21  Loans and borrowings

21.1  Employee Bonds

Employees have had the opportunity to participate in short‑term employee bonds with a maturity of one year, a one-year EURIBOR + 3% base rate interest, and a variable surplus based on the realized profit before income tax of KPMG N.V. In 2024, 4,708 bonds with a nominal value of EUR 1 were issued, of which 125 bonds were redeemed early (2023: 4,820 bonds with a nominal value of EUR 1, of which 103 bonds were redeemed early). The balance includes an interest accrual for the expected payout of EUR 199 (2022/2023: EUR 190).

21.2  Loans payable to Coöperatie KPMG U.A. relating to partners

The interest charged on current accounts included in loans is 3.1% (2022/2023: 3.0%). Partners participate in a mandatory loan program totaling EUR 30.1 million as at September 30, 2024 (September 30, 2023: EUR 27.8 million) bearing an interest of  8.0% (2022/2023: 8.0%). Partners also have the opportunity to subscribe to deposits with a duration varying between one and five years. The total amount subscribed as at September 30, 2024 was EUR 33.1 million, with an interest rate of 3.5% to 6.0% depending on the duration of the loan (September 30, 2023: EUR 38.6 million with an interest rate of 3.5% to 6.3%).

Movements in financing by partners:

Other movements refer mainly to amounts withdrawn by partners.

21.3  Loans payable to Coöperatie KPMG U.A. relating to former partners

Non-current loans payable to Coöperatie KPMG U.A. relating to former partners comprise early retirement liabilities to former partners and have an average term of 2.1 years (2022/2023: 2.0 years) and an average interest rate of 2.8% (2022/2023: 3.5%). The average interest on current loans payable to former partners is 2.8% (2022/2023: 1.7%).

21.4  Lease liability

Lease liabilities are payable as follows: