in size. The Group has a regular review process for the investments which identifies specific criteria to ensure that investments are within agreed limits. Management consider, based on historic information, that a sensitivity rate of 10% is appropriate. Based on the holdings in the Liontrust Global Funds at the balance sheet date a price movement of 10% would result in a movement in the value of the investment of \u00a362,000 (2025: \u00a3119,000). Based on the holdings in the Liontrust Authorised Unit Trusts and UK ICVC\u2019sat the balance sheet date a price movement of 10% would result in a movement in the value of the investment of \u00a384,000 (2025: \u00a3265,000). The Group monitors its investments with respect to its regulatory capital requirements and reviews its investments\u2019 values with respect to overall Group capital on a monthly basis. ii) Cash flow interest rate risk Interest rate risk is the risk that the Group will sustain losses from the fair value or future cash flows of adverse movements in interest bearing assets and liabilities and so reduce profitability. The Group holds cash on deposit in GBP. The interest on these balances is based on floating rates. The Group monitors its exposure to interest rate movements and may decide to adjust the balance between deposits on fixed or floating interest rates, or adjust the level of deposits. Management consider that given current interest rate levels a sensitivity rate of 1% is appropriate for GBP cash. Following a review of sensitivity based on average cash holdings during the year a 1% increase or decrease in the interest rate cause a \u00a3550,000 increase or a decrease to nil in interest receivable (2025: \u00a3913,000 increase or decrease to nil). iii) Foreign exchange risk Foreign exchange risk is the risk that the Group will sustain losses through adverse movements in currency exchange rates. The Group\u2019s policy is to hold the minimum currency exposure required to cover operational needs and, therefore, to convert foreign currency on receipt. The Group is currently exposed to foreign exchange risk in the following areas: investments denominated in US Dollars and Euros and income receivable in Euro, Swiss Francs, Australian Dollar and US Dollars, these amounts are not considered to be material. In calculating the sensitivity analysis below it has been assumed that expenses/income will remain in line with budget in their relative currencies year on year. Management consider that a sensitivity rate of 10% is appropriate given the current level of volatility in the world currency markets. In respect of investments denominated in foreign currencies a 10% movement in the UK Sterling vs. the relevant exchange rate would lead to an exchange gain or loss as follows: Sterling vs. Euros \u2013 a movement of 10% would lead to a movement of \u00a315,000 (2025: \u00a331,000). Sterling vs. US Dollar \u2013 a movement of 10% would lead to a movement of less than \u00a33,000 (2025: less than \u00a35,000). Sterling vs. Swiss Franc \u2013 a movement of 10% would lead to a movement of less than \u00a32,000 (2025: less than \u00a32,000). In respect of Income receivable in Euro a 10% movement in the exchange rate would result in a movement of \u00a3582,000 (2025: \u00a3846,000) in the income statement. In respect of Income receivable in US Dollar a 10% movement in the exchange rate would result in a movement of \u00a3235,000 (2025: \u00a3161,000) in the income statement. In respect of Income receivable in Australian Dollar a 10% movement in the exchange rate would result in a movement of \u00a38,000 (2025: nil) in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-270": { "value": "iii) Foreign exchange risk Foreign exchange risk is the risk that the Group will sustain losses through adverse movements in currency exchange rates. The Group\u2019s policy is to hold the minimum currency exposure required to cover operational needs and, therefore, to convert foreign currency on receipt. The Group is currently exposed to foreign exchange risk in the following areas: investments denominated in US Dollars and Euros and income receivable in Euro, Swiss Francs, Australian Dollar and US Dollars, these amounts are not considered to be material. In calculating the sensitivity analysis below it has been assumed that expenses/income will remain in line with budget in their relative currencies year on year. Management consider that a sensitivity rate of 10% is appropriate given the current level of volatility in the world currency markets. In respect of investments denominated in foreign currencies a 10% movement in the UK Sterling vs. the relevant exchange rate would lead to an exchange gain or loss as follows: Sterling vs. Euros \u2013 a movement of 10% would lead to a movement of \u00a315,000 (2025: \u00a331,000). Sterling vs. US Dollar \u2013 a movement of 10% would lead to a movement of less than \u00a33,000 (2025: less than \u00a35,000). Sterling vs. Swiss Franc \u2013 a movement of 10% would lead to a movement of less than \u00a32,000 (2025: less than \u00a32,000). In respect of Income receivable in Euro a 10% movement in the exchange rate would result in a movement of \u00a3582,000 (2025: \u00a3846,000) in the income statement. In respect of Income receivable in US Dollar a 10% movement in the exchange rate would result in a movement of \u00a3235,000 (2025: \u00a3161,000) in the income statement. In respect of Income receivable in Australian Dollar a 10% movement in the exchange rate would result in a movement of \u00a38,000 (2025: nil) in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-260": { "value": "b) Credit risk Credit risk is managed at a Group level. The Group is exposed to credit risk primarily on its trade receivables and from its financing activities, including deposits with banks and financial institutions and other financial instruments. Fees receivable arise primarily from the Group\u2019s investment management activities and are subject to regular monitoring. For credit risk management purposes, a financial asset is considered to be in default where the counterparty is unlikely to settle its obligations in full or where amounts are more than 90 days past due, unless there is reasonable and supportable evidence to the contrary. This definition is consistent with the Group\u2019s internal credit risk assessment framework and reflects historical experience and forward-looking information. Historically, instances of default have been insignificant and the Group\u2019s maximum exposure to credit risk is represented by the carrying value of its financial assets.
31-Mar-26 31-Mar-25
Maximum exposure to credit risk \u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents
50,620
75,901
Trade receivables
152,591
199,775
The Group monitors credit risk using internal credit risk rating grades based on the likelihood of default. Financial assets are categorised as \u2018investment grade\u2019 where counterparties have a low risk of default, including regulated counterparties and major financial institutions, and \u2018sub-investment grade\u2019 where the risk of default is higher. Financial assets are classified as \u2018credit-impaired\u2019 where there is objective evidence of default, as defined in the accounting policies. The gross carrying amounts disclosed above represent the Group\u2019s maximum exposure to credit risk for financial assets for which the loss allowance is measured at 12-month expected credit losses. For banks and financial institutions only independently rated parties with a minimum rating of \u2018A-2\u2019 are used and their ratings are regularly monitored by the Credit & Counterparty Risk Committee. For receivables the Group takes into account the credit quality of the client and credit positions are monitored. The Group has three main types of receivables: management and performance fees, settlement due from investors in its funds and from the funds themselves for unit/share liquidations. For management and performance fee receivables, the Group proactively manages the invoicing process to ensure that invoices are sent out on a timely basis and has procedures in place to chase for payment at pre-determined times after the despatch of the invoice to ensure timely settlement. For receivables due from investors, the Group has rigorous procedures to chase investors by phone/letter to ensure that settlement is received on a timely basis. For settlement due from the fund for liquidations, the settlement of these types of receivables are governed by regulation and are monitored on an exception basis. In all cases, detailed escalation procedures are in place to ensure that senior management are aware of any problems at an early stage. During the year there have been no losses due to non-payment of receivables and the Group does not expect any losses from the credit counterparties as held at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-261": { "value": "c) Liquidity risk Prudent liquidity risk management requires the maintenance of sufficient net cash and marketable securities. The Group monitors rolling forecasts of the Group\u2019s liquidity reserves (comprising readily realisable investments and cash and cash equivalents) on the basis of expected cash flows. The Group has categorised its financial liabilities into maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table below are the contractual undiscounted cash flows.
Due Due between
within 3 3 months Due in
months and one year over one year
As at 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Payables
152,157
\u2013
\u2013
Due Due between
within 3 3 months Due in
months and one year over one year
As at 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Payables
205,856
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-262": { "value": "d) Capital risk management The Group\u2019s objective when managing capital is to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders whilst maintaining an optimal company structure to reduce the cost of capital and meet working capital requirements. The Group\u2019s policy is that it and its subsidiaries should have sufficient capital to meet regulatory requirements, keep an appropriate standing with counterparties and meet working capital requirements at both a Group and subsidiary level. Management reviews the Group\u2019s assets on a monthly basis and will ensure that operating capital is maintained at the levels required. In order to maintain or adjust the capital structure the Group may adjust the amounts of dividends paid to shareholders, return capital to shareholders, issue new shares, buy back shares or sell financial assets which will increase cash and reduce capital requirements. Regulatory capital requirements and financial resources (unaudited) Recognised regulatory bodies, such as the FCA in the UK, oversee the activities of a number of the Group\u2019s operating subsidiaries and impose capital requirements on the regulated legal entities. The FCA imposes prescribed minimum capital requirements and requires firms to access whether additional capital above the minimum requirement is needed for each entity along with any Group risks to ensure sufficient capital is in-place to accommodate the potential impact of any risk that may cause harm to our clients, the market and/or to Liontrust. The Group\u2019s financial resources for regulatory purposes comprise its share capital, reserves less inadmissible assets. As at 31 March 2026, the Group has regulatory capital (own funds) resources of \u00a353.1 million (2025: \u00a375.6 million). The anticipated capital requirement for Liontrust as of 31 March 2026 is \u00a317.0m (\u00a318.1m based on the 2025 prudential capital assessment process). The primary driver for the reduction is that the AuMA for the Group is lower than the previous financial year. During the period, the subsidiary entities and the Group complied with all regulatory capital requirements each entity is subject to. The Audit and Risk Committee and the Board regularly discuss the level of regulatory capital at a Group and entity level.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-263": { "value": "
3 SEGMENTAL REPORTING
The Group operates only in one operating segment \u2013 Investment Management.
Management offers different fund products through different distribution channels. All key financial, business and strategic decisions
are made centrally by the Board, which determines the key performance indicators of the Group. The Group reviews financial
information presented at a Group level. The Board, is therefore, the chief operating decision-maker for the Group. The information
used to allocate resources and assess performance is reviewed for the Group as a whole. On this basis, the Group considers itself
to be a single-segment investment management business.
Revenue from external customers is attributed to geographical locations based on the billing address or legal domicile of the
customer.
Year ended Year ended
31-Mar-26 31-Mar-25
Revenue by location of customer \u00a3\u2019000 \u00a3\u2019000
United Kingdom
133,699
159,077
Europe (ex UK)
563
10,578
Canada
\u2013
12
Australia
117
123
134,379
169,790
During the year ended 31 March 2026 the Group had no customer contributing more than 10% of total revenue (2025: no customer).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-264": { "value": "
4 REVENUE AND COST OF SALES (GROSS PROFIT)
The Group\u2019s main source of revenue is management fees. Management fees are for investment management or administrative
services and are based on an agreed percentage of the AuMA. Initial charges and commissions are for additional administrative
services at the beginning of a client relationship, while ongoing charges and commissions are for ongoing client relationship.
Performance fees are earned from some funds when agreed performance conditions are met.
Year ended Year ended
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Management fee
114,319
166,148
Performance fee revenue
3,696
3,642
Other revenue
16,363
19,009
Revenue
134,378
169,790
Cost of sales
(11,398)
(12,088)
Gross profit
122,980
157,702
Gross Profit excluding Performance fee revenues
119,284
154,060
Average AuMA (\u00a3m)
21,871
25,671
Revenue margin (%)
0.545%
0.600%
Revenue includes:
\u2022 Management, Investment management and Investment
advisory on unit trusts, open-ended investment companies sub-
funds, portfolios and segregated accounts, less contractual
rebates paid to clients.
\u2022 Performance fees on unit trusts, open-ended investment
companies sub-funds, portfolios and segregated accounts.
Other revenue includes:
\u2022 Fixed administration fees on unit trusts and open-ended
investment companies sub-funds.
\u2022 Net value of sales and repurchases of units in unit trusts and
shares in open-ended investment companies (net of discounts).
\u2022 Net value of liquidations and creations of units in unit trusts
and shares in open-ended investment companies sub-funds.
\u2022 Less contractual rebates paid to customers.
The cost of sales includes:
\u2022 Operating expenses including (but not limited to) keeping a
record of investor holdings, paying income, sending annual
and interim reports, valuing fund assets and calculating
prices, maintaining fund accounting records, depositary
and trustee oversight and fund auditor fees.
\u2022 Sales commission paid or payable.
\u2022 External investment advisory fees paid or payable.
Performance fee revenue
Performance fee revenue include fees that are subject to
arrangements whereby fees are deferred from prior periods but
are only recognised and received following another period of
outperformance. During the year \u00a33.7 million of performance
fees are recognised. In future periods another \u00a32.1 million
may be received. As there is no certainty that such deferred
fees will be collectable in future years, the Group\u2019s accounting
policy is to include performance fee revenue in income only
when they become due and collectable and therefore the
element (if any) deferred beyond 31 March 2026 has not
been recognised in the results for the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-290": { "value": "4 REVENUE AND COST OF SALES (GROSS PROFIT) The Group\u2019s main source of revenue is management fees. Management fees are for investment management or administrative services and are based on an agreed percentage of the AuMA. Initial charges and commissions are for additional administrative services at the beginning of a client relationship, while ongoing charges and commissions are for ongoing client relationship. Performance fees are earned from some funds when agreed performance conditions are met.
Year ended Year ended
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Management fee
114,319
166,148
Performance fee revenue
3,696
3,642
Other revenue
16,363
19,009
Revenue
134,378
169,790
Cost of sales
(11,398)
(12,088)
Gross profit
122,980
157,702
Gross Profit excluding Performance fee revenues
119,284
154,060
Average AuMA (\u00a3m)
21,871
25,671
Revenue margin (%)
0.545%
0.600%
Revenue includes: \u2022 Management, Investment management and Investment advisory on unit trusts, open-ended investment companies sub- funds, portfolios and segregated accounts, less contractual rebates paid to clients. \u2022 Performance fees on unit trusts, open-ended investment companies sub-funds, portfolios and segregated accounts. Other revenue includes: \u2022 Fixed administration fees on unit trusts and open-ended investment companies sub-funds. \u2022 Net value of sales and repurchases of units in unit trusts and shares in open-ended investment companies (net of discounts). \u2022 Net value of liquidations and creations of units in unit trusts and shares in open-ended investment companies sub-funds. \u2022 Less contractual rebates paid to customers. The cost of sales includes: \u2022 Operating expenses including (but not limited to) keeping a record of investor holdings, paying income, sending annual and interim reports, valuing fund assets and calculating prices, maintaining fund accounting records, depositary and trustee oversight and fund auditor fees. \u2022 Sales commission paid or payable. \u2022 External investment advisory fees paid or payable. Performance fee revenue Performance fee revenue include fees that are subject to arrangements whereby fees are deferred from prior periods but are only recognised and received following another period of outperformance. During the year \u00a33.7 million of performance fees are recognised. In future periods another \u00a32.1 million may be received. As there is no certainty that such deferred fees will be collectable in future years, the Group\u2019s accounting policy is to include performance fee revenue in income only when they become due and collectable and therefore the element (if any) deferred beyond 31 March 2026 has not been recognised in the results for the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-271": { "value": "4 REVENUE AND COST OF SALES (GROSS PROFIT) The Group\u2019s main source of revenue is management fees. Management fees are for investment management or administrative services and are based on an agreed percentage of the AuMA. Initial charges and commissions are for additional administrative services at the beginning of a client relationship, while ongoing charges and commissions are for ongoing client relationship. Performance fees are earned from some funds when agreed performance conditions are met.
Year ended Year ended
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Management fee
114,319
166,148
Performance fee revenue
3,696
3,642
Other revenue
16,363
19,009
Revenue
134,378
169,790
Cost of sales
(11,398)
(12,088)
Gross profit
122,980
157,702
Gross Profit excluding Performance fee revenues
119,284
154,060
Average AuMA (\u00a3m)
21,871
25,671
Revenue margin (%)
0.545%
0.600%
Revenue includes: \u2022 Management, Investment management and Investment advisory on unit trusts, open-ended investment companies sub- funds, portfolios and segregated accounts, less contractual rebates paid to clients. \u2022 Performance fees on unit trusts, open-ended investment companies sub-funds, portfolios and segregated accounts. Other revenue includes: \u2022 Fixed administration fees on unit trusts and open-ended investment companies sub-funds. \u2022 Net value of sales and repurchases of units in unit trusts and shares in open-ended investment companies (net of discounts). \u2022 Net value of liquidations and creations of units in unit trusts and shares in open-ended investment companies sub-funds. \u2022 Less contractual rebates paid to customers. The cost of sales includes: \u2022 Operating expenses including (but not limited to) keeping a record of investor holdings, paying income, sending annual and interim reports, valuing fund assets and calculating prices, maintaining fund accounting records, depositary and trustee oversight and fund auditor fees. \u2022 Sales commission paid or payable. \u2022 External investment advisory fees paid or payable. Performance fee revenue Performance fee revenue include fees that are subject to arrangements whereby fees are deferred from prior periods but are only recognised and received following another period of outperformance. During the year \u00a33.7 million of performance fees are recognised. In future periods another \u00a32.1 million may be received. As there is no certainty that such deferred fees will be collectable in future years, the Group\u2019s accounting policy is to include performance fee revenue in income only when they become due and collectable and therefore the element (if any) deferred beyond 31 March 2026 has not been recognised in the results for the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-265": { "value": "
5 ADMINISTRATION EXPENSES
Year ended Year ended
31-Mar-2026 31-Mar-2025
\u00a3\u2019000
\u00a3\u2019000
Employee related expenses
Wages and salaries
20,435
26,178
Social security costs
2,982
3,616
Pension costs
1,907
2,191
Share incentivisation expense
1,583
1,860
DBVAP expense
1,504
1,855
Severance compensation
100
2,615
28,511
38,315
Member related expenses
Members' drawings charged as an expense
26,203
33,157
Members' share incentivisation expense
419
229
Members' severance
\u2013
141
26,622
33,527
Total Employee and Member related expenses
55,133
71,842
Non-staff related expenses
Professional services
1
5,884
13,663
Intangible asset amortisation
9,106
9,555
Intangible asset and Goodwill impairment
1,030
\u2013
Depreciation
810
1,648
Other administration expenses
37,748
40,925
54,578
65,791
Total administration expenses
109,711
137,633
1
Includes acquisition related and restructuring costs for past acquisitions, see table below for a detailed breakdown.
Analysis of staff costs is set out below:
Year ended Year ended
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Direct Employment & Member related Wages, Salaries, Social Security & Pensions
Fund Managers
32,477
40,397
Other Employees and Members
19,051
24,745
51,528
65,142
Incentivisation (Share & DBVAP)
Other Employees & Members
3,505
3,944
Employee and Member severance compensation
100
2,756
55,133
71,842
Analysis of Professional and other services is set out below:
Year ended Year ended
31-Mar-26 31-Mar-25
Professional and other services \u00a3\u2019000 \u00a3\u2019000
Neptune/Architas/Majedie/River Global acquisition related costs
1
584
578
Business Transformation Programme
2
5,300
12,174
International Distribution and Product expansion
\u2013
911
5,884
13,663
1
Other acquisition related costs
2
Cost related to the implementation of cost efficiency programme announced in November 2024, January 2025 and November
2025, and the Business Transformation Programme announced in the Chair\u2019s statement in the Annual Results for the financial year
ended 31 March 2025.
Year ended Year ended
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Share incentivisation expense
- Share option expense employees
1,729
1,641
- Share option NIC expense
251
211
- Share incentive plan expense
270
399
- Share option related expenses
197
304
2,447
2,555
- Share option expense members
419
229
2,866
2,784
The average number of staff of the Group (as calculated on a weighted average basis over the year), excluding Non-executive
Directors, was 186 (2025: 209). All staff are involved in the investment management business of the Group.
Year ended Year ended
31-Mar-26 31-Mar-25
Average number of staff during the year \u00a3\u2019000 \u00a3\u2019000
Investment management
45
47
Management and operations
92
105
Sales and Marketing
44
57
Non-executive Directors
5
5
186
214
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-266": { "value": "
6 OPERATING PROFIT
Year ended Year ended
31-Mar-26 31-Mar-25
The following items have been included in arriving at operating profit: \u00a3\u2019000 \u00a3\u2019000
Foreign exchange (losses)/gains
124
(25)
Depreciation
810
1,638
Amortisation of intangible asset
9,106
9,555
Impairment of intangible asset
1,030
\u2013
Costs relating to Directors and staff (Note 5)
55,034
69,086
Auditors remuneration:
Fees payable to the Company's auditors and its associates for the audit of the parent Company and
consolidated financial statements
585
605
Fees payable for subsidiary audits
102
160
Fees payable to the Company's auditors and its associates for other services:
- services pursuant to legislation
100
201
- other services
50
118
The Group also pays audit fees for the funds as part of fund expenses costs, the total costs during the year amounted to \u00a350,000
relating to non audit services (2025: \u00a3118,000, including \u00a358,000 non audit services).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-272": { "value": "6 OPERATING PROFIT
Year ended Year ended
31-Mar-26 31-Mar-25
The following items have been included in arriving at operating profit: \u00a3\u2019000 \u00a3\u2019000
Foreign exchange (losses)/gains
124
(25)
Depreciation
810
1,638
Amortisation of intangible asset
9,106
9,555
Impairment of intangible asset
1,030
\u2013
Costs relating to Directors and staff (Note 5)
55,034
69,086
Auditors remuneration:
Fees payable to the Company's auditors and its associates for the audit of the parent Company and
consolidated financial statements
585
605
Fees payable for subsidiary audits
102
160
Fees payable to the Company's auditors and its associates for other services:
- services pursuant to legislation
100
201
- other services
50
118
The Group also pays audit fees for the funds as part of fund expenses costs, the total costs during the year amounted to \u00a350,000 relating to non audit services (2025: \u00a3118,000, including \u00a358,000 non audit services).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-273": { "value": "
7 ADJUSTED PROFIT
Adjusted profit seeks to exclude the effects of non-recurring, non-operating (financing/capital/non-cash) and exceptional items
from the statutory measures. A reconciliation of the adjusted amounts to the IFRS reported amounts is shown below. Further details
can be found in our explanation of Alternative Performance Measures on page 38.
Year ended Year ended
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Profit/(loss) before tax
14,413
22,292
Severance compensation
100
2,756
Professional services
5,884
13,663
Amortisation of intangible asset
9,106
9,555
Impairment of intangible asset and goodwill
1,030
\u2013
Adjustments
16,120
25,974
Adjusted profit before tax
30,533
48,266
Interest income
(1,057)
(2,162)
Adjusted operating profit
29,476
46,104
Adjusted earnings per share is reconciled in the tables below:
Year ended Year ended
31-Mar-26 31-Mar-25
pence pence
Basic earnings per share
15.40
26.20
Adjustments:
Taxation
7.72
8.78
Severance compensation
0.16
4.33
Professional services
1
9.44
21.44
Amortisation of intangible asset
14.60
15.00
Impairment of intangible asset
1.65
\u2013
Adjustments:
33.57
49.55
Taxation at 25%
(12.24)
(18.94)
Adjusted basic earnings per share
36.73
56.81
Performance fees
2
(1.07)
(1.25)
Adjusted basic earnings per share (excluding performance fees)
35.66
55.56
Year ended Year ended
31-Mar-26 31-Mar-25
pence pence
Diluted earnings per share
15.39
26.20
Adjustments:
Taxation
7.71
8.78
Severance compensation
0.16
4.33
Professional services
1
9.43
21.44
Amortisation of intangible asset
14.60
15.00
Impairment of intangible asset
1.65
\u2013
Adjustments:
33.55
49.55
Taxation at 25%
(12.23)
(18.94)
Adjusted diluted earnings per share
36.71
56.81
Performance fees
2
(1.06)
(1.25)
Adjusted diluted earnings per share (excluding performance fees)
35.65
55.56
\u00a3\u2019000
\u00a3\u2019000
Adjusted operating profit
29,476
46,104
Gross profit
122,980
157,702
Adjusted operating margin
24.0%
29.2%
1
See footnote 1 in Note 5
2
Performance fee revenues contribution calculated in line with operating margin of 24% (2025: 29%) and a taxation rate of 25%
(2025: 25%).
", "dimensions": { "concept": "lio:DisclosureOfAdjustedProfit", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-274": { "value": "
8 INTEREST INCOME
Disclosures relating to the Group\u2019s financial instruments risk management policies are detailed in note 2. Cash earns interest at floating
or fixed rates based on daily bank deposit rates. The weighted average effective interest rate on cash is 1.4% (2025: 1.7%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-275": { "value": "
9 DIVIDENDS
Year ended Year ended
31-Mar-26 31-Mar-25
Ordinary Shares \u00a3\u2019000 \u00a3\u2019000
Prior year second interim 50 pence per share (2025: 50 pence)
31,372
31,956
Dividend equivalent paid on exercise of options
\u2013
\u2013
First interim at 7 pence per share (2025: 22 pence)
4,389
14,061
Total
35,761
46,017
In addition, the Directors are proposing a second interim dividend in respect of the financial year ending 31 March 2026 of 12p
per share which will absorb an estimated \u00a37.1m of shareholders\u2019 funds. It will be paid on 07 August 2026 to shareholders who
are on the register of members at 03 July 2026, with shares going ex-dividend on 02 July 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-276": { "value": "
10 TAXATION
Year ended Year ended
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
(a) Analysis of charge in year
Current tax:
Current tax expense
6,835
8,538
Adjustment in respect of prior periods
417
(660)
Total current tax
7,252
7,878
Deferred tax:
Deferred tax originated from timing differences
(2,508)
(2,282)
Adjustment in respect of prior periods
69
\u2013
Total charge in year
4,813
5,596
(b) Factors affecting tax charge
Profit on ordinary activities before tax
14,413
22,292
Profit on ordinary activities at UK corporation tax at 25% (2025: 25%)
3,603
5,573
Effects of:
Expenses not deductible for tax purposes
57
289
Depreciation in excess of capital allowances
(14)
20
Partnership tax adjustments
281
\u2013
Tax relief on exercise of unapproved options
461
374
Other adjustments
(61)
\u2013
Adjustment in respect of prior periods
486
(660)
Total taxation
4,813
5,596
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-277": { "value": "
11 DEFERRED TAX
2026 2025
Deferred tax assets \u00a3\u2019000 \u00a3\u2019000
Balance as at 1 April
896
891
Deferred tax on option IFRS2 charge
(30)
5
Balance as at 31 March
866
896
2026 2025
Deferred tax liability \u00a3\u2019000 \u00a3\u2019000
Balance as at 1 April
(9,842)
(12,118)
Deferred tax on fixed assets
(83)
\u2013
Deferred tax on intangible assets
2,534
2,276
Balance as at 31 March
(7,391)
(9,842)
Net deferred tax liability
(6,525)
(8,946)
The deferred tax position as at 31 March 2026 has been calculated based on the tax rate of 25%.
The net deferred tax asset/ (liability) included in the consolidated statement of financial position is as follows:
As at
31-Mar-26
\u00a3\u2019000
As at
31-Mar-25
\u00a3\u2019000
Share-based payment scheme 866 896
Acquired intangible asset (7,308) (9,842)
Fixed assets (83) \u2013
(6,525) (8,946)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-278": { "value": "
12 EARNINGS PER SHARE
The calculation of basic earnings per share is based on profit after taxation for the year and the weighted average number of
Ordinary Shares in issue for each year. Shares held by the EBT are not eligible for dividends and are treated as cancelled for
the purposes of calculating earnings per share.
Diluted earnings per share are calculated on the same bases as set out above, after adjusting the weighted average number of
Ordinary Shares for the effect of options to subscribe for new Ordinary Shares or Ordinary Shares held in the EBT that were in
existence during the year ended 31 March 2026.
As at As at
31-Mar-26 31-Mar-25
number number
Weighted average number of Ordinary Shares
62,349,163
63,717,195
Weighted average number of dilutive Ordinary shares under option:
- to the Liontrust Long Term Incentive Plan
34,588
\u2013
- to the Liontrust Save As You Earn Plan
\u2013
1,384
Adjusted weighted average number of Ordinary Shares
62,383,751
63,718,579
Details of the options outstanding at 31 March 2026 to Directors are set out in the Directors\u2019 Remuneration Report on page 128.
As at 31 March 2026, Ordinary Shares in issue were 61,705,095 and the Liontrust EBT held 1,099,104 Ordinary Shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-279": { "value": "
13 GOODWILL
Goodwill is allocated to the CGU to which it relates as the underlying funds acquired in each business acquisition are clearly
identifiable to the ongoing investment team that is managing them. For all four CGUs, an assessment was made in relation to the
impairment of the goodwill where the NPV of the CGU was compared to the carrying value. The NPV of the CGU is calculated
using a DCF that uses key assumptions such as discount rate and net AuMA growth rates. For ATI, Architas and Neptune, no
reasonable changes made to key assumptions lead to an impairment. The projected cash flows used within the goodwill model
is based on a 5-year period where the terminal growth is used for years beyond that, and forecasts have been approved by
senior management. The discount rate was derived from the Group\u2019s weighted average cost of capital and takes into account
the weighted average cost of capital of other market participants. The net AuMA growth rate is a combination of three variables:
AuMA market growth rate, fund flows and fund attrition. The net AuMA growth rate is determined by using external sources to
estimate future growth based on historic equities/bonds performances. In addition, the terminal growth rate is also based on
external sources too and based on long term inflation expectations. See table below for details.
The Liontrust Income Fund was transferred from the Neptune CGU to the Majedie CGU, resulting in a corresponding reallocation
of the associated goodwill carrying value, to ensure consistency in line with IAS 36 impairment testing. The reallocation was
performed based on relative value as at 1 April 2025, in line with IAS 36.
Goodwill Goodwill Discount Discount Terminal Terminal Net AuMA Net AuMA
2026 2025 Rate Rate Growth Rate Growth Rate Growth Rate Growth Rate
CGU \u00a3\u2019000 \u00a3\u2019000 2026 2025 2026 2025 2026 2025
ATI
11,873
11,873
13.50%
12.50%
2%
2%
5.3%
4.0%
Neptune
5,522
7,668
13.50%
12.50%
2%
2%
8.6%
6.7%
Architas
7,951
7,951
13.50%
12.50%
2%
2%
6.8%
2.7%
Majedie
6,764
4,618
13.50%
12.50%
2%
2%
2.2%
7.1%
Total
32,110
32,110
Based on key assumptions in the above, the Neptune net present value (NPV) amount was \u00a320.5m and the headroom above the carrying
amount of the CGU was \u00a37.8m. For Majedie, the NPV amount was \u00a320.8m and the headroom above the carrying amount of the CGU
was \u00a38.4m (31 Mar 2025: Majedie NPV was \u00a320.1m and the headroom above the carrying amount of the CGU was \u00a311.3m).
Sensitivity analysis was carried out on the Majedie Goodwill model to assess the impact of reasonable plausible downside
scenarios on the discount rate and the AuMA net flow rate assumptions. In relation to Majedie sensitivity, changing the discount
rate from 13.5% to 14.5% and AuMA net flow rate reduction by 5% would lead to a reduction of \u00a31,494k and \u00a32,491k
respectively on the headroom and no impairment to Goodwill for either changes. The cumulative impact of the change in discount
rate and decrease net AuMA growth rate would lead to decrease in headroom by \u00a33,699k. A 5% downside scenario on net
flows would result in outflows of 22% in Year 1, consistent with the higher end of historical outflow levels experienced.
Sensitivity analysis was carried out on the Neptune Goodwill model to assess the impact of reasonable plausible downside
scenarios on the discount rate and the AuMA net flow rate assumptions. In relation to Neptune sensitivity, changing the discount
rate from 13.5% to 14.5% and AuMA net flow rate reduction by 5% would lead to a reduction of \u00a31,585k and \u00a32,575k
respectively on the headroom and no impairment to Goodwill for either changes. The cumulative impact of the change in discount
rate and decrease net AuMA growth rate would lead to decrease in headroom by \u00a33,858k.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-291": { "value": "Goodwill is allocated to the CGU to which it relates as the underlying funds acquired in each business acquisition are clearly identifiable to the ongoing investment team that is managing them. For all four CGUs, an assessment was made in relation to the impairment of the goodwill where the NPV of the CGU was compared to the carrying value. The NPV of the CGU is calculated using a DCF that uses key assumptions such as discount rate and net AuMA growth rates. For ATI, Architas and Neptune, no reasonable changes made to key assumptions lead to an impairment. The projected cash flows used within the goodwill model is based on a 5-year period where the terminal growth is used for years beyond that, and forecasts have been approved by senior management. The discount rate was derived from the Group\u2019s weighted average cost of capital and takes into account the weighted average cost of capital of other market participants. The net AuMA growth rate is a combination of three variables: AuMA market growth rate, fund flows and fund attrition. The net AuMA growth rate is determined by using external sources to estimate future growth based on historic equities/bonds performances. In addition, the terminal growth rate is also based on external sources too and based on long term inflation expectations. See table below for details. The Liontrust Income Fund was transferred from the Neptune CGU to the Majedie CGU, resulting in a corresponding reallocation of the associated goodwill carrying value, to ensure consistency in line with IAS 36 impairment testing. The reallocation was performed based on relative value as at 1 April 2025, in line with IAS 36.
Goodwill Goodwill Discount Discount Terminal Terminal Net AuMA Net AuMA
2026 2025 Rate Rate Growth Rate Growth Rate Growth Rate Growth Rate
CGU \u00a3\u2019000 \u00a3\u2019000 2026 2025 2026 2025 2026 2025
ATI
11,873
11,873
13.50%
12.50%
2%
2%
5.3%
4.0%
Neptune
5,522
7,668
13.50%
12.50%
2%
2%
8.6%
6.7%
Architas
7,951
7,951
13.50%
12.50%
2%
2%
6.8%
2.7%
Majedie
6,764
4,618
13.50%
12.50%
2%
2%
2.2%
7.1%
Total
32,110
32,110
Based on key assumptions in the above, the Neptune net present value (NPV) amount was \u00a320.5m and the headroom above the carrying amount of the CGU was \u00a37.8m. For Majedie, the NPV amount was \u00a320.8m and the headroom above the carrying amount of the CGU was \u00a38.4m (31 Mar 2025: Majedie NPV was \u00a320.1m and the headroom above the carrying amount of the CGU was \u00a311.3m). Sensitivity analysis was carried out on the Majedie Goodwill model to assess the impact of reasonable plausible downside scenarios on the discount rate and the AuMA net flow rate assumptions. In relation to Majedie sensitivity, changing the discount rate from 13.5% to 14.5% and AuMA net flow rate reduction by 5% would lead to a reduction of \u00a31,494k and \u00a32,491k respectively on the headroom and no impairment to Goodwill for either changes. The cumulative impact of the change in discount rate and decrease net AuMA growth rate would lead to decrease in headroom by \u00a33,699k. A 5% downside scenario on net flows would result in outflows of 22% in Year 1, consistent with the higher end of historical outflow levels experienced. Sensitivity analysis was carried out on the Neptune Goodwill model to assess the impact of reasonable plausible downside scenarios on the discount rate and the AuMA net flow rate assumptions. In relation to Neptune sensitivity, changing the discount rate from 13.5% to 14.5% and AuMA net flow rate reduction by 5% would lead to a reduction of \u00a31,585k and \u00a32,575k respectively on the headroom and no impairment to Goodwill for either changes. The cumulative impact of the change in discount rate and decrease net AuMA growth rate would lead to decrease in headroom by \u00a33,858k. 14 INTANGIBLE ASSETS The Group recognises five intangible assets relating to investment management contracts and segregated clients arising on business acquisitions. An assessment is made at each reporting date, on a standalone basis for each intangible asset, as to whether there is any indication that an asset in use may be impaired. If any such indication exists and the carrying value exceeds the estimated recoverable amount at the time, the assets are written down to their recoverable amount. The recoverable amount is measured as the greater of fair value less costs to sell and value in use. With the exception of new business AuMA and the terminal growth rate, the standalone intangible asset models use the same assumptions as those in the goodwill impairment review detailed in note 13 for ATI, Neptune and Architas . Majedie Funds and Majedie Segregated net AuMA growth rate used in the intangible assets model are -1.4% and 3.3% respectively. The assessment made at 31 March 2026 did not indicate any indicators of impairment in the value of the Architas and Majedie segregated intangible asset based on the AuMA and flow of funds being in line with management expectations (31 Mar 2025: no impairment on ATI, Architas or Neptune). For Neptune, indicators of impairment were identified as at 31 March 2026 due to higher than expected fund outflows leading to actual revenues being lower than originally forecast. The value of the intangible assets have therefore been retested as at 31 March 2026 which has resulted in no impairment of the Neptune intangible asset (31 Mar 2025: no impairment on Neptune intangible asset). For Majedie, indicators of impairment were identified for the Majedie Funds investment management contracts intangible assets as at 31 March 2026 due to higher than expected fund outflows leading to actual revenues being lower than originally forecast. The value of the intangible assets have therefore been retested as at 31 March 2026 which has resulted in a \u00a31,030k impairment of the Majedie Funds investment management contract intangible asset (31 Mar 2025: no impairment on Majedie Funds investment management contracts or Majedie Segregated Clients). The Liontrust Income Fund was transferred from the Neptune to the Majedie Funds, resulting in a corresponding reallocation of the associated intangible asset carrying value to ensure consistency with IAS 36 impairment testing requirements. The reallocation was performed based on relative value as at 1 April 2025, in line with IAS 36. As at 31 March 2026
Remaining Remaining
amortisation amortisation
Carrying value Carrying value period period
year ended year ended As at year ended
Description 31-Mar-26 31-Mar-25 31-Mar-26 31-Mar-25
Investment management contracts acquired as part of ATI acquisition
1,200
2,400
1 Years
2 Years
Investment management contracts acquired as part of Neptune
7,873
14,060
3\u00bd Years
4\u00bd Years
acquisition
Investment management contracts acquired as part of Architas
15,090
18,382
4\u00bd Years
5\u00bd Years
acquisition
Investment management contracts acquired as part of Majedie
3,889
2,167
6 Years
7 Years
acquisition \u2013 Funds
Investment management contracts acquired as part of Majedie
1,179
2,358
1 Years
2 Years
acquisition \u2013 Segregated Investment Investment
management Segregated management Segregated
contracts clients Total contracts clients Total
2026 2026 2026 2025 2025 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
Balance as at 1 April
142,169
16,010
158,179
142,169
16,010
158,179
Balance as at 31 March
142,169
16,010
158,179
142,169
16,010
158,179
Accumulated amortisation and impairment
Balance as at 1 April
105,160
13,652
118,812
97,234
12,473
109,707
Amortisation for the year
7,927
1,179
9,106
7,926
1,179
9,105
Impairment for the year
1,030
\u2013
1,030
\u2013
\u2013
\u2013
Balance as at 31 March
114,117
14,831
128,948
105,160
13,652
118,812
Net Book Value \u00a3\u2019000
As at 31 March 2026
29,231
As at 31 March 2025
39,367
As at 31 March 2024
48,472
Sensitivity analysis was carried out on the Neptune intangible asset to assess the impact of reasonable plausible downside scenarios on both the discount rate, and the AuMA net flow rate assumptions. In relation to Neptune sensitivity, changing the discount rate from 13.5% to 14.5% leads to \u00a3127k impairment and changing the AuMA net flow reduction by 5% leads to \u00a3722k impairment. The cumulative impact of the change in discount rate and decrease in AuMA net flow rate leads to \u00a3834k impairment. Sensitivity analysis was carried out on the Majedie Funds intangible asset to assess the impact of reasonable plausible downside scenarios on both the discount rate, and the AuMA net flow rate assumptions. In relation to Majedie Funds sensitivity, changing the discount rate from 13.5% to 14.5% would lead to further impairment of \u00a391k and changing the AuMA net flow rate reduction by 5% would lead to further impairment of \u00a3517k. The cumulative impact of the change in discount rate and decrease AuMA net flow rate would lead to a further impairment of \u00a3592k. A 5% downside scenario on net flows would result in outflows of 22% in Year 1, consistent with the higher end of historical outflow levels experienced. The discount rate used in the intangible models was a market participant weighted average cost of capital, determined using the capital asset pricing model (post-tax) and calibrated using current assessments of market equity risk premium, company risk/ beta, small company premium, tax rates and gearing; and specific risk premium for the relevant intangible asset. The appropriate discount rate is appraised at the date of the relevant transaction and then also at the reporting date to enable impairment reviews and testing. The same discount rate applies to all CGUs as they all have uniform risk profile that reflects risk of the business with the same internal company operations. Within our reasonable plausible downside, we do not consider the impact of investor sentiment on ESG factors from the climate targets detailed within the TCFD and GHG emissions report on page 54 to 58 to be a material risk in the medium and long term to our recoverable amount and therefore have not considered these risks in the reasonable plausible downside scenarios. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-280": { "value": "
14 INTANGIBLE ASSETS
The Group recognises five intangible assets relating to investment management contracts and segregated clients arising on business
acquisitions. An assessment is made at each reporting date, on a standalone basis for each intangible asset, as to whether there
is any indication that an asset in use may be impaired. If any such indication exists and the carrying value exceeds the estimated
recoverable amount at the time, the assets are written down to their recoverable amount. The recoverable amount is measured
as the greater of fair value less costs to sell and value in use. With the exception of new business AuMA and the terminal growth
rate, the standalone intangible asset models use the same assumptions as those in the goodwill impairment review detailed in note
13 for ATI, Neptune and Architas . Majedie Funds and Majedie Segregated net AuMA growth rate used in the intangible assets
model are -1.4% and 3.3% respectively. The assessment made at 31 March 2026 did not indicate any indicators of impairment
in the value of the Architas and Majedie segregated intangible asset based on the AuMA and flow of funds being in line with
management expectations (31 Mar 2025: no impairment on ATI, Architas or Neptune).
For Neptune, indicators of impairment were identified as at 31 March 2026 due to higher than expected fund outflows leading to
actual revenues being lower than originally forecast. The value of the intangible assets have therefore been retested as at 31 March
2026 which has resulted in no impairment of the Neptune intangible asset (31 Mar 2025: no impairment on Neptune intangible asset).
For Majedie, indicators of impairment were identified for the Majedie Funds investment management contracts intangible assets as
at 31 March 2026 due to higher than expected fund outflows leading to actual revenues being lower than originally forecast. The
value of the intangible assets have therefore been retested as at 31 March 2026 which has resulted in a \u00a31,030k impairment of
the Majedie Funds investment management contract intangible asset (31 Mar 2025: no impairment on Majedie Funds investment
management contracts or Majedie Segregated Clients).
The Liontrust Income Fund was transferred from the Neptune to the Majedie Funds, resulting in a corresponding reallocation of the
associated intangible asset carrying value to ensure consistency with IAS 36 impairment testing requirements. The reallocation was
performed based on relative value as at 1 April 2025, in line with IAS 36.
As at 31 March 2026
Remaining Remaining
amortisation amortisation
Carrying value Carrying value period period
year ended year ended As at year ended
Description 31-Mar-26 31-Mar-25 31-Mar-26 31-Mar-25
Investment management contracts acquired as part of ATI acquisition
1,200
2,400
1 Years
2 Years
Investment management contracts acquired as part of Neptune
7,873
14,060
3\u00bd Years
4\u00bd Years
acquisition
Investment management contracts acquired as part of Architas
15,090
18,382
4\u00bd Years
5\u00bd Years
acquisition
Investment management contracts acquired as part of Majedie
3,889
2,167
6 Years
7 Years
acquisition \u2013 Funds
Investment management contracts acquired as part of Majedie
1,179
2,358
1 Years
2 Years
acquisition \u2013 Segregated Investment Investment
management Segregated management Segregated
contracts clients Total contracts clients Total
2026 2026 2026 2025 2025 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
Balance as at 1 April
142,169
16,010
158,179
142,169
16,010
158,179
Balance as at 31 March
142,169
16,010
158,179
142,169
16,010
158,179
Accumulated amortisation and impairment
Balance as at 1 April
105,160
13,652
118,812
97,234
12,473
109,707
Amortisation for the year
7,927
1,179
9,106
7,926
1,179
9,105
Impairment for the year
1,030
\u2013
1,030
\u2013
\u2013
\u2013
Balance as at 31 March
114,117
14,831
128,948
105,160
13,652
118,812
Net Book Value \u00a3\u2019000
As at 31 March 2026
29,231
As at 31 March 2025
39,367
As at 31 March 2024
48,472
Sensitivity analysis was carried out on the Neptune intangible asset to assess the impact of reasonable plausible downside scenarios
on both the discount rate, and the AuMA net flow rate assumptions. In relation to Neptune sensitivity, changing the discount rate from
13.5% to 14.5% leads to \u00a3127k impairment and changing the AuMA net flow reduction by 5% leads to \u00a3722k impairment. The
cumulative impact of the change in discount rate and decrease in AuMA net flow rate leads to \u00a3834k impairment.
Sensitivity analysis was carried out on the Majedie Funds intangible asset to assess the impact of reasonable plausible downside
scenarios on both the discount rate, and the AuMA net flow rate assumptions. In relation to Majedie Funds sensitivity, changing the
discount rate from 13.5% to 14.5% would lead to further impairment of \u00a391k and changing the AuMA net flow rate reduction by
5% would lead to further impairment of \u00a3517k. The cumulative impact of the change in discount rate and decrease AuMA net flow
rate would lead to a further impairment of \u00a3592k. A 5% downside scenario on net flows would result in outflows of 22% in Year 1,
consistent with the higher end of historical outflow levels experienced.
The discount rate used in the intangible models was a market participant weighted average cost of capital, determined using
the capital asset pricing model (post-tax) and calibrated using current assessments of market equity risk premium, company risk/
beta, small company premium, tax rates and gearing; and specific risk premium for the relevant intangible asset. The appropriate
discount rate is appraised at the date of the relevant transaction and then also at the reporting date to enable impairment reviews
and testing. The same discount rate applies to all CGUs as they all have uniform risk profile that reflects risk of the business with
the same internal company operations. Within our reasonable plausible downside, we do not consider the impact of investor
sentiment on ESG factors from the climate targets detailed within the TCFD and GHG emissions report on page 54 to 58 to
be a material risk in the medium and long term to our recoverable amount and therefore have not considered these risks in the
reasonable plausible downside scenarios.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-292": { "value": "
15 PROPERTY, PLANT AND EQUIPMENT AND LEASE LIABILITY
Property, plant and equipment is made up of leasehold improvements, office equipment, computer equipment and right-of-use (ROU) assets.
Property, plant and equipment is stated at cost, less accumulated depreciation and any provision for impairment. Depreciation is
calculated on a straight-line basis to allocate the cost of each asset over its estimated useful life:
Leasehold improvements: lower of the estimated useful and the remaining lease term on straight-line basis
Office equipment: 3-10 years on a straight-line basis
Computer equipment: 3 years on a straight-line basis
ROU assets: lease term on a straight-line basis
The useful economic lives are reviewed at each financial period end and adjusted if appropriate. Specific items are derecognised
upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on the disposal of an asset,
calculated as the difference between the net disposal proceeds and the carrying amount of the item, is included in the income
statement in the year the item is sold or retired.
ROU Leasehold Office Computer
Assets Improvements Equipment Equipment Total
Year to 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
As at 31 March 2025
11,437
294
229
1,077
13,037
Additions
1,511
\u2013
\u2013
63
1,574
Disposals
(5,570)
\u2013
\u2013
\u2013
(5,570)
As at 31 March 2026
7,378
294
229
1,140
9,041
Accumulated depreciation
As at 31 March 2025
9,480
285
218
813
10,796
Charge for the year
636
7
11
156
810
Disposals
(5,143)
\u2013
\u2013
\u2013
(5,143)
As at 31 March 2026
4,973
292
229
969
6,463
Net Book Value
As at 31 March 2026
2,405
2
\u2013-
171
2,578
As at 31 March 2025
1,957
9
11
264
2,241
ROU Leasehold Office Computer
Assets Improvements Equipment Equipment Total
Year to 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
As at 31 March 2024
11,437
294
229
907
12,867
Additions
\u2013
\u2013
\u2013
170
170
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
As at 31 March 2025
11,437
294
229
1,077
13,037
Accumulated depreciation
As at 31 March 2024
8,127
242
186
593
9,148
Charge for the year
1,353
43
32
220
1,648
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
As at 31 March 2025
9,480
285
218
813
10,796
Net Book Value
As at 31 March 2026
3,310
52
43
314
3,719
As at 31 March 2025
3,310
52
43
314
3,719
Depreciation has been included in the Consolidated Statement of Comprehensive Income within administration expenses.
Lease liability
As at As at
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Opening balance
2,539
4,111
Additions
1,399
\u2013
Disposals
(181)
\u2013
3,757
4,111
Rent & interest charge for the year
(1,015)
(1,572)
Closing balance
2,742
2,539
Measurement of lease liability As at As at
31-Mar-26 31-Mar-25
Lease liability \u00a3\u2019000 \u00a3\u2019000
Current
780
1,025
Non-current
1,962
1,514
2,742
2,539
The undiscounted cash payments that will be made until end of the lease term are as follows:
As at As at
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Within 1 year
827
1,067
Between 2 to 5 years
1,939
1,387
More than 5 years
84
175
Measurement of ROU asset
As at As at
31-Mar-26 31-Mar-25
ROU asset \u00a3\u2019000 \u00a3\u2019000
Office space
2,405
1,957
2,405
1,957
Depreciation on ROU asset
636
1,353
Finance costs
182
82
Cash outflow for leases for the year
1,031
1,279
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-281": { "value": "15 PROPERTY, PLANT AND EQUIPMENT AND LEASE LIABILITY Property, plant and equipment is made up of leasehold improvements, office equipment, computer equipment and right-of-use (ROU) assets. Property, plant and equipment is stated at cost, less accumulated depreciation and any provision for impairment. Depreciation is calculated on a straight-line basis to allocate the cost of each asset over its estimated useful life: Leasehold improvements: lower of the estimated useful and the remaining lease term on straight-line basis Office equipment: 3-10 years on a straight-line basis Computer equipment: 3 years on a straight-line basis ROU assets: lease term on a straight-line basis The useful economic lives are reviewed at each financial period end and adjusted if appropriate. Specific items are derecognised upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on the disposal of an asset, calculated as the difference between the net disposal proceeds and the carrying amount of the item, is included in the income statement in the year the item is sold or retired.
ROU Leasehold Office Computer
Assets Improvements Equipment Equipment Total
Year to 31 March 2026 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
As at 31 March 2025
11,437
294
229
1,077
13,037
Additions
1,511
\u2013
\u2013
63
1,574
Disposals
(5,570)
\u2013
\u2013
\u2013
(5,570)
As at 31 March 2026
7,378
294
229
1,140
9,041
Accumulated depreciation
As at 31 March 2025
9,480
285
218
813
10,796
Charge for the year
636
7
11
156
810
Disposals
(5,143)
\u2013
\u2013
\u2013
(5,143)
As at 31 March 2026
4,973
292
229
969
6,463
Net Book Value
As at 31 March 2026
2,405
2
\u2013-
171
2,578
As at 31 March 2025
1,957
9
11
264
2,241
ROU Leasehold Office Computer
Assets Improvements Equipment Equipment Total
Year to 31 March 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
As at 31 March 2024
11,437
294
229
907
12,867
Additions
\u2013
\u2013
\u2013
170
170
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
As at 31 March 2025
11,437
294
229
1,077
13,037
Accumulated depreciation
As at 31 March 2024
8,127
242
186
593
9,148
Charge for the year
1,353
43
32
220
1,648
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
As at 31 March 2025
9,480
285
218
813
10,796
Net Book Value
As at 31 March 2026
3,310
52
43
314
3,719
As at 31 March 2025
3,310
52
43
314
3,719
Depreciation has been included in the Consolidated Statement of Comprehensive Income within administration expenses. Lease liability
As at As at
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Opening balance
2,539
4,111
Additions
1,399
\u2013
Disposals
(181)
\u2013
3,757
4,111
Rent & interest charge for the year
(1,015)
(1,572)
Closing balance
2,742
2,539
Measurement of lease liability As at As at
31-Mar-26 31-Mar-25
Lease liability \u00a3\u2019000 \u00a3\u2019000
Current
780
1,025
Non-current
1,962
1,514
2,742
2,539
The undiscounted cash payments that will be made until end of the lease term are as follows:
As at As at
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Within 1 year
827
1,067
Between 2 to 5 years
1,939
1,387
More than 5 years
84
175
Measurement of ROU asset
As at As at
31-Mar-26 31-Mar-25
ROU asset \u00a3\u2019000 \u00a3\u2019000
Office space
2,405
1,957
2,405
1,957
Depreciation on ROU asset
636
1,353
Finance costs
182
82
Cash outflow for leases for the year
1,031
1,279
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-282": { "value": "
16 TRADE AND OTHER RECEIVABLES
As at As at
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
- Fees receivable
13,484
13,451
- Unit Trust sales and cancellations
129,386
177,965
Prepayments
9,721
8,359
Corporation tax receivable
90
1,218
152,681
200,993
All financial assets listed above are non-interest bearing. The carrying amount of these non-interest bearing trade and other receivables
approximates their fair value.
As at 31 March 2026, trade receivables of \u00a3nil (2025: \u00a3nil) were past due but not impaired. Expected credit losses are immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-293": { "value": "
As at As at
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
- Fees receivable
13,484
13,451
- Unit Trust sales and cancellations
129,386
177,965
Prepayments
9,721
8,359
Corporation tax receivable
90
1,218
152,681
200,993
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-283": { "value": "
17 FINANCIAL INVESTMENTS
The Group holds financial investments that have been categorised within one of three levels using a fair value hierarchy that
reflects the significance of the inputs into measuring the fair value. These levels are based on the degree to which the fair value is
observable and are defined as follows:
\u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets and
liabilities;
\u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);
\u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are
not based on observable market data.
As at the balance sheet date all financial investments held at fair value are categorised as Level 1.
These represent shares in the GF Global Strategic Equity Fund, GF European Smaller Companies Fund, GF European Strategic
Equity Fund, GF Asia Income Fund, and GF UK Growth Fund (all sub-funds of Liontrust Global Funds PLC) and are valued at bid
price); and units in the Liontrust Global Income Fund, the Liontrust Macro Equity Income Fund, the Liontrust Asia Income Fund and
the Liontrust UK Growth Fund. The gain on the fair value adjustments during the year net of tax was \u00a3238,000 (2025: 202,000).
Foreign currency assets are translated at rates of exchange ruling at the balance sheet date.
As at 31-Mar-26
As at 31-Mar-25
Assets held at fair Assets held at fair
value through value through
profit and loss profit and loss
\u00a3\u2019000 \u00a3\u2019000
Financial Investments in Level 1
UK Authorised unit trusts & UK authorised ICVCs
834
2,678
Ireland Open Ended Investment company
1,197
1,188
Total Financial Investments
2,031
3,866
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-267": { "value": "17 FINANCIAL INVESTMENTS The Group holds financial investments that have been categorised within one of three levels using a fair value hierarchy that reflects the significance of the inputs into measuring the fair value. These levels are based on the degree to which the fair value is observable and are defined as follows: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets and liabilities; \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data. As at the balance sheet date all financial investments held at fair value are categorised as Level 1. These represent shares in the GF Global Strategic Equity Fund, GF European Smaller Companies Fund, GF European Strategic Equity Fund, GF Asia Income Fund, and GF UK Growth Fund (all sub-funds of Liontrust Global Funds PLC) and are valued at bid price); and units in the Liontrust Global Income Fund, the Liontrust Macro Equity Income Fund, the Liontrust Asia Income Fund and the Liontrust UK Growth Fund. The gain on the fair value adjustments during the year net of tax was \u00a3238,000 (2025: 202,000). Foreign currency assets are translated at rates of exchange ruling at the balance sheet date.
As at 31-Mar-26
As at 31-Mar-25
Assets held at fair Assets held at fair
value through value through
profit and loss profit and loss
\u00a3\u2019000 \u00a3\u2019000
Financial Investments in Level 1
UK Authorised unit trusts & UK authorised ICVCs
834
2,678
Ireland Open Ended Investment company
1,197
1,188
Total Financial Investments
2,031
3,866
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-268": { "value": "
18 TRADE AND OTHER PAYABLES
As at As at
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Current Liabilities
Trade payables \u2013 unit trust repurchases and creations
129,548
178,648
Other payables including taxation and social security
3,059
3,221
Lease liability
780
1,025
DBVAP liability
626
970
Other payables
1
18,144
21,992
152,157
205,856
1
Other payables includes fund expenses \u00a32,734k (2025: \u00a33,387k), management fee rebate \u00a32,297k (2025: \u00a31,491k) &
bonus accruals \u00a38,060k (2025: \u00a39,898k).
As at As at
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Non current Liabilities
Lease liability (See note 15)
1,962
1,514
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-269": { "value": "
19 ORDINARY SHARES
2026 2026 2025 2025
Shares \u00a3\u2019000 Shares \u00a3\u2019000
Allotted, called up and fully paid ordinary shares of 1 pence
As at 1 April
63,764,615
637
64,935,384
648
Cancelled during the year
(2,059,520)
(21)
(1,170,769)
(11)
As at 31 March
61,705,095
616
63,764,615
637
The Group does not have an authorised share capital limit (2025: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-284": { "value": "
19 ORDINARY SHARES
2026 2026 2025 2025
Shares \u00a3\u2019000 Shares \u00a3\u2019000
Allotted, called up and fully paid ordinary shares of 1 pence
As at 1 April
63,764,615
637
64,935,384
648
Cancelled during the year
(2,059,520)
(21)
(1,170,769)
(11)
As at 31 March
61,705,095
616
63,764,615
637
The Group does not have an authorised share capital limit (2025: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-285": { "value": "
20 RELATED UNDERTAKINGS
The Companies Act 2006 requires disclosure of certain information about the Group\u2019s related undertakings which is set out in this
note. Related undertakings comprise subsidiaries, joint ventures, associates and other significant holdings. Significant holdings are
where the Group either has a shareholding greater than or equal to 20% of the nominal value of any share class, or a book value
greater than 20% of the Group\u2019s assets.
a) The direct related undertakings of the Company as at 31 March 2026 are listed below:
Country of
Name of undertaking that are consolidated
incorporation
% held
Liontrust Investment Funds Limited*
UK
1
100
Liontrust Investment Services Limited*
UK
1
100
Liontrust Investment Management Limited*
UK
1
100
Liontrust Portfolio Management Limited*
UK
1
100
Liontrust International Luxembourg SA*
Luxembourg
2
100
Liontrust Switzerland AG*
Switzerland
2
 100
Country of
Name of undertaking that are not consolidated
incorporation
% held
Liontrust GF European Strategic Equity Fund CF
Ireland
3
100
Liontrust GF European Smaller Companies CF
Ireland
3
100
Liontrust GF Strategic Bond Fund A1 Acc
Ireland
3
100
Liontrust GF SF Euro Corporate Bond CF FOUNDERACC
Ireland
3
100
Liontrust GF SF Global Growth Fund A8 EUR Dist
Ireland
3
100
Liontrust GF SF Global Growth Fund C8 GBP ACC
Ireland
3
100
Liontrust GF SF Global Growth Fund A8 AC EUR Acc
Ireland
3
100
Liontrust GF SF Global Growth Fund C8 D GBP Acc
Ireland
3
100
Liontrust GF Sustainable Future Multi Asset Global Fund D5 CHF ACC
Ireland
3
100
Liontrust Monthly Income Bond Fund Z Gross Inc
UK
1
100
Liontrust UK Growth Fund S Acc
UK
1
100
Liontrust UK Growth Fund S Inc
UK
1
100
Liontrust GF Sustainable Future US Growth Fd USD B5 AC
Ireland
3
100
Liontrust GF Sustainable Future US Growth Fd USD B1 Acc
Ireland
3
100
Liontrust GF Sustainable Future US Growth Fd EUR A5 Acc
Ireland
3
100
Liontrust GF Pan-European Dynamic Fund CF GBP ACC
Ireland
3
100
Liontrust UK Smaller Companies Fund M Class Acc
UK
100
Liontrust GF Sustainable Future European Corporate Bond Fund A10 DIST
Ireland
3
100
Liontrust GF Sustainable Future Euro Corporate Bond Fd A10 ACC
Ireland
3
100
Liontrust Gf Global Dividend Fund USD B5 Acc
Ireland
3
100
Liontrust Gf Global Innovation Fund EUR A5 Acc
Ireland
3
100
Liontrust Gf Global Innovation Fund GBP Cf Acc
Ireland
3
100
Liontrust Gf Global Technology Fund USD B5 Acc
Ireland
3
100
Liontrust Gf Global Technology Fund GBP Cf Acc
Ireland
3
100
Liontrust GF Global Dividend Fund C10 GBP Income
Ireland
3
100
Liontrust GF Global Alpha Fund B5 USD Acc
Ireland
3
100
Liontrust UK Equity Fund Class S Accumulation
UK
1
100
Liontrust GF Pan-European Dynamic Fund B1 USD ACC
Ireland
3
100
Liontrust GF European Strategic Equity Fund B1 Accumulating USD Hedged
Ireland
3
100
Liontrust GF Absolute Return Bond Fund A5 DIST HDG
Ireland
3
99
Liontrust GF SF Global Growth Fund A1 AC EUR Acc
Ireland
3
91
Liontrust Gf Global Technology Fund EUR A5 Acc
Ireland
3
47
Liontrust GF Strategic Bond Fund A5
Ireland
3
32
Liontrust GF SF European Corporate Bond Fund A1
Ireland
3
28
Liontrust Gf Global Dividend Fund EUR A5 Acc
Ireland
3
22
b) The indirect related undertakings of the Company as at 31 March 2026 are listed below.
Country of
Name of undertaking that are consolidated
incorporation
% held
Liontrust Fund Partners LLP*
UK
1
100%
Liontrust Investment Partners LLP*
UK
1
100%
1
Registered office: 2 Savoy Court, London, WC2R 0EZ
2
Registered office: 18 Val Saint Croix, Luxembourg, L-1370
3
Registered office: 1 Dockland Central, Guild Street, International Financial Services Centre, Dublin 1, Ireland
4
Registered office: c/o Treforma AG, Schiffbaustrasse 2, 8005 Z\u00fcrich, Switzerland
*These related undertakings are consolidated per note 1c.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-286": { "value": "
21 OWN SHARES AND OPTIONS
The options granted under the SAYE, LTIP and CSOP, including to the Executive Directors, were as follows:
Options Options 31 March
Issue Date
1 April 2025
Granted
Exercised
Lapsed
2026
Exercise price
Scheme
12 August 2019
7,872
\u2013
\u2013
(3,936)
3,936
\u00a37.62
CSOP
15 August 2020
15,792
\u2013
\u2013
(3,008)
12,784
\u00a313.30
CSOP
8 July 2021
8,336
\u2013
\u2013
(1,042)
7,294
\u00a319.18
CSOP
23 June 2022
362,228
\u2013
\u2013
(362,228)
\u2013
Nil
LTIP
2 Sept 2022
39,600
\u2013
\u2013
(9,600)
30,000
\u00a38.33
CSOP
22 June 2023
398,843
\u2013
\u2013
(12,558)
386,285
Nil
LTIP
2 August 2023
89,662
\u2013
\u2013
(20,449)
69,213
\u00a36.36
CSOP
1 December 2023
38,065
\u2013
\u2013
(29,753)
8,312
\u00a34.80
SAYE
27 June 2024
1,018,219
\u2013
\u2013
(90,105)
928,114
Nil
LTIP
25 July 2024
89,707
\u2013
\u2013
(18,876)
70,831
\u00a36.36
CSOP
1 December 2024
150,020
\u2013
\u2013
(117,941)
32,079
\u00a33.78
SAYE
26 June 2025
\u2013
1,357,335
\u2013
\u2013
1,357,335
Nil
LTIP
4 July 2025
\u2013
91,410
\u2013
\u2013
91,410
\u00a33.61
CSOP
1 February 2026
\u2013
181,877
\u2013
\u2013
181,877
\u00a32.16
SAYE
Options Options 31 March
Issue Date
1 April 2024
Granted
Exercised
Lapsed
2025
Exercise price
Scheme
12 August 2019
9,184
\u2013
\u2013
(1,312)
7,872
\u00a37.62
CSOP
12 June 2020
18,048
\u2013
\u2013
(2,256)
15,792
\u00a313.30
CSOP
23 June 2021
143,283
\u2013
(21,891)
(121,392)
\u2013
Nil
LTIP
8 July 2021
9,899
\u2013
\u2013
(1,563)
8,336
\u00a319.18
CSOP
23 June 2022
363,692
\u2013
\u2013
(1,464)
362,228
Nil
LTIP
2 Sept 2022
48,000
\u2013
\u2013
(8,400)
39,600
\u00a38.33
CSOP
22 June 2023
417,334
\u2013
\u2013
(18,491)
398,843
Nil
LTIP
2 August 2023
97,527
\u2013
\u2013
(7,865)
89,662
\u00a36.36
CSOP
1 December 2023
115,979
\u2013
\u2013
(77,914)
38,065
\u00a34.80
SAYE
27 June 2024
\u2013
1,180,340
\u2013
(162,121)
1,018,219
Nil
LTIP
25 July 2024
\u2013
92,853
\u2013
(3,146)
89,707
\u00a36.36
CSOP
1 August 2024
\u2013
50,000
\u2013
(50,000)
\u2013
Nil
LTIP
1 December 2024
\u2013
159,792
\u2013
(9,772)
150,020
\u00a33.78
SAYE
Under the Liontrust Members Long term Incentive Plan (\u2018mLTIP\u2019), certain individual members have been entitled to a variable
allocation in the financial year, a proportion of which is paid early and applied on the Member\u2019s behalf in acquiring ordinary
shares in the capital of LAM , which entitle such individual member to a future amount dependent on performance conditions being
met. The amount of the award to the member is calculated on the basis of a percentage of fixed allocation. The amounts awarded,
in terms of total number of Ordinary shares, to individual members were as follows:
31 March
Issue Date
1 April 2025
Granted
Exercised
Lapsed
2026
Exercise price
Scheme
23 June 2022
84,854
\u2013
\u2013
(84,854)
\u2013
Nil
mLTIP
22 June 2023
117,139
\u2013
(32,682)
84,457
Nil
mLTIP
27 June 2024
185,344
\u2013
\u2013
(24,684)
160,660
Nil
mLTIP
1 August 2025
\u2013
253,446
\u2013
\u2013
253,446
Nil
mLTIP
31 March
Issue Date
1 April 2024
Granted
Exercised
Lapsed
2025
Exercise price
Scheme
19 July 2021
33,700
\u2013
(10,110)
(23,590)
\u2013
Nil
mLTIP
23 June 2022
84,854
\u2013
\u2013
\u2013
84,854
Nil
mLTIP
22 June 2023
117,139
\u2013
\u2013
\u2013
117,139
Nil
mLTIP
27 June 2024
\u2013
185,344
\u2013
\u2013
185,344
Nil
mLTIP
Details of the LTIP options can be found in the Directors\u2019 Remuneration report.
At 31 March 2026, the EBT owned 1,099,104 shares (2025: 1,020,294) at a cost of \u00a313,643,899 (2025: \u00a312,937,855).
Dividends on these shares have been waived and they are treated as cancelled for the purposes of calculating the earnings per
share of the Group. As at 31 March 2026 the market value of the shares was \u00a32,654,336 (2025: \u00a33,785,291).
22 SHARE BASED PAYMENTS
Liontrust Asset Management PLC currently operates a number of equity-settled share-based compensation
plans under which the entity receives services from employees and members as consideration for equity-linked instruments (share
options, phantom share awards and share awards with vesting conditions).
(a) The Company Share Option Plan (\u201cCSOP\u201d) permits the Company to grant share options with a strike price set at the market
price at the date of issue over ordinary shares in the capital of LAM to qualifying employees. The equity settled options vest
after 3 years and do not have any performance conditions attached.
(b) The Employees Long Term Incentive Plan (\u201ceLTIP\u201d) is intended to provide long term reward, incentivise strong performance and
retain Executive Directors and senior employees employed by LAM. The eLTIP issues nil-priced options with vesting, exercise
and holding conditions. The equity settled options vest after 3 years subject to various performance targets detailed in the
Remuneration report (see page 120).
(c) The Members Long Term Incentive Plan (\u201cmLTIP\u201d) is intended to provide long term reward, incentivise strong performance and
retain senior management executives who are members of Liontrust Investment Partners LIP (\u201cLIP\u201d) and Liontrust Fund Partners LLP
(\u201cLFP\u201d). The mLTIP awards equity settled options to members with vesting, exercise and holding conditions aligned to those of
the eLTIP.
(d) The Group operates a Save As You Earn (\u201cSAYE\u201d) scheme which is open to all employees with more than 3 months continuous
service. This is an approved HMRC scheme and was established in October 2023. Under the SAYE, participants remaining
in the Group\u2019s employment at the end of the three years savings period are entitled to use their savings to purchase shares in
the Company at a stated exercise price.
Shareholder Approval was given at the AGM in September 2023 for the grant of options an HMRC registered Save As You
Earn (\u201cSAYE\u201d) plan. Further, approval was given at a GM in February 2016 for the grant of options under the Liontrust Long Term
Incentive Plan (the \u201cLTIP\u201d). The Board adopted the Liontrust Company Share Option Plan (the \u201cCSOP\u201d) in June 2018.
The CSOP scheme is an HMRC approved company share option plan that is aimed at those employees not covered by the LTIP
scheme. The options become exercisable between the 3rd and 10th anniversary of the issue date.
Weighted
Number of average
shares exercise price
Unvested options for the year:
Outstanding at 1 April 2025
2,605,681
Granted during year
1,884,068
Exercised during year
\u2013
Lapsed during year
(811,716)
Outstanding at 31 March 2026
3,678,033
\u00a30.64
Exercisable at 31 March 2026
\u2013
\u2013
Weighted
Number of average
shares exercise price
Unvested options for the year:
Outstanding at 1 April 2024
1,458,639
Granted during year
1,668,329
Exercised during year
(32,001)
Lapsed during year
(489,286)
Outstanding at 31 March 2025
2,605,681
0.51
Exercisable at 31 March 2025
\u2013
\u2013
Valuation approach
The fair value of the options granted during the year were calculated at the measurement date using the valuation models
\u2022 Monte Carlo \u2013 for options subject to the absolute and relative TSR performance conditions in the eLTIP and mLTIP;
\u2022 Black Scholes \u2013 for options under the eLTIP, mLTIP, SAYE and Phantom Awards with non-market based performance conditions,
and for all CSOP options.
The specific adjustments made to value the share options subject to the absolute TSR performance condition are as follows:
1. simulated one possible path of the daily share price (assuming nil) dividends) from the grant/measurement dates to the end of
the performance period;
2. calculated the 30 day average Company share at the end of the performance period;
3. used the total Company share price calculated in step 2 to calculate the share price return over the performance period;
4. calculated the percentage of options vesting on the vesting date using the vesting criteria;
5. assessed the Company share price on vesting at the vesting date and the present value of a nil-cost option over a single share
at that date, discounted at the grant/measurement date using a risk-free rate;
6. applied the percentage of options calculated in step 4 to the present value of the nil-cost call option in step 5; and
7. run steps 1 to 5 for 100,000 iterations and taken the mean-average outcome to arrive at the assessed fair value per option.
The specific adjustments made to value the share options subject to the relative TSR performance condition are as follows:
1. simulated one possible path of the daily Company share price and one possible path of daily index price from the grant/
measurement dates to the end of the performance period. Company and index prices are not correlated;
2. calculated the 30 day average Company share price and 30 day average index price at the end of the performance period;
3. used the total Company share price and Index price calculated in Step 2 to calculate the share price return and Index
return over the Performance Period;
4. measured the difference between the Company share price return and Index return to calculate the percentage of options
vesting on the vesting date using the vesting criteria;
5. assessed the Company share price on vesting at the vesting date and the present value of a nil-cost option over a single
share at that date, discounted to the grant date/measurement date using a risk-free rate;
6. applied the percentage of options calculated in Step 4 to the present value of the nil-cost call option in Step 5; and
7. run steps 1 to 5 for 100,000 iterations and taken the mean-average outcome to arrive at the assessed fair value per option.
Measurement date
\u2022 Equity settled transactions \u2013 date the awards were granted
Inputs common to both valuation models
Exercise price
Share price at at valuation Expected Dividend Risk free
Plan
Valuation date
valuation date
date
Option life
volatility yield interest rate
CSOP
4 July 2025
\u00a33.60
\u00a33.61
3.0 years
40.00%
6.70%
3.83%
eLTIP
26 June 2025
\u00a33.80
\u00a3nil
3.0 years
40.00%
0.00%
3.81%
mLTIP
26 June 2025
\u00a33.80
\u00a3nil
3.0 years
40.00%
0.00%
3.81%
SAYE
19 December 2025
\u00a32.64
\u00a32.16
3.0 years
40.00%
7.60%
3.73%
Fair value conclusion
Weighted
Number of average fair value
Plan shares \u00a3
Options granted during year to 31 March 2026:
CSOP
91,410
0.70
eLTIP
1,357,335
2.79
mLTIP
253,446
3.42
SAYE
181,877
0.64
1,884,068
7.55
Share incentivisation expense by plan type
Year ended Year ended
31-Mar-26 31-Mar-25
\u00a3\u2019000 \u00a3\u2019000
Share based payment plan \u2013 equity settled
IFRS2 charge \u2013 employees
1,771
1,627
IFRS2 charge \u2013 members
217
230
Share based payment plan \u2013 SIP Matching
Employees
270
399
Equity share options issued
2,258
2,256
Option settlement expense
\u2013
1,079
Share option NIC expense
251
211
Cost of matching SIP shares
270
399
Plan administration costs
197
304
2,976
4,249
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-287": { "value": "
23 RELATED PARTY TRANSACTIONS
Whilst the unit trusts and ICVCs under the Group\u2019s management
are not related parties as defined in IFRS, the following
disclosures are provided for completeness and transparency.
During the year the Group received fees from unit trusts
and ICVCs under management of \u00a3114,319,794
(2025: \u00a3146,772,330). Transactions with these funds
comprised creations of \u00a310,498,722,249 (2025:
\u00a311,407,581,925) and liquidations of \u00a37,142,407,706
(2025: \u00a37,232,781,718). Directors can invest in funds
managed by the Group on commercial terms that are no more
favourable than those available to staff in general. As at 31
March 2026 the Group owed the funds \u00a3129,547,751
(2025: \u00a3178,648,424) in respect of creations and was
owed \u00a3138,686,464 (2025: \u00a3189,834,573) in respect of
cancellations and fees.
During the year the Group received fees from offshore funds
under management of \u00a315,464,085 (2025: \u00a35,890,228).
Transactions with these funds comprised purchases of \u00a3nil
(2025: \u00a3nil). and sales of \u00a3nil (2025: \u00a3nil). As at Total fees
the Group was owed \u00a3438,069 (2025: \u00a3594,971) in
respect of offshore fund fees.
Compensation to key management personnel (Directors) is
disclosed in table 1.1 of the directors in table 1.1 of the Directors\u2019
Remuneration Report on page 110. The aggregate gains made
by Directors on the exercise of share options is disclosed in
the table in section 3.1 of the Directors Remuneration Report
on page 120. The charge recognised in the statement of the
comprehensive income in relation to Directors share options was
\u00a3490,000 (2025: \u00a3376,000).
Interests in structured entities
IFRS 12 requires certain disclosures in respect of interests in
unconsolidated structured entities.
A structured entity is defined as an entity that has been designed
so that voting or similar rights are not the dominant factor in
deciding who controls the entity, such as when any voting
rights relate to administrative tasks only, or when the relevant
activities are directed by means of contractual arrangements.
The Group has assessed whether the funds it manages are
structured entities and concluded that funds managed by the
Group are structured entities unless substantive removal or
liquidation rights exist.
The Group has interests in these funds through the receipt of
management and other fees and, in certain funds, through
ownership of fund units. The Group\u2019s investments in these
funds are subject to the terms and conditions of the respective
fund\u2019s offering documentation and are susceptible to market
price risk. The investments are included in financial assets at
fair value through profit or loss in the balance sheet. Where
the Group has no equity holding in a fund it manages, the
investment risk is borne by the external investors and therefore
the Group\u2019s maximum exposure to loss relates to future fees
and any uncollected fees at the balance sheet date. Where the
Group does have an equity holding, the maximum exposure
to loss constitutes the future and uncollected management fees
plus the fair value of the Group\u2019s investment in that fund.
The Group\u2019s interests in consolidated structured entities primarily
expose it to variability in returns arising from management fee
income and, where applicable, performance-related fees. The
principal risks associated with these interests include market
risk, liquidity risk and reputational risk, as the Group may be
exposed to reductions in fee income in the event of adverse
investment performance or investor redemptions.
During the year, there have been no significant changes in
the nature of these risks. However, the level of exposure to
these risks has varied in line with movements in assets under
management and investor flows within the structured entities.
Financial assets at Fees received
Net AuMA of funds FVTPL in the year Fees receivable
Number of funds \u00a3bn \u00a3m \u00a3m \u00a3m
as at 31 March 2026
69
16.0
2.0
106
7.4
as at 31 March 2025
70
19.5
3.8
147
11.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-288": { "value": "
24 CONTINGENT ASSETS AND LIABILITIES
There were no contingencies, guarantees or other financial
commitments of the Company as at 31 March 2026 (2025: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-289": { "value": "
25 POST BALANCE SHEET EVENT
On 16 March 2026, the Board of Liontrust Asset Management
Plc announced that it has entered into a conditional sale and
purchase agreement (\u201cSPA\u201d) with River Global PLC to acquire
the entire issued share capital of River Global Holdings Limited
(\u201cRGH\u201d), being the holding company of River Global PLC\u2019s asset
management business (the \u201cProposed Acquisition\u201d).
The consideration for the Proposed Acquisition comprises an
all-share transaction with an initial value of \u00a37.6 million (the
\u201cConsideration Shares\u201d), representing the value of the business
excluding the European Opportunities Trust (\u201cEOT\u201d) mandate.
An additional contingent consideration of up to \u00a32.1 million
(the \u201cAdjustment Shares\u201d) may become payable in shares,
depending on the performance and value attributable to the EOT
mandate, in accordance with the terms of the SPA. Completion
of the Proposed Acquisition is expected to take place on 30
June 2026, subject to customary completion conditions.
As the transaction had not completed at the reporting date, no
amounts have been recognised in the financial statements in
respect of this acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-231": { "value": "2 Savoy Court, London WC2R 0EZ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300XVXU6S7PLCL855", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }