Annual Financial Report - Part 2

Companies

Johnson Matthey (JMAT)

UK 100

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21	Movements in assets and liabilities arising from financing activities


					Non-cash movements
			2024	Cash (inflow) / outflow	Transfers	Transfers to held for sale		Foreign exchange movements		Fair value and other movements	2025
			£m	£m	£m	£m		£m		£m	£m


	Non-current assets
	Derivative financial instruments - cross currency and interest rate swaps		15	-	(14)	-		(1)		4	4

	Non-current liabilities
	Borrowings		(1,339)	(297)	312	-		13		10	(1,301)
	Derivative financial instruments - cross currency and interest rate swaps		(10)	-	1	-		-		-	(9)
	Lease liabilities		(24)	-	6	-		-		(22)	(40)

	Current assets
	Derivative financial instruments - cross currency and interest rate swaps		-	-	13	-		(2)		2	13

	Current liabilities
	Borrowings		(110)	84	(309)	-		2		-	(333)
	Derivative financial instruments - cross currency and interest rate swaps		-	-	(3)	-		-		2	(1)
	Lease liabilities		(8)	9	(6)	-		-		(1)	(6)


	Net movements in assets and liabilities arising			(204)	-	-		12		(5)
	from financing activities



	Purchase of treasury shares			251
	Dividends paid to equity shareholders			138
	Interest paid			148


	Net cash outflow from financing activities			333




					Non-cash movements
			2023	Cash outflow	Transfers	Transfers to held for sale		Foreign exchange movements		Fair value and other movements	2024
			£m	£m	£m	£m		£m		£m	£m


	Non-current assets
	Derivative financial instruments		20	-	-	-		-		(5)	15

	Non-current liabilities
	Borrowings		(1,460)	-	105	-		16		-	(1,339)
	Derivative financial instruments		(15)	-	-	-		-		5	(10)
	Lease liabilities		(31)	-	10	4		2		(9)	(24)

	Current liabilities
	Borrowings		(155)	150	(105)	-		-		-	(110)
	Lease liabilities		(9)	11	(10)	1		-		(1)	(8)


	Net movements in assets and liabilities arising			161	-	5		18		(10)
	from financing activities


	Dividends paid to equity shareholders			141
	Interest paid			137


	Net cash outflow from financing activities			439







22		Provisions

							Restructuring provisions		Warranty and technology provisions		Other provisions	Total
							£m		£m		£m	£m


		At 1^st April 2023					38		12		41	91
		Charge for the year					36		2		7	45
		Utilised					(34)		(2)		(1)	(37)
		Released					(10)		(4)		(5)	(19)
		At 31^st March 2024					30		8		42	80
		Charge for the year					36		1		7	44
		Utilised					(24)		(2)		-	(26)
		Released					-		(2)		(1)	(3)


		At 31^st March 2025					42		5		48	95



											2025	2024
											£m	£m


		Current									69	63
		Non-current									26	17


		Total provisions									95	80

23	Deferred tax
		Property, plant and equipment		Post- employment benefits	Provisions	Inventories	Intangibles	Other	Total deferred tax (assets) / liabilities
			£m	£m	£m	£m	£m	£m	£m


	At 1^st April 2023		(37)	55	(55)	(26)	(17)	(22)	(102)
	Charge / (credit) to the income
	statement		-	3	(8)	(1)	25	(31)	(12)
	Transferred to assets classified
	as held for sale		-	-	-	-	-	4	4
	Tax on items taken directly to or
	transferred from equity		-	(17)	-	-	-	-	(17)
	Exchange adjustments		-	-	-	-	-	1	1


	At 31^st March 2024		(37)	41	(63)	(27)	8	(48)	(126)
	(Credit) / charge to the income
	statement (note 9)		(22)	12	19	13	4	(26)	-
	Reclassification		-	-	6	(4)	-	(2)	-
	Tax on items taken directly to or
	transferred from equity		-	8	-	-	-	(10)	(2)
	Exchange adjustments		(1)	1	1	-	-	(4)	(3)


	At 31^st March 2025		(60)	62	(37)	(18)	12	(90)	(131)



								2025	2024
								£m	£m


	Deferred tax assets							(135)	(128)
	Deferred tax liabilities							4	2


	Net amount							(131)	(126)

Risk	Mitigation

Market (investment) risk Asset returns may not move in line with the liabilities and may be subject to volatility.	The group's various plans have highly diversified investment portfolios, investing in a wide range of assets that provide reasonable assurance that no single security or type of security could have a material adverse impact on the plan. A de-risking strategy is in place to reduce volatility in the plans as a result of the mismatch between the assets and liabilities. The funding level of the plans are monitored and as they improve, plan investments are generally switched from return-seeking assets to liability-matching assets. The plans implement partial currency hedging on their overseas assets to mitigate currency risk.

Interest (discount) rate risk Liabilities are sensitive to movements in bond yields (interest rates), with lower interest rates leading to an increase in the valuation of liabilities, albeit the impact on the plan's funding level will be partially offset by an increase in the value of its bond holdings.	The group's defined benefit plans hold a high proportion of their assets in government or corporate bonds, which provide a natural hedge against falling interest rates. In the UK, this interest rate hedge is extended by the use of interest rate swaps, such that the plan is 100% hedged on the plan's funding basis. The swaps are held with several banks to reduce counterparty risk.

Inflation risk Liabilities are sensitive to movements in inflation, with higher inflation leading to an increase in the valuation of liabilities.	Where plan benefits provide inflation-related increases, the plan holds some inflation-linked assets which provide a natural hedge against higher than expected inflation increases. In the UK, this inflation hedge is extended by the use of inflation swaps, such that the plan is 100% hedged on the plan's funding basis. The swaps are held with several banks to reduce counterparty risk.

Longevity risk The majority of the group's defined benefit plans provide benefits for the life of the member, so the liabilities are sensitive to life expectancy, with increases in life expectancy leading to an increase in the valuation of liabilities.	The group has closed most of its defined benefit pension plans to new entrants, replacing them with either a cash balance plan or defined contribution plans, both of which are unaffected by life expectancy. For the plans where a benefit for life continues to be payable, prudent mortality assumptions are used that appropriately allow for a future improvement in life expectancy. These assumptions are reviewed on a regular basis.
Liquidity risk The pension plan may have insufficient access to cash to meet its short-term cash and collateral obligations, such that adverse scenarios could force the sale of a less-liquid assets at depressed prices.	The group's defined benefit plans hold sufficient liquid assets to meet its cashflow obligations and the collateral requirements of its inflation and interest rate hedging. This reduces the risk of being a forced seller of less-liquid assets. The UK pension plan also has a loan facility in place with the Company which it can access at short notice in the event of liquidity issues.

Financial assumptions
	2025	2025	2025	2024	2024	2024
	UK plan	US plans	Other plans	UK plan	US plans	Other plans
	%	%	%	%	%	%


First year's rate of increase in salaries	-	-	2.29	3.50	-	2.43
Ultimate rate of increase in salaries	-	-	2.29	3.50	-	2.20
Rate of increase in pensions in payment	2.90	-	2.00	2.90	-	2.20
Discount rate	5.90	5.40	3.73	4.90	5.20	3.30
Inflation	-	2.20	2.00	-	2.20	2.20
- UK Retail Prices Index (RPI)	3.00	-	-	3.10	-	-
- UK Consumer Prices Index (CPI)	2.75	-	-	2.75	-	-
Current medical benefits cost trend rate	6.50	-	-	8.95	-	-
Ultimate medical benefits cost trend rate	6.50	-	-	5.40	-	-

								Currently age 65							Age 65 in 25 years
								UK plan				US plans			UK plan				US plans


		Male						87				86			88				88
		Female						89				88			91				89


Financial information
Plan assets
Movements in the fair value of plan assets during the year were:
			UK pension - legacy section		UK pension - cash balance section		UK post- retirement medical benefits		US pensions		US post- retirement medical benefits			Other			Total
			£m		£m		£m		£m		£m			£m			£m


At 1^st April 2023			1,472		159		-		250		-			8			1,889
Administrative expenses			(4)		-		-		(1)		-			-			(5)
Interest income			68		8		-		12		-			-			88
Return on plan assets excluding interest			(106)		(4)		-		(9)		-			(1)			(120)
Employee contributions			2		7		-		-		-			-			9
Company contributions			10		22		1		3		-			2			38
Benefits paid			(58)		(3)		(1)		(29)		-			(3)			(94)
Exchange adjustments			-		-		-		(5)		-			-			(5)


At 31^st March 2024			1,384		189		-		221		-			6			1,800
Administrative expenses			(2)		(1)		-		(2)		-			-			(5)
Interest income			67		10		-		11		-			-			88
Return on plan assets excluding interest			(134)		(16)		-		(4)		-			-			(154)
Employee contributions			-		8		-		-		-			-			8
Company contributions			28		21		1		2		-			1			53
Benefits paid			(58)		(5)		(1)		(27)		-			(1)			(92)
Exchange adjustments			-		-		-		(6)		-			(1)			(7)


At 31^st March 2025			1,285		206		-		195		-			5			1,691




	The fair values of plan assets are analysed as follows:
				2025	2025	2025		2025		2024			2024			2024		2024
				UK pension - legacy section	UK pension - cash balance section	US pensions		Other		UK pension - legacy section			UK pension - cash balance section			US pensions		Other
				£m	£m	£m		£m		£m			£m			£m		£m


	Quoted corporate bonds			327	73	71		4		494			61			80		-
	Inflation and interest rate swaps			(1)	2	-		-		(8)			1			-		-
	Quoted government bonds			354	40	50		-		490			45			65		-
	Cash and cash equivalents			244	56	74		1		25			4			76		-
	Quoted equity			-	19	-		-		1			62			-		-
	Unquoted equity			53	-	-		-		49			-			-		-
	Property			56	-	-		-		51			-			-		-
	Insurance policies			-	-	-		-		-			-			-		6
	Other			252	16	-		-		282			16			-		-


	Plan assets			1,285	206	195		5		1,384			189			221		6

Movements in the defined benefit obligation during the year were:
	UK pension - legacy section	UK pension - cash balance section	UK post- retirement medical benefits	US pensions	US post- retirement medical benefits	Other	Total
	£m	£m	£m	£m	£m	£m	£m


At 1^st April 2023	(1,303)	(132)	(7)	(244)	(10)	(29)	(1,725)
Current service cost	(2)	(15)	-	(2)	-	(1)	(20)
Interest cost	(61)	(7)	-	(11)	(1)	(1)	(81)
Employee contributions	(2)	(7)	-	-	-	-	(9)
Remeasurements due to changes in:
Financial assumptions	15	4	-	8	1	-	28
Demographic assumptions	32	-	-	-	-	-	32
Experience adjustments	(6)	-	-	(2)	-	-	(8)
Benefits paid	58	3	1	29	-	3	94
Exchange adjustments	-	-	-	3	-	2	5


At 31^st March 2024	(1,269)	(154)	(6)	(219)	(10)	(26)	(1,684)
Current service cost	-	(17)	-	(2)	-	(1)	(20)
Past service credit	14	-	-	-	-	-	14
Interest cost	(61)	(9)	(1)	(10)	-	(1)	(82)
Employee contributions	-	(8)	-	-	-	-	(8)
Remeasurements due to changes in:
Financial assumptions	158	30	-	4	(1)	4	195
Demographic assumptions	(1)	-	-	-	-	-	(1)
Experience adjustments	(9)	5	-	-	1	-	(3)
Benefits paid	58	5	1	27	-	1	92
Exchange adjustments	-	-	-	6	1	2	9


At 31^st March 2025	(1,110)	(148)	(6)	(194)	(9)	(21)	(1,488)


	Net post-employment benefit assets and liabilities


	The net post-employment benefit assets and liabilities are:

		UK pension - legacy section	UK pension - cash balance section	UK post- retirement medical benefits	US pensions	US post- retirement medical benefits			Other			Total
		£m	£m	£m	£m	£m			£m			£m


	At 31^st March 2025
	Defined benefit obligation	(1,110)	(148)	(6)	(194)	(9)			(21)			(1,488)
	Fair value of plan assets	1,285	206	-	195	-			5			1,691

	Net post-employment benefit assets and liabilities	175	58	(6)	1	(9)			(16)			203



	At 31^st March 2024
	Defined benefit obligation	(1,269)	(154)	(6)	(219)	(10)			(26)			(1,684)
	Fair value of plan assets	1,384	189	-	221	-			6			1,800
	Reimbursement rights	-	-	-	-	-			1			1


	Net post-employment benefit assets and liabilities	115	35	(6)	2	(10)			(19)			117


	These are included in the balance sheet as follows:
			2025 Post- employment benefit net assets	2025 Employee benefit net obligations	2025 Total	2024 Post- employment benefit net assets			2024 Employee benefit net obligations			2024 Total
			£m	£m	£m	£m			£m			£m


	UK pension - legacy section		175	-	175	115			-			115
	UK pension - cash balance section		58	-	58	35			-			35
	UK post-retirement medical benefits		-	(6)	(6)	-			(6)			(6)
	US pensions		4	(3)	1	2			-			2
	US post-retirement medical benefits		-	(9)	(9)	-			(10)			(10)
	Other		1	(17)	(16)	1			(20)			(19)


	Total post-employment plans		238	(35)	203	153			(36)			117

	Other long-term employee benefits			(3)					(3)


	Total long-term employee benefit obligations			(38)					(39)




Income statement
Amounts recognised in the income statement for long term employment benefits were:

							2025			2024
							£m			£m


Administrative expenses							(5)			(5)
Current service cost							(20)			(20)
Past service credit							14			-


Defined benefit post-employment costs charged to operating profit							(11)			(25)
Defined contribution plans' expense							(28)			(28)


Charge to operating profit							(39)			(53)


Interest on post-employment benefits charged to finance costs							(2)			-
Interest on post-employment benefits charged to investment income							8			7



Charge to profit before tax							(33)			(46)



	Statement of total comprehensive income
	Amounts recognised in the statement of total comprehensive income for long term employment benefits were:

								2025			2024
								£m			£m


	Return on plan assets excluding interest							(154)			(120)
	Remeasurements due to changes in:
	Financial assumptions							195			28
	Experience adjustments							(1)			(8)
	Demographic assumptions							(3)			32



	Remeasurements of post-employment benefit assets and liabilities							37			(68)

	0.1% increase		0.1% decrease
	UK plan	US plans	UK plan	US plans
	£m	£m	£m	£m


Effect of discount rate	16	2	(17)	(2)
Effect of inflation	(15)	-	15	-

25	Share capital and other reserves

	Share capital
		Number	£m

	Issued and fully paid ordinary shares
	At 1^st April 2023 and 31^st March 2024	193,589,845	215
	Share buyback	(16,302,747)	(18)
	At 31^st March 2025	177,287,098	197


Dividends
	2025	2024
	£m	£m


2022/23 final ordinary dividend paid ─ 55.00 pence per share	-	101
2023/24 interim ordinary dividend paid ─ 22.00 pence per share	-	40
2023/24 final ordinary dividend paid ─ 55.00 pence per share	101	-
2024/25 interim ordinary dividend paid ─ 22.00 pence per share	37	-


Total dividends	138	141

				Hedging reserve
	Capital redemption reserve	Foreign currency translation reserve	Fair value through other comprehensive income reserve	Forward currency contracts	Cross currency contracts	Forward metal contracts	Total other reserves
	£m	£m	£m	£m	£m	£m	£m


At 1^st April 2023	13	60	(12)	(4)	1	60	118
Cash flow hedges ─ gains / (losses) taken to equity	-	-	-	3	(4)	27	26
Cash flow hedges ─ transferred to revenue (income statement)	-	-	-	12	-	(31)	(19)
Cash flow hedges ─ transferred to cost of sales (income statement)	-	-	-	(10)	-	-	(10)
Cash flow hedges ─ transferred to foreign exchange
(income statement)	-	-	-	-	2	-	2
Cash flow hedges ─ transferred to inventory (balance sheet)	-	-	-	-	-	-	-
Fair value gains on net investment hedges taken to equity	-	4	-	-	-	-	4
Fair value losses on investments at fair value through
other comprehensive income	-	-	(7)	-	-	-	(7)
Exchange differences on translation of foreign operations
taken to equity	-	(79)	-	-	-	-	(79)
Tax on above items taken directly to or transferred from equity	-	-	-	(5)	-	6	1


At 31^st March 2024	13	(15)	(19)	(4)	(1)	62	36
Cash flow hedges ─ gains / (losses) taken to equity	-	-	-	3	1	(2)	2
Cash flow hedges ─ transferred to revenue (income statement)	-	-	-	(2)	-	(41)	(43)
Cash flow hedges ─ transferred to disposal of subsidiaries
(income statement)	-	-	-	1	-	-	1
Cash flow hedges ─ transferred to foreign exchange
(income statement)	-	-	-	-	2	-	2
Fair value gains on net investment hedges taken to equity	-	7	-	-	-	-	7
Fair value losses on investments at fair value through
other comprehensive income	-	-	(2)	-	-	-	(2)
Exchange differences on translation of foreign operations
taken to equity	-	(82)	-	-	-	-	(82)
Cancelled ordinary shares from share buyback	18	-	-	-	-	-	18
Tax on above items taken directly to or transferred from equity	-	-	-	-	-	10	10


At 31^st March 2025	31	(90)	(21)	(2)	2	29	(51)

	2025
	Medical Device	Other
	Components	disposals	Total	2024
	£m	£m	£m	£m*
Proceeds

Cash consideration	559	38	597	59
Cash and cash equivalents disposed	(10)	-	(10)	(18)
Net cash consideration	549	38	587	41

Disposal costs paid	(12)	(6)	(18)	(9)

Net cash inflow	537	32	569	32


Assets and liabilities disposed
Non-current assets
Property, plant and equipment	24	25	49	10
Right-of-use assets	4	-	4	9
Goodwill	3	-	3	-

Current assets
Inventories	8	22	30	5
Trade and other receivables	18	20	38	32
Cash and cash equivalents	10	-	10	18
Deferred tax assets	-	3	3	3

Current liabilities
Trade and other payables	(6)	(20)	(26)	(12)
Current income tax liabilities	(1)	(1)	(2)	-
Lease liabilities	(4)	-	(4)	-

Non-current liabilities
Lease liabilities	-	(1)	(1)	(11)
Provisions	(1)	(1)	(2)	-

Net assets disposed	55	47	102	54



	2025
	Medical Device	Other
	Components	disposals	Total	2024
	£m	£m	£m	£m*

Cash consideration	559	38	597	59
Deferred consideration	-	7	7	4
Working capital adjustments at time of disposal	-	-	-	4
Less: carrying amount of net assets sold	(55)	(47)	(102)	(54)
Less: disposal costs	(13)	(9)	(22)	(17)
Cumulative currency translation gain / (loss) recycled from other comprehensive income	-	2	2	(5)
Profit recognised in the income statement	491	(9)	482	(9)


* The prior year comparative includes £4 million profit on disposal for Diagnostic Services, loss of £4 million for Johnson Matthey Catalysts LLC and profit of £nil for Battery Materials Germany, and other disposal related costs of £9 million.

Movements in the allowance for credit losses on trade and contract receivables are as follows:
	2025	2024
	£m	£m


At beginning of year	29	30
Charge for year	4	11
Utilised	-	(2)
Released	(3)	(10)


At end of year	30	29


	10% depreciation		10% appreciation
	2025	2024	2025	2024
	£m	£m	£m	£m


Cash flow hedges	17	16	(14)	(22)
Net investment hedges	(34)	(22)	24	21

For the net investment hedges, these movements would be fully offset in reserves by an opposite movement on the retranslation of the net assets of the overseas subsidiaries.


Year ended 31^st March 2025
	US dollar and euro loans¹	Cross currency swap²	FX Forwards	Total
	£m	£m	£m	£m
Carrying value of hedging instruments at 31^st March 2025	(549)	(3)	-	(552)
Change in carrying value of hedging instruments recognised in equity
during the year	5	-	2	7
Change in fair value of hedged items during the year used to determine
hedge effectiveness	(5)	-	(2)	(7)


Year ended 31^st March 2024
	US dollar and euro loans¹	Cross currency swap²	FX Forwards	Total
	£m	£m	£m	£m
Carrying value of hedging instruments at 31^st March 2024	(160)	(3)	(2)	(165)
Change in carrying value of hedging instruments recognised in equity
during the year	4	2	(2)	4
Change in fair value of hedged items during the year used to determine
hedge effectiveness	(4)	(2)	2	(4)

¹ The designated hedging instruments are $50 million of the 3.79% $130 million Bonds 2025, $30 million of the 3.14% $130 million Bonds 2025, 3.97% $120 million Bonds 2027, 3.39% $180 million Bonds 2028, $29.7 million of the 4.1% $30 million Bonds 2030, 1.81% €90 million Bonds 2028, €10 million of the 2.92% €25 million Bonds 2030, €17 million of the 1.9% €225 million Bonds 2032, €60 million of the 4.03% €125 million Bonds 2031, 4.19% €94 million Bonds 2034 and €8 million of the 4.32% €20 million Bonds 2036.
² The designated hedging instrument are a cross currency swap expiring in June 2025 whereby the group pays 2.609% fixed on €77 million and receives 2.83% fixed on £65 million, a cross currency swap expiring in 2029 whereby the group pays 1.712% fixed on €46 million and receives 2.6723% fixed on £38 million, a cross currency swap expiring in 2031 whereby the group pays 4.03% fixed on €45 million and receives 5.37% fixed on £38 million, a cross currency swap expiring in 2031 whereby the group pays 4.04% fixed on €40.5 million and receives 5.20% fixed on £34 million and a cross currency swap expiring in 2034 whereby the group pays 4.16% fixed on €30.6 million and receives 5.31% fixed on £26 million.

	Credit risk

	2025	2024
	£m	£m


Expiring in more than one year	1,000	1,000


Undrawn committed bank facilities	1,000	1,000


	Activity in the year in relation to these share plans is shown below:



		Year ended 31^st March 2025						Year ended 31^st March 2024
		PSP		RSP		Deferred Bonus		PSP		RSP		Deferred Bonus


	Outstanding at the start of the year	2,339,767		489,379		324,719		1,728,934		996,190		211,310
	Awarded during the year	1,249,978		76,925		133,185		1,349,149		53,614		145,794
	Forfeited during the year	(349,590)		(34,667)		-		(204,808)		(49,890)		-
	Released during the year	(425,034)		(304,255)		(103,938)		(533,508)		(510,535)		(32,385)


	Outstanding at the end of the year	2,815,121		227,382		353,966		2,339,767		489,379		324,719




			Year ended 31^st March 2025
			PSP	Exceptional PSP¹	Exceptional RSP²		Exceptional RSP²		Exceptional RSP²		Deferred Bonus


Fair value of shares awarded (pence)			1,389.6	1,293.0	1,389.6		1,457.9		1,529.6		1,325.0
Share price at the date of award (pence)			1,603.0	1,444.0	1,603.0		1,603.0		1,603.0		1,603.0
Dividend rate			4.80%	5.60%	4.80%		4.80%		4.80%		4.80%


				Year ended 31^st March 2024
				PSP	Exceptional RSP		Exceptional RSP		Exceptional RSP		Deferred Bonus


Fair value of shares awarded (pence)				1,634.9	1,634.9		1,685.7		1,738.0		1,585.7
Share price at the date of award (pence)				1,792.0	1,792.0		1,792.0		1,792.0		1,792.0
Dividend rate				3.07%	3.07%		3.07%		3.07%		3.07%


¹ The group awarded an exceptional PSP scheme on 11^th February 2025 of duration two years.
² The group awarded three exceptional RSP schemes on 1^st August 2024 of duration one, two and three years.

	2025	2024
	£m	£m


Short term employee benefits	8	9
Share-based payments	2	1
Non-executive directors' fees and benefits	1	1


Total compensation of key management personnel	11	11


Year ended 31^st March 2025
		Sterling / US dollar	Sterling / euro	Other	Total
		£m	£m	£m	£m

Carrying value of hedging instruments at 31^st March 2025	- assets	5	-	2	7
	- liabilities	(1)	-	(1)	(2)

Change in carrying value of hedging instruments recognised in equity
during the year		4	(1)	(1)	2
Change in fair value of hedged items during the year used to determine
hedge effectiveness		(4)	1	1	(2)

Notional amount¹		152	58	22	-


Year ended 31^st March 2024
		Sterling / US dollar	Sterling / euro	Other	Total
		£m	£m	£m	£m

Carrying value of hedging instruments at 31^st March 2024	- assets	4	1	3	8
	- liabilities	(4)	-	(1)	(5)

Change in carrying value of hedging instruments recognised in equity
during the year		7	(1)	(3)	3
Change in fair value of hedged items during the year used to determine
hedge effectiveness		(7)	1	3	(3)

Notional amount¹		477	76	44	-

¹ The notional amount is the sterling equivalent of the net currency amount purchased or sold.

The weighted average exchange rates on sterling / US dollar and sterling / euro forward foreign exchange contracts are 1.26 and 0.85 (2024: 1.26 and 0.87), respectively. The hedged, highly probable forecast transactions denominated in foreign currencies are expected to occur over the next 12 months.


		Cross currency swap
		2025	2024
		£m	£m
Carrying value of hedging instruments at 31^st March¹		16	15

Change in carrying value of hedging instruments recognised in equity during the year		1	(4)

Change in fair value of hedged items during the year used to determine hedge effectiveness		(1)	4


¹ The designated hedging instruments are five cross currency swaps, one expiring in 2025 whereby the group pays 2.83% fixed on £65 million and receives 3.14% fixed on $100 million, the second expiring in 2029 whereby the group pays 2.67% fixed on £38 million and receives 3.00% fixed on $50 million, the third expiring in 2031 whereby the group pays 5.37% fixed on £38 million and receives 5.02% fixed on $50 million, the fourth expiring in 2031 whereby the group pays 5.20% fixed on £34 million and receives 5.02% $45 million and the fifth one expiring in 2034 whereby the group pays 5.31% fixed on £26 million and receives 5.18% fixed on $34 million.


	Interest rate risk


At 31^st March 2025			Within 1 year		1 to 2 years		2 to 5 years		After 5 years		Total
			£m		£m		£m		£m		£m


Bank overdrafts			24		-		-		-		24
Bank and other loans - principal			333		-		781		532		1,646
Bank and other loans - interest payments			52		50		88		50		240
Lease liabilities - principal			6		7		14		19		46
Lease liabilities - interest payments			2		2		3		4		11
Financial liabilities in trade and other payables			1,879		6		-		-		1,885


Total non-derivative financial liabilities			2,296		65		886		605		3,852


Forward foreign exchange contracts - payments			155		-		-		-		155
Forward foreign exchange contracts - receipts			(152)		-		-		-		(152)
Currency swaps - payments			971		-		-		-		971
Currency swaps - receipts			(959)		-		-		-		(959)
Cross currency interest rate swaps - payments			140		10		67		218		435
Cross currency interest rate swaps - receipts			(155)		(11)		(72)		(223)		(461)
Interest rate swaps - payments			69		3		80		-		152
Interest rate swaps - receipts			(66)		(1)		(78)		-		(145)


Total derivative financial liabilities			3		1		(3)		(5)		(4)




	At 31^st March 2024			Within 1 year		1 to 2 years		2 to 5 years		After 5 years		Total
				£m		£m		£m		£m		£m

	Bank overdrafts			12		-		-		-		12
	Bank and other loans - principal			105		317		719		312		1,453
	Bank and other loans - interest payments			53		44		89		14		200
	Lease liabilities - principal			8		6		9		9		32
	Lease liabilities - principal - classified as held for sale			1		1		3		-		5
	Lease liabilities - interest payments			1		1		2		8		12
	Financial liabilities in trade and other payables			2,032		2		-		-		2,034
	Financial liabilities in trade and other payables classified as held for sale			27		-		-		-		27


	Total non-derivative financial liabilities			2,239		371		822		343		3,775


	Forward foreign exchange contracts - payments			713		7		-		-		720
	Forward foreign exchange contracts - receipts			(705)		(7)		-		-		(712)
	Currency swaps - payments			760		-		-		-		760
	Currency swaps - receipts			(755)		-		-		-		(755)
	Cross currency interest rate swaps - payments			4		133		2		78		217
	Cross currency interest rate swaps - receipts			(6)		(147)		(4)		(78)		(235)
	Interest rate swaps - payments			7		72		88		-		167
	Interest rate swaps - receipts			(2)		(68)		(81)		-		(151)


	Total derivative financial liabilities			16		(10)		5		-		11


		Offsetting financial assets and liabilities



At 31^st March 2025	Gross financial assets / (liabilities)	Amounts set off	Net amounts in balance sheet	Amounts not set off¹	Net
At 31^st March 2025	£m	£m	£m	£m	£m


Derivative financial instruments - assets - current	55	-	55	(9)	46
Derivative financial instruments - assets - non-current	4	-	4	(4)	-
Derivative financial instruments - liabilities - current	(14)	-	(14)	4	(10)
Derivative financial instruments - liabilities - non-current	(9)	-	(9)	9	-


At 31^st March 2024	Gross financial assets / (liabilities)	Amounts set off	Net amounts in balance sheet	Amounts not set off¹	Net
At 31^st March 2024	£m	£m	£m	£m	£m


Derivative financial instruments - assets - current	53	-	53	(7)	46
Derivative financial instruments - assets - non-current	49	-	49	(5)	44
Derivative financial instruments - liabilities - current	(11)	-	(11)	7	(4)
Non-current borrowings	(1,339)	-	(1,339)	5	(1,334)


¹ Agreements with derivative counterparties are based on an ISDA Master Agreement. Under these arrangements, whilst the group does not have a legally enforceable right of set off, where certain credit events occur, such as default, the net position receivable from or payable to a single counterparty in the same currency would be taken as owing and all the relevant arrangements terminated.

Note, to simplify the primary statements we have represented the prior year comparative balances in the Statement of Financial Position to include 'Other financial assets and liabilities' and 'Interest rate swaps' within the singular line 'Derivative financial instruments'.


	2025 £m	2024 £m	Fair value hierarchy Level	Note
Financial instruments measured at fair value

Non-current
Investments at fair value through other comprehensive income¹	38	40	1	-
Derivative financial instruments - assets²	4	49	2	18
Borrowings	-	(3)	2	20
Derivative financial instruments - liabilities²	(9)	(10)	2	18

Current
Trade receivables³	158	178	2	17
Other receivables⁴	1	3	2	17
Cash and cash equivalents - money market funds	435	334	2	-
Cash and cash equivalents - cash and deposits	23	12	2	-
Derivative financial instruments - assets²	55	53	2	18
Derivative financial instruments - liabilities²	(14)	(11)	2	18


Financial instruments not measured at fair value

Non-current
Borrowings	(1,301)	(1,336)	-	20
Lease liabilities	(40)	(24)	-	12
Trade and other receivables	58	60	-	17
Other payables	(6)	(2)	-	19

Current
Amounts receivable under precious metal sale and repurchase agreements	300	398	-	17
Amounts payable under precious metal sale and repurchase agreements	(687)	(797)	-	19
Cash and cash equivalents - cash and deposits	440	196	-	-
Cash and cash equivalents - bank overdrafts	(24)	(12)	-	-
Borrowings	(333)	(110)	-	20
Lease liabilities	(6)	(8)	-	12
Trade and other receivables	862	926	-	17
Trade and other payables	(1,210)	(1,235)	-	19

¹ Investments at fair value through other comprehensive income are quoted bonds purchased to fund pension deficits (£35 million) and investments held at fair value through other comprehensive income (£3 million).
² Includes forward foreign exchange contracts, forward precious metal price contracts and currency and interest rate swaps.
³ Trade receivables held in a part of the group with a business model to hold trade receivables for collection or sale. The remainder of the group operates a hold to collect business model and receives the face value, plus relevant interest, of its trade receivables from the counterparty without otherwise exchanging or disposing of such instruments.
⁴ Other receivables with cash flows that do not represent solely the payment of principal and interest.

The fair value of financial instruments, excluding accrued interest, is approximately equal to book value except for:

	2025		2024
	Carrying amount	Fair value	Carrying amount	Fair value
	£m	£m	£m	£m


US Dollar Bonds 2025, 2027, 2028, 2029, 2030, 2031 and 2034	(592)	(571)	(507)	(474)
Euro Bonds 2025, 2028, 2030, 2031, 2032, 2034 and 2036	(539)	(520)	(348)	(320)
Sterling Bonds 2024, 2025 and 2029	(80)	(74)	(145)	(137)
KfW US Dollar Loan 2024	-	-	(40)	(38)


30	Commitments

	Capital commitments - future capital expenditure contracted but not provided		Group		Parent company
			2025	2024	2025	2024
			£m	£m	£m	£m


	Property, plant and equipment		155	68	131	28
	Other intangible assets		28	14	28	14

	At 31^st March 2025, precious metal leases were £202 million (2024: £197 million) at year end prices.
31		Contingent liabilities

Definitions Measure	Definition	Purpose
Sales¹	Revenue excluding cost of precious metals to customers and the precious metal content of products sold to customers.	Provides a better measure of the growth of the group as revenue can be heavily distorted by year on year fluctuations in the market prices of precious metals and, in many cases, the value of precious metals is passed directly on to customers.
Underlying operating profit²	Operating profit excluding non-underlying items.	Provides a measure of operating profitability that is comparable over time.
Underlying operating profit margin^{1, 2}	Underlying operating profit divided by sales.	Provides a measure of how we convert our sales into underlying operating profit and the efficiency of our business.
Underlying profit before tax²	Profit before tax excluding non-underlying items.	Provides a measure of profitability that is comparable over time.
Underlying profit for the year²	Profit for the year excluding non-underlying items and related tax effects.	Provides a measure of profitability that is comparable over time.
Underlying earnings per share^{1, 2}	Underlying profit for the year divided by the weighted average number of shares in issue.	Our principal measure used to assess the overall profitability of the group.
Return on capital employed (ROCE)^1,3	Annualised underlying operating profit divided by the average equity plus average net debt. The average is calculated using the opening balance for the financial year and the closing balance.	Provides a measure of the group's efficiency in allocating the capital under its control to profitable investments.
Average working capital days (excluding precious metals)¹	Monthly average of non-precious metal related inventories, trade and other receivables and trade and other payables (including any classified as held for sale) divided by sales for the last three months multiplied by 90 days.	Provides a measure of efficiency in the business with lower days driving higher returns and a healthier liquidity position for the group.
Free cash flow	Net cash flow from operating activities after net interest paid, net purchases of non-current assets and investments, proceeds from disposal of businesses, dividends received from joint ventures and associates and the principal element of lease payments.	Provides a measure of the cash the group generates through its operations and divestments, less capital expenditure.
Net debt (including post tax pension deficits) to underlying EBITDA	Net debt, including post tax pension deficits and quoted bonds purchased to fund the UK pension (excluded when the UK pension plan is in surplus) divided by underlying EBITDA for the same period.	Provides a measure of the group's ability to repay its debt. The group has a long-term target of net debt (including post tax pension deficits) to underlying EBITDA of between 1.5 and 2.0 times, although in any given year it may fall outside this range depending on future plans.

Reconciliations to GAAP measures



Sales
	2025	2024
	£m	£m

Revenue (note 3)	11,674	12,843
Less: cost of precious metals to customers (note 3)	(8,204)	(8,939)
Sales	3,470	3,904

Underlying profit measures

Year ended 31^st March 2025
		Operating profit	Profit before tax	Tax expense		Profit for the year
		£m	£m	£m		£m


Underlying		389	334	(71)		263
Profit on disposal of businesses		482	482	(67)		415
Amortisation of acquired intangibles		(4)	(4)	1		(3)
Major impairment and restructuring charges		(329)	(329)	10		(319)
Share of profits of associates		-	3	-		3
Non-underlying tax provisions		-	-	14		14
Reported		538	486	(113)		373



Year ended 31^st March 2024
		Operating profit	Profit before tax	Tax expense		Profit for the year
		£m	£m	£m		£m

Underlying		410	328	(68)		260
Loss on disposal of businesses		(9)	(9)	-		(9)
Amortisation of acquired intangibles		(4)	(4)	1		(3)
Major impairment and restructuring charges		(148)	(148)	15		(133)
Share of losses of associates		-	(3)	-		(3)
Non-underlying tax provisions		-	-	(4)		(4)
Reported		249	164	(56)		108



	Underlying earnings per share
					2025		2024

	Underlying profit for the year (£ million)				263		260
	Weighted average number of shares in issue (number)				175,966,787		183,392,681
	Underlying earnings per share (pence)				149.2		141.3

Return on Capital Employed (ROCE)

	2025	2024
	£m	£m



Underlying operating profit	389	410




Average net debt	875	987
Average equity	2,338	2,459


Average capital employed	3,213	3,446



ROCE	12.1%	11.9%

.36	Property, plant and equipment


		Land and buildings	Leasehold improvements	Plant and machinery	Assets in the course of construction	Total
		£m	£m	£m	£m	£m


	Cost
	At 31^st March 2024	130	2	721	240	1,093
	Additions	-	-	10	196	206
	Transfers from assets in the course of construction	-	-	31	(31)	-
	Transfers to other intangible assets (note 38)	-	-	(3)	(18)	(21)
	Reclassification	-	-	2	2	4
	Disposals	-	-	(2)	-	(2)


	At 31^st March 2025	130	2	759	389	1,280



	Accumulated depreciation and impairment
	At 31^st March 2024	89	2	553	-	644
	Charge for the year	2	-	31	-	33
	Impairment losses	-	-	4	-	4
	Reclassification	-	-	4	-	4
	Disposals	-	-	(2)	-	(2)


	At 31^st March 2025	91	2	590	-	683



	Carrying amount at 31^st March 2025	39	-	169	389	597


	Carrying amount at 31^st March 2024	41	-	168	240	449

	Carrying amount at 1^st April 2023	43	-	149	158	350


37	Goodwill
	As at 31^st March 2025 and 31^st March 2024, the cost of goodwill was £123 million with an accumulated impairment of £10 million resulting in a carrying amount of £113 million.

	The parent company's goodwill balance of £113 million relates to the Catalyst Technologies cash-generating unit. Refer to note 5 for further information on the impairment testing performed.
38	Other intangible assets


		Computer software	Patents, trademarks and licences	Acquired research and technology	Development expenditure	Total
		£m	£m	£m	£m	£m


	Cost

	At 31^st March 2024	477	9	-	13	499
	Additions	51	-	-	-	51
	Transfers from property, plant and equipment (note 36)	21	-	-	-	21
	Reclassification	1	(1)	-	-	-


	At 31^st March 2025	550	8	-	13	571



	Accumulated amortisation and impairment
	At 31^st March 2024	221	4	-	17	242
	Charge for the year¹	44	1	-	(4)	41
	Impairment losses	28	-	-	-	28


	At 31^st March 2025	293	5	-	13	311



	Carrying amount at 31^st March 2025	257	3	-	-	260


	Carrying amount at 31^st March 2024	256	5	-	(4)	257


	Carrying amount at 1^st April 2023	246	4	1	(4)	247

	¹ The reversal of depreciation is to correct a historical brought forward error where the development expenditure has a negative net book value.

39	Investments in subsidiaries


		Cost of investments in subsidiaries		Accumulated impairment	Carrying amount
			£m	£m	£m


	At 31^st March 2024		2,370	(262)	2,108
	Additions		1	-	1
	Disposals		(9)	-	(9)


	At 31^st March 2025		2,362	(262)	2,100

45	Borrowings
	The parent company's non-current borrowings are consistent with the group balances with the exception of the cross currency interest rate swaps of £nil (2024: £3 million) which are designated as fair value hedges instead of net investment hedges - see note 20.

			2025	2024
			£m	£m

	Current
	3.57% £65 million Bonds 2024		-	(65)
	3.565% $50 million KfW loan 2024		-	(40)
	3.14% $130 million Bonds 2025		(100)	-
	1.40% €77 million Bonds 2025		(63)	-
	2.54% £45 million Bonds 2025		(45)	-
	3.79% $130 million Bonds 2025		(100)	-


	Borrowings		(308)	(105)



46	Provisions


		Restructuring provisions	Other provisions	Total
		£m	£m	£m

	At 31^st March 2024	23	54	77
	Charge for the year	-	5	5
	Net sale of metal	-	(7)	(7)
	Utilised	(16)	-	(16)


	At 31^st March 2025	7	52	59



			2025	2024
			£m	£m


	Current		57	76
	Non-current		2	1


	Total provisions		59	77

47	Share capital and other reserves
		Share capital and dividends
		The parent company's disclosures relating to share capital, dividends and purchase of treasury shares are consistent with the group disclosures. Refer to note 25 for further information.

		Other reserves
				Hedging reserve
			Capital redemption reserve	Forward currency contracts	Cross currency swaps	Forward metal contracts	Total other reserves
			£m	£m	£m	£m	£m


		At 1^st April 2023	13	(3)	1	60	71
		Cash flow hedges ─ gains / (losses) taken to equity	-	8	(4)	27	31
		Cash flow hedges ─ transferred to revenue (income statement)	-	4	-	(31)	(27)
		Cash flow hedges ─ transferred to cost of sales (income statement)	-	(5)	-	-	(5)
		Cash flow hedges ─ transferred to foreign exchange (income statement)	-	-	2	-	2
		Tax on items taken directly to or transferred from equity	-	(6)	-	6	-

		At 31^st March 2024	13	(2)	(1)	62	72
		Cash flow hedges ─ gains / (losses) taken to equity	-	7	1	(2)	6
		Cash flow hedges ─ transferred to revenue (income statement)	-	(3)	-	(41)	(44)
		Cash flow hedges ─ transferred to cost of sales (income statement)	-	(2)	-	-	(2)
		Cash flow hedges ─ transferred to foreign exchange (income statement)	-	-	2	-	2
		Cancelled ordinary shares from share buyback	18	-	-	-	18
		Tax on items taken directly to or transferred from equity	-	-	-	10	10


		At 31^st March 2025	31	-	2	29	62




48	Related undertakings

Risk Description	How we mitigate the risk
Business failure through cyber-attack or other IT incident JM faces risks related to its Information and Operational Technology (IT/OT), including failure to adapt to evolving business needs, system disruptions or major cyber-security incidents. These issues could impact business continuity, data integrity and compliance. As with all organisations, JM faces an evolving and volatile threat environment that comprises both geopolitical and criminal threat actors.	• Core systems continue to be updated to reduce reliance on legacy systems. • Horizon scanning across the network in place to identify emerging cyber risks. • IT operating model changes have been implemented to better support JM's future needs. • Ongoing cybersecurity awareness training helps employees recognise and prevent vulnerabilities. • Cyber risk champions have been recruited across the organisation to strengthen risk management efforts. • A programme of continuous improvement is in place to ensure JM maintains resilience against an evolving threat environment. • System monitoring and other controls are in place to ensure anomalies are promptly identified and remediated across our systems.
Risk Description	How we mitigate the risk
Failure to deliver business value from capital expenditure JM's growth depends on the effective allocation and execution of capital expenditure. Delays, cost overruns, poor investment decisions or ineffective management could undermine expected value, leading to inefficient resource use, reduced competitiveness and failure to meet market and customer needs.	• Creation of board-level Investment Committee to enhance oversight, prioritise capital allocation and ensure effective execution of all capital projects. • We have embedded project frameworks, with business-wide compliance as a key value driver and a foundation of governance. • Delivering the 3rd Century Refining (3CR) project under robust governance. • Learnings from previous capital projects continue to be incorporated, ensuring historical weak points are addressed in the front end planning of new investments.
Risk Description	How we mitigate the risk
Failure in one or more of JM's critical operational assets Failure of one or more critical operational assets could disrupt JM's supply chains, performance and reputation. This risk includes ageing infrastructure as well as the growing impact of climate change, such as extreme weather events and natural disasters.	• Critical asset investment continues to be prioritised across the business based on risk exposure. • Continuously improving competency at JM sites to effectively manage engineering risks associated with aged assets consistently. • Strengthening the risk management process to ensure risks are identified, controlled and mitigated in a consistent manner across JM. Managing any outages as efficiently as possible to minimise downtime. • Maintenance standards continue to be improved to ensure consistency across sites. • Climate-related physical risk assessments have been conducted at key sites in line with TCFD recommendations to strengthen resilience against environmental risks.
Risk Description	How we mitigate the risk
Breach to security or control of platinum group metals in our processes JM faces security risks due to the high value of its products, site locations and supply chain dependencies. These risks include internal theft, organised crime and challenges in metal reconciliation, which vary across different parts of the business.	• We maintain a robust security management system and security standards to protect our metal holdings. • On-site security capabilities have been improved through partnerships with leading technology and security providers. • Increased focus on security risks at a leadership level driving greater awareness and accountability. • Metal control improvement plans are in place across business units. • Long-term strategic planning around the metal requirements of the group is undertaken to ensure appropriate positioning for the future.
Risk Description	How we mitigate the risk
Disruption to our supplier ecosystem and the supply of purchased goods and services JM relies on a global network of suppliers for key materials and services, some of which are highly specialised with limited alternative sources. Emerging industries like hydrogen and sustainable aviation fuel (SAF) have immature supply chains for raw materials, making them particularly vulnerable to disruptions.	• Global category management approach implemented aligning business requirements with supplier strategies. • Developing standardised supplier performance management processes, including due diligence, sustainability assessments, audits and ongoing performance and risk monitoring. • Strengthening and consolidating strategic relationships with selected suppliers. • Improving supplier contracting and JM Customer & Industry End-to-End (E2E) Audits to ensure compliance and stability.
Risk Description	How we mitigate the risk
A significant geopolitical or macroeconomic event impacting JM's operations JM's global footprint exposes the business to potential disruptions from geopolitical and macroeconomic events, including conflicts, trade disputes, sanctions, pandemics, financial crises and economic instability in key markets.	• Executing JM's tariff strategy globally, encompassing all countries that JM operates within. • Active advocacy within US, Europe and other jurisdictions through government dialogues to promote strategic partnership on PGMs and enhance supply chain resilience. • Ongoing direct engagement with policymakers to secure support for technologies and processes that our customers are advancing, including: FT-SAF, LCH and green hydrogen. • Continuing to use a 'China-for-China' approach in decision-making and de-risking supply chains through localisation and supplier diversification.
Risk Description	How we mitigate the risk
Development of offering that do not meet the future needs of customers A failure to develop competitive solutions - such as products, licensing and technical services - that align with evolving customer needs and market trends. This includes challenges in identifying customer expectations, translating them into effective R&D and scaling new technologies for industrial use.	• Leveraging our strong relationships with customers and suppliers to identify current and future needs that can be addressed through JM's innovation portfolio. • A common set of scenarios used to understand, identify and prioritise opportunities in emerging markets. • Enhanced by technology scanning and engagement in collaborative R&D projects with external partners. • Applying differentiated portfolio management and investment approaches to support both mature and growth businesses appropriately. This includes the use of New Product Introduction processes to ensure effective execution to value from R&D investments. • Promoting cross functional secondments to drive talent development and promote knowledge sharing between technical and commercial teams.
Risk Description	How we mitigate the risk
A low-performing culture undermines our strategy A low-performing organisation characterised by an insufficiently engaged and inclusive workforce, or a misalignment of skills and talent, would impact our ability to execute our strategy successfully.	• Education of all people managers so they clearly understand what is expected of them, monitoring their effectiveness through employee survey feedback, People Manager Expectations and Engagement Survey twice a year. • Heightened focus on performance management by giving clear feedback, differentiating performance and taking actions to address performance gaps. • Focused investment in commercial skills and engineering • training - focusing available investment in our two strategic areas. • Implementation of our Ignite leadership programme, supporting leaders to focus on the key leadership expectations to drive strategy execution at pace.
Risk Description	How we mitigate the risk
Market Factors, customer demand and margin sustainability JM may not accurately predict changes in customer demand, regulation, or market trends, particularly as industries move away from fossil fuels. There is also a risk of missing new opportunities or responding to change too slowly or quickly.	• Strengthened investment governance through a board-level Investment Committee, phased investment approach and targeted de-risking of growth businesses via partnerships and joint ventures, with a strong focus on cash management and disciplined capital allocation. • Ongoing monitoring of leading market indicators to ensure investment is directed towards the most promising and highest return opportunities. • Reinforcing sustainable growth in Catalyst Technologies through enhanced market visibility, strategic partnerships and focused business development. • Implementation of JM Global Services (JMGS) across many operating countries, alongside continuous improvement initiatives, is enhancing operational efficiency and supporting margin sustainability.
Risk Description	How we mitigate the risk
A significant work-related EHS incident A major work-related EHS (Environmental, Health and Safety) incident - such as a fire, explosion or toxic gas release - could result from process safety failures or regulatory non-compliance, threatening JM's operations, product portfolios and reputation.	• A strong health and safety culture is maintained through clear policies, training and regular audits. • We have adopted a regional delivery model with 2^nd line of defence assurance capabilities to strengthen oversight. • Process safety hazards continue to be managed through deep-dive reviews. • Environmental, regulatory and reputational risks are continuously monitored, with mitigation plans in place. • Implementation of product stewardship inventory management software to allow us to assess substances of concern and meet our regulatory needs.
Risk Description	How we mitigate the risk
Unsuccessful delivery of key business transformation programmes JM's transformation involves multiple programmes aimed at driving growth, efficiency and competitiveness across its businesses. There is a risk that failure to successfully execute these programmes could delay expected benefits, disrupt customer services or lead to a loss of key talent.	• Major transformation programmes are staffed with experienced leaders and subject matter experts. • Ongoing coaching and support ensure alignment with the JM Transformation Standard. • Robust change management and communication plans support key cross-JM initiatives like JM Global Solutions. • Resource conflicts in overlapping programmes are proactively identified and addressed with programme leads.