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TMF Group classifies its financial assets in the following categories: financial assets at amortised cost (loans and receivables) and fair value through income statement (equity instruments). Read more about 19. Financial assets and derivative financial liabilities .

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. We have consistently applied these policies during the period, unless stated otherwise. Read more about 2. Summary of material accounting policies .

The contract assets relate to costs incurred to obtain and/or fulfil a contract. As at 31 December 2023, the non-current assets amount to €9.2 million and the current contract assets amounts to €7.9 million. Read more about 20. Contract assets .

Trade receivables are initially recognised at fair value, and subsequently measured at amortised cost (if the time value is material), using the effective interest method, less allowance for expected credit losses. Read more about 21. Trade receivables and unbilled services .

The maximum exposure of credit risk at the reporting date is the carrying value of the other receivables. TMF Group does not hold any collateral as security. TMF Group has no significant concentrations of credit risk. Read more about 22. Other receivables .

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Read more about 23. Cash and cash equivalents .

Ordinary, ordinary voting and preference shares are classified as equity. On March 27 2023, 1,775,833,402 shares were issued and on 1 August 2023, additional 837,346 shares were issued. Read more about 24. Equity .

The share-based payment plan is classified as an equity-settled plan since TMF Group does not have an obligation to repurchase the shares or otherwise settle in cash. Read more about 25. Share-based payment .

The reconciliation of the movements in reserves is as follows: Read more about 26. Reserves .

Loans and borrowings are recognised initially at fair value, net of transaction costs incurred. Loan and borrowings are subsequently carried at amortised cost. Read more about 27. Loans and borrowings .