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"value": "Notes to the Consolidated Financial StatementsBasis of accountingThe Directors continue to adopt the going concern basis in preparing the Group\u2019s financial statements. The consolidated financial statements of the Group comprise the results of Palace Capital plc (\u201cthe Company\u201d) and its subsidiary undertakings.The Company is quoted on the Main Market of the London Stock Exchange and is domiciled and registered in England and Wales and incorporated under the Companies Act. The address of its registered office is Thomas House, 84 Eccleston Square, London, SW1V 1PX.Basis of preparationThe Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards, (the \u2018applicable framework\u2019), and have been prepared in accordance with the provisions of the Companies Act 2006 (the \u2018applicable legal requirements\u2019). The Group financial statements have been prepared under the historical cost convention as modified by the revaluation of investment properties, the revaluation of property, plant and equipment, pension scheme and financial assets held at fair value.Exemption to the audit of subsidiary accounts under Section 479a of the Companies Act 2006The following subsidiaries which consolidate into the Group accounts are exempt from being audited under section 479A of the Companies Act 2006:Palace Capital (Leeds) Limited (Registered number: 06068651)Palace Capital (Northampton) Limited (Registered number: 04982121)Palace Capital (Properties) Limited (Registered number: 07866050)Palace Capital (Developments) Limited (Registered number: 09849073)Palace Capital (Manchester) Limited (Registered number: 09937194)Palace Capital (Signal) Limited (Registered number: 06991031)Property Investment Holdings Limited (Registered number: 00582889)Palace Capital (Newcastle) Limited (Registered number: 05348319)Palace Capital (York) Limited (Registered number: 12080228)Palace Capital (Dartford) Limited (Registered number: 10523678)Going concernThe Directors have made an assessment of the Group\u2019s ability to continue as a going concern which included the current economic headwinds created by rising inflation and rising interest rates, coupled with the Group\u2019s cash resources, borrowing facilities, rental income, disposals of investment properties, committed capital and other expenditure and dividend distributions. The Group\u2019s business activities, together with the factors likely to affect its future performance and position, are set out in the Strategic Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in these financial statements. In addition, note 26 to the financial statements includes the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments and its exposures to credit risk and liquidity risk. As at 31 March 2024 the Group had \u00a319.8m of unrestricted cash and cash equivalents and a property portfolio with a fair value of \u00a388.7m. At 31 March 2024 the Group has \u00a38.3m of debt, which was all at a fixed interest rate of 2.9% until July 2026, resulting in the Group being in a net cash position of \u00a311.5m. The Directors have reviewed the forecasts for the Group taking into account the impact of rising inflation and rising interest rates on trading over the 12 months from the date of signing this annual report. The forecasts have been assessed against a downside scenario incorporating lower levels of income. See Going Concern and Viability Statement of the Annual Report for further details. The Directors have a reasonable expectation that the Group have adequate resources to continue in operation for at least 12 months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.New standards adopted during the year New standards effective for the year ended 31 March 2024 did not have a material impact on the financial statements and were not adopted.New standards issued but not yet effective There are no other standards that are not yet effective that would be expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions other than IFRS 18, which was recently issued by the IASB and management are still considering if and how this will impact the presentation of the Statement of Comprehensive Income.Basis of consolidationThe consolidated financial statements incorporate the financial statements of Palace Capital plc and its subsidiaries as at the year-end\ue61fdate.Subsidiaries are all entities over which the Company has control being: power to direct the activities of the entity; exposure to variable returns from the entity; and the ability of the Company to use its power to affect those variable returns. Where necessary, adjustments have been made to the financial statements of subsidiaries and associates to bring the accounting policies used and accounting periods into line with those of the Group. Intra-group balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing the Consolidated Financial Statements.The results of subsidiaries acquired during a year are included from the effective date of acquisition, being the date on which the Group obtains control until the date that control ceases.The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. This fair value includes any contingent consideration. Acquisition-related costs are expensed as\ue61fincurred.If the consideration is less than the fair value of the assets and liabilities acquired, the difference is recognised directly in the Statement of Comprehensive Income.Where an acquired subsidiary does not meet the definition of a business, it is accounted for as an asset acquisition rather than a business combination. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities.RevenueRevenue is primarily derived from property income and represents the value of accrued charges under operating leases for rental of the Group\u2019s investment properties. Revenue is measured at the fair value of the consideration received. All income is derived in the United Kingdom.Rental income from investment properties leased out under operating leases is recognised in the Statement of Comprehensive Income on a straight-line basis over the term of the lease. Contingent rent reviews are recognised when such reviews have been agreed with tenants. Lease incentives, rent concessions and guaranteed rent review amounts are recognised as an integral part of the net consideration for use of the property and amortised on a straight-line basis over the term of lease. Judgement is exercised when determining the term over which the lease incentives should be recognised.Amounts received from tenants to terminate leases or to compensate for dilapidations are recognised in the Group Statement of Comprehensive Income when the right to receive them arises. Surrender premium income are payments received from tenants to surrender their lease obligations and are recognised immediately in the Group\u2019s Consolidated Statement of Comprehensive Income. Insurance commissions are recognised as performance obligations are fulfilled in terms of the individual performance obligations within the contract with the insurance provider. Revenue is determined by the transaction price in the contract and is measured at the fair value of the consideration received. Revenue is recognised once the underlying contract between insured and insurer has been signed.Revenue from the sale of trading properties is recognised when control of the trading property, along with the significant risks and rewards, have transferred from the Group, which is usually on completion of contracts and transfer of property title.Service charge income relates to expenditure that is directly recoverable from tenants. Service charge income is recognised as revenue in the period to which it relates as required by IFRS 15 Revenue from Contracts with Customers. Dividend income comprises dividends from the Group\u2019s listed equity investments and is recognised when the Shareholder\u2019s right to receive payment is established. Revenue is measured at the fair value of the consideration received. All income is derived in the United Kingdom.The disposal of investment properties is recognised when significant risks and rewards attached to the property have transferred from the Group. This will ordinarily occur on completion of contract, with such transactions being recognised when this condition is satisfied. The profit or loss on disposal of investment property is recognised separately in the Consolidated Statement of Comprehensive Income and is the difference between the net sales proceeds and the opening fair value asset plus any capital expenditure during the period to disposal.Deferred incomeWhere invoices to customers have been raised which relate to a period after the Group year end, being 31 March 2024, the Group will recognise deferred income for the difference between revenue recognised and amounts billed for that contract.Cost of salesCost of sales includes direct expenditure relating to the construction of the trading properties, capitalised interest, and selling costs incurred as a result of residential sales. Selling costs includes agent and legal fees. Cost of sales is expensed to the income statement and is recognised on completion of each residential unit. The cost for each unit is calculated using the ratio of the unit selling price, over the total forecasted sales proceeds of all residential units. This ratio is then applied to the total forecasted development cost to get the cost of sale per unit.Service charges and other such receipts arising from expenses recharged to tenants are as stated in note 3b. Notwithstanding that the funds are held on behalf of the occupiers, the ultimate risk for paying and recovering these costs rests with the Group.Borrowing costsBank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. After initial recognition, loans and borrowings are subsequently measured at amortised cost using the effective interest method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement. Gains and losses are recognised in profit or loss in the Consolidated Statement of Comprehensive Income when the liabilities are derecognised, as well as through the amortisation process.Interest associated with trading properties is capitalised from the start of the development work until the date of practical completion. The rate used is the rate on specific associated borrowings. Interest is then expensed through the income statement post completion of the development.Financial assetsThe Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. The Group\u2019s accounting policy for each category is as follows:Fair value through profit or lossThis category comprises in-the-money derivatives (see \u201cFinancial liabilities\u201d section for out-of-the-money derivatives classified as liabilities). They are carried in the Consolidated Statement of Financial Position at fair value with changes in fair value recognised in the Consolidated Statement of Comprehensive Income in the finance income or expense line.Amortised costImpairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised within cost of sales in the Consolidated Statement of Comprehensive Income. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the Consolidated Statement of Financial Position.Cash and cash equivalentsCash and cash equivalents includes cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less.Financial liabilitiesThe Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Group\u2019s accounting policy for each category is as follows:Fair value through profit or lossThis category comprises out-of-the-money derivatives (see \u201cFinancial assets\u201d for in-the-money derivatives where the time value offsets the negative intrinsic value). They are carried in the Consolidated Statement of Financial Position at fair value with changes in fair value recognised in the Consolidated Statement of Comprehensive Income.Amortised costTrade payables and accruals are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method.Other financial liabilitiesBank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the Consolidated Statement of Financial Position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payment while the liability is outstanding.Contributions to pension schemesThe Company operates a defined contribution pension scheme. The pension costs charged against profits are the contributions payable to the scheme in respect of the accounting period.Investment propertiesInvestment properties are those properties that are held either to earn rental income or for capital appreciation or both.Investment properties are measured initially at cost including transaction costs and thereafter are stated at fair value, which reflects market conditions at the balance sheet date. Surpluses and deficits arising from changes in the fair value of investment properties are recognised in the Consolidated Statement of Comprehensive Income in the year in which they arise.Investment properties are stated at fair value as determined by the independent external valuers. The fair value of the Group\u2019s property portfolio is based upon independent valuations and is inherently subjective. The fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arm\u2019s length transaction at the date of valuation, in accordance with Global Valuation Standards. In determining the fair value of investment properties, the independent valuers make use of historical and current market data as well as existing lease agreements.The Group recognises investment property as an asset when it is probable that the economic benefits that are associated with the investment property will flow to the Group and it can measure the cost of the investment reliably. This is usually the date of completion of acquisition or completion of construction if the development is a mixed-use scheme.Investment properties cease to be recognised on completion of the disposal or when the property is withdrawn permanently from use and no future economic benefit is expected from disposal.The Group evaluates all its investment property costs at the time they are incurred. These costs include costs incurred initially to acquire an investment property and costs incurred subsequently to add to, replace part of, or service a property. Any costs deemed as repairs and maintenance or any costs associated with the day-to-day running of the property are recognised in the Consolidated Statement of Comprehensive Income as they are incurred.Trading propertiesTrading property is developed for sale or held for sale after development is complete, and is carried at the lower of cost and net realisable value. Trading properties are derecognised on completion of sales contracts. Costs includes direct expenditure and capitalised interest. Cost of sales, including costs associated with off-plan residential sales, are expensed to the Consolidated Statement of Comprehensive Income as incurred.Current taxationCurrent tax assets and liabilities for the period not under UK REIT regulations are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and the tax laws used to compute the amount are those that are enacted or substantively enacted, by the balance sheet date.Deferred taxationDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited directly to other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.Dividends to equity holders of the parentInterim ordinary dividends are recognised when paid and final ordinary dividends are recognised as a liability in the period in which they are approved by the Shareholders.Share-based paymentsThe fair value of the share options are determined at the grant date and are expensed on a straight-line basis over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that ultimately the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair values of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.EquityThe share capital represents the nominal value of the issued share capital of Palace Capital plc. Share premium represents the excess over nominal value of the fair value consideration received for equity shares net of expenses of the share issue. Treasury share reserve represents the consideration paid for shares bought back on the open market. The merger reserve represents the excess over nominal value of the fair value consideration for the acquisition of subsidiaries satisfied by the issue of shares in accordance with S612 of the Companies Act 2006. The capital redemption reserve represents the nominal value of cancelled share capital redeemed. The capital reduction reserve represents distributable profits generated as a result of the share premium reduction or cancellation of shares.Critical accounting judgements and key sources of estimation and uncertaintyThe preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Information about such judgements and estimation is contained in the accounting policies or the notes to the accounts, and the key areas are summarised below.EstimatesProperty ValuationThe key source of estimation uncertainty rests in the values of property assets, which significantly affects the value of investment properties in the Consolidated Statement of Financial Position. The investment property portfolio is carried at fair value, which requires a number of estimates in assessing the Group\u2019s assets relative to market transactions. The approach to this valuation and the amounts affected are set out in the accounting policies and note 9.Trading properties are held at the lower of cost and net realisable value. Net realisable value is the value of an asset that can be realised upon the sale of the asset, less a reasonable estimate of the costs associated with the eventual sale or disposal of the asset.The Group has valued the investment properties at fair value. To the extent that any future valuation affects the fair value of the investment properties and assets held for sale, this will impact on the Group\u2019s results in the period in which this determination is made.Short term incentive planThe amount recognised as the short term incentive plan (\u2018STIP\u2019) provision is management\u2019s estimate of the total expected payout when the plan comes to an end, which has been assumed as when all of the assets are sold. As the STIP is \u201cbackend loaded\u201d and only pays out when the Remuneration Committee has determined that the performance period has ended under the Rules of the STIP, the total estimated provision has been calculated over the three year period to June 2027, consistent with that adopted for the Viability Statement. As a result, the provision recognised on the balance sheet for the year ended 31 March 2024 represents 12 months of this total estimated provision which has been calculated by reference to sales achieved to date and the assumed sales of the remaining assets to reflect the uncertainty around financial and property markets. The timing and success of future sales will impact the timing and quantum of the total payment.1. Rental and other incomeThe chief operating decision maker (\u201cCODM\u201d) takes the form of the Group\u2019s Executive Committee which is of the opinion that the principal activity of the Group is to invest in commercial real estate in the UK.Operating segments are identified on the basis of internal financial reports about components of the Group that are regularly reviewed by the CODM.The internal financial reports received by the Group\u2019s Executive Committee 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 financial statements. Additionally, information is provided to the Group\u2019s Executive Committee showing gross property income and property valuation by individual property. Therefore, each individual property is considered to be a separate operating segment in that its performance is monitored individually.The Directors have considered the requirements of IFRS 8 as to aggregation of operating segments into reporting segments. All of the Group\u2019s revenue is generated from investment and trading properties located outside of London. The properties are managed as a single portfolio by an asset management team whose responsibilities are not segregated by location or type but are managed on an asset-by-asset basis. The route to market is determined by reference to the current economic circumstances that fluctuate through the life cycle of the portfolio. The Group holds a diversified portfolio across different sectors including office, retail, leisure, and residential. The Group has from time to time engaged in development projects such as Hudson Quarter, York. This is not regarded as a separate business or division. The Directors therefore consider that the individual properties have similar economic characteristics and therefore have been aggregated into a single reportable segment under the provision of IFRS 8.All of the Group\u2019s properties are based in the UK. No geographical grouping is contained in any of the internal financial reports provided to the Group\u2019s Executive Committee and, therefore, no geographical segmental analysis is required.20242023Revenue \u2013 type\u00a3\u2019000\u00a3\u2019000Gross rental income 11,603 17,425Dilapidations and other property related income 453 401Insurance commission 58 68Gross property income 12,114 17,894Service charge income 4,286 4,974Trading property income 3,199 10,105Total revenue 19,599 32,973No single tenant accounts for more than 10% of the Group\u2019s total rents received from investment properties in the year. The biggest tenant is 14.8% of the rent roll as at 31 March 2024. Similarly, there was no individual or corporate that accounts for more than 10% of the trading property income.2. Interest payable and similar charges20242023\u00a3\u2019000\u00a3\u2019000Interest on bank loans 1,655 3,643Amortisation of loan arrangement fees 213 317Other finance charges 41 101,909 3,9703. Profit for the yeara) The Group\u2019s profit for the year is stated after charging the following:20242023\u00a3\u2019000\u00a3\u2019000Depreciation of tangible fixed assets and amortisation of right of use assets: 142 112Auditor\u2019s remuneration:Fees payable to the Auditor for the audit of the Group\u2019s annual accounts and subsidiaries\u2019 annual accounts 192 231Additional fees payable to the Auditor in respect of the 2022 audit \u2013 15Fees payable to the Auditor and its related entities for other services:Audit related assurance services in respect of the interim results \u2013 11192 257b) The Group\u2019s cost of sales comprise the following:20242023\u00a3\u2019000\u00a3\u2019000Void property costs 1,871 2,076Legal, lettings and consultancy costs 601 502Property operating expenses 2,472 2,578Service charge expenses 4,286 4,974Trading property cost of sales 3,018 9,5959,776 17,147c) The Group\u2019s administrative expenses comprise the following:20242023\u00a3\u2019000\u00a3\u2019000Recurring staff costs 1,675 2,560Short term incentive plan provision (including associated costs) 640 \u2013Payments to former Directors and Staff (including associated costs) 611 1,835Accounting, tax and audit fees 280 318Other overheads* 249 624Share-based payments 137 177Stock Exchange costs 132 207Amortisation of right of use asset 119 82PR and marketing costs 79 108Legal and professional fees 40 82Depreciation of tangible fixed assets 23 30ESG costs 13 713,998 6,094* Other overheads comprise of rent, rates, service charge, consulting, and other office costsd) EPRA cost ratios are calculated as follows:20242023\u00a3\u2019000\u00a3\u2019000Gross property income 12,114 17,894Administrative expenses 3,998 6,094Property operating expenses 2,472 2,578Movement in expected credit loss \u2013 (327)EPRA costs (including property operating expenses) 6,470 8,345EPRA cost ratio (including property operating expenses) 53.4% 46.6%Less property operating expenses (2,472) (2,578)EPRA costs (excluding property operating expenses) 3,998 5,767EPRA cost ratio (excluding property operating expenses) 33.0% 32.2%Total expense ratio 3.6% 3.0%4. Employees and directors\u2019 remunerationStaff costs during the period were as follows:20242023\u00a3\u2019000\u00a3\u2019000Non-Executive Directors\u2019 fees 151 300Wages and salaries 1,181 1,828Pensions 124 147Social security costs 219 262Total recurring staff costs 1,675 2,537Payments to former Directors and staff (incl. NI and pension contributions) 564 1,677Short term incentive plan provision (incl. NI) 565 \u2013Share-based payments 137 1772,941 4,391The average number of employees of the Group and the Company during the period was:20242023NumberNumberDirectors 2 3Senior management and other employees 6 88 11Key management are the Group\u2019s Directors. Remuneration in respect of key management was as follows:20242023\u00a3\u2019000\u00a3\u2019000Emoluments for qualifying services 398 711Social security costs 74 117Pension 25 35Total recurring key management costs 497 863Payments to former Directors (incl. NI and pension contributions) 357 1,677Short term incentive plan provision (incl. NI) 256 \u2013Share-based payments 16 321,126 2,5725. Taxation20242023\u00a3\u2019000\u00a3\u2019000Tax underprovided in prior year 65 \u2013Deferred tax (19) (67)Tax charge/(credit) 46 (67)20242023\u00a3\u2019000\u00a3\u2019000Loss on ordinary activities before tax (9,316) (35,771)Based on loss for the period: Theoretical Tax at 25% (2023: 19%) (2,329) (6,797)Effect of:Net expenses not deductible for tax purposes 40 41Deferred tax released to profit and loss on Hudson Quarter residential sales (19) (67)Tax underprovided in prior year 65 \u2013REIT exempt income (1,135) (1,775)Non-taxable items 3,424 8,531Tax charge/(credit) for the period 46 (67)As a UK REIT, the income profits of the Group\u2019s UK property rental business are exempt from corporation tax, as are any gains it makes from the disposal of its properties, provided they are not held for trading. The Group is otherwise subject to UK corporation tax at the prevailing rate. Deferred taxes relate to the following:20242023\u00a3\u2019000\u00a3\u2019000Deferred tax liability \u2013 brought forward (76) (143)Overprovided in prior year \u2013 (21)Deferred tax release on sale of trading property 19 88Deferred tax liability \u2013 carried forward (57) (76)20242023\u00a3\u2019000\u00a3\u2019000Investment property unrealised valuation gains (57) (76)Deferred tax liability \u2013 carried forward (57) (76)The deferred tax liability of \u00a357,000 relates to investment properties transferred into trading stock, prior to the Group becoming a REIT. As at 31 March 2024 the Group had approximately \u00a35,915,000 (2023: \u00a35,915,000) of realised capital losses to carry forward. There has been no deferred tax asset recognised as the Directors do not consider it probable that future taxable profits will be available to utilise these losses.Finance Act 2021 sets the main rate of UK corporation tax at 19%, with an increase in the main rate to 25% with effect from 1 April 2023. The deferred tax liability relates to trading properties and has been calculated on the basis of 25%.6. Earnings per shareBasic earnings per shareBasic earnings per share and diluted earnings per share have been calculated on loss after tax attributable to ordinary Shareholders for the year (as shown on the Consolidated Statement of Comprehensive Income) and for the earnings per share, the weighted average number of ordinary shares in issue during the period (see table below) and for diluted weighted average number of ordinary shares in issue during the year (see table below).20242023\u00a3\u2019000\u00a3\u2019000Loss after tax attributable to ordinary Shareholders for the year (9,362) (35,704)20242023No. of sharesNo. of sharesWeighted average number of shares for basic earnings per share 39,524,282 44,525,518Dilutive effect of share options \u2013 \u2013Weighted average number of shares for diluted earnings per share 39,524,282 44,525,518Earnings per ordinary shareBasic (23.7p) (80.2p)Diluted (23.7p) (80.2p)Key Performance MeasuresThe Group financial statements are prepared under IFRS which incorporates non-realised fair value measures and non-recurring items. Alternative Performance Measures (\u201cAPMs\u201d), being financial measures which are not specified under IFRS, are also used by management to assess the Group\u2019s performance. These include a number of European Public Real Estate Association (\u201cEPRA\u201d) measures, prepared in accordance with the EPRA Best Practice Recommendations reporting framework the latest update of which was issued in November 2019. The Group reports a number of these measures (detailed in the glossary of terms) because the Directors consider them to improve the transparency and relevance of our published results as well as the comparability with other listed European real estate companies.EPRA EPS and EPRA Diluted EPSEPRA Earnings is a measure of operational performance and represents the net income generated from the operational activities. It is intended to provide an indicator of the underlying income performance generated from the leasing and management of the property portfolio. EPRA earnings are calculated taking the profit after tax excluding investment property revaluations and gains and losses on disposals, changes in fair value of financial instruments and one-off finance termination costs. EPRA earnings is calculated on the basis of the weighted average basic number of shares in line with IFRS earnings as the dividends to which they give rise accrue to current Shareholders. Adjusted profit before tax and Adjusted EPSThe Group also reports an adjusted earnings measure which is based on recurring earnings before tax and the weighted average basic number of shares. This is the basis on which the Directors consider dividend cover. This takes EPRA earnings as the starting point and then adds back tax and any other fair value movements or one-off items that were included in EPRA earnings. This includes share-based payments being a non-cash expense, as well as payments to former Directors and Staff, and the Short Term Incentive Plan provision (\u2018STIP\u2019), which are one-off exceptional items. The STIP was excluded from adjusted earnings as the provision is deemed not to be in the ordinary course of business and the performance criteria of the plan is based on the selling of assets. The plan was designed to be back end loaded in terms of paying out in order to be aligned with shareholders\u2019 interests and is therefore deemed to be an exceptional item as it does not reflect earnings from trading in the portfolio as it is capital in nature. The corporation tax charge (excluding deferred tax movements, being a non-cash expense) is deducted in order to calculate the adjusted earnings per share, if the charge is in relation to recurring earnings.The EPRA and adjusted earnings per share for the period are calculated based upon the following information:20242023\u00a3\u2019000\u00a3\u2019000Loss after tax for the year (9,362) (35,704)Adjustments:Loss on revaluation of investment property portfolio 15,383 42,900Profit on disposal of investment properties (2,298) (819)Trading profit (181) (510)Debt termination costs 459 15Changes in fair value of interest rate derivatives \u2013 (210)EPRA earnings for the year 4,001 5,672Payments to former Directors (including associated costs) 611 1,835Share-based payments 137 177Short term incentive plan provision (including associated costs) 640 \u2013Adjusted profit after tax for the year 5,389 7,684Tax excluding deferred tax on EPRA adjustments and capital gain charged 46 (67)Adjusted profit before tax for the year 5,435 7,617EPRA and adjusted earnings per ordinary shareEPRA Basic 10.1p 12.7pEPRA Diluted 10.1p 12.7pAdjusted EPS 13.8p 17.1p7. Net asset value per shareThe Group has adopted the EPRA NAV measures which came into effect for accounting periods starting 1 January 2020. EPRA issued best practice recommendations (BPR) for financial guidelines on its definitions of NAV measures. The NAV measures as outlined in the BPR are EPRA net tangible assets (NTA), EPRA net reinvestment value (NRV) and EPRA net disposal value (NDV).The Group considered EPRA Net Tangible Assets (NTA) to be the most relevant NAV measure for the Group and we are now reporting this as our primary NAV measure, replacing our previously reported EPRA NAV and EPRA NNNAV per share metrics. EPRA NTA excludes the intangible assets and the cumulative fair value adjustments for debt-related derivatives which are unlikely to be realised. As at 31 March 2024EPRA NTAEPRA NRVEPRA NDV\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Net assets attributable to Shareholders 97,774 97,774 97,774Include:Fair value adjustment of trading properties 449 449 449Real estate transfer tax \u2013 5,294 \u2013Fair value of fixed interest rate debt \u2013 \u2013 606Exclude:Deferred tax on latent capital gains and capital allowances 57 57 \u2013EPRA NAV 98,280 103,574 98,829Number of ordinary shares issued for diluted and EPRA net assets per share 37,554,525 37,554,525 37,554,525EPRA NAV per share 262p 276p 263pThe adjustments made to get to the EPRA NAV measures above are as follows:\u2022 Fair value adjustment of trading properties: Difference between trading property held on the balance sheet at cost in terms of IAS 2, being \u00a38.126 million, and the fair value of that trading property of \u00a38.575 million, resulting in a fair value adjustment of \u00a30.449 million.\u2022 Real estate transfer tax: Gross value of property portfolio as provided in the Valuation Certificate (i.e. the value prior to any deduction of purchasers\u2019 costs).\u2022 Fair value of fixed interest rate debt: Difference between any financial liability and asset held on the balance sheet of the Group and the fair value of that financial liability or asset.\u2022 Deferred tax on latent capital gains and capital allowances: Exclude the deferred tax as per IFRS balance sheet in respect of the difference between the fair value and the tax book value of investment property, development property held for investment, intangible assets, or other non-current investments as this would only become payable if the assets were sold.As at 31 March 2023EPRA NTAEPRA NRVEPRA NDV\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Net assets attributable to Shareholders 128,475 128,475 128,475Include:Fair value adjustment of trading properties 730 730 730Real estate transfer tax \u2013 11,922 \u2013Fair value of fixed interest rate debt \u2013 \u2013 863Exclude:Deferred tax on latent capital gains and capital allowances 76 76 \u2013EPRA NAV 129,281 141,203 130,068Number of ordinary shares issued for diluted and EPRA net assets per share 43,728,212 43,728,212 43,728,212EPRA NAV per share 296p 323p 297p20242023No of sharesNo of sharesNumber of ordinary shares issued at the end of the year (excluding treasury shares) 37,554,525 43,718,381Dilutive effect of share options \u2013 9,831Number of ordinary shares issued for diluted and EPRA net assets per share 37,554,525 43,728,212Net assets per ordinary shareBasic 260p 294pDiluted 260p 294pEPRA NTA 262p 296p8. DividendsDividend20242023Payment dateper share\u00a3\u2019000\u00a3\u20190002024Interim dividend 29 December 2023 3.75 1,409 \u2013Interim dividend 13 October 2023 3.75 1,408 \u20137.50 2,817 \u20132023Final dividend 04 August 2023 3.75 1,583 \u2013Interim dividend 14 April 2023 3.75 1,645 \u2013Interim dividend 13 January 2023 3.75 \u2013 1,651Interim dividend 14 October 2022 3.75 \u2013 1,65115.00 3,228 3,3022022Final dividend 05 August 2022 3.75 \u2013 1,736Interim dividend 14 April 2022 3.25 \u2013 1,5047.00 \u2013 3,240Dividends reported in the Group Statement of Changes in Equity 6,045 6,54220242023\u00a3\u2019000\u00a3\u2019000August 2024 final dividend in respect of year end 31 March 2024: 3.75p (2023 final dividend: 3.75p) 1,408 1,621April 2024 interim dividend in respect of year end 31 March 2024: 3.75p (2023 interim dividend: 3.75p) 1,408 1,6452,816 3,266Final dividends on ordinary shares are subject to approval at the Annual General Meeting. Such dividends are not recognised as a liability as at 31 March 2024.9. Property portfolioFreeholdLeaseholdTotalinvestment investment investment propertiespropertiesproperties\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 31 March 2022 216,110 16,607 232,717Additions \u2013 refurbishments 1,026 156 1,182Loss on revaluation of investment properties (38,663) (4,237) (42,900)Disposals (14,495) \u2013 (14,495)At 31 March 2023 163,978 12,526 176,504Additions \u2013 refurbishments 1,544 \u2013 1,544Loss on revaluation of investment properties (15,383) \u2013 (15,383)Disposals (76,294) (12,526) (88,820)At 31 March 2024 73,845 \u2013 73,845Total Total investment Trading property propertiespropertiesportfolio\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 1 April 2022 232,717 20,287 253,004Additions \u2013 refurbishments 1,182 \u2013 1,182Additions \u2013 trading property \u2013 363 363Loss on revaluation of properties (42,900) \u2013 (42,900)Disposals (14,495) (9,595) (24,090)At 1 April 2023 176,504 11,055 187,559Additions \u2013 refurbishments 1,544 \u2013 1,544Additions \u2013 trading property \u2013 90 90Loss on revaluation of properties (15,383) \u2013 (15,383)Disposals (88,820) (3,019) (91,839)At 31 March 2024 73,845 8,126 81,971The property portfolio has been independently valued at fair value. The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards July 2017 (\u201cthe Red Book\u201d) and incorporate the recommendations of the International Valuation Standards and the RICS valuation \u2013 Professional Standards UK January 2014 (Revised April 2015) which are consistent with the principles set out in IFRS 13. At 31 March 2024, the Group\u2019s freehold properties were externally valued by CBRE, a Royal Institution of Chartered Surveyors (\u201cRICS\u201d) registered independent valuer.The valuer in forming its opinion makes a series of assumptions, which are typically market related, such as net initial yields and expected rental values, and are based on the valuer\u2019s professional judgement. The valuer has sufficient current local and national knowledge of the particular property markets involved and has the skills and understanding to undertake the valuations competently.In addition to the loss on revaluation of investment properties included in the table above, realised gains of \u00a32,298,000 (2023: \u00a3819,000) relating to investment properties disposed of during the year were recognised in profit or loss.The Group developed a mixed-use scheme at Hudson Quarter, York. Part of the scheme consists of commercial units which the Group holds for leasing or has let. As a result of achieving practical completion in April 2021, the commercial element of the scheme is classified as investment properties.A reconciliation of the valuations carried out by the independent valuers to the carrying values shown in the Statement of Financial Position was as follows:20242023\u00a3\u2019000\u00a3\u2019000Property portfolio valuation 88,670 192,355Adjustment in respect of minimum payment under head leases \u2013 1,077Less trading properties at lower of cost and net realisable value (8,126) (11,055)Less lease incentive balance included in accrued income (6,250) (5,143)Less fair value uplift on trading properties (449) (730)Carrying value of investment properties 73,845 176,504The valuations of all investment property held by the Group is classified as Level 3 in the IFRS 13 fair value hierarchy as they are based on unobservable inputs. There have been no transfers between levels of the fair value hierarchy during the year.Valuation processThe valuation reports produced by CBRE, the independent valuers, are based on information provided by the Group such as current rents, terms and conditions of lease agreements, service charges and capital expenditure. This information is derived from the Group\u2019s financial and property management systems and is subject to the Group\u2019s overall control environment.In addition, the valuation reports are based on assumptions and valuation models used by the independent valuers. The assumptions are typically market related, such as yields and discount rates, and are based on their professional judgement and market observations. Each property is considered a separate asset, based on its unique nature, characteristics and the risks of the property. Only one investment property in the property portfolio was valued on a residual basis.The Head of Investment, responsible for the valuation process verifies all major inputs to the external valuation reports, assesses the individual property valuation changes from the prior year valuation report and holds discussions with the independent valuers. When this process is complete, the valuation report is recommended to the Audit & Risk Committee, which considers it as part of its overall responsibilities.The assumptions made in the valuation of the Group\u2019s investment properties are:\u2022 The amount and timing of future income streams;\u2022 Anticipated maintenance costs and other landlord\u2019s liabilities; and\u2022 An appropriate yieldValuation techniqueThe valuations reflect the tenancy data supplied by the Group along with associated revenue costs and capital expenditure. The fair value of the investment portfolio has been derived from capitalising the future estimated net income receipts at capitalisation rates reflected by recent arm\u2019s length sales transactions. The residential assets reflect the trading properties held at 31 March 2024 as the Group\u2019s entire property portfolio was valued.Significant unobservable inputs31 March 2024 Office Leisure Retail Residential TotalFair value of property portfolio 55,035,000 21,550,000 3,510,000 8,575,000 88,670,000Area (sq ft) 374,129 304,319 27,019 n/a 705,467Gross Estimated Rental Value 6,897,920 3,367,812 346,000 n/a 10,611,732Net Initial YieldMinimum 2.8% 13.2% 8.5% n/a 2.8%Maximum 12.3% 13.7% 8.5% n/a 13.7%Weighted average 5.4% 13.4% 8.5% n/a 8.0%Reversionary YieldMinimum 9.1% 10.7% 8.3% n/a 8.3%Maximum 15.2% 19.3% 8.3% n/a 19.3%Weighted average 11.8% 15.0% 8.3% n/a 13.0%Equivalent YieldMinimum 8.6% 12.4% 8.4% n/a 8.4%Maximum 11.8% 13.2% 8.4% n/a 13.2%Weighted average 9.7% 12.8% 8.4% n/a 11.7%Significant unobservable inputs31 March 2023 Office Industrial Leisure Other TotalFair value of property portfolio 95,615,000 35,855,000 29,290,000 31,595,000 192,355,000Area (sq ft) 622,905 339,470 304,319 84,851 1,351,545Gross Estimated Rental Value 11,050,952 2,820,749 3,324,009 1,556,403 18,752,113Net Initial YieldMinimum 0.3% 3.7% 10.5% 5.3% 0.3%Maximum 24.4% 8.1% 12.3% 9.9% 24.4%Weighted average 6.6% 6.3% 11.5% 7.2% 7.4%Reversionary YieldMinimum 6.9% 6.6% 8.7% 5.3% 5.3%Maximum 26.2% 8.4% 12.0% 10.0% 26.2%Weighted average 10.8% 7.4% 10.5% 7.2% 9.6%Equivalent YieldMinimum 6.8% 6.3% 10.0% 6.0% 6.0%Maximum 9.9% 7.1% 10.6% 9.8% 10.6%Weighted average 9.4% 6.6% 10.3% 7.4% 9.0%The \u201cother\u201d sector includes Residential, Retail and Retail Warehousing sectors.The following descriptions and definitions relate to valuation techniques and key unobservable inputs made in determining fair values:Market comparable methodUnder the market comparable method (or market comparable approach), a property\u2019s fair value is estimated based on comparable transactions in the market.Unobservable input: estimated rental valueThe rent at which space could be let in the market conditions prevailing at the date of valuation (range: \u00a3346,000 to \u00a31,970,107 per annum).Rental values are dependent on a number of variables in relation to the Group\u2019s property. These include: size, location, tenant, covenant strength and terms of the lease.Unobservable input: net initial yieldThe net initial yield is defined as the initial gross income as a percentage of the market value (or purchase price as appropriate) plus standard costs of purchase.Sensitivities of measurement of significant unobservable inputsAs set out within accounting estimates and judgements above, the Group\u2019s property Portfolio Valuation is open to judgements inherently subjective by nature.Impact on fair value measurement of Impact on fair value measurement of Unobservable inputsignificant increase in inputsignificant decrease in inputGross Estimated Rental Value Increase DecreaseNet Initial Yield Decrease IncreaseReversionary Yield Decrease IncreaseEquivalent Yield Decrease Increase-5% in +5% in +0.25% in net -0.25% in net passing passinginitial yield initial yield rent (\u00a3m) rent (\u00a3m)(\u00a3m)(\u00a3m)(Decrease)/increase in the fair value of investment properties as at 31 March 2024 (4.00) 4.00 (2.53) 2.70(Decrease)/increase in the fair value of investment properties as at 31 March 2023 (9.63) 9.63 (6.14) 6.9210. Trading propertyTotal\u00a3\u2019000At 1 April 2022 20,287Costs capitalised 363Reversal of impairment of trading properties (9,595)At 1 April 2023 11,055Costs capitalised 90Disposal of trading properties (3,019)At 31 March 2024 8,126The Group developed a large mixed-use scheme at Hudson Quarter, York. Part of the approved scheme consists of residential units which the Group is in the process of selling. As a result, the residential element of the scheme is classified as trading property.11. Property, plant and equipmentIT, fixtures Right of use and fittingsasset\u00a3\u2019000\u00a3\u2019000At 1 April 2022 296 461Additions 8 197At 1 April 2023 304 658Additions \u2013 57Written off during the year \u2013 (32)At 31 March 2024 304 683DepreciationAt 1 April 2022 251 444Provided during the year 30 82At 1 April 2023 281 526Provided during the year 23 119At 31 March 2024 304 645Net book value at 31 March 2024 \u2013 38Net book value at 31 March 2023 23 13212. Trade and other receivables20242023\u00a3\u2019000\u00a3\u2019000CurrentGross amounts receivable from tenants 1,979 2,550Less: expected credit loss provision (653) (653)Net amount receivable from tenants 1,326 1,897Other taxes 165 97Other debtors 904 993Accrued income 625 783Prepayments 332 4203,352 4,190Non-currentAccrued income 5,625 4,3605,625 4,360Total trade and other receivables 8,977 8,550Accrued income amounting to \u00a35,143,000 as at 31 March 2023 (2022: \u00a33,926,000) was classified previously as a current asset in error rather than allocated between current and non-current assets in line with their expected recovery. The accrued income relates to rents recognised in advance of receipt as a result of spreading the effect of rent free and reduced rent periods, capital contributions in lieu of rent free periods and contracted rent uplifts over the expected terms of their respective leases. The comparatives have been restated accordingly to correct the allocation between current and non-current assets. As such, \u00a34,360,000 of these amounts are classified as non-current assets and \u00a3783,000 as current assets as at 31 March 2023 (2022: \u00a33,375,000 and \u00a3551,000 respectively). There is no effect on the profit or net assets in any period presented. The carrying value of trade and other receivables classified at amortised cost approximates fair value.As at 31 March 2024 the lifetime expected credit loss provision for trade receivables and contract assets is as follows:More than More than More than 30 days60 days90 daysCurrentpast duepast duepast dueTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Expected loss rate 9% 4% 4% 58%Gross carrying amount 603 287 76 1,013 1,979Loss provision 53 13 3 584 653Changes to credit risk managementImpairment calculations have been carried out on trade receivables using the IFRS 9 simplified approach, using 12 months of historic rental payment information, and adjusting risk profiles based on forward-looking information. In addition, the Group has reviewed its register of tenants at higher risk, particularly in the leisure and retail sectors, those in administration or CVA and the top 20 tenants by size with the remaining tenants considered on a sector by sector basis.Concentration of credit riskThe credit risk in respect of trade receivables is not concentrated as the Group operates in many different sectors and locations around the UK, and has a wide range of tenants from a broad spectrum of business sectors. 87% of the ECL provision relates to tenants in the leisure sector.How forward looking information was incorporatedIn calculating the ECL provision, the Group used forward looking information when assessing the risk profiles of each tenant, most notably around the assessment over the likelihood of tenants having the ability to pay rent as demanded, as well as the likelihood of rent deferrals and rent frees being offered to tenants.Key sources of estimation uncertaintyThe Group\u2019s risk profile rates form a key part when calculating the ECL provision. Default rates were applied to each tenant based on the ageing of the outstanding receivable. Tenants were classified as either low (default range of 0.5% - 8%), medium (default range of 20% - 50%), high (default range of 65% - 80%), or extremely high risk (set default range of 100%), with default rates applied to each risk profile. These rates have been calculated by using historic and forward-looking information and is inherently subjective.A sensitivity analysis performed to determine the impact on the Group Statement of Comprehensive Income from a 10% increase in each of the risk profile rates would result in a decrease in profit by \u00a3146,000. The Group does not hold any material collateral as security.As at 31 March 2023 the lifetime expected credit loss provision for trade receivables and contract assets was as follows:More than More than More than 30 days60 days90 daysCurrentpast duepast duepast dueTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Expected loss rate 2% 3% 4% 92%Gross carrying amount 1,810 39 32 669 2,550Loss provision 33 1 1 618 653Movement in the expected credit loss provision was as follows:20242023\u00a3\u2019000\u00a3\u2019000Brought forward 653 980Receivables written off during the year as uncollectable \u2013 (50)Provisions released (146) (305)Provisions increased 146 28653 65313. Cash and cash equivalentsAll of the Group\u2019s cash and cash equivalents at 31 March 2024 and 31 March 2023 are in sterling.20242023\u00a3\u2019000\u00a3\u2019000Cash and cash equivalents 19,766 5,509The Directors consider that the carrying amount of cash and cash equivalents approximates to their fair value.14. Trade and other payables20242023\u00a3\u2019000\u00a3\u2019000Trade payables 50 508Other taxes 480 646Other payables 1,138 1,484Deferred rental income 1,694 3,359Accruals 704 2,3424,066 8,339The deferred rental income in the year ended 31 March 2023 of \u00a33,359,000 was recognised as income in the year to 31 March 2024.The Directors consider that the carrying amount of trade and other payables measured at amortised cost approximates to their fair value.15. Borrowings20242023\u00a3\u2019000\u00a3\u2019000Current liabilitiesBank loans 318 8,563Unamortised lending costs \u2013 (18)318 8,545Non-current liabilitiesBank loans 7,993 55,770Unamortised lending costs (60) (641)7,933 55,129Total borrowingsBank loans 8,311 64,333Unamortised lending costs (60) (659)8,251 63,674The maturity profile of the Group\u2019s debt was as follows:20242023\u00a3\u2019000\u00a3\u2019000Within one year 318 8,563From one to two years 318 37,027From two to five years 7,675 18,7438,311 64,333Facility and arrangement feesAs at 31 March 2024Total Unused loan Facility Unamortised Loan Maturity Facilityfacilitiesdrawnfacility feesBalanceSecured Borrowings All in costdate\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Scottish Widows 2.90% July 2026 8,311 \u2013 8,311 (60) 8,2518,311 \u2013 8,311 (60) 8,251As at 31 March 2023Unused Total loan Facility Unamortised Loan Maturity Facilityfacilitiesdrawnfacility feesBalanceSecured Borrowings All in costdate\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Santander Bank plc 6.38% May 2027 11,750 \u2013 11,750 (337) 11,413Lloyds Bank plc 6.13% March 2024 6,845 \u2013 6,845 (18) 6,827National Westminster Bank plc 6.28% August 2024 37,724 (20,000) 17,724 (171) 17,553Barclays 6.13% June 2024 19,385 \u2013 19,385 (62) 19,323Scottish Widows 2.90% July 2026 8,629 \u2013 8,629 (71) 8,55884,333 (20,000) 64,333 (659) 63,674An investment property is subject to a first charge to secure the Group\u2019s bank loans amounting to \u00a38,311,000 (2023: \u00a364,333,000).The Group has unused loan facilities amounting to \u00a3Nil (2023: \u00a320,000,000). A facility fee was charged on this balance at a rate of 1.05% p.a. and was payable quarterly. This facility was secured on the investment properties held by Property Investment Holdings Limited, Palace Capital (Properties) Limited and Palace Capital (Leeds) Limited as part of the NatWest loan. The Group constantly monitors its approach to managing interest rate risk. The Group repaid all of its floating rate debt in the year and as a result, all of its debt is now fixed. The Group has a loan with Scottish Widows for \u00a38,311,000 (2023: \u00a38,629,000) which is fully fixed at a rate of 2.9%.During the year, the Group repaid the debt facility with Barclays Bank plc in full. The balance at 31 March 2023 was \u00a319,385,000. During the year, the Group repaid the debt facility with Santander plc in full. The balance at 31 March 2023 was \u00a311,750,000. During the year, the Group repaid the debt facility with Lloyds Bank plc in full. The balance at 31 March 2023 was \u00a36,845,000. During the year, the Group repaid the debt facility with National Westminster Bank plc in full. The balance at 31 March 2023 was \u00a317,724,000. At the same time the \u00a320.0m undrawn Revolving Credit Facility was cancelled. The fair value of borrowings held at amortised cost at 31 March 2024 was \u00a38,857,000 (2023: \u00a364,537,000). The difference in the fair value and carrying value of borrowings reflects the valuation of the fixed rate debt being higher than its carrying value. This is a level 2 fair value valuation of the fixed rate debt and was determined by an independent third party. The valuation is based on a net present value of the difference between the contracted rate and the valuation rate when applied to the projected balances for the period from the reporting date to the contracted expiry date.The Group\u2019s bank loans are subject to various covenants including Loan to Value, Interest Cover and Debt Service Cover requirements. During the year, the Group met all of its covenants. 16. Gearing and loan to value ratioThe calculation of gearing is based on the following calculations of net assets and net (cash)/debt:2024 2023\u00a3000\u00a3\u2019000EPRA net asset value (note 7) 98,280 129,281Borrowings (net of unamortised issue costs) 8,251 63,674Lease liabilities for investment properties \u2013 1,077Cash and cash equivalents (19,766) (5,509)Net (cash)/debt (11,515) 59,242NAV gearing Nil 46%The calculation of bank loan to property value is calculated as follows:2024 2023\u00a3000\u00a3\u2019000Fair value of investment properties 80,095 180,570Fair value of trading properties 8,575 11,785Fair value of property portfolio 88,670 192,355Borrowings 8,311 64,333Cash at bank (19,766) (5,509)Net (cash)/debt (11,455) 58,824Loan to value ratio Nil 31%17. Reconciliation of liabilities to cash flows from financing activitiesBank borrowings\u00a3\u2019000Balance at 1 April 2022 101,237Cash flows from financing activities:Bank borrowings repaid (37,419)Loan arrangement fees paid (461)Non-cash movements:Amortisation of loan arrangement fees 317Balance at 1 April 2023 63,674Cash flows from financing activities:Bank borrowings repaid (56,022)Capitalised loan fees (73)Non-cash movements:Amortisation of loan arrangement fees 213Debt termination costs 459Balance at 31 March 2024 8,25118. LeasesOperating lease receipts in respect of rents on investment properties are receivable as follows:20242023\u00a3\u2019000\u00a3\u2019000Within one year 7,610 15,524From one to two years 7,802 13,277From two to three years 7,385 13,046From three to four years 5,849 12,030From four to five years 4,741 8,742From five to 25 years 30,580 42,75563,967 105,374Lease liabilities are classified as follows:20242023\u00a3\u2019000\u00a3\u2019000Lease liabilities for investment properties \u2013 1,077Lease liabilities for right of use asset 39 13239 1,209Lease obligations in respect of rents payable on leasehold properties were payable as follows:2024 2023Present value Present value Leaseof leaseof leasepaymentsInterestpaymentspayments\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Within one year \u2013 \u2013 \u2013 \u2013From one to two years \u2013 \u2013 \u2013 \u2013From two to five years \u2013 \u2013 \u2013 1From five to 25 years \u2013 \u2013 \u2013 4After 25 years \u2013 \u2013 \u2013 1,072\u2013 \u2013 \u2013 1,077Lease obligations in respect of rents payable on right of use assets were payable as follows:2024 2023Present value Present value Leaseof leaseof leasepaymentsInterestpaymentspayments\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Within one year 40 (1) 39 132The net carrying amount of the leasehold properties is shown in note 9.The Group has over 70 leases granted to its tenants. These vary depending on the individual tenant and the respective property and demise and vary considerably from short-term leases of less than one year to longer-term leases of over 10 years.A number of these leases contain rent free periods. Standard lease provisions include service charge payments and recovery of other direct costs.19. Share capital20242023Authorised, issued and fully paid share capital is as follows:\u00a3\u2019000\u00a3\u201900037,560,295 ordinary shares of 10p each (2023: 46,388,515) 3,756 4,6393,756 4,63920242023Reconciliation of movement in ordinary share capital\u00a3\u2019000\u00a3\u2019000At start of year 4,639 4,639Treasury shares cancelled in the year (883) \u2013At end of year 3,756 4,639Number of ordinary Total number Movement in ordinary authorised share capitalshares issuedof sharesAs at 31 March 2022 and 31 March 2023 46,388,51527 March 2024 (8,828,220)As at 31 March 2024 37,560,295Number of Total ordinarynumberMovement in treasury sharesshares issuedof sharesAs at 31 March 2023 2,668,220Shares repurchased and transferred to Treasury 3 April 2023 75,000Shares repurchased and transferred to Treasury 17 April 2023 75,000Shares repurchased and transferred to Treasury 11 May 2023 50,000Shares repurchased and transferred to Treasury 12 May 2023 52,000Shares repurchased and transferred to Treasury 16 May 2023 53,000Shares repurchased and transferred to Treasury 24 May 2023 100,000Shares repurchased and transferred to Treasury 5 June 2023 100,000Shares repurchased and transferred to Treasury 20 June 2023 215,000Shares repurchased and transferred to Treasury 22 June 2023 160,000Shares repurchased and transferred to Treasury 27 June 2023 350,000Shares repurchased and transferred to Treasury 29 June 2023 275,000Shares repurchased and transferred to Treasury 6 July 2023 300,000Shares repurchased and transferred to Treasury 18 July 2023 75,000Shares repurchased and transferred to Treasury 9 August 2023 750,000Shares repurchased and transferred to Treasury 11 August 2023 2,814,495Shares repurchased and transferred to Treasury 21 August 2023 100,000Shares repurchased and transferred to Treasury 25 August 2023 300,000Shares repurchased and transferred to Treasury 5 September 2023 315,505Cancellation of treasury shares 27 March 2024 (8,828,220)As at 31 March 2024 \u2013Total number of shares excluding the number of shares held in treasury at 31 March 2024 37,560,295Year ended 31 March 2024On 3 April 2023, 75,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 17 April 2023, 75,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 11 May 2023, 50,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 12 May 2023, 52,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 16 May 2023, 53,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 24 May 2023, 100,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 5 June 2023, 100,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 20 June 2023, 215,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 22 June 2023, 160,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 27 June 2023, 350,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 29 June 2023, 275,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 6 July 2023, 300,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 18 July 2023, 75,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 9 August 2023, 750,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 11 August 2023, 2,814,495 shares were purchased by the Group on the open market and transferred into treasury reserves.On 21 August 2023, 100,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 25 August 2023, 300,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 5 September 2023, 315,505 shares were purchased by the Group on the open market and transferred into treasury reserves.On 27 March 2024, 8,828,220 shares were cancelled by the Group.Shares held in Employee Benefit Trust20242023No. of No. of Authorised, issued and fully paid share capital is as follows:sharessharesBrought forward 1,914 458Transferred under scheme of arrangement \u2013 40,000Shares exercised under deferred bonus share scheme (13,521) (38,544)Shares exercised under employee LTIP scheme (42,440) \u2013Shares purchased by EBT 59,817 \u2013At end of year 5,770 1,91420242023Share options:No. of No. of Reconciliation of movement in outstanding share optionsoptionsoptionsAt start of year 537,877 1,078,826LTIPs exercised in the year (68,612) \u2013Prior period accrued dividends on vested options \u2013 32,491Lapsed in the year (290,147) (544,727)Deferred bonus share options issued \u2013 9,831Deferred bonus share options exercised (9,831) (38,544)At end of year 169,287 537,877As at 31 March 2024, the Company had the following outstanding unexpired options:2024 2023Weighted Weighted No. of averageNo. of averageDescription of unexpired share optionsoptionsoption priceOptionsoption priceEmployee benefit plan 169,287 0p 528,046 0pDeferred bonus share scheme issued \u2013 0p 9,831 0pTotal 169,287 0p 537,877 0pExercisable \u2013 0p \u2013 0pNot exercisable 169,287 0p 537,877 0pThe weighted average remaining contractual life of share options at 31 March 2024 is 0.6 years (2023: 1.0 years).20. Share-based paymentsEmployee benefit planThe following table illustrates the number and weighted average exercise prices of, and movements in, share options during the period:Average share price atNumber ofExercisedate of GrantVestingoptionspriceexercisedatedateOutstanding at 31 March 2022 1,078,826 0pDeferred bonus share options issued 9,831 0p 285p 18 August 2022 18 August 2023Deferred bonus share options exercised (38,544) 0p 263p 15 June 2021 15 June 2022Prior period accrued dividends on vested options 32,491 0pLapsed in the year (LTIP 2019) (241,147) 0pLapsed in the year (LTIP 2020) (124,123) 0pLapsed in the year (LTIP 2021) (179,457) 0pOutstanding at 31 March 2023 537,877 0pDeferred bonus share options exercised (9,831) 0p 254.5p 18 August 2022 18 August 2023Exercised during the year (LTIP 2020) (68,612) 0p 226.5p 14 October 2020 14 October 2023Lapsed in the year (LTIP 2020) (236,175) 0pLapsed in the year (LTIP 2021) (53,972) 0pOutstanding at 31 March 2024 169,287 0pLTIP 2021The options are awarded to employees on achievements against targets on two separate measures over the three-year period. For directors, the options are subject to a two-year holding period following vesting. Half the options will be awarded based on the first target and half based on the achievement of the second.Total property return growth is calculated as Total Property Return of the Company over the Performance Period beginning on 31 March 2021 and ending on 31 March 2024, using the Total Property Return (\u201cTPR\u201d) as calculated by MSCI for the Group as compared with the TPR for the MSCI IPD Index (the \u201cComparator\u201d) over the same period. The TPR for the Group and the Comparator will be its percentage increase over the three-year Performance Period.Total Shareholder return (TSR) measures the total Shareholder return (price rise plus dividends) over the period from 16 November 2021 to 15 November 2024. The percentage of the TSR metric will be adjusted downwards according to the Company\u2019s share price discount to net asset value at the time of vesting. Share Price Discount will be calculated with reference to the closing share price on 15 November 2024 and EPRA Net Tangible Assets as at 30 September 2024. The base price is \u00a32.44 per share which was the market price at the grant date.Annualised TSR over the TSR performance period Vesting % TPR equivalent total over performance period Vesting %<5% 0 <0.5% 0Equal to 5% 20 Equal to 0.5% 20Between 5% and 9% 20\u2013100 Between 0.5% and 2.5% 20\u2013100Equal to 9% 100 Equal to 2.5% 100The fair value of grants was measured at the grant date using a Black\u2212Scholes pricing model for the TPR tranche and using a Monte Carlo pricing model for the TSR tranche, taking into account the terms and conditions upon which the instruments were granted. The services received and a liability to pay for those services are recognised over the expected vesting period. The main assumptions of both the Black\u2212Scholes and Monte Carlo pricing models are as follows:Monte Carlo TSRBlack-Scholes PVTrancheTrancheGrant date 16 November 2021 16 November 2021Share price \u00a32.44 \u00a32.44Exercise price 0p 0pTerm 5 years 5 yearsExpected volatility 38.03% 38.03%Expected dividend yield 0.00% 0.00%Risk free rate 0.59% 0.59%Time to vest (years) 3.0 3.0Expected forfeiture p.a. 0% 0%Fair value per option \u00a31.28 \u00a32.44The expense recognised for employee share-based payment received during the period is shown in the following table:20242023\u00a3\u2019000\u00a3\u2019000LTIP 2019 \u2013 15LTIP 2020 51 87LTIP 2021 86 75Total expense arising from share-based payment transactions 137 17721. Related party transactionsCharitable donations amounting to \u00a3Nil (2023: \u00a36,000) have been made by the Group to Variety, the Children\u2019s Charity, a charity where Neil Sinclair, previously Chief Executive, was a Trustee.Dividend payments made to Directors amounted to \u00a32,306 (2023: \u00a327,598) during the year. See note 4 for further details of key management remuneration.22. Capital commitmentsThe obligation for capital expenditure relating to the enhancement of investment properties entered into by the Group amounted to \u00a3176,608 (2023: \u00a3456,901).23. Post balance sheet eventsOn 17 April 2024, the Group completed on the disposal of Sandringham House, Harlow, for a total consideration of \u00a33.3m.On 19 April 2024, the Group completed on the disposal of Kiln Farm, Milton Keynes, for a total consideration of \u00a36.5m.On 29 April 2024, the Group exchanged on the disposal of the whole share capital of Palace Capital (Manchester) Limited, for a total consideration of \u00a38.8m. Completion of the sale is due to take place by 22 July 2024.On 5 June 2024, the Group conditionally exchanged on the disposal of unit 3B at St James\u2019 Gate, Newcastle for a total consideration of \u00a30.7m. Completion of the sale is due to take within the next three months.Post year end, the Group exchanged on a further two residential unit sales at Hudson Quarter for a total consideration of \u00a31.2m.24. Financial risk managementThe Group\u2019s principal financial liabilities are loans. The Group has rent and other receivables, trade and other payables and cash and short-term deposits that arise directly from its operations. The Group is exposed to market risk (including real estate risk), credit risk and liquidity risk.The Group\u2019s senior management oversee the management of these risks, and the Board of Directors has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and it sets policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below:The Group manages its capital structure, and makes adjustments to it, in the light of changes in economic conditions.To maintain or adjust the capital structure, the Group may adjust the dividend payment to Shareholders, return capital to Shareholders or issue new shares. Capital risk managementThe Group considers its capital to comprise its share capital, share premium, other reserves, capital reduction reserves and retained earnings which amounted to \u00a397,774,000 (2023: \u00a3128,475,000). The Group\u2019s capital management objectives are to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for Shareholders and benefits for other stakeholders and to provide an adequate return to Shareholders by pricing its services commensurately with the level of risk. Within the subsidiaries of the Group, the business has covenanted to maintain a specified leverage ratio and a net interest expense coverage ratio, all the terms of which have been adhered to during the year.Market riskMarket risk arises from the Group\u2019s use of interest bearing, and tradable instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors.Interest rate riskThe interest rate exposure profile of the Group\u2019s financial assets and liabilities as at 31 March 2024 and 31 March 2023 were:Nil rate assets and Floating rate Fixed rate liabilitiesassetsliabilityTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 31 March 2024Trade and other receivables 2,230 \u2013 \u2013 2,230Cash and cash equivalents \u2013 19,766 \u2013 19,766Trade and other payables (2,457) \u2013 \u2013 (2,457)Bank borrowings \u2013 \u2013 (8,251) (8,251)Lease liabilities \u2013 \u2013 (39) (39)(227) 19,766 (8,290) 11,249Nil rate assetsFloating rate Fixed rateFloating rateand liabilitiesassetsliabilityliabilityTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 31 March 2023Trade and other receivables 2,890 \u2013 \u2013 \u2013 2,890Cash and cash equivalents \u2013 5,509 \u2013 \u2013 5,509Trade and other payables (4,334) \u2013 \u2013 \u2013 (4,334)Bank borrowings \u2013 \u2013 (8,558) (55,116) (63,674)Lease liabilities \u2013 \u2013 (1,209) \u2013 (1,209)(1,444) 5,509 (9,767) (55,116) (60,818)The Group has loans amounting to \u00a3Nil (2023: \u00a355,116,000) which have interest payable at rates linked to the SONIA interest rates or bank base rates. A 1% increase in the SONIA or base rate will have the effect of increasing interest payable by \u00a3Nil (2023: \u00a3551,000).The Directors regularly review the Group\u2019s position with regard to interest rates in order to minimise its risk.Credit risk managementCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.The Group has its cash held on deposit with two large banks in the United Kingdom. At 31 March 2024 the cash balances of the Group were \u00a319,766,000 (2023: \u00a35,509,000). The concentration of credit risk held with Barclays Bank plc, the largest of these banks, was \u00a319,262,000 (2023: \u00a32,997,000). Credit risk also results from the possibility of a tenant in the Group\u2019s property portfolio defaulting on a lease. The largest tenant by contractual income amounts to 14.8% (2023: 6.0%) of the Group\u2019s anticipated income. The Directors assess a tenant\u2019s creditworthiness prior to granting leases and employ professional firms of property management consultants to manage the portfolio to ensure that tenants debts are collected promptly and the Directors in conjunction with the property managers take appropriate actions when payment is not made on time.The carrying amount of financial assets (excluding cash balances) recorded in the financial statements, net of any allowances for losses, represents the Group\u2019s maximum exposure to credit risk without taking account of the value of any collateral obtained. The carrying amount of these assets at 31 March 2024 was \u00a32,230,000 (2023: \u00a32,890,000). The details of the provision for expected credit loss are shown in note 12.Liquidity risk managementThe Group\u2019s policy is to hold cash and obtain loan facilities at a level sufficient to ensure that the Group has available funds to meet its medium-term capital and funding obligations. The Group holds cash to enable the Group to manage its liquidity risk.The Group monitors its risk to a shortage of funds using a monthly working capital model. This process considers the maturity of both the Group\u2019s financial investments and financial assets (e.g. accounts receivable, other financial assets) and projected cash flows from operations.The tables below summarise the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:On demand0\u20131 years1\u20132 years2\u20135 yearsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 31 March 2024Interest bearing loans \u2013 550 541 7,735 8,826Trade and other payables 1,892 \u2013 \u2013 565 2,4571,892 550 541 8,300 11,283On demand0\u20131 years1\u20132 years2\u20135 years> 5 yearsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3,000\u00a3\u2019000\u00a3\u2019000As at 31 March 2023Interest bearing loans \u2013 12,161 38,606 19,598 \u2013 70,365Lease liabilities \u2013 54 54 162 5,839 6,109Trade and other payables 4,334 \u2013 \u2013 \u2013 \u2013 4,3344,334 12,215 38,660 19,760 5,839 80,808",
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"value": "Thomas House, 84 Eccleston Square, London, SW1V 1PX",
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"s7_notes__6__13": {
"value": "Basis of preparationThe Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards, (the \u2018applicable framework\u2019), and have been prepared in accordance with the provisions of the Companies Act 2006 (the \u2018applicable legal requirements\u2019). The Group financial statements have been prepared under the historical cost convention as modified by the revaluation of investment properties, the revaluation of property, plant and equipment, pension scheme and financial assets held at fair value.",
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"value": "Exemption to the audit of subsidiary accounts under Section 479a of the Companies Act 2006The following subsidiaries which consolidate into the Group accounts are exempt from being audited under section 479A of the Companies Act 2006:Palace Capital (Leeds) Limited (Registered number: 06068651)Palace Capital (Northampton) Limited (Registered number: 04982121)Palace Capital (Properties) Limited (Registered number: 07866050)Palace Capital (Developments) Limited (Registered number: 09849073)Palace Capital (Manchester) Limited (Registered number: 09937194)Palace Capital (Signal) Limited (Registered number: 06991031)Property Investment Holdings Limited (Registered number: 00582889)Palace Capital (Newcastle) Limited (Registered number: 05348319)Palace Capital (York) Limited (Registered number: 12080228)Palace Capital (Dartford) Limited (Registered number: 10523678)",
"dimensions": {
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"s7_notes__6__17": {
"value": "Going concernThe Directors have made an assessment of the Group\u2019s ability to continue as a going concern which included the current economic headwinds created by rising inflation and rising interest rates, coupled with the Group\u2019s cash resources, borrowing facilities, rental income, disposals of investment properties, committed capital and other expenditure and dividend distributions. The Group\u2019s business activities, together with the factors likely to affect its future performance and position, are set out in the Strategic Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in these financial statements. In addition, note 26 to the financial statements includes the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments and its exposures to credit risk and liquidity risk. As at 31 March 2024 the Group had \u00a319.8m of unrestricted cash and cash equivalents and a property portfolio with a fair value of \u00a388.7m. At 31 March 2024 the Group has \u00a38.3m of debt, which was all at a fixed interest rate of 2.9% until July 2026, resulting in the Group being in a net cash position of \u00a311.5m. The Directors have reviewed the forecasts for the Group taking into account the impact of rising inflation and rising interest rates on trading over the 12 months from the date of signing this annual report. The forecasts have been assessed against a downside scenario incorporating lower levels of income. See Going Concern and Viability Statement of the Annual Report for further details. The Directors have a reasonable expectation that the Group have adequate resources to continue in operation for at least 12 months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.",
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"s7_notes__6__18": {
"value": "New standards adopted during the year New standards effective for the year ended 31 March 2024 did not have a material impact on the financial statements and were not adopted.New standards issued but not yet effective There are no other standards that are not yet effective that would be expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions other than IFRS 18, which was recently issued by the IASB and management are still considering if and how this will impact the presentation of the Statement of Comprehensive Income.Basis of consolidationThe consolidated financial statements incorporate the financial statements of Palace Capital plc and its subsidiaries as at the year-end\ue61fdate.Subsidiaries are all entities over which the Company has control being: power to direct the activities of the entity; exposure to variable returns from the entity; and the ability of the Company to use its power to affect those variable returns. Where necessary, adjustments have been made to the financial statements of subsidiaries and associates to bring the accounting policies used and accounting periods into line with those of the Group. Intra-group balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing the Consolidated Financial Statements.The results of subsidiaries acquired during a year are included from the effective date of acquisition, being the date on which the Group obtains control until the date that control ceases.The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. This fair value includes any contingent consideration. Acquisition-related costs are expensed as\ue61fincurred.If the consideration is less than the fair value of the assets and liabilities acquired, the difference is recognised directly in the Statement of Comprehensive Income.Where an acquired subsidiary does not meet the definition of a business, it is accounted for as an asset acquisition rather than a business combination. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities.RevenueRevenue is primarily derived from property income and represents the value of accrued charges under operating leases for rental of the Group\u2019s investment properties. Revenue is measured at the fair value of the consideration received. All income is derived in the United Kingdom.Rental income from investment properties leased out under operating leases is recognised in the Statement of Comprehensive Income on a straight-line basis over the term of the lease. Contingent rent reviews are recognised when such reviews have been agreed with tenants. Lease incentives, rent concessions and guaranteed rent review amounts are recognised as an integral part of the net consideration for use of the property and amortised on a straight-line basis over the term of lease. Judgement is exercised when determining the term over which the lease incentives should be recognised.Amounts received from tenants to terminate leases or to compensate for dilapidations are recognised in the Group Statement of Comprehensive Income when the right to receive them arises. Surrender premium income are payments received from tenants to surrender their lease obligations and are recognised immediately in the Group\u2019s Consolidated Statement of Comprehensive Income. Insurance commissions are recognised as performance obligations are fulfilled in terms of the individual performance obligations within the contract with the insurance provider. Revenue is determined by the transaction price in the contract and is measured at the fair value of the consideration received. Revenue is recognised once the underlying contract between insured and insurer has been signed.Revenue from the sale of trading properties is recognised when control of the trading property, along with the significant risks and rewards, have transferred from the Group, which is usually on completion of contracts and transfer of property title.Service charge income relates to expenditure that is directly recoverable from tenants. Service charge income is recognised as revenue in the period to which it relates as required by IFRS 15 Revenue from Contracts with Customers. Dividend income comprises dividends from the Group\u2019s listed equity investments and is recognised when the Shareholder\u2019s right to receive payment is established. Revenue is measured at the fair value of the consideration received. All income is derived in the United Kingdom.The disposal of investment properties is recognised when significant risks and rewards attached to the property have transferred from the Group. This will ordinarily occur on completion of contract, with such transactions being recognised when this condition is satisfied. The profit or loss on disposal of investment property is recognised separately in the Consolidated Statement of Comprehensive Income and is the difference between the net sales proceeds and the opening fair value asset plus any capital expenditure during the period to disposal.Deferred incomeWhere invoices to customers have been raised which relate to a period after the Group year end, being 31 March 2024, the Group will recognise deferred income for the difference between revenue recognised and amounts billed for that contract.Cost of salesCost of sales includes direct expenditure relating to the construction of the trading properties, capitalised interest, and selling costs incurred as a result of residential sales. Selling costs includes agent and legal fees. Cost of sales is expensed to the income statement and is recognised on completion of each residential unit. The cost for each unit is calculated using the ratio of the unit selling price, over the total forecasted sales proceeds of all residential units. This ratio is then applied to the total forecasted development cost to get the cost of sale per unit.Service charges and other such receipts arising from expenses recharged to tenants are as stated in note 3b. Notwithstanding that the funds are held on behalf of the occupiers, the ultimate risk for paying and recovering these costs rests with the Group.Borrowing costsBank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. After initial recognition, loans and borrowings are subsequently measured at amortised cost using the effective interest method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement. Gains and losses are recognised in profit or loss in the Consolidated Statement of Comprehensive Income when the liabilities are derecognised, as well as through the amortisation process.Interest associated with trading properties is capitalised from the start of the development work until the date of practical completion. The rate used is the rate on specific associated borrowings. Interest is then expensed through the income statement post completion of the development.Financial assetsThe Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. The Group\u2019s accounting policy for each category is as follows:Fair value through profit or lossThis category comprises in-the-money derivatives (see \u201cFinancial liabilities\u201d section for out-of-the-money derivatives classified as liabilities). They are carried in the Consolidated Statement of Financial Position at fair value with changes in fair value recognised in the Consolidated Statement of Comprehensive Income in the finance income or expense line.",
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},
"s7_notes__6__19": {
"value": "Basis of consolidationThe consolidated financial statements incorporate the financial statements of Palace Capital plc and its subsidiaries as at the year-end\ue61fdate.Subsidiaries are all entities over which the Company has control being: power to direct the activities of the entity; exposure to variable returns from the entity; and the ability of the Company to use its power to affect those variable returns. Where necessary, adjustments have been made to the financial statements of subsidiaries and associates to bring the accounting policies used and accounting periods into line with those of the Group. Intra-group balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing the Consolidated Financial Statements.The results of subsidiaries acquired during a year are included from the effective date of acquisition, being the date on which the Group obtains control until the date that control ceases.The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. This fair value includes any contingent consideration. Acquisition-related costs are expensed as\ue61fincurred.If the consideration is less than the fair value of the assets and liabilities acquired, the difference is recognised directly in the Statement of Comprehensive Income.Where an acquired subsidiary does not meet the definition of a business, it is accounted for as an asset acquisition rather than a business combination. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__20": {
"value": "RevenueRevenue is primarily derived from property income and represents the value of accrued charges under operating leases for rental of the Group\u2019s investment properties. Revenue is measured at the fair value of the consideration received. All income is derived in the United Kingdom.Rental income from investment properties leased out under operating leases is recognised in the Statement of Comprehensive Income on a straight-line basis over the term of the lease. Contingent rent reviews are recognised when such reviews have been agreed with tenants. Lease incentives, rent concessions and guaranteed rent review amounts are recognised as an integral part of the net consideration for use of the property and amortised on a straight-line basis over the term of lease. Judgement is exercised when determining the term over which the lease incentives should be recognised.Amounts received from tenants to terminate leases or to compensate for dilapidations are recognised in the Group Statement of Comprehensive Income when the right to receive them arises. Surrender premium income are payments received from tenants to surrender their lease obligations and are recognised immediately in the Group\u2019s Consolidated Statement of Comprehensive Income. Insurance commissions are recognised as performance obligations are fulfilled in terms of the individual performance obligations within the contract with the insurance provider. Revenue is determined by the transaction price in the contract and is measured at the fair value of the consideration received. Revenue is recognised once the underlying contract between insured and insurer has been signed.Revenue from the sale of trading properties is recognised when control of the trading property, along with the significant risks and rewards, have transferred from the Group, which is usually on completion of contracts and transfer of property title.Service charge income relates to expenditure that is directly recoverable from tenants. Service charge income is recognised as revenue in the period to which it relates as required by IFRS 15 Revenue from Contracts with Customers. Dividend income comprises dividends from the Group\u2019s listed equity investments and is recognised when the Shareholder\u2019s right to receive payment is established. Revenue is measured at the fair value of the consideration received. All income is derived in the United Kingdom.The disposal of investment properties is recognised when significant risks and rewards attached to the property have transferred from the Group. This will ordinarily occur on completion of contract, with such transactions being recognised when this condition is satisfied. The profit or loss on disposal of investment property is recognised separately in the Consolidated Statement of Comprehensive Income and is the difference between the net sales proceeds and the opening fair value asset plus any capital expenditure during the period to disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__21": {
"value": "Borrowing costsBank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. After initial recognition, loans and borrowings are subsequently measured at amortised cost using the effective interest method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement. Gains and losses are recognised in profit or loss in the Consolidated Statement of Comprehensive Income when the liabilities are derecognised, as well as through the amortisation process.Interest associated with trading properties is capitalised from the start of the development work until the date of practical completion. The rate used is the rate on specific associated borrowings. Interest is then expensed through the income statement post completion of the development.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__22": {
"value": "Financial assetsThe Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. The Group\u2019s accounting policy for each category is as follows:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__23": {
"value": "cash and cash equivalents in the Consolidated Statement of Financial Position.Cash and cash equivalentsCash and cash equivalents includes cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__24": {
"value": "Financial liabilitiesThe Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Group\u2019s accounting policy for each category is as follows:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__25": {
"value": "Investment propertiesInvestment properties are those properties that are held either to earn rental income or for capital appreciation or both.Investment properties are measured initially at cost including transaction costs and thereafter are stated at fair value, which reflects market conditions at the balance sheet date. Surpluses and deficits arising from changes in the fair value of investment properties are recognised in the Consolidated Statement of Comprehensive Income in the year in which they arise.Investment properties are stated at fair value as determined by the independent external valuers. The fair value of the Group\u2019s property portfolio is based upon independent valuations and is inherently subjective. The fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arm\u2019s length transaction at the date of valuation, in accordance with Global Valuation Standards. In determining the fair value of investment properties, the independent valuers make use of historical and current market data as well as existing lease agreements.The Group recognises investment property as an asset when it is probable that the economic benefits that are associated with the investment property will flow to the Group and it can measure the cost of the investment reliably. This is usually the date of completion of acquisition or completion of construction if the development is a mixed-use scheme.Investment properties cease to be recognised on completion of the disposal or when the property is withdrawn permanently from use and no future economic benefit is expected from disposal.The Group evaluates all its investment property costs at the time they are incurred. These costs include costs incurred initially to acquire an investment property and costs incurred subsequently to add to, replace part of, or service a property. Any costs deemed as repairs and maintenance or any costs associated with the day-to-day running of the property are recognised in the Consolidated Statement of Comprehensive Income as they are incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__26": {
"value": "Current taxationCurrent tax assets and liabilities for the period not under UK REIT regulations are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and the tax laws used to compute the amount are those that are enacted or substantively enacted, by the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__27": {
"value": "Dividends to equity holders of the parentInterim ordinary dividends are recognised when paid and final ordinary dividends are recognised as a liability in the period in which they are approved by the Shareholders.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__28": {
"value": "equity holders of the parentInterim ordinary dividends are recognised when paid and final ordinary dividends are recognised as a liability in the period in which they are approved by the Shareholders.Share-based paymentsThe fair value of the share options are determined at the grant date and are expensed on a straight-line basis over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that ultimately the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair values of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.EquityThe share capital represents the nominal value of the issued share capital of Palace Capital plc. Share premium represents the excess over nominal value of the fair value consideration received for equity shares net of expenses of the share issue. Treasury share reserve represents the consideration paid for shares bought back on the open market. The merger reserve represents the excess over nominal value of the fair value consideration for the acquisition of subsidiaries satisfied by the issue of shares in accordance with S612 of the Companies Act 2006. The capital redemption reserve represents the nominal value of cancelled share capital redeemed. The capital reduction reserve represents distributable profits generated as a result of the share premium reduction or cancellation of shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__29": {
"value": "Critical accounting judgements and key sources of estimation and uncertainty",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__30": {
"value": "estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Information about such judgements and estimation is contained in the accounting policies or the notes to the accounts, and the key areas are summarised below.EstimatesProperty ValuationThe key source of estimation uncertainty rests in the values of property assets, which significantly affects the value of investment properties in the Consolidated Statement of Financial Position. The investment property portfolio is carried at fair value, which requires a number of estimates in assessing the Group\u2019s assets relative to market transactions. The approach to this valuation and the amounts affected are set out in the accounting policies and note 9.Trading properties are held at the lower of cost and net realisable value. Net realisable value is the value of an asset that can be realised upon the sale of the asset, less a reasonable estimate of the costs associated with the eventual sale or disposal of the asset.The Group has valued the investment properties at fair value. To the extent that any future valuation affects the fair value of the investment properties and assets held for sale, this will impact on the Group\u2019s results in the period in which this determination is made.Short term incentive planThe amount recognised as the short term incentive plan (\u2018STIP\u2019) provision is management\u2019s estimate of the total expected payout when the plan comes to an end, which has been assumed as when all of the assets are sold. As the STIP is \u201cbackend loaded\u201d and only pays out when the Remuneration Committee has determined that the performance period has ended under the Rules of the STIP, the total estimated provision has been calculated over the three year period to June 2027, consistent with that adopted for the Viability Statement. As a result, the provision recognised on the balance sheet for the year ended 31 March 2024 represents 12 months of this total estimated provision which has been calculated by reference to sales achieved to date and the assumed sales of the remaining assets to reflect the uncertainty around financial and property markets. The timing and success of future sales will impact the timing and quantum of the total payment.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__31": {
"value": "1. Rental and other incomeThe chief operating decision maker (\u201cCODM\u201d) takes the form of the Group\u2019s Executive Committee which is of the opinion that the principal activity of the Group is to invest in commercial real estate in the UK.Operating segments are identified on the basis of internal financial reports about components of the Group that are regularly reviewed by the CODM.The internal financial reports received by the Group\u2019s Executive Committee 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 financial statements. Additionally, information is provided to the Group\u2019s Executive Committee showing gross property income and property valuation by individual property. Therefore, each individual property is considered to be a separate operating segment in that its performance is monitored individually.The Directors have considered the requirements of IFRS 8 as to aggregation of operating segments into reporting segments. All of the Group\u2019s revenue is generated from investment and trading properties located outside of London. The properties are managed as a single portfolio by an asset management team whose responsibilities are not segregated by location or type but are managed on an asset-by-asset basis. The route to market is determined by reference to the current economic circumstances that fluctuate through the life cycle of the portfolio. The Group holds a diversified portfolio across different sectors including office, retail, leisure, and residential. The Group has from time to time engaged in development projects such as Hudson Quarter, York. This is not regarded as a separate business or division. The Directors therefore consider that the individual properties have similar economic characteristics and therefore have been aggregated into a single reportable segment under the provision of IFRS 8.All of the Group\u2019s properties are based in the UK. No geographical grouping is contained in any of the internal financial reports provided to the Group\u2019s Executive Committee and, therefore, no geographical segmental analysis is required.20242023Revenue \u2013 type\u00a3\u2019000\u00a3\u2019000Gross rental income 11,603 17,425Dilapidations and other property related income 453 401Insurance commission 58 68Gross property income 12,114 17,894Service charge income 4,286 4,974Trading property income 3,199 10,105Total revenue 19,599 32,973No single tenant accounts for more than 10% of the Group\u2019s total rents received from investment properties in the year. The biggest tenant is 14.8% of the rent roll as at 31 March 2024. Similarly, there was no individual or corporate that accounts for more than 10% of the trading property income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__32": {
"value": "2. Interest payable and similar charges20242023\u00a3\u2019000\u00a3\u2019000Interest on bank loans 1,655 3,643Amortisation of loan arrangement fees 213 317Other finance charges 41 101,909 3,970",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__33": {
"value": "3. Profit for the yeara) The Group\u2019s profit for the year is stated after charging the following:20242023\u00a3\u2019000\u00a3\u2019000Depreciation of tangible fixed assets and amortisation of right of use assets: 142 112Auditor\u2019s remuneration:Fees payable to the Auditor for the audit of the Group\u2019s annual accounts and subsidiaries\u2019 annual accounts 192 231Additional fees payable to the Auditor in respect of the 2022 audit \u2013 15Fees payable to the Auditor and its related entities for other services:Audit related assurance services in respect of the interim results \u2013 11192 257b) The Group\u2019s cost of sales comprise the following:20242023\u00a3\u2019000\u00a3\u2019000Void property costs 1,871 2,076Legal, lettings and consultancy costs 601 502Property operating expenses 2,472 2,578Service charge expenses 4,286 4,974Trading property cost of sales 3,018 9,5959,776 17,147c) The Group\u2019s administrative expenses comprise the following:20242023\u00a3\u2019000\u00a3\u2019000Recurring staff costs 1,675 2,560Short term incentive plan provision (including associated costs) 640 \u2013Payments to former Directors and Staff (including associated costs) 611 1,835Accounting, tax and audit fees 280 318Other overheads* 249 624Share-based payments 137 177Stock Exchange costs 132 207Amortisation of right of use asset 119 82PR and marketing costs 79 108Legal and professional fees 40 82Depreciation of tangible fixed assets 23 30ESG costs 13 713,998 6,094* Other overheads comprise of rent, rates, service charge, consulting, and other office costsd) EPRA cost ratios are calculated as follows:20242023\u00a3\u2019000\u00a3\u2019000Gross property income 12,114 17,894Administrative expenses 3,998 6,094Property operating expenses 2,472 2,578Movement in expected credit loss \u2013 (327)EPRA costs (including property operating expenses) 6,470 8,345EPRA cost ratio (including property operating expenses) 53.4% 46.6%Less property operating expenses (2,472) (2,578)EPRA costs (excluding property operating expenses) 3,998 5,767EPRA cost ratio (excluding property operating expenses) 33.0% 32.2%Total expense ratio 3.6% 3.0%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__34": {
"value": "5. Taxation20242023\u00a3\u2019000\u00a3\u2019000Tax underprovided in prior year 65 \u2013Deferred tax (19) (67)Tax charge/(credit) 46 (67)20242023\u00a3\u2019000\u00a3\u2019000Loss on ordinary activities before tax (9,316) (35,771)Based on loss for the period: Theoretical Tax at 25% (2023: 19%) (2,329) (6,797)Effect of:Net expenses not deductible for tax purposes 40 41Deferred tax released to profit and loss on Hudson Quarter residential sales (19) (67)Tax underprovided in prior year 65 \u2013REIT exempt income (1,135) (1,775)Non-taxable items 3,424 8,531Tax charge/(credit) for the period 46 (67)As a UK REIT, the income profits of the Group\u2019s UK property rental business are exempt from corporation tax, as are any gains it makes from the disposal of its properties, provided they are not held for trading. The Group is otherwise subject to UK corporation tax at the prevailing rate. Deferred taxes relate to the following:20242023\u00a3\u2019000\u00a3\u2019000Deferred tax liability \u2013 brought forward (76) (143)Overprovided in prior year \u2013 (21)Deferred tax release on sale of trading property 19 88Deferred tax liability \u2013 carried forward (57) (76)20242023\u00a3\u2019000\u00a3\u2019000Investment property unrealised valuation gains (57) (76)Deferred tax liability \u2013 carried forward (57) (76)The deferred tax liability of \u00a357,000 relates to investment properties transferred into trading stock, prior to the Group becoming a REIT. As at 31 March 2024 the Group had approximately \u00a35,915,000 (2023: \u00a35,915,000) of realised capital losses to carry forward. There has been no deferred tax asset recognised as the Directors do not consider it probable that future taxable profits will be available to utilise these losses.Finance Act 2021 sets the main rate of UK corporation tax at 19%, with an increase in the main rate to 25% with effect from 1 April 2023. The deferred tax liability relates to trading properties and has been calculated on the basis of 25%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__36": {
"value": "7. Net asset value per shareThe Group has adopted the EPRA NAV measures which came into effect for accounting periods starting 1 January 2020. EPRA issued best practice recommendations (BPR) for financial guidelines on its definitions of NAV measures. The NAV measures as outlined in the BPR are EPRA net tangible assets (NTA), EPRA net reinvestment value (NRV) and EPRA net disposal value (NDV).The Group considered EPRA Net Tangible Assets (NTA) to be the most relevant NAV measure for the Group and we are now reporting this as our primary NAV measure, replacing our previously reported EPRA NAV and EPRA NNNAV per share metrics. EPRA NTA excludes the intangible assets and the cumulative fair value adjustments for debt-related derivatives which are unlikely to be realised. As at 31 March 2024EPRA NTAEPRA NRVEPRA NDV\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Net assets attributable to Shareholders 97,774 97,774 97,774Include:Fair value adjustment of trading properties 449 449 449Real estate transfer tax \u2013 5,294 \u2013Fair value of fixed interest rate debt \u2013 \u2013 606Exclude:Deferred tax on latent capital gains and capital allowances 57 57 \u2013EPRA NAV 98,280 103,574 98,829Number of ordinary shares issued for diluted and EPRA net assets per share 37,554,525 37,554,525 37,554,525EPRA NAV per share 262p 276p 263pThe adjustments made to get to the EPRA NAV measures above are as follows:\u2022 Fair value adjustment of trading properties: Difference between trading property held on the balance sheet at cost in terms of IAS 2, being \u00a38.126 million, and the fair value of that trading property of \u00a38.575 million, resulting in a fair value adjustment of \u00a30.449 million.\u2022 Real estate transfer tax: Gross value of property portfolio as provided in the Valuation Certificate (i.e. the value prior to any deduction of purchasers\u2019 costs).\u2022 Fair value of fixed interest rate debt: Difference between any financial liability and asset held on the balance sheet of the Group and the fair value of that financial liability or asset.\u2022 Deferred tax on latent capital gains and capital allowances: Exclude the deferred tax as per IFRS balance sheet in respect of the difference between the fair value and the tax book value of investment property, development property held for investment, intangible assets, or other non-current investments as this would only become payable if the assets were sold.As at 31 March 2023EPRA NTAEPRA NRVEPRA NDV\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Net assets attributable to Shareholders 128,475 128,475 128,475Include:Fair value adjustment of trading properties 730 730 730Real estate transfer tax \u2013 11,922 \u2013Fair value of fixed interest rate debt \u2013 \u2013 863Exclude:Deferred tax on latent capital gains and capital allowances 76 76 \u2013EPRA NAV 129,281 141,203 130,068Number of ordinary shares issued for diluted and EPRA net assets per share 43,728,212 43,728,212 43,728,212EPRA NAV per share 296p 323p 297p20242023No of sharesNo of sharesNumber of ordinary shares issued at the end of the year (excluding treasury shares) 37,554,525 43,718,381Dilutive effect of share options \u2013 9,831Number of ordinary shares issued for diluted and EPRA net assets per share 37,554,525 43,728,212Net assets per ordinary shareBasic 260p 294pDiluted 260p 294pEPRA NTA 262p 296p",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__35": {
"value": "7. Net asset value per shareThe Group has adopted the EPRA NAV measures which came into effect for accounting periods starting 1 January 2020. EPRA issued best practice recommendations (BPR) for financial guidelines on its definitions of NAV measures. The NAV measures as outlined in the BPR are EPRA net tangible assets (NTA), EPRA net reinvestment value (NRV) and EPRA net disposal value (NDV).The Group considered EPRA Net Tangible Assets (NTA) to be the most relevant NAV measure for the Group and we are now reporting this as our primary NAV measure, replacing our previously reported EPRA NAV and EPRA NNNAV per share metrics. EPRA NTA excludes the intangible assets and the cumulative fair value adjustments for debt-related derivatives which are unlikely to be realised. As at 31 March 2024EPRA NTAEPRA NRVEPRA NDV\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Net assets attributable to Shareholders 97,774 97,774 97,774Include:Fair value adjustment of trading properties 449 449 449Real estate transfer tax \u2013 5,294 \u2013Fair value of fixed interest rate debt \u2013 \u2013 606Exclude:Deferred tax on latent capital gains and capital allowances 57 57 \u2013EPRA NAV 98,280 103,574 98,829Number of ordinary shares issued for diluted and EPRA net assets per share 37,554,525 37,554,525 37,554,525EPRA NAV per share 262p 276p 263pThe adjustments made to get to the EPRA NAV measures above are as follows:\u2022 Fair value adjustment of trading properties: Difference between trading property held on the balance sheet at cost in terms of IAS 2, being \u00a38.126 million, and the fair value of that trading property of \u00a38.575 million, resulting in a fair value adjustment of \u00a30.449 million.\u2022 Real estate transfer tax: Gross value of property portfolio as provided in the Valuation Certificate (i.e. the value prior to any deduction of purchasers\u2019 costs).\u2022 Fair value of fixed interest rate debt: Difference between any financial liability and asset held on the balance sheet of the Group and the fair value of that financial liability or asset.\u2022 Deferred tax on latent capital gains and capital allowances: Exclude the deferred tax as per IFRS balance sheet in respect of the difference between the fair value and the tax book value of investment property, development property held for investment, intangible assets, or other non-current investments as this would only become payable if the assets were sold.As at 31 March 2023EPRA NTAEPRA NRVEPRA NDV\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Net assets attributable to Shareholders 128,475 128,475 128,475Include:Fair value adjustment of trading properties 730 730 730Real estate transfer tax \u2013 11,922 \u2013Fair value of fixed interest rate debt \u2013 \u2013 863Exclude:Deferred tax on latent capital gains and capital allowances 76 76 \u2013EPRA NAV 129,281 141,203 130,068Number of ordinary shares issued for diluted and EPRA net assets per share 43,728,212 43,728,212 43,728,212EPRA NAV per share 296p 323p 297p20242023No of sharesNo of sharesNumber of ordinary shares issued at the end of the year (excluding treasury shares) 37,554,525 43,718,381Dilutive effect of share options \u2013 9,831Number of ordinary shares issued for diluted and EPRA net assets per share 37,554,525 43,728,212Net assets per ordinary shareBasic 260p 294pDiluted 260p 294pEPRA NTA 262p 296p",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__37": {
"value": "8. DividendsDividend20242023Payment dateper share\u00a3\u2019000\u00a3\u20190002024Interim dividend 29 December 2023 3.75 1,409 \u2013Interim dividend 13 October 2023 3.75 1,408 \u20137.50 2,817 \u20132023Final dividend 04 August 2023 3.75 1,583 \u2013Interim dividend 14 April 2023 3.75 1,645 \u2013Interim dividend 13 January 2023 3.75 \u2013 1,651Interim dividend 14 October 2022 3.75 \u2013 1,65115.00 3,228 3,3022022Final dividend 05 August 2022 3.75 \u2013 1,736Interim dividend 14 April 2022 3.25 \u2013 1,5047.00 \u2013 3,240Dividends reported in the Group Statement of Changes in Equity 6,045 6,54220242023\u00a3\u2019000\u00a3\u2019000August 2024 final dividend in respect of year end 31 March 2024: 3.75p (2023 final dividend: 3.75p) 1,408 1,621April 2024 interim dividend in respect of year end 31 March 2024: 3.75p (2023 interim dividend: 3.75p) 1,408 1,6452,816 3,266Final dividends on ordinary shares are subject to approval at the Annual General Meeting. Such dividends are not recognised as a liability as at 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__38": {
"value": "9. Property portfolioFreeholdLeaseholdTotalinvestment investment investment propertiespropertiesproperties\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 31 March 2022 216,110 16,607 232,717Additions \u2013 refurbishments 1,026 156 1,182Loss on revaluation of investment properties (38,663) (4,237) (42,900)Disposals (14,495) \u2013 (14,495)At 31 March 2023 163,978 12,526 176,504Additions \u2013 refurbishments 1,544 \u2013 1,544Loss on revaluation of investment properties (15,383) \u2013 (15,383)Disposals (76,294) (12,526) (88,820)At 31 March 2024 73,845 \u2013 73,845Total Total investment Trading property propertiespropertiesportfolio\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 1 April 2022 232,717 20,287 253,004Additions \u2013 refurbishments 1,182 \u2013 1,182Additions \u2013 trading property \u2013 363 363Loss on revaluation of properties (42,900) \u2013 (42,900)Disposals (14,495) (9,595) (24,090)At 1 April 2023 176,504 11,055 187,559Additions \u2013 refurbishments 1,544 \u2013 1,544Additions \u2013 trading property \u2013 90 90Loss on revaluation of properties (15,383) \u2013 (15,383)Disposals (88,820) (3,019) (91,839)At 31 March 2024 73,845 8,126 81,971The property portfolio has been independently valued at fair value. The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards July 2017 (\u201cthe Red Book\u201d) and incorporate the recommendations of the International Valuation Standards and the RICS valuation \u2013 Professional Standards UK January 2014 (Revised April 2015) which are consistent with the principles set out in IFRS 13. At 31 March 2024, the Group\u2019s freehold properties were externally valued by CBRE, a Royal Institution of Chartered Surveyors (\u201cRICS\u201d) registered independent valuer.The valuer in forming its opinion makes a series of assumptions, which are typically market related, such as net initial yields and expected rental values, and are based on the valuer\u2019s professional judgement. The valuer has sufficient current local and national knowledge of the particular property markets involved and has the skills and understanding to undertake the valuations competently.In addition to the loss on revaluation of investment properties included in the table above, realised gains of \u00a32,298,000 (2023: \u00a3819,000) relating to investment properties disposed of during the year were recognised in profit or loss.The Group developed a mixed-use scheme at Hudson Quarter, York. Part of the scheme consists of commercial units which the Group holds for leasing or has let. As a result of achieving practical completion in April 2021, the commercial element of the scheme is classified as investment properties.A reconciliation of the valuations carried out by the independent valuers to the carrying values shown in the Statement of Financial Position was as follows:20242023\u00a3\u2019000\u00a3\u2019000Property portfolio valuation 88,670 192,355Adjustment in respect of minimum payment under head leases \u2013 1,077Less trading properties at lower of cost and net realisable value (8,126) (11,055)Less lease incentive balance included in accrued income (6,250) (5,143)Less fair value uplift on trading properties (449) (730)Carrying value of investment properties 73,845 176,504The valuations of all investment property held by the Group is classified as Level 3 in the IFRS 13 fair value hierarchy as they are based on unobservable inputs. There have been no transfers between levels of the fair value hierarchy during the year.Valuation processThe valuation reports produced by CBRE, the independent valuers, are based on information provided by the Group such as current rents, terms and conditions of lease agreements, service charges and capital expenditure. This information is derived from the Group\u2019s financial and property management systems and is subject to the Group\u2019s overall control environment.In addition, the valuation reports are based on assumptions and valuation models used by the independent valuers. The assumptions are typically market related, such as yields and discount rates, and are based on their professional judgement and market observations. Each property is considered a separate asset, based on its unique nature, characteristics and the risks of the property. Only one investment property in the property portfolio was valued on a residual basis.The Head of Investment, responsible for the valuation process verifies all major inputs to the external valuation reports, assesses the individual property valuation changes from the prior year valuation report and holds discussions with the independent valuers. When this process is complete, the valuation report is recommended to the Audit & Risk Committee, which considers it as part of its overall responsibilities.The assumptions made in the valuation of the Group\u2019s investment properties are:\u2022 The amount and timing of future income streams;\u2022 Anticipated maintenance costs and other landlord\u2019s liabilities; and\u2022 An appropriate yieldValuation techniqueThe valuations reflect the tenancy data supplied by the Group along with associated revenue costs and capital expenditure. The fair value of the investment portfolio has been derived from capitalising the future estimated net income receipts at capitalisation rates reflected by recent arm\u2019s length sales transactions. The residential assets reflect the trading properties held at 31 March 2024 as the Group\u2019s entire property portfolio was valued.Significant unobservable inputs31 March 2024 Office Leisure Retail Residential TotalFair value of property portfolio 55,035,000 21,550,000 3,510,000 8,575,000 88,670,000Area (sq ft) 374,129 304,319 27,019 n/a 705,467Gross Estimated Rental Value 6,897,920 3,367,812 346,000 n/a 10,611,732Net Initial YieldMinimum 2.8% 13.2% 8.5% n/a 2.8%Maximum 12.3% 13.7% 8.5% n/a 13.7%Weighted average 5.4% 13.4% 8.5% n/a 8.0%Reversionary YieldMinimum 9.1% 10.7% 8.3% n/a 8.3%Maximum 15.2% 19.3% 8.3% n/a 19.3%Weighted average 11.8% 15.0% 8.3% n/a 13.0%Equivalent YieldMinimum 8.6% 12.4% 8.4% n/a 8.4%Maximum 11.8% 13.2% 8.4% n/a 13.2%Weighted average 9.7% 12.8% 8.4% n/a 11.7%Significant unobservable inputs31 March 2023 Office Industrial Leisure Other TotalFair value of property portfolio 95,615,000 35,855,000 29,290,000 31,595,000 192,355,000Area (sq ft) 622,905 339,470 304,319 84,851 1,351,545Gross Estimated Rental Value 11,050,952 2,820,749 3,324,009 1,556,403 18,752,113Net Initial YieldMinimum 0.3% 3.7% 10.5% 5.3% 0.3%Maximum 24.4% 8.1% 12.3% 9.9% 24.4%Weighted average 6.6% 6.3% 11.5% 7.2% 7.4%Reversionary YieldMinimum 6.9% 6.6% 8.7% 5.3% 5.3%Maximum 26.2% 8.4% 12.0% 10.0% 26.2%Weighted average 10.8% 7.4% 10.5% 7.2% 9.6%Equivalent YieldMinimum 6.8% 6.3% 10.0% 6.0% 6.0%Maximum 9.9% 7.1% 10.6% 9.8% 10.6%Weighted average 9.4% 6.6% 10.3% 7.4% 9.0%The \u201cother\u201d sector includes Residential, Retail and Retail Warehousing sectors.The following descriptions and definitions relate to valuation techniques and key unobservable inputs made in determining fair values:Market comparable methodUnder the market comparable method (or market comparable approach), a property\u2019s fair value is estimated based on comparable transactions in the market.Unobservable input: estimated rental valueThe rent at which space could be let in the market conditions prevailing at the date of valuation (range: \u00a3346,000 to \u00a31,970,107 per annum).Rental values are dependent on a number of variables in relation to the Group\u2019s property. These include: size, location, tenant, covenant strength and terms of the lease.Unobservable input: net initial yieldThe net initial yield is defined as the initial gross income as a percentage of the market value (or purchase price as appropriate) plus standard costs of purchase.Sensitivities of measurement of significant unobservable inputsAs set out within accounting estimates and judgements above, the Group\u2019s property Portfolio Valuation is open to judgements inherently subjective by nature.Impact on fair value measurement of Impact on fair value measurement of Unobservable inputsignificant increase in inputsignificant decrease in inputGross Estimated Rental Value Increase DecreaseNet Initial Yield Decrease IncreaseReversionary Yield Decrease IncreaseEquivalent Yield Decrease Increase-5% in +5% in +0.25% in net -0.25% in net passing passinginitial yield initial yield rent (\u00a3m) rent (\u00a3m)(\u00a3m)(\u00a3m)(Decrease)/increase in the fair value of investment properties as at 31 March 2024 (4.00) 4.00 (2.53) 2.70(Decrease)/increase in the fair value of investment properties as at 31 March 2023 (9.63) 9.63 (6.14) 6.92",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__39": {
"value": "10. Trading propertyTotal\u00a3\u2019000At 1 April 2022 20,287Costs capitalised 363Reversal of impairment of trading properties (9,595)At 1 April 2023 11,055Costs capitalised 90Disposal of trading properties (3,019)At 31 March 2024 8,126The Group developed a large mixed-use scheme at Hudson Quarter, York. Part of the approved scheme consists of residential units which the Group is in the process of selling. As a result, the residential element of the scheme is classified as trading property.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__40": {
"value": "11. Property, plant and equipmentIT, fixtures Right of use and fittingsasset\u00a3\u2019000\u00a3\u2019000At 1 April 2022 296 461Additions 8 197At 1 April 2023 304 658Additions \u2013 57Written off during the year \u2013 (32)At 31 March 2024 304 683DepreciationAt 1 April 2022 251 444Provided during the year 30 82At 1 April 2023 281 526Provided during the year 23 119At 31 March 2024 304 645Net book value at 31 March 2024 \u2013 38Net book value at 31 March 2023 23 132",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__41": {
"value": "12. Trade and other receivables20242023\u00a3\u2019000\u00a3\u2019000CurrentGross amounts receivable from tenants 1,979 2,550Less: expected credit loss provision (653) (653)Net amount receivable from tenants 1,326 1,897Other taxes 165 97Other debtors 904 993Accrued income 625 783Prepayments 332 4203,352 4,190Non-currentAccrued income 5,625 4,3605,625 4,360Total trade and other receivables 8,977 8,550Accrued income amounting to \u00a35,143,000 as at 31 March 2023 (2022: \u00a33,926,000) was classified previously as a current asset in error rather than allocated between current and non-current assets in line with their expected recovery. The accrued income relates to rents recognised in advance of receipt as a result of spreading the effect of rent free and reduced rent periods, capital contributions in lieu of rent free periods and contracted rent uplifts over the expected terms of their respective leases. The comparatives have been restated accordingly to correct the allocation between current and non-current assets. As such, \u00a34,360,000 of these amounts are classified as non-current assets and \u00a3783,000 as current assets as at 31 March 2023 (2022: \u00a33,375,000 and \u00a3551,000 respectively). There is no effect on the profit or net assets in any period presented. The carrying value of trade and other receivables classified at amortised cost approximates fair value.As at 31 March 2024 the lifetime expected credit loss provision for trade receivables and contract assets is as follows:More than More than More than 30 days60 days90 daysCurrentpast duepast duepast dueTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Expected loss rate 9% 4% 4% 58%Gross carrying amount 603 287 76 1,013 1,979Loss provision 53 13 3 584 653Changes to credit risk managementImpairment calculations have been carried out on trade receivables using the IFRS 9 simplified approach, using 12 months of historic rental payment information, and adjusting risk profiles based on forward-looking information. In addition, the Group has reviewed its register of tenants at higher risk, particularly in the leisure and retail sectors, those in administration or CVA and the top 20 tenants by size with the remaining tenants considered on a sector by sector basis.Concentration of credit riskThe credit risk in respect of trade receivables is not concentrated as the Group operates in many different sectors and locations around the UK, and has a wide range of tenants from a broad spectrum of business sectors. 87% of the ECL provision relates to tenants in the leisure sector.How forward looking information was incorporatedIn calculating the ECL provision, the Group used forward looking information when assessing the risk profiles of each tenant, most notably around the assessment over the likelihood of tenants having the ability to pay rent as demanded, as well as the likelihood of rent deferrals and rent frees being offered to tenants.Key sources of estimation uncertaintyThe Group\u2019s risk profile rates form a key part when calculating the ECL provision. Default rates were applied to each tenant based on the ageing of the outstanding receivable. Tenants were classified as either low (default range of 0.5% - 8%), medium (default range of 20% - 50%), high (default range of 65% - 80%), or extremely high risk (set default range of 100%), with default rates applied to each risk profile. These rates have been calculated by using historic and forward-looking information and is inherently subjective.A sensitivity analysis performed to determine the impact on the Group Statement of Comprehensive Income from a 10% increase in each of the risk profile rates would result in a decrease in profit by \u00a3146,000. The Group does not hold any material collateral as security.As at 31 March 2023 the lifetime expected credit loss provision for trade receivables and contract assets was as follows:More than More than More than 30 days60 days90 daysCurrentpast duepast duepast dueTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Expected loss rate 2% 3% 4% 92%Gross carrying amount 1,810 39 32 669 2,550Loss provision 33 1 1 618 653Movement in the expected credit loss provision was as follows:20242023\u00a3\u2019000\u00a3\u2019000Brought forward 653 980Receivables written off during the year as uncollectable \u2013 (50)Provisions released (146) (305)Provisions increased 146 28653 653",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__42": {
"value": "13. Cash and cash equivalentsAll of the Group\u2019s cash and cash equivalents at 31 March 2024 and 31 March 2023 are in sterling.20242023\u00a3\u2019000\u00a3\u2019000Cash and cash equivalents 19,766 5,509The Directors consider that the carrying amount of cash and cash equivalents approximates to their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__43": {
"value": "14. Trade and other payables20242023\u00a3\u2019000\u00a3\u2019000Trade payables 50 508Other taxes 480 646Other payables 1,138 1,484Deferred rental income 1,694 3,359Accruals 704 2,3424,066 8,339The deferred rental income in the year ended 31 March 2023 of \u00a33,359,000 was recognised as income in the year to 31 March 2024.The Directors consider that the carrying amount of trade and other payables measured at amortised cost approximates to their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__44": {
"value": "15. Borrowings20242023\u00a3\u2019000\u00a3\u2019000Current liabilitiesBank loans 318 8,563Unamortised lending costs \u2013 (18)318 8,545Non-current liabilitiesBank loans 7,993 55,770Unamortised lending costs (60) (641)7,933 55,129Total borrowingsBank loans 8,311 64,333Unamortised lending costs (60) (659)8,251 63,674The maturity profile of the Group\u2019s debt was as follows:20242023\u00a3\u2019000\u00a3\u2019000Within one year 318 8,563From one to two years 318 37,027From two to five years 7,675 18,7438,311 64,333Facility and arrangement feesAs at 31 March 2024Total Unused loan Facility Unamortised Loan Maturity Facilityfacilitiesdrawnfacility feesBalanceSecured Borrowings All in costdate\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Scottish Widows 2.90% July 2026 8,311 \u2013 8,311 (60) 8,2518,311 \u2013 8,311 (60) 8,251As at 31 March 2023Unused Total loan Facility Unamortised Loan Maturity Facilityfacilitiesdrawnfacility feesBalanceSecured Borrowings All in costdate\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Santander Bank plc 6.38% May 2027 11,750 \u2013 11,750 (337) 11,413Lloyds Bank plc 6.13% March 2024 6,845 \u2013 6,845 (18) 6,827National Westminster Bank plc 6.28% August 2024 37,724 (20,000) 17,724 (171) 17,553Barclays 6.13% June 2024 19,385 \u2013 19,385 (62) 19,323Scottish Widows 2.90% July 2026 8,629 \u2013 8,629 (71) 8,55884,333 (20,000) 64,333 (659) 63,674An investment property is subject to a first charge to secure the Group\u2019s bank loans amounting to \u00a38,311,000 (2023: \u00a364,333,000).The Group has unused loan facilities amounting to \u00a3Nil (2023: \u00a320,000,000). A facility fee was charged on this balance at a rate of 1.05% p.a. and was payable quarterly. This facility was secured on the investment properties held by Property Investment Holdings Limited, Palace Capital (Properties) Limited and Palace Capital (Leeds) Limited as part of the NatWest loan. The Group constantly monitors its approach to managing interest rate risk. The Group repaid all of its floating rate debt in the year and as a result, all of its debt is now fixed. The Group has a loan with Scottish Widows for \u00a38,311,000 (2023: \u00a38,629,000) which is fully fixed at a rate of 2.9%.During the year, the Group repaid the debt facility with Barclays Bank plc in full. The balance at 31 March 2023 was \u00a319,385,000. During the year, the Group repaid the debt facility with Santander plc in full. The balance at 31 March 2023 was \u00a311,750,000. During the year, the Group repaid the debt facility with Lloyds Bank plc in full. The balance at 31 March 2023 was \u00a36,845,000. During the year, the Group repaid the debt facility with National Westminster Bank plc in full. The balance at 31 March 2023 was \u00a317,724,000. At the same time the \u00a320.0m undrawn Revolving Credit Facility was cancelled. The fair value of borrowings held at amortised cost at 31 March 2024 was \u00a38,857,000 (2023: \u00a364,537,000). The difference in the fair value and carrying value of borrowings reflects the valuation of the fixed rate debt being higher than its carrying value. This is a level 2 fair value valuation of the fixed rate debt and was determined by an independent third party. The valuation is based on a net present value of the difference between the contracted rate and the valuation rate when applied to the projected balances for the period from the reporting date to the contracted expiry date.The Group\u2019s bank loans are subject to various covenants including Loan to Value, Interest Cover and Debt Service Cover requirements. During the year, the Group met all of its covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__45": {
"value": "18. LeasesOperating lease receipts in respect of rents on investment properties are receivable as follows:20242023\u00a3\u2019000\u00a3\u2019000Within one year 7,610 15,524From one to two years 7,802 13,277From two to three years 7,385 13,046From three to four years 5,849 12,030From four to five years 4,741 8,742From five to 25 years 30,580 42,75563,967 105,374Lease liabilities are classified as follows:20242023\u00a3\u2019000\u00a3\u2019000Lease liabilities for investment properties \u2013 1,077Lease liabilities for right of use asset 39 13239 1,209Lease obligations in respect of rents payable on leasehold properties were payable as follows:2024 2023Present value Present value Leaseof leaseof leasepaymentsInterestpaymentspayments\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Within one year \u2013 \u2013 \u2013 \u2013From one to two years \u2013 \u2013 \u2013 \u2013From two to five years \u2013 \u2013 \u2013 1From five to 25 years \u2013 \u2013 \u2013 4After 25 years \u2013 \u2013 \u2013 1,072\u2013 \u2013 \u2013 1,077Lease obligations in respect of rents payable on right of use assets were payable as follows:2024 2023Present value Present value Leaseof leaseof leasepaymentsInterestpaymentspayments\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Within one year 40 (1) 39 132The net carrying amount of the leasehold properties is shown in note 9.The Group has over 70 leases granted to its tenants. These vary depending on the individual tenant and the respective property and demise and vary considerably from short-term leases of less than one year to longer-term leases of over 10 years.A number of these leases contain rent free periods. Standard lease provisions include service charge payments and recovery of other direct costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__46": {
"value": "19. Share capital20242023Authorised, issued and fully paid share capital is as follows:\u00a3\u2019000\u00a3\u201900037,560,295 ordinary shares of 10p each (2023: 46,388,515) 3,756 4,6393,756 4,63920242023Reconciliation of movement in ordinary share capital\u00a3\u2019000\u00a3\u2019000At start of year 4,639 4,639Treasury shares cancelled in the year (883) \u2013At end of year 3,756 4,639Number of ordinary Total number Movement in ordinary authorised share capitalshares issuedof sharesAs at 31 March 2022 and 31 March 2023 46,388,51527 March 2024 (8,828,220)As at 31 March 2024 37,560,295Number of Total ordinarynumberMovement in treasury sharesshares issuedof sharesAs at 31 March 2023 2,668,220Shares repurchased and transferred to Treasury 3 April 2023 75,000Shares repurchased and transferred to Treasury 17 April 2023 75,000Shares repurchased and transferred to Treasury 11 May 2023 50,000Shares repurchased and transferred to Treasury 12 May 2023 52,000Shares repurchased and transferred to Treasury 16 May 2023 53,000Shares repurchased and transferred to Treasury 24 May 2023 100,000Shares repurchased and transferred to Treasury 5 June 2023 100,000Shares repurchased and transferred to Treasury 20 June 2023 215,000Shares repurchased and transferred to Treasury 22 June 2023 160,000Shares repurchased and transferred to Treasury 27 June 2023 350,000Shares repurchased and transferred to Treasury 29 June 2023 275,000Shares repurchased and transferred to Treasury 6 July 2023 300,000Shares repurchased and transferred to Treasury 18 July 2023 75,000Shares repurchased and transferred to Treasury 9 August 2023 750,000Shares repurchased and transferred to Treasury 11 August 2023 2,814,495Shares repurchased and transferred to Treasury 21 August 2023 100,000Shares repurchased and transferred to Treasury 25 August 2023 300,000Shares repurchased and transferred to Treasury 5 September 2023 315,505Cancellation of treasury shares 27 March 2024 (8,828,220)As at 31 March 2024 \u2013Total number of shares excluding the number of shares held in treasury at 31 March 2024 37,560,295Year ended 31 March 2024On 3 April 2023, 75,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 17 April 2023, 75,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 11 May 2023, 50,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 12 May 2023, 52,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 16 May 2023, 53,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 24 May 2023, 100,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 5 June 2023, 100,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 20 June 2023, 215,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 22 June 2023, 160,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 27 June 2023, 350,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 29 June 2023, 275,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 6 July 2023, 300,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 18 July 2023, 75,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 9 August 2023, 750,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 11 August 2023, 2,814,495 shares were purchased by the Group on the open market and transferred into treasury reserves.On 21 August 2023, 100,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 25 August 2023, 300,000 shares were purchased by the Group on the open market and transferred into treasury reserves.On 5 September 2023, 315,505 shares were purchased by the Group on the open market and transferred into treasury reserves.On 27 March 2024, 8,828,220 shares were cancelled by the Group.Shares held in Employee Benefit Trust20242023No. of No. of Authorised, issued and fully paid share capital is as follows:sharessharesBrought forward 1,914 458Transferred under scheme of arrangement \u2013 40,000Shares exercised under deferred bonus share scheme (13,521) (38,544)Shares exercised under employee LTIP scheme (42,440) \u2013Shares purchased by EBT 59,817 \u2013At end of year 5,770 1,91420242023Share options:No. of No. of Reconciliation of movement in outstanding share optionsoptionsoptionsAt start of year 537,877 1,078,826LTIPs exercised in the year (68,612) \u2013Prior period accrued dividends on vested options \u2013 32,491Lapsed in the year (290,147) (544,727)Deferred bonus share options issued \u2013 9,831Deferred bonus share options exercised (9,831) (38,544)At end of year 169,287 537,877As at 31 March 2024, the Company had the following outstanding unexpired options:2024 2023Weighted Weighted No. of averageNo. of averageDescription of unexpired share optionsoptionsoption priceOptionsoption priceEmployee benefit plan 169,287 0p 528,046 0pDeferred bonus share scheme issued \u2013 0p 9,831 0pTotal 169,287 0p 537,877 0pExercisable \u2013 0p \u2013 0pNot exercisable 169,287 0p 537,877 0pThe weighted average remaining contractual life of share options at 31 March 2024 is 0.6 years (2023: 1.0 years).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__47": {
"value": "20. Share-based paymentsEmployee benefit planThe following table illustrates the number and weighted average exercise prices of, and movements in, share options during the period:Average share price atNumber ofExercisedate of GrantVestingoptionspriceexercisedatedateOutstanding at 31 March 2022 1,078,826 0pDeferred bonus share options issued 9,831 0p 285p 18 August 2022 18 August 2023Deferred bonus share options exercised (38,544) 0p 263p 15 June 2021 15 June 2022Prior period accrued dividends on vested options 32,491 0pLapsed in the year (LTIP 2019) (241,147) 0pLapsed in the year (LTIP 2020) (124,123) 0pLapsed in the year (LTIP 2021) (179,457) 0pOutstanding at 31 March 2023 537,877 0pDeferred bonus share options exercised (9,831) 0p 254.5p 18 August 2022 18 August 2023Exercised during the year (LTIP 2020) (68,612) 0p 226.5p 14 October 2020 14 October 2023Lapsed in the year (LTIP 2020) (236,175) 0pLapsed in the year (LTIP 2021) (53,972) 0pOutstanding at 31 March 2024 169,287 0pLTIP 2021The options are awarded to employees on achievements against targets on two separate measures over the three-year period. For directors, the options are subject to a two-year holding period following vesting. Half the options will be awarded based on the first target and half based on the achievement of the second.Total property return growth is calculated as Total Property Return of the Company over the Performance Period beginning on 31 March 2021 and ending on 31 March 2024, using the Total Property Return (\u201cTPR\u201d) as calculated by MSCI for the Group as compared with the TPR for the MSCI IPD Index (the \u201cComparator\u201d) over the same period. The TPR for the Group and the Comparator will be its percentage increase over the three-year Performance Period.Total Shareholder return (TSR) measures the total Shareholder return (price rise plus dividends) over the period from 16 November 2021 to 15 November 2024. The percentage of the TSR metric will be adjusted downwards according to the Company\u2019s share price discount to net asset value at the time of vesting. Share Price Discount will be calculated with reference to the closing share price on 15 November 2024 and EPRA Net Tangible Assets as at 30 September 2024. The base price is \u00a32.44 per share which was the market price at the grant date.Annualised TSR over the TSR performance period Vesting % TPR equivalent total over performance period Vesting %<5% 0 <0.5% 0Equal to 5% 20 Equal to 0.5% 20Between 5% and 9% 20\u2013100 Between 0.5% and 2.5% 20\u2013100Equal to 9% 100 Equal to 2.5% 100The fair value of grants was measured at the grant date using a Black\u2212Scholes pricing model for the TPR tranche and using a Monte Carlo pricing model for the TSR tranche, taking into account the terms and conditions upon which the instruments were granted. The services received and a liability to pay for those services are recognised over the expected vesting period. The main assumptions of both the Black\u2212Scholes and Monte Carlo pricing models are as follows:Monte Carlo TSRBlack-Scholes PVTrancheTrancheGrant date 16 November 2021 16 November 2021Share price \u00a32.44 \u00a32.44Exercise price 0p 0pTerm 5 years 5 yearsExpected volatility 38.03% 38.03%Expected dividend yield 0.00% 0.00%Risk free rate 0.59% 0.59%Time to vest (years) 3.0 3.0Expected forfeiture p.a. 0% 0%Fair value per option \u00a31.28 \u00a32.44The expense recognised for employee share-based payment received during the period is shown in the following table:20242023\u00a3\u2019000\u00a3\u2019000LTIP 2019 \u2013 15LTIP 2020 51 87LTIP 2021 86 75Total expense arising from share-based payment transactions 137 177",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__48": {
"value": "21. Related party transactionsCharitable donations amounting to \u00a3Nil (2023: \u00a36,000) have been made by the Group to Variety, the Children\u2019s Charity, a charity where Neil Sinclair, previously Chief Executive, was a Trustee.Dividend payments made to Directors amounted to \u00a32,306 (2023: \u00a327,598) during the year. See note 4 for further details of key management remuneration.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__49": {
"value": "23. Post balance sheet eventsOn 17 April 2024, the Group completed on the disposal of Sandringham House, Harlow, for a total consideration of \u00a33.3m.On 19 April 2024, the Group completed on the disposal of Kiln Farm, Milton Keynes, for a total consideration of \u00a36.5m.On 29 April 2024, the Group exchanged on the disposal of the whole share capital of Palace Capital (Manchester) Limited, for a total consideration of \u00a38.8m. Completion of the sale is due to take place by 22 July 2024.On 5 June 2024, the Group conditionally exchanged on the disposal of unit 3B at St James\u2019 Gate, Newcastle for a total consideration of \u00a30.7m. Completion of the sale is due to take within the next three months.Post year end, the Group exchanged on a further two residential unit sales at Hudson Quarter for a total consideration of \u00a31.2m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__50": {
"value": "24. Financial risk managementThe Group\u2019s principal financial liabilities are loans. The Group has rent and other receivables, trade and other payables and cash and short-term deposits that arise directly from its operations. The Group is exposed to market risk (including real estate risk), credit risk and liquidity risk.The Group\u2019s senior management oversee the management of these risks, and the Board of Directors has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and it sets policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below:The Group manages its capital structure, and makes adjustments to it, in the light of changes in economic conditions.To maintain or adjust the capital structure, the Group may adjust the dividend payment to Shareholders, return capital to Shareholders or issue new shares. Capital risk managementThe Group considers its capital to comprise its share capital, share premium, other reserves, capital reduction reserves and retained earnings which amounted to \u00a397,774,000 (2023: \u00a3128,475,000). The Group\u2019s capital management objectives are to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for Shareholders and benefits for other stakeholders and to provide an adequate return to Shareholders by pricing its services commensurately with the level of risk. Within the subsidiaries of the Group, the business has covenanted to maintain a specified leverage ratio and a net interest expense coverage ratio, all the terms of which have been adhered to during the year.Market riskMarket risk arises from the Group\u2019s use of interest bearing, and tradable instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors.Interest rate riskThe interest rate exposure profile of the Group\u2019s financial assets and liabilities as at 31 March 2024 and 31 March 2023 were:Nil rate assets and Floating rate Fixed rate liabilitiesassetsliabilityTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 31 March 2024Trade and other receivables 2,230 \u2013 \u2013 2,230Cash and cash equivalents \u2013 19,766 \u2013 19,766Trade and other payables (2,457) \u2013 \u2013 (2,457)Bank borrowings \u2013 \u2013 (8,251) (8,251)Lease liabilities \u2013 \u2013 (39) (39)(227) 19,766 (8,290) 11,249Nil rate assetsFloating rate Fixed rateFloating rateand liabilitiesassetsliabilityliabilityTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 31 March 2023Trade and other receivables 2,890 \u2013 \u2013 \u2013 2,890Cash and cash equivalents \u2013 5,509 \u2013 \u2013 5,509Trade and other payables (4,334) \u2013 \u2013 \u2013 (4,334)Bank borrowings \u2013 \u2013 (8,558) (55,116) (63,674)Lease liabilities \u2013 \u2013 (1,209) \u2013 (1,209)(1,444) 5,509 (9,767) (55,116) (60,818)The Group has loans amounting to \u00a3Nil (2023: \u00a355,116,000) which have interest payable at rates linked to the SONIA interest rates or bank base rates. A 1% increase in the SONIA or base rate will have the effect of increasing interest payable by \u00a3Nil (2023: \u00a3551,000).The Directors regularly review the Group\u2019s position with regard to interest rates in order to minimise its risk.Credit risk managementCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.The Group has its cash held on deposit with two large banks in the United Kingdom. At 31 March 2024 the cash balances of the Group were \u00a319,766,000 (2023: \u00a35,509,000). The concentration of credit risk held with Barclays Bank plc, the largest of these banks, was \u00a319,262,000 (2023: \u00a32,997,000). Credit risk also results from the possibility of a tenant in the Group\u2019s property portfolio defaulting on a lease. The largest tenant by contractual income amounts to 14.8% (2023: 6.0%) of the Group\u2019s anticipated income. The Directors assess a tenant\u2019s creditworthiness prior to granting leases and employ professional firms of property management consultants to manage the portfolio to ensure that tenants debts are collected promptly and the Directors in conjunction with the property managers take appropriate actions when payment is not made on time.The carrying amount of financial assets (excluding cash balances) recorded in the financial statements, net of any allowances for losses, represents the Group\u2019s maximum exposure to credit risk without taking account of the value of any collateral obtained. The carrying amount of these assets at 31 March 2024 was \u00a32,230,000 (2023: \u00a32,890,000). The details of the provision for expected credit loss are shown in note 12.Liquidity risk managementThe Group\u2019s policy is to hold cash and obtain loan facilities at a level sufficient to ensure that the Group has available funds to meet its medium-term capital and funding obligations. The Group holds cash to enable the Group to manage its liquidity risk.The Group monitors its risk to a shortage of funds using a monthly working capital model. This process considers the maturity of both the Group\u2019s financial investments and financial assets (e.g. accounts receivable, other financial assets) and projected cash flows from operations.The tables below summarise the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:On demand0\u20131 years1\u20132 years2\u20135 yearsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 31 March 2024Interest bearing loans \u2013 550 541 7,735 8,826Trade and other payables 1,892 \u2013 \u2013 565 2,4571,892 550 541 8,300 11,283On demand0\u20131 years1\u20132 years2\u20135 years> 5 yearsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3,000\u00a3\u2019000\u00a3\u2019000As at 31 March 2023Interest bearing loans \u2013 12,161 38,606 19,598 \u2013 70,365Lease liabilities \u2013 54 54 162 5,839 6,109Trade and other payables 4,334 \u2013 \u2013 \u2013 \u2013 4,3344,334 12,215 38,660 19,760 5,839 80,808",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__51": {
"value": "market risk (including real estate risk), credit risk and liquidity risk.The Group\u2019s senior management oversee the management of these risks, and the Board of Directors has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and it sets policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below:The Group manages its capital structure, and makes adjustments to it, in the light of changes in economic conditions.To maintain or adjust the capital structure, the Group may adjust the dividend payment to Shareholders, return capital to Shareholders or issue new shares. Capital risk managementThe Group considers its capital to comprise its share capital, share premium, other reserves, capital reduction reserves and retained earnings which amounted to \u00a397,774,000 (2023: \u00a3128,475,000). The Group\u2019s capital management objectives are to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for Shareholders and benefits for other stakeholders and to provide an adequate return to Shareholders by pricing its services commensurately with the level of risk. Within the subsidiaries of the Group, the business has covenanted to maintain a specified leverage ratio and a net interest expense coverage ratio, all the terms of which have been adhered to during the year.Market riskMarket risk arises from the Group\u2019s use of interest bearing, and tradable instruments. It is the risk that the fair value or future cash flows",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__52": {
"value": "Credit risk managementCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.The Group has its cash held on deposit with two large banks in the United Kingdom. At 31 March 2024 the cash balances of the Group were \u00a319,766,000 (2023: \u00a35,509,000). The concentration of credit risk held with Barclays Bank plc, the largest of these banks, was \u00a319,262,000 (2023: \u00a32,997,000). Credit risk also results from the possibility of a tenant in the Group\u2019s property portfolio defaulting on a lease. The largest tenant by contractual income amounts to 14.8% (2023: 6.0%) of the Group\u2019s anticipated income. The Directors assess a tenant\u2019s creditworthiness prior to granting leases and employ professional firms of property management consultants to manage the portfolio to ensure that tenants debts are collected promptly and the Directors in conjunction with the property managers take appropriate actions when payment is not made on time.The carrying amount of financial assets (excluding cash balances) recorded in the financial statements, net of any allowances for losses, represents the Group\u2019s maximum exposure to credit risk without taking account of the value of any collateral obtained. The carrying amount of these assets at 31 March 2024 was \u00a32,230,000 (2023: \u00a32,890,000). The details of the provision for expected credit loss are shown in note 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s7_notes__6__53": {
"value": "Liquidity risk managementThe Group\u2019s policy is to hold cash and obtain loan facilities at a level sufficient to ensure that the Group has available funds to meet its medium-term capital and funding obligations. The Group holds cash to enable the Group to manage its liquidity risk.The Group monitors its risk to a shortage of funds using a monthly working capital model. This process considers the maturity of both the Group\u2019s financial investments and financial assets (e.g. accounts receivable, other financial assets) and projected cash flows from operations.The tables below summarise the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:On demand0\u20131 years1\u20132 years2\u20135 yearsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000As at 31 March 2024Interest bearing loans \u2013 550 541 7,735 8,826Trade and other payables 1,892 \u2013 \u2013 565 2,4571,892 550 541 8,300 11,283On demand0\u20131 years1\u20132 years2\u20135 years> 5 yearsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3,000\u00a3\u2019000\u00a3\u2019000As at 31 March 2023Interest bearing loans \u2013 12,161 38,606 19,598 \u2013 70,365Lease liabilities \u2013 54 54 162 5,839 6,109Trade and other payables 4,334 \u2013 \u2013 \u2013 \u2013 4,3344,334 12,215 38,660 19,760 5,839 80,808",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138009JDFQOXJFCJQ05",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
}
}
}