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"93200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-349": { "value": "
1. Accounting policies
Accounting policies applicable throughout the financial statements are shown below. Accounting policies that are specific to a
component of the financial 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 financial 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 financial statements
present information about the Company and not the Group. The Group elected to adopt REIT status from 8 September 2025.
As a consequence of the Group\u2019s REIT status, UK corporation tax is not levied on the Group\u2019s qualifying property rental business
profits, or gains from the sale of qualifying investment properties.
The Group financial 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
financial instruments; and financial interest in property assets.
The Group financial 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 financial statements in
accordance with FRS 101 reduced disclosure framework; these are presented on pages 174 to 179.
The Group and Company financial 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 financial 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 identified to ensure they are appropriately reflected into the financial 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 flows of the Group and in sensitivity analysis.
Management feel that climate-related issues are appropriately considered in these financial 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 the macroeconomic 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 financial statements for the year ended
30 September 2025.
The financial position of the Group, including details of its financing and capital structure, is set out in the financial review
on pages 31 to 35. In making the going concern assessment, the Directors have considered the Group\u2019s principal risks and
uncertainties (see pages 61 to 69) and their impact on financial 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 financial forecasts and, where applicable, severe but plausible sensitivities have been applied to
the key factors affecting financial performance for the Group.
The going concern assessment covers at least a year from the date of approval of the financial statements. It uses the same
forecasts considered by the Group for the purposes of the Viability Statement. The assessment considers a severe but plausible
downside scenario, reflecting the following key assumptions:
\u2022 Reducing PRS occupancy to 90%
\u2022 Rental growth reduced by 100bps to 2.0%
\u2022 Reducing property valuations by 10%, driven by rents yield, expansion or house price deflation
\u2022 Operating and development cost inflation of 10% p.a.
\u2022 An increase in SONIA of 2%.
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 and investing in energy efficient solutions for central heating systems.
No new financing is assumed in the assessment period, but existing facilities are assumed to remain available. Even in this severe
but plausible downside scenario, the Group has sufficient cash reserves, with the loan-to-value covenant remaining no higher
than 46% (facility maximum covenant ranges between 70% \u2013 75%) and interest cover no lower than 2.69x (facility minimum
covenant ranges between 1.35x \u2013 1.75x) for the period.
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 2025.
(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 significant influence but not control. 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 profit or loss after the date of
acquisition, less any distributions received. The joint venture and associate results for the 12 months to 30 September 2025 and
the financial position as at that date have been equity accounted in these financial statements.
The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits 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 identifiable intangible assets by the Group. An intangible asset is
deemed to be identifiable 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, identifiable 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. Identifiable 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 identifiable 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 financial 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 and adopted in the year and have no material impact
on the financial statements:
\u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current;
\u2022 Amendments to IAS 1 \u2013 Non-current Liabilities with Covenants;
\u2022 Amendments to IAS 7 and IFRS 7 \u2013 Disclosures: Supplier finance arrangements;
\u2022 Amendments to IFRS 16 \u2013 Lease liability in a sale and leaseback;
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 Amendments to IAS 21 \u2013 Lack of exchangeability;
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial Instruments;
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11;
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity;
\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements;
\u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures;
\u2022 Amendments to IFRS 10 Consolidated Financial Statements;
\u2022 Amendments to IAS 28 Investments in Associates and Joint Ventures.
With the exception of IFRS 18, which the Group is still assessing and the impact to the financial statements is not yet
known, the application of these new standards and amendments are not expected to have a material impact on the Group\u2019s
financial statements.
(a) Accounting policy
IFRS 8, Operating Segments requires operating segments to be identified 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 significant segments for the Group are PRS and Reversionary. The PRS segment includes stabilised PRS assets as well as
PRS under construction through 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 profit or loss used by the CODM is adjusted earnings before tax, valuation and
other adjustments.
The principal net asset value (NAV) measure reviewed by the CODM is EPRA NTA which is considered to be the most relevant,
and therefore the primary NAV measure for the Group. EPRA NTA reflects the tax that will crystallise in relation to the trading
portfolio, whilst excluding the volatility of mark to market movements on fixed 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 measures section on pages 180 to 183 of this report.
Accounting policy
Revenue is measured at the fair value of the consideration received or receivable and is stated net of incentives, 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 control the use of the property and has rights
to any cash inflows or outflows in respect of the property. Profits 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.
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. Profits or losses are calculated by reference to the carrying value of the property sold.
Accounting policy
The taxation (credit)/charge for the year represents the sum of the tax currently payable and deferred tax. The (credit)/charge
is recognised in the income statement and statement of comprehensive income according to the accounting treatment of the
related transaction.
The Group converted to REIT status with effect from 8 September 2025. As a consequence of the Group\u2019s REIT status, income tax
is not levied on the Group\u2019s qualifying Property Rental Business profits, or gains from the sale of qualifying investment properties.
Instead, UK withholding tax must be deducted from distributions of these tax exempt profits and gains (Property Income
Distributions (PIDs)) paid by the Group to Shareholders, unless a Shareholder is entitled to be paid gross. Any income or gains
which are not exempt from UK corporation tax due to the Group\u2019s REIT status are subject to tax within the Group in the usual way.
This includes profits on property trading activity, property related fee income and interest income.
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 the tax rate in force for the relevant period.
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 financial 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 profit 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 may be 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 profit 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 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 share based payment schemes, based upon the number of shares that would be issued if 30 September 2025 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 classified 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 specified asset. If this information is not available, the
Group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections.
Investment property falls within Level 3 of the fair value hierarchy as defined 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
benefits associated with the item will flow 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 financial 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.
Investment property \u2013 held for sale
Where specific investment properties are expected to sell within the next 12 months, their fair value is shown under assets held
for sale within current assets.
Accounting policy
Property, plant and equipment are stated at cost less residual value and depreciation and comprise office leases, fixtures, fittings
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 financial 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 profit 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 flows arising from the
instrument using a market discount rate at the reporting date. The change in value arising from ii) above is recorded through the
consolidated income statement and is shown on the line \u2018Income from financial 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 benefits 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. Configuration 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 financial 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 financial 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 outflow
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 classified 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 financial 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. Deposits that cannot be accessed and have restrictions on use arising from
contracts with third parties are reflected in trade and other receivables.
Derivative financial 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 classified 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 flow hedge accounting, and have been
designated as such, in which case any gain or loss is taken to equity in a cash flow 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
ongoing 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 flow model using market information.
Derecognition of financial assets and liabilities
Derecognition is the point at which the Group removes an asset or liability from its consolidated statement of financial position.
The Group\u2019s policy is to derecognise financial assets only when the contractual right to the cash flows from the financial asset
expires. The Group also derecognises financial assets that it transfers to another party provided that the transfer of the asset
also transfers the right to receive cash flows from the financial asset. When the transfer does not result in the Group transferring
the right to receive cash flows from the financial asset but it does result in the Group assuming a corresponding obligation to pay
cash flows to another recipient, the financial asset is derecognised.
The Group derecognises financial liabilities only when its obligation is discharged, is cancelled or expires.
Financial assets classified as fair value through profit and loss (previously available-for-sale) are the financial interest in
property assets.
Derivative financial instruments not in hedge accounting relationships are classified as fair value through profit and loss.
Accounting policy
i) Defined contribution pension scheme \u2013 Obligations for contributions to defined contribution pension schemes are
recognised as an expense in the income statement in the period to which they relate.
ii) Defined benefit pension scheme \u2013 The Group currently has a defined benefit pension scheme that was closed to new
members and future accrual of benefits in 2003. The scheme is currently in surplus.
An actuarial valuation of the scheme is carried out every three years. The cost of providing benefits is determined using the
Projected Unit Credit Method, with actuarial valuations being carried out at each consolidated statement of financial position
date by a qualified actuary, for the purpose of determining the amounts to be reflected in the Group\u2019s financial statements under
IAS 19.
The defined benefit obligation is valued by projecting the best estimate of future benefit outgoings (allowing for revaluation
to retirement for deferred members and annual pension increases in payment for all members) and then discounting to the
consolidated statement of financial position date.
The pension scheme assets comprise investments in cash managed by Rathbones Investment Management Limited, the
Trustees\u2019 bank account, and insurance policies managed by Aviva. These assets are measured at fair value in the statement of
financial position.
The amount shown in the statement of financial position is the net of the present value of the defined benefit 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 benefit available as a refund of this surplus, or through a reduction in future contributions. When an unconditional
right to future economic benefit exists, there is no restriction on the amount of surplus recognised.
There are no current 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 defined benefit liability, is reflected in the income statement each year.
Actuarial gains and losses net of deferred income tax are reflected in other comprehensive income each year.
Accounting policy
Ordinary shares are classified 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 profit 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 Deferred Bonus Share Plan ('DBSP'), 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
for 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 share based payment obligations are satisfied by the issue of new shares, 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 financial 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 financial position within trade and other payables. The leased office space is included
in the consolidated statement of financial position as a right-of-use asset in property, plant and equipment and depreciated over
the life of the lease.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-350": { "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 financial 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 financial statements present information about the Company and not the Group. The Group elected to adopt REIT status from 8 September 2025. As a consequence of the Group\u2019s REIT status, UK corporation tax is not levied on the Group\u2019s qualifying property rental business profits, or gains from the sale of qualifying investment properties. The Group financial 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 financial instruments; and financial interest in property assets. The Group financial 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 financial statements in accordance with FRS 101 reduced disclosure framework; these are presented on pages 174 to 179. The Group and Company financial 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 financial 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 identified to ensure they are appropriately reflected into the financial 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 flows of the Group and in sensitivity analysis. Management feel that climate-related issues are appropriately considered in these financial 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 the macroeconomic 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 financial statements for the year ended 30 September 2025. The financial position of the Group, including details of its financing and capital structure, is set out in the financial review on pages 31 to 35. In making the going concern assessment, the Directors have considered the Group\u2019s principal risks and uncertainties (see pages 61 to 69) and their impact on financial 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 financial forecasts and, where applicable, severe but plausible sensitivities have been applied to the key factors affecting financial performance for the Group. The going concern assessment covers at least a year from the date of approval of the financial statements. It uses the same forecasts considered by the Group for the purposes of the Viability Statement. The assessment considers a severe but plausible downside scenario, reflecting the following key assumptions: \u2022 Reducing PRS occupancy to 90% \u2022 Rental growth reduced by 100bps to 2.0% \u2022 Reducing property valuations by 10%, driven by rents yield, expansion or house price deflation \u2022 Operating and development cost inflation of 10% p.a. \u2022 An increase in SONIA of 2%. 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 and investing in energy efficient solutions for central heating systems. No new financing is assumed in the assessment period, but existing facilities are assumed to remain available. Even in this severe but plausible downside scenario, the Group has sufficient cash reserves, with the loan-to-value covenant remaining no higher than 46% (facility maximum covenant ranges between 70% \u2013 75%) and interest cover no lower than 2.69x (facility minimum covenant ranges between 1.35x \u2013 1.75x) for the period. 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 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-3": { "value": "Grainger plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-347": { "value": "Grainger plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-4": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-348": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-5": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-382": { "value": "The Group financial 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 financial statements in accordance with FRS 101 reduced disclosure framework; these are presented on pages 174 to 179. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-383": { "value": "The Group and Company financial 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-384": { "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 the macroeconomic 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 financial statements for the year ended 30 September 2025. The financial position of the Group, including details of its financing and capital structure, is set out in the financial review on pages 31 to 35. In making the going concern assessment, the Directors have considered the Group\u2019s principal risks and uncertainties (see pages 61 to 69) and their impact on financial 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 financial forecasts and, where applicable, severe but plausible sensitivities have been applied to the key factors affecting financial performance for the Group. The going concern assessment covers at least a year from the date of approval of the financial statements. It uses the same forecasts considered by the Group for the purposes of the Viability Statement. The assessment considers a severe but plausible downside scenario, reflecting the following key assumptions: \u2022 Reducing PRS occupancy to 90% \u2022 Rental growth reduced by 100bps to 2.0% \u2022 Reducing property valuations by 10%, driven by rents yield, expansion or house price deflation \u2022 Operating and development cost inflation of 10% p.a. \u2022 An increase in SONIA of 2%. 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 and investing in energy efficient solutions for central heating systems. No new financing is assumed in the assessment period, but existing facilities are assumed to remain available. Even in this severe but plausible downside scenario, the Group has sufficient cash reserves, with the loan-to-value covenant remaining no higher than 46% (facility maximum covenant ranges between 70% \u2013 75%) and interest cover no lower than 2.69x (facility minimum covenant ranges between 1.35x \u2013 1.75x) for the period. 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 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-351": { "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 significant influence but not control. 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 profit or loss after the date of acquisition, less any distributions received. The joint venture and associate results for the 12 months to 30 September 2025 and the financial position as at that date have been equity accounted in these financial statements. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits 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 identifiable intangible assets by the Group. An intangible asset is deemed to be identifiable 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, identifiable 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. Identifiable 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 identifiable 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 financial 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-385": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-386": { "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 significant influence but not control. 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 profit or loss after the date of acquisition, less any distributions received. The joint venture and associate results for the 12 months to 30 September 2025 and the financial position as at that date have been equity accounted in these financial statements. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-404": { "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 significant influence but not control. 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 profit or loss after the date of acquisition, less any distributions received. The joint venture and associate results for the 12 months to 30 September 2025 and the financial position as at that date have been equity accounted in these financial statements. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-420": { "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 significant influence but not control. 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 profit or loss after the date of acquisition, less any distributions received. The joint venture and associate results for the 12 months to 30 September 2025 and the financial position as at that date have been equity accounted in these financial statements. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-405": { "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 identifiable intangible assets by the Group. An intangible asset is deemed to be identifiable 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, identifiable 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. Identifiable 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 identifiable 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 financial 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-463": { "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 identifiable intangible assets by the Group. An intangible asset is deemed to be identifiable 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, identifiable 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. Identifiable 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 identifiable 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 financial 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. 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 benefits 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. Configuration 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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-352": { "value": "(c) Adoption of new and revised International Financial Reporting Standards and interpretations The following new standards and amendments to standards were issued and adopted in the year and have no material impact on the financial statements: \u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current; \u2022 Amendments to IAS 1 \u2013 Non-current Liabilities with Covenants; \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Disclosures: Supplier finance arrangements; \u2022 Amendments to IFRS 16 \u2013 Lease liability in a sale and leaseback; 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 Amendments to IAS 21 \u2013 Lack of exchangeability; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial Instruments; \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity; \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements; \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures; \u2022 Amendments to IFRS 10 Consolidated Financial Statements; \u2022 Amendments to IAS 28 Investments in Associates and Joint Ventures. With the exception of IFRS 18, which the Group is still assessing and the impact to the financial statements is not yet known, the application of these new standards and amendments are not expected to have a material impact on the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-387": { "value": "The following new standards and amendments to standards were issued and adopted in the year and have no material impact on the financial statements: \u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current; \u2022 Amendments to IAS 1 \u2013 Non-current Liabilities with Covenants; \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Disclosures: Supplier finance arrangements; \u2022 Amendments to IFRS 16 \u2013 Lease liability in a sale and leaseback; ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-388": { "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 Amendments to IAS 21 \u2013 Lack of exchangeability; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial Instruments; \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity; \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements; \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures; \u2022 Amendments to IFRS 10 Consolidated Financial Statements; \u2022 Amendments to IAS 28 Investments in Associates and Joint Ventures. With the exception of IFRS 18, which the Group is still assessing and the impact to the financial statements is not yet known, the application of these new standards and amendments are not expected to have a material impact on the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-353": { "value": "
2. Critical accounting estimates and judgements
The Group\u2019s significant accounting policies are stated in the relevant notes to the Group financial statements. The preparation of
financial 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 ongoing 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 financial 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 financial 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
81% of our property assets relating primarily to PRS blocks, including new build PRS assets. The remaining 19% of property assets
are valued based on current house prices, reflecting 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 wellbeing 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
flooding, energy efficiency and climate, as well as matters of design, configuration, accessibility, legislation, management, and
fiscal consideration.
When determining property asset values, management have included an estimate for fire safety works where there is a legal or
constructive obligation or where required works affect the market value of the property. Property asset values reflect the best
estimate of the cost of the required works based on known costs and quotations where available. They do not take into account any
potential recovery of costs from third parties.
% of properties for
PRS Reversionary Other Total which external valuer
Notes \u00a3m \u00a3m \u00a3m
\u00a3m
Valuer
provides valuation
Trading property
1.6
265.7
31.3
298.6
Investment property
1
3,110.1
14.2
\u2013
3,124.3
Financial asset (CHARM)
\u2013
48.6
\u2013
48.6
Total statutory book value
3,111.7
328.5
31.3
3,471.5
Trading property
Residential
(i)
1.6
489.2
\u2013
490.8
Allsop LLP
77%
Developments
(ii)
\u2013
\u2013
50.2
50.2
CBRE Limited
94%
Total trading property at market value
1.6
489.2
50.2
541.0
Investment property Allsop LLP/
Residential
(i)
603.7
14.2
\u2013
617.9
CBRE Limited
99%
Developments
(ii)
46.0
\u2013
\u2013
46.0
CBRE Limited
94%
New build PRS
(iii)
2,086.5
\u2013
\u2013
2,086.5
CBRE Limited
100%
Affordable housing
(iv)
229.0
\u2013
\u2013
229.0
Allsop LLP
100%
Tricomm Housing
(v)
144.9
\u2013
\u2013
144.9
Allsop LLP
100%
Total investment property
3,110.1
14.2
\u2013
3,124.3
Financial asset (CHARM)
2
(vi)
\u2013
48.6
\u2013
48.6
Allsop LLP
100%
Total assets at market value
3,111.7
552.0
50.2
3,713.9
Statutory book value
3,111.7
328.5
31.3
3,471.5
Market value adjustment
3
\u2013
223.5
18.9
242.4
Total assets at market value
4
3,111.7
552.0
50.2
3,713.9
Net revaluation gain recognised in the income
statement for wholly-owned properties
29.5
Net revaluation loss relating to joint ventures
and associates
5
(vii)
(3.5)
Net revaluation gain recognised in the year
5
26.0
1. Includes investment property \u2013 held for sale.
2. Allsop LLP provide vacant possession values used by the Directors to value the financial asset in accordance with the accounting policy set out in Note 20.
3. 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.
4. Excludes \u00a392.7m (2024: \u00a391.3m) of investments in JV's and associates.
5. Includes the Group\u2019s share of joint ventures and associates revaluation loss after tax.
i) Residential
Trading property: The Group\u2019s own in-house qualified team provided a vacant possession value for the majority of the Group\u2019s
residential properties as at 30 September 2025. 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 significant 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 84% (2024: 70%) of the valuations are within a small acceptable tolerance. Where the difference is more significant,
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 identified, 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 2025 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 satisfied with the process by which the in-house valuations were conducted. Allsop LLP valued approximately 85%
(2024: 86%) 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 confidence 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% (2024: 5.0% to 17.5%). 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 55% (2024: 56%) of residential investment property, with Allsop LLP valuing 11% (2024: 9%).
Gross yields adopted in the valuations broadly range from 5.5% to 9.3% (2024: 5.7% to 8.8%).
The remaining 34% (2024: 35%) 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 10.0% to 17.5% (2024: 10.0% to 17.5%),
whilst the residential PRS discount to vacant possession value was 5% (2024: 5%).
ii) Developments
Trading property: Development trading property of \u00a350.2m (2024: \u00a341.6m) relates to the Group\u2019s legacy strategic land assets.
The current market value has been assessed by CBRE Limited. Their valuation, representing 94% (2024: 94%) of total value, is
on the basis of fair value as defined in the RICS Professional Valuation Standards where fair value is the same as market value.
The remaining 6% (2024: 6%) 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 5.9% to
6.1% (2024: 5.1% to 6.2%). 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 relates to assumptions for gross yields adopted with respect to comparable
market evidence, with gross yields ranging from 6.0% to 7.1% (2024: 6.0% to 7.2%) across the portfolio. For assets under
construction, a discount to market value to reflect 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 2025 valuations range from 4.8% to 5.8% (2024: 4.5% to
5.6%).
v) Tricomm Housing \u2013 Allsop LLP provided an investment valuation as at 30 September 2025 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
flow model.
Significant unobservable inputs within the valuation relate to assumptions for house price inflation and the discount rates to apply
to the cash flows. The assumptions adopted for house price inflation are: 2.5% in 2026, 3.4% in 2027, and 4.2% in 2028. The discount
rates applied to the cash flows range between 4.9% (2024: 4.9%) non-core MOD income and 9.0% (2024: 7.5%) on reversion.
vi) Financial asset (CHARM) \u2013 The valuation methodology adopted for the CHARM asset is set out in Note 20 to the financial
statements. CHARM is valued using projected cash flows and applies key unobservable inputs being house price inflation and
discount rates.
As such it is classified as a level 3 asset (Note 27). The assumptions used to value the asset reflect an increase in house prices of
between 2.1% and 3.7% p.a. (2024: 3.5% and 4.2%). A discount rate of 5.0% (2024: 4.5%) has been applied to the interest income
and a rate of 7.25% (2024: 7.5%) has been applied to the projected proceeds from sales of the underlying properties, reflecting the
risk profile of each individual income stream.
Credit risk arises from the credit exposure relating to cash receipts from the financial 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 are held at fair value and
Lewisham Grainger Holdings LLP are held at cost reflecting 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.
Sensitivity analysis
Changes to key assumptions could impact both the income and financial position of the Group. The impact of changes to key
assumptions on the valuation of property assets and the net realisable value of trading property is considered using a range of
reasonable changes. 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.
Increase
Decrease
Statement of Statement of
Income financial Income financial
statement position statement position
impact impact impact impact
\u00a3m \u00a3m \u00a3m \u00a3m
Residential (trading property)
10.0% change in house prices
(NRV provision impact)
2.3
2.3
(3.8)
(3.8)
Residential (investment property)
1
0.50% change in gross yield
(28.5)
(28.5)
33.1
33.1
Residential (investment property)
1
5.0% change in net rental income
20.7
20.7
(20.7)
(20.7)
Developments (investment property)
1
0.50% change in gross yield
(21.4)
(21.4)
37.1
37.1
Developments (investment property)
1
5.0% change in net rental income
20.4
20.4
(20.4)
(20.4)
New build PRS
0.50% change in gross yield
(158.5)
(158.5)
185.8
185.8
New build PRS
5.0% change in net rental income
108.3
108.3
(108.3)
(108.3)
Affordable housing
0.50% change in gross yield
(20.6)
(20.6)
25.1
25.1
Affordable housing
5.0% change in net rental income
11.5
11.5
(11.5)
(11.5)
Joint ventures and associates
2
0.50% change in gross yield
(26.2)
(26.2)
30.8
30.8
Joint ventures and associates
2
5.0% change in net rental income
17.3
17.3
(17.3)
(17.3)
Tricomm Housing
10.0% change in house prices
1.7
1.7
(1.7)
(1.7)
Tricomm Housing
0.75% change in discount rate
(2.8)
(2.8)
2.8
2.8
Financial asset (CHARM)
10.0% change in house prices
4.0
4.0
(4.0)
(4.0)
Financial asset (CHARM)
0.75% change in discount rate
(1.9)
(1.9)
2.7
2.7
1. Includes investment property \u2013 held for sale.
2. 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 classified as trading property.
Where the intention is to hold the property for its long-term rental yield and/or capital appreciation, the property is classified as an
investment property. The classification of the Group\u2019s properties is a significant 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 change the classification. A change in use occurs if property
meets, or ceases to meet, the definition 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 reclassifications are reflected appropriately.
There have been no property reclassifications in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-389": { "value": "
3. Analysis of profit before tax
The table below details adjusted earnings. 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, which do not form part of the normal ongoing
revenue or costs of the business and, either individually or in aggregate, are material to the reported Group results.
2025
2024
Other Adjusted Other Adjusted
\u00a3m
Statutory
Valuation
adjustments
earnings
Statutory
Valuation
adjustments earnings
Group revenue
262.7
\u2013
\u2013
262.7
290.1
\u2013
\u2013
290.1
Net rental income
123.6
\u2013
\u2013
123.6
110.1
\u2013
\u2013
110.1
Profit on disposal of trading property
38.9
\u2013
\u2013
38.9
49.4
\u2013
\u2013
49.4
Loss on disposal of investment property
(1.6)
\u2013
\u2013
(1.6)
(5.8)
\u2013
\u2013
(5.8)
Income/(expense) from financial interest
in property assets
1.1
3.2
\u2013
4.3
(1.3)
5.9
\u2013
4.6
Fees and other income
6.1
\u2013
\u2013
6.1
8.1
\u2013
\u2013
8.1
Administrative expenses
(36.7)
\u2013
\u2013
(36.7)
(35.3)
\u2013
\u2013
(35.3)
Other expenses
(4.0)
\u2013
3.3
(0.7)
(6.0)
\u2013
5.0
(1.0)
Reversal of impairment/(impairment) of
inventories to net realisable value
0.6
(0.6)
\u2013
\u2013
(0.1)
0.1
\u2013
\u2013
Operating profit
128.0
2.6
3.3
133.9
119.1
6.0
5.0
130.1
Net valuation gains/(losses)
on investment property
29.5
(29.5)
\u2013
\u2013
(32.5)
32.5
\u2013
\u2013
Hedge ineffectiveness under IFRS 9
(8.5)
\u2013
8.5
\u2013
(6.6)
\u2013
6.6
\u2013
Finance costs
(45.4)
\u2013
\u2013
(45.4)
(41.8)
\u2013
\u2013
(41.8)
Finance income
2.7
\u2013
\u2013
2.7
3.0
\u2013
\u2013
3.0
Share of profit/(loss) of associates after tax
0.6
(0.2)
\u2013
0.4
(0.4)
0.9
\u2013
0.5
Share of loss of joint ventures after tax
(4.3)
3.7
\u2013
(0.6)
(0.2)
\u2013
\u2013
(0.2)
Profit before tax
102.6
(23.4)
11.8
91.0
40.6
39.4
11.6
91.6
Tax credit/(charge)
100.0
(9.4)
Profit for the year attributable
to the owners of the Company
202.6
31.2
Basic adjusted earnings per share
9.3p
9.3p
Diluted adjusted earnings per share
9.3p
9.3p
Profit before tax in the adjusted earnings columns above of \u00a391.0m (2024: \u00a391.6m) is the adjusted earnings of the Group.
Adjusted earnings per share assumes tax of \u00a322.2m (2024: \u00a322.9m) in line with the Group's current year tax rate of 24.4%, adjusted
for the effect of REIT conversion on 8 September 2025 (2024: 25.0%), 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 classification of amounts as other
adjustments is a judgement made by management and is a matter referred to the Audit & Risk Committee for approval prior to
issuing the financial statements. Included in other adjustments are \u00a31.9m of fire safety provisions (2024: \u00a35.0m), REIT conversion
costs of \u00a30.6m (2024: \u00a3nil), aborted acquisition costs of \u00a30.8m (2024: \u00a3nil) and hedge ineffectiveness under IFRS 9 of \u00a38.5m
(2024: \u00a36.6m).
11. Profit before tax
2025 2024
\u00a3m \u00a3m
Profit before tax is stated after charging:
Depreciation of property, plant and equipment
1.5
1.5
Amortisation of IT software
0.2
0.1
Bad debt expense
0.6
0.6
Operating lease payments
0.2
0.1
Auditor\u2019s remuneration (see below)
0.7
0.7
The remuneration paid to KPMG, the Group\u2019s auditor, is disclosed below: Auditor\u2019s remuneration
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Services as auditor to the Company
378
363
Services as auditor to Group subsidiaries
260
250
Group audit fees
638
613
Audit related assurance services
68
67
Non-audit fees
68
67
Total fees
706
680
The relevant proportion of amounts paid to the auditor for the audit of the financial statements of joint ventures is \u00a324,000 (2024: \u00a323,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-354": { "value": "4. Segmental information (a) Accounting policy IFRS 8, Operating Segments requires operating segments to be identified 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 significant segments for the Group are PRS and Reversionary. The PRS segment includes stabilised PRS assets as well as PRS under construction through 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 profit or loss used by the CODM is adjusted earnings before tax, valuation and other adjustments. The principal net asset value (NAV) measure reviewed by the CODM is EPRA NTA which is considered to be the most relevant, and therefore the primary NAV measure for the Group. EPRA NTA reflects the tax that will crystallise in relation to the trading portfolio, whilst excluding the volatility of mark to market movements on fixed 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 measures section on pages 180 to 183 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.
2025 Income statement
\u00a3m
PRS
Reversionary
Other
Total
Group revenue
162.0
98.7
2.0
262.7
Segment revenue \u2013 external
Net rental income
111.6
10.9
1.1
123.6
Profit on disposal of trading property
0.2
38.7
\u2013
38.9
Loss on disposal of investment property
(1.7)
0.1
\u2013
(1.6)
Income from financial interest in property assets
\u2013
4.3
\u2013
4.3
Fees and other income
5.6
\u2013
0.5
6.1
Administrative expenses
\u2013
\u2013
(36.7)
(36.7)
Other expenses
(0.1)
\u2013
(0.6)
(0.7)
Net finance costs
(35.8)
(6.2)
(0.7)
(42.7)
Share of trading loss of joint ventures and associates after tax
0.2
\u2013
(0.4)
(0.2)
Adjusted earnings
80.0
47.8
(36.8)
91.0
Valuation movements
26.6
(3.2)
\u2013
23.4
Other adjustments
(1.9)
\u2013
(9.9)
(11.8)
Profit before tax
104.7
44.6
(46.7)
102.6
The 'Other' category incorporates non-core operating activity and the cost of support functions.
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 180:
\u00a3m
PRS
Reversionary
Other
Total
Adjusted earnings
80.0
47.8
(36.8)
91.0
Profit on disposal of trading property
(0.2)
(38.7)
\u2013
(38.9)
Loss on disposal of investment property
1.7
(0.1)
\u2013
1.6
EPRA earnings
81.5
9.0
(36.8)
53.7
2024 Income statement
\u00a3m
PRS
Reversionary
Other
Total
Group revenue
150.3
112.5
27.3
290.1
Segment revenue \u2013 external
Net rental income
97.6
11.5
1.0
110.1
Profit on disposal of trading property
(1.3)
48.1
2.6
49.4
Loss on disposal of investment property
(5.9)
0.1
\u2013
(5.8)
Income from financial interest in property assets
\u2013
4.6
\u2013
4.6
Fees and other income
7.5
\u2013
0.6
8.1
Administrative expenses
\u2013
\u2013
(35.3)
(35.3)
Other expenses
(0.4)
\u2013
(0.6)
(1.0)
Net finance costs
(31.3)
(6.6)
(0.9)
(38.8)
Share of trading profit of joint ventures and associates after tax
0.3
\u2013
\u2013
0.3
Adjusted earnings
66.5
57.7
(32.6)
91.6
Valuation movements
(33.5)
(5.9)
\u2013
(39.4)
Other adjustments
(5.0)
\u2013
(6.6)
(11.6)
Profit before tax
28.0
51.8
(39.2)
40.6
A reconciliation from adjusted earnings to EPRA earnings is detailed in the table below:
\u00a3m
PRS
Reversionary
Other
Total
Adjusted earnings
66.5
57.7
(32.6)
91.6
Profit on disposal of trading property
1.3
(48.1)
(2.6)
(49.4)
Loss on disposal of investment property
5.9
(0.1)
\u2013
5.8
EPRA earnings
73.7
9.5
(35.2)
48.0
Segmental assets
The net asset value measures reviewed by the CODM are EPRA NRV, EPRA NTA and EPRA NDV. These measures reflect 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 reflection 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 financial
position amounts for both deferred tax on property revaluations and derivative financial 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 financial 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 reflect the fair value, net of deferred tax, of the Group\u2019s fixed rate debt.
Total Accounting Return of 2.6% is calculated from the closing EPRA NTA of 298p per share plus the dividend paid of 7.55p per share
in the year, divided by the opening EPRA NTA of 298p per share.
These measures are set out below by segment along with a reconciliation to the summarised statutory statement of financial
position. Additional EPRA disclosures are included on pages 180 to 183.
2025 Segment net assets
\u00a3m
PRS
Reversionary
Other
Total
Pence per share
Total segment net assets (statutory)
1,911.1
104.3
24.4
2,039.8
274
Total segment net assets (EPRA NRV)
1,915.1
327.5
40.5
2,283.1
307
Total segment net assets (EPRA NTA)
1,912.1
271.7
32.8
2,216.6
298
Total segment net assets (EPRA NDV)
1,911.1
271.7
95.2
2,278.0
307
2025 Reconciliation of EPRA NAV measures
Adjustments to Adjustments to Adjustments
market value, deferred and to derivatives,
Statutory deferred tax EPRA NRV contingent tax EPRA NTA fixed rate debt EPRA NDV
\u00a3m balance sheet and derivatives balance sheet and intangibles balance sheet and intangibles balance sheet
Investment property
1
3,124.3
\u2013
3,124.3
\u2013
3,124.3
\u2013
3,124.3
Investment in joint ventures and
associates
92.7
\u2013
92.7
\u2013
92.7
\u2013
92.7
Financial interest in property assets
48.6
\u2013
48.6
\u2013
48.6
\u2013
48.6
Inventories \u2013 trading property
298.6
242.4
541.0
\u2013
541.0
\u2013
541.0
Cash and cash equivalents
85.8
\u2013
85.8
\u2013
85.8
\u2013
85.8
Other assets
121.8
(3.1)
118.7
(2.9)
115.8
(3.3)
112.5
Total assets
3,771.8
239.3
4,011.1
(2.9)
4,008.2
(3.3)
4,004.9
Interest-bearing loans and borrowings
(1,590.1)
\u2013
(1,590.1)
\u2013
(1,590.1)
65.7
(1,524.4)
Deferred and contingent tax liabilities
(8.2)
4.0
(4.2)
(63.6)
(67.8)
(1.0)
(68.8)
Other liabilities
(133.7)
\u2013
(133.7)
\u2013
(133.7)
\u2013
(133.7)
Total liabilities
(1,732.0)
4.0
(1,728.0)
(63.6)
(1,791.6)
64.7
(1,726.9)
Net assets
2,039.8
243.3
2,283.1
(66.5)
2,216.6
61.4
2,278.0
1. Includes investment property \u2013 held for sale.
In order to provide further analysis, the following table sets out EPRA NTA by segment:
\u00a3m
PRS
Reversionary
Other
Total
EPRA NTA
Investment property
1
3,110.1
14.2
\u2013
3,124.3
Investment in joint ventures and associates
75.0
\u2013
17.7
92.7
Financial interest in property assets
\u2013
48.6
\u2013
48.6
Inventories \u2013 trading property
1.6
489.2
50.2
541.0
Cash and cash equivalents
71.9
12.4
1.5
85.8
Other assets
59.9
6.0
49.9
115.8
Total segment EPRA NTA assets
2
3,318.5
570.4
119.3
4,008.2
Interest-bearing loans and borrowings
(1,331.8)
(230.2)
(28.1)
(1,590.1)
Deferred and contingent tax liabilities
(3.0)
(55.8)
(9.0)
(67.8)
Other liabilities
(71.6)
(12.7)
(49.4)
(133.7)
Total segment EPRA NTA liabilities
(1,406.4)
(298.7)
(86.5)
(1,791.6)
Net EPRA NTA assets
1,912.1
271.7
32.8
2,216.6
1. Includes investment property \u2013 held for sale.
2. Within EPRA NTA assets are \u00a33,806.6m relating to property.
2024 Segment net assets
\u00a3m
PRS
Reversionary
Other
Total
Pence per share
Total segment net assets (statutory)
1,757.6
117.5
18.6
1,893.7
255
Total segment net assets (EPRA NRV)
1,873.5
386.9
35.5
2,295.9
309
Total segment net assets (EPRA NTA)
1,870.3
319.1
28.7
2,218.1
298
Total segment net assets (EPRA NDV)
1,757.3
319.1
118.5
2,194.9
295
2024 Reconciliation of EPRA NAV measures
Adjustments to Adjustments to Adjustments
market value, deferred and to derivatives,
Statutory deferred tax EPRA NRV contingent tax EPRA NTA fixed rate debt EPRA NDV
\u00a3m balance sheet and derivatives balance sheet and intangibles balance sheet and intangibles balance sheet
Investment property
1
3,028.3
\u2013
3,028.3
\u2013
3,028.3
\u2013
3,028.3
Investment in joint ventures
and associates
91.3
\u2013
91.3
\u2013
91.3
\u2013
91.3
Financial interest in property assets
57.4
\u2013
57.4
\u2013
57.4
\u2013
57.4
Inventories \u2013 trading property
331.6
288.5
620.1
\u2013
620.1
\u2013
620.1
Cash and cash equivalents
93.2
\u2013
93.2
\u2013
93.2
\u2013
93.2
Other assets
140.9
(3.2)
137.7
(1.8)
135.9
21.1
157.0
Total assets
3,742.7
285.3
4,028.0
(1.8)
4,026.2
21.1
4,047.3
Interest-bearing loans and borrowings
(1,592.9)
\u2013
(1,592.9)
\u2013
(1,592.9)
98.1
(1,494.8)
Deferred and contingent tax liabilities
(121.5)
116.9
(4.6)
(76.0)
(80.6)
(142.4)
(223.0)
Other liabilities
(134.6)
\u2013
(134.6)
\u2013
(134.6)
\u2013
(134.6)
Total liabilities
(1,849.0)
116.9
(1,732.1)
(76.0)
(1,808.1)
(44.3)
(1,852.4)
Net assets
1,893.7
402.2
2,295.9
(77.8)
2,218.1
(23.2)
2,194.9
1. Includes investment property \u2013 held for sale.
In order to provide further analysis, the following table sets out EPRA NTA by segment:
\u00a3m
PRS
Reversionary
Other
Total
EPRA NTA
Investment property
1
3,011.9
16.4
\u2013
3,028.3
Investment in joint ventures and associates
73.3
\u2013
18.0
91.3
Financial interest in property assets
\u2013
57.4
\u2013
57.4
Inventories \u2013 trading property
3.9
574.6
41.6
620.1
Cash and cash equivalents
75.4
15.9
1.9
93.2
Other assets
67.2
6.7
62.0
135.9
Total segment EPRA NTA assets
2
3,231.7
671.0
123.5
4,026.2
Interest-bearing loans and borrowings
(1,287.5)
(271.2)
(34.2)
(1,592.9)
Deferred and contingent tax liabilities
(3.2)
(67.8)
(9.6)
(80.6)
Other liabilities
(70.7)
(12.9)
(51.0)
(134.6)
Total segment EPRA NTA liabilities
(1,361.4)
(351.9)
(94.8)
(1,808.1)
Net EPRA NTA assets
1,870.3
319.1
28.7
2,218.1
1. Includes investment property \u2013 held for sale.
2. Within EPRA NTA assets are \u00a33,797.1m relating to property.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-430": { "value": "(a) Accounting policy IFRS 8, Operating Segments requires operating segments to be identified 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 significant segments for the Group are PRS and Reversionary. The PRS segment includes stabilised PRS assets as well as PRS under construction through 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 profit or loss used by the CODM is adjusted earnings before tax, valuation and other adjustments. The principal net asset value (NAV) measure reviewed by the CODM is EPRA NTA which is considered to be the most relevant, and therefore the primary NAV measure for the Group. EPRA NTA reflects the tax that will crystallise in relation to the trading portfolio, whilst excluding the volatility of mark to market movements on fixed 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 measures section on pages 180 to 183 of this report. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-355": { "value": "5. Group revenue Accounting policy Revenue is measured at the fair value of the consideration received or receivable and is stated net of incentives, 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.
2025 2024
\u00a3m \u00a3m
Gross rental income (Note 6)
170.2
154.8
Gross proceeds from disposal of trading property (Note 7)
86.4
127.2
Fees and other income (Note 9)
6.1
8.1
262.7
290.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-431": { "value": "Accounting policy Revenue is measured at the fair value of the consideration received or receivable and is stated net of incentives, 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", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-356": { "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.
2025 2024
\u00a3m \u00a3m
Gross rental income
170.2
154.8
Property operating expenses
(46.6)
(44.7)
123.6
110.1
Net rental income presented above reflects the total net rental income across all assets of the Group. Within this, gross rental income of \u00a3149.1m and property operating expenses of \u00a337.3m generating gross to net performance of 25.0% related to the Group\u2019s stabilised assets (2024: gross rental income of \u00a3140.8m and property operating expenses of \u00a335.2m generating stabilised gross to net performance of 25.0%)", "dimensions": { "concept": "graingerplc:DisclosureOfNetRentalIncome", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-432": { "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", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-357": { "value": "7. Profit 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 control the use of the property and has rights to any cash inflows or outflows in respect of the property. Profits 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.
2025 2024
\u00a3m \u00a3m
Gross proceeds from disposal of trading property
86.4
127.2
Selling costs
(2.0)
(2.3)
Net proceeds from disposal of trading property
84.4
124.9
Carrying value of trading property sold (Note 22)
(45.5)
(75.5)
38.9
49.4
Nil contract revenue has been recognised in the period (2024: \u00a3nil).", "dimensions": { "concept": "graingerplc:DisclosureOfProfitOnDisposalOfTradingProperty", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-433": { "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 control the use of the property and has rights to any cash inflows or outflows in respect of the property. Profits 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. ", "dimensions": { "concept": "graingerplc:DescriptionOfAccountingPolicyForProfitOnDisposalOfTradingProperty", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-358": { "value": "8. Loss 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. Profits or losses are calculated by reference to the carrying value of the property sold.
2025 2024
\u00a3m \u00a3m
Gross proceeds from disposal of investment property
82.5
147.1
Selling costs
(2.2)
(3.8)
Net proceeds from disposal of investment property
1
80.3
143.3
Carrying value of investment property sold (Note 16)
(81.9)
(149.1)
(1.6)
(5.8)
1. Net proceeds from disposal of investment property include amounts held as restricted deposits at the reporting date. Where disposals are made of properties which are included in facility covenant
arrangements the funds cannot be released until certain covenant tests are met at the next test date.
", "dimensions": { "concept": "graingerplc:DisclosureOfProfitOnDisposalOfInvestmentProperty", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-434": { "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. Profits or losses are calculated by reference to the carrying value of the property sold. ", "dimensions": { "concept": "graingerplc:DescriptionOfAccountingPolicyForProfitOnDisposalOfInvestmentProperty", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-359": { "value": "
9. Fees and other income
2025 2024
\u00a3m \u00a3m
Property and asset management fee income
2.3
2.6
Other sundry income
3.8
5.5
6.1
8.1
Included within other sundry income in the current year is \u00a33.6m (2024: \u00a35.2m) 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-360": { "value": "
10. Employees
2025 2024
\u00a3m \u00a3m
Wages and salaries
26.0
24.8
Social security costs
2.9
2.8
Other pension costs \u2013 defined contribution scheme (Note 28)
1.9
1.7
Share-based payments (Note 30)
3.6
2.8
34.4
32.1
The average monthly number of Group employees during the year (including Executive Directors) was:
2025 2024
Number Number
Operations
255
248
Shared services
102
105
Group
13
13
370
366
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 110 to 115.
Information about benefits 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.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Aggregate Directors\u2019 remuneration
2,951
3,155
Aggregate amount of gains on exercise of share options
(303)
\u2013
Aggregate amount of money or assets received or receivable under scheme interests
602
553
3,250
3,708
None of the Directors (2024: none) were members of the Group defined benefit scheme or the defined contribution scheme.
Key management compensation
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
8.8
8.3
Post-employment benefits
0.6
0.6
Share-based payments
3.3
2.6
12.7
11.5
Key management figures shown above include Executive and Non-Executive Directors and all internal Directors
of specific functions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-390": { "value": "Key management compensation
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
8.8
8.3
Post-employment benefits
0.6
0.6
Share-based payments
3.3
2.6
12.7
11.5
Key management figures shown above include Executive and Non-Executive Directors and all internal Directors of specific functions.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-361": { "value": "
11. Profit before tax
2025 2024
\u00a3m \u00a3m
Profit before tax is stated after charging:
Depreciation of property, plant and equipment
1.5
1.5
Amortisation of IT software
0.2
0.1
Bad debt expense
0.6
0.6
Operating lease payments
0.2
0.1
Auditor\u2019s remuneration (see below)
0.7
0.7
The remuneration paid to KPMG, the Group\u2019s auditor, is disclosed below:
Auditor\u2019s remuneration
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Services as auditor to the Company
378
363
Services as auditor to Group subsidiaries
260
250
Group audit fees
638
613
Audit related assurance services
68
67
Non-audit fees
68
67
Total fees
706
680
The relevant proportion of amounts paid to the auditor for the audit of the financial statements of joint ventures is \u00a324,000
(2024: \u00a323,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-406": { "value": "
2025 2024
\u00a3m \u00a3m
Profit before tax is stated after charging:
Depreciation of property, plant and equipment
1.5
1.5
Amortisation of IT software
0.2
0.1
Bad debt expense
0.6
0.6
Operating lease payments
0.2
0.1
Auditor\u2019s remuneration (see below)
0.7
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-407": { "value": "Auditor\u2019s remuneration
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Services as auditor to the Company
378
363
Services as auditor to Group subsidiaries
260
250
Group audit fees
638
613
Audit related assurance services
68
67
Non-audit fees
68
67
Total fees
706
680
The relevant proportion of amounts paid to the auditor for the audit of the financial statements of joint ventures is \u00a324,000 (2024: \u00a323,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-362": { "value": "
12. Finance costs and income
2025 2024
\u00a3m \u00a3m
Finance costs
Bank loans and mortgages
20.3
18.6
Non-bank financial institution
8.4
8.4
Corporate bond
22.9
22.9
Interest capitalised under IAS 23
(10.4)
(11.6)
Other finance costs
4.2
3.5
45.4
41.8
Finance income
Interest receivable from joint ventures (Note 34)
(0.9)
(1.2)
Other interest receivable
(1.8)
(1.8)
(2.7)
(3.0)
Net finance costs
42.7
38.8
The weighted average interest rate applicable to capitalised interest is 3.81% (2024: 3.59%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-429": { "value": "12. Finance costs and income
2025 2024
\u00a3m \u00a3m
Finance costs
Bank loans and mortgages
20.3
18.6
Non-bank financial institution
8.4
8.4
Corporate bond
22.9
22.9
Interest capitalised under IAS 23
(10.4)
(11.6)
Other finance costs
4.2
3.5
45.4
41.8
Finance income
Interest receivable from joint ventures (Note 34)
(0.9)
(1.2)
Other interest receivable
(1.8)
(1.8)
(2.7)
(3.0)
Net finance costs
42.7
38.8
The weighted average interest rate applicable to capitalised interest is 3.81% (2024: 3.59%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-426": { "value": "12. Finance costs and income
2025 2024
\u00a3m \u00a3m
Finance costs
Bank loans and mortgages
20.3
18.6
Non-bank financial institution
8.4
8.4
Corporate bond
22.9
22.9
Interest capitalised under IAS 23
(10.4)
(11.6)
Other finance costs
4.2
3.5
45.4
41.8
Finance income
Interest receivable from joint ventures (Note 34)
(0.9)
(1.2)
Other interest receivable
(1.8)
(1.8)
(2.7)
(3.0)
Net finance costs
42.7
38.8
The weighted average interest rate applicable to capitalised interest is 3.81% (2024: 3.59%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-421": { "value": "12. Finance costs and income
2025 2024
\u00a3m \u00a3m
Finance costs
Bank loans and mortgages
20.3
18.6
Non-bank financial institution
8.4
8.4
Corporate bond
22.9
22.9
Interest capitalised under IAS 23
(10.4)
(11.6)
Other finance costs
4.2
3.5
45.4
41.8
Finance income
Interest receivable from joint ventures (Note 34)
(0.9)
(1.2)
Other interest receivable
(1.8)
(1.8)
(2.7)
(3.0)
Net finance costs
42.7
38.8
The weighted average interest rate applicable to capitalised interest is 3.81% (2024: 3.59%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-408": { "value": "12. Finance costs and income
2025 2024
\u00a3m \u00a3m
Finance costs
Bank loans and mortgages
20.3
18.6
Non-bank financial institution
8.4
8.4
Corporate bond
22.9
22.9
Interest capitalised under IAS 23
(10.4)
(11.6)
Other finance costs
4.2
3.5
45.4
41.8
Finance income
Interest receivable from joint ventures (Note 34)
(0.9)
(1.2)
Other interest receivable
(1.8)
(1.8)
(2.7)
(3.0)
Net finance costs
42.7
38.8
The weighted average interest rate applicable to capitalised interest is 3.81% (2024: 3.59%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-391": { "value": "12. Finance costs and income
2025 2024
\u00a3m \u00a3m
Finance costs
Bank loans and mortgages
20.3
18.6
Non-bank financial institution
8.4
8.4
Corporate bond
22.9
22.9
Interest capitalised under IAS 23
(10.4)
(11.6)
Other finance costs
4.2
3.5
45.4
41.8
Finance income
Interest receivable from joint ventures (Note 34)
(0.9)
(1.2)
Other interest receivable
(1.8)
(1.8)
(2.7)
(3.0)
Net finance costs
42.7
38.8
The weighted average interest rate applicable to capitalised interest is 3.81% (2024: 3.59%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-363": { "value": "13. Tax Accounting policy The taxation (credit)/charge for the year represents the sum of the tax currently payable and deferred tax. The (credit)/charge is recognised in the income statement and statement of comprehensive income according to the accounting treatment of the related transaction. The Group converted to REIT status with effect from 8 September 2025. As a consequence of the Group\u2019s REIT status, income tax is not levied on the Group\u2019s qualifying Property Rental Business profits, or gains from the sale of qualifying investment properties. Instead, UK withholding tax must be deducted from distributions of these tax exempt profits and gains (Property Income Distributions (PIDs)) paid by the Group to Shareholders, unless a Shareholder is entitled to be paid gross. Any income or gains which are not exempt from UK corporation tax due to the Group\u2019s REIT status are subject to tax within the Group in the usual way. This includes profits on property trading activity, property related fee income and interest income. 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 the tax rate in force for the relevant period. 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 financial 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 profit 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 may be 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 (credit)/charge for the year of \u00a3(100.0)m (2024: \u00a39.4m) recognised in the consolidated income statement comprises:
2025 2024
\u00a3m \u00a3m
Current tax
Corporation tax on profit
12.9
14.5
Adjustments relating to prior years
(1.8)
(7.8)
11.1
6.7
Deferred tax
Origination and reversal of temporary differences
(111.7)
(4.0)
Adjustments relating to prior years
0.6
6.7
(111.1)
2.7
Total tax (credit)/charge for the year
(100.0)
9.4
The 2025 current tax adjustments relating to prior years reflect adjustments which have been included in submitted tax returns and primarily relate to financing costs 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 'low risk' rating we have been awarded by HM Revenue and Customs and to which the Group is committed. The tax (credit)/charge for the year is lower (2024: lower) than the charge for the year derived by applying the standard rate of corporation tax in the UK of 25.0% (2024: 25.0%) to the profit before tax. The differences, which lead to an effective tax rate of (97.5)% (2024: 23.2%) are explained below:
2025 2024
\u00a3m \u00a3m
Profit before tax
102.6
40.6
Income tax at a rate of 25.0% (2024: 25.0%)
25.6
10.2
Expenses not deductible for tax purposes
(1.7)
0.2
Share of joint ventures and associates after tax
0.9
0.1
Tax credit arising from REIT conversion
(123.6)
\u2013
Adjustment in respect of prior years
(1.2)
(1.1)
Amounts recognised in the income statement
(100.0)
9.4
As a result of conversion to REIT status, the Group has released \u00a3123.1m of deferred tax in respect of its Property Rental Business activities, including that related to unrealised gains on qualifying investment properties and capital allowances in respect of those properties. In addition, a \u00a30.5m current tax saving has arisen in the period since conversion to REIT status, from the tax exempt income arising in that period. At 30 September 2025 the Group had unrecognised capital losses of \u00a313.3m (2024: \u00a3nil) available to offset against future chargeable gains, but which are not expected to be used, giving rise to an unrecognised deferred tax asset calculated at 25% of \u00a33.3m (2024: \u00a3nil). In addition to the above, a deferred tax credit of \u00a30.7m (2024: \u00a36.0m) was recognised within other comprehensive income comprising:
2025 2024
\u00a3m \u00a3m
Remeasurement of BPT Limited defined benefit pension scheme
(0.1)
(0.8)
Fair value movement in cash flow hedges
(0.6)
(5.2)
Amounts recognised in other comprehensive income
(0.7)
(6.0)
Deferred tax balances comprise temporary differences attributable to:
2025 2024
\u00a3m \u00a3m
Deferred tax assets
Short-term temporary differences
4.6
6.1
4.6
6.1
Deferred tax liabilities
Trading property uplift to fair value on business combinations
(3.0)
(3.9)
Investment property revaluation
(1.0)
(93.8)
Short-term temporary differences
(2.4)
(21.9)
Fair value movement in financial interest in property assets
(0.7)
(0.2)
Actuarial gain on BPT Limited defined benefit pension scheme
(0.2)
(0.2)
Fair value movement in derivative financial instruments
(0.9)
(1.5)
(8.2)
(121.5)
Total deferred tax
(3.6)
(115.4)
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 financial position and their market value, has not been
recognised by the Group. This contingent tax amounts to \u00a360.6m, calculated at 25.0% (2024: \u00a372.1m, 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, 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-451": { "value": "Accounting policy The taxation (credit)/charge for the year represents the sum of the tax currently payable and deferred tax. The (credit)/charge is recognised in the income statement and statement of comprehensive income according to the accounting treatment of the related transaction. The Group converted to REIT status with effect from 8 September 2025. As a consequence of the Group\u2019s REIT status, income tax is not levied on the Group\u2019s qualifying Property Rental Business profits, or gains from the sale of qualifying investment properties. Instead, UK withholding tax must be deducted from distributions of these tax exempt profits and gains (Property Income Distributions (PIDs)) paid by the Group to Shareholders, unless a Shareholder is entitled to be paid gross. Any income or gains which are not exempt from UK corporation tax due to the Group\u2019s REIT status are subject to tax within the Group in the usual way. This includes profits on property trading activity, property related fee income and interest income. 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 the tax rate in force for the relevant period. 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 financial 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 profit 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 may be 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-435": { "value": "Accounting policy The taxation (credit)/charge for the year represents the sum of the tax currently payable and deferred tax. The (credit)/charge is recognised in the income statement and statement of comprehensive income according to the accounting treatment of the related transaction. The Group converted to REIT status with effect from 8 September 2025. As a consequence of the Group\u2019s REIT status, income tax is not levied on the Group\u2019s qualifying Property Rental Business profits, or gains from the sale of qualifying investment properties. Instead, UK withholding tax must be deducted from distributions of these tax exempt profits and gains (Property Income Distributions (PIDs)) paid by the Group to Shareholders, unless a Shareholder is entitled to be paid gross. Any income or gains which are not exempt from UK corporation tax due to the Group\u2019s REIT status are subject to tax within the Group in the usual way. This includes profits on property trading activity, property related fee income and interest income. 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 the tax rate in force for the relevant period. 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 financial 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 profit 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 may be 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-409": { "value": "Deferred tax balances comprise temporary differences attributable to:
2025 2024
\u00a3m \u00a3m
Deferred tax assets
Short-term temporary differences
4.6
6.1
4.6
6.1
Deferred tax liabilities
Trading property uplift to fair value on business combinations
(3.0)
(3.9)
Investment property revaluation
(1.0)
(93.8)
Short-term temporary differences
(2.4)
(21.9)
Fair value movement in financial interest in property assets
(0.7)
(0.2)
Actuarial gain on BPT Limited defined benefit pension scheme
(0.2)
(0.2)
Fair value movement in derivative financial instruments
(0.9)
(1.5)
(8.2)
(121.5)
Total deferred tax
(3.6)
(115.4)
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 financial position and their market value, has not been recognised by the Group. This contingent tax amounts to \u00a360.6m, calculated at 25.0% (2024: \u00a372.1m, 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, we anticipate that the balance will predominantly be crystallised in a period greater than one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-392": { "value": "Deferred tax balances comprise temporary differences attributable to:
2025 2024
\u00a3m \u00a3m
Deferred tax assets
Short-term temporary differences
4.6
6.1
4.6
6.1
Deferred tax liabilities
Trading property uplift to fair value on business combinations
(3.0)
(3.9)
Investment property revaluation
(1.0)
(93.8)
Short-term temporary differences
(2.4)
(21.9)
Fair value movement in financial interest in property assets
(0.7)
(0.2)
Actuarial gain on BPT Limited defined benefit pension scheme
(0.2)
(0.2)
Fair value movement in derivative financial instruments
(0.9)
(1.5)
(8.2)
(121.5)
Total deferred tax
(3.6)
(115.4)
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 financial position and their market value, has not been recognised by the Group. This contingent tax amounts to \u00a360.6m, calculated at 25.0% (2024: \u00a372.1m, 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, we anticipate that the balance will predominantly be crystallised in a period greater than one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-364": { "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:
2025 2024
\u00a3m \u00a3m
Ordinary dividends on equity shares:
Final dividend for the year ended 30 September 2023 \u2013 4.37p per share
\u2013
32.2
Interim dividend for the year ended 30 September 2024 \u2013 2.54p per share
\u2013
18.8
Final dividend for the year ended 30 September 2024 \u2013 5.01p per share
37.0
\u2013
Interim dividend for the year ended 30 September 2025 \u2013 2.85p per share
21.1
\u2013
58.1
51.0
Subject to approval at the AGM, the final dividend of 5.46p per share (gross) amounting to \u00a340.4m will be paid on 20 February 2026 to Shareholders on the register at the close of business on the record date, 16 January 2026 (the shares will go ex-dividend on 15 January 2026). Shareholders will again be offered the option to participate in a dividend reinvestment plan and the last day for election is 30 January 2026. An interim dividend of 2.85p per share amounting to a total of \u00a321.1m was paid to Shareholders on 7 July 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-436": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-6": { "value": "0.0546", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-7": { "value": "40400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-365": { "value": "15. Earnings per share Accounting policy Basic Basic earnings per share is calculated by dividing the profit 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 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 share based payment schemes, based upon the number of shares that would be issued if 30 September 2025 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 2025
30 September 2024
Weighted Weighted
average average
Profit for number of Earnings Profit for number of Earnings
the year shares per share the year shares per share
\u00a3m (millions) (pence) \u00a3m (millions) (pence)
Basic earnings per share
Profit attributable to equity holders
202.6
738.8
27.4
31.2
738.2
4.2
Effect of potentially dilutive securities
Share options and contingent shares
\u2013
3.5
(0.1)
\u2013
3.3
\u2013
Diluted earnings per share
Profit attributable to equity holders
202.6
742.3
27.3
31.2
741.5
4.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-437": { "value": "Accounting policy Basic Basic earnings per share is calculated by dividing the profit 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 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 share based payment schemes, based upon the number of shares that would be issued if 30 September 2025 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-366": { "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 classified 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 specified asset. If this information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. Investment property falls within Level 3 of the fair value hierarchy as defined 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 benefits associated with the item will flow 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 financial 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. Investment property \u2013 held for sale Where specific investment properties are expected to sell within the next 12 months, their fair value is shown under assets held for sale within current assets.
2025 2024
\u00a3m \u00a3m
Opening balance
3,028.3
2,948.9
Acquisitions
20.0
85.9
Capital expenditure \u2013 completed assets
17.2
13.9
Capital expenditure \u2013 assets under construction
111.2
161.2
Total additions
148.4
261.0
Disposals (Note 8)
(81.9)
(149.1)
Net valuation gains/(losses) on investment properties
1
29.5
(32.5)
3,124.3
3,028.3
Reclassifications to investment property \u2013 held for sale
(64.9)
(31.5)
Closing balance
3,059.4
2,996.8
1. Within the above are provisions for fire safety works. No potential recovery of these costs has been accounted for. The basis of valuation of investment property, the use of external independent valuers, and the judgements and assumptions adopted by management are 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 2025 is \u00a32,762.4m (2024: \u00a32,700.9m). Direct repair and maintenance costs arising from investment property that generated rental income during the year were \u00a35.8m (2024: \u00a35.8m). Within investment property are a number of assets held for sale at the reporting date, valued at \u00a364.9m (2024: \u00a331.5m). Held for sale properties are those that are for sale, where solicitors have been instructed, or where contracts have been exchanged. All investment properties which are held for sale are included within our PRS segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-438": { "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 classified 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 specified asset. If this information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. Investment property falls within Level 3 of the fair value hierarchy as defined 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 benefits associated with the item will flow 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 financial 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. Investment property \u2013 held for sale Where specific investment properties are expected to sell within the next 12 months, their fair value is shown under assets held for sale within current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-367": { "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, fixtures, fittings 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-452": { "value": "Accounting policy Property, plant and equipment are stated at cost less residual value and depreciation and comprise office leases, fixtures, fittings 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-439": { "value": "Accounting policy Property, plant and equipment are stated at cost less residual value and depreciation and comprise office leases, fixtures, fittings 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-368": { "value": "
18. Investment in associates
2025 2024
\u00a3m \u00a3m
Opening balance
14.9
15.8
Share of profit/(loss) for the year
0.6
(0.4)
Dividends paid in the year
(0.3)
(0.5)
Closing balance
15.2
14.9
The closing balance comprises share of net assets of \u00a30.7m (2024: \u00a30.4m) and net loans due from associates of \u00a314.5m
(2024: \u00a314.5m). At the balance sheet date, there is no expectation of any material credit losses on loans due. As at 30 September
2025, 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 profit or loss of associates is
shown below:
2025 Summarised income statement
\u00a3m
Vesta LP
Net rental income and other income
2.6
Administration and other expenses
(0.5)
Operating profit
2.1
Revaluation loss on investment property
0.8
Profit before tax
2.9
Ta x
\u2013
Profit after tax
2.9
2025 Summarised statement of financial position
\u00a3m
Vesta LP
Investment property
74.4
Current assets
2.5
Total assets
76.9
Current liabilities
(1.1)
Non-current liabilities
(72.5)
Total liabilities
(73.6)
Net assets
3.3
2024 Summarised income statement
\u00a3m
Vesta LP
Net rental income and other income
2.7
Administration and other expenses
(0.5)
Operating profit
2.2
Revaluation gains on investment property
(4.5)
Loss before tax
(2.3)
Ta x
\u2013
Loss after tax
(2.3)
2024 Summarised statement of financial position
\u00a3m
Vesta LP
Investment property
72.7
Current assets
3.2
Total assets
75.9
Current liabilities
(1.2)
Non-current liabilities
(72.5)
Total liabilities
(73.7)
Net assets
2.2
19. Investment in joint ventures
2025 2024
\u00a3m \u00a3m
Opening balance
76.4
75.2
Share of loss for the year
(4.3)
(0.2)
Further investment
1
3.7
\u2013
Loans advanced to joint ventures
1.7
1.4
Closing balance
77.5
76.4
1. Grainger invested \u00a33.7m into Connected Living London (BTR) Limited in the year (2024: \u00a3nil).
The closing balance comprises share of net assets of \u00a346.1m (2024: \u00a346.7m) and net loans due from joint ventures of \u00a331.4m
(2024: \u00a329.7m). At the balance sheet date, there is no expectation of any material credit losses on loans due.
At 30 September 2025, 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 profit or loss are shown below:
2025 Summarised income statement
Connected Lewisham
Living London Curzon Park Grainger
\u00a3m (BTR) Limited Limited
Holdings LLP
Total
Administration and other expenses
(0.3)
(0.8)
(0.1)
(1.2)
Revaluation loss on investment property
(7.3)
\u2013
\u2013
(7.3)
Loss before tax
(7.6)
(0.8)
(0.1)
(8.5)
Ta x
\u2013
\u2013
\u2013
\u2013
Loss after tax
(7.6)
(0.8)
(0.1)
(8.5)
2025 Summarised statement of financial position
Investment property
89.7
\u2013
13.9
103.6
Current assets
2.8
37.7
\u2013
40.5
Total assets
92.5
37.7
13.9
144.1
Current liabilities
(0.6)
(38.6)
(14.3)
(53.5)
Net assets
91.9
(0.9)
(0.4)
90.6
2024 Summarised income statement
Connected Lewisham
Living London Curzon Park Grainger
\u00a3m (BTR) Limited Limited
Holdings LLP
Total
Administration and other expenses
(0.2)
(0.1)
(0.1)
(0.4)
Loss before tax
(0.2)
(0.1)
(0.1)
(0.4)
Ta x
\u2013
\u2013
\u2013
\u2013
Loss after tax
(0.2)
(0.1)
(0.1)
(0.4)
2024 Summarised statement of financial position
Investment property
90.5
\u2013
11.8
102.3
Current assets
2.6
36.6
\u2013
39.2
Total assets
93.1
36.6
11.8
141.5
Current liabilities
(0.8)
(36.8)
(12.1)
(49.7)
Net assets
92.3
(0.2)
(0.3)
91.8
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 2025 is set out in the
Notes to the parent Company financial statements on pages 175 and 179.
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 2025.
Companies House
Company 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
Faside Estates Limited
SC019680
Grainger (Brook Place 2) Limited
15672916
Grainger (Exmouth Junction) Limited
15984036
Grainger (Hallsville Block D1) Limited
12170837
Grainger (Hallsville Residential) Limited
14669820
Grainger (Hallsville) Limited
118340 99
Grainger (Hornsey) Limited
04810257
Grainger (Octavia Hill) Limited
05654027
Grainger (YP 2) Limited
16138950
Grainger Asset Management Limited
04417232
Grainger Bradley Limited
08324941
Grainger Development Management Limited
03146573
Grainger Developments Limited
06061419
Grainger Employees Limited
05019636
Grainger Finance (Tricomm) Limited
08451352
Companies House
Company registered number
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
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
04974 627
Grainger PRS Limited
05789357
Grainger Seven Sisters Limited
0
6111428
Grainger Treasury Property Investments Limited LP 011846
Partnership
Grainger Treasury Property (2006) Limited Liability OC325497
Partnership
Grainger Tribe Limited
11055318
GRIP UK Property Developments Limited
10626824
Margrave Estates Limited
00332564
MREF III Newcastle Operations Limited
10606762
PHA Limited
06734 419
West Waterlooville Developments Limited
03047254
The parent Company has guaranteed the debts and liabilities of the above subsidiaries as at 30 September 2025 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:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-393": { "value": "18. Investment in associates
2025 2024
\u00a3m \u00a3m
Opening balance
14.9
15.8
Share of profit/(loss) for the year
0.6
(0.4)
Dividends paid in the year
(0.3)
(0.5)
Closing balance
15.2
14.9
The closing balance comprises share of net assets of \u00a30.7m (2024: \u00a30.4m) and net loans due from associates of \u00a314.5m (2024: \u00a314.5m). At the balance sheet date, there is no expectation of any material credit losses on loans due. As at 30 September 2025, 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 profit or loss of associates is shown below: 2025 Summarised income statement
\u00a3m
Vesta LP
Net rental income and other income
2.6
Administration and other expenses
(0.5)
Operating profit
2.1
Revaluation loss on investment property
0.8
Profit before tax
2.9
Ta x
\u2013
Profit after tax
2.9
2025 Summarised statement of financial position
\u00a3m
Vesta LP
Investment property
74.4
Current assets
2.5
Total assets
76.9
Current liabilities
(1.1)
Non-current liabilities
(72.5)
Total liabilities
(73.6)
Net assets
3.3
2024 Summarised income statement
\u00a3m
Vesta LP
Net rental income and other income
2.7
Administration and other expenses
(0.5)
Operating profit
2.2
Revaluation gains on investment property
(4.5)
Loss before tax
(2.3)
Ta x
\u2013
Loss after tax
(2.3)
2024 Summarised statement of financial position
\u00a3m
Vesta LP
Investment property
72.7
Current assets
3.2
Total assets
75.9
Current liabilities
(1.2)
Non-current liabilities
(72.5)
Total liabilities
(73.7)
Net assets
2.2
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 2025 is set out in the Notes to the parent Company financial statements on pages 175 and 179. 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 2025.
Companies House
Company 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
Faside Estates Limited
SC019680
Grainger (Brook Place 2) Limited
15672916
Grainger (Exmouth Junction) Limited
15984036
Grainger (Hallsville Block D1) Limited
12170837
Grainger (Hallsville Residential) Limited
14669820
Grainger (Hallsville) Limited
118340 99
Grainger (Hornsey) Limited
04810257
Grainger (Octavia Hill) Limited
05654027
Grainger (YP 2) Limited
16138950
Grainger Asset Management Limited
04417232
Grainger Bradley Limited
08324941
Grainger Development Management Limited
03146573
Grainger Developments Limited
06061419
Grainger Employees Limited
05019636
Grainger Finance (Tricomm) Limited
08451352
Companies House
Company registered number
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
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
04974 627
Grainger PRS Limited
05789357
Grainger Seven Sisters Limited
0
6111428
Grainger Treasury Property Investments Limited LP 011846
Partnership
Grainger Treasury Property (2006) Limited Liability OC325497
Partnership
Grainger Tribe Limited
11055318
GRIP UK Property Developments Limited
10626824
Margrave Estates Limited
00332564
MREF III Newcastle Operations Limited
10606762
PHA Limited
06734 419
West Waterlooville Developments Limited
03047254
The parent Company has guaranteed the debts and liabilities of the above subsidiaries as at 30 September 2025 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:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-410": { "value": "19. Investment in joint ventures
2025 2024
\u00a3m \u00a3m
Opening balance
76.4
75.2
Share of loss for the year
(4.3)
(0.2)
Further investment
1
3.7
\u2013
Loans advanced to joint ventures
1.7
1.4
Closing balance
77.5
76.4
1. Grainger invested \u00a33.7m into Connected Living London (BTR) Limited in the year (2024: \u00a3nil). The closing balance comprises share of net assets of \u00a346.1m (2024: \u00a346.7m) and net loans due from joint ventures of \u00a331.4m (2024: \u00a329.7m). At the balance sheet date, there is no expectation of any material credit losses on loans due. At 30 September 2025, 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 profit or loss are shown below: 2025 Summarised income statement
Connected Lewisham
Living London Curzon Park Grainger
\u00a3m (BTR) Limited Limited
Holdings LLP
Total
Administration and other expenses
(0.3)
(0.8)
(0.1)
(1.2)
Revaluation loss on investment property
(7.3)
\u2013
\u2013
(7.3)
Loss before tax
(7.6)
(0.8)
(0.1)
(8.5)
Ta x
\u2013
\u2013
\u2013
\u2013
Loss after tax
(7.6)
(0.8)
(0.1)
(8.5)
2025 Summarised statement of financial position
Investment property
89.7
\u2013
13.9
103.6
Current assets
2.8
37.7
\u2013
40.5
Total assets
92.5
37.7
13.9
144.1
Current liabilities
(0.6)
(38.6)
(14.3)
(53.5)
Net assets
91.9
(0.9)
(0.4)
90.6
2024 Summarised income statement
Connected Lewisham
Living London Curzon Park Grainger
\u00a3m (BTR) Limited Limited
Holdings LLP
Total
Administration and other expenses
(0.2)
(0.1)
(0.1)
(0.4)
Loss before tax
(0.2)
(0.1)
(0.1)
(0.4)
Ta x
\u2013
\u2013
\u2013
\u2013
Loss after tax
(0.2)
(0.1)
(0.1)
(0.4)
2024 Summarised statement of financial position
Investment property
90.5
\u2013
11.8
102.3
Current assets
2.6
36.6
\u2013
39.2
Total assets
93.1
36.6
11.8
141.5
Current liabilities
(0.8)
(36.8)
(12.1)
(49.7)
Net assets
92.3
(0.2)
(0.3)
91.8
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 2025 is set out in the Notes to the parent Company financial statements on pages 175 and 179. 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 2025.
Companies House
Company 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
Faside Estates Limited
SC019680
Grainger (Brook Place 2) Limited
15672916
Grainger (Exmouth Junction) Limited
15984036
Grainger (Hallsville Block D1) Limited
12170837
Grainger (Hallsville Residential) Limited
14669820
Grainger (Hallsville) Limited
118340 99
Grainger (Hornsey) Limited
04810257
Grainger (Octavia Hill) Limited
05654027
Grainger (YP 2) Limited
16138950
Grainger Asset Management Limited
04417232
Grainger Bradley Limited
08324941
Grainger Development Management Limited
03146573
Grainger Developments Limited
06061419
Grainger Employees Limited
05019636
Grainger Finance (Tricomm) Limited
08451352
Companies House
Company registered number
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
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
04974 627
Grainger PRS Limited
05789357
Grainger Seven Sisters Limited
0
6111428
Grainger Treasury Property Investments Limited LP 011846
Partnership
Grainger Treasury Property (2006) Limited Liability OC325497
Partnership
Grainger Tribe Limited
11055318
GRIP UK Property Developments Limited
10626824
Margrave Estates Limited
00332564
MREF III Newcastle Operations Limited
10606762
PHA Limited
06734 419
West Waterlooville Developments Limited
03047254
The parent Company has guaranteed the debts and liabilities of the above subsidiaries as at 30 September 2025 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:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-369": { "value": "20. Financial interest in property assets (\u2018CHARM\u2019 portfolio) Accounting policy The CHARM portfolio is a financial 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 profit 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 flows arising from the instrument using a market discount rate at the reporting date. The change in value arising from ii) above is recorded through the consolidated income statement and is shown on the line \u2018Income from financial interest in property assets\u2019.
2025 2024
\u00a3m \u00a3m
Opening balance
57.4
67.0
Cash received from the instrument
(9.9)
(8.3)
Amounts taken to income statement
1.1
(1.3)
Closing balance
48.6
57.4
The CHARM portfolio is considered to be a Level 3 financial asset as defined 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 financial asset is included within the fair
value hierarchy within Note 27.
", "dimensions": { "concept": "graingerplc:DisclosureOfFinancialInterestInPropertyAssetsCHARMPortfolio", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-440": { "value": "Accounting policy The CHARM portfolio is a financial 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 profit 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 flows arising from the instrument using a market discount rate at the reporting date. The change in value arising from ii) above is recorded through the consolidated income statement and is shown on the line \u2018Income from financial interest in property assets\u2019. ", "dimensions": { "concept": "graingerplc:DescriptionOfAccountingPolicyForFinancialInterestInPropertyAssetsCHARMPortfolio", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-411": { "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 benefits 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. Configuration 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-394": { "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 benefits 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. Configuration 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-370": { "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 benefits 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. Configuration 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-460": { "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 benefits 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. Configuration 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-453": { "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 benefits 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. Configuration 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "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 benefits 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. Configuration 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-371": { "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 financial 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 financial 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.
2025 2024
\u00a3m \u00a3m
Opening balance
331.6
392.2
Additions
11.9
15.0
Disposals (Note 7)
(45.5)
(75.5)
Reversal of impairment/(impairment) of inventories to net realisable value
0.6
(0.1)
Closing balance
298.6
331.6
The closing balance above reflects 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 reflection 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 specific 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 financial position. Amounts relating to inventories that have been recognised as an expense in the consolidated income statement are as follows:
2025 2024
\u00a3m \u00a3m
Carrying value of trading property sold (Note 7)
45.5
75.5
Reversal of impairment/(impairment) of inventories to net realisable value
(0.6)
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-442": { "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 financial 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 financial 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-395": { "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.
2025 2024
\u00a3m \u00a3m
Rent and other tenant receivables
4.5
4.8
Deduct: Provision for impairment
(1.6)
(1.5)
Rent and other tenant receivables \u2013 net
2.9
3.3
Restricted deposits
57.7
63.3
Other receivables
12.7
19.3
Prepayments
5.9
5.0
Closing balance
79.2
90.9
The Group\u2019s assessment of expected credit losses involves estimation given its forward-looking nature. This is not considered to be an area of significant judgement or estimation due to the balance of gross rent and other tenant receivables of \u00a34.5m (2024: \u00a34.8m). Assumptions used in the forward-looking assessment are continually reviewed to take into account likely rent deferrals. 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 financial assets that are neither past due nor impaired is discussed in Note 27 \u2018Financial risk management and derivative financial instruments\u2019", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-372": { "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.
2025 2024
\u00a3m \u00a3m
Rent and other tenant receivables
4.5
4.8
Deduct: Provision for impairment
(1.6)
(1.5)
Rent and other tenant receivables \u2013 net
2.9
3.3
Restricted deposits
57.7
63.3
Other receivables
12.7
19.3
Prepayments
5.9
5.0
Closing balance
79.2
90.9
The Group\u2019s assessment of expected credit losses involves estimation given its forward-looking nature. This is not considered to be an area of significant judgement or estimation due to the balance of gross rent and other tenant receivables of \u00a34.5m (2024: \u00a34.8m). Assumptions used in the forward-looking assessment are continually reviewed to take into account likely rent deferrals. 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 financial assets that are neither past due nor impaired is discussed in Note 27 \u2018Financial risk management and derivative financial instruments\u2019", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-443": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-373": { "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 outflow of resources will be required to settle the obligation; and iii) a reliable estimate can be made of the amount of the obligation.
2025 2024
\u00a3m \u00a3m
Current provisions for other liabilities and charges
Opening balance
13.2
8.6
Additions
1.9
5.0
Utilisation
(3.1)
(0.4)
12.0
13.2
Non-current provisions for other liabilities and charges
Opening balance
1.0
1.1
Reversal
(0.3)
\u2013
Utilisation
\u2013
(0.1)
0.7
1.0
Total provisions for other liabilities and charges
12.7
14.2
Current provisions relate to potential fire safety remediation costs relating to a small number of legacy properties that Grainger historically had an involvement in developing and are expected to require fire safety related remediation works. These were first recognised in the year ended 30 September 2022 after an extensive assessment of the Group\u2019s legal and constructive obligations arising from the Building Safety Act 2022 and other associated fire regulations, and based on the results of relevant surveys which were commissioned. The provision is based on the latest estimation of costs to be incurred, offset by costs incurred to date. Where fire safety works are required and the Group owns the properties, the cost is considered as part of the valuation of those properties. Where appropriate, the Group is seeking recoveries from contractors and insurers. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-444": { "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 outflow 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-412": { "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.
2025 2024
\u00a3m \u00a3m
Current liabilities
Deposits received
13.9
12.8
Trade payables
22.7
19.0
Lease liabilities (Note 35)
0.6
0.7
Tax and social security costs
0.8
4.9
Accruals
66.0
64.5
Deferred income
11.3
12.2
115.3
114.1
Non-current liabilities
Lease liabilities (Note 35)
5.7
6.3
5.7
6.3
Total trade and other payables
121.0
120.4
Within accruals, \u00a346.0m comprises accrued expenditure in respect of ongoing construction activities (2024: \u00a343.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-396": { "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.
2025 2024
\u00a3m \u00a3m
Current liabilities
Deposits received
13.9
12.8
Trade payables
22.7
19.0
Lease liabilities (Note 35)
0.6
0.7
Tax and social security costs
0.8
4.9
Accruals
66.0
64.5
Deferred income
11.3
12.2
115.3
114.1
Non-current liabilities
Lease liabilities (Note 35)
5.7
6.3
5.7
6.3
Total trade and other payables
121.0
120.4
Within accruals, \u00a346.0m comprises accrued expenditure in respect of ongoing construction activities (2024: \u00a343.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-374": { "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.
2025 2024
\u00a3m \u00a3m
Current liabilities
Deposits received
13.9
12.8
Trade payables
22.7
19.0
Lease liabilities (Note 35)
0.6
0.7
Tax and social security costs
0.8
4.9
Accruals
66.0
64.5
Deferred income
11.3
12.2
115.3
114.1
Non-current liabilities
Lease liabilities (Note 35)
5.7
6.3
5.7
6.3
Total trade and other payables
121.0
120.4
Within accruals, \u00a346.0m comprises accrued expenditure in respect of ongoing construction activities (2024: \u00a343.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-445": { "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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-422": { "value": "
2025 2024
\u00a3m \u00a3m
Current liabilities
Deposits received
13.9
12.8
Trade payables
22.7
19.0
Lease liabilities (Note 35)
0.6
0.7
Tax and social security costs
0.8
4.9
Accruals
66.0
64.5
Deferred income
11.3
12.2
115.3
114.1
Non-current liabilities
Lease liabilities (Note 35)
5.7
6.3
5.7
6.3
Total trade and other payables
121.0
120.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-427": { "value": "
2025 2024
\u00a3m \u00a3m
Current liabilities
Deposits received
13.9
12.8
Trade payables
22.7
19.0
Lease liabilities (Note 35)
0.6
0.7
Tax and social security costs
0.8
4.9
Accruals
66.0
64.5
Deferred income
11.3
12.2
115.3
114.1
Non-current liabilities
Lease liabilities (Note 35)
5.7
6.3
5.7
6.3
Total trade and other payables
121.0
120.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-397": { "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 classified 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 financial position date.
2025 2024
\u00a3m \u00a3m
Current liabilities
Non-bank financial institution
75.0
\u2013
75.0
\u2013
Non-current liabilities
Bank loans \u2013 Pounds Sterling
544.1
548.2
Bank loans \u2013 Euros
0.7
0.8
Non-bank financial institution
273.5
347.9
Corporate bonds
696.8
696.0
1,515.1
1,592.9
Total interest-bearing loans and borrowings
1,590.1
1,592.9
(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 \u00a3478.0m are due to mature in the year ended 30 September 2029, and \u00a375.0m due to mature in the year ended 30 September 2030. At the year end, the Group had \u00a3229.7m drawn under its revolving credit facilities (RCFs) (2024: \u00a3234.8m). The weighted average variable interest rate on bank loans as at 30 September 2025 was 5.6% (2024: 6.6%). Bank loans are secured by floating charges over specific property and other assets of the Group. Unamortised costs in relation to bank loans of \u00a38.2m (2024: \u00a39.2m) 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 modification. (b) Non-bank financial institution \u00a3350.0m is funded by fixed 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. Non-bank loans are secured by floating charges over specific property and other assets of the Group. The weighted average interest rate on non-bank loans as at 30 September 2025 was 2.4% (2024: 2.4%). Unamortised costs in relation to these fixed rate loans of \u00a31.6m (2024: \u00a32.1m) 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 2025 unamortised costs in relation to the corporate bonds stood at \u00a31.9m (2024: \u00a32.4m), and the outstanding discount was \u00a31.3m (2024: \u00a31.6m). (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 2025, unamortised costs totalled \u00a311.7m (2024: \u00a313.7m) and the outstanding discount was \u00a31.3m (2024: \u00a31.6m). In accordance with IAS 7 Statement of Cash Flows, the Group is required to detail any changes in liabilities that arise from financing activities throughout the year. These changes are detailed below.
2025
2024
Derivatives used for Derivatives used for
hedging the liabilities hedging the liabilities
from financing from financing
activities activities
Loans and Interest Loans and Interest
\u00a3m borrowings
payable
Assets
Liabilities
borrowings
payable
Assets
Liabilities
Opening balance
1,592.9
9.4
19.8
\u2013
1,533.5
9.3
45.3
\u2013
Changes from financing cash flows
Proceeds from loans and borrowings
186.0
\u2013
\u2013
\u2013
244.0
\u2013
\u2013
\u2013
Repayment of borrowings
(191.2)
\u2013
\u2013
\u2013
(185.0)
\u2013
\u2013
\u2013
Transaction costs related to loans,
borrowings and derivatives
(2.3)
\u2013
5.1
\u2013
(2.8)
\u2013
1.9
\u2013
Total changes from financing cash flows
(7.5)
\u2013
5.1
\u2013
56.2
\u2013
1.9
\u2013
Other changes
Gross interest accrued
\u2013
53.0
\u2013
\u2013
\u2013
52.7
\u2013
\u2013
Gross interest paid
\u2013
(53.3)
\u2013
\u2013
\u2013
(52.6)
\u2013
\u2013
Amortisation of borrowing costs net of premiums
4.7
\u2013
\u2013
\u2013
3.2
\u2013
\u2013
\u2013
Hedge ineffectiveness under IFRS 9
\u2013
\u2013
(8.5)
\u2013
\u2013
\u2013
(6.6)
\u2013
Changes in fair value of derivatives through
hedging reserve
\u2013
\u2013
(2.3)
\u2013
\u2013
\u2013
(20.8)
\u2013
Total other changes
4.7
(0.3)
(10.8)
\u2013
3.2
0.1
(27.4)
\u2013
Closing balance
1,590.1
9.1
14.1
\u2013
1,592.9
9.4
19.8
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-375": { "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 classified 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 financial position date.
2025 2024
\u00a3m \u00a3m
Current liabilities
Non-bank financial institution
75.0
\u2013
75.0
\u2013
Non-current liabilities
Bank loans \u2013 Pounds Sterling
544.1
548.2
Bank loans \u2013 Euros
0.7
0.8
Non-bank financial institution
273.5
347.9
Corporate bonds
696.8
696.0
1,515.1
1,592.9
Total interest-bearing loans and borrowings
1,590.1
1,592.9
(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 \u00a3478.0m are due to mature in the year ended 30 September 2029, and \u00a375.0m due to mature in the year ended 30 September 2030. At the year end, the Group had \u00a3229.7m drawn under its revolving credit facilities (RCFs) (2024: \u00a3234.8m). The weighted average variable interest rate on bank loans as at 30 September 2025 was 5.6% (2024: 6.6%). Bank loans are secured by floating charges over specific property and other assets of the Group. Unamortised costs in relation to bank loans of \u00a38.2m (2024: \u00a39.2m) 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 modification.
(b) Non-bank financial institution
\u00a3350.0m is funded by fixed 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. Non-bank loans are secured by floating charges over specific property and other
assets of the Group.
The weighted average interest rate on non-bank loans as at 30 September 2025 was 2.4% (2024: 2.4%). Unamortised costs in
relation to these fixed rate loans of \u00a31.6m (2024: \u00a32.1m) 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 2025 unamortised costs in relation to the corporate bonds stood at \u00a31.9m (2024: \u00a32.4m), and the outstanding
discount was \u00a31.3m (2024: \u00a31.6m).
(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 2025, unamortised costs totalled \u00a311.7m (2024: \u00a313.7m) and the outstanding discount was \u00a31.3m
(2024: \u00a31.6m).
In accordance with IAS 7 Statement of Cash Flows, the Group is required to detail any changes in liabilities that arise from financing
activities throughout the year. These changes are detailed below.
2025
2024
Derivatives used for Derivatives used for
hedging the liabilities hedging the liabilities
from financing from financing
activities activities
Loans and Interest Loans and Interest
\u00a3m borrowings
payable
Assets
Liabilities
borrowings
payable
Assets
Liabilities
Opening balance
1,592.9
9.4
19.8
\u2013
1,533.5
9.3
45.3
\u2013
Changes from financing cash flows
Proceeds from loans and borrowings
186.0
\u2013
\u2013
\u2013
244.0
\u2013
\u2013
\u2013
Repayment of borrowings
(191.2)
\u2013
\u2013
\u2013
(185.0)
\u2013
\u2013
\u2013
Transaction costs related to loans,
borrowings and derivatives
(2.3)
\u2013
5.1
\u2013
(2.8)
\u2013
1.9
\u2013
Total changes from financing cash flows
(7.5)
\u2013
5.1
\u2013
56.2
\u2013
1.9
\u2013
Other changes
Gross interest accrued
\u2013
53.0
\u2013
\u2013
\u2013
52.7
\u2013
\u2013
Gross interest paid
\u2013
(53.3)
\u2013
\u2013
\u2013
(52.6)
\u2013
\u2013
Amortisation of borrowing costs net of premiums
4.7
\u2013
\u2013
\u2013
3.2
\u2013
\u2013
\u2013
Hedge ineffectiveness under IFRS 9
\u2013
\u2013
(8.5)
\u2013
\u2013
\u2013
(6.6)
\u2013
Changes in fair value of derivatives through
hedging reserve
\u2013
\u2013
(2.3)
\u2013
\u2013
\u2013
(20.8)
\u2013
Total other changes
4.7
(0.3)
(10.8)
\u2013
3.2
0.1
(27.4)
\u2013
Closing balance
1,590.1
9.1
14.1
\u2013
1,592.9
9.4
19.8
\u2013
27. Financial risk management and derivative financial 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. Deposits that cannot be accessed and have restrictions on use arising from contracts with third parties are reflected in trade and other receivables. Derivative financial 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 classified 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 flow hedge accounting, and have been designated as such, in which case any gain or loss is taken to equity in a cash flow 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 ongoing 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 flow model using market information. Derecognition of financial assets and liabilities Derecognition is the point at which the Group removes an asset or liability from its consolidated statement of financial position. The Group\u2019s policy is to derecognise financial assets only when the contractual right to the cash flows from the financial asset expires. The Group also derecognises financial assets that it transfers to another party provided that the transfer of the asset also transfers the right to receive cash flows from the financial asset. When the transfer does not result in the Group transferring the right to receive cash flows from the financial asset but it does result in the Group assuming a corresponding obligation to pay cash flows to another recipient, the financial asset is derecognised. The Group derecognises financial liabilities only when its obligation is discharged, is cancelled or expires. Financial assets classified as fair value through profit and loss (previously available-for-sale) are the financial interest in property assets. Derivative financial instruments not in hedge accounting relationships are classified as fair value through profit and loss. Categories of financial instruments A summary of the classifications of the financial assets and liabilities held by the Group is set out in the following table:
2025
Loans and Assets at
receivables/ fair value
cash and through Derivatives
cash profit and
used for
Other financial
Total book Fair value
\u00a3m equivalents loss
hedging
assets value
adjustment
Fair value
Non-current assets
Financial interest in property assets
\u2013
48.6
\u2013
\u2013
48.6
\u2013
48.6
Current assets
Trade and other receivables
excluding prepayments
73.3
\u2013
\u2013
\u2013
73.3
\u2013
73.3
Cash and cash equivalents
85.8
\u2013
\u2013
\u2013
85.8
\u2013
85.8
Derivative financial instruments
\u2013
\u2013
14.1
\u2013
14.1
\u2013
14.1
Total financial assets
159.1
48.6
14.1
\u2013
221.8
\u2013
221.8
Loans and Liabilities at
receivables/ fair value Other financial
cash and through Derivatives liabilities at
cash profit and used for amortised Total book Fair value
\u00a3m equivalents loss hedging cost value
adjustment
Fair value
Non-current liabilities
Trade and other payables
\u2013
\u2013
\u2013
5.7
5.7
\u2013
5.7
Interest-bearing loans and borrowings
\u2013
\u2013
\u2013
1,515.1
1,515.1
(65.7)
1,449.4
Current liabilities
Trade and other payables
\u2013
\u2013
\u2013
115.3
115.3
\u2013
115.3
Interest bearing loans and borrowings
\u2013
\u2013
\u2013
75.0
75.0
\u2013
75.0
Total financial liabilities
\u2013
\u2013
\u2013
1,711.1
1,711.1
(65.7)
1,645.4
Net financial assets/(liabilities)
159.1
48.6
14.1
(1,711.1)
(1,489.3)
65.7
(1,423.6)
2024
Loans and Assets at
receivables/ fair value Other
cash and through Derivatives financial
cash profit and used for Total book Fair value
\u00a3m equivalents loss hedging assets value
adjustment
Fair value
Non-current assets
Financial interest in property assets
\u2013
57.4
\u2013
\u2013
57.4
\u2013
57.4
Current assets
Trade and other receivables
excluding prepayments
85.9
\u2013
\u2013
\u2013
85.9
\u2013
85.9
Cash and cash equivalents
93.2
\u2013
\u2013
\u2013
93.2
\u2013
93.2
Derivative financial instruments
\u2013
\u2013
19.8
\u2013
19.8
\u2013
19.8
Total financial assets
179.1
57.4
19.8
\u2013
256.3
\u2013
256.3
Loans and Liabilities at Other
receivables/ fair value financial
cash and through Derivatives liabilities at
cash profit and used for amortised Total book Fair value
\u00a3m equivalents loss hedging cost value
adjustment
Fair value
Non-current liabilities
Trade and other payables
\u2013
\u2013
\u2013
6.3
6.3
\u2013
6.3
Interest-bearing loans and borrowings
\u2013
\u2013
\u2013
1,592.9
1,592.9
(98.1)
1,494.8
Current liabilities
Trade and other payables
\u2013
\u2013
\u2013
114.1
114.1
\u2013
114.1
Total financial liabilities
\u2013
\u2013
\u2013
1,713.3
1,713.3
(98.1)
1,615.2
Net financial assets/(liabilities)
179.1
57.4
19.8
(1,713.3)
(1,457.0)
98.1
(1,358.9)
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 financial position. The fair value of the bonds is calculated as \u00a3653.2m (2024: \u00a3632.8m) based on
quoted prices in traded markets. The fair value of the non-bank loans is calculated as \u00a3331.1m (2024: \u00a3319.1m) and is calculated by
independent financial 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 financial position.
Included in cash above is \u00a316.7m (2024: \u00a316.4m) 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, \u00a33.4m (2024: \u00a34.9m) of the cash balance is restricted
in use, either by underlying financing 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 financial 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 finance and maintaining flexibility to
respond quickly to opportunities that arise.
The Group\u2019s policies on financial 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 financial instruments and
investment of excess liquidity. Group treasury regularly reports to the Audit Committee.
The Group uses derivative financial instruments to hedge its exposure to financial risk but does not take positions for
speculative purposes.
The sources of financial 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 financial interest in property assets, and capital risk.
Financial risk factors
1) Credit risk
Credit risk is the risk of financial loss due to a counterparty\u2019s failure to honour its obligations. The Group\u2019s principal financial assets
include its financial interest in property assets, bank balances and cash, trade and other receivables and derivative financial
instruments. The carrying amount of financial assets recorded in the financial statements represents the Group\u2019s maximum
exposure to credit risk without taking account of the value of any collateral obtained.
The Group\u2019s financial interest in property assets (CHARM) relates to a financial 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 financial due diligence prior to sale. At 30 September 2025, \u00a35.4m
(2024: \u00a35.2m) 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 benefit 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 \u00a311.8m (2024: \u00a311.6m) 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 \u00a32.9m, we
consider \u00a3nil to be not due and not impaired. All of the \u00a311.6m other receivables balance are considered not due and not impaired.
As at 30 September 2025 tenant arrears of \u00a31.6m within trade receivables were impaired and fully provided for (2024: \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 financial statements and, therefore, no further analysis is provided.
The credit risk on liquid funds and derivative financial 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 financial standing. At 30 September 2025, the fair value of all interest rate derivatives that had a positive
value was \u00a314.1m (2024: \u00a319.8m).
At 30 September 2025, the combined credit exposure arising from cash held at banks, money market deposits and interest rate
swaps was \u00a399.9m (2024: \u00a3133.0m), which represents 2.6% (2024: 3.0%) of total assets. Deposits were placed with financial
institutions with A- or better credit ratings.
The Group has the following cash and cash equivalents:
2025 2024
\u00a3m \u00a3m
Pounds Sterling
85.1
92.4
Euros
0.7
0.8
85.8
93.2
At the year end, \u00a356.1m was placed on deposit (2024: \u00a361.4m) at effective interest rates between 1.5% and 4.6% (2024: 1.5% and
4.6%). 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 2025 (2024: \u00a31.0m).
2) Liquidity risk
The Group ensures that it maintains continuity and flexibility 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 flexibility.
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
flexibility 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 (LTV) 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 January 2025. Fitch assigned the Group a long-term issuer default rating of \u2018BBB-\u2019 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-\u2019. 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 financial covenant. However, there is significant headroom on our facility
financial covenants and the Group has determined that we would remain compliant and retain significant covenant headroom
despite this increase in interest costs. No other debt facilities or financial 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 finance.
As at the year end, \u00a3175m of the Group's facilities are linked to ESG requirements of which \u00a350m are designated as green loans and
\u00a3125m are sustainability-linked finance. 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 Group's 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 benefit 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 finance charge of less than \u00a30.1m.
The Group\u2019s fixed rate borrowings are stated at amortised cost in the financial statements and there is currently no requirement
under IFRS 9 to revalue these borrowings in the financial 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 flow 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 financial 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 financial liabilities and net-settled derivative financial liabilities at the consolidated
statement of financial 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 flows using yield curves as at 30 September 2025.
Between Between
Less than 1 and 2 and More than
\u00a3m 1 year 2 years 5 years
5 years
Total
At 30 September 2025
Interest-bearing loans and borrowings (Note 26)
75.0
\u2013
1,515.1
\u2013
1,590.1
Interest on borrowings
60.7
58.2
109.0
\u2013
227.9
Interest on derivatives
(7.1)
(3.6)
(0.5)
\u2013
(11.2)
Trade and other payables
115.3
0.7
2.3
2.7
121.0
At 30 September 2024
Interest-bearing loans and borrowings (Note 26)
\u2013
75.0
1,167.9
350.0
1,592.9
Interest on borrowings
64.1
58.9
151.0
10.5
284.5
Interest on derivatives
(11.3)
(5.2)
(5.6)
\u2013
(22.1)
Trade and other payables
114.1
0.9
1.7
3.7
120.4
The Group\u2019s undrawn committed borrowing facilities are monitored against projected cash flows.
Maturity of committed undrawn borrowing facilities
2025 2024
\u00a3m \u00a3m
Expiring:
Between one and two years
\u2013
\u2013
Between two and five years
467.0
436.8
Over five years
\u2013
\u2013
467.0
436.8
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 significantly exposed to equity price risk or to commodity price risk.
Fair values
IFRS 13 sets out a three-tier hierarchy for financial 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:
2025
2024
\u00a3m
Assets
Liabilities
Assets
Liabilities
Level 3
CHARM
48.6
\u2013
57.4
\u2013
Investment property
1
3,124.3
\u2013
3,028.3
\u2013
3,172.9
\u2013
3,085.7
\u2013
Level 2
Interest rate swaps \u2013 in cash flow hedge accounting relationships
14.1
\u2013
19.8
\u2013
14.1
\u2013
19.8
\u2013
1. Includes investment property \u2013 held for sale.
The significant unobservable inputs affecting the carrying value of the CHARM portfolio are house price inflation and discount rates.
Assumptions used are detailed in Note 2 and a 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 flow
model and market information. The fair value is derived from the present value of future cash flows discounted at rates obtained by
means of the current yield curve appropriate for those instruments. As all significant inputs required to value the swaps and caps
are observable, they all fall within Level 2.
Interest rate swaps and caps are all classified as either current assets or current liabilities.
The notional principal amount of the outstanding interest rate swap and cap contracts as at 30 September 2025 was
\u00a3550.7m (2024: \u00a3476.6m).
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 flow hedges have been viewed as
being effective, and have been designated as such, any gains or losses have been taken to the cash flow hedge reserve via other
comprehensive income.
The reconciliation between opening and closing balances for Level 3 is detailed in the table below:
2025 2024
Assets \u2013 Level 3 \u00a3m \u00a3m
Opening balance
3,085.7
3,015.9
Amounts taken to income statement
30.6
(33.8)
Other movements
56.6
103.6
Closing balance
3,172.9
3,085.7
The following assets and liabilities are excluded from the above table as fair value is not the accounting basis for the Group\u2019s
financial statements, but is the basis for the Group\u2019s EPRA NRV, EPRA NTA and EPRA NDV measures:
2025
2024
\u00a3m
Accounting basis
Classification if fair valued
Book value
Fair value
Book value
Fair value
Inventories \u2013 trading property
Lower of cost and net
realisable value
Level 3
298.6
541.0
331.6
620.1
Corporate bonds
Amortised cost
Level 1
700.0
653.2
700.0
632.8
Non-bank loans
Amortised cost
Level 3
350.0
331.1
350.0
319.1
(a) Interest rate risk
The Group\u2019s interest rate risk arises from the risk of fluctuations in interest charges on floating rate borrowings. The Group
mitigates this risk through the use of variable to fixed interest rate swaps and caps. This subjects the Group to fair value risk as the
value of the financial derivatives fluctuates in line with variations in interest rates. However, the Group seeks to cash flow 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 floating
rate exposure of no greater than 30% of expected borrowing. As at 30 September 2025, 100% (2024: 95%) of the Group\u2019s gross
borrowings were economically hedged to fixed or capped rates.
Based on the Group\u2019s interest rate profile at the statement of financial position date, a 1% rise in interest rates would decrease
annual profits by \u00a3nil (2024: \u00a30.6m). Similarly, a 1% fall would increase annual profits by \u00a3nil (2024 \u00a30.6m).
Based on the Group\u2019s interest rate profile at the statement of financial position date, a 1% increase in interest rates would increase
the Group\u2019s equity by \u00a37.0m (2024: \u00a39.3m). Similarly, a 1% fall would decrease the Group\u2019s equity by \u00a37.0m (2024: \u00a39.3m).
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 2025, the market value of derivatives designated as cash flow hedges under IFRS 9 is a net asset of \u00a314.1m
(2024: \u00a319.8m). \u00a38.5m is recognised within the income statement for ineffectiveness of cash flow hedges (2024: \u00a36.6m). The fair
value movement on derivatives not in hedge accounting relationships resulted in a charge of \u00a3nil (2024: \u00a3nil) in the consolidated
income statement.
At 30 September 2025, the market value of derivatives not designated as cash flow hedges under IFRS 9 is \u00a3nil (2024 \u00a3nil). The cash
flows occur and enter in the determination of profit and loss until the maturity of the hedged debt.
The table below summarises debt hedged:
Hedged debt
2025 2024
\u00a3m \u00a3m
Hedged debt maturing:
Within one year
\u2013
\u2013
Between one and two years
\u2013
\u2013
Between two and five years
550.7
476.6
Over five years
\u2013
\u2013
550.7
476.6
Interest rate profile \u2013 including the effect of derivatives and amortisation of issue costs:
2025
2024
Weighted Weighted
average average
interest Average Gross debt interest Average Gross debt
rate maturity Sterling Euros total rate maturity Sterling Euros total
%
years
1
\u00a3m \u00a3m \u00a3m % years \u00a3m \u00a3m \u00a3m
Fixed rate
3.1
3.4
1,050.0
\u2013
1,050.0
3.1
4.4
1,050.0
\u2013
1,050.0
Hedged rate
3.6
3.6
550.7
\u2013
550.7
3.2
4.8
476.6
\u2013
476.6
Variable rate
5.5
3.6
1.6
0.7
2.3
6.9
4.8
80.7
0.8
81.5
3.3
3.5
1,602.3
0.7
1,603.0
3.3
4.5
1,607.3
0.8
1,608.1
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 is 3.9 years
(2024: 4.7 years).
At 30 September 2025, the fixed interest rates on the interest rate swap contracts vary from 1.00% to 2.30% (2024: 1.00% to
2.30%); the weighted average rates are shown in the table above.
(b) Credit availability risk
Credit availability risk relates to the Group\u2019s ability to refinance its borrowings at the end of their terms or to secure additional
financing where necessary. The Group maintains relationships with a diverse range of lenders and maintains sufficient headroom
through cash and committed borrowings. On 30 September 2025, the Group had available headroom of \u00a3532.5m, with the next
debt maturity not until July 2026.
(c) House price risk
The cash flows arising from the Group\u2019s financial 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
The Board manages the Group\u2019s capital through the regular review of: cash flow projections; the ability of the Group to meet
contractual commitments; covenant tests; dividend cover; and gearing (LTV). 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 financial 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 2025, the minimum headroom based on individual facilities is a 9.0% increase in LTV and 47.0% reduction in ICR.
At the year end, Group LTV was 38.4% (see page 123 for calculation) and Group ICR was 3.2x.
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 flows of the business and deems the current level to be appropriate.
