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Accounting policies General information NewRiver REIT plc (the 'Company') and its subsidiaries (together the 'Group') is a property investment group specialising in commercial real estate in the UK. The Company is registered and domiciled in the UK and the registered office of the Company is 89 Whitfield Street, London, W1T 4DE. Summary of material accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented. Basis of preparation These consolidated financial statements have been prepared on the going concern basis, in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority, in accordance with UK-adopted International Accounting Standards and within the requirements of the Companies Act 2006. Going concern The Group\u2019s going concern assessment considers the Group\u2019s principal risks, and is dependent on a number of factors, including cashflow and liquidity, continued access to borrowing facilities and the ability to continue to operate the Group\u2019s debt structure within its financial covenants. The Group\u2019s balance sheet is predominantly unsecured, which means that the majority of its debt is not secured against any of its property assets \u2013 a structure that affords significant operational flexibility. The principal debt currently drawn by the Group is the \u00a3300 million unsecured corporate bond which matures in March 2028. This bond has financial covenants that the Group is required to comply with including an LTV covenant of less than 65% and a 12 month historical interest cover ratio of more than 1.5x. The only other debt currently drawn by the Group is the single facility that we retained following the acquisition of Capital & Regional in December 2024, the \u00a3140 million \u201cMall\u201d facility secured against three of the assets acquired as part of the Capital & Regional transaction with a coupon of 3.5% and which matures in January 2028. In April 2026, NewRiver agreed a new unsecured \u00a3240 million facility comprising a \u00a3120 million Term Facility Commitment and a \u00a3120 million Revolving Credit Facility (RCF). The \u00a3120 million Term Facility Commitment will be drawn to repay the Mall facility in full (including \u00a320 million from available cash) upon the expiry of the Mall facility\u2019s 3.5% coupon in January 2027, thereby extending maturity to April 2030 (with further extensions available to April 2033 at lender consent) and returning the Group to a fully unsecured balance sheet. The \u00a3120 million RCF represents an increase of \u00a320 million on the previous facility, remains undrawn and has thereby extended the maturity on this available source of liquidity to April 2031 (with further extensions available to April 2033 at lender consent).
The financial covenants that the Group is required to comply with on the new Term Facility
Commitment and RCF remain the same as the previous undrawn RCF including an LTV covenant of
less than 60% and a 12 month historical interest cover ratio of more than 1.75x.
As the existing \u00a3140 million \u201cMall\u201d facility will be repaid in full by the new Term Facility Commitment
and modest available cash in January 2027, and could if required be repaid in full at any point
before January 2027 by available cash and facilities, our Going Concern assessment focuses on the
covenants attached to the unsecured corporate bond and new unsecured Term Facility
Commitment outlined above.
The going concern assessment is based on an at least 12 month outlook from the date of the
approval of these financial statements, using the Group\u2019s Board approved budget, flexed to create a
reasonable worst case scenario, which includes the key assumptions listed below.
\u2022 Capital values to decrease 5% during FY27 and remain flat throughout the remainder of the
forecast horizon, in contrast to the growth of +0.7% across the portfolio in the year to March
2026, including +1.0% growth in our Core Shopping Centres and +0.7% in our Retail Parks, which
together represent 96% of our Portfolio looking forwards;
\u2022 A 15% reduction in net income. This reflects a significant downside given rent collection rates are
high and stable at 99% for FY25 and FY26 rental billings and occupancy rates have been
maintained at a high 95%; and
\u2022 No disposal proceeds assumed throughout the forecast period, despite the completion of an
average of c.\u00a345 million of disposals in each of the five years ending 31 March 2026, including
\u00a3110 million of disposals in the current year ending 31 March 2026.
Under this scenario, the Group is forecast to maintain sufficient cash and liquidity resources and
remain compliant with its financial covenants over the going concern period. Further stress testing
was performed on this scenario which demonstrated that, in relation to the drawn corporate bond
the Group could absorb a further valuation decline of 28% or a further 44% reduction in annual net
rental income before breaching applicable debt covenant levels referenced above, and in relation to
the new Term Facility Commitment, once drawn, the Group could absorb further valuation decline
of 22% or a further 34% reduction in annual net rental income before breaching applicable debt
covenant levels reference above. The Group maintains sufficient cash and liquidity reserves to
continue in operation and pay its liabilities as they fall due throughout the going concern
assessment period and as such the Directors conclude a going concern basis of preparation is
appropriate.
Cash flow statement The Group has reported the cash flows from operating activities using the indirect method. The acquisition of properties are presented within investing cash flows and interest paid and interest received is presented within operating cash flows because this most appropriately reflects the Group\u2019s business activities. Preparation of the consolidated financial statements The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries controlled by the Company, made up to 31 March each year. Control is achieved when the Company is exposed, 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 investee. The consolidated financial statements account for interest in associates using the equity method of accounting per IFRS 11 and IAS 28 respectively. The financial statements for the year ended 31 March 2026 have been prepared on the historical cost basis, except for the revaluation of investment properties. New standards and amendments The Group has adopted the following amendments for the first time in the year ended 31 March 2026: Amendments \u2022 Amendment to IAS 1 - Non-current liabilities with covenants \u2022 Amendment to IFRS 16 - Leases on sale and leaseback \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements Adopting these amendments has not impacted amounts recognised in prior periods or are expected to have a material impact on the current period or future periods based on the Group\u2019s current strategy. The accounting policies used are otherwise consistent with those contained in the Group\u2019s previous Annual Report and Accounts for the year ended 31 March 2025, unless otherwise stated. Standards and amendments issued but not yet effective A number of new amendments have been issued but are not yet effective for the current accounting period. Effective after 1 April 2026; \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements** \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures** ** The Group is currently reviewing the impact of IFRS 18 on the accounts but we expect a change on the presentation in items in the Consolidated Statement of Comprehensive Income and additional disclosure will be required in the financial statements surrounding Alternative Performance Measures. ** No material impact is expected upon the adoption of these standards. Revenue recognition Property, rental and related income Property, rental and related income from fixed and minimum guaranteed rent reviews is recognised on a straight-line basis over the entire lease term. Where such rental income is recognised ahead of the related cash flow, an adjustment is made to ensure the carrying value of the related property including the accrued rent does not exceed the external valuation. Initial direct costs incurred in negotiating and arranging a new lease are amortised on a straight-line basis over the period from the date of lease commencement to the expiry date of the lease. Where a rent-free period is included in a lease, this is recognised over the lease term, on a straight- line basis, as a reduction of rental income. Where a lease incentive payment or surrender premiums are paid to enhance the value of a property, these are amortised on a straight- line basis over the period from the date of lease commencement to the expiry date of the lease as a reduction of rental income. It is management\u2019s policy to recognise all material lease incentives and lease incentives greater than six months. Upon receipt of a surrender premium for the early determination of a lease, the profit, net of dilapidations and non-recoverable outgoings relating to the lease concerned, is accounted for from the effective date of the modification, being the date at which both parties agree to the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. Service charge income Service charge income is recognised in accordance with IFRS 15. This income stream is recognised in the period which it is earnt and when performance obligations are satisfied e.g. when the service charges are incurred. IFRS 15 is based on the principle that revenue is recognised when control passes to a customer. The majority of the Group\u2019s income is from tenant leases and is therefore outside of the scope of IFRS 15. However, the standard applies to service charge income. Under IFRS 15, the Group needs to consider the agent versus principal guidance. The Group is principal in the transaction if they control the specified goods or services before they are transferred to the customer. In the provision of service charge, the Group has deemed itself to be principal and therefore the consolidated statement of comprehensive income and the consolidated balance sheet reflect service charge income, expenses, trade and other receivables and trade and other payables. Asset management fees Management fees are recognised in the consolidated statement of comprehensive income as the services are delivered and performance obligations met. The Group assesses whether the individual elements of service in the agreement are separate performance obligations. Asset management fees are recognised over the period the respective services are provided. Snozone income Snozone income is recognised in accordance with IFRS 15. Snozone income is recognised at the point in time when the customer has completed the use of the skiing services provided. Car park income Car park income is recognised in accordance with IFRS 15. Car park income is recognised at the point in time when the customer has completed use of their car parking space. Promote payments The Group is contractually entitled to receive a promote payment should the returns from an associate to the associate partner exceed a certain internal rate of return. This payment is only receivable by the Group on disposal of underlying properties held by the associate or other termination events. Any entitlements under these arrangements are only accrued for in the financial statements once the Group believes the above performance conditions have been met and there is no risk of the revenue reversing. IFRS 15 All revenue streams under IFRS 15 allocate transaction price against performance obligations as they are satisfied. With the exception of asset management fees, IFRS 15 revenue streams do not carry variable consideration. There are no significant judgements in applying IFRS 15. There are no significant payment terms on any of the IFRS 15 revenue streams. Service charge expense Service charge expenses are recognised in the period in which they are incurred. Finance income and costs Finance income and costs excluding fair value derivative movements, are recognised using the effective interest rate method. The effective interest rate method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. Taxation Income tax The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the date of the balance sheet. Tax is recognised in the consolidated statement of comprehensive income. Deferred tax Any deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply in the period when the liability is settled or the asset is realised. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Investment properties These properties include completed properties that are generating rent or are available for rent. Investment properties comprise freehold and leasehold properties and are first measured at cost (including transaction costs), then revalued to market value at each reporting date by independent professional valuers. Leasehold properties are accounted for as right-of-use assets within investment property under IFRS 16, see Leases accounting policy. Valuation gains and losses in a period are taken to the consolidated statement of comprehensive income. As the Group uses the fair value model, as per IAS 40 Investment Properties, no depreciation is provided. An asset will be classified as held for sale within investment properties, in line with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations, where the asset is available for immediate sale in its present condition and the sale is highly probable. Property, plant and equipment Fixtures and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is recognised over the useful lives of the equipment, using the straight-line method at a rate of between 10% to 25% depending on the useful life. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: \u2022 Fixtures and fittings \u2013 over five years \u2022 Office equipment \u2013 over three years PPE is stated at cost net of depreciation and any provision for impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided so as to write off the cost of the assets, less their estimated residual values, on a straight-line basis over their expected useful lives, which are given below as a general rule, however as part of the day to day running of the business there may be some assets which fall outside of this, these assets are treated the same and are always depreciated on a straight-line basis over their expected useful lives. \u2022 Snow equipment \u2013 over one to five years \u2022 Computer equipment \u2013 over two to five years \u2022 Office equipment \u2013 over two to five years \u2022 Operations equipment \u2013 over two to five years \u2022 Plant \u2013 over twenty years The expected useful lives and depreciation methods are reviewed annually at each reporting date. Subsequent costs incurred after the initial recognition of PPE are capitalised if they meet the recognition criteria. Such costs include expenditures that increase the future economic benefits expected to be obtained from the use of the asset beyond its originally assessed standard of performance. Upon disposal of PPE, any resulting gain or loss is calculated as the difference between the net disposal proceeds and the carrying amount of the asset in the financial statements at the date of disposal. Gains or losses on disposals are recognised in profit or loss in the period in which the disposal occurs. Business Combinations The Group applies the acquisition method to account for business combinations. The cost of the acquisition is measured at the aggregate of the fair values, at the date of completion, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS are recognised at their fair value at the acquisition. Any excess of the purchase price of business combinations over the fair value of the assets, liabilities and contingent liabilities acquired is recognised as goodwill. This is recognised as an asset and is reviewed for impairment at least annually. Any impairment is recognised immediately in the statement of comprehensive income. Where the fair value of the consideration is less than the fair value of the identifiable assets and liabilities then the difference is recognised as a bargain purchase in the statement of comprehensive income. Under the acquisition accounting method, the identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at the acquisition date. The consideration transferred is measured at fair value and includes the fair value of any contingent consideration. Where properties are acquired through corporate acquisitions, each transaction is considered by management in light of the substance of the acquisition to determine whether the acquisition is a business combination or an asset acquisition. Asset acquisitions Management consider whether each acquisition constitutes a business combination or an asset acquisition and have chosen to apply the optional concentration test that, if met, eliminates the need for further assessment. Management have chosen to take the optional concentration test which considers whether substantially all of the fair value of the gross assets acquired is concentrated in a single asset group. The acquired assets and assumed liabilities have been recognised in accordance with the relevant accounting requirements. The costs of the acquisition are allocated to identifiable assets and liabilities based on their relative fair values at the purchase date. Directly attributable acquisition related costs are capitalised as part of the cost of the assets acquired. These costs are presented as part of financing cash flows in the cast flow statement. Associates Interests in associates are accounted for using the equity method of accounting. The Group\u2019s associates are entities over which the Group has significant influence with a partner. Investments in associates are carried in the consolidated balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the associates, less any impairment or share of income adjusted for dividends. In assessing whether a particular entity is controlled or has significant influence, the Group considers all of the contractual terms of the arrangement, whether it has the power to govern the financial and operating policies of the associate so as to obtain benefits from its activities. Leases \u2013 as a lessee At inception, the Group assesses whether a contract is or contains a lease. This assessment involves the exercise of judgement about whether the Group obtains substantially all the economic benefits from the use of that asset, and whether the Group has the right to direct the use of the asset. The Group recognises a right-of-use (\u201cROU\u201d) asset and the lease liability at the commencement date of the lease. The ROU asset is initially measured based on the present value of lease payments, plus initial direct costs and the cost of obligations to restore the asset, less any incentives received. Lease payments generally include fixed payments and variable payments that depend on an index (such as an inflation index). Each lease payment is allocated between the liability and finance cost. The lease payments are discounted using the interest rate implicit in the lease if that rate can be readily determined or if not, the incremental borrowing rate is used. The finance cost is charged to profit or loss over the lease period so as to produce a constant rate of interest on the remaining balance of the liability for each period. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset. The ROU asset is subject to testing for impairment if there is an indicator of impairment. ROU assets that are not classified as investment properties are disclosed on the face of the consolidated balance sheet on their own line, and the lease liability included in the headings current and non- current liabilities on the consolidated balance sheet. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). When the consideration for a lease is changed, that modification is not accounted for as a separate lease, but the lease liability is remeasured discounted using the revised lease payments and revised discount rate. Where the ROU asset relates to leases of land or property that meets the definition of investment property under IAS 40 it has been disclosed within the investment property balance. After initial recognition, IAS 40 requires the amount of the recognised lease liability, calculated in accordance with IFRS 16, to be added back to the amount determined under the net valuation model, to arrive at the carrying amount of the investment property under the fair value model. Differences between the ROU asset and associated lease liability are taken to the consolidated statement of comprehensive income. The Group has elected not to recognise ROU assets and liabilities for leases where the total lease term is less than or equal to 12 months, or for low value leases of less than \u00a33,000. The payments for such leases are recognised in the consolidated statement of comprehensive income on a straight- line basis over the lease term. Leases \u2013 as a lessor The Group accounts for all leases as operating leases, please see revenue recognition for further details. Financial instruments Financial assets The Group classifies its financial assets as fair value through profit or loss or amortised cost, depending on the purpose for which the asset was acquired and based on the business model test. Financial assets carried at amortised cost include tenant receivables which arise from the provision of goods and services to customers. These are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost, less provision for impairment. Impairment provisions for receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. The probability of tenant default and subsequent non-payment of the receivable is assessed. If it is determined that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. If in a subsequent year the amount of the impairment loss decreased and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying value of the asset does not exceed its amortised costs at the reversal date. The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents. Financial assets are derecognised only when the contractual rights to the cash flows from the financial asset expire or the Group transfers substantially all risks and rewards of ownership. Cash and cash equivalents Cash and cash equivalents include cash on hand, cash in transit, deposits held on call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible into known amounts of cash and which are subject to an insignificant risk of change in value. Financial liabilities The Group classifies its financial liabilities at amortised cost. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. All loans and borrowings are classified as other liabilities. Initial recognition is at fair value less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised costs using the effective interest method. Financial liabilities included in trade and other payables are recognised initially at fair value and subsequently at amortised cost. The financial instruments classified as financial liabilities at fair value through profit or loss include interest rate swap and cap arrangements. Recognition of the derivative financial instruments takes place when the contracts are entered into. They are recognised at fair value and transaction costs are included directly in finance costs. The fair value of a non-interest bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted. Value added tax Revenues, expenses and assets are recognised net of the amount of value added tax except: Where the value added tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the value added tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and receivables and payables that are stated with the amount of value added tax included. The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the consolidated balance sheet. Share capital Shares are classified as equity when there is no obligation to transfer cash or other assets. The cost of issuing share capital is recognised directly in equity against the proceeds from issuing the shares. Share-based payments The cost of equity settled transactions is measured with reference to the fair value at the date at which they were granted. Where vesting performance conditions are non-market based, the fair value excludes the effect of these vesting conditions and an estimate is made at each year end date of the number of instruments expected to vest. The fair value is recognised over the vesting period in the consolidated statement of comprehensive income, with a corresponding increase in equity. Any change to the number of instruments with non-market vesting conditions expected to vest is recognised in the consolidated statement of comprehensive income for that period. Employee Benefit Trust The Group operates an Employee Benefit Trust for the exclusive benefit of the Group\u2019s employees. The investment in the Company\u2019s shares held by the trust is recognised at cost and deducted from equity. No gain or loss is recognised in the consolidated statement of comprehensive income on the purchase, sale, issue or cancellation of the shares held by the trust. Share Buyback Share buyback are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent through deduction from retained earnings. When they are cancelled, Group\u2019s share capital is diminished, and capital redemption reserve is created for the nominal amount of the cancellation. No gain or loss is recognised on the purchase or cancellation of the Company\u2019s own shares. Dividends Dividends to the Company\u2019s shareholders are recognised when they become legally payable. In the case of interim dividends, this is when paid. In the case of final dividends, this is when approved by equity holders. Foreign currency Foreign currency transactions Transactions in foreign currencies are translated into sterling at exchange rates approximating to the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to sterling at the exchange rate ruling at that date and differences arising on translation are recognised in the income statement.
Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising
on consolidation, are translated into sterling at the exchange rates ruling at the balance sheet date.
The operating income and expenses of foreign operations are translated into sterling at the average
exchange rates for the year. Significant transactions, such as property sales, are translated at the
foreign exchange rate ruling at the date of each transaction. The principal exchange rate used to
translate foreign currency denominated amounts in the income statement and balance sheet is the
rate at the end of the year: \u00a31 = \u20ac1.1447 (2025: \u00a31 = \u20ac1.1951). Foreign exchange gains and losses from
monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss at
each reporting date. Non-monetary items are translated at the exchange rate prevailing at the
transaction date, with subsequent changes in exchange rates not affecting gains or losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-366": { "value": "General information NewRiver REIT plc (the 'Company') and its subsidiaries (together the 'Group') is a property investment group specialising in commercial real estate in the UK. The Company is registered and domiciled in the UK and the registered office of the Company is 89 Whitfield Street, London, W1T 4DE.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-4": { "value": "NewRiver REIT plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-364": { "value": "NewRiver REIT plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-361": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-5": { "value": "is a property investment group specialising in commercial real estate in the UK.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-362": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-6": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-363": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-7": { "value": "89 Whitfield Street, London, W1T 4DE.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-367": { "value": "Basis of preparation These consolidated financial statements have been prepared on the going concern basis, in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority, in accordance with UK-adopted International Accounting Standards and within the requirements of the Companies Act 2006. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-413": { "value": "
These consolidated financial statements have been prepared on the going concern basis, in
accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority, in
accordance with UK-adopted International Accounting Standards and within the requirements of
the Companies Act 2006.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-368": { "value": "
Going concern
The Group\u2019s going concern assessment considers the Group\u2019s principal risks, and is dependent on a
number of factors, including cashflow and liquidity, continued access to borrowing facilities and the
ability to continue to operate the Group\u2019s debt structure within its financial covenants. The Group\u2019s
balance sheet is predominantly unsecured, which means that the majority of its debt is not secured
against any of its property assets \u2013 a structure that affords significant operational flexibility.
The principal debt currently drawn by the Group is the \u00a3300 million unsecured corporate bond
which matures in March 2028. This bond has financial covenants that the Group is required to
comply with including an LTV covenant of less than 65% and a 12 month historical interest cover
ratio of more than 1.5x.
The only other debt currently drawn by the Group is the single facility that we retained following the
acquisition of Capital & Regional in December 2024, the \u00a3140 million \u201cMall\u201d facility secured against
three of the assets acquired as part of the Capital & Regional transaction with a coupon of 3.5% and
which matures in January 2028.
In April 2026, NewRiver agreed a new unsecured \u00a3240 million facility comprising a \u00a3120 million Term
Facility Commitment and a \u00a3120 million Revolving Credit Facility (RCF).
The \u00a3120 million Term Facility Commitment will be drawn to repay the Mall facility in full (including
\u00a320 million from available cash) upon the expiry of the Mall facility\u2019s 3.5% coupon in January 2027,
thereby extending maturity to April 2030 (with further extensions available to April 2033 at lender
consent) and returning the Group to a fully unsecured balance sheet.
The \u00a3120 million RCF represents an increase of \u00a320 million on the previous facility, remains undrawn
and has thereby extended the maturity on this available source of liquidity to April 2031 (with
further extensions available to April 2033 at lender consent).
The financial covenants that the Group is required to comply with on the new Term Facility Commitment and RCF remain the same as the previous undrawn RCF including an LTV covenant of less than 60% and a 12 month historical interest cover ratio of more than 1.75x. As the existing \u00a3140 million \u201cMall\u201d facility will be repaid in full by the new Term Facility Commitment and modest available cash in January 2027, and could if required be repaid in full at any point before January 2027 by available cash and facilities, our Going Concern assessment focuses on the covenants attached to the unsecured corporate bond and new unsecured Term Facility Commitment outlined above. The going concern assessment is based on an at least 12 month outlook from the date of the approval of these financial statements, using the Group\u2019s Board approved budget, flexed to create a reasonable worst case scenario, which includes the key assumptions listed below. \u2022 Capital values to decrease 5% during FY27 and remain flat throughout the remainder of the forecast horizon, in contrast to the growth of +0.7% across the portfolio in the year to March 2026, including +1.0% growth in our Core Shopping Centres and +0.7% in our Retail Parks, which together represent 96% of our Portfolio looking forwards; \u2022 A 15% reduction in net income. This reflects a significant downside given rent collection rates are high and stable at 99% for FY25 and FY26 rental billings and occupancy rates have been maintained at a high 95%; and \u2022 No disposal proceeds assumed throughout the forecast period, despite the completion of an average of c.\u00a345 million of disposals in each of the five years ending 31 March 2026, including \u00a3110 million of disposals in the current year ending 31 March 2026. Under this scenario, the Group is forecast to maintain sufficient cash and liquidity resources and remain compliant with its financial covenants over the going concern period. Further stress testing was performed on this scenario which demonstrated that, in relation to the drawn corporate bond the Group could absorb a further valuation decline of 28% or a further 44% reduction in annual net rental income before breaching applicable debt covenant levels referenced above, and in relation to the new Term Facility Commitment, once drawn, the Group could absorb further valuation decline of 22% or a further 34% reduction in annual net rental income before breaching applicable debt covenant levels reference above. The Group maintains sufficient cash and liquidity reserves to continue in operation and pay its liabilities as they fall due throughout the going concern assessment period and as such the Directors conclude a going concern basis of preparation is appropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-369": { "value": "
Cash flow statement
The Group has reported the cash flows from operating activities using the indirect method. The
acquisition of properties are presented within investing cash flows and interest paid and interest
received is presented within operating cash flows because this most appropriately reflects the
Group\u2019s business activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-370": { "value": "
Preparation of the consolidated financial statements
The consolidated financial statements incorporate the financial statements of the Company and its
subsidiaries controlled by the Company, made up to 31 March each year. Control is achieved when
the Company is exposed, 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 investee.
The consolidated financial statements account for interest in associates using the equity method of
accounting per IFRS 11 and IAS 28 respectively. The financial statements for the year ended 31 March
2026 have been prepared on the historical cost basis, except for the revaluation of investment
properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-372": { "value": "
New standards and amendments
The Group has adopted the following amendments for the first time in the year ended 31 March 2026:
Amendments
\u2022 Amendment to IAS 1 - Non-current liabilities with covenants
\u2022 Amendment to IFRS 16 - Leases on sale and leaseback
\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability
\u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements
Adopting these amendments has not impacted amounts recognised in prior periods or are
expected to have a material impact on the current period or future periods based on the Group\u2019s
current strategy. The accounting policies used are otherwise consistent with those contained in the
Group\u2019s previous Annual Report and Accounts for the year ended 31 March 2025, unless otherwise
stated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-414": { "value": "New standards and amendments The Group has adopted the following amendments for the first time in the year ended 31 March 2026: Amendments \u2022 Amendment to IAS 1 - Non-current liabilities with covenants \u2022 Amendment to IFRS 16 - Leases on sale and leaseback \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements Adopting these amendments has not impacted amounts recognised in prior periods or are expected to have a material impact on the current period or future periods based on the Group\u2019s current strategy. The accounting policies used are otherwise consistent with those contained in the Group\u2019s previous Annual Report and Accounts for the year ended 31 March 2025, unless otherwise stated. Standards and amendments issued but not yet effective A number of new amendments have been issued but are not yet effective for the current accounting period. Effective after 1 April 2026; \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements** \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures** ** The Group is currently reviewing the impact of IFRS 18 on the accounts but we expect a change on the presentation in items in the Consolidated Statement of Comprehensive Income and additional disclosure will be required in the financial statements surrounding Alternative Performance Measures. ** No material impact is expected upon the adoption of these standards. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-371": { "value": "
Standards and amendments issued but not yet effective
A number of new amendments have been issued but are not yet effective for the current
accounting period.
Effective after 1 April 2026;
\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements**
\u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures**
** The Group is currently reviewing the impact of IFRS 18 on the accounts but we expect a change on the
presentation in items in the Consolidated Statement of Comprehensive Income and additional disclosure will
be required in the financial statements surrounding Alternative Performance Measures.
** No material impact is expected upon the adoption of these standards.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-373": { "value": "
Revenue recognition
Property, rental and related income
Property, rental and related income from fixed and minimum guaranteed rent reviews is recognised
on a straight-line basis over the entire lease term. Where such rental income is recognised ahead of
the related cash flow, an adjustment is made to ensure the carrying value of the related property
including the accrued rent does not exceed the external valuation. Initial direct costs incurred in
negotiating and arranging a new lease are amortised on a straight-line basis over the period from
the date of lease commencement to the expiry date of the lease.
Where a rent-free period is included in a lease, this is recognised over the lease term, on a straight-
line basis, as a reduction of rental income.
Where a lease incentive payment or surrender premiums are paid to enhance the value of a
property, these are amortised on a straight- line basis over the period from the date of lease
commencement to the expiry date of the lease as a reduction of rental income. It is management\u2019s
policy to recognise all material lease incentives and lease incentives greater than six months. Upon
receipt of a surrender premium for the early determination of a lease, the profit, net of dilapidations
and non-recoverable outgoings relating to the lease concerned, is accounted for from the effective
date of the modification, being the date at which both parties agree to the modification,
considering any prepaid or accrued lease payments relating to the original lease as part of the lease
payments for the new lease.
Service charge income
Service charge income is recognised in accordance with IFRS 15. This income stream is recognised
in the period which it is earnt and when performance obligations are satisfied e.g. when the service
charges are incurred.
IFRS 15 is based on the principle that revenue is recognised when control passes to a customer. The
majority of the Group\u2019s income is from tenant leases and is therefore outside of the scope of IFRS
15. However, the standard applies to service charge income. Under IFRS 15, the Group needs to
consider the agent versus principal guidance. The Group is principal in the transaction if they
control the specified goods or services before they are transferred to the customer. In the provision
of service charge, the Group has deemed itself to be principal and therefore the consolidated
statement of comprehensive income and the consolidated balance sheet reflect service charge
income, expenses, trade and other receivables and trade and other payables.
Asset management fees
Management fees are recognised in the consolidated statement of comprehensive income as the
services are delivered and performance obligations met. The Group assesses whether the individual
elements of service in the agreement are separate performance obligations. Asset management
fees are recognised over the period the respective services are provided.
Snozone income
Snozone income is recognised in accordance with IFRS 15. Snozone income is recognised at the
point in time when the customer has completed the use of the skiing services provided.
Car park income
Car park income is recognised in accordance with IFRS 15. Car park income is recognised at the
point in time when the customer has completed use of their car parking space.
Promote payments
The Group is contractually entitled to receive a promote payment should the returns from an
associate to the associate partner exceed a certain internal rate of return. This payment is only
receivable by the Group on disposal of underlying properties held by the associate or other
termination events. Any entitlements under these arrangements are only accrued for in the financial
statements once the Group believes the above performance conditions have been met and there is
no risk of the revenue reversing.
IFRS 15
All revenue streams under IFRS 15 allocate transaction price against performance obligations as
they are satisfied. With the exception of asset management fees, IFRS 15 revenue streams do not
carry variable consideration. There are no significant judgements in applying IFRS 15. There are no
significant payment terms on any of the IFRS 15 revenue streams.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-374": { "value": "
Service charge expense
Service charge expenses are recognised in the period in which they are incurred.
", "dimensions": { "concept": "newriver:DescriptionOfAccountingPolicyForServiceChargeExpense", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-377": { "value": "
Finance income and costs
Finance income and costs excluding fair value derivative movements, are recognised using the
effective interest rate method. The effective interest rate method is a method of calculating the
amortised cost of a financial asset or financial liability and of allocating the interest income or
interest expense over the relevant period. The effective interest rate is the rate that discounts
estimated future cash payments or receipts throughout the expected life of the financial
instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset
or financial liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-444": { "value": "Finance income and costs Finance income and costs excluding fair value derivative movements, are recognised using the effective interest rate method. The effective interest rate method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-416": { "value": "Finance income and costs Finance income and costs excluding fair value derivative movements, are recognised using the effective interest rate method. The effective interest rate method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-375": { "value": "
Taxation
Income tax
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the date of the balance sheet. Tax is recognised in the consolidated statement of
comprehensive income.
Deferred tax
Any deferred tax provided is based on the expected manner of realisation or settlement of the
carrying amount of assets and liabilities, using tax rates that are expected to apply in the period
when the liability is settled or the asset is realised. A deferred tax asset is recognised only to the
extent that it is probable that future taxable profits will be available against which the asset can be
utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-415": { "value": "Deferred tax Any deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply in the period when the liability is settled or the asset is realised. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-376": { "value": "
Investment properties
These properties include completed properties that are generating rent or are available for rent.
Investment properties comprise freehold and leasehold properties and are first measured at cost
(including transaction costs), then revalued to market value at each reporting date by independent
professional valuers. Leasehold properties are accounted for as right-of-use assets within
investment property under IFRS 16, see Leases accounting policy. Valuation gains and losses in a
period are taken to the consolidated statement of comprehensive income. As the Group uses the
fair value model, as per IAS 40 Investment Properties, no depreciation is provided. An asset will be
classified as held for sale within investment properties, in line with IFRS 5 Non-Current Assets Held
for Sale and Discontinued Operations, where the asset is available for immediate sale in its present
condition and the sale is highly probable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-380": { "value": "Property, plant and equipment Fixtures and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is recognised over the useful lives of the equipment, using the straight-line method at a rate of between 10% to 25% depending on the useful life. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: \u2022 Fixtures and fittings \u2013 over five years \u2022 Office equipment \u2013 over three years PPE is stated at cost net of depreciation and any provision for impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided so as to write off the cost of the assets, less their estimated residual values, on a straight-line basis over their expected useful lives, which are given below as a general rule, however as part of the day to day running of the business there may be some assets which fall outside of this, these assets are treated the same and are always depreciated on a straight-line basis over their expected useful lives. \u2022 Snow equipment \u2013 over one to five years \u2022 Computer equipment \u2013 over two to five years \u2022 Office equipment \u2013 over two to five years \u2022 Operations equipment \u2013 over two to five years \u2022 Plant \u2013 over twenty years The expected useful lives and depreciation methods are reviewed annually at each reporting date. Subsequent costs incurred after the initial recognition of PPE are capitalised if they meet the recognition criteria. Such costs include expenditures that increase the future economic benefits expected to be obtained from the use of the asset beyond its originally assessed standard of performance. Upon disposal of PPE, any resulting gain or loss is calculated as the difference between the net disposal proceeds and the carrying amount of the asset in the financial statements at the date of disposal. Gains or losses on disposals are recognised in profit or loss in the period in which the disposal occurs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-418": { "value": "
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values
over their useful lives on the following bases:
\u2022 Fixtures and fittings \u2013 over five years
\u2022 Office equipment \u2013 over three years
PPE is stated at cost net of depreciation and any provision for impairment. Cost includes the
original purchase price of the asset and the costs attributable to bringing the asset to its working
condition for its intended use. Depreciation is provided so as to write off the cost of the assets, less
their estimated residual values, on a straight-line basis over their expected useful lives, which are
given below as a general rule, however as part of the day to day running of the business there may
be some assets which fall outside of this, these assets are treated the same and are always
depreciated on a straight-line basis over their expected useful lives.
\u2022 Snow equipment \u2013 over one to five years
\u2022 Computer equipment \u2013 over two to five years
\u2022 Office equipment \u2013 over two to five years
\u2022 Operations equipment \u2013 over two to five years
\u2022 Plant \u2013 over twenty years
The expected useful lives and depreciation methods are reviewed annually at each reporting date.
Subsequent costs incurred after the initial recognition of PPE are capitalised if they meet the recognition
criteria. Such costs include expenditures that increase the future economic benefits expected to be
obtained from the use of the asset beyond its originally assessed standard of performance. Upon
disposal of PPE, any resulting gain or loss is calculated as the difference between the net disposal
proceeds and the carrying amount of the asset in the financial statements at the date of disposal. Gains
or losses on disposals are recognised in profit or loss in the period in which the disposal occurs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-381": { "value": "
Business Combinations
The Group applies the acquisition method to account for business combinations. The cost of the
acquisition is measured at the aggregate of the fair values, at the date of completion, of assets
given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for
control of the acquired. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that
meet the conditions for recognition under IFRS are recognised at their fair value at the acquisition.
Any excess of the purchase price of business combinations over the fair value of the assets,
liabilities and contingent liabilities acquired is recognised as goodwill. This is recognised as an asset
and is reviewed for impairment at least annually. Any impairment is recognised immediately in the
statement of comprehensive income. Where the fair value of the consideration is less than the fair
value of the identifiable assets and liabilities then the difference is recognised as a bargain
purchase in the statement of comprehensive income.
Under the acquisition accounting method, the identifiable assets, liabilities and contingent liabilities
acquired are measured at fair value at the acquisition date. The consideration transferred is
measured at fair value and includes the fair value of any contingent consideration. Where properties
are acquired through corporate acquisitions, each transaction is considered by management in
light of the substance of the acquisition to determine whether the acquisition is a business
combination or an asset acquisition.
Asset acquisitions
Management consider whether each acquisition constitutes a business combination or an asset
acquisition and have chosen to apply the optional concentration test that, if met, eliminates the
need for further assessment. Management have chosen to take the optional concentration test
which considers whether substantially all of the fair value of the gross assets acquired is
concentrated in a single asset group. The acquired assets and assumed liabilities have been
recognised in accordance with the relevant accounting requirements. The costs of the acquisition
are allocated to identifiable assets and liabilities based on their relative fair values at the purchase
date. Directly attributable acquisition related costs are capitalised as part of the cost of the assets
acquired. These costs are presented as part of financing cash flows in the cast flow statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-419": { "value": "Business Combinations The Group applies the acquisition method to account for business combinations. The cost of the acquisition is measured at the aggregate of the fair values, at the date of completion, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS are recognised at their fair value at the acquisition. Any excess of the purchase price of business combinations over the fair value of the assets, liabilities and contingent liabilities acquired is recognised as goodwill. This is recognised as an asset and is reviewed for impairment at least annually. Any impairment is recognised immediately in the statement of comprehensive income. Where the fair value of the consideration is less than the fair value of the identifiable assets and liabilities then the difference is recognised as a bargain purchase in the statement of comprehensive income. Under the acquisition accounting method, the identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at the acquisition date. The consideration transferred is measured at fair value and includes the fair value of any contingent consideration. Where properties are acquired through corporate acquisitions, each transaction is considered by management in light of the substance of the acquisition to determine whether the acquisition is a business combination or an asset acquisition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-420": { "value": "Asset acquisitions Management consider whether each acquisition constitutes a business combination or an asset acquisition and have chosen to apply the optional concentration test that, if met, eliminates the need for further assessment. Management have chosen to take the optional concentration test which considers whether substantially all of the fair value of the gross assets acquired is concentrated in a single asset group. The acquired assets and assumed liabilities have been recognised in accordance with the relevant accounting requirements. The costs of the acquisition are allocated to identifiable assets and liabilities based on their relative fair values at the purchase date. Directly attributable acquisition related costs are capitalised as part of the cost of the assets acquired. These costs are presented as part of financing cash flows in the cast flow statement. ", "dimensions": { "concept": "newriver:DescriptionOfAccountingPolicyForAssetAcquisitions", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-417": { "value": "
Associates
Interests in associates are accounted for using the equity method of accounting. The Group\u2019s
associates are entities over which the Group has significant influence with a partner. Investments in
associates are carried in the consolidated balance sheet at cost as adjusted by post-acquisition
changes in the Group\u2019s share of the net assets of the associates, less any impairment or share of income
adjusted for dividends. In assessing whether a particular entity is controlled or has significant influence,
the Group considers all of the contractual terms of the arrangement, whether it has the power to govern
the financial and operating policies of the associate so as to obtain benefits from its activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-378": { "value": "Associates Interests in associates are accounted for using the equity method of accounting. The Group\u2019s associates are entities over which the Group has significant influence with a partner. Investments in associates are carried in the consolidated balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the associates, less any impairment or share of income adjusted for dividends. In assessing whether a particular entity is controlled or has significant influence, the Group considers all of the contractual terms of the arrangement, whether it has the power to govern the financial and operating policies of the associate so as to obtain benefits from its activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-379": { "value": "
Leases \u2013 as a lessee
At inception, the Group assesses whether a contract is or contains a lease. This assessment involves
the exercise of judgement about whether the Group obtains substantially all the economic benefits
from the use of that asset, and whether the Group has the right to direct the use of the asset.
The Group recognises a right-of-use (\u201cROU\u201d) asset and the lease liability at the commencement date
of the lease. The ROU asset is initially measured based on the present value of lease payments, plus
initial direct costs and the cost of obligations to restore the asset, less any incentives received.
Lease payments generally include fixed payments and variable payments that depend on an index
(such as an inflation index).
Each lease payment is allocated between the liability and finance cost. The lease payments are
discounted using the interest rate implicit in the lease if that rate can be readily determined or if not,
the incremental borrowing rate is used. The finance cost is charged to profit or loss over the lease
period so as to produce a constant rate of interest on the remaining balance of the liability for each
period.
The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying
asset. The ROU asset is subject to testing for impairment if there is an indicator of impairment. ROU
assets that are not classified as investment properties are disclosed on the face of the consolidated
balance sheet on their own line, and the lease liability included in the headings current and non-
current liabilities on the consolidated balance sheet.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related
right-of-use asset) whenever:
\u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a
change in the assessment of exercise of a purchase option, in which case the lease liability is
remeasured by discounting the revised lease payments using a revised discount rate.
\u2022 The lease payments change due to changes in an index or rate or a change in expected payment
under a guaranteed residual value, in which cases the lease liability is remeasured by discounting
the revised lease payments using an unchanged discount rate (unless the lease payments change
is due to a change in a floating interest rate, in which case a revised discount rate is used). When
the consideration for a lease is changed, that modification is not accounted for as a separate lease,
but the lease liability is remeasured discounted using the revised lease payments and revised
discount rate.
Where the ROU asset relates to leases of land or property that meets the definition of investment
property under IAS 40 it has been disclosed within the investment property balance. After initial
recognition, IAS 40 requires the amount of the recognised lease liability, calculated in accordance
with IFRS 16, to be added back to the amount determined under the net valuation model, to arrive at
the carrying amount of the investment property under the fair value model. Differences between the
ROU asset and associated lease liability are taken to the consolidated statement of comprehensive
income.
The Group has elected not to recognise ROU assets and liabilities for leases where the total lease
term is less than or equal to 12 months, or for low value leases of less than \u00a33,000. The payments for
such leases are recognised in the consolidated statement of comprehensive income on a straight-
line basis over the lease term.
Leases \u2013 as a lessor
The Group accounts for all leases as operating leases, please see revenue recognition for further
details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-382": { "value": "Financial instruments Financial assets The Group classifies its financial assets as fair value through profit or loss or amortised cost, depending on the purpose for which the asset was acquired and based on the business model test. Financial assets carried at amortised cost include tenant receivables which arise from the provision of goods and services to customers. These are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost, less provision for impairment. Impairment provisions for receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. The probability of tenant default and subsequent non-payment of the receivable is assessed. If it is determined that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. If in a subsequent year the amount of the impairment loss decreased and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying value of the asset does not exceed its amortised costs at the reversal date. The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents. Financial assets are derecognised only when the contractual rights to the cash flows from the financial asset expire or the Group transfers substantially all risks and rewards of ownership. Cash and cash equivalents Cash and cash equivalents include cash on hand, cash in transit, deposits held on call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible into known amounts of cash and which are subject to an insignificant risk of change in value. Financial liabilities The Group classifies its financial liabilities at amortised cost. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. All loans and borrowings are classified as other liabilities. Initial recognition is at fair value less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised costs using the effective interest method. Financial liabilities included in trade and other payables are recognised initially at fair value and subsequently at amortised cost. The financial instruments classified as financial liabilities at fair value through profit or loss include interest rate swap and cap arrangements. Recognition of the derivative financial instruments takes place when the contracts are entered into. They are recognised at fair value and transaction costs are included directly in finance costs. The fair value of a non-interest bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-421": { "value": "Financial assets The Group classifies its financial assets as fair value through profit or loss or amortised cost, depending on the purpose for which the asset was acquired and based on the business model test. Financial assets carried at amortised cost include tenant receivables which arise from the provision of goods and services to customers. These are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost, less provision for impairment. Impairment provisions for receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. The probability of tenant default and subsequent non-payment of the receivable is assessed. If it is determined that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. If in a subsequent year the amount of the impairment loss decreased and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying value of the asset does not exceed its amortised costs at the reversal date. The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents. Financial assets are derecognised only when the contractual rights to the cash flows from the financial asset expire or the Group transfers substantially all risks and rewards of ownership. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-422": { "value": "
Cash and cash equivalents
Cash and cash equivalents include cash on hand, cash in transit, deposits held on call with financial
institutions, other short-term, highly liquid investments with original maturities of three months or
less that are readily convertible into known amounts of cash and which are subject to an
insignificant risk of change in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-423": { "value": "
Financial liabilities
The Group classifies its financial liabilities at amortised cost. A financial liability is derecognised
when the obligation under the liability is discharged or cancelled or expires.
All loans and borrowings are classified as other liabilities. Initial recognition is at fair value less
directly attributable transaction costs. After initial recognition, interest bearing loans and
borrowings are subsequently measured at amortised costs using the effective interest method.
Financial liabilities included in trade and other payables are recognised initially at fair value and
subsequently at amortised cost.
The financial instruments classified as financial liabilities at fair value through profit or loss include
interest rate swap and cap arrangements. Recognition of the derivative financial instruments takes
place when the contracts are entered into. They are recognised at fair value and transaction costs
are included directly in finance costs.
The fair value of a non-interest bearing liability is its discounted repayment amount. If the due date
of the liability is less than one year, discounting is omitted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-445": { "value": "All loans and borrowings are classified as other liabilities. Initial recognition is at fair value less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised costs using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-446": { "value": "Financial liabilities included in trade and other payables are recognised initially at fair value and subsequently at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-447": { "value": "The financial instruments classified as financial liabilities at fair value through profit or loss include interest rate swap and cap arrangements. Recognition of the derivative financial instruments takes place when the contracts are entered into. They are recognised at fair value and transaction costs are included directly in finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-383": { "value": "
Value added tax
Revenues, expenses and assets are recognised net of the amount of value added tax except:
Where the value added tax incurred on a purchase of assets or services is not recoverable from the
taxation authority, in which case the value added tax is recognised as part of the cost of acquisition of the
asset or as part of the expense item as applicable; and receivables and payables that are stated with the
amount of value added tax included. The net amount of value added tax recoverable from, or payable to,
the taxation authority is included as part of receivables or payables in the consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-384": { "value": "
Share capital
Shares are classified as equity when there is no obligation to transfer cash or other assets. The cost of
issuing share capital is recognised directly in equity against the proceeds from issuing the shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-385": { "value": "
Share-based payments
The cost of equity settled transactions is measured with reference to the fair value at the date at
which they were granted. Where vesting performance conditions are non-market based, the fair
value excludes the effect of these vesting conditions and an estimate is made at each year end
date of the number of instruments expected to vest. The fair value is recognised over the vesting
period in the consolidated statement of comprehensive income, with a corresponding increase in
equity. Any change to the number of instruments with non-market vesting conditions expected to
vest is recognised in the consolidated statement of comprehensive income for that period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-386": { "value": "
Employee Benefit Trust
The Group operates an Employee Benefit Trust for the exclusive benefit of the Group\u2019s employees.
The investment in the Company\u2019s shares held by the trust is recognised at cost and deducted from
equity. No gain or loss is recognised in the consolidated statement of comprehensive income on
the purchase, sale, issue or cancellation of the shares held by the trust.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-388": { "value": "
Share Buyback
Share buyback are held at cost and their purchase reduces the Group\u2019s net assets by the amount
spent through deduction from retained earnings. When they are cancelled, Group\u2019s share capital is
diminished, and capital redemption reserve is created for the nominal amount of the cancellation.
No gain or loss is recognised on the purchase or cancellation of the Company\u2019s own shares.
", "dimensions": { "concept": "newriver:Page10DescriptionOfAccountingPolicyForShareBuyback", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-387": { "value": "
Dividends
Dividends to the Company\u2019s shareholders are recognised when they become legally payable. In the
case of interim dividends, this is when paid. In the case of final dividends, this is when approved by
equity holders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-390": { "value": "
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated into sterling at exchange rates approximating to
the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated
in foreign currencies at the balance sheet date are translated to sterling at the exchange rate ruling
at that date and differences arising on translation are recognised in the income statement.
Financial statements of foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated into sterling at the exchange rates ruling at the balance sheet date. The operating income and expenses of foreign operations are translated into sterling at the average exchange rates for the year. Significant transactions, such as property sales, are translated at the foreign exchange rate ruling at the date of each transaction. The principal exchange rate used to translate foreign currency denominated amounts in the income statement and balance sheet is the rate at the end of the year: \u00a31 = \u20ac1.1447 (2025: \u00a31 = \u20ac1.1951). Foreign exchange gains and losses from monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss at each reporting date. Non-monetary items are translated at the exchange rate prevailing at the transaction date, with subsequent changes in exchange rates not affecting gains or losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-389": { "value": "
2. Critical accounting judgements and estimates
The preparation of financial statements requires management to make estimates and judgements
affecting the reported amounts of assets and liabilities, of revenues and expenses, and of gains and
losses. The key assumptions concerning the future, and other key sources of estimation uncertainty
at the end of the reporting period, that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year, are discussed below.
Estimates and judgements are continually evaluated and are based on historical experience as
adjusted for current market conditions and other factors.
Significant judgements
REIT Status
NewRiver is a Real Estate Investment Trust (REIT) and does not pay tax on its property income or
gains on property sales, provided that at least 90% of the Group\u2019s property income is distributed as
a dividend to shareholders, which becomes taxable in their hands. In addition, the Group has to
meet certain conditions such as ensuring the property rental business represents more than 75% of
total profits and assets. Any potential or proposed changes to the REIT legislation are monitored
and discussed with HMRC. It is the Directors judgement that the Group has met the REIT conditions
in the year.
Sources of estimation uncertainty
Investment property
The Group\u2019s investment properties are stated at fair value. The assumptions and estimates used to
value the properties are detailed in note 13. Small changes in the key estimates, such as yield and
the estimated rental value, can have a significant impact on the valuation of the investment
properties, and therefore a significant impact on the consolidated balance sheet and key
performance measures such as Net Tangible Assets per share.
Rents and ERVs have a direct relationship to valuation, while yield has an inverse relationship. There
are interrelationships between all these unobservable inputs as they are determined by market
conditions. The existence of an increase in more than one unobservable input could be to magnify
the impact on the valuation, see note 13 for sensitivity analysis.
The estimated fair value may differ from the price at which the Group\u2019s assets could be sold. Actual
realisation of net assets could differ from the valuation used in these financial statements, and the
difference could be significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-391": { "value": "
3. Segmental reporting
The Board reviews the results of three segments. The Owned Retail investments comprise shopping
centres, retail parks and high street stores, Capital Partnerships comprise of income earnt through
asset management mandates and Snozone, which comprises of indoor ski slopes. Although Snozone
has one site in Spain, the majority of the Group\u2019s operations are in the UK and therefore no
geographical segments have been identified.
The relevant revenue and expenses used by the Board are set out below. The results include the
Group\u2019s share of assets and results from properties held in associates.
Year ended 31 March 2026
IFRS
Capital (Operating
Owned Retail Partnerships Snozone Group Adjustments and financing)
Segment result \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
107.2
3.6
\u2013
110.8
20.2
131.0
Property operating costs
(47.4)
\u2013
\u2013
(47.4)
(15.2)
(62.6)
Net property income
59.8
3.6
\u2013
63.4
5.0
68.4
Administrative expenses
(12.1)
\u2013
\u2013
(12.1)
(6.9)
(19.0)
Other income
\u2013
\u2013
3.2
3.2
(3.2)
\u2013
Operating profit
47.7
3.6
3.2
54.5
(5.1)
49.4
Net finance costs
(17.8)
\u2013
\u2013
(17.8)
0.4
(17.4)
Taxation
0.5
\u2013
\u2013
0.5
0.1
0.6
Segment result
(Underlying Funds
From\u0142Operations)
30.4
3.6
3.2
37.2
For an explanation of the nature of the adjustments in FY26 please refer to the finance review.
Year ended 31 March 2025
IFRS
Capital (Operating
Owned Retail Partnerships Snozone* Group Adjustments and financing)
Segment result \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
76.7
2.9
\u2013
79.6
10.9
90.5
Property operating costs
(29.2)
\u2013
\u2013
(29.2)
(5.1)
(34.3)
Net property income
47.5
2.9
\u2013
50.4
5.8
56.2
Administrative expenses
(11.6)
\u2013
\u2013
(11.6)
(6.9)
(18.5)
Other income
\u2013
\u2013
3.7
3.7
(3.7)
\u2013
Operating profit
35.9
2.9
3.7
42.5
(4.8)
37.7
Net finance costs
(11.9)
\u2013
\u2013
(11.9)
(0.4)
(12.3)
Taxation
(0.1)
\u2013
\u2013
(0.1)
0.1
\u2013
Segment result
(Underlying Funds
From\u0142Operations)
23.9
2.9
3.7
30.5
* Snozone segment acquired as part of the Capital & Regional acquisition
Revenue and other income by country
2026 2025
\u00a3m \u00a3m
UK
125.9
88.1
Spain
5.1
2.4
Revenue
131.0
90.5
Total non-current assets by country
2026 2025
\u00a3m \u00a3m
UK
874.4
969.2
Spain
0.9
1.5
Non-current assets
875.3
970.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-424": { "value": "3. Segmental reporting The Board reviews the results of three segments. The Owned Retail investments comprise shopping centres, retail parks and high street stores, Capital Partnerships comprise of income earnt through asset management mandates and Snozone, which comprises of indoor ski slopes. Although Snozone has one site in Spain, the majority of the Group\u2019s operations are in the UK and therefore no geographical segments have been identified. The relevant revenue and expenses used by the Board are set out below. The results include the Group\u2019s share of assets and results from properties held in associates.
Year ended 31 March 2026
IFRS
Capital (Operating
Owned Retail Partnerships Snozone Group Adjustments and financing)
Segment result \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
107.2
3.6
\u2013
110.8
20.2
131.0
Property operating costs
(47.4)
\u2013
\u2013
(47.4)
(15.2)
(62.6)
Net property income
59.8
3.6
\u2013
63.4
5.0
68.4
Administrative expenses
(12.1)
\u2013
\u2013
(12.1)
(6.9)
(19.0)
Other income
\u2013
\u2013
3.2
3.2
(3.2)
\u2013
Operating profit
47.7
3.6
3.2
54.5
(5.1)
49.4
Net finance costs
(17.8)
\u2013
\u2013
(17.8)
0.4
(17.4)
Taxation
0.5
\u2013
\u2013
0.5
0.1
0.6
Segment result
(Underlying Funds
From\u0142Operations)
30.4
3.6
3.2
37.2
For an explanation of the nature of the adjustments in FY26 please refer to the finance review.
Year ended 31 March 2025
IFRS
Capital (Operating
Owned Retail Partnerships Snozone* Group Adjustments and financing)
Segment result \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
76.7
2.9
\u2013
79.6
10.9
90.5
Property operating costs
(29.2)
\u2013
\u2013
(29.2)
(5.1)
(34.3)
Net property income
47.5
2.9
\u2013
50.4
5.8
56.2
Administrative expenses
(11.6)
\u2013
\u2013
(11.6)
(6.9)
(18.5)
Other income
\u2013
\u2013
3.7
3.7
(3.7)
\u2013
Operating profit
35.9
2.9
3.7
42.5
(4.8)
37.7
Net finance costs
(11.9)
\u2013
\u2013
(11.9)
(0.4)
(12.3)
Taxation
(0.1)
\u2013
\u2013
(0.1)
0.1
\u2013
Segment result
(Underlying Funds
From\u0142Operations)
23.9
2.9
3.7
30.5
* Snozone segment acquired as part of the Capital & Regional acquisition Revenue and other income by country
2026 2025
\u00a3m \u00a3m
UK
125.9
88.1
Spain
5.1
2.4
Revenue
131.0
90.5
Total non-current assets by country
2026 2025
\u00a3m \u00a3m
UK
874.4
969.2
Spain
0.9
1.5
Non-current assets
875.3
970.7
4. Revenue
2026 2025
\u00a3m \u00a3m
Property rental and related income
*
79.6
59.2
Surrender premiums and commissions
1.7
0.6
Rental related income
81.3
59.8
Asset management fees
6.7
6.2
Service charge income
25.1
16.1
Snozone income**
17.9
8.4
Revenue
131.0
90.5
* Included within property rental and related income is car park income of \u00a311.0 million (2025: \u00a37.0 million) which falls under the scope of IFRS 15. The remainder of the income is recognised by IFRS 16 ** The acquisition of Capital & Regional in December 2024 included the Snozone business Asset management fees and service charge income, which represents the flow through costs of the day-to-day maintenance of shopping centres, fall under the scope of IFRS 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-448": { "value": "Revenue and other income by country
2026 2025
\u00a3m \u00a3m
UK
125.9
88.1
Spain
5.1
2.4
Revenue
131.0
90.5
Total non-current assets by country
2026 2025
\u00a3m \u00a3m
UK
874.4
969.2
Spain
0.9
1.5
Non-current assets
875.3
970.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-392": { "value": "
4. Revenue
2026 2025
\u00a3m \u00a3m
Property rental and related income
*
79.6
59.2
Surrender premiums and commissions
1.7
0.6
Rental related income
81.3
59.8
Asset management fees
6.7
6.2
Service charge income
25.1
16.1
Snozone income**
17.9
8.4
Revenue
131.0
90.5
* Included within property rental and related income is car park income of \u00a311.0 million (2025: \u00a37.0 million) which
falls under the scope of IFRS 15. The remainder of the income is recognised by IFRS 16
** The acquisition of Capital & Regional in December 2024 included the Snozone business
Asset management fees and service charge income, which represents the flow through costs of the
day-to-day maintenance of shopping centres, fall under the scope of IFRS 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-394": { "value": "
5. Property operating expenses
2026 2025
\u00a3m \u00a3m
Service charge expense*
34.5
21.7
Rates on vacant units
1.7
1.8
Expected credit loss charge / (reversal)
0.7
(0.3)
Other property operating expenses
10.1
5.9
Snozone operating expenses*
15.6
5.2
Property operating expenses
62.6
34.3
* The acquisition of Capital & Regional in December 2024 included the Snozone business
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-461": { "value": "5. Property operating expenses
2026 2025
\u00a3m \u00a3m
Service charge expense*
34.5
21.7
Rates on vacant units
1.7
1.8
Expected credit loss charge / (reversal)
0.7
(0.3)
Other property operating expenses
10.1
5.9
Snozone operating expenses*
15.6
5.2
Property operating expenses
62.6
34.3
* The acquisition of Capital & Regional in December 2024 included the Snozone business 6. Administrative expenses
2026 2025
\u00a3m \u00a3m
Wages and salaries
9.0
8.9
Social security costs
1.4
1.2
Other pension costs
0.3
0.3
Staff costs
1
10.7
10.4
Depreciation
2
0.5
0.5
Share-based payments
1.6
1.5
Exceptional costs
3
0.2
0.7
Amortisation of intangibles
4
0.4
0.3
Costs to unlock transaction synergies
5
1.6
1.3
Other administrative expenses
4.0
3.8
Administrative expenses
19.0
18.5
1. Staff costs of \u00a37.1 million (2025: \u00a32.3 million) is included within Snozone operating expenses 2. Depreciation is inclusive of \u00a30.2 million (2025: \u00a30.2 million) of right of use asset depreciation. Depreciation of \u00a32.4 million (2025: \u00a30.8 million) is included within Snozone operating expenses of which \u00a31.9 million relates to right of use asset depreciation. 3. Exceptional costs comprise expenses relating to the acquisition and integration of Ellandi 4. Amortisation of intangibles relates to the amortisation of the intangible asset recognised on the acquisition of Ellandi 5. Costs to unlock transaction synergies comprise costs in relation to unlocking cost synergies following the acquisition of Capital & Regional Net administrative expenses ratio is calculated as follows:
2026 2025
\u00a3m \u00a3m
Administrative expenses
19.0
18.5
Adjust for:
Asset management fees
(6.7)
(6.2)
Share based payments
(1.6)
(1.5)
Exceptional costs
1
(0.2)
(0.7)
Amortisation of intangibles
2
(0.4)
(0.3)
Costs to unlock transaction synergies
3
(1.6)
(1.1)
Group\u2019s share of net administrative expenses
8.5
8.7
Property rental and related income
4
80.8
61.1
Share of associates\u2019 property income
0.8
0.6
Property rental, other income and related income
81.6
61.7
Net administrative expenses as a % of property income (including share
of\u0142associates)
10.4%
14.1%
1. Exceptional costs comprise expenses relating to the acquisition and integration of Ellandi 2. Amortisation of intangibles relates to the amortisation of the intangible asset recognised on the acquisition of\u0142Ellandi 3. Costs to unlock comprise net costs in relation to unlocking expected net cost synergies following the acquisition of Capital & Regional 4. This balance excludes the amortisation of tenant incentives and letting costs of \u00a32.1 million (2025: \u00a31.5 million) and includes an expected credit loss of \u00a30.9 million (2025: \u00a30.4 million reversal), which excludes the \u00a30.2 million expected credit loss (2025: \u00a30.1 million) forward looking element of the calculation. Average monthly number of staff
2026
2025
Directors
8
7
Operations and asset managers
36
39
Support functions
54
40
Snozone*
163
213
Total
261
299
* Adjusted for full-time equivalents (FTEs). Prior year FTEs were higher as the average was calculated from the date of acquisition (December 2024) to March 2025. This period excludes the summer months, when FTE levels are typically lower, and therefore does not reflect a full annual average, resulting in a perceived decrease in the current year. Auditors\u2019 remuneration
2026 2025
\u00a3m \u00a3m
Audit of the Company and consolidated financial statements
0.5
0.8
Audit of subsidiaries, pursuant to legislation
0.1
0.2
0.6
1.0
Non-audit fees \u2013 interim review
0.1
0.1
Total fees
0.7
1.1
Total fees in the prior year include \u00a30.5 million paid by Capital & Regional pre-acquisition. In addition to this, associates paid \u00a30.1 million (2025: \u00a30.1 million) in audit fees.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-449": { "value": "5. Property operating expenses
2026 2025
\u00a3m \u00a3m
Service charge expense*
34.5
21.7
Rates on vacant units
1.7
1.8
Expected credit loss charge / (reversal)
0.7
(0.3)
Other property operating expenses
10.1
5.9
Snozone operating expenses*
15.6
5.2
Property operating expenses
62.6
34.3
* The acquisition of Capital & Regional in December 2024 included the Snozone business 6. Administrative expenses
2026 2025
\u00a3m \u00a3m
Wages and salaries
9.0
8.9
Social security costs
1.4
1.2
Other pension costs
0.3
0.3
Staff costs
1
10.7
10.4
Depreciation
2
0.5
0.5
Share-based payments
1.6
1.5
Exceptional costs
3
0.2
0.7
Amortisation of intangibles
4
0.4
0.3
Costs to unlock transaction synergies
5
1.6
1.3
Other administrative expenses
4.0
3.8
Administrative expenses
19.0
18.5
1. Staff costs of \u00a37.1 million (2025: \u00a32.3 million) is included within Snozone operating expenses 2. Depreciation is inclusive of \u00a30.2 million (2025: \u00a30.2 million) of right of use asset depreciation. Depreciation of \u00a32.4 million (2025: \u00a30.8 million) is included within Snozone operating expenses of which \u00a31.9 million relates to right of use asset depreciation. 3. Exceptional costs comprise expenses relating to the acquisition and integration of Ellandi 4. Amortisation of intangibles relates to the amortisation of the intangible asset recognised on the acquisition of Ellandi 5. Costs to unlock transaction synergies comprise costs in relation to unlocking cost synergies following the acquisition of Capital & Regional Net administrative expenses ratio is calculated as follows:
2026 2025
\u00a3m \u00a3m
Administrative expenses
19.0
18.5
Adjust for:
Asset management fees
(6.7)
(6.2)
Share based payments
(1.6)
(1.5)
Exceptional costs
1
(0.2)
(0.7)
Amortisation of intangibles
2
(0.4)
(0.3)
Costs to unlock transaction synergies
3
(1.6)
(1.1)
Group\u2019s share of net administrative expenses
8.5
8.7
Property rental and related income
4
80.8
61.1
Share of associates\u2019 property income
0.8
0.6
Property rental, other income and related income
81.6
61.7
Net administrative expenses as a % of property income (including share
of\u0142associates)
10.4%
14.1%
1. Exceptional costs comprise expenses relating to the acquisition and integration of Ellandi 2. Amortisation of intangibles relates to the amortisation of the intangible asset recognised on the acquisition of\u0142Ellandi 3. Costs to unlock comprise net costs in relation to unlocking expected net cost synergies following the acquisition of Capital & Regional 4. This balance excludes the amortisation of tenant incentives and letting costs of \u00a32.1 million (2025: \u00a31.5 million) and includes an expected credit loss of \u00a30.9 million (2025: \u00a30.4 million reversal), which excludes the \u00a30.2 million expected credit loss (2025: \u00a30.1 million) forward looking element of the calculation. Average monthly number of staff
2026
2025
Directors
8
7
Operations and asset managers
36
39
Support functions
54
40
Snozone*
163
213
Total
261
299
* Adjusted for full-time equivalents (FTEs). Prior year FTEs were higher as the average was calculated from the date of acquisition (December 2024) to March 2025. This period excludes the summer months, when FTE levels are typically lower, and therefore does not reflect a full annual average, resulting in a perceived decrease in the current year. Auditors\u2019 remuneration
2026 2025
\u00a3m \u00a3m
Audit of the Company and consolidated financial statements
0.5
0.8
Audit of subsidiaries, pursuant to legislation
0.1
0.2
0.6
1.0
Non-audit fees \u2013 interim review
0.1
0.1
Total fees
0.7
1.1
Total fees in the prior year include \u00a30.5 million paid by Capital & Regional pre-acquisition. In addition to this, associates paid \u00a30.1 million (2025: \u00a30.1 million) in audit fees.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-425": { "value": "5. Property operating expenses
2026 2025
\u00a3m \u00a3m
Service charge expense*
34.5
21.7
Rates on vacant units
1.7
1.8
Expected credit loss charge / (reversal)
0.7
(0.3)
Other property operating expenses
10.1
5.9
Snozone operating expenses*
15.6
5.2
Property operating expenses
62.6
34.3
* The acquisition of Capital & Regional in December 2024 included the Snozone business ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-393": { "value": "
6. Administrative expenses
2026 2025
\u00a3m \u00a3m
Wages and salaries
9.0
8.9
Social security costs
1.4
1.2
Other pension costs
0.3
0.3
Staff costs
1
10.7
10.4
Depreciation
2
0.5
0.5
Share-based payments
1.6
1.5
Exceptional costs
3
0.2
0.7
Amortisation of intangibles
4
0.4
0.3
Costs to unlock transaction synergies
5
1.6
1.3
Other administrative expenses
4.0
3.8
Administrative expenses
19.0
18.5
1. Staff costs of \u00a37.1 million (2025: \u00a32.3 million) is included within Snozone operating expenses
2. Depreciation is inclusive of \u00a30.2 million (2025: \u00a30.2 million) of right of use asset depreciation. Depreciation of
\u00a32.4 million (2025: \u00a30.8 million) is included within Snozone operating expenses of which \u00a31.9 million relates to
right of use asset depreciation.
3. Exceptional costs comprise expenses relating to the acquisition and integration of Ellandi
4. Amortisation of intangibles relates to the amortisation of the intangible asset recognised on the acquisition of
Ellandi
5. Costs to unlock transaction synergies comprise costs in relation to unlocking cost synergies following the
acquisition of Capital & Regional
Net administrative expenses ratio is calculated as follows:
2026 2025
\u00a3m \u00a3m
Administrative expenses
19.0
18.5
Adjust for:
Asset management fees
(6.7)
(6.2)
Share based payments
(1.6)
(1.5)
Exceptional costs
1
(0.2)
(0.7)
Amortisation of intangibles
2
(0.4)
(0.3)
Costs to unlock transaction synergies
3
(1.6)
(1.1)
Group\u2019s share of net administrative expenses
8.5
8.7
Property rental and related income
4
80.8
61.1
Share of associates\u2019 property income
0.8
0.6
Property rental, other income and related income
81.6
61.7
Net administrative expenses as a % of property income (including share
of\u0142associates)
10.4%
14.1%
1. Exceptional costs comprise expenses relating to the acquisition and integration of Ellandi
2. Amortisation of intangibles relates to the amortisation of the intangible asset recognised on the acquisition
of\u0142Ellandi
3. Costs to unlock comprise net costs in relation to unlocking expected net cost synergies following the
acquisition of Capital & Regional
4. This balance excludes the amortisation of tenant incentives and letting costs of \u00a32.1 million (2025: \u00a31.5 million)
and includes an expected credit loss of \u00a30.9 million (2025: \u00a30.4 million reversal), which excludes the
\u00a30.2 million expected credit loss (2025: \u00a30.1 million) forward looking element of the calculation.
Average monthly number of staff
2026
2025
Directors
8
7
Operations and asset managers
36
39
Support functions
54
40
Snozone*
163
213
Total
261
299
* Adjusted for full-time equivalents (FTEs). Prior year FTEs were higher as the average was calculated from the
date of acquisition (December 2024) to March 2025. This period excludes the summer months, when FTE
levels are typically lower, and therefore does not reflect a full annual average, resulting in a perceived decrease
in the current year.
Auditors\u2019 remuneration
2026 2025
\u00a3m \u00a3m
Audit of the Company and consolidated financial statements
0.5
0.8
Audit of subsidiaries, pursuant to legislation
0.1
0.2
0.6
1.0
Non-audit fees \u2013 interim review
0.1
0.1
Total fees
0.7
1.1
Total fees in the prior year include \u00a30.5 million paid by Capital & Regional pre-acquisition.
In addition to this, associates paid \u00a30.1 million (2025: \u00a30.1 million) in audit fees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-465": { "value": "6. Administrative expenses
2026 2025
\u00a3m \u00a3m
Wages and salaries
9.0
8.9
Social security costs
1.4
1.2
Other pension costs
0.3
0.3
Staff costs
1
10.7
10.4
Depreciation
2
0.5
0.5
Share-based payments
1.6
1.5
Exceptional costs
3
0.2
0.7
Amortisation of intangibles
4
0.4
0.3
Costs to unlock transaction synergies
5
1.6
1.3
Other administrative expenses
4.0
3.8
Administrative expenses
19.0
18.5
1. Staff costs of \u00a37.1 million (2025: \u00a32.3 million) is included within Snozone operating expenses 2. Depreciation is inclusive of \u00a30.2 million (2025: \u00a30.2 million) of right of use asset depreciation. Depreciation of \u00a32.4 million (2025: \u00a30.8 million) is included within Snozone operating expenses of which \u00a31.9 million relates to right of use asset depreciation. 3. Exceptional costs comprise expenses relating to the acquisition and integration of Ellandi 4. Amortisation of intangibles relates to the amortisation of the intangible asset recognised on the acquisition of Ellandi 5. Costs to unlock transaction synergies comprise costs in relation to unlocking cost synergies following the acquisition of Capital & Regional Net administrative expenses ratio is calculated as follows:
2026 2025
\u00a3m \u00a3m
Administrative expenses
19.0
18.5
Adjust for:
Asset management fees
(6.7)
(6.2)
Share based payments
(1.6)
(1.5)
Exceptional costs
1
(0.2)
(0.7)
Amortisation of intangibles
2
(0.4)
(0.3)
Costs to unlock transaction synergies
3
(1.6)
(1.1)
Group\u2019s share of net administrative expenses
8.5
8.7
Property rental and related income
4
80.8
61.1
Share of associates\u2019 property income
0.8
0.6
Property rental, other income and related income
81.6
61.7
Net administrative expenses as a % of property income (including share
of\u0142associates)
10.4%
14.1%
1. Exceptional costs comprise expenses relating to the acquisition and integration of Ellandi 2. Amortisation of intangibles relates to the amortisation of the intangible asset recognised on the acquisition of\u0142Ellandi 3. Costs to unlock comprise net costs in relation to unlocking expected net cost synergies following the acquisition of Capital & Regional 4. This balance excludes the amortisation of tenant incentives and letting costs of \u00a32.1 million (2025: \u00a31.5 million) and includes an expected credit loss of \u00a30.9 million (2025: \u00a30.4 million reversal), which excludes the \u00a30.2 million expected credit loss (2025: \u00a30.1 million) forward looking element of the calculation. Average monthly number of staff
2026
2025
Directors
8
7
Operations and asset managers
36
39
Support functions
54
40
Snozone*
163
213
Total
261
299
* Adjusted for full-time equivalents (FTEs). Prior year FTEs were higher as the average was calculated from the date of acquisition (December 2024) to March 2025. This period excludes the summer months, when FTE levels are typically lower, and therefore does not reflect a full annual average, resulting in a perceived decrease in the current year. Auditors\u2019 remuneration
2026 2025
\u00a3m \u00a3m
Audit of the Company and consolidated financial statements
0.5
0.8
Audit of subsidiaries, pursuant to legislation
0.1
0.2
0.6
1.0
Non-audit fees \u2013 interim review
0.1
0.1
Total fees
0.7
1.1
Total fees in the prior year include \u00a30.5 million paid by Capital & Regional pre-acquisition. In addition to this, associates paid \u00a30.1 million (2025: \u00a30.1 million) in audit fees.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-426": { "value": "Average monthly number of staff
2026
2025
Directors
8
7
Operations and asset managers
36
39
Support functions
54
40
Snozone*
163
213
Total
261
299
* Adjusted for full-time equivalents (FTEs). Prior year FTEs were higher as the average was calculated from the date of acquisition (December 2024) to March 2025. This period excludes the summer months, when FTE levels are typically lower, and therefore does not reflect a full annual average, resulting in a perceived decrease in the current year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-427": { "value": "Auditors\u2019 remuneration
2026 2025
\u00a3m \u00a3m
Audit of the Company and consolidated financial statements
0.5
0.8
Audit of subsidiaries, pursuant to legislation
0.1
0.2
0.6
1.0
Non-audit fees \u2013 interim review
0.1
0.1
Total fees
0.7
1.1
Total fees in the prior year include \u00a30.5 million paid by Capital & Regional pre-acquisition. In addition to this, associates paid \u00a30.1 million (2025: \u00a30.1 million) in audit fees.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-395": { "value": "
7. Loss on disposal of subsidiary
Year ended 31 March 2026
On 22 May 2025, the Group completed the disposal of Abbey Centre, Newtownabbey in Northern
Ireland. The headline price was \u00a358.8 million and the net cash proceeds were \u00a358.0 million.
\u00a3m
Carrying value at 22 May 2025
58.2
Net cash proceeds
58.0
Transaction costs
(0.7)
Net proceeds
57.3
Loss on disposal of subsidiary
(0.9)
Year ended 31 March 2025
There were no subsidiary disposals in the year ended 31 March 2025.
8. Loss on disposal of investment properties
2026 2025
\u00a3m \u00a3m
Gross disposal proceeds
44.2
3.8
Carrying value
(47.0)
(3.9)
Cost of disposal
(0.8)
(0.8)
Loss on disposal of investment properties
(3.6)
(0.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-428": { "value": "7. Loss on disposal of subsidiary Year ended 31 March 2026 On 22 May 2025, the Group completed the disposal of Abbey Centre, Newtownabbey in Northern Ireland. The headline price was \u00a358.8 million and the net cash proceeds were \u00a358.0 million.
\u00a3m
Carrying value at 22 May 2025
58.2
Net cash proceeds
58.0
Transaction costs
(0.7)
Net proceeds
57.3
Loss on disposal of subsidiary
(0.9)
Year ended 31 March 2025 There were no subsidiary disposals in the year ended 31 March 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-429": { "value": "8. Loss on disposal of investment properties
2026 2025
\u00a3m \u00a3m
Gross disposal proceeds
44.2
3.8
Carrying value
(47.0)
(3.9)
Cost of disposal
(0.8)
(0.8)
Loss on disposal of investment properties
(3.6)
(0.9)
", "dimensions": { "concept": "newriver:DisclosureOfLossOnDisposalOfInvestmentProperties", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-396": { "value": "
9. Finance income and finance costs
2026 2025
\u00a3m \u00a3m
Income from loans with associates
0.1
0.2
Income from treasury deposits
2.8
5.1
Finance income
2.9
5.3
Interest on borrowings
(17.8)
(14.1)
Finance cost on lease liabilities
(2.5)
(2.6)
Write off of unamortised debt costs
\u2013
(0.9)
Finance costs
(20.3)
(17.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-467": { "value": "9. Finance income and finance costs
2026 2025
\u00a3m \u00a3m
Income from loans with associates
0.1
0.2
Income from treasury deposits
2.8
5.1
Finance income
2.9
5.3
Interest on borrowings
(17.8)
(14.1)
Finance cost on lease liabilities
(2.5)
(2.6)
Write off of unamortised debt costs
\u2013
(0.9)
Finance costs
(20.3)
(17.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-466": { "value": "9. Finance income and finance costs
2026 2025
\u00a3m \u00a3m
Income from loans with associates
0.1
0.2
Income from treasury deposits
2.8
5.1
Finance income
2.9
5.3
Interest on borrowings
(17.8)
(14.1)
Finance cost on lease liabilities
(2.5)
(2.6)
Write off of unamortised debt costs
\u2013
(0.9)
Finance costs
(20.3)
(17.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-462": { "value": "9. Finance income and finance costs
2026 2025
\u00a3m \u00a3m
Income from loans with associates
0.1
0.2
Income from treasury deposits
2.8
5.1
Finance income
2.9
5.3
Interest on borrowings
(17.8)
(14.1)
Finance cost on lease liabilities
(2.5)
(2.6)
Write off of unamortised debt costs
\u2013
(0.9)
Finance costs
(20.3)
(17.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-450": { "value": "9. Finance income and finance costs
2026 2025
\u00a3m \u00a3m
Income from loans with associates
0.1
0.2
Income from treasury deposits
2.8
5.1
Finance income
2.9
5.3
Interest on borrowings
(17.8)
(14.1)
Finance cost on lease liabilities
(2.5)
(2.6)
Write off of unamortised debt costs
\u2013
(0.9)
Finance costs
(20.3)
(17.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-431": { "value": "9. Finance income and finance costs
2026 2025
\u00a3m \u00a3m
Income from loans with associates
0.1
0.2
Income from treasury deposits
2.8
5.1
Finance income
2.9
5.3
Interest on borrowings
(17.8)
(14.1)
Finance cost on lease liabilities
(2.5)
(2.6)
Write off of unamortised debt costs
\u2013
(0.9)
Finance costs
(20.3)
(17.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-397": { "value": "
10. Taxation
2026 2025
\u00a3m \u00a3m
Deferred taxation charge
0.2
3.0
Profit before tax
31.3
26.7
Tax at the current rate of 25% (2025: 25%)
7.8
6.7
Revaluation of property
(1.1)
(0.5)
Movement in unrecognised deferred tax
(1.4)
(1.3)
Non-taxable profit due to REIT regime
(6.8)
(2.9)
Non-taxable income
\u2013
1.0
Taxation credit
(0.6)
\u2013
Prior year tax adjustment
0.2
\u2013
Non-deductible expenses
1.5
\u2013
Taxation (credit) / charge
(0.4)
3.0
Real Estate Investment Trust regime (REIT regime) The Group is a member of the REIT regime whereby profits from its UK property rental business are tax exempt. The REIT regime only applies to certain property-related profits and has several criteria which have to be met. The main criteria are: \u2022 the assets of the property rental business must be at least 75% of the Group\u2019s assets; \u2022 the profit from the tax-exempt property rental business must exceed 75% of the Group\u2019s total profit; and \u2022 at least 90% of the Group\u2019s profit from the property rental business must be paid as dividends. The Group continues to meet these conditions, and management intends that the Group should continue as a REIT for the foreseeable future. The Group has not recognised a deferred tax liability or deferred tax asset. As at 31 March 2026 the Group had unrecognised tax losses of \u00a312.2 million (2025: \u00a39.2 million). The losses have not been recognised as an asset due to uncertainty over the availability of taxable income to utilise the losses. The losses do not expire but are reliant on continuity of ownership and source of trade. Deferred tax liability \u00a30.2 million was recognised on the balance sheet (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-430": { "value": "
The Group continues to meet these conditions, and management intends that the Group should
continue as a REIT for the foreseeable future.
The Group has not recognised a deferred tax liability or deferred tax asset. As at 31 March 2026 the
Group had unrecognised tax losses of \u00a312.2 million (2025: \u00a39.2 million). The losses have not been
recognised as an asset due to uncertainty over the availability of taxable income to utilise the
losses. The losses do not expire but are reliant on continuity of ownership and source of trade.
Deferred tax liability \u00a30.2 million was recognised on the balance sheet (2025: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-451": { "value": "The Group has not recognised a deferred tax liability or deferred tax asset. As at 31 March 2026 the Group had unrecognised tax losses of \u00a312.2 million (2025: \u00a39.2 million). The losses have not been recognised as an asset due to uncertainty over the availability of taxable income to utilise the losses. The losses do not expire but are reliant on continuity of ownership and source of trade. Deferred tax liability \u00a30.2 million was recognised on the balance sheet (2025: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-398": { "value": "11. Performance measures A reconciliation of the performance measures to the nearest IFRS measure is below:
2026 2025
\u00a3m \u00a3m
Profit for the year after taxation
31.7
23.7
Adjustments
Net valuation movement
(4.2)
(2.1)
Loss on disposal of investment properties
3.6
0.9
Loss on disposal of subsidiary
0.9
\u2013
Write off of unamortised debt cost
\u2013
0.9
Deferred tax
0.2
3.0
Exceptional costs
1
0.2
0.7
Amortisation of intangibles
2
0.4
0.3
Costs to unlock transaction synergies
3
1.6
1.1
Group\u2019s share of associates\u2019 adjustments
Revaluation of investment properties
(0.1)
0.1
Loss on disposal of associate
0.6
\u2013
Profit on disposal of investment properties
\u2013
(0.2)
EPRA earnings
34.9
28.4
Share-based payment charge
1.6
1.5
Forward looking element of IFRS 9
4
(0.2)
0.1
Snozone depreciation
0.7
0.2
Snozone lease liability amortisation and interest
0.2
0.3
Underlying Funds From Operations (UFFO)
37.2
30.5
1. Exceptional costs comprise expenses relating to the acquisition and integration of Ellandi 2. Amortisation of intangibles relates to the amortisation of the intangible asset recognised on the acquisition of\u0142Ellandi 3. Costs to unlock comprise net costs in relation to unlocking expected net cost synergies following the acquisition of Capital & Regional 4. Forward looking element of IFRS 9 relates to a provision against debtor balances in relation to invoices in advance for future rental income. These balances are not due in the current year and therefore no income has been recognised in relation to these debtors. Number of shares
2026 2025
Number of shares No. m No. m
Weighted average number of ordinary shares for the purposes of Basic EPS,
UFFO and EPRA
447.3
376.3
Effect of dilutive potential ordinary shares:
Performance share plan
0.6
1.5
Deferred bonus shares
0.9
0.8
Weighted average number of ordinary shares for the purposes of Diluted EPS
448.8
378.6
2026
Pence
2025
Pence
per share per share
IFRS Basic EPS
7.1
6.3
IFRS Diluted EPS
7.1
6.3
EPRA EPS
7.8
7.5
UFFO PS
8.3
8.1
EPRA Earnings Per Share: 7.8p Definition Earnings from operational activities Purpose A key measure of a company\u2019s underlying operating results and an indication of the extent to which current dividend payments are supported by earnings
FY26 FY25
(\u00a3m) (\u00a3m)
Earnings per IFRS income statement
31.7
23.7
Adjustments to calculate EPRA Earnings, exclude:
Changes in value of investment properties, development properties held for
investment and other investment interests
(4.3)
(2.1)
Deferred tax
0.2
3.0
Profits or losses on disposal of investment properties, development
properties held for investment and other investment interests
4.5
0.9
Adjustments related to non-operating and exceptional items*
2.2
3.0
Adjustments to above in respect of associates (unless already included
under proportional consolidation)
0.6
(0.1)
EPRA Earnings
34.9
28.4
Basic number of shares
447.3m
376.3m
EPRA Earnings per Share (EPS)
7.8p
7.5p
* Adjustments related to non-operating and exceptional items include \u00a30.2 million expenses relating to the acquisition and integration of Ellandi (2025: \u00a30.7 million), \u00a30.4 million amortisation of the intangible asset recognised on the acquisition of Ellandi (2025: \u00a30.3 million), \u00a3nil write off of unamortised costs (2025: \u00a30.9 million) and \u00a31.6 million net costs in relation to unlocking expected net cost synergies following the acquisition of Capital & Regional (2025: \u00a31.1 million)
Reconciliation of EPRA Earnings to Underlying Funds From Operations (UFFO)
FY26 FY25
(\u00a3m) (\u00a3m)
EPRA Earnings
34.9
28.4
Share-based payment charge
1.6
1.5
Forward-looking element of IFRS 9
(0.2)
0.1
Snozone depreciation
0.7
0.2
Snozone lease liability amortisation and interest
0.2
0.3
Underlying Funds From Operations (UFFO)
37.2
30.5
Basic number of shares
447.3m
376.3m
UFFO per share
8.3p
8.1p
The below table reconciles the differences between the calculation of basic and EPRA NTA, a
non-GAAP measure.
EPRA NTA per share and basic NTA per share:
2026
2025
Pence Pence
Shares per Shares per
\u00a3m m
share
\u00a3m
m share
Net assets
457.6
430.7
490.1
475.5
Employee awards vested\u0142not yet exercised
\u2013
1 . 3
\u2013
1.2
Net assets \u2013 basic per share\u0142metrics
457.6
432.0
106p
490.1
476.7
103p
Unexercised employee\u0142awards
\u2013
1 . 5
\u2013
2.2
Net assets \u2013 diluted per share metrics
457.6
433.5
106p
490.1
478.9
102p
Group\u2019s share of associates deferred tax liability
0.7
\u2013
0.9
\u2013
Deferred tax liability
0.2
\u2013
\u2013
\u2013
Goodwill
(3.6)
\u2013
(3.6)
\u2013
Intangible asset
(0.5)
\u2013
(0.9)
\u2013
EPRA Net Tangible Assets
454.4
433.5
105p
486.5
478.9
102p
31 March 31 March
2026 2025
EPRA NTA EPRA NTA
31 March 2026 (\u00a3m) (\u00a3m)
IFRS Equity attributable to shareholders
457.6
490.1
Deferred tax in relation to fair value gains of Investment Property
0.9
0.9
Goodwill
(3.6)
(3.6)
Intangible asset
(0.5)
(0.9)
EPRA NTA
454.4
486.5
Fully diluted number of shares
433.5
478.9
EPRA NTA per share
105p
102p
", "dimensions": { "concept": "newriver:DisclosureOfPerformanceMeasures", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-432": { "value": "
EPRA Earnings Per Share: 7.8p
Definition
Earnings from operational activities
Purpose
A key measure of a company\u2019s underlying operating results and an indication of the extent to which
current dividend payments are supported by earnings
FY26 FY25
(\u00a3m) (\u00a3m)
Earnings per IFRS income statement
31.7
23.7
Adjustments to calculate EPRA Earnings, exclude:
Changes in value of investment properties, development properties held for
investment and other investment interests
(4.3)
(2.1)
Deferred tax
0.2
3.0
Profits or losses on disposal of investment properties, development
properties held for investment and other investment interests
4.5
0.9
Adjustments related to non-operating and exceptional items*
2.2
3.0
Adjustments to above in respect of associates (unless already included
under proportional consolidation)
0.6
(0.1)
EPRA Earnings
34.9
28.4
Basic number of shares
447.3m
376.3m
EPRA Earnings per Share (EPS)
7.8p
7.5p
* Adjustments related to non-operating and exceptional items include \u00a30.2 million expenses relating to the
acquisition and integration of Ellandi (2025: \u00a30.7 million), \u00a30.4 million amortisation of the intangible asset
recognised on the acquisition of Ellandi (2025: \u00a30.3 million), \u00a3nil write off of unamortised costs
(2025: \u00a30.9 million) and \u00a31.6 million net costs in relation to unlocking expected net cost synergies following the
acquisition of Capital & Regional (2025: \u00a31.1 million)
Reconciliation of EPRA Earnings to Underlying Funds From Operations (UFFO)
FY26 FY25
(\u00a3m) (\u00a3m)
EPRA Earnings
34.9
28.4
Share-based payment charge
1.6
1.5
Forward-looking element of IFRS 9
(0.2)
0.1
Snozone depreciation
0.7
0.2
Snozone lease liability amortisation and interest
0.2
0.3
Underlying Funds From Operations (UFFO)
37.2
30.5
Basic number of shares
447.3m
376.3m
UFFO per share
8.3p
8.1p
The below table reconciles the differences between the calculation of basic and EPRA NTA, a non-GAAP measure. EPRA NTA per share and basic NTA per share:
2026
2025
Pence Pence
Shares per Shares per
\u00a3m m
share
\u00a3m
m share
Net assets
457.6
430.7
490.1
475.5
Employee awards vested\u0142not yet exercised
\u2013
1 . 3
\u2013
1.2
Net assets \u2013 basic per share\u0142metrics
457.6
432.0
106p
490.1
476.7
103p
Unexercised employee\u0142awards
\u2013
1 . 5
\u2013
2.2
Net assets \u2013 diluted per share metrics
457.6
433.5
106p
490.1
478.9
102p
Group\u2019s share of associates deferred tax liability
0.7
\u2013
0.9
\u2013
Deferred tax liability
0.2
\u2013
\u2013
\u2013
Goodwill
(3.6)
\u2013
(3.6)
\u2013
Intangible asset
(0.5)
\u2013
(0.9)
\u2013
EPRA Net Tangible Assets
454.4
433.5
105p
486.5
478.9
102p
31 March 31 March
2026 2025
EPRA NTA EPRA NTA
31 March 2026 (\u00a3m) (\u00a3m)
IFRS Equity attributable to shareholders
457.6
490.1
Deferred tax in relation to fair value gains of Investment Property
0.9
0.9
Goodwill
(3.6)
(3.6)
Intangible asset
(0.5)
(0.9)
EPRA NTA
454.4
486.5
Fully diluted number of shares
433.5
478.9
EPRA NTA per share
105p
102p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-400": { "value": "
12. Dividends
The dividends paid in the year are set out below:
Pence per
Payment date
PID
Non-PID
share
\u00a3m
Year to March 2025
Ordinary dividends
16 August 2024
3.2
\u2013
3.2
9.8
28 January 2025
3.0
\u2013
3.0
14.2
24.0
Year to March 2026
Ordinary dividends
8 August 2025
3.5
\u2013
3.5
16.6
30 January 2026
3.1
\u2013
3.1
13.1
29.7
The final dividend of 3.6 pence per share in respect of the year ended 31 March 2026, subject to
shareholder approval at the 2026 AGM, will be paid on 7 August 2026 to shareholders on the register
as at 19 June 2026. The dividend will be payable as a REIT Property Income Distribution (PID). Scrip
dividends amounting to \u00a32.5 million included within dividends paid in the year (2025: \u00a31.8 million).
Reconciliation to dividends paid in the consolidated cash flow statement
2026 2025
\u00a3m \u00a3m
Dividends paid
(29.7)
(24.0)
Scrip dividend
2.5
1.8
Movement in withholding tax
(0.6)
0.4
Dividends paid in the consolidated cash flow statement
(27.8)
(21.8)
Property Income Distribution (PID) dividends
Profits distributed out of tax-exempt profits are PID dividends. PID dividends are paid after
deduction of withholding tax (currently at 20%), which NewRiver pays directly to HMRC on behalf of
the shareholder.
Non-PID dividends
Any non-PID element of dividends will be treated in exactly the same way as dividends from other
UK, non-REIT companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-433": { "value": "0.036", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-399": { "value": "
13. Investment properties
2026 2025
\u00a3m \u00a3m
Fair value brought forward as at 1 April
887.5
533.8
Acquisitions*
\u2013
344.7
Capital expenditure
7.2
9.7
Lease incentives, letting and legal costs
4.0
1.0
Disposals
(47.0)
(3.9)
Disposal of subsidiary
(58.8)
\u2013
Net valuation movement
4.2
2.2
Fair value carried forward
797.1
887.5
Right of use asset (investment property) see note 20
51.5
51.5
Fair value carried forward
848.6
939.0
* Prior year acquisitions of \u00a3344.7 million comprise six investment properties acquired through the Capital &
Regional transaction, see note 15.
The Group\u2019s investment properties have been valued at fair value on 31 March 2026 by independent
valuers, Colliers International Valuation UK LLP and Knight Frank LLP, on the basis of fair value in
accordance with the Current Practice Statements contained in The Royal Institution of Chartered
Surveyors Valuation \u2013 Professional Standards, (the \u2018Red Book\u2019). The valuations are performed by
appropriately qualified valuers who have relevant and recent experience in the sector.
The Group is exposed to changes in the residual value of properties at the end of current lease
agreements. The residual value risk born by the Group is mitigated by active management of its
property portfolio with the objective of optimising tenant mix in order to:
\u2022 achieve the longest weighted average lease term possible;
\u2022 minimise vacancy rates across all properties; and
\u2022 minimise the turnover of tenants with high quality credit ratings.
The Group also grants lease incentives to encourage high quality tenants to remain in properties for
longer lease terms. In the case of anchor tenants, this also attracts other tenants to the property
thereby contributing to overall occupancy levels.
The fair value at 31 March represents the highest and best use.
The properties are categorised as Level 3 in the IFRS 13 fair value hierarchy. There were no transfers
of property between Levels 1, 2 and 3. Level 1 inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the entity can access at the measurement date. Level
2 inputs are inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or
liability.
As at 31 March 2026
Property ERV
Property rent
Property
equivalent
yield
Fair value Min Max Average Min Max Average Average
\u00a3m \u00a3 per sq ft \u00a3 per sq ft \u00a3 per sq ft \u00a3 per sq ft \u00a3 per sq ft \u00a3 per sq ft %
Retail parks
160.5
10.1
20.6
13.4
0.6
18.0
11.4
6.4
Shopping Centres \u2013
Core
601.0
9.1
37.8
15.9
5.2
37.5
11.5
8.5
Shopping Centres \u2013
Regeneration
26.0
5.1
10.3
9.9
1.8
5.1
2.0
11.8
Shopping Centres \u2013
Work Out
8.4
9.8
10.4
10.4
3.6
3.6
3.6
14.5
High street and other
1.2
3.5
5.2
4.5
1.1
3.3
2.4
13.1
797.1
As at 31 March 2025
Property ERV
Property rent
Property
equivalent
yield
Fair value Min Max Average Min Max Average Average
\u00a3m \u00a3 per sq ft \u00a3 per sq ft \u00a3 per sq ft \u00a3 per sq ft \u00a3 per sq ft \u00a3 per sq ft %
Retail parks
180.6
9.8
21.0
13.5
6.6
19.0
12.0
6.5
Shopping Centres \u2013
Core
652.0
4.3
32.3
14.5
1.9
32.4
10.9
8.8
Shopping Centres \u2013
Regeneration
24.7
5.1
10.4
10.0
2.9
5.1
3.1
11.5
Shopping Centres \u2013
Work Out
28.0
9.3
16.7
14.5
1.0
3.8
2.0
10.4
High street and other
2.2
3.9
5.6
5.0
1.4
6.2
3.6
11.4
887.5
Sensitivities of measurement of significant inputs
As set out within significant accounting estimates and judgements in note 2, the Group's property
portfolio valuation is open to judgements and is inherently subjective by nature. As a result, the
sensitivity analysis below illustrates the impact of changes in key unobservable inputs on the fair
value of the Group\u2019s properties.
We consider +/-10% for ERV and +/-100bps for NEY to capture the uncertainty in these key
valuation assumptions and deem it to be a reasonably possible scenario.
The investments are a portfolio of retail assets in the UK. The valuation was determined using an
income capitalisation method, which involves applying a yield to rental income streams. Inputs
include yield, current rent and ERV.
The inputs to the valuation include:
\u2022 Rental value \u2013 total rental value per annum
\u2022 Equivalent yield \u2013 the net weighted average income return a property will produce based upon
the timing of the income received
There were no changes to valuation techniques during the year. Valuation reports are based on
both information provided by the Group, for example, current rents and lease terms which is
derived from the Group\u2019s financial and property management systems and is subject to the Group\u2019s
overall control environment, and assumptions applied by the valuers, e.g. ERVs and yields. These
assumptions are based on market observation and the valuers\u2019 professional judgement, which
includes a consideration of climate change and a range of other external factors.
2026: Sensitivity impact on valuations of a 10% change in estimated rental
value and absolute yield of 100 bps.
Impact on valuations of a Impact on valuations of 100
10% change in ERV bps change in yield
Increase Decrease Decrease
Retail asset 10% 10% Increase 1.0% 1.0%
Asset Type valuation \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retail parks
160.5
13.6
(13.4)
(20.0)
27.9
Shopping Centres \u2013 Core
601.0
56.1
(53.8)
(72.9)
94.1
Shopping Centres \u2013 Regeneration
26.0
1.7
(1.7)
(0.7)
0.9
Shopping Centres \u2013 Work Out
8.4
0.9
(0.9)
(0.8)
0.9
High street and other
1.2
0.3
(0.3)
(0.2)
0.2
797.1
72.6
(70.1)
(94.6)
124.0
2025: Sensitivity impact on valuations of a 10% change in estimated rental
value and absolute yield of 100 bps.
Impact on valuations of Impact on valuations of
a 10% change in ERV 100 bps change in yield
Increase Decrease Increase Decrease
Retail asset 10% 10% 1.0% 1.0%
Asset Type valuation \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retail parks
180.6
15.6
(15.5)
(23.0)
31.8
Shopping Centres \u2013 Core
652.0
59.6
(56.7)
(75.9)
97.8
Shopping Centres \u2013 Regeneration
24.7
1.6
(1.6)
(0.7)
0.9
Shopping Centres \u2013 Work Out
28.0
2.3
(2.3)
(4.0)
4.9
High street and other
2.2
0.4
(0.4)
(0.2)
0.3
887.5
79.5
(76.5)
(103.8)
135.7
Reconciliation to net valuation movement in consolidated statement of comprehensive income
2026 2025
Net valuation movement in investment properties \u00a3m \u00a3m
Net valuation movement in investment properties
4.2
2.2
Net valuation movement in right of use asset
\u2013
(0.1)
Net valuation movement in consolidated statement of comprehensive income
4.2
2.1
Reconciliation to properties at valuation in the portfolio
2026 2025
Note \u00a3m \u00a3m
Investment property
13
797.1
887.5
Properties held in associates
14
5.1
10.0
Properties at valuation
802.2
897.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-401": { "value": "
14. Investments in associates
The Group has one direct investment in an associate entity in which it has a 10% stake, Sealand
S.\u00e0.r.l, which owns 100% of NewRiver Retail (Hamilton) Limited at 31 March 2026. NewRiver
(Sprucefield) Limited was disposed of during the year ended 31 March 2026.
2026 2025
\u00a3m \u00a3m
Opening balance
5.3
5.6
Dividends
(0.5)
(0.4)
Repayment of long term Shareholder loan
(2.0)
\u2013
Group\u2019s share of profit after taxation excluding valuation movement
(0.5)
0.2
Net valuation movement
0.1
(0.1)
Investment in associates
2.4
5.3
2026 2025
Name
Country of incorporation
% Holding % Holding
NewRiver Retail (Hamilton) Limited (Hamilton)
UK
10
10
NewRiver (Sprucefield) Limited (Sprucefield)
UK
\u2013
10
The Group is the appointed asset manager on behalf of Sealand S.\u00e0.r.l and receives asset
management fees, development management fees and performance-related bonuses.
The aggregate amounts recognised in the consolidated balance sheet and consolidated statement
of comprehensive income are as follows:
31 March 2026
31 March 2025
Total Group\u2019s Total Group\u2019s
Consolidated balance sheet \u00a3m share \u00a3m \u00a3m share \u00a3m
Non-current assets
51.0
5.1
100.3
10.0
Current assets
4.9
0.5
8.7
0.8
Current liabilities
(16.7)
(1.7)
(39.2)
(3.9)
Liabilities due in more than one year
(27.4)
(2.7)
(48.2)
(4.8)
Net assets
11.8
1.2
21.6
2.1
Loans to associates
\u2013
1 . 2
\u2013
3.2
Net assets adjusted for loans to associates
11.8
2.4
21.6
5.3
The Group\u2019s share of contingent liabilities in the associates is \u00a3nil (31 March 2025: \u00a3nil).
2026 2025
2026 Group\u2019s 2025 Group\u2019s
Total share Total share
Consolidated statement of comprehensive income \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
7.6
0.8
8.4
0.8
Property operating expenses
(1.7)
(0.2)
(2.1)
(0.2)
Net property income
5.9
0.6
6.3
0.6
Administration expenses
(0.1)
\u2013
(0.2)
\u2013
Net finance costs
(4.1)
(0.4)
(5.1)
(0.5)
1.7
0.2
1.0
0.1
Net valuation movement
0.8
0.1
(0.5)
(0.1)
Profit on disposal of investment property
\u2013
\u2013
2.0
0.2
Loss on sale of associate
(6.1)
(0.6)
\u2013
\u2013
Taxation
(0.6)
(0.1)
(1.4)
(0.1)
(Loss) / profit after taxation
(4.2)
(0.4)
1.1
0.1
Subtract / add back net valuation movement
(0.8)
(0.1)
0.5
0.1
Group's share of associates' (loss) / profit before
valuation movements
(5.0)
(0.5)
1.6
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-434": { "value": "14. Investments in associates The Group has one direct investment in an associate entity in which it has a 10% stake, Sealand S.\u00e0.r.l, which owns 100% of NewRiver Retail (Hamilton) Limited at 31 March 2026. NewRiver (Sprucefield) Limited was disposed of during the year ended 31 March 2026.
2026 2025
\u00a3m \u00a3m
Opening balance
5.3
5.6
Dividends
(0.5)
(0.4)
Repayment of long term Shareholder loan
(2.0)
\u2013
Group\u2019s share of profit after taxation excluding valuation movement
(0.5)
0.2
Net valuation movement
0.1
(0.1)
Investment in associates
2.4
5.3
2026 2025
Name
Country of incorporation
% Holding % Holding
NewRiver Retail (Hamilton) Limited (Hamilton)
UK
10
10
NewRiver (Sprucefield) Limited (Sprucefield)
UK
\u2013
10
The Group is the appointed asset manager on behalf of Sealand S.\u00e0.r.l and receives asset management fees, development management fees and performance-related bonuses. The aggregate amounts recognised in the consolidated balance sheet and consolidated statement of comprehensive income are as follows:
31 March 2026
31 March 2025
Total Group\u2019s Total Group\u2019s
Consolidated balance sheet \u00a3m share \u00a3m \u00a3m share \u00a3m
Non-current assets
51.0
5.1
100.3
10.0
Current assets
4.9
0.5
8.7
0.8
Current liabilities
(16.7)
(1.7)
(39.2)
(3.9)
Liabilities due in more than one year
(27.4)
(2.7)
(48.2)
(4.8)
Net assets
11.8
1.2
21.6
2.1
Loans to associates
\u2013
1 . 2
\u2013
3.2
Net assets adjusted for loans to associates
11.8
2.4
21.6
5.3
The Group\u2019s share of contingent liabilities in the associates is \u00a3nil (31 March 2025: \u00a3nil).
2026 2025
2026 Group\u2019s 2025 Group\u2019s
Total share Total share
Consolidated statement of comprehensive income \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
7.6
0.8
8.4
0.8
Property operating expenses
(1.7)
(0.2)
(2.1)
(0.2)
Net property income
5.9
0.6
6.3
0.6
Administration expenses
(0.1)
\u2013
(0.2)
\u2013
Net finance costs
(4.1)
(0.4)
(5.1)
(0.5)
1.7
0.2
1.0
0.1
Net valuation movement
0.8
0.1
(0.5)
(0.1)
Profit on disposal of investment property
\u2013
\u2013
2.0
0.2
Loss on sale of associate
(6.1)
(0.6)
\u2013
\u2013
Taxation
(0.6)
(0.1)
(1.4)
(0.1)
(Loss) / profit after taxation
(4.2)
(0.4)
1.1
0.1
Subtract / add back net valuation movement
(0.8)
(0.1)
0.5
0.1
Group's share of associates' (loss) / profit before
valuation movements
(5.0)
(0.5)
1.6
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-403": { "value": "
15. Acquisitions
Year ended 31 March 2026
There were no acquisitions in the year ended 31 March 2026.
Year ended 31 March 2025
On 10 December 2024 the Company acquired 100% of the share capital of Capital & Regional plc
and subsidiaries for total consideration of \u00a3150.9 million. The fair value of net assets acquired was
\u00a3164.6 million. The acquisition has been accounted for as an asset acquisition and the difference
between the consideration paid and the net assets acquired, representing a price discount of
\u00a313.7 million, has reduced the cost of investment property acquired.
\u00a3m
Cash
73.3
Shares
77.6
Total consideration
150.9
\u00a3m
Transaction costs
8.5
Total consideration including transaction costs
159.4
\u00a3m
Investment property
344.7
Cash and cash equivalents
25.8
Bank loans
(199.0)
Other net assets and liabilities
(12.1)
Total net assets
159.4
On 3 July 2024 the Company acquired 100% of the share capital of Ellandi Management Limited
(Ellandi) and subsidiaries, an asset and development management business focused on UK retail
and regeneration.
As a result of the acquisition, the Group is expected to grow its third party asset management,
capital partnership and regeneration business.
The Group also expects to reduce costs through combining the operations of the Group and Ellandi.
The Goodwill of \u00a33.6 million arising from the acquisition consists largely of synergies from
integrating the Ellandi asset management platform with the existing NewRiver asset management
platform to enhance the knowledge base, data analytical capacity and third party support networks
through the combined platform. An intangible asset of \u00a31.2 million in respect of customer
relationships was recognised on acquisition. Intangible assets arising on business combinations are
initially recognised at fair value. Goodwill is not amortised but is tested at least annually for
impairment. Intangible assets arising on business combinations are amortised on a straight line
basis to the income statement over their expected useful lives, management consider this to be a
three year period. In the year ended 31 March 2026 the Group recognised an amortisation charge to
intangible assets of \u00a30.4 million (2025: \u00a30.3 million).
The following table summarises the consideration paid, and the fair value of the assets acquired,
and liabilities assumed at acquisition date.
\u00a3m
Cash and cash equivalents
1.1
Current assets
2.0
Current liabilities
(0.9)
Intangible asset
1.2
Fair value of acquired interest in net assets in subsidiaries
3.4
Total consideration
7.0
Goodwill
3.6
\u00a3m
Intangible asset on acquisition
1.2
Less: amortisation
(0.7)
Intangible asset as at 31 March 2026
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-402": { "value": "
16. Trade and other receivables
2026 2025
\u00a3m \u00a3m
Trade receivables
3.8
5.0
Restricted monetary assets
7.1
5.0
Service charge receivables*
2.2
2.6
Other receivables
3.6
0.8
Prepayments
3.3
5.1
Accrued income
3.9
3.6
23.9
22.1
* Included in service charge receivables is \u00a33.3 million of service charge debtors (31 March 2025: \u00a33.2 million)
and \u00a3(1.1) million of bad debt provision (31 March 2025: \u00a3(0.6) million).
Trade receivables are shown net of a loss allowance of \u00a31.6 million (31 March 2025: \u00a32.4 million). The
provision for doubtful debts is calculated as an expected credit loss on trade receivables in
accordance with IFRS 9. The release to the consolidated statement of comprehensive income in
relation to doubtful debts made against tenant debtors was \u00a30.2 million (31 March
2025: \u00a30.2 million release). The Group has calculated the expected credit loss by applying a
forward-looking outlook to historical default rates.
The Group monitors rent collection and the ability of tenants to pay rent receivables in order to
anticipate and minimise the impact of default by tenants. All outstanding rent receivables are
regularly monitored. In order to measure the expected credit losses, trade receivables from tenants
have been grouped on a basis of shared credit risk characteristics and an assumption around the
tenant\u2019s ability to pay their receivable, based on conversations held and our knowledge of their
credit history. The expected credit loss rates are based on historical payment profiles of tenant
debtors and corresponding historical credit losses.
2026 2025
\u00a3m \u00a3m
Opening loss allowance at 1 April
2.4
1.9
Decrease in loss allowance recognised in the consolidated statement of
comprehensive income during the year in relation to tenant debtors
(0.2)
(0.2)
Loss allowance utilisation
(0.6)
0.7
Closing loss allowance at 31 March
1.6
2.4
The restricted monetary assets relates to cash balances which the Group cannot readily access. They do not meet the definition of cash and cash equivalents and consequently are presented separately from cash in the consolidated balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-452": { "value": "16. Trade and other receivables
2026 2025
\u00a3m \u00a3m
Trade receivables
3.8
5.0
Restricted monetary assets
7.1
5.0
Service charge receivables*
2.2
2.6
Other receivables
3.6
0.8
Prepayments
3.3
5.1
Accrued income
3.9
3.6
23.9
22.1
* Included in service charge receivables is \u00a33.3 million of service charge debtors (31 March 2025: \u00a33.2 million) and \u00a3(1.1) million of bad debt provision (31 March 2025: \u00a3(0.6) million). Trade receivables are shown net of a loss allowance of \u00a31.6 million (31 March 2025: \u00a32.4 million). The provision for doubtful debts is calculated as an expected credit loss on trade receivables in accordance with IFRS 9. The release to the consolidated statement of comprehensive income in relation to doubtful debts made against tenant debtors was \u00a30.2 million (31 March 2025: \u00a30.2 million release). The Group has calculated the expected credit loss by applying a forward-looking outlook to historical default rates. The Group monitors rent collection and the ability of tenants to pay rent receivables in order to anticipate and minimise the impact of default by tenants. All outstanding rent receivables are regularly monitored. In order to measure the expected credit losses, trade receivables from tenants have been grouped on a basis of shared credit risk characteristics and an assumption around the tenant\u2019s ability to pay their receivable, based on conversations held and our knowledge of their credit history. The expected credit loss rates are based on historical payment profiles of tenant debtors and corresponding historical credit losses.
2026 2025
\u00a3m \u00a3m
Opening loss allowance at 1 April
2.4
1.9
Decrease in loss allowance recognised in the consolidated statement of
comprehensive income during the year in relation to tenant debtors
(0.2)
(0.2)
Loss allowance utilisation
(0.6)
0.7
Closing loss allowance at 31 March
1.6
2.4
The restricted monetary assets relates to cash balances which the Group cannot readily access. They do not meet the definition of cash and cash equivalents and consequently are presented separately from cash in the consolidated balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-435": { "value": "16. Trade and other receivables
2026 2025
\u00a3m \u00a3m
Trade receivables
3.8
5.0
Restricted monetary assets
7.1
5.0
Service charge receivables*
2.2
2.6
Other receivables
3.6
0.8
Prepayments
3.3
5.1
Accrued income
3.9
3.6
23.9
22.1
* Included in service charge receivables is \u00a33.3 million of service charge debtors (31 March 2025: \u00a33.2 million) and \u00a3(1.1) million of bad debt provision (31 March 2025: \u00a3(0.6) million). Trade receivables are shown net of a loss allowance of \u00a31.6 million (31 March 2025: \u00a32.4 million). The provision for doubtful debts is calculated as an expected credit loss on trade receivables in accordance with IFRS 9. The release to the consolidated statement of comprehensive income in relation to doubtful debts made against tenant debtors was \u00a30.2 million (31 March 2025: \u00a30.2 million release). The Group has calculated the expected credit loss by applying a forward-looking outlook to historical default rates. The Group monitors rent collection and the ability of tenants to pay rent receivables in order to anticipate and minimise the impact of default by tenants. All outstanding rent receivables are regularly monitored. In order to measure the expected credit losses, trade receivables from tenants have been grouped on a basis of shared credit risk characteristics and an assumption around the tenant\u2019s ability to pay their receivable, based on conversations held and our knowledge of their credit history. The expected credit loss rates are based on historical payment profiles of tenant debtors and corresponding historical credit losses.
2026 2025
\u00a3m \u00a3m
Opening loss allowance at 1 April
2.4
1.9
Decrease in loss allowance recognised in the consolidated statement of
comprehensive income during the year in relation to tenant debtors
(0.2)
(0.2)
Loss allowance utilisation
(0.6)
0.7
Closing loss allowance at 31 March
1.6
2.4
The restricted monetary assets relates to cash balances which the Group cannot readily access. They do not meet the definition of cash and cash equivalents and consequently are presented separately from cash in the consolidated balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-463": { "value": "Opening loss allowance at 1 April 2.4 1.9 Decrease in loss allowance recognised in the consolidated statement of comprehensive income during the year in relation to tenant debtors (0.2) (0.2) Loss allowance utilisation (0.6) 0.7 Closing loss allowance at 31 March 1.6 2.4 The restricted monetary assets relates to cash balances which the Group cannot readily access. They do not meet the definition of cash and cash equivalents and consequently are presented separately from cash in the consolidated balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-404": { "value": "
17. Cash and cash equivalents
As at 31 March 2026 and 31 March 2025 cash and cash equivalents comprised of cash held in
bank\u0142accounts and treasury deposits. There were no restrictions on cash in either the current or
prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-436": { "value": "17. Cash and cash equivalents As at 31 March 2026 and 31 March 2025 cash and cash equivalents comprised of cash held in bank\u0142accounts and treasury deposits. There were no restrictions on cash in either the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-405": { "value": "
18. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
4.6
1.6
Service charge liabilities*
10.0
15.8
Other payables
7.3
7.9
Accruals
14.8
18.1
Value Added Taxation
2.5
1.8
Rent received in advance
7.7
8.2
46.9
53.4
* Service charge liabilities include accruals of \u00a30.9 million (31 March 2025: \u00a31.1 million), service charge creditors
and other creditors of \u00a35.7 million (31 March 2025: \u00a312.2 million), Value added taxation of \u00a30.1 million (31 March
2025: \u00a30.3 million) and deferred income of \u00a33.3 million (31 March 2025: \u00a32.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-438": { "value": "18. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
4.6
1.6
Service charge liabilities*
10.0
15.8
Other payables
7.3
7.9
Accruals
14.8
18.1
Value Added Taxation
2.5
1.8
Rent received in advance
7.7
8.2
46.9
53.4
* Service charge liabilities include accruals of \u00a30.9 million (31 March 2025: \u00a31.1 million), service charge creditors and other creditors of \u00a35.7 million (31 March 2025: \u00a312.2 million), Value added taxation of \u00a30.1 million (31 March 2025: \u00a30.3 million) and deferred income of \u00a33.3 million (31 March 2025: \u00a32.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-453": { "value": "18. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
4.6
1.6
Service charge liabilities*
10.0
15.8
Other payables
7.3
7.9
Accruals
14.8
18.1
Value Added Taxation
2.5
1.8
Rent received in advance
7.7
8.2
46.9
53.4
* Service charge liabilities include accruals of \u00a30.9 million (31 March 2025: \u00a31.1 million), service charge creditors and other creditors of \u00a35.7 million (31 March 2025: \u00a312.2 million), Value added taxation of \u00a30.1 million (31 March 2025: \u00a30.3 million) and deferred income of \u00a33.3 million (31 March 2025: \u00a32.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-437": { "value": "
19. Borrowings
2026 2025
Maturity of drawn borrowings: \u00a3m \u00a3m
Between one and two years
440.0
140.0
Between two and three years
\u2013
300.0
Between three and four years
\u2013
\u2013
Between four and five years
\u2013
\u2013
Less unamortised fees / discount
(1.7)
(3.0)
438.3
437.0
The fair value of the Group\u2019s corporate bond has been estimated on the basis of quoted market
prices, representing Level 1 fair value measurement as defined by IFRS 13 Fair Value Measurement.
At 31 March 2026 the fair value was \u00a3288.3 million (31 March 2025: \u00a3283.2 million).
As at 31 March 2026, the fair value of the Mall facility was \u00a3132.9 million (31 March 2025: \u00a3133.2 million). The fair value of the Mall Facility has been estimated on inputs other than quoted prices included within Level 1 that are observable for the liability including estimated margin for a loan secured on a single shopping centre as well as a swap rate as at the year-end, representing Level 2 fair value measurement as defined by IFRS 13 Fair Value Measurement.
Facility Unamortised facility
Facility drawn fees / discount
Secured borrowings:
Maturity date
\u00a3m \u00a3m
\u00a3m
\u00a3m
The Mall
January 2028
140.00
140.0
(0.3)
139.7
140.00
140.0
(0.3)
139.7
Facility Unamortised facility
Facility drawn fees / discount
Unsecured borrowings:
Maturity date
\u00a3m \u00a3m
\u00a3m
\u00a3m
Revolving credit facility
November 2026
100.0
\u2013
(0.3)
(0.3)
Corporate bond
March 2028
300.0
300.0
(1.1)
298.9
400.0
300.0
(1.4)
298.6
Total borrowings
540.0
440.0
(1.7)
438.3
In April 2026, post year-end, the Group secured a new unsecured \u00a3240 million facility comprising a \u00a3120 million Term Facility Commitment and a \u00a3120 million Revolving Credit Facility (\u2018RCF\u2019). The Term Facility Commitment allows the Group to refinance the Mall Facility and matures in April 2030 with an option to extend by three additional one-year terms, subject to lender approval. The secured Mall Facility was retained following the acquisition of Capital & Regional plc in December 2024, principally due to its attractive coupon, which expires in January 2027. After that date, and until its maturity in January 2028, the Mall Facility would revert to a floating rate with a margin that is higher than the margin agreed under the Term Facility Commitment. The Term Facility Commitment will be drawn to refinance the secured \u00a3140 million Mall Facility in January 2027 when its fixed term period expires and the \u00a3120 million RCF replaces the existing \u00a3100 million RCF which was due to mature in November 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-406": { "value": "19. Borrowings
2026 2025
Maturity of drawn borrowings: \u00a3m \u00a3m
Between one and two years
440.0
140.0
Between two and three years
\u2013
300.0
Between three and four years
\u2013
\u2013
Between four and five years
\u2013
\u2013
Less unamortised fees / discount
(1.7)
(3.0)
438.3
437.0
The fair value of the Group\u2019s corporate bond has been estimated on the basis of quoted market prices, representing Level 1 fair value measurement as defined by IFRS 13 Fair Value Measurement. At 31 March 2026 the fair value was \u00a3288.3 million (31 March 2025: \u00a3283.2 million).
As at 31 March 2026, the fair value of the Mall facility was \u00a3132.9 million (31 March
2025: \u00a3133.2 million). The fair value of the Mall Facility has been estimated on inputs other than
quoted prices included within Level 1 that are observable for the liability including estimated margin
for a loan secured on a single shopping centre as well as a swap rate as at the year-end,
representing Level 2 fair value measurement as defined by IFRS 13 Fair Value Measurement.
Facility Unamortised facility
Facility drawn fees / discount
Secured borrowings:
Maturity date
\u00a3m \u00a3m
\u00a3m
\u00a3m
The Mall
January 2028
140.00
140.0
(0.3)
139.7
140.00
140.0
(0.3)
139.7
Facility Unamortised facility
Facility drawn fees / discount
Unsecured borrowings:
Maturity date
\u00a3m \u00a3m
\u00a3m
\u00a3m
Revolving credit facility
November 2026
100.0
\u2013
(0.3)
(0.3)
Corporate bond
March 2028
300.0
300.0
(1.1)
298.9
400.0
300.0
(1.4)
298.6
Total borrowings
540.0
440.0
(1.7)
438.3
In April 2026, post year-end, the Group secured a new unsecured \u00a3240 million facility comprising a
\u00a3120 million Term Facility Commitment and a \u00a3120 million Revolving Credit Facility (\u2018RCF\u2019). The Term
Facility Commitment allows the Group to refinance the Mall Facility and matures in April 2030 with
an option to extend by three additional one-year terms, subject to lender approval.
The secured Mall Facility was retained following the acquisition of Capital & Regional plc in
December 2024, principally due to its attractive coupon, which expires in January 2027. After that
date, and until its maturity in January 2028, the Mall Facility would revert to a floating rate with a
margin that is higher than the margin agreed under the Term Facility Commitment. The Term Facility
Commitment will be drawn to refinance the secured \u00a3140 million Mall Facility in January 2027 when
its fixed term period expires and the \u00a3120 million RCF replaces the existing \u00a3100 million RCF which
was due to mature in November 2026.
23. Financial instruments and risk management The Group\u2019s activities expose it to a variety of financial risks in relation to the financial instruments it uses: market risk including cash flow interest rate risk, credit risk and liquidity risk. The financial risks relate to the following financial instruments: trade receivables, cash and cash equivalents, trade and other payables, borrowings and derivative financial instruments. Risk management parameters are established by the Board on a project-by-project basis. Reports are provided to the Board quarterly and also when authorised changes are required. Financial instruments
2026 2025
\u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Trade and other receivables
17.8
14.1
Cash and cash equivalents
115.5
61.3
Total financial assets and maximum exposure to credit risk
133.3
75.4
Financial liabilities
At amortised cost
Borrowings
(438.3)
(437.0)
Lease liabilities
(79.0)
(73.6)
Payables and accruals
(33.3)
(40.9)
(550.6)
(551.5)
(417.3)
(476.1)
The fair value of the financial assets and liabilities at amortised cost are considered to be the same as their carrying value, with the exception of certain fixed rate borrowings, see note 19 for further details. None of the financial instruments above are held at fair value Market risk Currency risk The Group is subject to foreign currency risk as nearly all transactions are in Pounds Sterling, other than a small operation in Spain which operates in Euros. Interest rate risk At 31 March 2026 the Group has no interest rate risk as it has no drawn debt that is subject to variable interest rates and no open derivatives in controlled entities. There would be no impact on finance costs to the Group, in the year or in the prior year, if interest rates increase or decrease as the Group has no drawn variable rate debt. Credit risk The Group\u2019s principal financial assets are cash, trade receivables and other receivables. Credit risk, being the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group, is primarily attributable to loans and trade and other receivables, which are principally amounts due from tenants. The Group manages its credit risk through policies to ensure that rental contracts are made with tenants meeting appropriate balance sheet covenants, supplemented by rental deposits or bank guarantees from international banks. The Group may suffer a void period where no rents are received. The quality of the tenant is assessed based on an extensive tenant covenant review scorecard prior to acquisition of the property. The assessment of the tenant credit worthiness is also monitored on an ongoing basis. Credit risk is assisted by the vast majority of occupational leases requiring that tenants pay rentals in advance. The Group monitors rent collection in order to anticipate and minimise the impact of default by tenants. All outstanding rent receivables are regularly monitored. In order to measure the expected credit losses, trade receivables from tenants have been grouped by shared credit risk characteristics and an assumption around the tenants\u2019 ability to pay their receivable, based on conversations held and our knowledge of their credit history. Management also review the macroeconomic environment and factor this in when looking at the forward looking element of the calculation. The expected loss rates are based on historical payment profiles of tenant debtors and corresponding historical credit losses. These historical loss rates are then adjusted to reflect the likelihood that tenants will pay. The Group\u2019s policy is to write off tenant debtors when the tenant is in administration or has vacated the unit. Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set out below
2026 2025
2026
Gross
2026
Loss
Carrying
2025
Gross
2025
Loss
Carrying
amount allowance 2026 amount amount allowance 2025 % amount
\u00a3m \u00a3m % applied \u00a3m \u00a3m \u00a3m applied \u00a3m
0-30 days
3.2
0.4
13%
2.8
1.4
0.5
36%
0.9
30-60 days
0.3
0.1
33%
0.2
0.2
0.1
50%
0.1
60-90 days
0.3
0.1
33%
0.2
0.2
0.1
50%
0.1
90-120 days
0.3
0.1
33%
0.2
0.1
0.1
100%
\u2013
Over 120 days
1.3
0.9
69%
0.4
0.8
0.7
88%
0.1
5.4
1.6
3.8
2.7
1.5
1.2
The Group\u2019s total expected credit loss in relation to trade receivables, other receivables and accrued income is \u00a31.8 million (2025: \u00a32.4 million). The Group recognises an expected credit loss allowance on trade receivables of \u00a31.8 million (2025: \u00a31.5 million) as noted in the above table. The Group categorises trade debtors in varying degrees of risk, as detailed below:
2026 2025
\u00a3m \u00a3m
Risk level
Very high
1.3
0.8
High
0.3
0.1
Medium
0.6
0.4
Low
3.2
1.4
Gross carrying amount before loss allowance
5.4
2.7
Loss allowance
(1.6)
(1.5)
Carrying amount
3.8
1.2
The Group monitors its counterparty exposures on cash and short-term deposits weekly. The Group monitors the counterparty credit rating of the institutions that hold its cash and deposits and spread the exposure across several banks. Liquidity risk The Group manages its liquidity risk by maintaining sufficient cash balances and committed credit facilities. The Board reviews the credit facilities in place on a regular basis. Cash flow reports are issued weekly to management and are reviewed quarterly by the Board. A summary table with maturity of financial liabilities is presented below:
Less than One to Two to More than
2026 \u00a3m one year two years five years
five years
Total
Borrowings
\u2013
(440.0)
\u2013
\u2013
(440.0)
Interest on borrowings
(15.4)
(13.4)
\u2013
\u2013
(28.8)
Lease liabilities
(5.5)
(5.3)
(16.0)
(1,286.2)
(1,313.0)
Payables and accruals
(33.3)
\u2013
\u2013
\u2013
(33.3)
(54.2)
(458.7)
(16.0)
(1,286.2)
(1,815.1)
2025 \u00a3m
Borrowings
\u2013
(140.0)
(300.0)
\u2013
(440.0)
Interest on borrowings
(15.4)
(14.2)
(9.7)
\u2013
(39.3)
Lease liabilities
(5.3)
(4.6)
(13.3)
(1,285.6)
(1,308.8)
Payables and accruals
(40.9)
\u2013
\u2013
\u2013
(40.9)
(61.6)
(158.8)
(323.0)
(1,285.6)
(1,829.0)
2026 2025
Reconciliation of movement in the Group\u2019s share of net debt in the year \u00a3m \u00a3m
Group\u2019s share of net debt at the beginning of year
379.2
167.3
Cash flow
Net (increase) / decrease in cash and cash equivalents
(54.2)
71.5
New bank loans acquired (non-cash movement)
\u2013
199.0
Bank loans repaid \u2013 principal
\u2013
(59.0)
Bank loans repaid \u2013 settlement of associated derivatives
\u2013
1.0
Bank loans repaid \u2013 write off of unamortised fees (non-cash movement)
\u2013
(0.9)
Change in bank loan fees to be amortised (non-cash movement)
1.3
0.4
Group\u2019s share of associates\u2019 cash flow
Net decrease / (increase) in cash and cash equivalents
0.5
(0.4)
Bank loans repaid
(2.3)
\u2013
New bank loans
\u2013
0.3
Group\u2019s share of net debt
324.5
379.2
Being:
Group borrowings
438.3
437.0
Group\u2019s share of associates\u2019 borrowings
2.0
4.3
Group cash
(115.5)
(61.3)
Group\u2019s share of associates\u2019 cash
(0.3)
(0.8)
Group\u2019s share of net debt
324.5
379.2
2026 2025
Changes in liabilities arising from financing activities (Group only) \u00a3m \u00a3m
Liabilities arising from financing activities at the beginning of the year
449.3
239.4
Cash flow
Net (increase) / decrease in cash and cash equivalents
(54.2)
71.5
New bank loans acquired (non-cash movement)
\u2013
199.0
Bank loans repaid
\u2013
(59.0)
Bank loans repaid \u2013 settlement of associated derivatives
\u2013
1.0
Bank loans repaid \u2013 write off of unamortised fees (non cash movement)
\u2013
(0.9)
Repayment of principal portion of lease liability
(1.9)
(1.0)
Disposal (non-cash movement)
\u2013
(3.7)
Lease modifications (non-cash movement)
\u2013
(24.9)
Leases acquired on acquisition of Capital & Regional (non-cash movement)
\u2013
27.5
Change in bank loan fees to be amortised (non-cash movement)
1.3
0.4
Liabilities arising from financing activities
394.5
449.3
Being:
Borrowings
438.3
437.0
Cash
(115.5)
(61.3)
Lease liabilities
79.0
73.6
Liabilities arising from financing activities
401.8
449.3
Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a
going concern, to provide returns to shareholders and to maintain an optimal capital structure to
reduce the cost of capital. The Group is not subject to any external capital requirements. As
detailed in note 10, the Group is a REIT and to qualify as a REIT the Group must distribute 90% of its
taxable income from its property business.
To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets. Consistent with others
in the industry, the Group monitors capital on the basis of its gearing ratio. This ratio is calculated
as net debt divided by equity. Net debt is calculated as total borrowings, less cash and cash
equivalents on a proportionately consolidated basis.
Between 31 March 2025 and 31 March 2026, the Group\u2019s proportionally consolidated LTV decreased
from 42.3% to 40.4% and the gearing ratio from 76.7% to 70.5%. The Group continually monitors LTV
and will continue to monitor LTV closely, factoring in disposal activity and possible further valuation
declines as disclosed in Note 1. The Group has remained compliant with all of its banking covenants
during the year as discussed in Note 1.
2026 2025
Net debt to equity ratio \u00a3m \u00a3m
Borrowings
438.3
437.0
Cash and cash equivalents
(115.5)
(61.3)
Net debt
322.8
375.7
Equity attributable to equity holders of the parent
457.6
490.1
Net debt to equity ratio (\u2018Balance sheet gearing\u2019)
70.5%
76.7%
Share of joint ventures\u2019 and associates\u2019 borrowings
2.0
4.3
Share of joint ventures\u2019 and associates\u2019 cash and cash equivalents
(0.3)
(0.8)
Group\u2019s share of net debt
324.5
379.2
Carrying value of investment property
797.1
887.5
Share of joint ventures\u2019 and associates carrying value of investment properties
5.1
10.0
Group\u2019s share of carrying value of investment properties
802.2
897.5
Net debt to property value ratio (\u2018Loan to value\u2019)
40.4%
42.3%
Reconciliation of financial liabilities
Lease
liabilities Borrowings Total
Reconciliation of financial liabilities \u00a3m \u00a3m \u00a3m
As at 1 April 2025
73.6
437.0
510.6
Decrease through financing cash flows
Repayment of principal portion of lease liability
(1.9)
\u2013
(1.9)
Lease reassessment
7.3
\u2013
7.3
Loan amortisation
\u2013
1.3
1.3
As at 31 March 2026
79.0
438.3
517.3
Lease
liabilities Borrowings Total
Reconciliation of financial liabilities \u00a3m \u00a3m \u00a3m
As at 1 April 2024
75.6
296.6
372.2
Decrease through financing cash flows
New borrowings
\u2013
140.0
140.0
Repayment of principal portion of lease liability
(1.0)
\u2013
(1.0)
Lease modifications
(24.9)
\u2013
(24.9)
Leases acquired on acquisition of Capital & Regional
27.6
\u2013
27.6
Disposal
(3.7)
\u2013
(3.7)
Loan amortisation
\u2013
0.4
0.4
As at 31 March 2025
73.6
437.0
510.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-407": { "value": "
20. Lease commitment arrangements
The Group earns rental income by leasing its investment properties to tenants under non-
cancellable lease commitments.
The Group holds three types of leases.
\u2022 Head leases: A number of the investment properties owned by the Group are situated on land
held through leasehold arrangements, as opposed to the Group owning the freehold (investment
property)
\u2022 Office leases: Office space occupied by the Group\u2019s head office (property, plant and equipment)
\u2022 Snozone leases in Castleford, Milton Keynes and Madrid sites (property, plant and equipment)
The lease liability and associated ROU asset recognised in the consolidated balance sheet are set
out below.
2026 2025
\u00a3m \u00a3m
Right of use asset (Investment property)
51.5
51.5
Right of use asset (Property, plant and equipment)
23.3
18.1
Current lease liability
1.8
1.8
Non-current lease liability
77.2
71.8
2026 2025
Right of use assets (Property, plant and equipment) \u00a3m \u00a3m
Cost
Brought forward
19.3
1.1
Additions*
\u2013
18.2
Lease reassesment**
7.3
\u2013
Carried forward
26.6
19.3
Accumulated depreciation and movement in right of use asset
Brought forward
(1.2)
(0.4)
Charge for the year
(2.1)
(0.8)
At 31 March 2026/2025
(3.3)
(1.2)
Carrying value
Carried forward / brought forward
23.3
18.1
* Additions in the prior year relate to the acquisition of Snozone
** In February 2026, the Group decided to take a lease within the Snozone business past break for a further ten
years until February 2036 resulting in a lease reassessment. The right of use asset and lease liability has been
increased by \u00a37.3 million as a result of a lease reassessment.
2026 2025
Right of use asset (Investment property) \u00a3m \u00a3m
Fair value brought forward
51.5
74.9
Acquisitions
\u2013
5.3
Disposals
\u2013
(3.7)
Revaluation
\u2013
(0.1)
Lease modification
\u2013
(24.9)
Fair value carried forward
51.5
51.5
In December 2024, the Group agreed to re-gear the head leases on two of its properties. The term
of these leases after the re-gear are 999 years, which lead to a lease modification during the year
ended 31 March 2025.
The expense relating to low value assets which have not been recognised under IFRS 16 was \u00a3nil
(31 March 2025: \u00a3nil) and the expense relating to variable lease payments not included in the
measurement of lease liabilities was \u00a3nil (31 March 2025: \u00a3nil). The total cash outflow in relation to
lease commitments for the year was \u00a35.5 million (31 March 2025: \u00a33.6 million), \u00a31.9 million (31 March
2025: \u00a31.0 million) relates to the repayment of principal lease liabilities and \u00a33.6 million (31 March
2025: \u00a32.6 million) relates to the repayment of interest on lease liabilities. Depreciation recognised
on ROU assets during the year was \u00a32.1 million (31 March 2025: \u00a30.8 million).
Lease liability maturity table
2026 2025
\u00a3m \u00a3m
Within one year
1.8
1.8
Between one and two years
3.1
2.0
In the second to fifth year inclusive
3.2
1.8
After five years
70.9
68.0
79.0
73.6
Lease commitments payable by the Group are as follows:
2026 2025
\u00a3m \u00a3m
Within one year
5.5
5.3
One to two years
5.3
4.6
Two to five years
16.0
13.3
After five years
1,286.2
1,285.6
1,313.0
1,308.8
Effect of discounting
(1,234.0)
(1,235.2)
Lease liability
79.0
73.6
At the balance sheet date the Group had contracted with tenants for the lease payments on its
investment properties:
2026 2025
\u00a3m \u00a3m
Within one year
57.6
65.3
Between one and two years
46.6
54.8
Between two and three years
36.5
43.5
Between three and four years
26.3
33.2
Between four and five years
18.1
23.7
After five years
169.6
214.5
354.7
435.0
The Group\u2019s weighted average lease length of lease commitments at 31 March 2026 was 5.5 years
(31 March 2025: 5.8 years).
Operating lease obligations exist over the Group\u2019s offices, head leases on the Group\u2019s retail
portfolio and ground rent leases. Investment properties are leased to tenants under operating
leases with rentals payable monthly and quarterly. Where considered necessary to reduce credit
risk, the Group may obtain bank guarantees for the term of the lease.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-408": { "value": "21. Share capital and reserves Share capital
Shares in
Number of Price per Total Held by EBT issue
shares issued share No of shares No of shares No of shares
Ordinary shares m\u2019s pence (m) (m) (m)
1 April 2024
313.7
3.3
310.4
Scrip dividends issued
1.8
0.77
315.5
3.3
312.2
Shares issued under employee share
schemes
0.2
\u2013
315.5
3.1
312.4
Equity placing and retail offer
1
62.7
0.80
378.2
3.1
375.1
Shares issued under employee share
schemes
0.7
\u2013
378.2
2.4
375.8
Allotment of consideration shares
2
98.3
0.79
476.5
2.4
474.1
Shares issued under employee share
schemes
0.8
\u2013
476.5
1.6
474.9
Scrip dividends issued
0.6
0.73
477.1
1.6
475.5
31 March 2025
477.1
1.6
475.5
Shares issued under employee share
schemes
0.7
\u2013
477.1
0.9
476.2
Scrip dividends issued
0.6
0.74
477.7
0.9
476.8
Share buyback
3
(47.7)
0.75
430.0
0.9
429.1
EBT share purchase
4
(3.0)
0.75
430.0
3.9
426.1
Shares issued under employee share
schemes
1.4
\u2013
430.0
2.5
427.5
Scrip dividends issued
3.1
0.67
433.1
2.5
430.6
Shares issued under employee share
schemes
0.1
\u2013
433.1
2.4
430.7
31 March 2026
433.1
2.4
430.7
1. In September 2024, the Group raised \u00a348.9 million of net proceeds for the issue of 62.7 million shares. The share premium, representing the amount received over the nominal value of shares, was \u00a348.1 million. These newly issued shares carry the same rights as the existing share capital 2. The Company issued 98.3 million ordinary shares as consideration for the acquisition of Capital & Regional on 10 December 2024. The share premium, representing the amount received over the nominal value of shares, was \u00a376.6 million. These newly issued shares carry the same rights as the existing share capital 3. In August 2025, the Group completed a share buyback purchasing 47.7 million shares from Growthpoint Properties at 75 pence per share representing 10% of the Group\u2019s issued share capital for \u00a336.1 million which includes \u00a30.3 million of associated costs 4. In August 2025, the Group also purchased 3.0 million shares for \u00a32.3 million at 75 pence per share to fund the Employee Benefit Trust (EBT) All shares issued and authorised are fully paid up. Merger reserve The merger reserve arose as a result of a group reorganisation in 2016 and represents the nominal amount of share capital that was issued to shareholders of NewRiver Retail Limited. In December 2024 the Company acquired Capital & Regional. Some of the consideration was paid in equity shares of the Company. The difference between the nominal value of the shares issued and the cost of the net asset acquired was recorded in the merger reserve. Share premium Share premium represents amounts subscribed for a share in excess of nominal value less directly attributable issue costs. Share Buyback When a share buyback occurs and the shares are cancelled, the nominal value of the shares is transferred to the capital redemption reserve. The cancellation date of the share buyback was 15 August 2025. Retained earnings Retained earnings consist of the accumulated net comprehensive profit of the Group, less dividends paid from distributable reserves, and transfers from equity issues where those equity issues generated distributable reserves. Scrip dividend shares Shares issued in respect of elections to participate in the Scrip Dividend scheme in respect of dividends declared in the year, the value of these was \u00a32.5 million (2025: \u00a31.8 million). The Scrip Dividend Scheme was re-approved on 26 July 2023. The scheme provides shareholders of NewRiver Ordinary shares with the opportunity, at the shareholders election and where offered by the Company, to elect to receive dividends as New Ordinary shares in the Company instead of their cash dividend, with no dealing charges or stamp duty incurred. Shares held in Employee Benefit Trust (EBT) As part of the group reorganisation in 2016, the Company established an EBT which is registered in Jersey. The EBT, at its discretion, may transfer shares held by it to directors and employees of the Company and its subsidiaries. The maximum number of ordinary shares that may be held by the EBT may not exceed 5% of the Company\u2019s issued share capital. It is intended that the EBT will not hold more ordinary shares than are required in order to satisfy share options granted under employee share incentive plans. As at 31 March 2026 there are 2,376,775 ordinary shares held by EBT (31 March 2025: 1,624,929).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-440": { "value": "
Share capital
Shares in
Number of Price per Total Held by EBT issue
shares issued share No of shares No of shares No of shares
Ordinary shares m\u2019s pence (m) (m) (m)
1 April 2024
313.7
3.3
310.4
Scrip dividends issued
1.8
0.77
315.5
3.3
312.2
Shares issued under employee share
schemes
0.2
\u2013
315.5
3.1
312.4
Equity placing and retail offer
1
62.7
0.80
378.2
3.1
375.1
Shares issued under employee share
schemes
0.7
\u2013
378.2
2.4
375.8
Allotment of consideration shares
2
98.3
0.79
476.5
2.4
474.1
Shares issued under employee share
schemes
0.8
\u2013
476.5
1.6
474.9
Scrip dividends issued
0.6
0.73
477.1
1.6
475.5
31 March 2025
477.1
1.6
475.5
Shares issued under employee share
schemes
0.7
\u2013
477.1
0.9
476.2
Scrip dividends issued
0.6
0.74
477.7
0.9
476.8
Share buyback
3
(47.7)
0.75
430.0
0.9
429.1
EBT share purchase
4
(3.0)
0.75
430.0
3.9
426.1
Shares issued under employee share
schemes
1.4
\u2013
430.0
2.5
427.5
Scrip dividends issued
3.1
0.67
433.1
2.5
430.6
Shares issued under employee share
schemes
0.1
\u2013
433.1
2.4
430.7
31 March 2026
433.1
2.4
430.7
1. In September 2024, the Group raised \u00a348.9 million of net proceeds for the issue of 62.7 million shares. The
share premium, representing the amount received over the nominal value of shares, was \u00a348.1 million. These
newly issued shares carry the same rights as the existing share capital
2. The Company issued 98.3 million ordinary shares as consideration for the acquisition of Capital & Regional on
10 December 2024. The share premium, representing the amount received over the nominal value of shares,
was \u00a376.6 million. These newly issued shares carry the same rights as the existing share capital
3. In August 2025, the Group completed a share buyback purchasing 47.7 million shares from Growthpoint
Properties at 75 pence per share representing 10% of the Group\u2019s issued share capital for \u00a336.1 million which
includes \u00a30.3 million of associated costs
4. In August 2025, the Group also purchased 3.0 million shares for \u00a32.3 million at 75 pence per share to fund the
Employee Benefit Trust (EBT)
All shares issued and authorised are fully paid up.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-439": { "value": "
Merger reserve
The merger reserve arose as a result of a group reorganisation in 2016 and represents the nominal
amount of share capital that was issued to shareholders of NewRiver Retail Limited.
In December 2024 the Company acquired Capital & Regional. Some of the consideration was paid
in equity shares of the Company. The difference between the nominal value of the shares issued
and the cost of the net asset acquired was recorded in the merger reserve.
Share premium
Share premium represents amounts subscribed for a share in excess of nominal value less directly
attributable issue costs.
Share Buyback
When a share buyback occurs and the shares are cancelled, the nominal value of the shares is
transferred to the capital redemption reserve. The cancellation date of the share buyback was
15 August 2025.
Retained earnings
Retained earnings consist of the accumulated net comprehensive profit of the Group, less
dividends paid from distributable reserves, and transfers from equity issues where those equity
issues generated distributable reserves.
Scrip dividend shares
Shares issued in respect of elections to participate in the Scrip Dividend scheme in respect of
dividends declared in the year, the value of these was \u00a32.5 million (2025: \u00a31.8 million). The Scrip
Dividend Scheme was re-approved on 26 July 2023. The scheme provides shareholders of
NewRiver Ordinary shares with the opportunity, at the shareholders election and where offered by
the Company, to elect to receive dividends as New Ordinary shares in the Company instead of their
cash dividend, with no dealing charges or stamp duty incurred.
Shares held in Employee Benefit Trust (EBT)
As part of the group reorganisation in 2016, the Company established an EBT which is registered in
Jersey. The EBT, at its discretion, may transfer shares held by it to directors and employees of the
Company and its subsidiaries. The maximum number of ordinary shares that may be held by the
EBT may not exceed 5% of the Company\u2019s issued share capital. It is intended that the EBT will not
hold more ordinary shares than are required in order to satisfy share options granted under
employee share incentive plans.
As at 31 March 2026 there are 2,376,775 ordinary shares held by EBT (31 March 2025: 1,624,929).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-454": { "value": "Shares held in Employee Benefit Trust (EBT) As part of the group reorganisation in 2016, the Company established an EBT which is registered in Jersey. The EBT, at its discretion, may transfer shares held by it to directors and employees of the Company and its subsidiaries. The maximum number of ordinary shares that may be held by the EBT may not exceed 5% of the Company\u2019s issued share capital. It is intended that the EBT will not hold more ordinary shares than are required in order to satisfy share options granted under employee share incentive plans. As at 31 March 2026 there are 2,376,775 ordinary shares held by EBT (31 March 2025: 1,624,929).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-409": { "value": "
22. Share-based payments
The Group has two share schemes for employees:
\u2022 Performance Share Scheme
\u2022 Deferred bonus scheme
Performance Share Scheme
Zero priced share options have been issued to senior management and executive directors under
the Performance Share Scheme since 2013. The options vest to the extent that performance
conditions are met over a three or five-year period. At the end of the period there may be a further
vesting condition that the employee or director remains an employee of the Group. Further details
on the scheme and the performance conditions are provided in the Remuneration Report. The
charge for the year recognised in the consolidated statement of comprehensive income was
\u00a31.1 million (March 2025: \u00a30.8 million). The weighted average share price on the date the awards
were exercised in the year was 72.3 pence per share.
Outstanding Outstanding
Fair value at start Number Lapsed/ at end Number Average
Financial at date of year Granted Exercised Cancelled of year exercisable remaining
year issued of grant millions millions millions millions millions millions life (years)
2021
0.37
0.3
\u2013
(0.3)
\u2013
\u2013
\u2013
\u2013
2022
0.19
0.8
\u2013
(0.1)
\u2013
0.7
0.7
\u2013
2023
0.64
3.2
0.2
(1.0)
(1.7)
0.7
0.6
\u2013
2024
0.66
3.0
0.3
\u2013
(0.3)
3.0
\u2013
0.4
2025
0.40
3.2
0.3
\u2013
(0.3)
3.2
\u2013
1.3
2026
0.38
\u2013
5.0
\u2013
(0.6)
4.4
\u2013
2.2
10.5
5.8
(1.4)
(2.9)
12.0
1.3 \u2013
Deferred Bonus Scheme
Zero priced share options have been issued to senior management and executive directors under
the Deferred Bonus Scheme since 2016. The options vest based on the employee or director
remaining in the employment of the Group for a defined period (usually two years). The charge for
the year recognised in the consolidated statement of comprehensive income for this scheme was
\u00a30.5 million (March 2025: \u00a30.7 million). The weighted average share price on the date the awards
were exercised in the year was 72.1 pence per share.
Outstanding Outstanding
Share price at start Number Lapsed/ at end Number Average
Financial at date of year Granted Exercised Cancelled of year exercisable remaining
year issued of grant millions millions millions millions millions millions life (years)
2018
1.77
0.1
\u2013
\u2013
\u2013
0.1
0.1
\u2013
2019
1.78
0.1
\u2013
\u2013
\u2013
0.1
0.1
\u2013
2020
0.63
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2021
0.78
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2022
0.73
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2023
0.85
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2024
0.89
0.8
\u2013
(0.8)
\u2013
\u2013
\u2013
\u2013
2025
0.89
0.6
0.1
\u2013
(0.1)
0.6
0.6
0.3
2026
0.75
\u2013
0.9
\u2013
(0.1)
0.8
0.8
1.2
1.6
1.0
(0.8)
(0.2)
1.6
1.6 \u2013
Fair value
The fair value of the share options has been calculated based on a Monte Carlo Pricing Model which
simulates the below market related conditions and compares them against those of the Comparator
Group:
2026
2025
Share price
0.75
0.82
Exercise price
Nil
Nil
Expected volatility
24.2%
26.4%
Risk free rate
3.800%
4.900%
Expected dividends*
0%
0%
* based on quoted property sector average.
Expected volatility is determined by calculating the two year volatility of the Group and the Total
Shareholder Return Comparator Group. The risk free interest rate is the implied yield on zero
coupon government bonds with a remaining term equal to the expected term of the Awards from
the Grant Date
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-441": { "value": "23. Financial instruments and risk management The Group\u2019s activities expose it to a variety of financial risks in relation to the financial instruments it uses: market risk including cash flow interest rate risk, credit risk and liquidity risk. The financial risks relate to the following financial instruments: trade receivables, cash and cash equivalents, trade and other payables, borrowings and derivative financial instruments. Risk management parameters are established by the Board on a project-by-project basis. Reports are provided to the Board quarterly and also when authorised changes are required. Financial instruments
2026 2025
\u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Trade and other receivables
17.8
14.1
Cash and cash equivalents
115.5
61.3
Total financial assets and maximum exposure to credit risk
133.3
75.4
Financial liabilities
At amortised cost
Borrowings
(438.3)
(437.0)
Lease liabilities
(79.0)
(73.6)
Payables and accruals
(33.3)
(40.9)
(550.6)
(551.5)
(417.3)
(476.1)
The fair value of the financial assets and liabilities at amortised cost are considered to be the same as their carrying value, with the exception of certain fixed rate borrowings, see note 19 for further details. None of the financial instruments above are held at fair value Market risk Currency risk The Group is subject to foreign currency risk as nearly all transactions are in Pounds Sterling, other than a small operation in Spain which operates in Euros. Interest rate risk At 31 March 2026 the Group has no interest rate risk as it has no drawn debt that is subject to variable interest rates and no open derivatives in controlled entities. There would be no impact on finance costs to the Group, in the year or in the prior year, if interest rates increase or decrease as the Group has no drawn variable rate debt. Credit risk The Group\u2019s principal financial assets are cash, trade receivables and other receivables. Credit risk, being the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group, is primarily attributable to loans and trade and other receivables, which are principally amounts due from tenants. The Group manages its credit risk through policies to ensure that rental contracts are made with tenants meeting appropriate balance sheet covenants, supplemented by rental deposits or bank guarantees from international banks. The Group may suffer a void period where no rents are received. The quality of the tenant is assessed based on an extensive tenant covenant review scorecard prior to acquisition of the property. The assessment of the tenant credit worthiness is also monitored on an ongoing basis. Credit risk is assisted by the vast majority of occupational leases requiring that tenants pay rentals in advance. The Group monitors rent collection in order to anticipate and minimise the impact of default by tenants. All outstanding rent receivables are regularly monitored. In order to measure the expected credit losses, trade receivables from tenants have been grouped by shared credit risk characteristics and an assumption around the tenants\u2019 ability to pay their receivable, based on conversations held and our knowledge of their credit history. Management also review the macroeconomic environment and factor this in when looking at the forward looking element of the calculation. The expected loss rates are based on historical payment profiles of tenant debtors and corresponding historical credit losses. These historical loss rates are then adjusted to reflect the likelihood that tenants will pay. The Group\u2019s policy is to write off tenant debtors when the tenant is in administration or has vacated the unit. Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set out below
2026 2025
2026
Gross
2026
Loss
Carrying
2025
Gross
2025
Loss
Carrying
amount allowance 2026 amount amount allowance 2025 % amount
\u00a3m \u00a3m % applied \u00a3m \u00a3m \u00a3m applied \u00a3m
0-30 days
3.2
0.4
13%
2.8
1.4
0.5
36%
0.9
30-60 days
0.3
0.1
33%
0.2
0.2
0.1
50%
0.1
60-90 days
0.3
0.1
33%
0.2
0.2
0.1
50%
0.1
90-120 days
0.3
0.1
33%
0.2
0.1
0.1
100%
\u2013
Over 120 days
1.3
0.9
69%
0.4
0.8
0.7
88%
0.1
5.4
1.6
3.8
2.7
1.5
1.2
The Group\u2019s total expected credit loss in relation to trade receivables, other receivables and accrued income is \u00a31.8 million (2025: \u00a32.4 million). The Group recognises an expected credit loss allowance on trade receivables of \u00a31.8 million (2025: \u00a31.5 million) as noted in the above table. The Group categorises trade debtors in varying degrees of risk, as detailed below:
2026 2025
\u00a3m \u00a3m
Risk level
Very high
1.3
0.8
High
0.3
0.1
Medium
0.6
0.4
Low
3.2
1.4
Gross carrying amount before loss allowance
5.4
2.7
Loss allowance
(1.6)
(1.5)
Carrying amount
3.8
1.2
The Group monitors its counterparty exposures on cash and short-term deposits weekly. The Group monitors the counterparty credit rating of the institutions that hold its cash and deposits and spread the exposure across several banks. Liquidity risk The Group manages its liquidity risk by maintaining sufficient cash balances and committed credit facilities. The Board reviews the credit facilities in place on a regular basis. Cash flow reports are issued weekly to management and are reviewed quarterly by the Board. A summary table with maturity of financial liabilities is presented below:
Less than One to Two to More than
2026 \u00a3m one year two years five years
five years
Total
Borrowings
\u2013
(440.0)
\u2013
\u2013
(440.0)
Interest on borrowings
(15.4)
(13.4)
\u2013
\u2013
(28.8)
Lease liabilities
(5.5)
(5.3)
(16.0)
(1,286.2)
(1,313.0)
Payables and accruals
(33.3)
\u2013
\u2013
\u2013
(33.3)
(54.2)
(458.7)
(16.0)
(1,286.2)
(1,815.1)
2025 \u00a3m
Borrowings
\u2013
(140.0)
(300.0)
\u2013
(440.0)
Interest on borrowings
(15.4)
(14.2)
(9.7)
\u2013
(39.3)
Lease liabilities
(5.3)
(4.6)
(13.3)
(1,285.6)
(1,308.8)
Payables and accruals
(40.9)
\u2013
\u2013
\u2013
(40.9)
(61.6)
(158.8)
(323.0)
(1,285.6)
(1,829.0)
2026 2025
Reconciliation of movement in the Group\u2019s share of net debt in the year \u00a3m \u00a3m
Group\u2019s share of net debt at the beginning of year
379.2
167.3
Cash flow
Net (increase) / decrease in cash and cash equivalents
(54.2)
71.5
New bank loans acquired (non-cash movement)
\u2013
199.0
Bank loans repaid \u2013 principal
\u2013
(59.0)
Bank loans repaid \u2013 settlement of associated derivatives
\u2013
1.0
Bank loans repaid \u2013 write off of unamortised fees (non-cash movement)
\u2013
(0.9)
Change in bank loan fees to be amortised (non-cash movement)
1.3
0.4
Group\u2019s share of associates\u2019 cash flow
Net decrease / (increase) in cash and cash equivalents
0.5
(0.4)
Bank loans repaid
(2.3)
\u2013
New bank loans
\u2013
0.3
Group\u2019s share of net debt
324.5
379.2
Being:
Group borrowings
438.3
437.0
Group\u2019s share of associates\u2019 borrowings
2.0
4.3
Group cash
(115.5)
(61.3)
Group\u2019s share of associates\u2019 cash
(0.3)
(0.8)
Group\u2019s share of net debt
324.5
379.2
2026 2025
Changes in liabilities arising from financing activities (Group only) \u00a3m \u00a3m
Liabilities arising from financing activities at the beginning of the year
449.3
239.4
Cash flow
Net (increase) / decrease in cash and cash equivalents
(54.2)
71.5
New bank loans acquired (non-cash movement)
\u2013
199.0
Bank loans repaid
\u2013
(59.0)
Bank loans repaid \u2013 settlement of associated derivatives
\u2013
1.0
Bank loans repaid \u2013 write off of unamortised fees (non cash movement)
\u2013
(0.9)
Repayment of principal portion of lease liability
(1.9)
(1.0)
Disposal (non-cash movement)
\u2013
(3.7)
Lease modifications (non-cash movement)
\u2013
(24.9)
Leases acquired on acquisition of Capital & Regional (non-cash movement)
\u2013
27.5
Change in bank loan fees to be amortised (non-cash movement)
1.3
0.4
Liabilities arising from financing activities
394.5
449.3
Being:
Borrowings
438.3
437.0
Cash
(115.5)
(61.3)
Lease liabilities
79.0
73.6
Liabilities arising from financing activities
401.8
449.3
Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to provide returns to shareholders and to maintain an optimal capital structure to reduce the cost of capital. The Group is not subject to any external capital requirements. As detailed in note 10, the Group is a REIT and to qualify as a REIT the Group must distribute 90% of its taxable income from its property business. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets. Consistent with others in the industry, the Group monitors capital on the basis of its gearing ratio. This ratio is calculated as net debt divided by equity. Net debt is calculated as total borrowings, less cash and cash equivalents on a proportionately consolidated basis. Between 31 March 2025 and 31 March 2026, the Group\u2019s proportionally consolidated LTV decreased from 42.3% to 40.4% and the gearing ratio from 76.7% to 70.5%. The Group continually monitors LTV and will continue to monitor LTV closely, factoring in disposal activity and possible further valuation declines as disclosed in Note 1. The Group has remained compliant with all of its banking covenants during the year as discussed in Note 1.
2026 2025
Net debt to equity ratio \u00a3m \u00a3m
Borrowings
438.3
437.0
Cash and cash equivalents
(115.5)
(61.3)
Net debt
322.8
375.7
Equity attributable to equity holders of the parent
457.6
490.1
Net debt to equity ratio (\u2018Balance sheet gearing\u2019)
70.5%
76.7%
Share of joint ventures\u2019 and associates\u2019 borrowings
2.0
4.3
Share of joint ventures\u2019 and associates\u2019 cash and cash equivalents
(0.3)
(0.8)
Group\u2019s share of net debt
324.5
379.2
Carrying value of investment property
797.1
887.5
Share of joint ventures\u2019 and associates carrying value of investment properties
5.1
10.0
Group\u2019s share of carrying value of investment properties
802.2
897.5
Net debt to property value ratio (\u2018Loan to value\u2019)
40.4%
42.3%
Reconciliation of financial liabilities
Lease
liabilities Borrowings Total
Reconciliation of financial liabilities \u00a3m \u00a3m \u00a3m
As at 1 April 2025
73.6
437.0
510.6
Decrease through financing cash flows
Repayment of principal portion of lease liability
(1.9)
\u2013
(1.9)
Lease reassessment
7.3
\u2013
7.3
Loan amortisation
\u2013
1.3
1.3
As at 31 March 2026
79.0
438.3
517.3
Lease
liabilities Borrowings Total
Reconciliation of financial liabilities \u00a3m \u00a3m \u00a3m
As at 1 April 2024
75.6
296.6
372.2
Decrease through financing cash flows
New borrowings
\u2013
140.0
140.0
Repayment of principal portion of lease liability
(1.0)
\u2013
(1.0)
Lease modifications
(24.9)
\u2013
(24.9)
Leases acquired on acquisition of Capital & Regional
27.6
\u2013
27.6
Disposal
(3.7)
\u2013
(3.7)
Loan amortisation
\u2013
0.4
0.4
As at 31 March 2025
73.6
437.0
510.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-455": { "value": "
Market risk
Currency risk
The Group is subject to foreign currency risk as nearly all transactions are in Pounds Sterling, other
than a small operation in Spain which operates in Euros.
Interest rate risk
At 31 March 2026 the Group has no interest rate risk as it has no drawn debt that is subject to
variable interest rates and no open derivatives in controlled entities.
There would be no impact on finance costs to the Group, in the year or in the prior year, if interest
rates increase or decrease as the Group has no drawn variable rate debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-456": { "value": "
Credit risk
The Group\u2019s principal financial assets are cash, trade receivables and other receivables.
Credit risk, being the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Group, is primarily attributable to loans and trade and other receivables, which
are principally amounts due from tenants. The Group manages its credit risk through policies to
ensure that rental contracts are made with tenants meeting appropriate balance sheet covenants,
supplemented by rental deposits or bank guarantees from international banks. The Group may
suffer a void period where no rents are received. The quality of the tenant is assessed based on an
extensive tenant covenant review scorecard prior to acquisition of the property. The assessment of
the tenant credit worthiness is also monitored on an ongoing basis. Credit risk is assisted by the
vast majority of occupational leases requiring that tenants pay rentals in advance. The Group
monitors rent collection in order to anticipate and minimise the impact of default by tenants. All
outstanding rent receivables are regularly monitored. In order to measure the expected credit
losses, trade receivables from tenants have been grouped by shared credit risk characteristics and
an assumption around the tenants\u2019 ability to pay their receivable, based on conversations held and
our knowledge of their credit history. Management also review the macroeconomic environment
and factor this in when looking at the forward looking element of the calculation. The expected loss
rates are based on historical payment profiles of tenant debtors and corresponding historical credit
losses. These historical loss rates are then adjusted to reflect the likelihood that tenants will pay.
The Group\u2019s policy is to write off tenant debtors when the tenant is in administration or has vacated
the unit.
Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set
out below
2026 2025
2026
Gross
2026
Loss
Carrying
2025
Gross
2025
Loss
Carrying
amount allowance 2026 amount amount allowance 2025 % amount
\u00a3m \u00a3m % applied \u00a3m \u00a3m \u00a3m applied \u00a3m
0-30 days
3.2
0.4
13%
2.8
1.4
0.5
36%
0.9
30-60 days
0.3
0.1
33%
0.2
0.2
0.1
50%
0.1
60-90 days
0.3
0.1
33%
0.2
0.2
0.1
50%
0.1
90-120 days
0.3
0.1
33%
0.2
0.1
0.1
100%
\u2013
Over 120 days
1.3
0.9
69%
0.4
0.8
0.7
88%
0.1
5.4
1.6
3.8
2.7
1.5
1.2
The Group\u2019s total expected credit loss in relation to trade receivables, other receivables and
accrued income is \u00a31.8 million (2025: \u00a32.4 million). The Group recognises an expected credit loss
allowance on trade receivables of \u00a31.8 million (2025: \u00a31.5 million) as noted in the above table.
The Group categorises trade debtors in varying degrees of risk, as detailed below:
2026 2025
\u00a3m \u00a3m
Risk level
Very high
1.3
0.8
High
0.3
0.1
Medium
0.6
0.4
Low
3.2
1.4
Gross carrying amount before loss allowance
5.4
2.7
Loss allowance
(1.6)
(1.5)
Carrying amount
3.8
1.2
The Group monitors its counterparty exposures on cash and short-term deposits weekly. The
Group monitors the counterparty credit rating of the institutions that hold its cash and deposits
and spread the exposure across several banks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-457": { "value": "
Liquidity risk
The Group manages its liquidity risk by maintaining sufficient cash balances and committed credit
facilities. The Board reviews the credit facilities in place on a regular basis. Cash flow reports are
issued weekly to management and are reviewed quarterly by the Board. A summary table with
maturity of financial liabilities is presented below:
Less than One to Two to More than
2026 \u00a3m one year two years five years
five years
Total
Borrowings
\u2013
(440.0)
\u2013
\u2013
(440.0)
Interest on borrowings
(15.4)
(13.4)
\u2013
\u2013
(28.8)
Lease liabilities
(5.5)
(5.3)
(16.0)
(1,286.2)
(1,313.0)
Payables and accruals
(33.3)
\u2013
\u2013
\u2013
(33.3)
(54.2)
(458.7)
(16.0)
(1,286.2)
(1,815.1)
2025 \u00a3m
Borrowings
\u2013
(140.0)
(300.0)
\u2013
(440.0)
Interest on borrowings
(15.4)
(14.2)
(9.7)
\u2013
(39.3)
Lease liabilities
(5.3)
(4.6)
(13.3)
(1,285.6)
(1,308.8)
Payables and accruals
(40.9)
\u2013
\u2013
\u2013
(40.9)
(61.6)
(158.8)
(323.0)
(1,285.6)
(1,829.0)
2026 2025
Reconciliation of movement in the Group\u2019s share of net debt in the year \u00a3m \u00a3m
Group\u2019s share of net debt at the beginning of year
379.2
167.3
Cash flow
Net (increase) / decrease in cash and cash equivalents
(54.2)
71.5
New bank loans acquired (non-cash movement)
\u2013
199.0
Bank loans repaid \u2013 principal
\u2013
(59.0)
Bank loans repaid \u2013 settlement of associated derivatives
\u2013
1.0
Bank loans repaid \u2013 write off of unamortised fees (non-cash movement)
\u2013
(0.9)
Change in bank loan fees to be amortised (non-cash movement)
1.3
0.4
Group\u2019s share of associates\u2019 cash flow
Net decrease / (increase) in cash and cash equivalents
0.5
(0.4)
Bank loans repaid
(2.3)
\u2013
New bank loans
\u2013
0.3
Group\u2019s share of net debt
324.5
379.2
Being:
Group borrowings
438.3
437.0
Group\u2019s share of associates\u2019 borrowings
2.0
4.3
Group cash
(115.5)
(61.3)
Group\u2019s share of associates\u2019 cash
(0.3)
(0.8)
Group\u2019s share of net debt
324.5
379.2
2026 2025
Changes in liabilities arising from financing activities (Group only) \u00a3m \u00a3m
Liabilities arising from financing activities at the beginning of the year
449.3
239.4
Cash flow
Net (increase) / decrease in cash and cash equivalents
(54.2)
71.5
New bank loans acquired (non-cash movement)
\u2013
199.0
Bank loans repaid
\u2013
(59.0)
Bank loans repaid \u2013 settlement of associated derivatives
\u2013
1.0
Bank loans repaid \u2013 write off of unamortised fees (non cash movement)
\u2013
(0.9)
Repayment of principal portion of lease liability
(1.9)
(1.0)
Disposal (non-cash movement)
\u2013
(3.7)
Lease modifications (non-cash movement)
\u2013
(24.9)
Leases acquired on acquisition of Capital & Regional (non-cash movement)
\u2013
27.5
Change in bank loan fees to be amortised (non-cash movement)
1.3
0.4
Liabilities arising from financing activities
394.5
449.3
Being:
Borrowings
438.3
437.0
Cash
(115.5)
(61.3)
Lease liabilities
79.0
73.6
Liabilities arising from financing activities
401.8
449.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-458": { "value": "Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to provide returns to shareholders and to maintain an optimal capital structure to reduce the cost of capital. The Group is not subject to any external capital requirements. As detailed in note 10, the Group is a REIT and to qualify as a REIT the Group must distribute 90% of its taxable income from its property business. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets. Consistent with others in the industry, the Group monitors capital on the basis of its gearing ratio. This ratio is calculated as net debt divided by equity. Net debt is calculated as total borrowings, less cash and cash equivalents on a proportionately consolidated basis. Between 31 March 2025 and 31 March 2026, the Group\u2019s proportionally consolidated LTV decreased from 42.3% to 40.4% and the gearing ratio from 76.7% to 70.5%. The Group continually monitors LTV and will continue to monitor LTV closely, factoring in disposal activity and possible further valuation declines as disclosed in Note 1. The Group has remained compliant with all of its banking covenants during the year as discussed in Note 1.
2026 2025
Net debt to equity ratio \u00a3m \u00a3m
Borrowings
438.3
437.0
Cash and cash equivalents
(115.5)
(61.3)
Net debt
322.8
375.7
Equity attributable to equity holders of the parent
457.6
490.1
Net debt to equity ratio (\u2018Balance sheet gearing\u2019)
70.5%
76.7%
Share of joint ventures\u2019 and associates\u2019 borrowings
2.0
4.3
Share of joint ventures\u2019 and associates\u2019 cash and cash equivalents
(0.3)
(0.8)
Group\u2019s share of net debt
324.5
379.2
Carrying value of investment property
797.1
887.5
Share of joint ventures\u2019 and associates carrying value of investment properties
5.1
10.0
Group\u2019s share of carrying value of investment properties
802.2
897.5
Net debt to property value ratio (\u2018Loan to value\u2019)
40.4%
42.3%
Reconciliation of financial liabilities
Lease
liabilities Borrowings Total
Reconciliation of financial liabilities \u00a3m \u00a3m \u00a3m
As at 1 April 2025
73.6
437.0
510.6
Decrease through financing cash flows
Repayment of principal portion of lease liability
(1.9)
\u2013
(1.9)
Lease reassessment
7.3
\u2013
7.3
Loan amortisation
\u2013
1.3
1.3
As at 31 March 2026
79.0
438.3
517.3
Lease
liabilities Borrowings Total
Reconciliation of financial liabilities \u00a3m \u00a3m \u00a3m
As at 1 April 2024
75.6
296.6
372.2
Decrease through financing cash flows
New borrowings
\u2013
140.0
140.0
Repayment of principal portion of lease liability
(1.0)
\u2013
(1.0)
Lease modifications
(24.9)
\u2013
(24.9)
Leases acquired on acquisition of Capital & Regional
27.6
\u2013
27.6
Disposal
(3.7)
\u2013
(3.7)
Loan amortisation
\u2013
0.4
0.4
As at 31 March 2025
73.6
437.0
510.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-410": { "value": "
24. Contingencies and commitments
The Group has no material contingent liabilities (31 March 2025: None). The Group was contractually
committed to \u00a33.0 million of capital expenditure to construct or develop investment property as at
31 March 2026 (31 March 2025: \u00a32.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-442": { "value": "24. Contingencies and commitments The Group has no material contingent liabilities (31 March 2025: None). The Group was contractually committed to \u00a33.0 million of capital expenditure to construct or develop investment property as at 31 March 2026 (31 March 2025: \u00a32.8 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-459": { "value": "24. Contingencies and commitments The Group has no material contingent liabilities (31 March 2025: None). The Group was contractually committed to \u00a33.0 million of capital expenditure to construct or develop investment property as at 31 March 2026 (31 March 2025: \u00a32.8 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-464": { "value": "24. Contingencies and commitments The Group has no material contingent liabilities (31 March 2025: None). The Group was contractually committed to \u00a33.0 million of capital expenditure to construct or develop investment property as at 31 March 2026 (31 March 2025: \u00a32.8 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-443": { "value": "25. Related party transactions Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. During the year the Company paid \u00a32.2 million (2025: \u00a31.5 million) in professional legal fees to CMS Cameron McKenna Nabarro Olswang LLP for property services at commercial market rates. Allan Lockhart, CEO of NewRiver, has a personal relationship with one of the Partners at CMS who along with other Partners provides these legal services. There was \u00a30.2 million outstanding at 31 March 2026 (2025: \u00a30.2 million). The Group has loans with associates of \u00a31.2 million (31 March 2025: \u00a33.2 million). Management fees are charged to joint ventures and associates for asset management, investment advisory, project management and accounting services. Total fees charged were:
2026 2025
\u00a3m \u00a3m
NewRiver Retail (Hamilton) Limited
0.2
0.2
NewRiver (Sprucefield) Limited
0.1
0.2
As at 31 March 2026, an amount of \u00a30.1 million (2025: \u00a30.6 million) was due to the Group relating to management fees. During the year, the Group recognised \u00a30.1 million of interest from joint ventures and associates (2025: \u00a30.2 million) and as at 31 March 2026 the amount owing to the Group was \u00a3nil (2025: \u00a3nil). Key management personnel The remuneration of key management personnel (comprising of the Executive Directors, Non- Executive Directors and Executive Committee) of the Group is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures.\u2019
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
2.6
3.7
Share-based payments
0.6
0.9
Other \u2013 including post-employment benefits
0.1
0.1
3.3
4.7
All transfer of resources, services or obligations between the Company and these parties have been disclosed, regardless of whether a price is charged. We are unaware of any other related party transactions between related parties. Related party relationships and transactions have been accounted for and disclosed in accordance with the requirements of IFRSs or other requirements, for example, the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-411": { "value": "25. Related party transactions Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. During the year the Company paid \u00a32.2 million (2025: \u00a31.5 million) in professional legal fees to CMS Cameron McKenna Nabarro Olswang LLP for property services at commercial market rates. Allan Lockhart, CEO of NewRiver, has a personal relationship with one of the Partners at CMS who along with other Partners provides these legal services. There was \u00a30.2 million outstanding at 31 March 2026 (2025: \u00a30.2 million). The Group has loans with associates of \u00a31.2 million (31 March 2025: \u00a33.2 million). Management fees are charged to joint ventures and associates for asset management, investment advisory, project management and accounting services. Total fees charged were:
2026 2025
\u00a3m \u00a3m
NewRiver Retail (Hamilton) Limited
0.2
0.2
NewRiver (Sprucefield) Limited
0.1
0.2
As at 31 March 2026, an amount of \u00a30.1 million (2025: \u00a30.6 million) was due to the Group relating to management fees. During the year, the Group recognised \u00a30.1 million of interest from joint ventures and associates (2025: \u00a30.2 million) and as at 31 March 2026 the amount owing to the Group was \u00a3nil (2025: \u00a3nil). Key management personnel The remuneration of key management personnel (comprising of the Executive Directors, Non- Executive Directors and Executive Committee) of the Group is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures.\u2019
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
2.6
3.7
Share-based payments
0.6
0.9
Other \u2013 including post-employment benefits
0.1
0.1
3.3
4.7
All transfer of resources, services or obligations between the Company and these parties have been disclosed, regardless of whether a price is charged. We are unaware of any other related party transactions between related parties. Related party relationships and transactions have been accounted for and disclosed in accordance with the requirements of IFRSs or other requirements, for example, the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-460": { "value": "
Key management personnel
The remuneration of key management personnel (comprising of the Executive Directors, Non-
Executive Directors and Executive Committee) of the Group is set out below in aggregate for each
of the categories specified in IAS 24 \u2018Related Party Disclosures.\u2019
2026 2025
\u00a3m \u00a3m
Short-term employee benefits
2.6
3.7
Share-based payments
0.6
0.9
Other \u2013 including post-employment benefits
0.1
0.1
3.3
4.7
All transfer of resources, services or obligations between the Company and these parties have been
disclosed, regardless of whether a price is charged. We are unaware of any other related party
transactions between related parties.
Related party relationships and transactions have been accounted for and disclosed in accordance
with the requirements of IFRSs or other requirements, for example, the Companies Act 2006.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-412": { "value": "
26. Post balance sheet events
In April 2026 the Group secured a new unsecured \u00a3240 million facility comprising a \u00a3120 million
Term Facility Commitment and a \u00a3120 million Revolving Credit Facility (\u2018RCF\u2019). The Term Facility
Commitment allows the Group to refinance the Mall Facility and matures in April 2030 with an
option to extend by three additional one-year terms, subject to lender approval.
The secured Mall Facility was retained following the acquisition of Capital & Regional plc in
December 2024, principally due to its attractive coupon expiring in January 2027. After that date,
and until its maturity in January 2028, the Mall Facility would revert to a floating rate with a margin
that is higher than the margin agreed under the Term Facility Commitment. Prior to drawing the
Term Facility Commitment, the Group will pay a commitment fee based on a percentage of the
margin, which is expected to cost \u00a30.6 million in the next financial year, FY27. The Group has taken
out an interest rate collar, which fixes the cost of the Term Facility Commitment between 4.4% and
5.9% to match the initial profile of the Term Facility Commitment, starting in January 2027 and
ending in April 2030.
This event has been treated as a non-adjusting post balance sheet event and accordingly no
adjustment has been made to the financial statements.
The financial effect of this transaction cannot be reliably estimated at the date of approval of these
financial statements.
There were no other significant events occurring after the reporting period, but before the financial
statements were authorised for issue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138004GX1VAUMH66L31", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }