{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "workspacegroupplc": "http://workspacegroupplc.com/xbrl/2025", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://workspacegroupplc.com/xbrl/2025/2138003GUZRFIN3UT430-2026-03-31.xsd" ] }, "facts": { "fact-9": { "value": "181400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-10": { "value": "185200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-11": { "value": "68000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyServiceChargeExpense", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-12": { "value": "63100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyServiceChargeExpense", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-13": { "value": "113400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RentalIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-14": { "value": "122100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RentalIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-15": { "value": "21700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-16": { "value": "23300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-17": { "value": "91700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradingIncomeExpense", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-18": { "value": "98800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradingIncomeExpense", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-19": { "value": "-13800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestmentProperties", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-20": { "value": "-1500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestmentProperties", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-21": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfNoncurrentAssets", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-22": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfNoncurrentAssets", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-23": { "value": "7300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-24": { "value": "3600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-25": { "value": "-159200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-26": { "value": "-55900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-27": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-28": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-29": { "value": "-89300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-30": { "value": "37400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-31": { "value": "33400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-32": { "value": "32600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-33": { "value": "2200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-34": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-35": { "value": "-120500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-36": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-37": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-38": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-39": { "value": "-120300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-40": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-41": { "value": "-0.626", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-42": { "value": "0.028", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-43": { "value": "-0.626", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-44": { "value": "0.028", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-1": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-2": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-45": { "value": "-120300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-46": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-47": { "value": "-800000.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:ChangeInFairValueOfOtherInvestments", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-48": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:ChangeInFairValueOfOtherInvestments", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-49": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:ChangeInFairValueOfDerivatives", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-50": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:ChangeInFairValueOfDerivatives", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-51": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-52": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-53": { "value": "-121000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-54": { "value": "5200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-55": { "value": "2107600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-56": { "value": "2351700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-57": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-58": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-59": { "value": "2200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-60": { "value": "3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-61": { "value": "6200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-62": { "value": "3300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-63": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-64": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-65": { "value": "2116500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-66": { "value": "2359800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-67": { "value": "26800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-68": { "value": "32800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-69": { "value": "56300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-70": { "value": "45200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-71": { "value": "10500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-72": { "value": "32700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-73": { "value": "93600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-74": { "value": "110700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-75": { "value": "2210100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-76": { "value": "2470500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-77": { "value": "88800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-78": { "value": "92200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-79": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-80": { "value": "79900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-81": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-82": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-83": { "value": "88800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-84": { "value": "172200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-85": { "value": "757000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-86": { "value": "761400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-87": { "value": "36100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-88": { "value": "34700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-89": { "value": "793100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-90": { "value": "796100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-91": { "value": "881900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-92": { "value": "968300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-93": { "value": "1328200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-94": { "value": "1502200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-95": { "value": "192300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-96": { "value": "192100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-97": { "value": "295600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-98": { "value": "295600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-99": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-100": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-101": { "value": "69900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-102": { "value": "71200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-103": { "value": "770600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-104": { "value": "943600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-105": { "value": "1328200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-106": { "value": "1502200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-3": { "value": "The financial statements on pages 232 to 257 were approved and authorised for issue by the Board of Directors on 9 June 2026 and signed on its behalf by: Charlie Green Tom Edwards-Moss Director Director", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-107": { "value": "191900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-108": { "value": "296600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-109": { "value": "-9900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-110": { "value": "93000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-111": { "value": "977300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-112": { "value": "1548900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-113": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-114": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-115": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-116": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-117": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-118": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-119": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-120": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-121": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-122": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-123": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-124": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-125": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-126": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-127": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-128": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-129": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-130": { "value": "5200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-131": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-132": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-133": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-134": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-135": { "value": "54500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-136": { "value": "54500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-137": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-138": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-139": { "value": "9300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-140": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-141": { "value": "-9300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-142": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-143": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:CostOfSharesAwardedToEmployees", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-144": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:CostOfSharesAwardedToEmployees", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-145": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:CostOfSharesAwardedToEmployees", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-146": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:CostOfSharesAwardedToEmployees", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-147": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:CostOfSharesAwardedToEmployees", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-148": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:CostOfSharesAwardedToEmployees", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-149": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-150": { "value": "-1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-151": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-152": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-153": { "value": "3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-154": { "value": "2300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-155": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:ShareOptionsLapsedInPriorYears", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-156": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:ShareOptionsLapsedInPriorYears", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-157": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:ShareOptionsLapsedInPriorYears", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-158": { "value": "-21200000.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:ShareOptionsLapsedInPriorYears", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-159": { "value": "21200000.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:ShareOptionsLapsedInPriorYears", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-160": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:ShareOptionsLapsedInPriorYears", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-161": { "value": "192100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-162": { "value": "295600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-163": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-164": { "value": "71200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-165": { "value": "943600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-166": { "value": "1502200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-167": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-168": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-169": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-170": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-171": { "value": "-120300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-172": { "value": "-120300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-173": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-174": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-175": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-176": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-177": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-178": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-179": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-180": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-181": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-182": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-183": { "value": "-120300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-184": { "value": "-121000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-185": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-186": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-187": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-188": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-189": { "value": "54600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-190": { "value": "54600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-191": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-192": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-193": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-194": { "value": "-600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-195": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-196": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-197": { "value": "192300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-198": { "value": "295600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-199": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-200": { "value": "69900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-201": { "value": "770600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-202": { "value": "1328200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-203": { "value": "92000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-204": { "value": "105100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-205": { "value": "30300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-206": { "value": "29100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-207": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-208": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-209": { "value": "62600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-210": { "value": "76600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-211": { "value": "51500000.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:CapitalExpenditureOnInvestmentPropertiesClassifiedAsInvestingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-212": { "value": "58900000.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:CapitalExpenditureOnInvestmentPropertiesClassifiedAsInvestingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-213": { "value": "1300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromGovernmentGrantsClassifiedAsInvestingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-214": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromGovernmentGrantsClassifiedAsInvestingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-215": { "value": "80200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-216": { "value": "36500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-217": { "value": "31000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-218": { "value": "40400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-219": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-220": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-221": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-222": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-223": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-224": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-225": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-226": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-227": { "value": "3200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-228": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-229": { "value": "58100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-230": { "value": "16500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-231": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:FinanceCostsForNewAmendedBorrowingFacilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-232": { "value": "1300000.0", "decimals": -5, "dimensions": { "concept": "workspacegroupplc:FinanceCostsForNewAmendedBorrowingFacilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-233": { "value": "80000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-234": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-235": { "value": "168800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-236": { "value": "355500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-237": { "value": "164800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-238": { "value": "341500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-239": { "value": "2200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-240": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-241": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-242": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-243": { "value": "54600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-244": { "value": "56300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-245": { "value": "-142900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-246": { "value": "-72000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-247": { "value": "-22200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-248": { "value": "21100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-249": { "value": "32700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-250": { "value": "11600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-251": { "value": "10500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-252": { "value": "32700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-255": { "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 of England. 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 Centro One, 39 Plender Street, London, England, NW1 0DT. The registered number of the Company is 02041612.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-4": { "value": "Workspace Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "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 of England. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-6": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-7": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-253": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-256": { "value": "Basis of preparation These consolidated financial statements have been prepared and approved by the Directors on a going concern basis, in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Group\u2019s consolidated financial statements have been prepared on a historical cost basis, other than as explained in the accounting policies below. The consolidated financial statements are presented in Sterling to the nearest million. The Group\u2019s presentation currency is also the Company\u2019s functional currency . The comparative information disclosed relates to the year ended 31 March 2025. The Group has elected to prepare the Company financial statements in accordance with FRS101; these are presented on pages 258 to 261. The Board is required to assess the appropriateness of applying the going concern basis in the preparation of the financial statements. Macroeconomic and geopolitical issues, including the impact of instability in the Middle East 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 Company. Further details of the principal risks can be found on pages 60 to 67. In preparing the assessment of going concern, the Board has reviewed a number of different scenarios over the period to 30 June 2027. 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 Continued elevated levels of cost inflation. \u2013 Refinancing of fixed-rate debt at UK five-year gilt plus margin of 2.75%. \u2013 Increased 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 Loan to Value (\u2018LTV\u2019) and Interest Cover covenants. As at the tightest test date
in the going concern period, the Group could withstand a reduction in Net Rental Income of 48%
compared to the March 2026 Net Rental Income and a fall in the property portfolio valuation
of 43% compared to the 31 March 2026 Property valuation before these covenants are breached,
assuming no mitigating actions are taken.
As at 31 March 2026, the Group had significant headroom with \u00a3242m of cash and undrawn
facilities. The Group\u2019s fixed debt comprises of a \u00a3300m green bond, \u00a3220m of private placement
notes, and a \u00a365m secured loan facility. Shorter-term liquidity and flexibility is provided by
floating-rate bank facilities which comprise \u00a3335m of sustainability-linked revolving credit
facilities (\u2018RCFs\u2019) made up of \u00a3200m maturing in June 2030 (following the exercise of an
extension option in June 2026 as detailed in note 29), and \u00a3135m maturing in November 2029.
Both facilities include the potential to be extended by a further one year subject to lender consent.
The \u00a3200m RCF has the option to increase the facility amount by up to \u00a3100m and the \u00a3135m
RCF has the option to increase the facility amount by up to \u00a3120m, both subject to lender consent.
For the full period of the going concern assessment, the Group maintains sufficient headroom
in its cash and loan facilities. The Group also has sufficient liquidity to cover all maturities falling
due for the remainder of 2027.
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 the period to 30 June 2027
and therefore the financial statements have been prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-307": { "value": "
These consolidated financial statements have been prepared and approved by the Directors on a
going concern basis, in accordance with UK-adopted international accounting standards and with
the requirements of the Companies Act 2006 as applicable to companies reporting under those
standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-308": { "value": "The Group\u2019s presentation currency is also the Company\u2019s functional currency ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-306": { "value": "
In preparing the assessment of going concern, the Board has reviewed a number of different
scenarios over the period to 30 June 2027. 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 Continued elevated levels of cost inflation.
\u2013 Refinancing of fixed-rate debt at UK five-year gilt plus margin of 2.75%.
\u2013 Increased 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 Loan to Value (\u2018LTV\u2019) and Interest Cover covenants. As at the tightest test date in the going concern period, the Group could withstand a reduction in Net Rental Income of 48% compared to the March 2026 Net Rental Income and a fall in the property portfolio valuation of 43% compared to the 31 March 2026 Property valuation before these covenants are breached, assuming no mitigating actions are taken. As at 31 March 2026, the Group had significant headroom with \u00a3242m of cash and undrawn facilities. The Group\u2019s fixed debt comprises of a \u00a3300m green bond, \u00a3220m of private placement notes, and a \u00a365m secured loan facility. Shorter-term liquidity and flexibility is provided by floating-rate bank facilities which comprise \u00a3335m of sustainability-linked revolving credit facilities (\u2018RCFs\u2019) made up of \u00a3200m maturing in June 2030 (following the exercise of an extension option in June 2026 as detailed in note 29), and \u00a3135m maturing in November 2029. Both facilities include the potential to be extended by a further one year subject to lender consent. The \u00a3200m RCF has the option to increase the facility amount by up to \u00a3100m and the \u00a3135m RCF has the option to increase the facility amount by up to \u00a3120m, both subject to lender consent. For the full period of the going concern assessment, the Group maintains sufficient headroom in its cash and loan facilities. The Group also has sufficient liquidity to cover all maturities falling due for the remainder of 2027. 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 the period to 30 June 2027 and therefore the financial statements have been prepared on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-257": { "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 disclosures on pages 73 to
80 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-258": { "value": "
New accounting standards, amendments and guidance
a) During the year to 31 March 2026 the Group adopted the following accounting standard
and guidance:
IAS 21 (amended)
Lack of Exchangeability
There was no material impact from the adoption of this accounting standard and amendment 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:
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
IFRS 18 will replace IAS 1 Presentation of financial statements and is effective for annual periods
beginning on or after 1 January 2027. IFRS 18 will not impact the recognition or measurement of
items in the financial statements, but its impacts on presentation and disclosure is expected to be
material. Management is currently assessing the detailed implications of applying the new
standard on the Group\u2019s consolidated financial statements.
The other standards and amendments that are not yet effective are not expected to have a
material impact on the Group in the current or future reporting periods and on the foreseeable
future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-309": { "value": "a) During the year to 31 March 2026 the Group adopted the following accounting standard and guidance:
IAS 21 (amended)
Lack of Exchangeability
There was no material impact from the adoption of this accounting standard and amendment on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-310": { "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:
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-259": { "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 valuers as the fair value of its
investment properties. The valuation is based upon the key external assumptions of estimated
rental values (\u2018ERV\u2019) 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.
Changes in occupancy are reflected in the assumptions, i.e. yields and ERVs, and is hence not a
key input in itself. 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 considers 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-254": { "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 2026. 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.
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 independent
professional external valuers 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 when 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 entities\u2019 share capital 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. Investment in unlisted entities\u2019 preference shares are assessed under IFRS 9 to determine whether the investment meets the debt or equity definition to determine the accounting treatment. 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 statement of cash flows. 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.
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 event space income from customers are recognised over time on an accruals
basis by reference to the stage of completion of the relevant services or transactions at the
reporting date, as the related services are provided to customers throughout the period. These
services generally relate to a 12-month period.
Other income from meeting room hire, car parking, commissions and food and beverage sales is
recognised on a cash basis when the relevant goods or services are provided to the customer.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-260": { "value": "Basis of consolidation The consolidated financial statements include the financial statements of the Company and all its subsidiary undertakings up to 31 March 2026. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-261": { "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. 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 independent professional external valuers 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 when 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-262": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-311": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-263": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-264": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-313": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-265": { "value": "
Other investments
Investments in unlisted entities\u2019 share capital 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.
Investment in unlisted entities\u2019 preference shares are assessed under IFRS 9 to determine whether
the investment meets the debt or equity definition to determine the accounting treatment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-266": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-267": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-268": { "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 statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-269": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-270": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-336": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-312": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-271": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-272": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-273": { "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 event space income from customers are recognised over time on an accruals basis by reference to the stage of completion of the relevant services or transactions at the reporting date, as the related services are provided to customers throughout the period. These services generally relate to a 12-month period. Other income from meeting room hire, car parking, commissions and food and beverage sales is recognised on a cash basis when the relevant goods or services are provided to the customer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-274": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-275": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-276": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-277": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-314": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-278": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-279": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-280": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-281": { "value": "
1. Analysis of net rental income and segmental information
2026
2025
Direct Net rental Direct Net rental
Revenue
costs
1
income Revenue
costs
1
income
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Rental income
142.7
(8.4)
134.3
144.9
(6.7)
138.2
Service charges
32.8
(37.6)
(4.8)
33.2
(37.4)
(4.2)
Empty rates and other
non-recoverable costs
\u2013
(13.4)
(13.4)
\u2013
(11.5)
(11.5)
Services, fees, commissions
and sundry income
5.9
(8.6)
(2.7)
7.1
(7.5)
(0.4)
181.4
(68.0)
113.4
185.2
(63.1)
122.1
1. There was one property within the current period (2025: one) that was non-rent producing. Direct costs relating to
investment properties that did not generate any rental income were \u00a3nil (2025: \u00a3nil).
Included within direct costs for rental income is a charge of \u00a30.3m (2025: \u00a31.0m) 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 2026, management has 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-316": { "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 2026, management has 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-282": { "value": "
2. Operating (loss)/profit
The following items have been charged in arriving at operating (loss)/profit:
2026 2025
\u00a3m \u00a3m
Depreciation
1
(note 11)
1.4
1.4
Staff costs (including share-based payment costs)
1
(note 5)
30.2
31.9
Repairs and maintenance expenditure on investment properties
4.9
5.3
Trade receivables impairment (note 13)
0.3
1.0
Amortisation of intangibles
2
1.1
1.5
Audit fees payable to the Company\u2019s Auditor
0.6
0.6
1. Charged to direct costs and administrative expenses based on the underlying nature of the expenses.
2. The amortisation charge was expensed to administrative costs and other expenses following a change in the expected useful
life of the assets.
2026 2025
Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its associates \u00a3000 \u00a3000
Audit fees:
Audit of Parent Company and consolidated financial statements
454
457
Audit of subsidiary financial statements
50
46
504
503
Fees for other services:
Audit-related assurance services
1
75
67
Total fees payable to Auditor
579
570
1. Audit-related assurance services consist of \u00a375k for half-year review (2025: \u00a367k).
2026 2025
\u00a3m \u00a3m
Total administrative expenses are analysed below:
Staff costs
12.2
13.8
Equity-settled share-based payments
1.6
2.4
Cash-settled share-based payments
0.1
0.2
Other
7.8
6.9
Total administrative expenses
21.7
23.3
3(b). Other expenses
2026 2025
\u00a3m \u00a3m
Other expenses
(7.3)
(3.6)
(7.3)
(3.6)
Other expenses include exceptional costs relating to the replacement of our finance and property
management system and CRM system of \u00a33.1m (2025: \u00a32.7m), which brings the cumulative spend
to date to \u00a38.8m with a forecast spend in the next financial year of \u00a31.8m in relation to the CRM
system. Phase 1 went live during FY26 and Phases 2 and 3 are expected to go live during FY27.
There were also other expenses in the year relating to organisation restructuring totalling \u00a34.2m
(2025: \u00a3nil), and one-off costs relating to the CEO appointed in the prior year of \u00a30.9m. These
costs are outside the Group\u2019s normal trading activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-350": { "value": "2. Operating (loss)/profit The following items have been charged in arriving at operating (loss)/profit:
2026 2025
\u00a3m \u00a3m
Depreciation
1
(note 11)
1.4
1.4
Staff costs (including share-based payment costs)
1
(note 5)
30.2
31.9
Repairs and maintenance expenditure on investment properties
4.9
5.3
Trade receivables impairment (note 13)
0.3
1.0
Amortisation of intangibles
2
1.1
1.5
Audit fees payable to the Company\u2019s Auditor
0.6
0.6
1. Charged to direct costs and administrative expenses based on the underlying nature of the expenses. 2. The amortisation charge was expensed to administrative costs and other expenses following a change in the expected useful life of the assets.
2026 2025
Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its associates \u00a3000 \u00a3000
Audit fees:
Audit of Parent Company and consolidated financial statements
454
457
Audit of subsidiary financial statements
50
46
504
503
Fees for other services:
Audit-related assurance services
1
75
67
Total fees payable to Auditor
579
570
1. Audit-related assurance services consist of \u00a375k for half-year review (2025: \u00a367k).
2026 2025
\u00a3m \u00a3m
Total administrative expenses are analysed below:
Staff costs
12.2
13.8
Equity-settled share-based payments
1.6
2.4
Cash-settled share-based payments
0.1
0.2
Other
7.8
6.9
Total administrative expenses
21.7
23.3
3(b). Other expenses
2026 2025
\u00a3m \u00a3m
Other expenses
(7.3)
(3.6)
(7.3)
(3.6)
Other expenses include exceptional costs relating to the replacement of our finance and property management system and CRM system of \u00a33.1m (2025: \u00a32.7m), which brings the cumulative spend to date to \u00a38.8m with a forecast spend in the next financial year of \u00a31.8m in relation to the CRM system. Phase 1 went live during FY26 and Phases 2 and 3 are expected to go live during FY27. There were also other expenses in the year relating to organisation restructuring totalling \u00a34.2m (2025: \u00a3nil), and one-off costs relating to the CEO appointed in the prior year of \u00a30.9m. These costs are outside the Group\u2019s normal trading activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-346": { "value": "2. Operating (loss)/profit The following items have been charged in arriving at operating (loss)/profit:
2026 2025
\u00a3m \u00a3m
Depreciation
1
(note 11)
1.4
1.4
Staff costs (including share-based payment costs)
1
(note 5)
30.2
31.9
Repairs and maintenance expenditure on investment properties
4.9
5.3
Trade receivables impairment (note 13)
0.3
1.0
Amortisation of intangibles
2
1.1
1.5
Audit fees payable to the Company\u2019s Auditor
0.6
0.6
1. Charged to direct costs and administrative expenses based on the underlying nature of the expenses. 2. The amortisation charge was expensed to administrative costs and other expenses following a change in the expected useful life of the assets.
2026 2025
Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its associates \u00a3000 \u00a3000
Audit fees:
Audit of Parent Company and consolidated financial statements
454
457
Audit of subsidiary financial statements
50
46
504
503
Fees for other services:
Audit-related assurance services
1
75
67
Total fees payable to Auditor
579
570
1. Audit-related assurance services consist of \u00a375k for half-year review (2025: \u00a367k).
2026 2025
\u00a3m \u00a3m
Total administrative expenses are analysed below:
Staff costs
12.2
13.8
Equity-settled share-based payments
1.6
2.4
Cash-settled share-based payments
0.1
0.2
Other
7.8
6.9
Total administrative expenses
21.7
23.3
3(b). Other expenses
2026 2025
\u00a3m \u00a3m
Other expenses
(7.3)
(3.6)
(7.3)
(3.6)
Other expenses include exceptional costs relating to the replacement of our finance and property management system and CRM system of \u00a33.1m (2025: \u00a32.7m), which brings the cumulative spend to date to \u00a38.8m with a forecast spend in the next financial year of \u00a31.8m in relation to the CRM system. Phase 1 went live during FY26 and Phases 2 and 3 are expected to go live during FY27. There were also other expenses in the year relating to organisation restructuring totalling \u00a34.2m (2025: \u00a3nil), and one-off costs relating to the CEO appointed in the prior year of \u00a30.9m. These costs are outside the Group\u2019s normal trading activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-337": { "value": "2. Operating (loss)/profit The following items have been charged in arriving at operating (loss)/profit:
2026 2025
\u00a3m \u00a3m
Depreciation
1
(note 11)
1.4
1.4
Staff costs (including share-based payment costs)
1
(note 5)
30.2
31.9
Repairs and maintenance expenditure on investment properties
4.9
5.3
Trade receivables impairment (note 13)
0.3
1.0
Amortisation of intangibles
2
1.1
1.5
Audit fees payable to the Company\u2019s Auditor
0.6
0.6
1. Charged to direct costs and administrative expenses based on the underlying nature of the expenses. 2. The amortisation charge was expensed to administrative costs and other expenses following a change in the expected useful life of the assets.
2026 2025
Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its associates \u00a3000 \u00a3000
Audit fees:
Audit of Parent Company and consolidated financial statements
454
457
Audit of subsidiary financial statements
50
46
504
503
Fees for other services:
Audit-related assurance services
1
75
67
Total fees payable to Auditor
579
570
1. Audit-related assurance services consist of \u00a375k for half-year review (2025: \u00a367k).
2026 2025
\u00a3m \u00a3m
Total administrative expenses are analysed below:
Staff costs
12.2
13.8
Equity-settled share-based payments
1.6
2.4
Cash-settled share-based payments
0.1
0.2
Other
7.8
6.9
Total administrative expenses
21.7
23.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-317": { "value": "
2026 2025
Auditor\u2019s remuneration: services provided by the Company\u2019s Auditor and its associates \u00a3000 \u00a3000
Audit fees:
Audit of Parent Company and consolidated financial statements
454
457
Audit of subsidiary financial statements
50
46
504
503
Fees for other services:
Audit-related assurance services
1
75
67
Total fees payable to Auditor
579
570
1. Audit-related assurance services consist of \u00a375k for half-year review (2025: \u00a367k). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-352": { "value": "
2026 2025
\u00a3m \u00a3m
Total administrative expenses are analysed below:
Staff costs
12.2
13.8
Equity-settled share-based payments
1.6
2.4
Cash-settled share-based payments
0.1
0.2
Other
7.8
6.9
Total administrative expenses
21.7
23.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-315": { "value": "
3(a). Loss on disposal of investment properties and assets held for sale
2026 2025
\u00a3m \u00a3m
Proceeds from sale of investment properties (net of sale costs)
79.4
38.4
Proceeds from sale of assets held for sale (net of sale costs)
30.7
40.4
Book value at time of sale
(123.9)
(80.3)
Loss on disposal
(13.8)
(1.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-283": { "value": "3(a). Loss on disposal of investment properties and assets held for sale
2026 2025
\u00a3m \u00a3m
Proceeds from sale of investment properties (net of sale costs)
79.4
38.4
Proceeds from sale of assets held for sale (net of sale costs)
30.7
40.4
Book value at time of sale
(123.9)
(80.3)
Loss on disposal
(13.8)
(1.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-284": { "value": "
4. Finance costs
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(13.8)
(12.8)
Interest payable on other borrowings
(17.7)
(19.3)
Amortisation of issue costs of borrowings
(1.5)
(1.8)
Interest payable on leases
(2.2)
(2.1)
Interest capitalised on property refurbishments (note 10)
1.8
3.4
Total finance costs
(33.4)
(32.6)
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-347": { "value": "4. Finance costs
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(13.8)
(12.8)
Interest payable on other borrowings
(17.7)
(19.3)
Amortisation of issue costs of borrowings
(1.5)
(1.8)
Interest payable on leases
(2.2)
(2.1)
Interest capitalised on property refurbishments (note 10)
1.8
3.4
Total finance costs
(33.4)
(32.6)
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-338": { "value": "4. Finance costs
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(13.8)
(12.8)
Interest payable on other borrowings
(17.7)
(19.3)
Amortisation of issue costs of borrowings
(1.5)
(1.8)
Interest payable on leases
(2.2)
(2.1)
Interest capitalised on property refurbishments (note 10)
1.8
3.4
Total finance costs
(33.4)
(32.6)
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-318": { "value": "4. Finance costs
2026 2025
\u00a3m \u00a3m
Interest payable on bank loans and overdrafts
(13.8)
(12.8)
Interest payable on other borrowings
(17.7)
(19.3)
Amortisation of issue costs of borrowings
(1.5)
(1.8)
Interest payable on leases
(2.2)
(2.1)
Interest capitalised on property refurbishments (note 10)
1.8
3.4
Total finance costs
(33.4)
(32.6)
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-285": { "value": "
5. Employees and Directors
2026 2025
Staff costs for the Group during the year were: \u00a3m \u00a3m
Wages and salaries
22.9
27.5
Social security costs
3.3
3.2
Other pension costs (note 24)
1.2
1.4
Redundancy costs
2.6
\u2013
Share-based costs (note 23)
1.7
2.6
31.7
34.7
Less costs capitalised to investment property
(1.5)
(2.8)
30.2
31.9
2026 2025
The monthly average number of people employed during the year was: Number Number
Head office staff (including Directors)
142
173
Estates and property management staff
159
162
301
335
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 178 to 220.
Total Directors\u2019 emoluments for the financial year were \u00a32.1m (2025: \u00a32.4m), comprising of \u00a31.9m
(2025: \u00a32.1m) of Directors\u2019 remuneration, \u00a30.1m (2025: \u00a30.3m) gain on exercise of share options
and \u00a30.1m (2025: \u00a30.1m) of cash contributions in lieu of pension in respect of four Directors
(2025: three).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-286": { "value": "
6. Taxation
2026 2025
\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
(0.2)
\u2013
\u2013
Total taxation credit
(0.2)
\u2013
The tax on the Group\u2019s (loss)/profit for the year differs from the standard applicable corporation
tax rate in the UK of 25% (2025: 25%). The differences are explained below:
2026 2025
\u00a3m \u00a3m
(Loss)/profit before taxation
(120.5)
5.4
Tax at standard rate of corporation tax in the UK of 25%
(2025: 25%)
(30.1)
1.4
Effects of:
REIT exempt income
(12.1)
(17.2)
Changes in fair value not subject to tax as a REIT
39.9
14.3
Share-based payment adjustments
\u2013
0.2
Unrecognised losses carried forward
1.7
1.0
Other non-taxable expenses
0.4
0.3
Total taxation credit
(0.2)
\u2013
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 \u00a39.3m (2025: \u00a38.6m) calculated at a corporation tax rate of 25%
(2025: 25%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-287": { "value": "
7. Dividends
2026 2025
Payment date
Per share
\u00a3m \u00a3m
For the year ended 31 March 2024:
Final dividend
August 2024
19.0p
\u2013
36.5
For the year ended 31 March 2025:
Interim dividend
February 2025
9.4p
\u2013
18.0
Final dividend
August 2025
19.0p
36.5
\u2013
For the year ended 31 March 2026:
Interim dividend
February 2026
9.4p
18.1
\u2013
Dividends for the year
54.6
54.5
Timing difference on payment of withholding tax
\u2013
1.8
Dividends cash paid
54.6
56.3
The Directors are proposing a final dividend in respect of the financial year ended 31 March 2026
of 16.7 pence per ordinary share, which will absorb an estimated \u00a332.1m of retained earnings and
cash. If approved by the shareholders at the AGM, it will be paid on 3 August 2026 to
shareholders who are on the register of members on 3 July 2026. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-319": { "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-320": { "value": "0.19", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-288": { "value": "
8. Earnings per share
2026 2025
Earnings used for calculating earnings per share: \u00a3m \u00a3m
Basic and diluted earnings
(120.3)
5.4
Decrease in fair value of investment properties
159.2
55.9
Impairment of assets held for sale
0.3
0.4
Loss on disposal of investment property and assets held for sale
13.8
1.5
Loss on disposal of fixed assets
0.4
\u2013
Tax credit
(0.2)
\u2013
Other expenses
(note 3(b))
7.3
3.6
EPRA earnings
60.5
66.8
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.
2026 2025
Number of shares used for calculating earnings per share: Number Number
Weighted average number of shares
(excluding own shares held in trust)
192,223,942
191,997,294
Dilution due to share option schemes
966,472
1,770,841
Weighted average number of shares
for diluted earnings per share
193,190,414
193,768,135
In pence:
2026
2025
Basic (loss)/earnings per share
(62.6)p
2.8p
Diluted (loss)/earnings per share
(62.6)p
2.8p
EPRA earnings per share
31.5p
34.8p
Diluted EPRA earnings per share
31.3p
34.5p
Adjusted underlying earnings per share
1
31.3p
34.5p
Adjusted underlying earnings per share (basic)
31.5p
34.8p
1. Adjusted underlying earnings per share is calculated by dividing trading profit after interest by the diluted weighted average
number of shares of 193,190,414 (2025: 193,768.135).
The diluted loss per share for the period to 31 March 2026 has been restricted to a loss of
62.6p 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-289": { "value": "
9. Net assets per share and total accounting return
2026 2025
Number of shares used for calculating net assets per share: Number Number
Shares in issue at year end
192,313,264
192,143,004
Less own shares held in trust at year end
(24,612)
(57,524)
Dilution due to share option schemes
1,014,372
1,871,843
Number of shares for calculating diluted
adjusted net assets per share
193,303,024
193,957,323
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 2026
March 2025
EPRA EPRA EPRA EPRA EPRA EPRA
NRV NTA NDV NRV NTA NDV
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
IFRS Equity attributable
to shareholders
1,328.2
1,328.2
1,328.2
1,502.2
1,502.2
1,502.2
Fair value of derivative
financial instruments
\u2013
\u2013
\u2013
0.1
0.1
\u2013
Intangibles per IFRS balance sheet
\u2013
\u2013
\u2013
\u2013
(1.1)
\u2013
Excess of book value of debt
over fair value
\u2013
\u2013
28.3
\u2013
\u2013
39.9
Purchasers\u2019 costs
145.0
\u2013
\u2013
161.0
\u2013
\u2013
EPRA measure
1,473.2
1,328.2
1,356.5
1,663.3
1,501.2
1,542.1
EPRA measure per share
\u00a37.62
\u00a36.87
\u00a37.02
\u00a38.58
\u00a37.74
\u00a37.95
Total accounting return
2026 2025
Total Accounting Return \u00a3 \u00a3
Opening EPRA net tangible assets per share (A)
7.74
8.00
Closing EPRA net tangible assets per share
6.87
7.74
Decrease in EPRA net tangible assets per share
(0.87)
(0.26)
Ordinary dividends paid in the year
0.28
0.28
Total return (B)
(0.59)
0.02
Total accounting return (B/A)
(7.6%)
0.3%
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 2026 was -7.6%
(31 March 2025: 0.3%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-290": { "value": "
10. Investment properties
2026 2025
\u00a3m \u00a3m
Balance at 1 April
2,351.7
2,408.5
Capital expenditure
46.4
54.3
Movement in head lease
1.4
\u2013
Capitalised interest on refurbishments (note 4)
1.8
3.4
Disposals during the year
(85.3)
(38.5)
Change in fair value of investment properties
(159.2)
(55.9)
Disposed properties tenant incentives recognised
in advance under IFRS 16
0.1
0.2
Less: Classified as assets held for sale
(49.3)
(20.3)
Balance at 31 March
2,107.6
2,351.7
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 \u00a3297.7m (2025: \u00a3291.9m)
for which there are lease obligations of \u00a336.1m (2025: \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 5.8% (2025: 6.7%). The total amount
of capitalised interest included in investment properties is \u00a323.1m (2025: \u00a321.5m).
The change in fair value of investment properties is recognised in the consolidated income statement.
Investment property held for sale
2026 2025
\u00a3m \u00a3m
Balance at 1 April
45.2
65.7
Capital expenditure
0.7
1.4
Reclassified from investment properties in the period
49.3
20.3
Disposals during the year
(38.6)
(41.8)
Impairment of assets held for sale
(0.3)
(0.4)
Balance at 31 March
56.3
45.2
One of the properties classified as held for sale at the end of the prior year was not sold during
the year. This property is retained within current assets as it is still expected to sell within the next
12 months to 31 March 2027. This property exchanged during the year.
Eight (2025: four) additional properties were reclassified as held for sale at year end. One of
these properties exchanged for sale prior to the year end and one post year end. All eight assets
are highly probable to complete within the next 12 months. The transfer value is their year end
valuation per CBRE and Knight Frank.
Valuation
The Group\u2019s investment properties are held at fair value and were valued at 31 March 2026
by the external valuers, CBRE Limited and Knight Frank Limited, firms 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 stabilised portfolio 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 stabilised portfolio 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 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 stabilised
portfolio 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, developers\u2019 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:
2026 2025
\u00a3m \u00a3m
Total per CBRE and Knight Frank valuation reports
2,132.8
2,367.8
Deferred consideration on sale of property
(0.6)
(0.6)
Head leases treated as leases under IFRS 16
36.1
34.7
Tenant incentives recognised under IFRS 16
(4.4)
(5.0)
Less: Reclassified as assets held for sale
(56.3)
(45.2)
Total investment properties per balance sheet
2,107.6
2,351.7
The Group\u2019s investment properties are carried at fair value and under IFRS 13 are required to be
analysed by level depending on the valuation method adopted. The different valuation methods
are as follows:
Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilities that the
entity can access at the measurement date.
Level 2 \u2013 Use of a model with inputs (other than quoted prices included in Level 1) that are
directly or indirectly observable market data.
Level 3 \u2013 Use of a model with inputs that are not based on observable market data.
As noted in the 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 and Knight Frank 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 and Knight Frank 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 2026.
Key unobservable inputs:
ERVs \u2013 per sq. ft.
Equivalent yields
Valuation Valuation Weighted Weighted
Property category \u00a3m
technique
Range
average
Range
average
Stabilised portfolio
1,780.5
A
\u00a322-\u00a383
\u00a349
6.0%-8.5%
6.7%
Completed projects
132.3
A
\u00a325-\u00a355
\u00a336
6.2%-7.8%
6.7%
Refurbishments
147.5
A
\u00a328-\u00a360
\u00a335
6.3%-10.6%
6.8%
South East Office
15.6
A
\u00a331-\u00a331
\u00a331
8.9%-8.9%
8.9%
Tenant incentives
(4.4)
n/a
\u2013
\u2013
\u2013
\u2013
Head leases
36.1
n/a
\u2013
\u2013
\u2013
\u2013
Total
2,107.6
A = Income capitalisation method.
See unaudited additional information on page 264 for breakdown of properties by category.
All investment properties have been valued using the income capitalisation method at the
reporting date. Property categories are used for internal reporting purposes and may reflect the
nature of ongoing asset management activity; the external valuer has nevertheless applied an
income approach where appropriate.
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
Stabilised portfolio
+178/-178
-64/+69
Completed projects
+13/-13
-5/+5
Refurbishments
+15/-15
-5/+6
South East Office
+2/-2
-0/+0
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.
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
+176/-176
-62/+67
Completed projects
+17/-17
-6/+6
Refurbishments
+37/-37
-13/+14
South East Office
+8/-8
-2/+2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-291": { "value": "
11. Property, plant and equipment
Equipment
and fixtures
Cost or valuation \u00a3m
1 April 2024
8.2
Additions during the year
1.9
Disposals during the year
(0.2)
Balance at 31 March 2025
9.9
Additions during the year
0.6
Disposals during the year
(0.6)
Balance at 31 March 2026
9.9
Accumulated depreciation
1 April 2024
5.2
Charge for the year
1.4
Disposals during the year
(0.1)
Balance at 31 March 2025
6.5
Charge for the year
1.4
Disposals during the year
(0.2)
Balance at 31 March 2026
7.7
Net book amount at 31 March 2026
2.2
Net book amount at 31 March 2025
3.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-293": { "value": "
12. Other investments
The Group holds the following investments:
2026 2025
\u00a3m \u00a3m
Balance at 1 April
3.3
3.2
Additions
4.3
\u2013
Disposals
(0.6)
\u2013
Fair value movement in other comprehensive income
(0.8)
0.1
Balance at 31 March
6.2
3.3
At the year end, the Group held 1.9% (2025: 2.0%) of the issued ordinary share capital and \u00a31.9m
of preference shares (2025: \u00a32.5m) in Wavenet Limited. In accordance with IFRS 9, the share capital
has been valued at fair value, recognised in the consolidated statement of comprehensive income,
resulting in \u00a30.8m movement in the financial year (2025: \u00a30.1m). The preference shares are measured
at amortised cost, with the 10% coupon rate recognised in the statement of profit and loss. \u00a31.1m
of additions in the year relates to accrued interest on Wavenet preference shares.
During the year, the Group invested \u00a33.2m to acquire 12% of liquidity preference shares in Qube.
In accordance with IFRS 9, the preference shares have been measured at fair value through profit
and loss.
27. Subsidiary and other related undertakings
The Company\u2019s subsidiary and other related undertakings at 31 March 2026, 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 Centro One, 39 Plender Street, London, England,
NW1 0DT .
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
Dissolved
United Workspace Limited
1,2,3
01749661
Dissolved
Workspace Holdings Limited
2
03729646
Dormant
Busworks Limited
1,2,3
04108036
Dissolved
LI Property Services Limited
2,3
02134039
Dissolved
Workspace Management Limited
02841232
Property Management
Workspace 1 Limited
03726272
Dormant
Workspace 10 Limited
3
02985018
Dissolved
McKay Securities Limited
00421479
Property Investment
Baldwin House Limited
1,2,3
00692181
Dissolved
Workspace Projects (KP) Limited
14186009
Property Investment
Glebe Three Limited
3
05830231
Dissolved
1. 100% of the ordinary share capital of this subsidiary is held by other Group companies.
2. These 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. These subsidiary companies were dissolved in the year ended 31 March 2026.
Non-UK subsidiaries
Country of
Name
incorporation
Registered address
Nature of business
Workspace 17 (Jersey) Limited
1
Jersey
44 Esplanade, St Helier,
Dissolved
Jersey JE4 9WQ
Workspace Salisbury Limited
Jersey
44 Esplanade, St Helier,
Property
Jersey JE4 9WQ Investment
Stamfordham Road (IOM)
Isle of Man
33-37 Athol Street, Douglas,
Dissolved
Limited
1
Isle of Man, IM1 1LB
1. These subsidiary companies were dissolved in the year ended 31 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-322": { "value": "12. Other investments The Group holds the following investments:
2026 2025
\u00a3m \u00a3m
Balance at 1 April
3.3
3.2
Additions
4.3
\u2013
Disposals
(0.6)
\u2013
Fair value movement in other comprehensive income
(0.8)
0.1
Balance at 31 March
6.2
3.3
At the year end, the Group held 1.9% (2025: 2.0%) of the issued ordinary share capital and \u00a31.9m of preference shares (2025: \u00a32.5m) in Wavenet Limited. In accordance with IFRS 9, the share capital has been valued at fair value, recognised in the consolidated statement of comprehensive income, resulting in \u00a30.8m movement in the financial year (2025: \u00a30.1m). The preference shares are measured at amortised cost, with the 10% coupon rate recognised in the statement of profit and loss. \u00a31.1m of additions in the year relates to accrued interest on Wavenet preference shares. During the year, the Group invested \u00a33.2m to acquire 12% of liquidity preference shares in Qube. In accordance with IFRS 9, the preference shares have been measured at fair value through profit and loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-292": { "value": "
13. Trade and other receivables
2026 2025
Current trade and other receivables \u00a3m \u00a3m
Trade receivables
11.6
19.2
Less provision for impairment of receivables
(1.3)
(3.5)
Trade receivables \u2013 net
10.3
15.7
Prepayments, other receivables and accrued income
13.9
14.0
Deferred consideration on sale of investment properties
2.6
3.1
26.8
32.8
Receivables at fair value
Included within deferred consideration on sale of investment properties is \u00a30.6m (2025: \u00a30.6m)
of overage which is held at fair value through profit and loss.
The deferred consideration arising on the sale of investment properties relates to cash and
overage. The overage has been fair valued by Knight Frank 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 2025: \u00a3nil).
2026 2025
Deferred consideration on sale of investment properties \u00a3m \u00a3m
Balance at 1 April
3.1
1.1
Cash received
(2.0)
\u2013
Additions
1.5
2.0
Balance at 31 March
2.6
3.1
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:
2026 2025
\u00a3m \u00a3m
Balance at 1 April
3.5
3.9
Increase in provision for impairment of trade receivables
0.3
1.0
Receivables written off during the year
(2.5)
(1.4)
Balance at 31 March
1.3
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-351": { "value": "13. Trade and other receivables
2026 2025
Current trade and other receivables \u00a3m \u00a3m
Trade receivables
11.6
19.2
Less provision for impairment of receivables
(1.3)
(3.5)
Trade receivables \u2013 net
10.3
15.7
Prepayments, other receivables and accrued income
13.9
14.0
Deferred consideration on sale of investment properties
2.6
3.1
26.8
32.8
Receivables at fair value Included within deferred consideration on sale of investment properties is \u00a30.6m (2025: \u00a30.6m) of overage which is held at fair value through profit and loss. The deferred consideration arising on the sale of investment properties relates to cash and overage. The overage has been fair valued by Knight Frank 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 2025: \u00a3nil).
2026 2025
Deferred consideration on sale of investment properties \u00a3m \u00a3m
Balance at 1 April
3.1
1.1
Cash received
(2.0)
\u2013
Additions
1.5
2.0
Balance at 31 March
2.6
3.1
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:
2026 2025
\u00a3m \u00a3m
Balance at 1 April
3.5
3.9
Increase in provision for impairment of trade receivables
0.3
1.0
Receivables written off during the year
(2.5)
(1.4)
Balance at 31 March
1.3
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-339": { "value": "13. Trade and other receivables
2026 2025
Current trade and other receivables \u00a3m \u00a3m
Trade receivables
11.6
19.2
Less provision for impairment of receivables
(1.3)
(3.5)
Trade receivables \u2013 net
10.3
15.7
Prepayments, other receivables and accrued income
13.9
14.0
Deferred consideration on sale of investment properties
2.6
3.1
26.8
32.8
Receivables at fair value Included within deferred consideration on sale of investment properties is \u00a30.6m (2025: \u00a30.6m) of overage which is held at fair value through profit and loss. The deferred consideration arising on the sale of investment properties relates to cash and overage. The overage has been fair valued by Knight Frank 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 2025: \u00a3nil).
2026 2025
Deferred consideration on sale of investment properties \u00a3m \u00a3m
Balance at 1 April
3.1
1.1
Cash received
(2.0)
\u2013
Additions
1.5
2.0
Balance at 31 March
2.6
3.1
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:
2026 2025
\u00a3m \u00a3m
Balance at 1 April
3.5
3.9
Increase in provision for impairment of trade receivables
0.3
1.0
Receivables written off during the year
(2.5)
(1.4)
Balance at 31 March
1.3
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-321": { "value": "
2026 2025
Current trade and other receivables \u00a3m \u00a3m
Trade receivables
11.6
19.2
Less provision for impairment of receivables
(1.3)
(3.5)
Trade receivables \u2013 net
10.3
15.7
Prepayments, other receivables and accrued income
13.9
14.0
Deferred consideration on sale of investment properties
2.6
3.1
26.8
32.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-294": { "value": "
14. Cash and cash equivalents
2026 2025
\u00a3m \u00a3m
Cash at bank and in hand
2.7
25.3
Restricted cash
7. 8
7.4
10.5
32.7
\u00a36.3m (2025: \u00a37.2m) 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-295": { "value": "
15. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
4.2
6.8
Other tax and social security payable
5.0
3.2
Tenants\u2019 deposit deeds
6.4
7.3
Tenants\u2019 deposits
31.3
32.1
Accrued expenses
32.7
31.7
Deferred income \u2013 rent and service charges
9.2
11.1
88.8
92.2
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-353": { "value": "15. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
4.2
6.8
Other tax and social security payable
5.0
3.2
Tenants\u2019 deposit deeds
6.4
7.3
Tenants\u2019 deposits
31.3
32.1
Accrued expenses
32.7
31.7
Deferred income \u2013 rent and service charges
9.2
11.1
88.8
92.2
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-323": { "value": "15. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
4.2
6.8
Other tax and social security payable
5.0
3.2
Tenants\u2019 deposit deeds
6.4
7.3
Tenants\u2019 deposits
31.3
32.1
Accrued expenses
32.7
31.7
Deferred income \u2013 rent and service charges
9.2
11.1
88.8
92.2
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-296": { "value": "
16. Borrowings
(a) Balances
2026 2025
\u00a3m \u00a3m
Current
3.07% Senior Notes (unsecured)
\u2013
79.9
Non-current
Bank loans (unsecured)
173.4
178.2
Other loans (secured)
64.4
64.3
3.19% Senior Notes (unsecured)
119.9
119.9
3.6% Senior Notes (unsecured)
99.9
99.9
2.25% Green Bond (unsecured)
299.4
299.1
757.0
761.4
Total borrowings
757.0
841.3
(b) Net debt
2026 2025
\u00a3m \u00a3m
Borrowings per (a) above
Adjust for:
757.0
841.3
Cost of raising finance unamortised
4.0
3.7
761.0
845.0
Cash at bank and in hand (note 14)
(2.7)
(25.3)
Net debt
758.3
819.7
At 31 March 2026, the Group had \u00a3239.0m (2025: \u00a3235.0m) of undrawn bank facilities, a \u00a32.0m
overdraft facility (2025: \u00a32.0m) and \u00a32.7m of unrestricted cash (2025: \u00a325.3m).
The Group has a loan to value covenant applicable to the Bank Loans and Senior Debt
Borrowings of 60%, Green Bond of 65% and Other Loan (Secured) of 55%. Loan to value
at 31 March 2026 was 35% (31 March 2025: 34%).
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 Other Loan
(secured). This is calculated as net rental income divided by interest payable on loans and other
borrowings. At 31 March 2026 interest cover was 3.6x (31 March 2025: 3.8x).
(c) Maturity
2026 2025
\u00a3m \u00a3m
Repayable within one year
\u2013
80.0
Repayable between one and two years
500.0
80.0
Repayable between two and three years
100.0
420.0
Repayable between three years and four years
96.0
200.0
Repayable between four years and five years
65.0
\u2013
Repayable in five years or more
\u2013
65.0
761.0
845.0
Cost of raising finance
(4.0)
(3.7)
Total
757.0
841.3
(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
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
51.8
SONIA + 1.77%
1
Variable
June 2029
Bank Loan
44.2
SONIA + 1.82%
1
Variable
November 2029
Bank Loan
80.0
SONIA + 1.77%
1
Half yearly
November 2027
Other Loan (Secured)
65.0
4.02%
Quarterly
May 2030
Green Bond
300.0
2.25%
Yearly
March 2028
761.0
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. At 31 March 2026, the Group
had no interest rate hedging in place on its variable rate debt.
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:
2026
2025
Carrying amount of derivative
\u2013
(0.1)
Change in fair value of designated hedging instrument
0.1
(0.3)
Notional amount \u00a3m
\u2013
100
Rate payable (%)
\u2013
4.285
Maturity
\u2013
31 January 2026
Hedge ratio
\u2013
1:1
(f) Financial instruments and fair values
2026 2026 2025 2025
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities held at amortised cost
Bank loans
173.4
173.4
178.2
178.2
Other loans
64.4
61.9
64.3
61.5
Private Placement Notes
219.8
212.6
299.7
290.5
Lease obligations
36.1
36.1
34.7
34.7
Green Bond
299.4
280.8
299.1
271.2
793.1
764.8
876.0
836.1
Financial assets/(liabilities) at fair value through
other comprehensive income
Financial derivative
\u2013
\u2013
(0.1)
(0.1)
Other investments
3.0
3.0
3.3
3.3
3.0
3.0
3.2
3.2
Financial assets at fair value through profit or loss
Deferred consideration (including overage)
2.6
2.6
3.1
3.1
Other investments
3.2
3.2
\u2013
\u2013
5.8
5.8
3.1
3.1
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
2026 2025
Assets \u00a3m \u00a3m
a) Assets at fair value through profit or loss
Deferred consideration (overage)
0.6
0.6
Other investments
3.2
\u2013
3.8
0.6
b) Loans and receivables
Cash and cash equivalents
10.5
32.7
Trade and other receivables excluding prepayments
1
16.9
23.5
27.4
56.2
c) Assets/(liabilities) at fair value through other
comprehensive income
Financial derivative
\u2013
(0.1)
Other investments
3.0
3.3
3.0
3.2
Total
34.2
60.0
2026 2025
Liabilities \u00a3m \u00a3m
Other financial liabilities at amortised cost
Borrowings
757.0
841.3
Lease liabilities
36.1
34.7
Trade and other payables excluding non-financial liabilities
2
74.6
77.9
867.7
953.9
1. Trade and other receivables exclude prepayments of \u00a37.0m (2025: \u00a35.9m), accrued income of \u00a32.3m (2025: \u00a32.8m) and
non-cash deferred consideration of \u00a30.6m (2025: \u00a30.6m).
2. Trade and other payables exclude other tax and social security of \u00a35.0m (2025: \u00a33.2m) and deferred income of \u00a39.2m
(2025: \u00a311.1m).
(h) Changes in liabilities from financing activities
Bank loans and
borrowings Lease liabilities
\u00a3m \u00a3m
Balance at 1 April 2025
841.3
34.7
Changes from financing cash flows:
Proceeds from bank borrowings
164.8
\u2013
Repayment of bank borrowings
(168.8)
\u2013
Finance costs for new/amended borrowing facilities
(1.8)
\u2013
Repayment of Private Placement Notes
(80.0)
\u2013
Payment of lease obligations
\u2013
(2.2)
Total changes from cash flows
(85.8)
(2.2)
Amortisation of issue costs of borrowing
1.5
\u2013
Changes in finance leases
\u2013
1.4
Interest on finance leases
\u2013
2.2
Total other changes
1.5
3.6
Balance at 31 March 2026
757.0
36.1
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-324": { "value": "16. Borrowings (a) Balances
2026 2025
\u00a3m \u00a3m
Current
3.07% Senior Notes (unsecured)
\u2013
79.9
Non-current
Bank loans (unsecured)
173.4
178.2
Other loans (secured)
64.4
64.3
3.19% Senior Notes (unsecured)
119.9
119.9
3.6% Senior Notes (unsecured)
99.9
99.9
2.25% Green Bond (unsecured)
299.4
299.1
757.0
761.4
Total borrowings
757.0
841.3
(b) Net debt
2026 2025
\u00a3m \u00a3m
Borrowings per (a) above
Adjust for:
757.0
841.3
Cost of raising finance unamortised
4.0
3.7
761.0
845.0
Cash at bank and in hand (note 14)
(2.7)
(25.3)
Net debt
758.3
819.7
At 31 March 2026, the Group had \u00a3239.0m (2025: \u00a3235.0m) of undrawn bank facilities, a \u00a32.0m overdraft facility (2025: \u00a32.0m) and \u00a32.7m of unrestricted cash (2025: \u00a325.3m). The Group has a loan to value covenant applicable to the Bank Loans and Senior Debt Borrowings of 60%, Green Bond of 65% and Other Loan (Secured) of 55%. Loan to value at 31 March 2026 was 35% (31 March 2025: 34%). 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 Other Loan (secured). This is calculated as net rental income divided by interest payable on loans and other borrowings. At 31 March 2026 interest cover was 3.6x (31 March 2025: 3.8x). (c) Maturity
2026 2025
\u00a3m \u00a3m
Repayable within one year
\u2013
80.0
Repayable between one and two years
500.0
80.0
Repayable between two and three years
100.0
420.0
Repayable between three years and four years
96.0
200.0
Repayable between four years and five years
65.0
\u2013
Repayable in five years or more
\u2013
65.0
761.0
845.0
Cost of raising finance
(4.0)
(3.7)
Total
757.0
841.3
(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
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
51.8
SONIA + 1.77%
1
Variable
June 2029
Bank Loan
44.2
SONIA + 1.82%
1
Variable
November 2029
Bank Loan
80.0
SONIA + 1.77%
1
Half yearly
November 2027
Other Loan (Secured)
65.0
4.02%
Quarterly
May 2030
Green Bond
300.0
2.25%
Yearly
March 2028
761.0
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. At 31 March 2026, the Group had no interest rate hedging in place on its variable rate debt. 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:
2026
2025
Carrying amount of derivative
\u2013
(0.1)
Change in fair value of designated hedging instrument
0.1
(0.3)
Notional amount \u00a3m
\u2013
100
Rate payable (%)
\u2013
4.285
Maturity
\u2013
31 January 2026
Hedge ratio
\u2013
1:1
(f) Financial instruments and fair values
2026 2026 2025 2025
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities held at amortised cost
Bank loans
173.4
173.4
178.2
178.2
Other loans
64.4
61.9
64.3
61.5
Private Placement Notes
219.8
212.6
299.7
290.5
Lease obligations
36.1
36.1
34.7
34.7
Green Bond
299.4
280.8
299.1
271.2
793.1
764.8
876.0
836.1
Financial assets/(liabilities) at fair value through
other comprehensive income
Financial derivative
\u2013
\u2013
(0.1)
(0.1)
Other investments
3.0
3.0
3.3
3.3
3.0
3.0
3.2
3.2
Financial assets at fair value through profit or loss
Deferred consideration (including overage)
2.6
2.6
3.1
3.1
Other investments
3.2
3.2
\u2013
\u2013
5.8
5.8
3.1
3.1
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
2026 2025
Assets \u00a3m \u00a3m
a) Assets at fair value through profit or loss
Deferred consideration (overage)
0.6
0.6
Other investments
3.2
\u2013
3.8
0.6
b) Loans and receivables
Cash and cash equivalents
10.5
32.7
Trade and other receivables excluding prepayments
1
16.9
23.5
27.4
56.2
c) Assets/(liabilities) at fair value through other
comprehensive income
Financial derivative
\u2013
(0.1)
Other investments
3.0
3.3
3.0
3.2
Total
34.2
60.0
2026 2025
Liabilities \u00a3m \u00a3m
Other financial liabilities at amortised cost
Borrowings
757.0
841.3
Lease liabilities
36.1
34.7
Trade and other payables excluding non-financial liabilities
2
74.6
77.9
867.7
953.9
1. Trade and other receivables exclude prepayments of \u00a37.0m (2025: \u00a35.9m), accrued income of \u00a32.3m (2025: \u00a32.8m) and non-cash deferred consideration of \u00a30.6m (2025: \u00a30.6m). 2. Trade and other payables exclude other tax and social security of \u00a35.0m (2025: \u00a33.2m) and deferred income of \u00a39.2m (2025: \u00a311.1m). (h) Changes in liabilities from financing activities
Bank loans and
borrowings Lease liabilities
\u00a3m \u00a3m
Balance at 1 April 2025
841.3
34.7
Changes from financing cash flows:
Proceeds from bank borrowings
164.8
\u2013
Repayment of bank borrowings
(168.8)
\u2013
Finance costs for new/amended borrowing facilities
(1.8)
\u2013
Repayment of Private Placement Notes
(80.0)
\u2013
Payment of lease obligations
\u2013
(2.2)
Total changes from cash flows
(85.8)
(2.2)
Amortisation of issue costs of borrowing
1.5
\u2013
Changes in finance leases
\u2013
1.4
Interest on finance leases
\u2013
2.2
Total other changes
1.5
3.6
Balance at 31 March 2026
757.0
36.1
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-340": { "value": "(b) Net debt
2026 2025
\u00a3m \u00a3m
Borrowings per (a) above
Adjust for:
757.0
841.3
Cost of raising finance unamortised
4.0
3.7
761.0
845.0
Cash at bank and in hand (note 14)
(2.7)
(25.3)
Net debt
758.3
819.7
At 31 March 2026, the Group had \u00a3239.0m (2025: \u00a3235.0m) of undrawn bank facilities, a \u00a32.0m overdraft facility (2025: \u00a32.0m) and \u00a32.7m of unrestricted cash (2025: \u00a325.3m). The Group has a loan to value covenant applicable to the Bank Loans and Senior Debt Borrowings of 60%, Green Bond of 65% and Other Loan (Secured) of 55%. Loan to value at 31 March 2026 was 35% (31 March 2025: 34%). 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 Other Loan (secured). This is calculated as net rental income divided by interest payable on loans and other borrowings. At 31 March 2026 interest cover was 3.6x (31 March 2025: 3.8x). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-349": { "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. At 31 March 2026, the Group had no interest rate hedging in place on its variable rate debt. 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:
2026
2025
Carrying amount of derivative
\u2013
(0.1)
Change in fair value of designated hedging instrument
0.1
(0.3)
Notional amount \u00a3m
\u2013
100
Rate payable (%)
\u2013
4.285
Maturity
\u2013
31 January 2026
Hedge ratio
\u2013
1:1
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-341": { "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. At 31 March 2026, the Group had no interest rate hedging in place on its variable rate debt. 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:
2026
2025
Carrying amount of derivative
\u2013
(0.1)
Change in fair value of designated hedging instrument
0.1
(0.3)
Notional amount \u00a3m
\u2013
100
Rate payable (%)
\u2013
4.285
Maturity
\u2013
31 January 2026
Hedge ratio
\u2013
1:1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-348": { "value": "(f) Financial instruments and fair values
2026 2026 2025 2025
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities held at amortised cost
Bank loans
173.4
173.4
178.2
178.2
Other loans
64.4
61.9
64.3
61.5
Private Placement Notes
219.8
212.6
299.7
290.5
Lease obligations
36.1
36.1
34.7
34.7
Green Bond
299.4
280.8
299.1
271.2
793.1
764.8
876.0
836.1
Financial assets/(liabilities) at fair value through
other comprehensive income
Financial derivative
\u2013
\u2013
(0.1)
(0.1)
Other investments
3.0
3.0
3.3
3.3
3.0
3.0
3.2
3.2
Financial assets at fair value through profit or loss
Deferred consideration (including overage)
2.6
2.6
3.1
3.1
Other investments
3.2
3.2
\u2013
\u2013
5.8
5.8
3.1
3.1
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-342": { "value": "(f) Financial instruments and fair values
2026 2026 2025 2025
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities held at amortised cost
Bank loans
173.4
173.4
178.2
178.2
Other loans
64.4
61.9
64.3
61.5
Private Placement Notes
219.8
212.6
299.7
290.5
Lease obligations
36.1
36.1
34.7
34.7
Green Bond
299.4
280.8
299.1
271.2
793.1
764.8
876.0
836.1
Financial assets/(liabilities) at fair value through
other comprehensive income
Financial derivative
\u2013
\u2013
(0.1)
(0.1)
Other investments
3.0
3.0
3.3
3.3
3.0
3.0
3.2
3.2
Financial assets at fair value through profit or loss
Deferred consideration (including overage)
2.6
2.6
3.1
3.1
Other investments
3.2
3.2
\u2013
\u2013
5.8
5.8
3.1
3.1
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-343": { "value": "(h) Changes in liabilities from financing activities
Bank loans and
borrowings Lease liabilities
\u00a3m \u00a3m
Balance at 1 April 2025
841.3
34.7
Changes from financing cash flows:
Proceeds from bank borrowings
164.8
\u2013
Repayment of bank borrowings
(168.8)
\u2013
Finance costs for new/amended borrowing facilities
(1.8)
\u2013
Repayment of Private Placement Notes
(80.0)
\u2013
Payment of lease obligations
\u2013
(2.2)
Total changes from cash flows
(85.8)
(2.2)
Amortisation of issue costs of borrowing
1.5
\u2013
Changes in finance leases
\u2013
1.4
Interest on finance leases
\u2013
2.2
Total other changes
1.5
3.6
Balance at 31 March 2026
757.0
36.1
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-297": { "value": "
17. Lease Obligations
Lease liabilities are in respect of leased investment property.
Minimum lease payments under leases fall due as follows:
2026 2025
\u00a3m \u00a3m
Within one year
2.2
2.1
Between one and five years
8.7
8.4
Between five and fifteen years
21.8
20.9
Beyond fifteen years
179.2
174.8
211.9
206.2
Future finance charges on leases
(175.8)
(171.5)
Present value of lease liabilities
36.1
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 \u00a32.2m (2025: \u00a32.1m) is offset by future finance charges on leases of \u00a32.2m (2025: \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.
2026 2025
Land and buildings: \u00a3m \u00a3m
Within one year
74.0
84.8
Between one and two years
24.7
28.6
Between two and three years
12.0
15.7
Between three and four years
7.6
6.3
Between four and five years
5.8
3.1
Beyond five years
30.5
7.3
154.6
145.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-325": { "value": "17. Lease Obligations Lease liabilities are in respect of leased investment property. Minimum lease payments under leases fall due as follows:
2026 2025
\u00a3m \u00a3m
Within one year
2.2
2.1
Between one and five years
8.7
8.4
Between five and fifteen years
21.8
20.9
Beyond fifteen years
179.2
174.8
211.9
206.2
Future finance charges on leases
(175.8)
(171.5)
Present value of lease liabilities
36.1
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 \u00a32.2m (2025: \u00a32.1m) is offset by future finance charges on leases of \u00a32.2m (2025: \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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-298": { "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 2026, 77% (2025: 91%) 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 \u00a31.8m (2025: \u00a30.8m). The interest cover covenant in relation to Group borrowings is a ratio of \u2265 2.0x and the Group targets p.a. minimum cover of 2.5x. For the year ended 31 March 2026 interest cover was 3.6x. 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, cash and cash equivalent balances and deposits held with counterparties. The Group\u2019s exposure to credit risk in relation to receivables from customers is influenced mainly by the characteristics of individual customers occupying its rental properties. The Group has around 4,503 lettable units at 57 properties with overall occupancy of 79%. The largest 10 single customers generate around 9.4% of net rent roll. As such, the credit risk attributable to individual customers is relatively low.
The Group\u2019s credit risk in relation to customers is further mitigated by requiring that customers
provide a deposit equivalent to three months\u2019 rent on inception of lease as security against
default. Total tenant deposits held are \u00a337.7m (2025: \u00a339.4m). 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:
2026 2025
\u00a3m \u00a3m
Cash and cash equivalents (note 14)
10.5
32.7
Trade receivables \u2013 current (note 13)
10.3
15.7
Deferred consideration \u2013 current (note 13)
2.6
3.1
23.4
51.5
(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 (2025 \u00a32.0m)
and two revolving loan facilities totalling \u00a3335.0m (2025: \u00a3335.0m). At 31 March 2026 headroom
excluding overdraft and cash was \u00a3239.0m (31 March 2025: \u00a3235.0m).
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 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Private Placement Notes
220.0
7. 4
125.0
102.9
\u2013
235.3
Bank loan
96.0
5.3
5.3
5.3
98.3
114.2
Term loan
80.0
4.4
82.9
\u2013
\u2013
87.3
Green Bond
300.0
6.9
306.4
\u2013
\u2013
313.3
Other loans
65.0
2.6
2.6
2.6
67.9
75.7
Lease liabilities
36.1
2.2
2.2
2.2
205.4
212.0
Trade and other payables
1
74.5
74.5
\u2013
\u2013
\u2013
74.5
871.6
103.3
524.4
113.0
371.6
1,112.3
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
1. Trade and other payables exclude other tax and social security of \u00a35.0m (2025: \u00a33.2m) and deferred income of \u00a39.2m
(2025: \u00a311.1m).
2. Excludes unamortised borrowing costs.
(d) Capital risk management
The Group\u2019s objectives in managing capital are to safeguard its ability to continue as a going
concern and to optimise returns to shareholders through the disposal of non-core assets,
reinvestment of capital into remaining portfolio, and repayment of borrowings.
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 2026, Group equity was \u00a31,328.2m (2025: \u00a31,502.2m) and Group net debt
(debt less cash at bank and in hand) was \u00a3758.3m (2025: \u00a3819.7m). Group gearing at
31 March 2026 was 57% (2025: 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
and Knight Frank 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-326": { "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 2026, 77% (2025: 91%)
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 \u00a31.8m (2025: \u00a30.8m).
The interest cover covenant in relation to Group borrowings is a ratio of \u2265 2.0x and the Group
targets p.a. minimum cover of 2.5x. For the year ended 31 March 2026 interest cover was 3.6x.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-327": { "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, cash and
cash equivalent balances and deposits held with counterparties.
The Group\u2019s exposure to credit risk in relation to receivables from customers is influenced mainly
by the characteristics of individual customers occupying its rental properties. The Group has
around 4,503 lettable units at 57 properties with overall occupancy of 79%. The largest 10 single
customers generate around 9.4% of net rent roll. As such, the credit risk attributable to individual
customers is relatively low.
The Group\u2019s credit risk in relation to customers is further mitigated by requiring that customers provide a deposit equivalent to three months\u2019 rent on inception of lease as security against default. Total tenant deposits held are \u00a337.7m (2025: \u00a339.4m). 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:
2026 2025
\u00a3m \u00a3m
Cash and cash equivalents (note 14)
10.5
32.7
Trade receivables \u2013 current (note 13)
10.3
15.7
Deferred consideration \u2013 current (note 13)
2.6
3.1
23.4
51.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-328": { "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 (2025 \u00a32.0m) and two revolving loan facilities totalling \u00a3335.0m (2025: \u00a3335.0m). At 31 March 2026 headroom excluding overdraft and cash was \u00a3239.0m (31 March 2025: \u00a3235.0m). 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 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Private Placement Notes
220.0
7. 4
125.0
102.9
\u2013
235.3
Bank loan
96.0
5.3
5.3
5.3
98.3
114.2
Term loan
80.0
4.4
82.9
\u2013
\u2013
87.3
Green Bond
300.0
6.9
306.4
\u2013
\u2013
313.3
Other loans
65.0
2.6
2.6
2.6
67.9
75.7
Lease liabilities
36.1
2.2
2.2
2.2
205.4
212.0
Trade and other payables
1
74.5
74.5
\u2013
\u2013
\u2013
74.5
871.6
103.3
524.4
113.0
371.6
1,112.3
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
1. Trade and other payables exclude other tax and social security of \u00a35.0m (2025: \u00a33.2m) and deferred income of \u00a39.2m (2025: \u00a311.1m). 2. Excludes unamortised borrowing costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-329": { "value": "(d) Capital risk management The Group\u2019s objectives in managing capital are to safeguard its ability to continue as a going concern and to optimise returns to shareholders through the disposal of non-core assets, reinvestment of capital into remaining portfolio, and repayment of borrowings. 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 2026, Group equity was \u00a31,328.2m (2025: \u00a31,502.2m) and Group net debt (debt less cash at bank and in hand) was \u00a3758.3m (2025: \u00a3819.7m). Group gearing at 31 March 2026 was 57% (2025: 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 and Knight Frank 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-299": { "value": "
19. Notes to cash flow statement
Reconciliation of (loss)/profit for the year to cash generated from operations:
2026 2025
\u00a3m \u00a3m
(Loss)/profit before tax
(120.5)
5.4
Depreciation
1.4
1.4
Amortisation of intangibles
0.4
0.9
Letting fees amortisation
0.1
0.6
Loss on disposal of investment properties and assets held
for sale
13.8
1.5
Loss on disposal of fixed assets
0.4
\u2013
Other expenses
0.7
0.7
Net loss from change in fair value of investment property
159.2
55.9
Impairment of assets held for sale
0.3
0.4
Equity-settled share-based payments
1.7
2.7
Finance costs
33.4
32.6
Finance income
(2.2)
(0.6)
Changes in working capital:
Decrease in trade and other receivables
5.5
5.7
Decrease in trade and other payables
(2.2)
(2.1)
Cash generated from operations
92.0
105.1
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-300": { "value": "
20. Share capital and share premium
2026 2025
\u00a3m \u00a3m
Issued: Fully paid ordinary shares of \u00a31 each
192.3
192.1
2026 2025
Movements in share capital were as follows: Number Number
Number of shares at 1 April
192,143,004
191,910,392
Issue of shares
170,260
232,612
Number of shares at 31 March
192,313,264
192,143,004
In the year, the Group issued and authorised 170,260 shares in relation to share schemes with net
proceeds totalling \u00a32,498 (31 March 2025: 232,612 share scheme options issued with \u00a3nil net
proceeds).
Share capital
Share premium
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April
192.1
191.9
295.6
296.6
Issue of shares
0.2
0.2
\u2013
\u2013
Reduction of shares
\u2013
\u2013
\u2013
(1.0)
Balance at 31 March
192.3
192.1
295.6
295.6
The movement in the prior 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 was
recycled to retained earnings in the prior 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 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
Share-based payments
\u2013
\u2013
(0.6)
\u2013
(0.6)
Change in fair value of other investment
(note 12)
(0.8)
\u2013
\u2013
\u2013
(0.8)
Change in fair value of derivative financial
instruments (cash flow hedge)
\u2013
0.1
\u2013
\u2013
0.1
Balance at 31 March 2026
0.8
\u2013
3.8
65.3
69.9
1. In the year ended 31 March 2025, 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 1 April 2024,
but was omitted. The error is not considered material and hence it was corrected in the prior 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 2026, the number of shares held by the ESOT totalled 3,844 (2025: 36,886).
The SIP is governed by HMRC rules (note 23). At 31 March 2026, the number of shares held
for the SIP totalled 20,768 (2025: 20,638).
In the year ended 31 March 2025, 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 1 April 2024, but
was omitted. The error is not considered material and hence it was corrected in the prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-330": { "value": "20. Share capital and share premium
2026 2025
\u00a3m \u00a3m
Issued: Fully paid ordinary shares of \u00a31 each
192.3
192.1
2026 2025
Movements in share capital were as follows: Number Number
Number of shares at 1 April
192,143,004
191,910,392
Issue of shares
170,260
232,612
Number of shares at 31 March
192,313,264
192,143,004
In the year, the Group issued and authorised 170,260 shares in relation to share schemes with net proceeds totalling \u00a32,498 (31 March 2025: 232,612 share scheme options issued with \u00a3nil net proceeds).
Share capital
Share premium
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 April
192.1
191.9
295.6
296.6
Issue of shares
0.2
0.2
\u2013
\u2013
Reduction of shares
\u2013
\u2013
\u2013
(1.0)
Balance at 31 March
192.3
192.1
295.6
295.6
The movement in the prior 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 was recycled to retained earnings in the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-331": { "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 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
Share-based payments
\u2013
\u2013
(0.6)
\u2013
(0.6)
Change in fair value of other investment
(note 12)
(0.8)
\u2013
\u2013
\u2013
(0.8)
Change in fair value of derivative financial
instruments (cash flow hedge)
\u2013
0.1
\u2013
\u2013
0.1
Balance at 31 March 2026
0.8
\u2013
3.8
65.3
69.9
1. In the year ended 31 March 2025, 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 1 April 2024, but was omitted. The error is not considered material and hence it was corrected in the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-332": { "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 2026, the number of shares held by the ESOT totalled 3,844 (2025: 36,886). The SIP is governed by HMRC rules (note 23). At 31 March 2026, the number of shares held for the SIP totalled 20,768 (2025: 20,638). In the year ended 31 March 2025, 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 1 April 2024, but was omitted. The error is not considered material and hence it was corrected in the prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-301": { "value": "
23. Share-based payments
The Group operates a number of share schemes:
(a) Long Term Incentive Plan (\u2018LTIP\u2019) 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 RSA scheme is a retention based scheme over the three-year vesting period. There are no
performance measures associated with it.
The performance measures for the LTIP 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 2025 LTIP scheme, 453,149 performance shares and 493,771 restricted shares were
awarded in June 2025 to Directors and Senior Management (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).
Details of the movements for the LTIP and RSA scheme during the year were as follows:
LTIP & RSA
Number
At 1 April 2024
2,024,892
Granted (\u2018 LTIP \u2019)
420,347
Granted (\u2018RSA\u2019)
412,923
Exercised
(232,612)
Lapsed
(670,902)
1
At 31 March 2025
1,954,648
Granted (\u2018 LTIP \u2019)
453,149
Granted (\u2018RSA\u2019)
493,771
Exercised
(169,512)
Lapsed
(1,065,795)
1
At 31 March 2026
1,666,261
1. Included within the lapsed figure in the year are 246,337 share options (2025: 274,992) in relation to curtailment of service
for the former CEOs.
For the 2022 LTIP scheme, which vested in June 2025, the average closing share price at the date
of exercise of shares exercised during the year was \u00a34.26 (2021 LTIP scheme: \u00a35.85).
Fair value of the LTIP grant, for the Relative TSR element of the schemes, is measured by the use
of Monte-Carlo valuation 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.
Assumptions used in the model were as follows:
June November June
2025 2024 2024 2023 2022
LTIP LTIP LTIP LTIP LTIP
Share price at grant
422p
562p
589p
470p
642p
Exercise price
Nil
Nil
Nil
Nil
Nil
Average expected life (years)
3
3
3
3
3
Risk-free rate
3.72%
4.09%
4.09%
4.95%
1.96%
Average share price volatility
30.7%
31.2%
32.3%
33.9%
41.5%
Correlation
61%
68%
65%
52%
46%
TSR starting factor
0.95
1.14
1.15
0.96
0.85
Fair value per option \u2013 Relative TSR element
130p
375p
383p
294p
333p
The fair value of the 2025 RSA Scheme and the additional three measures (EPS growth,
ESG metrics and TAR) for the 2025 LTIP Scheme are all measured at the grant date share price.
The 2022 LTIP scheme, which vested in June 2025, also included Total Property Return. 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. There was no Total Property Return
element for the LTIP 2025, LTIP 2024 and LTIP 2023 schemes. The assessment at year end for the
performance measures included in the 2025 LTIP schemes were 50% of the relative EPS growth
element will vest (LTIP 2024: 50%; LTIP 2023: 15%); 50% of the relative ESG metrics element will
vest (LTIP 2024: 50%; LTIP 2023: 15%); and 50% of the relative TAR element will vest (LTIP 2024:
50%; LTIP 2023: 15%).
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 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
Options granted
193,093
\u00a33.34
Options exercised
(748)
\u00a33.34
Options lapsed
(322,013)
\u00a34.69
At 31 March 2026
306,795
\u00a34.06
748 SAYE share options were exercised during the year (2025: none) with an average closing
share price at the date of exercise of \u00a33.34 (2025: \u00a3nil).
The fair value has been calculated using the Black-Scholes model. Inputs to the model are
summarised as follows:
2026 2026 2025 2025
SAYE SAYE SAYE SAYE
3-year 5-year 3-year 5-year
Weighted average share price at grant
406p
406p
604p
604p
Exercise price
334p
334p
466p
466p
Expected volatility
32%
32%
32%
32%
Average expected life (years)
3
5
3
5
Risk free rate
4%
4%
4%
4%
Expected dividend yield
7%
7%
5%
5%
Possibility of ceasing employment before vesting
20%
20%
20%
20%
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:
2026
2025
Grant date
Fair value of award
Grant date
Fair value of award
SAYE \u2013 three-year
24 July 2025
84p
23 July 2024
168p
SAYE \u2013 five-year
24 July 2025
83p
23 July 2024
174p
(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 (2025: none), 14,870 (2025:
21,110) shares were exercised in the year and 235 (2025: 705) shares lapsed.
(d) Year-end summary
At 31 March 2026, in total there were 1,973,056 (2025: 2,391,110) 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
LTIP
22 June 2023 (\u2018LTIP\u2019)
\u2013
265,763
\u2013
22.06.2026
\u2013
22 June 2023 (\u2018RSA\u2019)
\u2013
301,694
\u2013
22.06.2026
\u2013
21 June 2024 (\u2018LTIP\u2019)
\u2013
177,541
\u2013
21.06.2027
\u2013
21 June 2024 (\u2018RSA\u2019)
\u2013
287,031
\u2013
21.06.2027
\u2013
28 November 2024 (\u2018LTIP\u2019)
\u2013
89,814
\u2013
18.11.2027
\u2013
24 June 2025 (\u2018LTIP\u2019)
\u2013
188,812
\u2013
24.06.2028
\u2013
24 June 2025 (\u2018RSA\u2019)
\u2013
355,606
\u2013
24.06.2028
\u2013
SAYE
23 July 2021 \u2013 five-year
\u00a36.70
\u2013
\u2013
01.09.2026
01.03.2027
27 July 2022 \u2013 five-year
\u00a35.08
\u2013
\u2013
01.09.2027
01.03.2028
18 July 2023 \u2013 three-year
\u00a33.95
116,051
\u2013
01.09.2026
01.03.2027
18 July 2023 \u2013 five-year
\u00a33.95
8,049
\u2013
01.09.2028
01.03.2029
23 July 2024 \u2013 three-year
\u00a34.66
30,842
\u2013
01.09.2027
01.03.2028
23 July 2024 \u2013 five-year
\u00a34.66
\u2013
\u2013
01.09.2029
01.03.2030
24 July 2025 \u2013 three-year
\u00a33.34
133,321
\u2013
01.09.2028
01.03.2029
24 July 2025 \u2013 five-year
\u00a33.34
18,532
\u2013
01.09.2030
01.03.2031
Total
1,973,056
\u2013
The share awards/options outstanding at 31 March 2026 had a weighted average remaining
contractual life of: LTIP \u2013 1.2 years (2025: 1.2 years), SAYE \u2013 2.7 years (2025: 2.0 years),
SIP \u2013 0 years (2025: 0 years).
(e) Cash-settled share-based payments
National Insurance payments due on the exercise of non-approved ESOS options and shares from
the LTIP are considered cash-settled share-based payments.
The estimated fair value of the National Insurance cash-settled share-based payments have been
calculated using the share price at the balance sheet date. At each balance sheet date, the Group
revises its 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:
2026 2025
\u00a3m \u00a3m
Equity-settled share-based payments
1.6
2.4
Cash-settled share-based payments
0.1
0.2
1.7
2.6
The total liability at the end of the year in respect of cash-settled share-based schemes was
\u00a30.5m (2025: \u00a30.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-302": { "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 \u00a31.2m (2025: \u00a31.4m) 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%
(2025: 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 247 (2025: 290).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-333": { "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 \u00a31.2m (2025: \u00a31.4m) 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% (2025: 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 247 (2025: 290).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-303": { "value": "
25. Related party transactions
Key management for the purposes of related party disclosure under IAS 24 are taken to be the
Executive Board Directors, the non-Board Executive Directors and the Non-Executive Directors.
Key management compensation is set out below:
2026 2025
Key management compensation: \u00a3m \u00a3m
Short-term employee benefits
4.1
4.0
Post-employment benefits
0.2
0.3
Termination benefits
0.8
\u2013
Share-based payment benefits
0.7
0.4
Total
5.8
4.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-344": { "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:
2026 2025
Key management compensation: \u00a3m \u00a3m
Short-term employee benefits
4.1
4.0
Post-employment benefits
0.2
0.3
Termination benefits
0.8
\u2013
Share-based payment benefits
0.7
0.4
Total
5.8
4.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-334": { "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:
2026 2025
Key management compensation: \u00a3m \u00a3m
Short-term employee benefits
4.1
4.0
Post-employment benefits
0.2
0.3
Termination benefits
0.8
\u2013
Share-based payment benefits
0.7
0.4
Total
5.8
4.7
27. Subsidiary and other related undertakings The Company\u2019s subsidiary and other related undertakings at 31 March 2026, 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 Centro One, 39 Plender Street, London, England, NW1 0DT .
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
Dissolved
United Workspace Limited
1,2,3
01749661
Dissolved
Workspace Holdings Limited
2
03729646
Dormant
Busworks Limited
1,2,3
04108036
Dissolved
LI Property Services Limited
2,3
02134039
Dissolved
Workspace Management Limited
02841232
Property Management
Workspace 1 Limited
03726272
Dormant
Workspace 10 Limited
3
02985018
Dissolved
McKay Securities Limited
00421479
Property Investment
Baldwin House Limited
1,2,3
00692181
Dissolved
Workspace Projects (KP) Limited
14186009
Property Investment
Glebe Three Limited
3
05830231
Dissolved
1. 100% of the ordinary share capital of this subsidiary is held by other Group companies. 2. These 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. These subsidiary companies were dissolved in the year ended 31 March 2026. Non-UK subsidiaries
Country of
Name
incorporation
Registered address
Nature of business
Workspace 17 (Jersey) Limited
1
Jersey
44 Esplanade, St Helier,
Dissolved
Jersey JE4 9WQ
Workspace Salisbury Limited
Jersey
44 Esplanade, St Helier,
Property
Jersey JE4 9WQ Investment
Stamfordham Road (IOM)
Isle of Man
33-37 Athol Street, Douglas,
Dissolved
Limited
1
Isle of Man, IM1 1LB
1. These subsidiary companies were dissolved in the year ended 31 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-304": { "value": "
26. Capital commitments
At the year end the estimated amounts of contractual commitments for future capital
expenditure not provided for were:
2026 2025
\u00a3m \u00a3m
Investment property construction
6.2
24.1
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-335": { "value": "26. Capital commitments At the year end the estimated amounts of contractual commitments for future capital expenditure not provided for were:
2026 2025
\u00a3m \u00a3m
Investment property construction
6.2
24.1
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-345": { "value": "27. Subsidiary and other related undertakings The Company\u2019s subsidiary and other related undertakings at 31 March 2026, 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 Centro One, 39 Plender Street, London, England, NW1 0DT .
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
Dissolved
United Workspace Limited
1,2,3
01749661
Dissolved
Workspace Holdings Limited
2
03729646
Dormant
Busworks Limited
1,2,3
04108036
Dissolved
LI Property Services Limited
2,3
02134039
Dissolved
Workspace Management Limited
02841232
Property Management
Workspace 1 Limited
03726272
Dormant
Workspace 10 Limited
3
02985018
Dissolved
McKay Securities Limited
00421479
Property Investment
Baldwin House Limited
1,2,3
00692181
Dissolved
Workspace Projects (KP) Limited
14186009
Property Investment
Glebe Three Limited
3
05830231
Dissolved
1. 100% of the ordinary share capital of this subsidiary is held by other Group companies. 2. These 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. These subsidiary companies were dissolved in the year ended 31 March 2026. Non-UK subsidiaries
Country of
Name
incorporation
Registered address
Nature of business
Workspace 17 (Jersey) Limited
1
Jersey
44 Esplanade, St Helier,
Dissolved
Jersey JE4 9WQ
Workspace Salisbury Limited
Jersey
44 Esplanade, St Helier,
Property
Jersey JE4 9WQ Investment
Stamfordham Road (IOM)
Isle of Man
33-37 Athol Street, Douglas,
Dissolved
Limited
1
Isle of Man, IM1 1LB
1. These subsidiary companies were dissolved in the year ended 31 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-8": { "value": "Centro One, 39 Plender Street, London, England, NW1 0DT ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-305": { "value": "
29. Post-balance sheet events
One Crown Square and Chiswick Studios have exchanged for sale in June 2026, with completion
set for June and July 2026 respectively. In June 2026, the Group\u2019s \u00a3200m RCF bank facility was
extended with maturity now June 2030.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138003GUZRFIN3UT430", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }