{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"SUP": "http://supermarketincomereit.com/2023-06-30",
"ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://supermarketincomereit.com/2023-06-30/2138007FOINJKAM7L537-2023-06-30.xsd"
]
},
"facts": {
"f12819": {
"value": "95823000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RentalIncomeFromInvestmentProperty",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12823": {
"value": "72363000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RentalIncomeFromInvestmentProperty",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12830": {
"value": "5939000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PropertyServiceChargeIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12834": {
"value": "2086000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PropertyServiceChargeIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12841": {
"value": "6518000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PropertyServiceChargeExpense",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12845": {
"value": "2338000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PropertyServiceChargeExpense",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12850": {
"value": "95244000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RentalIncomeFromInvestmentPropertyNetOfDirectOperatingExpense",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12853": {
"value": "72111000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RentalIncomeFromInvestmentPropertyNetOfDirectOperatingExpense",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12860": {
"value": "15429000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GeneralAndAdministrativeExpense",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12864": {
"value": "13937000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GeneralAndAdministrativeExpense",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12870": {
"value": "79815000",
"decimals": -3,
"dimensions": {
"concept": "SUP:ProfitLossFromOperatingActivitiesBeforeGainsLossesOnFairValueAdjustmentInvestmentPropertyAndShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12873": {
"value": "58174000",
"decimals": -3,
"dimensions": {
"concept": "SUP:ProfitLossFromOperatingActivitiesBeforeGainsLossesOnFairValueAdjustmentInvestmentPropertyAndShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12880": {
"value": "-256066000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12883": {
"value": "21820000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12888": {
"value": "-256066000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12892": {
"value": "21820000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12899": {
"value": "23232000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12902": {
"value": "43301000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12909": {
"value": "19940000",
"decimals": -3,
"dimensions": {
"concept": "SUP:GainsLossesOnDisposalsOfInvestmentsInJointVentures",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12913": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:GainsLossesOnDisposalsOfInvestmentsInJointVentures",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12918": {
"value": "-133079000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12921": {
"value": "123295000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12928": {
"value": "14626000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12932": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12939": {
"value": "39315000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12943": {
"value": "12992000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12950": {
"value": "10024000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12954": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12959": {
"value": "2878000",
"decimals": -3,
"dimensions": {
"concept": "SUP:GainLossOnDisposalOfInterestRateDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12963": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:GainLossOnDisposalOfInterestRateDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12968": {
"value": "-144866000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12971": {
"value": "110303000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12978": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12981": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12986": {
"value": "-144866000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12989": {
"value": "110303000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f12997": {
"value": "1068000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13000": {
"value": "5566000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13005": {
"value": "-143798000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13008": {
"value": "115869000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13013": {
"value": "-143798000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13016": {
"value": "115869000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13023": {
"value": "0.117",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f13024": {
"value": "0.117",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f13027": {
"value": "0.113",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f13028": {
"value": "0.113",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f13049": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13053": {
"value": "129000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13060": {
"value": "1685690000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentProperty",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13063": {
"value": "1561590000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentProperty",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13070": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13074": {
"value": "177140000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13079": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentContractAssets",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13083": {
"value": "93000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentContractAssets",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13090": {
"value": "10819000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentFinancialAssetsAtAmortisedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13093": {
"value": "10626000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentFinancialAssetsAtAmortisedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13100": {
"value": "37198000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13103": {
"value": "5114000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13108": {
"value": "1733707000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13111": {
"value": "1754692000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13119": {
"value": "20384000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13123": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13130": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13134": {
"value": "283000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13141": {
"value": "142155000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13144": {
"value": "1863000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13149": {
"value": "37481000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13153": {
"value": "51200000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13158": {
"value": "200020000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13161": {
"value": "53346000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13166": {
"value": "1933727000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13169": {
"value": "1808038000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13177": {
"value": "605609000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentPortionOfNoncurrentLoansReceived",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13180": {
"value": "348546000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentPortionOfNoncurrentLoansReceived",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13185": {
"value": "605609000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13188": {
"value": "348546000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13196": {
"value": "61856000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13200": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13205": {
"value": "21557000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13209": {
"value": "16360000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13216": {
"value": "26979000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13219": {
"value": "10677000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13224": {
"value": "110392000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13227": {
"value": "27037000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13232": {
"value": "716001000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13235": {
"value": "375583000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13240": {
"value": "1217726000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13243": {
"value": "1432455000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13251": {
"value": "12462000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13254": {
"value": "12399000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13261": {
"value": "500386000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13264": {
"value": "494174000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13271": {
"value": "704531000",
"decimals": -3,
"dimensions": {
"concept": "SUP:CapitalReductionReserve",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13274": {
"value": "778859000",
"decimals": -3,
"dimensions": {
"concept": "SUP:CapitalReductionReserve",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13279": {
"value": "-2957000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13283": {
"value": "141909000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13288": {
"value": "3304000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfCashFlowHedges",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13292": {
"value": "5114000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ReserveOfCashFlowHedges",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13297": {
"value": "1217726000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13300": {
"value": "1432455000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13306": {
"value": "0.98",
"decimals": 2,
"dimensions": {
"concept": "SUP:BasicNetAssetValuePerShare",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f13307": {
"value": "0.98",
"decimals": 2,
"dimensions": {
"concept": "SUP:DilutedNetAssetValuePerShare",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f13310": {
"value": "1.16",
"decimals": 2,
"dimensions": {
"concept": "SUP:BasicNetAssetValuePerShare",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f13311": {
"value": "1.16",
"decimals": 2,
"dimensions": {
"concept": "SUP:DilutedNetAssetValuePerShare",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f13317": {
"value": "0.93",
"decimals": 2,
"dimensions": {
"concept": "SUP:EuropeanPublicRealEstateAssociationNetTangibleAssetsPerShare",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f13320": {
"value": "1.15",
"decimals": 2,
"dimensions": {
"concept": "SUP:EuropeanPublicRealEstateAssociationNetTangibleAssetsPerShare",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f13371": {
"value": "12399000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13374": {
"value": "494174000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13377": {
"value": "5114000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13380": {
"value": "778859000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13383": {
"value": "141909000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13386": {
"value": "1432455000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13392": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13395": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13398": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13401": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13405": {
"value": "-144866000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13408": {
"value": "-144866000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13415": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseThroughGainsLossesOnDisposalOfInterestRateDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13418": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseThroughGainsLossesOnDisposalOfInterestRateDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13421": {
"value": "-2878000",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseThroughGainsLossesOnDisposalOfInterestRateDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13425": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseThroughGainsLossesOnDisposalOfInterestRateDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13428": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseThroughGainsLossesOnDisposalOfInterestRateDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13431": {
"value": "-2878000",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseThroughGainsLossesOnDisposalOfInterestRateDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13436": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13439": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13443": {
"value": "1068000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13447": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13450": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13454": {
"value": "1068000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13459": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:ComprehensiveIncomeIfDifferentFromStatementOfComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13462": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:ComprehensiveIncomeIfDifferentFromStatementOfComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13466": {
"value": "-1810000",
"decimals": -3,
"dimensions": {
"concept": "SUP:ComprehensiveIncomeIfDifferentFromStatementOfComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13469": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:ComprehensiveIncomeIfDifferentFromStatementOfComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13473": {
"value": "-144866000",
"decimals": -3,
"dimensions": {
"concept": "SUP:ComprehensiveIncomeIfDifferentFromStatementOfComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13476": {
"value": "-146676000",
"decimals": -3,
"dimensions": {
"concept": "SUP:ComprehensiveIncomeIfDifferentFromStatementOfComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13484": {
"value": "63000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13487": {
"value": "6301000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13491": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13494": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13497": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13501": {
"value": "6364000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13506": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13510": {
"value": "89000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13514": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13517": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13520": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13524": {
"value": "89000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13530": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13533": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13537": {
"value": "74328000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13541": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13545": {
"value": "74328000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13550": {
"value": "12462000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13553": {
"value": "500386000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13556": {
"value": "3304000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13559": {
"value": "704531000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13562": {
"value": "-2957000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13565": {
"value": "1217726000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13607": {
"value": "8107000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13610": {
"value": "778859000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13613": {
"value": "-452000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13617": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13621": {
"value": "84796000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13624": {
"value": "871310000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13630": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13633": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13636": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13639": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13643": {
"value": "110303000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13646": {
"value": "110303000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13651": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13654": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13658": {
"value": "5566000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13662": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13665": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13669": {
"value": "5566000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13674": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13677": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13681": {
"value": "5566000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13684": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13688": {
"value": "110303000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13691": {
"value": "115869000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13699": {
"value": "4292000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13702": {
"value": "504539000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13706": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13709": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13712": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13716": {
"value": "508831000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13723": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseThroughTransfersToFromSharePremium",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13727": {
"value": "-778859000",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseThroughTransfersToFromSharePremium",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13731": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseThroughTransfersToFromSharePremium",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13735": {
"value": "778859000",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseThroughTransfersToFromSharePremium",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13739": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseThroughTransfersToFromSharePremium",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13742": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseThroughTransfersToFromSharePremium",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13747": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13751": {
"value": "10365000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13755": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13758": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13761": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13765": {
"value": "10365000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13770": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13773": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13776": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13779": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13783": {
"value": "53190000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13786": {
"value": "53190000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13791": {
"value": "12399000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f13794": {
"value": "494174000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f13797": {
"value": "5114000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f13800": {
"value": "778859000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "SUP:CapitalReductionReserveMember",
"unit": "iso4217:GBP"
}
},
"f13803": {
"value": "141909000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f13806": {
"value": "1432455000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13827": {
"value": "-144866000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13831": {
"value": "110303000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13841": {
"value": "10024000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13845": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13852": {
"value": "-256066000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnFairValueAdjustmentInvestmentProperty",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13855": {
"value": "21820000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnFairValueAdjustmentInvestmentProperty",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13862": {
"value": "2763000",
"decimals": -3,
"dimensions": {
"concept": "SUP:AdjustmentsForMovementInRentSmoothingAndLeaseIncentiveAdjustments",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13866": {
"value": "2654000",
"decimals": -3,
"dimensions": {
"concept": "SUP:AdjustmentsForMovementInRentSmoothingAndLeaseIncentiveAdjustments",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13873": {
"value": "-14626000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeReceivedClassifiedAsOperatingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13877": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeReceivedClassifiedAsOperatingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13884": {
"value": "39281000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceCosts",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13888": {
"value": "12992000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceCosts",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13895": {
"value": "23232000",
"decimals": -3,
"dimensions": {
"concept": "SUP:AdjustmentsForUndistributedProfitsOfJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13898": {
"value": "43301000",
"decimals": -3,
"dimensions": {
"concept": "SUP:AdjustmentsForUndistributedProfitsOfJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13905": {
"value": "2878000",
"decimals": -3,
"dimensions": {
"concept": "SUP:AdjustmentsForGainLossOnDisposalOfInterestRateDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13909": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:AdjustmentsForGainLossOnDisposalOfInterestRateDerivatives",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13916": {
"value": "19941000",
"decimals": -3,
"dimensions": {
"concept": "SUP:AdjustmentsForGainLossOnDisposalOfInvestmentsInJointVentures",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13920": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:AdjustmentsForGainLossOnDisposalOfInvestmentsInJointVentures",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13927": {
"value": "77017000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13930": {
"value": "55520000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13935": {
"value": "-548000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13939": {
"value": "1277000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13944": {
"value": "191000",
"decimals": -3,
"dimensions": {
"concept": "SUP:AdjustmentsForDecreaseIncreaseInRentGuaranteeReceivables",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13948": {
"value": "-87000",
"decimals": -3,
"dimensions": {
"concept": "SUP:AdjustmentsForDecreaseIncreaseInRentGuaranteeReceivables",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13953": {
"value": "5198000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13957": {
"value": "4299000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13962": {
"value": "2461000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13966": {
"value": "2004000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13971": {
"value": "84319000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13974": {
"value": "63013000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13980": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:PurchaseOfNonCurrentContractAssetsClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13984": {
"value": "8000",
"decimals": -3,
"dimensions": {
"concept": "SUP:PurchaseOfNonCurrentContractAssetsClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13989": {
"value": "222000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f13993": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14000": {
"value": "362630000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInvestmentProperty",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14003": {
"value": "371093000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInvestmentProperty",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14008": {
"value": "14681000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14012": {
"value": "17603000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14019": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseInOtherFinancialAssetsClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14023": {
"value": "10626000",
"decimals": -3,
"dimensions": {
"concept": "SUP:IncreaseDecreaseInOtherFinancialAssetsClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14030": {
"value": "290000",
"decimals": -3,
"dimensions": {
"concept": "SUP:ProceedsFromSalesOfOtherFinancialAssetsClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14034": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:ProceedsFromSalesOfOtherFinancialAssetsClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14041": {
"value": "189528000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14044": {
"value": "3518000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14050": {
"value": "292636000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCashReceiptsFromSalesOfInterestsInJointVenturesClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14054": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCashReceiptsFromSalesOfInterestsInJointVenturesClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14059": {
"value": "-273691000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14062": {
"value": "-402848000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14070": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14074": {
"value": "506727000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14081": {
"value": "89000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsForShareIssueCosts",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14084": {
"value": "10366000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsForShareIssueCosts",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14091": {
"value": "912114000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14094": {
"value": "402922000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14101": {
"value": "598486000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14104": {
"value": "464029000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14109": {
"value": "5010000",
"decimals": -3,
"dimensions": {
"concept": "SUP:PaymentsForLoanArrangementFeesClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14113": {
"value": "2187000",
"decimals": -3,
"dimensions": {
"concept": "SUP:PaymentsForLoanArrangementFeesClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14118": {
"value": "22408000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14122": {
"value": "9846000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14127": {
"value": "8646000",
"decimals": -3,
"dimensions": {
"concept": "SUP:SettlementOfDerivativesClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14131": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:SettlementOfDerivativesClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14136": {
"value": "8066000",
"decimals": -3,
"dimensions": {
"concept": "SUP:CashRepaymentsOfAdvancesAndLoansFromJointVentures",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14140": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:CashRepaymentsOfAdvancesAndLoansFromJointVentures",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14147": {
"value": "2878000",
"decimals": -3,
"dimensions": {
"concept": "SUP:ProceedsFromSalesOfDerivativeFinancialAssetsClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14151": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:ProceedsFromSalesOfDerivativeFinancialAssetsClassifiedAsInvestingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14158": {
"value": "44255000",
"decimals": -3,
"dimensions": {
"concept": "SUP:PurchaseOfDerivativeFinancialAssetsClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14162": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SUP:PurchaseOfDerivativeFinancialAssetsClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14167": {
"value": "1708000",
"decimals": -3,
"dimensions": {
"concept": "SUP:PaymentsForBankCommitmentFeesClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14171": {
"value": "681000",
"decimals": -3,
"dimensions": {
"concept": "SUP:PaymentsForBankCommitmentFeesClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14176": {
"value": "67963000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14180": {
"value": "51084000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14185": {
"value": "175653000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14188": {
"value": "371456000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14193": {
"value": "-13719000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14197": {
"value": "31621000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14202": {
"value": "51200000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14205": {
"value": "19579000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2021-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14210": {
"value": "37481000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f14213": {
"value": "51200000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"s8_notes__7__5": {
"value": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS1.\u2002Basis of preparationGeneral informationSupermarket Income REIT plc (the Company) is a company registered in England and Wales with its registered office at 1 King William Street, London, United Kingdom, EC4N 7AF. The principal activity of the Company and its subsidiaries (the Group) is to provide its Shareholders with an attractive level of income together with the potential for capital growth by investing in a diversified portfolio of supermarket real estate assets in the UK.At 30 June 2023 the Group comprised the Company and its wholly owned subsidiaries as set out in Note 13.Basis of preparationThese consolidated financial statements cover the year to 30 June 2023, including comparative figures relating to the year to 30 June 2022, and include the results and net assets of the Group.The consolidated financial statements have been prepared in accordance with:\u2022 UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards,\u2022 The Disclosure and Transparency Rules of the Financial Conduct AuthorityThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented, other than where new policies that were not previously relevant to the Group\u2019s operations have been adopted.Going concernIn light of the current Macroeconomic backdrop, the Directors have placed a particular focus on the appropriateness of adopting the going concern basis in preparing the Group\u2019s and Company\u2019s financial statements for the year ended 30 June 2023. In assessing the going concern basis of accounting the Directors have had regard to the guidance issued by the Financial Reporting Council.LiquidityAt 30 June 2023, the Group generated net cash flow from operating activities of \u00a384.3 million, held cash of \u00a337.5 million and undrawn committed facilities totalling \u00a3189.9 million with no capital commitments or contingent liabilities.From the sale of its interest in the Sainsburys Reversion Portfolio (SRP), the Group received proceeds of \u00a3135.1 million post year end. \u00a397.1 million of this was used for working capital and debt repayment and \u00a338.0 million towards acquiring two stores (including acquisition costs). As at the date of signing the annual report the Gross LTV of the group was 34.0%. The remainder of the receivable of \u00a31.5 million is conditional on the sale of the remaining store in the SRP.After the year end, the Group also reduced its debt capacity from \u00a3862.1 million to \u00a3680.5 million (see Note 20 for more information), leaving undrawn committed facilities of over \u00a3100 million available.The Directors are of the belief that the Group continues to be well funded during the going concern period with no concerns over its liquidity.Refinancing eventsAt the date of signing the financial statements, the Deka facility falls due for repayment during the going concern period (August 2024). It is intended that the facility will be refinanced prior to maturity, or if required, it will be paid down in full the Group\u2019s available undrawn committed facilities of over \u00a3100 million. All lenders have been supportive during the year and have expressed commitment to the long-term relationship they wish to build with the Company.CovenantsThe Group\u2019s debt facilities include covenants in respect of LTV and interest cover, both projected and historic. All debt facilities, except for the unsecured facilities, are ring-fenced with each specific lender.The Directors have evaluated a number of scenarios as part of the Group\u2019s going concern assessment and considered the impact of these scenarios on the Group\u2019s continued compliance with secured debt covenants. The key assumptions that have been sensitised within these scenarios are falls in rental income and increases in administrative cost inflation.As at the date of issuance of this Annual report 100% of contractual rent for the period has been collected. The Group benefits from a secure income stream from its property assets that are let to tenants with excellent covenant strength under long leases that are subject to upward only rent reviews.The list of scenarios are below and are all on top of the base case model which includes prudent assumptions on valuations and cost inflation. No sensitivity for movements in interest rates have been modelled as the Group is fully hedged during the going concern assessment period.Scenario Rental Income CostsBase case scenario (Scenario 1) 100% contractual rent received when due Investment adviser fee based on terms of and rent reviews based on forward looking the signed agreement (percentage of NAV inflation curve, capped at the contractual as per note 27), other costs 0.35% of NAV.rate of the individual leases.Scenario 2 Rental income to fall by 25%. Costs expected to remain the same as the base case.Scenario 3 Rental income expected to remain the 10% increases on base case costs to all same as the base case.administrative expenses.The Group continues to maintain covenant compliance for its LTV and ICR thresholds throughout the going concern assessment period under each of the scenarios modelled. One of the secured facilities in the Group has a debt yield covenant, which is calculated as the passing rent divided by the loan balance for the properties secured against the lender. The debt yield covenant only would be breached for this facility if rental income is reduced by 6% during the going concern assessment period. The Board considers this scenario highly unlikely given the underlying covenant strength of the tenants. Furthermore, there are remedies available at the Group\u2019s disposal which includes reducing a portion of the outstanding debt from available undrawn facilities or providing additional security over properties that are currently unencumbered. The lowest amount of ICR headroom experienced in the worst-case stress scenarios was 22%. Based on the latest bank commissioned valuations, property values would have to fall by more than 21% before LTV covenants are breached, and 10% against 30 June 2023 Company valuations. Similarly, the strictest interest cover covenant within each of the ring-fenced banking groups is 225%, where the portfolio is forecast to have an average interest cover ratio of 572% during the going concern period.Having reviewed and considered three modelled scenarios, the Directors consider that the Group has adequate resources in place for at least 12 months from the date of these results and have therefore adopted the going concern basis of accounting in preparing the Annual Report.Assessment of viabilityThe period over which the Directors consider it feasible and appropriate to report on the Group\u2019s viability is the five-year period to 30 June 2028. This period has been selected because it is the period that is used for the Group\u2019s medium-term business plans and individual asset performance forecasts. The assumptions underpinning these forecast cash flows and covenant compliance forecasts were sensitised to explore the resilience of the Group to the potential impact of the Group\u2019s significant risks, or a combination of those risks. The principal risks on pages 51 to 60 summarise those matters that could prevent the Group from delivering on its strategy. A number of these principal risks, because of their nature or potential impact, could also threaten the Group\u2019s ability to continue in business in its current form if they were to occur. The Directors paid particular attention to the risk of a deterioration in economic outlook which could impact property fundamentals, including investor and occupier demand which would have a negative impact on valuations, and give rise to a reduction in the availability of finance. The sensitivities performed were designed to be severe but plausible; and to take full account of the availability of mitigating actions that could be taken to avoid or reduce the impact or occurrence of the underlying risks. Viability Statement The Board has assessed the prospects of the Group over the five years from the balance sheet date to 30 June 2028, which is the period covered by the Group\u2019s longer-term financial projections. The Board considers five years to be an appropriate forecast period since, although the Group\u2019s contractual income extends beyond five years, the availability of most finance and market uncertainty reduces the overall reliability of forecast performance over a longer period. The Board considers the resilience of projected liquidity, as well as compliance with secured debt covenants and UK REIT rules, under a range of RPI and property valuation assumptions. The principal risks and the key assumptions that were relevant to this assessment are as follows: Risk Assumption Borrowing risk The Group continues to comply with all relevant loan covenants. The Group is able to refinance all debt falling due within the viability assessment period on acceptable terms. Interest Rate risk The increase in variable interest rates are managed by reduction of variable debt from cash inflows and utilising interest rate derivatives to limit the exposure to variable debt.Liquidity risk The Group continues to generate sufficient cash to cover its costs while retaining the ability to make distributions. Tenant risk Tenants (or guarantors where relevant) comply with their rental obligations over the term of their leases and no key tenant suffers an insolvency event over the term of the review. Based on the work performed, the Board has a reasonable expectation that the Group will be able to continue in business over the five-year period of its assessment. Accounting convention and currencyThe consolidated financial statements (the \u201cfinancial statements\u201d) have been prepared on a historical cost basis, except that investment properties, rental guarantees and interest rate derivatives are measured at fair value.The financial statements are presented in Pounds Sterling and all values are rounded to the nearest thousand (\u00a3\u2019000), except where otherwise indicated. Pounds Sterling is the functional currency of the Company and the presentation currency of the Group.Adoption of new and revised standardsIn the current financial year, the Group has adopted a number of minor amendments to standards effective in the year issued by the IASB as adopted by the UK Endorsement Board, none of which have had a material impact on the Group.There was no material effect from the adoption of other amendments to IFRS effective in the year. They have no significant impact on the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s current accounting policies.Standards and interpretations in issue not yet adoptedThe following are new standards, interpretations and amendments, which are not yet effective, and have not been early adopted in this financial information, that will or may have an effect on the Group\u2019s future financial statements:\u2022 Amendments to IAS 1 which are intended to clarify the requirements that an entity applies in determining whether a liability is classified as current or non-current. The amendments are intended to be narrow-scope in nature and are meant to clarify the requirements in IAS 1 rather than modify the underlying principles (effective for periods beginning on or after 1 January 2024).The amendments include clarifications relating to: \u2013 How events after the end of the reporting period affect liability classification \u2013 What the rights of an entity must be in order to classify a liability as non-current \u2013 How an entity assesses compliance with conditions of a liability (e.g. bank covenants) \u2013 How conversion features in liabilities affect their classificationThe amendment is not expected to have an impact on the presentation or classification of the liabilities in the Group based on rights that are in existence at the end of the reporting period.\u2022 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information. IFRS S1 sets out general requirements for the disclosure of material information about sustainability-related financial risks and opportunities and other general reporting requirements (periods beginning after 1 January 2024).\u2022 IFRS S2 Climate-related Disclosures. IFRS S2 sets out disclosure requirements that are specific to climate-related matters (periods beginning after 1 January 2024).The Group acknowledges the issue of these new standards by the International Sustainability Standards Board\u2019s (ISSB) will monitor the consultation and decision process being undertaken by the UK Government and FCA in determining how these standards are implemented by UK companies.There are other new standards and amendments to standards and interpretations which have been issued that are effective in future accounting periods, and which the Group has decided not to adopt early. None of these are expected to have a material impact on the condensed consolidated financial statements of the Group.Significant accounting judgements, estimates and assumptionsThe preparation of these financial statements in accordance with IFRS requires the Directors of the Company to make judgements, estimates and assumptions that affect the reported amounts recognised in the financial statements.Key estimate: Fair value of investment propertiesThe fair value of the Group\u2019s investment properties is determined by the Group\u2019s independent valuer on the basis of market value in accordance with the RICS Valuation \u2013 Global Standards (the \u2018Red Book\u2019). Recognised valuation techniques are used by the independent valuer which are in accordance with those recommended by the International Valuation Standard Committee and compliant with IFRS 13 \u201cFair Value Measurement\u201d.The independent valuer did not include any material valuation uncertainty clause in relation to the valuation of the Group\u2019s investment property for 30 June 2023 or 30 June 2022.The independent valuer is considered to have sufficient current local and national knowledge of the supermarket property market and the requisite skills and understanding to undertake the valuation competently.In forming an opinion as to fair value, the independent valuer makes a series of assumptions, which are typically market-related, such as those in relation to net initial yields and expected rental values. These are based on the independent valuer\u2019s professional judgement. Other factors taken into account by the independent valuer in arriving at the valuation of the Group\u2019s investment properties include the length of property leases, the location of the properties and the strength of tenant covenants.The fair value of the Group\u2019s investment properties as determined by the independent valuer, along with the significant methods and assumptions used in estimating this fair value, are set out in note 12.Key estimate: Fair value of interest rate derivativesDerivatives are valued in accordance with IFRS 13 \u201cFair Value Measurement\u201d by reference to interbank bid market rates as at the close of business on the last working day prior to each reporting date. The fair values are calculated using the present values of future cash flows, based on market forecasts of interest rates and adjusted for the credit risk of the counterparties. The amounts and timing of future cash flows are projected on the basis of the contractual terms.The fair value of the Group\u2019s interest rate derivatives, along with further details of the valuation methods used, are detailed in note 19.Key judgement: Joint ventures \u2013 joint controlIn prior years, the Group entered into a 50:50 joint venture with the British Airways Pension Trustees Limited to acquire 100% of the issued share capital in Horndrift Limited for a combined total consideration of \u00a3102 million plus costs. The joint venture also acquired 100% of the issued share capital in Cornerford Limited for a combined total consideration of \u00a3115 million plus costs (together \u201cthe Joint Venture Interest\u201d).Horndrift Limited and Cornerford Limited each hold a 25.2% beneficial interest in a property trust arrangement / bond securitisation structure (the \u201cStructure\u201d) which previously held a portfolio of 26 Sainsbury\u2019s supermarket properties funded by bonds which mature in 2023. During the year, Sainsbury\u2019s exercised options to acquire 21 of these stores within the Structure and it has been determined that the exercise of the purchase options by Sainsbury\u2019s resulted in the performance obligation being satisfied for a sale of the properties in accordance with IFRS 15. The JV is deemed to hold a contractual receivable from Sainsbury\u2019s plc in respect of these 21 properties.During the year, the Group acquired the British Airways Pension Trustees Limited stake in the joint venture, meaning the Group had a beneficial interest in over 50% of the underlying property pool, via its 100% ownership in Horndrift and Cornerford.The classification and accounting treatment of the Joint Venture Interest in the property trust arrangement in the Group\u2019s consolidated financial statements is subject to significant judgement. By reference to the contractual arrangements and deeds that regulate the Structure, it was necessary to determine whether the Joint Venture Interest, together with the other key parties of the Structure had the ability to jointly control the Structure through their respective rights as defined by the contractual arrangements and deeds of the Structure. The review of the Joint Venture Interest and the other key parties\u2019 rights required significant judgement in assessing whether the rights identified were substantive as defined by IFRS 10 Consolidated Financial Statements, principally in respect of whether there were any economic barriers that prevent the joint venture investment or the other key parties from exercising their rights. Through assessing the expected possible outcomes either before or upon maturity of the Structure it was determined that there were no significant economic barriers that would prevent Horndrift Limited, Cornerford Limited or the other key parties from exercising their rights under the contractual arrangements and deeds of the Structure.The Directors therefore concluded that through its Joint Venture Interest, the Group indirectly has joint control of the Structure as defined by IFRS 10 Consolidated Financial Statements. As such the Group\u2019s interest in the Structure is accounted for using the equity method of accounting under IAS 28.Following the additional Joint Venture interest acquired during the year, the Group was deemed to still jointly control the Structure as any change to the contractual arrangements and deeds that regulate the Structure, requires unanimous consent from all beneficial holders. Therefore, the equity method of accounting continued to be used until the disposal of the investment in joint venture which occurred during the year (see Note 14).Key judgement: Acquisition of Joint Venture stakeDuring the year the Group acquired an additional 50% interest in the Group\u2019s existing joint venture, Horner (Jersey) LP, from British Airways Pension Trustees Limited for total consideration of \u00a3188.8 million. At the time of the purchase the Directors assess whether the acquisition represents the acquisition of an asset or the acquisition of a business.Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness Combinations\u201d), to be considered as a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional \u2018concentration test\u2019 is also applied, where if substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business.The concentration test was applied confirming that substantially all of the fair value of the assets acquired were concentrated in an investment in joint venture, being the Structure and was therefore accounted as an asset purchase.Key judgement: Acquisition of investment propertiesThe Group has acquired and intends to acquire further investment properties. At the time of each purchase the Directors assess whether an acquisition represents the acquisition of an asset or the acquisition of a business.Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness Combinations\u201d), to be considered as a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional \u2018concentration test\u2019 is also applied, where if substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business.During the year, the group completed nine acquisitions. In nine cases the concentration test was applied and met, resulting in the acquisitions being accounted for as asset purchases.All \u00a3362.6 million of acquisitions during the year were accounted for as asset purchases.Key judgement: Acquisition of financial assets at amortised costThe Group acquires properties under a sale and leaseback arrangements. At the time of the purchase the Directors assess whether the acquisition represents the acquisition of an investment property or a financial asset.Under IFRS 15, for the transfer of an asset to be accounted for as a true sale, satisfying a performance obligation of transferring control of an asset must be met for this to be deemed a property transaction and accounted for under IFRS 16. If not, it is accounted for as an asset under IFRS 9.The Group acquired a property in the prior year under a sale and leaseback arrangement with a larger multi-channel supermarket operator. In this case, it was deemed that as the lease was for a significant part of the asset\u2019s useful economic life, control was not passed and the asset was therefore accounted for under IFRS 9 as an amortised cost asset.2.\u2002Summary of significant accounting policiesThe principal accounting policies applied in the preparation of the consolidated financial statements are set out below.2.1\u2002Basis of consolidationThe consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries drawn up to 30 June 2023.Subsidiaries are those entities including special purpose entities, directly or indirectly controlled by the Company. Control exists when the Company is exposed or has rights to variable returns from its investment with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that presently are exercisable are taken into account.The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.In preparing the consolidated financial statements, intra group balances, transactions and unrealised gains or losses are eliminated in full.Uniform accounting policies are adopted for all entities within the Group.2.2\u2002Segmental informationThe Directors are of the opinion that the Group is currently engaged in a single segment business, being investment in United Kingdom in supermarket property assets; the non-supermarket properties are ancillary in nature to the supermarket property assets and are therefore not segmented.2.3\u2002Rental incomeRental income arising on investment properties is accounted for in profit or loss on a straight-line basis over the lease term, as adjusted for the following:\u2022 Any rental income from fixed and minimum guaranteed rent review uplifts is recognised on a straight-line basis over the lease term, variable lease uplift calculations are not rebased when a rent review occurs and the variable payment becomes fixed;\u2022 Lease incentives are spread evenly over the lease term, even if payments are not made on such a basis. The lease term is the non-cancellable period of the lease together with any further term for which the tenant has the option to continue the lease, where, at the inception of the lease, the Directors are reasonably certain that the tenant will exercise that option.Contingent rents, such as those arising from indexed-linked rent uplifts or market-based rent reviews, are recognised in the period in which they are earned.Where income is recognised in advance of the related cash flows due to fixed and minimum guaranteed rent review uplifts or lease incentives, an adjustment is made to ensure that the carrying value of the relevant property, including the accrued rent relating to such uplifts or lease incentives, does not exceed the external valuation.Rental income is invoiced in advance with that element of invoiced rental income that relates to a future period being included within deferred rental income in the consolidated statement of financial position.Leases classified under IFRS 9 as financial assets recognise income received from the tenant between finance income and a reduction of the asset value, based on the interest rate implicit in the lease.2.4\u2002Service charge incomeService charge income represents amounts billed to tenants for services provided in conjunction with leased properties based on budgeted service charge expenditure for a given property over a given service charge year. The Company recognises service charge income on a straight-line basis over the service charge term.2.5\u2002Service charge expenseService charge expense represents a wide range of costs related to the operation and upkeep of the leased properties. These costs are allocated and charged to tenants based on agreed terms and calculations as outlined in the lease agreements with a portion being borne by the landlord where agreed.2.6\u2002Finance incomeFinance income consists principally of interest receivable from interest rate derivatives and income from financial assets held at amortised cost. An adjustment is applied to reclassify amounts received upon periodic settlement of interest rate derivatives assets from change in fair value to interest income.2.7\u2002Finance expenseFinance expenses consist principally of interest payable and the amortisation of loan arrangement fees.Loan arrangement fees are expensed using the effective interest method over the term of the relevant loan. Interest payable and other finance costs, including commitment fees, which the Group incurs in connection with bank borrowings, are expensed in the period to which they relate.2.8\u2002Administrative and other expensesAdministrative and other expenses, including the investment advisory fees payable to the Investment Adviser, are recognised as a profit or loss on an accruals basis.2.9\u2002Dividends payable to ShareholdersDividends to the Company\u2019s Shareholders are recognised when they become legally payable, as a reduction in equity in the financial statements. Interim equity dividends are recognised when paid. Final equity dividends will be recognised when approved by Shareholders at an AGM.2.10\u2002TaxationNon-REIT taxable incomeTaxation on the Group\u2019s profit or loss for the year that is not exempt from tax under the UK-REIT regulations comprises current and deferred tax, as applicable. Tax is recognised in profit or loss except to the extent that it relates to items recognised as direct movements in equity, in which case it is similarly recognised as a direct movement in equity.Non-REIT taxable income continuedCurrent tax is tax payable on any non-REIT taxable income for the year, using tax rates enacted or substantively enacted at the end of the relevant period.Entry to the UK-REIT regimeThe Group obtained its UK-REIT status effective from 21 December 2017. Entry to the regime results in, subject to continuing relevant UK-REIT criteria being met, the profits of the Group\u2019s property rental business, comprising both income and capital gains, being exempt from UK taxation.The Group intends to ensure that it complies with the UK-REIT regulations on an on-going basis and regularly monitors the conditions required to maintain REIT status.2.11\u2002Investment propertiesInvestment properties consist of land and buildings which are held to earn income together with the potential for capital growth.Investment properties are recognised when the risks and rewards of ownership have been transferred and are measured initially at cost, being the fair value of the consideration given, including transaction costs. Where the purchase price (or proportion thereof) of an investment property is settled through the issue of new ordinary shares in the Company, the number of shares issued is such that the fair value of the share consideration is equal to the fair value of the asset being acquired. Transaction costs include transfer taxes and professional fees for legal services. Any subsequent capital expenditure incurred in improving investment properties is capitalised in the period incurred and included within the book cost of the property. All other property expenditure is written off in profit or loss as incurred.After initial recognition, investment properties are measured at fair value, with gains and losses recognised in profit or loss in the period in which they arise.Gains and losses on disposals of investment properties will be determined as the difference between the net disposal proceeds and the carrying value of the relevant asset. These will be recognised in profit or loss in the period in which they arise.Initially, rental guarantees are recognised at their fair value and separated from the purchase price on initial recognition of the property being purchased. They are subsequently measured at their fair value at each reporting date with any movements recognised in the profit or loss.2.12\u2002Joint venturesInterests in joint ventures, including the additional interest acquired during the year, are accounted for using the equity method of accounting as per IAS 28. The Group\u2019s joint ventures are arrangements in which the partners have joint control and rights to the net assets of the arrangement. Investments in joint ventures are carried in the statement of financial position at cost as adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the joint venture, less any impairment or share of income adjusted for dividends. In assessing whether a particular entity is controlled, the Group considers the same principles as control over subsidiaries as described in note 2.1.2.13\u2002Property, plant and equipmentProperty, plant and equipment comprises of rooftop solar panels. Rooftop solar panels are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is recognised over the useful lives of the equipment, using the straight-line method at a rate of between 25- 30 years depending on the useful economic life.Residual value is reviewed at least at each financial year and there is no depreciable amount if residual value is the same as, or exceeds, book value. Any gain or loss arising on the disposal of the rooftop solar panels are determined as the difference between the sales proceeds and the carrying amount of the asset.2.14\u2002Financial assets and liabilitiesFinancial assets and liabilities are recognised when the relevant Group entity becomes a party to the unconditional contractual terms of an instrument. Unless otherwise indicated, the carrying amounts of financial assets and liabilities are considered by the Directors to be reasonable estimates of their fair values.Financial assetsFinancial assets are recognised initially at their fair value. All of the Group\u2019s financial assets, except interest rate derivatives, are held at amortised cost using the effective interest method, less any impairment.For assets where changes in cash flows are linked to changes in an inflation index, the Group updates the effective interest rate at the end of each reporting period and this is reflected in the carrying amount of the asset each reporting period until the asset is derecognised.Cash and cash equivalentsCash and cash equivalents consist of cash in hand and short-term deposits in banks with an original maturity of three months or less.Trade and other receivablesTrade and other receivables, including rents receivable, are recognised and carried at the lower of their original invoiced value and recoverable amount. Provisions for impairment are calculated using an expected credit loss model. Balances will be written-off in profit or loss in circumstances where the probability of recovery is assessed as being remote.Trade and other payablesTrade and other payables are recognised initially at their fair value and subsequently at amortised cost.Bank borrowingsBank borrowings are initially recognised at fair value net of attributable transaction costs. After initial recognition, bank borrowings are subsequently measured at amortised cost, using the effective interest method. The effective interest rate is calculated to include all associated transaction costs.In the event of a modification to the terms of a loan agreement, the Group considers both the quantitative and qualitative impact of the changes. Where a modification is considered substantial, the existing facility is treated as settled and the new facility is recognised. Where the modification is not considered substantial, the carrying value of the liability is restated to the present value of the cash flows of the modified arrangement, discounted using the effective interest rate of the original arrangement. The difference is recognised as a gain or loss on refinancing through the statement of comprehensive income.Derivative financial instruments and hedge accountingThe Group\u2019s derivative financial instruments currently comprise of interest rate swaps/caps. Derivatives designated as hedging instruments utilise hedge accounting under IAS 39. Derivatives not designated under hedge accounting are accounted for under IFRS 9.These instruments are used to manage the Group\u2019s cash flow interest rate risk.The instruments are initially recognised at fair value on the date that the derivative contract is entered into, being the cost of any premium paid at inception, and are subsequently re-measured at their fair value at each reporting date.Fair value measurement of derivative financial instrumentsThe fair value of derivative financial instruments is the estimated amount that the Group would receive or pay to terminate the agreement at the period end date, taking into account current interest rate expectations and the current credit rating of the relevant group entity and its counterparties.The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole.A number of assumptions are used in determining the fair values including estimations over future interest rates and therefore future cash flows. The fair value represents the net present value of the difference between the cash flows produced by the contract rate and the valuation rate.Hedge accountingAt the inception of a hedging transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedging transaction.The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.Assuming the criteria for applying hedge accounting continue to be met the effective portion of gains and losses on the revaluation of such instruments are recognised in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of such gains and losses will be recognised in profit or loss within finance income or expense as appropriate. The cumulative gain or loss recognised in other comprehensive income is reclassified from the cash flow hedge reserve to profit or loss (finance expense) at the same time as the related hedged interest expense is recognised.Interest rate derivatives that do not qualify under hedge accounting are carried in the Group Statement of Financial Position at fair value, with changes in fair value recognised in the Group Statement of Comprehensive Income, net of interest receivable/payable from the derivatives shown in the finance income or expense line.2.15\u2002Equity instrumentsEquity instruments issued by the Company are recorded at the amount of the proceeds received, net of directly attributable issue costs. Costs not directly attributable to the issue are immediately expensed in profit or loss.Further details of the accounting for the proceeds from the issue of shares in the period are disclosed in note 22.2.16\u2002Fair value measurements and hierarchyFair value is the price that would be received on the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market. It is based on the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interest. A fair value measurement of a non-financial asset takes into account the best and highest value use for that asset.The fair value hierarchy to be applied under IFRS 13 is as follows:Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.For assets and liabilities that are carried at fair value and which will be recorded in the financial information on a recurring basis, the Group will determine whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period.3.\u2002Gross rental incomeYear toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Rental income \u2013 freehold property 53,119 44,332Rental income \u2013 long leasehold property 42,669 28,031Lease surrender income 35 \u2013Gross rental income 95,823 72,363Year toYear to30 June 202330 June 2022\u00a3\u2019000\u00a3\u2019000Property insurance recoverable 585 449Service charge recoverable 5,354 1,637Total property insurance and service charge income 5,939 2,086Total property income 101,762 74,449Included within rental income is a \u00a32,512,000 (2022: \u00a32,654,000) rent smoothing adjustment that arises as a result of IFRS 16 \u2018Leases\u2019 requiring that rental income in respect of leases with rents increasing by a fixed percentage be accounted for on a straight-line basis over the lease term. During the year this resulted in an increase in rental income and an offsetting entry being recognised in profit or loss as an adjustment to the investment property revaluation.On an annualised basis, rental income comprises \u00a349,620,000 (2022: \u00a334,420,000) relating to the Group\u2019s largest tenant and \u00a327,194,000 (2022: \u00a324,265,000) relating to the Group\u2019s second-largest tenant. There were no further tenants representing more than 10% of annualised gross rental income during either year.4.\u2002Service charge expenseYear toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Property insurance expenses 715 639Service charge expenses 5,803 1,699Total property insurance and service charge expense 6,518 2,3385.\u2002Administrative and other expensesYear toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Investment Adviser fees (Note 27) 10,292 9,405Directors\u2019 remuneration (Note 7) 364 269Corporate administration fees 1,108 893Legal and professional fees 1,626 2,249Other administrative expenses 2,039 1,121Total administrative and other expenses 15,429 13,937The fees relating to the issue of shares in the year have been treated as share issue expenses and offset against the share premium reserve.6.\u2002Operating (loss)/profitOperating (loss)/profit is stated after charging fees for:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Audit of the Company\u2019s consolidated and individual financial statements 260 190Audit of subsidiaries, pursuant to legislation 95 64Total audit services 355 254Audit related services: interim review 38 32Total audit and audit-related services 393 286The Group\u2019s auditor also provided the following services in relation to corporate finance services:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Other non-audit services: corporate finance services in connection with the October 2021 and April 2022 placings \u2013 78Other non-audit services: corporate finance services in connection with the transition to premium segment of LSE \u2013 45Other non-audit services: corporate finance services 65 \u2013Total other non-audit services 65 123Total fees charged by the Group\u2019s auditor 458 4097.\u2002Directors\u2019 remunerationThe Group had no employees in the current or prior year. The Directors, who are the key management personnel of the Company, are appointed under letters of appointment for services. Directors\u2019 remuneration, all of which represents fees for services provided, was as follows:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Directors\u2019 fees 330 245Employer\u2019s National Insurance Contribution 34 24Total Directors\u2019 remuneration 364 269The highest paid Director received \u00a375,000 (2022: \u00a370,000) for services during the year.8.\u2002Finance income and expenseYear toYear to30 June 2023 30 June 2022 Finance income\u00a3\u2019000\u00a3\u2019000Interest received on bank deposits 53 \u2013Income from financial assets held at amortised cost (note 16) 483 \u2013Finance income on unwinding of discounted receivable (note 17) 2,376 \u2013Finance income on settlement of interest rate derivatives (note 19) 11,714 \u2013Total finance income 14,626 \u2013Year toYear to30 June 2023 30 June 2022 Finance expense\u00a3\u2019000\u00a3\u2019000Interest payable on bank borrowings and hedging arrangements 29,707 9,565Finance expense on settlement of interest rate derivatives (note 19) \u2013 296Commitment fees payable on bank borrowings 1,571 969Amortisation of loan arrangement fees* 8,037 2,157Amortisation of interest rate derivative premium (Note 19) \u2013 5Total finance expense 39,315 12,992*This includes a one-off exceptional charge in the year to 30 June 2023 of \u00a31.52 million, relating to the acceleration of unamortised arrangement fees in respect of the modification of the Wells Fargo and Barclays/RBC facilities under IFRS 9. It also includes a one-off loan arrangement fee for the short-term J.P. Morgan loan of \u00a34.0 million.The above finance expense includes the following in respect of liabilities not classified as fair value through profit and loss:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Total interest expense on financial liabilities held at amortised cost 37,744 11,723Fee expense not part of effective interest rate for financial liabilities held at amortised cost 1,571 969Total finance expense 39,315 12,6929.\u2002TaxationTax charge in profit or lossYear toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Corporation tax \u2013 \u2013B) Total tax expenseTax charge in profit and loss as per the above \u2013 \u2013Share of tax expense of equity accounted joint ventures (400) 987Total tax (credit)/expense (400) 987The Company and its subsidiaries operate as a UK Group REIT. Subject to continuing compliance with certain rules, the UK REIT regime exempts the profits of the Group\u2019s property rental business from UK corporation tax. To operate as a UK Group REIT a number of conditions had to be satisfied in respect of the Company, the Group\u2019s qualifying activity and the Group\u2019s balance of business. Since the 21 December 2017 the Group has met all such applicable conditions.The reconciliation of the (Loss)/profit before tax multiplied by the blended rate of corporation tax for the year of 20.4% (2022: 19%) to the total tax charge is as follows:Year toYear to30 June 2023 30 June 2022 C) Reconciliation of the total tax charge for the year\u00a3\u2019000\u00a3\u2019000(Loss)/Profit on ordinary activities before taxation (144,866) 110,303Theoretical tax at UK standard corporation tax rate of 20.4% (2022: 19%) (29,553) 20,958Effects of:Investment property and derivative revaluation not taxable 49,680 (4,146)Disposal of interest rate derivative (587) \u2013Residual business losses 4,428 \u2013Other non-taxable items (8,807) \u2013REIT exempt income (15,161) (16,812)Share of tax expense of equity accounted joint ventures (400) 987Total tax (credit)/expense for the year (400) 987UK REIT exempt income includes property rental income that is exempt from UK corporation tax in accordance with Part 12 of CTA 2010. No deferred tax asset has been recognised in respect of the Group\u2019s residual carried forward tax losses of \u00a336.2 million as, given the Group\u2019s REIT status, it is considered unlikely that these losses will be utilised.10.\u2002Earnings per shareEarnings per share (EPS) amounts are calculated by dividing the profit or loss for the period attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares in issue during the period. As there are no dilutive instruments outstanding, basic and diluted earnings per share are identical.The European Public Real Estate Association (EPRA) publishes guidelines for calculating adjusted earnings on a comparable basis. EPRA EPS is a measure of EPS designed by EPRA to enable entities to present underlying earnings from core operating activities, which excludes fair value movements on investment properties.56The Company has also included an additional earnings measure called \u201cAdjusted Earnings\u201d and \u201cAdjusted EPS\u201d. Adjusted earningsis a performance measure used by the Board to assess the Group\u2019s financial performance and dividend payments. The metric adjusts EPRA earnings by deducting one-off items such as debt restructuring costs and the Joint Venture acquisition loan arrangement fee which are non-recurring in nature and adding back finance income on derivatives held at fair value through profit and loss. Adjusted Earnings is considered a better reflection of the measure over which the Board assesses the Group\u2019s trading performance and dividend cover.Finance income received from derivatives held at fair value through profit and loss are added back to EPRA earnings as this reflects the cash received from the derivatives in the period and therefore gives a better reflection of the Group\u2019s net finance costs.Debt restructuring costs relate to the acceleration of unamortised arrangement fees following the partial transition of the Group\u2019s debt structure from secured to unsecured.The Joint Venture acquisition loan arrangement fee relates to the upfront amount payable to J.P. Morgan in respect of the short-term facility taken out in January 2023 to fund the Group\u2019s purchase of BAPTL\u2019s 50% interest in the joint venture. This was specific debt taken out to finance the transaction to acquire and then dispose of the joint venture, whilst protecting the Group from any recourse on unwind of the joint venture\u2019s financial asset. This adjustment reflects the arrangement fee only, as the Group largely had other committed undrawn facilities that it could have utilised.The reconciliation of IFRS Earnings, EPRA Earnings and Adjusted Earnings is shown below:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Net (loss) / profit attributable to ordinary shareholders (144,866) 110,303EPRA adjustments:Changes in fair value of investment properties and rental guarantees 256,066 (21,820)Changes in fair value of interest rate derivatives measured at fair value through profit and loss (10,024) \u2013Profit on disposal of interest rate derivatives (2,878) \u2013Group share of changes in fair value of joint venture investment properties (11,486) 6,021Group share of gain on disposal of joint venture investment properties \u2013 (37,102)Gain on disposal of investments in joint venture (19,940) \u2013Finance income received on interest rate derivatives held at fair value through profit and loss (9,671) \u2013EPRA earnings 57,201 57,402Adjustments for:Finance income received on interest rate derivatives held at fair value through profit and loss 9,671 \u2013One-off restructuring costs in relation to the acceleration of unamortised arrangement fees 1,518 \u2013Joint Venture acquisition loan arrangement fee 4,009 \u2013Adjusted Earnings 72,399 57,4021NumberNumberWeighted average number of ordinary shares 1,242,574,505 975,233,8581 Based on the weighted average number of ordinary shares in issueYear to Year to 30 June 202330 June 2022Pence per share Pence per share (\u2018p\u2019)(\u2018p\u2019)Basic and Diluted EPS (11.7) 11.3EPRA adjustments:Changes in fair value of interest rate derivatives measured at FVTPL (0.8) \u2013Changes in fair value of investment properties and rent guarantees 20.6 (2.2)Group share of changes in fair value of joint venture investment properties (0.9) 0.6Profit on disposal of interest rate derivatives (0.2) \u2013Group share of gain on disposal of joint venture investment properties (1.6) (3.8)Finance income received on interest rate derivatives held at fair value through profit and loss (0.8) \u2013EPRA EPS 4.6 5.9Adjustments for:Finance income received on interest rate derivatives held at fair value through profit and loss 0.8 \u2013One-off restructuring costs in relation to the acceleration of unamortised arrangement fees 0.1 \u2013Joint Venture acquisition loan arrangement fee 0.3 \u2013Adjusted EPRA EPS 5.8 5.911. DividendsYear toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Amounts recognised as a distribution to ordinary Shareholders in the year:Dividends paid 74,328 53,190On 8 July 2022, the Board declared a fourth interim dividend for the year ended 30 June 2022 of 1.485 pence per share, which was paid on 22 August 2022 to Shareholders on the register on 15 July 2022.On 21 September 2022 the Board declared a first interim dividend for the year ending 30 June 2023 of 1.5 pence per share, which was paid on 16 November 2022 to shareholders on the register on 7 October 2022.On 12 January 2023, the Board declared a second interim dividend for the year ending 30 June 2023 of 1.5 pence per share, which was paid on 23 February 2023 to shareholders on the register on 20 January 2023.On 11 April 2023, the Board declared a third interim dividend for the year ending 30 June 2023 of 1.5 pence per share, which was paid on 26 May 2023 to shareholders on the register on 21 April 2023.On 6 July 2023, the Board declared a fourth interim dividend for the year ending 30 June 2023 of 1.5 pence per share, which was paid on 4 August 2023 to shareholders on the register on 13 July 2023. This has not been included as a liability as at 30 June 2023.12. Investment propertiesIn accordance with IAS 40 \u201cInvestment Property\u201d, the Group\u2019s investment properties have been independently valued at fair value by Cushman & Wakefield, an accredited independent valuer with a recognised and relevant professional qualification and with recent experience in the locations and categories of the investment properties being valued. The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards (the \u201cRed Book\u201d) and incorporate the recommendations of the International Valuation Standards Committee which are consistent with the principles set out in IFRS 13.The independent valuer in forming its opinion on valuation makes a series of assumptions. As explained in note 2, all the valuations of the Group\u2019s investment property at 30 June 2023 are classified as \u2018level 3\u2019 in the fair value hierarchy defined in IFRS 13.The valuations are ultimately the responsibility of the Directors. Accordingly, the critical assumptions used in establishing the independent valuation are reviewed by the Board.Long Freehold Leasehold Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 1 July 2022 903,850 657,740 1,561,590Property additions 131,600 231,030 362,630Capitalised acquisition costs 4,132 10,549 14,681Revaluation movement (140,142) (113,069) (253,211)Valuation at 30 June 2023 899,440 786,250 1,685,690At 1 July 2021 723,540 424,840 1,148,380Property additions 150,363 220,447 370,810Capitalised acquisition costs 7,825 9,778 17,603Revaluation movement 22,122 2,675 24,797Valuation at 30 June 2022 903,850 657,740 1,561,590Year toYear to30 June 2023 30 June 2022Reconciliation of Investment Property to Independent Property Valuation\u00a3\u2019000\u00a3\u2019000Investment Property at fair value per Group Statement of Financial Position 1,685,690 1,561,590Market Value of Property classified as Financial Assets held at amortised cost (Note 16) 7,210 9,960Total Independent Property Valuation 1,692,900 1,571,550There were nine property acquisitions during the year, of which two were purchased through the acquisition of a corporate structure, rather than acquiring the asset directly. All corporate acquisitions during the year have been treated as asset purchases rather than business combinations because they are considered to be acquisitions of properties rather than businesses.Included within the carrying value of investment properties at 30 June 2023 is \u00a38,724,000 (2022: \u00a36,212,000) in respect of the smoothing of fixed contractual rent uplifts as described in note 3. The difference between rents on a straight-line basis and rents actually receivable is included within the carrying value of the investment properties but does not increase that carrying value over fair value. The effect of this adjustment on the revaluation movement during the year is as follows:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3'000Revaluation movement per above (253,211) 24,797Rent smoothing adjustment (note 3) (2,512) (2,654)Movements in associated rent guarantees and lease incentives (343) (323)Change in fair value recognised in profit or loss (256,066) 21,820Valuation techniques and key unobservable inputsValuation techniques used to derive fair valuesThe valuations have been prepared on the basis of market value which is defined in the RICS Valuation Standards as \u2018the estimated amount for which an asset or liability should exchange on the date of the valuation between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion\u2019. Market value as defined in the RICS Valuation Standards is the equivalent of fair value under IFRS.The yield methodology approach is used when valuing the Group\u2019s properties which uses market rental values capitalised with a market capitalisation rate. This is sense-checked against the market comparable method (or market comparable approach) where a property\u2019s fair value is estimated based on comparable transactions in the market.Unobservable inputsSignificant unobservable inputs include: the estimated rental value (\u201cERV\u201d) based on market conditions prevailing at the valuation date and net initial yield. Other unobservable inputs include but are not limited to the future rental growth \u2013 the estimated average increase in rent based on both market estimations and contractual situations, and the physical condition of the individual properties determined by inspection.A decrease in ERV would decrease the fair value. A decrease in net initial yield would increase the fair value.Sensitivity of measurement of significant valuation inputsAs described in note 2 the determination of the valuation of the Group\u2019s investment property portfolio is open to judgement and is inherently subjective by nature.Sensitivity analysis \u2013 impact of changes in net initial yields and rental valuesYear toYear to30 June 202330 June 2022Range of Net Initial Yields 4.7% - 7.4% 3.8% - 6.6%Range of Rental values (passing rents or ERV as relevant) of Group\u2019s Investment Properties \u00a30.3m - \u00a35.1m \u00a30.3m - \u00a34.2mWeighted average of Net Initial Yields 5.6% 4.6%Weighted average of Rental values (passing rents or ERV as relevant) of Group\u2019s Investment Properties \u00a32.8m \u00a32.6mThe table below analyses the sensitivity on the fair value of investment properties for changes in rental values and net initial yields:+2%-2%+0.5% Net -0.5% Net Rental valueRental valueInitial YieldInitial Yield\u00a3m\u00a3m\u00a3m\u00a3m(Decrease)/increase in the fair value of investment properties as at 30 June 2023 33.7 (33.7) (139.9) 168.1(Decrease)/increase in the fair value of investment properties as at 30 June 2022 31.2 (31.2) (81.1) 90.713. SubsidiariesThe entities listed in the following table were the subsidiary undertakings of the Company at 30 June 2023 all of which are wholly owned. All but those noted as Jersey entities below are subsidiary undertakings incorporated in England.Company name Holding type Nature of business+Supermarket Income Investments UK LimitedDirect Intermediate parent company+Supermarket Income Investments (Midco2) UK LimitedDirect Intermediate parent company+Supermarket Income Investments (Midco3) UK LimitedDirect Intermediate parent company+Supermarket Income Investments (Midco4) UK LimitedDirect Intermediate parent company+SII UK Halliwell (MIDCO) LTDDirect Intermediate parent company+Supermarket Income Investments UK (Midco6) LimitedDirect Intermediate parent company+Supermarket Income Investments UK (Midco7) LimitedDirect Intermediate parent company+SUPR Green Energy LimitedDirect Energy provision company+SUPR Finco LimitedDirect Holding company+Supermarket Income Investments UK (NO1) LimitedIndirect Property investment+Supermarket Income Investments UK (NO2) LimitedIndirect Property investment+Supermarket Income Investments UK (NO3) LimitedIndirect Property investment+Supermarket Income Investments UK (NO4) LimitedIndirect Property investment+Supermarket Income Investments UK (NO5) LimitedIndirect Property investment+Supermarket Income Investments UK (NO6) LimitedIndirect Property investment+Supermarket Income Investments UK (NO7) LimitedIndirect Property investment+Supermarket Income Investments UK (NO8) LimitedIndirect Property investment+Supermarket Income Investments UK (NO9) LimitedIndirect Property investment+Supermarket Income Investments UK (NO10) LimitedIndirect Property investment+Supermarket Income Investments UK (NO11) LimitedIndirect Property investment+Supermarket Income Investments UK (NO12) LimitedIndirect Property investment+Supermarket Income Investments UK (NO16) LimitedIndirect Property investment+Supermarket Income Investments UK (NO16a) LimitedIndirect Property investment+Supermarket Income Investments UK (NO16b) LimitedIndirect Property investment+Supermarket Income Investments UK (NO16c) LimitedIndirect Property investment+Supermarket Income Investments UK (NO17) LimitedIndirect Property investment+TPP Investments LimitedIndirect Property investment+T (Partnership) LimitedIndirect Property investmentThe TBL Property Partnership Indirect Property investment+Supermarket Income Investments UK (NO19) LimitedIndirect Property investment+Supermarket Income Investments UK (NO20) LimitedIndirect Property investment+Supermarket Income Investments UK (NO21) LimitedIndirect Property investment+Supermarket Income Investments UK (NO22) LimitedIndirect Property investment+Supermarket Income Investments UK (NO23) LimitedIndirect Property investment+Supermarket Income Investments UK (NO24) LimitedIndirect Property investment+Supermarket Income Investments UK (NO25) LimitedIndirect Property investment+Supermarket Income Investments UK (NO26) LimitedIndirect Property investment+Supermarket Income Investments UK (NO27) LimitedIndirect Property investment+Supermarket Income Investments UK (NO28) LimitedIndirect Property investment+Supermarket Income Investments UK (NO29) LimitedIndirect Property investment+Supermarket Income Investments UK (NO30) LimitedIndirect Property investment+Supermarket Income Investments UK (NO31) LimitedIndirect Property investment+Supermarket Income Investments UK (NO32) LimitedIndirect Property investment+Supermarket Income Investments UK (NO33) LimitedIndirect Property investment+Supermarket Income Investments UK (NO34) LimitedIndirect Property investment\u2013Supermarket Income Investments UK (NO35) Limited^Indirect Property investment+Supermarket Income Investments UK (NO36) LimitedIndirect Property investment+Supermarket Income Investments UK (NO37) LimitedIndirect Property investment+Supermarket Income Investments UK (NO38) LimitedIndirect Property investment\u2013Supermarket Income Investments UK (NO39) Limited**^Indirect Property investmentCompany name Holding type Nature of business+Supermarket Income Investments UK (NO40) Limited*Indirect Property investment+Supermarket Income Investments UK (NO41) Limited*Indirect Property investment+Supermarket Income Investments UK (NO42) Limited*Indirect Property investment+Supermarket Income Investments UK (NO43) Limited*Indirect Property investment+Supermarket Income Investments UK (NO44) Limited*Indirect Property investment+Supermarket Income Investments UK (NO45) Limited*Indirect Property investment\u2013The Brookmaker Unit Trust**^Indirect Property investment#Brookmaker Limited Partnership**Indirect Property investment#Brookmaker (GP) Limited**Indirect Property investment#Brookmaker (Nominee) Limited**Indirect Property investment+Supermarket Income Investments UK (NO47) Limited*Indirect Property investment\u2013Horner (GP) Limited**^Indirect Property investment\u2013Horner (Jersey) Limited Partnership**^Indirect Property investment\u2013Horner REIT**^Indirect Property investment+SII UK Halliwell (No1) LTDIndirect Investment in Joint venture+SII UK Halliwell (No2) LTDIndirect Investment in Joint venture+SII UK Halliwell (No3) LTDIndirect Investment in Joint venture+SII UK Halliwell (No4) LTDIndirect Investment in Joint venture+SII UK Halliwell (No5) LTDIndirect Investment in Joint venture+SII UK Halliwell (No6) LTDIndirect Investment in Joint venture* New subsidiaries incorporated during the year ended 30 June 2023** Subsidiaries acquired during the year ended 30 June 2023^ Jersey registered entity+ Registered office: 1 King William Street, London, United Kingdom, EC4N 7AF- Registered office: 3rd Floor, Gaspe House, 66-72 Esplanade, St Helier, Jersey, JE1 2LH# Registered office: 8th Floor, 1 Fleet Place, London, United Kingdom, EC4M 7RAThe following subsidiaries will be exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of that Act.Companies House Company nameRegistration NumberSII UK Halliwell (MIDCO) LTD 12473355SUPR Green Energy Limited 12890276SII UK Halliwell (No1) LTD 12475261SII UK Halliwell (No2) LTD 12475599SII UK Halliwell (No3) LTD 12478141SII UK Halliwell (No4) LTD 12604032SII UK Halliwell (No5) LTD 12605175SII UK Halliwell (No6) LTD 12606144SUPR Finco Limited 1429276014. Investment in joint venturesYear toYear to30 June 202330 June 2022\u00a3\u2019000\u00a3\u2019000Opening balance 177,140 130,321Additions* 206,656 3,518Group\u2019s share of profit after tax 23,232 43,301Disposal (407,028) \u2013Closing balance \u2013 177,140*Included within additions are \u00a3190.7 million of further investments made in the joint venture during the year and \u00a315.9 million of net liabilities acquired onacquisition of Horner (Jersey) LPIn May 2020, the Group and British Airways Pension Trustees Limited (BAPTL) formed a 50:50 joint venture (the \u201cjoint venture\u201d), Horner (Jersey) LP. Horner (Jersey) LP owns 100% of the shares in Horner REIT, which acquired 100% of the issued share capital in Horndrift Limited for a combined total consideration of \u00a3102m plus costs on this date.In February 2021, Horner REIT acquired 100% of the issued share capital in Cornerford Limited for a combined total consideration of \u00a3115m plus costs. Further amounts have been advanced since this date to fund operating costs and taxation liabilities on a pro-rata basis with the other parties.Horndrift and Cornerford Limited each hold a 25.2% share of certain beneficial interests in a property trust arrangement that holds a portfolio of 26 Sainsbury\u2019s supermarket properties funded by bonds which matured in 2023 (the \u201cStructure\u201d). Rental surpluses generated by the Structure are required to be applied in the repayment of the bonds and not therefore capable of being transferred to the joint venture or Group until those bonds have been repaid.On 12 January 2023, the Group purchased British Airways Pension Trustees Limited\u2019s (BAPTL) 50% interest in the joint venture for \u00a3188.8 million which resulted in the Group consolidating the following entities:Entity Address and principal place of business OwnershipJersey Third Floor, Liberation House, Castle Street, St Helier, 100% owned by the GroupHorner (Jersey) LPJersey, JE1 2LHHorner GP Third Floor, Liberation House, Castle Street, St Helier, 100% owned by the GroupJersey, JE1 2LHHorner REIT Limited Third Floor, Liberation House, Castle Street, St Helier, 100% owned by Horner (Jersey) LPJersey, JE1 2LHUnited Kingdom Langham Hall UK LLP, 1 Fleet Street, Previously owned 100% by Horner REIT Horndrift LimitedLondon, E4M 7RALimited and disposed in March-23Cornerford Limited Langham Hall UK LLP, 1 Fleet Street, Previously owned 100% by Horner REIT London, E4M 7RALimited and disposed in March-23The assets and liabilities recognised on acquisition were as follows:Fair value 12 Jan 2023Current assets\u00a3\u2019000Investment in joint venture 200,887Cash and cash equivalents 565Trade and other receivables 19Total current assets 201,471Total assets 201,471Current liabilitiesTrade and other payables (9,078)Total current liabilities (9,078)Total liabilities (9,078)Net assets 192,393Negative goodwill on acquisition (3,565)Purchase consideration 188,828Transaction related costs of \u00a3451,000 were incurred in respect of the above acquisition and were capitalised as part of the Group\u2019s carrying amount in the joint venture.Horner (Jersey) LP\u2019s share of the aggregate amounts recognised in the statement of financial position of the Structure are as follows:Fair value 12 Jan 2023Non-current assets\u00a3\u2019000Investment properties \u2013Total non-current assets \u2013Current assetsContractual receivable 277,379Trade and other receivables 1,683Investment properties held for sale 16,888Cash and cash equivalents \u2013Total current assets 295,950Total assets 295,950Current liabilitiesDebt securities in issue (85,349)Interest rate derivative (351)Deferred tax (139)Trade and other payables (4,097)Other liabilities (5,127)Total current liabilities (95,063)Total liabilities (95,063)Net assets 200,887The acquisition of BAPTL\u2019s 50% interest in the joint venture, increased the Group\u2019s beneficial interest in the structure to 51%. Following the additional joint venture interest acquired during the year, the Group was deemed to control the Structure jointly, as any change to the contractual arrangements and deeds that regulate the Structure, required unanimous consent from all beneficial holders. Therefore, the equity method of accounting continued to be used until the disposal of the investment in joint venture which occurred during the year. Further detail is included in Note 2 of the financial statements.Atrato Halliwell Limited, affiliate of the Investment Adviser, has a carried interest entitlement over the investment returns from the Group\u2019s investment in the joint venture. Under the terms of the Limited Partnership Agreement, (\u201cLPA\u201d), once the Group and BAPTL received a return equal to their total investment in the joint venture plus an amount equivalent to a 10% per annum preferred return on that investment, Atrato Halliwell is entitled to share in any further cash returns to be distributed by the joint venture. Atrato Halliwell\u2019s entitlement to share in cash returns in excess of the preferred return increases depending on the extent of those cash returns, up to a maximum entitlement of \u00a315,000,000.Following the acquisition of BAPTL\u2019s 50% interest in the joint venture, BAPTL\u2019s \u00a37.5 million share of carried interest to Atrato Halliwell crystalised and was paid at the point of acquisition, together with other deferred arrangement fees payable by BAPTL amounting to \u00a30.6 million. The remaining \u00a37.5 million is included within trade and other payables within Note 18 and was paid after the year end.On 13 March 2023, the Group sold its interests in Horndrift and Cornerford Limited to Sainsbury\u2019s for gross proceeds of \u00a3430.8 million. which was structured in three separate tranches:\u2022 The first tranche of \u00a3279.3 million was paid in cash on 17 March 2023\u2022 The second tranche of \u00a3116.9 million was paid in cash after the balance sheet date on 10 July 2023\u2022 The third tranche of \u00a334.7 million was conditional on the sale of the remaining five stores in the portfolio.During the year, the Group purchased two of the five stores for a gross purchase price of \u00a325.2 million and received total proceeds from Sainsbury\u2019s of \u00a315.0 million.After the year end, the Group purchased two of the remaining three stores in the portfolio for a gross purchase price of \u00a336.4 million and received proceeds from Sainsbury\u2019s of \u00a318.2 million. It is expected that the one remaining store will be sold at vacant possession value.Year toYear to30 June 202330 June 2022\u00a3\u2019000\u00a3\u2019000Total disposal consideration 430,797 \u2013Fair value adjustment to contractual receivable (2,579) \u2013Carrying amount of net assets sold (407,029) \u2013Transaction related costs (1,249) \u2013Profit on disposal of joint venture interest 19,940 \u2013Horndrift and Cornerford Limited\u2019s share of the aggregate amounts recognised in the consolidated statement of comprehensive income and statement of financial position for the period ending 13 March 2023 are as follows:Period to Year to 13 March 2023 30 June 2022\u00a3\u2019000\u00a3\u2019000Rental income 3,904 12,878Finance income 18,142 15,988Administrative and other expenses (1,844) (190)Change in fair value of investment properties (4,256) (11,336)Gain on disposal of investment properties 27,228 84,095Operating profit 43,174 101,435Finance expense (1,585) (1,996)Profit before taxation 41,589 99,439Tax charge for the period 833 (1,974)Profit for the period/year 42,422 97,465Group share of profit for the period / year 23,232 43,301As at As at 13 March 202330 June 2022Non-current assets\u00a3\u2019000\u00a3\u2019000Investment properties \u2013 37,005Total non-current assets \u2013 37,005Current assetsContractual receivable 559,268 530,481Trade and other receivables 8,743 2,897Investment properties held for sale 33,794 \u2013Cash and cash equivalents \u2013 \u2013Total current assets 601,805 533,378Total assets 601,805 570,383Current liabilitiesDebt securities in issue 169,901 176,243Interest rate derivative 467 3,451Deferred tax 353 4,196Other liabilities 10,259 9,883Trade and other payables 10,231 7,329Total current liabilities 191,211 201,102Total liabilities 191,211 201,102Net assets 410,594 369,281Negative goodwill on acquisition (3,565) \u2013Carrying amount of net assets at disposal 407,029 369,28115.\u2002Financial assets held at fair value through profit or lossRental guarantees provided by the seller of an investment property are recognised as a financial asset when there is a valid expectation that the Group will utilise the guarantee over the contractual term. Rental guarantees are classified as financial assets at fair value through profit and loss in accordance with IFRS 9.In determining the fair value of the rental guarantee, the Group makes an assessment of the expected future cash flows to be derived over the term of the rental guarantee and discounts these at the market rate. A review is performed on a periodic basis based on payments received and changes in the estimation of future cash flows.The fair value of rental guarantees held by the Group are as follows:Year toYear to30 June 202330 June 2022\u00a3\u2019000\u00a3\u2019000At start of year 283 237Additions 1,000 283Fair value changes (including changes in estimated cash flows) 92 (326)Collected during the year (1,375) 89Total financial assets held at fair value through profit and loss at end of year \u2013 28316. Financial assets held at amortised costYear toYear to30 June 2023 30 June 2022\u00a3\u2019000\u00a3\u2019000At start of year 10,626 \u2013Additions \u2013 10,626Interest income recognised in profit and loss (note 8) 483 \u2013Lease payments received during the period (290) \u2013At end of period 10,819 10,626On 8 June 2022, the Group acquired an Asda store in Carcroft, via a sale and leaseback transaction for \u00a310.6 million, this has been recognised in the Statement of Financial Position as a Financial asset in accordance with IFRS 9. The financial asset is measured using the amortised cost model, which recognises the rental payments as financial income and reductions of the asset value based on the implicit interest rate in the lease. As at 30 June 2023 the market value of the property was estimated at \u00a37.2 million.The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the period from incorporation to 30 June 2023. The historical loss rates are then adjusted for current and forward-looking information on macro-economic factors affecting the Group\u2019s customers. Both the expected credit loss provision and the incurred loss provision in the current year is immaterial. No reasonable possible changes in the assumptions underpinning the expected credit loss provision would give rise to a material expected credit loss. 17. Trade and other receivablesAs atAs at30 June 2023 30 June 2022\u00a3\u2019000\u00a3\u2019000Other receivables 4,723 1,430Receivable from joint venture disposal 136,582 \u2013Prepayments and accrued income 850 433Total trade and other receivables 142,155 1,863The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the period from incorporation to 30 June 2023. The historical loss rates are then adjusted for current and forward-looking information on macro-economic factors affecting the Group\u2019s customers. Both the expected credit loss provision and the incurred loss provision in the current and prior year are immaterial. No reasonable possible changes in the assumptions underpinning the expected credit loss provision would give rise to a material expected credit loss.The receivable following the disposal of the Joint venture receivable has been initially recognised at fair value which resulted in a discount of \u00a32.6 million to the gross amounts to be received of \u00a3136.6 million and which is being amortised and recognised within finance income over the period to the receipt of cash from Sainsbury\u2019s. \u00a3135.1 million was received post year end and the remainder of the consideration is expected to be received on sale of the final property.18. Trade and other payablesAs atAs at30 June 2023 30 June 2022\u00a3\u2019000\u00a3\u2019000Corporate accruals 22,469 8,958VAT payable 4,510 1,719Total trade and other payables 26,979 10,67719.\u2002Interest rate derivativesAs atAs at30 June 2023 30 June 2022\u00a3\u2019000\u00a3\u2019000Non-current asset: Interest rate swaps 35,601 5,114Non-current asset: Interest rate cap 1,597 \u2013Current Asset: Interest rate swaps 16,800 \u2013Current Asset: Interest rate cap 3,584 \u2013The rate swaps are remeasured to fair value by the counterparty bank on a quarterly basis.Year toYear to30 June 2023 30 June 2022The fair value at the end of year comprises:\u00a3\u2019000\u00a3\u2019000At start of year (net) 5,114 (447)Interest rate derivative premium paid on inception 44,255 \u2013Amortisation of cap premium in the period (note 8) \u2013 (5)Disposal of interest rate derivatives (2,878) \u2013Changes in fair value of interest rate derivative in the year (P&L) 19,695 5,270Changes in fair value of interest rate derivative in the year (OCI) 3,111 \u2013(Credit)/Charge to the income statement (P&L) (note 8) (9,671) \u2013(Credit)/Charge to the income statement (OCI) (note 8) (2,043) 296Fair value at end of year (net) 57,583 5,114To partially mitigate the interest rate risk that arises as a result of entering into the floating rate debt facilities referred to in note 21, the Group has entered into derivative interest rate swaps in relation to the drawn Unsecured bank syndicate facilities (\u2018the Unsecured swaps\u2019) and loan facilities with Bayerische Landesbank (\u2018the BLB swaps\u2019) and Wells Fargo Bank (\u2018the Wells swaps\u2019). The Group has also entered into a derivative interest rate cap in relation to the drawn HSBC loan facility (\u2018the HSBC cap\u2019).A summary of these derivatives as at 30 June 2023 are shown in the table below:Notional amount Premium Paid Mark to Market Issuer Derivative Type\u00a3m\u00a3m30 June 2023 Swap Rate Maturity DateBarclays Interest Rate Swap \u00a3250.0 \u00a326.7 \u00a333.5 1.34% Jul-27Barclays Interest Rate Swap \u00a3100.0 \u00a37.6 \u00a38.5 1.34% Jul-25Barclays Interest Rate Swap \u00a330.6 \u00a31.2 \u00a30.7 1.34% Dec-23HSBC Interest Rate Cap \u00a396.5 \u00a36.0 \u00a35.2 1.12% Aug-24BLB Interest Rate Swap \u00a337.3 \u00a31.2 \u00a32.7 2.64% Mar-26BLB Interest Rate Swap \u00a322.2 \u00a30.7 \u00a31.6 2.64% Mar-26BLB Interest Rate Swap \u00a327.4 \u00a30.9 \u00a32.0 2.64% Mar-26Wells Fargo Interest Rate Swap \u00a330.0 \u2013 \u00a33.3 0.19% Jul-25Total \u00a3594.0 \u00a344.3 \u00a357.5 \u2013 \u2013On 21 March 2023, the Group announced the refinancing of the existing loan facilities with Bayerische Landesbank with a new three-year \u00a386.9 million term loan replacing the existing tranches of the same amount. The Group closed out swaps on the same date as these coincided with the previous facility. The Group made a profit on disposal of \u00a32.9 million on the swaps.100% of the Group\u2019s outstanding debt as at 30 June 2023 was hedged through the use of fixed rate debt or financial instruments as at 30 June 2023 (2022: 61%). It is the Group\u2019s target to hedge at least 50% of the Group\u2019s total debt at any time using fixed rate loans or interest rate derivatives.The derivatives have been valued in accordance with IFRS 13 by reference to interbank bid market rates as at the close of business on the last working day prior to each reporting date. The fair values are calculated using the present values of future cash flows, based on market forecasts of interest rates and adjusted for the credit risk of the counterparties. The amounts and timing of future cash flows are projected on the basis of the contractual terms.All interest rate derivatives are classified as level 2 in the fair value hierarchy as defined under IFRS 13 and there were no transfers to or from other levels of the fair value hierarchy during the year.In accordance with the Group\u2019s treasury risk policy, the Group applies cash flow hedge accounting in partially hedging the interest rate risks arising on its Wells Fargo variable rate linked facility. Since the refinancing of the Bayerische Landesbank loan facility the Group no longer applies hedge accounting to the newly acquired swaps. Changes in the fair values of derivatives that are designated as cash flow hedges and are effective are recognised directly in the cash flow hedge reserve and included in other comprehensive income. Any ineffectiveness that may arise in this hedge relationship will be included in profit or loss.All floating rate loans and interest rate derivatives are contractually linked to the Sterling Overnight Index Average (\u201cSONIA\u201d).Post year end, the Group extended the maturity of the interest rate derivatives by 12 months. The weighted average interest rate following the derivative changes is 3.1% inclusive of the margin. The Group also entered into a forward starting cap starting in August 2024 and terminating in July 2025 with a strike rate of 1.4%.20.\u2002Bank borrowingsAs atAs at30 June 2023 30 June 2022Amounts falling due within one year:\u00a3\u2019000\u00a3\u2019000Secured debt \u2013 \u2013Unsecured debt 62,090 \u2013Less: Unamortised finance costs (234) \u2013Bank borrowings per the consolidated statement of financial position 61,856 \u2013Amounts falling due after more than one year:Secured debt 291,551 352,213Unsecured debt 318,508 \u2013Less: Unamortised finance costs (4,450) (3,667)Bank borrowings per the consolidated statement of financial position 605,609 348,546Total bank borrowings 667,465 348,546A summary of the Group\u2019s borrowing facilities as at 30 June 2023 are shown below:Loan Amount drawn Credit Variable/ commitment 30 June 2023 Lender Facility Expiry Expiry*marginhedged\u00a3m\u00a3mHSBC Revolving credit facility Aug 2024 Aug 2025 1.65% Cap \u2013 1.12% \u00a396.5 \u00a378.1HSBC Revolving credit facility Aug 2024 Aug 2025 1.65% SONIA \u00a33.5 NilHSBC Revolving credit facility Aug 2024 Aug 2025 1.75% SONIA \u00a350.0 NilDeka Term Loan Aug 2024 Aug 2026 1.35% 0.54% \u00a347.6 \u00a347.6Deka Term Loan Aug 2024 Aug 2026 1.35% 0.70% \u00a328.9 \u00a328.9Deka Term Loan Aug 2024 Aug 2026 1.40% 0.32% \u00a320.0 \u00a320.0BLB Term Loan Mar 2026 Mar 2026 1.65% SWAP \u2013 2.64% \u00a386.9 \u00a386.9Wells Fargo Revolving credit facility Jul 2025 Jul 2027 2.00% SWAP \u2013 0.18% \u00a330.0 \u00a330.0Wells Fargo Revolving credit facility Jul 2025 Jul 2027 2.00% SONIA \u00a39.0 NilBarclays Revolving credit facility Jan 2024 Jan 2026 1.50% SONIA \u00a377.5 NilSyndicate Unsecured RCF Jul 2027 Jul 2029 1.50% SWAP \u2013 1.34% \u00a3250.0 \u00a3218.5Syndicate Unsecured Term Loan Jul 2025 Jul 2027 1.50% SWAP \u2013 1.34% \u00a3100.0 \u00a3100.0Syndicate Unsecured Term Loan Jan 2024 Jan 2025 1.50% SWAP \u2013 1.34% \u00a330.6 \u00a330.6Syndicate Unsecured Term Loan Jan 2024 Jan 2025 1.50% SONIA \u00a331.5 \u00a331.5Total \u00a3862.0 \u00a3672.1*Includes extension options that can be utilised following approval from all partiesIn July 2022, the Group announced the arrangement of a new \u00a3412.1 million unsecured credit facility with a bank syndicate comprising Barclays, Royal Bank of Canada, Wells Fargo and Royal Bank of Scotland International as summarised above. This was partially used to reduce the Wells Fargo and Barclays/RBC facilities. This led to loan modifications under IFRS 9 resulting in an acceleration of loan arrangement fees of \u00a31.52 million.In January 2023, the Group entered into a short-term debt facility provided by J.P. Morgan of \u00a3196.5 million to fund the acquisition of the additional interest in the Joint Venture. The Facility had a margin of 1.5% over SONIA and an arrangement fee of 2.0%. This facility was repaid in March 2023.The Group has been in compliance with all of the financial covenants across the Group\u2019s bank facilities as applicable throughout the periods covered by these financial statements.Any associated fees in arranging the bank borrowings that are unamortised as at the end of the year are offset against amounts drawn under the facility as shown in the table above. The debt is secured by charges over the Group\u2019s investment properties and by charges over the shares of certain Group undertakings, not including the Company itself. There have been no defaults of breaches of any loan covenants during the current year or any prior period.The Group\u2019s borrowings carried at amortised cost are considered to be approximate to their fair value.Post year end, the Group reduced the HSBC facility to \u00a350.0 million from \u00a3150.0 million, cancelled the Barclays/RBC facility and Unsecured term loan of \u00a377.5 million and \u00a362.1 million respectively and entered into a new \u00a367.0 million facility with SMBC Bank International PLC, for more information see note 28.21.\u2002Categories of financial instrumentsAs atAs at30 June 2023 30 June 2022\u00a3\u2019000\u00a3\u2019000Financial assetsFinancial assets at amortised cost:Lease Receivables 10,819 10,626Cash and cash equivalents 37,481 51,200Trade and other receivables 141,305 1,430Financial assets at fair value:Rent guarantees \u2013 283Interest rate derivative 54,278 \u2013Derivatives in effective hedges:Interest rate derivative 3,304 5,114Total financial assets 247,187 68,653Financial liabilitiesFinancial liabilities at amortised cost:Secured debt 289,736 348,546Unsecured debt 377,729 \u2013Trade and other payables 22,469 8,958Total financial liabilities 689,934 357,504At the year end, all financial assets and liabilities were measured at amortised cost except for the interest rate derivatives which are measured at fair value. The interest rate derivative valuation is classified as \u2018level 2\u2019 in the fair value hierarchy as defined in IFRS 13 and its fair value was calculated using the present values of future cash flows, based on market forecasts of interest rates and adjusted for the credit risk of the counterparties.Financial risk managementThrough the Group\u2019s operations and use of debt financing it is exposed to certain risks. The Group\u2019s financial risk management objective is to minimise the effect of these risks, for example by using interest rate cap and interest rate swap derivatives to partially mitigate exposure to fluctuations in interest rates, as described in note 19.The exposure to each financial risk considered potentially material to the Group, how it arises and the policy for managing it is summarised below.Market riskMarket risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group\u2019s market risk arises from open positions in interest bearing assets and liabilities, to the extent that these are exposed to general and specific market movements.The Group\u2019s interest-bearing financial instruments comprise cash and cash equivalents and bank borrowings. Changes in market interest rates therefore affect the Group\u2019s finance income and costs, although the Group has purchased interest rate derivatives as described in note 19 in order to partially mitigate the risk in respect of finance costs. The Group\u2019s sensitivity to changes in interest rates, calculated on the basis of a ten-basis point increase in the three-month SONIA daily rate, was as follows:Year toYear to30 June 202330 June 2022 \u00a3\u2019000\u00a3\u2019000Effect on profit (increase)/decrease (1,383) 413Effect on other comprehensive income and equity (increase) (58) (223)Trade and other receivables and payables are interest free as long as they are paid in accordance with their terms, and have payment terms of less than one year, so it is assumed that there is no material interest rate risk associated with these financial instruments.The Group prepares its financial information in Sterling and all of its current operations are Sterling denominated. It therefore has no exposure to foreign currency and does not have any direct sensitivity to changes in foreign currency exchange rates.Inflation risk arises from the impact of inflation on the Group\u2019s income and expenditure. The majority of the Group\u2019s passing rent at 30 June 2023 is subject to inflation-linked rent reviews. Consequently, the Group is exposed to movements in the Retail Prices Index (\u201cRPI\u201d), which is the relevant inflation benchmark. However, all RPI-linked rent review provisions provide those rents will only be subject to upwards review and never downwards. As a result, the Group is not exposed to a fall in rent in deflationary conditions.The Group does not expect inflation risk to have a material effect on the Group\u2019s administrative expenses, with the exception of the investment advisory fee which is determined as a function of the reported net asset value of the Group.Credit riskCredit risk is the risk of financial loss to the Group if a counterparty fails to meet its contractual obligations. The principal counterparties are the Group\u2019s tenants (in respect of rent receivables arising under operating leases) and banks (as holders of the Group\u2019s cash deposits).The credit risk of rent receivables is considered low because the counterparties to the operating leases are considered by the Board to be high-quality tenants and any lease guarantors are of appropriate financial strength. Rent collection dates and statistics are monitored to identify any problems at an early stage, and if necessary rigorous credit control procedures will be applied to facilitate the recovery of rent receivables. The credit risk on cash deposits is limited because the counterparties are banks with credit ratings which are acceptable to the Board and are kept under review each quarter.The credit risk of the receivable from the disposal of the Joint Venture is considered low and this is supported by the fact that the majority of this was received shortly after the year end.Liquidity riskLiquidity risk arises from the Group\u2019s management of working capital and the finance costs and principal repayments on its secured debt. It is the risk that the Group will not be able to meet its financial obligations as they fall due.The Group seeks to manage its liquidity risk by ensuring that sufficient cash is available to meet its foreseeable needs. These liquidity needs are relatively modest and are capable of being satisfied by the surplus available after rental receipts have been applied in payment of interest as required by the credit agreement relating to the Group\u2019s secured debt.Before entering into any financing arrangements, the Board assesses the resources that are expected to be available to the Group to meet its liabilities when they fall due. These assessments are made on the basis of both base case and downside scenarios. The Group prepares detailed management accounts which are reviewed by the Board at least quarterly to assess ongoing liquidity requirements and compliance with loan covenants. The Board also keeps under review the maturity profile of the Group\u2019s cash deposits in order to have reasonable assurance that cash will be available for the settlement of liabilities when they fall due.The following table shows the maturity analysis for financial assets and liabilities. The table has been drawn up based on the undiscounted cash flows of non-derivative financial instruments, including future interest payments, based on the earliest date on which the Group can be required to pay and assuming that the SONIA daily rate remains at the 30 June 2023 rate. Interest rate derivatives are shown at fair value and not at their gross undiscounted amounts.Less than One to Two to More than one year two years five years five years TotalAs at 30 June 2023\u00a3\u2019000\u00a3'000\u00a3'000\u00a3'000\u00a3\u2019000Financial assets:Cash and cash equivalents 37,481 \u2013 \u2013 \u2013 37,481Trade and other receivables 141,305 \u2013 \u2013 \u2013 141,305Amortised cost asset 290 290 908 74,930 76,418Interest rate derivatives 20,384 20,564 16,635 \u2013 57,583Total financial assets 199,460 20,854 17,543 74,930 312,787Financial liabilities:Bank borrowings 81,545 94,080 549,575 \u2013 725,200Trade payables and other payables 22,469 \u2013 \u2013 \u2013 22,469Total financial liabilities 104,014 94,080 549,575 \u2013 747,669Less thanOne toTwo toMore thanone yeartwo yearsfive yearsfive yearsTotalAs at 30 June 2022\u00a3\u2019000\u00a3'000\u00a3'000\u00a3'000\u00a3\u2019000Financial assets:Cash and cash equivalents 51,200 \u2013 \u2013 \u2013 51,200Trade and other receivables 1,430 \u2013 \u2013 \u2013 1,430Amortised cost asset 290 290 870 76,415 77,865Rent guarantees 283 \u2013 \u2013 \u2013 283Interest rate derivatives \u2013 843 4,271 \u2013 5,114Total financial assets 53,203 1,133 5,141 76,415 135,892Financial liabilities:Bank borrowings 9,335 205,679 156,510 \u2013 371,524Trade payables and other payables 8,958 \u2013 \u2013 \u2013 8,958Interest rate derivatives \u2013 \u2013 \u2013 \u2013 \u2013Total financial liabilities 18,293 205,679 156,510 \u2013 380,482Capital risk managementThe Board\u2019s primary objective when monitoring capital is to preserve the Group\u2019s ability to continue as a going concern, while ensuring it remains within its debt covenants so as to safeguard secured assets and avoid financial penalties.Bank borrowings on secured facilities are secured on the Group\u2019s property portfolio by way of fixed charges over property assets and over the shares in the property-owning subsidiaries and any intermediary holding companies of those subsidiaries.At 30 June 2023, the capital structure of the Group consisted of bank borrowings (note 20), cash and cash equivalents, and equity attributable to the Shareholders of the Company (comprising share capital, retained earnings and the other reserves referred to in notes 22 and 23).In managing the Group\u2019s capital structure, the Board considers the Group\u2019s cost of capital. In order to maintain or adjust the capital structure, the Group keeps under review the amount of any dividends or other returns to Shareholders and monitors the extent to which the issue of new shares or the realisation of assets may be required.Reconciliation of financial liabilities relating to financing activitiesInterest and Total bankcommitment Interest rate borrowingsfees payable derivativesTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 1 July 2022 348,546 1,939 (5,114) 345,371Cash flows:Debt drawdowns in the year 912,114 \u2013 \u2013 912,114Debt repayments in the year (598,486) \u2013 \u2013 (598,486)Interest and commitment fees paid \u2013 (24,116) \u2013 (24,116)Loan arrangement fees paid (5,010) \u2013 \u2013 (5,010)Interest rate premium paid \u2013 \u2013 (44,255) (44,255)Interest rate derivative disposal \u2013 \u2013 2,878 2,878Non-cash movements:Finance costs in the statement of comprehensive income 10,301 29,014 (22,806) 16,509Fair value changes \u2013 \u2013 11,714 11,714As at 30 June 2023 667,465 6,837 (57,583) 616,719As at 1 July 2021 409,684 1,634 447 411,765Cash flows:Debt drawdowns in the year 402,922 \u2013 \u2013 402,922Debt repayments in the year (464,029) \u2013 \u2013 (464,029)Interest and commitment fees paid \u2013 (10,527) \u2013 (10,527)Loan arrangement fees paid (2,188) \u2013 \u2013 (2,188)Non-cash movements:Finance costs in the statement of comprehensive income 2,157 10,832 5 12,994Fair value changes \u2013 \u2013 (5,566) (5,566)At 30 June 2022 348,546 1,939 (5,114) 345,371Movements in respect to share capital are disclosed in note 22 below.The interest and commitment fees payable are included within the corporate accruals balance in note 18. Cash flow movements are included in the consolidated statement of cash flows and the non-cash movements are included in note 8. The movements in the interest rate derivative financial liabilities can be found in note 19.22.\u2002Share capitalShareCapitalOrdinary Sharespremiumreductionof 1 penceShare capital reservereserveTotalNumber\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 1 July 2022 1,239,868,420 12,399 494,174 778,859 1,285,432Scrip Dividends issued and fully paid \u2013 22 August 2022 1,898,161 19 2,316 \u2013 2,335Scrip Dividends issued and fully paid \u2013 16 November 2022 866,474 9 869 \u2013 878Scrip Dividends issued and fully paid \u2013 23 February 2023 729,198 7 721 \u2013 728Scrip Dividends issued and fully paid \u2013 26 May 2023 2,876,932 28 2,395 \u2013 2,423Share issue costs \u2013 \u2013 (89) \u2013 (89)Dividend paid in the period (note 11) \u2013 \u2013 \u2013 (74,328) (74,328)As at 30 June 2023 1,246,239,185 12,462 500,386 704,531 1,217,379As at 1 July 2021 810,720,168 8,107 778,859 \u2013 786,966Scrip Dividends issued and fully paid \u2013 20 August 2021 300,468 3 348 \u2013 351Ordinary shares issued and fully paid \u2013 22 October 2021 173,913,043 1,740 198,261 \u2013 200,001Scrip dividends issued and fully paid \u2013 16 November 2021 500,750 5 578 \u2013 583Share premium cancelled during the year and transferred to capital reduction reserve \u2013 \u2013 (778,859) 778,859 \u2013Scrip dividends issued and fully paid \u2013 25 February 2022 111,233 1 136 \u2013 137Ordinary shares issued and fully paid \u2013 29 April 2022 253,492,160 2,535 304,191 \u2013 306,726Scrip dividends issued and fully paid \u2013 27 May 2022 830,598 8 1,026 \u2013 1,034Share issue costs \u2013 \u2013 (10,366) \u2013 (10,366)As at 30 June 2022 1,239,868,420 12,399 494,174 778,859 1,285,432Share allotments and other movements in relation to the capital of the Company in the year:Scrip dividends were issued on 22 August 2022, 16 November 2022, 23 February 2023 and 26 May 2023 at a reference price of \u00a31.23, \u00a31.01, \u00a31.00 and \u00a30.84 per share respectively. The Company issued a combined total of 6,370,765 shares under the scrip dividend programme during the year. The consideration received (net of share issue costs) in excess of the par value of the ordinary shares issued of \u00a36.3 million was credited to the share premium reserve.Ordinary Shareholders are entitled to all dividends declared by the Company and to all of the Company\u2019s assets after repayment of its borrowings and ordinary creditors. Ordinary Shareholders have the right to vote at meetings of the Company. All ordinary shares carry equal voting rights. The aggregate ordinary shares in issue at 30 June 2023 total was 1.25 billion.23.\u2002ReservesThe nature and purpose of each of the reserves included within equity at 30 June 2023 are as follows:\u2022 Share premium reserve: represents the surplus of the gross proceeds of share issues over the nominal value of the shares, net of the direct costs of equity issues\u2022 Cash flow hedge reserve: represents cumulative gains or losses, net of tax, on effective cash flow hedging instruments\u2022 Capital reduction reserve: represents a distributable reserve created following a Court-approved reduction in capital less dividends paid\u2022 Retained earnings represent cumulative net gains and losses recognised in the statement of comprehensive income.The only movements in these reserves during the year are disclosed in the consolidated statement of changes in equity.24.\u2002Capital commitmentsThe Group had no capital commitments outstanding as at 30 June 2023 and 30 June 2022.25.\u2002Operating leasesThe Group\u2019s principal assets are investment properties which are leased to third parties under non-cancellable operating leases. The weighted average remaining lease term at 30 June 2023 is 13.6 years (2022: 15.1 years). The leases contain predominately fixed or inflation-linked uplifts.The future minimum lease payments receivable under the Group\u2019s leases, are as follows:As atAs at30 June 202330 June 2022\u00a3\u2019000\u00a3\u2019000Year 1 100,156\u2003 77,438Year 2 98,941 77,831Year 3 98,614 77,088Year 4 97,552 76,861Year 5 97,177 75,994Year 6-10 452,219 375,951Year 11-15 310,150 290,613Year 16-20 94,875 127,574Year 21-25 23,358\u2003 25,144More than 25 years 12,743\u2003 14,846Total 1,385,785\u2003 1,219,34026.\u2002Net asset value per shareNAV per share is calculated by dividing the Group\u2019s net assets as shown in the consolidated statement of financial position, by the number of ordinary shares outstanding at the end of the year. As there are no dilutive instruments outstanding, basic and diluted NAV per share are identical.The European Public Real Estate Association (EPRA) publishes guidelines for the calculation of three measures of NAV to enable consistent comparisons between property companies, which were updated in the prior year and took effect from 1 January 2020. The Group uses EPRA Net Tangible Assets (\u201cEPRA NTA\u201d) as the most meaningful measure of long-term performance and the measure which is being adopted by the majority of UK REITs, establishing it as the industry standard benchmark. It excludes items that are considered to have no impact in the long-term, such as the fair value of derivatives.NAV and EPRA NTA per share calculation are as follows:As atAs at30 June 202330 June 2022\u00a3\u2019000\u00a3\u2019000Net assets per the consolidated statement of financial position 1,217,726 1,432,455Contractual fulfilment intangible assets \u2013 (93)Fair value of financial assets at amortised cost (3,609) (666)Fair value of interest rate derivatives (57,583) (5,114)EPRA NTA 1,156,534 1,426,582Ordinary shares in issue at 30 June 1,246,239,185 1,239,868,420NAV per share \u2013 Basic and diluted (pence) 98p 116pEPRA NTA per share (pence) 93p 115p27.\u2002Transactions with related partiesDetails of the related parties to the Group in the year and the transactions with these related parties were as follows:a. DirectorsDirectors\u2019 feesNick Hewson, Chair of the Board of Directors of the Company, is paid fees of \u00a375,000 per annum, with the other Directors each being paid fees of \u00a352,500 per annum. Jon Austen is paid an additional \u00a39,000 per annum for his role as chair of the Company\u2019s Audit Committee, Vince Prior is paid an additional \u00a34,000 per annum for his role as chair of the Company\u2019s Nomination Committee and \u00a35,000 for his role as Senior Independent Director. Cathryn Vanderspar is paid an additional \u00a35,000 for her role as Chair of the Remuneration Committee. Frances Davies is paid an additional \u00a35,000 for her role as Chair of the ESG Committee.The total remuneration payable to the Directors in respect of the current year and previous year are disclosed in note 7.Directors\u2019 interestsDetails of the direct and indirect interests of the Directors and their close families in the ordinary shares of one pence each in the Company at 30 June 2023 were as follows:\u2022 Nick Hewson: 1,263,309 shares (0.11% of issued share capital)\u2022 Jon Austen: 305,339 shares (0.02% of issued share capital)\u2022 Vince Prior: 213,432 shares (0.02% of issued share capital)\u2022 Cathryn Vanderspar: 125,802 (0.01% of issued share capital)\u2022 Frances Davies: 24,774 (0.00% of issued share capital)\u2022 Sapna Shah: 28,951 (0.00% of issued share capital)Details of the direct and indirect interest of the Directors and their close families in the ordinary shares of one pence each in the Company at the date of signing the accounts were as follows:\u2022 Nick Hewson: 1,263,309 shares (0.11% of issued share capital)\u2022 Jon Austen: 305,339 shares (0.02% of issued share capital)\u2022 Vince Prior: 213,432 shares (0.02% of issued share capital)\u2022 Cathryn Vanderspar: 125,802 (0.01% of issued share capital)\u2022 Frances Davies: 36,774 (0.00% of issued share capital)\u2022 Sapna Shah: 28,951 (0.00% of issued share capital)b. Investment AdviserInvestment advisory and accounting feesThe investment adviser to the Group, Atrato Capital Limited (the Investment Adviser), is entitled to certain advisory fees under the terms of the Investment Advisory Agreement (the \u2018Agreement\u2019) dated 14 July 2021.The entitlement of the Investment Adviser to advisory fees is by way of what are termed \u2018Monthly Management Fees\u2019 and \u2018Semi-Annual Management Fees\u2019 both of which are calculated by reference to the net asset value of the Group at particular dates, as adjusted for the financial impact of certain investment events and after deducting any uninvested proceeds from share issues up to the date of the calculation of the relevant fee (these adjusted amounts are referred to as \u2018Adjusted Net Asset Value\u2019 for the purpose of calculation of the fees in accordance with the Agreement).Until the Adjusted Net Value of the Group exceeds \u00a31,500 million, the entitlements to advisory fees can be summarised as follows:\u2022 Monthly Management Fee payable monthly in arrears: 1/12th of 0.7125% per calendar month of Adjusted Net Asset Value up to or equal to \u00a3500 million, 1/12th of 0.5625% per calendar month of Adjusted Net Asset Value above \u00a3500 million and up to or equal to \u00a31,000 million and 1/12th of 0.4875% per calendar month of Adjusted Net Asset Value above \u00a31,000 and up to or equal to \u00a31,500 million.\u2022 Semi-Annual Management Fee payable semi-annually in arrears: 0.11875% of Adjusted Net Asset Value up to or equal to \u00a3500 million, 0.09375% of Adjusted Net Asset Value above \u00a3500 million and up to or equal to \u00a31,000 million and 0.08125% of Adjusted Net Asset Value above \u00a31,000 million and up to or equal to \u00a31,500 million.For the year to 30 June 2023 the total advisory fees payable to the Investment Adviser were \u00a310,292,302 (2022: \u00a39,404,938) of which \u00a31,845,144 (2022: \u00a31,446,246) is included in trade and other payables in the consolidated statement of financial position.The Investment Adviser is also entitled to an annual accounting and administration service fee equal to: \u00a352,788; plus (i) \u00a34,279 for any indirect subsidiary of the Company and (ii) \u00a31,661 for each direct subsidiary of the Company. A full list of the Company and its direct and indirect subsidiary undertakings is listed in Note 13 of these financial statements.For the year to 30 June 2023 the total accounting and administration service fee payable to the Investment Adviser was \u00a3297,475 (2022: \u00a3237,559) of which \u00a383,614 (2022: \u00a381,833) is included in trade and other payables in the consolidated statement of financial position.Introducer ServicesAtrato Partners, an affiliate of the Investment Adviser, is entitled to fees in relation to the successful introduction of prospective investors in connection with subscriptions for ordinary share capital in the Company.The entitlement of the Investment Adviser to introducer fees is by fees and/or commission which can be summarised as follows:\u2022 Commission basis: 1% of total subscription in respect of ordinary shares subscribed for by any prospective investor introduced by Atrato Partners.For the year to 30 June 2023 the total introducer fees payable to the affiliate of the Investment Adviser were \u00a3nil (2022: \u00a3271,239).Interest in shares of the CompanyDetails of the direct and indirect interests of the Directors of the Investment Adviser and their close families in the ordinary shares of one pence each in the Company at 30 June 2023 were as follows:\u2022 Ben Green: 1,876,376 shares (0.15% of issued share capital)\u2022 Steve Windsor: 1,698,928 shares (0.14% of issued share capital)\u2022 Steven Noble: 232,255 shares (0.02% of issued share capital)\u2022 Natalie Markham: 62,679 shares (0.01% of issued share capital)Carried interest held in the Group\u2019s joint ventureUnder the terms of the Horner (Jersey) LP (the \u201cJV\u201d) Limited Partnership Agreement (\u201cLPA\u201d), an affiliate of the Investment Adviser, Atrato Halliwell Limited (the \u201cCarry Partner\u201d), had a carried interest entitlement over the investment returns from the JV\u2019s investment in the Structure. Further details regarding the estimated value of the Carry Partner\u2019s interest in the JV are included in note 14.Carried interest payments are only payable to the extent that distributions are made from the JV to the Group. On the acquisition of the additional Joint Venture interest during the year, the carried interest was considered to have crystalised and became payable. \u00a37.5 million was paid in relation to the settlement of the carry interest of the additional joint venture interest acquired during the year and was recognised as a financing cashflow within the cashflow statement. The existing interest of \u00a37.5 million payable is included in corporate accruals within Note 18 and was settled subsequent to the year end.c. Other related partiesDuring the year, SUPR Green Energy Limited received a credit note from Evo Energy Limited for solar panels purchased in June 2021 of \u00a3155,142.52. These panels that were being held by Evo Energy Limited were sold to Sonne Solar Limited, a subsidiary of Atrato Onsite Energy PLC, a company is advised by an affiliate of the Investment Adviser. As 30 June 2023, the balance was still outstanding, and was received in cash after the year end.28.\u2002Subsequent eventsDebt financing\u2022 In July 2023, the Group cancelled its \u00a362.1 million unsecured term loan with the unsecured banking syndicate.\u2022 In September 2023, the Group announced that its \u00a3150.0 million revolving credit facility with HSBC was refinanced with a new \u00a350.0 million, secured three-year RCF with a \u00a375 million accordion option. The new facility has two one-year extension options and a margin of 170 bps over SONIA.\u2022 In September 2023, the Group announced the cancellation of the Barclays/RBC facility of \u00a377.5 million.\u2022 In September 2023, the Group announced the arrangement of a new \u00a367.0 million unsecured term loan facility with SMBC Bank International PLC at a margin of 1.4% over SONIA. The term of the loan is for three-years with two further one-year extension options.\u2022 In September 2023, the Group extended \u00a350.0 million of its \u00a3100.0 million unsecured term loan with the unsecured banking syndicate by one year to July 2026.HedgingIn September 2023, the Group adjusted its interest rate derivatives held at the year end to extend the maturity of the derivatives by 12 months. The Group\u2019s drawn debt is fully hedged at an interest rate of 3.1% (including margin) with a weighted average debt term of 4 years (including extension options).AcquisitionsIn July 2023, the Group announced the acquisition of two Sainsbury\u2019s stores from the SRP for \u00a336.4 million (excluding acquisition costs). Sainsbury\u2019s entered into new 15-year leases on these stores with five-yearly open market rent reviews and a tenant break option at year 10.COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__13": {
"value": "Supermarket Income REIT",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__12": {
"value": "Supermarket Income REIT",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__6": {
"value": "Supermarket Income REIT",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__8": {
"value": "plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__9": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__7": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__11": {
"value": "to provide its Shareholders with an attractive level of income together with the potential for capital growth by investing in a diversified portfolio of supermarket real estate assets in the UK",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__10": {
"value": "UK",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__14": {
"value": "Basis of preparationThese consolidated financial statements cover the year to 30 June 2023, including comparative figures relating to the year to 30 June 2022, and include the results and net assets of the Group.The consolidated financial statements have been prepared in accordance with:\u2022 UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards,\u2022 The Disclosure and Transparency Rules of the Financial Conduct AuthorityThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented, other than where new policies that were not previously relevant to the Group\u2019s operations have been adopted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__15": {
"value": "Going concernIn light of the current Macroeconomic backdrop, the Directors have placed a particular focus on the appropriateness of adopting the going concern basis in preparing the Group\u2019s and Company\u2019s financial statements for the year ended 30 June 2023. In assessing the going concern basis of accounting the Directors have had regard to the guidance issued by the Financial Reporting Council.LiquidityAt 30 June 2023, the Group generated net cash flow from operating activities of \u00a384.3 million, held cash of \u00a337.5 million and undrawn committed facilities totalling \u00a3189.9 million with no capital commitments or contingent liabilities.From the sale of its interest in the Sainsburys Reversion Portfolio (SRP), the Group received proceeds of \u00a3135.1 million post year end. \u00a397.1 million of this was used for working capital and debt repayment and \u00a338.0 million towards acquiring two stores (including acquisition costs). As at the date of signing the annual report the Gross LTV of the group was 34.0%. The remainder of the receivable of \u00a31.5 million is conditional on the sale of the remaining store in the SRP.After the year end, the Group also reduced its debt capacity from \u00a3862.1 million to \u00a3680.5 million (see Note 20 for more information), leaving undrawn committed facilities of over \u00a3100 million available.The Directors are of the belief that the Group continues to be well funded during the going concern period with no concerns over its liquidity.Refinancing eventsAt the date of signing the financial statements, the Deka facility falls due for repayment during the going concern period (August 2024). It is intended that the facility will be refinanced prior to maturity, or if required, it will be paid down in full the Group\u2019s available undrawn committed facilities of over \u00a3100 million. All lenders have been supportive during the year and have expressed commitment to the long-term relationship they wish to build with the Company.CovenantsThe Group\u2019s debt facilities include covenants in respect of LTV and interest cover, both projected and historic. All debt facilities, except for the unsecured facilities, are ring-fenced with each specific lender.The Directors have evaluated a number of scenarios as part of the Group\u2019s going concern assessment and considered the impact of these scenarios on the Group\u2019s continued compliance with secured debt covenants. The key assumptions that have been sensitised within these scenarios are falls in rental income and increases in administrative cost inflation.As at the date of issuance of this Annual report 100% of contractual rent for the period has been collected. The Group benefits from a secure income stream from its property assets that are let to tenants with excellent covenant strength under long leases that are subject to upward only rent reviews.The list of scenarios are below and are all on top of the base case model which includes prudent assumptions on valuations and cost inflation. No sensitivity for movements in interest rates have been modelled as the Group is fully hedged during the going concern assessment period.Scenario Rental Income CostsBase case scenario (Scenario 1) 100% contractual rent received when due Investment adviser fee based on terms of and rent reviews based on forward looking the signed agreement (percentage of NAV inflation curve, capped at the contractual as per note 27), other costs 0.35% of NAV.rate of the individual leases.Scenario 2 Rental income to fall by 25%. Costs expected to remain the same as the base case.Scenario 3 Rental income expected to remain the 10% increases on base case costs to all same as the base case.administrative expenses.The Group continues to maintain covenant compliance for its LTV and ICR thresholds throughout the going concern assessment period under each of the scenarios modelled. One of the secured facilities in the Group has a debt yield covenant, which is calculated as the passing rent divided by the loan balance for the properties secured against the lender. The debt yield covenant only would be breached for this facility if rental income is reduced by 6% during the going concern assessment period. The Board considers this scenario highly unlikely given the underlying covenant strength of the tenants. Furthermore, there are remedies available at the Group\u2019s disposal which includes reducing a portion of the outstanding debt from available undrawn facilities or providing additional security over properties that are currently unencumbered. The lowest amount of ICR headroom experienced in the worst-case stress scenarios was 22%. Based on the latest bank commissioned valuations, property values would have to fall by more than 21% before LTV covenants are breached, and 10% against 30 June 2023 Company valuations. Similarly, the strictest interest cover covenant within each of the ring-fenced banking groups is 225%, where the portfolio is forecast to have an average interest cover ratio of 572% during the going concern period.Having reviewed and considered three modelled scenarios, the Directors consider that the Group has adequate resources in place for at least 12 months from the date of these results and have therefore adopted the going concern basis of accounting in preparing the Annual Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__16": {
"value": "Accounting convention and currencyThe consolidated financial statements (the \u201cfinancial statements\u201d) have been prepared on a historical cost basis, except that investment properties, rental guarantees and interest rate derivatives are measured at fair value.The financial statements are presented in Pounds Sterling and all values are rounded to the nearest thousand (\u00a3\u2019000), except where otherwise indicated. Pounds Sterling is the functional currency of the Company and the presentation currency of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__17": {
"value": "Adoption of new and revised standardsIn the current financial year, the Group has adopted a number of minor amendments to standards effective in the year issued by the IASB as adopted by the UK Endorsement Board, none of which have had a material impact on the Group.There was no material effect from the adoption of other amendments to IFRS effective in the year. They have no significant impact on the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s current accounting policies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__18": {
"value": "Significant accounting judgements, estimates and assumptionsThe preparation of these financial statements in accordance with IFRS requires the Directors of the Company to make judgements, estimates and assumptions that affect the reported amounts recognised in the financial statements.Key estimate: Fair value of investment propertiesThe fair value of the Group\u2019s investment properties is determined by the Group\u2019s independent valuer on the basis of market value in accordance with the RICS Valuation \u2013 Global Standards (the \u2018Red Book\u2019). Recognised valuation techniques are used by the independent valuer which are in accordance with those recommended by the International Valuation Standard Committee and compliant with IFRS 13 \u201cFair Value Measurement\u201d.The independent valuer did not include any material valuation uncertainty clause in relation to the valuation of the Group\u2019s investment property for 30 June 2023 or 30 June 2022.The independent valuer is considered to have sufficient current local and national knowledge of the supermarket property market and the requisite skills and understanding to undertake the valuation competently.In forming an opinion as to fair value, the independent valuer makes a series of assumptions, which are typically market-related, such as those in relation to net initial yields and expected rental values. These are based on the independent valuer\u2019s professional judgement. Other factors taken into account by the independent valuer in arriving at the valuation of the Group\u2019s investment properties include the length of property leases, the location of the properties and the strength of tenant covenants.The fair value of the Group\u2019s investment properties as determined by the independent valuer, along with the significant methods and assumptions used in estimating this fair value, are set out in note 12.Key estimate: Fair value of interest rate derivativesDerivatives are valued in accordance with IFRS 13 \u201cFair Value Measurement\u201d by reference to interbank bid market rates as at the close of business on the last working day prior to each reporting date. The fair values are calculated using the present values of future cash flows, based on market forecasts of interest rates and adjusted for the credit risk of the counterparties. The amounts and timing of future cash flows are projected on the basis of the contractual terms.The fair value of the Group\u2019s interest rate derivatives, along with further details of the valuation methods used, are detailed in note 19.Key judgement: Joint ventures \u2013 joint controlIn prior years, the Group entered into a 50:50 joint venture with the British Airways Pension Trustees Limited to acquire 100% of the issued share capital in Horndrift Limited for a combined total consideration of \u00a3102 million plus costs. The joint venture also acquired 100% of the issued share capital in Cornerford Limited for a combined total consideration of \u00a3115 million plus costs (together \u201cthe Joint Venture Interest\u201d).Horndrift Limited and Cornerford Limited each hold a 25.2% beneficial interest in a property trust arrangement / bond securitisation structure (the \u201cStructure\u201d) which previously held a portfolio of 26 Sainsbury\u2019s supermarket properties funded by bonds which mature in 2023. During the year, Sainsbury\u2019s exercised options to acquire 21 of these stores within the Structure and it has been determined that the exercise of the purchase options by Sainsbury\u2019s resulted in the performance obligation being satisfied for a sale of the properties in accordance with IFRS 15. The JV is deemed to hold a contractual receivable from Sainsbury\u2019s plc in respect of these 21 properties.During the year, the Group acquired the British Airways Pension Trustees Limited stake in the joint venture, meaning the Group had a beneficial interest in over 50% of the underlying property pool, via its 100% ownership in Horndrift and Cornerford.The classification and accounting treatment of the Joint Venture Interest in the property trust arrangement in the Group\u2019s consolidated financial statements is subject to significant judgement. By reference to the contractual arrangements and deeds that regulate the Structure, it was necessary to determine whether the Joint Venture Interest, together with the other key parties of the Structure had the ability to jointly control the Structure through their respective rights as defined by the contractual arrangements and deeds of the Structure. The review of the Joint Venture Interest and the other key parties\u2019 rights required significant judgement in assessing whether the rights identified were substantive as defined by IFRS 10 Consolidated Financial Statements, principally in respect of whether there were any economic barriers that prevent the joint venture investment or the other key parties from exercising their rights. Through assessing the expected possible outcomes either before or upon maturity of the Structure it was determined that there were no significant economic barriers that would prevent Horndrift Limited, Cornerford Limited or the other key parties from exercising their rights under the contractual arrangements and deeds of the Structure.The Directors therefore concluded that through its Joint Venture Interest, the Group indirectly has joint control of the Structure as defined by IFRS 10 Consolidated Financial Statements. As such the Group\u2019s interest in the Structure is accounted for using the equity method of accounting under IAS 28.Following the additional Joint Venture interest acquired during the year, the Group was deemed to still jointly control the Structure as any change to the contractual arrangements and deeds that regulate the Structure, requires unanimous consent from all beneficial holders. Therefore, the equity method of accounting continued to be used until the disposal of the investment in joint venture which occurred during the year (see Note 14).Key judgement: Acquisition of Joint Venture stakeDuring the year the Group acquired an additional 50% interest in the Group\u2019s existing joint venture, Horner (Jersey) LP, from British Airways Pension Trustees Limited for total consideration of \u00a3188.8 million. At the time of the purchase the Directors assess whether the acquisition represents the acquisition of an asset or the acquisition of a business.Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness Combinations\u201d), to be considered as a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional \u2018concentration test\u2019 is also applied, where if substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business.The concentration test was applied confirming that substantially all of the fair value of the assets acquired were concentrated in an investment in joint venture, being the Structure and was therefore accounted as an asset purchase.Key judgement: Acquisition of investment propertiesThe Group has acquired and intends to acquire further investment properties. At the time of each purchase the Directors assess whether an acquisition represents the acquisition of an asset or the acquisition of a business.Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness Combinations\u201d), to be considered as a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional \u2018concentration test\u2019 is also applied, where if substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business.During the year, the group completed nine acquisitions. In nine cases the concentration test was applied and met, resulting in the acquisitions being accounted for as asset purchases.All \u00a3362.6 million of acquisitions during the year were accounted for as asset purchases.Key judgement: Acquisition of financial assets at amortised costThe Group acquires properties under a sale and leaseback arrangements. At the time of the purchase the Directors assess whether the acquisition represents the acquisition of an investment property or a financial asset.Under IFRS 15, for the transfer of an asset to be accounted for as a true sale, satisfying a performance obligation of transferring control of an asset must be met for this to be deemed a property transaction and accounted for under IFRS 16. If not, it is accounted for as an asset under IFRS 9.The Group acquired a property in the prior year under a sale and leaseback arrangement with a larger multi-channel supermarket operator. In this case, it was deemed that as the lease was for a significant part of the asset\u2019s useful economic life, control was not passed and the asset was therefore accounted for under IFRS 9 as an amortised cost asset.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__19-1": {
"value": "Key estimate: Fair value of investment propertiesThe fair value of the Group\u2019s investment properties is determined by the Group\u2019s independent valuer on the basis of market value in accordance with the RICS Valuation \u2013 Global Standards (the \u2018Red Book\u2019). Recognised valuation techniques are used by the independent valuer which are in accordance with those recommended by the International Valuation Standard Committee and compliant with IFRS 13 \u201cFair Value Measurement\u201d.The independent valuer did not include any material valuation uncertainty clause in relation to the valuation of the Group\u2019s investment property for 30 June 2023 or 30 June 2022.The independent valuer is considered to have sufficient current local and national knowledge of the supermarket property market and the requisite skills and understanding to undertake the valuation competently.In forming an opinion as to fair value, the independent valuer makes a series of assumptions, which are typically market-related, such as those in relation to net initial yields and expected rental values. These are based on the independent valuer\u2019s professional judgement. Other factors taken into account by the independent valuer in arriving at the valuation of the Group\u2019s investment properties include the length of property leases, the location of the properties and the strength of tenant covenants.The fair value of the Group\u2019s investment properties as determined by the independent valuer, along with the significant methods and assumptions used in estimating this fair value, are set out in note 12.Key judgement: Acquisition of investment propertiesThe Group has acquired and intends to acquire further investment properties. At the time of each purchase the Directors assess whether an acquisition represents the acquisition of an asset or the acquisition of a business.Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness Combinations\u201d), to be considered as a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional \u2018concentration test\u2019 is also applied, where if substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business.During the year, the group completed nine acquisitions. In nine cases the concentration test was applied and met, resulting in the acquisitions being accounted for as asset purchases.All \u00a3362.6 million of acquisitions during the year were accounted for as asset purchases.2.11\u2002Investment propertiesInvestment properties consist of land and buildings which are held to earn income together with the potential for capital growth.Investment properties are recognised when the risks and rewards of ownership have been transferred and are measured initially at cost, being the fair value of the consideration given, including transaction costs. Where the purchase price (or proportion thereof) of an investment property is settled through the issue of new ordinary shares in the Company, the number of shares issued is such that the fair value of the share consideration is equal to the fair value of the asset being acquired. Transaction costs include transfer taxes and professional fees for legal services. Any subsequent capital expenditure incurred in improving investment properties is capitalised in the period incurred and included within the book cost of the property. All other property expenditure is written off in profit or loss as incurred.After initial recognition, investment properties are measured at fair value, with gains and losses recognised in profit or loss in the period in which they arise.Gains and losses on disposals of investment properties will be determined as the difference between the net disposal proceeds and the carrying value of the relevant asset. These will be recognised in profit or loss in the period in which they arise.Initially, rental guarantees are recognised at their fair value and separated from the purchase price on initial recognition of the property being purchased. They are subsequently measured at their fair value at each reporting date with any movements recognised in the profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__20": {
"value": "Key estimate: Fair value of interest rate derivativesDerivatives are valued in accordance with IFRS 13 \u201cFair Value Measurement\u201d by reference to interbank bid market rates as at the close of business on the last working day prior to each reporting date. The fair values are calculated using the present values of future cash flows, based on market forecasts of interest rates and adjusted for the credit risk of the counterparties. The amounts and timing of future cash flows are projected on the basis of the contractual terms.The fair value of the Group\u2019s interest rate derivatives, along with further details of the valuation methods used, are detailed in note 19.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__21": {
"value": "Key judgement: Joint ventures \u2013 joint controlIn prior years, the Group entered into a 50:50 joint venture with the British Airways Pension Trustees Limited to acquire 100% of the issued share capital in Horndrift Limited for a combined total consideration of \u00a3102 million plus costs. The joint venture also acquired 100% of the issued share capital in Cornerford Limited for a combined total consideration of \u00a3115 million plus costs (together \u201cthe Joint Venture Interest\u201d).Horndrift Limited and Cornerford Limited each hold a 25.2% beneficial interest in a property trust arrangement / bond securitisation structure (the \u201cStructure\u201d) which previously held a portfolio of 26 Sainsbury\u2019s supermarket properties funded by bonds which mature in 2023. During the year, Sainsbury\u2019s exercised options to acquire 21 of these stores within the Structure and it has been determined that the exercise of the purchase options by Sainsbury\u2019s resulted in the performance obligation being satisfied for a sale of the properties in accordance with IFRS 15. The JV is deemed to hold a contractual receivable from Sainsbury\u2019s plc in respect of these 21 properties.During the year, the Group acquired the British Airways Pension Trustees Limited stake in the joint venture, meaning the Group had a beneficial interest in over 50% of the underlying property pool, via its 100% ownership in Horndrift and Cornerford.The classification and accounting treatment of the Joint Venture Interest in the property trust arrangement in the Group\u2019s consolidated financial statements is subject to significant judgement. By reference to the contractual arrangements and deeds that regulate the Structure, it was necessary to determine whether the Joint Venture Interest, together with the other key parties of the Structure had the ability to jointly control the Structure through their respective rights as defined by the contractual arrangements and deeds of the Structure. The review of the Joint Venture Interest and the other key parties\u2019 rights required significant judgement in assessing whether the rights identified were substantive as defined by IFRS 10 Consolidated Financial Statements, principally in respect of whether there were any economic barriers that prevent the joint venture investment or the other key parties from exercising their rights. Through assessing the expected possible outcomes either before or upon maturity of the Structure it was determined that there were no significant economic barriers that would prevent Horndrift Limited, Cornerford Limited or the other key parties from exercising their rights under the contractual arrangements and deeds of the Structure.The Directors therefore concluded that through its Joint Venture Interest, the Group indirectly has joint control of the Structure as defined by IFRS 10 Consolidated Financial Statements. As such the Group\u2019s interest in the Structure is accounted for using the equity method of accounting under IAS 28.Following the additional Joint Venture interest acquired during the year, the Group was deemed to still jointly control the Structure as any change to the contractual arrangements and deeds that regulate the Structure, requires unanimous consent from all beneficial holders. Therefore, the equity method of accounting continued to be used until the disposal of the investment in joint venture which occurred during the year (see Note 14).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__22-1": {
"value": "Key judgement: Acquisition of Joint Venture stakeDuring the year the Group acquired an additional 50% interest in the Group\u2019s existing joint venture, Horner (Jersey) LP, from British Airways Pension Trustees Limited for total consideration of \u00a3188.8 million. At the time of the purchase the Directors assess whether the acquisition represents the acquisition of an asset or the acquisition of a business.Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness Combinations\u201d), to be considered as a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional \u2018concentration test\u2019 is also applied, where if substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business.The concentration test was applied confirming that substantially all of the fair value of the assets acquired were concentrated in an investment in joint venture, being the Structure and was therefore accounted as an asset purchase.2.12\u2002Joint venturesInterests in joint ventures, including the additional interest acquired during the year, are accounted for using the equity method of accounting as per IAS 28. The Group\u2019s joint ventures are arrangements in which the partners have joint control and rights to the net assets of the arrangement. Investments in joint ventures are carried in the statement of financial position at cost as adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the joint venture, less any impairment or share of income adjusted for dividends. In assessing whether a particular entity is controlled, the Group considers the same principles as control over subsidiaries as described in note 2.1.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__24-1": {
"value": "Key judgement: Acquisition of financial assets at amortised costThe Group acquires properties under a sale and leaseback arrangements. At the time of the purchase the Directors assess whether the acquisition represents the acquisition of an investment property or a financial asset.Under IFRS 15, for the transfer of an asset to be accounted for as a true sale, satisfying a performance obligation of transferring control of an asset must be met for this to be deemed a property transaction and accounted for under IFRS 16. If not, it is accounted for as an asset under IFRS 9.The Group acquired a property in the prior year under a sale and leaseback arrangement with a larger multi-channel supermarket operator. In this case, it was deemed that as the lease was for a significant part of the asset\u2019s useful economic life, control was not passed and the asset was therefore accounted for under IFRS 9 as an amortised cost asset.Financial assetsFinancial assets are recognised initially at their fair value. All of the Group\u2019s financial assets, except interest rate derivatives, are held at amortised cost using the effective interest method, less any impairment.For assets where changes in cash flows are linked to changes in an inflation index, the Group updates the effective interest rate at the end of each reporting period and this is reflected in the carrying amount of the asset each reporting period until the asset is derecognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__25": {
"value": "2.\u2002Summary of significant accounting policiesThe principal accounting policies applied in the preparation of the consolidated financial statements are set out below.2.1\u2002Basis of consolidationThe consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries drawn up to 30 June 2023.Subsidiaries are those entities including special purpose entities, directly or indirectly controlled by the Company. Control exists when the Company is exposed or has rights to variable returns from its investment with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that presently are exercisable are taken into account.The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.In preparing the consolidated financial statements, intra group balances, transactions and unrealised gains or losses are eliminated in full.Uniform accounting policies are adopted for all entities within the Group.2.2\u2002Segmental informationThe Directors are of the opinion that the Group is currently engaged in a single segment business, being investment in United Kingdom in supermarket property assets; the non-supermarket properties are ancillary in nature to the supermarket property assets and are therefore not segmented.2.3\u2002Rental incomeRental income arising on investment properties is accounted for in profit or loss on a straight-line basis over the lease term, as adjusted for the following:\u2022 Any rental income from fixed and minimum guaranteed rent review uplifts is recognised on a straight-line basis over the lease term, variable lease uplift calculations are not rebased when a rent review occurs and the variable payment becomes fixed;\u2022 Lease incentives are spread evenly over the lease term, even if payments are not made on such a basis. The lease term is the non-cancellable period of the lease together with any further term for which the tenant has the option to continue the lease, where, at the inception of the lease, the Directors are reasonably certain that the tenant will exercise that option.Contingent rents, such as those arising from indexed-linked rent uplifts or market-based rent reviews, are recognised in the period in which they are earned.Where income is recognised in advance of the related cash flows due to fixed and minimum guaranteed rent review uplifts or lease incentives, an adjustment is made to ensure that the carrying value of the relevant property, including the accrued rent relating to such uplifts or lease incentives, does not exceed the external valuation.Rental income is invoiced in advance with that element of invoiced rental income that relates to a future period being included within deferred rental income in the consolidated statement of financial position.Leases classified under IFRS 9 as financial assets recognise income received from the tenant between finance income and a reduction of the asset value, based on the interest rate implicit in the lease.2.4\u2002Service charge incomeService charge income represents amounts billed to tenants for services provided in conjunction with leased properties based on budgeted service charge expenditure for a given property over a given service charge year. The Company recognises service charge income on a straight-line basis over the service charge term.2.5\u2002Service charge expenseService charge expense represents a wide range of costs related to the operation and upkeep of the leased properties. These costs are allocated and charged to tenants based on agreed terms and calculations as outlined in the lease agreements with a portion being borne by the landlord where agreed.2.6\u2002Finance incomeFinance income consists principally of interest receivable from interest rate derivatives and income from financial assets held at amortised cost. An adjustment is applied to reclassify amounts received upon periodic settlement of interest rate derivatives assets from change in fair value to interest income.2.7\u2002Finance expenseFinance expenses consist principally of interest payable and the amortisation of loan arrangement fees.Loan arrangement fees are expensed using the effective interest method over the term of the relevant loan. Interest payable and other finance costs, including commitment fees, which the Group incurs in connection with bank borrowings, are expensed in the period to which they relate.2.8\u2002Administrative and other expensesAdministrative and other expenses, including the investment advisory fees payable to the Investment Adviser, are recognised as a profit or loss on an accruals basis.2.9\u2002Dividends payable to ShareholdersDividends to the Company\u2019s Shareholders are recognised when they become legally payable, as a reduction in equity in the financial statements. Interim equity dividends are recognised when paid. Final equity dividends will be recognised when approved by Shareholders at an AGM.2.10\u2002TaxationNon-REIT taxable incomeTaxation on the Group\u2019s profit or loss for the year that is not exempt from tax under the UK-REIT regulations comprises current and deferred tax, as applicable. Tax is recognised in profit or loss except to the extent that it relates to items recognised as direct movements in equity, in which case it is similarly recognised as a direct movement in equity.Non-REIT taxable income continuedCurrent tax is tax payable on any non-REIT taxable income for the year, using tax rates enacted or substantively enacted at the end of the relevant period.Entry to the UK-REIT regimeThe Group obtained its UK-REIT status effective from 21 December 2017. Entry to the regime results in, subject to continuing relevant UK-REIT criteria being met, the profits of the Group\u2019s property rental business, comprising both income and capital gains, being exempt from UK taxation.The Group intends to ensure that it complies with the UK-REIT regulations on an on-going basis and regularly monitors the conditions required to maintain REIT status.2.11\u2002Investment propertiesInvestment properties consist of land and buildings which are held to earn income together with the potential for capital growth.Investment properties are recognised when the risks and rewards of ownership have been transferred and are measured initially at cost, being the fair value of the consideration given, including transaction costs. Where the purchase price (or proportion thereof) of an investment property is settled through the issue of new ordinary shares in the Company, the number of shares issued is such that the fair value of the share consideration is equal to the fair value of the asset being acquired. Transaction costs include transfer taxes and professional fees for legal services. Any subsequent capital expenditure incurred in improving investment properties is capitalised in the period incurred and included within the book cost of the property. All other property expenditure is written off in profit or loss as incurred.After initial recognition, investment properties are measured at fair value, with gains and losses recognised in profit or loss in the period in which they arise.Gains and losses on disposals of investment properties will be determined as the difference between the net disposal proceeds and the carrying value of the relevant asset. These will be recognised in profit or loss in the period in which they arise.Initially, rental guarantees are recognised at their fair value and separated from the purchase price on initial recognition of the property being purchased. They are subsequently measured at their fair value at each reporting date with any movements recognised in the profit or loss.2.12\u2002Joint venturesInterests in joint ventures, including the additional interest acquired during the year, are accounted for using the equity method of accounting as per IAS 28. The Group\u2019s joint ventures are arrangements in which the partners have joint control and rights to the net assets of the arrangement. Investments in joint ventures are carried in the statement of financial position at cost as adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the joint venture, less any impairment or share of income adjusted for dividends. In assessing whether a particular entity is controlled, the Group considers the same principles as control over subsidiaries as described in note 2.1.2.13\u2002Property, plant and equipmentProperty, plant and equipment comprises of rooftop solar panels. Rooftop solar panels are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is recognised over the useful lives of the equipment, using the straight-line method at a rate of between 25- 30 years depending on the useful economic life.Residual value is reviewed at least at each financial year and there is no depreciable amount if residual value is the same as, or exceeds, book value. Any gain or loss arising on the disposal of the rooftop solar panels are determined as the difference between the sales proceeds and the carrying amount of the asset.2.14\u2002Financial assets and liabilitiesFinancial assets and liabilities are recognised when the relevant Group entity becomes a party to the unconditional contractual terms of an instrument. Unless otherwise indicated, the carrying amounts of financial assets and liabilities are considered by the Directors to be reasonable estimates of their fair values.Financial assetsFinancial assets are recognised initially at their fair value. All of the Group\u2019s financial assets, except interest rate derivatives, are held at amortised cost using the effective interest method, less any impairment.For assets where changes in cash flows are linked to changes in an inflation index, the Group updates the effective interest rate at the end of each reporting period and this is reflected in the carrying amount of the asset each reporting period until the asset is derecognised.Cash and cash equivalentsCash and cash equivalents consist of cash in hand and short-term deposits in banks with an original maturity of three months or less.Trade and other receivablesTrade and other receivables, including rents receivable, are recognised and carried at the lower of their original invoiced value and recoverable amount. Provisions for impairment are calculated using an expected credit loss model. Balances will be written-off in profit or loss in circumstances where the probability of recovery is assessed as being remote.Trade and other payablesTrade and other payables are recognised initially at their fair value and subsequently at amortised cost.Bank borrowingsBank borrowings are initially recognised at fair value net of attributable transaction costs. After initial recognition, bank borrowings are subsequently measured at amortised cost, using the effective interest method. The effective interest rate is calculated to include all associated transaction costs.In the event of a modification to the terms of a loan agreement, the Group considers both the quantitative and qualitative impact of the changes. Where a modification is considered substantial, the existing facility is treated as settled and the new facility is recognised. Where the modification is not considered substantial, the carrying value of the liability is restated to the present value of the cash flows of the modified arrangement, discounted using the effective interest rate of the original arrangement. The difference is recognised as a gain or loss on refinancing through the statement of comprehensive income.Derivative financial instruments and hedge accountingThe Group\u2019s derivative financial instruments currently comprise of interest rate swaps/caps. Derivatives designated as hedging instruments utilise hedge accounting under IAS 39. Derivatives not designated under hedge accounting are accounted for under IFRS 9.These instruments are used to manage the Group\u2019s cash flow interest rate risk.The instruments are initially recognised at fair value on the date that the derivative contract is entered into, being the cost of any premium paid at inception, and are subsequently re-measured at their fair value at each reporting date.Fair value measurement of derivative financial instrumentsThe fair value of derivative financial instruments is the estimated amount that the Group would receive or pay to terminate the agreement at the period end date, taking into account current interest rate expectations and the current credit rating of the relevant group entity and its counterparties.The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole.A number of assumptions are used in determining the fair values including estimations over future interest rates and therefore future cash flows. The fair value represents the net present value of the difference between the cash flows produced by the contract rate and the valuation rate.Hedge accountingAt the inception of a hedging transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedging transaction.The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.Assuming the criteria for applying hedge accounting continue to be met the effective portion of gains and losses on the revaluation of such instruments are recognised in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of such gains and losses will be recognised in profit or loss within finance income or expense as appropriate. The cumulative gain or loss recognised in other comprehensive income is reclassified from the cash flow hedge reserve to profit or loss (finance expense) at the same time as the related hedged interest expense is recognised.Interest rate derivatives that do not qualify under hedge accounting are carried in the Group Statement of Financial Position at fair value, with changes in fair value recognised in the Group Statement of Comprehensive Income, net of interest receivable/payable from the derivatives shown in the finance income or expense line.2.15\u2002Equity instrumentsEquity instruments issued by the Company are recorded at the amount of the proceeds received, net of directly attributable issue costs. Costs not directly attributable to the issue are immediately expensed in profit or loss.Further details of the accounting for the proceeds from the issue of shares in the period are disclosed in note 22.2.16\u2002Fair value measurements and hierarchyFair value is the price that would be received on the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market. It is based on the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interest. A fair value measurement of a non-financial asset takes into account the best and highest value use for that asset.The fair value hierarchy to be applied under IFRS 13 is as follows:Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.For assets and liabilities that are carried at fair value and which will be recorded in the financial information on a recurring basis, the Group will determine whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__26": {
"value": "2.1\u2002Basis of consolidationThe consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries drawn up to 30 June 2023.Subsidiaries are those entities including special purpose entities, directly or indirectly controlled by the Company. Control exists when the Company is exposed or has rights to variable returns from its investment with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that presently are exercisable are taken into account.The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.In preparing the consolidated financial statements, intra group balances, transactions and unrealised gains or losses are eliminated in full.Uniform accounting policies are adopted for all entities within the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__27": {
"value": "2.2\u2002Segmental informationThe Directors are of the opinion that the Group is currently engaged in a single segment business, being investment in United Kingdom in supermarket property assets; the non-supermarket properties are ancillary in nature to the supermarket property assets and are therefore not segmented.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__28-1": {
"value": "2.3\u2002Rental incomeRental income arising on investment properties is accounted for in profit or loss on a straight-line basis over the lease term, as adjusted for the following:\u2022 Any rental income from fixed and minimum guaranteed rent review uplifts is recognised on a straight-line basis over the lease term, variable lease uplift calculations are not rebased when a rent review occurs and the variable payment becomes fixed;\u2022 Lease incentives are spread evenly over the lease term, even if payments are not made on such a basis. The lease term is the non-cancellable period of the lease together with any further term for which the tenant has the option to continue the lease, where, at the inception of the lease, the Directors are reasonably certain that the tenant will exercise that option.Contingent rents, such as those arising from indexed-linked rent uplifts or market-based rent reviews, are recognised in the period in which they are earned.Where income is recognised in advance of the related cash flows due to fixed and minimum guaranteed rent review uplifts or lease incentives, an adjustment is made to ensure that the carrying value of the relevant property, including the accrued rent relating to such uplifts or lease incentives, does not exceed the external valuation.Rental income is invoiced in advance with that element of invoiced rental income that relates to a future period being included within deferred rental income in the consolidated statement of financial position.Leases classified under IFRS 9 as financial assets recognise income received from the tenant between finance income and a reduction of the asset value, based on the interest rate implicit in the lease.2.4\u2002Service charge incomeService charge income represents amounts billed to tenants for services provided in conjunction with leased properties based on budgeted service charge expenditure for a given property over a given service charge year. The Company recognises service charge income on a straight-line basis over the service charge term.2.5\u2002Service charge expenseService charge expense represents a wide range of costs related to the operation and upkeep of the leased properties. These costs are allocated and charged to tenants based on agreed terms and calculations as outlined in the lease agreements with a portion being borne by the landlord where agreed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__31": {
"value": "2.7\u2002Finance expenseFinance expenses consist principally of interest payable and the amortisation of loan arrangement fees.Loan arrangement fees are expensed using the effective interest method over the term of the relevant loan. Interest payable and other finance costs, including commitment fees, which the Group incurs in connection with bank borrowings, are expensed in the period to which they relate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__32-1": {
"value": "2.8\u2002Administrative and other expensesAdministrative and other expenses, including the investment advisory fees payable to the Investment Adviser, are recognised as a profit or loss on an accruals basis.5.\u2002Administrative and other expensesYear toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Investment Adviser fees (Note 27) 10,292 9,405Directors\u2019 remuneration (Note 7) 364 269Corporate administration fees 1,108 893Legal and professional fees 1,626 2,249Other administrative expenses 2,039 1,121Total administrative and other expenses 15,429 13,937The fees relating to the issue of shares in the year have been treated as share issue expenses and offset against the share premium reserve.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__33": {
"value": "2.9\u2002Dividends payable to ShareholdersDividends to the Company\u2019s Shareholders are recognised when they become legally payable, as a reduction in equity in the financial statements. Interim equity dividends are recognised when paid. Final equity dividends will be recognised when approved by Shareholders at an AGM.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__34": {
"value": "2.10\u2002TaxationNon-REIT taxable incomeTaxation on the Group\u2019s profit or loss for the year that is not exempt from tax under the UK-REIT regulations comprises current and deferred tax, as applicable. Tax is recognised in profit or loss except to the extent that it relates to items recognised as direct movements in equity, in which case it is similarly recognised as a direct movement in equity.Non-REIT taxable income continuedCurrent tax is tax payable on any non-REIT taxable income for the year, using tax rates enacted or substantively enacted at the end of the relevant period.Entry to the UK-REIT regimeThe Group obtained its UK-REIT status effective from 21 December 2017. Entry to the regime results in, subject to continuing relevant UK-REIT criteria being met, the profits of the Group\u2019s property rental business, comprising both income and capital gains, being exempt from UK taxation.The Group intends to ensure that it complies with the UK-REIT regulations on an on-going basis and regularly monitors the conditions required to maintain REIT status.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__37": {
"value": "2.13\u2002Property, plant and equipmentProperty, plant and equipment comprises of rooftop solar panels. Rooftop solar panels are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is recognised over the useful lives of the equipment, using the straight-line method at a rate of between 25- 30 years depending on the useful economic life.Residual value is reviewed at least at each financial year and there is no depreciable amount if residual value is the same as, or exceeds, book value. Any gain or loss arising on the disposal of the rooftop solar panels are determined as the difference between the sales proceeds and the carrying amount of the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__38": {
"value": "2.14\u2002Financial assets and liabilitiesFinancial assets and liabilities are recognised when the relevant Group entity becomes a party to the unconditional contractual terms of an instrument. Unless otherwise indicated, the carrying amounts of financial assets and liabilities are considered by the Directors to be reasonable estimates of their fair values.Financial assetsFinancial assets are recognised initially at their fair value. All of the Group\u2019s financial assets, except interest rate derivatives, are held at amortised cost using the effective interest method, less any impairment.For assets where changes in cash flows are linked to changes in an inflation index, the Group updates the effective interest rate at the end of each reporting period and this is reflected in the carrying amount of the asset each reporting period until the asset is derecognised.Cash and cash equivalentsCash and cash equivalents consist of cash in hand and short-term deposits in banks with an original maturity of three months or less.Trade and other receivablesTrade and other receivables, including rents receivable, are recognised and carried at the lower of their original invoiced value and recoverable amount. Provisions for impairment are calculated using an expected credit loss model. Balances will be written-off in profit or loss in circumstances where the probability of recovery is assessed as being remote.Trade and other payablesTrade and other payables are recognised initially at their fair value and subsequently at amortised cost.Bank borrowingsBank borrowings are initially recognised at fair value net of attributable transaction costs. After initial recognition, bank borrowings are subsequently measured at amortised cost, using the effective interest method. The effective interest rate is calculated to include all associated transaction costs.In the event of a modification to the terms of a loan agreement, the Group considers both the quantitative and qualitative impact of the changes. Where a modification is considered substantial, the existing facility is treated as settled and the new facility is recognised. Where the modification is not considered substantial, the carrying value of the liability is restated to the present value of the cash flows of the modified arrangement, discounted using the effective interest rate of the original arrangement. The difference is recognised as a gain or loss on refinancing through the statement of comprehensive income.Derivative financial instruments and hedge accountingThe Group\u2019s derivative financial instruments currently comprise of interest rate swaps/caps. Derivatives designated as hedging instruments utilise hedge accounting under IAS 39. Derivatives not designated under hedge accounting are accounted for under IFRS 9.These instruments are used to manage the Group\u2019s cash flow interest rate risk.The instruments are initially recognised at fair value on the date that the derivative contract is entered into, being the cost of any premium paid at inception, and are subsequently re-measured at their fair value at each reporting date.Fair value measurement of derivative financial instrumentsThe fair value of derivative financial instruments is the estimated amount that the Group would receive or pay to terminate the agreement at the period end date, taking into account current interest rate expectations and the current credit rating of the relevant group entity and its counterparties.The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole.A number of assumptions are used in determining the fair values including estimations over future interest rates and therefore future cash flows. The fair value represents the net present value of the difference between the cash flows produced by the contract rate and the valuation rate.Hedge accountingAt the inception of a hedging transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedging transaction.The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.Assuming the criteria for applying hedge accounting continue to be met the effective portion of gains and losses on the revaluation of such instruments are recognised in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of such gains and losses will be recognised in profit or loss within finance income or expense as appropriate. The cumulative gain or loss recognised in other comprehensive income is reclassified from the cash flow hedge reserve to profit or loss (finance expense) at the same time as the related hedged interest expense is recognised.Interest rate derivatives that do not qualify under hedge accounting are carried in the Group Statement of Financial Position at fair value, with changes in fair value recognised in the Group Statement of Comprehensive Income, net of interest receivable/payable from the derivatives shown in the finance income or expense line.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__40": {
"value": "Cash and cash equivalentsCash and cash equivalents consist of cash in hand and short-term deposits in banks with an original maturity of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__41": {
"value": "Trade and other receivablesTrade and other receivables, including rents receivable, are recognised and carried at the lower of their original invoiced value and recoverable amount. Provisions for impairment are calculated using an expected credit loss model. Balances will be written-off in profit or loss in circumstances where the probability of recovery is assessed as being remote.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__42": {
"value": "Trade and other payablesTrade and other payables are recognised initially at their fair value and subsequently at amortised cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__43": {
"value": "Bank borrowingsBank borrowings are initially recognised at fair value net of attributable transaction costs. After initial recognition, bank borrowings are subsequently measured at amortised cost, using the effective interest method. The effective interest rate is calculated to include all associated transaction costs.In the event of a modification to the terms of a loan agreement, the Group considers both the quantitative and qualitative impact of the changes. Where a modification is considered substantial, the existing facility is treated as settled and the new facility is recognised. Where the modification is not considered substantial, the carrying value of the liability is restated to the present value of the cash flows of the modified arrangement, discounted using the effective interest rate of the original arrangement. The difference is recognised as a gain or loss on refinancing through the statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__44": {
"value": "Derivative financial instruments and hedge accountingThe Group\u2019s derivative financial instruments currently comprise of interest rate swaps/caps. Derivatives designated as hedging instruments utilise hedge accounting under IAS 39. Derivatives not designated under hedge accounting are accounted for under IFRS 9.These instruments are used to manage the Group\u2019s cash flow interest rate risk.The instruments are initially recognised at fair value on the date that the derivative contract is entered into, being the cost of any premium paid at inception, and are subsequently re-measured at their fair value at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__45-1": {
"value": "Fair value measurement of derivative financial instrumentsThe fair value of derivative financial instruments is the estimated amount that the Group would receive or pay to terminate the agreement at the period end date, taking into account current interest rate expectations and the current credit rating of the relevant group entity and its counterparties.The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole.A number of assumptions are used in determining the fair values including estimations over future interest rates and therefore future cash flows. The fair value represents the net present value of the difference between the cash flows produced by the contract rate and the valuation rate.2.16\u2002Fair value measurements and hierarchyFair value is the price that would be received on the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market. It is based on the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interest. A fair value measurement of a non-financial asset takes into account the best and highest value use for that asset.The fair value hierarchy to be applied under IFRS 13 is as follows:Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.For assets and liabilities that are carried at fair value and which will be recorded in the financial information on a recurring basis, the Group will determine whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__46": {
"value": "Hedge accountingAt the inception of a hedging transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedging transaction.The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.Assuming the criteria for applying hedge accounting continue to be met the effective portion of gains and losses on the revaluation of such instruments are recognised in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of such gains and losses will be recognised in profit or loss within finance income or expense as appropriate. The cumulative gain or loss recognised in other comprehensive income is reclassified from the cash flow hedge reserve to profit or loss (finance expense) at the same time as the related hedged interest expense is recognised.Interest rate derivatives that do not qualify under hedge accounting are carried in the Group Statement of Financial Position at fair value, with changes in fair value recognised in the Group Statement of Comprehensive Income, net of interest receivable/payable from the derivatives shown in the finance income or expense line.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__47": {
"value": "2.15\u2002Equity instrumentsEquity instruments issued by the Company are recorded at the amount of the proceeds received, net of directly attributable issue costs. Costs not directly attributable to the issue are immediately expensed in profit or loss.Further details of the accounting for the proceeds from the issue of shares in the period are disclosed in note 22.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__49": {
"value": "3.\u2002Gross rental incomeYear toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Rental income \u2013 freehold property 53,119 44,332Rental income \u2013 long leasehold property 42,669 28,031Lease surrender income 35 \u2013Gross rental income 95,823 72,363Year toYear to30 June 202330 June 2022\u00a3\u2019000\u00a3\u2019000Property insurance recoverable 585 449Service charge recoverable 5,354 1,637Total property insurance and service charge income 5,939 2,086Total property income 101,762 74,449Included within rental income is a \u00a32,512,000 (2022: \u00a32,654,000) rent smoothing adjustment that arises as a result of IFRS 16 \u2018Leases\u2019 requiring that rental income in respect of leases with rents increasing by a fixed percentage be accounted for on a straight-line basis over the lease term. During the year this resulted in an increase in rental income and an offsetting entry being recognised in profit or loss as an adjustment to the investment property revaluation.On an annualised basis, rental income comprises \u00a349,620,000 (2022: \u00a334,420,000) relating to the Group\u2019s largest tenant and \u00a327,194,000 (2022: \u00a324,265,000) relating to the Group\u2019s second-largest tenant. There were no further tenants representing more than 10% of annualised gross rental income during either year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__50": {
"value": "4.\u2002Service charge expenseYear toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Property insurance expenses 715 639Service charge expenses 5,803 1,699Total property insurance and service charge expense 6,518 2,338",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__52": {
"value": "6.\u2002Operating (loss)/profitOperating (loss)/profit is stated after charging fees for:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Audit of the Company\u2019s consolidated and individual financial statements 260 190Audit of subsidiaries, pursuant to legislation 95 64Total audit services 355 254Audit related services: interim review 38 32Total audit and audit-related services 393 286The Group\u2019s auditor also provided the following services in relation to corporate finance services:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Other non-audit services: corporate finance services in connection with the October 2021 and April 2022 placings \u2013 78Other non-audit services: corporate finance services in connection with the transition to premium segment of LSE \u2013 45Other non-audit services: corporate finance services 65 \u2013Total other non-audit services 65 123Total fees charged by the Group\u2019s auditor 458 409",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__53": {
"value": "7.\u2002Directors\u2019 remunerationThe Group had no employees in the current or prior year. The Directors, who are the key management personnel of the Company, are appointed under letters of appointment for services. Directors\u2019 remuneration, all of which represents fees for services provided, was as follows:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Directors\u2019 fees 330 245Employer\u2019s National Insurance Contribution 34 24Total Directors\u2019 remuneration 364 269The highest paid Director received \u00a375,000 (2022: \u00a370,000) for services during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__55": {
"value": "8.\u2002Finance income and expenseYear toYear to30 June 2023 30 June 2022 Finance income\u00a3\u2019000\u00a3\u2019000Interest received on bank deposits 53 \u2013Income from financial assets held at amortised cost (note 16) 483 \u2013Finance income on unwinding of discounted receivable (note 17) 2,376 \u2013Finance income on settlement of interest rate derivatives (note 19) 11,714 \u2013Total finance income 14,626 \u2013Year toYear to30 June 2023 30 June 2022 Finance expense\u00a3\u2019000\u00a3\u2019000Interest payable on bank borrowings and hedging arrangements 29,707 9,565Finance expense on settlement of interest rate derivatives (note 19) \u2013 296Commitment fees payable on bank borrowings 1,571 969Amortisation of loan arrangement fees* 8,037 2,157Amortisation of interest rate derivative premium (Note 19) \u2013 5Total finance expense 39,315 12,992*This includes a one-off exceptional charge in the year to 30 June 2023 of \u00a31.52 million, relating to the acceleration of unamortised arrangement fees in respect of the modification of the Wells Fargo and Barclays/RBC facilities under IFRS 9. It also includes a one-off loan arrangement fee for the short-term J.P. Morgan loan of \u00a34.0 million.The above finance expense includes the following in respect of liabilities not classified as fair value through profit and loss:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Total interest expense on financial liabilities held at amortised cost 37,744 11,723Fee expense not part of effective interest rate for financial liabilities held at amortised cost 1,571 969Total finance expense 39,315 12,692",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__54": {
"value": "8.\u2002Finance income and expenseYear toYear to30 June 2023 30 June 2022 Finance income\u00a3\u2019000\u00a3\u2019000Interest received on bank deposits 53 \u2013Income from financial assets held at amortised cost (note 16) 483 \u2013Finance income on unwinding of discounted receivable (note 17) 2,376 \u2013Finance income on settlement of interest rate derivatives (note 19) 11,714 \u2013Total finance income 14,626 \u2013Year toYear to30 June 2023 30 June 2022 Finance expense\u00a3\u2019000\u00a3\u2019000Interest payable on bank borrowings and hedging arrangements 29,707 9,565Finance expense on settlement of interest rate derivatives (note 19) \u2013 296Commitment fees payable on bank borrowings 1,571 969Amortisation of loan arrangement fees* 8,037 2,157Amortisation of interest rate derivative premium (Note 19) \u2013 5Total finance expense 39,315 12,992*This includes a one-off exceptional charge in the year to 30 June 2023 of \u00a31.52 million, relating to the acceleration of unamortised arrangement fees in respect of the modification of the Wells Fargo and Barclays/RBC facilities under IFRS 9. It also includes a one-off loan arrangement fee for the short-term J.P. Morgan loan of \u00a34.0 million.The above finance expense includes the following in respect of liabilities not classified as fair value through profit and loss:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Total interest expense on financial liabilities held at amortised cost 37,744 11,723Fee expense not part of effective interest rate for financial liabilities held at amortised cost 1,571 969Total finance expense 39,315 12,692",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__56": {
"value": "9.\u2002TaxationTax charge in profit or lossYear toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Corporation tax \u2013 \u2013B) Total tax expenseTax charge in profit and loss as per the above \u2013 \u2013Share of tax expense of equity accounted joint ventures (400) 987Total tax (credit)/expense (400) 987The Company and its subsidiaries operate as a UK Group REIT. Subject to continuing compliance with certain rules, the UK REIT regime exempts the profits of the Group\u2019s property rental business from UK corporation tax. To operate as a UK Group REIT a number of conditions had to be satisfied in respect of the Company, the Group\u2019s qualifying activity and the Group\u2019s balance of business. Since the 21 December 2017 the Group has met all such applicable conditions.The reconciliation of the (Loss)/profit before tax multiplied by the blended rate of corporation tax for the year of 20.4% (2022: 19%) to the total tax charge is as follows:Year toYear to30 June 2023 30 June 2022 C) Reconciliation of the total tax charge for the year\u00a3\u2019000\u00a3\u2019000(Loss)/Profit on ordinary activities before taxation (144,866) 110,303Theoretical tax at UK standard corporation tax rate of 20.4% (2022: 19%) (29,553) 20,958Effects of:Investment property and derivative revaluation not taxable 49,680 (4,146)Disposal of interest rate derivative (587) \u2013Residual business losses 4,428 \u2013Other non-taxable items (8,807) \u2013REIT exempt income (15,161) (16,812)Share of tax expense of equity accounted joint ventures (400) 987Total tax (credit)/expense for the year (400) 987UK REIT exempt income includes property rental income that is exempt from UK corporation tax in accordance with Part 12 of CTA 2010. No deferred tax asset has been recognised in respect of the Group\u2019s residual carried forward tax losses of \u00a336.2 million as, given the Group\u2019s REIT status, it is considered unlikely that these losses will be utilised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__57": {
"value": "10.\u2002Earnings per shareEarnings per share (EPS) amounts are calculated by dividing the profit or loss for the period attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares in issue during the period. As there are no dilutive instruments outstanding, basic and diluted earnings per share are identical.The European Public Real Estate Association (EPRA) publishes guidelines for calculating adjusted earnings on a comparable basis. EPRA EPS is a measure of EPS designed by EPRA to enable entities to present underlying earnings from core operating activities, which excludes fair value movements on investment properties.56The Company has also included an additional earnings measure called \u201cAdjusted Earnings\u201d and \u201cAdjusted EPS\u201d. Adjusted earningsis a performance measure used by the Board to assess the Group\u2019s financial performance and dividend payments. The metric adjusts EPRA earnings by deducting one-off items such as debt restructuring costs and the Joint Venture acquisition loan arrangement fee which are non-recurring in nature and adding back finance income on derivatives held at fair value through profit and loss. Adjusted Earnings is considered a better reflection of the measure over which the Board assesses the Group\u2019s trading performance and dividend cover.Finance income received from derivatives held at fair value through profit and loss are added back to EPRA earnings as this reflects the cash received from the derivatives in the period and therefore gives a better reflection of the Group\u2019s net finance costs.Debt restructuring costs relate to the acceleration of unamortised arrangement fees following the partial transition of the Group\u2019s debt structure from secured to unsecured.The Joint Venture acquisition loan arrangement fee relates to the upfront amount payable to J.P. Morgan in respect of the short-term facility taken out in January 2023 to fund the Group\u2019s purchase of BAPTL\u2019s 50% interest in the joint venture. This was specific debt taken out to finance the transaction to acquire and then dispose of the joint venture, whilst protecting the Group from any recourse on unwind of the joint venture\u2019s financial asset. This adjustment reflects the arrangement fee only, as the Group largely had other committed undrawn facilities that it could have utilised.The reconciliation of IFRS Earnings, EPRA Earnings and Adjusted Earnings is shown below:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Net (loss) / profit attributable to ordinary shareholders (144,866) 110,303EPRA adjustments:Changes in fair value of investment properties and rental guarantees 256,066 (21,820)Changes in fair value of interest rate derivatives measured at fair value through profit and loss (10,024) \u2013Profit on disposal of interest rate derivatives (2,878) \u2013Group share of changes in fair value of joint venture investment properties (11,486) 6,021Group share of gain on disposal of joint venture investment properties \u2013 (37,102)Gain on disposal of investments in joint venture (19,940) \u2013Finance income received on interest rate derivatives held at fair value through profit and loss (9,671) \u2013EPRA earnings 57,201 57,402Adjustments for:Finance income received on interest rate derivatives held at fair value through profit and loss 9,671 \u2013One-off restructuring costs in relation to the acceleration of unamortised arrangement fees 1,518 \u2013Joint Venture acquisition loan arrangement fee 4,009 \u2013Adjusted Earnings 72,399 57,4021NumberNumberWeighted average number of ordinary shares 1,242,574,505 975,233,8581 Based on the weighted average number of ordinary shares in issueYear to Year to 30 June 202330 June 2022Pence per share Pence per share (\u2018p\u2019)(\u2018p\u2019)Basic and Diluted EPS (11.7) 11.3EPRA adjustments:Changes in fair value of interest rate derivatives measured at FVTPL (0.8) \u2013Changes in fair value of investment properties and rent guarantees 20.6 (2.2)Group share of changes in fair value of joint venture investment properties (0.9) 0.6Profit on disposal of interest rate derivatives (0.2) \u2013Group share of gain on disposal of joint venture investment properties (1.6) (3.8)Finance income received on interest rate derivatives held at fair value through profit and loss (0.8) \u2013EPRA EPS 4.6 5.9Adjustments for:Finance income received on interest rate derivatives held at fair value through profit and loss 0.8 \u2013One-off restructuring costs in relation to the acceleration of unamortised arrangement fees 0.1 \u2013Joint Venture acquisition loan arrangement fee 0.3 \u2013Adjusted EPRA EPS 5.8 5.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__58": {
"value": "11. DividendsYear toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3\u2019000Amounts recognised as a distribution to ordinary Shareholders in the year:Dividends paid 74,328 53,190On 8 July 2022, the Board declared a fourth interim dividend for the year ended 30 June 2022 of 1.485 pence per share, which was paid on 22 August 2022 to Shareholders on the register on 15 July 2022.On 21 September 2022 the Board declared a first interim dividend for the year ending 30 June 2023 of 1.5 pence per share, which was paid on 16 November 2022 to shareholders on the register on 7 October 2022.On 12 January 2023, the Board declared a second interim dividend for the year ending 30 June 2023 of 1.5 pence per share, which was paid on 23 February 2023 to shareholders on the register on 20 January 2023.On 11 April 2023, the Board declared a third interim dividend for the year ending 30 June 2023 of 1.5 pence per share, which was paid on 26 May 2023 to shareholders on the register on 21 April 2023.On 6 July 2023, the Board declared a fourth interim dividend for the year ending 30 June 2023 of 1.5 pence per share, which was paid on 4 August 2023 to shareholders on the register on 13 July 2023. This has not been included as a liability as at 30 June 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__59": {
"value": "12. Investment propertiesIn accordance with IAS 40 \u201cInvestment Property\u201d, the Group\u2019s investment properties have been independently valued at fair value by Cushman & Wakefield, an accredited independent valuer with a recognised and relevant professional qualification and with recent experience in the locations and categories of the investment properties being valued. The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards (the \u201cRed Book\u201d) and incorporate the recommendations of the International Valuation Standards Committee which are consistent with the principles set out in IFRS 13.The independent valuer in forming its opinion on valuation makes a series of assumptions. As explained in note 2, all the valuations of the Group\u2019s investment property at 30 June 2023 are classified as \u2018level 3\u2019 in the fair value hierarchy defined in IFRS 13.The valuations are ultimately the responsibility of the Directors. Accordingly, the critical assumptions used in establishing the independent valuation are reviewed by the Board.Long Freehold Leasehold Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 1 July 2022 903,850 657,740 1,561,590Property additions 131,600 231,030 362,630Capitalised acquisition costs 4,132 10,549 14,681Revaluation movement (140,142) (113,069) (253,211)Valuation at 30 June 2023 899,440 786,250 1,685,690At 1 July 2021 723,540 424,840 1,148,380Property additions 150,363 220,447 370,810Capitalised acquisition costs 7,825 9,778 17,603Revaluation movement 22,122 2,675 24,797Valuation at 30 June 2022 903,850 657,740 1,561,590Year toYear to30 June 2023 30 June 2022Reconciliation of Investment Property to Independent Property Valuation\u00a3\u2019000\u00a3\u2019000Investment Property at fair value per Group Statement of Financial Position 1,685,690 1,561,590Market Value of Property classified as Financial Assets held at amortised cost (Note 16) 7,210 9,960Total Independent Property Valuation 1,692,900 1,571,550There were nine property acquisitions during the year, of which two were purchased through the acquisition of a corporate structure, rather than acquiring the asset directly. All corporate acquisitions during the year have been treated as asset purchases rather than business combinations because they are considered to be acquisitions of properties rather than businesses.Included within the carrying value of investment properties at 30 June 2023 is \u00a38,724,000 (2022: \u00a36,212,000) in respect of the smoothing of fixed contractual rent uplifts as described in note 3. The difference between rents on a straight-line basis and rents actually receivable is included within the carrying value of the investment properties but does not increase that carrying value over fair value. The effect of this adjustment on the revaluation movement during the year is as follows:Year toYear to30 June 2023 30 June 2022 \u00a3\u2019000\u00a3'000Revaluation movement per above (253,211) 24,797Rent smoothing adjustment (note 3) (2,512) (2,654)Movements in associated rent guarantees and lease incentives (343) (323)Change in fair value recognised in profit or loss (256,066) 21,820Valuation techniques and key unobservable inputsValuation techniques used to derive fair valuesThe valuations have been prepared on the basis of market value which is defined in the RICS Valuation Standards as \u2018the estimated amount for which an asset or liability should exchange on the date of the valuation between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion\u2019. Market value as defined in the RICS Valuation Standards is the equivalent of fair value under IFRS.The yield methodology approach is used when valuing the Group\u2019s properties which uses market rental values capitalised with a market capitalisation rate. This is sense-checked against the market comparable method (or market comparable approach) where a property\u2019s fair value is estimated based on comparable transactions in the market.Unobservable inputsSignificant unobservable inputs include: the estimated rental value (\u201cERV\u201d) based on market conditions prevailing at the valuation date and net initial yield. Other unobservable inputs include but are not limited to the future rental growth \u2013 the estimated average increase in rent based on both market estimations and contractual situations, and the physical condition of the individual properties determined by inspection.A decrease in ERV would decrease the fair value. A decrease in net initial yield would increase the fair value.Sensitivity of measurement of significant valuation inputsAs described in note 2 the determination of the valuation of the Group\u2019s investment property portfolio is open to judgement and is inherently subjective by nature.Sensitivity analysis \u2013 impact of changes in net initial yields and rental valuesYear toYear to30 June 202330 June 2022Range of Net Initial Yields 4.7% - 7.4% 3.8% - 6.6%Range of Rental values (passing rents or ERV as relevant) of Group\u2019s Investment Properties \u00a30.3m - \u00a35.1m \u00a30.3m - \u00a34.2mWeighted average of Net Initial Yields 5.6% 4.6%Weighted average of Rental values (passing rents or ERV as relevant) of Group\u2019s Investment Properties \u00a32.8m \u00a32.6mThe table below analyses the sensitivity on the fair value of investment properties for changes in rental values and net initial yields:+2%-2%+0.5% Net -0.5% Net Rental valueRental valueInitial YieldInitial Yield\u00a3m\u00a3m\u00a3m\u00a3m(Decrease)/increase in the fair value of investment properties as at 30 June 2023 33.7 (33.7) (139.9) 168.1(Decrease)/increase in the fair value of investment properties as at 30 June 2022 31.2 (31.2) (81.1) 90.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__60": {
"value": "13. SubsidiariesThe entities listed in the following table were the subsidiary undertakings of the Company at 30 June 2023 all of which are wholly owned. All but those noted as Jersey entities below are subsidiary undertakings incorporated in England.Company name Holding type Nature of business+Supermarket Income Investments UK LimitedDirect Intermediate parent company+Supermarket Income Investments (Midco2) UK LimitedDirect Intermediate parent company+Supermarket Income Investments (Midco3) UK LimitedDirect Intermediate parent company+Supermarket Income Investments (Midco4) UK LimitedDirect Intermediate parent company+SII UK Halliwell (MIDCO) LTDDirect Intermediate parent company+Supermarket Income Investments UK (Midco6) LimitedDirect Intermediate parent company+Supermarket Income Investments UK (Midco7) LimitedDirect Intermediate parent company+SUPR Green Energy LimitedDirect Energy provision company+SUPR Finco LimitedDirect Holding company+Supermarket Income Investments UK (NO1) LimitedIndirect Property investment+Supermarket Income Investments UK (NO2) LimitedIndirect Property investment+Supermarket Income Investments UK (NO3) LimitedIndirect Property investment+Supermarket Income Investments UK (NO4) LimitedIndirect Property investment+Supermarket Income Investments UK (NO5) LimitedIndirect Property investment+Supermarket Income Investments UK (NO6) LimitedIndirect Property investment+Supermarket Income Investments UK (NO7) LimitedIndirect Property investment+Supermarket Income Investments UK (NO8) LimitedIndirect Property investment+Supermarket Income Investments UK (NO9) LimitedIndirect Property investment+Supermarket Income Investments UK (NO10) LimitedIndirect Property investment+Supermarket Income Investments UK (NO11) LimitedIndirect Property investment+Supermarket Income Investments UK (NO12) LimitedIndirect Property investment+Supermarket Income Investments UK (NO16) LimitedIndirect Property investment+Supermarket Income Investments UK (NO16a) LimitedIndirect Property investment+Supermarket Income Investments UK (NO16b) LimitedIndirect Property investment+Supermarket Income Investments UK (NO16c) LimitedIndirect Property investment+Supermarket Income Investments UK (NO17) LimitedIndirect Property investment+TPP Investments LimitedIndirect Property investment+T (Partnership) LimitedIndirect Property investmentThe TBL Property Partnership Indirect Property investment+Supermarket Income Investments UK (NO19) LimitedIndirect Property investment+Supermarket Income Investments UK (NO20) LimitedIndirect Property investment+Supermarket Income Investments UK (NO21) LimitedIndirect Property investment+Supermarket Income Investments UK (NO22) LimitedIndirect Property investment+Supermarket Income Investments UK (NO23) LimitedIndirect Property investment+Supermarket Income Investments UK (NO24) LimitedIndirect Property investment+Supermarket Income Investments UK (NO25) LimitedIndirect Property investment+Supermarket Income Investments UK (NO26) LimitedIndirect Property investment+Supermarket Income Investments UK (NO27) LimitedIndirect Property investment+Supermarket Income Investments UK (NO28) LimitedIndirect Property investment+Supermarket Income Investments UK (NO29) LimitedIndirect Property investment+Supermarket Income Investments UK (NO30) LimitedIndirect Property investment+Supermarket Income Investments UK (NO31) LimitedIndirect Property investment+Supermarket Income Investments UK (NO32) LimitedIndirect Property investment+Supermarket Income Investments UK (NO33) LimitedIndirect Property investment+Supermarket Income Investments UK (NO34) LimitedIndirect Property investment\u2013Supermarket Income Investments UK (NO35) Limited^Indirect Property investment+Supermarket Income Investments UK (NO36) LimitedIndirect Property investment+Supermarket Income Investments UK (NO37) LimitedIndirect Property investment+Supermarket Income Investments UK (NO38) LimitedIndirect Property investment\u2013Supermarket Income Investments UK (NO39) Limited**^Indirect Property investmentCompany name Holding type Nature of business+Supermarket Income Investments UK (NO40) Limited*Indirect Property investment+Supermarket Income Investments UK (NO41) Limited*Indirect Property investment+Supermarket Income Investments UK (NO42) Limited*Indirect Property investment+Supermarket Income Investments UK (NO43) Limited*Indirect Property investment+Supermarket Income Investments UK (NO44) Limited*Indirect Property investment+Supermarket Income Investments UK (NO45) Limited*Indirect Property investment\u2013The Brookmaker Unit Trust**^Indirect Property investment#Brookmaker Limited Partnership**Indirect Property investment#Brookmaker (GP) Limited**Indirect Property investment#Brookmaker (Nominee) Limited**Indirect Property investment+Supermarket Income Investments UK (NO47) Limited*Indirect Property investment\u2013Horner (GP) Limited**^Indirect Property investment\u2013Horner (Jersey) Limited Partnership**^Indirect Property investment\u2013Horner REIT**^Indirect Property investment+SII UK Halliwell (No1) LTDIndirect Investment in Joint venture+SII UK Halliwell (No2) LTDIndirect Investment in Joint venture+SII UK Halliwell (No3) LTDIndirect Investment in Joint venture+SII UK Halliwell (No4) LTDIndirect Investment in Joint venture+SII UK Halliwell (No5) LTDIndirect Investment in Joint venture+SII UK Halliwell (No6) LTDIndirect Investment in Joint venture* New subsidiaries incorporated during the year ended 30 June 2023** Subsidiaries acquired during the year ended 30 June 2023^ Jersey registered entity+ Registered office: 1 King William Street, London, United Kingdom, EC4N 7AF- Registered office: 3rd Floor, Gaspe House, 66-72 Esplanade, St Helier, Jersey, JE1 2LH# Registered office: 8th Floor, 1 Fleet Place, London, United Kingdom, EC4M 7RAThe following subsidiaries will be exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of that Act.Companies House Company nameRegistration NumberSII UK Halliwell (MIDCO) LTD 12473355SUPR Green Energy Limited 12890276SII UK Halliwell (No1) LTD 12475261SII UK Halliwell (No2) LTD 12475599SII UK Halliwell (No3) LTD 12478141SII UK Halliwell (No4) LTD 12604032SII UK Halliwell (No5) LTD 12605175SII UK Halliwell (No6) LTD 12606144SUPR Finco Limited 14292760",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__61": {
"value": "1 King William Street, London, United Kingdom, EC4N 7AF",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__62": {
"value": "14. Investment in joint venturesYear toYear to30 June 202330 June 2022\u00a3\u2019000\u00a3\u2019000Opening balance 177,140 130,321Additions* 206,656 3,518Group\u2019s share of profit after tax 23,232 43,301Disposal (407,028) \u2013Closing balance \u2013 177,140*Included within additions are \u00a3190.7 million of further investments made in the joint venture during the year and \u00a315.9 million of net liabilities acquired onacquisition of Horner (Jersey) LPIn May 2020, the Group and British Airways Pension Trustees Limited (BAPTL) formed a 50:50 joint venture (the \u201cjoint venture\u201d), Horner (Jersey) LP. Horner (Jersey) LP owns 100% of the shares in Horner REIT, which acquired 100% of the issued share capital in Horndrift Limited for a combined total consideration of \u00a3102m plus costs on this date.In February 2021, Horner REIT acquired 100% of the issued share capital in Cornerford Limited for a combined total consideration of \u00a3115m plus costs. Further amounts have been advanced since this date to fund operating costs and taxation liabilities on a pro-rata basis with the other parties.Horndrift and Cornerford Limited each hold a 25.2% share of certain beneficial interests in a property trust arrangement that holds a portfolio of 26 Sainsbury\u2019s supermarket properties funded by bonds which matured in 2023 (the \u201cStructure\u201d). Rental surpluses generated by the Structure are required to be applied in the repayment of the bonds and not therefore capable of being transferred to the joint venture or Group until those bonds have been repaid.On 12 January 2023, the Group purchased British Airways Pension Trustees Limited\u2019s (BAPTL) 50% interest in the joint venture for \u00a3188.8 million which resulted in the Group consolidating the following entities:Entity Address and principal place of business OwnershipJersey Third Floor, Liberation House, Castle Street, St Helier, 100% owned by the GroupHorner (Jersey) LPJersey, JE1 2LHHorner GP Third Floor, Liberation House, Castle Street, St Helier, 100% owned by the GroupJersey, JE1 2LHHorner REIT Limited Third Floor, Liberation House, Castle Street, St Helier, 100% owned by Horner (Jersey) LPJersey, JE1 2LHUnited Kingdom Langham Hall UK LLP, 1 Fleet Street, Previously owned 100% by Horner REIT Horndrift LimitedLondon, E4M 7RALimited and disposed in March-23Cornerford Limited Langham Hall UK LLP, 1 Fleet Street, Previously owned 100% by Horner REIT London, E4M 7RALimited and disposed in March-23The assets and liabilities recognised on acquisition were as follows:Fair value 12 Jan 2023Current assets\u00a3\u2019000Investment in joint venture 200,887Cash and cash equivalents 565Trade and other receivables 19Total current assets 201,471Total assets 201,471Current liabilitiesTrade and other payables (9,078)Total current liabilities (9,078)Total liabilities (9,078)Net assets 192,393Negative goodwill on acquisition (3,565)Purchase consideration 188,828Transaction related costs of \u00a3451,000 were incurred in respect of the above acquisition and were capitalised as part of the Group\u2019s carrying amount in the joint venture.Horner (Jersey) LP\u2019s share of the aggregate amounts recognised in the statement of financial position of the Structure are as follows:Fair value 12 Jan 2023Non-current assets\u00a3\u2019000Investment properties \u2013Total non-current assets \u2013Current assetsContractual receivable 277,379Trade and other receivables 1,683Investment properties held for sale 16,888Cash and cash equivalents \u2013Total current assets 295,950Total assets 295,950Current liabilitiesDebt securities in issue (85,349)Interest rate derivative (351)Deferred tax (139)Trade and other payables (4,097)Other liabilities (5,127)Total current liabilities (95,063)Total liabilities (95,063)Net assets 200,887The acquisition of BAPTL\u2019s 50% interest in the joint venture, increased the Group\u2019s beneficial interest in the structure to 51%. Following the additional joint venture interest acquired during the year, the Group was deemed to control the Structure jointly, as any change to the contractual arrangements and deeds that regulate the Structure, required unanimous consent from all beneficial holders. Therefore, the equity method of accounting continued to be used until the disposal of the investment in joint venture which occurred during the year. Further detail is included in Note 2 of the financial statements.Atrato Halliwell Limited, affiliate of the Investment Adviser, has a carried interest entitlement over the investment returns from the Group\u2019s investment in the joint venture. Under the terms of the Limited Partnership Agreement, (\u201cLPA\u201d), once the Group and BAPTL received a return equal to their total investment in the joint venture plus an amount equivalent to a 10% per annum preferred return on that investment, Atrato Halliwell is entitled to share in any further cash returns to be distributed by the joint venture. Atrato Halliwell\u2019s entitlement to share in cash returns in excess of the preferred return increases depending on the extent of those cash returns, up to a maximum entitlement of \u00a315,000,000.Following the acquisition of BAPTL\u2019s 50% interest in the joint venture, BAPTL\u2019s \u00a37.5 million share of carried interest to Atrato Halliwell crystalised and was paid at the point of acquisition, together with other deferred arrangement fees payable by BAPTL amounting to \u00a30.6 million. The remaining \u00a37.5 million is included within trade and other payables within Note 18 and was paid after the year end.On 13 March 2023, the Group sold its interests in Horndrift and Cornerford Limited to Sainsbury\u2019s for gross proceeds of \u00a3430.8 million. which was structured in three separate tranches:\u2022 The first tranche of \u00a3279.3 million was paid in cash on 17 March 2023\u2022 The second tranche of \u00a3116.9 million was paid in cash after the balance sheet date on 10 July 2023\u2022 The third tranche of \u00a334.7 million was conditional on the sale of the remaining five stores in the portfolio.During the year, the Group purchased two of the five stores for a gross purchase price of \u00a325.2 million and received total proceeds from Sainsbury\u2019s of \u00a315.0 million.After the year end, the Group purchased two of the remaining three stores in the portfolio for a gross purchase price of \u00a336.4 million and received proceeds from Sainsbury\u2019s of \u00a318.2 million. It is expected that the one remaining store will be sold at vacant possession value.Year toYear to30 June 202330 June 2022\u00a3\u2019000\u00a3\u2019000Total disposal consideration 430,797 \u2013Fair value adjustment to contractual receivable (2,579) \u2013Carrying amount of net assets sold (407,029) \u2013Transaction related costs (1,249) \u2013Profit on disposal of joint venture interest 19,940 \u2013Horndrift and Cornerford Limited\u2019s share of the aggregate amounts recognised in the consolidated statement of comprehensive income and statement of financial position for the period ending 13 March 2023 are as follows:Period to Year to 13 March 2023 30 June 2022\u00a3\u2019000\u00a3\u2019000Rental income 3,904 12,878Finance income 18,142 15,988Administrative and other expenses (1,844) (190)Change in fair value of investment properties (4,256) (11,336)Gain on disposal of investment properties 27,228 84,095Operating profit 43,174 101,435Finance expense (1,585) (1,996)Profit before taxation 41,589 99,439Tax charge for the period 833 (1,974)Profit for the period/year 42,422 97,465Group share of profit for the period / year 23,232 43,301As at As at 13 March 202330 June 2022Non-current assets\u00a3\u2019000\u00a3\u2019000Investment properties \u2013 37,005Total non-current assets \u2013 37,005Current assetsContractual receivable 559,268 530,481Trade and other receivables 8,743 2,897Investment properties held for sale 33,794 \u2013Cash and cash equivalents \u2013 \u2013Total current assets 601,805 533,378Total assets 601,805 570,383Current liabilitiesDebt securities in issue 169,901 176,243Interest rate derivative 467 3,451Deferred tax 353 4,196Other liabilities 10,259 9,883Trade and other payables 10,231 7,329Total current liabilities 191,211 201,102Total liabilities 191,211 201,102Net assets 410,594 369,281Negative goodwill on acquisition (3,565) \u2013Carrying amount of net assets at disposal 407,029 369,281",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__63": {
"value": "15.\u2002Financial assets held at fair value through profit or lossRental guarantees provided by the seller of an investment property are recognised as a financial asset when there is a valid expectation that the Group will utilise the guarantee over the contractual term. Rental guarantees are classified as financial assets at fair value through profit and loss in accordance with IFRS 9.In determining the fair value of the rental guarantee, the Group makes an assessment of the expected future cash flows to be derived over the term of the rental guarantee and discounts these at the market rate. A review is performed on a periodic basis based on payments received and changes in the estimation of future cash flows.The fair value of rental guarantees held by the Group are as follows:Year toYear to30 June 202330 June 2022\u00a3\u2019000\u00a3\u2019000At start of year 283 237Additions 1,000 283Fair value changes (including changes in estimated cash flows) 92 (326)Collected during the year (1,375) 89Total financial assets held at fair value through profit and loss at end of year \u2013 283",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__64": {
"value": "16. Financial assets held at amortised costYear toYear to30 June 2023 30 June 2022\u00a3\u2019000\u00a3\u2019000At start of year 10,626 \u2013Additions \u2013 10,626Interest income recognised in profit and loss (note 8) 483 \u2013Lease payments received during the period (290) \u2013At end of period 10,819 10,626On 8 June 2022, the Group acquired an Asda store in Carcroft, via a sale and leaseback transaction for \u00a310.6 million, this has been recognised in the Statement of Financial Position as a Financial asset in accordance with IFRS 9. The financial asset is measured using the amortised cost model, which recognises the rental payments as financial income and reductions of the asset value based on the implicit interest rate in the lease. As at 30 June 2023 the market value of the property was estimated at \u00a37.2 million.The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the period from incorporation to 30 June 2023. The historical loss rates are then adjusted for current and forward-looking information on macro-economic factors affecting the Group\u2019s customers. Both the expected credit loss provision and the incurred loss provision in the current year is immaterial. No reasonable possible changes in the assumptions underpinning the expected credit loss provision would give rise to a material expected credit loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__65": {
"value": "17. Trade and other receivablesAs atAs at30 June 2023 30 June 2022\u00a3\u2019000\u00a3\u2019000Other receivables 4,723 1,430Receivable from joint venture disposal 136,582 \u2013Prepayments and accrued income 850 433Total trade and other receivables 142,155 1,863The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the period from incorporation to 30 June 2023. The historical loss rates are then adjusted for current and forward-looking information on macro-economic factors affecting the Group\u2019s customers. Both the expected credit loss provision and the incurred loss provision in the current and prior year are immaterial. No reasonable possible changes in the assumptions underpinning the expected credit loss provision would give rise to a material expected credit loss.The receivable following the disposal of the Joint venture receivable has been initially recognised at fair value which resulted in a discount of \u00a32.6 million to the gross amounts to be received of \u00a3136.6 million and which is being amortised and recognised within finance income over the period to the receipt of cash from Sainsbury\u2019s. \u00a3135.1 million was received post year end and the remainder of the consideration is expected to be received on sale of the final property.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__66": {
"value": "18. Trade and other payablesAs atAs at30 June 2023 30 June 2022\u00a3\u2019000\u00a3\u2019000Corporate accruals 22,469 8,958VAT payable 4,510 1,719Total trade and other payables 26,979 10,677",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__67": {
"value": "19.\u2002Interest rate derivativesAs atAs at30 June 2023 30 June 2022\u00a3\u2019000\u00a3\u2019000Non-current asset: Interest rate swaps 35,601 5,114Non-current asset: Interest rate cap 1,597 \u2013Current Asset: Interest rate swaps 16,800 \u2013Current Asset: Interest rate cap 3,584 \u2013The rate swaps are remeasured to fair value by the counterparty bank on a quarterly basis.Year toYear to30 June 2023 30 June 2022The fair value at the end of year comprises:\u00a3\u2019000\u00a3\u2019000At start of year (net) 5,114 (447)Interest rate derivative premium paid on inception 44,255 \u2013Amortisation of cap premium in the period (note 8) \u2013 (5)Disposal of interest rate derivatives (2,878) \u2013Changes in fair value of interest rate derivative in the year (P&L) 19,695 5,270Changes in fair value of interest rate derivative in the year (OCI) 3,111 \u2013(Credit)/Charge to the income statement (P&L) (note 8) (9,671) \u2013(Credit)/Charge to the income statement (OCI) (note 8) (2,043) 296Fair value at end of year (net) 57,583 5,114To partially mitigate the interest rate risk that arises as a result of entering into the floating rate debt facilities referred to in note 21, the Group has entered into derivative interest rate swaps in relation to the drawn Unsecured bank syndicate facilities (\u2018the Unsecured swaps\u2019) and loan facilities with Bayerische Landesbank (\u2018the BLB swaps\u2019) and Wells Fargo Bank (\u2018the Wells swaps\u2019). The Group has also entered into a derivative interest rate cap in relation to the drawn HSBC loan facility (\u2018the HSBC cap\u2019).A summary of these derivatives as at 30 June 2023 are shown in the table below:Notional amount Premium Paid Mark to Market Issuer Derivative Type\u00a3m\u00a3m30 June 2023 Swap Rate Maturity DateBarclays Interest Rate Swap \u00a3250.0 \u00a326.7 \u00a333.5 1.34% Jul-27Barclays Interest Rate Swap \u00a3100.0 \u00a37.6 \u00a38.5 1.34% Jul-25Barclays Interest Rate Swap \u00a330.6 \u00a31.2 \u00a30.7 1.34% Dec-23HSBC Interest Rate Cap \u00a396.5 \u00a36.0 \u00a35.2 1.12% Aug-24BLB Interest Rate Swap \u00a337.3 \u00a31.2 \u00a32.7 2.64% Mar-26BLB Interest Rate Swap \u00a322.2 \u00a30.7 \u00a31.6 2.64% Mar-26BLB Interest Rate Swap \u00a327.4 \u00a30.9 \u00a32.0 2.64% Mar-26Wells Fargo Interest Rate Swap \u00a330.0 \u2013 \u00a33.3 0.19% Jul-25Total \u00a3594.0 \u00a344.3 \u00a357.5 \u2013 \u2013On 21 March 2023, the Group announced the refinancing of the existing loan facilities with Bayerische Landesbank with a new three-year \u00a386.9 million term loan replacing the existing tranches of the same amount. The Group closed out swaps on the same date as these coincided with the previous facility. The Group made a profit on disposal of \u00a32.9 million on the swaps.100% of the Group\u2019s outstanding debt as at 30 June 2023 was hedged through the use of fixed rate debt or financial instruments as at 30 June 2023 (2022: 61%). It is the Group\u2019s target to hedge at least 50% of the Group\u2019s total debt at any time using fixed rate loans or interest rate derivatives.The derivatives have been valued in accordance with IFRS 13 by reference to interbank bid market rates as at the close of business on the last working day prior to each reporting date. The fair values are calculated using the present values of future cash flows, based on market forecasts of interest rates and adjusted for the credit risk of the counterparties. The amounts and timing of future cash flows are projected on the basis of the contractual terms.All interest rate derivatives are classified as level 2 in the fair value hierarchy as defined under IFRS 13 and there were no transfers to or from other levels of the fair value hierarchy during the year.In accordance with the Group\u2019s treasury risk policy, the Group applies cash flow hedge accounting in partially hedging the interest rate risks arising on its Wells Fargo variable rate linked facility. Since the refinancing of the Bayerische Landesbank loan facility the Group no longer applies hedge accounting to the newly acquired swaps. Changes in the fair values of derivatives that are designated as cash flow hedges and are effective are recognised directly in the cash flow hedge reserve and included in other comprehensive income. Any ineffectiveness that may arise in this hedge relationship will be included in profit or loss.All floating rate loans and interest rate derivatives are contractually linked to the Sterling Overnight Index Average (\u201cSONIA\u201d).Post year end, the Group extended the maturity of the interest rate derivatives by 12 months. The weighted average interest rate following the derivative changes is 3.1% inclusive of the margin. The Group also entered into a forward starting cap starting in August 2024 and terminating in July 2025 with a strike rate of 1.4%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__68": {
"value": "20.\u2002Bank borrowingsAs atAs at30 June 2023 30 June 2022Amounts falling due within one year:\u00a3\u2019000\u00a3\u2019000Secured debt \u2013 \u2013Unsecured debt 62,090 \u2013Less: Unamortised finance costs (234) \u2013Bank borrowings per the consolidated statement of financial position 61,856 \u2013Amounts falling due after more than one year:Secured debt 291,551 352,213Unsecured debt 318,508 \u2013Less: Unamortised finance costs (4,450) (3,667)Bank borrowings per the consolidated statement of financial position 605,609 348,546Total bank borrowings 667,465 348,546A summary of the Group\u2019s borrowing facilities as at 30 June 2023 are shown below:Loan Amount drawn Credit Variable/ commitment 30 June 2023 Lender Facility Expiry Expiry*marginhedged\u00a3m\u00a3mHSBC Revolving credit facility Aug 2024 Aug 2025 1.65% Cap \u2013 1.12% \u00a396.5 \u00a378.1HSBC Revolving credit facility Aug 2024 Aug 2025 1.65% SONIA \u00a33.5 NilHSBC Revolving credit facility Aug 2024 Aug 2025 1.75% SONIA \u00a350.0 NilDeka Term Loan Aug 2024 Aug 2026 1.35% 0.54% \u00a347.6 \u00a347.6Deka Term Loan Aug 2024 Aug 2026 1.35% 0.70% \u00a328.9 \u00a328.9Deka Term Loan Aug 2024 Aug 2026 1.40% 0.32% \u00a320.0 \u00a320.0BLB Term Loan Mar 2026 Mar 2026 1.65% SWAP \u2013 2.64% \u00a386.9 \u00a386.9Wells Fargo Revolving credit facility Jul 2025 Jul 2027 2.00% SWAP \u2013 0.18% \u00a330.0 \u00a330.0Wells Fargo Revolving credit facility Jul 2025 Jul 2027 2.00% SONIA \u00a39.0 NilBarclays Revolving credit facility Jan 2024 Jan 2026 1.50% SONIA \u00a377.5 NilSyndicate Unsecured RCF Jul 2027 Jul 2029 1.50% SWAP \u2013 1.34% \u00a3250.0 \u00a3218.5Syndicate Unsecured Term Loan Jul 2025 Jul 2027 1.50% SWAP \u2013 1.34% \u00a3100.0 \u00a3100.0Syndicate Unsecured Term Loan Jan 2024 Jan 2025 1.50% SWAP \u2013 1.34% \u00a330.6 \u00a330.6Syndicate Unsecured Term Loan Jan 2024 Jan 2025 1.50% SONIA \u00a331.5 \u00a331.5Total \u00a3862.0 \u00a3672.1*Includes extension options that can be utilised following approval from all partiesIn July 2022, the Group announced the arrangement of a new \u00a3412.1 million unsecured credit facility with a bank syndicate comprising Barclays, Royal Bank of Canada, Wells Fargo and Royal Bank of Scotland International as summarised above. This was partially used to reduce the Wells Fargo and Barclays/RBC facilities. This led to loan modifications under IFRS 9 resulting in an acceleration of loan arrangement fees of \u00a31.52 million.In January 2023, the Group entered into a short-term debt facility provided by J.P. Morgan of \u00a3196.5 million to fund the acquisition of the additional interest in the Joint Venture. The Facility had a margin of 1.5% over SONIA and an arrangement fee of 2.0%. This facility was repaid in March 2023.The Group has been in compliance with all of the financial covenants across the Group\u2019s bank facilities as applicable throughout the periods covered by these financial statements.Any associated fees in arranging the bank borrowings that are unamortised as at the end of the year are offset against amounts drawn under the facility as shown in the table above. The debt is secured by charges over the Group\u2019s investment properties and by charges over the shares of certain Group undertakings, not including the Company itself. There have been no defaults of breaches of any loan covenants during the current year or any prior period.The Group\u2019s borrowings carried at amortised cost are considered to be approximate to their fair value.Post year end, the Group reduced the HSBC facility to \u00a350.0 million from \u00a3150.0 million, cancelled the Barclays/RBC facility and Unsecured term loan of \u00a377.5 million and \u00a362.1 million respectively and entered into a new \u00a367.0 million facility with SMBC Bank International PLC, for more information see note 28.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__69": {
"value": "21.\u2002Categories of financial instrumentsAs atAs at30 June 2023 30 June 2022\u00a3\u2019000\u00a3\u2019000Financial assetsFinancial assets at amortised cost:Lease Receivables 10,819 10,626Cash and cash equivalents 37,481 51,200Trade and other receivables 141,305 1,430Financial assets at fair value:Rent guarantees \u2013 283Interest rate derivative 54,278 \u2013Derivatives in effective hedges:Interest rate derivative 3,304 5,114Total financial assets 247,187 68,653Financial liabilitiesFinancial liabilities at amortised cost:Secured debt 289,736 348,546Unsecured debt 377,729 \u2013Trade and other payables 22,469 8,958Total financial liabilities 689,934 357,504At the year end, all financial assets and liabilities were measured at amortised cost except for the interest rate derivatives which are measured at fair value. The interest rate derivative valuation is classified as \u2018level 2\u2019 in the fair value hierarchy as defined in IFRS 13 and its fair value was calculated using the present values of future cash flows, based on market forecasts of interest rates and adjusted for the credit risk of the counterparties.Financial risk managementThrough the Group\u2019s operations and use of debt financing it is exposed to certain risks. The Group\u2019s financial risk management objective is to minimise the effect of these risks, for example by using interest rate cap and interest rate swap derivatives to partially mitigate exposure to fluctuations in interest rates, as described in note 19.The exposure to each financial risk considered potentially material to the Group, how it arises and the policy for managing it is summarised below.Market riskMarket risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group\u2019s market risk arises from open positions in interest bearing assets and liabilities, to the extent that these are exposed to general and specific market movements.The Group\u2019s interest-bearing financial instruments comprise cash and cash equivalents and bank borrowings. Changes in market interest rates therefore affect the Group\u2019s finance income and costs, although the Group has purchased interest rate derivatives as described in note 19 in order to partially mitigate the risk in respect of finance costs. The Group\u2019s sensitivity to changes in interest rates, calculated on the basis of a ten-basis point increase in the three-month SONIA daily rate, was as follows:Year toYear to30 June 202330 June 2022 \u00a3\u2019000\u00a3\u2019000Effect on profit (increase)/decrease (1,383) 413Effect on other comprehensive income and equity (increase) (58) (223)Trade and other receivables and payables are interest free as long as they are paid in accordance with their terms, and have payment terms of less than one year, so it is assumed that there is no material interest rate risk associated with these financial instruments.The Group prepares its financial information in Sterling and all of its current operations are Sterling denominated. It therefore has no exposure to foreign currency and does not have any direct sensitivity to changes in foreign currency exchange rates.Inflation risk arises from the impact of inflation on the Group\u2019s income and expenditure. The majority of the Group\u2019s passing rent at 30 June 2023 is subject to inflation-linked rent reviews. Consequently, the Group is exposed to movements in the Retail Prices Index (\u201cRPI\u201d), which is the relevant inflation benchmark. However, all RPI-linked rent review provisions provide those rents will only be subject to upwards review and never downwards. As a result, the Group is not exposed to a fall in rent in deflationary conditions.The Group does not expect inflation risk to have a material effect on the Group\u2019s administrative expenses, with the exception of the investment advisory fee which is determined as a function of the reported net asset value of the Group.Credit riskCredit risk is the risk of financial loss to the Group if a counterparty fails to meet its contractual obligations. The principal counterparties are the Group\u2019s tenants (in respect of rent receivables arising under operating leases) and banks (as holders of the Group\u2019s cash deposits).The credit risk of rent receivables is considered low because the counterparties to the operating leases are considered by the Board to be high-quality tenants and any lease guarantors are of appropriate financial strength. Rent collection dates and statistics are monitored to identify any problems at an early stage, and if necessary rigorous credit control procedures will be applied to facilitate the recovery of rent receivables. The credit risk on cash deposits is limited because the counterparties are banks with credit ratings which are acceptable to the Board and are kept under review each quarter.The credit risk of the receivable from the disposal of the Joint Venture is considered low and this is supported by the fact that the majority of this was received shortly after the year end.Liquidity riskLiquidity risk arises from the Group\u2019s management of working capital and the finance costs and principal repayments on its secured debt. It is the risk that the Group will not be able to meet its financial obligations as they fall due.The Group seeks to manage its liquidity risk by ensuring that sufficient cash is available to meet its foreseeable needs. These liquidity needs are relatively modest and are capable of being satisfied by the surplus available after rental receipts have been applied in payment of interest as required by the credit agreement relating to the Group\u2019s secured debt.Before entering into any financing arrangements, the Board assesses the resources that are expected to be available to the Group to meet its liabilities when they fall due. These assessments are made on the basis of both base case and downside scenarios. The Group prepares detailed management accounts which are reviewed by the Board at least quarterly to assess ongoing liquidity requirements and compliance with loan covenants. The Board also keeps under review the maturity profile of the Group\u2019s cash deposits in order to have reasonable assurance that cash will be available for the settlement of liabilities when they fall due.The following table shows the maturity analysis for financial assets and liabilities. The table has been drawn up based on the undiscounted cash flows of non-derivative financial instruments, including future interest payments, based on the earliest date on which the Group can be required to pay and assuming that the SONIA daily rate remains at the 30 June 2023 rate. Interest rate derivatives are shown at fair value and not at their gross undiscounted amounts.Less than One to Two to More than one year two years five years five years TotalAs at 30 June 2023\u00a3\u2019000\u00a3'000\u00a3'000\u00a3'000\u00a3\u2019000Financial assets:Cash and cash equivalents 37,481 \u2013 \u2013 \u2013 37,481Trade and other receivables 141,305 \u2013 \u2013 \u2013 141,305Amortised cost asset 290 290 908 74,930 76,418Interest rate derivatives 20,384 20,564 16,635 \u2013 57,583Total financial assets 199,460 20,854 17,543 74,930 312,787Financial liabilities:Bank borrowings 81,545 94,080 549,575 \u2013 725,200Trade payables and other payables 22,469 \u2013 \u2013 \u2013 22,469Total financial liabilities 104,014 94,080 549,575 \u2013 747,669Less thanOne toTwo toMore thanone yeartwo yearsfive yearsfive yearsTotalAs at 30 June 2022\u00a3\u2019000\u00a3'000\u00a3'000\u00a3'000\u00a3\u2019000Financial assets:Cash and cash equivalents 51,200 \u2013 \u2013 \u2013 51,200Trade and other receivables 1,430 \u2013 \u2013 \u2013 1,430Amortised cost asset 290 290 870 76,415 77,865Rent guarantees 283 \u2013 \u2013 \u2013 283Interest rate derivatives \u2013 843 4,271 \u2013 5,114Total financial assets 53,203 1,133 5,141 76,415 135,892Financial liabilities:Bank borrowings 9,335 205,679 156,510 \u2013 371,524Trade payables and other payables 8,958 \u2013 \u2013 \u2013 8,958Interest rate derivatives \u2013 \u2013 \u2013 \u2013 \u2013Total financial liabilities 18,293 205,679 156,510 \u2013 380,482Capital risk managementThe Board\u2019s primary objective when monitoring capital is to preserve the Group\u2019s ability to continue as a going concern, while ensuring it remains within its debt covenants so as to safeguard secured assets and avoid financial penalties.Bank borrowings on secured facilities are secured on the Group\u2019s property portfolio by way of fixed charges over property assets and over the shares in the property-owning subsidiaries and any intermediary holding companies of those subsidiaries.At 30 June 2023, the capital structure of the Group consisted of bank borrowings (note 20), cash and cash equivalents, and equity attributable to the Shareholders of the Company (comprising share capital, retained earnings and the other reserves referred to in notes 22 and 23).In managing the Group\u2019s capital structure, the Board considers the Group\u2019s cost of capital. In order to maintain or adjust the capital structure, the Group keeps under review the amount of any dividends or other returns to Shareholders and monitors the extent to which the issue of new shares or the realisation of assets may be required.Reconciliation of financial liabilities relating to financing activitiesInterest and Total bankcommitment Interest rate borrowingsfees payable derivativesTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 1 July 2022 348,546 1,939 (5,114) 345,371Cash flows:Debt drawdowns in the year 912,114 \u2013 \u2013 912,114Debt repayments in the year (598,486) \u2013 \u2013 (598,486)Interest and commitment fees paid \u2013 (24,116) \u2013 (24,116)Loan arrangement fees paid (5,010) \u2013 \u2013 (5,010)Interest rate premium paid \u2013 \u2013 (44,255) (44,255)Interest rate derivative disposal \u2013 \u2013 2,878 2,878Non-cash movements:Finance costs in the statement of comprehensive income 10,301 29,014 (22,806) 16,509Fair value changes \u2013 \u2013 11,714 11,714As at 30 June 2023 667,465 6,837 (57,583) 616,719As at 1 July 2021 409,684 1,634 447 411,765Cash flows:Debt drawdowns in the year 402,922 \u2013 \u2013 402,922Debt repayments in the year (464,029) \u2013 \u2013 (464,029)Interest and commitment fees paid \u2013 (10,527) \u2013 (10,527)Loan arrangement fees paid (2,188) \u2013 \u2013 (2,188)Non-cash movements:Finance costs in the statement of comprehensive income 2,157 10,832 5 12,994Fair value changes \u2013 \u2013 (5,566) (5,566)At 30 June 2022 348,546 1,939 (5,114) 345,371Movements in respect to share capital are disclosed in note 22 below.The interest and commitment fees payable are included within the corporate accruals balance in note 18. Cash flow movements are included in the consolidated statement of cash flows and the non-cash movements are included in note 8. The movements in the interest rate derivative financial liabilities can be found in note 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__70": {
"value": "Financial risk managementThrough the Group\u2019s operations and use of debt financing it is exposed to certain risks. The Group\u2019s financial risk management objective is to minimise the effect of these risks, for example by using interest rate cap and interest rate swap derivatives to partially mitigate exposure to fluctuations in interest rates, as described in note 19.The exposure to each financial risk considered potentially material to the Group, how it arises and the policy for managing it is summarised below.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__71": {
"value": "Market riskMarket risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group\u2019s market risk arises from open positions in interest bearing assets and liabilities, to the extent that these are exposed to general and specific market movements.The Group\u2019s interest-bearing financial instruments comprise cash and cash equivalents and bank borrowings. Changes in market interest rates therefore affect the Group\u2019s finance income and costs, although the Group has purchased interest rate derivatives as described in note 19 in order to partially mitigate the risk in respect of finance costs. The Group\u2019s sensitivity to changes in interest rates, calculated on the basis of a ten-basis point increase in the three-month SONIA daily rate, was as follows:Year toYear to30 June 202330 June 2022 \u00a3\u2019000\u00a3\u2019000Effect on profit (increase)/decrease (1,383) 413Effect on other comprehensive income and equity (increase) (58) (223)Trade and other receivables and payables are interest free as long as they are paid in accordance with their terms, and have payment terms of less than one year, so it is assumed that there is no material interest rate risk associated with these financial instruments.The Group prepares its financial information in Sterling and all of its current operations are Sterling denominated. It therefore has no exposure to foreign currency and does not have any direct sensitivity to changes in foreign currency exchange rates.Inflation risk arises from the impact of inflation on the Group\u2019s income and expenditure. The majority of the Group\u2019s passing rent at 30 June 2023 is subject to inflation-linked rent reviews. Consequently, the Group is exposed to movements in the Retail Prices Index (\u201cRPI\u201d), which is the relevant inflation benchmark. However, all RPI-linked rent review provisions provide those rents will only be subject to upwards review and never downwards. As a result, the Group is not exposed to a fall in rent in deflationary conditions.The Group does not expect inflation risk to have a material effect on the Group\u2019s administrative expenses, with the exception of the investment advisory fee which is determined as a function of the reported net asset value of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__72": {
"value": "Credit riskCredit risk is the risk of financial loss to the Group if a counterparty fails to meet its contractual obligations. The principal counterparties are the Group\u2019s tenants (in respect of rent receivables arising under operating leases) and banks (as holders of the Group\u2019s cash deposits).The credit risk of rent receivables is considered low because the counterparties to the operating leases are considered by the Board to be high-quality tenants and any lease guarantors are of appropriate financial strength. Rent collection dates and statistics are monitored to identify any problems at an early stage, and if necessary rigorous credit control procedures will be applied to facilitate the recovery of rent receivables. The credit risk on cash deposits is limited because the counterparties are banks with credit ratings which are acceptable to the Board and are kept under review each quarter.The credit risk of the receivable from the disposal of the Joint Venture is considered low and this is supported by the fact that the majority of this was received shortly after the year end.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__73": {
"value": "Liquidity riskLiquidity risk arises from the Group\u2019s management of working capital and the finance costs and principal repayments on its secured debt. It is the risk that the Group will not be able to meet its financial obligations as they fall due.The Group seeks to manage its liquidity risk by ensuring that sufficient cash is available to meet its foreseeable needs. These liquidity needs are relatively modest and are capable of being satisfied by the surplus available after rental receipts have been applied in payment of interest as required by the credit agreement relating to the Group\u2019s secured debt.Before entering into any financing arrangements, the Board assesses the resources that are expected to be available to the Group to meet its liabilities when they fall due. These assessments are made on the basis of both base case and downside scenarios. The Group prepares detailed management accounts which are reviewed by the Board at least quarterly to assess ongoing liquidity requirements and compliance with loan covenants. The Board also keeps under review the maturity profile of the Group\u2019s cash deposits in order to have reasonable assurance that cash will be available for the settlement of liabilities when they fall due.The following table shows the maturity analysis for financial assets and liabilities. The table has been drawn up based on the undiscounted cash flows of non-derivative financial instruments, including future interest payments, based on the earliest date on which the Group can be required to pay and assuming that the SONIA daily rate remains at the 30 June 2023 rate. Interest rate derivatives are shown at fair value and not at their gross undiscounted amounts.Less than One to Two to More than one year two years five years five years TotalAs at 30 June 2023\u00a3\u2019000\u00a3'000\u00a3'000\u00a3'000\u00a3\u2019000Financial assets:Cash and cash equivalents 37,481 \u2013 \u2013 \u2013 37,481Trade and other receivables 141,305 \u2013 \u2013 \u2013 141,305Amortised cost asset 290 290 908 74,930 76,418Interest rate derivatives 20,384 20,564 16,635 \u2013 57,583Total financial assets 199,460 20,854 17,543 74,930 312,787Financial liabilities:Bank borrowings 81,545 94,080 549,575 \u2013 725,200Trade payables and other payables 22,469 \u2013 \u2013 \u2013 22,469Total financial liabilities 104,014 94,080 549,575 \u2013 747,669Less thanOne toTwo toMore thanone yeartwo yearsfive yearsfive yearsTotalAs at 30 June 2022\u00a3\u2019000\u00a3'000\u00a3'000\u00a3'000\u00a3\u2019000Financial assets:Cash and cash equivalents 51,200 \u2013 \u2013 \u2013 51,200Trade and other receivables 1,430 \u2013 \u2013 \u2013 1,430Amortised cost asset 290 290 870 76,415 77,865Rent guarantees 283 \u2013 \u2013 \u2013 283Interest rate derivatives \u2013 843 4,271 \u2013 5,114Total financial assets 53,203 1,133 5,141 76,415 135,892Financial liabilities:Bank borrowings 9,335 205,679 156,510 \u2013 371,524Trade payables and other payables 8,958 \u2013 \u2013 \u2013 8,958Interest rate derivatives \u2013 \u2013 \u2013 \u2013 \u2013Total financial liabilities 18,293 205,679 156,510 \u2013 380,482",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__74-1": {
"value": "Capital risk managementThe Board\u2019s primary objective when monitoring capital is to preserve the Group\u2019s ability to continue as a going concern, while ensuring it remains within its debt covenants so as to safeguard secured assets and avoid financial penalties.Bank borrowings on secured facilities are secured on the Group\u2019s property portfolio by way of fixed charges over property assets and over the shares in the property-owning subsidiaries and any intermediary holding companies of those subsidiaries.At 30 June 2023, the capital structure of the Group consisted of bank borrowings (note 20), cash and cash equivalents, and equity attributable to the Shareholders of the Company (comprising share capital, retained earnings and the other reserves referred to in notes 22 and 23).In managing the Group\u2019s capital structure, the Board considers the Group\u2019s cost of capital. In order to maintain or adjust the capital structure, the Group keeps under review the amount of any dividends or other returns to Shareholders and monitors the extent to which the issue of new shares or the realisation of assets may be required.Reconciliation of financial liabilities relating to financing activitiesInterest and Total bankcommitment Interest rate borrowingsfees payable derivativesTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 1 July 2022 348,546 1,939 (5,114) 345,371Cash flows:Debt drawdowns in the year 912,114 \u2013 \u2013 912,114Debt repayments in the year (598,486) \u2013 \u2013 (598,486)Interest and commitment fees paid \u2013 (24,116) \u2013 (24,116)Loan arrangement fees paid (5,010) \u2013 \u2013 (5,010)Interest rate premium paid \u2013 \u2013 (44,255) (44,255)Interest rate derivative disposal \u2013 \u2013 2,878 2,878Non-cash movements:Finance costs in the statement of comprehensive income 10,301 29,014 (22,806) 16,509Fair value changes \u2013 \u2013 11,714 11,714As at 30 June 2023 667,465 6,837 (57,583) 616,719As at 1 July 2021 409,684 1,634 447 411,765Cash flows:Debt drawdowns in the year 402,922 \u2013 \u2013 402,922Debt repayments in the year (464,029) \u2013 \u2013 (464,029)Interest and commitment fees paid \u2013 (10,527) \u2013 (10,527)Loan arrangement fees paid (2,188) \u2013 \u2013 (2,188)Non-cash movements:Finance costs in the statement of comprehensive income 2,157 10,832 5 12,994Fair value changes \u2013 \u2013 (5,566) (5,566)At 30 June 2022 348,546 1,939 (5,114) 345,371Movements in respect to share capital are disclosed in note 22 below.The interest and commitment fees payable are included within the corporate accruals balance in note 18. Cash flow movements are included in the consolidated statement of cash flows and the non-cash movements are included in note 8. The movements in the interest rate derivative financial liabilities can be found in note 19.22.\u2002Share capitalShareCapitalOrdinary Sharespremiumreductionof 1 penceShare capital reservereserveTotalNumber\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 1 July 2022 1,239,868,420 12,399 494,174 778,859 1,285,432Scrip Dividends issued and fully paid \u2013 22 August 2022 1,898,161 19 2,316 \u2013 2,335Scrip Dividends issued and fully paid \u2013 16 November 2022 866,474 9 869 \u2013 878Scrip Dividends issued and fully paid \u2013 23 February 2023 729,198 7 721 \u2013 728Scrip Dividends issued and fully paid \u2013 26 May 2023 2,876,932 28 2,395 \u2013 2,423Share issue costs \u2013 \u2013 (89) \u2013 (89)Dividend paid in the period (note 11) \u2013 \u2013 \u2013 (74,328) (74,328)As at 30 June 2023 1,246,239,185 12,462 500,386 704,531 1,217,379As at 1 July 2021 810,720,168 8,107 778,859 \u2013 786,966Scrip Dividends issued and fully paid \u2013 20 August 2021 300,468 3 348 \u2013 351Ordinary shares issued and fully paid \u2013 22 October 2021 173,913,043 1,740 198,261 \u2013 200,001Scrip dividends issued and fully paid \u2013 16 November 2021 500,750 5 578 \u2013 583Share premium cancelled during the year and transferred to capital reduction reserve \u2013 \u2013 (778,859) 778,859 \u2013Scrip dividends issued and fully paid \u2013 25 February 2022 111,233 1 136 \u2013 137Ordinary shares issued and fully paid \u2013 29 April 2022 253,492,160 2,535 304,191 \u2013 306,726Scrip dividends issued and fully paid \u2013 27 May 2022 830,598 8 1,026 \u2013 1,034Share issue costs \u2013 \u2013 (10,366) \u2013 (10,366)As at 30 June 2022 1,239,868,420 12,399 494,174 778,859 1,285,432Share allotments and other movements in relation to the capital of the Company in the year:Scrip dividends were issued on 22 August 2022, 16 November 2022, 23 February 2023 and 26 May 2023 at a reference price of \u00a31.23, \u00a31.01, \u00a31.00 and \u00a30.84 per share respectively. The Company issued a combined total of 6,370,765 shares under the scrip dividend programme during the year. The consideration received (net of share issue costs) in excess of the par value of the ordinary shares issued of \u00a36.3 million was credited to the share premium reserve.Ordinary Shareholders are entitled to all dividends declared by the Company and to all of the Company\u2019s assets after repayment of its borrowings and ordinary creditors. Ordinary Shareholders have the right to vote at meetings of the Company. All ordinary shares carry equal voting rights. The aggregate ordinary shares in issue at 30 June 2023 total was 1.25 billion.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__76": {
"value": "23.\u2002ReservesThe nature and purpose of each of the reserves included within equity at 30 June 2023 are as follows:\u2022 Share premium reserve: represents the surplus of the gross proceeds of share issues over the nominal value of the shares, net of the direct costs of equity issues\u2022 Cash flow hedge reserve: represents cumulative gains or losses, net of tax, on effective cash flow hedging instruments\u2022 Capital reduction reserve: represents a distributable reserve created following a Court-approved reduction in capital less dividends paid\u2022 Retained earnings represent cumulative net gains and losses recognised in the statement of comprehensive income.The only movements in these reserves during the year are disclosed in the consolidated statement of changes in equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__77": {
"value": "24.\u2002Capital commitmentsThe Group had no capital commitments outstanding as at 30 June 2023 and 30 June 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__78": {
"value": "25.\u2002Operating leasesThe Group\u2019s principal assets are investment properties which are leased to third parties under non-cancellable operating leases. The weighted average remaining lease term at 30 June 2023 is 13.6 years (2022: 15.1 years). The leases contain predominately fixed or inflation-linked uplifts.The future minimum lease payments receivable under the Group\u2019s leases, are as follows:As atAs at30 June 202330 June 2022\u00a3\u2019000\u00a3\u2019000Year 1 100,156\u2003 77,438Year 2 98,941 77,831Year 3 98,614 77,088Year 4 97,552 76,861Year 5 97,177 75,994Year 6-10 452,219 375,951Year 11-15 310,150 290,613Year 16-20 94,875 127,574Year 21-25 23,358\u2003 25,144More than 25 years 12,743\u2003 14,846Total 1,385,785\u2003 1,219,340",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__79": {
"value": "26.\u2002Net asset value per shareNAV per share is calculated by dividing the Group\u2019s net assets as shown in the consolidated statement of financial position, by the number of ordinary shares outstanding at the end of the year. As there are no dilutive instruments outstanding, basic and diluted NAV per share are identical.The European Public Real Estate Association (EPRA) publishes guidelines for the calculation of three measures of NAV to enable consistent comparisons between property companies, which were updated in the prior year and took effect from 1 January 2020. The Group uses EPRA Net Tangible Assets (\u201cEPRA NTA\u201d) as the most meaningful measure of long-term performance and the measure which is being adopted by the majority of UK REITs, establishing it as the industry standard benchmark. It excludes items that are considered to have no impact in the long-term, such as the fair value of derivatives.NAV and EPRA NTA per share calculation are as follows:As atAs at30 June 202330 June 2022\u00a3\u2019000\u00a3\u2019000Net assets per the consolidated statement of financial position 1,217,726 1,432,455Contractual fulfilment intangible assets \u2013 (93)Fair value of financial assets at amortised cost (3,609) (666)Fair value of interest rate derivatives (57,583) (5,114)EPRA NTA 1,156,534 1,426,582Ordinary shares in issue at 30 June 1,246,239,185 1,239,868,420NAV per share \u2013 Basic and diluted (pence) 98p 116pEPRA NTA per share (pence) 93p 115p",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__80": {
"value": "27.\u2002Transactions with related partiesDetails of the related parties to the Group in the year and the transactions with these related parties were as follows:a. DirectorsDirectors\u2019 feesNick Hewson, Chair of the Board of Directors of the Company, is paid fees of \u00a375,000 per annum, with the other Directors each being paid fees of \u00a352,500 per annum. Jon Austen is paid an additional \u00a39,000 per annum for his role as chair of the Company\u2019s Audit Committee, Vince Prior is paid an additional \u00a34,000 per annum for his role as chair of the Company\u2019s Nomination Committee and \u00a35,000 for his role as Senior Independent Director. Cathryn Vanderspar is paid an additional \u00a35,000 for her role as Chair of the Remuneration Committee. Frances Davies is paid an additional \u00a35,000 for her role as Chair of the ESG Committee.The total remuneration payable to the Directors in respect of the current year and previous year are disclosed in note 7.Directors\u2019 interestsDetails of the direct and indirect interests of the Directors and their close families in the ordinary shares of one pence each in the Company at 30 June 2023 were as follows:\u2022 Nick Hewson: 1,263,309 shares (0.11% of issued share capital)\u2022 Jon Austen: 305,339 shares (0.02% of issued share capital)\u2022 Vince Prior: 213,432 shares (0.02% of issued share capital)\u2022 Cathryn Vanderspar: 125,802 (0.01% of issued share capital)\u2022 Frances Davies: 24,774 (0.00% of issued share capital)\u2022 Sapna Shah: 28,951 (0.00% of issued share capital)Details of the direct and indirect interest of the Directors and their close families in the ordinary shares of one pence each in the Company at the date of signing the accounts were as follows:\u2022 Nick Hewson: 1,263,309 shares (0.11% of issued share capital)\u2022 Jon Austen: 305,339 shares (0.02% of issued share capital)\u2022 Vince Prior: 213,432 shares (0.02% of issued share capital)\u2022 Cathryn Vanderspar: 125,802 (0.01% of issued share capital)\u2022 Frances Davies: 36,774 (0.00% of issued share capital)\u2022 Sapna Shah: 28,951 (0.00% of issued share capital)b. Investment AdviserInvestment advisory and accounting feesThe investment adviser to the Group, Atrato Capital Limited (the Investment Adviser), is entitled to certain advisory fees under the terms of the Investment Advisory Agreement (the \u2018Agreement\u2019) dated 14 July 2021.The entitlement of the Investment Adviser to advisory fees is by way of what are termed \u2018Monthly Management Fees\u2019 and \u2018Semi-Annual Management Fees\u2019 both of which are calculated by reference to the net asset value of the Group at particular dates, as adjusted for the financial impact of certain investment events and after deducting any uninvested proceeds from share issues up to the date of the calculation of the relevant fee (these adjusted amounts are referred to as \u2018Adjusted Net Asset Value\u2019 for the purpose of calculation of the fees in accordance with the Agreement).Until the Adjusted Net Value of the Group exceeds \u00a31,500 million, the entitlements to advisory fees can be summarised as follows:\u2022 Monthly Management Fee payable monthly in arrears: 1/12th of 0.7125% per calendar month of Adjusted Net Asset Value up to or equal to \u00a3500 million, 1/12th of 0.5625% per calendar month of Adjusted Net Asset Value above \u00a3500 million and up to or equal to \u00a31,000 million and 1/12th of 0.4875% per calendar month of Adjusted Net Asset Value above \u00a31,000 and up to or equal to \u00a31,500 million.\u2022 Semi-Annual Management Fee payable semi-annually in arrears: 0.11875% of Adjusted Net Asset Value up to or equal to \u00a3500 million, 0.09375% of Adjusted Net Asset Value above \u00a3500 million and up to or equal to \u00a31,000 million and 0.08125% of Adjusted Net Asset Value above \u00a31,000 million and up to or equal to \u00a31,500 million.For the year to 30 June 2023 the total advisory fees payable to the Investment Adviser were \u00a310,292,302 (2022: \u00a39,404,938) of which \u00a31,845,144 (2022: \u00a31,446,246) is included in trade and other payables in the consolidated statement of financial position.The Investment Adviser is also entitled to an annual accounting and administration service fee equal to: \u00a352,788; plus (i) \u00a34,279 for any indirect subsidiary of the Company and (ii) \u00a31,661 for each direct subsidiary of the Company. A full list of the Company and its direct and indirect subsidiary undertakings is listed in Note 13 of these financial statements.For the year to 30 June 2023 the total accounting and administration service fee payable to the Investment Adviser was \u00a3297,475 (2022: \u00a3237,559) of which \u00a383,614 (2022: \u00a381,833) is included in trade and other payables in the consolidated statement of financial position.Introducer ServicesAtrato Partners, an affiliate of the Investment Adviser, is entitled to fees in relation to the successful introduction of prospective investors in connection with subscriptions for ordinary share capital in the Company.The entitlement of the Investment Adviser to introducer fees is by fees and/or commission which can be summarised as follows:\u2022 Commission basis: 1% of total subscription in respect of ordinary shares subscribed for by any prospective investor introduced by Atrato Partners.For the year to 30 June 2023 the total introducer fees payable to the affiliate of the Investment Adviser were \u00a3nil (2022: \u00a3271,239).Interest in shares of the CompanyDetails of the direct and indirect interests of the Directors of the Investment Adviser and their close families in the ordinary shares of one pence each in the Company at 30 June 2023 were as follows:\u2022 Ben Green: 1,876,376 shares (0.15% of issued share capital)\u2022 Steve Windsor: 1,698,928 shares (0.14% of issued share capital)\u2022 Steven Noble: 232,255 shares (0.02% of issued share capital)\u2022 Natalie Markham: 62,679 shares (0.01% of issued share capital)Carried interest held in the Group\u2019s joint ventureUnder the terms of the Horner (Jersey) LP (the \u201cJV\u201d) Limited Partnership Agreement (\u201cLPA\u201d), an affiliate of the Investment Adviser, Atrato Halliwell Limited (the \u201cCarry Partner\u201d), had a carried interest entitlement over the investment returns from the JV\u2019s investment in the Structure. Further details regarding the estimated value of the Carry Partner\u2019s interest in the JV are included in note 14.Carried interest payments are only payable to the extent that distributions are made from the JV to the Group. On the acquisition of the additional Joint Venture interest during the year, the carried interest was considered to have crystalised and became payable. \u00a37.5 million was paid in relation to the settlement of the carry interest of the additional joint venture interest acquired during the year and was recognised as a financing cashflow within the cashflow statement. The existing interest of \u00a37.5 million payable is included in corporate accruals within Note 18 and was settled subsequent to the year end.c. Other related partiesDuring the year, SUPR Green Energy Limited received a credit note from Evo Energy Limited for solar panels purchased in June 2021 of \u00a3155,142.52. These panels that were being held by Evo Energy Limited were sold to Sonne Solar Limited, a subsidiary of Atrato Onsite Energy PLC, a company is advised by an affiliate of the Investment Adviser. As 30 June 2023, the balance was still outstanding, and was received in cash after the year end.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"s8_notes__7__81": {
"value": "28.\u2002Subsequent eventsDebt financing\u2022 In July 2023, the Group cancelled its \u00a362.1 million unsecured term loan with the unsecured banking syndicate.\u2022 In September 2023, the Group announced that its \u00a3150.0 million revolving credit facility with HSBC was refinanced with a new \u00a350.0 million, secured three-year RCF with a \u00a375 million accordion option. The new facility has two one-year extension options and a margin of 170 bps over SONIA.\u2022 In September 2023, the Group announced the cancellation of the Barclays/RBC facility of \u00a377.5 million.\u2022 In September 2023, the Group announced the arrangement of a new \u00a367.0 million unsecured term loan facility with SMBC Bank International PLC at a margin of 1.4% over SONIA. The term of the loan is for three-years with two further one-year extension options.\u2022 In September 2023, the Group extended \u00a350.0 million of its \u00a3100.0 million unsecured term loan with the unsecured banking syndicate by one year to July 2026.HedgingIn September 2023, the Group adjusted its interest rate derivatives held at the year end to extend the maturity of the derivatives by 12 months. The Group\u2019s drawn debt is fully hedged at an interest rate of 3.1% (including margin) with a weighted average debt term of 4 years (including extension options).AcquisitionsIn July 2023, the Group announced the acquisition of two Sainsbury\u2019s stores from the SRP for \u00a336.4 million (excluding acquisition costs). Sainsbury\u2019s entered into new 15-year leases on these stores with five-yearly open market rent reviews and a tenant break option at year 10.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
}
}
}