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"decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2021-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-249": { "value": "18500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-250": { "value": "49000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-252": { "value": "NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Workspace Group PLC (the \u2018Company\u2019) and its subsidiaries (together \u2018the Group\u2019) are engaged in property investment in the form of letting of high-quality business accommodation to businesses across London. The Company is a public limited company which is listed on the London Stock Exchange and is incorporated and domiciled in the UK. The registered number of the Company is 02041612. BASIS OF PREPARATION These \ufb01nancial statements are presented in Sterling, which is the Company\u2019s functional currency and the Group\u2019s presentational currency , and have been prepared and approved by the Directors on a going concern basis, in accordance with United Kingdom adopted international accounting standards . The Company has elected to prepare its Parent Company \ufb01nancial statements in accordance with FRS101; these are presented on pages 251 to 254. The Board is required to assess the appropriateness of applying the going concern basis in the preparation of the \ufb01nancial statements. Macroeconomic and political issues, including the war in Ukraine, have heightened wider concerns around the UK economy meaning there is a continuing risk of an economic downturn. In this context, the Directors have fully considered the business activities and principal risks of the Company and Group. Further details of the principal risks can be found on pages 69 to 76. In preparing the assessment of going concern, the Board has reviewed a number of different scenarios over the 12-month period from the date of signing of these \ufb01nancial statements. These scenarios include a severe, but realistically possible, scenario which includes the following key assumptions: \u2013 A reduction in occupancy, re\ufb02ecting weaker customer demand for office space. \u2013 A reduction in the pricing of new lettings, resulting in a reduction in average rent per sq. ft. \u2013 Elevated levels of counterparty risk, with bad debt signi\ufb01cantly higher than pre-pandemic levels. \u2013 Continued elevated levels of cost in\ufb02ation. \u2013 Further increases in SONIA rates impacting the cost of variable rate borrowings. \u2013 Estimated rental value reduction in-line with the decline in average rent per sq. ft. and outward movement in investment yields resulting in a lower property valuation. The appropriateness of the going concern basis is reliant on the continued availability of borrowings, sufficient liquidity and compliance with loan covenants. All borrowings require compliance with LTV and Interest Cover covenants. As at the tightest test date in the scenarios modelled, the Group could withstand a reduction in net rental income of 36% compared to the March 2023 Net Rental Income and a fall in the asset valuation of 42% compared to 31 March 2023 before these covenants are breached, assuming no mitigating actions are taken. As at 31 March 2023, the Company had signi\ufb01cant headroom with \u00a3150.0m of cash and undrawn facilities. The majority of the Group\u2019s debt is long-term \ufb01xed-rate committed facilities comprising a \u00a3300.0m green bond, \u00a3300.0m of private placement notes, and a \u00a365.0m secured loan facility. Shorter-term liquidity and \ufb02exibility is provided by \ufb02oating-rate bank facilities which comprise \u00a3335.0m of sustainability-linked revolving credit facilities (RCFs), \u00a32.0m overdraft facility and \u00a350.0m of facilities put in place for the acquisition of McKay Securities (formerly McKay Securities PLC) which matures in September 2023. The RCF facilities comprise \u00a3135.0m due in April 2025 and \u00a3200.0m due in December 2025, with both facilities having the potential to extend by a further year. The \u00a3200.0m RCF also has the option to increase the facility amount by up to \u00a3100.0m, subject to lender consent. For the full period of assessment under the scenarios tested, the Group maintains sufficient headroom in its cash and loan facilities. Consequently, the Directors have a reasonable expectation that the Group and 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 \ufb01nancial statements and therefore the \ufb01nancial statements have been prepared on a going concern basis. Consideration of climate change In preparing the \ufb01nancial statements, the Directors have considered the impact of climate change, particularly in the context of the risks identi\ufb01ed in the TCFD disclosure on pages 92 to 103 this year. There has been no material impact identi\ufb01ed on the \ufb01nancial reporting judgements and estimates. In particular, the Directors considered the impact of climate change in respect of the following areas: \u2013 The potential impact on the valuation of our investment properties due to transition risks; \u2013 Going concern and viability of the Group over the next three years; \u2013 The capital expenditure required to upgrade our assets EPC ratings and deliver our net zero targets. Whilst there is currently minimal medium-term impact expected from climate change, the Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation or the Group\u2019s \ufb01nancial statements. NEW ACCOUNTING STANDARDS, AMENDMENTS AND GUIDANCE a) During the year to 31 March 2023 the Group adopted the following accounting standards and guidance: IFRS Standards 2018-2020 Annual Improvements to IFRS Standards 2018-2020 IAS 37 (amended): Onerous Contracts Cost of Ful\ufb01lling a Contract IAS 16 (amended) Property, Plant and Equipment \u2013 Proceeds before Intended Use IFRS 3 (amended) Reference to the Conceptual Framework There was no material impact from the adoption of these accounting standard amendments on the \ufb01nancial statements. b) The following accounting standards and guidance are not yet effective but are not expected to have a signi\ufb01cant impact on the Group\u2019s \ufb01nancial statements or result in changes to presentation and disclosure only. They have not been adopted early by the Group: IAS 12 (amended) Deferred Tax related to Assets and Liabilities arising from a Single Transaction IAS 8 (amended) Accounting Policies, Changes in Accounting Estimates and Errors: De\ufb01nition IAS 1 (amended) and IFRS Practice Statement 2 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements IFRS 17 Insurance Contracts IFRS 9 Comparative Information IAS 1 (amended) Classi\ufb01cation of Liabilities as Current or Non-Current; Non-Current Liabilities with Covenants; Deferral of Effective Date Amendment IFRS 16 (amended) Lease Liability in a Sale and Leaseback SIGNIFICANT JUDGEMENTS AND CRITICAL ESTIMATES The preparation of \ufb01nancial statements in conformity with generally accepted accounting principles requires the use of estimates and judgements that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. The Group\u2019s signi\ufb01cant accounting policies are stated below. Not all of these accounting policies require management to make subjective or complex judgements or signi\ufb01cant estimates. The following is intended to provide an understanding of the signi\ufb01cant estimates within the accounting policies that management consider critical because of the assumptions or estimation involved in their application and their impact on the consolidated \ufb01nancial statements. Critical Estimate: Investment property valuation The Group uses the valuation performed by its independent valuer as the fair value of its investment properties. The valuation is based upon the key assumptions of estimated rental values and market-based yields. With regard to redevelopments and refurbishments, future development costs and an appropriate discount rate are also used. In determining fair value, the valuers make reference to market evidence and recent transaction prices for similar properties. Management consider the signi\ufb01cant assumptions to the valuation of investment properties to be estimated rental values and market-based yields. Sensitivities on these assumptions are provided in note 10. Signi\ufb01cant Judgement: McKay Securities acquisition IFRS 3: Business Combinations outlines a series of steps to establish whether a company purchase is an asset acquisition or a business combination. The Group considered whether substantially all of the fair value of the gross assets acquired were concentrated in a single asset or group of similar assets and reviewed the relevant criteria to determine whether there were substantive processes present at the point of acquisition. Following this review, the Group concluded that the transaction should be treated as an asset acquisition, refer to note 10. Accordingly, no goodwill or additional deferred tax relating to pre-acquisition valuation gains arises. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED SIGNIFICANT ACCOUNTING POLICIES The signi\ufb01cant accounting policies adopted in the preparation of these consolidated \ufb01nancial statements are set out below. These policies have been consistently applied to all years presented unless stated otherwise. Basis of consolidation The consolidated \ufb01nancial statements include the \ufb01nancial statements of the Company and all its subsidiary undertakings up to 31 March 2023. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group until the date that control ceases. A list of subsidiaries has been disclosed in note 27. Inter-company transactions, balances and unrealised gains from intra-group transactions are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Investment properties Investment properties are those properties owned or leased by the Group that are held either to earn rental income or for capital appreciation, or both, and are not occupied by the Company or subsidiaries of the Group. Investment property is measured initially at cost, including related transaction costs. After initial recognition, investment property is held at fair value based on a valuation by an independent professional external valuer at each reporting date. The valuation methods and key assumptions applied are explained in note 10. Changes in fair value of investment property at each reporting date are recorded in the consolidated income statement. Investment properties acquired under leases are capitalised at the lease\u2019s commencement at the lower of the fair value of the leased property and the net present value of the minimum lease payments. The investment properties acquired under leases are subsequently carried at fair value plus an adjustment for the carrying amount of the lease obligation. The corresponding rental obligations, net of \ufb01nance charges, are included in current and non-current borrowings. Each lease payment is allocated between liability and \ufb01nance charges so as to achieve a constant rate on the outstanding \ufb01nance balance. The interest element of the \ufb01nance cost is charged to the consolidated income statement. Properties are treated as acquired at the point which the Group assumes the signi\ufb01cant risks an1wards of ownership and are treated as disposed when they are transferred outside of the Group\u2019s control. Existing investment properties which undergo redevelopment and refurbishment for continued future use remain in investment property where the purpose of holding the property continues to meet the de\ufb01nition of investment property as de\ufb01ned above. Subsequent expenditure is charged to the asset\u2019s carrying amount only when it is probable that future economic bene\ufb01ts associated with the expenditure will \ufb02ow to the Group, and the cost of each item can be reliably measured. Certain internal staff costs directly attributable to capital/redevelopment projects are capitalised. All other repairs and maintenance costs are charged to the consolidated income statement during the period in which they are incurred. Capitalised interest on refurbishment/redevelopment expenditure is added to the asset\u2019s carrying amount. Capitalised borrowing costs are calculated by reference to the actual interest rate payable on borrowings or, if \ufb01nanced out of general borrowings, by reference to the average rate payable on funding the assets employed by the Group and applied to the direct redevelopment expenditure. Interest is capitalised from the date of commencement of the redevelopment activity until the date when all the activities necessary to prepare the asset for its intended use are substantially complete. Investment properties are recognised as \u2018assets held for sale\u2019 when it is considered highly probable that sale completion will take place. This is assumed when the property has been actively marketed for a buyer, supported by either the exchange of a contract or agreement of terms with a buyer by the balance sheet date and it is highly probable that its carrying amount will be recovered within one year. Income from the sale of assets is recognised when the signi\ufb01cant risks and returns have been transferred to the buyer. In the case of sales of properties this is generally taken on completion of the contract. In the case of a part disposal agreement, the part of the asset being disposed will be derecognised from investment property when completion is reached or when a lease agreement is signed (i.e. when the risks and rewards of this part of the site transfer to the developer). Pro\ufb01t or loss on disposal is calculated as the consideration receivable (net of costs) less the latest valuation (net book value) and is shown in other income/expense. Consideration can take the form of cash, new commercial buildings and a right to future overage (generally being a share in the proceeds of any future sale of the residential development to be constructed by the developer). Revenue is recognised in the period when all relevant criteria in IFRS 15 are met under the \ufb01ve-step model. Consideration (including overage) is measured at the fair value of the consideration received/ receivable. Commercial property to be received is fair valued using the residual method described in note 10 and is included in investment property. Changes in fair value are recognised through the consolidated income statement in accordance with IAS 40. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED Overage is only recognised once an agreement has been signed with a residential developer. Overage represents a \ufb01nancial asset and is designated as a \ufb01nancial asset at fair value through pro\ufb01t or loss upon initial recognition. The carrying value of overage is assessed at each period end and changes in fair value are taken to other income/expense. Acquisitions An acquisition is recognised when the risks and rewards of ownership have transferred, usually on completion of the transaction. The acquisition method measures assets based on their cost, which is allocated to the property assets on a fair value basis, and includes directly related acquisition costs. Business combinations are accounted for using the acquisition method. Any discount received or acquisition-related costs are recognised in the consolidated income statement. Intangible assets Intangible assets are stated at historical cost, less accumulated amortisation. Acquired computer software licences and external costs of implementing or developing computer software programmes and websites are capitalised. These costs are amortised over the asset\u2019s estimated useful life of \ufb01ve years on a straight-line basis. Costs associated with maintaining computer software programmes including Software as a Service (SaaS) are recognised as an expense as they fall due. Property, plant and equipment Equipment and \ufb01xtures are stated at historical purchase cost less accumulated depreciation and impairment. Historical cost includes the original purchase price of the asset and the costs attributable to bringing the asset to working condition for its intended use. Subsequent expenditure is charged to the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic bene\ufb01ts associated with the expenditure will \ufb02ow to the Group and the cost of each item can be reliably measured. All other repairs and maintenance costs are charged to the consolidated income statement during the period in which they are incurred. Depreciation is provided using the straight-line method to allocate the cost less estimated residual value over the assets\u2019 estimated useful lives which range from four to ten years. The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at least at each \ufb01nancial year end. An asset\u2019s carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount. Other investments Investments in unlisted shares are accounted for under IFRS 9 at fair value, using a valuation multiple and \ufb01nancial information. Changes in fair value are shown in the consolidated statement of comprehensive income. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost less provision for impairment based on the expected credit loss, which uses a lifetime expected loss allowance for all trade receivables based on the individual occupier\u2019s circumstance. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash \ufb02ows. The provision is recorded in the consolidated income statement. Deferred consideration on the disposal of investment properties is included within trade and other receivables. It is fair valued on recognition and at each year end with any movement taken to other expense. Trade and other payables Trade and other payables are initially recognised at fair value and subsequently held at amortised cost. Cash and cash equivalents Cash is represented by cash in hand, restricted cash in the form of tenants\u2019 deposit deeds and deposits held on call with banks and money market funds. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insigni\ufb01cant risk of change in value. Bank overdrafts are included in current liabilities but within cash and cash equivalents for the purpose of the consolidated cash \ufb02ow statement. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost, with any difference between the initial amount (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings, using the effective interest method, except for interest capitalised on redevelopments. Share capital Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Investment in own shares The Group operates an Employee Share Ownership Trust (\u2018ESOT\u2019) and a trust for the Share Incentive Plan (\u2018SIP\u2019). When the Group funds these trusts in order to purchase Company shares, the loan is deducted from shareholders\u2019 equity as investment in own shares. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the person or group that allocates resources to and assesses the performance of the operating segments of an entity. The Group has determined that its chief operating decision maker is the Executive Committee of the Company. As at 31 March 2023, the Group considers that it has only one operating segment, being a single portfolio of commercial property providing business accommodation for rent in and around London. Revenue recognition Revenue comprises rental income, service charges and other sums receivable from the Group\u2019s investment properties. Other sums comprise insurance charges as an agent (in line with IFRS 15), supplies of utilities, premia associated with surrender of tenancies, commissions, fees and other sundry income. All the Group\u2019s properties are leased out under operating leases and are included in investment property in the consolidated balance sheet. In accordance with IFRS 16, rental income from leases is recognised in the consolidated income statement on a straight-line basis over the lease term. Rent received in advance is deferred in the consolidated balance sheet and recognised in the period to which it relates. If the Group provides signi\ufb01cant incentives to its customers the incentives are recognised over the lease term on a straight-line basis. Service charges and other sums receivable from tenants are recognised on an accruals basis by reference to the stage of completion of the relevant service or transactions at the reporting date. These services generally relate to a 12-month period. Direct costs Direct costs comprise service charges and other costs directly recoverable from tenants and non-recoverable costs directly attributable to investment properties and other revenue streams. Exceptional items Exceptional items are those items that, in the Directors\u2019 view, are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the Group\u2019s \ufb01nancial performance. Share based payments The Group operates a number of share schemes under which the Group receives services from employees as consideration for equity instruments of the Company. The fair value of the employee services received in exchange for the grant of share awards and options is recognised as an expense over the vesting period. Fair value is measured by the use of Black-Scholes and Binomial Option Pricing modelling techniques. In valuing equity-settled transactions, assessment is made of any vesting conditions to categorise these into market performance conditions, non-market performance conditions and service conditions. Pensions The Group operates a de\ufb01ned contribution pension scheme. Contributions are charged to the consolidated income statement on an accruals basis. As part of the McKay Securities PLC acquisition in May 2022 the Group took over all responsibilities in relation to the existing McKay de\ufb01ned bene\ufb01t pension scheme. Subsequent to this, the Group entered into a pension buy-out transaction whereby an insurance company took on all current and future liabilities of this de\ufb01ned bene\ufb01t pension scheme, along with related assets. Taxation Current income tax is tax payable on the taxable income for the year and any prior year adjustment, and is calculated using tax rates that are relevant to the \ufb01nancial year. Deferred tax is provided in full on temporary differences between the tax base of an asset or liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised when it is probable that taxable pro\ufb01ts will be available against which the deferred tax asset can be utilised. Compliance with the Real Estate Investment Trust (\u2018REIT\u2019) taxation regime The Group is a REIT and is thereby exempt from tax on both rental pro\ufb01ts and chargeable gains from its UK property rental business. In order to retain REIT status, certain ongoing criteria must be maintained. The main criteria are as follows: \u2013 At the start of each accounting period, the assets of the tax-exempt business must be at least 75% of the total value of the Group\u2019s assets. \u2013 At least 75% of the Group\u2019s total pro\ufb01ts must arise from the tax-exempt business. \u2013 At least 90% of the tax-exempt business earnings must be distributed. Dividend distributions Final dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s \ufb01nancial statements in the period in which the dividends are approved, while interim dividends are recognised when paid. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 1. ANALYSIS OF NET RENTAL INCOME AND SEGMENTAL INFORMATION 2023 2022 Revenue \u00a3m Direct costs 1 \u00a3m Net rental income \u00a3m Revenue \u00a3m Direct costs 1 \u00a3m Net rental income \u00a3m Rental income 136.7 (4.2) 132.5 104.3 (2.9) 101.4 Service charges 30.0 (35.7) (5.7) 21.1 (25.9) (4.8) Empty rates and other non- recoverable costs \u2013 (10.6) (10.6) \u2013 (10.6) (10.6) Services, fees, commissions and sundry income 7.5 (7.1) 0.4 7.5 (6.8) 0.7 174.2 (57.6) 116.6 132.9 (46.2) 86.7 1. There are no properties within the current or prior period that are non-rent producing. Included within direct costs for rental income is a charge of \u00a31.0m (2022: \u00a31.5m) and within direct costs for service charges is a charge of \u00a30.1m (2022: \u00a3nil) for expected credit losses in respect of receivables from customers in the period. All of the properties within the portfolio are geographically close to each other and have similar economic features and risks. Management information utilised by the Executive Committee to monitor and review performance is presented as one portfolio. As a result, for the year ended 31 March 2023, management have determined that the Group operates a single operating segment providing business accommodation for rent in and around London. 2. OPERATING (LOSS)/PROFIT The following items have been charged in arriving at operating (loss)/pro\ufb01t: 2023 \u00a3m 2022 \u00a3m Depreciation 1 (note 11) 1.6 1.8 Staff costs (including share based costs) 1 (note 5) 25.3 19.6 Repairs and maintenance expenditure on investment properties 5.4 2.0 Trade receivables impairment (note 13) 1.1 1.5 Amortisation of intangibles 0.7 0.9 Audit fees payable to the Company\u2019s Auditor 0.4 0.3 1. Charged to direct costs and administrative expenses based on the underlying nature of the expenses. Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its associates 2023 \u00a3000 2022 \u00a3000 Audit fees: Audit of Parent Company and consolidated \ufb01nancial statements 330 245 Audit of subsidiary \ufb01nancial statements 40 35 370 280 Fees for other services: Audit-related assurance services 1 70 55 Total fees payable to Auditor 440 335 1. Audit-related assurance services consist of \u00a356k for half year review (2022: \u00a340k); and \u00a314k for Green Bond use of Proceeds Assurance (2022: \u00a315k). 2023 \u00a3m 2022 \u00a3m Total administrative expenses are analysed below: Staff costs 13.4 10.7 Equity settled share based payments 1.4 1.6 Other 6.7 7.0 Total administrative expenses 21.5 19.3 3(a). (LOSS)/PROFIT ON DISPOSAL OF INVESTMENT PROPERTIES AND ASSETS HELD FOR SALE 2023 \u00a3m 2022 \u00a3m Proceeds from sale of investment properties (net of sale costs) 7.0 117.3 Proceeds from sale of assets held for sale (net of sale costs) 52.1 \u2013 Book value at time of sale (59.8) (109.5) (Loss)/pro\ufb01t on disposal (0.7) 7.8 3(b). OTHER INCOME 2023 \u00a3m 2022 \u00a3m Sale of investment \u2013 0.6 \u2013 0.6 In the prior year, the Group disposed of the investment in Lovespace Ltd, resulting in a gain of \u00a30.6m in the year. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 3(c). OTHER EXPENSES 2023 \u00a3m 2022 \u00a3m Change in fair value of deferred consideration (0.1) \u2013 Other expenses (3.7) \u2013 (3.8) \u2013 The value of deferred consideration (cash and overage) from the sale of investment properties has been revalued by CBRE Limited at 31 March 2023 and 31 March 2022. This resulted in a reduction in the fair value of deferred consideration of \u00a30.1m at 31 March 2023 (31 March 2022: \u00a3nil). The amounts receivable are included in the consolidated balance sheet under current trade and other receivables (note 13). Other expenses include exceptional one-off costs relating to the acquisition and integration of McKay Securities Limited (formerly McKay Securities PLC) (\u00a31.9m), including the cost of buying out the McKay Securities Limited de\ufb01ned bene\ufb01t pension scheme (see note 24) and the implementation costs to date of replacing our \ufb01nance and property system (\u00a31.8m). These costs are outside the Group\u2019s normal trading activities. 4. FINANCE COSTS 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and overdrafts (11.9) (1.4) Interest payable on other borrowings (19.0) (16.7) Amortisation of issue costs of borrowings (2.0) (1.1) Interest payable on leases (1.9) (1.7) Interest capitalised on property refurbishments (note 10) 0.2 0.4 Interest receivable 0.2 \u2013 Finance costs (34.4) (20.5) Exceptional \ufb01nance costs (0.6) \u2013 Total \ufb01nance costs (35.0) (20.5) The exceptional \ufb01nance costs in the year related to unamortised \ufb01nance costs for McKay Securities Limited\u2019s previous bank loan which were written off when this was re\ufb01nanced in September 2022. All \ufb01nance costs have been calculated in accordance with IFRS 9, re-estimating the cash \ufb02ows based on the original effective interest rate with the adjustment being taken through pro\ufb01t and loss. 5. EMPLOYEES AND DIRECTORS Staff costs for the Group during the year were: 2023 \u00a3m 2022 \u00a3m Wages and salaries 23.3 17.4 Social security costs 3.8 2.0 Other pension costs (note 24) 1.0 0.8 Equity-settled share based costs (note 23) 1.4 1.6 29.5 21.8 Less costs capitalised (4.2) (2.2) 25.3 19.6 The monthly average number of people employed during the year was: 2023 Number 2022 Number Head office staff (including Directors) 154 124 Estates and property management staff 137 125 291 249 The emoluments and pension bene\ufb01ts of the Directors are determined by the Remuneration Committee of the Board and are set out in detail in the Directors\u2019 Remuneration Report on pages 178 to 211. These form part of the \ufb01nancial statements. Total Directors\u2019 emoluments for the \ufb01nancial year were \u00a33.0m (2022: \u00a32.3m), comprising of \u00a32.2m (2022: \u00a32.2m) of Directors\u2019 remuneration, \u00a30.7m (2022: \u00a3nil) gain on exercise of share options and \u00a30.1m (2022: \u00a30.1m) of cash contributions in lieu of pension in respect of two Directors (2022: two). 6. TAXATION 2023 \u00a3m 2022 \u00a3m Current tax: UK corporation tax \u2013 \u2013 Adjustments to tax in respect of previous periods \u2013 \u2013 \u2013 \u2013 Deferred tax: On origination and reversal of temporary differences 0.3 0.1 0.3 0.1 Total taxation charge 0.3 0.1 Taxation chargeable in the year relates to income from non-REIT activities such as overage, meeting room income and utilities recharges. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 6. TAXATION CONTINUED The tax on the Group\u2019s pro\ufb01t for the year differs from the standard applicable corporation tax rate in the UK of 19% (2022: 19%). The differences are explained below: 2023 \u00a3m 2022 \u00a3m (Loss)/pro\ufb01t before taxation (37.5) 124.0 Tax at standard rate of corporation tax in the UK of 19% (2022: 19%) (7.1) 23.6 Effects of: REIT exempt income (12.1) (11.3) Changes in fair value not subject to tax as a REIT 17.7 (13.1) Share based payment adjustments (0.3) 0.4 Unrecognised losses carried forward 1.8 0.4 Other non-taxable expenses 0.3 0.1 Total taxation charge 0.3 0.1 The Group is a Real Estate Investment Trust (\u2018REIT\u2019). The Group\u2019s UK property rental business (both income and capital gains) is exempt from tax. The Group estimates that as the majority of its future pro\ufb01ts will be exempt from tax, future tax charges are likely to be low. An increase in the rate of corporation tax was enacted on 24 May 2021 and, from 1 April 2023, the corporation tax rate will increase to 25%. This will increase the Company\u2019s future current tax charge accordingly. The Group currently has an unrecognised asset in relation to tax losses from the non-REIT business carried forward of \u00a37.4m (2022: \u00a37.3m) calculated at a corporation tax rate of 25% (2022: 25%). 2023 \u00a3m 2022 \u00a3m Deferred tax assets: \u2013 Deferred tax to be recovered within 12 months \u2013 0.4 Deferred tax liabilities: \u2013 Deferred tax liabilities to be realised within 12 months \u2013 (0.1) Deferred tax assets (net) \u2013 0.3 The movement in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: Deferred tax liabilities Other income (overage receipts) \u00a3m At 1 April 2021 0.1 Credited to income statement \u2013 At 31 March 2022 0.1 Credited to income statement (0.1) At 31 March 2023 \u2013 Deferred tax assets Expenses (share based payment) \u00a3m At 31 March 2021 (0.5) Charged to income statement 0.1 At 31 March 2022 (0.4) Charged to income statement 0.4 At 31 March 2023 \u2013 7. DIVIDENDS Payment date Per share 2023 \u00a3m 2022 \u00a3m For the year ended 31 March 2021: Final dividend August 2021 17.75p \u2013 32.1 For the year ended 31 March 2022: Interim dividend February 2022 7.0 p \u2013 12.7 Final dividend August 2022 14.5p 27.8 \u2013 For the year ended 31 March 2023: Interim dividend February 2023 8.4p 16.1 \u2013 Dividends for the year 43.9 44.8 Timing difference on payment of withholding tax (0.4) (1.5) Dividends cash paid 43.5 43.3 The Directors are proposing a \ufb01nal dividend in respect of the \ufb01nancial year ended 31 March 2023 of 17.4 pence per ordinary share, which will absorb an estimated \u00a333.3m of retained earnings and cash. If approved by the shareholders at the AGM, it will be paid on 4 August 2023 to shareholders who are on the register of members on 7 July 2023. The dividend will be paid as a REIT Property Income Distribution (\u2018PID\u2019) net of withholding tax where appropriate. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 8. EARNINGS PER SHARE Earnings used for calculating earnings per share: 2023 \u00a3m 2022 \u00a3m Basic and diluted earnings (37.8) 123.9 Decrease/(increase) in fair value of investment properties 88.0 (68.7) Impairment of assets held for sale 5.1 \u2013 Loss/(pro\ufb01t) on disposal of investment properties 0.7 (7.8) EPRA earnings 56.0 47.4 Adjustment for non-trading items: Other expenses/(income) 3.8 (0.6) Exceptional \ufb01nance costs 0.6 \u2013 Taxation 0.3 0.1 Trading pro\ufb01t after interest 60.7 46.9 Earnings have been adjusted to derive an earnings per share measure as de\ufb01ned by the European Public Real Estate Association (\u2018EPRA\u2019) and an adjusted underlying earnings per share measure. Number of shares used for calculating earnings per share: 2023 Number 2022 Number Weighted average number of shares (excluding own shares held in trust) 190,470,363 180,983,916 Dilution due to share option schemes 1,129,310 998,280 Weighted average number of shares for diluted earnings per share 191,599,673 181,982,196 In pence: 2023 2022 Basic (loss)/earnings per share (19.9p) 68.5p Diluted (loss)/earnings per share (19.9p) 68.1p EPRA earnings per share 29.4p 26.2p Adjusted underlying earnings per share 1 31.7p 25.8p 1. Adjusted underlying earnings per share is calculated by dividing trading pro\ufb01t after interest by the diluted weighted average number of shares of 191,599,673 (2022: 181,982,196). The diluted loss per share for the period to 31 March 2023 has been restricted to a loss of 19.9p per share, as the loss per share cannot be reduced by dilution in accordance with IAS 33 Earnings per Share. 9. NET ASSETS PER SHARE AND TOTAL ACCOUNTING RETURN Number of shares used for calculating net assets per share: 2023 Number 2022 Number Shares in issue at year end 191,638,357 181,125,259 Less own shares held in trust at year end (152,550) (162,113) Dilution due to share option schemes 1,201,277 1,078,852 Number of shares for calculating diluted adjusted net assets per share 192,687,084 182,041,998 EPRA Net Asset Value Metrics The Group measures \ufb01nancial position with reference to EPRA Net Tangible Assets (NTA), Net Reinvestment Value (NRV) and Net Disposal Value (NDV). March 2023 March 2022 EPRA NRV \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m EPRA NRV \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m IFRS Equity attributable to shareholders 1,787.7 1,787.7 1,787.7 1,799.6 1,799.6 1,799.6 Intangibles per IFRS balance sheet \u2013 (2.0) \u2013 \u2013 (1.9) \u2013 Excess of book value of debt over fair value \u2013 \u2013 86.6 \u2013 \u2013 13.0 Purchasers\u2019 costs 186.4 \u2013 \u2013 163.3 \u2013 \u2013 EPRA measure 1,974.1 1,785.7 1,874.3 1,962.9 1,797.7 1,812.6 EPRA measure per share \u00a310.24 \u00a39.27 \u00a39.73 \u00a310.78 \u00a39.88 \u00a39.96 Total accounting return Total Accounting Return 2023 \u00a3 2022 \u00a3 Opening EPRA net tangible assets per share (A) 9.88 9.38 Closing EPRA net tangible assets per share 9.27 9.88 (Decrease)/Increase in EPRA net tangible assets per share (0.61) 0.50 Ordinary dividends paid in the year 0.23 0.25 Total return (B) (0.38) 0.75 Total accounting return (B/A) (3.8%) 8.0% The total accounting return for the year comprises the movement in absolute EPRA net tangible assets per share plus dividends paid in the year as a percentage of the opening EPRA net tangible assets per share. The total return for the year ended 31 March 2023 was -3.8% (31 March 2022: 8.0%). NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 10. INVESTMENT PROPERTIES 2023 \u00a3m 2022 \u00a3m Balance at 1 April 2,366.7 2,349.9 Purchase of investment properties 426.6 88.4 Capital expenditure 55.8 30.0 Change in value of lease obligations 3.7 4.7 Capitalised interest on refurbishments (note 4) 0.2 0.4 Disposals during the year (5.5) (109.5) Change in fair value of investment properties (88.0) 68.7 Less: Classi\ufb01ed as assets held for sale (116.2) (65.9) Balance at 31 March 2,643.3 2,366.7 Investment properties represent a single class of property, being business accommodation for rent in and around London. Capitalised interest is included at a rate of capitalisation of 3.9% (2022: 3.0%). The total amount of capitalised interest included in investment properties is \u00a315.1m (2022: \u00a314.9m). The change in fair value of investment properties is recognised in the consolidated income statement. Investment properties include buildings with a carrying amount of \u00a3321.9m (2022: \u00a3315.4m) for which there are lease obligations of \u00a334.7m (2022: \u00a331.0m). Investment property lease commitment details are shown in note 17. During the period, the Group acquired McKay Securities Limited (formerly McKay Securities PLC) adding 32 properties in and around London to the portfolio. One of the properties classi\ufb01ed as held for sale at the end of the prior year was not sold during the year. It is retained within current assets as it is still expected to sell within the next 12 months of 31 March 2023 and has been subject to an impairment charge of \u00a35.1m following the valuation carried out at 31 March 2023. Ten (2022: two) additional properties were reclassi\ufb01ed as held for sale at year-end. Five of these properties have exchanged for sale and are likely to complete within the next 12 months. The transfer value is their year-end valuation per CBRE. Valuation The Group\u2019s investment properties are held at fair value and were revalued at 31 March 2023 by the external valuer, CBRE Limited, a \ufb01rm of independent quali\ufb01ed valuers, in accordance with the Royal Institution of Chartered Surveyors Valuation \u2013 Global Standards. All the properties are revalued at period end regardless of the date of acquisition. In line with IFRS 13, all investment properties are valued on the basis of their highest and best use. For like-for-like properties, their current use equates to the highest and best use. For properties undergoing refurbishment or redevelopment, most of these are still being used for business accommodation in their current state. However, the valuation at the balance sheet date includes the impact of the potential refurbishment and redevelopment as this represents the highest and best use. The Executive Committee and the Board both conduct a detailed review of each property valuation to review appropriate assumptions have been applied and that valuations are appropriate. Meetings are held with the valuers to review and challenge the valuations, to con\ufb01rm that they have considered all relevant information. The valuation of like-for-like properties (which are not subject to refurbishment or redevelopment) is based on the income capitalisation method which applies market-based yields to the Estimated Rental Values (\u2018ERVs\u2019) of each of the properties. Yields are based on current market expectations depending on the location and use of the property. ERVs are based on estimated rental potential considering current rental streams and market comparatives whilst also considering the occupancy and timing of rent reviews at each property. Although occupancy and rent review timings are known, and there is market evidence for transaction prices for similar properties, there is still a signi\ufb01cant element of estimation and judgement in estimating ERVs. As a result of adjustments made to market observable data, the signi\ufb01cant inputs are deemed unobservable under IFRS 13. When valuing properties being refurbished by Workspace, the residual value method is used. The completed value of the refurbishment is determined as for like-for-like properties above. Capital expenditure required to complete the building is then deducted and a discount factor is applied to re\ufb02ect the time period to complete construction and make allowance for construction and market risk to arrive at the residual value of the property. The discount factor used is the property yield that is also applied to the estimated rental value to determine the value of the completed building. Other risks such as unexpected time delays relating to planned capital expenditure are assessed on a project-by-project basis, looking at market comparable data where possible and the complexity of the proposed scheme. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 10. INVESTMENT PROPERTIES CONTINUED Valuation continued Redevelopment properties are also valued using the residual value method. The proposed redevelopment which would be undertaken by a residential developer is valued based on the market value for similar sites and then adjusted for costs to complete, developer\u2019s pro\ufb01t margin and a time discount factor. Allowance is also made for planning and construction risk depending on the stage of the redevelopment. If a contract is agreed for the sale/redevelopment of the site, the property is valued based on agreed consideration. For all methods, the valuers are provided with information on tenure, letting, town planning and the repair of the buildings and sites. The reconciliation of the valuation report total to the amount shown in the consolidated balance sheet as non-current assets, investment properties, is as follows: 2023 \u00a3m 2022 \u00a3m Total per CBRE valuation report 2,741.1 2,402.2 Deferred consideration on sale of property (0.5) (0.6) Head leases treated as leases under IFRS 16 34.7 31.0 Less: tenant incentives recognised under IFRS 16 (8.8) \u2013 Less: Reclassi\ufb01ed as assets held for sale (123.2) (65.9) Total investment properties per balance sheet 2,643.3 2,366.7 The Group\u2019s investment properties are carried at fair value and under IFRS 13 are required to be analysed by level depending on the valuation method adopted. The different valuation methods are as follows: Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2 \u2013 Use of a model with inputs (other than quoted prices included in Level 1) that are directly or indirectly observable market data. Level 3 \u2013 Use of a model with inputs that are not based on observable market data. As noted in the signi\ufb01cant judgements and critical estimates section, property valuations are complex and involve data which is not publicly available and involves a degree of judgement. All the investment properties are classi\ufb01ed as Level 3, due to the fact that one or more signi\ufb01cant inputs to the valuation are not based on observable market data. If the degree of subjectivity or nature of the measurement inputs changes then there could be a transfer between Levels 2 and 3 of classi\ufb01cation. No changes requiring a transfer have occurred during the current or previous years. CBRE have made enquiries to ascertain any sustainability factors which are likely to impact on value, consistent with the scope of their terms of engagement. Sustainability encompasses a wide range of physical, social, environmental, and economic factors that can affect the value of an asset, even if not explicitly recognised. This includes key environmental risks; such as \ufb02ooding, energy efficiency, climate, design, legislation and management considerations \u2013 as well as current and historic land use. Where CBRE recognise the value impacts of sustainability, they re\ufb02ect their understanding of how market participants include sustainability factors in their decisions and the consequential impact on market valuations. The following table summarises the valuation techniques and inputs used in the determination of the property valuation at 31 March 2023. Key unobservable inputs: ERVs \u2013 per sq. ft. Equivalent yields Property category Valuation \u00a3m Valuation technique Range Weighted average Range Weighted average Like-for-like 1,886.9 A \u00a321-\u00a379 \u00a348 5.0%-7.7% 6.2% Completed projects 264.8 A \u00a324-\u00a351 \u00a334 5.8%-6.8% 6.5% Refurbishments 171.9 A/B \u00a321-\u00a353 \u00a335 4.5%-6.7% 5.8% Redevelopments 25.4 A/B \u00a316-\u00a335 \u00a328 4.8%-6.9% 5.5% Acquisitions 268.4 A \u00a313-\u00a370 \u00a334 5.2%-10.8% 7.4% Less : tenant incentives (8.8) N /A \u2013 \u2013 \u2013 \u2013 Head leases 34.7 N /A \u2013 \u2013 \u2013 \u2013 Total 2,643.3 A = Income capitalisation method. B = Residual value method. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 10. INVESTMENT PROPERTIES CONTINUED Valuation continued A key unobservable input for redevelopments at planning stage and refurbishments is developer\u2019s pro\ufb01t. The range is 10%\u201316% with a weighted average of 13%. Costs to complete is a key unobservable input for redevelopments at planning stage with a range of \u00a3262\u2013\u00a3448 per sq. ft. and a weighted average of \u00a3356 per sq. ft. Costs to complete are not considered to be a signi\ufb01cant unobservable input for refurbishments due to the high percentage of costs that are \ufb01xed. Sensitivity analysis: A +/- 10% movement in ERVs or a +/- 25 basis points movement in yields would result in the following increase/decrease in the valuation. \u00a3m +/- 10% in ERVs +/- 25 bps in yields Like-for-like +189/-189 -76/+83 Completed projects +27/-27 -10/+11 Refurbishments +23/-23 -10/+11 Redevelopments +6/-6 -3/+3 Acquisitions +27/-27 -9/+9 The following table summarises the valuation techniques and inputs used in the determination of the property valuation at 31 March 2022. Key unobservable inputs: ERVs \u2013 per sq. ft. Equivalent yields Property category Valuation \u00a3m Valuation technique Range Weighted average Range Weighted average Like-for-like 1,865.1 A \u00a320-\u00a366 \u00a342 4.1%-7.3% 5.5% Completed projects 185.6 A \u00a321-\u00a344 \u00a328 4.9%-6.4% 5.6% Refurbishments 161.3 A/B \u00a318-34 \u00a325 3.6%-6.4% 5.3% Redevelopments 35.3 A/B \u00a313-25 \u00a316 4.5%-6.5% 6.0% Acquisitions 88.4 A \u00a333-\u00a353 \u00a340 4.9%-5.8% 5.4% Head leases 31.0 N /A \u2013 \u2013 \u2013 \u2013 Total 2,366.7 A = Income capitalisation method. B = Residual value method. A key unobservable input for redevelopments at planning stage and refurbishments is developer\u2019s pro\ufb01t. The range is 13%\u201319% with a weighted average of 14%. Costs to complete is a key unobservable input for redevelopments at planning stage with a range of \u00a3213\u2013\u00a3280 per sq. ft. and a weighted average of \u00a3250 per sq. ft. Costs to complete are not considered to be a signi\ufb01cant unobservable input for refurbishments due to the high percentage of costs that are \ufb01xed. Sensitivity analysis: A +/- 10% movement in ERVs or a +/- 25 basis points movement in yields would result in the following increase/decrease in the valuation. \u00a3m +/- 10% in ERVs +/- 25 bps in yields Like-for-like +186/-186 -82/+90 Completed projects +19/-19 -8/+9 Refurbishments +17/-17 -8/+9 Redevelopments +4/-4 -1/+1 Acquisitions +9/-9 -4/+4 NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 11. PROPERTY, PLANT AND EQUIPMENT Cost or valuation Equipment and \ufb01xtures \u00a3m 1 April 2021 10.6 Additions during the year 0.7 Disposals during the year (1.8) Balance at 31 March 2022 9.5 Additions during the year 3.3 Disposals during the year (0.3) Balance at 31 March 2023 12.5 Accumulated depreciation 1 April 2021 6.6 Charge for the year 1.8 Disposals during the year (1.8) Balance at 31 March 2022 6.6 Charge for the year 1.6 Disposals during the year (0.1) Balance at 31 March 2023 8.1 Net book amount at 31 March 2023 4.4 Net book amount at 31 March 2022 2.9 12. OTHER INVESTMENTS The Group holds the following investments: 2023 \u00a3m 2022 \u00a3m 2.8% of share capital of Wavenet Limited 2.1 1.7 2.1 1.7 In the prior year, Wavenet Limited purchased the entire share capital in Excell Holdings Limited. As a result, the Group received cash of \u00a36.2m and acquired 2.8% of share capital in Wavenet Limited. In accordance with IFRS 9 the shares in Wavenet Limited have been valued at fair value, resulting in \u00a30.4m movement in the \ufb01nancial year (2022: no movement), recognised in the consolidated statement of comprehensive income. In addition, included within other income (note 3(b)) in the prior year is \u00a30.6m for the sale of investment in Lovespace Ltd which was previously written off. 13. TRADE AND OTHER RECEIVABLES Current trade and other receivables 2023 \u00a3m 2022 \u00a3m Trade receivables 16.9 11.9 Less provision for impairment of receivables (4.6) (5.2) Trade receivables \u2013 net 12.3 6.7 Prepayments, other receivables and accrued income 22.3 16.2 Deferred consideration on sale of investment properties 11.2 0.6 45.8 23.5 Receivables at fair value Included within deferred consideration on sale of investment properties is \u00a30.5m (2022: \u00a30.6m) of overage which is held at fair value through pro\ufb01t and loss. As the amounts receivable are expected within the following 12 months they have been classi\ufb01ed as current receivables. The deferred consideration arising on the sale of investment properties relates to cash and overage. The overage has been fair valued by CBRE Limited using appropriate discount rates, and will be revalued on a regular basis. This is a Level 3 valuation of a \ufb01nancial asset, as de\ufb01ned by IFRS 13. The change in fair value recorded in the consolidated income statement was a \u00a30.1m decrease (31 March 2022: \u00a3nil) (note 3(c)). 2023 \u00a3m 2022 \u00a3m Deferred consideration on sale of investment properties: Balance at 1 April 0.6 5.1 Cash received \u2013 (4.5) Additions 10.7 \u2013 Change in fair value (0.1) \u2013 Balance at 31 March 11.2 0.6 Receivables at amortised cost The remaining receivables are held at amortised cost. There is no material difference between the above amounts and their fair values due to the short-term nature of the receivables. Trade receivables are impaired when there is evidence that the amounts may not be collectable under the original terms of the receivable. All the Group\u2019s trade and other receivables are denominated in Sterling. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 13. TRADE AND OTHER RECEIVABLES CONTINUED Movements on the provision for impairment of trade receivables are shown below: 2023 \u00a3m 2022 \u00a3m Balance at 1 April 5.2 4.6 Increase in provision for impairment of trade receivables 1.1 1.5 Receivables written off during the year (1.7) (0.9) Balance at 31 March 4.6 5.2 14. CASH AND CASH EQUIVALENTS 2023 \u00a3m 2022 \u00a3m Cash at bank and in hand 12.0 42.3 Restricted cash \u2013 tenants\u2019 deposit deeds 6.5 6.7 18.5 49.0 Tenants\u2019 deposit deeds represent returnable cash security deposits received from tenants and are held in ring-fenced bank accounts in accordance with the terms of the individual lease contracts. 15. TRADE AND OTHER PAYABLES 2023 \u00a3m 2022 \u00a3m Trade payables 15.4 13.2 Other tax and social security payable 15.9 3.8 Tenants\u2019 deposit deeds (note 14) 6.5 6.7 Tenants\u2019 deposits 30.5 26.5 Accrued expenses 26.1 27. 4 Deferred income \u2013 rent and service charges 13.4 8.2 107.8 85.8 There is no material difference between the above amounts and their fair values due to the short- term nature of the payables. 16. BORROWINGS (a) Balances 2023 \u00a3m 2022 \u00a3m Current Bank loans (unsecured) 49.8 \u2013 Non-current Bank loans (unsecured) 197.2 (2.1) Other loans (secured) 63.9 \u2013 3.07% Senior Notes (unsecured) 79.9 79.9 3.19% Senior Notes (unsecured) 119.8 119.8 3.6% Senior Notes (unsecured) 99.9 99.8 Green Bond (unsecured) 298.4 298.1 859.1 595.5 Total borrowings 908.9 595.5 (b) Net debt 2023 \u00a3m 2022 \u00a3m Borrowings per (a) above 908.9 595.5 Adjust for: Cost of raising \ufb01nance 5.1 4.5 914.0 600.0 Cash at bank and in hand (note 14) (12.0) (42.3) Net debt 902.0 557.7 At 31 March 2023, the Group had \u00a3136.0m (2022: \u00a3400.0m) of undrawn bank facilities, a \u00a32.0m overdraft facility (2022: \u00a32.0m) and \u00a312.0m of unrestricted cash (2022: \u00a342.3m). NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 16. BORROWINGS CONTINUED (c) Maturity 2023 \u00a3m 2022 \u00a3m Repayable within one year 50.0 \u2013 Repayable between one and two years \u2013 \u2013 Repayable between two and three years 279.0 \u2013 Repayable between three years and four years \u2013 80.0 Repayable between four years and \ufb01ve years 420.0 80.0 Repayable in \ufb01ve years or more 165.0 440.0 914.0 600.0 Cost of raising \ufb01nance (5.1) (4.5) Total 908.9 595.5 (d) Interest rate and repayment pro\ufb01le Principal at period end \u00a3m Interest rate Interest payable Repayable Current Bank overdraft due within one year or on demand \u2013 Base + 2.25% Variable On demand Bank Loan 50.0 SONIA + 1.75% 1 Monthly September 2023 Non-current Private Placement Notes: 3.07% Senior Notes 80.0 3.07% Half yearly August 2025 3.19% Senior Notes 120.0 3.19% Half yearly August 2027 3.6% Senior Notes 100.0 3.60% Half yearly January 2029 Bank Loan 123.0 SONIA + 1.77% 2 Monthly December 2025 Bank Loan 76.0 SONIA + 1.80% 2 Monthly April 2025 Other Loan (Secured) 65.0 4.02% Monthly May 2030 Green Bond 300.0 2.25% Yearly March 2028 914.0 1. This is an average over the life of the facility. The margin increases from 1.5% to 2.0% over the facility availability period. 2. The base margin is dependent upon the LTV as reported in the client certi\ufb01cate, which is submitted twice a year. The base margin can be adjusted further by up to 4.5bps dependent upon achievement of three ESG-linked metrics. (e) Financial instruments and fair values 2023 Book value \u00a3m 2023 Fair value \u00a3m 2022 Book value \u00a3m 2022 Fair value \u00a3m Financial liabilities held at amortised cost Bank loans 247.0 247.0 (2.1) (2.1) Other loans 63.9 63.5 \u2013 \u2013 Private Placement Notes 299.6 287.8 299.5 301.8 Lease obligations 34.7 34.7 31.0 31.0 Green Bond 298.4 224.0 298.1 282.8 943.6 857.0 626.5 613.5 Financial assets at fair value through other comprehensive income Other investments 2.1 2.1 1.7 1.7 2.1 2.1 1.7 1.7 Financial assets at fair value through pro\ufb01t or loss Deferred consideration (overage) 11.2 11.2 0.6 0.6 11.2 11.2 0.6 0.6 In accordance with IFRS 13, disclosure is required for \ufb01nancial instruments that are carried or disclosed in the \ufb01nancial statements at fair value. The fair values of all the Group\u2019s bank loans and Private Placement Notes have been determined by reference to market prices and discounted expected cash \ufb02ows at prevailing interest rates and are Level 2 valuations. There have been no transfers between levels in the year. The different levels of valuation hierarchy as de\ufb01ned by IFRS 13 are set out in note 10. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 16. BORROWINGS CONTINUED (f) Financial instruments by category Assets 2023 \u00a3m 2022 \u00a3m a) Assets at fair value through pro\ufb01t or loss Deferred consideration (overage) 0.5 0.6 0.5 0.6 b) Loans and receivables Cash and cash equivalents 18.5 49.0 Trade and other receivables excluding prepayments 1 31.7 8.4 50.2 57.4 c) Assets at value through other comprehensive income Other investments 2.1 1.7 2.1 1.7 Total 52.8 59.7 Liabilities 2023 \u00a3m 2022 \u00a3m Other \ufb01nancial liabilities at amortised cost Borrowings 908.9 595.5 Lease liabilities 34.7 31.0 Trade and other payables excluding non-\ufb01nancial liabilities 2 78.5 73.8 1,022.1 700.3 1. Trade and other receivables exclude prepayments of \u00a313.6m (2022: \u00a314.5m) and non-cash deferred consideration of \u00a30.5m (2022: \u00a30.6m). 2. Trade and other payables exclude other tax and social security of \u00a315.9m (2022: \u00a33.8m), corporation tax of \u00a3nil (2022: \u00a3nil) and deferred income of \u00a313.4m (2022: \u00a38.2m). (g) Changes in liabilities from \ufb01nancing activities Bank loans and borrowings \u00a3m Lease liabilities \u00a3m Balance at 1 April 2022 595.5 31.0 Changes from \ufb01nancing cash \ufb02ows: Proceeds from bank borrowings 286.0 \u2013 Repayment of bank borrowings (150.0) \u2013 Finance costs for new/amended borrowing facilities (1.6) \u2013 Finance costs assumed on asset acquisition (1.6) \u2013 Total changes from cash \ufb02ows 132.8 \u2013 Exceptional \ufb01nance costs 0.6 \u2013 Amortisation of issue costs of borrowing 2.0 \u2013 Debt assumed on asset acquisition 178.0 \u2013 Changes in leases \u2013 3.7 Total other changes 180.6 3.7 Balance at 31 March 2023 908.9 34.7 Bank loans and borrowings \u00a3m Lease liabilities \u00a3m Derivatives used for hedging-assets \u00a3m Balance at 1 April 2021 752.8 26.3 8.7 Changes from \ufb01nancing cash \ufb02ows: Proceeds from bank borrowings 25.0 \u2013 \u2013 Repayment of bank borrowings and Private Placement Notes (173.5) \u2013 \u2013 Finance costs for new/amended borrowing facilities (1.3) Repayment of derivatives \u2013 \u2013 (0.7) Total changes from cash \ufb02ows (149.8) \u2013 (0.7) Foreign exchange differences (8.6) \u2013 (8.0) Amortisation of issue costs of borrowing 1.1 \u2013 \u2013 Changes in leases \u2013 4.7 \u2013 Total other changes (7.5) 4.7 (8.0) Balance at 31 March 2022 595.5 31.0 \u2013 NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 17. LEASE OBLIGATIONS Lease liabilities are in respect of leased investment property. Minimum lease payments under leases fall due as follows: 2023 \u00a3m 2022 \u00a3m Within one year 2.1 1.9 Between two and \ufb01ve years 8.4 7.4 Between \ufb01ve and \ufb01fteen years 19.0 18.6 Beyond \ufb01fteen years 180.8 162.4 210.3 190.3 Future \ufb01nance charges on leases (175.6) (159.3) Present value of lease liabilities 34.7 31.0 Following the adoption of IFRS 16, lease obligations are shown separately on the face of the balance sheet. The balance represents a non-current liability as the payment shown within one year of \u00a32.1m (2022: \u00a31.9m) is offset by future \ufb01nance charges on leases of \u00a32.1m (2022: \u00a31.9m). All lease obligations are long leaseholds, therefore, the majority of the obligations fall beyond \ufb01fteen years. 18. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICY The Group has identi\ufb01ed exposure to the following \ufb01nancial risks: \u2013 Market risk \u2013 Credit risk \u2013 Liquidity risk \u2013 Capital risk management The policies for managing each of these risks and the principal effects of these policies on the results for the year are summarised below: (a) Market risk Market risk is the risk that changes in market conditions will affect the Group\u2019s interest rates. Borrowings at variable rates expose the Group to cash \ufb02ow interest rate risk. Borrowings at \ufb01xed rates expose the Group to fair value interest rate risk. The Group \ufb01nances its operations through a mixture of retained pro\ufb01ts and borrowings. The Group borrows at both \ufb01xed and \ufb02oating rates of interest. At 31 March 2023, 73% (2022: 100%) of Group borrowings were \ufb01xed. All transactions entered into are approved by the Board and are in accordance with the Group\u2019s treasury policy. The Board also monitors variances on interest rates to budget and forecast rates to ensure that the risk relating to interest rates is being sufficiently safeguarded. As at year end, a reasonably possible interest rate movement of +/-1.0% would have increased or decreased net interest payable by \u00a32.5m (2022: \u00a3nil). The interest cover covenant in relation to Group borrowings is a ratio of 2.0x and the Group targets a minimum cover of 2.5x. As at 31 March 2023 interest cover was 3.8x. Interest cover is calculated as net rental income divided by \ufb01nance costs (excluding exceptional \ufb01nance costs). (b) Credit risk The Group\u2019s main \ufb01nancial assets are cash and cash equivalents, deposits with banks and \ufb01nancial institutions and trade and other receivables. Credit risk is the risk of \ufb01nancial loss if a tenant or a counterparty to a \ufb01nancial instrument fails to meet its contractual obligations. The Group\u2019s exposure to this risk principally relates to the receivables from tenants, deferred consideration on the sale of investment property and cash and cash equivalent balances held with counterparties. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 18. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICY CONTINUED (b) Credit risk continued The Group\u2019s exposure to credit risk in relation to receivables from tenants is in\ufb02uenced mainly by the characteristics of individual tenants occupying its rental properties. The Group has around 4,910 lettable units at 86 properties with overall occupancy of 81.5%. The largest 10 single tenants generate around 10.3% of net rent roll. As such, the credit risk attributable to individual tenants is low. The Group\u2019s credit risk in relation to tenants is further mitigated by requiring that tenants provide a deposit equivalent to three months\u2019 rent on inception of lease as security against default. Total tenant deposits held are \u00a337.0m (2022: \u00a333.2m). The Group monitors aged debt balances and any potential bad debts every week, the information being reported to the Executive Committee every month as part of the performance monitoring process. The Group\u2019s debt recovery is consistently high and as such is deemed a low risk area. Deferred consideration (cash and overage) on the sale of investment properties is contractual and valued regularly by the external valuer based on current and future market factors. Cash and cash equivalents and \ufb01nancial derivatives are held with major UK high street banks and strict counterparty limits are operated on deposits. The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents (note 14) 18.5 49.0 Trade receivables \u2013 current (note 13) 12.3 6.7 Deferred consideration \u2013 current (note 13) 11.2 0.6 42.0 56.3 The Group\u2019s assessment of expected credit losses involves estimation given its forward-looking nature. Assumptions used in the forward-looking assessment are continually reviewed to take into account likely rent deferrals. (c) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group\u2019s approach to managing liquidity is to target a minimum headroom on loan facilities of \u00a350.0m, so as to have sufficient funds to meet \ufb01nancial obligations as they fall due. This is performed via a variety of methods including daily cash \ufb02ow review and forecasting, monthly monitoring of the maturity pro\ufb01le of debt and the regular revision of borrowing facilities in relation to the Group\u2019s requirements and strategy. The Board reviews compliance with loan covenants which include agreed interest cover and loan to value ratios, alongside review of available headroom on loan facilities. To manage its liquidity effectively, the Group has an overdraft facility of \u00a32.0m (2022: \u00a32.0m), two revolving loan facilities totalling \u00a3335.0m (2022: one facility of \u00a3200.0m) and an acquisition loan facility of \u00a350.0m (2022: \u00a3200.0m). At 31 March 2023 headroom excluding overdraft and cash was \u00a3136.0m (31 March 2022: \u00a3400.0m). The following is an analysis of the contractual undiscounted cash \ufb02ows payable under \ufb01nancial liabilities, derivative \ufb01nancial instruments and trade and other payables existing at the balance sheet date. Contracted cash \ufb02ows are based upon the loan balances and applicable interest rates payable on these at each year end. 31 March 2023 Carrying 2 amount \u00a3m Due within 1 year \u00a3m Due between 1 and 2 years \u00a3m Due between 2 and 3 years \u00a3m Due 3 years and beyond \u00a3m Total contracted cash \ufb02ows \u00a3m Financial liabilities Private Placement Notes 300.0 9.9 9.9 88.3 234.5 342.6 Green Bond 300.0 6.8 6.8 6.8 312.9 333.3 Other loans 65.0 2.6 2.6 2.6 75.4 83.2 Lease liabilities 34.7 2.1 2.1 2.1 204.0 210.3 Trade and other payables 1 78.5 78.5 \u2013 \u2013 \u2013 78.5 778.2 99.9 21.4 99.8 826.8 1,047.9 31 March 2022 Carrying 2 amount \u00a3m Due within 1 year \u00a3m Due between 1 and 2 years \u00a3m Due between 2 and 3 years \u00a3m Due 3 years and beyond \u00a3m Total contracted cash \ufb02ows \u00a3m Financial liabilities Private Placement Notes 300.0 9.9 9.9 9.9 322.6 352.3 Green Bond 300.0 6.8 6.8 6.8 319.5 339.9 Lease liabilities 31.0 1.9 1.9 1.9 187.8 193.5 Trade and other payables 1 73.8 73.8 \u2013 \u2013 \u2013 73.8 704.8 92.4 18.6 18.6 829.9 959.5 1. Trade and other payables exclude other tax and social security of \u00a315.9m (2022: \u00a33.8m), corporation tax of \u00a3nil (2022: \u00a3nil) and deferred income of \u00a313.4m (2022: \u00a38.2m). 2. Excludes unamortised borrowing costs . NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 18. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICY CONTINUED (d) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, and monitor an appropriate mix of debt and equity \ufb01nancing. Equity comprises issued share capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity. Debt comprises the Green Bond, Revolving Credit Facilities from banks, Private Placement Notes less cash at bank and in hand. At 31 March 2023, Group equity was \u00a31,787.7m (2022: \u00a31,799.6m) and Group net debt (debt less cash at bank and in hand) was \u00a3902.0m (2022: \u00a3557.7m). Group gearing at 31 March 2023 was 50% (2022: 31%). The Group\u2019s borrowings are all unsecured apart from \u00a365.0m. The loan to value covenant applicable to these borrowings is 60% and compliance is being met comfortably. Loan to value at 31 March 2023 was 33%. This is calculated using the total CBRE investment property valuation (as per note 10) and the current net debt (as per note 16(b)). Our target is to maintain loan to value below 30%. This may from time-to-time be exceeded up to a maximum of 40% as steps are taken to reduce loan to value to below 30%. 19. NOTES TO CASH FLOW STATEMENT Reconciliation of pro\ufb01t for the year to cash generated from operations: 2023 \u00a3m 2022 \u00a3m (Loss)/pro\ufb01t before tax (37.5) 124.0 Depreciation 1.6 1.8 Amortisation of intangibles 0.7 0.9 Letting fees amortisation 0.5 \u2013 Loss/(pro\ufb01t) on disposal of investment properties 0.7 (7.8) Other expenses/(income) (note 3c) 3.8 (0.6) Net loss/(pro\ufb01t) from change in fair value of investment property 88.0 (68.7) Impairment of assets held for sale 5.1 \u2013 Equity-settled share based payments 1.4 1.6 Finance costs 34.4 20.5 Exceptional \ufb01nance costs 0.6 \u2013 Changes in working capital: (Increase)/decrease in trade and other receivables (6.4) 1.4 Increase in trade and other payables 17.6 7.4 Cash generated from operations 110.5 80.5 For the purposes of the cash \ufb02ow statement, cash and cash equivalents include restricted cash \u2013 tenants\u2019 deposit deeds (note 14). NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 20. SHARE CAPITAL AND SHARE PREMIUM 2023 \u00a3m 2022 \u00a3m Issued: Fully paid ordinary shares of \u00a31 each 191.6 181.1 Movements in share capital were as follows: 2023 Number 2022 Number Number of shares at 1 April 181,125,259 181,113,594 Issue of shares 10,513,098 11,665 Number of shares at 31 March 191,638,357 181,125,259 The Group issued 10,513,098 shares as part of the consideration for the acquisition of McKay Securities Limited (formerly McKay Securities PLC) during the year. The average share price on issue was \u00a36.38 leading to an increase in the merger reserve of \u00a356.6m in the period. In the year there were no share scheme options issued (31 March 2022: 11,665 with net proceeds \u00a3nil). Share capital Share premium 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Balance at 1 April 181.1 181.1 295.5 295.4 Issue of shares 10.5 \u2013 \u2013 0.1 Balance at 31 March 191.6 181.1 295.5 295.5 21. OTHER RESERVES Other investment reserve \u00a3m Equity-settled share based payments \u00a3m Merger reserve \u00a3m Total \u00a3m Balance at 1 April 2021 2.1 22.3 8.7 33.1 Share based payments \u2013 1.6 \u2013 1.6 Issue of shares \u2013 \u2013 \u2013 \u2013 Recycled to retained earnings (2.1) \u2013 \u2013 (2.1) Balance at 31 March 2022 \u2013 23.9 8.7 32.6 Share based payments \u2013 1.4 \u2013 1.4 Issue of shares (note 20) \u2013 \u2013 56.6 56.6 Change in fair value 0.4 \u2013 \u2013 0.4 Balance at 31 March 2023 0.4 25.3 65.3 91.0 In the prior year, the Group sold its investment in Excell Holdings Limited realising a gain recognised in previous periods which has been recycled to retained earnings. 22. INVESTMENT IN OWN SHARES The Company has an Employee Share Ownership Trust (\u2018ESOT\u2019) and a trust for the Share Incentive Plan (\u2018SIP\u2019). Shares are purchased in the market for distribution at a later date in accordance with the terms of the various share schemes. The shares are held by independent trustees. At 31 March 2023, the number of shares held by the ESOT totalled 75,226 (2022: 75,226). The SIP is governed by HMRC rules (note 23). At 31 March 2023, the number of shares held for the SIP totalled 77,324 (2022: 86,887). 2023 \u00a3m 2022 \u00a3m Balance at 1 April 9.9 9.6 Shares purchased for the trusts \u2013 0.3 Balance at 31 March 9.9 9.9 23. SHARE BASED PAYMENTS The Group operates a number of share schemes: (a) Long Term Incentive Plan (\u2018LTIP\u2019) The LTIP scheme is a performance award scheme whereby shares are issued against Group performance measures which are assessed over the three-year vesting period. The performance measures are: \u2013 Relative TSR \u2013 Total Property Return compared to the IPD benchmark The shares are issued at nil cost to the individuals provided the performance conditions are met. Under the 2022 LTIP scheme, 848,199 performance shares were awarded in June 2022 to Directors and Senior Management (2021 LTIP scheme: 495,474 were awarded in June 2021 and 25,781 in November 2021). Details of the movements for the LTIP scheme during the year were as follows: LTIP Number At 1 April 2021 1,366,292 Granted 521,255 Exercised \u2013 Lapsed (500,681) At 31 March 2022 1,386,866 Granted 848,199 Exercised \u2013 Lapsed (470,877) At 31 March 2023 1,764,188 NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 23. SHARE BASED PAYMENTS CONTINUED (a) Long Term Incentive Plan (\u2018LTIP\u2019) continued The 2019 LTIP scheme was due to vest in June 2022 but did not, therefore, no shares were exercised during the year. The average closing share price at the date of exercise of shares exercised during the year was therefore \u00a3nil (2018 LTIP scheme: \u00a3nil). A binomial model was used to determine the fair value of the LTIP grant for the Relative TSR element of the schemes. Assumptions used in the model were as follows: 202 2 LTIP November 202 1 LTIP June 2021 LTIP 2020 LTIP 2019 LTIP Share price at grant 642p 841p 842p 706p 862p Exercise price Nil Nil Nil Nil Nil Average expected life (years) 3 3 3 3 3 Risk-free rate 1.96% 0.49% 0.16% 0.61% 0.52% Average share price volatility 41.5% 42.6% 39.5% 35% 21% Correlation 46% 47% 45% 46% 49% TSR starting factor 0.85 1.14 1.11 0.65 0.92 Fair value per option \u2013 Relative TSR element 333p 446p 475p 207p 322p The Total Property Return compared to the IPD benchmark is a non-market based condition and the intrinsic value is therefore the share price at date of grant of 642p for the 2022 LTIP Scheme in June. At each balance sheet date, the Directors will assess the likelihood of meeting the conditions under this element of the scheme. The impact of the revision to original estimates, if any, is recognised in the income statement with a corresponding adjustment to equity. The assessment at year end for the 2022 LTIP Scheme was that 75% of the Total Property Return element will vest (LTIP 2021: 50%, LTIP 2020: 100%). The expected Workspace share price volatility was determined by taking account of the daily share price movement over a three-year period. The respective FTSE 250 Real Estate share price volatility and correlations were also determined over the same period. Assessment is made of any vesting conditions to categorise these into market performance conditions, non-market performance conditions and service conditions to value equity-settled transactions. The risk-free rate has been determined from market yield curves for government zero-coupon bonds with outstanding terms equal to the average expected term to exercise for each relevant grant. (b) Employee share option schemes The Group operates a Save As You Earn (\u2018SAYE\u2019) share option scheme. Grants under the SAYE scheme are normally exercisable after three or \ufb01ve years\u2019 saving. In accordance with UK practice, the majority of options under the SAYE schemes are granted at a price 20% below the market price ruling at the date of grant. Details of the movements for the SAYE schemes during the year were as follows: SAYE Options outstanding Number Weighted exercise price At 1 April 2021 363,849 \u00a35.60 Options granted 46,554 \u00a36.70 Options exercised (11,665) \u00a37.44 Options lapsed (71,357) \u00a35.78 At 31 March 2022 327,381 \u00a35.65 Options granted 132,890 \u00a35.59 Options exercised \u2013 \u2013 Options lapsed (173,364) \u00a35.75 At 31 March 2023 286,907 \u00a35.56 The average closing share price at the date of exercise for the SAYE options exercised (for the three-year 2019 and the \ufb01ve-year 2017 schemes) during the year was not applicable because no shares were exercised (2022: \u00a38.69). The fair value has been calculated using the Black-Scholes model. Inputs to the model are summarised as follows: 2023 SAYE 3 year 2023 SAYE 5 year 2022 SAYE 3 year 2022 SAYE 5 year Weighted average share price at grant 559p 559p 846p 846p Exercise price 508p 508p 670p 670p Expected volatility 41% 34% 38% 35% Average expected life (years) 3 5 3 5 Risk free rate 2% 2% 0% 0% Expected dividend yield 4% 4% 2% 2% Possibility of ceasing employment before vesting 25% 25% 25% 25% The expected life is the average expected period to exercise. The risk free rate of return is the yield on zero-coupon UK Government bonds of a term consistent with the assumed option life. The expected dividend yield is based on the present value of expected future dividend payments to expiry. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 23. SHARE BASED PAYMENTS CONTINUED (b) Employee share option schemes continued Fair values per share of these options were: 2023 2022 Grant date Fair value of award Grant date Fair value of award SAYE \u2013 three year 27 July 2022 144p 23 July 2021 261p SAYE \u2013 \ufb01ve year 27 July 2022 136p 23 July 2021 261p (c) Share Incentive Plan (\u2018SIP\u2019) All staff were granted \u00a31,000 worth of shares in September 2015, \u00a32,000 in August 2017, \u00a32,000 in September 2019 and \u00a32,000 in September 2021. These shares are held in trust under an HMRC-approved SIP. The shares can be exercised following three years of employment but must be held for a further two years in order to qualify for tax advantages. No shares were granted in the year (2022: 52,170), 15,259 (2022: 6,124) shares were exercised in the year and 9,619 (2022: 9,587) shares lapsed. (d) Year-end summary At 31 March 2023, in total there were 2,111,777 (2022: 1,850,331) share awards/options exercisable on the Company\u2019s ordinary share capital. These are analysed below: Date of grant Exercise price Ordinary shares Number Vested and exercisable Exercisable between LTIP 18 June 2020 \u2013 519,141 \u2013 18.06.2023 \u2013 18 June 2021 \u2013 469,238 \u2013 18.06.2024 \u2013 24 June 2022 \u2013 775,810 \u2013 24.06.2025 \u2013 SAYE 26 July 2018 \u2013 \ufb01ve year \u00a38.60 \u2013 \u2013 01.09.2023 01.03.2024 25 July 2019 \u2013 \ufb01ve year \u00a3 7.02 \u2013 \u2013 01.09.2024 01.03.2025 27 July 2020 \u2013 three year \u00a35.31 135,193 \u2013 01.09.2023 01.03.2024 27 July 2020 \u2013 \ufb01ve year \u00a35.31 7,116 \u2013 01.09.2025 01.03.2026 23 July 2021 \u2013 three year \u00a36.70 27,813 \u2013 01.09.2024 01.03.2025 23 July 2021 \u2013 \ufb01ve year \u00a36.70 894 \u2013 01.09.2026 01.03.2027 27 July 2022 \u2013 three year \u00a35.59 96,230 \u2013 01.09.2025 01.03.2026 27 July 2022 \u2013 \ufb01ve year \u00a35.59 19,661 \u2013 01.09.2027 01.03.2028 SIP 5 September 2019 1 \u2013 21,436 21,436 05.09.2022 \u2013 29 September 2021 1 \u2013 39,245 \u2013 29.09.2024 \u2013 Total 2,111,777 21,436 1. The number of ordinary shares in the SIP scheme does not include 16,643 unallocated shares. The share awards/options outstanding at 31 March 2023 had a weighted average remaining contractual life of: LTIP \u2013 1.4 years (2022: 1.3 years), SAYE \u2013 1.5 years (2022: 1.4 years), SIP \u2013 1.0 year (2022: 1.1 years). (e) Cash-settled share based payments National Insurance payments due on the exercise of non-approved ESOS options and shares from the LTIP are considered cash-settled share based payments. The estimated fair value of the National Insurance cash-settled share based payments have been calculated using the share price at the balance sheet date. At each balance sheet date, the Group revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. (f) Share based payment charges The Group recognised a total charge in relation to share based payments as follows: 2023 \u00a3m 2022 \u00a3m Equity-settled share based payments 1.4 1.6 Cash-settled share based payments \u2013 \u2013 1.4 1.6 The total liability at the end of the year in respect of cash-settled share based schemes was \u00a30.3m (2022: \u00a30.4m). NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 24. PENSIONS The Group operates a de\ufb01ned contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge for this scheme in the year was \u00a31.0m (2022: \u00a30.8m) representing contributions payable by the Group to the fund and is charged through trading pro\ufb01t. The Group\u2019s commitment with regard to pension contributions, consistent with the prior year, ranges from 6.0% to 16.5% of an employee\u2019s salary. The pension scheme is open to every employee in accordance with the Government auto-enrolment rules. The number of employees, including Directors, in the scheme at the year end was 261 (2022: 238). As part of the McKay Securities Limited (formerly McKay Securities PLC) acquisition in May 2022 the Group became liable for the existing McKay de\ufb01ned bene\ufb01t pension scheme. Subsequent to this, on 12 October 2022, the Group entered into a pension buy-out transaction whereby an insurance company took on all current and future liabilities of the scheme in exchange for the assets of the scheme, valued at \u00a35.4m at that date, and a cash contribution from the Company of \u00a31.3m. The scheme had a de\ufb01cit of \u00a30.3m at the half year with the excess settlement charge of \u00a30.9m included within other expenses in the consolidated statement of comprehensive income. The scheme is currently being wound up with completion expected within the next few months. 25. RELATED PARTY TRANSACTIONS Key management for the purposes of related party disclosure under IAS 24 are taken to be the Executive Board Directors, the non-Board Executive Directors and the Non-Executive Directors. Key management compensation is set out below: Key management compensation: 2023 \u00a3m 2022 \u00a3m Short-term employee bene\ufb01ts 5.7 4.7 Total 5.7 4.7 26. CAPITAL COMMITMENTS At the year end the estimated amounts of contractual commitments for future capital expenditure not provided for were: 2023 \u00a3m 2022 \u00a3m Investment property construction 34.4 4.6 For both current and prior period, there were no material obligations for the repair or maintenance of investment properties. All material contracts for enhancement are included in the capital commitments. 27. SUBSIDIARY AND OTHER RELATED UNDERTAKINGS The Company\u2019s subsidiary and other related undertakings at 31 March 2023, and up to the date of signing the \ufb01nancial statements, are listed below. Except where indicated otherwise, the Company owns 100% of the ordinary share capital of the following subsidiary undertakings incorporated and operating in the UK, all of which are consolidated in the Group\u2019s \ufb01nancial statements. UK subsidiaries The registered address of all UK subsidiaries is Canterbury Court, Kennington Park, 1-3 Brixton Road, London SW9 6DE. Name Company Number Nature of business Workspace 12 Limited 05764838 Property Investment Workspace 13 Limited 05834824 Property Investment Workspace 14 Limited 05834831 Property Investment Omnibus Workspace Limited 1,3 01444827 Non-trading United Workspace Limited 1,3 01749661 Non-trading Busworks Limited 1, 3 04108036 Holding Company Workspace Glebe Limited 3 05834811 Non-trading Glebe Three Limited 3 05830231 Non-trading LI Property Services Limited 3 02134039 Insurance Agents Workspace Management Limited 02841232 Property Management Workspace 1 Limited 03726272 Dormant Workspace 10 Limited 02985018 Dormant Workspace 11 Limited 05764848 Dormant Workspace 15 Limited 05834840 Dormant Workspace Holdings Limited 3 03729646 Non-trading Anyspacedirect.co.uk Limited 3 07117982 Non-trading Workspace Newco 1 Limited 10195676 Dormant Workspace Newco 2 Limited 10195681 Dormant McKay Securities Limited 2 00421479 Property Investment Baldwin House Limited 2,3 00692181 Non-trading Workspace Projects (KP) Limited 14186009 Property Investment 1. 100% of the ordinary share capital of this subsidiary is held by other Group companies. 2. McKay Securities Limited (formerly McKay Securities PLC) and Baldwin House Limited were acquired on 6 May 2022. 3. The following subsidiary undertakings are exempt from the Companies Act 2006 requirements relating to the audit of their individual accounts by virtue of Section 479A of the Act as Workspace Group PLC has guaranteed the subsidiary companies under Section 479C of the Act. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED 27. SUBSIDIARY AND OTHER RELATED UNDERTAKINGS CONTINUED Non-UK subsidiaries Name Country of incorporation Registered address Nature of business Workspace 16 (Jersey) Limited Jersey Gasp\u00e9 House, 66-72 The Esplanade, St Helier, Jersey JE2 3QT Non-trading Workspace 17 (Jersey) Limited Jersey 44 Esplanade, St Helier, Jersey JE4 9WQ Holding Company Workspace Salisbury Limited 1 Jersey 44 Esplanade, St Helier, Jersey JE4 9WQ Property Investment Centro Property Limited 1 Guernsey Martello Court, Admiral Park, St Peter Port, Guernsey GY1 3HB Non-trading Stamfordham Road (IOM) Limited 1 Isle of Man 33-37 Athol Street, Douglas, Isle of Man, IM1 1LB Non-trading 1. 100% of the ordinary share capital of these subsidiaries is held by other Group companies. 28. LEASES The majority of the Group\u2019s tenant leases are granted with a rolling three to six-month tenant break clause, although property acquisitions have included customer leases which are much longer, with fewer break clauses. The future minimum rental income under leases granted to tenants are shown below. Land and buildings: 2023 \u00a3m 2022 \u00a3m Within one year 85.0 61.1 Between one and two years 28.4 15.9 Between two and three years 16.3 9.6 Between three and four years 9.5 6.5 Between four and \ufb01ve years 8.0 4.4 Beyond \ufb01ve years 18.4 13.3 165.6 110.8 29. POST BALANCE SHEET EVENTS On 16 May 2023 the Group announced the exchange for sale of \ufb01ve light industrial and logistics properties in the South East of England for a total consideration of \u00a382.0m. The sale price is in line with the 31 March 2023 valuation and is at a net initial yield of 4.5%. NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-254": { "value": "Workspace Group PLC (the \u2018Company\u2019) and its subsidiaries (together \u2018the Group\u2019) are engaged in property investment in the form of letting of high-quality business accommodation to businesses across London. The Company is a public limited company which is listed on the London Stock Exchange and is incorporated and domiciled in the UK. The registered number of the Company is 02041612. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-3": { "value": "Workspace Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-4": { "value": "(the \u2018Company\u2019) and its subsidiaries (together \u2018the Group\u2019) are engaged in property investment in the form of letting of high-quality business accommodation to businesses across London. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-5": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-6": { "value": " UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-251": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-255": { "value": "BASIS OF PREPARATION These \ufb01nancial statements are presented in Sterling, which is the Company\u2019s functional currency and the Group\u2019s presentational currency , and have been prepared and approved by the Directors on a going concern basis, in accordance with United Kingdom adopted international accounting standards . The Company has elected to prepare its Parent Company \ufb01nancial statements in accordance with FRS101; these are presented on pages 251 to 254. The Board is required to assess the appropriateness of applying the going concern basis in the preparation of the \ufb01nancial statements. Macroeconomic and political issues, including the war in Ukraine, have heightened wider concerns around the UK economy meaning there is a continuing risk of an economic downturn. In this context, the Directors have fully considered the business activities and principal risks of the Company and Group. Further details of the principal risks can be found on pages 69 to 76. In preparing the assessment of going concern, the Board has reviewed a number of different scenarios over the 12-month period from the date of signing of these \ufb01nancial statements. These scenarios include a severe, but realistically possible, scenario which includes the following key assumptions: \u2013 A reduction in occupancy, re\ufb02ecting weaker customer demand for office space. \u2013 A reduction in the pricing of new lettings, resulting in a reduction in average rent per sq. ft. \u2013 Elevated levels of counterparty risk, with bad debt signi\ufb01cantly higher than pre-pandemic levels. \u2013 Continued elevated levels of cost in\ufb02ation. \u2013 Further increases in SONIA rates impacting the cost of variable rate borrowings. \u2013 Estimated rental value reduction in-line with the decline in average rent per sq. ft. and outward movement in investment yields resulting in a lower property valuation. The appropriateness of the going concern basis is reliant on the continued availability of borrowings, sufficient liquidity and compliance with loan covenants. All borrowings require compliance with LTV and Interest Cover covenants. As at the tightest test date in the scenarios modelled, the Group could withstand a reduction in net rental income of 36% compared to the March 2023 Net Rental Income and a fall in the asset valuation of 42% compared to 31 March 2023 before these covenants are breached, assuming no mitigating actions are taken. As at 31 March 2023, the Company had signi\ufb01cant headroom with \u00a3150.0m of cash and undrawn facilities. The majority of the Group\u2019s debt is long-term \ufb01xed-rate committed facilities comprising a \u00a3300.0m green bond, \u00a3300.0m of private placement notes, and a \u00a365.0m secured loan facility. Shorter-term liquidity and \ufb02exibility is provided by \ufb02oating-rate bank facilities which comprise \u00a3335.0m of sustainability-linked revolving credit facilities (RCFs), \u00a32.0m overdraft facility and \u00a350.0m of facilities put in place for the acquisition of McKay Securities (formerly McKay Securities PLC) which matures in September 2023. The RCF facilities comprise \u00a3135.0m due in April 2025 and \u00a3200.0m due in December 2025, with both facilities having the potential to extend by a further year. The \u00a3200.0m RCF also has the option to increase the facility amount by up to \u00a3100.0m, subject to lender consent. For the full period of assessment under the scenarios tested, the Group maintains sufficient headroom in its cash and loan facilities. Consequently, the Directors have a reasonable expectation that the Group and 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 \ufb01nancial statements and therefore the \ufb01nancial statements have been prepared on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-307": { "value": "These \ufb01nancial statements are presented in Sterling, which is the Company\u2019s functional currency and the Group\u2019s presentational currency ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-308": { "value": "have been prepared and approved by the Directors on a going concern basis, in accordance with United Kingdom adopted international accounting standards ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-309": { "value": "In preparing the assessment of going concern, the Board has reviewed a number of different scenarios over the 12-month period from the date of signing of these \ufb01nancial statements. These scenarios include a severe, but realistically possible, scenario which includes the following key assumptions: \u2013 A reduction in occupancy, re\ufb02ecting weaker customer demand for office space. \u2013 A reduction in the pricing of new lettings, resulting in a reduction in average rent per sq. ft. \u2013 Elevated levels of counterparty risk, with bad debt signi\ufb01cantly higher than pre-pandemic levels. \u2013 Continued elevated levels of cost in\ufb02ation. \u2013 Further increases in SONIA rates impacting the cost of variable rate borrowings. \u2013 Estimated rental value reduction in-line with the decline in average rent per sq. ft. and outward movement in investment yields resulting in a lower property valuation. The appropriateness of the going concern basis is reliant on the continued availability of borrowings, sufficient liquidity and compliance with loan covenants. All borrowings require compliance with LTV and Interest Cover covenants. As at the tightest test date in the scenarios modelled, the Group could withstand a reduction in net rental income of 36% compared to the March 2023 Net Rental Income and a fall in the asset valuation of 42% compared to 31 March 2023 before these covenants are breached, assuming no mitigating actions are taken. As at 31 March 2023, the Company had signi\ufb01cant headroom with \u00a3150.0m of cash and undrawn facilities. The majority of the Group\u2019s debt is long-term \ufb01xed-rate committed facilities comprising a \u00a3300.0m green bond, \u00a3300.0m of private placement notes, and a \u00a365.0m secured loan facility. Shorter-term liquidity and \ufb02exibility is provided by \ufb02oating-rate bank facilities which comprise \u00a3335.0m of sustainability-linked revolving credit facilities (RCFs), \u00a32.0m overdraft facility and \u00a350.0m of facilities put in place for the acquisition of McKay Securities (formerly McKay Securities PLC) which matures in September 2023. The RCF facilities comprise \u00a3135.0m due in April 2025 and \u00a3200.0m due in December 2025, with both facilities having the potential to extend by a further year. The \u00a3200.0m RCF also has the option to increase the facility amount by up to \u00a3100.0m, subject to lender consent. For the full period of assessment under the scenarios tested, the Group maintains sufficient headroom in its cash and loan facilities. Consequently, the Directors have a reasonable expectation that the Group and 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 \ufb01nancial statements and therefore the \ufb01nancial statements have been prepared on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-256": { "value": "Consideration of climate change In preparing the \ufb01nancial statements, the Directors have considered the impact of climate change, particularly in the context of the risks identi\ufb01ed in the TCFD disclosure on pages 92 to 103 this year. There has been no material impact identi\ufb01ed on the \ufb01nancial reporting judgements and estimates. In particular, the Directors considered the impact of climate change in respect of the following areas: \u2013 The potential impact on the valuation of our investment properties due to transition risks; \u2013 Going concern and viability of the Group over the next three years; \u2013 The capital expenditure required to upgrade our assets EPC ratings and deliver our net zero targets. Whilst there is currently minimal medium-term impact expected from climate change, the Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation or the Group\u2019s \ufb01nancial statements. ", "dimensions": { "concept": "workspacegroupplc:DescriptionOfAccountingPolicyForConsiderationOfClimateChange", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-257": { "value": "NEW ACCOUNTING STANDARDS, AMENDMENTS AND GUIDANCE a) During the year to 31 March 2023 the Group adopted the following accounting standards and guidance: IFRS Standards 2018-2020 Annual Improvements to IFRS Standards 2018-2020 IAS 37 (amended): Onerous Contracts Cost of Ful\ufb01lling a Contract IAS 16 (amended) Property, Plant and Equipment \u2013 Proceeds before Intended Use IFRS 3 (amended) Reference to the Conceptual Framework There was no material impact from the adoption of these accounting standard amendments on the \ufb01nancial statements. b) The following accounting standards and guidance are not yet effective but are not expected to have a signi\ufb01cant impact on the Group\u2019s \ufb01nancial statements or result in changes to presentation and disclosure only. They have not been adopted early by the Group: IAS 12 (amended) Deferred Tax related to Assets and Liabilities arising from a Single Transaction IAS 8 (amended) Accounting Policies, Changes in Accounting Estimates and Errors: De\ufb01nition IAS 1 (amended) and IFRS Practice Statement 2 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements IFRS 17 Insurance Contracts IFRS 9 Comparative Information IAS 1 (amended) Classi\ufb01cation of Liabilities as Current or Non-Current; Non-Current Liabilities with Covenants; Deferral of Effective Date Amendment IFRS 16 (amended) Lease Liability in a Sale and Leaseback ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-310": { "value": "a) During the year to 31 March 2023 the Group adopted the following accounting standards and guidance: IFRS Standards 2018-2020 Annual Improvements to IFRS Standards 2018-2020 IAS 37 (amended): Onerous Contracts Cost of Ful\ufb01lling a Contract IAS 16 (amended) Property, Plant and Equipment \u2013 Proceeds before Intended Use IFRS 3 (amended) Reference to the Conceptual Framework There was no material impact from the adoption of these accounting standard amendments on the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-311": { "value": "b) The following accounting standards and guidance are not yet effective but are not expected to have a signi\ufb01cant impact on the Group\u2019s \ufb01nancial statements or result in changes to presentation and disclosure only. They have not been adopted early by the Group: IAS 12 (amended) Deferred Tax related to Assets and Liabilities arising from a Single Transaction IAS 8 (amended) Accounting Policies, Changes in Accounting Estimates and Errors: De\ufb01nition IAS 1 (amended) and IFRS Practice Statement 2 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements IFRS 17 Insurance Contracts IFRS 9 Comparative Information IAS 1 (amended) Classi\ufb01cation of Liabilities as Current or Non-Current; Non-Current Liabilities with Covenants; Deferral of Effective Date Amendment IFRS 16 (amended) Lease Liability in a Sale and Leaseback ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-258": { "value": "SIGNIFICANT JUDGEMENTS AND CRITICAL ESTIMATES The preparation of \ufb01nancial statements in conformity with generally accepted accounting principles requires the use of estimates and judgements that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. The Group\u2019s signi\ufb01cant accounting policies are stated below. Not all of these accounting policies require management to make subjective or complex judgements or signi\ufb01cant estimates. The following is intended to provide an understanding of the signi\ufb01cant estimates within the accounting policies that management consider critical because of the assumptions or estimation involved in their application and their impact on the consolidated \ufb01nancial statements. Critical Estimate: Investment property valuation The Group uses the valuation performed by its independent valuer as the fair value of its investment properties. The valuation is based upon the key assumptions of estimated rental values and market-based yields. With regard to redevelopments and refurbishments, future development costs and an appropriate discount rate are also used. In determining fair value, the valuers make reference to market evidence and recent transaction prices for similar properties. Management consider the signi\ufb01cant assumptions to the valuation of investment properties to be estimated rental values and market-based yields. Sensitivities on these assumptions are provided in note 10. Signi\ufb01cant Judgement: McKay Securities acquisition IFRS 3: Business Combinations outlines a series of steps to establish whether a company purchase is an asset acquisition or a business combination. The Group considered whether substantially all of the fair value of the gross assets acquired were concentrated in a single asset or group of similar assets and reviewed the relevant criteria to determine whether there were substantive processes present at the point of acquisition. Following this review, the Group concluded that the transaction should be treated as an asset acquisition, refer to note 10. Accordingly, no goodwill or additional deferred tax relating to pre-acquisition valuation gains arises. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-253": { "value": "SIGNIFICANT ACCOUNTING POLICIES The signi\ufb01cant accounting policies adopted in the preparation of these consolidated \ufb01nancial statements are set out below. These policies have been consistently applied to all years presented unless stated otherwise. Basis of consolidation The consolidated \ufb01nancial statements include the \ufb01nancial statements of the Company and all its subsidiary undertakings up to 31 March 2023. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group until the date that control ceases. A list of subsidiaries has been disclosed in note 27. Inter-company transactions, balances and unrealised gains from intra-group transactions are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Investment properties Investment properties are those properties owned or leased by the Group that are held either to earn rental income or for capital appreciation, or both, and are not occupied by the Company or subsidiaries of the Group. Investment property is measured initially at cost, including related transaction costs. After initial recognition, investment property is held at fair value based on a valuation by an independent professional external valuer at each reporting date. The valuation methods and key assumptions applied are explained in note 10. Changes in fair value of investment property at each reporting date are recorded in the consolidated income statement. Investment properties acquired under leases are capitalised at the lease\u2019s commencement at the lower of the fair value of the leased property and the net present value of the minimum lease payments. The investment properties acquired under leases are subsequently carried at fair value plus an adjustment for the carrying amount of the lease obligation. The corresponding rental obligations, net of \ufb01nance charges, are included in current and non-current borrowings. Each lease payment is allocated between liability and \ufb01nance charges so as to achieve a constant rate on the outstanding \ufb01nance balance. The interest element of the \ufb01nance cost is charged to the consolidated income statement. Properties are treated as acquired at the point which the Group assumes the signi\ufb01cant risks an1wards of ownership and are treated as disposed when they are transferred outside of the Group\u2019s control. Existing investment properties which undergo redevelopment and refurbishment for continued future use remain in investment property where the purpose of holding the property continues to meet the de\ufb01nition of investment property as de\ufb01ned above. Subsequent expenditure is charged to the asset\u2019s carrying amount only when it is probable that future economic bene\ufb01ts associated with the expenditure will \ufb02ow to the Group, and the cost of each item can be reliably measured. Certain internal staff costs directly attributable to capital/redevelopment projects are capitalised. All other repairs and maintenance costs are charged to the consolidated income statement during the period in which they are incurred. Capitalised interest on refurbishment/redevelopment expenditure is added to the asset\u2019s carrying amount. Capitalised borrowing costs are calculated by reference to the actual interest rate payable on borrowings or, if \ufb01nanced out of general borrowings, by reference to the average rate payable on funding the assets employed by the Group and applied to the direct redevelopment expenditure. Interest is capitalised from the date of commencement of the redevelopment activity until the date when all the activities necessary to prepare the asset for its intended use are substantially complete. Investment properties are recognised as \u2018assets held for sale\u2019 when it is considered highly probable that sale completion will take place. This is assumed when the property has been actively marketed for a buyer, supported by either the exchange of a contract or agreement of terms with a buyer by the balance sheet date and it is highly probable that its carrying amount will be recovered within one year. Income from the sale of assets is recognised when the signi\ufb01cant risks and returns have been transferred to the buyer. In the case of sales of properties this is generally taken on completion of the contract. In the case of a part disposal agreement, the part of the asset being disposed will be derecognised from investment property when completion is reached or when a lease agreement is signed (i.e. when the risks and rewards of this part of the site transfer to the developer). Pro\ufb01t or loss on disposal is calculated as the consideration receivable (net of costs) less the latest valuation (net book value) and is shown in other income/expense. Consideration can take the form of cash, new commercial buildings and a right to future overage (generally being a share in the proceeds of any future sale of the residential development to be constructed by the developer). Revenue is recognised in the period when all relevant criteria in IFRS 15 are met under the \ufb01ve-step model. Consideration (including overage) is measured at the fair value of the consideration received/ receivable. Commercial property to be received is fair valued using the residual method described in note 10 and is included in investment property. Changes in fair value are recognised through the consolidated income statement in accordance with IAS 40. Overage is only recognised once an agreement has been signed with a residential developer. Overage represents a \ufb01nancial asset and is designated as a \ufb01nancial asset at fair value through pro\ufb01t or loss upon initial recognition. The carrying value of overage is assessed at each period end and changes in fair value are taken to other income/expense. Acquisitions An acquisition is recognised when the risks and rewards of ownership have transferred, usually on completion of the transaction. The acquisition method measures assets based on their cost, which is allocated to the property assets on a fair value basis, and includes directly related acquisition costs. Business combinations are accounted for using the acquisition method. Any discount received or acquisition-related costs are recognised in the consolidated income statement. Intangible assets Intangible assets are stated at historical cost, less accumulated amortisation. Acquired computer software licences and external costs of implementing or developing computer software programmes and websites are capitalised. These costs are amortised over the asset\u2019s estimated useful life of \ufb01ve years on a straight-line basis. Costs associated with maintaining computer software programmes including Software as a Service (SaaS) are recognised as an expense as they fall due. Property, plant and equipment Equipment and \ufb01xtures are stated at historical purchase cost less accumulated depreciation and impairment. Historical cost includes the original purchase price of the asset and the costs attributable to bringing the asset to working condition for its intended use. Subsequent expenditure is charged to the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic bene\ufb01ts associated with the expenditure will \ufb02ow to the Group and the cost of each item can be reliably measured. All other repairs and maintenance costs are charged to the consolidated income statement during the period in which they are incurred. Depreciation is provided using the straight-line method to allocate the cost less estimated residual value over the assets\u2019 estimated useful lives which range from four to ten years. The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at least at each \ufb01nancial year end. An asset\u2019s carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount. Other investments Investments in unlisted shares are accounted for under IFRS 9 at fair value, using a valuation multiple and \ufb01nancial information. Changes in fair value are shown in the consolidated statement of comprehensive income. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost less provision for impairment based on the expected credit loss, which uses a lifetime expected loss allowance for all trade receivables based on the individual occupier\u2019s circumstance. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash \ufb02ows. The provision is recorded in the consolidated income statement. Deferred consideration on the disposal of investment properties is included within trade and other receivables. It is fair valued on recognition and at each year end with any movement taken to other expense. Trade and other payables Trade and other payables are initially recognised at fair value and subsequently held at amortised cost. Cash and cash equivalents Cash is represented by cash in hand, restricted cash in the form of tenants\u2019 deposit deeds and deposits held on call with banks and money market funds. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insigni\ufb01cant risk of change in value. Bank overdrafts are included in current liabilities but within cash and cash equivalents for the purpose of the consolidated cash \ufb02ow statement. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost, with any difference between the initial amount (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings, using the effective interest method, except for interest capitalised on redevelopments. Share capital Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Investment in own shares The Group operates an Employee Share Ownership Trust (\u2018ESOT\u2019) and a trust for the Share Incentive Plan (\u2018SIP\u2019). When the Group funds these trusts in order to purchase Company shares, the loan is deducted from shareholders\u2019 equity as investment in own shares. Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the person or group that allocates resources to and assesses the performance of the operating segments of an entity. The Group has determined that its chief operating decision maker is the Executive Committee of the Company. As at 31 March 2023, the Group considers that it has only one operating segment, being a single portfolio of commercial property providing business accommodation for rent in and around London. Revenue recognition Revenue comprises rental income, service charges and other sums receivable from the Group\u2019s investment properties. Other sums comprise insurance charges as an agent (in line with IFRS 15), supplies of utilities, premia associated with surrender of tenancies, commissions, fees and other sundry income. All the Group\u2019s properties are leased out under operating leases and are included in investment property in the consolidated balance sheet. In accordance with IFRS 16, rental income from leases is recognised in the consolidated income statement on a straight-line basis over the lease term. Rent received in advance is deferred in the consolidated balance sheet and recognised in the period to which it relates. If the Group provides signi\ufb01cant incentives to its customers the incentives are recognised over the lease term on a straight-line basis. Service charges and other sums receivable from tenants are recognised on an accruals basis by reference to the stage of completion of the relevant service or transactions at the reporting date. These services generally relate to a 12-month period. Direct costs Direct costs comprise service charges and other costs directly recoverable from tenants and non-recoverable costs directly attributable to investment properties and other revenue streams. Exceptional items Exceptional items are those items that, in the Directors\u2019 view, are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the Group\u2019s \ufb01nancial performance. Share based payments The Group operates a number of share schemes under which the Group receives services from employees as consideration for equity instruments of the Company. The fair value of the employee services received in exchange for the grant of share awards and options is recognised as an expense over the vesting period. Fair value is measured by the use of Black-Scholes and Binomial Option Pricing modelling techniques. In valuing equity-settled transactions, assessment is made of any vesting conditions to categorise these into market performance conditions, non-market performance conditions and service conditions. Pensions The Group operates a de\ufb01ned contribution pension scheme. Contributions are charged to the consolidated income statement on an accruals basis. As part of the McKay Securities PLC acquisition in May 2022 the Group took over all responsibilities in relation to the existing McKay de\ufb01ned bene\ufb01t pension scheme. Subsequent to this, the Group entered into a pension buy-out transaction whereby an insurance company took on all current and future liabilities of this de\ufb01ned bene\ufb01t pension scheme, along with related assets. Taxation Current income tax is tax payable on the taxable income for the year and any prior year adjustment, and is calculated using tax rates that are relevant to the \ufb01nancial year. Deferred tax is provided in full on temporary differences between the tax base of an asset or liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised when it is probable that taxable pro\ufb01ts will be available against which the deferred tax asset can be utilised. Compliance with the Real Estate Investment Trust (\u2018REIT\u2019) taxation regime The Group is a REIT and is thereby exempt from tax on both rental pro\ufb01ts and chargeable gains from its UK property rental business. In order to retain REIT status, certain ongoing criteria must be maintained. The main criteria are as follows: \u2013 At the start of each accounting period, the assets of the tax-exempt business must be at least 75% of the total value of the Group\u2019s assets. \u2013 At least 75% of the Group\u2019s total pro\ufb01ts must arise from the tax-exempt business. \u2013 At least 90% of the tax-exempt business earnings must be distributed. Dividend distributions Final dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s \ufb01nancial statements in the period in which the dividends are approved, while interim dividends are recognised when paid. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-259": { "value": "Basis of consolidation The consolidated \ufb01nancial statements include the \ufb01nancial statements of the Company and all its subsidiary undertakings up to 31 March 2023. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group until the date that control ceases. A list of subsidiaries has been disclosed in note 27. Inter-company transactions, balances and unrealised gains from intra-group transactions are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-260": { "value": "Investment properties Investment properties are those properties owned or leased by the Group that are held either to earn rental income or for capital appreciation, or both, and are not occupied by the Company or subsidiaries of the Group. Investment property is measured initially at cost, including related transaction costs. After initial recognition, investment property is held at fair value based on a valuation by an independent professional external valuer at each reporting date. The valuation methods and key assumptions applied are explained in note 10. Changes in fair value of investment property at each reporting date are recorded in the consolidated income statement. Investment properties acquired under leases are capitalised at the lease\u2019s commencement at the lower of the fair value of the leased property and the net present value of the minimum lease payments. The investment properties acquired under leases are subsequently carried at fair value plus an adjustment for the carrying amount of the lease obligation. The corresponding rental obligations, net of \ufb01nance charges, are included in current and non-current borrowings. Each lease payment is allocated between liability and \ufb01nance charges so as to achieve a constant rate on the outstanding \ufb01nance balance. The interest element of the \ufb01nance cost is charged to the consolidated income statement. Properties are treated as acquired at the point which the Group assumes the signi\ufb01cant risks an1wards of ownership and are treated as disposed when they are transferred outside of the Group\u2019s control. Existing investment properties which undergo redevelopment and refurbishment for continued future use remain in investment property where the purpose of holding the property continues to meet the de\ufb01nition of investment property as de\ufb01ned above. Subsequent expenditure is charged to the asset\u2019s carrying amount only when it is probable that future economic bene\ufb01ts associated with the expenditure will \ufb02ow to the Group, and the cost of each item can be reliably measured. Certain internal staff costs directly attributable to capital/redevelopment projects are capitalised. All other repairs and maintenance costs are charged to the consolidated income statement during the period in which they are incurred. Capitalised interest on refurbishment/redevelopment expenditure is added to the asset\u2019s carrying amount. Capitalised borrowing costs are calculated by reference to the actual interest rate payable on borrowings or, if \ufb01nanced out of general borrowings, by reference to the average rate payable on funding the assets employed by the Group and applied to the direct redevelopment expenditure. Interest is capitalised from the date of commencement of the redevelopment activity until the date when all the activities necessary to prepare the asset for its intended use are substantially complete. Investment properties are recognised as \u2018assets held for sale\u2019 when it is considered highly probable that sale completion will take place. This is assumed when the property has been actively marketed for a buyer, supported by either the exchange of a contract or agreement of terms with a buyer by the balance sheet date and it is highly probable that its carrying amount will be recovered within one year. Income from the sale of assets is recognised when the signi\ufb01cant risks and returns have been transferred to the buyer. In the case of sales of properties this is generally taken on completion of the contract. In the case of a part disposal agreement, the part of the asset being disposed will be derecognised from investment property when completion is reached or when a lease agreement is signed (i.e. when the risks and rewards of this part of the site transfer to the developer). Pro\ufb01t or loss on disposal is calculated as the consideration receivable (net of costs) less the latest valuation (net book value) and is shown in other income/expense. Consideration can take the form of cash, new commercial buildings and a right to future overage (generally being a share in the proceeds of any future sale of the residential development to be constructed by the developer). Revenue is recognised in the period when all relevant criteria in IFRS 15 are met under the \ufb01ve-step model. Consideration (including overage) is measured at the fair value of the consideration received/ receivable. Commercial property to be received is fair valued using the residual method described in note 10 and is included in investment property. Changes in fair value are recognised through the consolidated income statement in accordance with IAS 40. Overage is only recognised once an agreement has been signed with a residential developer. Overage represents a \ufb01nancial asset and is designated as a \ufb01nancial asset at fair value through pro\ufb01t or loss upon initial recognition. The carrying value of overage is assessed at each period end and changes in fair value are taken to other income/expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-261": { "value": "Acquisitions An acquisition is recognised when the risks and rewards of ownership have transferred, usually on completion of the transaction. The acquisition method measures assets based on their cost, which is allocated to the property assets on a fair value basis, and includes directly related acquisition costs. Business combinations are accounted for using the acquisition method. Any discount received or acquisition-related costs are recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-262": { "value": "Intangible assets Intangible assets are stated at historical cost, less accumulated amortisation. Acquired computer software licences and external costs of implementing or developing computer software programmes and websites are capitalised. These costs are amortised over the asset\u2019s estimated useful life of \ufb01ve years on a straight-line basis. Costs associated with maintaining computer software programmes including Software as a Service (SaaS) are recognised as an expense as they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-312": { "value": "Intangible assets Intangible assets are stated at historical cost, less accumulated amortisation. Acquired computer software licences and external costs of implementing or developing computer software programmes and websites are capitalised. These costs are amortised over the asset\u2019s estimated useful life of \ufb01ve years on a straight-line basis. Costs associated with maintaining computer software programmes including Software as a Service (SaaS) are recognised as an expense as they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-263": { "value": "Property, plant and equipment Equipment and \ufb01xtures are stated at historical purchase cost less accumulated depreciation and impairment. Historical cost includes the original purchase price of the asset and the costs attributable to bringing the asset to working condition for its intended use. Subsequent expenditure is charged to the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic bene\ufb01ts associated with the expenditure will \ufb02ow to the Group and the cost of each item can be reliably measured. All other repairs and maintenance costs are charged to the consolidated income statement during the period in which they are incurred. Depreciation is provided using the straight-line method to allocate the cost less estimated residual value over the assets\u2019 estimated useful lives which range from four to ten years. The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at least at each \ufb01nancial year end. An asset\u2019s carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-264": { "value": "Other investments Investments in unlisted shares are accounted for under IFRS 9 at fair value, using a valuation multiple and \ufb01nancial information. Changes in fair value are shown in the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-265": { "value": "Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost less provision for impairment based on the expected credit loss, which uses a lifetime expected loss allowance for all trade receivables based on the individual occupier\u2019s circumstance. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash \ufb02ows. The provision is recorded in the consolidated income statement. Deferred consideration on the disposal of investment properties is included within trade and other receivables. It is fair valued on recognition and at each year end with any movement taken to other expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-266": { "value": "Trade and other payables Trade and other payables are initially recognised at fair value and subsequently held at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-267": { "value": "Cash and cash equivalents Cash is represented by cash in hand, restricted cash in the form of tenants\u2019 deposit deeds and deposits held on call with banks and money market funds. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insigni\ufb01cant risk of change in value. Bank overdrafts are included in current liabilities but within cash and cash equivalents for the purpose of the consolidated cash \ufb02ow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-268": { "value": "Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost, with any difference between the initial amount (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings, using the effective interest method, except for interest capitalised on redevelopments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-269": { "value": "Share capital Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-270": { "value": "Investment in own shares The Group operates an Employee Share Ownership Trust (\u2018ESOT\u2019) and a trust for the Share Incentive Plan (\u2018SIP\u2019). When the Group funds these trusts in order to purchase Company shares, the loan is deducted from shareholders\u2019 equity as investment in own shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-271": { "value": "Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the person or group that allocates resources to and assesses the performance of the operating segments of an entity. The Group has determined that its chief operating decision maker is the Executive Committee of the Company. As at 31 March 2023, the Group considers that it has only one operating segment, being a single portfolio of commercial property providing business accommodation for rent in and around London. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-272": { "value": "Revenue recognition Revenue comprises rental income, service charges and other sums receivable from the Group\u2019s investment properties. Other sums comprise insurance charges as an agent (in line with IFRS 15), supplies of utilities, premia associated with surrender of tenancies, commissions, fees and other sundry income. All the Group\u2019s properties are leased out under operating leases and are included in investment property in the consolidated balance sheet. In accordance with IFRS 16, rental income from leases is recognised in the consolidated income statement on a straight-line basis over the lease term. Rent received in advance is deferred in the consolidated balance sheet and recognised in the period to which it relates. If the Group provides signi\ufb01cant incentives to its customers the incentives are recognised over the lease term on a straight-line basis. Service charges and other sums receivable from tenants are recognised on an accruals basis by reference to the stage of completion of the relevant service or transactions at the reporting date. These services generally relate to a 12-month period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-273": { "value": "Direct costs Direct costs comprise service charges and other costs directly recoverable from tenants and non-recoverable costs directly attributable to investment properties and other revenue streams. ", "dimensions": { "concept": "workspacegroupplc:DescriptionOfAccountingPolicyForDirectCosts", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-274": { "value": "Exceptional items Exceptional items are those items that, in the Directors\u2019 view, are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the Group\u2019s \ufb01nancial performance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-275": { "value": "Share based payments The Group operates a number of share schemes under which the Group receives services from employees as consideration for equity instruments of the Company. The fair value of the employee services received in exchange for the grant of share awards and options is recognised as an expense over the vesting period. Fair value is measured by the use of Black-Scholes and Binomial Option Pricing modelling techniques. In valuing equity-settled transactions, assessment is made of any vesting conditions to categorise these into market performance conditions, non-market performance conditions and service conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-276": { "value": "Pensions The Group operates a de\ufb01ned contribution pension scheme. Contributions are charged to the consolidated income statement on an accruals basis. As part of the McKay Securities PLC acquisition in May 2022 the Group took over all responsibilities in relation to the existing McKay de\ufb01ned bene\ufb01t pension scheme. Subsequent to this, the Group entered into a pension buy-out transaction whereby an insurance company took on all current and future liabilities of this de\ufb01ned bene\ufb01t pension scheme, along with related assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-277": { "value": "Taxation Current income tax is tax payable on the taxable income for the year and any prior year adjustment, and is calculated using tax rates that are relevant to the \ufb01nancial year. Deferred tax is provided in full on temporary differences between the tax base of an asset or liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised when it is probable that taxable pro\ufb01ts will be available against which the deferred tax asset can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-313": { "value": "Taxation Current income tax is tax payable on the taxable income for the year and any prior year adjustment, and is calculated using tax rates that are relevant to the \ufb01nancial year. Deferred tax is provided in full on temporary differences between the tax base of an asset or liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised when it is probable that taxable pro\ufb01ts will be available against which the deferred tax asset can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-278": { "value": "Compliance with the Real Estate Investment Trust (\u2018REIT\u2019) taxation regime The Group is a REIT and is thereby exempt from tax on both rental pro\ufb01ts and chargeable gains from its UK property rental business. In order to retain REIT status, certain ongoing criteria must be maintained. The main criteria are as follows: \u2013 At the start of each accounting period, the assets of the tax-exempt business must be at least 75% of the total value of the Group\u2019s assets. \u2013 At least 75% of the Group\u2019s total pro\ufb01ts must arise from the tax-exempt business. \u2013 At least 90% of the tax-exempt business earnings must be distributed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-279": { "value": "Dividend distributions Final dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s \ufb01nancial statements in the period in which the dividends are approved, while interim dividends are recognised when paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-280": { "value": "1. ANALYSIS OF NET RENTAL INCOME AND SEGMENTAL INFORMATION 2023 2022 Revenue \u00a3m Direct costs 1 \u00a3m Net rental income \u00a3m Revenue \u00a3m Direct costs 1 \u00a3m Net rental income \u00a3m Rental income 136.7 (4.2) 132.5 104.3 (2.9) 101.4 Service charges 30.0 (35.7) (5.7) 21.1 (25.9) (4.8) Empty rates and other non- recoverable costs \u2013 (10.6) (10.6) \u2013 (10.6) (10.6) Services, fees, commissions and sundry income 7.5 (7.1) 0.4 7.5 (6.8) 0.7 174.2 (57.6) 116.6 132.9 (46.2) 86.7 1. There are no properties within the current or prior period that are non-rent producing. Included within direct costs for rental income is a charge of \u00a31.0m (2022: \u00a31.5m) and within direct costs for service charges is a charge of \u00a30.1m (2022: \u00a3nil) for expected credit losses in respect of receivables from customers in the period. All of the properties within the portfolio are geographically close to each other and have similar economic features and risks. Management information utilised by the Executive Committee to monitor and review performance is presented as one portfolio. As a result, for the year ended 31 March 2023, management have determined that the Group operates a single operating segment providing business accommodation for rent in and around London. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-281": { "value": "2. OPERATING (LOSS)/PROFIT The following items have been charged in arriving at operating (loss)/pro\ufb01t: 2023 \u00a3m 2022 \u00a3m Depreciation 1 (note 11) 1.6 1.8 Staff costs (including share based costs) 1 (note 5) 25.3 19.6 Repairs and maintenance expenditure on investment properties 5.4 2.0 Trade receivables impairment (note 13) 1.1 1.5 Amortisation of intangibles 0.7 0.9 Audit fees payable to the Company\u2019s Auditor 0.4 0.3 1. Charged to direct costs and administrative expenses based on the underlying nature of the expenses. Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its associates 2023 \u00a3000 2022 \u00a3000 Audit fees: Audit of Parent Company and consolidated \ufb01nancial statements 330 245 Audit of subsidiary \ufb01nancial statements 40 35 370 280 Fees for other services: Audit-related assurance services 1 70 55 Total fees payable to Auditor 440 335 1. Audit-related assurance services consist of \u00a356k for half year review (2022: \u00a340k); and \u00a314k for Green Bond use of Proceeds Assurance (2022: \u00a315k). 2023 \u00a3m 2022 \u00a3m Total administrative expenses are analysed below: Staff costs 13.4 10.7 Equity settled share based payments 1.4 1.6 Other 6.7 7.0 Total administrative expenses 21.5 19.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-314": { "value": "Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its associates 2023 \u00a3000 2022 \u00a3000 Audit fees: Audit of Parent Company and consolidated \ufb01nancial statements 330 245 Audit of subsidiary \ufb01nancial statements 40 35 370 280 Fees for other services: Audit-related assurance services 1 70 55 Total fees payable to Auditor 440 335 1. Audit-related assurance services consist of \u00a356k for half year review (2022: \u00a340k); and \u00a314k for Green Bond use of Proceeds Assurance (2022: \u00a315k). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-282": { "value": "3(a). (LOSS)/PROFIT ON DISPOSAL OF INVESTMENT PROPERTIES AND ASSETS HELD FOR SALE 2023 \u00a3m 2022 \u00a3m Proceeds from sale of investment properties (net of sale costs) 7.0 117.3 Proceeds from sale of assets held for sale (net of sale costs) 52.1 \u2013 Book value at time of sale (59.8) (109.5) (Loss)/pro\ufb01t on disposal (0.7) 7.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-283": { "value": "3(b). OTHER INCOME 2023 \u00a3m 2022 \u00a3m Sale of investment \u2013 0.6 \u2013 0.6 In the prior year, the Group disposed of the investment in Lovespace Ltd, resulting in a gain of \u00a30.6m in the year. 3(c). OTHER EXPENSES 2023 \u00a3m 2022 \u00a3m Change in fair value of deferred consideration (0.1) \u2013 Other expenses (3.7) \u2013 (3.8) \u2013 The value of deferred consideration (cash and overage) from the sale of investment properties has been revalued by CBRE Limited at 31 March 2023 and 31 March 2022. This resulted in a reduction in the fair value of deferred consideration of \u00a30.1m at 31 March 2023 (31 March 2022: \u00a3nil). The amounts receivable are included in the consolidated balance sheet under current trade and other receivables (note 13). Other expenses include exceptional one-off costs relating to the acquisition and integration of McKay Securities Limited (formerly McKay Securities PLC) (\u00a31.9m), including the cost of buying out the McKay Securities Limited de\ufb01ned bene\ufb01t pension scheme (see note 24) and the implementation costs to date of replacing our \ufb01nance and property system (\u00a31.8m). These costs are outside the Group\u2019s normal trading activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-315": { "value": "3(b). OTHER INCOME 2023 \u00a3m 2022 \u00a3m Sale of investment \u2013 0.6 \u2013 0.6 In the prior year, the Group disposed of the investment in Lovespace Ltd, resulting in a gain of \u00a30.6m in the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-316": { "value": "3(c). OTHER EXPENSES 2023 \u00a3m 2022 \u00a3m Change in fair value of deferred consideration (0.1) \u2013 Other expenses (3.7) \u2013 (3.8) \u2013 The value of deferred consideration (cash and overage) from the sale of investment properties has been revalued by CBRE Limited at 31 March 2023 and 31 March 2022. This resulted in a reduction in the fair value of deferred consideration of \u00a30.1m at 31 March 2023 (31 March 2022: \u00a3nil). The amounts receivable are included in the consolidated balance sheet under current trade and other receivables (note 13). Other expenses include exceptional one-off costs relating to the acquisition and integration of McKay Securities Limited (formerly McKay Securities PLC) (\u00a31.9m), including the cost of buying out the McKay Securities Limited de\ufb01ned bene\ufb01t pension scheme (see note 24) and the implementation costs to date of replacing our \ufb01nance and property system (\u00a31.8m). These costs are outside the Group\u2019s normal trading activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-284": { "value": "4. FINANCE COSTS 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and overdrafts (11.9) (1.4) Interest payable on other borrowings (19.0) (16.7) Amortisation of issue costs of borrowings (2.0) (1.1) Interest payable on leases (1.9) (1.7) Interest capitalised on property refurbishments (note 10) 0.2 0.4 Interest receivable 0.2 \u2013 Finance costs (34.4) (20.5) Exceptional \ufb01nance costs (0.6) \u2013 Total \ufb01nance costs (35.0) (20.5) The exceptional \ufb01nance costs in the year related to unamortised \ufb01nance costs for McKay Securities Limited\u2019s previous bank loan which were written off when this was re\ufb01nanced in September 2022. All \ufb01nance costs have been calculated in accordance with IFRS 9, re-estimating the cash \ufb02ows based on the original effective interest rate with the adjustment being taken through pro\ufb01t and loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-317": { "value": "4. FINANCE COSTS 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and overdrafts (11.9) (1.4) Interest payable on other borrowings (19.0) (16.7) Amortisation of issue costs of borrowings (2.0) (1.1) Interest payable on leases (1.9) (1.7) Interest capitalised on property refurbishments (note 10) 0.2 0.4 Interest receivable 0.2 \u2013 Finance costs (34.4) (20.5) Exceptional \ufb01nance costs (0.6) \u2013 Total \ufb01nance costs (35.0) (20.5) The exceptional \ufb01nance costs in the year related to unamortised \ufb01nance costs for McKay Securities Limited\u2019s previous bank loan which were written off when this was re\ufb01nanced in September 2022. All \ufb01nance costs have been calculated in accordance with IFRS 9, re-estimating the cash \ufb02ows based on the original effective interest rate with the adjustment being taken through pro\ufb01t and loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-285": { "value": "5. EMPLOYEES AND DIRECTORS Staff costs for the Group during the year were: 2023 \u00a3m 2022 \u00a3m Wages and salaries 23.3 17.4 Social security costs 3.8 2.0 Other pension costs (note 24) 1.0 0.8 Equity-settled share based costs (note 23) 1.4 1.6 29.5 21.8 Less costs capitalised (4.2) (2.2) 25.3 19.6 The monthly average number of people employed during the year was: 2023 Number 2022 Number Head office staff (including Directors) 154 124 Estates and property management staff 137 125 291 249 The emoluments and pension bene\ufb01ts of the Directors are determined by the Remuneration Committee of the Board and are set out in detail in the Directors\u2019 Remuneration Report on pages 178 to 211. These form part of the \ufb01nancial statements. Total Directors\u2019 emoluments for the \ufb01nancial year were \u00a33.0m (2022: \u00a32.3m), comprising of \u00a32.2m (2022: \u00a32.2m) of Directors\u2019 remuneration, \u00a30.7m (2022: \u00a3nil) gain on exercise of share options and \u00a30.1m (2022: \u00a30.1m) of cash contributions in lieu of pension in respect of two Directors (2022: two). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-286": { "value": "6. TAXATION 2023 \u00a3m 2022 \u00a3m Current tax: UK corporation tax \u2013 \u2013 Adjustments to tax in respect of previous periods \u2013 \u2013 \u2013 \u2013 Deferred tax: On origination and reversal of temporary differences 0.3 0.1 0.3 0.1 Total taxation charge 0.3 0.1 Taxation chargeable in the year relates to income from non-REIT activities such as overage, meeting room income and utilities recharges. 6. TAXATION CONTINUED The tax on the Group\u2019s pro\ufb01t for the year differs from the standard applicable corporation tax rate in the UK of 19% (2022: 19%). The differences are explained below: 2023 \u00a3m 2022 \u00a3m (Loss)/pro\ufb01t before taxation (37.5) 124.0 Tax at standard rate of corporation tax in the UK of 19% (2022: 19%) (7.1) 23.6 Effects of: REIT exempt income (12.1) (11.3) Changes in fair value not subject to tax as a REIT 17.7 (13.1) Share based payment adjustments (0.3) 0.4 Unrecognised losses carried forward 1.8 0.4 Other non-taxable expenses 0.3 0.1 Total taxation charge 0.3 0.1 The Group is a Real Estate Investment Trust (\u2018REIT\u2019). The Group\u2019s UK property rental business (both income and capital gains) is exempt from tax. The Group estimates that as the majority of its future pro\ufb01ts will be exempt from tax, future tax charges are likely to be low. An increase in the rate of corporation tax was enacted on 24 May 2021 and, from 1 April 2023, the corporation tax rate will increase to 25%. This will increase the Company\u2019s future current tax charge accordingly. The Group currently has an unrecognised asset in relation to tax losses from the non-REIT business carried forward of \u00a37.4m (2022: \u00a37.3m) calculated at a corporation tax rate of 25% (2022: 25%). 2023 \u00a3m 2022 \u00a3m Deferred tax assets: \u2013 Deferred tax to be recovered within 12 months \u2013 0.4 Deferred tax liabilities: \u2013 Deferred tax liabilities to be realised within 12 months \u2013 (0.1) Deferred tax assets (net) \u2013 0.3 The movement in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: Deferred tax liabilities Other income (overage receipts) \u00a3m At 1 April 2021 0.1 Credited to income statement \u2013 At 31 March 2022 0.1 Credited to income statement (0.1) At 31 March 2023 \u2013 Deferred tax assets Expenses (share based payment) \u00a3m At 31 March 2021 (0.5) Charged to income statement 0.1 At 31 March 2022 (0.4) Charged to income statement 0.4 At 31 March 2023 \u2013 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-318": { "value": "The Group currently has an unrecognised asset in relation to tax losses from the non-REIT business carried forward of \u00a37.4m (2022: \u00a37.3m) calculated at a corporation tax rate of 25% (2022: 25%). 2023 \u00a3m 2022 \u00a3m Deferred tax assets: \u2013 Deferred tax to be recovered within 12 months \u2013 0.4 Deferred tax liabilities: \u2013 Deferred tax liabilities to be realised within 12 months \u2013 (0.1) Deferred tax assets (net) \u2013 0.3 The movement in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: Deferred tax liabilities Other income (overage receipts) \u00a3m At 1 April 2021 0.1 Credited to income statement \u2013 At 31 March 2022 0.1 Credited to income statement (0.1) At 31 March 2023 \u2013 Deferred tax assets Expenses (share based payment) \u00a3m At 31 March 2021 (0.5) Charged to income statement 0.1 At 31 March 2022 (0.4) Charged to income statement 0.4 At 31 March 2023 \u2013 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-287": { "value": "7. DIVIDENDS Payment date Per share 2023 \u00a3m 2022 \u00a3m For the year ended 31 March 2021: Final dividend August 2021 17.75p \u2013 32.1 For the year ended 31 March 2022: Interim dividend February 2022 7.0 p \u2013 12.7 Final dividend August 2022 14.5p 27.8 \u2013 For the year ended 31 March 2023: Interim dividend February 2023 8.4p 16.1 \u2013 Dividends for the year 43.9 44.8 Timing difference on payment of withholding tax (0.4) (1.5) Dividends cash paid 43.5 43.3 The Directors are proposing a \ufb01nal dividend in respect of the \ufb01nancial year ended 31 March 2023 of 17.4 pence per ordinary share, which will absorb an estimated \u00a333.3m of retained earnings and cash. If approved by the shareholders at the AGM, it will be paid on 4 August 2023 to shareholders who are on the register of members on 7 July 2023. The dividend will be paid as a REIT Property Income Distribution (\u2018PID\u2019) net of withholding tax where appropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-288": { "value": "8. EARNINGS PER SHARE Earnings used for calculating earnings per share: 2023 \u00a3m 2022 \u00a3m Basic and diluted earnings (37.8) 123.9 Decrease/(increase) in fair value of investment properties 88.0 (68.7) Impairment of assets held for sale 5.1 \u2013 Loss/(pro\ufb01t) on disposal of investment properties 0.7 (7.8) EPRA earnings 56.0 47.4 Adjustment for non-trading items: Other expenses/(income) 3.8 (0.6) Exceptional \ufb01nance costs 0.6 \u2013 Taxation 0.3 0.1 Trading pro\ufb01t after interest 60.7 46.9 Earnings have been adjusted to derive an earnings per share measure as de\ufb01ned by the European Public Real Estate Association (\u2018EPRA\u2019) and an adjusted underlying earnings per share measure. Number of shares used for calculating earnings per share: 2023 Number 2022 Number Weighted average number of shares (excluding own shares held in trust) 190,470,363 180,983,916 Dilution due to share option schemes 1,129,310 998,280 Weighted average number of shares for diluted earnings per share 191,599,673 181,982,196 In pence: 2023 2022 Basic (loss)/earnings per share (19.9p) 68.5p Diluted (loss)/earnings per share (19.9p) 68.1p EPRA earnings per share 29.4p 26.2p Adjusted underlying earnings per share 1 31.7p 25.8p 1. Adjusted underlying earnings per share is calculated by dividing trading pro\ufb01t after interest by the diluted weighted average number of shares of 191,599,673 (2022: 181,982,196). The diluted loss per share for the period to 31 March 2023 has been restricted to a loss of 19.9p per share, as the loss per share cannot be reduced by dilution in accordance with IAS 33 Earnings per Share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-289": { "value": "9. NET ASSETS PER SHARE AND TOTAL ACCOUNTING RETURN Number of shares used for calculating net assets per share: 2023 Number 2022 Number Shares in issue at year end 191,638,357 181,125,259 Less own shares held in trust at year end (152,550) (162,113) Dilution due to share option schemes 1,201,277 1,078,852 Number of shares for calculating diluted adjusted net assets per share 192,687,084 182,041,998 EPRA Net Asset Value Metrics The Group measures \ufb01nancial position with reference to EPRA Net Tangible Assets (NTA), Net Reinvestment Value (NRV) and Net Disposal Value (NDV). March 2023 March 2022 EPRA NRV \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m EPRA NRV \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m IFRS Equity attributable to shareholders 1,787.7 1,787.7 1,787.7 1,799.6 1,799.6 1,799.6 Intangibles per IFRS balance sheet \u2013 (2.0) \u2013 \u2013 (1.9) \u2013 Excess of book value of debt over fair value \u2013 \u2013 86.6 \u2013 \u2013 13.0 Purchasers\u2019 costs 186.4 \u2013 \u2013 163.3 \u2013 \u2013 EPRA measure 1,974.1 1,785.7 1,874.3 1,962.9 1,797.7 1,812.6 EPRA measure per share \u00a310.24 \u00a39.27 \u00a39.73 \u00a310.78 \u00a39.88 \u00a39.96 Total accounting return Total Accounting Return 2023 \u00a3 2022 \u00a3 Opening EPRA net tangible assets per share (A) 9.88 9.38 Closing EPRA net tangible assets per share 9.27 9.88 (Decrease)/Increase in EPRA net tangible assets per share (0.61) 0.50 Ordinary dividends paid in the year 0.23 0.25 Total return (B) (0.38) 0.75 Total accounting return (B/A) (3.8%) 8.0% The total accounting return for the year comprises the movement in absolute EPRA net tangible assets per share plus dividends paid in the year as a percentage of the opening EPRA net tangible assets per share. The total return for the year ended 31 March 2023 was -3.8% (31 March 2022: 8.0%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-290": { "value": "10. INVESTMENT PROPERTIES 2023 \u00a3m 2022 \u00a3m Balance at 1 April 2,366.7 2,349.9 Purchase of investment properties 426.6 88.4 Capital expenditure 55.8 30.0 Change in value of lease obligations 3.7 4.7 Capitalised interest on refurbishments (note 4) 0.2 0.4 Disposals during the year (5.5) (109.5) Change in fair value of investment properties (88.0) 68.7 Less: Classi\ufb01ed as assets held for sale (116.2) (65.9) Balance at 31 March 2,643.3 2,366.7 Investment properties represent a single class of property, being business accommodation for rent in and around London. Capitalised interest is included at a rate of capitalisation of 3.9% (2022: 3.0%). The total amount of capitalised interest included in investment properties is \u00a315.1m (2022: \u00a314.9m). The change in fair value of investment properties is recognised in the consolidated income statement. Investment properties include buildings with a carrying amount of \u00a3321.9m (2022: \u00a3315.4m) for which there are lease obligations of \u00a334.7m (2022: \u00a331.0m). Investment property lease commitment details are shown in note 17. During the period, the Group acquired McKay Securities Limited (formerly McKay Securities PLC) adding 32 properties in and around London to the portfolio. One of the properties classi\ufb01ed as held for sale at the end of the prior year was not sold during the year. It is retained within current assets as it is still expected to sell within the next 12 months of 31 March 2023 and has been subject to an impairment charge of \u00a35.1m following the valuation carried out at 31 March 2023. Ten (2022: two) additional properties were reclassi\ufb01ed as held for sale at year-end. Five of these properties have exchanged for sale and are likely to complete within the next 12 months. The transfer value is their year-end valuation per CBRE. Valuation The Group\u2019s investment properties are held at fair value and were revalued at 31 March 2023 by the external valuer, CBRE Limited, a \ufb01rm of independent quali\ufb01ed valuers, in accordance with the Royal Institution of Chartered Surveyors Valuation \u2013 Global Standards. All the properties are revalued at period end regardless of the date of acquisition. In line with IFRS 13, all investment properties are valued on the basis of their highest and best use. For like-for-like properties, their current use equates to the highest and best use. For properties undergoing refurbishment or redevelopment, most of these are still being used for business accommodation in their current state. However, the valuation at the balance sheet date includes the impact of the potential refurbishment and redevelopment as this represents the highest and best use. The Executive Committee and the Board both conduct a detailed review of each property valuation to review appropriate assumptions have been applied and that valuations are appropriate. Meetings are held with the valuers to review and challenge the valuations, to con\ufb01rm that they have considered all relevant information. The valuation of like-for-like properties (which are not subject to refurbishment or redevelopment) is based on the income capitalisation method which applies market-based yields to the Estimated Rental Values (\u2018ERVs\u2019) of each of the properties. Yields are based on current market expectations depending on the location and use of the property. ERVs are based on estimated rental potential considering current rental streams and market comparatives whilst also considering the occupancy and timing of rent reviews at each property. Although occupancy and rent review timings are known, and there is market evidence for transaction prices for similar properties, there is still a signi\ufb01cant element of estimation and judgement in estimating ERVs. As a result of adjustments made to market observable data, the signi\ufb01cant inputs are deemed unobservable under IFRS 13. When valuing properties being refurbished by Workspace, the residual value method is used. The completed value of the refurbishment is determined as for like-for-like properties above. Capital expenditure required to complete the building is then deducted and a discount factor is applied to re\ufb02ect the time period to complete construction and make allowance for construction and market risk to arrive at the residual value of the property. The discount factor used is the property yield that is also applied to the estimated rental value to determine the value of the completed building. Other risks such as unexpected time delays relating to planned capital expenditure are assessed on a project-by-project basis, looking at market comparable data where possible and the complexity of the proposed scheme. 10. INVESTMENT PROPERTIES CONTINUED Valuation continued Redevelopment properties are also valued using the residual value method. The proposed redevelopment which would be undertaken by a residential developer is valued based on the market value for similar sites and then adjusted for costs to complete, developer\u2019s pro\ufb01t margin and a time discount factor. Allowance is also made for planning and construction risk depending on the stage of the redevelopment. If a contract is agreed for the sale/redevelopment of the site, the property is valued based on agreed consideration. For all methods, the valuers are provided with information on tenure, letting, town planning and the repair of the buildings and sites. The reconciliation of the valuation report total to the amount shown in the consolidated balance sheet as non-current assets, investment properties, is as follows: 2023 \u00a3m 2022 \u00a3m Total per CBRE valuation report 2,741.1 2,402.2 Deferred consideration on sale of property (0.5) (0.6) Head leases treated as leases under IFRS 16 34.7 31.0 Less: tenant incentives recognised under IFRS 16 (8.8) \u2013 Less: Reclassi\ufb01ed as assets held for sale (123.2) (65.9) Total investment properties per balance sheet 2,643.3 2,366.7 The Group\u2019s investment properties are carried at fair value and under IFRS 13 are required to be analysed by level depending on the valuation method adopted. The different valuation methods are as follows: Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2 \u2013 Use of a model with inputs (other than quoted prices included in Level 1) that are directly or indirectly observable market data. Level 3 \u2013 Use of a model with inputs that are not based on observable market data. As noted in the signi\ufb01cant judgements and critical estimates section, property valuations are complex and involve data which is not publicly available and involves a degree of judgement. All the investment properties are classi\ufb01ed as Level 3, due to the fact that one or more signi\ufb01cant inputs to the valuation are not based on observable market data. If the degree of subjectivity or nature of the measurement inputs changes then there could be a transfer between Levels 2 and 3 of classi\ufb01cation. No changes requiring a transfer have occurred during the current or previous years. CBRE have made enquiries to ascertain any sustainability factors which are likely to impact on value, consistent with the scope of their terms of engagement. Sustainability encompasses a wide range of physical, social, environmental, and economic factors that can affect the value of an asset, even if not explicitly recognised. This includes key environmental risks; such as \ufb02ooding, energy efficiency, climate, design, legislation and management considerations \u2013 as well as current and historic land use. Where CBRE recognise the value impacts of sustainability, they re\ufb02ect their understanding of how market participants include sustainability factors in their decisions and the consequential impact on market valuations. The following table summarises the valuation techniques and inputs used in the determination of the property valuation at 31 March 2023. Key unobservable inputs: ERVs \u2013 per sq. ft. Equivalent yields Property category Valuation \u00a3m Valuation technique Range Weighted average Range Weighted average Like-for-like 1,886.9 A \u00a321-\u00a379 \u00a348 5.0%-7.7% 6.2% Completed projects 264.8 A \u00a324-\u00a351 \u00a334 5.8%-6.8% 6.5% Refurbishments 171.9 A/B \u00a321-\u00a353 \u00a335 4.5%-6.7% 5.8% Redevelopments 25.4 A/B \u00a316-\u00a335 \u00a328 4.8%-6.9% 5.5% Acquisitions 268.4 A \u00a313-\u00a370 \u00a334 5.2%-10.8% 7.4% Less : tenant incentives (8.8) N /A \u2013 \u2013 \u2013 \u2013 Head leases 34.7 N /A \u2013 \u2013 \u2013 \u2013 Total 2,643.3 A = Income capitalisation method. B = Residual value method. 10. INVESTMENT PROPERTIES CONTINUED Valuation continued A key unobservable input for redevelopments at planning stage and refurbishments is developer\u2019s pro\ufb01t. The range is 10%\u201316% with a weighted average of 13%. Costs to complete is a key unobservable input for redevelopments at planning stage with a range of \u00a3262\u2013\u00a3448 per sq. ft. and a weighted average of \u00a3356 per sq. ft. Costs to complete are not considered to be a signi\ufb01cant unobservable input for refurbishments due to the high percentage of costs that are \ufb01xed. Sensitivity analysis: A +/- 10% movement in ERVs or a +/- 25 basis points movement in yields would result in the following increase/decrease in the valuation. \u00a3m +/- 10% in ERVs +/- 25 bps in yields Like-for-like +189/-189 -76/+83 Completed projects +27/-27 -10/+11 Refurbishments +23/-23 -10/+11 Redevelopments +6/-6 -3/+3 Acquisitions +27/-27 -9/+9 The following table summarises the valuation techniques and inputs used in the determination of the property valuation at 31 March 2022. Key unobservable inputs: ERVs \u2013 per sq. ft. Equivalent yields Property category Valuation \u00a3m Valuation technique Range Weighted average Range Weighted average Like-for-like 1,865.1 A \u00a320-\u00a366 \u00a342 4.1%-7.3% 5.5% Completed projects 185.6 A \u00a321-\u00a344 \u00a328 4.9%-6.4% 5.6% Refurbishments 161.3 A/B \u00a318-34 \u00a325 3.6%-6.4% 5.3% Redevelopments 35.3 A/B \u00a313-25 \u00a316 4.5%-6.5% 6.0% Acquisitions 88.4 A \u00a333-\u00a353 \u00a340 4.9%-5.8% 5.4% Head leases 31.0 N /A \u2013 \u2013 \u2013 \u2013 Total 2,366.7 A = Income capitalisation method. B = Residual value method. A key unobservable input for redevelopments at planning stage and refurbishments is developer\u2019s pro\ufb01t. The range is 13%\u201319% with a weighted average of 14%. Costs to complete is a key unobservable input for redevelopments at planning stage with a range of \u00a3213\u2013\u00a3280 per sq. ft. and a weighted average of \u00a3250 per sq. ft. Costs to complete are not considered to be a signi\ufb01cant unobservable input for refurbishments due to the high percentage of costs that are \ufb01xed. Sensitivity analysis: A +/- 10% movement in ERVs or a +/- 25 basis points movement in yields would result in the following increase/decrease in the valuation. \u00a3m +/- 10% in ERVs +/- 25 bps in yields Like-for-like +186/-186 -82/+90 Completed projects +19/-19 -8/+9 Refurbishments +17/-17 -8/+9 Redevelopments +4/-4 -1/+1 Acquisitions +9/-9 -4/+4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-291": { "value": "11. PROPERTY, PLANT AND EQUIPMENT Cost or valuation Equipment and \ufb01xtures \u00a3m 1 April 2021 10.6 Additions during the year 0.7 Disposals during the year (1.8) Balance at 31 March 2022 9.5 Additions during the year 3.3 Disposals during the year (0.3) Balance at 31 March 2023 12.5 Accumulated depreciation 1 April 2021 6.6 Charge for the year 1.8 Disposals during the year (1.8) Balance at 31 March 2022 6.6 Charge for the year 1.6 Disposals during the year (0.1) Balance at 31 March 2023 8.1 Net book amount at 31 March 2023 4.4 Net book amount at 31 March 2022 2.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-292": { "value": "12. OTHER INVESTMENTS The Group holds the following investments: 2023 \u00a3m 2022 \u00a3m 2.8% of share capital of Wavenet Limited 2.1 1.7 2.1 1.7 In the prior year, Wavenet Limited purchased the entire share capital in Excell Holdings Limited. As a result, the Group received cash of \u00a36.2m and acquired 2.8% of share capital in Wavenet Limited. In accordance with IFRS 9 the shares in Wavenet Limited have been valued at fair value, resulting in \u00a30.4m movement in the \ufb01nancial year (2022: no movement), recognised in the consolidated statement of comprehensive income. In addition, included within other income (note 3(b)) in the prior year is \u00a30.6m for the sale of investment in Lovespace Ltd which was previously written off. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-293": { "value": "13. TRADE AND OTHER RECEIVABLES Current trade and other receivables 2023 \u00a3m 2022 \u00a3m Trade receivables 16.9 11.9 Less provision for impairment of receivables (4.6) (5.2) Trade receivables \u2013 net 12.3 6.7 Prepayments, other receivables and accrued income 22.3 16.2 Deferred consideration on sale of investment properties 11.2 0.6 45.8 23.5 Receivables at fair value Included within deferred consideration on sale of investment properties is \u00a30.5m (2022: \u00a30.6m) of overage which is held at fair value through pro\ufb01t and loss. As the amounts receivable are expected within the following 12 months they have been classi\ufb01ed as current receivables. The deferred consideration arising on the sale of investment properties relates to cash and overage. The overage has been fair valued by CBRE Limited using appropriate discount rates, and will be revalued on a regular basis. This is a Level 3 valuation of a \ufb01nancial asset, as de\ufb01ned by IFRS 13. The change in fair value recorded in the consolidated income statement was a \u00a30.1m decrease (31 March 2022: \u00a3nil) (note 3(c)). 2023 \u00a3m 2022 \u00a3m Deferred consideration on sale of investment properties: Balance at 1 April 0.6 5.1 Cash received \u2013 (4.5) Additions 10.7 \u2013 Change in fair value (0.1) \u2013 Balance at 31 March 11.2 0.6 Receivables at amortised cost The remaining receivables are held at amortised cost. There is no material difference between the above amounts and their fair values due to the short-term nature of the receivables. Trade receivables are impaired when there is evidence that the amounts may not be collectable under the original terms of the receivable. All the Group\u2019s trade and other receivables are denominated in Sterling. 13. TRADE AND OTHER RECEIVABLES CONTINUED Movements on the provision for impairment of trade receivables are shown below: 2023 \u00a3m 2022 \u00a3m Balance at 1 April 5.2 4.6 Increase in provision for impairment of trade receivables 1.1 1.5 Receivables written off during the year (1.7) (0.9) Balance at 31 March 4.6 5.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-294": { "value": "14. CASH AND CASH EQUIVALENTS 2023 \u00a3m 2022 \u00a3m Cash at bank and in hand 12.0 42.3 Restricted cash \u2013 tenants\u2019 deposit deeds 6.5 6.7 18.5 49.0 Tenants\u2019 deposit deeds represent returnable cash security deposits received from tenants and are held in ring-fenced bank accounts in accordance with the terms of the individual lease contracts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-295": { "value": "15. TRADE AND OTHER PAYABLES 2023 \u00a3m 2022 \u00a3m Trade payables 15.4 13.2 Other tax and social security payable 15.9 3.8 Tenants\u2019 deposit deeds (note 14) 6.5 6.7 Tenants\u2019 deposits 30.5 26.5 Accrued expenses 26.1 27. 4 Deferred income \u2013 rent and service charges 13.4 8.2 107.8 85.8 There is no material difference between the above amounts and their fair values due to the short- term nature of the payables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-296": { "value": "16. BORROWINGS (a) Balances 2023 \u00a3m 2022 \u00a3m Current Bank loans (unsecured) 49.8 \u2013 Non-current Bank loans (unsecured) 197.2 (2.1) Other loans (secured) 63.9 \u2013 3.07% Senior Notes (unsecured) 79.9 79.9 3.19% Senior Notes (unsecured) 119.8 119.8 3.6% Senior Notes (unsecured) 99.9 99.8 Green Bond (unsecured) 298.4 298.1 859.1 595.5 Total borrowings 908.9 595.5 (b) Net debt 2023 \u00a3m 2022 \u00a3m Borrowings per (a) above 908.9 595.5 Adjust for: Cost of raising \ufb01nance 5.1 4.5 914.0 600.0 Cash at bank and in hand (note 14) (12.0) (42.3) Net debt 902.0 557.7 At 31 March 2023, the Group had \u00a3136.0m (2022: \u00a3400.0m) of undrawn bank facilities, a \u00a32.0m overdraft facility (2022: \u00a32.0m) and \u00a312.0m of unrestricted cash (2022: \u00a342.3m). 16. BORROWINGS CONTINUED (c) Maturity 2023 \u00a3m 2022 \u00a3m Repayable within one year 50.0 \u2013 Repayable between one and two years \u2013 \u2013 Repayable between two and three years 279.0 \u2013 Repayable between three years and four years \u2013 80.0 Repayable between four years and \ufb01ve years 420.0 80.0 Repayable in \ufb01ve years or more 165.0 440.0 914.0 600.0 Cost of raising \ufb01nance (5.1) (4.5) Total 908.9 595.5 (d) Interest rate and repayment pro\ufb01le Principal at period end \u00a3m Interest rate Interest payable Repayable Current Bank overdraft due within one year or on demand \u2013 Base + 2.25% Variable On demand Bank Loan 50.0 SONIA + 1.75% 1 Monthly September 2023 Non-current Private Placement Notes: 3.07% Senior Notes 80.0 3.07% Half yearly August 2025 3.19% Senior Notes 120.0 3.19% Half yearly August 2027 3.6% Senior Notes 100.0 3.60% Half yearly January 2029 Bank Loan 123.0 SONIA + 1.77% 2 Monthly December 2025 Bank Loan 76.0 SONIA + 1.80% 2 Monthly April 2025 Other Loan (Secured) 65.0 4.02% Monthly May 2030 Green Bond 300.0 2.25% Yearly March 2028 914.0 1. This is an average over the life of the facility. The margin increases from 1.5% to 2.0% over the facility availability period. 2. The base margin is dependent upon the LTV as reported in the client certi\ufb01cate, which is submitted twice a year. The base margin can be adjusted further by up to 4.5bps dependent upon achievement of three ESG-linked metrics. (e) Financial instruments and fair values 2023 Book value \u00a3m 2023 Fair value \u00a3m 2022 Book value \u00a3m 2022 Fair value \u00a3m Financial liabilities held at amortised cost Bank loans 247.0 247.0 (2.1) (2.1) Other loans 63.9 63.5 \u2013 \u2013 Private Placement Notes 299.6 287.8 299.5 301.8 Lease obligations 34.7 34.7 31.0 31.0 Green Bond 298.4 224.0 298.1 282.8 943.6 857.0 626.5 613.5 Financial assets at fair value through other comprehensive income Other investments 2.1 2.1 1.7 1.7 2.1 2.1 1.7 1.7 Financial assets at fair value through pro\ufb01t or loss Deferred consideration (overage) 11.2 11.2 0.6 0.6 11.2 11.2 0.6 0.6 In accordance with IFRS 13, disclosure is required for \ufb01nancial instruments that are carried or disclosed in the \ufb01nancial statements at fair value. The fair values of all the Group\u2019s bank loans and Private Placement Notes have been determined by reference to market prices and discounted expected cash \ufb02ows at prevailing interest rates and are Level 2 valuations. There have been no transfers between levels in the year. The different levels of valuation hierarchy as de\ufb01ned by IFRS 13 are set out in note 10. 16. BORROWINGS CONTINUED (f) Financial instruments by category Assets 2023 \u00a3m 2022 \u00a3m a) Assets at fair value through pro\ufb01t or loss Deferred consideration (overage) 0.5 0.6 0.5 0.6 b) Loans and receivables Cash and cash equivalents 18.5 49.0 Trade and other receivables excluding prepayments 1 31.7 8.4 50.2 57.4 c) Assets at value through other comprehensive income Other investments 2.1 1.7 2.1 1.7 Total 52.8 59.7 Liabilities 2023 \u00a3m 2022 \u00a3m Other \ufb01nancial liabilities at amortised cost Borrowings 908.9 595.5 Lease liabilities 34.7 31.0 Trade and other payables excluding non-\ufb01nancial liabilities 2 78.5 73.8 1,022.1 700.3 1. Trade and other receivables exclude prepayments of \u00a313.6m (2022: \u00a314.5m) and non-cash deferred consideration of \u00a30.5m (2022: \u00a30.6m). 2. Trade and other payables exclude other tax and social security of \u00a315.9m (2022: \u00a33.8m), corporation tax of \u00a3nil (2022: \u00a3nil) and deferred income of \u00a313.4m (2022: \u00a38.2m). (g) Changes in liabilities from \ufb01nancing activities Bank loans and borrowings \u00a3m Lease liabilities \u00a3m Balance at 1 April 2022 595.5 31.0 Changes from \ufb01nancing cash \ufb02ows: Proceeds from bank borrowings 286.0 \u2013 Repayment of bank borrowings (150.0) \u2013 Finance costs for new/amended borrowing facilities (1.6) \u2013 Finance costs assumed on asset acquisition (1.6) \u2013 Total changes from cash \ufb02ows 132.8 \u2013 Exceptional \ufb01nance costs 0.6 \u2013 Amortisation of issue costs of borrowing 2.0 \u2013 Debt assumed on asset acquisition 178.0 \u2013 Changes in leases \u2013 3.7 Total other changes 180.6 3.7 Balance at 31 March 2023 908.9 34.7 Bank loans and borrowings \u00a3m Lease liabilities \u00a3m Derivatives used for hedging-assets \u00a3m Balance at 1 April 2021 752.8 26.3 8.7 Changes from \ufb01nancing cash \ufb02ows: Proceeds from bank borrowings 25.0 \u2013 \u2013 Repayment of bank borrowings and Private Placement Notes (173.5) \u2013 \u2013 Finance costs for new/amended borrowing facilities (1.3) Repayment of derivatives \u2013 \u2013 (0.7) Total changes from cash \ufb02ows (149.8) \u2013 (0.7) Foreign exchange differences (8.6) \u2013 (8.0) Amortisation of issue costs of borrowing 1.1 \u2013 \u2013 Changes in leases \u2013 4.7 \u2013 Total other changes (7.5) 4.7 (8.0) Balance at 31 March 2022 595.5 31.0 \u2013 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-319": { "value": "(b) Net debt 2023 \u00a3m 2022 \u00a3m Borrowings per (a) above 908.9 595.5 Adjust for: Cost of raising \ufb01nance 5.1 4.5 914.0 600.0 Cash at bank and in hand (note 14) (12.0) (42.3) Net debt 902.0 557.7 At 31 March 2023, the Group had \u00a3136.0m (2022: \u00a3400.0m) of undrawn bank facilities, a \u00a32.0m overdraft facility (2022: \u00a32.0m) and \u00a312.0m of unrestricted cash (2022: \u00a342.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-320": { "value": "(e) Financial instruments and fair values 2023 Book value \u00a3m 2023 Fair value \u00a3m 2022 Book value \u00a3m 2022 Fair value \u00a3m Financial liabilities held at amortised cost Bank loans 247.0 247.0 (2.1) (2.1) Other loans 63.9 63.5 \u2013 \u2013 Private Placement Notes 299.6 287.8 299.5 301.8 Lease obligations 34.7 34.7 31.0 31.0 Green Bond 298.4 224.0 298.1 282.8 943.6 857.0 626.5 613.5 Financial assets at fair value through other comprehensive income Other investments 2.1 2.1 1.7 1.7 2.1 2.1 1.7 1.7 Financial assets at fair value through pro\ufb01t or loss Deferred consideration (overage) 11.2 11.2 0.6 0.6 11.2 11.2 0.6 0.6 In accordance with IFRS 13, disclosure is required for \ufb01nancial instruments that are carried or disclosed in the \ufb01nancial statements at fair value. The fair values of all the Group\u2019s bank loans and Private Placement Notes have been determined by reference to market prices and discounted expected cash \ufb02ows at prevailing interest rates and are Level 2 valuations. There have been no transfers between levels in the year. The different levels of valuation hierarchy as de\ufb01ned by IFRS 13 are set out in note 10. (f) Financial instruments by category Assets 2023 \u00a3m 2022 \u00a3m a) Assets at fair value through pro\ufb01t or loss Deferred consideration (overage) 0.5 0.6 0.5 0.6 b) Loans and receivables Cash and cash equivalents 18.5 49.0 Trade and other receivables excluding prepayments 1 31.7 8.4 50.2 57.4 c) Assets at value through other comprehensive income Other investments 2.1 1.7 2.1 1.7 Total 52.8 59.7 Liabilities 2023 \u00a3m 2022 \u00a3m Other \ufb01nancial liabilities at amortised cost Borrowings 908.9 595.5 Lease liabilities 34.7 31.0 Trade and other payables excluding non-\ufb01nancial liabilities 2 78.5 73.8 1,022.1 700.3 1. Trade and other receivables exclude prepayments of \u00a313.6m (2022: \u00a314.5m) and non-cash deferred consideration of \u00a30.5m (2022: \u00a30.6m). 2. Trade and other payables exclude other tax and social security of \u00a315.9m (2022: \u00a33.8m), corporation tax of \u00a3nil (2022: \u00a3nil) and deferred income of \u00a313.4m (2022: \u00a38.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-297": { "value": "17. LEASE OBLIGATIONS Lease liabilities are in respect of leased investment property. Minimum lease payments under leases fall due as follows: 2023 \u00a3m 2022 \u00a3m Within one year 2.1 1.9 Between two and \ufb01ve years 8.4 7.4 Between \ufb01ve and \ufb01fteen years 19.0 18.6 Beyond \ufb01fteen years 180.8 162.4 210.3 190.3 Future \ufb01nance charges on leases (175.6) (159.3) Present value of lease liabilities 34.7 31.0 Following the adoption of IFRS 16, lease obligations are shown separately on the face of the balance sheet. The balance represents a non-current liability as the payment shown within one year of \u00a32.1m (2022: \u00a31.9m) is offset by future \ufb01nance charges on leases of \u00a32.1m (2022: \u00a31.9m). All lease obligations are long leaseholds, therefore, the majority of the obligations fall beyond \ufb01fteen years. 28. LEASES The majority of the Group\u2019s tenant leases are granted with a rolling three to six-month tenant break clause, although property acquisitions have included customer leases which are much longer, with fewer break clauses. The future minimum rental income under leases granted to tenants are shown below. Land and buildings: 2023 \u00a3m 2022 \u00a3m Within one year 85.0 61.1 Between one and two years 28.4 15.9 Between two and three years 16.3 9.6 Between three and four years 9.5 6.5 Between four and \ufb01ve years 8.0 4.4 Beyond \ufb01ve years 18.4 13.3 165.6 110.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-298": { "value": "18. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICY The Group has identi\ufb01ed exposure to the following \ufb01nancial risks: \u2013 Market risk \u2013 Credit risk \u2013 Liquidity risk \u2013 Capital risk management The policies for managing each of these risks and the principal effects of these policies on the results for the year are summarised below: (a) Market risk Market risk is the risk that changes in market conditions will affect the Group\u2019s interest rates. Borrowings at variable rates expose the Group to cash \ufb02ow interest rate risk. Borrowings at \ufb01xed rates expose the Group to fair value interest rate risk. The Group \ufb01nances its operations through a mixture of retained pro\ufb01ts and borrowings. The Group borrows at both \ufb01xed and \ufb02oating rates of interest. At 31 March 2023, 73% (2022: 100%) of Group borrowings were \ufb01xed. All transactions entered into are approved by the Board and are in accordance with the Group\u2019s treasury policy. The Board also monitors variances on interest rates to budget and forecast rates to ensure that the risk relating to interest rates is being sufficiently safeguarded. As at year end, a reasonably possible interest rate movement of +/-1.0% would have increased or decreased net interest payable by \u00a32.5m (2022: \u00a3nil). The interest cover covenant in relation to Group borrowings is a ratio of 2.0x and the Group targets a minimum cover of 2.5x. As at 31 March 2023 interest cover was 3.8x. Interest cover is calculated as net rental income divided by \ufb01nance costs (excluding exceptional \ufb01nance costs). (b) Credit risk The Group\u2019s main \ufb01nancial assets are cash and cash equivalents, deposits with banks and \ufb01nancial institutions and trade and other receivables. Credit risk is the risk of \ufb01nancial loss if a tenant or a counterparty to a \ufb01nancial instrument fails to meet its contractual obligations. The Group\u2019s exposure to this risk principally relates to the receivables from tenants, deferred consideration on the sale of investment property and cash and cash equivalent balances held with counterparties. 18. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICY CONTINUED (b) Credit risk continued The Group\u2019s exposure to credit risk in relation to receivables from tenants is in\ufb02uenced mainly by the characteristics of individual tenants occupying its rental properties. The Group has around 4,910 lettable units at 86 properties with overall occupancy of 81.5%. The largest 10 single tenants generate around 10.3% of net rent roll. As such, the credit risk attributable to individual tenants is low. The Group\u2019s credit risk in relation to tenants is further mitigated by requiring that tenants provide a deposit equivalent to three months\u2019 rent on inception of lease as security against default. Total tenant deposits held are \u00a337.0m (2022: \u00a333.2m). The Group monitors aged debt balances and any potential bad debts every week, the information being reported to the Executive Committee every month as part of the performance monitoring process. The Group\u2019s debt recovery is consistently high and as such is deemed a low risk area. Deferred consideration (cash and overage) on the sale of investment properties is contractual and valued regularly by the external valuer based on current and future market factors. Cash and cash equivalents and \ufb01nancial derivatives are held with major UK high street banks and strict counterparty limits are operated on deposits. The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents (note 14) 18.5 49.0 Trade receivables \u2013 current (note 13) 12.3 6.7 Deferred consideration \u2013 current (note 13) 11.2 0.6 42.0 56.3 The Group\u2019s assessment of expected credit losses involves estimation given its forward-looking nature. Assumptions used in the forward-looking assessment are continually reviewed to take into account likely rent deferrals. (c) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group\u2019s approach to managing liquidity is to target a minimum headroom on loan facilities of \u00a350.0m, so as to have sufficient funds to meet \ufb01nancial obligations as they fall due. This is performed via a variety of methods including daily cash \ufb02ow review and forecasting, monthly monitoring of the maturity pro\ufb01le of debt and the regular revision of borrowing facilities in relation to the Group\u2019s requirements and strategy. The Board reviews compliance with loan covenants which include agreed interest cover and loan to value ratios, alongside review of available headroom on loan facilities. To manage its liquidity effectively, the Group has an overdraft facility of \u00a32.0m (2022: \u00a32.0m), two revolving loan facilities totalling \u00a3335.0m (2022: one facility of \u00a3200.0m) and an acquisition loan facility of \u00a350.0m (2022: \u00a3200.0m). At 31 March 2023 headroom excluding overdraft and cash was \u00a3136.0m (31 March 2022: \u00a3400.0m). The following is an analysis of the contractual undiscounted cash \ufb02ows payable under \ufb01nancial liabilities, derivative \ufb01nancial instruments and trade and other payables existing at the balance sheet date. Contracted cash \ufb02ows are based upon the loan balances and applicable interest rates payable on these at each year end. 31 March 2023 Carrying 2 amount \u00a3m Due within 1 year \u00a3m Due between 1 and 2 years \u00a3m Due between 2 and 3 years \u00a3m Due 3 years and beyond \u00a3m Total contracted cash \ufb02ows \u00a3m Financial liabilities Private Placement Notes 300.0 9.9 9.9 88.3 234.5 342.6 Green Bond 300.0 6.8 6.8 6.8 312.9 333.3 Other loans 65.0 2.6 2.6 2.6 75.4 83.2 Lease liabilities 34.7 2.1 2.1 2.1 204.0 210.3 Trade and other payables 1 78.5 78.5 \u2013 \u2013 \u2013 78.5 778.2 99.9 21.4 99.8 826.8 1,047.9 31 March 2022 Carrying 2 amount \u00a3m Due within 1 year \u00a3m Due between 1 and 2 years \u00a3m Due between 2 and 3 years \u00a3m Due 3 years and beyond \u00a3m Total contracted cash \ufb02ows \u00a3m Financial liabilities Private Placement Notes 300.0 9.9 9.9 9.9 322.6 352.3 Green Bond 300.0 6.8 6.8 6.8 319.5 339.9 Lease liabilities 31.0 1.9 1.9 1.9 187.8 193.5 Trade and other payables 1 73.8 73.8 \u2013 \u2013 \u2013 73.8 704.8 92.4 18.6 18.6 829.9 959.5 1. Trade and other payables exclude other tax and social security of \u00a315.9m (2022: \u00a33.8m), corporation tax of \u00a3nil (2022: \u00a3nil) and deferred income of \u00a313.4m (2022: \u00a38.2m). 2. Excludes unamortised borrowing costs . 18. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICY CONTINUED (d) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, and monitor an appropriate mix of debt and equity \ufb01nancing. Equity comprises issued share capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity. Debt comprises the Green Bond, Revolving Credit Facilities from banks, Private Placement Notes less cash at bank and in hand. At 31 March 2023, Group equity was \u00a31,787.7m (2022: \u00a31,799.6m) and Group net debt (debt less cash at bank and in hand) was \u00a3902.0m (2022: \u00a3557.7m). Group gearing at 31 March 2023 was 50% (2022: 31%). The Group\u2019s borrowings are all unsecured apart from \u00a365.0m. The loan to value covenant applicable to these borrowings is 60% and compliance is being met comfortably. Loan to value at 31 March 2023 was 33%. This is calculated using the total CBRE investment property valuation (as per note 10) and the current net debt (as per note 16(b)). Our target is to maintain loan to value below 30%. This may from time-to-time be exceeded up to a maximum of 40% as steps are taken to reduce loan to value to below 30%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-321": { "value": "(a) Market risk Market risk is the risk that changes in market conditions will affect the Group\u2019s interest rates. Borrowings at variable rates expose the Group to cash \ufb02ow interest rate risk. Borrowings at \ufb01xed rates expose the Group to fair value interest rate risk. The Group \ufb01nances its operations through a mixture of retained pro\ufb01ts and borrowings. The Group borrows at both \ufb01xed and \ufb02oating rates of interest. At 31 March 2023, 73% (2022: 100%) of Group borrowings were \ufb01xed. All transactions entered into are approved by the Board and are in accordance with the Group\u2019s treasury policy. The Board also monitors variances on interest rates to budget and forecast rates to ensure that the risk relating to interest rates is being sufficiently safeguarded. As at year end, a reasonably possible interest rate movement of +/-1.0% would have increased or decreased net interest payable by \u00a32.5m (2022: \u00a3nil). The interest cover covenant in relation to Group borrowings is a ratio of 2.0x and the Group targets a minimum cover of 2.5x. As at 31 March 2023 interest cover was 3.8x. Interest cover is calculated as net rental income divided by \ufb01nance costs (excluding exceptional \ufb01nance costs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-322": { "value": "(b) Credit risk The Group\u2019s main \ufb01nancial assets are cash and cash equivalents, deposits with banks and \ufb01nancial institutions and trade and other receivables. Credit risk is the risk of \ufb01nancial loss if a tenant or a counterparty to a \ufb01nancial instrument fails to meet its contractual obligations. The Group\u2019s exposure to this risk principally relates to the receivables from tenants, deferred consideration on the sale of investment property and cash and cash equivalent balances held with counterparties. (b) Credit risk continued The Group\u2019s exposure to credit risk in relation to receivables from tenants is in\ufb02uenced mainly by the characteristics of individual tenants occupying its rental properties. The Group has around 4,910 lettable units at 86 properties with overall occupancy of 81.5%. The largest 10 single tenants generate around 10.3% of net rent roll. As such, the credit risk attributable to individual tenants is low. The Group\u2019s credit risk in relation to tenants is further mitigated by requiring that tenants provide a deposit equivalent to three months\u2019 rent on inception of lease as security against default. Total tenant deposits held are \u00a337.0m (2022: \u00a333.2m). The Group monitors aged debt balances and any potential bad debts every week, the information being reported to the Executive Committee every month as part of the performance monitoring process. The Group\u2019s debt recovery is consistently high and as such is deemed a low risk area. Deferred consideration (cash and overage) on the sale of investment properties is contractual and valued regularly by the external valuer based on current and future market factors. Cash and cash equivalents and \ufb01nancial derivatives are held with major UK high street banks and strict counterparty limits are operated on deposits. The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents (note 14) 18.5 49.0 Trade receivables \u2013 current (note 13) 12.3 6.7 Deferred consideration \u2013 current (note 13) 11.2 0.6 42.0 56.3 The Group\u2019s assessment of expected credit losses involves estimation given its forward-looking nature. Assumptions used in the forward-looking assessment are continually reviewed to take into account likely rent deferrals. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-323": { "value": "(c) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group\u2019s approach to managing liquidity is to target a minimum headroom on loan facilities of \u00a350.0m, so as to have sufficient funds to meet \ufb01nancial obligations as they fall due. This is performed via a variety of methods including daily cash \ufb02ow review and forecasting, monthly monitoring of the maturity pro\ufb01le of debt and the regular revision of borrowing facilities in relation to the Group\u2019s requirements and strategy. The Board reviews compliance with loan covenants which include agreed interest cover and loan to value ratios, alongside review of available headroom on loan facilities. To manage its liquidity effectively, the Group has an overdraft facility of \u00a32.0m (2022: \u00a32.0m), two revolving loan facilities totalling \u00a3335.0m (2022: one facility of \u00a3200.0m) and an acquisition loan facility of \u00a350.0m (2022: \u00a3200.0m). At 31 March 2023 headroom excluding overdraft and cash was \u00a3136.0m (31 March 2022: \u00a3400.0m). The following is an analysis of the contractual undiscounted cash \ufb02ows payable under \ufb01nancial liabilities, derivative \ufb01nancial instruments and trade and other payables existing at the balance sheet date. Contracted cash \ufb02ows are based upon the loan balances and applicable interest rates payable on these at each year end. 31 March 2023 Carrying 2 amount \u00a3m Due within 1 year \u00a3m Due between 1 and 2 years \u00a3m Due between 2 and 3 years \u00a3m Due 3 years and beyond \u00a3m Total contracted cash \ufb02ows \u00a3m Financial liabilities Private Placement Notes 300.0 9.9 9.9 88.3 234.5 342.6 Green Bond 300.0 6.8 6.8 6.8 312.9 333.3 Other loans 65.0 2.6 2.6 2.6 75.4 83.2 Lease liabilities 34.7 2.1 2.1 2.1 204.0 210.3 Trade and other payables 1 78.5 78.5 \u2013 \u2013 \u2013 78.5 778.2 99.9 21.4 99.8 826.8 1,047.9 31 March 2022 Carrying 2 amount \u00a3m Due within 1 year \u00a3m Due between 1 and 2 years \u00a3m Due between 2 and 3 years \u00a3m Due 3 years and beyond \u00a3m Total contracted cash \ufb02ows \u00a3m Financial liabilities Private Placement Notes 300.0 9.9 9.9 9.9 322.6 352.3 Green Bond 300.0 6.8 6.8 6.8 319.5 339.9 Lease liabilities 31.0 1.9 1.9 1.9 187.8 193.5 Trade and other payables 1 73.8 73.8 \u2013 \u2013 \u2013 73.8 704.8 92.4 18.6 18.6 829.9 959.5 1. Trade and other payables exclude other tax and social security of \u00a315.9m (2022: \u00a33.8m), corporation tax of \u00a3nil (2022: \u00a3nil) and deferred income of \u00a313.4m (2022: \u00a38.2m). 2. Excludes unamortised borrowing costs ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-324": { "value": "(d) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, and monitor an appropriate mix of debt and equity \ufb01nancing. Equity comprises issued share capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity. Debt comprises the Green Bond, Revolving Credit Facilities from banks, Private Placement Notes less cash at bank and in hand. At 31 March 2023, Group equity was \u00a31,787.7m (2022: \u00a31,799.6m) and Group net debt (debt less cash at bank and in hand) was \u00a3902.0m (2022: \u00a3557.7m). Group gearing at 31 March 2023 was 50% (2022: 31%). The Group\u2019s borrowings are all unsecured apart from \u00a365.0m. The loan to value covenant applicable to these borrowings is 60% and compliance is being met comfortably. Loan to value at 31 March 2023 was 33%. This is calculated using the total CBRE investment property valuation (as per note 10) and the current net debt (as per note 16(b)). Our target is to maintain loan to value below 30%. This may from time-to-time be exceeded up to a maximum of 40% as steps are taken to reduce loan to value to below 30%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-299": { "value": "19. NOTES TO CASH FLOW STATEMENT Reconciliation of pro\ufb01t for the year to cash generated from operations: 2023 \u00a3m 2022 \u00a3m (Loss)/pro\ufb01t before tax (37.5) 124.0 Depreciation 1.6 1.8 Amortisation of intangibles 0.7 0.9 Letting fees amortisation 0.5 \u2013 Loss/(pro\ufb01t) on disposal of investment properties 0.7 (7.8) Other expenses/(income) (note 3c) 3.8 (0.6) Net loss/(pro\ufb01t) from change in fair value of investment property 88.0 (68.7) Impairment of assets held for sale 5.1 \u2013 Equity-settled share based payments 1.4 1.6 Finance costs 34.4 20.5 Exceptional \ufb01nance costs 0.6 \u2013 Changes in working capital: (Increase)/decrease in trade and other receivables (6.4) 1.4 Increase in trade and other payables 17.6 7.4 Cash generated from operations 110.5 80.5 For the purposes of the cash \ufb02ow statement, cash and cash equivalents include restricted cash \u2013 tenants\u2019 deposit deeds (note 14). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-300": { "value": "20. SHARE CAPITAL AND SHARE PREMIUM 2023 \u00a3m 2022 \u00a3m Issued: Fully paid ordinary shares of \u00a31 each 191.6 181.1 Movements in share capital were as follows: 2023 Number 2022 Number Number of shares at 1 April 181,125,259 181,113,594 Issue of shares 10,513,098 11,665 Number of shares at 31 March 191,638,357 181,125,259 The Group issued 10,513,098 shares as part of the consideration for the acquisition of McKay Securities Limited (formerly McKay Securities PLC) during the year. The average share price on issue was \u00a36.38 leading to an increase in the merger reserve of \u00a356.6m in the period. In the year there were no share scheme options issued (31 March 2022: 11,665 with net proceeds \u00a3nil). Share capital Share premium 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Balance at 1 April 181.1 181.1 295.5 295.4 Issue of shares 10.5 \u2013 \u2013 0.1 Balance at 31 March 191.6 181.1 295.5 295.5 21. OTHER RESERVES Other investment reserve \u00a3m Equity-settled share based payments \u00a3m Merger reserve \u00a3m Total \u00a3m Balance at 1 April 2021 2.1 22.3 8.7 33.1 Share based payments \u2013 1.6 \u2013 1.6 Issue of shares \u2013 \u2013 \u2013 \u2013 Recycled to retained earnings (2.1) \u2013 \u2013 (2.1) Balance at 31 March 2022 \u2013 23.9 8.7 32.6 Share based payments \u2013 1.4 \u2013 1.4 Issue of shares (note 20) \u2013 \u2013 56.6 56.6 Change in fair value 0.4 \u2013 \u2013 0.4 Balance at 31 March 2023 0.4 25.3 65.3 91.0 In the prior year, the Group sold its investment in Excell Holdings Limited realising a gain recognised in previous periods which has been recycled to retained earnings. 22. INVESTMENT IN OWN SHARES The Company has an Employee Share Ownership Trust (\u2018ESOT\u2019) and a trust for the Share Incentive Plan (\u2018SIP\u2019). Shares are purchased in the market for distribution at a later date in accordance with the terms of the various share schemes. The shares are held by independent trustees. At 31 March 2023, the number of shares held by the ESOT totalled 75,226 (2022: 75,226). The SIP is governed by HMRC rules (note 23). At 31 March 2023, the number of shares held for the SIP totalled 77,324 (2022: 86,887). 2023 \u00a3m 2022 \u00a3m Balance at 1 April 9.9 9.6 Shares purchased for the trusts \u2013 0.3 Balance at 31 March 9.9 9.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-325": { "value": "20. SHARE CAPITAL AND SHARE PREMIUM 2023 \u00a3m 2022 \u00a3m Issued: Fully paid ordinary shares of \u00a31 each 191.6 181.1 Movements in share capital were as follows: 2023 Number 2022 Number Number of shares at 1 April 181,125,259 181,113,594 Issue of shares 10,513,098 11,665 Number of shares at 31 March 191,638,357 181,125,259 The Group issued 10,513,098 shares as part of the consideration for the acquisition of McKay Securities Limited (formerly McKay Securities PLC) during the year. The average share price on issue was \u00a36.38 leading to an increase in the merger reserve of \u00a356.6m in the period. In the year there were no share scheme options issued (31 March 2022: 11,665 with net proceeds \u00a3nil). Share capital Share premium 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Balance at 1 April 181.1 181.1 295.5 295.4 Issue of shares 10.5 \u2013 \u2013 0.1 Balance at 31 March 191.6 181.1 295.5 295.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-326": { "value": "21. OTHER RESERVES Other investment reserve \u00a3m Equity-settled share based payments \u00a3m Merger reserve \u00a3m Total \u00a3m Balance at 1 April 2021 2.1 22.3 8.7 33.1 Share based payments \u2013 1.6 \u2013 1.6 Issue of shares \u2013 \u2013 \u2013 \u2013 Recycled to retained earnings (2.1) \u2013 \u2013 (2.1) Balance at 31 March 2022 \u2013 23.9 8.7 32.6 Share based payments \u2013 1.4 \u2013 1.4 Issue of shares (note 20) \u2013 \u2013 56.6 56.6 Change in fair value 0.4 \u2013 \u2013 0.4 Balance at 31 March 2023 0.4 25.3 65.3 91.0 In the prior year, the Group sold its investment in Excell Holdings Limited realising a gain recognised in previous periods which has been recycled to retained earnings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-327": { "value": "22. INVESTMENT IN OWN SHARES The Company has an Employee Share Ownership Trust (\u2018ESOT\u2019) and a trust for the Share Incentive Plan (\u2018SIP\u2019). Shares are purchased in the market for distribution at a later date in accordance with the terms of the various share schemes. The shares are held by independent trustees. At 31 March 2023, the number of shares held by the ESOT totalled 75,226 (2022: 75,226). The SIP is governed by HMRC rules (note 23). At 31 March 2023, the number of shares held for the SIP totalled 77,324 (2022: 86,887). 2023 \u00a3m 2022 \u00a3m Balance at 1 April 9.9 9.6 Shares purchased for the trusts \u2013 0.3 Balance at 31 March 9.9 9.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-301": { "value": "23. SHARE BASED PAYMENTS The Group operates a number of share schemes: (a) Long Term Incentive Plan (\u2018LTIP\u2019) The LTIP scheme is a performance award scheme whereby shares are issued against Group performance measures which are assessed over the three-year vesting period. The performance measures are: \u2013 Relative TSR \u2013 Total Property Return compared to the IPD benchmark The shares are issued at nil cost to the individuals provided the performance conditions are met. Under the 2022 LTIP scheme, 848,199 performance shares were awarded in June 2022 to Directors and Senior Management (2021 LTIP scheme: 495,474 were awarded in June 2021 and 25,781 in November 2021). Details of the movements for the LTIP scheme during the year were as follows: LTIP Number At 1 April 2021 1,366,292 Granted 521,255 Exercised \u2013 Lapsed (500,681) At 31 March 2022 1,386,866 Granted 848,199 Exercised \u2013 Lapsed (470,877) At 31 March 2023 1,764,188 23. SHARE BASED PAYMENTS CONTINUED (a) Long Term Incentive Plan (\u2018LTIP\u2019) continued The 2019 LTIP scheme was due to vest in June 2022 but did not, therefore, no shares were exercised during the year. The average closing share price at the date of exercise of shares exercised during the year was therefore \u00a3nil (2018 LTIP scheme: \u00a3nil). A binomial model was used to determine the fair value of the LTIP grant for the Relative TSR element of the schemes. Assumptions used in the model were as follows: 202 2 LTIP November 202 1 LTIP June 2021 LTIP 2020 LTIP 2019 LTIP Share price at grant 642p 841p 842p 706p 862p Exercise price Nil Nil Nil Nil Nil Average expected life (years) 3 3 3 3 3 Risk-free rate 1.96% 0.49% 0.16% 0.61% 0.52% Average share price volatility 41.5% 42.6% 39.5% 35% 21% Correlation 46% 47% 45% 46% 49% TSR starting factor 0.85 1.14 1.11 0.65 0.92 Fair value per option \u2013 Relative TSR element 333p 446p 475p 207p 322p The Total Property Return compared to the IPD benchmark is a non-market based condition and the intrinsic value is therefore the share price at date of grant of 642p for the 2022 LTIP Scheme in June. At each balance sheet date, the Directors will assess the likelihood of meeting the conditions under this element of the scheme. The impact of the revision to original estimates, if any, is recognised in the income statement with a corresponding adjustment to equity. The assessment at year end for the 2022 LTIP Scheme was that 75% of the Total Property Return element will vest (LTIP 2021: 50%, LTIP 2020: 100%). The expected Workspace share price volatility was determined by taking account of the daily share price movement over a three-year period. The respective FTSE 250 Real Estate share price volatility and correlations were also determined over the same period. Assessment is made of any vesting conditions to categorise these into market performance conditions, non-market performance conditions and service conditions to value equity-settled transactions. The risk-free rate has been determined from market yield curves for government zero-coupon bonds with outstanding terms equal to the average expected term to exercise for each relevant grant(b) Employee share option schemes The Group operates a Save As You Earn (\u2018SAYE\u2019) share option scheme. Grants under the SAYE scheme are normally exercisable after three or \ufb01ve years\u2019 saving. In accordance with UK practice, the majority of options under the SAYE schemes are granted at a price 20% below the market price ruling at the date of grant. Details of the movements for the SAYE schemes during the year were as follows: SAYE Options outstanding Number Weighted exercise price At 1 April 2021 363,849 \u00a35.60 Options granted 46,554 \u00a36.70 Options exercised (11,665) \u00a37.44 Options lapsed (71,357) \u00a35.78 At 31 March 2022 327,381 \u00a35.65 Options granted 132,890 \u00a35.59 Options exercised \u2013 \u2013 Options lapsed (173,364) \u00a35.75 At 31 March 2023 286,907 \u00a35.56 The average closing share price at the date of exercise for the SAYE options exercised (for the three-year 2019 and the \ufb01ve-year 2017 schemes) during the year was not applicable because no shares were exercised (2022: \u00a38.69). The fair value has been calculated using the Black-Scholes model. Inputs to the model are summarised as follows: 2023 SAYE 3 year 2023 SAYE 5 year 2022 SAYE 3 year 2022 SAYE 5 year Weighted average share price at grant 559p 559p 846p 846p Exercise price 508p 508p 670p 670p Expected volatility 41% 34% 38% 35% Average expected life (years) 3 5 3 5 Risk free rate 2% 2% 0% 0% Expected dividend yield 4% 4% 2% 2% Possibility of ceasing employment before vesting 25% 25% 25% 25% The expected life is the average expected period to exercise. The risk free rate of return is the yield on zero-coupon UK Government bonds of a term consistent with the assumed option life. The expected dividend yield is based on the present value of expected future dividend payments to expiry. 23. SHARE BASED PAYMENTS CONTINUED (b) Employee share option schemes continued Fair values per share of these options were: 2023 2022 Grant date Fair value of award Grant date Fair value of award SAYE \u2013 three year 27 July 2022 144p 23 July 2021 261p SAYE \u2013 \ufb01ve year 27 July 2022 136p 23 July 2021 261p (c) Share Incentive Plan (\u2018SIP\u2019) All staff were granted \u00a31,000 worth of shares in September 2015, \u00a32,000 in August 2017, \u00a32,000 in September 2019 and \u00a32,000 in September 2021. These shares are held in trust under an HMRC-approved SIP. The shares can be exercised following three years of employment but must be held for a further two years in order to qualify for tax advantages. No shares were granted in the year (2022: 52,170), 15,259 (2022: 6,124) shares were exercised in the year and 9,619 (2022: 9,587) shares lapsed. (d) Year-end summary At 31 March 2023, in total there were 2,111,777 (2022: 1,850,331) share awards/options exercisable on the Company\u2019s ordinary share capital. These are analysed below: Date of grant Exercise price Ordinary shares Number Vested and exercisable Exercisable between LTIP 18 June 2020 \u2013 519,141 \u2013 18.06.2023 \u2013 18 June 2021 \u2013 469,238 \u2013 18.06.2024 \u2013 24 June 2022 \u2013 775,810 \u2013 24.06.2025 \u2013 SAYE 26 July 2018 \u2013 \ufb01ve year \u00a38.60 \u2013 \u2013 01.09.2023 01.03.2024 25 July 2019 \u2013 \ufb01ve year \u00a3 7.02 \u2013 \u2013 01.09.2024 01.03.2025 27 July 2020 \u2013 three year \u00a35.31 135,193 \u2013 01.09.2023 01.03.2024 27 July 2020 \u2013 \ufb01ve year \u00a35.31 7,116 \u2013 01.09.2025 01.03.2026 23 July 2021 \u2013 three year \u00a36.70 27,813 \u2013 01.09.2024 01.03.2025 23 July 2021 \u2013 \ufb01ve year \u00a36.70 894 \u2013 01.09.2026 01.03.2027 27 July 2022 \u2013 three year \u00a35.59 96,230 \u2013 01.09.2025 01.03.2026 27 July 2022 \u2013 \ufb01ve year \u00a35.59 19,661 \u2013 01.09.2027 01.03.2028 SIP 5 September 2019 1 \u2013 21,436 21,436 05.09.2022 \u2013 29 September 2021 1 \u2013 39,245 \u2013 29.09.2024 \u2013 Total 2,111,777 21,436 1. The number of ordinary shares in the SIP scheme does not include 16,643 unallocated shares. The share awards/options outstanding at 31 March 2023 had a weighted average remaining contractual life of: LTIP \u2013 1.4 years (2022: 1.3 years), SAYE \u2013 1.5 years (2022: 1.4 years), SIP \u2013 1.0 year (2022: 1.1 years). (e) Cash-settled share based payments National Insurance payments due on the exercise of non-approved ESOS options and shares from the LTIP are considered cash-settled share based payments. The estimated fair value of the National Insurance cash-settled share based payments have been calculated using the share price at the balance sheet date. At each balance sheet date, the Group revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. (f) Share based payment charges The Group recognised a total charge in relation to share based payments as follows: 2023 \u00a3m 2022 \u00a3m Equity-settled share based payments 1.4 1.6 Cash-settled share based payments \u2013 \u2013 1.4 1.6 The total liability at the end of the year in respect of cash-settled share based schemes was \u00a30.3m (2022: \u00a30.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-302": { "value": "24. PENSIONS The Group operates a de\ufb01ned contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge for this scheme in the year was \u00a31.0m (2022: \u00a30.8m) representing contributions payable by the Group to the fund and is charged through trading pro\ufb01t. The Group\u2019s commitment with regard to pension contributions, consistent with the prior year, ranges from 6.0% to 16.5% of an employee\u2019s salary. The pension scheme is open to every employee in accordance with the Government auto-enrolment rules. The number of employees, including Directors, in the scheme at the year end was 261 (2022: 238). As part of the McKay Securities Limited (formerly McKay Securities PLC) acquisition in May 2022 the Group became liable for the existing McKay de\ufb01ned bene\ufb01t pension scheme. Subsequent to this, on 12 October 2022, the Group entered into a pension buy-out transaction whereby an insurance company took on all current and future liabilities of the scheme in exchange for the assets of the scheme, valued at \u00a35.4m at that date, and a cash contribution from the Company of \u00a31.3m. The scheme had a de\ufb01cit of \u00a30.3m at the half year with the excess settlement charge of \u00a30.9m included within other expenses in the consolidated statement of comprehensive income. The scheme is currently being wound up with completion expected within the next few months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-328": { "value": "The Group operates a de\ufb01ned contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge for this scheme in the year was \u00a31.0m (2022: \u00a30.8m) representing contributions payable by the Group to the fund and is charged through trading pro\ufb01t. The Group\u2019s commitment with regard to pension contributions, consistent with the prior year, ranges from 6.0% to 16.5% of an employee\u2019s salary. The pension scheme is open to every employee in accordance with the Government auto-enrolment rules. The number of employees, including Directors, in the scheme at the year end was 261 (2022: 238). As part of the McKay Securities Limited (formerly McKay Securities PLC) acquisition in May 2022 the Group became liable for the existing McKay de\ufb01ned bene\ufb01t pension scheme. Subsequent to this, on 12 October 2022, the Group entered into a pension buy-out transaction whereby an insurance company took on all current and future liabilities of the scheme in exchange for the assets of the scheme, valued at \u00a35.4m at that date, and a cash contribution from the Company of \u00a31.3m. The scheme had a de\ufb01cit of \u00a30.3m at the half year with the excess settlement charge of \u00a30.9m included within other expenses in the consolidated statement of comprehensive income. The scheme is currently being wound up with completion expected within the next few months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-303": { "value": "25. RELATED PARTY TRANSACTIONS Key management for the purposes of related party disclosure under IAS 24 are taken to be the Executive Board Directors, the non-Board Executive Directors and the Non-Executive Directors. Key management compensation is set out below: Key management compensation: 2023 \u00a3m 2022 \u00a3m Short-term employee bene\ufb01ts 5.7 4.7 Total 5.7 4.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-304": { "value": "26. CAPITAL COMMITMENTS At the year end the estimated amounts of contractual commitments for future capital expenditure not provided for were: 2023 \u00a3m 2022 \u00a3m Investment property construction 34.4 4.6 For both current and prior period, there were no material obligations for the repair or maintenance of investment properties. All material contracts for enhancement are included in the capital commitments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-305": { "value": "27. SUBSIDIARY AND OTHER RELATED UNDERTAKINGS The Company\u2019s subsidiary and other related undertakings at 31 March 2023, and up to the date of signing the \ufb01nancial statements, are listed below. Except where indicated otherwise, the Company owns 100% of the ordinary share capital of the following subsidiary undertakings incorporated and operating in the UK, all of which are consolidated in the Group\u2019s \ufb01nancial statements. UK subsidiaries The registered address of all UK subsidiaries is Canterbury Court, Kennington Park, 1-3 Brixton Road, London SW9 6DE. Name Company Number Nature of business Workspace 12 Limited 05764838 Property Investment Workspace 13 Limited 05834824 Property Investment Workspace 14 Limited 05834831 Property Investment Omnibus Workspace Limited 1,3 01444827 Non-trading United Workspace Limited 1,3 01749661 Non-trading Busworks Limited 1, 3 04108036 Holding Company Workspace Glebe Limited 3 05834811 Non-trading Glebe Three Limited 3 05830231 Non-trading LI Property Services Limited 3 02134039 Insurance Agents Workspace Management Limited 02841232 Property Management Workspace 1 Limited 03726272 Dormant Workspace 10 Limited 02985018 Dormant Workspace 11 Limited 05764848 Dormant Workspace 15 Limited 05834840 Dormant Workspace Holdings Limited 3 03729646 Non-trading Anyspacedirect.co.uk Limited 3 07117982 Non-trading Workspace Newco 1 Limited 10195676 Dormant Workspace Newco 2 Limited 10195681 Dormant McKay Securities Limited 2 00421479 Property Investment Baldwin House Limited 2,3 00692181 Non-trading Workspace Projects (KP) Limited 14186009 Property Investment 1. 100% of the ordinary share capital of this subsidiary is held by other Group companies. 2. McKay Securities Limited (formerly McKay Securities PLC) and Baldwin House Limited were acquired on 6 May 2022. 3. The following subsidiary undertakings are exempt from the Companies Act 2006 requirements relating to the audit of their individual accounts by virtue of Section 479A of the Act as Workspace Group PLC has guaranteed the subsidiary companies under Section 479C of the Act. 27. SUBSIDIARY AND OTHER RELATED UNDERTAKINGS CONTINUED Non-UK subsidiaries Name Country of incorporation Registered address Nature of business Workspace 16 (Jersey) Limited Jersey Gasp\u00e9 House, 66-72 The Esplanade, St Helier, Jersey JE2 3QT Non-trading Workspace 17 (Jersey) Limited Jersey 44 Esplanade, St Helier, Jersey JE4 9WQ Holding Company Workspace Salisbury Limited 1 Jersey 44 Esplanade, St Helier, Jersey JE4 9WQ Property Investment Centro Property Limited 1 Guernsey Martello Court, Admiral Park, St Peter Port, Guernsey GY1 3HB Non-trading Stamfordham Road (IOM) Limited 1 Isle of Man 33-37 Athol Street, Douglas, Isle of Man, IM1 1LB Non-trading 1. 100% of the ordinary share capital of these subsidiaries is held by other Group companies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-329": { "value": "27. SUBSIDIARY AND OTHER RELATED UNDERTAKINGS The Company\u2019s subsidiary and other related undertakings at 31 March 2023, and up to the date of signing the \ufb01nancial statements, are listed below. Except where indicated otherwise, the Company owns 100% of the ordinary share capital of the following subsidiary undertakings incorporated and operating in the UK, all of which are consolidated in the Group\u2019s \ufb01nancial statements. UK subsidiaries The registered address of all UK subsidiaries is Canterbury Court, Kennington Park, 1-3 Brixton Road, London SW9 6DE. Name Company Number Nature of business Workspace 12 Limited 05764838 Property Investment Workspace 13 Limited 05834824 Property Investment Workspace 14 Limited 05834831 Property Investment Omnibus Workspace Limited 1,3 01444827 Non-trading United Workspace Limited 1,3 01749661 Non-trading Busworks Limited 1, 3 04108036 Holding Company Workspace Glebe Limited 3 05834811 Non-trading Glebe Three Limited 3 05830231 Non-trading LI Property Services Limited 3 02134039 Insurance Agents Workspace Management Limited 02841232 Property Management Workspace 1 Limited 03726272 Dormant Workspace 10 Limited 02985018 Dormant Workspace 11 Limited 05764848 Dormant Workspace 15 Limited 05834840 Dormant Workspace Holdings Limited 3 03729646 Non-trading Anyspacedirect.co.uk Limited 3 07117982 Non-trading Workspace Newco 1 Limited 10195676 Dormant Workspace Newco 2 Limited 10195681 Dormant McKay Securities Limited 2 00421479 Property Investment Baldwin House Limited 2,3 00692181 Non-trading Workspace Projects (KP) Limited 14186009 Property Investment 1. 100% of the ordinary share capital of this subsidiary is held by other Group companies. 2. McKay Securities Limited (formerly McKay Securities PLC) and Baldwin House Limited were acquired on 6 May 2022. 3. The following subsidiary undertakings are exempt from the Companies Act 2006 requirements relating to the audit of their individual accounts by virtue of Section 479A of the Act as Workspace Group PLC has guaranteed the subsidiary companies under Section 479C of the Act. 27. SUBSIDIARY AND OTHER RELATED UNDERTAKINGS CONTINUED Non-UK subsidiaries Name Country of incorporation Registered address Nature of business Workspace 16 (Jersey) Limited Jersey Gasp\u00e9 House, 66-72 The Esplanade, St Helier, Jersey JE2 3QT Non-trading Workspace 17 (Jersey) Limited Jersey 44 Esplanade, St Helier, Jersey JE4 9WQ Holding Company Workspace Salisbury Limited 1 Jersey 44 Esplanade, St Helier, Jersey JE4 9WQ Property Investment Centro Property Limited 1 Guernsey Martello Court, Admiral Park, St Peter Port, Guernsey GY1 3HB Non-trading Stamfordham Road (IOM) Limited 1 Isle of Man 33-37 Athol Street, Douglas, Isle of Man, IM1 1LB Non-trading 1. 100% of the ordinary share capital of these subsidiaries is held by other Group companies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-306": { "value": "29. POST BALANCE SHEET EVENTS On 16 May 2023 the Group announced the exchange for sale of \ufb01ve light industrial and logistics properties in the South East of England for a total consideration of \u00a382.0m. The sale price is in line with the 31 March 2023 valuation and is at a net initial yield of 4.5%", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } } } }