Page 76 - Beeks Financial Cloud Group Annual Report 2021

74 Beeks Financial Cloud Group PLC For the year ended 30 June 2021

Notes to the Consolidated Financial Statements

Notes to

Financial Statements

Development costs If vesting periods or other allocating resources and assessing
The Group reviews half yearly non-market vesting conditions performance of operating segments,
whether the recognition criteria for apply, the expense is allocated have been identified as the
development costs have been met. over the vesting period, based executive directors.
This is necessary as the economic on the best available estimate
success of any product development of the number of share options During the year ended 30 June
is uncertain and may be subject expected to vest. Estimates are 2021, The Group was organised into
to future technical problems at subsequently revised if there is any three main business segments for
the time of recognition. In addition, indication that the number of share revenue purposes, institutional,
all internal activities related to the based incentives expected to vest private and analytics customers.
development of new products which differs from previous estimates. The Group added analytics as a
are not finalised by the period end The two key judgements are on segment duing the year, as The
are continuously monitored by the the vesting conditions that apply Group benefitted from a full year’s
Directors and assessed for any to share options (relating to the revenue generation following the
indications of impairment. See note achievement of annual objectives) acquisition of Velocimetrics Ltd
10 for further information. and on continuous employment. in April 2020. The Group does not
Any cumulative adjustment prior to place reliance on any specific
FINANCE
Share based payments vesting is recognised in the current customer and has no individual
The Group operates equity-settled period. No adjustment is made to customer that generates 10% or
share based remuneration plans any expense recognised in prior more of its total group revenue.
for its employees. All goods and periods if share based incentives
services received in exchange ultimately exercised are different to Performance is assessed by a
for the grant of any share based that estimated on vesting. focus on the change in revenue
payment are measured at their across both institutional and retail
fair values. Where employees 3. SEGMENT INFORMATION revenue. Cost is reviewed at a
are rewarded using share Operating segments are reporting cost category level but not split by
based payments, the fair values in a manner consistent with the segment. Assets are used across
of employees’ services are internal reporting provided to the all segments and are therefore
determined indirectly by reference chief operating decision makers. not split between segments so
to the fair value of the instrument management review profitability
granted to the employee. This fair The chief operating decision at a group level.
value is appraised at the grant. makers, who are responsible for