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"ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-242": { "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 in and around London and the South East. The Company is a public limited company, limited by shares, which is listed on the London Stock Exchange and is incorporated and domiciled in England and Wales. The registered address of the Company is Canterbury Court, Kennington Park, 1\u20133 Brixton Road London SW9 6DE. The registered number of the Company is 02041612.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-4": { "value": "Workspace Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-5": { "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 in and around London and the South East. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-6": { "value": "public limited company, limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-240": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-7": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-243": { "value": "BASIS OF PREPARATION These financial statements are presented in Sterling, which is the Company\u2019s functional currency and the Group\u2019s presentation currency , and have been prepared and approved by the Directors on a going concern basis, in accordance with UK-adopted international accounting standards. The Company has elected to prepare its Parent Company financial statements in accordance with FRS101; these are presented on pages 269 to 272. The Board is required to assess the appropriateness of applying the going concern basis in the preparation of the financial statements. Macroeconomic and geo-political issues, including the impact of US tariffs on UK businesses and their supply chains, have heightened wider concerns around the UK economy and mean 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 Group. Further details of the principal risks can be found on pages 86 to 93. 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 financial statements. These scenarios include a severe, but realistically possible, scenario which includes the following key assumptions: \u2013 A reduction in occupancy, reflecting 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 significantly higher than pre-pandemic levels. \u2013 Continued elevated levels of cost inflation. \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 12% compared to the
March 2025 Net Rental Income and a fall in the asset valuation of 37% compared to 31 March
2025 before these covenants are breached, assuming no mitigating actions are taken.
As at 31 March 2025, the Company had significant headroom with \u00a3260m of cash and undrawn
facilities. The majority of the Group\u2019s debt is long-term fixed-rate committed facilities comprising
a \u00a3300m green bond, \u00a3300m of private placement notes, a \u00a365m secured loan facility and an
\u00a380m term loan. Shorter-term liquidity and flexibility is provided by floating-rate bank facilities
which comprise of \u00a3335m of sustainability-linked revolving credit facilities (RCFs) made up of
\u00a3135m which was renewed in November 2024 to November 2028 and \u00a3200m which was
renewed in May 2025 at the current rate to June 2029. Both facilities include the potential to be
extended by a further two years subject to lender consent. The \u00a3135m has the option to increase
the facility amount by up to \u00a3120m and the \u00a3200m RCF has the option to increase the facility
amount by up to \u00a3100m, both subject to lender consent.
For the full period of assessment under the scenario 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 financial statements and therefore the financial statements have
been prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-294": { "value": "These financial statements are presented in Sterling, which is the Company\u2019s functional currency and the Group\u2019s presentation currency ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-295": { "value": "have been prepared and approved by the Directors on a going concern basis, in accordance with UK-adopted international accounting standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-296": { "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 financial statements. These
scenarios include a severe, but realistically possible, scenario which includes the following key
assumptions:
\u2013 A reduction in occupancy, reflecting 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 significantly higher than pre-pandemic levels.
\u2013 Continued elevated levels of cost inflation.
\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 12% compared to the March 2025 Net Rental Income and a fall in the asset valuation of 37% compared to 31 March 2025 before these covenants are breached, assuming no mitigating actions are taken. As at 31 March 2025, the Company had significant headroom with \u00a3260m of cash and undrawn facilities. The majority of the Group\u2019s debt is long-term fixed-rate committed facilities comprising a \u00a3300m green bond, \u00a3300m of private placement notes, a \u00a365m secured loan facility and an \u00a380m term loan. Shorter-term liquidity and flexibility is provided by floating-rate bank facilities which comprise of \u00a3335m of sustainability-linked revolving credit facilities (RCFs) made up of \u00a3135m which was renewed in November 2024 to November 2028 and \u00a3200m which was renewed in May 2025 at the current rate to June 2029. Both facilities include the potential to be extended by a further two years subject to lender consent. The \u00a3135m has the option to increase the facility amount by up to \u00a3120m and the \u00a3200m RCF has the option to increase the facility amount by up to \u00a3100m, both subject to lender consent. For the full period of assessment under the scenario 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 financial statements and therefore the financial statements have been prepared on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-244": { "value": "
Consideration of climate change
In preparing the financial statements, the Directors have considered the impact of climate
change, particularly in the context of the risks identified in the TCFD disclosure on pages 99 to
106 this year. There has been no material impact identified on the financial 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; and
\u2013 the capital expenditure required to upgrade our assets\u2019 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 the preparation of the Group\u2019s
financial statements.
", "dimensions": { "concept": "workspacegroupplc:DescriptionOfAccountingPolicyForConsiderationOfClimateChange", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-245": { "value": "
NEW ACCOUNTING STANDARDS, AMENDMENTS AND GUIDANCE
a) During the year to 31 March 2025 the Group adopted the following accounting standards
and guidance:
IAS 1 (amended)
Classification of Liabilities as Current or Non-Current;
Non-Current Liabilities with Covenants; Deferral of
Effective Date Amendment
IAS 7 and IFRS 7
Disclosures \u2013 Supplier Finance Arrangements
IFRS 16 (amended)
Lease Liability in a Sale and Leaseback
There was no material impact from the adoption of these accounting standards and
amendments on the financial statements.
b) The following accounting standards and guidance are not yet effective but are not expected
to have a significant impact on the Group\u2019s financial statements or result in changes to
presentation and disclosure only. They have not been adopted early by the Group:
IAS 21 (amended)
Lack of Exchangeability
IFRS 9 and IFRS 7 (amended)
Amendments to the Classification and Measurement of
Financial Instruments
IFRS 18
Presentation and Disclosure in Financial Statements
IFRS 19
Subsidiaries without Public Accountability: Disclosures
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-297": { "value": "a) During the year to 31 March 2025 the Group adopted the following accounting standards and guidance:
IAS 1 (amended)
Classification of Liabilities as Current or Non-Current;
Non-Current Liabilities with Covenants; Deferral of
Effective Date Amendment
IAS 7 and IFRS 7
Disclosures \u2013 Supplier Finance Arrangements
IFRS 16 (amended)
Lease Liability in a Sale and Leaseback
There was no material impact from the adoption of these accounting standards and amendments on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-298": { "value": "b) The following accounting standards and guidance are not yet effective but are not expected to have a significant impact on the Group\u2019s financial statements or result in changes to presentation and disclosure only. They have not been adopted early by the Group:
IAS 21 (amended)
Lack of Exchangeability
IFRS 9 and IFRS 7 (amended)
Amendments to the Classification and Measurement of
Financial Instruments
IFRS 18
Presentation and Disclosure in Financial Statements
IFRS 19
Subsidiaries without Public Accountability: Disclosures
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-246": { "value": "
SIGNIFICANT JUDGEMENTS AND CRITICAL ESTIMATES
The preparation of financial 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 material accounting policies are stated below. Not all of these accounting policies
require management to make subjective or complex judgements or significant estimates. The
following is intended to provide an understanding of the significant 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 financial 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 external assumptions of estimated
rental values (ERV) and market-based yields. Whilst occupancy is one of several indicators
considered in arriving at the appropriate ERV, it is calculated at the valuation date based on
actual vacant units at that time and is therefore not subject to material estimation uncertainty.
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 significant 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-241": { "value": "
MATERIAL ACCOUNTING POLICIES
The material accounting policies adopted in the preparation of these consolidated financial
statements are set out below. These policies have been consistently applied to all years
presented unless stated otherwise.
Basis of consolidation
The consolidated financial statements include the financial statements of the Company
and all its subsidiary undertakings up to 31 March 2025. 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 finance charges, are included in current and non-current borrowings. Each
lease payment is allocated between liability and finance charges so as to achieve a constant rate
on the outstanding finance balance. The interest element of the finance cost is charged to the
consolidated income statement.
Properties are treated as acquired at the point which the Group assumes the significant risks
and rewards 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 as investment property where the purpose of holding the property continues
to meet the definition of investment property as defined above. Subsequent expenditure is
charged to the asset\u2019s carrying amount only when it is probable that future economic benefits
associated with the expenditure will flow 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 financed 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 within 12 months. 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 control has 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). Profit or loss
on disposal is calculated as the consideration receivable (net of costs) less the latest valuation
(net book value) and is shown in profit/loss on disposal of assets.
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 five-step model.
Consideration (including overage) is measured at the fair value of the consideration received/
receivable.
Commercial property to be received is fair valued as 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 financial asset and is designated as a financial asset at fair value through
profit 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/expenses.
Acquisitions
An acquisition is recognised when the control has been transferred, usually on completion of the
transaction. The acquisition method measures assets based on purchase price, 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 gain or bargain
purchase or acquisition-related costs are recognised in the consolidated income statement.
Intangible assets
Intangible assets are stated at historical cost, less accumulated amortisation. Acquired on-premise
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 five years on a straight-line basis.
Costs associated with maintaining computer software programmes including Software as a Service
(\u2018SaaS\u2019) are recognised as an expense as they fall due.
Property, plant and equipment
Equipment and fixtures 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 benefits associated with the expenditure
will flow 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 financial 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 financial 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 flows. 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 income/expenses.
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 insignificant 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 flow 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.
Derivative financial instruments and hedge accounting
The Group enters into derivative transactions in order to manage its exposure to interest rate
risks. Financial derivatives are recorded at fair value calculated by valuation techniques based
on market prices, estimated future cash flows and forward interest rates.
The Group applies hedge accounting for certain derivatives that are designated and effective
as hedges of future cash flows (cash flow hedges). The Group documents at the inception of the
transaction the relationship between hedging instruments and hedged items, as well as its risk
management objectives and strategy for undertaking various hedging transactions. The Group
also documents its assessment, both at hedge inception and on an ongoing basis, of whether the
derivatives that are used in hedging transactions are highly effective in offsetting changes in fair
values or cash flows of hedged items. The fair values of various derivative instruments used for
hedging purposes are disclosed in note 16(e). Movements on the hedging reserve in other
comprehensive income are shown in note 21.
For cash flow hedges, the effective portion of changes in the fair value of derivatives that are
designated and qualify as cash flow hedges is recognised in the consolidated statement of other
comprehensive income. The gain or loss relating to the ineffective portion is recognised
immediately in the consolidated income statement within other income/expenses. Amounts
accumulated in equity are reclassified to profit or loss in the periods when the hedged item
affects profit or loss.
Share capital
Ordinary shares are classified 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 2025, 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 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 significant 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 and the nature of the costs being one off to enable a
full understanding of the Group\u2019s financial 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 Monte-Carlo valuation and Black-Scholes 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 defined contribution pension scheme. Contributions are charged to the
consolidated income statement on an accruals basis.
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 financial 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 profits 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 profits 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 profits must arise from the tax-exempt business; and
\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 financial statements in the period in which the dividends are approved, while interim
dividends are recognised when paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-247": { "value": "Basis of consolidation The consolidated financial statements include the financial statements of the Company and all its subsidiary undertakings up to 31 March 2025. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-248": { "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 finance charges, are included in current and non-current borrowings. Each lease payment is allocated between liability and finance charges so as to achieve a constant rate on the outstanding finance balance. The interest element of the finance cost is charged to the consolidated income statement. Properties are treated as acquired at the point which the Group assumes the significant risks and rewards 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 as investment property where the purpose of holding the property continues to meet the definition of investment property as defined above. Subsequent expenditure is charged to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow 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 financed 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 within 12 months. 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 control has 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). Profit or loss on disposal is calculated as the consideration receivable (net of costs) less the latest valuation (net book value) and is shown in profit/loss on disposal of assets. 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 five-step model. Consideration (including overage) is measured at the fair value of the consideration received/ receivable. Commercial property to be received is fair valued as 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 financial asset and is designated as a financial asset at fair value through profit 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/expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-249": { "value": "Acquisitions An acquisition is recognised when the control has been transferred, usually on completion of the transaction. The acquisition method measures assets based on purchase price, 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 gain or bargain purchase or acquisition-related costs are recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-299": { "value": "Intangible assets Intangible assets are stated at historical cost, less accumulated amortisation. Acquired on-premise 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 five years on a straight-line basis. Costs associated with maintaining computer software programmes including Software as a Service (\u2018SaaS\u2019) are recognised as an expense as they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-250": { "value": "Intangible assets Intangible assets are stated at historical cost, less accumulated amortisation. Acquired on-premise 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 five years on a straight-line basis. Costs associated with maintaining computer software programmes including Software as a Service (\u2018SaaS\u2019) are recognised as an expense as they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-300": { "value": "Property, plant and equipment Equipment and fixtures 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 benefits associated with the expenditure will flow 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 financial 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-251": { "value": "Property, plant and equipment Equipment and fixtures 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 benefits associated with the expenditure will flow 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 financial 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-252": { "value": "Other investments Investments in unlisted shares are accounted for under IFRS 9 at fair value, using a valuation multiple and financial 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-253": { "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 flows. 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 income/expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-254": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-255": { "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 insignificant 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 flow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-256": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-324": { "value": "Derivative financial instruments and hedge accounting The Group enters into derivative transactions in order to manage its exposure to interest rate risks. Financial derivatives are recorded at fair value calculated by valuation techniques based on market prices, estimated future cash flows and forward interest rates. The Group applies hedge accounting for certain derivatives that are designated and effective as hedges of future cash flows (cash flow hedges). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The fair values of various derivative instruments used for hedging purposes are disclosed in note 16(e). Movements on the hedging reserve in other comprehensive income are shown in note 21. For cash flow hedges, the effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the consolidated statement of other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the consolidated income statement within other income/expenses. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-301": { "value": "Derivative financial instruments and hedge accounting The Group enters into derivative transactions in order to manage its exposure to interest rate risks. Financial derivatives are recorded at fair value calculated by valuation techniques based on market prices, estimated future cash flows and forward interest rates. The Group applies hedge accounting for certain derivatives that are designated and effective as hedges of future cash flows (cash flow hedges). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The fair values of various derivative instruments used for hedging purposes are disclosed in note 16(e). Movements on the hedging reserve in other comprehensive income are shown in note 21. For cash flow hedges, the effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the consolidated statement of other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the consolidated income statement within other income/expenses. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-257": { "value": "Derivative financial instruments and hedge accounting The Group enters into derivative transactions in order to manage its exposure to interest rate risks. Financial derivatives are recorded at fair value calculated by valuation techniques based on market prices, estimated future cash flows and forward interest rates. The Group applies hedge accounting for certain derivatives that are designated and effective as hedges of future cash flows (cash flow hedges). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The fair values of various derivative instruments used for hedging purposes are disclosed in note 16(e). Movements on the hedging reserve in other comprehensive income are shown in note 21. For cash flow hedges, the effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the consolidated statement of other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the consolidated income statement within other income/expenses. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-258": { "value": "Share capital Ordinary shares are classified 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-259": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-260": { "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 2025, 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-261": { "value": "Revenue recognition Revenue comprises rental income, service charges and other sums receivable from the Group\u2019s investment properties. Other sums comprise 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 significant 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-262": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-263": { "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 and the nature of the costs being one off to enable a full understanding of the Group\u2019s financial performance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-264": { "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 Monte-Carlo valuation and Black-Scholes 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-265": { "value": "Pensions The Group operates a defined contribution pension scheme. Contributions are charged to the consolidated income statement on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-302": { "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 financial 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 profits will be available against which the deferred tax asset can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-266": { "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 financial 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 profits will be available against which the deferred tax asset can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-267": { "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 profits 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 profits must arise from the tax-exempt business; and \u2013 at least 90% of the tax-exempt business earnings must be distributed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-268": { "value": "Dividend distributions Final dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-269": { "value": "
1. ANALYSIS OF NET RENTAL INCOME AND SEGMENTAL INFORMATION
2025
2024
Direct Net rental Direct Net rental
Revenue
costs
1
income Revenue
costs
1
income
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Rental income
144.9
(6.7)
138.2
145.0
(4.9)
140.1
Service charges
33.2
(37.4)
(4.2)
32.6
(37.5)
(4.9)
Empty rates and other
non-recoverable costs
\u2013
(11.5)
(11.5)
\u2013
(10.2)
(10.2)
Services, fees, commissions
and sundry income
7.1
(7.5)
(0.4)
6.7
(5.5)
1.2
185.2
(63.1)
122.1
184.3
(58.1)
126.2
1. There was one property within the current period (prior period: two) that were non-rent producing. Direct costs relating to
investment properties that did not generate any rental income were nil (2024: nil).
Included within direct costs for rental income is a charge of \u00a31.0m (2024: \u00a30.8m) 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 2025, 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-303": { "value": "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 2025, management have determined that the Group operates a single operating segment providing business accommodation for rent in and around London.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-271": { "value": "
2. OPERATING PROFIT/(LOSS)
The following items have been charged in arriving at operating profit/(loss):
2025 2024
\u00a3m \u00a3m
Depreciation
1
(note 11)
1.4
1.7
Staff costs (including share-based payment costs)
1
(note 5)
31.9
30.5
Repairs and maintenance expenditure on investment properties
5.3
3.7
Trade receivables impairment (note 13)
1.0
0.8
Amortisation of intangibles
2
1.5
0.6
Audit fees payable to the Company\u2019s Auditor
0.6
0.8
1. Charged to direct costs and administrative expenses based on the underlying nature of the expenses.
2. During the year the amortisation charge was expensed to administrative costs and other expenses following a change
in the expected useful life of the assets (2024: amortisation charge was expensed to administrative costs).
Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its 2025 2024
associates \u00a3000 \u00a3000
Audit fees:
Audit of Parent Company and consolidated financial statements
457
507
Audit of subsidiary financial statements
46
110
503
617
Fees for other services:
Audit-related assurance services
1
67
97
Total fees payable to Auditor
570
714
1. Audit-related assurance services consist of \u00a367k for half year review (2024: \u00a397k).
2025 2024
\u00a3m \u00a3m
Total administrative expenses are analysed below:
Staff costs
13.8
14.8
Equity-settled share-based payments
2.4
3.1
Cash-settled share-based payments
0.2
0.2
Other
6.9
7.2
Total administrative expenses
23.3
25.3
3(b). OTHER EXPENSES
2025 2024
\u00a3m \u00a3m
Other expenses
(3.6)
(1.2)
(3.6)
(1.2)
Other expenses include exceptional one-off costs relating to the replacement of our finance
and property management system and CRM system of \u00a32.7m (2024: \u00a31.2m), which brings the
cumulative spend to date to \u00a35.7m with a forecast spend in the next financial year of \u00a31.2m
in relation to the CRM system with an expected go live date in the second half of the year.
There are also one-off costs relating to the new CEO appointed in the year of \u00a30.9m (2024: \u00a3nil).
These costs are outside the Group\u2019s normal trading activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-325": { "value": "2. OPERATING PROFIT/(LOSS) The following items have been charged in arriving at operating profit/(loss):
2025 2024
\u00a3m \u00a3m
Depreciation
1
(note 11)
1.4
1.7
Staff costs (including share-based payment costs)
1
(note 5)
31.9
30.5
Repairs and maintenance expenditure on investment properties
5.3
3.7
Trade receivables impairment (note 13)
1.0
0.8
Amortisation of intangibles
2
1.5
0.6
Audit fees payable to the Company\u2019s Auditor
0.6
0.8
1. Charged to direct costs and administrative expenses based on the underlying nature of the expenses. 2. During the year the amortisation charge was expensed to administrative costs and other expenses following a change in the expected useful life of the assets (2024: amortisation charge was expensed to administrative costs).
Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its 2025 2024
associates \u00a3000 \u00a3000
Audit fees:
Audit of Parent Company and consolidated financial statements
457
507
Audit of subsidiary financial statements
46
110
503
617
Fees for other services:
Audit-related assurance services
1
67
97
Total fees payable to Auditor
570
714
1. Audit-related assurance services consist of \u00a367k for half year review (2024: \u00a397k).
2025 2024
\u00a3m \u00a3m
Total administrative expenses are analysed below:
Staff costs
13.8
14.8
Equity-settled share-based payments
2.4
3.1
Cash-settled share-based payments
0.2
0.2
Other
6.9
7.2
Total administrative expenses
23.3
25.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-338": { "value": "2. OPERATING PROFIT/(LOSS) The following items have been charged in arriving at operating profit/(loss):
2025 2024
\u00a3m \u00a3m
Depreciation
1
(note 11)
1.4
1.7
Staff costs (including share-based payment costs)
1
(note 5)
31.9
30.5
Repairs and maintenance expenditure on investment properties
5.3
3.7
Trade receivables impairment (note 13)
1.0
0.8
Amortisation of intangibles
2
1.5
0.6
Audit fees payable to the Company\u2019s Auditor
0.6
0.8
1. Charged to direct costs and administrative expenses based on the underlying nature of the expenses. 2. During the year the amortisation charge was expensed to administrative costs and other expenses following a change in the expected useful life of the assets (2024: amortisation charge was expensed to administrative costs).
Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its 2025 2024
associates \u00a3000 \u00a3000
Audit fees:
Audit of Parent Company and consolidated financial statements
457
507
Audit of subsidiary financial statements
46
110
503
617
Fees for other services:
Audit-related assurance services
1
67
97
Total fees payable to Auditor
570
714
1. Audit-related assurance services consist of \u00a367k for half year review (2024: \u00a397k).
2025 2024
\u00a3m \u00a3m
Total administrative expenses are analysed below:
Staff costs
13.8
14.8
Equity-settled share-based payments
2.4
3.1
Cash-settled share-based payments
0.2
0.2
Other
6.9
7.2
Total administrative expenses
23.3
25.3
3(b). OTHER EXPENSES
2025 2024
\u00a3m \u00a3m
Other expenses
(3.6)
(1.2)
(3.6)
(1.2)
Other expenses include exceptional one-off costs relating to the replacement of our finance and property management system and CRM system of \u00a32.7m (2024: \u00a31.2m), which brings the cumulative spend to date to \u00a35.7m with a forecast spend in the next financial year of \u00a31.2m in relation to the CRM system with an expected go live date in the second half of the year. There are also one-off costs relating to the new CEO appointed in the year of \u00a30.9m (2024: \u00a3nil). These costs are outside the Group\u2019s normal trading activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-334": { "value": "2. OPERATING PROFIT/(LOSS) The following items have been charged in arriving at operating profit/(loss):
2025 2024
\u00a3m \u00a3m
Depreciation
1
(note 11)
1.4
1.7
Staff costs (including share-based payment costs)
1
(note 5)
31.9
30.5
Repairs and maintenance expenditure on investment properties
5.3
3.7
Trade receivables impairment (note 13)
1.0
0.8
Amortisation of intangibles
2
1.5
0.6
Audit fees payable to the Company\u2019s Auditor
0.6
0.8
1. Charged to direct costs and administrative expenses based on the underlying nature of the expenses. 2. During the year the amortisation charge was expensed to administrative costs and other expenses following a change in the expected useful life of the assets (2024: amortisation charge was expensed to administrative costs).
Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its 2025 2024
associates \u00a3000 \u00a3000
Audit fees:
Audit of Parent Company and consolidated financial statements
457
507
Audit of subsidiary financial statements
46
110
503
617
Fees for other services:
Audit-related assurance services
1
67
97
Total fees payable to Auditor
570
714
1. Audit-related assurance services consist of \u00a367k for half year review (2024: \u00a397k).
2025 2024
\u00a3m \u00a3m
Total administrative expenses are analysed below:
Staff costs
13.8
14.8
Equity-settled share-based payments
2.4
3.1
Cash-settled share-based payments
0.2
0.2
Other
6.9
7.2
Total administrative expenses
23.3
25.3
3(b). OTHER EXPENSES
2025 2024
\u00a3m \u00a3m
Other expenses
(3.6)
(1.2)
(3.6)
(1.2)
Other expenses include exceptional one-off costs relating to the replacement of our finance and property management system and CRM system of \u00a32.7m (2024: \u00a31.2m), which brings the cumulative spend to date to \u00a35.7m with a forecast spend in the next financial year of \u00a31.2m in relation to the CRM system with an expected go live date in the second half of the year. There are also one-off costs relating to the new CEO appointed in the year of \u00a30.9m (2024: \u00a3nil). These costs are outside the Group\u2019s normal trading activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-304": { "value": "
Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its 2025 2024
associates \u00a3000 \u00a3000
Audit fees:
Audit of Parent Company and consolidated financial statements
457
507
Audit of subsidiary financial statements
46
110
503
617
Fees for other services:
Audit-related assurance services
1
67
97
Total fees payable to Auditor
570
714
1. Audit-related assurance services consist of \u00a367k for half year review (2024: \u00a397k). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-340": { "value": "
2025 2024
\u00a3m \u00a3m
Total administrative expenses are analysed below:
Staff costs
13.8
14.8
Equity-settled share-based payments
2.4
3.1
Cash-settled share-based payments
0.2
0.2
Other
6.9
7.2
Total administrative expenses
23.3
25.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-270": { "value": "
3(a). LOSS ON DISPOSAL OF INVESTMENT PROPERTIES AND ASSETS HELD FOR SALE
2025 2024
\u00a3m \u00a3m
Proceeds from sale of investment properties (net of sale costs)
38.4
12.3
Proceeds from sale of assets held for sale (net of sale costs)
40.4
96.2
Book value at time of sale
(80.3)
(110.8)
Loss on disposal
(1.5)
(2.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-305": { "value": "3(a). LOSS ON DISPOSAL OF INVESTMENT PROPERTIES AND ASSETS HELD FOR SALE
2025 2024
\u00a3m \u00a3m
Proceeds from sale of investment properties (net of sale costs)
38.4
12.3
Proceeds from sale of assets held for sale (net of sale costs)
40.4
96.2
Book value at time of sale
(80.3)
(110.8)
Loss on disposal
(1.5)
(2.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-272": { "value": "
4. NET FINANCE COSTS
2025 2024
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(12.8)
(15.0)
Interest payable on other borrowings
(19.3)
(19.3)
Amortisation of issue costs of borrowings
(1.8)
(1.7)
Interest payable on leases
(2.1)
(2.1)
Interest capitalised on property refurbishments (note 10)
3.4
3.0
Interest receivable
0.6
0.2
Total net finance costs
(32.0)
(34.9)
All finance costs have been calculated in accordance with IFRS 9, re-estimating the cash flows based
on the original effective interest rate with any adjustment being taken through the consolidated
income statement, with the exception of interest payable on leases which is calculated in
accordance with IFRS 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-335": { "value": "4. NET FINANCE COSTS
2025 2024
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(12.8)
(15.0)
Interest payable on other borrowings
(19.3)
(19.3)
Amortisation of issue costs of borrowings
(1.8)
(1.7)
Interest payable on leases
(2.1)
(2.1)
Interest capitalised on property refurbishments (note 10)
3.4
3.0
Interest receivable
0.6
0.2
Total net finance costs
(32.0)
(34.9)
All finance costs have been calculated in accordance with IFRS 9, re-estimating the cash flows based on the original effective interest rate with any adjustment being taken through the consolidated income statement, with the exception of interest payable on leases which is calculated in accordance with IFRS 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-326": { "value": "4. NET FINANCE COSTS
2025 2024
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(12.8)
(15.0)
Interest payable on other borrowings
(19.3)
(19.3)
Amortisation of issue costs of borrowings
(1.8)
(1.7)
Interest payable on leases
(2.1)
(2.1)
Interest capitalised on property refurbishments (note 10)
3.4
3.0
Interest receivable
0.6
0.2
Total net finance costs
(32.0)
(34.9)
All finance costs have been calculated in accordance with IFRS 9, re-estimating the cash flows based on the original effective interest rate with any adjustment being taken through the consolidated income statement, with the exception of interest payable on leases which is calculated in accordance with IFRS 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-306": { "value": "4. NET FINANCE COSTS
2025 2024
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(12.8)
(15.0)
Interest payable on other borrowings
(19.3)
(19.3)
Amortisation of issue costs of borrowings
(1.8)
(1.7)
Interest payable on leases
(2.1)
(2.1)
Interest capitalised on property refurbishments (note 10)
3.4
3.0
Interest receivable
0.6
0.2
Total net finance costs
(32.0)
(34.9)
All finance costs have been calculated in accordance with IFRS 9, re-estimating the cash flows based on the original effective interest rate with any adjustment being taken through the consolidated income statement, with the exception of interest payable on leases which is calculated in accordance with IFRS 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-273": { "value": "
5. EMPLOYEES AND DIRECTORS
2025 2024
Staff costs for the Group during the year were: \u00a3m \u00a3m
Wages and salaries
27.5
26.2
Social security costs
3.2
3.4
Other pension costs (note 24)
1.4
1.3
Equity-settled share-based costs (note 23)
2.6
3.1
34.7
34.0
Less costs capitalised
(2.8)
(3.5)
31.9
30.5
2025 2024
The monthly average number of people employed during the year was: Number Number
Head office staff (including Directors)
173
166
Estates and property management staff
162
152
335
318
The emoluments and pension benefits 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 192 to 230.
Total Directors\u2019 emoluments for the financial year were \u00a32,4m (2024: \u00a32.9m), comprising
of \u00a32.1m (2024: \u00a32.2m) of Directors\u2019 remuneration, \u00a30.3m (2024: \u00a30.6m) gain on exercise
of share options and \u00a30.1m (2024: \u00a30.1m) of cash contributions in lieu of pension in respect
of three Directors (2024: two).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-274": { "value": "
6. TAXATION
2025 2024
\u00a3m \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
\u2013
(0.3)
\u2013
(0.3)
Total taxation credit
\u2013
(0.3)
The tax on the Group\u2019s profit/(loss) for the year differs from the standard applicable corporation
tax rate in the UK of 25% (2024: 25%). The differences are explained below:
2025 2024
\u00a3m \u00a3m
Profit/(loss) before taxation
5.4
(192.8)
Tax at standard rate of corporation tax in the UK of 25%
(2024: 25%)
1.4
(48.2)
Effects of:
REIT exempt income
(17.2)
(19.2)
Changes in fair value not subject to tax as a REIT
14.3
63.8
Share-based payment adjustments
0.2
0.5
Unrecognised losses carried forward
1.0
2.7
Other non-taxable expenses
0.3
0.1
Total taxation credit
\u2013
(0.3)
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 UK corporation tax. The Group estimates that as
the majority of its future profits will be exempt from tax, future tax charges are likely to be low.
Profits arising from any residual business activities (e.g. trading activities and interest income), after
the utilisation of tax losses, are subject to corporation tax at the main rate of 25% for the period.
The Group currently has an unrecognised asset in relation to tax losses from the non-REIT
business carried forward of \u00a38.6m (2024: \u00a38.9m) calculated at a corporation tax rate of 25%
(2024: 25%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-275": { "value": "
7. DIVIDENDS
2025 2024
Payment date
Per share
\u00a3m \u00a3m
For the year ended 31 March 2023:
Final dividend
August 2023
17 .4p
\u2013
33.3
For the year ended 31 March 2024:
Interim dividend
February 2024
9.0p
\u2013
17.3
Final dividend
August 2024
19.0p
36.5
\u2013
For the year ended 31 March 2025:
Interim dividend
February 2025
9.4p
18.0
\u2013
Dividends for the year
54.5
50.6
Timing difference on payment of withholding tax
1.8
0.1
Dividends cash paid
56.3
50.7
The Directors are proposing a final dividend in respect of the financial year ended 31 March 2025
of 19.0 pence per ordinary share, which will absorb an estimated \u00a336.5m of retained earnings
and cash. If approved by the shareholders at the AGM, it will be paid on 1 August 2025 to
shareholders who are on the register of members on 4 July 2025. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-307": { "value": "0.174", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-308": { "value": "0.19", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-276": { "value": "
8. EARNINGS PER SHARE
(Restated)
2025 2024 2024
Earnings used for calculating earnings per share: \u00a3m
\u00a3m
2
\u00a3m
Basic and diluted earnings
5.4
(192.5)
(192.5)
Decrease in fair value of investment properties
55.9
251.2
251.2
Impairment of assets held for sale
0.4
4.1
4.1
Loss on disposal of investment properties
1.5
2.3
2.3
Other expenses
2
(note 3(b))
3.6
1.2
\u2013
EPRA earnings
66.8
66.3
65.1
Adjustment for non-trading items:
Other expenses (note 3(b))
\u2013
\u2013
1.2
Taxation
\u2013
(0.3)
(0.3)
Trading profit after interest
66.8
66.0
66.0
Earnings have been adjusted to derive an earnings per share measure as defined by the European
Public Real Estate Association (\u2018EPRA\u2019) and an adjusted underlying earnings per share measure.
(Restated)
2025 2024 2024
Number of shares used for calculating earnings per share: Number
Number
2
Number
Weighted average number of shares
(excluding own shares held in trust)
191,997,294
191,676,994
191,676,994
Dilution due to share option schemes
1,770,841
1,537,856
1,537,856
Weighted average number of shares
for diluted earnings per share
193,768,135
193,214,850
193,214,850
In pence:
2025
2024 (Restated)
2024
Basic earnings/(loss) per share
2.8p
(100.4p)
(100.4p)
Diluted earnings/(loss) per share
2.8p
(100.4p)
(100.4p)
EPRA earnings per share
34.8p
34.6p
34.0p
Diluted EPRA earnings per share
34.5p
34.3p
34.0p
Adjusted underlying earnings per
share
1
34.5p
34.1p
34.1p
Adjusted underlying earnings per share (basic)
34.8p
34.4p
34.4p
1. Adjusted underlying earnings per share is calculated by dividing trading profit after interest by the diluted weighted average
number of shares of 193,768,135 (2024: 193,214,850).
2. The EPRA Best Practice Guidelines were updated in 2024, the new guidelines have been adopted and applied for the year
ended 31 March 2025. To ensure comparability, EPRA earnings as at 31 March 2024 have been restated in line with the new
guidelines. The key change in the guidelines is to include an additional adjustment to EPRA earnings for non-operating and
exceptional items. Other expenses (see note 3(b)) are now considered to be adjusting items for this reason.
The diluted loss per share for the period to 31 March 2024 has been restricted to a loss of
100.4p 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-277": { "value": "
9. NET ASSETS PER SHARE AND TOTAL ACCOUNTING RETURN
2025 2024
Number of shares used for calculating net assets per share: Number Number
Shares in issue at year end
192,143,004
191,910,392
Less own shares held in trust at year end
(57,524)
(139,649)
Dilution due to share option schemes
1,871,843
1,637,759
Number of shares for calculating diluted
adjusted net assets per share
193,957,323
193,408,502
EPRA Net Asset Value Metrics
The Group measures financial position with reference to EPRA Net Tangible Assets (\u2018NTA\u2019),
Net Reinvestment Value (\u2018NRV\u2019) and Net Disposal Value (\u2018NDV\u2019).
March 2025
March 2024
EPRA EPRA EPRA EPRA EPRA EPRA
NRV NTA NDV NRV NTA NDV
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
IFRS Equity attributable
to shareholders
1,502.2
1,502.2
1,502.2
1,548.9
1,548.9
1,548.9
Fair value of derivative
financial instruments
0.1
0.1
\u2013
(0.2)
(0.2)
\u2013
Intangibles per IFRS balance sheet
\u2013
(1.1)
\u2013
\u2013
(2.2)
\u2013
Excess of book value of debt
over fair value
\u2013
\u2013
39.9
\u2013
\u2013
59.3
Purchasers\u2019 costs
161.0
\u2013
\u2013
166.4
\u2013
\u2013
EPRA measure
1,663.3
1,501.2
1,542.1
1,715.1
1,546.5
1,608.2
EPRA measure per share
\u00a38.58
\u00a37.74
\u00a37.95
\u00a38.87
\u00a38.00
\u00a38.32
Total accounting return
2025 2024
Total Accounting Return \u00a3 \u00a3
Opening EPRA net tangible assets per share (A)
8.00
9.27
Closing EPRA net tangible assets per share
7.74
8.00
Decrease in EPRA net tangible assets per share
(0.26)
(1.27)
Ordinary dividends paid in the year
0.28
0.26
Total return (B)
0.02
(1.01)
Total accounting return (B/A)
0.3%
(10.9%)
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 2025 was 0.3% (31 March
2024: \u2013 10.9%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-278": { "value": "
10. INVESTMENT PROPERTIES
2025 2024
\u00a3m \u00a3m
Balance at 1 April
2,408.5
2,643.3
Capital expenditure
54.3
68.4
Capitalised interest on refurbishments (note 4)
3.4
3.0
Disposals during the year
(38.5)
(12.5)
Change in fair value of investment properties
(55.9)
(251.2)
Disposed properties tenant incentives recognised
in advance under IFRS 16
0.2
1.4
Less: Classified as assets held for sale
(20.3)
(43.9)
Balance at 31 March
2,351.7
2,408.5
Investment properties represent a single class of property, being business accommodation
for rent in and around London.
Investment properties include buildings with a carrying amount of \u00a3291.9m (2024: \u00a3317.2m)
for which there are lease obligations of \u00a334.7m (2024: \u00a334.7m). Investment property lease
commitment details are shown in note 17.
Disposed properties tenant incentives relate to disposed properties during the year, where there
were tenant lease incentives accounted for under IFRS 16.
Capitalised interest is included at a rate of capitalisation of 6.7% (2024: 6.8%). The total amount
of capitalised interest included in investment properties is \u00a321.5m (2024: \u00a318.1m).
The change in fair value of investment properties is recognised in the consolidated income statement.
Investment property held for sale
2025 2024
\u00a3m \u00a3m
Balance at 1 April
65.7
123.0
Capital expenditure
1.4
1.2
Reclassified from investment properties in the period
20.3
43.9
Disposals during the year
(41.8)
(98.3)
Impairment of assets held for sale
(0.4)
(4.1)
Balance at 31 March
45.2
65.7
Two of the properties classified as held for sale at the end of the prior year were not sold during
the year. One of these is retained within current assets as it is still expected to sell within the next
12 months to 31 March 2026. One of them exchanged during the year.
Four (2024: six) additional properties were reclassified as held for sale at year-end. Two of these
properties have exchanged for sale and all 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 2025
by the external valuer, CBRE Limited, a firm of independent qualified 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 the property
valuation to assess whether appropriate assumptions have been applied and that valuations
are appropriate. Meetings are held with the valuers to discuss and challenge the valuations,
to confirm that they have considered all relevant information.
The valuation of like-for-like properties (which are not undergoing significant 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 significant element of estimation and judgement in estimating ERVs.
The ERVs include assumptions about future occupancy levels, these are primarily derived from
current occupancy levels adjusted as considered necessary by the valuer. As a result of
adjustments made to market observable data, the significant inputs are deemed unobservable
under IFRS 13.
When valuing properties where Workspace is carrying out a major refurbishment, the residual
value method is used. The completed value of the refurbishment is determined as for like-for-like
properties above. This is then adjusted for costs to complete and developers\u2019 profit margin.
A discount factor is applied to reflect 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.
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 profit 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 valuer is 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:
2025 2024
\u00a3m \u00a3m
Total per CBRE valuation report
2,367.8
2,446.5
Deferred consideration on sale of property
(0.6)
(0.6)
Head leases treated as leases under IFRS 16
34.7
34.7
Tenant incentives recognised under IFRS 16
(5.0)
(6.4)
Less: Reclassified as assets held for sale
(45.2)
(65.7)
Total investment properties per balance sheet
2,351.7
2,408.5
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 significant judgements and critical estimates section, property valuations are
complex and involve data which is not publicly available and involve a degree of judgement.
All the investment properties are classified as Level 3, due to the fact that one or more
significant inputs to the valuation are not based on observable market data.
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 flooding,
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
reflect 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 2025.
Key unobservable inputs:
ERVs \u2013 per sq. ft.
Equivalent yields
Valuation Valuation Weighted Weighted
Property category \u00a3m
technique
Range
average
Range
average
Like-for-like
1,755.8
A
\u00a324-\u00a384
\u00a351
5.9%-8.6%
6.8%
Completed projects
167.8
A
\u00a325-\u00a355
\u00a337
4.9%-7.6%
6.9%
Refurbishments
322.6
A/B
\u00a323-\u00a375
\u00a336
5.3%-10.2%
7.2%
South East Office
75.8
A
\u00a325-\u00a335
\u00a329
8.4%-12.5%
10.3%
Tenant incentives
(5.0)
N/A
\u2013
\u2013
\u2013
\u2013
Head leases
34.7
N /A
\u2013
\u2013
\u2013
\u2013
Total
2,351.7
A = Income capitalisation method.
B = Residual value method.
See appendices for breakdown of properties by category.
A key unobservable input for redevelopments at planning stage and refurbishments is developer\u2019s
profit. The range is 0%\u201315% with a weighted average of 3%.
Costs to complete are not considered to be a significant unobservable input for refurbishments
due to the high percentage of costs that are fixed.
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
+176/-176
-62/+67
Completed projects
+17/-17
-6/+6
Refurbishments
+37/-37
-13/+14
South East Office
+8/-8
-2/+2
The following table summarises the valuation techniques and inputs used in the determination
of the property valuation at 31 March 2024.
Key unobservable inputs:
ERVs \u2013 per sq. ft.
Equivalent yields
Valuation Valuation Weighted Weighted
Property category \u00a3m
technique
Range
average
Range
average
Like-for-like
1,833.2
A
\u00a324-\u00a381
\u00a349
4.9%-8.4%
7.0%
Completed projects
137.4
A
\u00a325-\u00a353
\u00a335
6.6%-7.2%
7.3%
Refurbishments
318.5
A/B
\u00a324-\u00a375
\u00a338
5.0%-9.9%
7.3%
Redevelopments
18.9
A/B
\u00a318-\u00a330
\u00a319
4.8%-8.7%
7.4%
South East Office
72.2
A
\u00a325-\u00a340
\u00a330
8.0%-11.4%
10.4%
Tenant incentives
(6.4)
N/A
\u2013
\u2013
\u2013
\u2013
Head leases
34.7
N /A
\u2013
\u2013
\u2013
\u2013
Total
2,408.5
A = Income capitalisation method.
B = Residual value method.
A key unobservable input for redevelopments at planning stage and refurbishments
is developer\u2019s profit. The range is 10%\u201319% with a weighted average of 15%.
Costs to complete is a key unobservable input for redevelopments at planning stage
with a range of \u00a3273-\u00a3416 per sq. ft. and a weighted average of \u00a3325 per sq. ft.
Costs to complete are not considered to be a significant unobservable input for refurbishments
due to the high percentage of costs that are fixed.
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
+183/-183
-66/+71
Completed projects
+14/-14
-5/+5
Refurbishments
+35/-35
-15/+17
Redevelopments
+0/-0
-0/+0
South East Office
+27-27
-9/+9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-279": { "value": "
11. PROPERTY, PLANT AND EQUIPMENT
Equipment
and fixtures
Cost or valuation \u00a3m
1 April 2023
12.5
Additions during the year
0.5
Disposals during the year
(4.8)
Balance at 31 March 2024
8.2
Additions during the year
1.9
Disposals during the year
(0.2)
Balance at 31 March 2025
9.9
Accumulated depreciation
1 April 2023
8.1
Charge for the year
1.7
Disposals during the year
(4.6)
Balance at 31 March 2024
5.2
Charge for the year
1.4
Disposals during the year
(0.1)
Balance at 31 March 2025
6.5
Net book amount at 31 March 2025
3.4
Net book amount at 31 March 2024
3.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-280": { "value": "
12. OTHER INVESTMENTS
The Group holds the following investments:
2025 2024
\u00a3m \u00a3m
2.0% of share capital of Wavenet Limited
3.3
3.2
3.3
3.2
In accordance with IFRS 9 the shares in Wavenet Limited have been valued at fair value, resulting
in \u00a30.1m movement in the financial year (2024: \u00a31.1m), recognised in the consolidated statement
of comprehensive income.
27. SUBSIDIARY AND OTHER RELATED UNDERTAKINGS
The Company\u2019s subsidiary and other related undertakings at 31 March 2025, and up to the date
of signing the financial 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 financial 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
1,2,3
01444827
Non-trading
United Workspace Limited
1,2,3
01749661
Non-trading
Workspace Holdings Limited
2
03729646
Dormant
Busworks Limited
1,2,3
04108036
Holding Company
LI Property Services Limited
2,3
02134039
Insurance Agents
Workspace Management Limited
02841232
Property Management
Workspace 1 Limited
03726272
Dormant
Workspace 10 Limited
3
02985018
Dormant
McKay Securities Limited
00421479
Property Investment
Baldwin House Limited
1,2,3
00692181
Non-trading
Workspace Projects (KP) Limited
14186009
Property Investment
Glebe Three Limited
4
05830231
Non-trading
1. 100% of the ordinary share capital of this subsidiary is held by other Group companies.
2. These 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.
3. Proceedings for dissolution of these subsidiary companies were commenced before the Balance Sheet date.
4. A court restoration was effective from 16 April 2025 for Glebe Three Limited.
Non-UK subsidiaries
Country of
Name
incorporation
Registered address
Nature of business
Workspace 17 (Jersey) Limited
2
Jersey
44 Esplanade, St Helier,
Holding
Jersey JE4 9WQ Company
Workspace Salisbury Limited
Jersey
44 Esplanade, St Helier,
Property
Jersey JE4 9WQ Investment
Centro Property Limited
1
Guernsey
Martello Court, Admiral Park,
Dissolved
St Peter Port, Guernsey GY1 3HB
Stamfordham Road (IOM)
Isle of Man
33-37 Athol Street, Douglas,
Non-trading
Limited
2
Isle of Man, IM1 1LB
1. This subsidiary company was dissolved in the year ended 31 March 2025.
2. This subsidiary was dissolved after the Balance Sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-309": { "value": "12. OTHER INVESTMENTS The Group holds the following investments:
2025 2024
\u00a3m \u00a3m
2.0% of share capital of Wavenet Limited
3.3
3.2
3.3
3.2
In accordance with IFRS 9 the shares in Wavenet Limited have been valued at fair value, resulting in \u00a30.1m movement in the financial year (2024: \u00a31.1m), recognised in the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-281": { "value": "
13. TRADE AND OTHER RECEIVABLES
2025 2024
Current trade and other receivables \u00a3m \u00a3m
Trade receivables
19.2
22.6
Less provision for impairment of receivables
(3.5)
(3.9)
Trade receivables \u2013 net
15.7
18.7
Prepayments, other receivables and accrued income
14.0
16.9
Deferred consideration on sale of investment properties
3.1
1.1
32.8
36.7
Receivables at fair value
Included within deferred consideration on sale of investment properties is \u00a30.6m (2024: \u00a30.6m)
of overage which is held at fair value through profit and loss. As the amounts receivable are
expected within the following 12 months they have been classified 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 financial asset, as defined
by IFRS 13. The change in fair value recorded in the consolidated income statement was \u00a3nil
(31 March 2024: \u00a3nil).
2025 2024
Deferred consideration on sale of investment properties \u00a3m \u00a3m
Balance at 1 April
1.1
11.2
Cash received
\u2013
(10.1)
Additions
2.0
\u2013
Balance at 31 March
3.1
1.1
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.
Movements on the provision for impairment of trade receivables are shown below:
2025 2024
\u00a3m \u00a3m
Balance at 1 April
3.9
4.6
Increase in provision for impairment of trade receivables
1.0
0.8
Receivables written off during the year
(1.4)
(1.5)
Balance at 31 March
3.5
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-339": { "value": "13. TRADE AND OTHER RECEIVABLES
2025 2024
Current trade and other receivables \u00a3m \u00a3m
Trade receivables
19.2
22.6
Less provision for impairment of receivables
(3.5)
(3.9)
Trade receivables \u2013 net
15.7
18.7
Prepayments, other receivables and accrued income
14.0
16.9
Deferred consideration on sale of investment properties
3.1
1.1
32.8
36.7
Receivables at fair value Included within deferred consideration on sale of investment properties is \u00a30.6m (2024: \u00a30.6m) of overage which is held at fair value through profit and loss. As the amounts receivable are expected within the following 12 months they have been classified 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 financial asset, as defined by IFRS 13. The change in fair value recorded in the consolidated income statement was \u00a3nil (31 March 2024: \u00a3nil).
2025 2024
Deferred consideration on sale of investment properties \u00a3m \u00a3m
Balance at 1 April
1.1
11.2
Cash received
\u2013
(10.1)
Additions
2.0
\u2013
Balance at 31 March
3.1
1.1
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. Movements on the provision for impairment of trade receivables are shown below:
2025 2024
\u00a3m \u00a3m
Balance at 1 April
3.9
4.6
Increase in provision for impairment of trade receivables
1.0
0.8
Receivables written off during the year
(1.4)
(1.5)
Balance at 31 March
3.5
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-327": { "value": "13. TRADE AND OTHER RECEIVABLES
2025 2024
Current trade and other receivables \u00a3m \u00a3m
Trade receivables
19.2
22.6
Less provision for impairment of receivables
(3.5)
(3.9)
Trade receivables \u2013 net
15.7
18.7
Prepayments, other receivables and accrued income
14.0
16.9
Deferred consideration on sale of investment properties
3.1
1.1
32.8
36.7
Receivables at fair value Included within deferred consideration on sale of investment properties is \u00a30.6m (2024: \u00a30.6m) of overage which is held at fair value through profit and loss. As the amounts receivable are expected within the following 12 months they have been classified 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 financial asset, as defined by IFRS 13. The change in fair value recorded in the consolidated income statement was \u00a3nil (31 March 2024: \u00a3nil).
2025 2024
Deferred consideration on sale of investment properties \u00a3m \u00a3m
Balance at 1 April
1.1
11.2
Cash received
\u2013
(10.1)
Additions
2.0
\u2013
Balance at 31 March
3.1
1.1
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. Movements on the provision for impairment of trade receivables are shown below:
2025 2024
\u00a3m \u00a3m
Balance at 1 April
3.9
4.6
Increase in provision for impairment of trade receivables
1.0
0.8
Receivables written off during the year
(1.4)
(1.5)
Balance at 31 March
3.5
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-310": { "value": "
2025 2024
Current trade and other receivables \u00a3m \u00a3m
Trade receivables
19.2
22.6
Less provision for impairment of receivables
(3.5)
(3.9)
Trade receivables \u2013 net
15.7
18.7
Prepayments, other receivables and accrued income
14.0
16.9
Deferred consideration on sale of investment properties
3.1
1.1
32.8
36.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-282": { "value": "14. CASH AND CASH EQUIVALENTS
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
25.3
4.1
Restricted cash
7.4
7.5
32.7
11.6
\u00a37.2m (2024: \u00a36.7m) of the restricted cash relates to tenants\u2019 deposit deeds which represent returnable cash security deposits received from tenants which are held in ring-fenced bank accounts in accordance with the terms of the individual lease contracts. The remaining balance relates to restricted cash under terms of development projects\u2019 funding", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-283": { "value": "
15. TRADE AND OTHER PAYABLES
2025 2024
\u00a3m \u00a3m
Trade payables
6.8
7.4
Other tax and social security payable
3.2
4.8
Tenants\u2019 deposit deeds
7.3
8.2
Tenants\u2019 deposits
32.1
32.0
Accrued expenses
31.7
28.5
Deferred income \u2013 rent and service charges
11.1
12.1
92.2
93.0
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-341": { "value": "15. TRADE AND OTHER PAYABLES
2025 2024
\u00a3m \u00a3m
Trade payables
6.8
7.4
Other tax and social security payable
3.2
4.8
Tenants\u2019 deposit deeds
7.3
8.2
Tenants\u2019 deposits
32.1
32.0
Accrued expenses
31.7
28.5
Deferred income \u2013 rent and service charges
11.1
12.1
92.2
93.0
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:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-311": { "value": "15. TRADE AND OTHER PAYABLES
2025 2024
\u00a3m \u00a3m
Trade payables
6.8
7.4
Other tax and social security payable
3.2
4.8
Tenants\u2019 deposit deeds
7.3
8.2
Tenants\u2019 deposits
32.1
32.0
Accrued expenses
31.7
28.5
Deferred income \u2013 rent and service charges
11.1
12.1
92.2
93.0
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:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-284": { "value": "
16. BORROWINGS
(a) Balances
2025 2024
\u00a3m \u00a3m
Current
3.07% Senior Notes (unsecured)
79.9
\u2013
Non-current
Bank loans (unsecured)
178.2
192.3
Other loans (secured)
64.3
64.1
3.07% Senior Notes (unsecured)
\u2013
79.9
3.19% Senior Notes (unsecured)
119.9
119.9
3.6% Senior Notes (unsecured)
99.9
99.9
Green Bond (unsecured)
299.1
298.7
761.4
854.8
Total borrowings
841.3
854.8
(b) Net debt
2025 2024
\u00a3m \u00a3m
Borrowings per (a) above
Adjust for:
841.3
854.8
Cost of raising finance unamortised
3.7
4.2
845.0
859.0
Cash at bank and in hand (note 14)
(25.3)
(4.1)
Net debt
819.7
854.9
At 31 March 2025, the Group had \u00a3235.0m (2024: \u00a3141.0m) of undrawn bank facilities, a \u00a32.0m
overdraft facility (2024: \u00a32.0m) and \u00a325.3m of unrestricted cash (2024: \u00a34.1m).
The Group has a loan to value covenant applicable to the Bank Loans and Senior Debt
Borrowings of 60%, Green Bond of 65% and Aviva Loan of 55%. Loan to value at 31 March 2025
was 34% (31 March 2024: 35%).
The Group also has an interest cover covenant of 2.0x applicable to the Bank Loan and Senior
Debt Borrowings, 1.75x applicable for the Green Bond and 2.25x applicable for the Aviva Loan.
This is calculated as net rental income divided by interest payable on loans and other
borrowings. At 31 March 2025 interest cover was 3.8x (31 March 2024: 3.7x).
(c) Maturity
2025 2024
\u00a3m \u00a3m
Repayable within one year
80.0
\u2013
Repayable between one and two years
80.0
80.0
Repayable between two and three years
420.0
194.0
Repayable between three years and four years
200.0
420.0
Repayable between four years and five years
\u2013
100.0
Repayable in five years or more
65.0
65.0
845.0
859.0
Cost of raising finance
(3.7)
(4.2)
Total
841.3
854.8
(d) Interest rate and repayment profile
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
Private Placement Notes:
3.07% Senior Notes
80.0
3.07%
Half yearly
August 2025
Non-current
Private Placement Notes:
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
\u2013
SONIA + 1.77%
1
Variable
December 2026
Bank Loan
100.0
SONIA + 1.82%
1
Variable
November 2028
Bank Loan
80.0
SONIA + 1.80%
1
Half yearly
November 2026
Other Loan (Secured)
65.0
4.02%
Quarterly
May 2030
Green Bond
300.0
2.25%
Yearly
March 2028
845.0
1. The base margin is dependent upon the LTV as reported in the client certificate, 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) Derivative financial instruments
The Group uses a mixture of fixed rate and variable rate facilities to manage its interest rate
exposure appropriately to provide operational and budget certainty. To manage the interest rate
risk arising on variable rate debt, \u00a3100m of the debt has been swapped to fixed rate GBP using
an interest rate swap.
The hedged item is designated as the variability of the cash flows of the specific debt instrument
arising from future changes in the SONIA rate, which is an eligible hedged item.
Hedge effectiveness is assessed on critical terms (amount, interest rate, interest settlement dates,
currency and maturity date). The critical terms of this hedging relationship perfectly matched
at origination, so for the prospective assessment of effectiveness a qualitative assessment was
performed. The interest rate swap creates an equal and opposite interest receipt and a fixed
interest payment, therefore creating an exact offset for this transaction resulting in a net fixed
interest payable. Potential sources of hedge ineffectiveness include significant change in the
credit risk of either party or a reduction in the hedged item as such will impact the economic
relationship between the fair value changes of the hedged item and the swap.
The effects of the interest rate swap hedging relationship is as follows:
2025
2024
Carrying amount of derivative
(0.1)
0.2
Change in fair value of designated hedging instrument
(0.3)
0.2
Notional amount \u00a3m
100
100
Rate payable (%)
4.285
4.285
Maturity
31 January 2026
31 January 2026
Hedge ratio
1:1
1:1
(f) Financial instruments and fair values
2025 2025 2024 2024
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities held at amortised cost
Bank loans
178.2
178.2
192.3
192.3
Other loans
64.3
61.5
64.1
61.6
Private Placement Notes
299.7
290.5
299.6
285.4
Lease obligations
34.7
34.7
34.7
34.7
Green Bond
299.1
271.2
298.7
256.1
876.0
836.1
889.4
830.1
Financial assets/(liabilities) at fair value through
other comprehensive income
Financial derivative
(0.1)
(0.1)
0.2
0.2
Other investments
3.3
3.3
3.2
3.2
3.2
3.2
3.4
3.4
Financial assets at fair value through profit or loss
Deferred consideration (including overage)
3.1
3.1
1.1
1.1
3.1
3.1
1.1
1.1
In accordance with IFRS 13, disclosure is required for financial instruments that are carried
or disclosed in the financial 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 flows at prevailing interest rates and are Level 2 valuations. The Green bond is
listed on the Irish stock exchange and is measured at the quoted price using Level 1 valuations.
There have been no transfers between levels in the year.
The different levels of valuation hierarchy as defined by IFRS 13 are set out in note 10.
(g) Financial instruments by category
2025 2024
Assets \u00a3m \u00a3m
a) Assets at fair value through profit or loss
Deferred consideration (overage)
0.6
0.6
0.6
0.6
b) Loans and receivables
Cash and cash equivalents
32.7
11.6
Trade and other receivables excluding prepayments
1
23.5
27.4
56.2
39.0
c) Assets/(liabilities) at value through other comprehensive
income
Financial derivative
(0.1)
0.2
Other investments
3.3
3.2
3.2
3.4
Total
60.0
43.0
2025 2024
Liabilities \u00a3m \u00a3m
Other financial liabilities at amortised cost
Borrowings
841.3
854.8
Lease liabilities
34.7
34.7
Trade and other payables excluding non-financial liabilities
2
77.9
76.1
953.9
965.6
1. Trade and other receivables exclude prepayments of \u00a35.9m (2024: \u00a35.0m), accrued income of \u00a32.8m (2024: \u00a33.7) and
non-cash deferred consideration of \u00a30.6m (2024: \u00a30.6m).
2. Trade and other payables exclude other tax and social security of \u00a33.2m (2024: \u00a34.8m) and deferred income of \u00a311.1m
(2024: \u00a312.1m).
(h) Changes in liabilities from financing activities
Bank loans and
borrowings Lease liabilities
\u00a3m \u00a3m
Balance at 1 April 2024
854.8
34.7
Changes from financing cash flows:
Proceeds from bank borrowings
341.5
\u2013
Repayment of bank borrowings
(355.5)
\u2013
Finance costs for new/amended borrowing facilities
(1.3)
\u2013
Total changes from cash flows
(15.3)
\u2013
Amortisation of issue costs of borrowing
1.8
\u2013
Total other changes
1.8
\u2013
Balance at 31 March 2025
841.3
34.7
Bank loans and
borrowings Lease liabilities
\u00a3m \u00a3m
Balance at 1 April 2023
908.9
34.7
Changes from financing cash flows:
Proceeds from bank borrowings
156.0
\u2013
Repayment of bank borrowings
(211.0)
\u2013
Finance costs for new/amended borrowing facilities
(0.8)
\u2013
Total changes from cash flows
(55.8)
\u2013
Amortisation of issue costs of borrowing
1.7
\u2013
Total other changes
1.7
\u2013
Balance at 31 March 2024
854.8
34.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-312": { "value": "16. BORROWINGS (a) Balances
2025 2024
\u00a3m \u00a3m
Current
3.07% Senior Notes (unsecured)
79.9
\u2013
Non-current
Bank loans (unsecured)
178.2
192.3
Other loans (secured)
64.3
64.1
3.07% Senior Notes (unsecured)
\u2013
79.9
3.19% Senior Notes (unsecured)
119.9
119.9
3.6% Senior Notes (unsecured)
99.9
99.9
Green Bond (unsecured)
299.1
298.7
761.4
854.8
Total borrowings
841.3
854.8
(b) Net debt
2025 2024
\u00a3m \u00a3m
Borrowings per (a) above
Adjust for:
841.3
854.8
Cost of raising finance unamortised
3.7
4.2
845.0
859.0
Cash at bank and in hand (note 14)
(25.3)
(4.1)
Net debt
819.7
854.9
At 31 March 2025, the Group had \u00a3235.0m (2024: \u00a3141.0m) of undrawn bank facilities, a \u00a32.0m overdraft facility (2024: \u00a32.0m) and \u00a325.3m of unrestricted cash (2024: \u00a34.1m). The Group has a loan to value covenant applicable to the Bank Loans and Senior Debt Borrowings of 60%, Green Bond of 65% and Aviva Loan of 55%. Loan to value at 31 March 2025 was 34% (31 March 2024: 35%). The Group also has an interest cover covenant of 2.0x applicable to the Bank Loan and Senior Debt Borrowings, 1.75x applicable for the Green Bond and 2.25x applicable for the Aviva Loan. This is calculated as net rental income divided by interest payable on loans and other borrowings. At 31 March 2025 interest cover was 3.8x (31 March 2024: 3.7x). (c) Maturity
2025 2024
\u00a3m \u00a3m
Repayable within one year
80.0
\u2013
Repayable between one and two years
80.0
80.0
Repayable between two and three years
420.0
194.0
Repayable between three years and four years
200.0
420.0
Repayable between four years and five years
\u2013
100.0
Repayable in five years or more
65.0
65.0
845.0
859.0
Cost of raising finance
(3.7)
(4.2)
Total
841.3
854.8
(d) Interest rate and repayment profile
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
Private Placement Notes:
3.07% Senior Notes
80.0
3.07%
Half yearly
August 2025
Non-current
Private Placement Notes:
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
\u2013
SONIA + 1.77%
1
Variable
December 2026
Bank Loan
100.0
SONIA + 1.82%
1
Variable
November 2028
Bank Loan
80.0
SONIA + 1.80%
1
Half yearly
November 2026
Other Loan (Secured)
65.0
4.02%
Quarterly
May 2030
Green Bond
300.0
2.25%
Yearly
March 2028
845.0 1. The base margin is dependent upon the LTV as reported in the client certificate, 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) Derivative financial instruments The Group uses a mixture of fixed rate and variable rate facilities to manage its interest rate exposure appropriately to provide operational and budget certainty. To manage the interest rate risk arising on variable rate debt, \u00a3100m of the debt has been swapped to fixed rate GBP using an interest rate swap. The hedged item is designated as the variability of the cash flows of the specific debt instrument arising from future changes in the SONIA rate, which is an eligible hedged item. Hedge effectiveness is assessed on critical terms (amount, interest rate, interest settlement dates, currency and maturity date). The critical terms of this hedging relationship perfectly matched at origination, so for the prospective assessment of effectiveness a qualitative assessment was performed. The interest rate swap creates an equal and opposite interest receipt and a fixed interest payment, therefore creating an exact offset for this transaction resulting in a net fixed interest payable. Potential sources of hedge ineffectiveness include significant change in the credit risk of either party or a reduction in the hedged item as such will impact the economic relationship between the fair value changes of the hedged item and the swap. The effects of the interest rate swap hedging relationship is as follows:
2025
2024
Carrying amount of derivative
(0.1)
0.2
Change in fair value of designated hedging instrument
(0.3)
0.2
Notional amount \u00a3m
100
100
Rate payable (%)
4.285
4.285
Maturity
31 January 2026
31 January 2026
Hedge ratio
1:1
1:1
(f) Financial instruments and fair values
2025 2025 2024 2024
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities held at amortised cost
Bank loans
178.2
178.2
192.3
192.3
Other loans
64.3
61.5
64.1
61.6
Private Placement Notes
299.7
290.5
299.6
285.4
Lease obligations
34.7
34.7
34.7
34.7
Green Bond
299.1
271.2
298.7
256.1
876.0
836.1
889.4
830.1
Financial assets/(liabilities) at fair value through
other comprehensive income
Financial derivative
(0.1)
(0.1)
0.2
0.2
Other investments
3.3
3.3
3.2
3.2
3.2
3.2
3.4
3.4
Financial assets at fair value through profit or loss
Deferred consideration (including overage)
3.1
3.1
1.1
1.1
3.1
3.1
1.1
1.1
In accordance with IFRS 13, disclosure is required for financial instruments that are carried or disclosed in the financial 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 flows at prevailing interest rates and are Level 2 valuations. The Green bond is listed on the Irish stock exchange and is measured at the quoted price using Level 1 valuations. There have been no transfers between levels in the year. The different levels of valuation hierarchy as defined by IFRS 13 are set out in note 10. (g) Financial instruments by category
2025 2024
Assets \u00a3m \u00a3m
a) Assets at fair value through profit or loss
Deferred consideration (overage)
0.6
0.6
0.6
0.6
b) Loans and receivables
Cash and cash equivalents
32.7
11.6
Trade and other receivables excluding prepayments
1
23.5
27.4
56.2
39.0
c) Assets/(liabilities) at value through other comprehensive
income
Financial derivative
(0.1)
0.2
Other investments
3.3
3.2
3.2
3.4
Total
60.0
43.0
2025 2024
Liabilities \u00a3m \u00a3m
Other financial liabilities at amortised cost
Borrowings
841.3
854.8
Lease liabilities
34.7
34.7
Trade and other payables excluding non-financial liabilities
2
77.9
76.1
953.9
965.6
1. Trade and other receivables exclude prepayments of \u00a35.9m (2024: \u00a35.0m), accrued income of \u00a32.8m (2024: \u00a33.7) and non-cash deferred consideration of \u00a30.6m (2024: \u00a30.6m). 2. Trade and other payables exclude other tax and social security of \u00a33.2m (2024: \u00a34.8m) and deferred income of \u00a311.1m (2024: \u00a312.1m). (h) Changes in liabilities from financing activities
Bank loans and
borrowings Lease liabilities
\u00a3m \u00a3m
Balance at 1 April 2024
854.8
34.7
Changes from financing cash flows:
Proceeds from bank borrowings
341.5
\u2013
Repayment of bank borrowings
(355.5)
\u2013
Finance costs for new/amended borrowing facilities
(1.3)
\u2013
Total changes from cash flows
(15.3)
\u2013
Amortisation of issue costs of borrowing
1.8
\u2013
Total other changes
1.8
\u2013
Balance at 31 March 2025
841.3
34.7
Bank loans and
borrowings Lease liabilities
\u00a3m \u00a3m
Balance at 1 April 2023
908.9
34.7
Changes from financing cash flows:
Proceeds from bank borrowings
156.0
\u2013
Repayment of bank borrowings
(211.0)
\u2013
Finance costs for new/amended borrowing facilities
(0.8)
\u2013
Total changes from cash flows
(55.8)
\u2013
Amortisation of issue costs of borrowing
1.7
\u2013
Total other changes
1.7
\u2013
Balance at 31 March 2024
854.8
34.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-328": { "value": "(b) Net debt
2025 2024
\u00a3m \u00a3m
Borrowings per (a) above
Adjust for:
841.3
854.8
Cost of raising finance unamortised
3.7
4.2
845.0
859.0
Cash at bank and in hand (note 14)
(25.3)
(4.1)
Net debt
819.7
854.9
At 31 March 2025, the Group had \u00a3235.0m (2024: \u00a3141.0m) of undrawn bank facilities, a \u00a32.0m overdraft facility (2024: \u00a32.0m) and \u00a325.3m of unrestricted cash (2024: \u00a34.1m). The Group has a loan to value covenant applicable to the Bank Loans and Senior Debt Borrowings of 60%, Green Bond of 65% and Aviva Loan of 55%. Loan to value at 31 March 2025 was 34% (31 March 2024: 35%). The Group also has an interest cover covenant of 2.0x applicable to the Bank Loan and Senior Debt Borrowings, 1.75x applicable for the Green Bond and 2.25x applicable for the Aviva Loan. This is calculated as net rental income divided by interest payable on loans and other borrowings. At 31 March 2025 interest cover was 3.8x (31 March 2024: 3.7x). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-336": { "value": "(e) Derivative financial instruments The Group uses a mixture of fixed rate and variable rate facilities to manage its interest rate exposure appropriately to provide operational and budget certainty. To manage the interest rate risk arising on variable rate debt, \u00a3100m of the debt has been swapped to fixed rate GBP using an interest rate swap. The hedged item is designated as the variability of the cash flows of the specific debt instrument arising from future changes in the SONIA rate, which is an eligible hedged item. Hedge effectiveness is assessed on critical terms (amount, interest rate, interest settlement dates, currency and maturity date). The critical terms of this hedging relationship perfectly matched at origination, so for the prospective assessment of effectiveness a qualitative assessment was performed. The interest rate swap creates an equal and opposite interest receipt and a fixed interest payment, therefore creating an exact offset for this transaction resulting in a net fixed interest payable. Potential sources of hedge ineffectiveness include significant change in the credit risk of either party or a reduction in the hedged item as such will impact the economic relationship between the fair value changes of the hedged item and the swap. The effects of the interest rate swap hedging relationship is as follows:
2025
2024
Carrying amount of derivative
(0.1)
0.2
Change in fair value of designated hedging instrument
(0.3)
0.2
Notional amount \u00a3m
100
100
Rate payable (%)
4.285
4.285
Maturity
31 January 2026
31 January 2026
Hedge ratio
1:1
1:1
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-329": { "value": "(e) Derivative financial instruments The Group uses a mixture of fixed rate and variable rate facilities to manage its interest rate exposure appropriately to provide operational and budget certainty. To manage the interest rate risk arising on variable rate debt, \u00a3100m of the debt has been swapped to fixed rate GBP using an interest rate swap. The hedged item is designated as the variability of the cash flows of the specific debt instrument arising from future changes in the SONIA rate, which is an eligible hedged item. Hedge effectiveness is assessed on critical terms (amount, interest rate, interest settlement dates, currency and maturity date). The critical terms of this hedging relationship perfectly matched at origination, so for the prospective assessment of effectiveness a qualitative assessment was performed. The interest rate swap creates an equal and opposite interest receipt and a fixed interest payment, therefore creating an exact offset for this transaction resulting in a net fixed interest payable. Potential sources of hedge ineffectiveness include significant change in the credit risk of either party or a reduction in the hedged item as such will impact the economic relationship between the fair value changes of the hedged item and the swap. The effects of the interest rate swap hedging relationship is as follows:
2025
2024
Carrying amount of derivative
(0.1)
0.2
Change in fair value of designated hedging instrument
(0.3)
0.2
Notional amount \u00a3m
100
100
Rate payable (%)
4.285
4.285
Maturity
31 January 2026
31 January 2026
Hedge ratio
1:1
1:1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-337": { "value": "(f) Financial instruments and fair values
2025 2025 2024 2024
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities held at amortised cost
Bank loans
178.2
178.2
192.3
192.3
Other loans
64.3
61.5
64.1
61.6
Private Placement Notes
299.7
290.5
299.6
285.4
Lease obligations
34.7
34.7
34.7
34.7
Green Bond
299.1
271.2
298.7
256.1
876.0
836.1
889.4
830.1
Financial assets/(liabilities) at fair value through
other comprehensive income
Financial derivative
(0.1)
(0.1)
0.2
0.2
Other investments
3.3
3.3
3.2
3.2
3.2
3.2
3.4
3.4
Financial assets at fair value through profit or loss
Deferred consideration (including overage)
3.1
3.1
1.1
1.1
3.1
3.1
1.1
1.1
In accordance with IFRS 13, disclosure is required for financial instruments that are carried or disclosed in the financial 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 flows at prevailing interest rates and are Level 2 valuations. The Green bond is listed on the Irish stock exchange and is measured at the quoted price using Level 1 valuations. There have been no transfers between levels in the year. The different levels of valuation hierarchy as defined by IFRS 13 are set out in note 10. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-330": { "value": "(f) Financial instruments and fair values
2025 2025 2024 2024
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities held at amortised cost
Bank loans
178.2
178.2
192.3
192.3
Other loans
64.3
61.5
64.1
61.6
Private Placement Notes
299.7
290.5
299.6
285.4
Lease obligations
34.7
34.7
34.7
34.7
Green Bond
299.1
271.2
298.7
256.1
876.0
836.1
889.4
830.1
Financial assets/(liabilities) at fair value through
other comprehensive income
Financial derivative
(0.1)
(0.1)
0.2
0.2
Other investments
3.3
3.3
3.2
3.2
3.2
3.2
3.4
3.4
Financial assets at fair value through profit or loss
Deferred consideration (including overage)
3.1
3.1
1.1
1.1
3.1
3.1
1.1
1.1
In accordance with IFRS 13, disclosure is required for financial instruments that are carried or disclosed in the financial 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 flows at prevailing interest rates and are Level 2 valuations. The Green bond is listed on the Irish stock exchange and is measured at the quoted price using Level 1 valuations. There have been no transfers between levels in the year. The different levels of valuation hierarchy as defined by IFRS 13 are set out in note 10. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-331": { "value": "(h) Changes in liabilities from financing activities
Bank loans and
borrowings Lease liabilities
\u00a3m \u00a3m
Balance at 1 April 2024
854.8
34.7
Changes from financing cash flows:
Proceeds from bank borrowings
341.5
\u2013
Repayment of bank borrowings
(355.5)
\u2013
Finance costs for new/amended borrowing facilities
(1.3)
\u2013
Total changes from cash flows
(15.3)
\u2013
Amortisation of issue costs of borrowing
1.8
\u2013
Total other changes
1.8
\u2013
Balance at 31 March 2025
841.3
34.7
Bank loans and
borrowings Lease liabilities
\u00a3m \u00a3m
Balance at 1 April 2023
908.9
34.7
Changes from financing cash flows:
Proceeds from bank borrowings
156.0
\u2013
Repayment of bank borrowings
(211.0)
\u2013
Finance costs for new/amended borrowing facilities
(0.8)
\u2013
Total changes from cash flows
(55.8)
\u2013
Amortisation of issue costs of borrowing
1.7
\u2013
Total other changes
1.7
\u2013
Balance at 31 March 2024
854.8
34.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-285": { "value": "
17. LEASE OBLIGATIONS
Lease liabilities are in respect of leased investment property.
Minimum lease payments under leases fall due as follows:
2025 2024
\u00a3m \u00a3m
Within one year
2.1
2.1
Between one and five years
8.4
8.4
Between five and fifteen years
20.9
17.2
Beyond fifteen years
174.8
180.5
206.2
208.2
Future finance charges on leases
(171.5)
(173.5)
Present value of lease liabilities
34.7
34.7
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 (2024: \u00a32.1m) is offset by future finance charges on leases of \u00a32.1m (2024: \u00a32.1m).
All lease obligations are long leaseholds, therefore, the majority of the obligations fall beyond
fifteen years.
28. LEASES
The majority of the Group\u2019s tenant leases are granted with a rolling 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.
2025 2024
Land and buildings: \u00a3m \u00a3m
Within one year
84.8
86.7
Between one and two years
28.6
21.0
Between two and three years
15.7
12.6
Between three and four years
6.3
9.8
Between four and five years
3.1
5.5
Beyond five years
7.3
12.2
145.8
147.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-313": { "value": "17. LEASE OBLIGATIONS Lease liabilities are in respect of leased investment property. Minimum lease payments under leases fall due as follows:
2025 2024
\u00a3m \u00a3m
Within one year
2.1
2.1
Between one and five years
8.4
8.4
Between five and fifteen years
20.9
17.2
Beyond fifteen years
174.8
180.5
206.2
208.2
Future finance charges on leases
(171.5)
(173.5)
Present value of lease liabilities
34.7
34.7
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 (2024: \u00a32.1m) is offset by future finance charges on leases of \u00a32.1m (2024: \u00a32.1m). All lease obligations are long leaseholds, therefore, the majority of the obligations fall beyond fifteen years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-286": { "value": "
18. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICY
The Group has identified exposure to the following financial 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 flow interest rate risk. Borrowings at fixed
rates expose the Group to fair value interest rate risk.
The Group finances its operations through a mixture of retained profits and borrowings. The
Group borrows at both fixed and floating rates of interest. At 31 March 2025, 91% (2024: 89%)
of Group borrowings were fixed.
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 \u00a30.8m (2024: \u00a30.9m).
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. For the year ended 31 March 2025 interest cover was 3.8x. Interest cover
is calculated as net rental income divided by interest payable on loans and other borrowings.
(b) Credit risk
The Group\u2019s main financial assets are cash and cash equivalents, deposits with financial
institutions and trade and other receivables.
Credit risk is the risk of financial loss if a tenant or a counterparty to a financial instrument fails
to meet its contractual obligations. The Group\u2019s exposure to this principal risk relates to the
receivables from tenants, deferred consideration on the sale of investment property and cash
and cash equivalent balances held with counterparties.
The Group\u2019s exposure to credit risk in relation to receivables from tenants is influenced mainly
by the characteristics of individual tenants occupying its rental properties. The Group has
around 4,744 lettable units at 67 properties with overall occupancy of 79%. The largest 10 single
tenants generate around 10.4% of net rent roll. As such, the credit risk attributable to individual
tenants is relatively 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 \u00a339.4m (2024: \u00a340.2m). 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.
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 financial derivatives are held with major UK high street banks and strict
counterparty limits are operated on deposits.
The carrying amount of financial assets represents the maximum credit exposure. The maximum
exposure to credit risk at the reporting date was:
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents (note 14)
32.7
11.6
Trade receivables \u2013 current (note 13)
15.7
18.7
Deferred consideration \u2013 current (note 13)
3.1
1.1
51.5
31.4
(c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial 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 financial obligations as they fall due. This is
performed via a variety of methods including daily cash flow review and forecasting, monthly
monitoring of the maturity profile of debt and the regular review 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 (2024: \u00a32.0m),
two revolving loan facilities totalling \u00a3335.0m (2024: \u00a3335.0m). At 31 March 2025 headroom
excluding overdraft and cash was \u00a3235.0m (31 March 2024: \u00a3141.0m).
The following is an analysis of the contractual undiscounted cash flows payable under financial
liabilities, derivative financial instruments and trade and other payables existing at the balance
sheet date. Contracted cash flows are based upon the loan balances and applicable interest
rates payable on these at each year end.
Due Due Due
Due between between 3 years Total
Carrying
2
within 1 and 2 2 and 3 and contracted
amount 1 year years years beyond cash flows
31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Private Placement Notes
300.0
88.4
7.4
125.0
102.9
323.7
Bank loan
100.0
6.2
6.2
6.2
104.1
122.7
Term loan
80.0
5.0
83.3
\u2013
\u2013
88.3
Green Bond
300.0
6.8
6.8
306.4
\u2013
320.0
Other loans
65.0
2.6
2.6
2.6
70.5
78.3
Lease liabilities
34.7
2.1
2.1
2.1
199.9
206.2
Trade and other payables
1
77.9
77.9
\u2013
\u2013
\u2013
77.9
957.6
189.0
108.4
442.3
477.4
1,217.1
Due Due Due
Due between between 3 years Total
Carrying
2
within 1 and 2 2 and 3 and contracted
amount 1 year years years beyond cash flows
31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Private Placement Notes
300.0
9.9
88.3
7.4
227.2
332.8
Bank loan
125.0
4.4
4.4
131.1
\u2013
139.9
Bank loan
69.0
4.8
4.8
69.2
\u2013
78.8
Green Bond
300.0
6.8
6.8
6.8
306.3
326.7
Other loans
65.0
2.6
2.6
2.6
72.8
80.6
Lease liabilities
34.7
2.1
2.1
2.1
201.9
208.2
Trade and other payables
1
76.1
76.1
\u2013
\u2013
\u2013
76.1
969.8
106.7
109.0
219.2
808.2
1,243.1
1. Trade and other payables exclude other tax and social security of \u00a33.2m (2024: \u00a34.8m) and deferred income of \u00a311.1m
(2024: \u00a312.1m).
2. Excludes unamortised borrowing costs.
(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 financing.
Equity comprises issued share capital, reserves and retained earnings as disclosed in the
consolidated statement of changes in equity. Debt comprises the Green Bond, a secured loan,
a Term Loan, two Revolving Credit Facilities from banks and Private Placement Notes less cash
at bank and in hand.
At 31 March 2025, Group equity was \u00a31,502.2m (2024: \u00a31,548.9m) and Group net debt
(debt less cash at bank and in hand) was \u00a3819.7m (2024: \u00a3854.9m). Group gearing at
31 March 2025 was 55% (2024: 55%).
The Group\u2019s borrowings are all unsecured apart from \u00a365.0m. The details of each loan and
the covenants are disclosed in the borrowing note 16 and the loan covenants applicable to
these borrowings are being met comfortably. Loan to value 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 back below 30%.
Under the terms of the debt agreements the covenants are calculated at the end of each annual
and interim reporting period. There are no indications that the Group would have difficulties
complying with the covenants when they will next be tested.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-314": { "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 flow interest rate risk. Borrowings at fixed rates expose the Group to fair value interest rate risk. The Group finances its operations through a mixture of retained profits and borrowings. The Group borrows at both fixed and floating rates of interest. At 31 March 2025, 91% (2024: 89%) of Group borrowings were fixed. 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 \u00a30.8m (2024: \u00a30.9m). 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. For the year ended 31 March 2025 interest cover was 3.8x. Interest cover is calculated as net rental income divided by interest payable on loans and other borrowings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-315": { "value": "(b) Credit risk The Group\u2019s main financial assets are cash and cash equivalents, deposits with financial institutions and trade and other receivables. Credit risk is the risk of financial loss if a tenant or a counterparty to a financial instrument fails to meet its contractual obligations. The Group\u2019s exposure to this principal risk relates to the receivables from tenants, deferred consideration on the sale of investment property and cash and cash equivalent balances held with counterparties. The Group\u2019s exposure to credit risk in relation to receivables from tenants is influenced mainly by the characteristics of individual tenants occupying its rental properties. The Group has around 4,744 lettable units at 67 properties with overall occupancy of 79%. The largest 10 single tenants generate around 10.4% of net rent roll. As such, the credit risk attributable to individual tenants is relatively 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 \u00a339.4m (2024: \u00a340.2m). 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. 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 financial derivatives are held with major UK high street banks and strict counterparty limits are operated on deposits. The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents (note 14)
32.7
11.6
Trade receivables \u2013 current (note 13)
15.7
18.7
Deferred consideration \u2013 current (note 13)
3.1
1.1
51.5
31.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-316": { "value": "(c) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial 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 financial obligations as they fall due. This is performed via a variety of methods including daily cash flow review and forecasting, monthly monitoring of the maturity profile of debt and the regular review 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 (2024: \u00a32.0m), two revolving loan facilities totalling \u00a3335.0m (2024: \u00a3335.0m). At 31 March 2025 headroom excluding overdraft and cash was \u00a3235.0m (31 March 2024: \u00a3141.0m). The following is an analysis of the contractual undiscounted cash flows payable under financial liabilities, derivative financial instruments and trade and other payables existing at the balance sheet date. Contracted cash flows are based upon the loan balances and applicable interest rates payable on these at each year end.
Due Due Due
Due between between 3 years Total
Carrying
2
within 1 and 2 2 and 3 and contracted
amount 1 year years years beyond cash flows
31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Private Placement Notes
300.0
88.4
7.4
125.0
102.9
323.7
Bank loan
100.0
6.2
6.2
6.2
104.1
122.7
Term loan
80.0
5.0
83.3
\u2013
\u2013
88.3
Green Bond
300.0
6.8
6.8
306.4
\u2013
320.0
Other loans
65.0
2.6
2.6
2.6
70.5
78.3
Lease liabilities
34.7
2.1
2.1
2.1
199.9
206.2
Trade and other payables
1
77.9
77.9
\u2013
\u2013
\u2013
77.9
957.6
189.0
108.4
442.3
477.4
1,217.1
Due Due Due
Due between between 3 years Total
Carrying
2
within 1 and 2 2 and 3 and contracted
amount 1 year years years beyond cash flows
31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Private Placement Notes
300.0
9.9
88.3
7.4
227.2
332.8
Bank loan
125.0
4.4
4.4
131.1
\u2013
139.9
Bank loan
69.0
4.8
4.8
69.2
\u2013
78.8
Green Bond
300.0
6.8
6.8
6.8
306.3
326.7
Other loans
65.0
2.6
2.6
2.6
72.8
80.6
Lease liabilities
34.7
2.1
2.1
2.1
201.9
208.2
Trade and other payables
1
76.1
76.1
\u2013
\u2013
\u2013
76.1
969.8
106.7
109.0
219.2
808.2
1,243.1
1. Trade and other payables exclude other tax and social security of \u00a33.2m (2024: \u00a34.8m) and deferred income of \u00a311.1m (2024: \u00a312.1m). 2. Excludes unamortised borrowing costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-317": { "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 financing. Equity comprises issued share capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity. Debt comprises the Green Bond, a secured loan, a Term Loan, two Revolving Credit Facilities from banks and Private Placement Notes less cash at bank and in hand. At 31 March 2025, Group equity was \u00a31,502.2m (2024: \u00a31,548.9m) and Group net debt (debt less cash at bank and in hand) was \u00a3819.7m (2024: \u00a3854.9m). Group gearing at 31 March 2025 was 55% (2024: 55%). The Group\u2019s borrowings are all unsecured apart from \u00a365.0m. The details of each loan and the covenants are disclosed in the borrowing note 16 and the loan covenants applicable to these borrowings are being met comfortably. Loan to value 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 back below 30%. Under the terms of the debt agreements the covenants are calculated at the end of each annual and interim reporting period. There are no indications that the Group would have difficulties complying with the covenants when they will next be tested.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-287": { "value": "
19. NOTES TO CASH FLOW STATEMENT
Reconciliation of profit/(loss) for the year to cash generated from operations:
2025 2024
\u00a3m \u00a3m
Profit/(Loss) before tax
5.4
(192.8)
Depreciation
1.4
1.7
Amortisation of intangibles
0.9
0.6
Letting fees amortisation
0.6
0.3
Loss on disposal of investment properties
1.5
2.3
Other expenses
0.7
1.2
Net loss from change in fair value of investment property
55.9
251.2
Impairment of assets held for sale
0.4
4.1
Equity-settled share-based payments
2.7
3.3
Finance costs
32.0
34.9
Changes in working capital:
Decrease/(Increase) in trade and other receivables
5.7
(2.9)
Decrease in trade and other payables
(2.1)
(16.2)
Cash generated from operations
105.1
87.7
For the purposes of the cash flow 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-288": { "value": "
20. SHARE CAPITAL AND SHARE PREMIUM
2025 2024
\u00a3m \u00a3m
Issued: Fully paid ordinary shares of \u00a31 each
192.1
191.9
2025 2024
Movements in share capital were as follows: Number Number
Number of shares at 1 April
191,910,392
191,638,357
Issue of shares
232,612
272,035
Number of shares at 31 March
192,143,004
191,910,392
In the year, the Group issued 232,612 shares in relation to share schemes with net proceeds
\u00a3nil (31 March 2024: 272,035 share scheme options issued with \u00a3nil net proceeds).
Share capital
Share premium
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April
191.9
191.6
296.6
295.5
Issue of shares
0.2
0.3
\u2013
1.1
Reduction of shares
\u2013
\u2013
(1.0)
\u2013
Balance at 31 March
192.1
191.9
295.6
296.6
The movement in the year on share premium relates to the excess between the nominal value
and the vested share price on awarded shares to employees in the previous year. This has been
recycled to retained earnings in the current year.
21. OTHER RESERVES
Equity-
Other settled
investment Hedging share-based Merger
reserve Reserve payments reserve Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April 2023
0.4
\u2013
25.3
65.3
91.0
Share-based payments
\u2013
\u2013
0.7
\u2013
0.7
Change in fair value of other investment
(note 12)
1.1
\u2013
\u2013
\u2013
1.1
Change in fair value of derivative
financial instruments (cash flow hedge)
\u2013
0.2
\u2013
\u2013
0.2
Balance at 31 March 2024
1.5
0.2
26.0
65.3
93.0
Share-based payments
\u2013
\u2013
(0.4)
\u2013
(0.4)
Share options lapsed in prior years
1
\u2013
\u2013
(21.2)
\u2013
(21.2)
Change in fair value of other investment
(note 12)
0.1
\u2013
\u2013
\u2013
0.1
Change in fair value of derivative
financial instruments (cash flow hedge)
\u2013
(0.3)
\u2013
\u2013
(0.3)
Balance at 31 March 2025
1.6
(0.1)
4.4
65.3
71.2
1. In the year the Group transferred amounts held in the share-based payment reserve to retained earnings In relation to share
options that had lapsed in prior years. The transfer should have been made prior to the date of the opening comparative
period, but was omitted. The error is not considered material and hence it is being corrected in the current year.
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 2025, the number of shares held by the ESOT totalled 36,886 (2024: 84,466).
The SIP is governed by HMRC rules (note 23). At 31 March 2025, the number of shares held
for the SIP totalled 20,638 (2024: 50,290).
In the year the Group transferred the excess amounts held in the investment in own shares
reserve to retained earnings in accordance with the carrying value of the remaining shares held.
The transfer should have been made prior to the date of the opening comparative period, but was
omitted. The error is not considered material and hence it is being corrected in the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-318": { "value": "20. SHARE CAPITAL AND SHARE PREMIUM
2025 2024
\u00a3m \u00a3m
Issued: Fully paid ordinary shares of \u00a31 each
192.1
191.9
2025 2024
Movements in share capital were as follows: Number Number
Number of shares at 1 April
191,910,392
191,638,357
Issue of shares
232,612
272,035
Number of shares at 31 March
192,143,004
191,910,392
In the year, the Group issued 232,612 shares in relation to share schemes with net proceeds \u00a3nil (31 March 2024: 272,035 share scheme options issued with \u00a3nil net proceeds).
Share capital
Share premium
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April
191.9
191.6
296.6
295.5
Issue of shares
0.2
0.3
\u2013
1.1
Reduction of shares
\u2013
\u2013
(1.0)
\u2013
Balance at 31 March
192.1
191.9
295.6
296.6
The movement in the year on share premium relates to the excess between the nominal value and the vested share price on awarded shares to employees in the previous year. This has been recycled to retained earnings in the current year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-319": { "value": "21. OTHER RESERVES
Equity-
Other settled
investment Hedging share-based Merger
reserve Reserve payments reserve Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April 2023
0.4
\u2013
25.3
65.3
91.0
Share-based payments
\u2013
\u2013
0.7
\u2013
0.7
Change in fair value of other investment
(note 12)
1.1
\u2013
\u2013
\u2013
1.1
Change in fair value of derivative
financial instruments (cash flow hedge)
\u2013
0.2
\u2013
\u2013
0.2
Balance at 31 March 2024
1.5
0.2
26.0
65.3
93.0
Share-based payments
\u2013
\u2013
(0.4)
\u2013
(0.4)
Share options lapsed in prior years
1
\u2013
\u2013
(21.2)
\u2013
(21.2)
Change in fair value of other investment
(note 12)
0.1
\u2013
\u2013
\u2013
0.1
Change in fair value of derivative
financial instruments (cash flow hedge)
\u2013
(0.3)
\u2013
\u2013
(0.3)
Balance at 31 March 2025
1.6
(0.1)
4.4
65.3
71.2
1. In the year the Group transferred amounts held in the share-based payment reserve to retained earnings In relation to share
options that had lapsed in prior years. The transfer should have been made prior to the date of the opening comparative period, but was omitted. The error is not considered material and hence it is being corrected in the current year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-320": { "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 2025, the number of shares held by the ESOT totalled 36,886 (2024: 84,466). The SIP is governed by HMRC rules (note 23). At 31 March 2025, the number of shares held for the SIP totalled 20,638 (2024: 50,290). In the year the Group transferred the excess amounts held in the investment in own shares reserve to retained earnings in accordance with the carrying value of the remaining shares held. The transfer should have been made prior to the date of the opening comparative period, but was omitted. The error is not considered material and hence it is being corrected in the current year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-289": { "value": "
23. SHARE-BASED PAYMENTS
The Group operates a number of share schemes:
(a) Long Term Incentive Plan (\u2018LTIP\u2019) and Restricted Share Awards (\u2018RSA\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 for the 2022 scheme are:
\u2013 Relative Total Shareholder Return (\u2018TSR\u2019)
\u2013 Total Property Return compared to the IPD benchmark
The performance measures for the 2023 and 2024 schemes are:
\u2013 Relative Total Shareholder Return (\u2018TSR\u2019)
\u2013 Relative Earnings per share (\u2018EPS\u2019) growth
\u2013 Relative ESG metrics
\u2013 Relative Total Accounting Return (\u2018TAR\u2019)
The shares are issued at nil cost to the individuals provided the performance conditions are met.
Under the 2024 LTIP scheme, 330,533 performance shares and 412,923 restricted shares were
awarded in June 2024 and 89,814 performance shares in November 2024 to Directors and
Senior Management (2023 LTIP scheme: 365,938 performance shares and 430,962 restricted
shares were awarded in June 2023).
Details of the movements for the LTIP and RSA scheme during the year were as follows:
LTIP & RSA
Number
At 1 April 2023
1,764,188
Granted (\u2018LTIP \u2019)
365,938
Granted (\u2018RSA\u2019)
430,962
Exercised
(259,497)
Lapsed
(276,699)
At 31 March 2024
2,024,892
Granted (\u2018LTIP \u2019)
420,347
Granted (\u2018RSA\u2019)
412,923
Exercised
(232,612)
Lapsed
(670,902)
1
At 31 March 2025
1,954,648
1. Included within the lapse figure in the year are 274,992 in relation to curtailment of service for the former CEO.
For the 2021 LTIP scheme, which vested in June 2024, the average closing share price at the date
of exercise of shares exercised during the year was \u00a35.85 (2020 LTIP scheme: \u00a35.30).
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:
November June November June
2024 2024 2023 2022 2021 2021
LTI P LTI P LTI P LTI P LTI P LTI P
Share price at grant
562p
589p
470p
642p
841p
842p
Exercise price
Nil
Nil
Nil
Nil
Nil
Nil
Average expected life (years)
3
3
3
3
3
3
Risk-free rate
4.09%
4.09%
4.95%
1.96%
0.49%
0.16%
Average share price volatility
31.2%
32.3%
33.9%
41.5%
42.6%
39.5%
Correlation
68%
65%
52%
46%
47%
45%
TSR starting factor
1.14
1.15
0.96
0.85
1.14
1.11
Fair value per option
\u2013 Relative TSR element
375p
383p
294p
333p
446p
475p
The fair value of the 2024 RSA Scheme and the additional three new measures (EPS growth,
ESG metrics and TAR) for the 2024 LTIP Scheme are all measured at the grant date share price.
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. 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. There is no Total Property Return element for the
2024 or 2023 LTIP schemes, (LTIP 2022: 50% of the Total Property Return element will vest). The
assessment at year end for the performance measures included in the 2024 LTIP schemes were
50% of the relative EPS growth element will vest (LTIP 2023: 50%); 50% of the relative ESG
metrics element will vest (LTIP 2023: 50%); and 50% of the relative TAR element will vest (LTIP
2023: 50%).
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 five 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
Weighted exercise
Options outstanding
Number
price
At 1 April 2023
286,907
\u00a35.56
Options granted
390,739
\u00a34.79
Options exercised
(12,538)
\u00a35.31
Options lapsed
(226,668)
\u00a35.44
At 31 March 2024
438,440
\u00a34.94
Options granted
89,629
\u00a34.66
Options lapsed
(91,606)
\u00a34.14
At 31 March 2025
436,463
\u00a34.85
No SAYE share options were exercised during the year (for the three-year 2021 and the five-year
2019 schemes) and therefore, there was no average closing share price at the date of exercise
(2024: \u00a35.31).
The fair value has been calculated using the Black-Scholes model. Inputs to the model are
summarised as follows:
2025 2025 2024 2024
SAYE SAYE SAYE SAYE
3 year 5 year 3 year 5 year
Weighted average share price at grant
604p
604p
479p
479p
Exercise price
466p
466p
395p
395p
Expected volatility
32%
32%
34%
36%
Average expected life (years)
3
5
3
5
Risk free rate
4%
4%
5%
4%
Expected dividend yield
5%
5%
5%
5%
Possibility of ceasing employment before vesting
20%
20%
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.
Fair values per share of these options were:
2025
2024
Grant date
Fair value of award
Grant date
Fair value of award
SAYE \u2013 three year
23 July 2024
168p
18 July 2023
125p
SAYE \u2013 five year
23 July 2024
174p
18 July 2023
133p
(c) Share Incentive Plan (\u2018SIP\u2019)
All staff were granted \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 (2024: nil), 21,110 (2024: 5,400)
shares were exercised in the year and 705 (2024: 3,290) shares lapsed.
(d) Year-end summary
At 31 March 2025, in total there were 2,391,110 (2024: 2,498,583) share awards/options
exercisable on the Company\u2019s ordinary share capital. These are analysed below:
Ordinary
Exercise shares Vested and
Date of grant price Number
exercisable
Exercisable between
LTI P
24 June 2022
\u2013
676,635
\u2013
24.06.2025
\u2013
22 June 2023 (\u2018LTIP\u2019)
\u2013
265,671
\u2013
22.06.2026
\u2013
22 June 2023 (\u2018RSA\u2019)
\u2013
375,098
\u2013
22.06.2026
\u2013
21 June 2024 (\u2018LTIP\u2019)
\u2013
177,401
\u2013
21.06.2027
\u2013
21 June 2024 (\u2018RSA\u2019)
\u2013
370,028
\u2013
21.06.2027
\u2013
28 November 2024 (\u2018LTIP\u2019)
\u2013
89,814
\u2013
18.11.2027
\u2013
SAYE
27 July 2020 \u2013 five year
\u00a35.31
1,467
\u2013
01.09.2025
01.03.2026
23 July 2021 \u2013 five year
\u00a36.70
447
\u2013
01.09.2026
01.03.2027
27 July 2022 \u2013 three year
\u00a35.08
40,088
\u2013
01.09.2025
01.03.2026
27 July 2022 \u2013 five year
\u00a35.08
472
\u2013
01.09.2027
01.03.2028
18 July 2023 \u2013 three year
\u00a33.95
276,826
\u2013
01.09.2026
01.03.2027
18 July 2023 \u2013 five year
\u00a33.95
39,943
\u2013
01.09.2028
01.03.2029
24 July 2024 \u2013 three year
\u00a34.66
70,440
\u2013
01.09.2027
01.03.2028
24 July 2024 \u2013 five year
\u00a34.66
6,780
\u2013
01.09.2029
01.03.2030
Total
2,391,110
\u2013
The share awards/options outstanding at 31 March 2025 had a weighted average remaining
contractual life of: LTIP \u2013 1.2 years (2024: 1.4 years), SAYE \u2013 2.0 years (2024: 2.4 years),
SIP \u2013 0 years (2024: 0.2 years). The weighted average for the SIP scheme includes the
unallocated and exercisable shares from previous awards.
(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 estimate 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:
2025 2024
\u00a3m \u00a3m
Equity-settled share-based payments
2.4
3.1
Cash-settled share-based payments
0.2
0.2
2.6
3.3
The total liability at the end of the year in respect of cash-settled share-based schemes was
\u00a30.5m (2024: \u00a30.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-290": { "value": "
24. PENSIONS
The Group operates a defined 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 \u00a31.4m (2024: \u00a31.3m) representing contributions payable
by the Group to the fund and is charged through trading profit.
The Group\u2019s commitment with regard to pension contributions, ranges from 6.0% to 10.0%
(2024: 6.0% to 10.0%) of an employee\u2019s salary. The pension scheme is open to every employee
in accordance with the Government\u2019s auto-enrolment rules. The number of employees, including
Directors, in the scheme at the year end was 290 (2024: 291).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-322": { "value": "24. PENSIONS The Group operates a defined 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 \u00a31.4m (2024: \u00a31.3m) representing contributions payable by the Group to the fund and is charged through trading profit. The Group\u2019s commitment with regard to pension contributions, ranges from 6.0% to 10.0% (2024: 6.0% to 10.0%) of an employee\u2019s salary. The pension scheme is open to every employee in accordance with the Government\u2019s auto-enrolment rules. The number of employees, including Directors, in the scheme at the year end was 290 (2024: 291).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-292": { "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:
2025 2024
Key management compensation: \u00a3m \u00a3m
Short-term employee benefits
4.0
4.5
Post-employment benefits
0.3
0.2
Other long-term benefits
\u2013
\u2013
Termination benefits
\u2013
\u2013
Share-based payment benefits
0.4
1.0
Total
4.7
5.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-332": { "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:
2025 2024
Key management compensation: \u00a3m \u00a3m
Short-term employee benefits
4.0
4.5
Post-employment benefits
0.3
0.2
Other long-term benefits
\u2013
\u2013
Termination benefits
\u2013
\u2013
Share-based payment benefits
0.4
1.0
Total
4.7
5.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-321": { "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:
2025 2024
Key management compensation: \u00a3m \u00a3m
Short-term employee benefits
4.0
4.5
Post-employment benefits
0.3
0.2
Other long-term benefits
\u2013
\u2013
Termination benefits
\u2013
\u2013
Share-based payment benefits
0.4
1.0
Total
4.7
5.7
27. SUBSIDIARY AND OTHER RELATED UNDERTAKINGS The Company\u2019s subsidiary and other related undertakings at 31 March 2025, and up to the date of signing the financial 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 financial 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
1,2,3
01444827
Non-trading
United Workspace Limited
1,2,3
01749661
Non-trading
Workspace Holdings Limited
2
03729646
Dormant
Busworks Limited
1,2,3
04108036
Holding Company
LI Property Services Limited
2,3
02134039
Insurance Agents
Workspace Management Limited
02841232
Property Management
Workspace 1 Limited
03726272
Dormant
Workspace 10 Limited
3
02985018
Dormant
McKay Securities Limited
00421479
Property Investment
Baldwin House Limited
1,2,3
00692181
Non-trading
Workspace Projects (KP) Limited
14186009
Property Investment
Glebe Three Limited
4
05830231
Non-trading
1. 100% of the ordinary share capital of this subsidiary is held by other Group companies. 2. These 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. 3. Proceedings for dissolution of these subsidiary companies were commenced before the Balance Sheet date. 4. A court restoration was effective from 16 April 2025 for Glebe Three Limited. Non-UK subsidiaries
Country of
Name
incorporation
Registered address
Nature of business
Workspace 17 (Jersey) Limited
2
Jersey
44 Esplanade, St Helier,
Holding
Jersey JE4 9WQ Company
Workspace Salisbury Limited
Jersey
44 Esplanade, St Helier,
Property
Jersey JE4 9WQ Investment
Centro Property Limited
1
Guernsey
Martello Court, Admiral Park,
Dissolved
St Peter Port, Guernsey GY1 3HB
Stamfordham Road (IOM)
Isle of Man
33-37 Athol Street, Douglas,
Non-trading
Limited
2
Isle of Man, IM1 1LB
1. This subsidiary company was dissolved in the year ended 31 March 2025. 2. This subsidiary was dissolved after the Balance Sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-291": { "value": "
26. CAPITAL COMMITMENTS
At the year end the estimated amounts of contractual commitments for future capital
expenditure not provided for were:
2025 2024
\u00a3m \u00a3m
Investment property construction
24.1
18.8
For both current and prior periods, 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:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-323": { "value": "26. CAPITAL COMMITMENTS At the year end the estimated amounts of contractual commitments for future capital expenditure not provided for were:
2025 2024
\u00a3m \u00a3m
Investment property construction
24.1
18.8
For both current and prior periods, 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-333": { "value": "27. SUBSIDIARY AND OTHER RELATED UNDERTAKINGS The Company\u2019s subsidiary and other related undertakings at 31 March 2025, and up to the date of signing the financial 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 financial 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
1,2,3
01444827
Non-trading
United Workspace Limited
1,2,3
01749661
Non-trading
Workspace Holdings Limited
2
03729646
Dormant
Busworks Limited
1,2,3
04108036
Holding Company
LI Property Services Limited
2,3
02134039
Insurance Agents
Workspace Management Limited
02841232
Property Management
Workspace 1 Limited
03726272
Dormant
Workspace 10 Limited
3
02985018
Dormant
McKay Securities Limited
00421479
Property Investment
Baldwin House Limited
1,2,3
00692181
Non-trading
Workspace Projects (KP) Limited
14186009
Property Investment
Glebe Three Limited
4
05830231
Non-trading
1. 100% of the ordinary share capital of this subsidiary is held by other Group companies. 2. These 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. 3. Proceedings for dissolution of these subsidiary companies were commenced before the Balance Sheet date. 4. A court restoration was effective from 16 April 2025 for Glebe Three Limited. Non-UK subsidiaries
Country of
Name
incorporation
Registered address
Nature of business
Workspace 17 (Jersey) Limited
2
Jersey
44 Esplanade, St Helier,
Holding
Jersey JE4 9WQ Company
Workspace Salisbury Limited
Jersey
44 Esplanade, St Helier,
Property
Jersey JE4 9WQ Investment
Centro Property Limited
1
Guernsey
Martello Court, Admiral Park,
Dissolved
St Peter Port, Guernsey GY1 3HB
Stamfordham Road (IOM)
Isle of Man
33-37 Athol Street, Douglas,
Non-trading
Limited
2
Isle of Man, IM1 1LB
1. This subsidiary company was dissolved in the year ended 31 March 2025. 2. This subsidiary was dissolved after the Balance Sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-293": { "value": "
29. POST BALANCE SHEET EVENTS
The Group completed the sale of Q West in April 2025, for a total consideration of \u00a310.3m, the sales
price is in line with the 31 March 2025 valuation. In May 2025, the Group\u2019s \u00a3200m RCF bank facilities
were refinanced extending maturity to June 2029, with options to extend by up to a further two
years and an option to increase the facility amount to \u00a3300m, subject to lender to consent.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-8": { "value": "Canterbury Court Kennington Park 1\u20133 Brixton Road London SW9 6DE ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }