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"value": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS1.\u2002Basis of preparationGeneral informationSupermarket Income REIT plc (the \u201cCompany\u201d) is a company registered in England and Wales with its registered office at The Scalpel, th18 Floor, 52 Lime Street, London, EC3M 7AF. The principal activity of the Company and its subsidiaries (the \u201cGroup\u201d) 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 2024 the Group comprised the Company and its wholly owned subsidiaries as set out in note 14.Basis of preparationThese consolidated financial statements cover the year to 30 June 2024, including comparative figures relating to the year to 30 June 2023, 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 2024. In assessing the going concern basis of accounting, the Directors have considered the prospects of the Group over the period up to 30 September 2025.LiquidityAt 30 June 2024, the Group generated net cash flow from operating activities of \u00a392.1 million, held cash of \u00a338.7 million and undrawn committed facilities totalling \u00a354.2 million with no capital commitments or contingent liabilities. After the year end, the Group also increased its debt capacity from \u00a3752.0 million to \u00a3825.4 million (see note 19 for more information), leaving undrawn committed facilities of \u00a3176.0 million available (including \u00a350.0 million accordion).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 Wells Fargo facility and \u00a350 million of the syndicate unsecured term loan fall due for repayment during the going concern period. It is intended that the facilities will be refinanced prior to maturity, or if required, paid down in full utilising the Group\u2019s available cash balances and undrawn committed facilities of over \u00a3117 million (including post balance sheet events). 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 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 the majority of 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. The Group is 100% hedged (including post balance sheet events), no sensitivity for movements in interest rates have been modelled for the hedged debt 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 in line with rate of the individual leases.contractual terms.Scenario 2 Rental income to fall by 20%. 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. The lowest amount of ICR headroom experienced in the worst-case stress scenarios was 42%. Based on the latest bank commissioned valuations, property values would have to fall by more than 26% before LTV covenants are breached, and 19% against 30 June 2024 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 425% 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 issue of this annual report and have therefore adopted the going concern basis of accounting in preparing the Annual Report.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 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.Euro denominated results of the French operation have been converted to Sterling at the average exchange rate for the period from acquisition to 30 June 2024 of \u20ac1:\u00a30.85, which is considered not to produce materially different results from using the actual rates at the date of the transactions. Year end balances have been converted to sterling at the 30 June 2024 exchange rate of \u20ac1:\u00a30.85. The accounting policy for foreign currency translation is in note 2.Adoption of new and revised standardsThere were a number of new standards and amendments to existing standards which are required for the Group\u2019s accounting period beginning on 1 July 2023.The following amendments are effective for the period beginning 1 July 2023: \u2013 IFRS 17 Insurance Contracts \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of accounting policies \u2013 Definition of Accounting Estimates (Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors) \u2013 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction \u2013 International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12 \u2013 International tax reform \u2013 Pillar Two model rules)There was no material effect from the adoption of the above-mentioned amendments to IFRS effective in the period. They have no significant impact to the Group as they are either not relevant to the Group\u2019s activities or require accounting which is already consistent with the Group\u2019s current accounting policies.In 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.\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements. IFRS 18 sets out significant new requirements for how financial statements are presented, with particular focus on the statement of profit or loss, including requirements for mandatory sub-totals to be presented, aggregation and disaggregation of information, as well as disclosures related to management-defined performance measures. This new standard will first be effective for the Group for the period commencing 1 July 2027.The Group expects to review and determine the impact of the new standard on the Group\u2019s reporting and financial statements over the coming financial year.The Group acknowledges the issue of these new standards by the International Sustainability Standards Board\u2019s (\u201cISSB\u201d) 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 \u201cRed Book\u201d). 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.\u201dThe independent valuer did not include any material valuation uncertainty clause in relation to the valuation of the Group\u2019s investment property for 30 June 2024 or 30 June 2023.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 13.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 four acquisitions; this includes the acquisition of 17 French properties in a single transaction. In four cases the concentration test was applied and met, resulting in the acquisitions being accounted for as asset purchases. All \u00a3135.8 million of acquisitions during the year were accounted for as asset purchases.Key judgement: Sale and leaseback transactionsThe Group acquires properties under a sale and leaseback arrangement. At the time of the purchase the Directors assess whether the acquisition represents a true sale to determine whether the assets can be accounted for as Investment Properties under IFRS 16.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. During the year, the Group acquired 17 stores in France under sale and leaseback arrangements. The terms of the sale and underlying lease were reviewed for indicators of control and deemed that the significant risks and rewards to ownership were transferred to the Group and will therefore be accounted for as an investment property acquisition.2. Summary of material accounting policiesThe material 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 2024. 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\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 and initial costs to arrange leases 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 exercisethat 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.Surrender premiums received in the period are included in rental income.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.2.3\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.2.4\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.2.5\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.2.6\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. 2.7\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.2.8\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.2.9\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.Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled.Deferred tax assets are recognised to the extent that it is probable that suitable taxable profits will be available against which deductible temporary differences can be utilised.Current 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.2.10\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.2.11\u2002Foreign currency transactionsForeign currency transactions are translated to the respective functional currency of Group entities at the foreign exchange rate ruling on the transaction date. Foreign exchange gains and losses resulting from settling these, or from retranslating monetary assets and liabilities held in foreign currencies, are booked in the Income Statement. The exception is for foreign currency loans and derivatives that hedge investments in foreign subsidiaries, where exchange differences are booked in other reserves until the investment is realised.Assets and liabilities of foreign entities are translated into sterling at exchange rates ruling at the Balance Sheet date. Their income, expenses and cash flows are translated at the average rate for the period or at spot rate for significant items. Resultant exchange differences are booked in Other Comprehensive Income and recognised in the Group Income Statement when the operation is sold.Exchange difference on non-monetary items measured at fair value through profit or loss, being the value movement of the investment properties, are recognised as part of the total fair value movement for the portfolio. 2.12\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 in 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.2.13\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. No shares were issued in the period.2.14\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.\u2002Operating SegmentsOperating segments are identified on the basis of internal financial reports about components of the Group that are regularly reviewed by the chief operating decision maker (which in the Group\u2019s case is the Board, comprising the Non-Executive Directors, and the Investment Adviser) in order to allocate resources to the segments and to assess their performance.The internal financial reports contain financial information at a Group level as a whole and there are no reconciling items between the results contained in these reports and the amounts reported in the consolidated financial statements. These internal financial reports include the IFRS figures but also report the non-IFRS figures for the EPRA and alternative performance measures as disclosed in notes 11, 27 and the Additional Information. The Group\u2019s property portfolio comprises investment property. The Board considers that all the properties have similar economic characteristics. Therefore, in the view of the Board, there is one reportable segment.The geographical split of revenue and material applicable non-current assets was:Year toYear to30 June 2024 30 June 2023 Revenue\u00a3\u2019000\u00a3\u2019000UK 107,063 95,823France 788 \u2013107,851 95,823As atAs at30 June 202430 June 2023Investment Properties\u00a3\u2019000\u00a3\u2019000UK 1,704,280 1,685,690France 63,936 \u20131,768,216 1,685,6904.\u2002Gross rental incomeYear toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Rental income \u2013 freehold property 58,345 53,119Rental income \u2013 long leasehold property 49,063 42,669Lease surrender income 443 35Gross rental income 107,851 95,823Year toYear to30 June 202430 June 2023\u00a3\u2019000\u00a3\u2019000Property insurance recoverable 621 585Service charge recoverable 6,201 5,354Total property insurance and service charge income 6,822 5,939Total property income 114,673 101,762Included within rental income is a \u00a32,197,000 (2023: \u00a32,512,000) 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 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.Also included in rental income is a \u00a3237,000 (year to 30 June 2023: \u00a3499,000) adjustment for lease incentives. Tenant lease incentives are recognised on a straight-line basis over the lease term as an adjustment to rental income. 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 \u00a354,258,000 (2023: \u00a349,620,000) relating to the Group\u2019s largest tenant and \u00a330,790,000 (2023: \u00a327,194,000) 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.5.\u2002Service charge expenseYear toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Property insurance expenses 714 715Service charge expenses 6,727 5,803Investment Adviser fees (note 28) 9,472 10,292Total property insurance and service charge expense Directors\u2019 remuneration (note 8) 410 3647,4416.\u2002Administrative and other expensesCorporate administration fees 1,049 1,108 Year toLegal and professional fees 1,475 1,6266,518Year toOther administrative expenses 2,812 2,03930 June 2024 Total administrative and other expenses 30 June 2023 15,218\u00a3\u2019000 \u00a3\u201900015,4297.\u2002Operating profit/(loss)Operating profit/(loss) is stated after charging fees for:Year toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Audit of the Company\u2019s consolidated and individual financial statements 292 260Audit of subsidiaries, pursuant to legislation 88 95Total audit services 380 355Audit-related services: interim review 42 38Total audit and audit-related services 422 393Not included in the table above is \u00a395,000 of additional audit fees paid to BDO relating to the year ended 30 June 2023.The Group\u2019s auditor also provided the following services in relation to corporate finance services:Year toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Other non-audit services: corporate finance services \u2013 65Total other non-audit services \u2013 65Total fees charged by the Group\u2019s auditor 422 4588.\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 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Directors\u2019 fees 371 330Employer\u2019s National Insurance Contribution 39 34Total Directors\u2019 remuneration 410 364The highest paid Director received \u00a375,000 (2023: \u00a375,000) for services during the year.9.\u2002Finance income and expenseYear toYear to30 June 2024 30 June 2023 Finance income\u00a3\u2019000\u00a3\u2019000Interest received on bank deposits 306 53Income from financial assets held at amortised cost (note 15) 494 483Finance income on unwinding of discounted receivable 203 2,376Finance income on settlement of interest rate derivatives (note 18) 22,778 11,714Total finance income 23,781 14,626Year toYear to30 June 2024 30 June 2023 Finance expense\u00a3\u2019000\u00a3\u2019000Interest payable on bank borrowings 36,823 29,707Commitment fees payable on bank borrowings 817 1,571Amortisation of loan arrangement fees* 2,403 8,037Total finance expense 40,043 39,315*This includes a non-recurring exceptional charge of \u00a370,000 (June 2023: \u00a31.52 million), relating to the acceleration of unamortised arrangement fees in respect of the modification of loan facilities under IFRS 9. Prior year also included 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 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Total interest expense on financial liabilities held at amortised cost 39,226 37,744Fee expense not part of effective interest rate for financial liabilities held at amortised cost 817 1,571Total finance expense 40,043 39,31510.\u2002TaxationA) Tax charge in profit or lossYear toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000UK Corporation tax \u2013 \u2013France Corporation Tax \u2013 \u2013UK deferred tax \u2013 \u2013France deferred tax (note 20) (140) \u2013(140) \u2013B) Total tax expenseTax (credit)/charge in profit and loss as per the above (140) \u2013Share of tax expense of equity accounted joint ventures \u2013 (400)Total tax (credit)/expense (140) (400)The 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 21 December 2017 the Group has met all such applicable conditions.The reconciliation of the loss before tax multiplied by the standard rate of corporation tax for the year of 25% (2023: 20.4%) to the total tax charge is as follows:Year toYear to30 June 2024 30 June 2023 C) Reconciliation of the total tax charge for the year\u00a3\u2019000\u00a3\u2019000Loss on ordinary activities before taxation (21,324) (144,866)Theoretical tax at UK standard corporation tax rate of 25% (2023: 20.4%) (5,331) (29,553)Effects of:Investment property and derivative revaluation not taxable 24,269 49,680Disposal of interest rate derivative \u2013 (587)Residual business losses 2,481 4,428French subsidiary allowable expenses (140) \u2013Other non-taxable items \u2013 (8,807)REIT exempt income (21,419) (15,161)Share of tax expense of equity accounted joint ventures \u2013 (400)Total tax (credit)/expense for the year (140) (400)UK 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 \u00a343.4 million (2023: \u00a336.2 million) as, given the Group\u2019s REIT status, it is considered unlikely that these losses will be utilised. The Group is subject to French Corporation tax on its French property rental business at a rate of 25%.11.\u2002Earnings per shareEarnings per share (\u201cEPS\u201d) 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 (\u201cEPRA\u201d) publishes guidelines for calculating 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 and derivatives.71The 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 restructuring of the Group\u2019s debt facilities during the period.71 The Directors have identified certain measures that they believe will assist the understanding of the performance of the business. The measures are not defined under IFRS and they may not be directly comparable with other companies\u2019 adjusted measures. The non-GAAP measures are not intended to be a substitute for, or superior to, any IFRS measures of performance, but they have been included as the Directors consider them to be important comparable and key measures used within the business for assessing performance. The key non-GAAP measures identified by the Group have been defined in the supplementary information and, where appropriate, reconciliation to the nearest IFRS measure has been given.The reconciliation of IFRS Earnings, EPRA Earnings and Adjusted Earnings is shown below:Year toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Net (loss)/profit attributable to ordinary shareholders (21,184) (144,866)EPRA adjustments:Changes in fair value of investment properties and rental guarantees 65,825 256,066Changes in fair value of interest rate derivatives measured at fair value through profit and loss 31,251 (10,024)Profit on disposal of interest rate derivatives \u2013 (2,878)Group share of changes in fair value of joint venture investment properties \u2013 (11,486)Gain on disposal of investments in joint venture \u2013 (19,940)Deferred tax credit (140) \u2013Finance income received on interest rate derivatives held at fair value through profit and loss (22,469) (9,671)EPRA earnings 53,283 57,201Adjustments for:Finance income received on interest rate derivatives held at fair value through profit and loss 22,469 9,671Restructuring costs in relation to the acceleration of unamortised arrangement fees 70 1,518Joint Venture acquisition loan arrangement fee \u2013 4,009Adjusted Earnings 75,822 72,3991NumberNumberWeighted average number of ordinary shares 1,246,239,185 1,242,574,5051 Based on the weighted average number of ordinary shares in issueYear to Year to 30 June 202430 June 2023Pence per share Pence per share (\u2018p\u2019)(\u2018p\u2019)Basic and Diluted EPS (1.7) (11.7)EPRA adjustments:Changes in fair value of interest rate derivatives measured at FVTPL 2.5 (0.8)Changes in fair value of investment properties and rent guarantees 5.3 20.6Group share of changes in fair value of joint venture investment properties \u2013 (0.9)Profit on disposal of interest rate derivatives \u2013 (0.2)Group share of gain on disposal of joint venture investment properties \u2013 (1.6)Deferred tax credit \u2013 \u2013Finance income received on interest rate derivatives held at fair value through profit and loss (1.8) (0.8)EPRA EPS 4.3 4.6Adjustments for:Finance income received on interest rate derivatives held at fair value through profit and loss 1.8 0.8One-off restructuring costs in relation to the acceleration of unamortised arrangement fees \u2013 0.1Joint Venture acquisition loan arrangement fee \u2013 0.3Adjusted EPRA EPS 6.1 5.812.\u2002DividendsYear toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Amounts recognised as a distribution to ordinary Shareholders in the year:Dividends 75,335 74,328On 6 July 2023, the Board declared a fourth interim dividend for the year ended 30 June 2023 of 1.500 pence per share, which was paid on 4 August 2023 to shareholders on the register on 14 July 2023.On 5 October 2023 the Board declared a first interim dividend for the year ending 30 June 2024 of 1.515 pence per share, which was paid on 16 November 2023 to shareholders on the register on 13 October 2023. On 4 January 2024 the Board declared a second interim dividend for the year ending 30 June 2024 of 1.515 pence per share, which was paid on 14 February 2024 to shareholders on the register on 12 January 2024. On 4 April 2024 the Board declared a third interim dividend for the year ending 30 June 2024 of 1.515 pence per share, which was paid on 16 May 2024 to shareholders on the register on 12 April 2024.On 4 July 2024, the Board declared a fourth interim dividend for the year ending 30 June 2024 of 1.515 pence per share, which was paid on 16 August 2024 to shareholders on the register on 12 July 2024. This has not been included as a liability as at 30 June 2024.13.\u2002Investment 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 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 2024 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 2023 899,440 786,250 1,685,690Property additions 101,104 34,700 135,804Capitalised acquisition costs 8,093 2,317 10,410Currency exchange movement (874) \u2013 (874)Revaluation movement (35,747) (27,067) (62,814)Valuation at 30 June 2024 972,016 796,200 1,768,216At 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 1,685,690Year toYear to30 June 2024 30 June 2023Reconciliation of Investment Property to Independent Property Valuation\u00a3\u2019000\u00a3\u2019000Investment Property at fair value per Group Statement of Financial Position 1,768,216 1,685,690Market Value of Property classified as Financial Assets held at amortised cost (note 15) 7,530 7,210Total Independent Property Valuation 1,775,746 1,692,900There were four property acquisitions during the year, all of which were direct purchases of the assets and not acquisition of a corporate structure. They are all treated as asset purchases.Included within the carrying value of investment properties at 30 June 2024 is \u00a310,920,000 (2023: \u00a38,724,000) in respect of the smoothing of fixed contractual rent uplifts as described in note 4. 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. Included within the carrying values of investment properties at 30 June 2024 is \u00a31,033,000 (year to 30 June 2023: \u00a3251,000) in respect of the lease incentives with tenants in the form of rent free debtors as described in note 4 and capitalised letting fees.The effect of these adjustments on the revaluation movement during the year is as follows:Year toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3'000Revaluation movement per above (62,814) (253,211)Rent smoothing adjustment (note 4) (2,197) (2,512)Movements in associated rent guarantees \u2013 (343)Movement in Lease incentives (564) \u2013Movements in capitalised letting fees (218) \u2013Foreign exchange movement through OCI (32) \u2013Change in fair value recognised in profit or loss (65,825) (256,066)Valuation 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 - 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 ended 30 June 2024 UK France TotalFair value \u00a31,704.3m \u00a363.9m \u00a31,768.2mRange of Net Initial Yields 4.6% \u2013 8.0% 4.2% \u2013 6.8% 4.6% \u2013 8.0%Range of Rental values (passing rents or ERV as relevant) of Group\u2019s Investment Properties \u00a30.3m \u2013 \u00a35.1m \u00a30.6m \u2013 \u00a30.8m \u00a30.3m \u2013 \u00a35.1mWeighted average of Net Initial Yields 5.9% 6.3% 5.9%Weighted average of Rental values (passing rents or ERV as relevant) of Group\u2019s Investment Properties \u00a32.9m \u00a30.7m \u00a32.9mYear ended 30 June 2023 UK France TotalFair value \u00a31,685.7m \u2013 \u00a31,685.7mRange of Net Initial Yields 4.7% \u2013 7.4% \u2013 4.7% \u2013 7.4%Range of Rental values (passing rents or ERV as relevant) of Group\u2019s Investment Properties \u00a30.3m \u2013 \u00a35.1m \u2013 \u00a30.3m \u2013 \u00a35.1mWeighted average of Net Initial Yields 5.6% \u2013 5.6%Weighted average of Rental values (passing rents or ERV as relevant) of Group\u2019s Investment Properties \u00a32.8m \u2013 \u00a32.8mThe table below analyses the sensitivity on the fair value of investment properties for changes in rental values and net initial yields:+0.5% -0.5% +2% -2% Net Initial Net Initial Rental valueRental value Yield Yield \u00a3m\u00a3m\u00a3m\u00a3m(Decrease)/increase in the fair value of investment properties as at 30 June 2024 35.4 (35.4) (138.1) 164.1(Decrease)/increase in the fair value of investment properties as at 30 June 2023 33.7 (33.7) (139.9) 168.114.\u2002SubsidiariesThe entities listed in the following table were the subsidiary undertakings of the Company at 30 June 2024 all of which are wholly owned. All but those noted as Jersey or French 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*+Supermarket Income Investments UK (Midco8) 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^-Supermarket Income Investments UK (NO35) LimitedIndirect 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^-Supermarket Income Investments UK (NO39) LimitedIndirect Property investmentCompany name Holding type Nature of business+Supermarket Income Investments UK (NO40) LimitedIndirect Property investment+Supermarket Income Investments UK (NO41) LimitedIndirect Property investment+Supermarket Income Investments UK (NO42) LimitedIndirect Property investment+Supermarket Income Investments UK (NO43) LimitedIndirect Property investment+Supermarket Income Investments UK (NO44) LimitedIndirect Property investment+Supermarket Income Investments UK (NO45) LimitedIndirect Property investment+Supermarket Income Investments UK (NO47) LimitedIndirect Property investment*+Supermarket Income Investments UK (NO48) LimitedIndirect Property investment*+Supermarket Income Investments UK (NO49) LimitedIndirect Property investment^-The Brookmaker Unit TrustIndirect Property investment#Brookmaker Limited PartnershipIndirect Property investment#Brookmaker (GP) LimitedIndirect Property investment#Brookmaker (Nominee) LimitedIndirect Property investment^-Horner (GP) LimitedIndirect Property investment^-Horner (Jersey) Limited PartnershipIndirect Property investment^-Horner REITIndirect Property investment\u201d*\u00a8Supermarket Income Investments France 1Indirect Property investment\u201d*\u00a8Supermarket Income Investments France 2Indirect Property investment\u201d*\u00a8Supermarket Income Investments France 3Indirect Property investment\u201d*\u00a8Supermarket Income Investments France 4Indirect Property investment\u201d*\u00a8Supermarket Income Investments France 5Indirect Property investment\u201d*\u00a8Supermarket Income Investments France 6Indirect Property investment+SII UK Halliwell (No1) LTDIndirect Investment in Joint venture+SII UK Halliwell (No2) LTDIndirect Property investment+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 2024** Subsidiaries acquired during the year ended 30 June 2024^ Jersey registered entity\u201c France registered entityth+ Registered office: The Scalpel 18 Floor, 52 Lime Street, London, United Kingdom, EC3M 7AFrd- Registered office: 3 Floor, Gaspe House, 66-72 Esplanade, St Helier, Jersey, JE1 2LHth# Registered office: 8 Floor 1 Fleet Place, London, United Kingdom, EC4M 7RA\u00a8 Registered office: Tour Pacific, 11-13 Cours Valmy, 92977 Paris La D\u00e9fense CedexThe 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 12892076SII 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 1429276015.\u2002Financial asset arising from sale and leaseback transactionsYear toYear to30 June 2024 30 June 2023\u00a3\u2019000\u00a3\u2019000At start of year 10,819 10,626Additions \u2013 \u2013Interest income recognised in profit and loss (note 9) 494 483Lease payments received during the period (290) (290)At end of period 11,023 10,819On 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 2024 the market value of the property was estimated at \u00a37.5 million (2023: \u00a37.2 million). Assets held at amortised cost are assessed annually for impairment with any impairment recognised as an allowance for expected credit losses measured at an amount equal to the lifetime expected credit losses. The Group considers historic, current and forward-looking information to determine expected credit losses arising from either a change in the interest rate implicit in the lease or factors impacting the customer\u2019s ability to make lease payments. Based on the information currently available the Group does not expect any credit losses and the asset has not been impaired in the period. 16.\u2002Trade and other receivablesAs atAs at30 June 2024 30 June 2023\u00a3\u2019000\u00a3\u2019000Interest receivable on settlement of derivatives 4,946 3,122Other receivables 6,077 1,601Receivable from joint venture disposal \u2013 136,582Prepayments and accrued income 877 850Total trade and other receivables 11,900 142,155The 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 2024. 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.17.\u2002Trade and other payablesAs atAs at30 June 2024 30 June 2023\u00a3\u2019000\u00a3\u2019000Accrued interest payable 8,072 6,524Other corporate accruals 9,516 15,945VAT payable 4,385 4,510Total trade and other payables 21,973 26,97918.\u2002Interest rate derivativesAs atAs at30 June 2024 30 June 2023\u00a3\u2019000\u00a3\u2019000Non-current asset: Interest rate swaps 12,499 35,601Non-current asset: Interest rate cap 3,242 1,597Current Asset: Interest rate swaps 13,456 16,800Current Asset: Interest rate cap 2,252 3,58431,449 57,583The rate swaps are remeasured to fair value by the counterparty bank on a quarterly basis.Year toYear to30 June 2024 30 June 2023The fair value at the end of year comprises:\u00a3\u2019000\u00a3\u2019000At start of year (net) 57,583 5,114Interest rate derivative premium paid on inception 47,494 44,255Disposal of interest rate derivatives (40,612) (2,878)Changes in fair value of interest rate derivative in the year (P&L) (8,782) 19,695Changes in fair value of interest rate derivative in the year (OCI) (1,456) 3,111(Credit)/Charge to the income statement (P&L) (note 9) (22,469) (9,671)(Credit)/Charge to the income statement (OCI) (note 9) (309) (2,043)Fair value at end of year (net) 31,449 57,583To partially mitigate the interest rate risk that arises as a result of entering into the floating rate debt facilities referred to in note 19, the Group has entered into derivative interest rate swaps and caps.A summary of these derivatives as at 30 June 2024 are shown in the table below:Notional amount Premium Paid Mark to Market Average Issuer Derivative Type\u00a3m\u00a3m30 June 2024Strike Rate Effective Date Maturity DateBLB Interest Rate Swap \u00a337.3 \u00a31.7 \u00a31.2 2.58% Mar-23 Mar-26BLB Interest Rate Swap \u00a322.2 \u00a31.0 \u00a30.7 2.58% Mar-23 Mar-26BLB Interest Rate Swap \u00a327.4 \u00a31.2 \u00a30.9 2.58% Mar-23 Mar-26Wells Fargo Interest Rate Swap \u00a330.0 \u00a32.3 \u00a31.1 1.33% Sep-23 Jul-25SMBC Interest Rate Swap \u00a350.0 \u00a33.7 \u00a31.7 1.33% Sep-23 Jul-25SMBC Interest Rate Swap \u00a367.0 \u00a36.5 \u00a33.7 1.73% Sep-23 Sep-26Barclays Interest Rate Cap \u00a396.6 \u00a32.9 \u00a32.8 1.40% Aug-24 Jul-25Wells Fargo Interest Rate Swap \u00a3204.3 \u00a322.2 \u00a312.9 1.96% Sep-23 Jul-27Wells Fargo Interest Rate Swap \u00a350.0 \u00a34.8 \u00a32.7 1.66% Sep-23 Jul-26Wells Fargo Interest Rate Swap \u00a33.2 \u00a30.4 \u00a30.4 0.00% Feb -24 Jul-27SMBC Interest Rate Cap \u00a396.6 \u00a31.4 \u00a31.3 1.40% Jul-25 Jan-26SMBC Interest Rate Cap \u00a330.0 \u00a30.4 \u00a30.4 1.40% Jul-25 Jan-26SMBC Interest Rate Cap \u00a350.0 \u00a30.8 \u00a30.7 1.40% Jul-25 Jan-26SMBC Interest Rate Cap \u00a33.0 \u00a30.4 \u00a30.3 1.21% Nov-23 Jun-27SMBC Interest Rate Swap \u00a337.5 \u00a30.6 \u00a30.6 3.61% Mar-24 Sep-26Total \u00a350.3 \u00a331.4 \u2013 \u2013 \u201390% of the Group\u2019s outstanding debt as at 30 June 2024 was hedged through the use of fixed rate debt or financial instruments (30 June 2023: 100%). 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 Group restructured its derivatives during the year to match the changes in its borrowings, the movements in the Group\u2019s fair value derivatives are recognised in the profit and loss. There was one derivative terminated in the year that hedged the Wells facility and was accounted for under hedge accounting; on derecognition of hedge accounting, the cash flow hedge reserve is recycled to the profit and loss over the remaining term of the Wells Fargo facility.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 balance sheet 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.19.\u2002Bank borrowingsAs atAs at30 June 2024 30 June 2023Amounts falling due within one year:\u00a3\u2019000\u00a3\u2019000Secured debt 96,560 \u2013Unsecured debt \u2013 62,090Less: Unamortised finance costs (44) (234)Bank borrowings per the consolidated statement of financial position 96,516 61,856Amounts falling due after more than one year:Secured debt 186,225 291,551Unsecured debt 414,981 318,508Less: Unamortised finance costs (3,554) (4,450)Bank borrowings per the consolidated statement of financial position 597,652 605,609Total bank borrowings 694,168 667,465A summary of the Group\u2019s borrowing facilities as at 30 June 2024 are shown below:Loan Amount drawn Credit Variable/ commitment 30 June 2024 72Lender Facility Expiry Expirymarginhedged^\u00a3m\u00a3mEURIBOR \u2013 HSBC Revolving credit facility Sep 2026 Sep 2028 1.7%3.71% \u00a375.0 \u00a369.3Deka Term Loan Aug 2024 Aug 2024 1.35% 0.54% \u00a347.6 \u00a347.6Deka Term Loan Aug 2024 Aug 2024 1.35% 0.70% \u00a329.0 \u00a329.0Deka Term Loan Aug 2024 Aug 2024 1.40% 0.32% \u00a320.0 \u00a320.0BLB Term Loan Mar 2026 Mar 2026 1.65% SWAP \u2013 2.58% \u00a386.9 \u00a386.9Wells Fargo Revolving credit facility Jul 2025 Jul 2025 2.00% SWAP \u2013 1.33% \u00a330.0 \u00a330.0Wells Fargo Revolving credit facility Jul 2025 Jul 2025 2.00% SONIA \u2013 5.20% \u00a39.0 \u2013Syndicate Revolving credit facility Jul 2027 Jul 2029 1.50% SWAP \u2013 1.92% \u00a3250.0 \u00a3210.5Syndicate Term Loan Jul 2025 Jul 2026 1.50% SWAP \u2013 1.33% \u00a350.0 \u00a350.0Syndicate Term Loan Jul 2026 Jul 2027 1.50% SWAP \u2013 1.66% \u00a350.0 \u00a350.0SMBC Term Loan Sep 2026 Sept 2028 1.40% SWAP \u2013 1.73% \u00a367.0 \u00a367.0SMBC Term Loan Sep 2026 Sept 2028 1.55% SWAP \u2013 3.61% \u00a337.5 \u00a337.5Total \u00a3752.0 \u00a3697.8* Includes extension options that can be utilised following approval from all parties.^ Average rate from 1 July 2024 to expiry of the debt excluding extension options.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 Deka facility matured in August 2024, the Group announced the arrangement of a new \u00a3100.0 million unsecured facility with ING Bank to replace the Deka facility. The Group also completed an agreement with a group of institutional investors for a private placement of \u20ac83.0 million of new senior unsecured notes. For more information see note 29.72 Including uncommitted extension options20.\u2002Deferred taxThe deferred tax asset relates entirely to unutilised trading losses on the Group\u2019s French resident companies.Audited Audited Year toYear to30 June 202430 June 2023\u00a3\u2019000\u00a3\u2019000At the start of the year \u2013 \u2013Deferred tax on unutilised French trading losses (140) \u2013Net credit to income statement (note 10) (140) \u2013At the end of the year (140) \u2013Deferred tax has been calculated based on local rates applicable under local legislation substantively enacted at the balance sheet date.A deferred tax asset of \u00a30.1 million has been recognised for unutilised trading losses arising on the French Companies in the period. It is the expectation that these losses will be offset against trading profits for the French companies to reduce French Corporation Tax charges in future years. Included in the investment property revaluation movement in the period is a \u00a36.1 million decrease in the fair value of the French properties relating to capitalised acquisition costs. No deferred tax asset has been recognised in respect of unrealised capital losses that would be available on disposal of the properties at a loss at the current market value as it is considered there would not be additional French properties to benefit against the capital loss. 21.\u2002Categories of financial instrumentsAs atAs at30 June 2024 30 June 2023\u00a3\u2019000\u00a3\u2019000Financial assetsFinancial assets at amortised cost:Financial asset arising from sale and leaseback transaction 11,023 10,819Cash and cash equivalents 38,691 37,481Trade and other receivables 11,023 141,305Financial assets at fair value:Interest rate derivative 31,449 54,278Derivatives in effective hedges:Interest rate derivative \u2013 3,304Total financial assets 92,186 247,187Financial liabilitiesFinancial liabilities at amortised cost:Secured debt 281,635 289,736Unsecured debt 412,533 377,729Trade and other payables (note 17) 18,634 22,469Total financial liabilities 712,802 689,934At 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 18. 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 risk - Interest rate 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. 90% of the borrowings are hedged and therefore at a fixed rate. Changes in market interest rates therefore effects the value of the derivatives for the hedged debt and for the unhedged portion it affects the Group\u2019s finance income and 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/ EURIBOR, was as follows:Year toYear to30 June 202430 June 2023 \u00a3\u2019000\u00a3\u2019000Effect on profit 1,187 1,383Effect on other comprehensive income and equity \u2013 58Trade 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 market risk associated with these financial instruments.Market risk - currency riskThe Group prepares its financial statements in Sterling. 4% of the Group\u2019s Investment Properties are denominated in Euros and as a result the group is subject to foreign currency exchange risk. This risk is partially hedged because within the Group\u2019s French operations, rental income, interest costs and the majority of both assets and liabilities are Euro denominated. An unhedged currency risk remains on the value of the Group\u2019s net investment in, and net returns from, its French operations.The Group\u2019s sensitivity to changes in foreign currency exchange rates, calculated on a 10% increase in average and closing Sterling rates against the Euro, was as follows, with a 10% decrease having the opposite effect:Year toYear to30 June 202430 June 2023 \u00a3\u2019000\u00a3\u2019000Increase/(decrease) in net assets (580) \u2013Increase in profit/(loss) for the year (584) \u2013Market risk - inflationInflation 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 2024 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 risk Credit 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.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 and EURIBOR rate remains at the 30 June 2024 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 2024\u00a3\u2019000\u00a3'000\u00a3'000\u00a3'000\u00a3\u2019000Financial assets:Cash and cash equivalents 38,691 \u2013 \u2013 \u2013 38,691Trade and other receivables 11,023 \u2013 \u2013 \u2013 11,023Amortised cost asset 290 290 946 74,602 76,128Interest rate derivatives 15,708 12,209 3,532 \u2013 31,449Total financial assets 65,712 12,499 4,478 74,602 157,291Financial liabilities:Bank borrowings 119,810 186,374 443,364 \u2013 749,548Trade and other payables 17,589 \u2013 \u2013 1,045 18,634Total financial liabilities 137,399 186,374 443,364 1,045 768,182Less thanOne toTwo toMore thanone yeartwo yearsfive yearsfive yearsTotalAs 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 and other payables 22,469 \u2013 \u2013 \u2013 22,469Total financial liabilities 104,014 94,080 549,575 \u2013 747,669Capital 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 2024, the capital structure of the Group consisted of bank borrowings (note 19), 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 to 24). 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 2023 667,465 6,837 (57,583) 616,719Cash flows:Debt drawdowns in the year 217,560 \u2013 \u2013 217,560Debt repayments in the year (191,077) \u2013 \u2013 (191,077)Interest and commitment fees paid \u2013 (36,305) \u2013 (36,305)Loan arrangement fees paid (1,318) \u2013 \u2013 (1,318)Interest rate premium paid \u2013 \u2013 (45,364) (45,364)Interest rate derivative disposal \u2013 \u2013 38,482 38,482Non-cash movements:Finance costs in the statement of comprehensive income 2,403 37,605 \u2013 40,008Finance income in the statement of comprehensive income - - 22,778 22,778Fair value changes \u2013 \u2013 10,238 10,238Foreign exchange movement (865) \u2013 \u2013 (865)As at 30 June 2024 694,168 8,137 (31,449) 670,856As 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 11,714At 30 June 2023 667,465 6,837 (57,583) 616,719Movements 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 17. Cash flow movements are included in the consolidated statement of cash flows and the non-cash movements are included in note 9. The movements in the interest rate derivative financial liabilities can be found in note 18.22.\u2002Share capitalShareCapitalOrdinary Sharespremiumreductionof 1 penceShare capital reservereserveTotalNumber\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 1 July 2023 1,246,239,185 12,462 500,386 704,531 1,217,379Dividend paid in the period (note 12) \u2013 \u2013 \u2013 (75,335) (75,335)As at 30 June 2024 1,246,239,185 12,462 500,386 629,196 1,142,044As 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 12) - - - (74,328) (74,328)As at 30 June 2023 1,246,239,185 12,462 500,386 704,531 1,217,37923.\u2002Cash flow hedge reserveYear to Year to 30 June 202430 June 2023 \u00a3\u2019000\u00a3\u2019000At start of the period 3,304 5,114Recycled comprehensive loss to profit and loss (1,154) \u2013Cash flow hedge reserve taken to profit or loss for the period on disposal of interest rate derivatives \u2013 (2,878)Fair value movement of interest rate derivatives in effective hedges (611) 1,068At the end of the period 1,539 3,304During the period, a previously hedge accounted derivative in relation to the Wells Fargo facility was terminated. The residual balance of the derivative is recycled to the income statement over the remaining period of the Wells Fargo facility to July 2025.24.\u2002ReservesThe nature and purpose of each of the reserves included within equity at 30 June 2024 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.\u2022 Other reserves represents cumulative gains or losses, net of tax, of foreign currency exchange rate differences recognised in a period as other comprehensive income.The only movements in these reserves during the year are disclosed in the consolidated statement of changes in equity. 25.\u2002Capital commitmentsThe Group had no capital commitments outstanding as at 30 June 2024 and 30 June 2023.26.\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 based on rental income at 30 June 2024 is 12.4 years (2023: 13.6 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 202430 June 2023\u00a3\u2019000\u00a3\u2019000Year 1 112,127 100,156Year 2 111,887 98,941Year 3 111,048 98,614Year 4 108,241 97,552Year 5 106,936 97,177Year 6-10 475,626 452,219Year 11-15 281,725 310,150Year 16-20 62,285 94,875Year 21-25 20,626 23,358More than 25 years 9,998 12,743Total 1,400,499 1,385,78527.\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 Group uses EPRA Net Tangible Assets 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 202430 June 2023\u00a3\u2019000\u00a3\u2019000Net assets per the consolidated statement of financial position 1,119,474 1,217,726Fair value of financial assets at amortised cost (3,493) (3,609)Fair value of interest rate derivatives (31,449) (57,583)EPRA NTA 1,084,532 1,156,534Ordinary shares in issue at 30 June 1,246,239,185 1,246,239,185NAV per share \u2013 Basic and diluted (pence) 90p 98pEPRA NTA per share (pence) 87p 93p28.Transactions with related parties Details of the related parties to the Group in the year and the transactions with these related parties were as follows: a. Directors Directors\u2019 fees The table below shows the fees per annum for the roles performed by the Board for the year ended 30 June 2024: Cathryn RoleJon Austen Frances Davies Nick Hewson Vince Prior Sapna Shah Vanderspar Chair of Board of Directors \u2013 \u2013 \u00a375,000 \u2013 \u2013 \u2013 Director\u00a352,500 \u00a352,500 \u2013 \u00a352,500 \u00a352,500 \u00a352,500 Audit and Risk Committee Chair \u00a39,000 \u2013 \u2013 \u2013 \u2013 \u2013 NominationCommitteeChair* \u2013 \u2013 \u2013 \u00a34,000 \u00a34,000 \u2013 Senior Independent Director* \u2013 \u2013 \u2013 \u00a35,000 \u00a35,000 \u2013 Remuneration Committee Chair \u2013 \u2013 \u2013 \u2013 \u2013 \u00a35,000 ESG Committee Chair \u2013 \u00a35,000 \u2013 \u2013 \u2013 \u2013 Management Engagement Committee Chair* \u2013 \u2013 \u2013 \u00a35,000 \u00a35,000 \u2013 *From 21 May 2024, Sapna Shah became Senior Independent Director and Nomination Committee Chair in place of Vince Prior. Vince Prior became Management Engagement Committee Chair in place of Sapna Shah. The table below shows the total fees received by each member of the Board for the year ended 30 June 2024: Year to Year to 30 June 2024 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 NickHewson 75 75 Jon Austen 62 62 Vince Prior 61 62 Cathryn Vanderspar 58 58 Frances Davies 58 58 Sapna Shah* 58 18 * Appointed 1 March 2023 The total remuneration payable to the Directors in respect of the current year and previous year are disclosed in note 8. Directors\u2019 interests Details 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 2024 and at the date of the signing of the accounts were as follows: \u2022Nick Hewson: 1,330,609 shares (0.11% of issued share capital) \u2022Jon Austen: 305,339 shares (0.02% of issued share capital) \u2022Vince Prior: 213,432 shares (0.02% of issued share capital) \u2022Cathryn Vanderspar: 125,802 shares (0.01% of issued share capital) \u2022Frances Davies: 36,774 shares (0.00% of issued share capital) \u2022Sapna Shah: 70,081 shares (0.01% of issued share capital) b. Investment Adviser Investment advisory and accounting fees The investment adviser to the Group, Atrato Capital Limited (the \u201cInvestment Adviser\u201d), is entitled to certain advisory fees under the terms of the Investment Advisory Agreement (the \u201cAgreement\u201d) 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: th\u2022Monthly Management Fee payable monthly in arrears: 1/12of 0.7125% per calendar month of Adjusted Net Asset Value up thto or equal to \u00a3500 million, 1/12of 0.5625% per calendar month of Adjusted Net Asset Value above \u00a3500 million and up to or thequal to \u00a31,000 million and 1/12of 0.4875% per calendar month of Adjusted Net Asset Value above \u00a31,000 and up to or equal to \u00a31,500 million. \u2022Semi-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 2024 the total advisory fees payable to the Investment Adviser were \u00a39,472,218 (2023: \u00a310,292,302) of which \u00a31,745,960 (2023: \u00a31,845,144) is included in trade and other payables in the consolidated statement of financial position as at 30 June 2024. The Investment Adviser is also entitled to an annual accounting and administration service fee equal to: \u00a354,107; plus (i) \u00a34,386 for any indirect subsidiary of the Company and (ii) \u00a31,702 for each direct subsidiary of the Company. A full list of the Company and its direct and indirect subsidiary undertakings is listed in note 14 of these financial statements. For the year to 30 June 2024 the total accounting and administration service fee payable to the Investment Adviser was \u00a3363,869 (2023: \u00a3297,475) of which \u00a391,950 (2023: \u00a383,614) is included in trade and other payables in the consolidated statement of financial position as at 30 June 2024. Introducer Services Atrato 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: \u2022Commission 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 2024 the total introducer fees payable to the affiliate of the Investment Adviser were \u00a3nil (2023: \u00a3nil).Interest in shares of the Company Details 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 2024 were as follows: \u2022Ben Green: 2,337,286 shares (0.19% of issued share capital)\u2022Steve Windsor: 1,764,679 shares (0.14% of issued share capital)\u2022Steven Noble: 246,885 shares (0.02% of issued share capital)\u2022Natalie Markham: 71,039 shares (0.01% of issued share capital)On 9 September 2024, the Company announced that Steven Noble stepped down as Chief Investment Officer of the Company\u2019s Investment Adviser, Atrato Capital Limited. Charitable The Company approved a policy to make charitable donations of \u00a3150,000 per annum. During the year \u00a3120,000 was approved by the Board and paid post year end (2023: Nil). The donations will be made to the Atrato Foundation, a corporate charity registered with the Charity Commission and Companies House, whose Trustees are Lara Townsend (COO of the Investment Adviser) and Natalie Markham (CFO of the Investment Adviser). The donations will be made in the form of a restricted grant, the funds will be directed to charitable causes specified by the Board of the Company. For further information on the Company\u2019s charitable activities, please refer to page 11. 29.SubsequenteventsDebt financing\u2022In July 2024, the Group announced the arrangement of a new \u00a3100.0 million facility with ING bank at a margin of 1.55% over SONIA.The facility comprises a \u00a375.0 million term loan and a \u00a325.0 million revolving credit facility. The term of the loan is for three yearswith two further one-year extension options.\u2022In July 2024, the Group announced the completion of an agreement with a group of institutional investors for a private placementof \u20ac83.0 million of new senior unsecured notes. The notes have a term of 7 years and a fixed rate coupon of 4.4%.\u2022In August 2024, the Deka facility of \u00a396.6 million matured and was settled with the proceeds of the new ING facility.COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024The Scalpel,18th Floor,52 Lime StreetLondon, United Kingdom,EC3M 7AF",
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"value": "Supermarket Income REIT plc",
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"value": "Supermarket Income REIT",
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"s8_notes__6__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",
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"value": "UK",
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"s8_notes__6__14": {
"value": "Basis of preparationThese consolidated financial statements cover the year to 30 June 2024, including comparative figures relating to the year to 30 June 2023, 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.",
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"s8_notes__6__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 2024. In assessing the going concern basis of accounting, the Directors have considered the prospects of the Group over the period up to 30 September 2025.LiquidityAt 30 June 2024, the Group generated net cash flow from operating activities of \u00a392.1 million, held cash of \u00a338.7 million and undrawn committed facilities totalling \u00a354.2 million with no capital commitments or contingent liabilities. After the year end, the Group also increased its debt capacity from \u00a3752.0 million to \u00a3825.4 million (see note 19 for more information), leaving undrawn committed facilities of \u00a3176.0 million available (including \u00a350.0 million accordion).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 Wells Fargo facility and \u00a350 million of the syndicate unsecured term loan fall due for repayment during the going concern period. It is intended that the facilities will be refinanced prior to maturity, or if required, paid down in full utilising the Group\u2019s available cash balances and undrawn committed facilities of over \u00a3117 million (including post balance sheet events). 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 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 the majority of 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. The Group is 100% hedged (including post balance sheet events), no sensitivity for movements in interest rates have been modelled for the hedged debt 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 in line with rate of the individual leases.contractual terms.Scenario 2 Rental income to fall by 20%. 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. The lowest amount of ICR headroom experienced in the worst-case stress scenarios was 42%. Based on the latest bank commissioned valuations, property values would have to fall by more than 26% before LTV covenants are breached, and 19% against 30 June 2024 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 425% 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 issue of this annual report and have therefore adopted the going concern basis of accounting in preparing the Annual Report.",
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"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 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.Euro denominated results of the French operation have been converted to Sterling at the average exchange rate for the period from acquisition to 30 June 2024 of \u20ac1:\u00a30.85, which is considered not to produce materially different results from using the actual rates at the date of the transactions. Year end balances have been converted to sterling at the 30 June 2024 exchange rate of \u20ac1:\u00a30.85. The accounting policy for foreign currency translation is in note 2.",
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"s8_notes__6__17": {
"value": "Adoption of new and revised standardsThere were a number of new standards and amendments to existing standards which are required for the Group\u2019s accounting period beginning on 1 July 2023.The following amendments are effective for the period beginning 1 July 2023: \u2013 IFRS 17 Insurance Contracts \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of accounting policies \u2013 Definition of Accounting Estimates (Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors) \u2013 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction \u2013 International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12 \u2013 International tax reform \u2013 Pillar Two model rules)There was no material effect from the adoption of the above-mentioned amendments to IFRS effective in the period. They have no significant impact to the Group as they are either not relevant to the Group\u2019s activities or require accounting which is already consistent with the Group\u2019s current accounting policies.In 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.",
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},
"s8_notes__6__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 \u201cRed Book\u201d). 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.\u201dThe independent valuer did not include any material valuation uncertainty clause in relation to the valuation of the Group\u2019s investment property for 30 June 2024 or 30 June 2023.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 13.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 four acquisitions; this includes the acquisition of 17 French properties in a single transaction. In four cases the concentration test was applied and met, resulting in the acquisitions being accounted for as asset purchases. All \u00a3135.8 million of acquisitions during the year were accounted for as asset purchases.Key judgement: Sale and leaseback transactionsThe Group acquires properties under a sale and leaseback arrangement. At the time of the purchase the Directors assess whether the acquisition represents a true sale to determine whether the assets can be accounted for as Investment Properties under IFRS 16.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. During the year, the Group acquired 17 stores in France under sale and leaseback arrangements. The terms of the sale and underlying lease were reviewed for indicators of control and deemed that the significant risks and rewards to ownership were transferred to the Group and will therefore be accounted for as an investment property acquisition.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__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 \u201cRed Book\u201d). 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.\u201dThe independent valuer did not include any material valuation uncertainty clause in relation to the valuation of the Group\u2019s investment property for 30 June 2024 or 30 June 2023.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 13.2.10\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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__20": {
"value": "Key judgement: Sale and leaseback transactionsThe Group acquires properties under a sale and leaseback arrangement. At the time of the purchase the Directors assess whether the acquisition represents a true sale to determine whether the assets can be accounted for as Investment Properties under IFRS 16.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. During the year, the Group acquired 17 stores in France under sale and leaseback arrangements. The terms of the sale and underlying lease were reviewed for indicators of control and deemed that the significant risks and rewards to ownership were transferred to the Group and will therefore be accounted for as an investment property acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__22": {
"value": "2. Summary of material accounting policiesThe material 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 2024. 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\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 and initial costs to arrange leases 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 exercisethat 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.Surrender premiums received in the period are included in rental income.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.2.3\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.2.4\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.2.5\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.2.6\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. 2.7\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.2.8\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.2.9\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.Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled.Deferred tax assets are recognised to the extent that it is probable that suitable taxable profits will be available against which deductible temporary differences can be utilised.Current 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.2.10\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.2.11\u2002Foreign currency transactionsForeign currency transactions are translated to the respective functional currency of Group entities at the foreign exchange rate ruling on the transaction date. Foreign exchange gains and losses resulting from settling these, or from retranslating monetary assets and liabilities held in foreign currencies, are booked in the Income Statement. The exception is for foreign currency loans and derivatives that hedge investments in foreign subsidiaries, where exchange differences are booked in other reserves until the investment is realised.Assets and liabilities of foreign entities are translated into sterling at exchange rates ruling at the Balance Sheet date. Their income, expenses and cash flows are translated at the average rate for the period or at spot rate for significant items. Resultant exchange differences are booked in Other Comprehensive Income and recognised in the Group Income Statement when the operation is sold.Exchange difference on non-monetary items measured at fair value through profit or loss, being the value movement of the investment properties, are recognised as part of the total fair value movement for the portfolio. 2.12\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 in 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.2.13\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. No shares were issued in the period.2.14\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:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__21": {
"value": "2. Summary of material accounting policiesThe material 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 2024. 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\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 and initial costs to arrange leases 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 exercisethat 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.Surrender premiums received in the period are included in rental income.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.2.3\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.2.4\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.2.5\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.2.6\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. 2.7\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.2.8\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.2.9\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.Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled.Deferred tax assets are recognised to the extent that it is probable that suitable taxable profits will be available against which deductible temporary differences can be utilised.Current 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.2.10\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.2.11\u2002Foreign currency transactionsForeign currency transactions are translated to the respective functional currency of Group entities at the foreign exchange rate ruling on the transaction date. Foreign exchange gains and losses resulting from settling these, or from retranslating monetary assets and liabilities held in foreign currencies, are booked in the Income Statement. The exception is for foreign currency loans and derivatives that hedge investments in foreign subsidiaries, where exchange differences are booked in other reserves until the investment is realised.Assets and liabilities of foreign entities are translated into sterling at exchange rates ruling at the Balance Sheet date. Their income, expenses and cash flows are translated at the average rate for the period or at spot rate for significant items. Resultant exchange differences are booked in Other Comprehensive Income and recognised in the Group Income Statement when the operation is sold.Exchange difference on non-monetary items measured at fair value through profit or loss, being the value movement of the investment properties, are recognised as part of the total fair value movement for the portfolio. 2.12\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 in 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.2.13\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. No shares were issued in the period.2.14\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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__23": {
"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 2024. 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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__25-1": {
"value": "2.2\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 and initial costs to arrange leases 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 exercisethat 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.Surrender premiums received in the period are included in rental income.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.2.3\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.2.4\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.2.5\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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__29": {
"value": "2.6\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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__30-1": {
"value": "2.7\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.Year toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Property insurance expenses 714 715Service charge expenses 6,727 5,803Investment Adviser fees (note 28) 9,472 10,292Total property insurance and service charge expense Directors\u2019 remuneration (note 8) 410 3647,4416.\u2002Administrative and other expensesCorporate administration fees 1,049 1,108 Year toLegal and professional fees 1,475 1,6266,518Year toOther administrative expenses 2,812 2,03930 June 2024 Total administrative and other expenses 30 June 2023 15,218\u00a3\u2019000 \u00a3\u201900015,429",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__31": {
"value": "2.8\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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__32": {
"value": "2.9\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.Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled.Deferred tax assets are recognised to the extent that it is probable that suitable taxable profits will be available against which deductible temporary differences can be utilised.Current 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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__34": {
"value": "2.11\u2002Foreign currency transactionsForeign currency transactions are translated to the respective functional currency of Group entities at the foreign exchange rate ruling on the transaction date. Foreign exchange gains and losses resulting from settling these, or from retranslating monetary assets and liabilities held in foreign currencies, are booked in the Income Statement. The exception is for foreign currency loans and derivatives that hedge investments in foreign subsidiaries, where exchange differences are booked in other reserves until the investment is realised.Assets and liabilities of foreign entities are translated into sterling at exchange rates ruling at the Balance Sheet date. Their income, expenses and cash flows are translated at the average rate for the period or at spot rate for significant items. Resultant exchange differences are booked in Other Comprehensive Income and recognised in the Group Income Statement when the operation is sold.Exchange difference on non-monetary items measured at fair value through profit or loss, being the value movement of the investment properties, are recognised as part of the total fair value movement for the portfolio.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__37": {
"value": "2.12\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 in 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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__38": {
"value": "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 in each reporting period until the asset is derecognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__39": {
"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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__40": {
"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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__41": {
"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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__42": {
"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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__43": {
"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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__44-1": {
"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.2.14\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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__45": {
"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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__46": {
"value": "2.13\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. No shares were issued in the period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__48": {
"value": "3.\u2002Operating SegmentsOperating segments are identified on the basis of internal financial reports about components of the Group that are regularly reviewed by the chief operating decision maker (which in the Group\u2019s case is the Board, comprising the Non-Executive Directors, and the Investment Adviser) in order to allocate resources to the segments and to assess their performance.The internal financial reports contain financial information at a Group level as a whole and there are no reconciling items between the results contained in these reports and the amounts reported in the consolidated financial statements. These internal financial reports include the IFRS figures but also report the non-IFRS figures for the EPRA and alternative performance measures as disclosed in notes 11, 27 and the Additional Information. The Group\u2019s property portfolio comprises investment property. The Board considers that all the properties have similar economic characteristics. Therefore, in the view of the Board, there is one reportable segment.The geographical split of revenue and material applicable non-current assets was:Year toYear to30 June 2024 30 June 2023 Revenue\u00a3\u2019000\u00a3\u2019000UK 107,063 95,823France 788 \u2013107,851 95,823As atAs at30 June 202430 June 2023Investment Properties\u00a3\u2019000\u00a3\u2019000UK 1,704,280 1,685,690France 63,936 \u20131,768,216 1,685,690",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__49": {
"value": "4.\u2002Gross rental incomeYear toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Rental income \u2013 freehold property 58,345 53,119Rental income \u2013 long leasehold property 49,063 42,669Lease surrender income 443 35Gross rental income 107,851 95,823Year toYear to30 June 202430 June 2023\u00a3\u2019000\u00a3\u2019000Property insurance recoverable 621 585Service charge recoverable 6,201 5,354Total property insurance and service charge income 6,822 5,939Total property income 114,673 101,762Included within rental income is a \u00a32,197,000 (2023: \u00a32,512,000) 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 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.Also included in rental income is a \u00a3237,000 (year to 30 June 2023: \u00a3499,000) adjustment for lease incentives. Tenant lease incentives are recognised on a straight-line basis over the lease term as an adjustment to rental income. 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 \u00a354,258,000 (2023: \u00a349,620,000) relating to the Group\u2019s largest tenant and \u00a330,790,000 (2023: \u00a327,194,000) 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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__50": {
"value": "5.\u2002Service charge expenseYear toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Property insurance expenses 714 715Service charge expenses 6,727 5,803Investment Adviser fees (note 28) 9,472 10,292Total property insurance and service charge expense Directors\u2019 remuneration (note 8) 410 3647,4416.\u2002Administrative and other expensesCorporate administration fees 1,049 1,108 Year toLegal and professional fees 1,475 1,6266,518Year toOther administrative expenses 2,812 2,03930 June 2024 Total administrative and other expenses 30 June 2023 15,218\u00a3\u2019000 \u00a3\u201900015,429",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__52": {
"value": "7.\u2002Operating profit/(loss)Operating profit/(loss) is stated after charging fees for:Year toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Audit of the Company\u2019s consolidated and individual financial statements 292 260Audit of subsidiaries, pursuant to legislation 88 95Total audit services 380 355Audit-related services: interim review 42 38Total audit and audit-related services 422 393Not included in the table above is \u00a395,000 of additional audit fees paid to BDO relating to the year ended 30 June 2023.The Group\u2019s auditor also provided the following services in relation to corporate finance services:Year toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Other non-audit services: corporate finance services \u2013 65Total other non-audit services \u2013 65Total fees charged by the Group\u2019s auditor 422 458",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__53": {
"value": "8.\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 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Directors\u2019 fees 371 330Employer\u2019s National Insurance Contribution 39 34Total Directors\u2019 remuneration 410 364The highest paid Director received \u00a375,000 (2023: \u00a375,000) for services during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__55": {
"value": "9.\u2002Finance income and expenseYear toYear to30 June 2024 30 June 2023 Finance income\u00a3\u2019000\u00a3\u2019000Interest received on bank deposits 306 53Income from financial assets held at amortised cost (note 15) 494 483Finance income on unwinding of discounted receivable 203 2,376Finance income on settlement of interest rate derivatives (note 18) 22,778 11,714Total finance income 23,781 14,626Year toYear to30 June 2024 30 June 2023 Finance expense\u00a3\u2019000\u00a3\u2019000Interest payable on bank borrowings 36,823 29,707Commitment fees payable on bank borrowings 817 1,571Amortisation of loan arrangement fees* 2,403 8,037Total finance expense 40,043 39,315*This includes a non-recurring exceptional charge of \u00a370,000 (June 2023: \u00a31.52 million), relating to the acceleration of unamortised arrangement fees in respect of the modification of loan facilities under IFRS 9. Prior year also included 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 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Total interest expense on financial liabilities held at amortised cost 39,226 37,744Fee expense not part of effective interest rate for financial liabilities held at amortised cost 817 1,571Total finance expense 40,043 39,315",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__54": {
"value": "9.\u2002Finance income and expenseYear toYear to30 June 2024 30 June 2023 Finance income\u00a3\u2019000\u00a3\u2019000Interest received on bank deposits 306 53Income from financial assets held at amortised cost (note 15) 494 483Finance income on unwinding of discounted receivable 203 2,376Finance income on settlement of interest rate derivatives (note 18) 22,778 11,714Total finance income 23,781 14,626Year toYear to30 June 2024 30 June 2023 Finance expense\u00a3\u2019000\u00a3\u2019000Interest payable on bank borrowings 36,823 29,707Commitment fees payable on bank borrowings 817 1,571Amortisation of loan arrangement fees* 2,403 8,037Total finance expense 40,043 39,315*This includes a non-recurring exceptional charge of \u00a370,000 (June 2023: \u00a31.52 million), relating to the acceleration of unamortised arrangement fees in respect of the modification of loan facilities under IFRS 9. Prior year also included 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 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Total interest expense on financial liabilities held at amortised cost 39,226 37,744Fee expense not part of effective interest rate for financial liabilities held at amortised cost 817 1,571Total finance expense 40,043 39,315",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__56-1": {
"value": "10.\u2002TaxationA) Tax charge in profit or lossYear toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000UK Corporation tax \u2013 \u2013France Corporation Tax \u2013 \u2013UK deferred tax \u2013 \u2013France deferred tax (note 20) (140) \u2013(140) \u2013B) Total tax expenseTax (credit)/charge in profit and loss as per the above (140) \u2013Share of tax expense of equity accounted joint ventures \u2013 (400)Total tax (credit)/expense (140) (400)The 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 21 December 2017 the Group has met all such applicable conditions.The reconciliation of the loss before tax multiplied by the standard rate of corporation tax for the year of 25% (2023: 20.4%) to the total tax charge is as follows:Year toYear to30 June 2024 30 June 2023 C) Reconciliation of the total tax charge for the year\u00a3\u2019000\u00a3\u2019000Loss on ordinary activities before taxation (21,324) (144,866)Theoretical tax at UK standard corporation tax rate of 25% (2023: 20.4%) (5,331) (29,553)Effects of:Investment property and derivative revaluation not taxable 24,269 49,680Disposal of interest rate derivative \u2013 (587)Residual business losses 2,481 4,428French subsidiary allowable expenses (140) \u2013Other non-taxable items \u2013 (8,807)REIT exempt income (21,419) (15,161)Share of tax expense of equity accounted joint ventures \u2013 (400)Total tax (credit)/expense for the year (140) (400)UK 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 \u00a343.4 million (2023: \u00a336.2 million) as, given the Group\u2019s REIT status, it is considered unlikely that these losses will be utilised. The Group is subject to French Corporation tax on its French property rental business at a rate of 25%.20.\u2002Deferred taxThe deferred tax asset relates entirely to unutilised trading losses on the Group\u2019s French resident companies.Audited Audited Year toYear to30 June 202430 June 2023\u00a3\u2019000\u00a3\u2019000At the start of the year \u2013 \u2013Deferred tax on unutilised French trading losses (140) \u2013Net credit to income statement (note 10) (140) \u2013At the end of the year (140) \u2013Deferred tax has been calculated based on local rates applicable under local legislation substantively enacted at the balance sheet date.A deferred tax asset of \u00a30.1 million has been recognised for unutilised trading losses arising on the French Companies in the period. It is the expectation that these losses will be offset against trading profits for the French companies to reduce French Corporation Tax charges in future years. Included in the investment property revaluation movement in the period is a \u00a36.1 million decrease in the fair value of the French properties relating to capitalised acquisition costs. No deferred tax asset has been recognised in respect of unrealised capital losses that would be available on disposal of the properties at a loss at the current market value as it is considered there would not be additional French properties to benefit against the capital loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__57": {
"value": "11.\u2002Earnings per shareEarnings per share (\u201cEPS\u201d) 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 (\u201cEPRA\u201d) publishes guidelines for calculating 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 and derivatives.71The 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 restructuring of the Group\u2019s debt facilities during the period.71 The Directors have identified certain measures that they believe will assist the understanding of the performance of the business. The measures are not defined under IFRS and they may not be directly comparable with other companies\u2019 adjusted measures. The non-GAAP measures are not intended to be a substitute for, or superior to, any IFRS measures of performance, but they have been included as the Directors consider them to be important comparable and key measures used within the business for assessing performance. The key non-GAAP measures identified by the Group have been defined in the supplementary information and, where appropriate, reconciliation to the nearest IFRS measure has been given.The reconciliation of IFRS Earnings, EPRA Earnings and Adjusted Earnings is shown below:Year toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Net (loss)/profit attributable to ordinary shareholders (21,184) (144,866)EPRA adjustments:Changes in fair value of investment properties and rental guarantees 65,825 256,066Changes in fair value of interest rate derivatives measured at fair value through profit and loss 31,251 (10,024)Profit on disposal of interest rate derivatives \u2013 (2,878)Group share of changes in fair value of joint venture investment properties \u2013 (11,486)Gain on disposal of investments in joint venture \u2013 (19,940)Deferred tax credit (140) \u2013Finance income received on interest rate derivatives held at fair value through profit and loss (22,469) (9,671)EPRA earnings 53,283 57,201Adjustments for:Finance income received on interest rate derivatives held at fair value through profit and loss 22,469 9,671Restructuring costs in relation to the acceleration of unamortised arrangement fees 70 1,518Joint Venture acquisition loan arrangement fee \u2013 4,009Adjusted Earnings 75,822 72,3991NumberNumberWeighted average number of ordinary shares 1,246,239,185 1,242,574,5051 Based on the weighted average number of ordinary shares in issueYear to Year to 30 June 202430 June 2023Pence per share Pence per share (\u2018p\u2019)(\u2018p\u2019)Basic and Diluted EPS (1.7) (11.7)EPRA adjustments:Changes in fair value of interest rate derivatives measured at FVTPL 2.5 (0.8)Changes in fair value of investment properties and rent guarantees 5.3 20.6Group share of changes in fair value of joint venture investment properties \u2013 (0.9)Profit on disposal of interest rate derivatives \u2013 (0.2)Group share of gain on disposal of joint venture investment properties \u2013 (1.6)Deferred tax credit \u2013 \u2013Finance income received on interest rate derivatives held at fair value through profit and loss (1.8) (0.8)EPRA EPS 4.3 4.6Adjustments for:Finance income received on interest rate derivatives held at fair value through profit and loss 1.8 0.8One-off restructuring costs in relation to the acceleration of unamortised arrangement fees \u2013 0.1Joint Venture acquisition loan arrangement fee \u2013 0.3Adjusted EPRA EPS 6.1 5.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__58": {
"value": "12.\u2002DividendsYear toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3\u2019000Amounts recognised as a distribution to ordinary Shareholders in the year:Dividends 75,335 74,328On 6 July 2023, the Board declared a fourth interim dividend for the year ended 30 June 2023 of 1.500 pence per share, which was paid on 4 August 2023 to shareholders on the register on 14 July 2023.On 5 October 2023 the Board declared a first interim dividend for the year ending 30 June 2024 of 1.515 pence per share, which was paid on 16 November 2023 to shareholders on the register on 13 October 2023. On 4 January 2024 the Board declared a second interim dividend for the year ending 30 June 2024 of 1.515 pence per share, which was paid on 14 February 2024 to shareholders on the register on 12 January 2024. On 4 April 2024 the Board declared a third interim dividend for the year ending 30 June 2024 of 1.515 pence per share, which was paid on 16 May 2024 to shareholders on the register on 12 April 2024.On 4 July 2024, the Board declared a fourth interim dividend for the year ending 30 June 2024 of 1.515 pence per share, which was paid on 16 August 2024 to shareholders on the register on 12 July 2024. This has not been included as a liability as at 30 June 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__59": {
"value": "13.\u2002Investment 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 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 2024 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 2023 899,440 786,250 1,685,690Property additions 101,104 34,700 135,804Capitalised acquisition costs 8,093 2,317 10,410Currency exchange movement (874) \u2013 (874)Revaluation movement (35,747) (27,067) (62,814)Valuation at 30 June 2024 972,016 796,200 1,768,216At 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 1,685,690Year toYear to30 June 2024 30 June 2023Reconciliation of Investment Property to Independent Property Valuation\u00a3\u2019000\u00a3\u2019000Investment Property at fair value per Group Statement of Financial Position 1,768,216 1,685,690Market Value of Property classified as Financial Assets held at amortised cost (note 15) 7,530 7,210Total Independent Property Valuation 1,775,746 1,692,900There were four property acquisitions during the year, all of which were direct purchases of the assets and not acquisition of a corporate structure. They are all treated as asset purchases.Included within the carrying value of investment properties at 30 June 2024 is \u00a310,920,000 (2023: \u00a38,724,000) in respect of the smoothing of fixed contractual rent uplifts as described in note 4. 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. Included within the carrying values of investment properties at 30 June 2024 is \u00a31,033,000 (year to 30 June 2023: \u00a3251,000) in respect of the lease incentives with tenants in the form of rent free debtors as described in note 4 and capitalised letting fees.The effect of these adjustments on the revaluation movement during the year is as follows:Year toYear to30 June 2024 30 June 2023 \u00a3\u2019000\u00a3'000Revaluation movement per above (62,814) (253,211)Rent smoothing adjustment (note 4) (2,197) (2,512)Movements in associated rent guarantees \u2013 (343)Movement in Lease incentives (564) \u2013Movements in capitalised letting fees (218) \u2013Foreign exchange movement through OCI (32) \u2013Change in fair value recognised in profit or loss (65,825) (256,066)Valuation 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 - 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 ended 30 June 2024 UK France TotalFair value \u00a31,704.3m \u00a363.9m \u00a31,768.2mRange of Net Initial Yields 4.6% \u2013 8.0% 4.2% \u2013 6.8% 4.6% \u2013 8.0%Range of Rental values (passing rents or ERV as relevant) of Group\u2019s Investment Properties \u00a30.3m \u2013 \u00a35.1m \u00a30.6m \u2013 \u00a30.8m \u00a30.3m \u2013 \u00a35.1mWeighted average of Net Initial Yields 5.9% 6.3% 5.9%Weighted average of Rental values (passing rents or ERV as relevant) of Group\u2019s Investment Properties \u00a32.9m \u00a30.7m \u00a32.9mYear ended 30 June 2023 UK France TotalFair value \u00a31,685.7m \u2013 \u00a31,685.7mRange of Net Initial Yields 4.7% \u2013 7.4% \u2013 4.7% \u2013 7.4%Range of Rental values (passing rents or ERV as relevant) of Group\u2019s Investment Properties \u00a30.3m \u2013 \u00a35.1m \u2013 \u00a30.3m \u2013 \u00a35.1mWeighted average of Net Initial Yields 5.6% \u2013 5.6%Weighted average of Rental values (passing rents or ERV as relevant) of Group\u2019s Investment Properties \u00a32.8m \u2013 \u00a32.8mThe table below analyses the sensitivity on the fair value of investment properties for changes in rental values and net initial yields:+0.5% -0.5% +2% -2% Net Initial Net Initial Rental valueRental value Yield Yield \u00a3m\u00a3m\u00a3m\u00a3m(Decrease)/increase in the fair value of investment properties as at 30 June 2024 35.4 (35.4) (138.1) 164.1(Decrease)/increase in the fair value of investment properties as at 30 June 2023 33.7 (33.7) (139.9) 168.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__60": {
"value": "14.\u2002SubsidiariesThe entities listed in the following table were the subsidiary undertakings of the Company at 30 June 2024 all of which are wholly owned. All but those noted as Jersey or French 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*+Supermarket Income Investments UK (Midco8) 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^-Supermarket Income Investments UK (NO35) LimitedIndirect 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^-Supermarket Income Investments UK (NO39) LimitedIndirect Property investmentCompany name Holding type Nature of business+Supermarket Income Investments UK (NO40) LimitedIndirect Property investment+Supermarket Income Investments UK (NO41) LimitedIndirect Property investment+Supermarket Income Investments UK (NO42) LimitedIndirect Property investment+Supermarket Income Investments UK (NO43) LimitedIndirect Property investment+Supermarket Income Investments UK (NO44) LimitedIndirect Property investment+Supermarket Income Investments UK (NO45) LimitedIndirect Property investment+Supermarket Income Investments UK (NO47) LimitedIndirect Property investment*+Supermarket Income Investments UK (NO48) LimitedIndirect Property investment*+Supermarket Income Investments UK (NO49) LimitedIndirect Property investment^-The Brookmaker Unit TrustIndirect Property investment#Brookmaker Limited PartnershipIndirect Property investment#Brookmaker (GP) LimitedIndirect Property investment#Brookmaker (Nominee) LimitedIndirect Property investment^-Horner (GP) LimitedIndirect Property investment^-Horner (Jersey) Limited PartnershipIndirect Property investment^-Horner REITIndirect Property investment\u201d*\u00a8Supermarket Income Investments France 1Indirect Property investment\u201d*\u00a8Supermarket Income Investments France 2Indirect Property investment\u201d*\u00a8Supermarket Income Investments France 3Indirect Property investment\u201d*\u00a8Supermarket Income Investments France 4Indirect Property investment\u201d*\u00a8Supermarket Income Investments France 5Indirect Property investment\u201d*\u00a8Supermarket Income Investments France 6Indirect Property investment+SII UK Halliwell (No1) LTDIndirect Investment in Joint venture+SII UK Halliwell (No2) LTDIndirect Property investment+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 2024** Subsidiaries acquired during the year ended 30 June 2024^ Jersey registered entity\u201c France registered entityth+ Registered office: The Scalpel 18 Floor, 52 Lime Street, London, United Kingdom, EC3M 7AFrd- Registered office: 3 Floor, Gaspe House, 66-72 Esplanade, St Helier, Jersey, JE1 2LHth# Registered office: 8 Floor 1 Fleet Place, London, United Kingdom, EC4M 7RA\u00a8 Registered office: Tour Pacific, 11-13 Cours Valmy, 92977 Paris La D\u00e9fense CedexThe 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 12892076SII 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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__62": {
"value": "15.\u2002Financial asset arising from sale and leaseback transactionsYear toYear to30 June 2024 30 June 2023\u00a3\u2019000\u00a3\u2019000At start of year 10,819 10,626Additions \u2013 \u2013Interest income recognised in profit and loss (note 9) 494 483Lease payments received during the period (290) (290)At end of period 11,023 10,819On 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 2024 the market value of the property was estimated at \u00a37.5 million (2023: \u00a37.2 million). Assets held at amortised cost are assessed annually for impairment with any impairment recognised as an allowance for expected credit losses measured at an amount equal to the lifetime expected credit losses. The Group considers historic, current and forward-looking information to determine expected credit losses arising from either a change in the interest rate implicit in the lease or factors impacting the customer\u2019s ability to make lease payments. Based on the information currently available the Group does not expect any credit losses and the asset has not been impaired in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__63": {
"value": "16.\u2002Trade and other receivablesAs atAs at30 June 2024 30 June 2023\u00a3\u2019000\u00a3\u2019000Interest receivable on settlement of derivatives 4,946 3,122Other receivables 6,077 1,601Receivable from joint venture disposal \u2013 136,582Prepayments and accrued income 877 850Total trade and other receivables 11,900 142,155The 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 2024. 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__64": {
"value": "17.\u2002Trade and other payablesAs atAs at30 June 2024 30 June 2023\u00a3\u2019000\u00a3\u2019000Accrued interest payable 8,072 6,524Other corporate accruals 9,516 15,945VAT payable 4,385 4,510Total trade and other payables 21,973 26,979",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__65": {
"value": "18.\u2002Interest rate derivativesAs atAs at30 June 2024 30 June 2023\u00a3\u2019000\u00a3\u2019000Non-current asset: Interest rate swaps 12,499 35,601Non-current asset: Interest rate cap 3,242 1,597Current Asset: Interest rate swaps 13,456 16,800Current Asset: Interest rate cap 2,252 3,58431,449 57,583The rate swaps are remeasured to fair value by the counterparty bank on a quarterly basis.Year toYear to30 June 2024 30 June 2023The fair value at the end of year comprises:\u00a3\u2019000\u00a3\u2019000At start of year (net) 57,583 5,114Interest rate derivative premium paid on inception 47,494 44,255Disposal of interest rate derivatives (40,612) (2,878)Changes in fair value of interest rate derivative in the year (P&L) (8,782) 19,695Changes in fair value of interest rate derivative in the year (OCI) (1,456) 3,111(Credit)/Charge to the income statement (P&L) (note 9) (22,469) (9,671)(Credit)/Charge to the income statement (OCI) (note 9) (309) (2,043)Fair value at end of year (net) 31,449 57,583To partially mitigate the interest rate risk that arises as a result of entering into the floating rate debt facilities referred to in note 19, the Group has entered into derivative interest rate swaps and caps.A summary of these derivatives as at 30 June 2024 are shown in the table below:Notional amount Premium Paid Mark to Market Average Issuer Derivative Type\u00a3m\u00a3m30 June 2024Strike Rate Effective Date Maturity DateBLB Interest Rate Swap \u00a337.3 \u00a31.7 \u00a31.2 2.58% Mar-23 Mar-26BLB Interest Rate Swap \u00a322.2 \u00a31.0 \u00a30.7 2.58% Mar-23 Mar-26BLB Interest Rate Swap \u00a327.4 \u00a31.2 \u00a30.9 2.58% Mar-23 Mar-26Wells Fargo Interest Rate Swap \u00a330.0 \u00a32.3 \u00a31.1 1.33% Sep-23 Jul-25SMBC Interest Rate Swap \u00a350.0 \u00a33.7 \u00a31.7 1.33% Sep-23 Jul-25SMBC Interest Rate Swap \u00a367.0 \u00a36.5 \u00a33.7 1.73% Sep-23 Sep-26Barclays Interest Rate Cap \u00a396.6 \u00a32.9 \u00a32.8 1.40% Aug-24 Jul-25Wells Fargo Interest Rate Swap \u00a3204.3 \u00a322.2 \u00a312.9 1.96% Sep-23 Jul-27Wells Fargo Interest Rate Swap \u00a350.0 \u00a34.8 \u00a32.7 1.66% Sep-23 Jul-26Wells Fargo Interest Rate Swap \u00a33.2 \u00a30.4 \u00a30.4 0.00% Feb -24 Jul-27SMBC Interest Rate Cap \u00a396.6 \u00a31.4 \u00a31.3 1.40% Jul-25 Jan-26SMBC Interest Rate Cap \u00a330.0 \u00a30.4 \u00a30.4 1.40% Jul-25 Jan-26SMBC Interest Rate Cap \u00a350.0 \u00a30.8 \u00a30.7 1.40% Jul-25 Jan-26SMBC Interest Rate Cap \u00a33.0 \u00a30.4 \u00a30.3 1.21% Nov-23 Jun-27SMBC Interest Rate Swap \u00a337.5 \u00a30.6 \u00a30.6 3.61% Mar-24 Sep-26Total \u00a350.3 \u00a331.4 \u2013 \u2013 \u201390% of the Group\u2019s outstanding debt as at 30 June 2024 was hedged through the use of fixed rate debt or financial instruments (30 June 2023: 100%). 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 Group restructured its derivatives during the year to match the changes in its borrowings, the movements in the Group\u2019s fair value derivatives are recognised in the profit and loss. There was one derivative terminated in the year that hedged the Wells facility and was accounted for under hedge accounting; on derecognition of hedge accounting, the cash flow hedge reserve is recycled to the profit and loss over the remaining term of the Wells Fargo facility.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 balance sheet 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__66": {
"value": "19.\u2002Bank borrowingsAs atAs at30 June 2024 30 June 2023Amounts falling due within one year:\u00a3\u2019000\u00a3\u2019000Secured debt 96,560 \u2013Unsecured debt \u2013 62,090Less: Unamortised finance costs (44) (234)Bank borrowings per the consolidated statement of financial position 96,516 61,856Amounts falling due after more than one year:Secured debt 186,225 291,551Unsecured debt 414,981 318,508Less: Unamortised finance costs (3,554) (4,450)Bank borrowings per the consolidated statement of financial position 597,652 605,609Total bank borrowings 694,168 667,465A summary of the Group\u2019s borrowing facilities as at 30 June 2024 are shown below:Loan Amount drawn Credit Variable/ commitment 30 June 2024 72Lender Facility Expiry Expirymarginhedged^\u00a3m\u00a3mEURIBOR \u2013 HSBC Revolving credit facility Sep 2026 Sep 2028 1.7%3.71% \u00a375.0 \u00a369.3Deka Term Loan Aug 2024 Aug 2024 1.35% 0.54% \u00a347.6 \u00a347.6Deka Term Loan Aug 2024 Aug 2024 1.35% 0.70% \u00a329.0 \u00a329.0Deka Term Loan Aug 2024 Aug 2024 1.40% 0.32% \u00a320.0 \u00a320.0BLB Term Loan Mar 2026 Mar 2026 1.65% SWAP \u2013 2.58% \u00a386.9 \u00a386.9Wells Fargo Revolving credit facility Jul 2025 Jul 2025 2.00% SWAP \u2013 1.33% \u00a330.0 \u00a330.0Wells Fargo Revolving credit facility Jul 2025 Jul 2025 2.00% SONIA \u2013 5.20% \u00a39.0 \u2013Syndicate Revolving credit facility Jul 2027 Jul 2029 1.50% SWAP \u2013 1.92% \u00a3250.0 \u00a3210.5Syndicate Term Loan Jul 2025 Jul 2026 1.50% SWAP \u2013 1.33% \u00a350.0 \u00a350.0Syndicate Term Loan Jul 2026 Jul 2027 1.50% SWAP \u2013 1.66% \u00a350.0 \u00a350.0SMBC Term Loan Sep 2026 Sept 2028 1.40% SWAP \u2013 1.73% \u00a367.0 \u00a367.0SMBC Term Loan Sep 2026 Sept 2028 1.55% SWAP \u2013 3.61% \u00a337.5 \u00a337.5Total \u00a3752.0 \u00a3697.8* Includes extension options that can be utilised following approval from all parties.^ Average rate from 1 July 2024 to expiry of the debt excluding extension options.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 Deka facility matured in August 2024, the Group announced the arrangement of a new \u00a3100.0 million unsecured facility with ING Bank to replace the Deka facility. The Group also completed an agreement with a group of institutional investors for a private placement of \u20ac83.0 million of new senior unsecured notes. For more information see note 29.72 Including uncommitted extension options",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__68": {
"value": "21.\u2002Categories of financial instrumentsAs atAs at30 June 2024 30 June 2023\u00a3\u2019000\u00a3\u2019000Financial assetsFinancial assets at amortised cost:Financial asset arising from sale and leaseback transaction 11,023 10,819Cash and cash equivalents 38,691 37,481Trade and other receivables 11,023 141,305Financial assets at fair value:Interest rate derivative 31,449 54,278Derivatives in effective hedges:Interest rate derivative \u2013 3,304Total financial assets 92,186 247,187Financial liabilitiesFinancial liabilities at amortised cost:Secured debt 281,635 289,736Unsecured debt 412,533 377,729Trade and other payables (note 17) 18,634 22,469Total financial liabilities 712,802 689,934At 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 18. 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 risk - Interest rate 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. 90% of the borrowings are hedged and therefore at a fixed rate. Changes in market interest rates therefore effects the value of the derivatives for the hedged debt and for the unhedged portion it affects the Group\u2019s finance income and 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/ EURIBOR, was as follows:Year toYear to30 June 202430 June 2023 \u00a3\u2019000\u00a3\u2019000Effect on profit 1,187 1,383Effect on other comprehensive income and equity \u2013 58Trade 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 market risk associated with these financial instruments.Market risk - currency riskThe Group prepares its financial statements in Sterling. 4% of the Group\u2019s Investment Properties are denominated in Euros and as a result the group is subject to foreign currency exchange risk. This risk is partially hedged because within the Group\u2019s French operations, rental income, interest costs and the majority of both assets and liabilities are Euro denominated. An unhedged currency risk remains on the value of the Group\u2019s net investment in, and net returns from, its French operations.The Group\u2019s sensitivity to changes in foreign currency exchange rates, calculated on a 10% increase in average and closing Sterling rates against the Euro, was as follows, with a 10% decrease having the opposite effect:Year toYear to30 June 202430 June 2023 \u00a3\u2019000\u00a3\u2019000Increase/(decrease) in net assets (580) \u2013Increase in profit/(loss) for the year (584) \u2013Market risk - inflationInflation 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 2024 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 risk Credit 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.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 and EURIBOR rate remains at the 30 June 2024 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 2024\u00a3\u2019000\u00a3'000\u00a3'000\u00a3'000\u00a3\u2019000Financial assets:Cash and cash equivalents 38,691 \u2013 \u2013 \u2013 38,691Trade and other receivables 11,023 \u2013 \u2013 \u2013 11,023Amortised cost asset 290 290 946 74,602 76,128Interest rate derivatives 15,708 12,209 3,532 \u2013 31,449Total financial assets 65,712 12,499 4,478 74,602 157,291Financial liabilities:Bank borrowings 119,810 186,374 443,364 \u2013 749,548Trade and other payables 17,589 \u2013 \u2013 1,045 18,634Total financial liabilities 137,399 186,374 443,364 1,045 768,182Less thanOne toTwo toMore thanone yeartwo yearsfive yearsfive yearsTotalAs 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 and other payables 22,469 \u2013 \u2013 \u2013 22,469Total financial liabilities 104,014 94,080 549,575 \u2013 747,669Capital 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 2024, the capital structure of the Group consisted of bank borrowings (note 19), 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 to 24). 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 2023 667,465 6,837 (57,583) 616,719Cash flows:Debt drawdowns in the year 217,560 \u2013 \u2013 217,560Debt repayments in the year (191,077) \u2013 \u2013 (191,077)Interest and commitment fees paid \u2013 (36,305) \u2013 (36,305)Loan arrangement fees paid (1,318) \u2013 \u2013 (1,318)Interest rate premium paid \u2013 \u2013 (45,364) (45,364)Interest rate derivative disposal \u2013 \u2013 38,482 38,482Non-cash movements:Finance costs in the statement of comprehensive income 2,403 37,605 \u2013 40,008Finance income in the statement of comprehensive income - - 22,778 22,778Fair value changes \u2013 \u2013 10,238 10,238Foreign exchange movement (865) \u2013 \u2013 (865)As at 30 June 2024 694,168 8,137 (31,449) 670,856As 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 11,714At 30 June 2023 667,465 6,837 (57,583) 616,719Movements 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 17. Cash flow movements are included in the consolidated statement of cash flows and the non-cash movements are included in note 9. The movements in the interest rate derivative financial liabilities can be found in note 18.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__69": {
"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 18. 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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__70": {
"value": "Market risk - Interest rate 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. 90% of the borrowings are hedged and therefore at a fixed rate. Changes in market interest rates therefore effects the value of the derivatives for the hedged debt and for the unhedged portion it affects the Group\u2019s finance income and 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/ EURIBOR, was as follows:Year toYear to30 June 202430 June 2023 \u00a3\u2019000\u00a3\u2019000Effect on profit 1,187 1,383Effect on other comprehensive income and equity \u2013 58Trade 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 market risk associated with these financial instruments.Market risk - currency riskThe Group prepares its financial statements in Sterling. 4% of the Group\u2019s Investment Properties are denominated in Euros and as a result the group is subject to foreign currency exchange risk. This risk is partially hedged because within the Group\u2019s French operations, rental income, interest costs and the majority of both assets and liabilities are Euro denominated. An unhedged currency risk remains on the value of the Group\u2019s net investment in, and net returns from, its French operations.The Group\u2019s sensitivity to changes in foreign currency exchange rates, calculated on a 10% increase in average and closing Sterling rates against the Euro, was as follows, with a 10% decrease having the opposite effect:Year toYear to30 June 202430 June 2023 \u00a3\u2019000\u00a3\u2019000Increase/(decrease) in net assets (580) \u2013Increase in profit/(loss) for the year (584) \u2013Market risk - inflationInflation 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 2024 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": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__71": {
"value": "Credit risk Credit 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__72": {
"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 and EURIBOR rate remains at the 30 June 2024 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 2024\u00a3\u2019000\u00a3'000\u00a3'000\u00a3'000\u00a3\u2019000Financial assets:Cash and cash equivalents 38,691 \u2013 \u2013 \u2013 38,691Trade and other receivables 11,023 \u2013 \u2013 \u2013 11,023Amortised cost asset 290 290 946 74,602 76,128Interest rate derivatives 15,708 12,209 3,532 \u2013 31,449Total financial assets 65,712 12,499 4,478 74,602 157,291Financial liabilities:Bank borrowings 119,810 186,374 443,364 \u2013 749,548Trade and other payables 17,589 \u2013 \u2013 1,045 18,634Total financial liabilities 137,399 186,374 443,364 1,045 768,182Less thanOne toTwo toMore thanone yeartwo yearsfive yearsfive yearsTotalAs 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 and other payables 22,469 \u2013 \u2013 \u2013 22,469Total financial liabilities 104,014 94,080 549,575 \u2013 747,669",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__73-1": {
"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 2024, the capital structure of the Group consisted of bank borrowings (note 19), 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 to 24). 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 2023 667,465 6,837 (57,583) 616,719Cash flows:Debt drawdowns in the year 217,560 \u2013 \u2013 217,560Debt repayments in the year (191,077) \u2013 \u2013 (191,077)Interest and commitment fees paid \u2013 (36,305) \u2013 (36,305)Loan arrangement fees paid (1,318) \u2013 \u2013 (1,318)Interest rate premium paid \u2013 \u2013 (45,364) (45,364)Interest rate derivative disposal \u2013 \u2013 38,482 38,482Non-cash movements:Finance costs in the statement of comprehensive income 2,403 37,605 \u2013 40,008Finance income in the statement of comprehensive income - - 22,778 22,778Fair value changes \u2013 \u2013 10,238 10,238Foreign exchange movement (865) \u2013 \u2013 (865)As at 30 June 2024 694,168 8,137 (31,449) 670,856As 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 11,714At 30 June 2023 667,465 6,837 (57,583) 616,719Movements 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 17. Cash flow movements are included in the consolidated statement of cash flows and the non-cash movements are included in note 9. The movements in the interest rate derivative financial liabilities can be found in note 18.22.\u2002Share capitalShareCapitalOrdinary Sharespremiumreductionof 1 penceShare capital reservereserveTotalNumber\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 1 July 2023 1,246,239,185 12,462 500,386 704,531 1,217,379Dividend paid in the period (note 12) \u2013 \u2013 \u2013 (75,335) (75,335)As at 30 June 2024 1,246,239,185 12,462 500,386 629,196 1,142,044As 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 12) - - - (74,328) (74,328)As at 30 June 2023 1,246,239,185 12,462 500,386 704,531 1,217,37923.\u2002Cash flow hedge reserveYear to Year to 30 June 202430 June 2023 \u00a3\u2019000\u00a3\u2019000At start of the period 3,304 5,114Recycled comprehensive loss to profit and loss (1,154) \u2013Cash flow hedge reserve taken to profit or loss for the period on disposal of interest rate derivatives \u2013 (2,878)Fair value movement of interest rate derivatives in effective hedges (611) 1,068At the end of the period 1,539 3,304During the period, a previously hedge accounted derivative in relation to the Wells Fargo facility was terminated. The residual balance of the derivative is recycled to the income statement over the remaining period of the Wells Fargo facility to July 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__77": {
"value": "24.\u2002ReservesThe nature and purpose of each of the reserves included within equity at 30 June 2024 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.\u2022 Other reserves represents cumulative gains or losses, net of tax, of foreign currency exchange rate differences recognised in a period as other comprehensive income.The only movements in these reserves during the year are disclosed in the consolidated statement of changes in equity.",
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"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__78": {
"value": "25.\u2002Capital commitmentsThe Group had no capital commitments outstanding as at 30 June 2024 and 30 June 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__79": {
"value": "26.\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 based on rental income at 30 June 2024 is 12.4 years (2023: 13.6 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 202430 June 2023\u00a3\u2019000\u00a3\u2019000Year 1 112,127 100,156Year 2 111,887 98,941Year 3 111,048 98,614Year 4 108,241 97,552Year 5 106,936 97,177Year 6-10 475,626 452,219Year 11-15 281,725 310,150Year 16-20 62,285 94,875Year 21-25 20,626 23,358More than 25 years 9,998 12,743Total 1,400,499 1,385,785",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__80": {
"value": "27.\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 Group uses EPRA Net Tangible Assets 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 202430 June 2023\u00a3\u2019000\u00a3\u2019000Net assets per the consolidated statement of financial position 1,119,474 1,217,726Fair value of financial assets at amortised cost (3,493) (3,609)Fair value of interest rate derivatives (31,449) (57,583)EPRA NTA 1,084,532 1,156,534Ordinary shares in issue at 30 June 1,246,239,185 1,246,239,185NAV per share \u2013 Basic and diluted (pence) 90p 98pEPRA NTA per share (pence) 87p 93p",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__82": {
"value": "28.Transactions with related parties Details of the related parties to the Group in the year and the transactions with these related parties were as follows: a. Directors Directors\u2019 fees The table below shows the fees per annum for the roles performed by the Board for the year ended 30 June 2024: Cathryn RoleJon Austen Frances Davies Nick Hewson Vince Prior Sapna Shah Vanderspar Chair of Board of Directors \u2013 \u2013 \u00a375,000 \u2013 \u2013 \u2013 Director\u00a352,500 \u00a352,500 \u2013 \u00a352,500 \u00a352,500 \u00a352,500 Audit and Risk Committee Chair \u00a39,000 \u2013 \u2013 \u2013 \u2013 \u2013 NominationCommitteeChair* \u2013 \u2013 \u2013 \u00a34,000 \u00a34,000 \u2013 Senior Independent Director* \u2013 \u2013 \u2013 \u00a35,000 \u00a35,000 \u2013 Remuneration Committee Chair \u2013 \u2013 \u2013 \u2013 \u2013 \u00a35,000 ESG Committee Chair \u2013 \u00a35,000 \u2013 \u2013 \u2013 \u2013 Management Engagement Committee Chair* \u2013 \u2013 \u2013 \u00a35,000 \u00a35,000 \u2013 *From 21 May 2024, Sapna Shah became Senior Independent Director and Nomination Committee Chair in place of Vince Prior. Vince Prior became Management Engagement Committee Chair in place of Sapna Shah. The table below shows the total fees received by each member of the Board for the year ended 30 June 2024: Year to Year to 30 June 2024 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 NickHewson 75 75 Jon Austen 62 62 Vince Prior 61 62 Cathryn Vanderspar 58 58 Frances Davies 58 58 Sapna Shah* 58 18 * Appointed 1 March 2023 The total remuneration payable to the Directors in respect of the current year and previous year are disclosed in note 8. Directors\u2019 interests Details 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 2024 and at the date of the signing of the accounts were as follows: \u2022Nick Hewson: 1,330,609 shares (0.11% of issued share capital) \u2022Jon Austen: 305,339 shares (0.02% of issued share capital) \u2022Vince Prior: 213,432 shares (0.02% of issued share capital) \u2022Cathryn Vanderspar: 125,802 shares (0.01% of issued share capital) \u2022Frances Davies: 36,774 shares (0.00% of issued share capital) \u2022Sapna Shah: 70,081 shares (0.01% of issued share capital) b. Investment Adviser Investment advisory and accounting fees The investment adviser to the Group, Atrato Capital Limited (the \u201cInvestment Adviser\u201d), is entitled to certain advisory fees under the terms of the Investment Advisory Agreement (the \u201cAgreement\u201d) 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: th\u2022Monthly Management Fee payable monthly in arrears: 1/12of 0.7125% per calendar month of Adjusted Net Asset Value up thto or equal to \u00a3500 million, 1/12of 0.5625% per calendar month of Adjusted Net Asset Value above \u00a3500 million and up to or thequal to \u00a31,000 million and 1/12of 0.4875% per calendar month of Adjusted Net Asset Value above \u00a31,000 and up to or equal to \u00a31,500 million. \u2022Semi-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 2024 the total advisory fees payable to the Investment Adviser were \u00a39,472,218 (2023: \u00a310,292,302) of which \u00a31,745,960 (2023: \u00a31,845,144) is included in trade and other payables in the consolidated statement of financial position as at 30 June 2024. The Investment Adviser is also entitled to an annual accounting and administration service fee equal to: \u00a354,107; plus (i) \u00a34,386 for any indirect subsidiary of the Company and (ii) \u00a31,702 for each direct subsidiary of the Company. A full list of the Company and its direct and indirect subsidiary undertakings is listed in note 14 of these financial statements. For the year to 30 June 2024 the total accounting and administration service fee payable to the Investment Adviser was \u00a3363,869 (2023: \u00a3297,475) of which \u00a391,950 (2023: \u00a383,614) is included in trade and other payables in the consolidated statement of financial position as at 30 June 2024. Introducer Services Atrato 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: \u2022Commission 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 2024 the total introducer fees payable to the affiliate of the Investment Adviser were \u00a3nil (2023: \u00a3nil).Interest in shares of the Company Details 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 2024 were as follows: \u2022Ben Green: 2,337,286 shares (0.19% of issued share capital)\u2022Steve Windsor: 1,764,679 shares (0.14% of issued share capital)\u2022Steven Noble: 246,885 shares (0.02% of issued share capital)\u2022Natalie Markham: 71,039 shares (0.01% of issued share capital)On 9 September 2024, the Company announced that Steven Noble stepped down as Chief Investment Officer of the Company\u2019s Investment Adviser, Atrato Capital Limited. Charitable The Company approved a policy to make charitable donations of \u00a3150,000 per annum. During the year \u00a3120,000 was approved by the Board and paid post year end (2023: Nil). The donations will be made to the Atrato Foundation, a corporate charity registered with the Charity Commission and Companies House, whose Trustees are Lara Townsend (COO of the Investment Adviser) and Natalie Markham (CFO of the Investment Adviser). The donations will be made in the form of a restricted grant, the funds will be directed to charitable causes specified by the Board of the Company. For further information on the Company\u2019s charitable activities, please refer to page 11.",
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"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__81": {
"value": "28.Transactions with related parties Details of the related parties to the Group in the year and the transactions with these related parties were as follows: a. Directors Directors\u2019 fees The table below shows the fees per annum for the roles performed by the Board for the year ended 30 June 2024: Cathryn RoleJon Austen Frances Davies Nick Hewson Vince Prior Sapna Shah Vanderspar Chair of Board of Directors \u2013 \u2013 \u00a375,000 \u2013 \u2013 \u2013 Director\u00a352,500 \u00a352,500 \u2013 \u00a352,500 \u00a352,500 \u00a352,500 Audit and Risk Committee Chair \u00a39,000 \u2013 \u2013 \u2013 \u2013 \u2013 NominationCommitteeChair* \u2013 \u2013 \u2013 \u00a34,000 \u00a34,000 \u2013 Senior Independent Director* \u2013 \u2013 \u2013 \u00a35,000 \u00a35,000 \u2013 Remuneration Committee Chair \u2013 \u2013 \u2013 \u2013 \u2013 \u00a35,000 ESG Committee Chair \u2013 \u00a35,000 \u2013 \u2013 \u2013 \u2013 Management Engagement Committee Chair* \u2013 \u2013 \u2013 \u00a35,000 \u00a35,000 \u2013 *From 21 May 2024, Sapna Shah became Senior Independent Director and Nomination Committee Chair in place of Vince Prior. Vince Prior became Management Engagement Committee Chair in place of Sapna Shah. The table below shows the total fees received by each member of the Board for the year ended 30 June 2024: Year to Year to 30 June 2024 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 NickHewson 75 75 Jon Austen 62 62 Vince Prior 61 62 Cathryn Vanderspar 58 58 Frances Davies 58 58 Sapna Shah* 58 18 * Appointed 1 March 2023 The total remuneration payable to the Directors in respect of the current year and previous year are disclosed in note 8. Directors\u2019 interests Details 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 2024 and at the date of the signing of the accounts were as follows: \u2022Nick Hewson: 1,330,609 shares (0.11% of issued share capital) \u2022Jon Austen: 305,339 shares (0.02% of issued share capital) \u2022Vince Prior: 213,432 shares (0.02% of issued share capital) \u2022Cathryn Vanderspar: 125,802 shares (0.01% of issued share capital) \u2022Frances Davies: 36,774 shares (0.00% of issued share capital) \u2022Sapna Shah: 70,081 shares (0.01% of issued share capital) b. Investment Adviser Investment advisory and accounting fees The investment adviser to the Group, Atrato Capital Limited (the \u201cInvestment Adviser\u201d), is entitled to certain advisory fees under the terms of the Investment Advisory Agreement (the \u201cAgreement\u201d) 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: th\u2022Monthly Management Fee payable monthly in arrears: 1/12of 0.7125% per calendar month of Adjusted Net Asset Value up thto or equal to \u00a3500 million, 1/12of 0.5625% per calendar month of Adjusted Net Asset Value above \u00a3500 million and up to or thequal to \u00a31,000 million and 1/12of 0.4875% per calendar month of Adjusted Net Asset Value above \u00a31,000 and up to or equal to \u00a31,500 million. \u2022Semi-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 2024 the total advisory fees payable to the Investment Adviser were \u00a39,472,218 (2023: \u00a310,292,302) of which \u00a31,745,960 (2023: \u00a31,845,144) is included in trade and other payables in the consolidated statement of financial position as at 30 June 2024. The Investment Adviser is also entitled to an annual accounting and administration service fee equal to: \u00a354,107; plus (i) \u00a34,386 for any indirect subsidiary of the Company and (ii) \u00a31,702 for each direct subsidiary of the Company. A full list of the Company and its direct and indirect subsidiary undertakings is listed in note 14 of these financial statements. For the year to 30 June 2024 the total accounting and administration service fee payable to the Investment Adviser was \u00a3363,869 (2023: \u00a3297,475) of which \u00a391,950 (2023: \u00a383,614) is included in trade and other payables in the consolidated statement of financial position as at 30 June 2024. Introducer Services Atrato 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: \u2022Commission 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 2024 the total introducer fees payable to the affiliate of the Investment Adviser were \u00a3nil (2023: \u00a3nil).Interest in shares of the Company Details 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 2024 were as follows: \u2022Ben Green: 2,337,286 shares (0.19% of issued share capital)\u2022Steve Windsor: 1,764,679 shares (0.14% of issued share capital)\u2022Steven Noble: 246,885 shares (0.02% of issued share capital)\u2022Natalie Markham: 71,039 shares (0.01% of issued share capital)On 9 September 2024, the Company announced that Steven Noble stepped down as Chief Investment Officer of the Company\u2019s Investment Adviser, Atrato Capital Limited. Charitable The Company approved a policy to make charitable donations of \u00a3150,000 per annum. During the year \u00a3120,000 was approved by the Board and paid post year end (2023: Nil). The donations will be made to the Atrato Foundation, a corporate charity registered with the Charity Commission and Companies House, whose Trustees are Lara Townsend (COO of the Investment Adviser) and Natalie Markham (CFO of the Investment Adviser). The donations will be made in the form of a restricted grant, the funds will be directed to charitable causes specified by the Board of the Company. For further information on the Company\u2019s charitable activities, please refer to page 11.",
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"language": "en",
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"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
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},
"s8_notes__6__83": {
"value": "29.SubsequenteventsDebt financing\u2022In July 2024, the Group announced the arrangement of a new \u00a3100.0 million facility with ING bank at a margin of 1.55% over SONIA.The facility comprises a \u00a375.0 million term loan and a \u00a325.0 million revolving credit facility. The term of the loan is for three yearswith two further one-year extension options.\u2022In July 2024, the Group announced the completion of an agreement with a group of institutional investors for a private placementof \u20ac83.0 million of new senior unsecured notes. The notes have a term of 7 years and a fixed rate coupon of 4.4%.\u2022In August 2024, the Deka facility of \u00a396.6 million matured and was settled with the proceeds of the new ING facility.",
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"language": "en",
"entity": "scheme:2138007FOINJKAM7L537",
"period": "2023-07-01T00:00:00/2024-07-01T00:00:00"
}
},
"s8_notes__6__84": {
"value": "The Scalpel,18th Floor,52 Lime StreetLondon, United Kingdom,EC3M 7AF",
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}