The Group monitors its cost of debt and Weighted Average Cost of Capital (WACC) on a regular basis. At 30 September 2025,
the weighted average cost of debt was 3.3% (2024: 3.3%). 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:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-461": { "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 classified 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 financial position date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-454": { "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 classified 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 financial position date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-446": { "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 classified 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 financial 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. Deposits that cannot be accessed and have restrictions on use arising from contracts with third parties are reflected in trade and other receivables. Derivative financial 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 classified 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 flow hedge accounting, and have been designated as such, in which case any gain or loss is taken to equity in a cash flow 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 ongoing 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 flow model using market information. Derecognition of financial assets and liabilities Derecognition is the point at which the Group removes an asset or liability from its consolidated statement of financial position. The Group\u2019s policy is to derecognise financial assets only when the contractual right to the cash flows from the financial asset expires. The Group also derecognises financial assets that it transfers to another party provided that the transfer of the asset also transfers the right to receive cash flows from the financial asset. When the transfer does not result in the Group transferring the right to receive cash flows from the financial asset but it does result in the Group assuming a corresponding obligation to pay cash flows to another recipient, the financial asset is derecognised. The Group derecognises financial liabilities only when its obligation is discharged, is cancelled or expires. Financial assets classified as fair value through profit and loss (previously available-for-sale) are the financial interest in property assets. Derivative financial instruments not in hedge accounting relationships are classified as fair value through profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-413": { "value": "27. Financial risk management and derivative financial 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. Deposits that cannot be accessed and have restrictions on use arising from contracts with third parties are reflected in trade and other receivables. Derivative financial 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 classified 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 flow hedge accounting, and have been designated as such, in which case any gain or loss is taken to equity in a cash flow 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 ongoing 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 flow model using market information. Derecognition of financial assets and liabilities Derecognition is the point at which the Group removes an asset or liability from its consolidated statement of financial position. The Group\u2019s policy is to derecognise financial assets only when the contractual right to the cash flows from the financial asset expires. The Group also derecognises financial assets that it transfers to another party provided that the transfer of the asset also transfers the right to receive cash flows from the financial asset. When the transfer does not result in the Group transferring the right to receive cash flows from the financial asset but it does result in the Group assuming a corresponding obligation to pay cash flows to another recipient, the financial asset is derecognised. The Group derecognises financial liabilities only when its obligation is discharged, is cancelled or expires. Financial assets classified as fair value through profit and loss (previously available-for-sale) are the financial interest in property assets. Derivative financial instruments not in hedge accounting relationships are classified as fair value through profit and loss. Categories of financial instruments A summary of the classifications of the financial assets and liabilities held by the Group is set out in the following table:
2025
Loans and Assets at
receivables/ fair value
cash and through Derivatives
cash profit and
used for
Other financial
Total book Fair value
\u00a3m equivalents loss
hedging
assets value
adjustment
Fair value
Non-current assets
Financial interest in property assets
\u2013
48.6
\u2013
\u2013
48.6
\u2013
48.6
Current assets
Trade and other receivables
excluding prepayments
73.3
\u2013
\u2013
\u2013
73.3
\u2013
73.3
Cash and cash equivalents
85.8
\u2013
\u2013
\u2013
85.8
\u2013
85.8
Derivative financial instruments
\u2013
\u2013
14.1
\u2013
14.1
\u2013
14.1
Total financial assets
159.1
48.6
14.1
\u2013
221.8
\u2013
221.8
Loans and Liabilities at
receivables/ fair value Other financial
cash and through Derivatives liabilities at
cash profit and used for amortised Total book Fair value
\u00a3m equivalents loss hedging cost value
adjustment
Fair value
Non-current liabilities
Trade and other payables
\u2013
\u2013
\u2013
5.7
5.7
\u2013
5.7
Interest-bearing loans and borrowings
\u2013
\u2013
\u2013
1,515.1
1,515.1
(65.7)
1,449.4
Current liabilities
Trade and other payables
\u2013
\u2013
\u2013
115.3
115.3
\u2013
115.3
Interest bearing loans and borrowings
\u2013
\u2013
\u2013
75.0
75.0
\u2013
75.0
Total financial liabilities
\u2013
\u2013
\u2013
1,711.1
1,711.1
(65.7)
1,645.4
Net financial assets/(liabilities)
159.1
48.6
14.1
(1,711.1)
(1,489.3)
65.7
(1,423.6)
2024
Loans and Assets at
receivables/ fair value Other
cash and through Derivatives financial
cash profit and used for Total book Fair value
\u00a3m equivalents loss hedging assets value
adjustment
Fair value
Non-current assets
Financial interest in property assets
\u2013
57.4
\u2013
\u2013
57.4
\u2013
57.4
Current assets
Trade and other receivables
excluding prepayments
85.9
\u2013
\u2013
\u2013
85.9
\u2013
85.9
Cash and cash equivalents
93.2
\u2013
\u2013
\u2013
93.2
\u2013
93.2
Derivative financial instruments
\u2013
\u2013
19.8
\u2013
19.8
\u2013
19.8
Total financial assets
179.1
57.4
19.8
\u2013
256.3
\u2013
256.3
Loans and Liabilities at Other
receivables/ fair value financial
cash and through Derivatives liabilities at
cash profit and used for amortised Total book Fair value
\u00a3m equivalents loss hedging cost value
adjustment
Fair value
Non-current liabilities
Trade and other payables
\u2013
\u2013
\u2013
6.3
6.3
\u2013
6.3
Interest-bearing loans and borrowings
\u2013
\u2013
\u2013
1,592.9
1,592.9
(98.1)
1,494.8
Current liabilities
Trade and other payables
\u2013
\u2013
\u2013
114.1
114.1
\u2013
114.1
Total financial liabilities
\u2013
\u2013
\u2013
1,713.3
1,713.3
(98.1)
1,615.2
Net financial assets/(liabilities)
179.1
57.4
19.8
(1,713.3)
(1,457.0)
98.1
(1,358.9)
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 financial position. The fair value of the bonds is calculated as \u00a3653.2m (2024: \u00a3632.8m) based on quoted prices in traded markets. The fair value of the non-bank loans is calculated as \u00a3331.1m (2024: \u00a3319.1m) and is calculated by independent financial 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 financial position. Included in cash above is \u00a316.7m (2024: \u00a316.4m) 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, \u00a33.4m (2024: \u00a34.9m) of the cash balance is restricted in use, either by underlying financing 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-398": { "value": "27. Financial risk management and derivative financial 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. Deposits that cannot be accessed and have restrictions on use arising from contracts with third parties are reflected in trade and other receivables. Derivative financial 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 classified 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 flow hedge accounting, and have been designated as such, in which case any gain or loss is taken to equity in a cash flow 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 ongoing 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 flow model using market information. Derecognition of financial assets and liabilities Derecognition is the point at which the Group removes an asset or liability from its consolidated statement of financial position. The Group\u2019s policy is to derecognise financial assets only when the contractual right to the cash flows from the financial asset expires. The Group also derecognises financial assets that it transfers to another party provided that the transfer of the asset also transfers the right to receive cash flows from the financial asset. When the transfer does not result in the Group transferring the right to receive cash flows from the financial asset but it does result in the Group assuming a corresponding obligation to pay cash flows to another recipient, the financial asset is derecognised. The Group derecognises financial liabilities only when its obligation is discharged, is cancelled or expires. Financial assets classified as fair value through profit and loss (previously available-for-sale) are the financial interest in property assets. Derivative financial instruments not in hedge accounting relationships are classified as fair value through profit and loss. Categories of financial instruments A summary of the classifications of the financial assets and liabilities held by the Group is set out in the following table:
2025
Loans and Assets at
receivables/ fair value
cash and through Derivatives
cash profit and
used for
Other financial
Total book Fair value
\u00a3m equivalents loss
hedging
assets value
adjustment
Fair value
Non-current assets
Financial interest in property assets
\u2013
48.6
\u2013
\u2013
48.6
\u2013
48.6
Current assets
Trade and other receivables
excluding prepayments
73.3
\u2013
\u2013
\u2013
73.3
\u2013
73.3
Cash and cash equivalents
85.8
\u2013
\u2013
\u2013
85.8
\u2013
85.8
Derivative financial instruments
\u2013
\u2013
14.1
\u2013
14.1
\u2013
14.1
Total financial assets
159.1
48.6
14.1
\u2013
221.8
\u2013
221.8
Loans and Liabilities at
receivables/ fair value Other financial
cash and through Derivatives liabilities at
cash profit and used for amortised Total book Fair value
\u00a3m equivalents loss hedging cost value
adjustment
Fair value
Non-current liabilities
Trade and other payables
\u2013
\u2013
\u2013
5.7
5.7
\u2013
5.7
Interest-bearing loans and borrowings
\u2013
\u2013
\u2013
1,515.1
1,515.1
(65.7)
1,449.4
Current liabilities
Trade and other payables
\u2013
\u2013
\u2013
115.3
115.3
\u2013
115.3
Interest bearing loans and borrowings
\u2013
\u2013
\u2013
75.0
75.0
\u2013
75.0
Total financial liabilities
\u2013
\u2013
\u2013
1,711.1
1,711.1
(65.7)
1,645.4
Net financial assets/(liabilities)
159.1
48.6
14.1
(1,711.1)
(1,489.3)
65.7
(1,423.6)
2024
Loans and Assets at
receivables/ fair value Other
cash and through Derivatives financial
cash profit and used for Total book Fair value
\u00a3m equivalents loss hedging assets value
adjustment
Fair value
Non-current assets
Financial interest in property assets
\u2013
57.4
\u2013
\u2013
57.4
\u2013
57.4
Current assets
Trade and other receivables
excluding prepayments
85.9
\u2013
\u2013
\u2013
85.9
\u2013
85.9
Cash and cash equivalents
93.2
\u2013
\u2013
\u2013
93.2
\u2013
93.2
Derivative financial instruments
\u2013
\u2013
19.8
\u2013
19.8
\u2013
19.8
Total financial assets
179.1
57.4
19.8
\u2013
256.3
\u2013
256.3
Loans and Liabilities at Other
receivables/ fair value financial
cash and through Derivatives liabilities at
cash profit and used for amortised Total book Fair value
\u00a3m equivalents loss hedging cost value
adjustment
Fair value
Non-current liabilities
Trade and other payables
\u2013
\u2013
\u2013
6.3
6.3
\u2013
6.3
Interest-bearing loans and borrowings
\u2013
\u2013
\u2013
1,592.9
1,592.9
(98.1)
1,494.8
Current liabilities
Trade and other payables
\u2013
\u2013
\u2013
114.1
114.1
\u2013
114.1
Total financial liabilities
\u2013
\u2013
\u2013
1,713.3
1,713.3
(98.1)
1,615.2
Net financial assets/(liabilities)
179.1
57.4
19.8
(1,713.3)
(1,457.0)
98.1
(1,358.9)
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 financial position. The fair value of the bonds is calculated as \u00a3653.2m (2024: \u00a3632.8m) based on quoted prices in traded markets. The fair value of the non-bank loans is calculated as \u00a3331.1m (2024: \u00a3319.1m) and is calculated by independent financial 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 financial position. Included in cash above is \u00a316.7m (2024: \u00a316.4m) 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, \u00a33.4m (2024: \u00a34.9m) of the cash balance is restricted in use, either by underlying financing 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 financial 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 finance and maintaining flexibility to respond quickly to opportunities that arise. The Group\u2019s policies on financial 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 financial instruments and investment of excess liquidity. Group treasury regularly reports to the Audit Committee. The Group uses derivative financial instruments to hedge its exposure to financial risk but does not take positions for speculative purposes. The sources of financial 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 financial interest in property assets, and capital risk. Financial risk factors 1) Credit risk Credit risk is the risk of financial loss due to a counterparty\u2019s failure to honour its obligations. The Group\u2019s principal financial assets include its financial interest in property assets, bank balances and cash, trade and other receivables and derivative financial instruments. The carrying amount of financial assets recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk without taking account of the value of any collateral obtained. The Group\u2019s financial interest in property assets (CHARM) relates to a financial 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 financial due diligence prior to sale. At 30 September 2025, \u00a35.4m (2024: \u00a35.2m) 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 benefit 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 \u00a311.8m (2024: \u00a311.6m) 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 \u00a32.9m, we consider \u00a3nil to be not due and not impaired. All of the \u00a311.6m other receivables balance are considered not due and not impaired. As at 30 September 2025 tenant arrears of \u00a31.6m within trade receivables were impaired and fully provided for (2024: \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 financial statements and, therefore, no further analysis is provided. The credit risk on liquid funds and derivative financial 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 financial standing. At 30 September 2025, the fair value of all interest rate derivatives that had a positive value was \u00a314.1m (2024: \u00a319.8m). At 30 September 2025, the combined credit exposure arising from cash held at banks, money market deposits and interest rate swaps was \u00a399.9m (2024: \u00a3133.0m), which represents 2.6% (2024: 3.0%) of total assets. Deposits were placed with financial institutions with A- or better credit ratings. The Group has the following cash and cash equivalents:
2025 2024
\u00a3m \u00a3m
Pounds Sterling
85.1
92.4
Euros
0.7
0.8
85.8
93.2
At the year end, \u00a356.1m was placed on deposit (2024: \u00a361.4m) at effective interest rates between 1.5% and 4.6% (2024: 1.5% and 4.6%). 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 2025 (2024: \u00a31.0m). 2) Liquidity risk The Group ensures that it maintains continuity and flexibility 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 flexibility. 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 flexibility 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 (LTV) 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 January 2025. Fitch assigned the Group a long-term issuer default rating of \u2018BBB-\u2019 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-\u2019. 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 financial covenant. However, there is significant headroom on our facility financial covenants and the Group has determined that we would remain compliant and retain significant covenant headroom despite this increase in interest costs. No other debt facilities or financial 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 finance. As at the year end, \u00a3175m of the Group's facilities are linked to ESG requirements of which \u00a350m are designated as green loans and \u00a3125m are sustainability-linked finance. 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 Group's 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 benefit 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 finance charge of less than \u00a30.1m. The Group\u2019s fixed rate borrowings are stated at amortised cost in the financial statements and there is currently no requirement under IFRS 9 to revalue these borrowings in the financial 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 flow 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 financial 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 financial liabilities and net-settled derivative financial liabilities at the consolidated statement of financial 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 flows using yield curves as at 30 September 2025.
Between Between
Less than 1 and 2 and More than
\u00a3m 1 year 2 years 5 years
5 years
Total
At 30 September 2025
Interest-bearing loans and borrowings (Note 26)
75.0
\u2013
1,515.1
\u2013
1,590.1
Interest on borrowings
60.7
58.2
109.0
\u2013
227.9
Interest on derivatives
(7.1)
(3.6)
(0.5)
\u2013
(11.2)
Trade and other payables
115.3
0.7
2.3
2.7
121.0
At 30 September 2024
Interest-bearing loans and borrowings (Note 26)
\u2013
75.0
1,167.9
350.0
1,592.9
Interest on borrowings
64.1
58.9
151.0
10.5
284.5
Interest on derivatives
(11.3)
(5.2)
(5.6)
\u2013
(22.1)
Trade and other payables
114.1
0.9
1.7
3.7
120.4
The Group\u2019s undrawn committed borrowing facilities are monitored against projected cash flows. Maturity of committed undrawn borrowing facilities
2025 2024
\u00a3m \u00a3m
Expiring:
Between one and two years
\u2013
\u2013
Between two and five years
467.0
436.8
Over five years
\u2013
\u2013
467.0
436.8
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 significantly exposed to equity price risk or to commodity price risk. Fair values IFRS 13 sets out a three-tier hierarchy for financial 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:
2025
2024
\u00a3m
Assets
Liabilities
Assets
Liabilities
Level 3
CHARM
48.6
\u2013
57.4
\u2013
Investment property
1
3,124.3
\u2013
3,028.3
\u2013
3,172.9
\u2013
3,085.7
\u2013
Level 2
Interest rate swaps \u2013 in cash flow hedge accounting relationships
14.1
\u2013
19.8
\u2013
14.1
\u2013
19.8
\u2013
1. Includes investment property \u2013 held for sale. The significant unobservable inputs affecting the carrying value of the CHARM portfolio are house price inflation and discount rates. Assumptions used are detailed in Note 2 and a 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 flow model and market information. The fair value is derived from the present value of future cash flows discounted at rates obtained by means of the current yield curve appropriate for those instruments. As all significant inputs required to value the swaps and caps are observable, they all fall within Level 2. Interest rate swaps and caps are all classified as either current assets or current liabilities. The notional principal amount of the outstanding interest rate swap and cap contracts as at 30 September 2025 was \u00a3550.7m (2024: \u00a3476.6m). 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 flow hedges have been viewed as being effective, and have been designated as such, any gains or losses have been taken to the cash flow hedge reserve via other comprehensive income. The reconciliation between opening and closing balances for Level 3 is detailed in the table below:
2025 2024
Assets \u2013 Level 3 \u00a3m \u00a3m
Opening balance
3,085.7
3,015.9
Amounts taken to income statement
30.6
(33.8)
Other movements
56.6
103.6
Closing balance
3,172.9
3,085.7
The following assets and liabilities are excluded from the above table as fair value is not the accounting basis for the Group\u2019s financial statements, but is the basis for the Group\u2019s EPRA NRV, EPRA NTA and EPRA NDV measures:
2025
2024
\u00a3m
Accounting basis
Classification if fair valued
Book value
Fair value
Book value
Fair value
Inventories \u2013 trading property
Lower of cost and net
realisable value
Level 3
298.6
541.0
331.6
620.1
Corporate bonds
Amortised cost
Level 1
700.0
653.2
700.0
632.8
Non-bank loans
Amortised cost
Level 3
350.0
331.1
350.0
319.1
(a) Interest rate risk The Group\u2019s interest rate risk arises from the risk of fluctuations in interest charges on floating rate borrowings. The Group mitigates this risk through the use of variable to fixed interest rate swaps and caps. This subjects the Group to fair value risk as the value of the financial derivatives fluctuates in line with variations in interest rates. However, the Group seeks to cash flow 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 floating rate exposure of no greater than 30% of expected borrowing. As at 30 September 2025, 100% (2024: 95%) of the Group\u2019s gross borrowings were economically hedged to fixed or capped rates. Based on the Group\u2019s interest rate profile at the statement of financial position date, a 1% rise in interest rates would decrease annual profits by \u00a3nil (2024: \u00a30.6m). Similarly, a 1% fall would increase annual profits by \u00a3nil (2024 \u00a30.6m). Based on the Group\u2019s interest rate profile at the statement of financial position date, a 1% increase in interest rates would increase the Group\u2019s equity by \u00a37.0m (2024: \u00a39.3m). Similarly, a 1% fall would decrease the Group\u2019s equity by \u00a37.0m (2024: \u00a39.3m). 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 2025, the market value of derivatives designated as cash flow hedges under IFRS 9 is a net asset of \u00a314.1m (2024: \u00a319.8m). \u00a38.5m is recognised within the income statement for ineffectiveness of cash flow hedges (2024: \u00a36.6m). The fair value movement on derivatives not in hedge accounting relationships resulted in a charge of \u00a3nil (2024: \u00a3nil) in the consolidated income statement. At 30 September 2025, the market value of derivatives not designated as cash flow hedges under IFRS 9 is \u00a3nil (2024 \u00a3nil). The cash flows occur and enter in the determination of profit and loss until the maturity of the hedged debt. The table below summarises debt hedged: Hedged debt
2025 2024
\u00a3m \u00a3m
Hedged debt maturing:
Within one year
\u2013
\u2013
Between one and two years
\u2013
\u2013
Between two and five years
550.7
476.6
Over five years
\u2013
\u2013
550.7
476.6
Interest rate profile \u2013 including the effect of derivatives and amortisation of issue costs:
2025
2024
Weighted Weighted
average average
interest Average Gross debt interest Average Gross debt
rate maturity Sterling Euros total rate maturity Sterling Euros total
%
years
1
\u00a3m \u00a3m \u00a3m % years \u00a3m \u00a3m \u00a3m
Fixed rate
3.1
3.4
1,050.0
\u2013
1,050.0
3.1
4.4
1,050.0
\u2013
1,050.0
Hedged rate
3.6
3.6
550.7
\u2013
550.7
3.2
4.8
476.6
\u2013
476.6
Variable rate
5.5
3.6
1.6
0.7
2.3
6.9
4.8
80.7
0.8
81.5
3.3
3.5
1,602.3
0.7
1,603.0
3.3
4.5
1,607.3
0.8
1,608.1
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 is 3.9 years (2024: 4.7 years). At 30 September 2025, the fixed interest rates on the interest rate swap contracts vary from 1.00% to 2.30% (2024: 1.00% to 2.30%); the weighted average rates are shown in the table above. (b) Credit availability risk Credit availability risk relates to the Group\u2019s ability to refinance its borrowings at the end of their terms or to secure additional financing where necessary. The Group maintains relationships with a diverse range of lenders and maintains sufficient headroom through cash and committed borrowings. On 30 September 2025, the Group had available headroom of \u00a3532.5m, with the next debt maturity not until July 2026. (c) House price risk The cash flows arising from the Group\u2019s financial 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 The Board manages the Group\u2019s capital through the regular review of: cash flow projections; the ability of the Group to meet contractual commitments; covenant tests; dividend cover; and gearing (LTV). 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 financial 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 2025, the minimum headroom based on individual facilities is a 9.0% increase in LTV and 47.0% reduction in ICR. At the year end, Group LTV was 38.4% (see page 123 for calculation) and Group ICR was 3.2x. 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 flows of the business and deems the current level to be appropriate. The Group monitors its cost of debt and Weighted Average Cost of Capital (WACC) on a regular basis. At 30 September 2025, the weighted average cost of debt was 3.3% (2024: 3.3%). 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-455": { "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. Deposits that cannot be accessed and have restrictions on use arising from contracts with third parties are reflected in trade and other receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-464": { "value": "Derivative financial 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 classified 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 flow hedge accounting, and have been designated as such, in which case any gain or loss is taken to equity in a cash flow 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 ongoing 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-462": { "value": "Derivative financial 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 classified 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 flow hedge accounting, and have been designated as such, in which case any gain or loss is taken to equity in a cash flow 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 ongoing 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-456": { "value": "Derivative financial 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 classified 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 flow hedge accounting, and have been designated as such, in which case any gain or loss is taken to equity in a cash flow 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 ongoing 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-457": { "value": "Fair value estimation The fair values of interest rate derivatives are based on a discounted cash flow model using market information. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-458": { "value": "Derecognition of financial assets and liabilities Derecognition is the point at which the Group removes an asset or liability from its consolidated statement of financial position. The Group\u2019s policy is to derecognise financial assets only when the contractual right to the cash flows from the financial asset expires. The Group also derecognises financial assets that it transfers to another party provided that the transfer of the asset also transfers the right to receive cash flows from the financial asset. When the transfer does not result in the Group transferring the right to receive cash flows from the financial asset but it does result in the Group assuming a corresponding obligation to pay cash flows to another recipient, the financial asset is derecognised. The Group derecognises financial liabilities only when its obligation is discharged, is cancelled or expires. Financial assets classified as fair value through profit and loss (previously available-for-sale) are the financial interest in property assets. Derivative financial instruments not in hedge accounting relationships are classified as fair value through profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-414": { "value": "1) Credit risk Credit risk is the risk of financial loss due to a counterparty\u2019s failure to honour its obligations. The Group\u2019s principal financial assets include its financial interest in property assets, bank balances and cash, trade and other receivables and derivative financial instruments. The carrying amount of financial assets recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk without taking account of the value of any collateral obtained. The Group\u2019s financial interest in property assets (CHARM) relates to a financial 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 financial due diligence prior to sale. At 30 September 2025, \u00a35.4m (2024: \u00a35.2m) 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 benefit 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 \u00a311.8m (2024: \u00a311.6m) 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 \u00a32.9m, we consider \u00a3nil to be not due and not impaired. All of the \u00a311.6m other receivables balance are considered not due and not impaired. As at 30 September 2025 tenant arrears of \u00a31.6m within trade receivables were impaired and fully provided for (2024: \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 financial statements and, therefore, no further analysis is provided. The credit risk on liquid funds and derivative financial 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 financial standing. At 30 September 2025, the fair value of all interest rate derivatives that had a positive value was \u00a314.1m (2024: \u00a319.8m). At 30 September 2025, the combined credit exposure arising from cash held at banks, money market deposits and interest rate swaps was \u00a399.9m (2024: \u00a3133.0m), which represents 2.6% (2024: 3.0%) of total assets. Deposits were placed with financial institutions with A- or better credit ratings. The Group has the following cash and cash equivalents:
2025 2024
\u00a3m \u00a3m
Pounds Sterling
85.1
92.4
Euros
0.7
0.8
85.8
93.2
At the year end, \u00a356.1m was placed on deposit (2024: \u00a361.4m) at effective interest rates between 1.5% and 4.6% (2024: 1.5% and 4.6%). 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 2025 (2024: \u00a31.0m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-415": { "value": "2) Liquidity risk The Group ensures that it maintains continuity and flexibility 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 flexibility. 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 flexibility 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 (LTV) 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 January 2025. Fitch assigned the Group a long-term issuer default rating of \u2018BBB-\u2019 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-\u2019. 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 financial covenant. However, there is significant headroom on our facility financial covenants and the Group has determined that we would remain compliant and retain significant covenant headroom despite this increase in interest costs. No other debt facilities or financial 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 finance. As at the year end, \u00a3175m of the Group's facilities are linked to ESG requirements of which \u00a350m are designated as green loans and \u00a3125m are sustainability-linked finance. 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 Group's 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 benefit 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 finance charge of less than \u00a30.1m. The Group\u2019s fixed rate borrowings are stated at amortised cost in the financial statements and there is currently no requirement under IFRS 9 to revalue these borrowings in the financial 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 flow 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 financial 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 financial liabilities and net-settled derivative financial liabilities at the consolidated statement of financial 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 flows using yield curves as at 30 September 2025.
Between Between
Less than 1 and 2 and More than
\u00a3m 1 year 2 years 5 years
5 years
Total
At 30 September 2025
Interest-bearing loans and borrowings (Note 26)
75.0
\u2013
1,515.1
\u2013
1,590.1
Interest on borrowings
60.7
58.2
109.0
\u2013
227.9
Interest on derivatives
(7.1)
(3.6)
(0.5)
\u2013
(11.2)
Trade and other payables
115.3
0.7
2.3
2.7
121.0
At 30 September 2024
Interest-bearing loans and borrowings (Note 26)
\u2013
75.0
1,167.9
350.0
1,592.9
Interest on borrowings
64.1
58.9
151.0
10.5
284.5
Interest on derivatives
(11.3)
(5.2)
(5.6)
\u2013
(22.1)
Trade and other payables
114.1
0.9
1.7
3.7
120.4
The Group\u2019s undrawn committed borrowing facilities are monitored against projected cash flows. Maturity of committed undrawn borrowing facilities
2025 2024
\u00a3m \u00a3m
Expiring:
Between one and two years
\u2013
\u2013
Between two and five years
467.0
436.8
Over five years
\u2013
\u2013
467.0
436.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-416": { "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 significantly exposed to equity price risk or to commodity price risk. Fair values IFRS 13 sets out a three-tier hierarchy for financial 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:
2025
2024
\u00a3m
Assets
Liabilities
Assets
Liabilities
Level 3
CHARM
48.6
\u2013
57.4
\u2013
Investment property
1
3,124.3
\u2013
3,028.3
\u2013
3,172.9
\u2013
3,085.7
\u2013
Level 2
Interest rate swaps \u2013 in cash flow hedge accounting relationships
14.1
\u2013
19.8
\u2013
14.1
\u2013
19.8
\u2013
1. Includes investment property \u2013 held for sale. The significant unobservable inputs affecting the carrying value of the CHARM portfolio are house price inflation and discount rates. Assumptions used are detailed in Note 2 and a 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 flow model and market information. The fair value is derived from the present value of future cash flows discounted at rates obtained by means of the current yield curve appropriate for those instruments. As all significant inputs required to value the swaps and caps are observable, they all fall within Level 2. Interest rate swaps and caps are all classified as either current assets or current liabilities. The notional principal amount of the outstanding interest rate swap and cap contracts as at 30 September 2025 was \u00a3550.7m (2024: \u00a3476.6m). 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 flow hedges have been viewed as being effective, and have been designated as such, any gains or losses have been taken to the cash flow hedge reserve via other comprehensive income. The reconciliation between opening and closing balances for Level 3 is detailed in the table below:
2025 2024
Assets \u2013 Level 3 \u00a3m \u00a3m
Opening balance
3,085.7
3,015.9
Amounts taken to income statement
30.6
(33.8)
Other movements
56.6
103.6
Closing balance
3,172.9
3,085.7
The following assets and liabilities are excluded from the above table as fair value is not the accounting basis for the Group\u2019s financial statements, but is the basis for the Group\u2019s EPRA NRV, EPRA NTA and EPRA NDV measures:
2025
2024
\u00a3m
Accounting basis
Classification if fair valued
Book value
Fair value
Book value
Fair value
Inventories \u2013 trading property
Lower of cost and net
realisable value
Level 3
298.6
541.0
331.6
620.1
Corporate bonds
Amortised cost
Level 1
700.0
653.2
700.0
632.8
Non-bank loans
Amortised cost
Level 3
350.0
331.1
350.0
319.1
(a) Interest rate risk The Group\u2019s interest rate risk arises from the risk of fluctuations in interest charges on floating rate borrowings. The Group mitigates this risk through the use of variable to fixed interest rate swaps and caps. This subjects the Group to fair value risk as the value of the financial derivatives fluctuates in line with variations in interest rates. However, the Group seeks to cash flow 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 floating rate exposure of no greater than 30% of expected borrowing. As at 30 September 2025, 100% (2024: 95%) of the Group\u2019s gross borrowings were economically hedged to fixed or capped rates. Based on the Group\u2019s interest rate profile at the statement of financial position date, a 1% rise in interest rates would decrease annual profits by \u00a3nil (2024: \u00a30.6m). Similarly, a 1% fall would increase annual profits by \u00a3nil (2024 \u00a30.6m). Based on the Group\u2019s interest rate profile at the statement of financial position date, a 1% increase in interest rates would increase the Group\u2019s equity by \u00a37.0m (2024: \u00a39.3m). Similarly, a 1% fall would decrease the Group\u2019s equity by \u00a37.0m (2024: \u00a39.3m). 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 2025, the market value of derivatives designated as cash flow hedges under IFRS 9 is a net asset of \u00a314.1m (2024: \u00a319.8m). \u00a38.5m is recognised within the income statement for ineffectiveness of cash flow hedges (2024: \u00a36.6m). The fair value movement on derivatives not in hedge accounting relationships resulted in a charge of \u00a3nil (2024: \u00a3nil) in the consolidated income statement. At 30 September 2025, the market value of derivatives not designated as cash flow hedges under IFRS 9 is \u00a3nil (2024 \u00a3nil). The cash flows occur and enter in the determination of profit and loss until the maturity of the hedged debt. The table below summarises debt hedged: Hedged debt
2025 2024
\u00a3m \u00a3m
Hedged debt maturing:
Within one year
\u2013
\u2013
Between one and two years
\u2013
\u2013
Between two and five years
550.7
476.6
Over five years
\u2013
\u2013
550.7
476.6
Interest rate profile \u2013 including the effect of derivatives and amortisation of issue costs:
2025
2024
Weighted Weighted
average average
interest Average Gross debt interest Average Gross debt
rate maturity Sterling Euros total rate maturity Sterling Euros total
%
years
1
\u00a3m \u00a3m \u00a3m % years \u00a3m \u00a3m \u00a3m
Fixed rate
3.1
3.4
1,050.0
\u2013
1,050.0
3.1
4.4
1,050.0
\u2013
1,050.0
Hedged rate
3.6
3.6
550.7
\u2013
550.7
3.2
4.8
476.6
\u2013
476.6
Variable rate
5.5
3.6
1.6
0.7
2.3
6.9
4.8
80.7
0.8
81.5
3.3
3.5
1,602.3
0.7
1,603.0
3.3
4.5
1,607.3
0.8
1,608.1
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 is 3.9 years (2024: 4.7 years). At 30 September 2025, the fixed interest rates on the interest rate swap contracts vary from 1.00% to 2.30% (2024: 1.00% to 2.30%); the weighted average rates are shown in the table above. (b) Credit availability risk Credit availability risk relates to the Group\u2019s ability to refinance its borrowings at the end of their terms or to secure additional financing where necessary. The Group maintains relationships with a diverse range of lenders and maintains sufficient headroom through cash and committed borrowings. On 30 September 2025, the Group had available headroom of \u00a3532.5m, with the next debt maturity not until July 2026. (c) House price risk The cash flows arising from the Group\u2019s financial 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 The Board manages the Group\u2019s capital through the regular review of: cash flow projections; the ability of the Group to meet contractual commitments; covenant tests; dividend cover; and gearing (LTV). 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 financial 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 2025, the minimum headroom based on individual facilities is a 9.0% increase in LTV and 47.0% reduction in ICR. At the year end, Group LTV was 38.4% (see page 123 for calculation) and Group ICR was 3.2x. 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 flows of the business and deems the current level to be appropriate. The Group monitors its cost of debt and Weighted Average Cost of Capital (WACC) on a regular basis. At 30 September 2025, the weighted average cost of debt was 3.3% (2024: 3.3%). 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-428": { "value": "Fair values IFRS 13 sets out a three-tier hierarchy for financial 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:
2025
2024
\u00a3m
Assets
Liabilities
Assets
Liabilities
Level 3
CHARM
48.6
\u2013
57.4
\u2013
Investment property
1
3,124.3
\u2013
3,028.3
\u2013
3,172.9
\u2013
3,085.7
\u2013
Level 2
Interest rate swaps \u2013 in cash flow hedge accounting relationships
14.1
\u2013
19.8
\u2013
14.1
\u2013
19.8
\u2013
1. Includes investment property \u2013 held for sale. The significant unobservable inputs affecting the carrying value of the CHARM portfolio are house price inflation and discount rates. Assumptions used are detailed in Note 2 and a 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 flow model and market information. The fair value is derived from the present value of future cash flows discounted at rates obtained by means of the current yield curve appropriate for those instruments. As all significant inputs required to value the swaps and caps are observable, they all fall within Level 2. Interest rate swaps and caps are all classified as either current assets or current liabilities. The notional principal amount of the outstanding interest rate swap and cap contracts as at 30 September 2025 was \u00a3550.7m (2024: \u00a3476.6m). 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 flow hedges have been viewed as being effective, and have been designated as such, any gains or losses have been taken to the cash flow hedge reserve via other comprehensive income. The reconciliation between opening and closing balances for Level 3 is detailed in the table below:
2025 2024
Assets \u2013 Level 3 \u00a3m \u00a3m
Opening balance
3,085.7
3,015.9
Amounts taken to income statement
30.6
(33.8)
Other movements
56.6
103.6
Closing balance
3,172.9
3,085.7
The following assets and liabilities are excluded from the above table as fair value is not the accounting basis for the Group\u2019s financial statements, but is the basis for the Group\u2019s EPRA NRV, EPRA NTA and EPRA NDV measures:
2025
2024
\u00a3m
Accounting basis
Classification if fair valued
Book value
Fair value
Book value
Fair value
Inventories \u2013 trading property
Lower of cost and net
realisable value
Level 3
298.6
541.0
331.6
620.1
Corporate bonds
Amortised cost
Level 1
700.0
653.2
700.0
632.8
Non-bank loans
Amortised cost
Level 3
350.0
331.1
350.0
319.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-423": { "value": "Fair values IFRS 13 sets out a three-tier hierarchy for financial 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:
2025
2024
\u00a3m
Assets
Liabilities
Assets
Liabilities
Level 3
CHARM
48.6
\u2013
57.4
\u2013
Investment property
1
3,124.3
\u2013
3,028.3
\u2013
3,172.9
\u2013
3,085.7
\u2013
Level 2
Interest rate swaps \u2013 in cash flow hedge accounting relationships
14.1
\u2013
19.8
\u2013
14.1
\u2013
19.8
\u2013
1. Includes investment property \u2013 held for sale. The significant unobservable inputs affecting the carrying value of the CHARM portfolio are house price inflation and discount rates. Assumptions used are detailed in Note 2 and a 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 flow model and market information. The fair value is derived from the present value of future cash flows discounted at rates obtained by means of the current yield curve appropriate for those instruments. As all significant inputs required to value the swaps and caps are observable, they all fall within Level 2. Interest rate swaps and caps are all classified as either current assets or current liabilities. The notional principal amount of the outstanding interest rate swap and cap contracts as at 30 September 2025 was \u00a3550.7m (2024: \u00a3476.6m). 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 flow hedges have been viewed as being effective, and have been designated as such, any gains or losses have been taken to the cash flow hedge reserve via other comprehensive income. The reconciliation between opening and closing balances for Level 3 is detailed in the table below:
2025 2024
Assets \u2013 Level 3 \u00a3m \u00a3m
Opening balance
3,085.7
3,015.9
Amounts taken to income statement
30.6
(33.8)
Other movements
56.6
103.6
Closing balance
3,172.9
3,085.7
The following assets and liabilities are excluded from the above table as fair value is not the accounting basis for the Group\u2019s financial statements, but is the basis for the Group\u2019s EPRA NRV, EPRA NTA and EPRA NDV measures:
2025
2024
\u00a3m
Accounting basis
Classification if fair valued
Book value
Fair value
Book value
Fair value
Inventories \u2013 trading property
Lower of cost and net
realisable value
Level 3
298.6
541.0
331.6
620.1
Corporate bonds
Amortised cost
Level 1
700.0
653.2
700.0
632.8
Non-bank loans
Amortised cost
Level 3
350.0
331.1
350.0
319.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-424": { "value": "(d) Capital risk management The Board manages the Group\u2019s capital through the regular review of: cash flow projections; the ability of the Group to meet contractual commitments; covenant tests; dividend cover; and gearing (LTV). 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 financial 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 2025, the minimum headroom based on individual facilities is a 9.0% increase in LTV and 47.0% reduction in ICR. At the year end, Group LTV was 38.4% (see page 123 for calculation) and Group ICR was 3.2x. 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 flows of the business and deems the current level to be appropriate. The Group monitors its cost of debt and Weighted Average Cost of Capital (WACC) on a regular basis. At 30 September 2025, the weighted average cost of debt was 3.3% (2024: 3.3%). 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-376": { "value": "28. Pension costs Accounting policy i) Defined contribution pension scheme \u2013 Obligations for contributions to defined contribution pension schemes are recognised as an expense in the income statement in the period to which they relate. ii) Defined benefit pension scheme \u2013 The Group currently has a defined benefit pension scheme that was closed to new members and future accrual of benefits in 2003. The scheme is currently in surplus. An actuarial valuation of the scheme is carried out every three years. The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each consolidated statement of financial position date by a qualified actuary, for the purpose of determining the amounts to be reflected in the Group\u2019s financial statements under IAS 19. The defined benefit obligation is valued by projecting the best estimate of future benefit outgoings (allowing for revaluation to retirement for deferred members and annual pension increases in payment for all members) and then discounting to the consolidated statement of financial position date. The pension scheme assets comprise investments in cash managed by Rathbones Investment Management Limited, the Trustees\u2019 bank account, and insurance policies managed by Aviva. These assets are measured at fair value in the statement of financial position. The amount shown in the statement of financial position is the net of the present value of the defined benefit 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 benefit available as a refund of this surplus, or through a reduction in future contributions. When an unconditional right to future economic benefit exists, there is no restriction on the amount of surplus recognised. There are no current 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 defined benefit liability, is reflected in the income statement each year. Actuarial gains and losses net of deferred income tax are reflected in other comprehensive income each year. (a) Defined contribution scheme The Group operates a defined 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 benefits 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 100 to 119. The pension cost charge in these financial statements represents contributions payable by the Group. The charge of \u00a31.9m (2024: \u00a31.7m) is included within employee remuneration in Note 10.
(b) Defined benefit scheme
In addition to the above, the Group also operates a final salary defined benefit pension scheme, the BPT Retirement Benefits
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 benefits are linked to the members\u2019 final
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 beneficiaries 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 benefits have accrued since 30 June 2003, although active members
retain a final salary link.
\u2022 Deferred members: former employees of the Group.
\u2022 Pensioner members: in receipt of pension.
The defined benefit obligation is valued by projecting the best estimate of future benefit outgoings (allowing for revaluation
to retirement for deferred members and annual pension increases in payment for all members) and then discounting to the
consolidated statement of financial position date. In the period up to retirement, benefits receive increases linked to Consumer
Prices Index (\u2018CPI\u2019) inflation (subject to a cap of no more than 5% p.a.). After retirement, benefits receive fixed 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
defined benefit obligation as at 30 September 2025 was 12 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 2025, by a qualified independent actuary.
i) Principal actuarial assumptions under IAS 19 (p.a.)
2025 2024
% %
Discount rate
5.8
5.0
Retail Price Index (\u2018RPI\u2019) inflation
3.0
3.3
Consumer Prices Index (\u2018CPI\u2019) inflation
2.3
2.6
Rate of increase of pensions in payment
5.0
5.0
ii) Demographic assumptions
2025
2024
Mortality tables for pensioners
S3PA base tables CMI 2024 mortality
S3PA base tables CMI 2023 mortality projections
projections 1.25% p.a. long-term rate 1.25% p.a. long-term rate
Mortality tables for non-pensioners
As for pensioners
As for pensioners
iii) Life expectancies
30 September 2025
30 September 2024
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
During the prior year, the Trustees de-risked the scheme from risks including changes in bond yields, asset volatility, credit risk,
inflation risk, and changes in life expectancy. The Trustees used scheme assets previously invested in bonds to purchase an annuity
policy that fully matches all previously uninsured liabilities.
During the year ended 30 September 2025, 100% of scheme liabilities are matched by the scheme\u2019s annuity policies and future
fluctuations in the value of those liabilities will be offset by the policies held as scheme assets. This arrangement is known as a
pension buy-in.
Market value of scheme assets The assets of the scheme are invested in a diversified portfolio as follows:
30 September 2025
30 September 2024
Market value % of total Market value % of total
\u00a3m scheme assets \u00a3m scheme assets
Bonds
\u2013
\u2013
1.0
4
Cash
6.3
26
5.5
20
Insurance policies
18.3
74
20.5
76
Total value of assets
24.6
100
27.0
100
The actual return on assets over the year was:
(0.6)
0.2
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:
2025 2024
\u00a3m \u00a3m
Market value of scheme assets at the start of the year
27.0
28.6
Interest income
1.2
1.5
Employer contributions
\u2013
\u2013
Administration expenses paid
(0.2)
(0.5)
Actuarial return on assets less interest
(1.9)
(1.3)
Benefits paid
(1.5)
(1.3)
Market value of scheme assets at the end of the year
24.6
27.0
The change in value of the defined benefit obligation over the year was as follows:
2025 2024
\u00a3m \u00a3m
Value of defined benefit obligation at the start of the year
20.5
19.0
Interest on pension scheme liabilities
1.0
1.0
Remeasurement of changes in financial assumptions
(1.6)
1.8
Benefits paid
(1.5)
(1.3)
Value of defined benefit obligation at the end of the year
18.4
20.5
Amounts recognised in the consolidated statement of comprehensive income:
2025 2024
\u00a3m \u00a3m
Actuarial return on assets less interest
(1.9)
(1.3)
Remeasurement of defined benefit obligation
1.6
(1.8)
(0.3)
(3.1)
The loss shown in the above table of \u00a30.3m (2024: \u00a33.1m) has been included in the consolidated statement of comprehensive income on page 133. The surplus is recognised because the Group considers there is economic benefit 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 deficit would vary with changes to the key actuarial assumptions: Discount rate movement of 0.25% p.a. Increase/(decrease) in deficit of \u00a30.5m/(\u00a30.5m) Life expectancies movement of one year Increase/(decrease) in deficit of \u00a30.8m/(\u00a30.8m)", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-447": { "value": "Accounting policy i) Defined contribution pension scheme \u2013 Obligations for contributions to defined contribution pension schemes are recognised as an expense in the income statement in the period to which they relate. ii) Defined benefit pension scheme \u2013 The Group currently has a defined benefit pension scheme that was closed to new members and future accrual of benefits in 2003. The scheme is currently in surplus. An actuarial valuation of the scheme is carried out every three years. The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each consolidated statement of financial position date by a qualified actuary, for the purpose of determining the amounts to be reflected in the Group\u2019s financial statements under IAS 19. The defined benefit obligation is valued by projecting the best estimate of future benefit outgoings (allowing for revaluation to retirement for deferred members and annual pension increases in payment for all members) and then discounting to the consolidated statement of financial position date. The pension scheme assets comprise investments in cash managed by Rathbones Investment Management Limited, the Trustees\u2019 bank account, and insurance policies managed by Aviva. These assets are measured at fair value in the statement of financial position. The amount shown in the statement of financial position is the net of the present value of the defined benefit 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 benefit available as a refund of this surplus, or through a reduction in future contributions. When an unconditional right to future economic benefit exists, there is no restriction on the amount of surplus recognised. There are no current 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 defined benefit liability, is reflected in the income statement each year. Actuarial gains and losses net of deferred income tax are reflected in other comprehensive income each year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-417": { "value": "
(a) Defined contribution scheme
The Group operates a defined 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 benefits 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 100 to 119. The pension cost charge in these financial statements represents contributions
payable by the Group.
The charge of \u00a31.9m (2024: \u00a31.7m) is included within employee remuneration in Note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-418": { "value": "(b) Defined benefit scheme In addition to the above, the Group also operates a final salary defined benefit pension scheme, the BPT Retirement Benefits 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 benefits are linked to the members\u2019 final 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 beneficiaries 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 benefits have accrued since 30 June 2003, although active members retain a final salary link. \u2022 Deferred members: former employees of the Group. \u2022 Pensioner members: in receipt of pension. The defined benefit obligation is valued by projecting the best estimate of future benefit outgoings (allowing for revaluation to retirement for deferred members and annual pension increases in payment for all members) and then discounting to the consolidated statement of financial position date. In the period up to retirement, benefits receive increases linked to Consumer Prices Index (\u2018CPI\u2019) inflation (subject to a cap of no more than 5% p.a.). After retirement, benefits receive fixed 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 defined benefit obligation as at 30 September 2025 was 12 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 2025, by a qualified independent actuary. i) Principal actuarial assumptions under IAS 19 (p.a.)
2025 2024
% %
Discount rate
5.8
5.0
Retail Price Index (\u2018RPI\u2019) inflation
3.0
3.3
Consumer Prices Index (\u2018CPI\u2019) inflation
2.3
2.6
Rate of increase of pensions in payment
5.0
5.0
ii) Demographic assumptions
2025
2024
Mortality tables for pensioners
S3PA base tables CMI 2024 mortality
S3PA base tables CMI 2023 mortality projections
projections 1.25% p.a. long-term rate 1.25% p.a. long-term rate
Mortality tables for non-pensioners
As for pensioners
As for pensioners
iii) Life expectancies
30 September 2025
30 September 2024
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 During the prior year, the Trustees de-risked the scheme from risks including changes in bond yields, asset volatility, credit risk, inflation risk, and changes in life expectancy. The Trustees used scheme assets previously invested in bonds to purchase an annuity policy that fully matches all previously uninsured liabilities. During the year ended 30 September 2025, 100% of scheme liabilities are matched by the scheme\u2019s annuity policies and future fluctuations in the value of those liabilities will be offset by the policies held as scheme assets. This arrangement is known as a pension buy-in.
Market value of scheme assets
The assets of the scheme are invested in a diversified portfolio as follows:
30 September 2025
30 September 2024
Market value % of total Market value % of total
\u00a3m scheme assets \u00a3m scheme assets
Bonds
\u2013
\u2013
1.0
4
Cash
6.3
26
5.5
20
Insurance policies
18.3
74
20.5
76
Total value of assets
24.6
100
27.0
100
The actual return on assets over the year was:
(0.6)
0.2
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:
2025 2024
\u00a3m \u00a3m
Market value of scheme assets at the start of the year
27.0
28.6
Interest income
1.2
1.5
Employer contributions
\u2013
\u2013
Administration expenses paid
(0.2)
(0.5)
Actuarial return on assets less interest
(1.9)
(1.3)
Benefits paid
(1.5)
(1.3)
Market value of scheme assets at the end of the year
24.6
27.0
The change in value of the defined benefit obligation over the year was as follows:
2025 2024
\u00a3m \u00a3m
Value of defined benefit obligation at the start of the year
20.5
19.0
Interest on pension scheme liabilities
1.0
1.0
Remeasurement of changes in financial assumptions
(1.6)
1.8
Benefits paid
(1.5)
(1.3)
Value of defined benefit obligation at the end of the year
18.4
20.5
Amounts recognised in the consolidated statement of comprehensive income:
2025 2024
\u00a3m \u00a3m
Actuarial return on assets less interest
(1.9)
(1.3)
Remeasurement of defined benefit obligation
1.6
(1.8)
(0.3)
(3.1)
The loss shown in the above table of \u00a30.3m (2024: \u00a33.1m) has been included in the consolidated statement of comprehensive
income on page 133.
The surplus is recognised because the Group considers there is economic benefit 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 deficit would vary with changes to the key actuarial assumptions:
Discount rate movement of 0.25% p.a. Increase/(decrease) in deficit of \u00a30.5m/(\u00a30.5m)
Life expectancies movement of one year Increase/(decrease) in deficit of \u00a30.8m/(\u00a30.8m)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-399": { "value": "29. Issued share capital Accounting policy Ordinary shares are classified 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 profit 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
2025 2024
\u00a3m \u00a3m
Allotted, called-up and fully paid:
743,115,308
(2024: 743,109,586) ordinary shares of 5p each
37.2
37.2
The Group paid \u00a30.1m (2024: \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 \u00a30.1m (2024: \u00a30.1m) has been deducted from retained earnings within Shareholders\u2019 equity. As at 30 September 2025, share capital included 2,345,900 with a market value at 30 September 2025 of \u00a34.5m (2024: 3,316,840, market value \u00a38.0m) shares held by The Grainger Employee Benefit Trust and 1,506,300 with a market value at 30 September 2025 of \u00a32.9m (2024: 1,506,300, market value \u00a33.8m) shares held by Grainger plc as treasury shares. The total of these shares is 3,852,200 (2024: 4,823,140) with a nominal value of \u00a3192,610 (2024: \u00a3241,157) and a market value as at 30 September 2025 of \u00a37.5m (2024: \u00a311.8m). Movements in issued share capital during the year and the previous year were as follows:
Nominal value
Number \u00a3\u2019000
At 30 September 2023
743,042,056
37,152
Options exercised under the SAYE scheme (Note 30)
67,530
3
At 30 September 2024
743,109,586
37,155
Options exercised under the SAYE scheme (Note 30)
5,722
\u2013
At 30 September 2025
743,115,308
37,155
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-377": { "value": "29. Issued share capital Accounting policy Ordinary shares are classified 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 profit 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
2025 2024
\u00a3m \u00a3m
Allotted, called-up and fully paid:
743,115,308
(2024: 743,109,586) ordinary shares of 5p each
37.2
37.2
The Group paid \u00a30.1m (2024: \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 \u00a30.1m (2024: \u00a30.1m) has been deducted from retained earnings within Shareholders\u2019 equity. As at 30 September 2025, share capital included 2,345,900 with a market value at 30 September 2025 of \u00a34.5m (2024: 3,316,840, market value \u00a38.0m) shares held by The Grainger Employee Benefit Trust and 1,506,300 with a market value at 30 September 2025 of \u00a32.9m (2024: 1,506,300, market value \u00a33.8m) shares held by Grainger plc as treasury shares. The total of these shares is 3,852,200 (2024: 4,823,140) with a nominal value of \u00a3192,610 (2024: \u00a3241,157) and a market value as at 30 September 2025 of \u00a37.5m (2024: \u00a311.8m). Movements in issued share capital during the year and the previous year were as follows:
Nominal value
Number \u00a3\u2019000
At 30 September 2023
743,042,056
37,152
Options exercised under the SAYE scheme (Note 30)
67,530
3
At 30 September 2024
743,109,586
37,155
Options exercised under the SAYE scheme (Note 30)
5,722
\u2013
At 30 September 2025
743,115,308
37,155
31. Changes in equity
The consolidated statement of changes in equity is shown on page 135. 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 satisfied 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 flow hedge reserve
The fair value movements on those derivative financial 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 2025 is a balance of \u00a37.8m (2024: \u00a37.8m) relating to treasury shares bought
back and cancelled.
Investment in own shares
Included within retained earnings at 30 September 2025 is a balance of \u00a30.6m (2024: \u00a30.6m) relating to investments in own shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-448": { "value": "Accounting policy Ordinary shares are classified 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 profit 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-459": { "value": "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 profit 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:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-378": { "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 Deferred Bonus Share Plan ('DBSP'), 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 for 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 share based payment obligations are satisfied by the issue of new shares, 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
SAYE
18 December
18 December 2024 08 July 2025
2024 Non-market- 18 December 18 December 3-year
Award date Market-based based 2024 2024 scheme
Number of shares on grant
483,988
1,129,305
312,133
79,843
335,556
Exercise price (\u00a3)
\u2013
\u2013
\u2013
\u2013
1.73
Vesting period from date of grant (years)
3
3
3
1-3
3
Exercise period after vesting (years)
7
7
3
3
\u2013
Share price at grant (\u00a3)
2.25
2.25
2.25
2.25
2.08
Expected risk free rate (%)
4.2
4.2
N/A
N/A
3.8
Expected dividend yield (%)
N/A
N/A
3.8
3.8
3.8
Expected volatility (%)
24.7
24.7
N/A
N/A
25.8
Fair value (\u00a3)
1.07
2.25
2.25
2.25
0.48
The expected volatility figures used in the valuation were calculated based on the historical 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 \u00a33.6m (2024: \u00a32.8m).
(a) LTIP scheme
For the LTIP awards granted in FY25, the LTIP performance period is the three financial years commencing at the beginning of
the financial year in which the grant date fell (i.e the three year period to the end of FY27). 30% of these awards are subject to an
absolute Total Shareholder Return performance condition, 30% are subject to Total Property Income Return, 30% are subject to
achieving Secured PRS Investment targets, and the final 10% are subject to achieving carbon emissions performance conditions.
For the awards granted in FY24, the LTIP performance period is the three financial years commencing at the beginning of the
financial year in which the grant date fell (i.e the three year period to the end of FY26). 30% of these awards are subject to an
absolute Total Shareholder Return performance condition, 30% are subject to Total Property Income Return, 30% are subject to
achieving Secured PRS Investment targets, and the final 10% are subject to achieving carbon emissions performance conditions
For the awards granted in FY23, the LTIP performance period was the three financial years commencing at the beginning of the
financial year in which the grant date fell (i.e the three year period to the end of FY25). 33% of the awards were subject to an
absolute Total Shareholder Return performance condition, 33% were subject to Total Property Return, and the final 33% were
subject to achieving Secured PRS Investment targets.
The movement in LTIP awards during the year is as follows:
Opening Awards Awards Awards Closing
Awards balance granted vested lapsed balance
LTIP
6 February 2020
274,231
\u2013
(274,231)
\u2013
\u2013
10 December 2020
138,974
\u2013
(27,708)
\u2013
111,266
11 October 2021
1
333,020
\u2013
(246,677)
\u2013
86,343
16 December 2021
828,407
\u2013
(102,051)
(458,433)
267,923
28 September 2022
61,712
\u2013
(27,597)
(34,115)
\u2013
12 December 2022
1,264,686
\u2013
\u2013
\u2013
1,264,686
11 December 2023
1,263,756
\u2013
\u2013
\u2013
1,263,756
18 December 2024
\u2013
1,613,293
\u2013
\u2013
1,613,293
Total
4,164,786
1,613,293
(678,264)
(492,548)
4,607,267
1. The grant of LTIP awards on 11 October 2021 was made to Rob Hudson as replacement of awards made by his previous employer. See Note 8 of the remuneration report on page 91 of the September
2021 year Annual Report and Accounts for further details.
(b) DBSP, DBP and EDBP schemes
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 relate to the compulsory deferral of 25% of any bonus paid to other senior managers and
have no specific 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) operated until December 2023. 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 fifth year, a further additional 50% matching award is added to their award entitlement. Awards under the DBSP/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 DBSP/DBP/EDBP awards during the year is as follows:
Opening Awards Awards Awards Closing
Awards balance granted exercised lapsed balance
DBSP
1 December 2019
16,429
\u2013
(16,429)
\u2013
\u2013
10 December 2020
43,397
\u2013
(43,397)
\u2013
\u2013
16 December 2021
95,314
\u2013
(95,314)
\u2013
\u2013
12 December 2022
218,255
\u2013
\u2013
\u2013
218,255
11 December 2023
231,858
\u2013
\u2013
\u2013
231,858
18 December 2024
\u2013
312,133
\u2013
\u2013
312,133
DBP
16 December 2021
31,970
\u2013
(29,291)
\u2013
2,679
12 December 2022
52,019
\u2013
\u2013
\u2013
52,019
11 December 2023
56,240
\u2013
\u2013
\u2013
56,240
18 December 2024
\u2013
79,843
\u2013
\u2013
79,843
EDBP
21 December 2017
8,218
\u2013
(8,218)
\u2013
\u2013
17 December 2018
7,030
\u2013
(7,030)
\u2013
\u2013
17 December 2019
42,700
\u2013
(31,088)
\u2013
11,612
10 December 2020
50,108
\u2013
(6,208)
\u2013
43,900
16 December 2021
17,864
\u2013
\u2013
\u2013
17,864
12 December 2022
23,460
\u2013
\u2013
\u2013
23,460
11 December 2023
20,340
\u2013
\u2013
\u2013
20,340
Total
915,202
391,976
(236,975)
\u2013
1,070,203
(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 2025, 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:
Awards
Exercise price Exercise Opening Awards Awards lapsed/ Closing
(pence)
1
period balance granted exercised cancelled balance
SAYE
2019
193.0
2022-25
7,771
\u2013
(3,108)
(4,663)
\u2013
2020
245.0
2023-26
39,179
\u2013
\u2013
(7,346)
31,833
2021
234.0
2024-27
52,114
\u2013
(2,614)
(37,962)
11,538
2022
248.0
2025-28
65,686
\u2013
\u2013
(50,843)
14,843
2023
203.0
2026-29
422,304
\u2013
\u2013
(211,253)
211,051
2024
200.0
2027-30
169,117
\u2013
\u2013
(104,143)
64,974
2025
173.0
2028-31
\u2013
335,556
\u2013
(10,606)
324,950
756,171
335,556
(5,722)
(426,816)
659,189
Weighted average exercise price (pence per share)
210
173
212
210
191
1. Exercise prices have been adjusted to reflect 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 238.5p (2024: 227.2p). For share options outstanding at the end of the year, the weighted average remaining contractual life was 1.9 years (2024: 2.1 years). There were 45,467 (2024: 47,065) share options exercisable at the year end with a weighted average exercise price of 245.9p (2024: 246.2p). (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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-449": { "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 Deferred Bonus Share Plan ('DBSP'), 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 for 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 share based payment obligations are satisfied by the issue of new shares, 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-400": { "value": "31. Changes in equity The consolidated statement of changes in equity is shown on page 135. 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 satisfied 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 flow hedge reserve The fair value movements on those derivative financial 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 2025 is a balance of \u00a37.8m (2024: \u00a37.8m) relating to treasury shares bought back and cancelled. Investment in own shares Included within retained earnings at 30 September 2025 is a balance of \u00a30.6m (2024: \u00a30.6m) relating to investments in own shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-419": { "value": "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 2025 is a balance of \u00a37.8m (2024: \u00a37.8m) relating to treasury shares bought back and cancelled. Investment in own shares Included within retained earnings at 30 September 2025 is a balance of \u00a30.6m (2024: \u00a30.6m) relating to investments in own shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-425": { "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 2025 is set out in the Notes to the parent Company financial statements on pages 175 and 179. 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 2025.
Companies House
Company 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
Faside Estates Limited
SC019680
Grainger (Brook Place 2) Limited
15672916
Grainger (Exmouth Junction) Limited
15984036
Grainger (Hallsville Block D1) Limited
12170837
Grainger (Hallsville Residential) Limited
14669820
Grainger (Hallsville) Limited
118340 99
Grainger (Hornsey) Limited
04810257
Grainger (Octavia Hill) Limited
05654027
Grainger (YP 2) Limited
16138950
Grainger Asset Management Limited
04417232
Grainger Bradley Limited
08324941
Grainger Development Management Limited
03146573
Grainger Developments Limited
06061419
Grainger Employees Limited
05019636
Grainger Finance (Tricomm) Limited
08451352
Companies House
Company registered number
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
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
04974 627
Grainger PRS Limited
05789357
Grainger Seven Sisters Limited
0
6111428
Grainger Treasury Property Investments Limited LP 011846
Partnership
Grainger Treasury Property (2006) Limited Liability OC325497
Partnership
Grainger Tribe Limited
11055318
GRIP UK Property Developments Limited
10626824
Margrave Estates Limited
00332564
MREF III Newcastle Operations Limited
10606762
PHA Limited
06734 419
West Waterlooville Developments Limited
03047254
The parent Company has guaranteed the debts and liabilities of the above subsidiaries as at 30 September 2025 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-379": { "value": "
34. Related party transactions
During the year ended 30 September 2025, 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 financial position are as follows:
2025
2024
Fees Year end Fees Year end
\u00a3\u2019000 recognised balance recognised balance
Connected Living London (BTR) Limited
557
343
735
870
Lewisham Grainger Holdings LLP
140
653
226
513
Vesta LP
804
216
811
214
1,501
1,212
1,772
1,597
2025
2024
Year end Year end
Interest loan Interest Interest loan Interest
recognised balance rate recognised balance rate
\u00a3\u2019000 \u00a3m % \u00a3\u2019000 \u00a3m %
Curzon Park Limited
\u2013
18.1
Nil
\u2013
18.1
Nil
Lewisham Grainger Holdings LLP
921
13.2
5.8
1,196
11.5
11.0
Vesta LP
\u2013
14.5
Nil
\u2013
14.5
Nil
921
45.8
1,196
44.1
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 benefit pension scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-401": { "value": "34. Related party transactions During the year ended 30 September 2025, 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 financial position are as follows:
2025
2024
Fees Year end Fees Year end
\u00a3\u2019000 recognised balance recognised balance
Connected Living London (BTR) Limited
557
343
735
870
Lewisham Grainger Holdings LLP
140
653
226
513
Vesta LP
804
216
811
214
1,501
1,212
1,772
1,597
2025
2024
Year end Year end
Interest loan Interest Interest loan Interest
recognised balance rate recognised balance rate
\u00a3\u2019000 \u00a3m % \u00a3\u2019000 \u00a3m %
Curzon Park Limited
\u2013
18.1
Nil
\u2013
18.1
Nil
Lewisham Grainger Holdings LLP
921
13.2
5.8
1,196
11.5
11.0
Vesta LP
\u2013
14.5
Nil
\u2013
14.5
Nil
921
45.8
1,196
44.1
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 benefit pension scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-380": { "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 financial 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 financial position within trade and other payables. The leased office space is included in the consolidated statement of financial 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:
2025 2024
\u00a3m \u00a3m
Operating lease payments due:
Not later than one year
51.6
42.4
Greater than one year but less than two years
5.3
3.4
Greater than two years but less than three years
4.7
2.8
Greater than three years but less than four years
4.0
2.4
Greater than four years but less than five years
1.4
1.8
Greater than five years
67.3
68.7
134.3
121.5
There are no contingent rents recognised within net rental income in 2025 or 2024 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:
2025 2024
\u00a3m \u00a3m
Operating lease payments due:
Not later than one year
0.6
0.7
Later than one year and not later than five years
3.0
2.5
Later than five years
2.7
3.8
6.3
7.0
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 five years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-450": { "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 financial 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 financial position within trade and other payables. The leased office space is included in the consolidated statement of financial 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": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-381": { "value": "
36. Contingent liabilities
Properties in certain subsidiary companies form a \u2018guarantee group\u2019 with a market value of \u00a32,392.7m 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 2025, total
guarantees amounted to \u00a34.0m (2024: \u00a33.2m).
37. Capital commitments
The Group has current commitments under a number of its BTR projects. The Group\u2019s commitments, including its relevant share of
commitments to joint ventures and associates, are as follows:
2025 2024
\u00a3m \u00a3m
Wholly-owned Group subsidiaries
227.0
303.7
227.0
303.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-402": { "value": "36. Contingent liabilities Properties in certain subsidiary companies form a \u2018guarantee group\u2019 with a market value of \u00a32,392.7m 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 2025, total guarantees amounted to \u00a34.0m (2024: \u00a33.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-403": { "value": "37. Capital commitments The Group has current commitments under a number of its BTR projects. The Group\u2019s commitments, including its relevant share of commitments to joint ventures and associates, are as follows:
2025 2024
\u00a3m \u00a3m
Wholly-owned Group subsidiaries
227.0
303.7
227.0
303.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-8": { "value": "cosec@graingerplc.co.uk Grainger plc Citygate, St James\u2019 Boulevard Newcastle upon Tyne NE1 4JE ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138007CEIRKZMNI2979", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } } } }