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"value": "1. Accounting policies Accounting policies applicable throughout the \ufb01nancial statements are shown below. Accounting policies that are speci\ufb01c to a component of the \ufb01nancial statements have been incorporated in the relevant note. (a) Basis of preparation Grainger plc is a company incorporated and domiciled in the UK. It is a public limited liability company listed on the London Stock Exchange. The Group \ufb01nancial statements consolidate those of the Company and its subsidiaries, together referred to as the \u2018Group\u2019, and equity account the Group\u2019s interest in joint ventures and associates. The parent company \ufb01nancial statements present information about the Company and not the Group. The Group \ufb01nancial statements have been prepared under the historical cost convention except for the following assets and liabilities, and corresponding income statement accounts, which are stated at their fair value: investment property; derivative \ufb01nancial instruments; and \ufb01nancial interest in property assets. The Group \ufb01nancial statements have been prepared and approved by the directors in accordance with UK-adopted international accounting standards (IFRS) and applicable law. The Company has elected to prepare its parent company \ufb01nancial statements in accordance with FRS 101; these are presented on pages 169 to 174. The Group and Company \ufb01nancial statements are presented in millions of Pounds Sterling (\u00a3m) because that is the currency of the principal economic environment in which the Group operates. In preparing the \ufb01nancial statements, management has considered the potential impacts, risks and opportunities of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with TCFD, and considered the impact of the issues identi\ufb01ed to ensure they are appropriately re\ufb02ected into the \ufb01nancial statements. The impact of climate change and of climate change related changes in markets and regulation are considered in the valuation of investment properties. These issues are also considered when projecting future cash\ufb02ows of the Group and in sensitivity analysis. Management feel that climate change related issues are appropriately considered in these \ufb01nancial statements. Going concern The Directors are required to make an assessment of the Group\u2019s ability to continue to trade as a going concern for the foreseeable future. Given market volatility over the past 12 months and the impact on the macro-economic conditions in which the Group is operating, the Directors have placed a particular focus on the appropriateness of adopting the going concern basis in preparing the \ufb01nancial statements for the year ended 30 September 2023. The \ufb01nancial position of the Group, including details of its \ufb01nancing and capital structure, is set out in the \ufb01nancial review on pages 37 to 42. In making the going concern assessment, the Directors have considered the Group\u2019s principal risks (see pages 64 to 67) and their impact on \ufb01nancial performance. The Directors have assessed the future funding commitments of the Group and compared these to the level of committed loan facilities and cash resources over the medium term. In making this assessment, consideration has been given to compliance with borrowing covenants along with the uncertainty inherent in future \ufb01nancial forecasts and, where applicable, severe sensitivities have been applied to the key factors affecting \ufb01nancial performance for the Group. The going concern assessment is based on forecasts to the end of March 2025, which exceeds the required period of assessment of at least 12 months in order to be aligned to the Group\u2019s interim reporting date, and uses the same forecasts considered by the Group for the purposes of the Viability Statement. The assessment considers a severe downside scenario, re\ufb02ecting the following key assumptions: \u2022 Reducing PRS occupancy to 92% by 31 March 2025 \u2022 Contraction in rental levels of 3.75% p.a. \u2022 Reducing property valuations by 17.5% by 31 March 2025, driven by either yield expansion or house price de\ufb02ation \u2022 20% development cost in\ufb02ation \u2022 Operating cost in\ufb02ation of 20% p.a. \u2022 An increase in SONIA rate of 5% from 1 October 2023 The Group\u2019s forecasts incorporate the likely impact of climate change and sustainability requirements including costs to deliver our climate related targets. This includes EPC upgrades across the portfolio and investing in energy efficient solutions for central heating systems. No new \ufb01nancing is assumed in the assessment period, but existing facilities are assumed to remain available. Even in this severe downside scenario, the Group has sufficient cash reserves, with the loan-to-value covenant remaining no higher than 55% (facility maximum covenant ranges between 70% \u2013 75%) and interest cover above 2.94x (facility minimum covenant ranges between 1.35x \u2013 1.75x) for the period to March 2025 to align with reporting periods, which covers the required period of at least 12 months from the date of authorisation of these \ufb01nancial statements. Based on these considerations, together with available market information and the Directors\u2019 experience of the Group\u2019s property portfolio and markets, the Directors continue to adopt the going concern basis in preparing the accounts for the year ended 30 September 2023. (b) Basis of consolidation i) Subsidiaries \u2013 Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ii) Joint ventures and associates \u2013 Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Associates are all entities over which the Group has signi\ufb01cant in\ufb02uence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Where the Group owns less than 50% of the voting rights but acts as property and/or asset manager an assessment is made as to whether or not the Group has de facto control over an investee. This includes a review of the Group\u2019s rights relative to those of another investor or investors and the ability the Group has to direct the investees\u2019 relevant activities (further details are provided in Note 18 and Note 19). Investments in joint ventures and associates are accounted for by the equity method of accounting and are initially recognised at cost, and the carrying amount is increased or decreased to recognise the Group\u2019s share of the pro\ufb01t or loss after the date of acquisition. The joint venture and associate results for the 12 months to 30 September 2023 and the \ufb01nancial position as at that date have been equity accounted in these \ufb01nancial statements. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition pro\ufb01ts or losses is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in other comprehensive income. Where the Group\u2019s interest has been reduced to \u00a3nil, additional losses are provided for, and a liability is recognised, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture or associate. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in joint ventures and associates. The accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. iii) Business combinations \u2013 At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination where an integrated set of activities are acquired in addition to the property. Consideration is also given to the concentration test permitted under IFRS 3 Business Combinations. When the acquisition of a subsidiary does not represent a business, it is accounted for as an acquisition of assets and liabilities. The cost of acquisition is allocated to the assets and liabilities acquired based on their fair values, and no goodwill or deferred tax is recognised. A business combination may also require the recognition of identi\ufb01able intangible assets by the Group. An intangible asset is deemed to be identi\ufb01able if it is able to be separated or divided from the other assets acquired in the business combination and sold, licensed or exchanged for something else of value, even if the intention to do so is not present on behalf of the Group. Where an intangible asset is not individually separable, it may still meet the separability criterion if it is separable in combination with a related contract, identi\ufb01able asset or liability. Business combinations are accounted for using the acquisition method. The cost of the acquisition is measured as the fair value of the assets given and equity instruments issued. Identi\ufb01able assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the date of acquisition. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identi\ufb01able assets, including intangible assets, of the acquired entity at the date of acquisition. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Costs attributable to an acquisition of a business are expensed in the consolidated income statement under the heading \u2018Other expenses\u2019. Goodwill on acquisition of subsidiaries is included within this caption in the consolidated statement of \ufb01nancial position. Goodwill on acquisition of joint ventures and associates is included in investments in joint ventures and associates. Goodwill is allocated to cash generating units for the purpose of impairment testing and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. (c) Adoption of new and revised International Financial Reporting Standards and interpretations The following new standards and amendments to standards were issued in the year and have no material impact on the \ufb01nancial statements: \u2022 Reference to the conceptual framework (amendments to IFRS 3); \u2022 Onerous contracts - cost of ful\ufb01lling a contract (amendments to IAS 37); \u2022 Annual improvements to IFRS Standards 2018-2020; \u2022 Property, Plant and Equipment: proceeds before intended use (amendments to IAS 16) The following new standards and amendments to standards have been issued but are not yet effective for the Group and have not been early adopted: \u2022 Classi\ufb01cation of liabilities as current or non-current (amendments to IAS 1) \u2022 IFRS 17 insurance contracts \u2022 Accounting policies, changes in accounting estimates and errors: de\ufb01nition (amendments to IAS 8) \u2022 Presentation of \ufb01nancial statements and making materiality judgements (amendments to IAS 1, IFRS Practice Statement 2) \u2022 Deferred tax related to assets and liabilities arising from a single transaction (amendments to IAS 12) The application of these new standards and amendments are not expected to have a material impact on the Group\u2019s \ufb01nancial statements. (a) Accounting policy IFRS 8, Operating Segments requires operating segments to be identi\ufb01ed based upon the Group\u2019s internal reporting to the Chief Operating Decision Maker (\u2018CODM\u2019) so that the CODM can make decisions about resources to be allocated to segments and assess their performance. The Group\u2019s CODM are the Executive Directors. The two signi\ufb01cant segments for the Group are PRS and Reversionary. The PRS segment includes stabilised PRS assets as well as PRS under construction due to direct development and forward funding arrangements, both for wholly-owned assets and the Group\u2019s interest in joint ventures and associates as relevant. The Reversionary segment includes regulated tenancies, as well as CHARM. The Other segment includes legacy strategic land and development arrangements, along with administrative expenses. The key operating performance measure of pro\ufb01t or loss used by the CODM is adjusted earnings before tax, valuation and other adjustments. The principal net asset value (\u2018NAV\u2019) measure reviewed by the CODM is EPRA NTA which is considered to become the most relevant, and therefore the primary NAV measure for the Group. EPRA NTA re\ufb02ects the tax that will crystallise in relation to the trading portfolio, whilst excluding the volatility of mark to market movements on \ufb01xed rate debt and derivatives which are unlikely to be realised. Other NAV measures include EPRA NRV and EPRA NDV which we report alongside EPRA NTA. A full description and reconciliation of these measures is included in the EPRA performance measure section on pages 175 to 178 of this report. Accounting policy Revenue is measured at the fair value of the consideration received or receivable and is stated net of sales taxes and value added taxes. Gross proceeds from disposal of trading property and fees and other income are recognised in accordance with IFRS 15. Gross rental income is recognised in accordance with IFRS 16. Accounting policy Gross rental income is recognised on a straight-line basis over the lease term on an accruals basis. Directly attributable property management, repair and maintenance costs are deducted from gross rental income to determine net rental income. Accounting policy Property is regarded as sold when performance obligations have been met and control has been transferred to the buyer. This is generally deemed to be on legal completion as at this point the buyer is able to determine the use of the property and has rights to any cash in\ufb02ows or out\ufb02ows in respect of the property. Pro\ufb01ts or losses are calculated by reference to the carrying value of the property sold. For a development property, this is assessed through the use of a gross margin for the site as a whole or such other basis that provides an appropriate allocation of costs. Contract revenue and expenses are recognised over time in the consolidated income statement, with performance obligations satis\ufb01ed continually across the period in which the asset is created or enhanced. Control of the asset is transferred to the customer across the construction period rather than upon completion of the asset in its entirety as, per the contract in place, this is when the customer gains their residual interest. The input method used to measure progress is the value of work completed, denoted by the costs incurred to date, and revenue is subsequently recognised at the margin stipulated in the contract. This is also when the Group become entitled to the consideration arising from the contract. Revenues are recognised as contract assets in trade and other receivables (Note 23) and are recovered on completion of the development. Accounting policy Investment property is regarded as sold when the recipient obtains control of the property, which is generally deemed to be on legal completion. Pro\ufb01ts or losses are calculated by reference to the carrying value of the property sold. Accounting policy The taxation charge for the year represents the sum of the tax currently payable and deferred tax. The charge is recognised in the income statement and statement of comprehensive income according to the accounting treatment of the related transaction. Current tax payable or receivable is based on the taxable income for the period and any adjustment in respect of prior periods and is calculated using tax rates that have been enacted or substantively enacted at the end of the reporting period. Tax payable upon the realisation of revaluation gains recognised in prior periods is recorded as a current tax charge with a release of the associated deferred tax. Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated \ufb01nancial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that taxable pro\ufb01t will give rise to a future tax liability against which the deferred tax assets can be recovered. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same tax authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Accounting policy Dividends are recognised through equity when approved by the Company\u2019s Shareholders or on payment, whichever is earlier. Accounting policy Basic Basic earnings per share is calculated by dividing the pro\ufb01t or loss attributable to the owners of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Group and held both in Trust and as treasury shares to meet its obligations under the Long-Term Incentive Plan (\u2018LTIP\u2019) and Deferred Bonus Plan (\u2018DBP\u2019) on which the dividends are being waived. Diluted Diluted earnings per share is calculated by adjusting the weighted average number of shares in issue by the dilutive effect of ordinary shares that the Company may potentially issue relating to its share option schemes and contingent share awards under the LTIP and DBP, based upon the number of shares that would be issued if 30 September 2023 was the end of the contingency period. Where the effect of the above adjustments is antidilutive, they are excluded from the calculation of diluted earnings per share. Accounting policy Property that is held for long-term rental yields or for capital appreciation, or both, and that is not occupied by the companies in the consolidated Group, is classi\ufb01ed as investment property. Investment property is measured initially at its cost, including related transaction costs. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the speci\ufb01ed asset. If this information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discounted cash \ufb02ow projections. Investment property falls within Level 3 of the fair value hierarchy as de\ufb01ned by IFRS 13. Further details are given in Note 27. Subsequent expenditure is included in the carrying amount of the property when it is probable that the future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item can be measured reliably. All other repair and maintenance costs are charged to the consolidated income statement during the \ufb01nancial period in which they are incurred. Gains or losses arising from changes in the fair value of the Group\u2019s investment properties are included in the consolidated income statement of the period in which they arise. When the Group begins to redevelop an existing trading property for continued future use as an investment property, the property is transferred to investment property and held as a non-current asset. The property is remeasured to fair value as at the date of the transfer with any gain or loss being taken to the income statement. Where speci\ufb01c investment properties are expected to sell within the next 12 months their fair value is shown under assets classi\ufb01ed as held-for-sale within current assets. Any loss on the reclassi\ufb01cation of these assets from investment properties to assets held-for-sale is charged to the consolidated income statement of the period in which this occurs. Accounting policy Property, plant and equipment are stated at cost less residual value and depreciation and comprise office leases, \ufb01xtures, \ufb01ttings and equipment. Depreciation is charged to the income statement on a straight-line basis over the estimated useful life ranging from 3\u20135 years, with office leases depreciated over the life of the lease. Accounting policy The CHARM portfolio is a \ufb01nancial interest in equity mortgages held by the Church of England Pensions Board as mortgagee. It is accounted for under IFRS 9 and is measured at fair value through pro\ufb01t and loss. It is initially recognised at fair value and subsequently carried at fair value. Subsequent to initial recognition, the net change in value recorded is as follows: i) cash received from the instrument in the year is deducted from the carrying value of the assets; and ii) the carrying value of the assets is revised to the net present value of the updated projected cash \ufb02ows arising from the instrument using the effective interest rate applicable at acquisition. The change in value arising from ii) above is recorded through the consolidated income statement and is shown on the line \u2018Income from \ufb01nancial interest in property assets\u2019. Accounting policy Intangible assets comprise computer software and goodwill. Costs incurred in relation to computer software that the Group has exclusive right of use to are capitalised and amortised on a straight-line basis over the estimated useful lives of the assets from the date they are available for use. The effective life is assessed in accordance with the period that the Group expects bene\ufb01ts from its investment in technology to be consumed. Amortisation is charged to the consolidated income statement. Costs incurred in relation to computer software that the Group does not have exclusive right of use to, including its Software as a Service (\u2018SaaS\u2019) arrangements, are not accounted for as intangible assets. Con\ufb01guration and customisation costs incurred prior to receiving services are prepaid and expensed to the Consolidated Income Statement once the service is in use. All other expenditure in relation to non-exclusive SaaS is expensed to the Consolidated Income Statement as incurred. Goodwill is tested for impairment based on a value in use calculation at each reporting date. Accounting policy Tenanted residential properties held-for-sale in the normal course of business within the PRS and Reversionary segments are shown in the \ufb01nancial statements as a current asset at the lower of cost and net realisable value. Cost includes legal and surveying charges and introducer fees incurred during acquisition together with improvement costs. Legacy land and development property held within the Other segment of the business are shown in the \ufb01nancial statements at the lower of cost and net realisable value. Cost represents the acquisition price including legal and other professional costs associated with the acquisition together with subsequent development costs net of amounts transferred to costs of sale. Net realisable value is the expected sales proceeds that the Group expects on sale of a property or current market value net of associated selling costs. Accounting policy Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment in trade receivables is established when there is an expectation of cash shortfalls over the expected life of the amounts due. The movement in the provision is recognised in the consolidated income statement. Accounting policy Provisions are recognised when: i) the Group has a present obligation as a result of a past event; ii) it is probable that an out\ufb02ow of resources will be required to settle the obligation; and iii) a reliable estimate can be made of the amount of the obligation. Accounting policy Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Refer to Note 35 for accounting policy in relation to lease liabilities. Accounting policy Borrowings are initially recognised at the fair value of consideration received, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated income statement over the period of the borrowings using the effective interest method. Borrowings are classi\ufb01ed as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the consolidated statement of \ufb01nancial position date. Accounting policy Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Demand deposits that cannot be accessed and have restrictions on use arising from contracts with third parties are re\ufb02ected in trade and other receivables. Derivative \ufb01nancial instruments The Group uses derivative instruments to help manage its interest rate risk. In accordance with its treasury policy, the Group does not hold or issue derivatives for trading purposes. Derivatives are classi\ufb01ed as current assets and current liabilities. The derivatives are recognised initially at fair value. Subsequently, the gain or loss on re-measurement to fair value is recognised immediately in the consolidated income statement, unless the derivatives qualify for cash \ufb02ow hedge accounting, and have been designated as such, in which case any gain or loss is taken to equity in a cash \ufb02ow hedge reserve via other comprehensive income. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to demonstrate that the hedge will be highly effective on an on-going basis. This effectiveness testing is re-performed at each period end to ensure that the hedge remains highly effective. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time is immediately transferred to the consolidated income statement. Fair value estimation The fair values of interest rate derivatives are based on a discounted cash \ufb02ow model using market information. Derecognition of \ufb01nancial assets and liabilities Derecognition is the point at which the Group removes an asset or liability from its consolidated statement of \ufb01nancial position. The Group\u2019s policy is to derecognise \ufb01nancial assets only when the contractual right to the cash \ufb02ows from the \ufb01nancial asset expires. The Group also derecognises \ufb01nancial assets that it transfers to another party provided that the transfer of the asset also transfers the right to receive cash \ufb02ows from the \ufb01nancial asset. When the transfer does not result in the Group transferring the right to receive cash \ufb02ows from the \ufb01nancial asset but it does result in the Group assuming a corresponding obligation to pay cash \ufb02ows to another recipient, the \ufb01nancial asset is derecognised. The Group derecognises \ufb01nancial liabilities only when its obligation is discharged, is cancelled or expires. Financial assets classi\ufb01ed as fair value through pro\ufb01t and loss (previously available-for-sale) are the \ufb01nancial interest in property assets. Derivative \ufb01nancial instruments not in hedge accounting relationships are classi\ufb01ed as fair value through pro\ufb01t and loss. Accounting policy i) De\ufb01ned contribution pension scheme \u2013 Obligations for contributions to de\ufb01ned contribution pension schemes are recognised as an expense in the income statement in the period to which they relate. ii) De\ufb01ned bene\ufb01t pension scheme \u2013 The Group currently contributes to a de\ufb01ned bene\ufb01t pension scheme that was closed to new members and future accrual of bene\ufb01ts in 2003. The full de\ufb01cit in the scheme was recognised in the statement of \ufb01nancial position as at 1 October 2004. An actuarial valuation of the scheme is carried out every three years. The cost of providing bene\ufb01ts is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each consolidated statement of \ufb01nancial position date by a quali\ufb01ed actuary, for the purpose of determining the amounts to be re\ufb02ected in the Group\u2019s \ufb01nancial statements under IAS 19. The de\ufb01ned bene\ufb01t obligation is valued by projecting the best estimate of future bene\ufb01t outgoings (allowing for future salary increases for active members, revaluation to retirement for deferred members and annual pension increases for all members) and then discounting to the consolidated statement of \ufb01nancial position date. The pension scheme assets comprise investments in bonds and cash, managed by Rathbones Investment Management Limited and insurance policies managed by Friends Life. These assets are measured at fair value in the statement of \ufb01nancial position. The amount shown in the statement of \ufb01nancial position is the net of the present value of the de\ufb01ned bene\ufb01t obligation and the fair value of the scheme assets. When there is a surplus the Group considers the requirements of IFRIC 14 and whether there is economic bene\ufb01t available as a refund of this surplus, or through a reduction in future contributions. When an unconditional right to future economic bene\ufb01t exists, there is no restriction on the amount of surplus recognised. There are no current or past service costs as the scheme is closed to new members and future accrual. The net interest amount, calculated by applying the discount rate to the net de\ufb01ned bene\ufb01t liability, is re\ufb02ected in the income statement each year. Actuarial gains and losses net of deferred income tax are re\ufb02ected in other comprehensive income each year. Accounting policy Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Acquisition of and investment in own shares The Group acquires its own shares to enable it to meet its obligations under the various share schemes in operation. No gain or loss is recognised in pro\ufb01t or loss on the purchase, sale, issue or cancellation of the Company\u2019s own shares. The acquisition cost of the shares is debited to an investment in own shares reserve within retained earnings. Where the Group buys back its own shares as treasury shares it adopts the accounting as described above. Where it subsequently cancels them, issued share capital is reduced by the nominal value of the shares cancelled and this same amount is transferred to the capital redemption reserve. Accounting policy The Group operates a number of equity-settled, share-based compensation plans comprising awards under a Long-Term Incentive Plan (\u2018LTIP\u2019), a Deferred Bonus Plan (\u2018DBP\u2019), a Share Incentive Plan (\u2018SIP\u2019) and a Save As You Earn (\u2018SAYE\u2019) scheme. The fair value of the employee services received in exchange for the grant of shares and options is recognised as an employee expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the shares and options granted. For market-based conditions, the probability of vesting is taken into account in the fair value calculation and no revision is made to the number of shares or options expected to vest. For non-market conditions, each year the Group revises its estimate of the number of options or shares that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the consolidated income statement with a corresponding adjustment to equity. Awards that are subject to a market-based performance condition are valued at fair value using the Monte Carlo simulation model. Awards not subject to a market-based performance condition are valued at fair value using the Black-Scholes valuation model. When options are exercised the proceeds received, net of any directly attributable transaction costs, are credited to share capital (nominal value) and share premium. Accounting policy i) Group as lessor \u2013 Rental income from operating leases is recognised on a straight-line basis over the lease term. The net present value of ground rents receivable is, in the opinion of the Directors, immaterial. Accordingly, ground rents receivable are taken to the consolidated income statement on a straight-line basis over the period of the lease. Properties leased out to tenants are included in the consolidated statement of \ufb01nancial position as either investment property or as trading property under inventories. ii) Group as lessee \u2013 The Group occupies a number of its offices as a lessee. The net present value of the lease liabilities is recorded in the consolidated statement of \ufb01nancial position within trade and other payables. The leased office space is included in the consolidated statement of \ufb01nancial position as a right-of-use asset in property, plant and equipment and depreciated over the life of the lease. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-353": {
"value": "(a) Basis of preparation Grainger plc is a company incorporated and domiciled in the UK. It is a public limited liability company listed on the London Stock Exchange. The Group \ufb01nancial statements consolidate those of the Company and its subsidiaries, together referred to as the \u2018Group\u2019, and equity account the Group\u2019s interest in joint ventures and associates. The parent company \ufb01nancial statements present information about the Company and not the Group. The Group \ufb01nancial statements have been prepared under the historical cost convention except for the following assets and liabilities, and corresponding income statement accounts, which are stated at their fair value: investment property; derivative \ufb01nancial instruments; and \ufb01nancial interest in property assets. The Group \ufb01nancial statements have been prepared and approved by the directors in accordance with UK-adopted international accounting standards (IFRS) and applicable law. The Company has elected to prepare its parent company \ufb01nancial statements in accordance with FRS 101; these are presented on pages 169 to 174. The Group and Company \ufb01nancial statements are presented in millions of Pounds Sterling (\u00a3m) because that is the currency of the principal economic environment in which the Group operates. In preparing the \ufb01nancial statements, management has considered the potential impacts, risks and opportunities of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with TCFD, and considered the impact of the issues identi\ufb01ed to ensure they are appropriately re\ufb02ected into the \ufb01nancial statements. The impact of climate change and of climate change related changes in markets and regulation are considered in the valuation of investment properties. These issues are also considered when projecting future cash\ufb02ows of the Group and in sensitivity analysis. Management feel that climate change related issues are appropriately considered in these \ufb01nancial statements. Going concern The Directors are required to make an assessment of the Group\u2019s ability to continue to trade as a going concern for the foreseeable future. Given market volatility over the past 12 months and the impact on the macro-economic conditions in which the Group is operating, the Directors have placed a particular focus on the appropriateness of adopting the going concern basis in preparing the \ufb01nancial statements for the year ended 30 September 2023. The \ufb01nancial position of the Group, including details of its \ufb01nancing and capital structure, is set out in the \ufb01nancial review on pages 37 to 42. In making the going concern assessment, the Directors have considered the Group\u2019s principal risks (see pages 64 to 67) and their impact on \ufb01nancial performance. The Directors have assessed the future funding commitments of the Group and compared these to the level of committed loan facilities and cash resources over the medium term. In making this assessment, consideration has been given to compliance with borrowing covenants along with the uncertainty inherent in future \ufb01nancial forecasts and, where applicable, severe sensitivities have been applied to the key factors affecting \ufb01nancial performance for the Group. The going concern assessment is based on forecasts to the end of March 2025, which exceeds the required period of assessment of at least 12 months in order to be aligned to the Group\u2019s interim reporting date, and uses the same forecasts considered by the Group for the purposes of the Viability Statement. The assessment considers a severe downside scenario, re\ufb02ecting the following key assumptions: \u2022 Reducing PRS occupancy to 92% by 31 March 2025 \u2022 Contraction in rental levels of 3.75% p.a. \u2022 Reducing property valuations by 17.5% by 31 March 2025, driven by either yield expansion or house price de\ufb02ation \u2022 20% development cost in\ufb02ation \u2022 Operating cost in\ufb02ation of 20% p.a. \u2022 An increase in SONIA rate of 5% from 1 October 2023 The Group\u2019s forecasts incorporate the likely impact of climate change and sustainability requirements including costs to deliver our climate related targets. This includes EPC upgrades across the portfolio and investing in energy efficient solutions for central heating systems. No new \ufb01nancing is assumed in the assessment period, but existing facilities are assumed to remain available. Even in this severe downside scenario, the Group has sufficient cash reserves, with the loan-to-value covenant remaining no higher than 55% (facility maximum covenant ranges between 70% \u2013 75%) and interest cover above 2.94x (facility minimum covenant ranges between 1.35x \u2013 1.75x) for the period to March 2025 to align with reporting periods, which covers the required period of at least 12 months from the date of authorisation of these \ufb01nancial statements. Based on these considerations, together with available market information and the Directors\u2019 experience of the Group\u2019s property portfolio and markets, the Directors continue to adopt the going concern basis in preparing the accounts for the year ended 30 September 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-3": {
"value": "Grainger plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-5": {
"value": "UK",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-4": {
"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-388": {
"value": "The Group \ufb01nancial statements have been prepared and approved by the directors in accordance with UK-adopted international accounting standards (IFRS) and applicable law. The Company has elected to prepare its parent company \ufb01nancial statements in accordance with FRS 101; these are presented on pages 169 to 174. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-389": {
"value": "The Group and Company \ufb01nancial statements are presented in millions of Pounds Sterling (\u00a3m) because that is the currency of the principal economic environment in which the Group operates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-390": {
"value": "Going concern The Directors are required to make an assessment of the Group\u2019s ability to continue to trade as a going concern for the foreseeable future. Given market volatility over the past 12 months and the impact on the macro-economic conditions in which the Group is operating, the Directors have placed a particular focus on the appropriateness of adopting the going concern basis in preparing the \ufb01nancial statements for the year ended 30 September 2023. The \ufb01nancial position of the Group, including details of its \ufb01nancing and capital structure, is set out in the \ufb01nancial review on pages 37 to 42. In making the going concern assessment, the Directors have considered the Group\u2019s principal risks (see pages 64 to 67) and their impact on \ufb01nancial performance. The Directors have assessed the future funding commitments of the Group and compared these to the level of committed loan facilities and cash resources over the medium term. In making this assessment, consideration has been given to compliance with borrowing covenants along with the uncertainty inherent in future \ufb01nancial forecasts and, where applicable, severe sensitivities have been applied to the key factors affecting \ufb01nancial performance for the Group. The going concern assessment is based on forecasts to the end of March 2025, which exceeds the required period of assessment of at least 12 months in order to be aligned to the Group\u2019s interim reporting date, and uses the same forecasts considered by the Group for the purposes of the Viability Statement. The assessment considers a severe downside scenario, re\ufb02ecting the following key assumptions: \u2022 Reducing PRS occupancy to 92% by 31 March 2025 \u2022 Contraction in rental levels of 3.75% p.a. \u2022 Reducing property valuations by 17.5% by 31 March 2025, driven by either yield expansion or house price de\ufb02ation \u2022 20% development cost in\ufb02ation \u2022 Operating cost in\ufb02ation of 20% p.a. \u2022 An increase in SONIA rate of 5% from 1 October 2023 The Group\u2019s forecasts incorporate the likely impact of climate change and sustainability requirements including costs to deliver our climate related targets. This includes EPC upgrades across the portfolio and investing in energy efficient solutions for central heating systems. No new \ufb01nancing is assumed in the assessment period, but existing facilities are assumed to remain available. Even in this severe downside scenario, the Group has sufficient cash reserves, with the loan-to-value covenant remaining no higher than 55% (facility maximum covenant ranges between 70% \u2013 75%) and interest cover above 2.94x (facility minimum covenant ranges between 1.35x \u2013 1.75x) for the period to March 2025 to align with reporting periods, which covers the required period of at least 12 months from the date of authorisation of these \ufb01nancial statements. Based on these considerations, together with available market information and the Directors\u2019 experience of the Group\u2019s property portfolio and markets, the Directors continue to adopt the going concern basis in preparing the accounts for the year ended 30 September 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-354": {
"value": "(b) Basis of consolidation i) Subsidiaries \u2013 Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ii) Joint ventures and associates \u2013 Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Associates are all entities over which the Group has signi\ufb01cant in\ufb02uence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Where the Group owns less than 50% of the voting rights but acts as property and/or asset manager an assessment is made as to whether or not the Group has de facto control over an investee. This includes a review of the Group\u2019s rights relative to those of another investor or investors and the ability the Group has to direct the investees\u2019 relevant activities (further details are provided in Note 18 and Note 19). Investments in joint ventures and associates are accounted for by the equity method of accounting and are initially recognised at cost, and the carrying amount is increased or decreased to recognise the Group\u2019s share of the pro\ufb01t or loss after the date of acquisition. The joint venture and associate results for the 12 months to 30 September 2023 and the \ufb01nancial position as at that date have been equity accounted in these \ufb01nancial statements. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition pro\ufb01ts or losses is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in other comprehensive income. Where the Group\u2019s interest has been reduced to \u00a3nil, additional losses are provided for, and a liability is recognised, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture or associate. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in joint ventures and associates. The accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. iii) Business combinations \u2013 At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination where an integrated set of activities are acquired in addition to the property. Consideration is also given to the concentration test permitted under IFRS 3 Business Combinations. When the acquisition of a subsidiary does not represent a business, it is accounted for as an acquisition of assets and liabilities. The cost of acquisition is allocated to the assets and liabilities acquired based on their fair values, and no goodwill or deferred tax is recognised. A business combination may also require the recognition of identi\ufb01able intangible assets by the Group. An intangible asset is deemed to be identi\ufb01able if it is able to be separated or divided from the other assets acquired in the business combination and sold, licensed or exchanged for something else of value, even if the intention to do so is not present on behalf of the Group. Where an intangible asset is not individually separable, it may still meet the separability criterion if it is separable in combination with a related contract, identi\ufb01able asset or liability. Business combinations are accounted for using the acquisition method. The cost of the acquisition is measured as the fair value of the assets given and equity instruments issued. Identi\ufb01able assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the date of acquisition. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identi\ufb01able assets, including intangible assets, of the acquired entity at the date of acquisition. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Costs attributable to an acquisition of a business are expensed in the consolidated income statement under the heading \u2018Other expenses\u2019. Goodwill on acquisition of subsidiaries is included within this caption in the consolidated statement of \ufb01nancial position. Goodwill on acquisition of joint ventures and associates is included in investments in joint ventures and associates. Goodwill is allocated to cash generating units for the purpose of impairment testing and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-391": {
"value": "i) Subsidiaries \u2013 Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-392": {
"value": "ii) Joint ventures and associates \u2013 Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Associates are all entities over which the Group has signi\ufb01cant in\ufb02uence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Where the Group owns less than 50% of the voting rights but acts as property and/or asset manager an assessment is made as to whether or not the Group has de facto control over an investee. This includes a review of the Group\u2019s rights relative to those of another investor or investors and the ability the Group has to direct the investees\u2019 relevant activities (further details are provided in Note 18 and Note 19). Investments in joint ventures and associates are accounted for by the equity method of accounting and are initially recognised at cost, and the carrying amount is increased or decreased to recognise the Group\u2019s share of the pro\ufb01t or loss after the date of acquisition. The joint venture and associate results for the 12 months to 30 September 2023 and the \ufb01nancial position as at that date have been equity accounted in these \ufb01nancial statements. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition pro\ufb01ts or losses is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in other comprehensive income. Where the Group\u2019s interest has been reduced to \u00a3nil, additional losses are provided for, and a liability is recognised, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture or associate. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in joint ventures and associates. The accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-410": {
"value": "ii) Joint ventures and associates \u2013 Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Associates are all entities over which the Group has signi\ufb01cant in\ufb02uence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Where the Group owns less than 50% of the voting rights but acts as property and/or asset manager an assessment is made as to whether or not the Group has de facto control over an investee. This includes a review of the Group\u2019s rights relative to those of another investor or investors and the ability the Group has to direct the investees\u2019 relevant activities (further details are provided in Note 18 and Note 19). Investments in joint ventures and associates are accounted for by the equity method of accounting and are initially recognised at cost, and the carrying amount is increased or decreased to recognise the Group\u2019s share of the pro\ufb01t or loss after the date of acquisition. The joint venture and associate results for the 12 months to 30 September 2023 and the \ufb01nancial position as at that date have been equity accounted in these \ufb01nancial statements. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition pro\ufb01ts or losses is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in other comprehensive income. Where the Group\u2019s interest has been reduced to \u00a3nil, additional losses are provided for, and a liability is recognised, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture or associate. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in joint ventures and associates. The accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-414": {
"value": "ii) Joint ventures and associates \u2013 Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Associates are all entities over which the Group has signi\ufb01cant in\ufb02uence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Where the Group owns less than 50% of the voting rights but acts as property and/or asset manager an assessment is made as to whether or not the Group has de facto control over an investee. This includes a review of the Group\u2019s rights relative to those of another investor or investors and the ability the Group has to direct the investees\u2019 relevant activities (further details are provided in Note 18 and Note 19). Investments in joint ventures and associates are accounted for by the equity method of accounting and are initially recognised at cost, and the carrying amount is increased or decreased to recognise the Group\u2019s share of the pro\ufb01t or loss after the date of acquisition. The joint venture and associate results for the 12 months to 30 September 2023 and the \ufb01nancial position as at that date have been equity accounted in these \ufb01nancial statements. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition pro\ufb01ts or losses is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in other comprehensive income. Where the Group\u2019s interest has been reduced to \u00a3nil, additional losses are provided for, and a liability is recognised, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture or associate. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Unrealised gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in joint ventures and associates. The accounting policies of joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-393": {
"value": "iii) Business combinations \u2013 At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination where an integrated set of activities are acquired in addition to the property. Consideration is also given to the concentration test permitted under IFRS 3 Business Combinations. When the acquisition of a subsidiary does not represent a business, it is accounted for as an acquisition of assets and liabilities. The cost of acquisition is allocated to the assets and liabilities acquired based on their fair values, and no goodwill or deferred tax is recognised. A business combination may also require the recognition of identi\ufb01able intangible assets by the Group. An intangible asset is deemed to be identi\ufb01able if it is able to be separated or divided from the other assets acquired in the business combination and sold, licensed or exchanged for something else of value, even if the intention to do so is not present on behalf of the Group. Where an intangible asset is not individually separable, it may still meet the separability criterion if it is separable in combination with a related contract, identi\ufb01able asset or liability. Business combinations are accounted for using the acquisition method. The cost of the acquisition is measured as the fair value of the assets given and equity instruments issued. Identi\ufb01able assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the date of acquisition. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identi\ufb01able assets, including intangible assets, of the acquired entity at the date of acquisition. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Costs attributable to an acquisition of a business are expensed in the consolidated income statement under the heading \u2018Other expenses\u2019. Goodwill on acquisition of subsidiaries is included within this caption in the consolidated statement of \ufb01nancial position. Goodwill on acquisition of joint ventures and associates is included in investments in joint ventures and associates. Goodwill is allocated to cash generating units for the purpose of impairment testing and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-355": {
"value": "(c) Adoption of new and revised International Financial Reporting Standards and interpretations The following new standards and amendments to standards were issued in the year and have no material impact on the \ufb01nancial statements: \u2022 Reference to the conceptual framework (amendments to IFRS 3); \u2022 Onerous contracts - cost of ful\ufb01lling a contract (amendments to IAS 37); \u2022 Annual improvements to IFRS Standards 2018-2020; \u2022 Property, Plant and Equipment: proceeds before intended use (amendments to IAS 16) The following new standards and amendments to standards have been issued but are not yet effective for the Group and have not been early adopted: \u2022 Classi\ufb01cation of liabilities as current or non-current (amendments to IAS 1) \u2022 IFRS 17 insurance contracts \u2022 Accounting policies, changes in accounting estimates and errors: de\ufb01nition (amendments to IAS 8) \u2022 Presentation of \ufb01nancial statements and making materiality judgements (amendments to IAS 1, IFRS Practice Statement 2) \u2022 Deferred tax related to assets and liabilities arising from a single transaction (amendments to IAS 12) The application of these new standards and amendments are not expected to have a material impact on the Group\u2019s \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-394": {
"value": "The following new standards and amendments to standards were issued in the year and have no material impact on the \ufb01nancial statements: \u2022 Reference to the conceptual framework (amendments to IFRS 3); \u2022 Onerous contracts - cost of ful\ufb01lling a contract (amendments to IAS 37); \u2022 Annual improvements to IFRS Standards 2018-2020; \u2022 Property, Plant and Equipment: proceeds before intended use (amendments to IAS 16) ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-395": {
"value": "The following new standards and amendments to standards have been issued but are not yet effective for the Group and have not been early adopted: \u2022 Classi\ufb01cation of liabilities as current or non-current (amendments to IAS 1) \u2022 IFRS 17 insurance contracts \u2022 Accounting policies, changes in accounting estimates and errors: de\ufb01nition (amendments to IAS 8) \u2022 Presentation of \ufb01nancial statements and making materiality judgements (amendments to IAS 1, IFRS Practice Statement 2) \u2022 Deferred tax related to assets and liabilities arising from a single transaction (amendments to IAS 12) The application of these new standards and amendments are not expected to have a material impact on the Group\u2019s \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-356": {
"value": "2. Critical accounting estimates and judgements The Group\u2019s signi\ufb01cant accounting policies are stated in the relevant notes to the Group \ufb01nancial statements. The preparation of \ufb01nancial statements requires management to exercise judgement in applying the Group\u2019s accounting policies. It also requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and assumptions, including those associated with climate change, are reviewed on an on-going basis with revisions recognised in the period in which the estimates are revised and in any future periods affected. The areas involving a higher degree of judgement or complexity are set out below. Estimates 1) Valuation of property assets Residential trading property is carried in the statement of \ufb01nancial position at the lower of cost and net realisable value and investment property is carried at fair value. The Group does, however, in its principal non-GAAP net asset value measures, EPRA NRV, EPRA NTA and EPRA NDV, include trading property at market value. The adjustment in the value of trading property is the difference between the statutory book value and its market value as set out in Note 4. For investment property, market value is the same as fair value. In respect of trading properties, market valuation is the key assumption in determining the net realisable value of those properties. The results and the basis of each valuation and their impact on both the statutory \ufb01nancial statements and market value for the Group\u2019s non-GAAP net asset value measures are set out below. This includes details of key estimates and assumptions, along with which an independent professional adviser has been utilised to determine valuations for each asset category. In all cases, forming these valuations inherently includes elements of judgement and subjectivity with regard to the selection of unobservable inputs. The methodology for the year end valuation process for capitalised yield-based valuations is consistent with the prior year. This is considered to be the most appropriate method for valuing assets that are likely to be held as long-term investments and represents 71% of our property assets relating primarily to PRS blocks, including new build PRS assets. The remaining 29% of property assets are valued based on current house prices, re\ufb02ecting the prevailing market conditions as at the reporting date. Where appropriate, sustainability and environmental matters are an integral part of the valuation approach. \u2018Sustainability\u2019 is taken to mean the consideration of such matters as environment and climate change, health and well-being and corporate responsibility that can or do impact on the valuation of an asset. In a valuation context, sustainability encompasses a wide range of physical, social, environmental, and economic factors that can affect value. The range of issues includes key environmental risks, such as \ufb02ooding, energy efficiency and climate, as well as matters of design, con\ufb01guration, accessibility, legislation, management, and \ufb01scal consideration. Notes PRS \u00a3m Reversionary \u00a3m Other \u00a3m Total \u00a3m Valuer % of properties for which external valuer provides valuation Trading property 10.4 348.9 32.9 392.2 Investment property 2,928.9 20.0 \u2013 2,948.9 Financial asset (CHARM) \u2013 67.0 \u2013 67.0 Total statutory book value 2,939.3 435.9 32.9 3,408.1 Trading property Residential (i) 9.6 673.3 \u2013 682.9 Allsop LLP 84% Developments (ii) \u2013 \u2013 51.4 51.4 CBRE Limited 98% Total trading property 9.6 673.3 51.4 734.3 Investment property Residential (i) 329.5 20.0 \u2013 349.5 Allsop LLP/ CBRE Limited 100% Developments (ii) 74.7 \u2013 \u2013 74.7 CBRE Limited 100% New build PRS (iii) 2,203.3 \u2013 \u2013 2,203.3 CBRE Limited 100% Affordable housing (iv) 178.7 \u2013 \u2013 178.7 Allsop LLP 100% Tricomm Housing (v) 142.7 \u2013 \u2013 142.7 Allsop LLP 100% Total investment property 2,928.9 20.0 \u2013 2,948.9 Financial asset (CHARM)1 (vi) \u2013 67.0 \u2013 67.0 Allsop LLP 100% Total assets at market value 2,938.5 760.3 51.4 3,750.2 Statutory book value 2,939.3 435.9 32.9 3,408.1 Market value adjustment 2 (0.8) 324.4 18.5 342.1 Total assets at market value 2,938.5 760.3 51.4 3,750.2 Net revaluation loss recognised in the income statement for wholly-owned properties (68.8) Net revaluation loss relating to joint ventures and associates3 (vii) (0.5) Net revaluation loss recognised in the year 3 (69.3) 1. Allsop LLP provide vacant possession values used by the Directors to value the \ufb01nancial asset in accordance with the accounting policy set out in Note 20. 2. The market value adjustment is the difference between the statutory book value and the market value of the Group\u2019s properties. Refer to Note 4 for market value net asset measures. 3. Includes the Group\u2019s share of joint ventures and associates revaluation loss after tax. i) Residential Trading property: The Group\u2019s own in-house quali\ufb01ed team provided a vacant possession value for the majority of the Group\u2019s residential properties as at 30 September 2023. A structured sample of these in-house valuations was reviewed by Allsop LLP, an external independent valuer. Valuing the large number of properties in this portfolio is a signi\ufb01cant task. For this reason it is undertaken on an external inspection basis only. Invariably, when the in-house valuations are compared with those of the external valuer, around 78% (2022: 79%) of the valuations are within a small acceptable tolerance. Where the difference is more signi\ufb01cant, this is discussed with the valuer to determine the reasons for the difference. Typically, the reasons vary, but it could be, for example, that further or better information about internal condition is available or that respective valuers have placed a different interpretation on comparable sales. Once such reasons have been identi\ufb01ed, the Group and the valuer agree the appropriate valuation that should be adopted as the Directors\u2019 Valuation. Allsop LLP has provided the Directors with the following opinion on the Directors\u2019 Valuation: Property held in the residential portfolio was valued as at 30 September 2023 by Grainger\u2019s in-house surveyors. These valuations were reviewed and approved by the Directors. Allsop LLP has undertaken a comprehensive review of the Directors\u2019 Valuation and they are satis\ufb01ed with the process by which the in-house valuations were conducted. Allsop LLP valued approximately 84% (2022: 74%) of the residential portfolio, independently of the Group. Based on the results of that review, Allsop LLP has concluded that they have a high degree of con\ufb01dence in those Directors\u2019 Valuations. Allsop LLP also recommends a discount to apply to the vacant possession valuations to establish the market value of each property, with the discounts ranging from 5.0% to 17.5% (2022: 15.0% to 17.0%). The discounts are established by tenancy type and region and are based on evidence gathered by Allsop LLP from recent transactional market evidence. The Directors have adopted the discounts recommended by Allsop LLP. Investment property: PRS blocks are valued on an income capitalisation basis, having regard to prevailing market conditions and evidence, and with close regard to the relativity between the market value and the aggregate vacant possession value. The valuation has been prepared in accordance with RICS Professional Valuation Standards where fair value is the same as market value. CBRE Limited valued 73% (2022: 69%) of residential investment property, with Allsop LLP valuing 17% (2022: 19%) on this basis. Gross yields adopted in the valuations broadly range from 4.9% to 8.5% (2022: 4.5% to 7.2%). The remaining 10% (2022: 12%) of residential property is valued in line with the trading property approach, with older properties and groups of individual units valued by Allsop LLP on a discount to vacant possession value basis on the assumption these assets would be sold individually. Residential reversionary assets discounts adopted ranged from 10% to 17.5% (2022: 15.0% to 17.0%), whilst the residential PRS discount to vacant possession value was 5% (2022: 5%). ii) Developments Trading property: Development trading property of \u00a351.4m (2022: \u00a370.1m) relates to the Group\u2019s legacy strategic land assets. The current market value has been assessed by CBRE Limited. Their valuation, representing 98% (2022: 96%) of total value, is on the basis of fair value as de\ufb01ned in the RICS Professional Valuation Standards where fair value is the same as market value. The remaining 2% (2022: 4%) of the portfolio is a Directors\u2019 Valuation. Investment property: CBRE Limited assessed the fair value of the direct development schemes in the course of construction. These schemes are valued on an income capitalisation basis, with gross yields adopted in the valuations ranging from 4.7% to 6.1% (2022: 4.9% to 6.4%). As the assets are under construction, the valuation takes into account estimated costs required to reach completion. iii) New build PRS \u2013 CBRE Limited assessed the fair value of the completed assets and assets in the course of construction. The principal approach was to value the properties on an income capitalisation basis, having regard to prevailing market conditions and evidence, and with close regard to the relativity between the market value and the aggregate vacant possession value. Where applicable, estimated costs required to complete construction have been taken into account. The valuation has been prepared in accordance with RICS Professional Valuation Standards where fair value is the same as market value. The primary unobservable input within the valuation relate to assumptions for gross yields adopted with respect to comparable market evidence, with gross yields ranging from 5.3% to 6.3% (2022: 4.6% to 5.7%) across the portfolio. For assets under construction, a discount to market value to re\ufb02ect stabilisation and construction risk in the remaining build process is applied on an asset by asset basis depending on stage of completion. iv) Affordable housing \u2013 For properties let on affordable rents, social rents or sold on shared ownership leases, Allsop LLP valued the assets on the basis of Existing Use Value for Social Housing (\u2018EUV-SH\u2019) in line with RICS Global Standards. Properties subject to intermediate rents have been valued at market value as these assets are not restricted as social housing in perpetuity. The primary unobservable input within the valuation relates to assumptions for the income capitalisation rate of net rent, which is determined on a tenure basis. The gross yields adopted for 30 September 2023 valuations range from 4.4% to 5.7% (2022: 4.2% to 4.6%). v) Tricomm Housing \u2013 Allsop LLP provided an investment valuation as at 30 September 2023 for the property assets owned by the Group and let under a long-term lease arrangement with the Secretary of State for Defence under a PFI project agreement. The investment valuation is in accordance with RICS Professional Valuation Standards, and is based on a discounted cash \ufb02ow model. Signi\ufb01cant unobservable inputs within the valuation relate to assumptions for house price in\ufb02ation and the discount rates to apply to the cash \ufb02ows. The assumptions adopted for house price in\ufb02ation are: -5.0% in 2024, nil in 2025, and 2.75%-4.0% thereafter. The discount rates applied to the cash \ufb02ows range between 5.0% (2022: 4.4%) non-core MOD income and 6.5% (2022: 6.5%) on reversion. vi) Financial asset (CHARM) \u2013 The valuation methodology adopted for the CHARM asset is set out in Note 20 to the \ufb01nancial statements. CHARM is valued using projected cash \ufb02ows and applies key unobservable inputs being house price in\ufb02ation and discount rates. As such it is classi\ufb01ed as a level 3 asset (Note 27). The assumptions used to value the asset re\ufb02ect an increase in house prices of between nil and 7.19% p.a. (2022: 0.17% and 7.79%). A discount rate of 4.5% (2022: 4.5%) has been applied to the interest income and a rate of 6.5% (2022: 6.5%) has been applied to the projected proceeds from sales of the underlying properties, re\ufb02ecting the risk pro\ufb01le of each individual income stream. Credit risk arises from the credit exposure relating to cash receipts from the \ufb01nancial instrument. All of the cash receipts are payable by the Church Commissioners, a counterparty considered to be low risk as they have no history of past due or impaired amounts and there are no past due amounts outstanding at the year end. vii) Joint ventures and associates \u2013 For Vesta LP, CBRE Limited valued the asset on the same basis described for completed new build PRS assets. Property assets in other joint ventures including the Connected Living London Group and Lewisham Grainger Holdings LLP are held at cost re\ufb02ecting the current early stages of each development. The Directors consider the valuations provided by external valuers to be representative of fair value. As required by RICS Professional Valuation Standards, the external valuers in the UK mentioned above have made full disclosure of the extent and duration of their work for, and fees earned by them from, the Group, which in all cases are less than 5% of their total fees. 2) Net realisable value of trading property The Group\u2019s residential trading properties are carried in the consolidated statement of \ufb01nancial position at the lower of cost and net realisable value. Net realisable value is the net sales proceeds which the Group expects on sale of a property with vacant possession, with vacant possession being determined in line with the approach detailed in Note 2.1i). The Group has a net realisable value provision of \u00a34.8m as at 30 September 2023 (2022: \u00a34.1m). The provision includes speci\ufb01c properties which are vacant and properties expected to become vacant in the future on the assumption of an average annual vacancy rate of c.8% over the next ten years. Consideration has been given in respect of house price in\ufb02ation, being the primary assumption relevant to this calculation, with the provision for properties expected to become vacant in future assuming nil in\ufb02ation over the next ten years. Sensitivity analysis Changes to key assumptions could impact both the income and \ufb01nancial position of the Group. The impact of changes to key assumptions is considered for the valuation of property assets and the net realisable value of trading property using a range of reasonable changes and have been applied to asset categories where sensitivities could have the largest impact. The Group measures its market risk exposure internally by running various sensitivity analyses. The Directors consider that the range of potential movements set out in the table below represent reasonably possible changes. The table below sets out potential impacts that may result from changes to certain assumptions: Increase Decrease Income statement impact \u00a3m Statement of \ufb01nancial position impact \u00a3m Income statement impact \u00a3m Statement of \ufb01nancial position impact \u00a3m Residential (trading property) 10.0% change in house prices (NRV provision impact) 2.5 2.5 (3.5) (3.5) Residential (investment property) 0.50% change in gross yield (48.6) (48.6) 57.6 57.6 Residential (investment property) 5.0% change in net rental income 31.4 31.4 (31.4) (31.4) Developments (investment property) 0.50% change in gross yield (27.8) (27.8) 33.6 33.6 Developments (investment property) 5.0% change in net rental income 16.3 16.3 (16.3) (16.3) New build PRS 0.50% change in gross yield (153.0) (153.0) 180.7 180.7 New build PRS 5.0% change in net rental income 100.9 100.9 (100.9) (100.9) Affordable housing 0.50% change in gross yield (17.1) (17.1) 21.3 21.3 Affordable housing 5.0% change in net rental income 8.7 8.7 (8.7) (8.7) Joint ventures and associates1 0.50% change in gross yield (1.2) (1.2) 1.5 1.5 Joint ventures and associates1 5.0% change in net rental income 0.8 0.8 (0.8) (0.8) Tricomm Housing 10.0% change in house prices 5.7 5.7 (5.7) (5.7) Tricomm Housing 0.75% change in discount rate (0.3) (0.3) 0.3 0.3 Financial asset (CHARM) 10.0% change in house prices 5.7 5.7 (5.7) (5.7) Financial asset (CHARM) 0.75% change in discount rate (3.2) (3.2) 3.4 3.4 1. Joint ventures and associates includes the Group\u2019s share of property revaluation movements. Judgements 1) Distinction between investment and trading property The Group considers the intention at the outset when each property is acquired in order to classify the property as either an investment or a trading property. Where the intention is either to trade the property or where the property is held for immediate sale upon receiving vacant possession within the ordinary course of business, the property is classi\ufb01ed as trading property. Where the intention is to hold the property for its long-term rental yield and/or capital appreciation, the property is classi\ufb01ed as an investment property. The classi\ufb01cation of the Group\u2019s properties is a signi\ufb01cant judgement which directly impacts the statutory net asset position, as trading properties are held at the lower of cost and net realisable value, whilst investment properties are held at fair value, with gains or losses taken through the consolidated income statement. The Group continually reviews properties for changes in use that could subsequently change the classi\ufb01cation of properties. A change in use occurs if property meets, or ceases to meet, the de\ufb01nition of investment property which is more than a change in management\u2019s intentions. The fact patterns associated with changes in the way in which properties are utilised are considered on a case by case basis and to the extent that a change in use is established, property reclassi\ufb01cations are re\ufb02ected appropriately. There have been no property reclassi\ufb01cations in the year. During the prior year, four property portfolios were reclassi\ufb01ed from trading property to investment property where changes in use had been identi\ufb01ed. Trading property with a cost of \u00a3116.5m and market value of \u00a3197.7m was reclassi\ufb01ed as investment property, resulting in valuations gains of \u00a381.2m on reclassi\ufb01cation which were recognised in the consolidated income statement. In addition, \u00a320.3m contingent tax on trading property was reclassi\ufb01ed as deferred tax on investment property in our EPRA NAV metrics which increased EPRA NTA by 3p per share.",
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"value": "3. Analysis of pro\ufb01t before tax The table below details adjusted earnings, which is one of Grainger\u2019s key performance indicators. The metric is utilised as a key measure to aid understanding of the performance of the continuing business and excludes valuation movements and other adjustments, that are one-off in nature, which do not form part of the normal on-going revenue or costs of the business and, either individually or in aggregate, are material to the reported Group results. \u00a3m 2023 2022 Statutory Valuation Other adjustments Adjusted earnings Statutory Valuation Other adjustments Adjusted earnings Group revenue 267.1 \u2013 \u2013 267.1 279.2 \u2013 \u2013 279.2 Net rental income 96.5 \u2013 \u2013 96.5 86.3 \u2013 \u2013 86.3 Pro\ufb01t on disposal of trading property 54.8 (0.3) \u2013 54.5 64.4 (0.8) \u2013 63.6 Pro\ufb01t on disposal of investment property 3.3 \u2013 \u2013 3.3 1.7 \u2013 \u2013 1.7 Income from \ufb01nancial interest in property assets 4.6 0.1 \u2013 4.7 6.0 (1.2) \u2013 4.8 Fees and other income 5.0 \u2013 \u2013 5.0 4.4 \u2013 \u2013 4.4 Administrative expenses (33.5) \u2013 \u2013 (33.5) (31.8) \u2013 \u2013 (31.8) Other expenses (1.2) \u2013 \u2013 (1.2) (10.3) \u2013 9.5 (0.8) Goodwill impairment (0.1) 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (Impairment)/reversal of impairment of inventories to net realisable value (1.0) 1.0 \u2013 \u2013 1.5 (1.5) \u2013 \u2013 Operating pro\ufb01t 128.4 0.9 \u2013 129.3 122.2 (3.5) 9.5 128.2 Net valuation (losses)/gains on investment property (68.8) 68.8 \u2013 \u2013 129.0 (129.0) \u2013 \u2013 Net valuation gains on investment property reclassi\ufb01cations \u2013 \u2013 \u2013 \u2013 81.2 (81.2) \u2013 \u2013 Change in fair value of derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Finance costs (34.0) \u2013 \u2013 (34.0) (34.6) \u2013 \u2013 (34.6) Finance income 2.2 \u2013 \u2013 2.2 1.3 \u2013 \u2013 1.3 Share of (loss)/pro\ufb01t of associates after tax (0.1) 0.5 \u2013 0.4 1.2 (0.9) \u2013 0.3 Share of loss of joint ventures after tax (0.3) \u2013 \u2013 (0.3) (1.7) \u2013 \u2013 (1.7) Pro\ufb01t before tax 27.4 70.2 \u2013 97.6 298.6 (214.6) 9.5 93.5 Tax charge (1.8) (69.2) Pro\ufb01t for the year attributable to the owners of the Company 25.6 229.4 Basic adjusted earnings per share 10.3p 10.2p Diluted adjusted earnings per share 10.3p 10.2p Pro\ufb01t before tax in the adjusted columns above of \u00a397.6m (2022: \u00a393.5m) is the adjusted earnings of the Group. Adjusted earnings per share assumes tax of \u00a321.5m (2022: \u00a317.8m) in line with the standard rate of UK Corporation Tax 22.0% (2022: 19.0%), divided by the weighted average number of shares as shown in Note 15. The Group\u2019s IFRS statutory earnings per share is also detailed in Note 15. The classi\ufb01cation of amounts as other adjustments is a judgement made by management and is a matter referred to the Audit Committee for approval prior to issuing the \ufb01nancial statements. There have been no other adjustments in the current year. In 2022, the \u00a39.5m cost within other adjustments comprises \ufb01re safety expenses including remedial work in respect of legacy assets. These transactions do not form part of the Group\u2019s ongoing activities and, as such, have been classi\ufb01ed as other adjustments. 11. Pro\ufb01t before tax 2023 \u00a3m 2022 \u00a3m Pro\ufb01t before tax is stated after charging: Depreciation of property, plant and equipment 1.1 0.9 Bad debt expense 0.9 1.7 Operating lease payments 0.2 0.2 Auditor\u2019s remuneration (see below) 0.6 0.5 The remuneration paid to KPMG LLP, the Group\u2019s auditor, is disclosed below: Auditor\u2019s remuneration 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Services as auditor to the Company 323 229 Services as auditor to Group subsidiaries 223 257 Group audit fees 546 486 Audit related assurance services 58 40 Non-audit fees 58 40 Total fees 604 526 The relevant proportion of amounts paid to the auditor for the audit of the \ufb01nancial statements of joint ventures is \u00a320,500 (2022: \u00a318,000).",
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"value": "4. Segmental information (a) Accounting policy IFRS 8, Operating Segments requires operating segments to be identi\ufb01ed based upon the Group\u2019s internal reporting to the Chief Operating Decision Maker (\u2018CODM\u2019) so that the CODM can make decisions about resources to be allocated to segments and assess their performance. The Group\u2019s CODM are the Executive Directors. The two signi\ufb01cant segments for the Group are PRS and Reversionary. The PRS segment includes stabilised PRS assets as well as PRS under construction due to direct development and forward funding arrangements, both for wholly-owned assets and the Group\u2019s interest in joint ventures and associates as relevant. The Reversionary segment includes regulated tenancies, as well as CHARM. The Other segment includes legacy strategic land and development arrangements, along with administrative expenses. The key operating performance measure of pro\ufb01t or loss used by the CODM is adjusted earnings before tax, valuation and other adjustments. The principal net asset value (\u2018NAV\u2019) measure reviewed by the CODM is EPRA NTA which is considered to become the most relevant, and therefore the primary NAV measure for the Group. EPRA NTA re\ufb02ects the tax that will crystallise in relation to the trading portfolio, whilst excluding the volatility of mark to market movements on \ufb01xed rate debt and derivatives which are unlikely to be realised. Other NAV measures include EPRA NRV and EPRA NDV which we report alongside EPRA NTA. A full description and reconciliation of these measures is included in the EPRA performance measure section on pages 175 to 178 of this report. Information relating to the Group\u2019s operating segments is set out in the tables below. The tables distinguish between adjusted earnings on a segmental basis. Valuation and other adjustments are not reviewed by the CODM on a segmental basis and should be read in conjunction with Note 3. 2023 Income statement \u00a3m PRS Reversionary Other Total Group revenue 121.5 123.9 21.7 267.1 Segment revenue \u2013 external Net rental income 82.2 13.4 0.9 96.5 Pro\ufb01t on disposal of trading property (0.5) 54.2 0.8 54.5 Pro\ufb01t on disposal of investment property 3.3 \u2013 \u2013 3.3 Income from \ufb01nancial interest in property assets \u2013 4.7 \u2013 4.7 Fees and other income 4.6 \u2013 0.4 5.0 Administrative expenses \u2013 \u2013 (33.5) (33.5) Other expenses (1.2) \u2013 \u2013 (1.2) Net \ufb01nance costs (24.9) (6.3) (0.6) (31.8) Share of trading pro\ufb01t of joint ventures and associates after tax 0.1 \u2013 \u2013 0.1 Adjusted earnings 63.6 66.0 (32.0) 97.6 Valuation movements (70.1) (0.1) \u2013 (70.2) Other adjustments \u2013 \u2013 \u2013 \u2013 Pro\ufb01t before tax (6.5) 65.9 (32.0) 27.4 A reconciliation from adjusted earnings to EPRA earnings is detailed in the table below, with further details shown in the EPRA performance measures on page 175: \u00a3m PRS Reversionary Other Total Adjusted earnings 63.6 66.0 (32.0) 97.6 Pro\ufb01t on disposal of trading property 0.5 (54.2) (0.8) (54.5) Pro\ufb01t on disposal of investment property (3.3) \u2013 \u2013 (3.3) EPRA earnings 60.8 11.8 (32.8) 39.8 2022 Income statement \u00a3m PRS Reversionary Other Total Group revenue 103.2 150.5 25.5 279.2 Segment revenue \u2013 external Net rental income 70.8 15.2 0.3 86.3 Pro\ufb01t on disposal of trading property (0.1) 61.7 2.0 63.6 Pro\ufb01t on disposal of investment property 1.6 0.1 \u2013 1.7 Income from \ufb01nancial interest in property assets \u2013 4.8 \u2013 4.8 Fees and other income 3.8 \u2013 0.6 4.4 Administrative expenses \u2013 \u2013 (31.8) (31.8) Other expenses (0.8) \u2013 \u2013 (0.8) Net \ufb01nance costs (24.7) (7.8) (0.8) (33.3) Share of trading loss of joint ventures and associates after tax (1.4) \u2013 \u2013 (1.4) Adjusted earnings 49.2 74.0 (29.7) 93.5 Valuation movements 133.6 (0.2) \u2013 133.4 Valuation movements on property reclassi\ufb01cations 81.2 \u2013 \u2013 81.2 Other adjustments \u2013 \u2013 (9.5) (9.5) Pro\ufb01t before tax 264.0 73.8 (39.2) 298.6 A reconciliation from adjusted earnings to EPRA earnings is detailed in the table below: \u00a3m PRS Reversionary Other Total Adjusted earnings 49.2 74.0 (29.7) 93.5 Pro\ufb01t on disposal of trading property 0.1 (61.7) (2.0) (63.6) Pro\ufb01t on disposal of investment property (1.6) (0.1) \u2013 (1.7) EPRA earnings 47.7 12.2 (31.7) 28.2 Segmental assets The net asset value measures reviewed by the CODM are EPRA NRV, EPRA NTA and EPRA NDV. These measures re\ufb02ect the current market value of trading property owned by the Group rather than the lower of historical cost and net realisable value. These measures are considered to be a more relevant re\ufb02ection of the value of the assets owned by the Group. EPRA NRV is the Group\u2019s statutory net assets plus the adjustment required to increase the value of trading stock from its statutory accounts value of the lower of cost and net realisable value to its market value. In addition, the statutory statement of \ufb01nancial position amounts for both deferred tax on property revaluations and derivative \ufb01nancial instruments net of deferred tax, including those in joint ventures and associates, are added back to statutory net assets. Finally, the market value of Grainger plc shares owned by the Group are added back to statutory net assets. EPRA NTA assumes that entities buy and sell assets, thereby crystallising certain levels of deferred tax liabilities. For the Group, deferred tax in relation to revaluations of its trading portfolio is taken into account by applying the expected rate of tax to the adjustment that increases the value of trading stock from its statutory accounts value of the lower of cost and net realisable value, to its market value. The measure also excludes all intangible assets on the statutory balance sheet, including goodwill. EPRA NDV reverses some of the adjustments made between statutory net assets, EPRA NRV and EPRA NTA. All of the adjustments for the value of derivative \ufb01nancial instruments net of deferred tax, including those in joint ventures and associates, are reversed. The adjustment for the deferred tax on investment property revaluations excluded from EPRA NRV and EPRA NTA are also reversed, as is the intangible adjustment in respect of EPRA NTA, except for goodwill which remains excluded. In addition, adjustments are made to net assets to re\ufb02ect the fair value, net of deferred tax, of the Group\u2019s \ufb01xed rate debt. Total Accounting Return (NTA basis) of -1.8% is calculated from the closing EPRA NTA of 305p per share plus the dividend of 6.65p per share for the year, divided by the opening EPRA NTA of 317p per share. These measures are set out below by segment along with a reconciliation to the summarised statutory statement of \ufb01nancial position. Additional EPRA disclosures are included on pages 175 to 178. 2023 Segment net assets \u00a3m PRS Reversionary Other Total Pence per share Total segment net assets (statutory) 1,729.8 151.7 47.1 1,928.6 260 Total segment net assets (EPRA NRV) 1,839.3 476.9 43.1 2,359.3 318 Total segment net assets (EPRA NTA) 1,835.1 395.0 37.4 2,267.5 305 Total segment net assets (EPRA NDV) 1,729.2 395.0 208.7 2,332.9 314 2023 Reconciliation of EPRA NAV measures \u00a3m Statutory balance sheet Adjustments to market value, deferred tax and derivatives EPRA NRV balance sheet Adjustments to deferred and contingent tax and intangibles EPRA NTA balance sheet Adjustments to derivatives, \ufb01xed rate debt and intangibles EPRA NDV balance sheet Investment property 2,948.9 \u2013 2,948.9 \u2013 2,948.9 \u2013 2,948.9 Investment in joint ventures and associates 91.0 \u2013 91.0 \u2013 91.0 \u2013 91.0 Financial interest in property assets 67.0 \u2013 67.0 \u2013 67.0 \u2013 67.0 Inventories \u2013 trading property 392.2 342.1 734.3 \u2013 734.3 \u2013 734.3 Cash and cash equivalents 121.0 \u2013 121.0 \u2013 121.0 \u2013 121.0 Other assets 102.2 (33.7) 68.5 (1.0) 67.5 45.9 113.4 Total assets 3,722.3 308.4 4,030.7 (1.0) 4,029.7 45.9 4,075.6 Interest-bearing loans and borrowings (1,533.5) \u2013 (1,533.5) \u2013 (1,533.5) 182.1 (1,351.4) Deferred and contingent tax liabilities (122.3) 122.3 \u2013 (90.8) (90.8) (162.6) (253.4) Other liabilities (137.9) \u2013 (137.9) \u2013 (137.9) \u2013 (137.9) Total liabilities (1,793.7) 122.3 (1,671.4) (90.8) (1,762.2) 19.5 (1,742.7) Net assets 1,928.6 430.7 2,359.3 (91.8) 2,267.5 65.4 2,332.9 In order to provide further analysis, the following table sets out EPRA NTA by segment: \u00a3m PRS Reversionary Other Total EPRA NTA Investment property 2,928.9 20.0 \u2013 2,948.9 Investment in joint ventures and associates 72.8 \u2013 18.2 91.0 Financial interest in property assets \u2013 67.0 \u2013 67.0 Inventories \u2013 trading property 9.6 673.3 51.4 734.3 Cash and cash equivalents 94.8 23.9 2.3 121.0 Other assets 13.4 8.4 45.7 67.5 Total segment EPRA NTA assets 3,119.5 792.6 117.6 4,029.7 Interest-bearing loans and borrowings (1,201.3) (303.1) (29.1) (1,533.5) Deferred and contingent tax liabilities (4.2) (81.9) (4.7) (90.8) Other liabilities (78.9) (12.6) (46.4) (137.9) Total segment EPRA NTA liabilities (1,284.4) (397.6) (80.2) (1,762.2) Net EPRA NTA assets 1,835.1 395.0 37.4 2,267.5 2022 Segment net assets \u00a3m PRS Reversionary Other Total Pence per share Total segment net assets (statutory) 1,711.7 190.7 64.4 1,966.8 265p Total segment net assets (EPRA NRV) 1,833.0 584.9 52.7 2,470.6 333p Total segment net assets (EPRA NTA) 1,827.6 485.6 45.8 2,359.0 317p Total segment net assets (EPRA NDV) 1,712.0 485.6 285.4 2,483.0 334p 2022 Reconciliation of EPRA NAV measures \u00a3m Statutory balance sheet Adjustments to market value, deferred tax and derivatives EPRA NRV balance sheet Adjustments to deferred and contingent tax and intangibles EPRA NTA balance sheet Adjustments to derivatives, \ufb01xed rate debt and intangibles EPRA NDV balance sheet Investment property 2,775.9 \u2013 2,775.9 \u2013 2,775.9 \u2013 2,775.9 Investment in joint ventures and associates 55.2 \u2013 55.2 \u2013 55.2 \u2013 55.2 Financial interest in property assets 69.1 \u2013 69.1 \u2013 69.1 \u2013 69.1 Inventories \u2013 trading property 453.8 419.2 873.0 \u2013 873.0 \u2013 873.0 Cash and cash equivalents 95.9 \u2013 95.9 \u2013 95.9 \u2013 95.9 Other assets 129.2 (51.4) 77.8 (0.5) 77.3 56.5 133.8 Total assets 3,579.1 367.8 3,946.9 (0.5) 3,946.4 56.5 4,002.9 Interest-bearing loans and borrowings (1,357.6) \u2013 (1,357.6) \u2013 (1,357.6) 263.0 (1,094.6) Deferred and contingent tax liabilities (136.9) 136.0 (0.9) (111.1) (112.0) (195.5) (307.5) Other liabilities (117.8) \u2013 (117.8) \u2013 (117.8) \u2013 (117.8) Total liabilities (1,612.3) 136.0 (1,476.3) (111.1) (1,587.4) 67.5 (1,519.9) Net assets 1,966.8 503.8 2,470.6 (111.6) 2,359.0 124.0 2,483.0 In order to provide further analysis, the following table sets out restated EPRA NTA by segment: \u00a3m PRS Reversionary Other Total EPRA NTA Investment property 2,753.5 22.4 \u2013 2,775.9 Investment in joint ventures and associates 37.1 \u2013 18.1 55.2 Financial interest in property assets \u2013 69.1 \u2013 69.1 Inventories \u2013 trading property 13.9 789.0 70.1 873.0 Cash and cash equivalents 71.2 22.4 2.3 95.9 Other assets 16.2 11.7 49.4 77.3 Total segment EPRA NTA assets 2,891.9 914.6 139.9 3,946.4 Interest-bearing loans and borrowings (1,008.6) (316.7) (32.3) (1,357.6) Deferred and contingent tax liabilities (5.4) (99.3) (7.3) (112.0) Other liabilities (50.3) (13.0) (54.5) (117.8) Total segment EPRA NTA liabilities (1,064.3) (429.0) (94.1) (1,587.4) Net EPRA NTA assets 1,827.6 485.6 45.8 2,359.0",
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"value": "(a) Accounting policy IFRS 8, Operating Segments requires operating segments to be identi\ufb01ed based upon the Group\u2019s internal reporting to the Chief Operating Decision Maker (\u2018CODM\u2019) so that the CODM can make decisions about resources to be allocated to segments and assess their performance. The Group\u2019s CODM are the Executive Directors. The two signi\ufb01cant segments for the Group are PRS and Reversionary. The PRS segment includes stabilised PRS assets as well as PRS under construction due to direct development and forward funding arrangements, both for wholly-owned assets and the Group\u2019s interest in joint ventures and associates as relevant. The Reversionary segment includes regulated tenancies, as well as CHARM. The Other segment includes legacy strategic land and development arrangements, along with administrative expenses. The key operating performance measure of pro\ufb01t or loss used by the CODM is adjusted earnings before tax, valuation and other adjustments. The principal net asset value (\u2018NAV\u2019) measure reviewed by the CODM is EPRA NTA which is considered to become the most relevant, and therefore the primary NAV measure for the Group. EPRA NTA re\ufb02ects the tax that will crystallise in relation to the trading portfolio, whilst excluding the volatility of mark to market movements on \ufb01xed rate debt and derivatives which are unlikely to be realised. Other NAV measures include EPRA NRV and EPRA NDV which we report alongside EPRA NTA. A full description and reconciliation of these measures is included in the EPRA performance measure section on pages 175 to 178 of this report. ",
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"value": "5. Group revenue Accounting policy Revenue is measured at the fair value of the consideration received or receivable and is stated net of sales taxes and value added taxes. Gross proceeds from disposal of trading property and fees and other income are recognised in accordance with IFRS 15. Gross rental income is recognised in accordance with IFRS 16. 2023 \u00a3m 2022 \u00a3m Gross rental income (Note 6) 133.7 121.4 Gross proceeds from disposal of trading property (Note 7) 128.4 153.4 Fees and other income (Note 9) 5.0 4.4 267.1 279.2",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-419": {
"value": "Accounting policy Revenue is measured at the fair value of the consideration received or receivable and is stated net of sales taxes and value added taxes. Gross proceeds from disposal of trading property and fees and other income are recognised in accordance with IFRS 15. Gross rental income is recognised in accordance with IFRS 16. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
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"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-360": {
"value": "6. Net rental income Accounting policy Gross rental income is recognised on a straight-line basis over the lease term on an accruals basis. Directly attributable property management, repair and maintenance costs are deducted from gross rental income to determine net rental income. 2023 \u00a3m 2022 \u00a3m Gross rental income 133.7 121.4 Property operating expenses (37.2) (35.1) 96.5 86.3 Net rental income presented above re\ufb02ects the total net rental income across all assets of the Group. Within this, gross rental income of \u00a3129.8m and property operating expenses of \u00a333.1m generating gross to net performance of 25.5% related to the Group\u2019s stabilised assets (2022: gross rental income of \u00a3116.1m and property operating expenses of \u00a329.6m generating stabilised gross to net performance of 25.5%).",
"dimensions": {
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"entity": "scheme:2138007CEIRKZMNI2979",
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"fact-420": {
"value": "Accounting policy Gross rental income is recognised on a straight-line basis over the lease term on an accruals basis. Directly attributable property management, repair and maintenance costs are deducted from gross rental income to determine net rental income. ",
"dimensions": {
"concept": "graingerplc:DescriptionOfAccountingPolicyForNetRentalIncome",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-361": {
"value": "7. Pro\ufb01t on disposal of trading property Accounting policy Property is regarded as sold when performance obligations have been met and control has been transferred to the buyer. This is generally deemed to be on legal completion as at this point the buyer is able to determine the use of the property and has rights to any cash in\ufb02ows or out\ufb02ows in respect of the property. Pro\ufb01ts or losses are calculated by reference to the carrying value of the property sold. For a development property, this is assessed through the use of a gross margin for the site as a whole or such other basis that provides an appropriate allocation of costs. Contract revenue and expenses are recognised over time in the consolidated income statement, with performance obligations satis\ufb01ed continually across the period in which the asset is created or enhanced. Control of the asset is transferred to the customer across the construction period rather than upon completion of the asset in its entirety as, per the contract in place, this is when the customer gains their residual interest. The input method used to measure progress is the value of work completed, denoted by the costs incurred to date, and revenue is subsequently recognised at the margin stipulated in the contract. This is also when the Group become entitled to the consideration arising from the contract. Revenues are recognised as contract assets in trade and other receivables (Note 23) and are recovered on completion of the development. 2023 \u00a3m 2022 \u00a3m Gross proceeds from disposal of trading property 128.4 153.4 Selling costs (2.8) (4.0) Net proceeds from disposal of trading property 125.6 149.4 Carrying value of trading property sold (Note 22) (70.8) (85.0) 54.8 64.4 Nil contract revenue has been recognised in the period (2022: nil).",
"dimensions": {
"concept": "graingerplc:DisclosureOfProfitOnDisposalOfTradingProperty",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-421": {
"value": "Accounting policy Property is regarded as sold when performance obligations have been met and control has been transferred to the buyer. This is generally deemed to be on legal completion as at this point the buyer is able to determine the use of the property and has rights to any cash in\ufb02ows or out\ufb02ows in respect of the property. Pro\ufb01ts or losses are calculated by reference to the carrying value of the property sold. For a development property, this is assessed through the use of a gross margin for the site as a whole or such other basis that provides an appropriate allocation of costs. Contract revenue and expenses are recognised over time in the consolidated income statement, with performance obligations satis\ufb01ed continually across the period in which the asset is created or enhanced. Control of the asset is transferred to the customer across the construction period rather than upon completion of the asset in its entirety as, per the contract in place, this is when the customer gains their residual interest. The input method used to measure progress is the value of work completed, denoted by the costs incurred to date, and revenue is subsequently recognised at the margin stipulated in the contract. This is also when the Group become entitled to the consideration arising from the contract. Revenues are recognised as contract assets in trade and other receivables (Note 23) and are recovered on completion of the development. ",
"dimensions": {
"concept": "graingerplc:DescriptionOfAccountingPolicyForProfitOnDisposalOfTradingProperty",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-363": {
"value": "8. Pro\ufb01t on disposal of investment property Accounting policy Investment property is regarded as sold when the recipient obtains control of the property, which is generally deemed to be on legal completion. Pro\ufb01ts or losses are calculated by reference to the carrying value of the property sold. 2023 \u00a3m 2022 \u00a3m Gross proceeds from disposal of investment property 65.3 21.3 Selling costs (1.8) (0.4) Net proceeds from disposal of investment property 63.5 20.9 Carrying value of investment property sold (Note 16) (60.2) (19.2) 3.3 1.7",
"dimensions": {
"concept": "graingerplc:DisclosureOfProfitOnDisposalOfInvestmentProperty",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-422": {
"value": "Accounting policy Investment property is regarded as sold when the recipient obtains control of the property, which is generally deemed to be on legal completion. Pro\ufb01ts or losses are calculated by reference to the carrying value of the property sold. ",
"dimensions": {
"concept": "graingerplc:DescriptionOfAccountingPolicyForProfitOnDisposalOfInvestmentProperty",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-362": {
"value": "9. Fees and other income 2023 \u00a3m 2022 \u00a3m Property and asset management fee income 3.2 2.7 Other sundry income 1.8 1.7 5.0 4.4 Included within other sundry income in the current year is \u00a31.6m (2022: \u00a31.1m) liquidated and ascertained damages (\u2018LADs\u2019) recorded to compensate the Group for lost rental income resulting from the delayed completion of construction contracts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-364": {
"value": "10. Employees 2023 \u00a3m 2022 \u00a3m Wages and salaries 23.3 20.9 Social security costs 2.4 2.4 Other pension costs \u2013 de\ufb01ned contribution scheme (Note 28) 1.5 1.4 Share-based payments (Note 30) 2.4 1.7 29.6 26.4 The average monthly number of Group employees during the year (including Executive Directors) was: 2023 Number 2022 Number Operations 235 212 Shared services 107 102 Group 15 14 357 328 Details of Directors\u2019 remuneration, including pension costs, share options and interests in the LTIP, are provided in the audited section of the Remuneration Committee report on pages 93 to 111. Information about bene\ufb01ts of Directors The following amounts are disclosed in accordance with Schedule 5 of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008. 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Aggregate Directors\u2019 remuneration 2,818 2,723 Aggregate amount of gains on exercise of share options 5 8 Aggregate amount of money or assets received or receivable under scheme interests 1,084 571 3,907 3,302 None of the Directors (2022: none) were members of the Group de\ufb01ned bene\ufb01t scheme or the de\ufb01ned contribution scheme. Key management compensation 2023 \u00a3m 2022 \u00a3m Short-term employee bene\ufb01ts 7.8 7.0 Post-employment bene\ufb01ts 0.5 0.5 Share-based payments 2.1 1.5 10.4 9.0 Key management \ufb01gures shown above include Executive and Non-Executive Directors and all internal Directors of speci\ufb01c functions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-396": {
"value": "Key management compensation 2023 \u00a3m 2022 \u00a3m Short-term employee bene\ufb01ts 7.8 7.0 Post-employment bene\ufb01ts 0.5 0.5 Share-based payments 2.1 1.5 10.4 9.0 Key management \ufb01gures shown above include Executive and Non-Executive Directors and all internal Directors of speci\ufb01c functions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-365": {
"value": "12. Finance costs and income 2023 \u00a3m 2022 \u00a3m Finance costs Bank loans and mortgages 17.3 12.1 Non-bank \ufb01nancial institution 8.4 8.4 Corporate bond 22.6 22.6 Interest capitalised under IAS 23 (17.5) (12.0) Other \ufb01nance costs 3.2 3.5 34.0 34.6 Finance income Interest receivable from joint ventures (Note 34) (0.9) (0.7) Other interest receivable (1.3) (0.6) (2.2) (1.3) Net \ufb01nance costs 31.8 33.3 The weighted average interest rate applicable to capitalised interest is 3.88% (2022: 3.69%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-417": {
"value": "12. Finance costs and income 2023 \u00a3m 2022 \u00a3m Finance costs Bank loans and mortgages 17.3 12.1 Non-bank \ufb01nancial institution 8.4 8.4 Corporate bond 22.6 22.6 Interest capitalised under IAS 23 (17.5) (12.0) Other \ufb01nance costs 3.2 3.5 34.0 34.6 Finance income Interest receivable from joint ventures (Note 34) (0.9) (0.7) Other interest receivable (1.3) (0.6) (2.2) (1.3) Net \ufb01nance costs 31.8 33.3 The weighted average interest rate applicable to capitalised interest is 3.88% (2022: 3.69%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-416": {
"value": "12. Finance costs and income 2023 \u00a3m 2022 \u00a3m Finance costs Bank loans and mortgages 17.3 12.1 Non-bank \ufb01nancial institution 8.4 8.4 Corporate bond 22.6 22.6 Interest capitalised under IAS 23 (17.5) (12.0) Other \ufb01nance costs 3.2 3.5 34.0 34.6 Finance income Interest receivable from joint ventures (Note 34) (0.9) (0.7) Other interest receivable (1.3) (0.6) (2.2) (1.3) Net \ufb01nance costs 31.8 33.3 The weighted average interest rate applicable to capitalised interest is 3.88% (2022: 3.69%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-415": {
"value": "12. Finance costs and income 2023 \u00a3m 2022 \u00a3m Finance costs Bank loans and mortgages 17.3 12.1 Non-bank \ufb01nancial institution 8.4 8.4 Corporate bond 22.6 22.6 Interest capitalised under IAS 23 (17.5) (12.0) Other \ufb01nance costs 3.2 3.5 34.0 34.6 Finance income Interest receivable from joint ventures (Note 34) (0.9) (0.7) Other interest receivable (1.3) (0.6) (2.2) (1.3) Net \ufb01nance costs 31.8 33.3 The weighted average interest rate applicable to capitalised interest is 3.88% (2022: 3.69%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-411": {
"value": "12. Finance costs and income 2023 \u00a3m 2022 \u00a3m Finance costs Bank loans and mortgages 17.3 12.1 Non-bank \ufb01nancial institution 8.4 8.4 Corporate bond 22.6 22.6 Interest capitalised under IAS 23 (17.5) (12.0) Other \ufb01nance costs 3.2 3.5 34.0 34.6 Finance income Interest receivable from joint ventures (Note 34) (0.9) (0.7) Other interest receivable (1.3) (0.6) (2.2) (1.3) Net \ufb01nance costs 31.8 33.3 The weighted average interest rate applicable to capitalised interest is 3.88% (2022: 3.69%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-397": {
"value": "12. Finance costs and income 2023 \u00a3m 2022 \u00a3m Finance costs Bank loans and mortgages 17.3 12.1 Non-bank \ufb01nancial institution 8.4 8.4 Corporate bond 22.6 22.6 Interest capitalised under IAS 23 (17.5) (12.0) Other \ufb01nance costs 3.2 3.5 34.0 34.6 Finance income Interest receivable from joint ventures (Note 34) (0.9) (0.7) Other interest receivable (1.3) (0.6) (2.2) (1.3) Net \ufb01nance costs 31.8 33.3 The weighted average interest rate applicable to capitalised interest is 3.88% (2022: 3.69%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-366": {
"value": "13. Tax Accounting policy The taxation charge for the year represents the sum of the tax currently payable and deferred tax. The charge is recognised in the income statement and statement of comprehensive income according to the accounting treatment of the related transaction. Current tax payable or receivable is based on the taxable income for the period and any adjustment in respect of prior periods and is calculated using tax rates that have been enacted or substantively enacted at the end of the reporting period. Tax payable upon the realisation of revaluation gains recognised in prior periods is recorded as a current tax charge with a release of the associated deferred tax. Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated \ufb01nancial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that taxable pro\ufb01t will give rise to a future tax liability against which the deferred tax assets can be recovered. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same tax authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The tax charge for the year of \u00a31.8m (2022: \u00a369.2m) recognised in the consolidated income statement comprises: 2023 \u00a3m 2022 \u00a3m Current tax Corporation tax on pro\ufb01t 18.9 17.8 Adjustments relating to prior years (4.3) (5.2) 14.6 12.6 Deferred tax Origination and reversal of temporary differences (14.2) 51.7 Adjustments relating to prior years 1.4 4.9 (12.8) 56.6 Total tax charge for the year 1.8 69.2 The 2023 current tax adjustments relating to prior years re\ufb02ect adjustments which have been included in submitted tax returns and represent movements between deferred and current tax in relation to investment properties and capital allowances. The Group works in an open and transparent manner and maintains a regular dialogue with HM Revenue and Customs. This approach is consistent with the \u201clow risk\u201d rating we have been awarded by HM Revenue and Customs and to which the Group is committed. The Group\u2019s results for this year are taxed at an effective rate of 22.0% (2022: 19.0%). The tax charge for the year is lower (2022: higher) than the charge for the year derived by applying the standard rate of 22.0% (2022: 19.0%) to the pro\ufb01t before tax. The differences are explained below: 2023 \u00a3m 2022 \u00a3m Pro\ufb01t before tax 27.4 298.6 Income tax at a rate of 22.0% (2022: 19.0%) 6.0 56.7 Expenses not deductible for tax purposes 0.3 0.2 Share of joint ventures and associates after tax 0.1 0.1 Effect of future tax rates over current tax rates (1.7) 12.4 Adjustment in respect of prior periods (2.9) (0.2) Amounts recognised in the income statement 1.8 69.2 In addition to the above, a deferred tax credit of \u00a34.3m (2022: charge of \u00a313.3m) was recognised within other comprehensive income comprising: 2023 \u00a3m 2022 \u00a3m Remeasurement of BPT Limited de\ufb01ned bene\ufb01t pension scheme (0.3) 1.4 Fair value movement in cash \ufb02ow hedges (4.0) 11.9 Amounts recognised in other comprehensive income (4.3) 13.3 Deferred tax balances comprise temporary differences attributable to: 2023 \u00a3m 2022 \u00a3m Deferred tax assets Short-term temporary differences 3.7 1.2 3.7 1.2 Deferred tax liabilities Trading property uplift to fair value on business combinations (5.2) (6.3) Investment property revaluation (95.2) (108.9) Short-term temporary differences (13.2) (8.6) Fair value movement in \ufb01nancial interest in property assets (1.1) (1.2) Actuarial gain on BPT Limited de\ufb01ned bene\ufb01t pension scheme (0.9) (1.2) Fair value movement in derivative \ufb01nancial instruments (6.7) (10.7) (122.3) (136.9) Total deferred tax (118.6) (135.7) Deferred tax has been calculated at a rate of 25.0% (2022: 25.0%) in line with the enacted main rate of corporation tax applicable from 1 April 2023. In addition to the tax amounts shown above, contingent tax based on EPRA market value measures, being tax on the difference between the carrying value of trading properties in the statement of \ufb01nancial position and their market value, has not been recognised by the Group. This contingent tax amounts to \u00a385.5m, calculated at 25.0% (2022: \u00a3104.8m, calculated at 25.0%), and will be realised as the properties are sold. It is not possible for the Group to identify the timing of movements in deferred tax between those expected within one year and those expected in a period greater than one year. This is because movements in the main balances, both assets and liabilities, will be determined by factors outside the control of the Group, namely the vacation date of properties and interest yield curve movements. However, given the long-term nature of our property ownership, we anticipate that the balance will predominantly be crystallised in a period greater than one year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-423": {
"value": "Accounting policy The taxation charge for the year represents the sum of the tax currently payable and deferred tax. The charge is recognised in the income statement and statement of comprehensive income according to the accounting treatment of the related transaction. Current tax payable or receivable is based on the taxable income for the period and any adjustment in respect of prior periods and is calculated using tax rates that have been enacted or substantively enacted at the end of the reporting period. Tax payable upon the realisation of revaluation gains recognised in prior periods is recorded as a current tax charge with a release of the associated deferred tax. Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated \ufb01nancial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that taxable pro\ufb01t will give rise to a future tax liability against which the deferred tax assets can be recovered. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same tax authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-440": {
"value": "Accounting policy The taxation charge for the year represents the sum of the tax currently payable and deferred tax. The charge is recognised in the income statement and statement of comprehensive income according to the accounting treatment of the related transaction. Current tax payable or receivable is based on the taxable income for the period and any adjustment in respect of prior periods and is calculated using tax rates that have been enacted or substantively enacted at the end of the reporting period. Tax payable upon the realisation of revaluation gains recognised in prior periods is recorded as a current tax charge with a release of the associated deferred tax. Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated \ufb01nancial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that taxable pro\ufb01t will give rise to a future tax liability against which the deferred tax assets can be recovered. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same tax authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-367": {
"value": "14. Dividends Accounting policy Dividends are recognised through equity when approved by the Company\u2019s Shareholders or on payment, whichever is earlier. Dividends paid in the year are shown below: 2023 \u00a3m 2022 \u00a3m Ordinary dividends on equity shares: Final dividend for the year ended 30 September 2021 \u2013 3.32p per share \u2013 24.6 Interim dividend for the year ended 30 September 2022 \u2013 2.08p per share \u2013 15.4 Final dividend for the year ended 30 September 2022 \u2013 3.89p per share 28.8 \u2013 Interim dividend for the year ended 30 September 2023 \u2013 2.28p per share 16.9 \u2013 45.7 40.0 Subject to approval at the AGM, the \ufb01nal dividend of 4.37p per share (gross) amounting to \u00a332.2m will be paid on 14 February 2024 to Shareholders on the register at the close of business on 29 December 2023. Shareholders will again be offered the option to participate in a dividend reinvestment plan and the last day for election is 24 January 2024. An interim dividend of 2.28p per share amounting to a total of \u00a316.9m was paid to Shareholders on 3 July 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-424": {
"value": "Accounting policy Dividends are recognised through equity when approved by the Company\u2019s Shareholders or on payment, whichever is earlier. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-368": {
"value": "15. Earnings per share Accounting policy Basic Basic earnings per share is calculated by dividing the pro\ufb01t or loss attributable to the owners of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Group and held both in Trust and as treasury shares to meet its obligations under the Long-Term Incentive Plan (\u2018LTIP\u2019) and Deferred Bonus Plan (\u2018DBP\u2019) on which the dividends are being waived. Diluted Diluted earnings per share is calculated by adjusting the weighted average number of shares in issue by the dilutive effect of ordinary shares that the Company may potentially issue relating to its share option schemes and contingent share awards under the LTIP and DBP, based upon the number of shares that would be issued if 30 September 2023 was the end of the contingency period. Where the effect of the above adjustments is antidilutive, they are excluded from the calculation of diluted earnings per share. 30 September 2023 30 September 2022 Pro\ufb01t for the year \u00a3m Weighted average number of shares (millions) Earnings per share (pence) Pro\ufb01t for the year \u00a3m Weighted average number of shares (millions) Earnings per share (pence) Basic earnings per share Pro\ufb01t attributable to equity holders 25.6 739.9 3.5 229.4 740.5 31.0 Effect of potentially dilutive securities Share options and contingent shares \u2013 2.5 \u2013 \u2013 2.6 (0.1) Diluted earnings per share Pro\ufb01t attributable to equity holders 25.6 742.4 3.5 229.4 743.1 30.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-426": {
"value": "Accounting policy Basic Basic earnings per share is calculated by dividing the pro\ufb01t or loss attributable to the owners of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Group and held both in Trust and as treasury shares to meet its obligations under the Long-Term Incentive Plan (\u2018LTIP\u2019) and Deferred Bonus Plan (\u2018DBP\u2019) on which the dividends are being waived. Diluted Diluted earnings per share is calculated by adjusting the weighted average number of shares in issue by the dilutive effect of ordinary shares that the Company may potentially issue relating to its share option schemes and contingent share awards under the LTIP and DBP, based upon the number of shares that would be issued if 30 September 2023 was the end of the contingency period. Where the effect of the above adjustments is antidilutive, they are excluded from the calculation of diluted earnings per share. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-369": {
"value": "16. Investment property Accounting policy Property that is held for long-term rental yields or for capital appreciation, or both, and that is not occupied by the companies in the consolidated Group, is classi\ufb01ed as investment property. Investment property is measured initially at its cost, including related transaction costs. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the speci\ufb01ed asset. If this information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discounted cash \ufb02ow projections. Investment property falls within Level 3 of the fair value hierarchy as de\ufb01ned by IFRS 13. Further details are given in Note 27. Subsequent expenditure is included in the carrying amount of the property when it is probable that the future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item can be measured reliably. All other repair and maintenance costs are charged to the consolidated income statement during the \ufb01nancial period in which they are incurred. Gains or losses arising from changes in the fair value of the Group\u2019s investment properties are included in the consolidated income statement of the period in which they arise. When the Group begins to redevelop an existing trading property for continued future use as an investment property, the property is transferred to investment property and held as a non-current asset. The property is remeasured to fair value as at the date of the transfer with any gain or loss being taken to the income statement. Where speci\ufb01c investment properties are expected to sell within the next 12 months their fair value is shown under assets classi\ufb01ed as held-for-sale within current assets. Any loss on the reclassi\ufb01cation of these assets from investment properties to assets held-for-sale is charged to the consolidated income statement of the period in which this occurs. 2023 \u00a3m 2022 \u00a3m Opening balance 2,775.9 2,179.2 Acquisitions 9.8 14.4 Capital expenditure \u2013 completed assets 20.4 9.2 Capital expenditure \u2013 assets under construction 271.8 265.6 Total additions 302.0 289.2 Transfer from inventories (Note 2, page 136) \u2013 116.5 Disposals (Note 8) (60.2) (19.2) Net valuation (losses)/gains on investment properties (68.8) 129.0 Net valuation gains on investment property reclassi\ufb01cations (Note 2, page 136) \u2013 81.2 Closing balance 2,948.9 2,775.9 Information relating to the basis of valuation of investment property, the use of external independent valuers, and the judgements and assumptions adopted by management is set out in Note 2 \u2018Critical accounting estimates and judgements\u2019. The valuation of investment property takes into account the prevailing market conditions as at the reporting date, including sustainability and climate related considerations associated with the properties. The historical cost of the Group\u2019s investment property as at 30 September 2023 is \u00a32,549.1m (2022: \u00a32,315.0m). Direct property repair and maintenance costs arising from investment property that generated rental income during the year were \u00a35.3m (2022: \u00a34.4m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-425": {
"value": "Accounting policy Property that is held for long-term rental yields or for capital appreciation, or both, and that is not occupied by the companies in the consolidated Group, is classi\ufb01ed as investment property. Investment property is measured initially at its cost, including related transaction costs. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the speci\ufb01ed asset. If this information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discounted cash \ufb02ow projections. Investment property falls within Level 3 of the fair value hierarchy as de\ufb01ned by IFRS 13. Further details are given in Note 27. Subsequent expenditure is included in the carrying amount of the property when it is probable that the future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item can be measured reliably. All other repair and maintenance costs are charged to the consolidated income statement during the \ufb01nancial period in which they are incurred. Gains or losses arising from changes in the fair value of the Group\u2019s investment properties are included in the consolidated income statement of the period in which they arise. When the Group begins to redevelop an existing trading property for continued future use as an investment property, the property is transferred to investment property and held as a non-current asset. The property is remeasured to fair value as at the date of the transfer with any gain or loss being taken to the income statement. Where speci\ufb01c investment properties are expected to sell within the next 12 months their fair value is shown under assets classi\ufb01ed as held-for-sale within current assets. Any loss on the reclassi\ufb01cation of these assets from investment properties to assets held-for-sale is charged to the consolidated income statement of the period in which this occurs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-370": {
"value": "17. Property, plant and equipment Accounting policy Property, plant and equipment are stated at cost less residual value and depreciation and comprise office leases, \ufb01xtures, \ufb01ttings and equipment. Depreciation is charged to the income statement on a straight-line basis over the estimated useful life ranging from 3\u20135 years, with office leases depreciated over the life of the lease. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-427": {
"value": "Accounting policy Property, plant and equipment are stated at cost less residual value and depreciation and comprise office leases, \ufb01xtures, \ufb01ttings and equipment. Depreciation is charged to the income statement on a straight-line basis over the estimated useful life ranging from 3\u20135 years, with office leases depreciated over the life of the lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-371": {
"value": "18. Investment in associates 2023 \u00a3m 2022 \u00a3m Opening balance 16.7 15.5 Share of (loss) / pro\ufb01t for the year (0.1) 1.2 Dividends paid in the year (0.8) \u2013 Closing balance 15.8 16.7 The closing balance comprises share of net assets of \u00a31.2m (2022: \u00a32.1m) and net loans due from associates of \u00a314.6m (2022: \u00a314.6m). At the balance sheet date, there is no expectation of any material credit losses on loans due. As at 30 September 2023, the Group\u2019s interest in active associates was as follows: % of ordinary share capital held Country of incorporation Accounting period end Vesta LP 20.0 UK 30 September In relation to the Group\u2019s investment in associates, the aggregated assets, liabilities, revenues and pro\ufb01t or loss of associates is shown below: 2023 Summarised income statement \u00a3m Vesta LP Net rental income and other income 2.3 Administration and other expenses (0.5) Operating pro\ufb01t 1.8 Revaluation loss on investment property (2.5) Loss before tax (0.7) Ta x \u2013 Loss after tax (0.7) 2023 Summarised statement of \ufb01nancial position \u00a3m Vesta LP Investment property 77.0 Current assets 3.0 Total assets 80.0 Current liabilities (1.2) Non-current liabilities (72.5) Total liabilities (73.7) Net assets 6.3 2022 Summarised income statement \u00a3m Vesta LP Net rental income and other income 2.2 Administration and other expenses (0.5) Operating pro\ufb01t 1.7 Revaluation gains on investment property 4.4 Pro\ufb01t before tax 6.1 Ta x \u2013 Pro\ufb01t after tax 6.1 2022 Summarised statement of \ufb01nancial position \u00a3m Vesta LP Investment property 79.5 Current assets 5.7 Total assets 85.2 Current liabilities (1.7) Non-current liabilities (72.6) Total liabilities (74.3) Net assets 10.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-372": {
"value": "19. Investment in joint ventures 2023 \u00a3m 2022 \u00a3m Opening balance 38.5 29.4 Share of loss for the year (0.3) (1.7) Further investment 1 34.0 6.4 Loans advanced to joint ventures 3.0 4.4 Closing balance 75.2 38.5 1. Grainger invested \u00a334.0m into Connected Living London (BTR) Limited in the year (2022: \u00a36.4m). The closing balance comprises share of net assets of \u00a346.9m (2022: \u00a313.2m) and net loans due from joint ventures of \u00a328.3m (2022: \u00a325.3m). At the balance sheet date, there is no expectation of any material credit losses on loans due. At 30 September 2023, the Group\u2019s interest in active joint ventures was as follows: % of ordinary share capital held Country of incorporation Accounting period end Connected Living London (BTR) Limited 51 UK 30 September Curzon Park Limited 50 UK 31 March Lewisham Grainger Holdings LLP 50 UK 30 September In relation to the Group\u2019s investment in joint ventures, the aggregated assets, liabilities, revenues and pro\ufb01t or loss are shown below: 2023 Summarised income statement \u00a3m Connected Living London (BTR) Limited Curzon Park Limited Lewisham Grainger Holdings LLP Total Administration and other expenses (0.4) (0.1) (0.1) (0.6) Loss before tax (0.4) (0.1) (0.1) (0.6) Ta x \u2013 \u2013 \u2013 \u2013 Loss after tax (0.4) (0.1) (0.1) (0.6) 2023 Summarised statement of \ufb01nancial position Investment property 88.5 \u2013 10.2 98.7 Current assets 6.8 36.6 \u2013 43.4 Total assets 95.3 36.6 10.2 142.1 Current liabilities (2.8) (36.6) (10.5) (49.9) Net assets 92.5 \u2013 (0.3) 92.2 2022 Summarised income statement \u00a3m Connected Living London (BTR) Limited Curzon Park Limited Lewisham Grainger Holdings LLP Total Administration and other expenses (3.3) \u2013 \u2013 (3.3) Loss before tax (3.3) \u2013 \u2013 (3.3) Ta x \u2013 \u2013 \u2013 \u2013 Loss after tax (3.3) \u2013 \u2013 (3.3) 2022 Summarised statement of \ufb01nancial position Investment property 25.6 \u2013 7.0 32.6 Current assets 5.3 36.7 \u2013 42.0 Total assets 30.9 36.7 7.0 74.6 Current liabilities (4.7) (36.7) (7.2) (48.6) Net assets 26.2 \u2013 (0.2) 26.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-373": {
"value": "20. Financial interest in property assets (\u2018CHARM\u2019 portfolio) Accounting policy The CHARM portfolio is a \ufb01nancial interest in equity mortgages held by the Church of England Pensions Board as mortgagee. It is accounted for under IFRS 9 and is measured at fair value through pro\ufb01t and loss. It is initially recognised at fair value and subsequently carried at fair value. Subsequent to initial recognition, the net change in value recorded is as follows: i) cash received from the instrument in the year is deducted from the carrying value of the assets; and ii) the carrying value of the assets is revised to the net present value of the updated projected cash \ufb02ows arising from the instrument using the effective interest rate applicable at acquisition. The change in value arising from ii) above is recorded through the consolidated income statement and is shown on the line \u2018Income from \ufb01nancial interest in property assets\u2019. 2023 \u00a3m 2022 \u00a3m Opening balance 69.1 71.7 Cash received from the instrument (6.7) (8.6) Amounts taken to income statement 4.6 6.0 Closing balance 67.0 69.1 The CHARM portfolio is considered to be a Level 3 \ufb01nancial asset as de\ufb01ned by IFRS 13. The key assumptions used to value the asset are set out within Note 2 \u2018Critical accounting estimates and judgements\u2019, and the \ufb01nancial asset is included within the fair value hierarchy within Note 27.",
"dimensions": {
"concept": "graingerplc:DisclosureOfFinancialInterestInPropertyAssetsCHARMPortfolio",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-428": {
"value": "Accounting policy The CHARM portfolio is a \ufb01nancial interest in equity mortgages held by the Church of England Pensions Board as mortgagee. It is accounted for under IFRS 9 and is measured at fair value through pro\ufb01t and loss. It is initially recognised at fair value and subsequently carried at fair value. Subsequent to initial recognition, the net change in value recorded is as follows: i) cash received from the instrument in the year is deducted from the carrying value of the assets; and ii) the carrying value of the assets is revised to the net present value of the updated projected cash \ufb02ows arising from the instrument using the effective interest rate applicable at acquisition. The change in value arising from ii) above is recorded through the consolidated income statement and is shown on the line \u2018Income from \ufb01nancial interest in property assets\u2019. ",
"dimensions": {
"concept": "graingerplc:DescriptionOFAccountingPolicyForFinancialInterestInPropertyAssetsCHARMPortfolio",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-374": {
"value": "21. Intangible assets Accounting policy Intangible assets comprise computer software and goodwill. Costs incurred in relation to computer software that the Group has exclusive right of use to are capitalised and amortised on a straight-line basis over the estimated useful lives of the assets from the date they are available for use. The effective life is assessed in accordance with the period that the Group expects bene\ufb01ts from its investment in technology to be consumed. Amortisation is charged to the consolidated income statement. Costs incurred in relation to computer software that the Group does not have exclusive right of use to, including its Software as a Service (\u2018SaaS\u2019) arrangements, are not accounted for as intangible assets. Con\ufb01guration and customisation costs incurred prior to receiving services are prepaid and expensed to the Consolidated Income Statement once the service is in use. All other expenditure in relation to non-exclusive SaaS is expensed to the Consolidated Income Statement as incurred. Goodwill is tested for impairment based on a value in use calculation at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-412": {
"value": "21. Intangible assets Accounting policy Intangible assets comprise computer software and goodwill. Costs incurred in relation to computer software that the Group has exclusive right of use to are capitalised and amortised on a straight-line basis over the estimated useful lives of the assets from the date they are available for use. The effective life is assessed in accordance with the period that the Group expects bene\ufb01ts from its investment in technology to be consumed. Amortisation is charged to the consolidated income statement. Costs incurred in relation to computer software that the Group does not have exclusive right of use to, including its Software as a Service (\u2018SaaS\u2019) arrangements, are not accounted for as intangible assets. Con\ufb01guration and customisation costs incurred prior to receiving services are prepaid and expensed to the Consolidated Income Statement once the service is in use. All other expenditure in relation to non-exclusive SaaS is expensed to the Consolidated Income Statement as incurred. Goodwill is tested for impairment based on a value in use calculation at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-398": {
"value": "21. Intangible assets Accounting policy Intangible assets comprise computer software and goodwill. Costs incurred in relation to computer software that the Group has exclusive right of use to are capitalised and amortised on a straight-line basis over the estimated useful lives of the assets from the date they are available for use. The effective life is assessed in accordance with the period that the Group expects bene\ufb01ts from its investment in technology to be consumed. Amortisation is charged to the consolidated income statement. Costs incurred in relation to computer software that the Group does not have exclusive right of use to, including its Software as a Service (\u2018SaaS\u2019) arrangements, are not accounted for as intangible assets. Con\ufb01guration and customisation costs incurred prior to receiving services are prepaid and expensed to the Consolidated Income Statement once the service is in use. All other expenditure in relation to non-exclusive SaaS is expensed to the Consolidated Income Statement as incurred. Goodwill is tested for impairment based on a value in use calculation at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-446": {
"value": "Accounting policy Intangible assets comprise computer software and goodwill. Costs incurred in relation to computer software that the Group has exclusive right of use to are capitalised and amortised on a straight-line basis over the estimated useful lives of the assets from the date they are available for use. The effective life is assessed in accordance with the period that the Group expects bene\ufb01ts from its investment in technology to be consumed. Amortisation is charged to the consolidated income statement. Costs incurred in relation to computer software that the Group does not have exclusive right of use to, including its Software as a Service (\u2018SaaS\u2019) arrangements, are not accounted for as intangible assets. Con\ufb01guration and customisation costs incurred prior to receiving services are prepaid and expensed to the Consolidated Income Statement once the service is in use. All other expenditure in relation to non-exclusive SaaS is expensed to the Consolidated Income Statement as incurred. Goodwill is tested for impairment based on a value in use calculation at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-441": {
"value": "Accounting policy Intangible assets comprise computer software and goodwill. Costs incurred in relation to computer software that the Group has exclusive right of use to are capitalised and amortised on a straight-line basis over the estimated useful lives of the assets from the date they are available for use. The effective life is assessed in accordance with the period that the Group expects bene\ufb01ts from its investment in technology to be consumed. Amortisation is charged to the consolidated income statement. Costs incurred in relation to computer software that the Group does not have exclusive right of use to, including its Software as a Service (\u2018SaaS\u2019) arrangements, are not accounted for as intangible assets. Con\ufb01guration and customisation costs incurred prior to receiving services are prepaid and expensed to the Consolidated Income Statement once the service is in use. All other expenditure in relation to non-exclusive SaaS is expensed to the Consolidated Income Statement as incurred. Goodwill is tested for impairment based on a value in use calculation at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-429": {
"value": "Accounting policy Intangible assets comprise computer software and goodwill. Costs incurred in relation to computer software that the Group has exclusive right of use to are capitalised and amortised on a straight-line basis over the estimated useful lives of the assets from the date they are available for use. The effective life is assessed in accordance with the period that the Group expects bene\ufb01ts from its investment in technology to be consumed. Amortisation is charged to the consolidated income statement. Costs incurred in relation to computer software that the Group does not have exclusive right of use to, including its Software as a Service (\u2018SaaS\u2019) arrangements, are not accounted for as intangible assets. Con\ufb01guration and customisation costs incurred prior to receiving services are prepaid and expensed to the Consolidated Income Statement once the service is in use. All other expenditure in relation to non-exclusive SaaS is expensed to the Consolidated Income Statement as incurred. Goodwill is tested for impairment based on a value in use calculation at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-375": {
"value": "22. Inventories \u2013 trading property Accounting policy Tenanted residential properties held-for-sale in the normal course of business within the PRS and Reversionary segments are shown in the \ufb01nancial statements as a current asset at the lower of cost and net realisable value. Cost includes legal and surveying charges and introducer fees incurred during acquisition together with improvement costs. Legacy land and development property held within the Other segment of the business are shown in the \ufb01nancial statements at the lower of cost and net realisable value. Cost represents the acquisition price including legal and other professional costs associated with the acquisition together with subsequent development costs net of amounts transferred to costs of sale. Net realisable value is the expected sales proceeds that the Group expects on sale of a property or current market value net of associated selling costs. 2023 \u00a3m 2022 \u00a3m Opening balance 453.8 595.2 Additions 10.2 58.6 Transfer to investment property (Note 2, page 136) \u2013 (116.5) Disposals (Note 7) (70.8) (85.0) (Impairment)/reversal of impairment of inventories to net realisable value (1.0) 1.5 Closing balance 392.2 453.8 The closing balance above re\ufb02ects the lower of historical cost and net realisable value of inventory owned by the Group rather than the current market value. Market value is considered to be a more relevant re\ufb02ection of the value of inventory owned by the Group. The valuation of trading property in our EPRA NAV metrics take into account the prevailing market conditions as at the reporting date, including sustainability and climate related considerations associated with the properties. The segmental allocation of PRS, Reversionary and Development inventory, as well as additional information including their market value is detailed in Note 4. Information relating to the judgements and assumptions adopted by management in relation to inventories is set out in Note 2 \u2018Critical accounting estimates and judgements\u2019. It is not possible for the Group to identify which properties will be sold within the next 12 months. The size of the Group\u2019s property portfolio does result in a relatively predictable vacancy rate. However, it is not possible to predict in advance the speci\ufb01c properties that will become vacant. As the Group expects to realise trading property in its ordinary operating cycle, it is shown as a current asset in the consolidated statement of \ufb01nancial position. Amounts relating to inventories that have been recognised as an expense in the consolidated income statement are as follows: 2023 \u00a3m 2022 \u00a3m Carrying value of trading property sold (Note 7) 70.8 85.0 Impairment/(reversal of impairment) of inventories to net realisable value 1.0 (1.5)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-430": {
"value": "Accounting policy Tenanted residential properties held-for-sale in the normal course of business within the PRS and Reversionary segments are shown in the \ufb01nancial statements as a current asset at the lower of cost and net realisable value. Cost includes legal and surveying charges and introducer fees incurred during acquisition together with improvement costs. Legacy land and development property held within the Other segment of the business are shown in the \ufb01nancial statements at the lower of cost and net realisable value. Cost represents the acquisition price including legal and other professional costs associated with the acquisition together with subsequent development costs net of amounts transferred to costs of sale. Net realisable value is the expected sales proceeds that the Group expects on sale of a property or current market value net of associated selling costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-376": {
"value": "23. Trade and other receivables Accounting policy Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment in trade receivables is established when there is an expectation of cash shortfalls over the expected life of the amounts due. The movement in the provision is recognised in the consolidated income statement. 2023 \u00a3m 2022 \u00a3m Rent and other tenant receivables 3.0 4.7 Deduct: Provision for impairment (1.5) (1.5) Rent and other tenant receivables \u2013 net 1.5 3.2 Contract assets \u2013 1.9 Restricted deposits 10.2 14.3 Other receivables 17.9 17.1 Prepayments 4.4 4.0 Closing balance 34.0 40.5 The Group\u2019s assessment of expected credit losses involves estimation given its forward-looking nature. This is not considered to be an area of signi\ufb01cant judgement or estimation due to the balance of gross rent and other tenant receivables of \u00a33.0m (2022: \u00a34.7m). Assumptions used in the forward-looking assessment are continually reviewed to take into account likely rent deferrals. At the balance sheet date, there is no expectation of any material credit losses on contract assets. Restricted deposits arise from contracts with third parties that place restrictions on use of funds and cannot be accessed on demand. These deposits are held in connection with facility arrangements and are released by the lender on a quarterly basis once covenant compliance has been met. The fair values of trade and other receivables are considered to be equal to their carrying amounts. The credit quality of \ufb01nancial assets that are neither past due nor impaired is discussed in Note 27 \u2018Financial risk management and derivative \ufb01nancial instruments\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-431": {
"value": "Accounting policy Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment in trade receivables is established when there is an expectation of cash shortfalls over the expected life of the amounts due. The movement in the provision is recognised in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-377": {
"value": "24. Provisions for other liabilities and charges Accounting policy Provisions are recognised when: i) the Group has a present obligation as a result of a past event; ii) it is probable that an out\ufb02ow of resources will be required to settle the obligation; and iii) a reliable estimate can be made of the amount of the obligation. 2023 \u00a3m 2022 \u00a3m Current provisions for other liabilities and charges Opening balance 8.6 0.2 Additions 0.3 8.7 Utilisation (0.3) (0.3) 8.6 8.6 Non-current provisions for other liabilities and charges Opening balance 1.1 1.1 1.1 1.1 Total provisions for other liabilities and charges 9.7 9.7 Within current provisions, \u00a38.6m (2022: \u00a38.6m) has been provided for potential \ufb01re safety remediation costs relating to a small number of legacy properties that Grainger historically had an involvement in developing and may require \ufb01re safety related remediation works. Where appropriate, the Group is seeking recoveries from contractors and insurers which may reduce the overall liability over time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-432": {
"value": "Accounting policy Provisions are recognised when: i) the Group has a present obligation as a result of a past event; ii) it is probable that an out\ufb02ow of resources will be required to settle the obligation; and iii) a reliable estimate can be made of the amount of the obligation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-378": {
"value": "25. Trade and other payables Accounting policy Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Refer to Note 35 for accounting policy in relation to lease liabilities. 2023 \u00a3m 2022 \u00a3m Current liabilities Deposits received 10.7 10.1 Trade payables 15.9 22.8 Lease liabilities (Note 35) 0.2 0.8 Tax and social security costs 3.0 0.7 Accruals 81.9 63.8 Deferred income 9.0 7.7 120.7 105.9 Non-current liabilities Lease liabilities (Note 35) 6.9 2.2 6.9 2.2 Total trade and other payables 127.6 108.1 Within accruals, \u00a360.2m comprises accrued expenditure in respect of ongoing construction activities (2022: \u00a343.0m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-433": {
"value": "Accounting policy Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Refer to Note 35 for accounting policy in relation to lease liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-379": {
"value": "26. Interest-bearing loans and borrowings Accounting policy Borrowings are initially recognised at the fair value of consideration received, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated income statement over the period of the borrowings using the effective interest method. Borrowings are classi\ufb01ed as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the consolidated statement of \ufb01nancial position date. 2023 \u00a3m 2022 \u00a3m Current liabilities Bank loans \u2013 Pounds Sterling \u2013 40.0 \u2013 40.0 Non-current liabilities Bank loans \u2013 Pounds Sterling 490.1 275.2 Bank loans \u2013 Euros 0.9 0.9 Non-bank \ufb01nancial institution 347.3 347.2 Corporate bonds 695.2 694.3 1,533.5 1,317.6 Closing balance 1,533.5 1,357.6 (a) Bank loans Sterling bank loans include variable rate loans bearing interest at rates between 1.5% and 1.8% above SONIA and Euro bank loans include variable rate loans bearing interest at a rate of 1.6% above EURIBOR. Gross bank loans of \u00a3459.2m are due to mature in the year ended 30 September 2028, with a further \u00a340.0m maturing in the year ended 30 September 2029. The weighted average variable interest rate on bank loans as at 30 September 2023 was 6.8% (2022: 3.4%). Bank loans are secured by \ufb01xed and \ufb02oating charges over speci\ufb01c property and other assets of the Group. Unamortised costs in relation to bank loans of \u00a38.2m (2022: \u00a38.1m) will be amortised over the life of the loans to which they relate. During the year the Group exercised options to extend the maturity dates on certain bank loans by one year. The extension of maturity dates has been deemed to be a non-substantial modi\ufb01cation. (b) Non-bank \ufb01nancial institution \u00a3350.0m is funded by \ufb01xed rates loans from Rothesay Life PLC across three tranches: \u00a375.0m maturing July 2026, \u00a375.0m maturing October 2027 and \u00a3200.0m maturing July 2029. The weighted average interest rate on non-bank loans as at 30 September 2023 was 2.4% (2022: 2.4%). Unamortised costs in relation to these \ufb01xed rate loans of \u00a32.7m (2022: \u00a32.8m) will be amortised over the life of the loans to which they relate. (c) Corporate bonds In 2018, the Group issued a ten-year \u00a3350.0m corporate bond at 3.375% due April 2028. In 2020, the Group issued a ten-year \u00a3350.0m corporate bond at 3.0% due July 2030. As at 30 September 2023 unamortised costs in relation to the corporate bonds stood at \u00a32.9m (2022: \u00a33.5m), and the outstanding discount was \u00a31.9m (2022: \u00a32.2m). (d) Other loans and borrowings information The above analyses of loans and borrowings are net of unamortised loan issue costs and the discount on issuance of the corporate bonds. As at 30 September 2023, unamortised costs totalled \u00a313.8m (2022: \u00a314.4m) and the outstanding discount was \u00a31.9m (2022: \u00a32.2m). In accordance with IAS 7 Statement of Cash Flows, the Group is required to detail any changes in liabilities that arise from \ufb01nancing activities throughout the year. These changes are detailed below. \u00a3m 2023 2022 Derivatives used for hedging the liabilities from \ufb01nancing activities Derivatives used for hedging the liabilities from \ufb01nancing activities Loans and borrowings Interest payable Assets Liabilities Loans and borrowings Interest payable Assets Liabilities Opening balance 1,357.6 9.0 56.5 \u2013 1,347.5 8.8 \u2013 4.5 Changes from \ufb01nancing cash \ufb02ows Proceeds from loans and borrowings 330.0 \u2013 \u2013 \u2013 14.2 \u2013 \u2013 \u2013 Repayment of borrowings (155.0) \u2013 \u2013 \u2013 (0.9) \u2013 \u2013 \u2013 Transaction costs related to loans, borrowings and derivatives (2.3) \u2013 4.9 \u2013 (6.1) \u2013 13.7 \u2013 Total changes from \ufb01nancing cash \ufb02ows 172.7 \u2013 4.9 \u2013 7.2 \u2013 13.7 4.5 Other changes Gross interest accrued \u2013 47.2 \u2013 \u2013 \u2013 42.2 \u2013 \u2013 Gross interest paid \u2013 (46.9) \u2013 \u2013 \u2013 (42.0) \u2013 \u2013 Amortisation of borrowing costs net of premiums 3.2 \u2013 \u2013 \u2013 2.9 \u2013 \u2013 \u2013 Changes in fair value of derivatives through hedging reserve \u2013 \u2013 (16.1) \u2013 \u2013 \u2013 42.8 (4.5) Total other changes 3.2 0.3 (16.1) \u2013 2.9 0.2 42.8 (4.5) Closing balance 1,533.5 9.3 45.3 \u2013 1,357.6 9.0 56.5 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-434": {
"value": "Accounting policy Borrowings are initially recognised at the fair value of consideration received, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated income statement over the period of the borrowings using the effective interest method. Borrowings are classi\ufb01ed as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the consolidated statement of \ufb01nancial position date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-380": {
"value": "27. Financial risk management and derivative \ufb01nancial instruments
Accounting policy
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid
investments with original maturities of three months or less. Demand deposits that cannot be accessed and have restrictions
on use arising from contracts with third parties are re\ufb02ected in trade and other receivables.
Derivative \ufb01nancial instruments
The Group uses derivative instruments to help manage its interest rate risk. In accordance with its treasury policy, the Group
does not hold or issue derivatives for trading purposes. Derivatives are classi\ufb01ed as current assets and current liabilities.
The derivatives are recognised initially at fair value. Subsequently, the gain or loss on re-measurement to fair value is
recognised immediately in the consolidated income statement, unless the derivatives qualify for cash \ufb02ow hedge accounting,
and have been designated as such, in which case any gain or loss is taken to equity in a cash \ufb02ow hedge reserve via other
comprehensive income.
In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item
being hedged and the hedging instrument. The Group is also required to demonstrate that the hedge will be highly effective
on an on-going basis. This effectiveness testing is re-performed at each period end to ensure that the hedge remains
highly effective.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time is immediately transferred to the consolidated income statement.
Fair value estimation
The fair values of interest rate derivatives are based on a discounted cash \ufb02ow model using market information.
Derecognition of \ufb01nancial assets and liabilities
Derecognition is the point at which the Group removes an asset or liability from its consolidated statement of \ufb01nancial
position. The Group\u2019s policy is to derecognise \ufb01nancial assets only when the contractual right to the cash \ufb02ows from the
\ufb01nancial asset expires. The Group also derecognises \ufb01nancial assets that it transfers to another party provided that the
transfer of the asset also transfers the right to receive cash \ufb02ows from the \ufb01nancial asset. When the transfer does not result
in the Group transferring the right to receive cash \ufb02ows from the \ufb01nancial asset but it does result in the Group assuming a
corresponding obligation to pay cash \ufb02ows to another recipient, the \ufb01nancial asset is derecognised.
The Group derecognises \ufb01nancial liabilities only when its obligation is discharged, is cancelled or expires.
Financial assets classi\ufb01ed as fair value through pro\ufb01t and loss (previously available-for-sale) are the \ufb01nancial interest in
property assets.
Derivative \ufb01nancial instruments not in hedge accounting relationships are classi\ufb01ed as fair value through pro\ufb01t and loss.
Categories of \ufb01nancial instruments
A summary of the classi\ufb01cations of the \ufb01nancial assets and liabilities held by the Group is set out in the following table:
\u00a3m
2023
Loans and
receivables/
cash and
cash
equivalents
Assets at
fair value
through
pro\ufb01t and
loss
Derivatives
used for
hedging
Other
\ufb01nancial
assets
Total book
value
Fair value
adjustment Fair value
Non-current assets
Financial interest in property assets \u2013 67.0 \u2013 \u2013 67.0 \u2013 67.0
Current assets
Trade and other receivables
excluding prepayments 29.6 \u2013 \u2013 \u2013 29.6 \u2013 29.6
Cash and cash equivalents 121.0 \u2013 \u2013 \u2013 121.0 \u2013 121.0
Derivative \ufb01nancial instruments \u2013 \u2013 45.3 \u2013 45.3 \u2013 45.3
Total \ufb01nancial assets 150.6 67.0 45.3 \u2013 262.9 \u2013 262.9
\u00a3m
Loans and
receivables/
cash and
cash
equivalents
Liabilities at
fair value
through
pro\ufb01t and
loss
Derivatives
used for
hedging
Other
\ufb01nancial
liabilities at
amortised
cost
Total book
value
Fair value
adjustment Fair value
Non-current liabilities
Trade and other payables \u2013 \u2013 \u2013 6.9 6.9 \u2013 6.9
Interest-bearing loans and borrowings \u2013 \u2013 \u2013 1,533.5 1,533.5 (182.1) 1,351.4
Current liabilities
Trade and other payables \u2013 \u2013 \u2013 120.7 120.7 \u2013 120.7
Total \ufb01nancial liabilities \u2013 \u2013 \u2013 1,661.1 1,661.1 (182.1) 1,479.0
Net \ufb01nancial assets/(liabilities) 150.6 67.0 45.3 (1,661.1) (1,398.2) 182.1 (1,216.1)
\u00a3m
2022
Loans and
receivables/
cash and
cash
equivalents
Assets at
fair value
through
pro\ufb01t and
loss
Derivatives
used for
hedging
Other
\ufb01nancial
assets
Total book
value
Fair value
adjustment Fair value
Non-current assets
Financial interest in property assets \u2013 69.1 \u2013 \u2013 69.1 \u2013 69.1
Current assets
Trade and other receivables
excluding prepayments 36.5 \u2013 \u2013 \u2013 36.5 \u2013 36.5
Cash and cash equivalents 95.9 \u2013 \u2013 \u2013 95.9 \u2013 95.9
Derivative \ufb01nancial instruments \u2013 \u2013 56.5 \u2013 56.5 \u2013 56.5
Total \ufb01nancial assets 132.4 69.1 56.5 \u2013 258.0 \u2013 258.0
\u00a3m
Loans and
receivables/
cash and
cash
equivalents
Liabilities at
fair value
through
pro\ufb01t and
loss
Derivatives
used for
hedging
Other
\ufb01nancial
liabilities at
amortised
cost
Total book
value
Fair value
adjustment Fair value
Non-current liabilities
Trade and other payables \u2013 \u2013 \u2013 2.2 2.2 \u2013 2.2
Interest-bearing loans and borrowings \u2013 \u2013 \u2013 1,317.6 1,317.6 (263.0) 1,054.6
Current liabilities
Trade and other payables \u2013 \u2013 \u2013 105.9 105.9 \u2013 105.9
Derivative \ufb01nancial instruments \u2013 \u2013 \u2013 40.0 40.0 \u2013 40.0
Total \ufb01nancial liabilities \u2013 \u2013 \u2013 1,465.7 1,465.7 (263.0) 1,202.7
Net \ufb01nancial assets/(liabilities) 132.4 69.1 56.5 (1,465.7) (1,207.7) 263.0 (944.7)
The fair value difference relates to the Group\u2019s corporate bonds and the non-bank loans, which are stated at amortised cost in
the consolidated statement of \ufb01nancial position. The fair value of the bonds is calculated as \u00a3576.4m (2022: \u00a3523.9m) based
on quoted prices in traded markets. The fair value of the non-bank loans is calculated as \u00a3291.6m (2022: \u00a3263.1m) and is
calculated by independent \ufb01nancial advisers (Centrus Group) by reference to quoted iBoxx index rates. There is no requirement
under IFRS 9 to revalue these loans to fair value in the consolidated statement of \ufb01nancial position.
Included in cash above is \u00a312.8m (2022: \u00a314.5m) relating to cash held on behalf of tenants, leaseholders and clients comprising
service charge and sinking fund balances, tenant deposits and cash held on behalf of joint ventures. These cash amounts
are held by the Group in client bank accounts and are excluded from net debt. In addition, \u00a34.7m (2022: \u00a38.6m) of the cash
balance is restricted in use, either by underlying \ufb01nancing arrangements or other commercial agreements comprising either
reserve fund amounts or amounts where the release of cash is contingent upon proof of qualifying expenditure or quarterly
cash waterfalls.
Financial risk management
The Group\u2019s objectives for managing \ufb01nancial risk are to minimise the risk of adverse effects on performance and to ensure the
ability of the Group to continue as a going concern while securing access to cost effective \ufb01nance and maintaining \ufb02exibility to
respond quickly to opportunities that arise.
The Group\u2019s policies on \ufb01nancial risk management are approved by the Board of Directors and implemented by Group treasury.
Written policies and procedures cover interest rate risk, credit risk, the use of derivative and non-derivative \ufb01nancial instruments
and investment of excess liquidity. Group treasury regularly reports to the Audit Committee.
The Group uses derivative \ufb01nancial instruments to hedge its exposure to \ufb01nancial risk but does not take positions for
speculative purposes.
The sources of \ufb01nancial risk and the policies and activities used to mitigate each are discussed below and include credit risk,
liquidity risk and market risk, which includes interest rate risk, credit availability risk, house price risk in relation to the Tricomm
Housing portfolio and our \ufb01nancial interest in property assets, and capital risk.
Financial risk factors
1) Credit risk
Credit risk is the risk of \ufb01nancial loss due to a counterparty\u2019s failure to honour its obligations. The Group\u2019s principal \ufb01nancial
assets include its \ufb01nancial interest in property assets, bank balances and cash, trade and other receivables and derivative
\ufb01nancial instruments. The carrying amount of \ufb01nancial assets recorded in the \ufb01nancial statements represents the Group\u2019s
maximum exposure to credit risk without taking account of the value of any collateral obtained.
The Group\u2019s \ufb01nancial interest in property assets (CHARM) relates to a \ufb01nancial interest in equity mortgages held by the Church
of England Pensions Board. The Group\u2019s cash receipts are payable by the Church Commissioners, a counterparty considered
to be low risk as they have no history of past due or impaired amounts and there are no past due amounts outstanding at the
year end.
The Group sometimes enters into land sales contracts under which a proportion of the consideration is deferred and recognised
within other receivables (Note 23). Each purchaser is subject to \ufb01nancial due diligence prior to sale. At 30 September 2023, \u00a3nil
(2022: \u00a30.1m) was outstanding.
The Group also has credit risk relating to trade receivables. Under IFRS 9, the Group is required to provide for any expected
credit losses arising from trade receivables. For all assured shorthold tenancies, credit checks are performed prior to
acceptance of the tenant. Regulated tenants are incentivised through the bene\ufb01t of their tenancy agreement to avoid default
on their rent. Lifetime tenancies are generally at low or zero rent and hence suffer minimal credit risk. Rent deposits and
personal guarantees are held in respect of some leases. Taking these factors into account, the risk to the Group of individual
tenant default and the credit risk of trade receivables are considered low, as is borne out by the low level of trade receivables
written off both in this year and in prior years.
Tenant deposits of \u00a39.4m (2022: \u00a38.2m) are held that provide some security against rental arrears and property dilapidations
caused by the tenant. The Group does not hold any other collateral as security. Of the net trade receivables balance of \u00a31.5m,
we consider \u00a3nil to be not due and not impaired. All of the \u00a317.9m other receivables balance are considered not due and
not impaired.
As at 30 September 2023, tenant arrears of \u00a31.5m within trade receivables were impaired and fully provided for (2022: \u00a31.5m).
The impaired receivables are based on a review of expected credit losses, which is detailed in Note 23. Impaired receivables
and receivables not considered to be impaired are not material to the \ufb01nancial statements and, therefore, no further analysis
is provided.
The credit risk on liquid funds and derivative \ufb01nancial instruments is managed through the Group\u2019s policies of monitoring
counterparty exposure, monitoring the concentration of credit risk through the use of multiple counterparties and the use
of counterparties of good \ufb01nancial standing. At 30 September 2023, the fair value of all interest rate derivatives that had a
positive value was \u00a345.3m (2022: \u00a356.5m).
At 30 September 2023, the combined credit exposure arising from cash held at banks, money market deposits and interest rate
swaps was \u00a3166.3m (2022: \u00a3152.4m), which represents 4.5% (2022: 4.3%) of total assets. Deposits were placed with \ufb01nancial
institutions with A- or better credit ratings.
The Group has the following cash and cash equivalents:
2023
\u00a3m
2022
\u00a3m
Pounds Sterling 120.0 94.8
Euros 1.0 1.1
121.0 95.9
At the year end, \u00a379.6m was placed on deposit (2022: \u00a342.5m) at effective interest rates between 1.5% and 4.6% (2022: 0.1%
and 2.2%). Remaining cash and cash equivalents are held as cash at bank or in hand. The Group has an overdraft facility of
\u00a31.0m as at 30 September 2023 (2022: \u00a31.0m).
2) Liquidity risk
The Group ensures that it maintains continuity and \ufb02exibility through a spread of maturities.
Although the Group\u2019s core funding is subject to covenants requiring certain levels of LTV with respect to the entities in the
Group of obligors, and to maintaining a certain level of interest cover at the Group level, the loans are not secured directly
against any property allowing operational \ufb02exibility.
The Group ensures that it maintains sufficient cash for operational requirements at all times. The Group also ensures that it
has sufficient undrawn committed borrowing facilities from a diverse range of banks and other sources to allow for operational
\ufb02exibility and to meet committed expenditure. The business is highly cash generative from its sales of vacant properties, gross
rents and management fees. In adverse trading conditions, tenanted and other sales can be increased and new acquisitions can
be stopped. Consequently, the Group is able to reduce gearing (\u2018LTV\u2019) levels and improve liquidity quickly.
The Group\u2019s credit rating is currently provided by Fitch and S&P. Fitch and S&P\u2019s most recent assessments on the Group
were issued in June 2023. Fitch assigned the Group a long-term issuer default rating of \u2018BBB-\u2018 and the Group\u2019s Corporate
Bonds\u2019 senior secured issue ratings of \u2018BBB\u2019. S&P affirmed the Group\u2019s long-term issuer default rating of \u2018BB+\u2019 and the Group\u2019s
Corporate Bonds\u2019 senior secured issue ratings of \u2018BBB-\u2018. Both Fitch & S&P assigned the Group\u2019s credit outlook as \u2018Stable\u2019.
The Group\u2019s stable credit outlook suggests there is currently very little risk of a credit rating downgrade to the Group.
The Group monitors rating agency metrics to ensure we maintain or improve upon the Group\u2019s current credit ratings.
In the event of a credit rating downgrade, there may be an increase in the coupon payable on the Group\u2019s Corporate Bonds
should the senior secured issue rating fall below BBB-. This could result in an increase in the Group\u2019s annual interest charge of
\u00a38.7m. However, the coupon would revert to the original coupon payable should the credit rating recover to BBB- or higher.
This increase in interest costs would also affect the Group\u2019s interest cover \ufb01nancial covenant. However there is signi\ufb01cant
headroom on our facility \ufb01nancial covenants and the Group has determined that we would remain compliant and retain
signi\ufb01cant covenant headroom despite this increase in interest costs. No other debt facilities or \ufb01nancial covenants of the Group
would be affected by a credit rating downgrade.
Certain borrowings and facilities are structured as ESG funding comprising of either green loans or sustainability-linked \ufb01nance.
As at the year end, \u00a3125m of the Groups facilities are linked to ESG requirements of which \u00a350m are designated as green loans
and \u00a375m are sustainability-linked \ufb01nance. Green loan allocations are made on a use-of-proceeds basis where investment
outcomes are expected to achieve certain minimum EPC ratings. Sustainability-linked facilities include targets to achieve
certain EPC targets in the Groups PRS portfolio. As at the year end, the green loans were fully allocated, and all targets under
the sustainability-linked facilities are being met. Achieving these targets results in the Group receiving a margin bene\ufb01t on
borrowings under their respective loans and facilities. In the event of not achieving a target, the Group may experience a similar
margin penalty. As at the year end, the maximum possible penalty for missing a target could result in a further \ufb01nance charge
of less than \u00a30.1m.
The Group\u2019s \ufb01xed rate borrowings are stated at amortised cost in the \ufb01nancial statements and there is currently no requirement
under IFRS 9 to revalue these borrowings in the \ufb01nancial statements of the Group. Therefore, there would be no impact to the
Group\u2019s measurement of borrowings in the event of a credit rating downgrade.
In accordance with IFRS 13, the Group measures derivatives at fair value including the effect of counterparty credit risk.
Where derivatives have been designated in a cash \ufb02ow hedge relationship, the Group carries out hedge effectiveness testing
in accordance with IFRS 9. In the event of a credit rating downgrade, there may be an impact on the fair value of the Group\u2019s
derivative contracts as the credit quality of the Group decreases which may give rise to a requirement to recognise some hedge
ineffectiveness in the \ufb01nancial statements. However, in accordance with hedge effectiveness requirements under IFRS 9, credit
valuation adjustments included in the measurement of derivative fair values would need to dominate movements in fair value
before creating hedge ineffectiveness. The Group does not consider that a credit rating downgrade will impact derivative fair
values and give rise to a material level of hedge ineffectiveness.
The following table analyses the Group\u2019s \ufb01nancial liabilities and net-settled derivative \ufb01nancial liabilities at the consolidated
statement of \ufb01nancial position date into relevant maturity groupings based on the remaining period to the contractual
maturity date. The amounts disclosed in the table are the contractual undiscounted cash \ufb02ows using yield curves as at
30 September 2023.
\u00a3m
Less than
1 year
Between
1 and
2 years
Between
2 and
5 years
More than
5 years Total
At 30 September 2023
Interest-bearing loans and borrowings (Note 26) \u2013 \u2013 944.5 589.0 1,533.5
Interest on borrowings 66.2 63.6 172.7 25.2 327.7
Interest on derivatives (20.9) (11.6) (18.5) (0.2) (51.2)
Trade and other payables 120.7 1.2 0.7 5.0 127.6
At 30 September 2022
Interest-bearing loans and borrowings (Note 26) 40.0 \u2013 344.5 973.1 1,357.6
Interest on borrowings 50.7 50.9 137.6 52.0 291.2
Interest on derivatives (12.6) (16.9) (23.2) (1.5) (54.2)
Trade and other payables 105.9 2.2 \u2013 \u2013 108.1
The Group\u2019s undrawn committed borrowing facilities are monitored against projected cash \ufb02ows.
Maturity of committed undrawn borrowing facilities
2023
\u00a3m
2022
\u00a3m
Expiring:
Between one and two years \u2013 \u2013
Between two and \ufb01ve years 415.8 590.8
Over \ufb01ve years \u2013 \u2013
415.8 590.8
3) Market risk
The Group is exposed to market risk through interest rates, the availability of credit and house price movements relating to the
Tricomm Housing portfolio and the CHARM portfolio. The approach the Group takes to each of these risks is set out below.
The Group is not signi\ufb01cantly exposed to equity price risk or to commodity price risk.
Fair values
IFRS 13 sets out a three-tier hierarchy for \ufb01nancial assets and liabilities valued at fair value. These are as follows:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2022 Level 2 \u2013 inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or
indirectly; and
\u2022 Level 3 \u2013 unobservable inputs for the asset or liability.
The following table presents the Group\u2019s assets and liabilities that are measured at fair value:
\u00a3m
2023 2022
Assets Liabilities Assets Liabilities
Level 3
CHARM 67.0 \u2013 69.1 \u2013
Investment property 2,948.9 \u2013 2,775.9 \u2013
3,015.9 \u2013 2,845.0 \u2013
Level 2
Interest rate swaps \u2013 in cash \ufb02ow hedge accounting relationships 45.3 \u2013 56.5 \u2013
45.3 \u2013 56.5 \u2013
The signi\ufb01cant unobservable inputs affecting the carrying value of the CHARM portfolio are house price in\ufb02ation and discount
rates. Assumptions used are detailed in Note 2 and reconciliation of movements and amounts recognised in the consolidated
income statement are detailed in Note 20.
The investment valuations provided by Allsop LLP and CBRE Limited are based on the RICS Professional Valuation Standards,
but include a number of unobservable inputs and other valuation assumptions and are detailed in Note 2.
The fair value of swaps and caps were valued in-house by a specialised treasury management system, using a discounted cash
\ufb02ow model and market information. The fair value is derived from the present value of future cash \ufb02ows discounted at rates
obtained by means of the current yield curve appropriate for those instruments. As all signi\ufb01cant inputs required to value the
swaps and caps are observable, they all fall within Level 2.
Interest rate swaps and caps are all classi\ufb01ed as either current assets or current liabilities.
The notional principal amount of the outstanding interest rate swap and cap contracts as at 30 September 2023 was
\u00a3427.4m (2022: \u00a3283.3m).
In accordance with IFRS 9, the Group has reviewed its interest rate hedges. In the absence of hedge accounting, movements
in fair value are taken directly to the consolidated income statement. However, where cash \ufb02ow hedges have been viewed as
being effective, and have been designated as such, any gains or losses have been taken to the cash \ufb02ow hedge reserve via other
comprehensive income.
The reconciliation between opening and closing balances for Level 3 is detailed in the table below:
Assets \u2013 Level 3
2023
\u00a3m
2022
\u00a3m
Opening balance 2,845.0 2,250.9
Amounts taken to income statement (64.2) 216.2
Other movements 235.1 377.9
Closing balance 3,015.9 2,845.0
The following assets and liabilities are excluded from the above table as fair value is not the accounting basis for the Group\u2019s
\ufb01nancial statements, but is the basis for the Group\u2019s EPRA NRV, EPRA NTA and EPRA NDV measures:
2023 2022
\u00a3m Accounting basis Classi\ufb01cation if fair valued Book value Fair value Book value Fair value
Inventories \u2013 trading property Lower of cost and net
realisable value Level 3 392.2 734.3 453.8 873.0
Corporate bonds Amortised cost Level 1 700.0 576.4 700.0 523.9
Non-bank loans Amortised cost Level 3 350.0 291.6 350.0 263.1
(a) Interest rate risk \u2013 The Group\u2019s interest rate risk arises from the risk of \ufb02uctuations in interest charges on \ufb02oating rate
borrowings. The Group mitigates this risk through the use of variable to \ufb01xed interest rate swaps and caps. This subjects the
Group to fair value risk as the value of the \ufb01nancial derivatives \ufb02uctuates in line with variations in interest rates. However, the
Group seeks to cash \ufb02ow hedge account where applicable. The Group is, however, driven by commercial considerations when
hedging its interest rate risk and is not driven by the strict requirements of the hedge accounting rules under IFRS 9 if this is to
the detriment of achieving the best commercial arrangement.
Hedging activities are carried out under the terms of the Group\u2019s hedging policies and are regularly reviewed by the Board to
ensure compliance with this policy. The Board reviews its policy on interest rate exposure regularly with a view to establishing
that it is still relevant in the prevailing and forecast economic environment. The current Group treasury policy is to maintain
\ufb02oating rate exposure of no greater than 30% of expected borrowing. As at 30 September 2023, 95% (2022: 97%) of the
Group\u2019s gross borrowings were economically hedged to \ufb01xed or capped rates.
Based on the Group\u2019s interest rate pro\ufb01le at the statement of \ufb01nancial position date, a 1% rise in interest rates would decrease
annual pro\ufb01ts by \u00a30.5m (2022: \u00a30.3m). Similarly, a 1% fall would increase annual pro\ufb01ts by \u00a30.5m (2022: \u00a30.3m).
Based on the Group\u2019s interest rate pro\ufb01le at the statement of \ufb01nancial position date, a 1% increase in interest rates would
increase the Group\u2019s equity by \u00a311.3m (2022: \u00a311.2m). Similarly, a 1% fall would decrease the Group\u2019s equity by \u00a311.2m
(2022: \u00a311.2m).
Upward movements in medium and long-term interest rates, associated with higher interest rate expectation, increase the
value of the Group\u2019s interest rate swaps that provide protection against such moves. The converse is true for downward
movements in the interest yield curve. Where the Group\u2019s swaps qualify as effective hedges under IFRS 9, these movements in
fair value are recognised directly in other comprehensive income rather than the consolidated income statement.
As at 30 September 2023, the market value of derivatives designated as cash \ufb02ow hedges under IFRS 9 is a net asset of \u00a345.3m
(2022: \u00a356.5m). No amount is recognised within the income statement for ineffectiveness of cash \ufb02ow hedges (2022: \u00a3nil).
The fair value movement on derivatives not in hedge accounting relationships resulted in a charge of \u00a3nil (2022: \u00a3nil) in the
consolidated income statement.
At 30 September 2023, the market value of derivatives not designated as cash \ufb02ow hedges under IFRS 9 is \u00a3nil (2022: \u00a3nil).
The cash \ufb02ows occur and enter in the determination of pro\ufb01t and loss until the maturity of the hedged debt.
The table below summarises debt hedged:
Hedged debt
2023
\u00a3m
2022
\u00a3m
Hedged debt maturing:
Within one year \u2013 \u2013
Between one and two years \u2013 \u2013
Between two and \ufb01ve years 387.4 283.3
Over \ufb01ve years 40.0 \u2013
427.4 283.3
Interest rate pro\ufb01le \u2013 including the effect of derivatives and amortisation of issue costs:
2023 2022
Weighted
average
interest
rate
%
Average
maturity
years
1
Sterling
\u00a3m
Euros
\u00a3m
Gross debt
total
\u00a3m
Weighted
average
interest
rate
%
Average
maturity
years
Sterling
\u00a3m
Euros
\u00a3m
Gross debt
total
\u00a3m
Fixed rate 3.1 5.4 1,050.0 \u2013 1,050.0 3.1 6.4 1,050.0 \u2013 1,050.0
Hedged rate 2.8 4.9 427.4 \u2013 427.4 3.5 4.7 283.3 \u2013 283.3
Variable rate 7.2 4.9 70.9 0.9 71.8 4.0 4.7 40.0 0.9 40.9
3.2 5.2 1,548.3 0.9 1,549.2 3.2 5.6 1,373.3 0.9 1,374.2
1. Average maturity years excluding extension options. Including extension options, with the extension to be mutually agreed between the Group and the lenders, the average maturity
years is 5.5 years (2022: 6.5 years).
At 30 September 2023, the \ufb01xed interest rates on the interest rate swap contracts vary from 0.36% to 1.51% (2022: 0.69% to
2.00%); the weighted average rates are shown in the table above.
(b) Credit availability risk \u2013 Credit availability risk relates to the Group\u2019s ability to re\ufb01nance its borrowings at the end of their
terms or to secure additional \ufb01nancing where necessary. The Group maintains relationships with a diverse range of lenders
and maintains sufficient headroom through cash and committed borrowings. On 30 September 2023, the Group had available
headroom of \u00a3518.7m, with the next debt maturity not until April 2026, although extension options are available to extend this
by a further year.
(c) House price risk \u2013 The cash \ufb02ows arising from the Group\u2019s \ufb01nancial interest in property assets (CHARM) and the Tricomm
Housing portfolio are related to the movement in value of the underlying property assets and, therefore, are subject
to movements in house prices. However, consistent with the Group\u2019s approach to house price risk across its portfolio of
trading and investment properties, the Group does not seek to eliminate this risk as it is a fundamental part of the Group\u2019s
business model.
(d) Capital risk management \u2013 The Board manages the Group\u2019s capital through the regular review of: cash \ufb02ow projections;
the ability of the Group to meet contractual commitments; covenant tests; dividend cover; and gearing (\u2018LTV\u2019). The current
capital structure of the Group comprises a mix of debt and equity. Debt is typically both current and non-current interest-
bearing loans and borrowings as set out in the consolidated statement of \ufb01nancial position. Equity comprises issued share
capital, reserves and retained earnings as set out in the consolidated statement of changes in equity.
Group loans and borrowings have associated covenant requirements with respect to LTV and ICR. The covenants operate
on a facility by facility basis, with maximum LTV ranges between 70% \u2013 75% and minimum ICR cover of 1.35x \u2013 1.75x. As at
30 September 2023, the minimum headroom based on individual facilities is a 28.5% increase in LTV and 41.5% reduction in
ICR. At the year end, Group LTV was 36.8% (see page 180 for calculation) and Group ICR was 4.1x.
The Board regularly reviews all current and projected future levels to monitor anticipated compliance and available headroom
against key thresholds. LTV is reviewed in the context of the Board\u2019s view of markets, the prospects of, and risks relating to, the
portfolio and the recurring cash \ufb02ows of the business. The Group deems a range of LTV of up to 45% to be appropriate in the
medium term.
The Group monitors its cost of debt and Weighted Average Cost of Capital (\u2018WACC\u2019) on a regular basis. At 30 September 2023,
the weighted average cost of debt was 3.3% (2022: 3.1%). Investment and development opportunities are evaluated using a risk
adjusted WACC in order to ensure long-term Shareholder value is created.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-435": {
"value": "Accounting policy Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Demand deposits that cannot be accessed and have restrictions on use arising from contracts with third parties are re\ufb02ected in trade and other receivables. Derivative \ufb01nancial instruments The Group uses derivative instruments to help manage its interest rate risk. In accordance with its treasury policy, the Group does not hold or issue derivatives for trading purposes. Derivatives are classi\ufb01ed as current assets and current liabilities. The derivatives are recognised initially at fair value. Subsequently, the gain or loss on re-measurement to fair value is recognised immediately in the consolidated income statement, unless the derivatives qualify for cash \ufb02ow hedge accounting, and have been designated as such, in which case any gain or loss is taken to equity in a cash \ufb02ow hedge reserve via other comprehensive income. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to demonstrate that the hedge will be highly effective on an on-going basis. This effectiveness testing is re-performed at each period end to ensure that the hedge remains highly effective. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time is immediately transferred to the consolidated income statement. Fair value estimation The fair values of interest rate derivatives are based on a discounted cash \ufb02ow model using market information. Derecognition of \ufb01nancial assets and liabilities Derecognition is the point at which the Group removes an asset or liability from its consolidated statement of \ufb01nancial position. The Group\u2019s policy is to derecognise \ufb01nancial assets only when the contractual right to the cash \ufb02ows from the \ufb01nancial asset expires. The Group also derecognises \ufb01nancial assets that it transfers to another party provided that the transfer of the asset also transfers the right to receive cash \ufb02ows from the \ufb01nancial asset. When the transfer does not result in the Group transferring the right to receive cash \ufb02ows from the \ufb01nancial asset but it does result in the Group assuming a corresponding obligation to pay cash \ufb02ows to another recipient, the \ufb01nancial asset is derecognised. The Group derecognises \ufb01nancial liabilities only when its obligation is discharged, is cancelled or expires. Financial assets classi\ufb01ed as fair value through pro\ufb01t and loss (previously available-for-sale) are the \ufb01nancial interest in property assets. Derivative \ufb01nancial instruments not in hedge accounting relationships are classi\ufb01ed as fair value through pro\ufb01t and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-442": {
"value": "Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Demand deposits that cannot be accessed and have restrictions on use arising from contracts with third parties are re\ufb02ected in trade and other receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-448": {
"value": "Derivative \ufb01nancial instruments The Group uses derivative instruments to help manage its interest rate risk. In accordance with its treasury policy, the Group does not hold or issue derivatives for trading purposes. Derivatives are classi\ufb01ed as current assets and current liabilities. The derivatives are recognised initially at fair value. Subsequently, the gain or loss on re-measurement to fair value is recognised immediately in the consolidated income statement, unless the derivatives qualify for cash \ufb02ow hedge accounting, and have been designated as such, in which case any gain or loss is taken to equity in a cash \ufb02ow hedge reserve via other comprehensive income. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to demonstrate that the hedge will be highly effective on an on-going basis. This effectiveness testing is re-performed at each period end to ensure that the hedge remains highly effective. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time is immediately transferred to the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-447": {
"value": "Derivative \ufb01nancial instruments The Group uses derivative instruments to help manage its interest rate risk. In accordance with its treasury policy, the Group does not hold or issue derivatives for trading purposes. Derivatives are classi\ufb01ed as current assets and current liabilities. The derivatives are recognised initially at fair value. Subsequently, the gain or loss on re-measurement to fair value is recognised immediately in the consolidated income statement, unless the derivatives qualify for cash \ufb02ow hedge accounting, and have been designated as such, in which case any gain or loss is taken to equity in a cash \ufb02ow hedge reserve via other comprehensive income. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to demonstrate that the hedge will be highly effective on an on-going basis. This effectiveness testing is re-performed at each period end to ensure that the hedge remains highly effective. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time is immediately transferred to the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-443": {
"value": "Derivative \ufb01nancial instruments The Group uses derivative instruments to help manage its interest rate risk. In accordance with its treasury policy, the Group does not hold or issue derivatives for trading purposes. Derivatives are classi\ufb01ed as current assets and current liabilities. The derivatives are recognised initially at fair value. Subsequently, the gain or loss on re-measurement to fair value is recognised immediately in the consolidated income statement, unless the derivatives qualify for cash \ufb02ow hedge accounting, and have been designated as such, in which case any gain or loss is taken to equity in a cash \ufb02ow hedge reserve via other comprehensive income. In order to qualify for hedge accounting, the Group is required to document in advance the relationship between the item being hedged and the hedging instrument. The Group is also required to demonstrate that the hedge will be highly effective on an on-going basis. This effectiveness testing is re-performed at each period end to ensure that the hedge remains highly effective. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time is immediately transferred to the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-444": {
"value": "Fair value estimation The fair values of interest rate derivatives are based on a discounted cash \ufb02ow model using market information. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-445": {
"value": "Derecognition of \ufb01nancial assets and liabilities Derecognition is the point at which the Group removes an asset or liability from its consolidated statement of \ufb01nancial position. The Group\u2019s policy is to derecognise \ufb01nancial assets only when the contractual right to the cash \ufb02ows from the \ufb01nancial asset expires. The Group also derecognises \ufb01nancial assets that it transfers to another party provided that the transfer of the asset also transfers the right to receive cash \ufb02ows from the \ufb01nancial asset. When the transfer does not result in the Group transferring the right to receive cash \ufb02ows from the \ufb01nancial asset but it does result in the Group assuming a corresponding obligation to pay cash \ufb02ows to another recipient, the \ufb01nancial asset is derecognised. The Group derecognises \ufb01nancial liabilities only when its obligation is discharged, is cancelled or expires. Financial assets classi\ufb01ed as fair value through pro\ufb01t and loss (previously available-for-sale) are the \ufb01nancial interest in property assets. Derivative \ufb01nancial instruments not in hedge accounting relationships are classi\ufb01ed as fair value through pro\ufb01t and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-399": {
"value": "1) Credit risk Credit risk is the risk of \ufb01nancial loss due to a counterparty\u2019s failure to honour its obligations. The Group\u2019s principal \ufb01nancial assets include its \ufb01nancial interest in property assets, bank balances and cash, trade and other receivables and derivative \ufb01nancial instruments. The carrying amount of \ufb01nancial assets recorded in the \ufb01nancial statements represents the Group\u2019s maximum exposure to credit risk without taking account of the value of any collateral obtained. The Group\u2019s \ufb01nancial interest in property assets (CHARM) relates to a \ufb01nancial interest in equity mortgages held by the Church of England Pensions Board. The Group\u2019s cash receipts are payable by the Church Commissioners, a counterparty considered to be low risk as they have no history of past due or impaired amounts and there are no past due amounts outstanding at the year end. The Group sometimes enters into land sales contracts under which a proportion of the consideration is deferred and recognised within other receivables (Note 23). Each purchaser is subject to \ufb01nancial due diligence prior to sale. At 30 September 2023, \u00a3nil (2022: \u00a30.1m) was outstanding. The Group also has credit risk relating to trade receivables. Under IFRS 9, the Group is required to provide for any expected credit losses arising from trade receivables. For all assured shorthold tenancies, credit checks are performed prior to acceptance of the tenant. Regulated tenants are incentivised through the bene\ufb01t of their tenancy agreement to avoid default on their rent. Lifetime tenancies are generally at low or zero rent and hence suffer minimal credit risk. Rent deposits and personal guarantees are held in respect of some leases. Taking these factors into account, the risk to the Group of individual tenant default and the credit risk of trade receivables are considered low, as is borne out by the low level of trade receivables written off both in this year and in prior years. Tenant deposits of \u00a39.4m (2022: \u00a38.2m) are held that provide some security against rental arrears and property dilapidations caused by the tenant. The Group does not hold any other collateral as security. Of the net trade receivables balance of \u00a31.5m, we consider \u00a3nil to be not due and not impaired. All of the \u00a317.9m other receivables balance are considered not due and not impaired. As at 30 September 2023, tenant arrears of \u00a31.5m within trade receivables were impaired and fully provided for (2022: \u00a31.5m). The impaired receivables are based on a review of expected credit losses, which is detailed in Note 23. Impaired receivables and receivables not considered to be impaired are not material to the \ufb01nancial statements and, therefore, no further analysis is provided. The credit risk on liquid funds and derivative \ufb01nancial instruments is managed through the Group\u2019s policies of monitoring counterparty exposure, monitoring the concentration of credit risk through the use of multiple counterparties and the use of counterparties of good \ufb01nancial standing. At 30 September 2023, the fair value of all interest rate derivatives that had a positive value was \u00a345.3m (2022: \u00a356.5m). At 30 September 2023, the combined credit exposure arising from cash held at banks, money market deposits and interest rate swaps was \u00a3166.3m (2022: \u00a3152.4m), which represents 4.5% (2022: 4.3%) of total assets. Deposits were placed with \ufb01nancial institutions with A- or better credit ratings. The Group has the following cash and cash equivalents: 2023 \u00a3m 2022 \u00a3m Pounds Sterling 120.0 94.8 Euros 1.0 1.1 121.0 95.9 At the year end, \u00a379.6m was placed on deposit (2022: \u00a342.5m) at effective interest rates between 1.5% and 4.6% (2022: 0.1% and 2.2%). Remaining cash and cash equivalents are held as cash at bank or in hand. The Group has an overdraft facility of \u00a31.0m as at 30 September 2023 (2022: \u00a31.0m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-400": {
"value": "2) Liquidity risk The Group ensures that it maintains continuity and \ufb02exibility through a spread of maturities. Although the Group\u2019s core funding is subject to covenants requiring certain levels of LTV with respect to the entities in the Group of obligors, and to maintaining a certain level of interest cover at the Group level, the loans are not secured directly against any property allowing operational \ufb02exibility. The Group ensures that it maintains sufficient cash for operational requirements at all times. The Group also ensures that it has sufficient undrawn committed borrowing facilities from a diverse range of banks and other sources to allow for operational \ufb02exibility and to meet committed expenditure. The business is highly cash generative from its sales of vacant properties, gross rents and management fees. In adverse trading conditions, tenanted and other sales can be increased and new acquisitions can be stopped. Consequently, the Group is able to reduce gearing (\u2018LTV\u2019) levels and improve liquidity quickly. The Group\u2019s credit rating is currently provided by Fitch and S&P. Fitch and S&P\u2019s most recent assessments on the Group were issued in June 2023. Fitch assigned the Group a long-term issuer default rating of \u2018BBB-\u2018 and the Group\u2019s Corporate Bonds\u2019 senior secured issue ratings of \u2018BBB\u2019. S&P affirmed the Group\u2019s long-term issuer default rating of \u2018BB+\u2019 and the Group\u2019s Corporate Bonds\u2019 senior secured issue ratings of \u2018BBB-\u2018. Both Fitch & S&P assigned the Group\u2019s credit outlook as \u2018Stable\u2019. The Group\u2019s stable credit outlook suggests there is currently very little risk of a credit rating downgrade to the Group. The Group monitors rating agency metrics to ensure we maintain or improve upon the Group\u2019s current credit ratings. In the event of a credit rating downgrade, there may be an increase in the coupon payable on the Group\u2019s Corporate Bonds should the senior secured issue rating fall below BBB-. This could result in an increase in the Group\u2019s annual interest charge of \u00a38.7m. However, the coupon would revert to the original coupon payable should the credit rating recover to BBB- or higher. This increase in interest costs would also affect the Group\u2019s interest cover \ufb01nancial covenant. However there is signi\ufb01cant headroom on our facility \ufb01nancial covenants and the Group has determined that we would remain compliant and retain signi\ufb01cant covenant headroom despite this increase in interest costs. No other debt facilities or \ufb01nancial covenants of the Group would be affected by a credit rating downgrade. Certain borrowings and facilities are structured as ESG funding comprising of either green loans or sustainability-linked \ufb01nance. As at the year end, \u00a3125m of the Groups facilities are linked to ESG requirements of which \u00a350m are designated as green loans and \u00a375m are sustainability-linked \ufb01nance. Green loan allocations are made on a use-of-proceeds basis where investment outcomes are expected to achieve certain minimum EPC ratings. Sustainability-linked facilities include targets to achieve certain EPC targets in the Groups PRS portfolio. As at the year end, the green loans were fully allocated, and all targets under the sustainability-linked facilities are being met. Achieving these targets results in the Group receiving a margin bene\ufb01t on borrowings under their respective loans and facilities. In the event of not achieving a target, the Group may experience a similar margin penalty. As at the year end, the maximum possible penalty for missing a target could result in a further \ufb01nance charge of less than \u00a30.1m. The Group\u2019s \ufb01xed rate borrowings are stated at amortised cost in the \ufb01nancial statements and there is currently no requirement under IFRS 9 to revalue these borrowings in the \ufb01nancial statements of the Group. Therefore, there would be no impact to the Group\u2019s measurement of borrowings in the event of a credit rating downgrade. In accordance with IFRS 13, the Group measures derivatives at fair value including the effect of counterparty credit risk. Where derivatives have been designated in a cash \ufb02ow hedge relationship, the Group carries out hedge effectiveness testing in accordance with IFRS 9. In the event of a credit rating downgrade, there may be an impact on the fair value of the Group\u2019s derivative contracts as the credit quality of the Group decreases which may give rise to a requirement to recognise some hedge ineffectiveness in the \ufb01nancial statements. However, in accordance with hedge effectiveness requirements under IFRS 9, credit valuation adjustments included in the measurement of derivative fair values would need to dominate movements in fair value before creating hedge ineffectiveness. The Group does not consider that a credit rating downgrade will impact derivative fair values and give rise to a material level of hedge ineffectiveness. The following table analyses the Group\u2019s \ufb01nancial liabilities and net-settled derivative \ufb01nancial liabilities at the consolidated statement of \ufb01nancial position date into relevant maturity groupings based on the remaining period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash \ufb02ows using yield curves as at 30 September 2023. \u00a3m Less than 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Total At 30 September 2023 Interest-bearing loans and borrowings (Note 26) \u2013 \u2013 944.5 589.0 1,533.5 Interest on borrowings 66.2 63.6 172.7 25.2 327.7 Interest on derivatives (20.9) (11.6) (18.5) (0.2) (51.2) Trade and other payables 120.7 1.2 0.7 5.0 127.6 At 30 September 2022 Interest-bearing loans and borrowings (Note 26) 40.0 \u2013 344.5 973.1 1,357.6 Interest on borrowings 50.7 50.9 137.6 52.0 291.2 Interest on derivatives (12.6) (16.9) (23.2) (1.5) (54.2) Trade and other payables 105.9 2.2 \u2013 \u2013 108.1 The Group\u2019s undrawn committed borrowing facilities are monitored against projected cash \ufb02ows. Maturity of committed undrawn borrowing facilities 2023 \u00a3m 2022 \u00a3m Expiring: Between one and two years \u2013 \u2013 Between two and \ufb01ve years 415.8 590.8 Over \ufb01ve years \u2013 \u2013 415.8 590.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-401": {
"value": "3) Market risk The Group is exposed to market risk through interest rates, the availability of credit and house price movements relating to the Tricomm Housing portfolio and the CHARM portfolio. The approach the Group takes to each of these risks is set out below. The Group is not signi\ufb01cantly exposed to equity price risk or to commodity price risk. Fair values IFRS 13 sets out a three-tier hierarchy for \ufb01nancial assets and liabilities valued at fair value. These are as follows: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities; \u2022 Level 2 \u2013 inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3 \u2013 unobservable inputs for the asset or liability. The following table presents the Group\u2019s assets and liabilities that are measured at fair value: \u00a3m 2023 2022 Assets Liabilities Assets Liabilities Level 3 CHARM 67.0 \u2013 69.1 \u2013 Investment property 2,948.9 \u2013 2,775.9 \u2013 3,015.9 \u2013 2,845.0 \u2013 Level 2 Interest rate swaps \u2013 in cash \ufb02ow hedge accounting relationships 45.3 \u2013 56.5 \u2013 45.3 \u2013 56.5 \u2013 The signi\ufb01cant unobservable inputs affecting the carrying value of the CHARM portfolio are house price in\ufb02ation and discount rates. Assumptions used are detailed in Note 2 and reconciliation of movements and amounts recognised in the consolidated income statement are detailed in Note 20. The investment valuations provided by Allsop LLP and CBRE Limited are based on the RICS Professional Valuation Standards, but include a number of unobservable inputs and other valuation assumptions and are detailed in Note 2. The fair value of swaps and caps were valued in-house by a specialised treasury management system, using a discounted cash \ufb02ow model and market information. The fair value is derived from the present value of future cash \ufb02ows discounted at rates obtained by means of the current yield curve appropriate for those instruments. As all signi\ufb01cant inputs required to value the swaps and caps are observable, they all fall within Level 2. Interest rate swaps and caps are all classi\ufb01ed as either current assets or current liabilities. The notional principal amount of the outstanding interest rate swap and cap contracts as at 30 September 2023 was \u00a3427.4m (2022: \u00a3283.3m). In accordance with IFRS 9, the Group has reviewed its interest rate hedges. In the absence of hedge accounting, movements in fair value are taken directly to the consolidated income statement. However, where cash \ufb02ow hedges have been viewed as being effective, and have been designated as such, any gains or losses have been taken to the cash \ufb02ow hedge reserve via other comprehensive income. The reconciliation between opening and closing balances for Level 3 is detailed in the table below: Assets \u2013 Level 3 2023 \u00a3m 2022 \u00a3m Opening balance 2,845.0 2,250.9 Amounts taken to income statement (64.2) 216.2 Other movements 235.1 377.9 Closing balance 3,015.9 2,845.0 The following assets and liabilities are excluded from the above table as fair value is not the accounting basis for the Group\u2019s \ufb01nancial statements, but is the basis for the Group\u2019s EPRA NRV, EPRA NTA and EPRA NDV measures: 2023 2022 \u00a3m Accounting basis Classi\ufb01cation if fair valued Book value Fair value Book value Fair value Inventories \u2013 trading property Lower of cost and net realisable value Level 3 392.2 734.3 453.8 873.0 Corporate bonds Amortised cost Level 1 700.0 576.4 700.0 523.9 Non-bank loans Amortised cost Level 3 350.0 291.6 350.0 263.1 (a) Interest rate risk \u2013 The Group\u2019s interest rate risk arises from the risk of \ufb02uctuations in interest charges on \ufb02oating rate borrowings. The Group mitigates this risk through the use of variable to \ufb01xed interest rate swaps and caps. This subjects the Group to fair value risk as the value of the \ufb01nancial derivatives \ufb02uctuates in line with variations in interest rates. However, the Group seeks to cash \ufb02ow hedge account where applicable. The Group is, however, driven by commercial considerations when hedging its interest rate risk and is not driven by the strict requirements of the hedge accounting rules under IFRS 9 if this is to the detriment of achieving the best commercial arrangement. Hedging activities are carried out under the terms of the Group\u2019s hedging policies and are regularly reviewed by the Board to ensure compliance with this policy. The Board reviews its policy on interest rate exposure regularly with a view to establishing that it is still relevant in the prevailing and forecast economic environment. The current Group treasury policy is to maintain \ufb02oating rate exposure of no greater than 30% of expected borrowing. As at 30 September 2023, 95% (2022: 97%) of the Group\u2019s gross borrowings were economically hedged to \ufb01xed or capped rates. Based on the Group\u2019s interest rate pro\ufb01le at the statement of \ufb01nancial position date, a 1% rise in interest rates would decrease annual pro\ufb01ts by \u00a30.5m (2022: \u00a30.3m). Similarly, a 1% fall would increase annual pro\ufb01ts by \u00a30.5m (2022: \u00a30.3m). Based on the Group\u2019s interest rate pro\ufb01le at the statement of \ufb01nancial position date, a 1% increase in interest rates would increase the Group\u2019s equity by \u00a311.3m (2022: \u00a311.2m). Similarly, a 1% fall would decrease the Group\u2019s equity by \u00a311.2m (2022: \u00a311.2m). Upward movements in medium and long-term interest rates, associated with higher interest rate expectation, increase the value of the Group\u2019s interest rate swaps that provide protection against such moves. The converse is true for downward movements in the interest yield curve. Where the Group\u2019s swaps qualify as effective hedges under IFRS 9, these movements in fair value are recognised directly in other comprehensive income rather than the consolidated income statement. As at 30 September 2023, the market value of derivatives designated as cash \ufb02ow hedges under IFRS 9 is a net asset of \u00a345.3m (2022: \u00a356.5m). No amount is recognised within the income statement for ineffectiveness of cash \ufb02ow hedges (2022: \u00a3nil). The fair value movement on derivatives not in hedge accounting relationships resulted in a charge of \u00a3nil (2022: \u00a3nil) in the consolidated income statement. At 30 September 2023, the market value of derivatives not designated as cash \ufb02ow hedges under IFRS 9 is \u00a3nil (2022: \u00a3nil). The cash \ufb02ows occur and enter in the determination of pro\ufb01t and loss until the maturity of the hedged debt. The table below summarises debt hedged: Hedged debt 2023 \u00a3m 2022 \u00a3m Hedged debt maturing: Within one year \u2013 \u2013 Between one and two years \u2013 \u2013 Between two and \ufb01ve years 387.4 283.3 Over \ufb01ve years 40.0 \u2013 427.4 283.3 Interest rate pro\ufb01le \u2013 including the effect of derivatives and amortisation of issue costs: 2023 2022 Weighted average interest rate % Average maturity years 1 Sterling \u00a3m Euros \u00a3m Gross debt total \u00a3m Weighted average interest rate % Average maturity years Sterling \u00a3m Euros \u00a3m Gross debt total \u00a3m Fixed rate 3.1 5.4 1,050.0 \u2013 1,050.0 3.1 6.4 1,050.0 \u2013 1,050.0 Hedged rate 2.8 4.9 427.4 \u2013 427.4 3.5 4.7 283.3 \u2013 283.3 Variable rate 7.2 4.9 70.9 0.9 71.8 4.0 4.7 40.0 0.9 40.9 3.2 5.2 1,548.3 0.9 1,549.2 3.2 5.6 1,373.3 0.9 1,374.2 1. Average maturity years excluding extension options. Including extension options, with the extension to be mutually agreed between the Group and the lenders, the average maturity years is 5.5 years (2022: 6.5 years). At 30 September 2023, the \ufb01xed interest rates on the interest rate swap contracts vary from 0.36% to 1.51% (2022: 0.69% to 2.00%); the weighted average rates are shown in the table above. (b) Credit availability risk \u2013 Credit availability risk relates to the Group\u2019s ability to re\ufb01nance its borrowings at the end of their terms or to secure additional \ufb01nancing where necessary. The Group maintains relationships with a diverse range of lenders and maintains sufficient headroom through cash and committed borrowings. On 30 September 2023, the Group had available headroom of \u00a3518.7m, with the next debt maturity not until April 2026, although extension options are available to extend this by a further year. (c) House price risk \u2013 The cash \ufb02ows arising from the Group\u2019s \ufb01nancial interest in property assets (CHARM) and the Tricomm Housing portfolio are related to the movement in value of the underlying property assets and, therefore, are subject to movements in house prices. However, consistent with the Group\u2019s approach to house price risk across its portfolio of trading and investment properties, the Group does not seek to eliminate this risk as it is a fundamental part of the Group\u2019s business model. (d) Capital risk management \u2013 The Board manages the Group\u2019s capital through the regular review of: cash \ufb02ow projections; the ability of the Group to meet contractual commitments; covenant tests; dividend cover; and gearing (\u2018LTV\u2019). The current capital structure of the Group comprises a mix of debt and equity. Debt is typically both current and non-current interest- bearing loans and borrowings as set out in the consolidated statement of \ufb01nancial position. Equity comprises issued share capital, reserves and retained earnings as set out in the consolidated statement of changes in equity. Group loans and borrowings have associated covenant requirements with respect to LTV and ICR. The covenants operate on a facility by facility basis, with maximum LTV ranges between 70% \u2013 75% and minimum ICR cover of 1.35x \u2013 1.75x. As at 30 September 2023, the minimum headroom based on individual facilities is a 28.5% increase in LTV and 41.5% reduction in ICR. At the year end, Group LTV was 36.8% (see page 180 for calculation) and Group ICR was 4.1x. The Board regularly reviews all current and projected future levels to monitor anticipated compliance and available headroom against key thresholds. LTV is reviewed in the context of the Board\u2019s view of markets, the prospects of, and risks relating to, the portfolio and the recurring cash \ufb02ows of the business. The Group deems a range of LTV of up to 45% to be appropriate in the medium term. The Group monitors its cost of debt and Weighted Average Cost of Capital (\u2018WACC\u2019) on a regular basis. At 30 September 2023, the weighted average cost of debt was 3.3% (2022: 3.1%). Investment and development opportunities are evaluated using a risk adjusted WACC in order to ensure long-term Shareholder value is created.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-413": {
"value": "(d) Capital risk management \u2013 The Board manages the Group\u2019s capital through the regular review of: cash \ufb02ow projections; the ability of the Group to meet contractual commitments; covenant tests; dividend cover; and gearing (\u2018LTV\u2019). The current capital structure of the Group comprises a mix of debt and equity. Debt is typically both current and non-current interest- bearing loans and borrowings as set out in the consolidated statement of \ufb01nancial position. Equity comprises issued share capital, reserves and retained earnings as set out in the consolidated statement of changes in equity. Group loans and borrowings have associated covenant requirements with respect to LTV and ICR. The covenants operate on a facility by facility basis, with maximum LTV ranges between 70% \u2013 75% and minimum ICR cover of 1.35x \u2013 1.75x. As at 30 September 2023, the minimum headroom based on individual facilities is a 28.5% increase in LTV and 41.5% reduction in ICR. At the year end, Group LTV was 36.8% (see page 180 for calculation) and Group ICR was 4.1x. The Board regularly reviews all current and projected future levels to monitor anticipated compliance and available headroom against key thresholds. LTV is reviewed in the context of the Board\u2019s view of markets, the prospects of, and risks relating to, the portfolio and the recurring cash \ufb02ows of the business. The Group deems a range of LTV of up to 45% to be appropriate in the medium term. The Group monitors its cost of debt and Weighted Average Cost of Capital (\u2018WACC\u2019) on a regular basis. At 30 September 2023, the weighted average cost of debt was 3.3% (2022: 3.1%). Investment and development opportunities are evaluated using a risk adjusted WACC in order to ensure long-term Shareholder value is created.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-381": {
"value": "28. Pension costs Accounting policy i) De\ufb01ned contribution pension scheme \u2013 Obligations for contributions to de\ufb01ned contribution pension schemes are recognised as an expense in the income statement in the period to which they relate. ii) De\ufb01ned bene\ufb01t pension scheme \u2013 The Group currently contributes to a de\ufb01ned bene\ufb01t pension scheme that was closed to new members and future accrual of bene\ufb01ts in 2003. The full de\ufb01cit in the scheme was recognised in the statement of \ufb01nancial position as at 1 October 2004. An actuarial valuation of the scheme is carried out every three years. The cost of providing bene\ufb01ts is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each consolidated statement of \ufb01nancial position date by a quali\ufb01ed actuary, for the purpose of determining the amounts to be re\ufb02ected in the Group\u2019s \ufb01nancial statements under IAS 19. The de\ufb01ned bene\ufb01t obligation is valued by projecting the best estimate of future bene\ufb01t outgoings (allowing for future salary increases for active members, revaluation to retirement for deferred members and annual pension increases for all members) and then discounting to the consolidated statement of \ufb01nancial position date. The pension scheme assets comprise investments in bonds and cash, managed by Rathbones Investment Management Limited and insurance policies managed by Friends Life. These assets are measured at fair value in the statement of \ufb01nancial position. The amount shown in the statement of \ufb01nancial position is the net of the present value of the de\ufb01ned bene\ufb01t obligation and the fair value of the scheme assets. When there is a surplus the Group considers the requirements of IFRIC 14 and whether there is economic bene\ufb01t available as a refund of this surplus, or through a reduction in future contributions. When an unconditional right to future economic bene\ufb01t exists, there is no restriction on the amount of surplus recognised. There are no current or past service costs as the scheme is closed to new members and future accrual. The net interest amount, calculated by applying the discount rate to the net de\ufb01ned bene\ufb01t liability, is re\ufb02ected in the income statement each year. Actuarial gains and losses net of deferred income tax are re\ufb02ected in other comprehensive income each year. (a) De\ufb01ned contribution scheme The Group operates a de\ufb01ned contribution pension scheme for its employees. The assets of the scheme are held separately from those of the Group in independently administered funds. The Group has no legal or constructive obligations to pay further contributions if the funds do not hold sufficient assets to pay all employees the bene\ufb01ts relating to employee service in the current and prior periods. Pension arrangements for Directors are disclosed in the report of the Remuneration Committee and the Directors\u2019 Remuneration report on pages 93 to 111. The pension cost charge in these \ufb01nancial statements represents contributions payable by the Group. The charge of \u00a31.5m (2022: \u00a31.4m) is included within employee remuneration in Note 10. (b) De\ufb01ned bene\ufb01t scheme In addition to the above, the Group also operates a \ufb01nal salary de\ufb01ned bene\ufb01t pension scheme, the BPT Retirement Bene\ufb01ts Scheme. The assets of the scheme are held separately in funds administered by Trustees and are invested with Rathbones Investment Management Limited, an independent investment manager. Pension bene\ufb01ts are linked to the members\u2019 \ufb01nal pensionable salaries and service at their retirement date (or date of leaving if earlier). The Trustees are responsible for running the scheme in accordance with the scheme\u2019s trust deed and rules, which sets out their powers. The Trustees of the scheme are required to act in the best interests of the bene\ufb01ciaries of the scheme. There is a requirement that at least one-third of the Trustees are nominated by the members of the scheme. There are three categories of pension scheme members: \u2022 Active members: currently employed by the Group. No bene\ufb01ts have accrued since 30 June 2003, although active members retain a \ufb01nal salary link. \u2022 Deferred members: former employees of the Group. \u2022 Pensioner members: in receipt of pension. The de\ufb01ned bene\ufb01t obligation is valued by projecting the best estimate of future bene\ufb01t payments (allowing for future salary increases for active members, revaluation to retirement for deferred members and annual pension increases for all members) and then discounting to the statement of \ufb01nancial position date. In the period up to retirement, bene\ufb01ts receive increases linked to Consumer Prices Index (\u2018CPI\u2019) in\ufb02ation (subject to a cap of no more than 5% p.a.). After retirement, bene\ufb01ts receive \ufb01xed increases of 5% p.a. The valuation method used is known as the Projected Unit Credit Method. The approximate overall duration of the scheme\u2019s de\ufb01ned bene\ufb01t obligation as at 30 September 2023 was 16 years. The IAS 19 calculations for disclosure purposes have been based upon the results of the actuarial valuation carried out as at 1 July 2022, updated to 30 September 2023, by a quali\ufb01ed independent actuary. i) Principal actuarial assumptions under IAS 19 (p.a.) 2023 % 2022 % Discount rate 5.6 5.0 Retail Price Index (\u2018RPI\u2019) in\ufb02ation 3.5 3.8 Consumer Prices Index (\u2018CPI\u2019) in\ufb02ation 2.8 3.0 Salary increases 4.0 4.3 Rate of increase of pensions in payment 5.0 5.0 Rate of increase for deferred pensioners 2.8 3.0 ii) Demographic assumptions 2023 2022 Mortality tables for pensioners S3PA base tables CMI 2022 mortality projections 1.25% p.a. long-term rate S2PA base tables CMI 2021 mortality projections 1.25% p.a. long-term rate Mortality tables for non-pensioners As for pensioners As for pensioners iii) Life expectancies 30 September 2023 30 September 2022 Male Female Male Female Life expectancy for a current 60-year-old (years) 86 89 86 89 Life expectancy at age 60 for an individual aged 45 (years) 87 90 87 90 Risks Through the scheme, the Group is exposed to a number of risks: \u2022 Changes in bond yields: a decrease in corporate bond yields would increase the fair value of the scheme\u2019s de\ufb01ned bene\ufb01t obligation. \u2022 Asset volatility: the scheme invests in Government and highly rated corporate bonds, the value of which \ufb02uctuate, particularly in response to movements in market interest rates. \u2022 Credit Risk: the scheme\u2019s assets are primarily UK government and highly rated corporate debt through which the Group is exposed to the credit risk of these highly rated counterparties. \u2022 In\ufb02ation risk: some of the scheme\u2019s de\ufb01ned bene\ufb01t obligation is linked to in\ufb02ation, therefore higher in\ufb02ation will result in a higher de\ufb01ned bene\ufb01t obligation (subject to the appropriate caps in place). The scheme holds a proportion of index-linked gilts in its asset portfolio to partially mitigate this risk. \u2022 Life expectancy: if scheme members live longer than expected, the scheme\u2019s bene\ufb01ts will need to be paid for longer, increasing the scheme\u2019s de\ufb01ned bene\ufb01t obligation. The Trustees and Group manage risks in the scheme through the following strategies: \u2022 Investment strategy: the Trustees regularly review the investment strategy and in 2023 undertook a rebalancing of the portfolio to secure a surplus funding position through the purchase of a portfolio of nominal and index-linked Government and highly rated corporate debt that is expected to closely mirror future changes in the scheme liabilities. \u2022 Diversi\ufb01cation: investments in corporate debt are diversi\ufb01ed, such that the failure of any single investment would not have a material impact on the overall level of assets. Market value of scheme assets The assets of the scheme are invested in a diversi\ufb01ed portfolio as follows: 30 September 2023 30 September 2022 Market value \u00a3m % of total scheme assets Market value \u00a3m % of total scheme assets Equities \u2013 \u2013 13.9 48 Bonds 24.0 84 10.7 37 Cash 2.6 9 1.9 7 Insurance policies 2.0 7 2.3 8 Total value of assets 28.6 100 28.8 100 The actual return on assets over the year was: 0.7 (4.4) The assets of the scheme are held with Rathbones Investment Management Limited in a managed fund. All of the assets listed have a quoted market price in an active market with the exception of the insurance policy asset where its value has been set equal to the secured pensioner liability. The change in the market value of the scheme assets over the year was as follows: 2023 \u00a3m 2022 \u00a3m Market value of scheme assets at the start of the year 28.8 33.9 Interest income 1.5 0.6 Employer contributions 0.3 0.6 Actuarial return on assets less interest (0.8) (5.1) Bene\ufb01ts paid (1.2) (1.2) Market value of scheme assets at the end of the year 28.6 28.8 The change in value of the de\ufb01ned bene\ufb01t obligation over the year was as follows: 2023 \u00a3m 2022 \u00a3m Value of de\ufb01ned bene\ufb01t obligation at the start of the year 19.0 30.4 Interest on pension scheme liabilities 0.9 0.6 Remeasurement of changes in \ufb01nancial assumptions 0.3 (10.8) Bene\ufb01ts paid (1.2) (1.2) Value of de\ufb01ned bene\ufb01t obligation at the end of the year 19.0 19.0 Amounts recognised in the consolidated statement of comprehensive income: 2023 \u00a3m 2022 \u00a3m Actuarial return on assets less interest (0.8) (5.1) Remeasurement of de\ufb01ned bene\ufb01t obligation (0.3) 10.8 (1.1) 5.7 The loss shown in the above table of \u00a31.1m (2022: gain of \u00a35.7m) has been included in the consolidated statement of comprehensive income on page 127. The surplus is recognised because the Group considers there is economic bene\ufb01t available through a reduction in future contributions or the eventual return of the surplus. Future funding obligation The Trustees are required to carry out an actuarial valuation every three years. The last actuarial valuation of the scheme was performed by the Actuary for the Trustees as at 1 July 2022. This valuation revealed a funding shortfall of \u00a3nil and as a result of this valuation, the Group agreed to cease the existing recovery plan and pay no additional contributions. Sensitivity analysis Set out below is an analysis of how the scheme de\ufb01cit would vary with changes to the key actuarial assumptions: Discount rate movement of 0.75% p.a. Increase/(decrease) in de\ufb01cit of \u00a32.0m/(\u00a32.2m) Salary movement of 1.00% p.a. Increase/(decrease) in de\ufb01cit of \u00a30.1m/(\u00a30.1m) Life expectancies movement of one year Increase/(decrease) in de\ufb01cit of \u00a30.8m/(\u00a30.8m)",
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"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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},
"fact-436": {
"value": "Accounting policy i) De\ufb01ned contribution pension scheme \u2013 Obligations for contributions to de\ufb01ned contribution pension schemes are recognised as an expense in the income statement in the period to which they relate. ii) De\ufb01ned bene\ufb01t pension scheme \u2013 The Group currently contributes to a de\ufb01ned bene\ufb01t pension scheme that was closed to new members and future accrual of bene\ufb01ts in 2003. The full de\ufb01cit in the scheme was recognised in the statement of \ufb01nancial position as at 1 October 2004. An actuarial valuation of the scheme is carried out every three years. The cost of providing bene\ufb01ts is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each consolidated statement of \ufb01nancial position date by a quali\ufb01ed actuary, for the purpose of determining the amounts to be re\ufb02ected in the Group\u2019s \ufb01nancial statements under IAS 19. The de\ufb01ned bene\ufb01t obligation is valued by projecting the best estimate of future bene\ufb01t outgoings (allowing for future salary increases for active members, revaluation to retirement for deferred members and annual pension increases for all members) and then discounting to the consolidated statement of \ufb01nancial position date. The pension scheme assets comprise investments in bonds and cash, managed by Rathbones Investment Management Limited and insurance policies managed by Friends Life. These assets are measured at fair value in the statement of \ufb01nancial position. The amount shown in the statement of \ufb01nancial position is the net of the present value of the de\ufb01ned bene\ufb01t obligation and the fair value of the scheme assets. When there is a surplus the Group considers the requirements of IFRIC 14 and whether there is economic bene\ufb01t available as a refund of this surplus, or through a reduction in future contributions. When an unconditional right to future economic bene\ufb01t exists, there is no restriction on the amount of surplus recognised. There are no current or past service costs as the scheme is closed to new members and future accrual. The net interest amount, calculated by applying the discount rate to the net de\ufb01ned bene\ufb01t liability, is re\ufb02ected in the income statement each year. Actuarial gains and losses net of deferred income tax are re\ufb02ected in other comprehensive income each year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-402": {
"value": "(a) De\ufb01ned contribution scheme The Group operates a de\ufb01ned contribution pension scheme for its employees. The assets of the scheme are held separately from those of the Group in independently administered funds. The Group has no legal or constructive obligations to pay further contributions if the funds do not hold sufficient assets to pay all employees the bene\ufb01ts relating to employee service in the current and prior periods. Pension arrangements for Directors are disclosed in the report of the Remuneration Committee and the Directors\u2019 Remuneration report on pages 93 to 111. The pension cost charge in these \ufb01nancial statements represents contributions payable by the Group. The charge of \u00a31.5m (2022: \u00a31.4m) is included within employee remuneration in Note 10. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-403": {
"value": "(b) De\ufb01ned bene\ufb01t scheme In addition to the above, the Group also operates a \ufb01nal salary de\ufb01ned bene\ufb01t pension scheme, the BPT Retirement Bene\ufb01ts Scheme. The assets of the scheme are held separately in funds administered by Trustees and are invested with Rathbones Investment Management Limited, an independent investment manager. Pension bene\ufb01ts are linked to the members\u2019 \ufb01nal pensionable salaries and service at their retirement date (or date of leaving if earlier). The Trustees are responsible for running the scheme in accordance with the scheme\u2019s trust deed and rules, which sets out their powers. The Trustees of the scheme are required to act in the best interests of the bene\ufb01ciaries of the scheme. There is a requirement that at least one-third of the Trustees are nominated by the members of the scheme. There are three categories of pension scheme members: \u2022 Active members: currently employed by the Group. No bene\ufb01ts have accrued since 30 June 2003, although active members retain a \ufb01nal salary link. \u2022 Deferred members: former employees of the Group. \u2022 Pensioner members: in receipt of pension. The de\ufb01ned bene\ufb01t obligation is valued by projecting the best estimate of future bene\ufb01t payments (allowing for future salary increases for active members, revaluation to retirement for deferred members and annual pension increases for all members) and then discounting to the statement of \ufb01nancial position date. In the period up to retirement, bene\ufb01ts receive increases linked to Consumer Prices Index (\u2018CPI\u2019) in\ufb02ation (subject to a cap of no more than 5% p.a.). After retirement, bene\ufb01ts receive \ufb01xed increases of 5% p.a. The valuation method used is known as the Projected Unit Credit Method. The approximate overall duration of the scheme\u2019s de\ufb01ned bene\ufb01t obligation as at 30 September 2023 was 16 years. The IAS 19 calculations for disclosure purposes have been based upon the results of the actuarial valuation carried out as at 1 July 2022, updated to 30 September 2023, by a quali\ufb01ed independent actuary. i) Principal actuarial assumptions under IAS 19 (p.a.) 2023 % 2022 % Discount rate 5.6 5.0 Retail Price Index (\u2018RPI\u2019) in\ufb02ation 3.5 3.8 Consumer Prices Index (\u2018CPI\u2019) in\ufb02ation 2.8 3.0 Salary increases 4.0 4.3 Rate of increase of pensions in payment 5.0 5.0 Rate of increase for deferred pensioners 2.8 3.0 ii) Demographic assumptions 2023 2022 Mortality tables for pensioners S3PA base tables CMI 2022 mortality projections 1.25% p.a. long-term rate S2PA base tables CMI 2021 mortality projections 1.25% p.a. long-term rate Mortality tables for non-pensioners As for pensioners As for pensioners iii) Life expectancies 30 September 2023 30 September 2022 Male Female Male Female Life expectancy for a current 60-year-old (years) 86 89 86 89 Life expectancy at age 60 for an individual aged 45 (years) 87 90 87 90 Risks Through the scheme, the Group is exposed to a number of risks: \u2022 Changes in bond yields: a decrease in corporate bond yields would increase the fair value of the scheme\u2019s de\ufb01ned bene\ufb01t obligation. \u2022 Asset volatility: the scheme invests in Government and highly rated corporate bonds, the value of which \ufb02uctuate, particularly in response to movements in market interest rates. \u2022 Credit Risk: the scheme\u2019s assets are primarily UK government and highly rated corporate debt through which the Group is exposed to the credit risk of these highly rated counterparties. \u2022 In\ufb02ation risk: some of the scheme\u2019s de\ufb01ned bene\ufb01t obligation is linked to in\ufb02ation, therefore higher in\ufb02ation will result in a higher de\ufb01ned bene\ufb01t obligation (subject to the appropriate caps in place). The scheme holds a proportion of index-linked gilts in its asset portfolio to partially mitigate this risk. \u2022 Life expectancy: if scheme members live longer than expected, the scheme\u2019s bene\ufb01ts will need to be paid for longer, increasing the scheme\u2019s de\ufb01ned bene\ufb01t obligation. The Trustees and Group manage risks in the scheme through the following strategies: \u2022 Investment strategy: the Trustees regularly review the investment strategy and in 2023 undertook a rebalancing of the portfolio to secure a surplus funding position through the purchase of a portfolio of nominal and index-linked Government and highly rated corporate debt that is expected to closely mirror future changes in the scheme liabilities. \u2022 Diversi\ufb01cation: investments in corporate debt are diversi\ufb01ed, such that the failure of any single investment would not have a material impact on the overall level of assets. Market value of scheme assets The assets of the scheme are invested in a diversi\ufb01ed portfolio as follows: 30 September 2023 30 September 2022 Market value \u00a3m % of total scheme assets Market value \u00a3m % of total scheme assets Equities \u2013 \u2013 13.9 48 Bonds 24.0 84 10.7 37 Cash 2.6 9 1.9 7 Insurance policies 2.0 7 2.3 8 Total value of assets 28.6 100 28.8 100 The actual return on assets over the year was: 0.7 (4.4) The assets of the scheme are held with Rathbones Investment Management Limited in a managed fund. All of the assets listed have a quoted market price in an active market with the exception of the insurance policy asset where its value has been set equal to the secured pensioner liability. The change in the market value of the scheme assets over the year was as follows: 2023 \u00a3m 2022 \u00a3m Market value of scheme assets at the start of the year 28.8 33.9 Interest income 1.5 0.6 Employer contributions 0.3 0.6 Actuarial return on assets less interest (0.8) (5.1) Bene\ufb01ts paid (1.2) (1.2) Market value of scheme assets at the end of the year 28.6 28.8 The change in value of the de\ufb01ned bene\ufb01t obligation over the year was as follows: 2023 \u00a3m 2022 \u00a3m Value of de\ufb01ned bene\ufb01t obligation at the start of the year 19.0 30.4 Interest on pension scheme liabilities 0.9 0.6 Remeasurement of changes in \ufb01nancial assumptions 0.3 (10.8) Bene\ufb01ts paid (1.2) (1.2) Value of de\ufb01ned bene\ufb01t obligation at the end of the year 19.0 19.0 Amounts recognised in the consolidated statement of comprehensive income: 2023 \u00a3m 2022 \u00a3m Actuarial return on assets less interest (0.8) (5.1) Remeasurement of de\ufb01ned bene\ufb01t obligation (0.3) 10.8 (1.1) 5.7 The loss shown in the above table of \u00a31.1m (2022: gain of \u00a35.7m) has been included in the consolidated statement of comprehensive income on page 127. The surplus is recognised because the Group considers there is economic bene\ufb01t available through a reduction in future contributions or the eventual return of the surplus. Future funding obligation The Trustees are required to carry out an actuarial valuation every three years. The last actuarial valuation of the scheme was performed by the Actuary for the Trustees as at 1 July 2022. This valuation revealed a funding shortfall of \u00a3nil and as a result of this valuation, the Group agreed to cease the existing recovery plan and pay no additional contributions. Sensitivity analysis Set out below is an analysis of how the scheme de\ufb01cit would vary with changes to the key actuarial assumptions: Discount rate movement of 0.75% p.a. Increase/(decrease) in de\ufb01cit of \u00a32.0m/(\u00a32.2m) Salary movement of 1.00% p.a. Increase/(decrease) in de\ufb01cit of \u00a30.1m/(\u00a30.1m) Life expectancies movement of one year Increase/(decrease) in de\ufb01cit of \u00a30.8m/(\u00a30.8m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-382": {
"value": "29. Issued share capital Accounting policy Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Acquisition of and investment in own shares The Group acquires its own shares to enable it to meet its obligations under the various share schemes in operation. No gain or loss is recognised in pro\ufb01t or loss on the purchase, sale, issue or cancellation of the Company\u2019s own shares. The acquisition cost of the shares is debited to an investment in own shares reserve within retained earnings. Where the Group buys back its own shares as treasury shares it adopts the accounting as described above. Where it subsequently cancels them, issued share capital is reduced by the nominal value of the shares cancelled and this same amount is transferred to the capital redemption reserve. Issue of share capital 2023 \u00a3m 2022 \u00a3m Allotted, called-up and fully paid: 743,042,056 (2022: 742,921,734) ordinary shares of 5p each 37.2 37.1 During the year, The Grainger Employee Bene\ufb01t Trust has acquired 3,000,000 shares at a cost of \u00a37.8m (2022: 1,000,000 shares at a cost of \u00a33.2m). The Group paid \u00a30.1m (2022: \u00a30.1m) to the Share Incentive Plan during the year for the purchase of matching shares and free shares in the scheme. The total cost of acquiring own shares of \u00a37.9m (2022: \u00a33.3m) has been deducted from retained earnings within Shareholders\u2019 equity. As at 30 September 2023, share capital included 3,440,348 (2022: 699,878) shares held by The Grainger Employee Bene\ufb01t Trust and 1,506,300 (2022: 1,506,300) shares held by Grainger plc as treasury shares. The total of these shares is 4,946,648 (2022: 2,206,178) with a nominal value of \u00a3247,332 (2022: \u00a3110,309) and a market value as at 30 September 2023 of \u00a311.6m (2022: \u00a35.1m). Movements in issued share capital during the year and the previous year were as follows: Number Nominal value \u00a3\u2019000 At 30 September 2021 742,776,681 37,139 Options exercised under the SAYE scheme (Note 30) 145,053 7 At 30 September 2022 742,921,734 37,146 Options exercised under the SAYE scheme (Note 30) 120,322 6 At 30 September 2023 743,042,056 37,152 31. Changes in equity The consolidated statement of changes in equity is shown on page 129. Further information relating to reserves is provided below. Movements on the retained earnings reserve are set out in Note 32. (a) Merger reserve The merger reserve arose when the Company issued shares in partial consideration for the acquisition of City North Group plc in the year ended 30 September 2005. The issue satis\ufb01ed the provisions of Section 612 of the Companies Act 2006 (formerly Section 131 of the Companies Act 1985) and the premium relating to the shares issued was credited to a merger reserve. (b) Cash \ufb02ow hedge reserve The fair value movements on those derivative \ufb01nancial instruments qualifying for hedge accounting under IFRS 9 are taken to this reserve net of tax. 32. Movement in retained earnings The retained earnings reserve comprises various elements, including: Treasury shares bought back and cancelled Included within retained earnings at 30 September 2023 is a balance of \u00a37.8m (2022: \u00a37.8m) relating to treasury shares bought back and cancelled. Investment in own shares Included within retained earnings at 30 September 2023 is a balance of \u00a34.8m (2022: \u00a30.9m) relating to investments in own shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-404": {
"value": "29. Issued share capital Accounting policy Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Acquisition of and investment in own shares The Group acquires its own shares to enable it to meet its obligations under the various share schemes in operation. No gain or loss is recognised in pro\ufb01t or loss on the purchase, sale, issue or cancellation of the Company\u2019s own shares. The acquisition cost of the shares is debited to an investment in own shares reserve within retained earnings. Where the Group buys back its own shares as treasury shares it adopts the accounting as described above. Where it subsequently cancels them, issued share capital is reduced by the nominal value of the shares cancelled and this same amount is transferred to the capital redemption reserve. Issue of share capital 2023 \u00a3m 2022 \u00a3m Allotted, called-up and fully paid: 743,042,056 (2022: 742,921,734) ordinary shares of 5p each 37.2 37.1 During the year, The Grainger Employee Bene\ufb01t Trust has acquired 3,000,000 shares at a cost of \u00a37.8m (2022: 1,000,000 shares at a cost of \u00a33.2m). The Group paid \u00a30.1m (2022: \u00a30.1m) to the Share Incentive Plan during the year for the purchase of matching shares and free shares in the scheme. The total cost of acquiring own shares of \u00a37.9m (2022: \u00a33.3m) has been deducted from retained earnings within Shareholders\u2019 equity. As at 30 September 2023, share capital included 3,440,348 (2022: 699,878) shares held by The Grainger Employee Bene\ufb01t Trust and 1,506,300 (2022: 1,506,300) shares held by Grainger plc as treasury shares. The total of these shares is 4,946,648 (2022: 2,206,178) with a nominal value of \u00a3247,332 (2022: \u00a3110,309) and a market value as at 30 September 2023 of \u00a311.6m (2022: \u00a35.1m). Movements in issued share capital during the year and the previous year were as follows: Number Nominal value \u00a3\u2019000 At 30 September 2021 742,776,681 37,139 Options exercised under the SAYE scheme (Note 30) 145,053 7 At 30 September 2022 742,921,734 37,146 Options exercised under the SAYE scheme (Note 30) 120,322 6 At 30 September 2023 743,042,056 37,152 ",
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"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-437": {
"value": "Accounting policy Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Acquisition of and investment in own shares The Group acquires its own shares to enable it to meet its obligations under the various share schemes in operation. No gain or loss is recognised in pro\ufb01t or loss on the purchase, sale, issue or cancellation of the Company\u2019s own shares. The acquisition cost of the shares is debited to an investment in own shares reserve within retained earnings. Where the Group buys back its own shares as treasury shares it adopts the accounting as described above. Where it subsequently cancels them, issued share capital is reduced by the nominal value of the shares cancelled and this same amount is transferred to the capital redemption reserve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-383": {
"value": "30. Share-based payments Accounting policy The Group operates a number of equity-settled, share-based compensation plans comprising awards under a Long-Term Incentive Plan (\u2018LTIP\u2019), a Deferred Bonus Plan (\u2018DBP\u2019), a Share Incentive Plan (\u2018SIP\u2019) and a Save As You Earn (\u2018SAYE\u2019) scheme. The fair value of the employee services received in exchange for the grant of shares and options is recognised as an employee expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the shares and options granted. For market-based conditions, the probability of vesting is taken into account in the fair value calculation and no revision is made to the number of shares or options expected to vest. For non-market conditions, each year the Group revises its estimate of the number of options or shares that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the consolidated income statement with a corresponding adjustment to equity. Awards that are subject to a market-based performance condition are valued at fair value using the Monte Carlo simulation model. Awards not subject to a market-based performance condition are valued at fair value using the Black-Scholes valuation model. When options are exercised the proceeds received, net of any directly attributable transaction costs, are credited to share capital (nominal value) and share premium. Share awards LTIP DBSP DBP EDBP SAYE Award date 12 December 2022 Market- based 12 December 2022 Non- market- based 12 December 2022 12 December 2022 12 December 2022 1 July 2023 3-year scheme 1 July 2023 5-year scheme Number of shares on grant 421,562 843,124 218,225 65,177 28,764 378,204 156,787 Exercise price (\u00a3) \u2013 \u2013 \u2013 \u2013 \u2013 2.03 2.03 Vesting period from date of grant (years) 3 3 3 1-3 1-5 3 5 Exercise period after vesting (years) 7 7 3 3 3 - - Share price at grant (\u00a3) 2.48 2.48 2.48 2.48 2.48 2.27 2.27 Expected risk free rate (%) 3.3 3.3 N/A N/A N/A 5.1 4.7 Expected dividend yield (%) N/A N/A 2.7 2.7 2.7 2.7 2.7 Expected volatility (%) 28.6 28.6 N/A N/A N/A 27.1 24.6 Fair value (\u00a3) 1.37 2.48 2.48 2.48 2.48 0.56 0.61 The expected volatility \ufb01gures used in the valuation were calculated based on the historic volatility over a period equal to the expected term from the date of grant. The share-based payments charge recognised in the consolidated income statement is \u00a32.4m (2022: \u00a31.7m). (a) LTIP scheme For the awards granted in or after December 2022, 33% of the awards under the LTIP scheme are subject to an absolute Total Shareholder Return performance condition measured over three years from the date of grant, 33% are subject to annual growth in Total Property Income Return measured over three years from the date of grant, and the \ufb01nal 33% are subject to achieving Secured PRS Investment targets measured over three years from the date of grant. For the awards granted in or after December 2021, 33% of the awards under the LTIP scheme are subject to an absolute Total Shareholder Return performance condition measured over three years from the date of grant, 33% are subject to annual growth in Total Property Return measured over three years from the date of grant, and the \ufb01nal 33% are subject to achieving Secured PRS Investment targets measured over three years from the date of grant. For the awards granted in or after February 2020, 50% of the awards under the LTIP scheme are subject to an absolute Total Shareholder Return performance condition measured over three years from the date of grant, 25% are subject to annual growth in Total Property Return measured over three years from the date of grant, and the \ufb01nal 25% are subject to achieving Secured PRS Investment targets measured over three years from the date of grant. For previous grants, 50% of the awards are subject to an absolute total shareholder return performance condition and 50% are subject to annual growth in Total Property Return, both measured over three years from the date of grant. The movement in LTIP awards during the year is as follows: Awards Opening balance Awards granted Awards vested Awards lapsed Closing balance LTIP 26 September 2019 31,694 \u2013 (31,694) \u2013 \u2013 6 February 2020 462,419 \u2013 (109,906) (78,282) 274,231 10 December 2020 490,967 \u2013 \u2013 \u2013 490,967 11 October 20211 549,904 \u2013 \u2013 (31,240) 518,664 16 December 2021 851,484 \u2013 \u2013 (23,077) 828,407 28 September 2022 61,712 \u2013 \u2013 \u2013 61,712 12 December 2022 \u2013 1,264,686 \u2013 \u2013 1,264,686 Total 2,448,180 1,264,686 (141,600) (132,599) 3,438,667 1. The grant of LTIP awards made on 11 October 2021 was made to Rob Hudson as replacement of awards made by his previous employer. The fair value of these awards is based on the assumptions relating to previous LTIP awards. See Note 6 of the remuneration report on page 97 of the prior year Annual Report and Accounts for further details. (b) DBP scheme Awards granted under the DBSP relate to the compulsory deferral of 25% of any bonus paid to Executive Directors as described in the Remuneration Committee report. Shares granted in this scheme have no further performance conditions other than continued employment. There is a three-year vesting period from the date of grant, after which time participants can choose to exercise their awards. Awards granted under the DBP scheme have no speci\ufb01c performance conditions other than employees in the scheme continuing to be employed. There is a three-year vesting period from the date of grant. One-third of the awards vest at the end of each year. Participants can choose to exercise their awards on vesting or to retain their awards within the plan until the end of the third year at which point a 50% matching element is added to their award entitlement. In addition to the DBP scheme, an enhanced DBP scheme (\u2018EDBP\u2019) is also provided. The enhanced scheme operates in exactly the same way as the normal DBP scheme except that if participants retain their awards within the plan until the end of the \ufb01fth year, a further additional 50% matching award is added to their award entitlement. Awards under the DBP/EDBP have been valued based on the share price at the date of the award less the dividend yield at the award date as there is no entitlement to dividends during the vesting period. The movement in DBP/EDBP awards during the year is as follows: Awards Opening balance Awards granted Awards exercised Awards lapsed Closing balance DBSP 1 December 2019 32,887 \u2013 (16,458) \u2013 16,429 10 December 2020 61,313 \u2013 \u2013 \u2013 61,313 16 December 2021 105,955 \u2013 \u2013 (10,641) 95,314 12 December 2022 \u2013 218,255 \u2013 \u2013 218,255 DBP 17 December 2019 26,058 \u2013 (26,058) \u2013 \u2013 10 December 2020 34,298 \u2013 \u2013 \u2013 34,298 16 December 2021 40,800 \u2013 \u2013 \u2013 40,800 12 December 2022 \u2013 65,177 \u2013 \u2013 65,177 EDBP 21 December 2017 36,826 \u2013 (26,933) (1,675) 8,218 17 December 2018 77,210 \u2013 (15,232) (2,812) 59,166 17 December 2019 57,172 \u2013 (10,720) (3,752) 42,700 10 December 2020 67,492 \u2013 (13,304) (4,080) 50,108 16 December 2021 17,864 \u2013 \u2013 \u2013 17,864 12 December 2022 \u2013 28,764 \u2013 \u2013 28,764 Total 557,875 312,196 (108,705) (22,960) 738,406 (c) SAYE share option scheme Awards under the SAYE scheme have been valued at fair value using a Black-Scholes valuation model. The number of shares subject to options as at 30 September 2023, the periods in which they were granted and the periods in which they may be exercised and the movement during the year are given below: Exercise price (pence) 1 Exercise period Opening balance Awards granted Awards exercised Awards lapsed/ cancelled Closing balance SAYE 2017 189.9 2020-23 26,847 \u2013 (26,847) \u2013 \u2013 2019 193.0 2022-25 134,224 \u2013 (88,775) (5,036) 40,413 2020 245.0 2023-26 196,544 \u2013 (4,700) (98,851) 92,993 2021 234.0 2024-27 117,201 \u2013 \u2013 (46,555) 70,646 2022 248.0 2025-28 277,302 \u2013 \u2013 (183,678) 93,624 2023 203.0 2026-29 \u2013 534,991 \u2013 (18,324) 516,667 752,118 534,991 (120,322) (352,444) 814,343 Weighted average exercise price (pence per share) 233.1 203.0 194.3 242.2 215.2 1. Exercise prices have been adjusted to re\ufb02ect the impact of the 2019 rights issue. For those share options exercised during the year, the weighted average share price at the date of exercise was 248.4p (2022: 274.6p). For share options outstanding at the end of the year, the weighted average remaining contractual life was 2.5 years (2022: 2.1 years). There were 51,366 (2022: 115,995) share options exercisable at the year end with a weighted average exercise price of 245.0p (2022: 192.3p). (d) SIP scheme Awards under the SIP scheme have been based on the share price at the date of the award.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-438": {
"value": "Accounting policy The Group operates a number of equity-settled, share-based compensation plans comprising awards under a Long-Term Incentive Plan (\u2018LTIP\u2019), a Deferred Bonus Plan (\u2018DBP\u2019), a Share Incentive Plan (\u2018SIP\u2019) and a Save As You Earn (\u2018SAYE\u2019) scheme. The fair value of the employee services received in exchange for the grant of shares and options is recognised as an employee expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the shares and options granted. For market-based conditions, the probability of vesting is taken into account in the fair value calculation and no revision is made to the number of shares or options expected to vest. For non-market conditions, each year the Group revises its estimate of the number of options or shares that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the consolidated income statement with a corresponding adjustment to equity. Awards that are subject to a market-based performance condition are valued at fair value using the Monte Carlo simulation model. Awards not subject to a market-based performance condition are valued at fair value using the Black-Scholes valuation model. When options are exercised the proceeds received, net of any directly attributable transaction costs, are credited to share capital (nominal value) and share premium. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-405": {
"value": "31. Changes in equity The consolidated statement of changes in equity is shown on page 129. Further information relating to reserves is provided below. Movements on the retained earnings reserve are set out in Note 32. (a) Merger reserve The merger reserve arose when the Company issued shares in partial consideration for the acquisition of City North Group plc in the year ended 30 September 2005. The issue satis\ufb01ed the provisions of Section 612 of the Companies Act 2006 (formerly Section 131 of the Companies Act 1985) and the premium relating to the shares issued was credited to a merger reserve. (b) Cash \ufb02ow hedge reserve The fair value movements on those derivative \ufb01nancial instruments qualifying for hedge accounting under IFRS 9 are taken to this reserve net of tax. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-406": {
"value": "Treasury shares bought back and cancelled Included within retained earnings at 30 September 2023 is a balance of \u00a37.8m (2022: \u00a37.8m) relating to treasury shares bought back and cancelled. Investment in own shares Included within retained earnings at 30 September 2023 is a balance of \u00a34.8m (2022: \u00a30.9m) relating to investments in own shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-384": {
"value": "33. List of subsidiaries, joint ventures and associates
A full list of all subsidiaries, joint ventures, associates and other related undertakings as at 30 September 2023 is set out in the
Notes to the parent Company \ufb01nancial statements on pages 173 to 174.
The following subsidiaries will take advantage of the audit exemption set out within Section 479A of the Companies Act 2006
for the year ended 30 September 2023.
Company
Companies House
registered number
Atlantic Metropolitan (U.K.) Limited 01628078
BPT (Bradford Property Trust) Limited 00252992
BPT (Residential Investments) Limited 00359346
BPT Limited 00229269
Bromley Property Holdings Limited 04132693
Bromley Property Investments Limited 04066391
Crossco (No. 103) Limited 02929000
Derwent Developments (Curzon) Limited 05887266
Derwent Developments Limited 01899218
Grainger (Hallsville Block D1) Limited 12170837
Grainger (Hallsville Residential) Limited 14669820
Grainger (Hallsville) Limited 118340 99
Grainger (Hornsey) Limited 04810257
Grainger Asset Management Limited 04417232
Grainger Bradley Limited 08324941
Grainger Development Management Limited 03146573
Grainger Developments Limited 06061419
Grainger Employees Limited 05019636
Grainger Europe Limited 05299283
Grainger Finance (Tricomm) Limited 08451352
Grainger Homes (Gateshead) Limited 05651808
Grainger Homes Limited 04125751
Grainger Housing & Developments Limited 02018842
Grainger Invest No.1 Limited Liability Partnership OC312947
Grainger Invest No.2 Limited Liability Partnership OC317919
Grainger Kensington & Chelsea Limited 08151345
Company
Companies House
registered number
Grainger Maidenhead Limited 03709575
Grainger Newbury Limited 03904336
Grainger OCCC Limited 07557656
Grainger Properties Limited 03910945
Grainger RAMP Limited 07560835
Grainger Real Estate Limited 04170173
Grainger Residential Management Limited 04974627
Grainger PRS Limited 05789357
Grainger Seven Sisters Limited 06111428
Grainger Treasury Property (2006) Limited
Liability Partnership
OC325497
Grainger Treasury Property Investments Limited
Partnership
LP011846
Grainger Tribe Limited 11055318
Greit Limited 05788577
GRIP UK Holdings Limited 10172912
GRIP UK Property Developments Limited 10626824
Margrave Estates Limited 00332564
MREF III Newcastle Operations Limited 10606762
PHA Limited 06734419
Portland House Holdings Limited 02421236
Vesta (General Partner) Limited 09639967
Warren Court Limited 03109104
West Waterlooville Developments Limited 03047254
The parent Company has guaranteed the debts and liabilities of the above subsidiaries as at 30 September 2023 in accordance
with Section 479C of the Companies Act 2006. The parent company has assessed the probability of loss under the guarantees
as remote.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-407": {
"value": "33. List of subsidiaries, joint ventures and associates A full list of all subsidiaries, joint ventures, associates and other related undertakings as at 30 September 2023 is set out in the Notes to the parent Company \ufb01nancial statements on pages 173 to 174. The following subsidiaries will take advantage of the audit exemption set out within Section 479A of the Companies Act 2006 for the year ended 30 September 2023. Company Companies House registered number Atlantic Metropolitan (U.K.) Limited 01628078 BPT (Bradford Property Trust) Limited 00252992 BPT (Residential Investments) Limited 00359346 BPT Limited 00229269 Bromley Property Holdings Limited 04132693 Bromley Property Investments Limited 04066391 Crossco (No. 103) Limited 02929000 Derwent Developments (Curzon) Limited 05887266 Derwent Developments Limited 01899218 Grainger (Hallsville Block D1) Limited 12170837 Grainger (Hallsville Residential) Limited 14669820 Grainger (Hallsville) Limited 118340 99 Grainger (Hornsey) Limited 04810257 Grainger Asset Management Limited 04417232 Grainger Bradley Limited 08324941 Grainger Development Management Limited 03146573 Grainger Developments Limited 06061419 Grainger Employees Limited 05019636 Grainger Europe Limited 05299283 Grainger Finance (Tricomm) Limited 08451352 Grainger Homes (Gateshead) Limited 05651808 Grainger Homes Limited 04125751 Grainger Housing & Developments Limited 02018842 Grainger Invest No.1 Limited Liability Partnership OC312947 Grainger Invest No.2 Limited Liability Partnership OC317919 Grainger Kensington & Chelsea Limited 08151345 Company Companies House registered number Grainger Maidenhead Limited 03709575 Grainger Newbury Limited 03904336 Grainger OCCC Limited 07557656 Grainger Properties Limited 03910945 Grainger RAMP Limited 07560835 Grainger Real Estate Limited 04170173 Grainger Residential Management Limited 04974627 Grainger PRS Limited 05789357 Grainger Seven Sisters Limited 06111428 Grainger Treasury Property (2006) Limited Liability Partnership OC325497 Grainger Treasury Property Investments Limited Partnership LP011846 Grainger Tribe Limited 11055318 Greit Limited 05788577 GRIP UK Holdings Limited 10172912 GRIP UK Property Developments Limited 10626824 Margrave Estates Limited 00332564 MREF III Newcastle Operations Limited 10606762 PHA Limited 06734419 Portland House Holdings Limited 02421236 Vesta (General Partner) Limited 09639967 Warren Court Limited 03109104 West Waterlooville Developments Limited 03047254 The parent Company has guaranteed the debts and liabilities of the above subsidiaries as at 30 September 2023 in accordance with Section 479C of the Companies Act 2006. The parent company has assessed the probability of loss under the guarantees as remote.",
"dimensions": {
"concept": "graingerplc:DisclosureOfListOfSubsidiariesJointVenturesAndAssociates",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-385": {
"value": "34. Related party transactions During the year ended 30 September 2023, the Group transacted with its associates and joint ventures (details of which are set out in Notes 18 and 19). The Group provides a number of services to its associates and joint ventures. These include property and asset management services for which the Group receives fee income. The related party transactions recognised in the income statement and statement of \ufb01nancial position are as follows: 2023 2022 \u00a3\u2019000 Fees recognised Year end balance Fees recognised Year end balance Connected Living London (BTR) Limited 1,455 480 1,303 596 Lewisham Grainger Holdings LLP 307 368 319 \u2013 Vesta LP 838 227 743 207 2,600 1,075 2,365 803 2023 2022 Interest recognised \u00a3\u2019000 Year end loan balance \u00a3m Interest rate % Interest recognised \u00a3\u2019000 Year end loan balance \u00a3m Interest rate % Curzon Park Limited \u2013 18.1 Nil \u2013 18.1 Nil Lewisham Grainger Holdings LLP 871 10.2 11.2 692 7.2 6.9 Vesta LP \u2013 14.6 Nil \u2013 14.6 Nil 871 42.9 692 39.9 Details of the Group\u2019s other related parties are provided in Note 10 in relation to key management compensation and Note 28 in relation to the Group\u2019s retirement bene\ufb01t pension scheme.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-386": {
"value": "35. Leases Accounting policy i) Group as lessor \u2013 Rental income from operating leases is recognised on a straight-line basis over the lease term. The net present value of ground rents receivable is, in the opinion of the Directors, immaterial. Accordingly, ground rents receivable are taken to the consolidated income statement on a straight-line basis over the period of the lease. Properties leased out to tenants are included in the consolidated statement of \ufb01nancial position as either investment property or as trading property under inventories. ii) Group as lessee \u2013 The Group occupies a number of its offices as a lessee. The net present value of the lease liabilities is recorded in the consolidated statement of \ufb01nancial position within trade and other payables. The leased office space is included in the consolidated statement of \ufb01nancial position as a right-of-use asset in property, plant and equipment and depreciated over the life of the lease. (a) Group as lessor The future aggregate undiscounted lease payments due to the Group under non-cancellable operating leases are as follows: 2023 \u00a3m 2022 \u00a3m Operating lease payments due: Not later than one year 32.2 27.3 Greater than one year but less than two years 2.4 4.3 Greater than two years but less than three years 2.0 2.0 Greater than three years but less than four years 1.7 1.7 Greater than four years but less than \ufb01ve years 1.4 1.5 Greater than \ufb01ve years 70.2 74.1 109.9 110.9 There are no contingent rents recognised within net rental income in 2023 or 2022 relating to properties where the Group acts as a lessor of assets under operating leases. The Group\u2019s non-cancellable operating leases exclude regulated tenancies. Under these agreements, tenants have the right to remain in a property for the remainder of their lives. Should the tenant require the lease to be cancelled for any reason, they are able to do so generally with immediate effect, in which case we take vacant possession for subsequent disposal of the property. As such, regulated tenancies are excluded from the above analysis. (b) Group as lessee The future aggregate lease payments payable by the Group under non-cancellable operating leases are as follows: 2023 \u00a3m 2022 \u00a3m Operating lease payments due: Not later than one year 0.2 0.8 Later than one year and not later than \ufb01ve years 1.9 0.9 Later than \ufb01ve years 5.0 1.3 7.1 3.0 Leases relating to office space used by the Group have initial terms of varying lengths, between one and ten years. Rent reviews generally take place every \ufb01ve years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-439": {
"value": "Accounting policy i) Group as lessor \u2013 Rental income from operating leases is recognised on a straight-line basis over the lease term. The net present value of ground rents receivable is, in the opinion of the Directors, immaterial. Accordingly, ground rents receivable are taken to the consolidated income statement on a straight-line basis over the period of the lease. Properties leased out to tenants are included in the consolidated statement of \ufb01nancial position as either investment property or as trading property under inventories. ii) Group as lessee \u2013 The Group occupies a number of its offices as a lessee. The net present value of the lease liabilities is recorded in the consolidated statement of \ufb01nancial position within trade and other payables. The leased office space is included in the consolidated statement of \ufb01nancial position as a right-of-use asset in property, plant and equipment and depreciated over the life of the lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-387": {
"value": "36. Conting ent liabilities Properties in certain subsidiary companies form a \u2018guarantee group\u2019 with a market value of \u00a32,301.0m and provide the security for the Group\u2019s core debt facility and Corporate Bonds. Barclays Bank PLC and Lloyds Bank PLC have provided guarantees under performance bonds. As at 30 September 2023, total guarantees amounted to \u00a33.2m (2022: \u00a34.3m). 37. Capital commitments The Group has current commitments under a number of its PRS projects. The Group\u2019s commitments, including its relevant share of commitments to joint ventures and associates, are as follows: 2023 \u00a3m 2022 \u00a3m Wholly-owned Group subsidiaries 397.8 628.9 397.8 628.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-408": {
"value": "36. Conting ent liabilities Properties in certain subsidiary companies form a \u2018guarantee group\u2019 with a market value of \u00a32,301.0m and provide the security for the Group\u2019s core debt facility and Corporate Bonds. Barclays Bank PLC and Lloyds Bank PLC have provided guarantees under performance bonds. As at 30 September 2023, total guarantees amounted to \u00a33.2m (2022: \u00a34.3m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-409": {
"value": "37. Capital commitments The Group has current commitments under a number of its PRS projects. The Group\u2019s commitments, including its relevant share of commitments to joint ventures and associates, are as follows: 2023 \u00a3m 2022 \u00a3m Wholly-owned Group subsidiaries 397.8 628.9 397.8 628.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-6": {
"value": "Grainger plc Citygate St James\u2019 Boulevard Newcastle upon Tyne NE1 4JE",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138007CEIRKZMNI2979",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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}
}