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"value": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1 Basis of preparation
1.1 Introduction
These Consolidated Financial Statements have been prepared and approved by the Directors in accordance with
UK-adopted International Accounting Standards (UK-adopted IFRS). The Company has elected to prepare its
Parent Company financial statements in accordance with FRS 101; these are presented on pages 211 to 216.
The Group Financial Statements consolidate those of the Company and its subsidiaries (together referred to as the
Group) and equity account the Group\u2019s interest in joint ventures. The Parent Company financial statements present
information about the Company as a separate entity and not about its Group.
The Consolidated Financial Statements have been prepared under the historical cost convention and on the going
concern basis. Historical cost is generally based on the fair value of the consideration given in exchange for the assets.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in accordance with International Financial Reporting Standards
(IFRS) requires the use of certain critical accounting estimates. It also requires management to exercise
their judgement in the process of applying the Group\u2019s accounting policies.
The key areas involving estimation uncertainty, which are significant to the Consolidated Financial Statements, are:
\u2014 cost of sales recognition which is dependent on an estimate of future selling prices and build costs. See note 2.12; and
\u2014 post completion development provisions which rely on management judgement in estimating the quantum and timing
of outflows of resources to settle any associated legal or constructive obligations. See note 2.16.
Whilst these are key areas of estimation uncertainty, these are unlikely to have a material impact on the carrying value
of assets and liabilities in the next financial year.
The significant areas of judgement exercised by management are detailed below:
Critical area of judgement in applying the Group\u2019s accounting policies
Asset acquisition
In the prior year, the Group acquired the outstanding 50% partnership interest in its joint venture St William Homes LLP
from National Grid plc, following which St William Homes LLP became a wholly owned subsidiary of the Group. The
Directors applied the optional \u2018concentration test\u2019 under IFRS 3 \u2018Business Combinations\u2019 whereby the transaction was
accounted for as the acquisition of a set of assets concentrated in inventory. The cash consideration paid in excess of
National Grid\u2019s 50% share of the net assets of St William reflected additional land cost within inventory in the Group\u2019s
Balance Sheet of \u00a3238 million.
Group accounting policies
The significant Group accounting policies are included within the relevant notes to the Consolidated Financial
Statements on pages 178 to 210. The accounting policies set out below have been applied consistently to all
periods presented in these Consolidated Financial Statements.
1.2 Going concern
The Directors have assessed the business plan and future funding requirements of the Group over the medium term and
compared these with the level of committed loan facilities and existing cash resources. As at 30 April 2023, the Group
had net cash of \u00a3410.4 million and total liquidity of \u00a31,610.4 million when this net cash is combined with banking facilities
of \u00a3800 million (committed to February 2028), of which \u00a3540 million in undrawn, and \u00a3400 million listed bonds (which
mature in August 2031). Furthermore, the Group has cash due on forward sales of \u00a32,135.7 million, a significant
proportion of which covers delivery for the next 18 months.
In making this assessment, consideration has been given to the uncertainty inherent in future financial forecasts
and where applicable, severe but plausible sensitivities have been applied to the key factors affecting the financial
performance of the Group. The Directors have a reasonable expectation that the Group has adequate resources
to continue in operational existence for not less than 12 months from the date of approval of these Consolidated
Financial Statements. For this reason, the Directors continue to adopt the going concern basis of accounting in
preparing the Consolidated Financial Statements.
1.3 Consideration of climate change
In preparing the Financial Statements, consideration has been given to the Group\u2019s activities to address climate change
as part of Our Vision 2030 and its assessment and reporting of future climate-related transitional and physical risks
under the Task Force on Climate-related Financial Disclosures (TCFD) framework, both of which are set out in the
Strategic Report.
The costs of developing the Group\u2019s sites are held in inventory as these are trading in nature and are therefore taken
through cost of sales to match the revenue generated by the sale of properties on each development. The recognition
of cost of sales, and therefore the carrying value of inventory, during a financial year is made by reference to the latest
assessment of each development\u2019s forecast profit margin, which is a key area of estimation uncertainty as set out in
Note 2.12.
The cost of specific climate change related activities undertaken as part of the development of a site are inherently difficult
to disassociate from other input costs as these typically involve a myriad of inter-related design and construction based
solutions, for instance over the selection of key materials and technologies adopted to reduce embodied carbon and
minimise future energy use of the Group\u2019s occupied homes. In turn, these activities are regulated by prevailing building
regulations and planning requirements.
Therefore, the forecast cost estimates used to determine the cost of sales recognition during the financial year inherently
reflect the Group\u2019s current development-specific climate related actions through its cost plans which align to the
development solution. Consistent with the higher cost uncertainty inherent in its longer-term developments from
evolving regulatory and other market-led changes, the Group may incur as yet unknown costs associated with its
own future climate-related actions as well as costs arising from the impact of climate change. As set out in Note 2.12,
the Group\u2019s cost assessments and allocation evolve over the life of each development.
1.4 Basis of consolidation
(a) Subsidiaries
The Consolidated Financial Statements comprise the financial statements of the Parent Company and all its subsidiary
undertakings. The accounting date for subsidiary undertakings is 30 April, unless otherwise stated in note 2.26.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power over
the entity. In assessing control, the Group takes into consideration substantive rights that are currently exercisable. The
acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are
included in the Consolidated Financial Statements from the date that control commences until the date that control
ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests
even if doing so causes the non-controlling interests to have a deficit balance.
The purchase method of accounting is used to account for the acquisition of subsidiary undertakings by the Group.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies
used in line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated
on consolidation. acquisition related costs are expensed as incurred.
(b) Joint ventures
Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost.
The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The
Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements
of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When
the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced
to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or
constructive obligations or made payments on behalf of an investee.
1.5 Adoption of new and revised standards
The following amendments to standards and interpretations are applicable to the Group and are mandatory for the first
time for the financial year beginning 1 May 2022:
\u2014 IAS 16 Property, Plant and Equipment: Proceeds before Intended Use;
\u2014 IAS 37 Onerous Contracts: Cost of Fulfilling a Contract;
\u2014 IFRS 3 Business Combinations: References to the Conceptual Framework; and
\u2014 Annual Improvements to IFRS 9 Financial Instruments.
The Group did not have to change its accounting policies or make retrospective adjustments as a result of these amendments.
1.6 Impact of standards and interpretations in issue but not yet effective
The International Accounting Standards Board (\u201cIASB\u201d) has published the following amendments to IFRSs which will
be applicable to the Group for the financial year beginning 1 May 2023. These amendments are not expected to have
a significant impact on the results of the Group:
\u2014 Amendments to IAS 1 Presentation of Financial Statements;
\u2014 Amendments to IFRS 17 Insurance Contracts;
\u2014 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; and
\u2014 Amendments to IAS 12 Income Taxes.
2 Results for the year
2.1 Revenue
The Group\u2019s revenue derives principally from the sale of residential homes and commercial properties across mixed use
developments in the United Kingdom.
Revenue represents the amounts receivable from the sale of properties, comprising private and affordable
residential homes and commercial properties, ground rent assets and other income directly associated with
property development.
For the significant majority of residential and commercial property sales, properties are treated as sold and
profits and revenues are recognised when all performance obligations under the contract have been satisfied,
following which control of the unit is passed to the customer. This is determined as the point of legal completion.
Where revenue arises on contracts where the customer controls the property during construction and for
which the Group has a right to payment for work performed, the Group recognises revenue over time.
Revenue and costs are recognised with reference to the stage of completion of the contract, measured by
construction progress.
Ground rent assets are treated as sold when contracts are exchanged, all material conditions precedent
to the sale have been satisfied and control of the ground rent assets have passed to the customer.
An analysis of the Group\u2019s continuing revenue is as follows:
2023
\u00a3m
2022
\u00a3m
Residential revenue 2,508.3 2,302.0
Commercial revenue 41.9 46.0
2,550.2 2,348.0
Included within revenue is \u00a3396.0 million (2022: \u00a3356.6 million) of customer deposits, received in prior years, for units
that legally completed in the year. Included within commercial revenue is \u00a318.1 million (2022: \u00a314.7 million) of revenue
recognised in relation to the stage of completion of the contract. Included within residential revenue is \u00a315.2 million
(2022: \u00a3nil) of revenue recognised in relation to the stage of completion of the contract.
2.2 Segmental disclosure
Operating segments are identified in a manner consistent with the internal reporting provided to the chief
operating decision maker. The Group determines its reportable segments having regard to permitted
aggregation criteria with the principal condition being that the operating segments should have similar
economic characteristics.
The Group is predominantly engaged in residential-led, mixed use property development, comprising
residential revenue to private customers or affordable housing providers, revenue from land sales and
commercial revenue.
For the purposes of determining its operating segments, the chief operating decision maker has been identified as
the Executive Committee of the Board. This Committee approves investment decisions, allocates the Group\u2019s resources
and reviews the internal reporting in order to assess performance.
The Group has determined that its operating segments are the management teams that report into the Executive Committee
of the Board. These management teams are all engaged in residential-led, mixed use development in the United Kingdom
and, having regard to the aggregation criteria in IFRS 8, the Group has one reportable operating segment.
For the purpose of monitoring segment performance and allocating resources between segments, all assets are
considered to be attributable to residential-led, mixed use property development.
2.3 Net finance costs
2023
\u00a3m
2022
\u00a3m
Finance income 23.1 2.5
Finance costs
Interest payable on borrowings and non-utilisation fees (21.9) (12.1)
Amortisation of facility fees (1.7) (1.8)
Other finance costs (10.1) (1.1)
(33.7) (15.0)
Net finance costs (10.6) (12.5)
Finance income predominantly represents interest earned on cash deposits. Other finance costs represent imputed
interest on land purchased on deferred settlement terms and lease interest.
2.4 Profit before taxation
Expenditure recorded in inventory is expensed through cost of sales at the time of the related property
sale. The amount of cost related to each property includes its share of the overall site costs including,
where relevant, its share of forecast costs to complete. Net operating expenditure is recognised in respect
of goods and services received when supplied in accordance with contractual terms. Provision is made when
an obligation exists for a future liability in respect of a past event and where the amount of the obligation can
be reliably estimated. See inventories note 2.12 for further disclosures on the key estimates and judgements
around cost recognition.
Government grants are recognised when there is reasonable assurance that the Group will comply with the
conditions attached to them and the grants will be received. Grants related to assets are deducted from the
carrying value of the asset, and are recognised in the Income Statement so as to match with the related costs
they are intended to compensate for.
Profit before taxation is stated after charging the following amounts:
2023
\u00a3m
2022
\u00a3m
Staff costs (note 2.5) 304.0 280.7
Depreciation on property, plant and equipment (note 2.9) 3.4 3.8
Depreciation on right-of-use assets (note 2.10) 2.2 1.8
Loss on sale of property, plant and equipment 3.7 0.1
Fees paid and payable to the Company\u2019s auditor for the audit of the Group and Parent Company 1.2 0.9
Fees paid and payable to the Company\u2019s auditor for other services:
\u2014 Audit of the Company\u2019s subsidiaries and joint ventures 0.1 0.1
\u2014 Audit related assurance services 0.1 0.1
\u2014 Non-audit related assurance services 0.1 0.1
The value of inventories expensed and included in the cost of sales is \u00a31,760.4 million (2022: \u00a31,630.3 million).
Government grants of \u00a313.3 million (2022: \u00a3nil) were received in the year relating to the provision of highway
infrastructure, for which all performance conditions were satisfied.
Fees incurred in the year to the Group\u2019s current auditor for audit and non-audit related assurance services relate to the interim
review and assurance services related to carbon emissions and compliance with Berkeley\u2019s Green Financing Framework.
In addition to the above services, the Group\u2019s current auditor acted as auditor to the Berkeley Final Salary Plan in the
year ended 30 April 2022, for which a fee of \u00a310,000 was paid. They are not appointed as the auditor for the year ended
30 April 2023.
2.5 Directors and employees
Profit before taxation is stated after charging the following amounts:
2023
\u00a3m
2022
\u00a3m
Staff costs:
Wages and salaries 253.8 238.6
Social security costs 32.5 31.5
Share based payments \u2013 equity settled 3.0 2.0
Share based payments \u2013 cash settled 4.6 (0.8)
Pension costs 10.1 9.4
304.0 280.7
The average monthly number of persons employed by the Group during the year was 2,973 (2022: 2,911).
Key management compensation
Key management comprises the Main Board, as the Directors are considered to have the authority and responsibility
for planning, directing and controlling the activities of the Group. Details of Directors\u2019 emoluments as included in the
Income Statement during the year are as follows:
2023
\u00a3m
2022
\u00a3m
Directors\u2019 remuneration 2.2 2.3
Amount charged under long-term incentive schemes 3.1 1.9
Company contributions to the defined contribution pension schemes 0.1 0.1
5.4 4.3
The Directors\u2019 Remuneration Report includes disclosure of the gains made by Directors on the exercise of share options
during the year, which were \u00a314.4 million (2022: \u00a321.4 million) in aggregate.
The number of Directors accruing benefits under defined contribution pension schemes in the year was one (2022: one).
Equity settled share based payments
Where the Company operates equity settled share based compensation plans, the fair value of the employee
services received in exchange for the grant of the options is recognised as an expense. The total amount to be
expensed over the vesting period is determined by reference to the fair value of the options granted, taking
into account only service and non-market conditions.
At each Balance Sheet date, the Group revises its estimate of the number of options that are expected
to vest. It recognises the impact of the revision to original estimates, if any, in the Income Statement, with
a corresponding adjustment to equity.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal
value) and share premium when the options are exercised.
The Group operates three (2022: one) equity settled share based payment schemes. The charge to the Income Statement
in respect of share based payments in the year relating to grants of share options awarded under the 2011 Long-term
Incentive Plan (2011 LTIP) was \u00a32.1 million (2022: \u00a32.0 million). The charge to the Income Statement in respect of share
based payments in the year relating to grants of share options awarded under the New Share Plans, Long-term Option
Plan (LTOP) and Restricted Share Plan (RSP), was \u00a30.7 million and \u00a30.2 million respectively. The charge to the Income
Statement attributable to key management was \u00a33.1 million (2022: \u00a31.9 million).
The charge to the reserves during the year in respect of employee share schemes was \u00a34.5 million (2022: \u00a38.7 million),
resulting from the non-cash IFRS 2 charge for the year.
There were nil exercisable share options at the end of the year (2022: nil). During the year 568,761 options vested under
the 2011 LTIP (2022: 815,903) and 870,081 options lapsed (2022: 2,129,662).
2011 Long-term Incentive Plan
The 2011 LTIP was approved by shareholders at the 2011 AGM. The 2011 LTIP is designed to incentivise management to
both deliver long-term shareholder returns and create value in the ongoing business. Under the plan eligible employees
are granted options which will only vest if certain performance conditions are satisfied. Participation in the plan is at the
discretion of the Board.
The current term of the plan runs for 14 years, with the final options due to vest in September 2025. The original scheme
was due to run until September 2021, but at the 2019 AGM the scheme was extended, for eligible employees, by four
years to September 2025.
The amount of options that vest is dependent on the shareholder return on equity and, for the Executive members, the
remuneration caps in place. Total remuneration caps are in place for Executive Directors. Each year options can vest up
to the value of their remuneration cap. Any options prevented from vesting due to the caps are banked, and will vest in
equal tranches from September 2022 to 2025. Additional returns of \u00a32 per annum must be returned to shareholders
from 2022 to 2025 in order for the banked options to vest.
Options granted under the plan are for nil consideration and carry no dividend or voting rights. The original option
price was \u00a316.34, which equated to \u00a32.3 billion of shareholder return that needed to be returned to shareholders over
the original term of the LTIP to 2021. The option price for each tranche was reduced by the value of dividend paid each
year, but fixed at 30 September 2021 for subsequent tranches expected to vest in 2022 to 2025. The fixed option price
for tranches expected to vest from September 2022 to 2025 is now \u00a35.30.
The key features of the plan are as follows:
2016 2017 \u2013 2018 2019 \u2013 2021 2022 \u2013 2025
\u00a32 of return required each year by 30 September for
tranche of options to vest.
Tranche \u2014
33.0% option
Tranche \u2014
13.4% option
per annum
Tranche \u2014
13.4% option
per annum
Original option price \u00a316.34, reduced by amount of \u00a32
return provided in dividend each year. Option price
fixed at 30 September 2021 at \u00a35.30.
\u00a32 of return required each year for any of the shares
subject to tranches from 2022 \u2013 2025 to vest.
Banked options carried forward. Banked options vest in equal tranches to value of total
rem cap.
LTIP cap in
place
Total rem cap
in place
Vesting to total rem cap each year.
When exercised, each option is converted into one ordinary share on the vesting date. The exercise price of the option is
based on the opening price at which the Company\u2019s shares are traded on the London Stock Exchange on the date of vesting.
Sale restrictions are in place which provide a maximum of 10% of the cumulative balance of the shares earned to be sold
each year.
The table below summarises the movement in options under the 2011 LTIP during the year:
2023 2022
Option price
per share
\u00a3
Number of
options
No.
Option price
per share
\u00a3
Number of
options
No.
As at 1 May \u2013 4,349,689 \u2013 7,295,254
Exercised during the year 5.30 (568,761) 5.30 (815,903)
Total options lapsed during the year \u2013 (870,081) \u2013 (2,129,662)
As at 30 April \u2013 2,910,847 \u2013 4,349,689
The historic options vested, options banked and the option price are shown in the table below:
2023
Vesting date
Option price
\u00a3
Share options vested
No.
Options at
30 April 2023
30 September 2016 10.00 5,719,166 \u2013
30 September 2017 8.63 892,487 1,163,737
30 September 2018 7.73 990,955 1,231,409
30 September 2019 7.46 926,265 1,202,514
30 September 2020 5.39 836,466 1,096,471
30 September 2021 5.30 815,903 982,628
30 September 2022 5.30 568,761 \u2013
Banked options vested \u2013 \u2013 (568,761)
Banked options lapsed \u2013 \u2013 (2,197,151)
Total \u2013 10,750,003 2,910,847
Fair value of options granted
The assessed fair value of the original options granted, determined using the current market pricing model, was \u00a33.17.
The inputs into the current market pricing model were as follows:
Inputs
Grant date 5 September 2011
Final vesting date 30 September 2021
Share price at date of grant (p) 1,236
Exercise price \u00a3nil
Discount rate 6.3%
Modifications to the 2011 LTIP, approved at the 2019 AGM, were considered to be non-beneficial due to the extended
service period and requirement for additional shareholder returns. Therefore, there was no impact on the fair value of
the options or accounting treatment applied.
The discount rate was determined by calculating the Group\u2019s expected cost of capital over the original vesting period
at the grant date.
Long-Term Option Plan (LTOP)
The LTOP was approved by shareholders at the 2022 AGM. The LTOP is designed to incentivise management to deliver
long-term performance and growth in shareholder value in line with the time horizon of the business strategy. Under the
plan, eligible employees are granted a one-off grant of options with an exercise price at the higher of the share price at
grant date and \u00a348.50. Participation in the plan is at the discretion of the Remuneration Committee.
Vesting will occur in five equal tranches between September 2026 and September 2030, with a holding restriction being
in place until at least five years from grant.
The exercise price of the options increases by \u00a32.50 per year for vesting dates from September 2027 onwards. As such,
a minimum exercise price on the options granted will be as follows, which is the only performance condition applied to
the plan in addition to continued employment:
Vesting date
Minimum exercise
price (prior
to reductions
for dividends)
30 September 2026 \u00a348.50
30 September 2027 \u00a351.00
2 October 2028 \u00a353.50
1 October 2029 \u00a356.00
30 September 2030 \u00a358.50
Each year the amount of options that vest is dependent on the growth in shareholder value driven by the minimum
exercise price required to be achieved, adjusted for dividends or other distributions to shareholders and each
employee\u2019s remuneration cap in place. Any options prevented from vesting due to the caps are lapsed.
When exercised, each option is converted into one ordinary share on the vesting date. Sale restrictions are in place
which provide a maximum of 10% of the cumulative balance of the shares earned to be sold each year.
In the year 4,360,000 (2022: nil) LTOP awards were granted and were outstanding at 30 April 2023.
Restrictive Share Plan (RSP)
The RSP was approved by shareholders at the 2022 AGM. The RSP is designed to incentivise management to deliver
long-term performance rather than in-year performance. The RSP is an annual restrictive share award with the first
awards granted in September 2022, vesting in 2026 with a further one year holding period. Participation in the plan
is at the discretion of the Remuneration Committee.
Annual awards are determined by the Remuneration Committee, however the maximum number of shares under the
RSP awards granted to participants will not exceed 175% of the salary of the CEO and 150% of the salary of all other
Executive Directors.
The vesting of awards is subject to remaining in service and the following two underpin conditions:
i) In order for any of the award to vest, the average Return on Equity over the four prior financial years must be at least
15%, commencing with the financial year in which the RSP Awards are granted; and
ii) Up to 20% of the award will be forfeited in the event of unsatisfactory progress against strategic and ESG priorities
over the relevant vesting period.
The vesting of awards is restricted to the level of each employee\u2019s remuneration cap. The remuneration cap is first
applied to the LTOP to the extent that total remuneration would exceed the cap, followed by the RSP if required.
Any RSP awards in excess of the total remuneration cap will lapse immediately.
In the year 93,123 (2022: nil) RSP awards were granted and were outstanding at 30 April 2023.
Long-term Option
Plan (LTOP)
Vesting period Released
awards
Vesting period
Released
awards
Vesting period
Released
awards
Vesting period
Released
awards
Vesting period
Vested
options
Released
awards
One year
holding period
Restricted
Share Plan
(RSP)
Vesting period Released
Vesting period
Released
Vesting period
Released
September of year 2023 2024 2025 2026 2027 2028 2029 2030
Cash settled share based payments
The cost of cash settled transactions is recognised as an expense over the vesting period measured by
reference to the fair value of the corresponding liability which is recognised on the Statement of Financial
Position. The liability is remeasured at fair value at each Balance Sheet date until settlement with changes
in fair value recognised in the Income Statement.
Senior management share appreciation rights
Certain key members of senior management have been awarded cash bonuses deferred in notional shares in the
Company. The notional shares have a contractual life of five years after the bonus is allocated, and are settled in
cash subject to continued employment by the Company and individual and divisional performance criteria.
The liability is accrued over the vesting period. The Income Statement is charged with an estimate for the vesting
of notional shares awarded subject to service and non-market performance conditions. The charge for 2023 was
\u00a30.2 million (2022: \u00a30.2 million).
The total carrying amount of liabilities for share appreciation rights at the end of the year was \u00a30.3 million
(2022: \u00a31.3 million), recorded in accruals and deferred income.
Pensions
The Group accounts for pensions under IAS 19 \u2018Employee Benefits\u2019. The Group has both defined benefit and
defined contribution plans. The defined benefit plan was closed to future accrual with effect from 1 April 2007.
For the defined benefit scheme, the obligations are measured using the projected unit credit method. The
calculation of the net obligation is performed by a qualified actuary. The operating and financing costs of
these plans are recognised separately in the Income Statement; service costs are set annually on the basis
of actuarial valuations of the scheme and financing costs are recognised in the period in which they arise.
Actuarial gains and losses are recognised immediately in the Statement of Comprehensive Income.
Pension contributions under defined contribution schemes are charged to the Income Statement as they fall due.
Defined contribution plan
Contributions amounting to \u00a38.5 million (2022: \u00a37.9 million) were paid into the defined contribution schemes during
the year. There were \u00a30.2 million of contributions outstanding to the scheme at 30 April 2023 (2022: \u00a3nil).
Defined benefit plan
As at 30 April 2023, the Group operated one defined benefit pension scheme which was closed to future accrual with
effect from 1 April 2007. This is a separate Trustee administered fund holding the pension plan assets to meet long-term
pension liabilities for some 154 past employees. The level of retirement benefit is principally based on salary earned in
the last three years of employment prior to leaving active service and is linked to changes in inflation up to retirement.
The Berkeley Final Salary Plan is subject to an independent actuarial valuation at least every three years. The most
recent valuation was carried out as at 30 April 2022 and the initial valuation results have been included below, with
finalisation due by 31 July 2023. The method adopted in the 2022 valuation was the projected unit credit method,
which assumed no allowance for over performance on investments both prior to and after retirement and inflation
linked pension increases derived at each term using Black Scholes Methodology with a volatility assumption of 1.40%
per annum. The market value of the Berkeley Final Salary Plan assets as at 1 May 2022 was \u00a322.9 million and covered
117% of the scheme\u2019s liabilities. The Group made additional voluntary contributions of \u00a30.6 million during the year
(2022: \u00a30.6 million).
Following the High Court ruling on 26 October 2018, regarding the equalisation of Guaranteed Minimum Pension (GMP)
benefit, the plan was required to adjust benefits to remove the inequalities between the GMP benefits awarded to males
and females. On 20 November 2020, the High Court issued a supplementary ruling in respect of GMP equalisation with
regard to members who transferred out of the scheme prior to the ruling. The plan has not yet completed a full review
of the impact of GMP equalisation and no additional costs have been recognised during the year (2022: \u00a3nil).
For the purpose of IAS 19, the 2022 valuation was updated for 30 April 2023.
The most significant risks to which the plan exposes the Group are as follows:
\u2014 Inflation risk: A rise in inflation rates will lead to higher plan liabilities as a large proportion of the defined benefit
obligation is indexed in line with price inflation. This effect will be limited due to caps on inflationary increases to
protect the plan against extreme inflation.
\u2014 Investment risk: There is a risk that future investment performance fails to generate expected returns.
\u2014 Employer convenant risk: There is a risk that the strength of the employer covenant materially weakens which may
impact the ability to support the fund.
\u2014 Mortality risk: An increase in life expectancy would result in an increase to plan liabilities as a significant proportion
of the pension schemes\u2019 obligations are to provide benefits for the life of the member.
The amounts recognised in the Statement of Financial Position are determined as follows:
2023
\u00a3m
2022
\u00a3m
Present value of defined benefit obligations (14.5) (19.1)
Fair value of plan assets 16.2 21.4
Net surplus recognised in the Statement of Financial Position 1.7 2.3
Defined benefit
obligations Fair value plan assets
Net defined
benefit asset
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Balance at 1 May (19.1) (23.2) 21.4 26.4 2.3 3.2
Included in Income Statement:
Net interest (0.5) (0.4) 0.6 0.5 0.1 0.1
Included in Other Comprehensive Income:
Re-measurements:
Actuarial gain/(loss) arising from:
\u2014 Demographic assumptions 0.4 0.2 \u2013 \u2013 0.4 0.2
\u2014 Scheme experience (0.1) 0.1 \u2013 \u2013 (0.1) 0.1
\u2014 Financial assumptions 4.3 2.9 \u2013 \u2013 4.3 2.9
Return on plan assets \u2013 \u2013 (5.9) (4.8) (5.9) (4.8)
Other:
Contributions by the employer \u2013 \u2013 0.6 0.6 0.6 0.6
Benefits paid out 0.5 1.3 (0.5) (1.3) \u2013 \u2013
Balance at 30 April (14.5) (19.1) 16.2 21.4 1.7 2.3
Cumulative actuarial gains and losses recognised in equity:
2023
\u00a3m
2022
\u00a3m
Cumulative amounts of losses recognised in the Statement of Comprehensive Income at 1 May (6.4) (4.8)
Net actuarial loss recognised in the year (1.3) (1.6)
Cumulative amounts of losses recognised in the Statement of Comprehensive Income at 30 April (7.7) (6.4)
The fair value of the assets was as follows:
30 April 2023
Long-term value
\u00a3m
30 April 2022
Long-term value
\u00a3m
Diversified growth fund 3.2 5.1
Absolute return bonds 4.1 7.7
Liquidity driven investment 4.4 5.0
Corporate bonds 1.7 \u2013
Cash 2.8 3.6
Fair value of plan assets 16.2 21.4
All equity securities and government bonds have quoted prices in active markets. All government bonds are issued
by European Governments and are AAA- or AA- rated. All other plan assets are not quoted in an active market.
History of asset values
30 April
2023
\u00a3m
30 April
2022
\u00a3m
30 April
2021
\u00a3m
30 April
2020
\u00a3m
30 April
2019
\u00a3m
Fair value of plan assets 16.2 21.4 26.4 23.0 22.5
Present value of defined benefit obligations (14.5) (19.1) (23.2) (22.4) (20.9)
Net surplus in the plan 1.7 2.3 3.2 0.6 1.6
Actuarial assumptions
The major assumptions used by the actuary for the 30 April 2023 valuation were as follows:
30 April
2023
30 April
2022
Discount rate 4.85% 3.00%
Inflation assumption (RPI) 3.40% 3.80%
Inflation assumption (CPI) 2.85% 3.30%
Rate of increase in pensions in payment post 97 (pre-97 receive 3% p.a. increases) 3.85% 3.90%
The mortality assumptions are the standard S3PMA/S3PFA_M CMI_2021_X (1.25%) (2022: S3PMA/S3PFA_M
CMI_2021_X (1.25%)) base table for males and females, both adjusted for each individual\u2019s year of birth to allow for
future improvements in mortality rates. The life expectancy of male and female pensioners (now aged 65) retiring
at age 65 on the Balance Sheet date is 21.3 years and 23.3 years respectively (2022: 21.7 and 23.5 years respectively).
The life expectancy of male and female deferred pensioners (now aged 45) retiring at age 65 after the Balance Sheet
date is 22.6 years and 24.8 years respectively (2022: 22.9 and 25.0 years respectively).
Sensitivity analysis
The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table
summarises how the impact on the defined benefit obligation at the end of the reporting period would have increased
as a result of a change in the respective assumptions.
Change in
assumption
Change in defined
benefit obligation
Discount rate +0.5% p.a. \u00a3(0.8)m
Rate of inflation +0.25% p.a. \u00a30.2m
Rate of mortality +1 year \u00a30.5m
These calculations provide an approximate guide to the sensitivity of results and may not be as accurate as a full valuation
carried out on these assumptions. In practice, changes in some of the assumptions are correlated and so each assumption
change is unlikely to occur in isolation, as shown above.
Funding
The Group expects to pay \u00a30.6 million in contributions to its defined benefit plan in the year ending 30 April 2024, albeit
it has no obligation to do so (2023: \u00a30.6 million).
2.6 Taxation
The Group applies IAS 12 \u2018Income Taxes\u2019 in accounting for taxes on income. Income tax payable on taxable
profits (current tax) is recognised as an expense in the periods in which the profits arise. In the autumn
Budget 2021, a new 4% Residential Property Developer Tax (RPDT) was introduced which is effective from
1 April 2022. RPDT is intended to fund the cost of remedial cladding works borne by the Government and
is treated as income tax.
The taxation expense represents the sum of current tax payable and deferred tax including RPDT. Current
tax and deferred tax are provided at the amounts expected to be paid (or received) using the tax rules and
laws that have been enacted, or substantially enacted, by the reporting date.
The tax charge for the year is as follows:
2023
\u00a3m
2022
\u00a3m
Current tax including RPDT
UK current tax payable (140.5) (148.2)
Adjustments in respect of previous years (1.4) 2.3
(141.9) (145.9)
Deferred tax including RPDT
Deferred tax movements 2.5 73.0
Adjustments in respect of previous years 1.1 3.8
3.6 76.8
(138.3) (69.1)
Tax on items recognised directly in equity is as follows:
2023
\u00a3m
2022
\u00a3m
Deferred tax in respect of employee share schemes (note 2.17) (9.8) 3.8
Corporation tax is calculated at 19.5% (2022: 19.0%) of the estimated assessable profit for the year. With effect from
1 April 2022, the Group is subject to RPDT at a rate of 4%, and results in a weighted statutory rate of corporate income
tax of 23.5% for the year (2022: 19.3%).
The tax charge assessed for the year differs from the weighted statutory rate of corporate income tax of 23.5%
(2022: 19.3%). The differences are explained below:
2023
\u00a3m
2022
\u00a3m
Profit before tax 604.0 551.5
Tax on profit at standard UK corporation tax rate 141.9 106.6
Effects of:
\u2014 Expenses not deductible for tax purposes 1.8 1.5
\u2014 Tax effect of share of results of joint ventures (0.2) (0.2)
\u2014 Adjustments in respect of previous years 0.3 (6.1)
\u2014 Effect of change in rate of tax (note 2.17) (4.7) (32.1)
\u2014 Other (0.8) (0.6)
Tax charge 138.3 69.1
The Group has an overall tax charge for the year of \u00a3138.3 million (2022: \u00a369.1 million) including UK current tax payable
of \u00a3140.5 million (2022: \u00a3148.2 million). The effective tax rate for the year is 22.9% (2022: 12.5%) and includes a \u00a34.7 million
credit arising from the re-measurement, in part, of the Group\u2019s UK deferred tax assets at 29% following the changes to
both the corporation tax rate substantially enacted in May 2021 and the introduction of RPDT at a rate of 4% on 1 April 2022.
2.7 Earnings per ordinary share
Basic earnings per share (EPS) are calculated as the profit for the financial year attributable to shareholders of the
Group divided by the weighted average number of shares in issue during the year .
For the year ended 30 April 2023 2022
Profit attributable to shareholders (\u00a3m) 465.7 482.4
Weighted average no. of shares (million) 109.1 115.5
Basic EPS (pence) 426.8 417.8
For diluted earnings per ordinary share, the weighted average number of shares in issue is adjusted to assume the
conversion of all potentially dilutive ordinary shares.
At 30 April 2023, the Group had one (2022: one) category of dilutive ordinary shares: 1.0 million (2022: 1.6 million)
share options under the 2011 LTIP.
A calculation is undertaken to determine the number of shares that could have been acquired at fair value based
on the aggregate of the exercise price of each share option and the fair value of future services to be supplied to
the Group which is the unamortised share based payments charge. The difference between the number of shares
that could have been acquired at fair value and the total number of options is used in the diluted EPS calculation.
For the year ended 30 April 2023 2022
Profit used to determine diluted EPS (million) 465.7 482.4
Weighted average number of shares (million) 109.1 115.5
Adjustments for:
\u2014 Share options 1.1 1.8
Shares used to determine diluted EPS (million) 110.2 117.3
\u2014 Diluted EPS (pence) 422.4 411.4
2.8 Intangible assets
Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds
the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its
subsequent measurement is based on annual impairment reviews and impairment reviews performed where
an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made
to those cash-generating units or groups of cash-generating units that are expected to benefit from the
business combination in which the goodwill arose.
Goodwill
\u00a3m
Cost:
At 1 May 2022 and 30 April 2023 17.2
Accumulated impairment:
At 1 May 2022 and 30 April 2023 \u2013
Net book value:
At 1 May 2022 and 30 April 2023 17.2
Cost:
At 1 May 2021 and 30 April 2022 17.2
Accumulated impairment:
At 1 May 2021 and 30 April 2022 \u2013
Net book value:
At 1 May 2021 and 30 April 2022 17.2
The goodwill balance relates solely to the acquisition of the 50% of the ordinary share capital of St James Group Limited,
completed on 7 November 2006, that was not already owned by the Group. The goodwill balance is tested annually for
impairment. The recoverable amount has been determined on the basis of the value in use of the business using the
current five year pre-tax forecasts. Key assumptions are as follows:
(i) cash flows beyond a five year period are not extrapolated; and
(ii) a pre-tax discount rate of 13.5% (2022: 9.3%) based on the Group\u2019s weighted average cost of capital.
The Directors have identified no reasonably possible change in a key assumption which would give rise to an
impairment charge.
2.9 Property, plant and equipment
Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes
the original purchase price of the asset and the costs attributable to bringing the asset to its working condition
for its intended use. Depreciation is provided to write off the cost of the assets on a straight line basis to their
residual value over their estimated useful lives at the following annual rates:
Freehold buildings 25 \u2013 50 years
Fixtures, fittings and equipment 3 \u2013 12 years
Motor vehicles 4 years
Freehold property disclosed in the notes to the Consolidated Financial Statements consists of both freehold
land and freehold buildings. No depreciation is provided on freehold land. Computer equipment is included
within fixtures and fittings. The assets\u2019 residual values, carrying values and useful lives are reviewed on an
annual basis and adjusted if appropriate at each Balance Sheet date. Where an impairment is identified,
the recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised
in the Income Statement.
Subsequent costs are included in the assets\u2019 carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and
the cost of the item can be measured reliably. The carrying amount of the replaced part is de-recognised.
All other repairs and maintenance are charged to the Income Statement during the financial period in which
they are incurred.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are
recognised within net operating expenses in the Income Statement.
Freehold
property
\u00a3m
Fixtures,
fittings &
equipment
\u00a3m
Motor
vehicles
\u00a3m
Total
\u00a3m
Cost:
At 1 May 2022 30.5 21.0 1.9 53.4
Additions 0.4 1.1 0.5 2.0
Disposals \u2013 (6.9) (0.3) (7.2)
At 30 April 2023 30.9 15.2 2.1 48.2
Accumulated depreciation:
At 1 May 2022 3.6 8.3 1.0 12.9
Charge for the year 0.8 2.4 0.2 3.4
Disposals \u2013 (2.5) (0.2) (2.7)
At 30 April 2023 4.4 8.2 1.0 13.6
Net book value:
At 1 May 2022 26.9 12.7 0.9 40.5
At 30 April 2023 26.5 7.0 1.1 34.6
Freehold
property
\u00a3m
Fixtures,
fittings &
equipment
\u00a3m
Motor
vehicles
\u00a3m
Total
\u00a3m
Cost:
At 1 May 2021 33.5 21.1 2.1 56.7
Additions 0.1 1.0 0.2 1.3
Transfer to inventory (3.1) \u2013 \u2013 (3.1)
Disposals \u2013 (1.1) (0.4) (1.5)
At 30 April 2022 30.5 21.0 1.9 53.4
Accumulated depreciation:
At 1 May 2021 3.3 6.3 1.1 10.7
Charge for the year 0.7 2.9 0.2 3.8
Transfer to inventory (0.4) \u2013 \u2013 (0.4)
Disposals \u2013 (0.9) (0.3) (1.2)
At 30 April 2022 3.6 8.3 1.0 12.9
Net book value:
At 1 May 2021 30.2 14.8 1.0 46.0
At 30 April 2022 26.9 12.7 0.9 40.5
2.10 Right-of-use assets and lease liabilities
The lease liability is initially measured at the present value of the remaining lease payments, discounted using
the Group\u2019s incremental borrowing rate. The Group determines the borrowing rate from external financing
sources and adjusts this to reflect the term of the lease and the type of assets subject to the lease. The lease
term comprises the non-cancellable period of the contract, together with periods covered by an option to
extend the lease where the Group is reasonably certain to exercise that option. Subsequently, the lease liability
is measured by increasing the carrying amount to reflect interest on the lease liability, and reducing it by the
lease payments made. The lease liability is remeasured when the Group changes its assessment of whether it
will exercise an extension or termination option.
Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability, plus
any initial direct costs and an estimate of asset retirement obligations, less any lease incentives. Subsequently,
right-of-use assets are measured at cost, less any accumulated depreciation and any accumulated impairment
losses, and are adjusted for certain re-measurements of the lease liability. Depreciation is calculated on a straight
line basis over the length of the lease.
The Group has elected to apply exemptions for short-term leases and leases for which the underlying asset
is of low value. For these leases, payments are charged to the Income Statement on a straight line basis over
the term of the relevant lease.
Right-of-use assets are presented separately in non-current assets on the face of the Consolidated Statement
of Financial Position and lease liabilities are shown separately on the Consolidated Statement of Financial
Position in current liabilities and non-current liabilities depending on the length of the lease term.
Leasehold
property
\u00a3m
Motor
vehicles
\u00a3m
Total
\u00a3m
Cost:
At 1 May 2022 10.6 0.7 11.3
Additions 2.1 0.1 2.2
Disposals (0.6) \u2013 (0.6)
At 30 April 2023 12.1 0.8 12.9
Accumulated depreciation:
At 1 May 2022 5.0 0.5 5.5
Charge for the year 2.4 0.1 2.5
Disposals (0.3) \u2013 (0.3)
At 30 April 2023 7.1 0.6 7.7
Net book value:
At 1 May 2022 5.6 0.2 5.8
At 30 April 2023 5.0 0.2 5.2
Lease liabilities included in the Consolidated Statement of Financial Position:
2023
\u00a3m
2022
\u00a3m
Current 2.2 2.1
Non-current 2.9 3.8
Total 5.1 5.9
Amounts recognised in the Consolidated Income Statement:
2023
\u00a3m
2022
\u00a3m
Depreciation charged on right-of-use assets \u2013 Office buildings 2.4 1.7
Depreciation charged on right-of-use assets \u2013 Motor vehicles 0.1 0.1
Interest on lease liabilities 0.1 0.1
Total 2.6 1.9
The total cash outflow for leases in 2023 was \u00a32.3 million (2022: \u00a31.9 million).
2.11 Investments in joint ventures
Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised
at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and
equity movements of equity accounted investees, from the date that joint control commences until the date that
joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the
Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent
that the Group has incurred legal or constructive obligations or made payments on behalf of an investee.
2023
\u00a3m
2022
\u00a3m
Loans 40.9 29.3
Share of post acquisition reserves 182.5 161.1
223.4 190.4
Details of the joint ventures are provided in notes 2.25 and 2.26.
2023
\u00a3m
2022
\u00a3m
At 1 May 190.4 281.7
Group\u2019s share of profit after taxation for the year 96.3 56.1
Increase in loans to joint ventures 11.6 26.7
Dividends from joint ventures (St Edward) (74.9) \u2013
Disposal of equity share in joint venture \u2013 (174.1)
At 30 April 223.4 190.4
The disposal in 2022 relates to the acquisition of the outstanding 50% partnership interest in St William Homes LLP,
following which St William Homes LLP is a wholly owned subsidiary of the Berkeley Group. The Group recognised its
50% share of St William Homes LLP\u2019s profit up to acquisition date of 15 March 2022. Subsequently, 100% of St William
Homes LLP\u2019s Income Statement is included within the Consolidated Income Statement.
The Group\u2019s share of joint ventures\u2019 net assets, income and expenses is comprised as follows:
2023
St Edward
\u00a3m
St William
\u00a3m
Other
\u00a3m
Total
\u00a3m
Cash and cash equivalents 248.6 \u2013 0.2 248.8
Other current assets 412.0 \u2013 35.9 447.9
Current assets 660.6 \u2013 36.1 696.7
Current liabilities (236.4) \u2013 (0.1) (236.5)
Non\u2013current financial liabilities* (58.8) \u2013 (36.4) (95.2)
Net assets/(liabilities) (at 100%) 365.4 \u2013 (0.4) 365.0
Group share of net assets/(liabilities) (50%) 182.7 \u2013 (0.2) 182.5
Loans to joint ventures 22.6 \u2013 18.3 40.9
Total interest in joint ventures 205.3 \u2013 18.1 223.4
Revenue 534.4 \u2013 (0.1) 534.3
Costs (344.5) \u2013 (0.4) (344.9)
Operating profit/(loss) 189.9 \u2013 (0.5) 189.4
Net finance income/(costs) 4.1 \u2013 (0.1) 4.0
Profit/(loss) before taxation for the year 194.0 \u2013 (0.6) 193.4
Tax charge (0.8) \u2013 \u2013 (0.8)
Profit/(loss) after taxation and total comprehensive income/(expense) (100%) 193.2 \u2013 (0.6) 192.6
Group share of post tax profit/(loss) of joint ventures (50%) 96.6 \u2013 (0.3) 96.3
During the year, the Group entered into a new 50/50 joint venture agreement with Latimer Developments Ltd (2022:
SEGRO Properties Limited).
The other joint ventures in the table comprise asset venture specific 50/50 joint ventures \u2013 Latimer Developments Ltd
and SEGRO Properties Limited.
* Non-current liabilities include amounts owed to joint venture partners
2022
St Edward
\u00a3m
St William
\u00a3m
Other
\u00a3m
Total
\u00a3m
Cash and cash equivalents 251.0 \u2013 \u2013 251.0
Other current assets 594.7 \u2013 13.4 608.1
Current assets 845.7 \u2013 13.4 859.1
Current liabilities (440.2) \u2013 \u2013 (440.2)
Non\u2013current financial liabilities* (83.3) \u2013 (13.4) (96.7)
Net assets (at 100%) 322.2 \u2013 \u2013 322.2
Group share of net assets (50%) 161.1 \u2013 \u2013 161.1
Loans to joint ventures 22.6 \u2013 6.7 29.3
Total interest in joint ventures 183.7 \u2013 6.7 190.4
Revenue 279.6 262.4 \u2013 542.0
Costs (192.8) (224.7) \u2013 (417.5)
Operating profit 86.8 37.7 \u2013 124.5
Net finance income/(costs) 0.6 (12.3) \u2013 (11.7)
Profit before taxation for the year 87.4 25.4 \u2013 112.8
Tax charge (0.5) \u2013 \u2013 (0.5)
Profit after taxation and total comprehensive income (100%) 86.9 25.4 \u2013 112.3
Group share of post tax profit of joint ventures (50%) 43.4 12.7 \u2013 56.1
* Non-current liabilities include amounts owed to joint venture partners
2.12 Inventories
Property in the course of development and completed units are valued at the lower of cost and net realisable
value. Direct cost comprises the cost of land, raw materials and development costs but excludes indirect
overheads. Provision is made, where appropriate, to reduce the value of inventories and work in progress
to their net realisable value.
Land purchased for development, including land in the course of development, is initially recorded at cost.
Where such land is purchased on deferred settlement terms, and the cost differs from the amount that will
subsequently be paid in settling the liability, this difference is charged as a finance cost in the Income
Statement over the period to settlement.
As residential development is largely speculative by nature, not all inventories are covered by forward sales
contracts. Furthermore, due to the nature of the Group\u2019s activity and in particular, the scale of its developments
and the length of the development cycle, the Group has to allocate site-wide development costs between
units being built and/or completed in the current year and those for future years. It also has to forecast the
costs to complete on such developments.
In making such assessments and allocations in determining each site\u2019s margin which is used to estimate cost of
sales when revenue is recognised for each unit, there is a degree of inherent estimation uncertainty. In particular
due to the need to take account of future direct input costs, sales prices and the need to allocate all site-wide
costs on an appropriate basis to reflect the overall level of development risk, including planning risk. The Group
has established internal controls designed to effectively assess and centrally review inventory carrying values
and ensure the appropriateness of the estimates made. These assessments and allocations evolve over the life
of the development in line with the risk profile, and accordingly the margin recognised reflects these evolving
estimates. Similarly, these estimates impact the carrying value of inventory at each reporting date as this is a
function of costs incurred in the year and the allocation of inventory to costs of sales on each property sold.
An increase or decrease to estimated costs recognised in the year, by virtue of a 1% change to forecast
development margin, would lead to a change in cost of sales and inventory of \u00a317.6 million in the current
financial year (2022: \u00a316.3 million). This sensitivity is based on a reasonably possible scenario and is provided
in the absence of a change to any other factor affecting future gross margins on the Group\u2019s developments,
such as a change in future sales prices.
In addition, the Group has consistently applied its approach to margin recognition in relation to the Group\u2019s
particularly complex, long-term regeneration developments where whole-site costs are accelerated to the
early stages of the development to reflect the greater uncertainty and the evolution of risk over the life of
such developments. These developments, where the development life cycle is typically greater than ten years,
are considered to be particularly susceptible to potential downward shifts in profitability due to the cyclical
nature of the property market and its impact on both revenue and costs. As such, the inherent estimation
uncertainty is increased.
A fundamental principle of the Group\u2019s accounting policy is to reduce the possibility of recognising margin
in the early stages of a development that could subsequently reverse. As such, for these long-term sites
with greatest estimation uncertainty, a greater proportion of whole-site costs is recognised during the
earlier stages of the development up to a point of inflection when such developments are deemed to be
sufficiently de-risked. Subsequent to this inflection point, and should the uncertainties have not materialised,
margin would increase as the visibility over projected revenue and costs across the development improves.
As at 30 April 2023, the greater proportion of whole-site costs recognised in either the current or previous
financial years during the earlier stages of the development for the Group\u2019s particularly complex, long-term
sites amounted to 4% (2022: 5%) of the future estimated revenue for the specific sites. As with all judgements
involving estimation over a long-term horizon, the outcome of future events may affect the eventual
accounting outcome.
2023
\u00a3m
2022
\u00a3m
Land not under development 927.1 738.1
Work in progress: Land cost 1,729.2 1,952.5
Total land 2,656.3 2,690.6
Work in progress: Build cost 2,520.0 2,302.6
Completed units 125.8 140.8
Total inventories 5,302.1 5,134.0
The key areas of estimation uncertainty described above are relevant to the work in progress and completed stock
balances as at 30 April 2023. During the prior year, inventory of \u00a31,146.2 million was acquired through the acquisition
of the outstanding 50% partnership interest in St William.
2.13 Trade and other receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method, less provision for impairment. Expected credit losses are based on the difference
between the contracted cash flows due in accordance with the contract and all the cash flows that the Group
expects to receive, discounted on an approximation of the original effective interest rate. Any expected credit
losses are immaterial. For trade receivables the Group does not track changes in credit risk, but instead recognises
a loss allowance based on lifetime expected credit losses at each reporting date. The carrying amount of the asset
is reduced through the use of an allowance account, and the amount of the loss is recognised in the Income
Statement within net operating expenses. When a trade receivable is not collectible, it is written off against
the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are
credited against net operating expense in the Income Statement.
2023
\u00a3m
2022
\u00a3m
Trade receivables 48.2 45.9
Other receivables 22.1 81.9
Prepayments and accrued income 22.0 17.9
92.3 145.7
Included within other receivables are VAT amounts recoverable in the ordinary course of business. Further disclosures
relating to trade receivables are set out in note 2.23 .
2.14 Cash and cash equivalents
Cash and cash equivalents comprise cash balances in hand and at the bank, including bank overdrafts
repayable on demand which form part of the Group\u2019s cash management, for which offset arrangements
across Group businesses have been applied where appropriate.
2023
\u00a3m
2022
\u00a3m
Cash and cash equivalents 1,070.4 928.9
2.15 Trade and other payables
New property deposits and on account contract receipts are held within current trade and other payables.
Deposits and on account contract receipts are non-refundable and are recorded as a liability on receipt.
They are released to the Income Statement, as revenue, upon legal completion.
Trade and other payables on normal terms are not interest bearing and are stated at their nominal value
which is considered to be their fair value. Trade payables on extended terms are recorded at their fair value
at the date of acquisition of the asset to which they relate. The discount to nominal value is amortised over
the period of the credit term and charged to finance costs.
Deferred revenue relates to consideration received in advance of units being delivered. Revenue is recognised
in the Income Statement as control is passed to the customer, which has either been determined as the point
of legal completion or, on contracts where the customer controls the property during construction, over time
with reference to the stage of completion.
2023
\u00a3m
2022
\u00a3m
Current
Trade payables (602.6) (635.5)
Deposits and on account contract receipts (921.3) (931.4)
Other taxes and social security (12.3) (25.6)
Deferred income (88.4) (148.3)
Accruals (177.0) (164.1)
(1,801.6) (1,904.9)
Non-current
Trade payables (863.4) (719.8)
Total trade and other payables (2,665.0) (2,624.7)
The reduction in deferred income of \u00a359.9 million in the year has been recorded as revenue in the Income Statement .
All amounts included above are unsecured. The total of \u00a312.3 million (2022: \u00a325.6 million) for other taxes and social
security includes \u00a36.2 million (2022: \u00a39.0 million) for Employer\u2019s National Insurance provision in respect of share
based payments.
Further disclosures relating to current trade and non-current trade payables are set out in note 2.23.
2.16 Provisions for liabilities and charges
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past
events, and it is probable that an outflow of resources will be required to settle that obligation, and the
amount has been reliably estimated.
The Group makes assumptions to determine the timing and its best estimate of the quantum of its
construction and other liabilities for which provisions are held.
Provisions include a best estimate of the expected value of its post completion development obligations
in respect of the construction of the Group\u2019s portfolio of complex mixed use property developments which
are expected to be incurred in the ordinary course of business, based on historical experience of the Group\u2019s
sites and current site-specific risks, including matters relating to building fire-safety, but which are uncertain
in terms of timing and quantum. Provisions are discounted to present value where the effect is material.
The Group continually reviews the identified risks that it is aware of for the Group\u2019s portfolio of developments to
ensure that the amount of the provision remains appropriate. The increase in the year relates to post completion
items on a number of sites including matters relating to building fire-safety. The Group continually reviews its
utilisation of this provision and in recognition that the risk of post completion development obligations reduces
over time, releases any unutilised provision to the Income Statement on a systematic basis across the ten years
following completion.
If costs estimated in the post completion development provision are overstated or understated by 10%, this would
lead to a change in cost of sales and provision of \u00a319.4 million in the current financial year (2022: \u00a316.1 million).
Post
completion
development
provisions
\u00a3m
Other
provisions
\u00a3m
Total
\u00a3m
At 1 May 2022 (157.2) (3.8) (161.0)
Utilised 19.3 0.3 19.6
Released 9.0 0.3 9.3
Charged to the Income Statement (60.1) (1.4) (61.5)
At 30 April 2023 (189.0) (4.6) (193.6)
Post
completion
development
provisions
\u00a3m
Other
provisions
\u00a3m
Total
\u00a3m
At 1 May 2021 (124.7) (3.4) (128.1)
Utilised 31.0 0.7 31.7
Released 10.1 0.7 10.8
Increase on acquisition of St William (7.6) \u2013 (7.6)
Charged to the Income Statement (66.0) (1.8) (67.8)
At 30 April 2022 (157.2) (3.8) (161.0)
2023
\u00a3m
2022
\u00a3m
Non-current (115.1) (98.5)
Current (78.5) (62.5)
Total (193.6) (161.0)
2.17 Deferred tax
Deferred taxation is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the financial statements and 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 on all taxable temporary differences. 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 (except in a business combination) of other assets and liabilities
in a transaction that affects neither the taxable profit nor the accounting profit, or from differences relating to
investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future.
Deferred taxation is calculated at the tax rates that are expected to apply in the period when the liability is
settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted
at the Balance Sheet date. The carrying value of deferred tax assets is reviewed at each Balance Sheet date
and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against
which taxable temporary differences can be utilised. Deferred taxation is charged or credited to the Income
Statement, except when it relates to items charged or credited directly to reserves, in which case the deferred
taxation is also dealt with in reserves.
Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred taxation assets and liabilities relate to income taxes
levied by the same taxation authority on either the taxable entity or different taxable entities where there is an
intention to settle the balances on a net basis.
The movement on the deferred tax account is as follows:
Accelerated
capital
allowances
\u00a3m
Other
timing
differences
\u00a3m
Total
\u00a3m
At 1 May 2022 (4.5) 125.2 120.7
Adjustments in respect of previous years \u2013 1.1 1.1
Credited/(charged) to the Income Statement in the year 0.1 (2.3) (2.2)
Adjustment in respect of change of tax rate for future periods (note 2.6) 0.2 4.5 4.7
Credited to Income Statement in the year 0.3 2.2 2.5
Charged to equity in year (note 2.6) \u2013 (9.8) (9.8)
At 30 April 2023 (4.2) 118.7 114.5
Accelerated
capital
allowances
\u00a3m
Other timing
differences
\u00a3m
Total
\u00a3m
At 1 May 2021 (2.9) 43.0 40.1
Adjustments in respect of previous years (0.2) 4.0 3.8
Credited to the Income Statement in the year 0.2 40.7 40.9
Adjustment in respect of change of tax rate for future periods (note 2.6) (1.6) 33.7 32.1
(Charged)/credited to Income Statement in the year (1.4) 74.4 73.0
Credited to equity in year (note 2.6) \u2013 3.8 3.8
At 30 April 2022 (4.5) 125.2 120.7
Other timing differences primarily relates to deferred tax assets held in relation to acceleration of trading profits
arising on the acquisition of St William during the prior financial year, long-term incentive schemes and bonuses.
Deferred tax is calculated in full on temporary differences at the tax rates that are expected to apply for the period
when the asset is realised and the liability is settled. The deferred tax credit for the full year includes a \u00a34.7 million
credit arising from the re-measurement, in part, of the Group\u2019s UK deferred tax assets at 29% following the changes
to both the corporation tax rate substantially enacted in May 2021 and the introduction of RPDT on 1 April 2022.
All deferred tax assets are available for offset against deferred tax liabilities and hence the net deferred tax asset at
30 April 2023 is \u00a3114.5 million (2022: \u00a3120.7 million).
Deferred tax assets of \u00a380.6 million (2022: \u00a395.8 million) are expected to be recovered after more than one year.
The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no
longer probable that there will be sufficient available profits to offset all or part of the asset. There are no unrecognised
deferred tax assets as at 30 April 2023.
The deferred tax credited to equity during the year was as follows:
2023
\u00a3m
2022
\u00a3m
Deferred tax movement in the year in respect of employee share schemes (note 2.6) (9.8) 3.8
Cumulative deferred tax credited to equity at 1 May 26.1 22.3
Cumulative deferred tax credited to equity at 30 April 16.3 26.1
2.18 Share capital and share premium
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares
or options are shown in equity as a deduction, net of tax, from the proceeds.
Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration
paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity
attributable to the Company\u2019s equity holders until the shares are cancelled, sold or reissued. Where such
shares are subsequently sold or reissued, any consideration received, net of any directly attributable
incremental transaction costs and the related income tax effects, is included in equity attributable to
the Company\u2019s equity holders.
The movements on allotted and fully paid share capital for the Company in the year were as follows:
Ordinary shares Share capital Share premium
2023
No \u2019000
2022
No \u2019000
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Issued
At start of year 120,590 132,237 6.5 6.6 49.8 49.8
Shares cancelled (4,053) (1,531) (0.2) (0.1) \u2013 \u2013
Share consolidation \u2013 (10,116) \u2013 \u2013 \u2013 \u2013
At end of year 116,537 120,590 6.3 6.5 49.8 49.8
During the 2023 financial year, 4.0 million shares were repurchased (2022: 1.5 million) for a total consideration of
\u00a3155.4 million, excluding transaction costs (2022: \u00a363.7 million). These shares were subsequently cancelled.
Each ordinary share of 5.4141 pence is a voting share in the capital of the Company, is entitled to participate in the profits
of the Company and on a winding-up is entitled to participate in the assets of the Company.
On 28 September 2022, 0.3 million ordinary shares (2022: 0.5 million) were allotted and issued to the Employee Benefit Trust.
On 30 September 2022, 0.3 million ordinary shares (2022: 0.5 million) were transferred from the Employee Benefit Trust
to Executive Directors to satisfy the exercise of options under the 2011 LTIP.
At 30 April 2023, there were 0.1 million shares held in trust (2022: 0.1 million) by the Employee Benefit Trust. The market
value of these shares at 30 April 2023 was \u00a34.6 million (2022: \u00a33.0 million).
At 30 April 2023, there were 8.9 million (2022: 9.2 million) treasury shares held by the Group. The market value of the
shares at 30 April 2023 was \u00a3398.4 million (2022: \u00a3376.8 million).
In the prior year in order to complete the Surplus Capital Return, 136.6 million B-Shares were issued at a nominal value
of 0.1 pence per share. These were subsequently repurchased and cancelled.
Following the Surplus Capital Return, a share consolidation was undertaken which reduced the Company\u2019s ordinary
share capital, net of treasury and Employee Benefit Trust shares, by 7.65%. The share consolidation replaced the total
number of existing ordinary shares of 132.3 million, with a nominal value of 5 pence each, into a reduced number of
new ordinary shares of 122.1 million, each at a nominal value of 5.4141 pence at the time of the consolidation.
2.19 Reserves
The movement in reserves is set out in the Consolidated Statement of Changes in Equity on page 176.
Capital redemption reserve
The capital redemption reserve was created to maintain the capital of the Company following the redemption of the
B-Shares associated with the Scheme of Arrangement created in 2004 which completed on 10 September 2009 with
the re-designation of the unissued B-Shares as ordinary shares.
During the year, 4.0 million (2022: 1.5 million) shares were repurchased to the value of \u00a3155.4 million (2022: \u00a363.7 million).
These shares were subsequently cancelled (2022: 1.5 million) as shown in note 2.18. On cancellation of the share capital
the capital redemption reserve was credited with the nominal value of shares.
Other reserve
The other reserve of negative \u00a3961.3 million (2022: negative \u00a3961.3 million) arose from the application of merger
accounting principles to the financial statements on implementation of the capital reorganisation of the Group,
incorporating a Scheme of Arrangement, in the year ended 30 April 2005.
Retained earnings
On 28 September 2022, the Company allotted and issued to the Employee Benefit Trust 0.3 million ordinary shares
(2022: 0.5 million ordinary shares). On 30 September 2022, 0.3 million ordinary shares were transferred from the Employee
Benefit Trust to Executive Directors to satisfy the exercise of options under the 2011 LTIP (2022: 0.5 million ordinary shares).
2.20 Dividends per share
Dividend distributions to shareholders are recognised as a liability in the period in which the dividends are
appropriately authorised and approved for payout and are no longer at the discretion of the Company.
Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements.
2023 2022
Dividend
per share
pence \u00a3m
Dividend
per share
pence* \u00a3m
Amounts recognised as distributions to equity shareholders during the year:
September 2021 \u2013 Surplus Capital Return \u2013 \u2013 371.00 451.5
September 2022 21.25 23.3 \u2013 \u2013
March 2023 69.44 75.2 \u2013 \u2013
Total dividends 98.5 451.5
* Surplus Capital Return paid to shareholders via B-Share Scheme
2.21 Contingent liabilities
Certain companies within the Group have given performance and other trade guarantees on behalf of other members of
the Group in the ordinary course of business. The Group has performance agreements in the ordinary course of business
of \u00a328.5 million which are guaranteed by third parties (2022: \u00a329.4 million). The Group considers that the likelihood of
an outflow of cash under these agreements is low and that no provision is required.
2.22 Notes to the Consolidated Cash Flow Statement
Reconciliation of profit after taxation for the year to cash generated from operations:
2023
\u00a3m
2022
\u00a3m
Profit for the financial year 465.7 482.4
Adjustments for:
\u2014 Taxation 138.3 69.1
\u2014 Depreciation 5.1 5.6
\u2014 Loss on sale of property, plant and equipment 3.7 0.1
\u2014 Finance income (23.1) (2.5)
\u2014 Finance costs 33.7 15.0
\u2014 Share of results of joint ventures after tax (96.3) (56.1)
\u2014 Non-cash charge in respect of share awards (4.5) (8.6)
Changes in working capital:
Increase in inventories (168.1) (332.5)
Decrease/(increase) in trade and other receivables 57. 5 (61.0)
Increase in trade and other payables 60.5 260.9
Cash generated from operations 472.5 372.4
Reconciliation of net cash flow to net cash:
Net increase/(decrease) in cash and cash equivalents, including bank overdraft 141.5 (499.3)
Increase in borrowings \u2013 (660.0)
Decrease in borrowings \u2013 300.0
Movement in net cash in the financial year 141.5 (859.3)
Opening net cash 268.9 1,128.2
Closing net cash 410.4 268.9
Net cash as at 30 April:
Cash and cash equivalents 1,070.4 928.9
Non-current borrowings (660.0) (660.0)
Total borrowings (660.0) (660.0)
Net cash* 410.4 268.9
* IFRS 16 lease liabilities are detailed in note 2.10.
In the prior year the \u00a3412.5 million consideration for National Grid\u2019s 50% share of St William has been shown as a cash
flow from operating activities in line with the accounting for the transaction as an asset acquisition, net of \u00a356.9 million
of cash held by St William at the date of acquisition. The changes in working capital above reflect the underlying Group
cash flows, excluding the impact of the acquisition of St William in the year. Concurrent with the acquisition, Berkeley
refinanced the St William bank borrowings which resulted in a \u00a3185.0 million settlement of St William debt, which is
presented in financing cash flows.
2.23 Capital management, financial instruments and financial risk management
The Group finances its operations by a combination of shareholders\u2019 funds, working capital and, where appropriate,
borrowings. The Group\u2019s objective when managing capital is to maintain an appropriate capital structure in the business
to allow management to focus on creating sustainable long-term value for its shareholders.
The Group monitors capital levels principally by monitoring net cash/debt levels, cash flow forecasts and return on
average capital employed. The Group considers capital employed to be net assets adjusted for net cash/debt. Capital
employed at 30 April 2023 was \u00a32,921.9 million (2022: \u00a32,867.2 million). The increase in capital employed in the year
of \u00a354.7 million reflects an increase in net assets during the year (2022: increase of \u00a3820.0 million).
The Group\u2019s financial instruments comprise financial assets being trade receivables and cash and cash equivalents and
financial liabilities being bank loans, trade payables, deposits and on account contract receipts, lease liabilities and accruals
and deferred income. Cash and cash equivalents and borrowings are the principal financial instruments used to finance
the business. The other financial instruments highlighted arise in the ordinary course of business.
As all of the operations carried out by the Group are in sterling there is no direct currency risk, and therefore the Group\u2019s
main financial risks are primarily:
\u2014 liquidity risk \u2013 the risk that suitable funding for the Group\u2019s activities may not be available;
\u2014 market interest rate risk \u2013 the risk that Group financing activities represented by floating borrowings are adversely
affected by fluctuation in market interest rates; and
\u2014 credit risk \u2013 the risk that a counterparty will default on its contractual obligations resulting in a loss to the Group.
Financial instruments: financial assets
The Group\u2019s financial assets can be summarised as follows:
2023
\u00a3m
2022
\u00a3m
Current:
Trade receivables 48.2 45.9
Loans to joint ventures 40.9 29.3
Cash and cash equivalents 1,070.4 928.9
Total financial assets 1,159.5 1,004.1
Trade receivables are non-interest bearing. Of the current trade receivables balance of \u00a348.2 million
(2022: \u00a345.9 million) none of the balance was overdue by more than 30 days (2022: \u00a3nil).
Cash and cash equivalents are short-term deposits held at either floating rates linked to the Bank of England base rate
or fixed rates. There are currently no Group assets that are measured at fair value.
Financial instruments: financial liabilities
The Group\u2019s financial liabilities can be summarised as follows:
2023
\u00a3m
2022
\u00a3m
Current
Trade payables (614.9) (661.1)
Deposits and on account contract receipts (921.3) (931.4)
Lease liabilities (2.2) (2.1)
Deferred income (88.4) (148.3)
Accruals (177.0) (164.1)
(1,803.8) (1,907.0)
Non-current
Trade payables (863.4) (719.8)
Lease liabilities (2.9) (3.8)
Borrowings (660.0) (660.0)
(1,526.3) (1,383.6)
Total trade and other payables (3,330.1) (3,290.6)
All amounts included above are unsecured.
Trade payables and other current liabilities are non-interest bearing.
The maturity profile of the Group\u2019s non-current financial liabilities, all of which are held at amortised cost, is as follows:
2023
\u00a3m
2022
\u00a3m
Amounts due:
In more than one year but not more than two years (202.6) (31.8)
In more than two years but not more than five years (1,033.5) (1,054.8)
In more than five years (290.2) (297.0)
(1,526.3) (1,383.6)
The carrying amounts of the Group\u2019s financial assets and financial liabilities approximate their fair value.
Current trade receivables and current trade and other payables approximate to their fair value as the transactions which
give rise to these balances arise in the normal course of trade and, where relevant, with industry standard payment terms
and have a short period to maturity (less than one year).
Non-current trade payables comprise long-term land payables, which are held at their discounted present value (calculated
by discounting expected future cash flows at prevailing interest rates and yields as appropriate), and borrowings. The
discount rate applied reflects the Group\u2019s credit risk, which is considered to be aligned to a nominal, low risk pre-tax
rate, on initial recognition of the financial liability, applied to the maturity profile of the individual land creditors within
the total. Non-current bank loans approximate to fair value as they are held at variable market interest rates. The fair
value of the \u00a3400 million unsecured 10-year Green Bonds at 30 April 2023 was determined by the ask price of \u00a369.12
per \u00a3100 (2022: \u00a383.66 per \u00a3100).
Liquidity risk
This is the risk that suitable funding for the Group\u2019s activities may not be available. Group management addresses this
risk through review of rolling cash flow forecasts throughout the year to assess and monitor the current and forecast
availability of funding, and to ensure sufficient headroom against facility limits and compliance with banking covenants.
The committed borrowing facilities are set out below.
The contractual undiscounted maturity profile of the Group\u2019s financial liabilities, included at their carrying value in the
preceding tables, is as follows:
2023
\u00a3m
2022
\u00a3m
Amounts due:
In less than one year (870.3) (949.9)
In more than one year but not more than two years (204.6) (32.4)
In more than two years but not more than five years (1,051.3) (1,065.4)
In more than five years (319.0) (332.7)
(2,445.2) (2,380.4)
Deposits and on account contract receipts are not included in the table above as they represent deferred income and
therefore do not have a payment maturity date.
Market interest rate risk
The Group\u2019s cash and cash equivalents and bank loans expose the Group to cash flow interest rate risk.
The Group\u2019s rolling cash flow forecasts incorporate appropriate interest assumptions, and management carefully
assesses expected activity levels and associated funding requirements in the prevailing and forecast interest rate
environment to ensure that this risk is managed.
If interest rates on the Group\u2019s cash/debt balances had been 50 basis points higher throughout the year ended 30 April
2023, profit after tax for the year would have been \u00a31.3 million higher (2022: \u00a33.3 million higher). This calculation is based
on the monthly closing net cash/debt balance throughout the year. A 50 basis point increase in interest rate represents
management\u2019s assessment of a reasonably possible change for the year ended 30 April 2023.
Credit risk
The Group\u2019s exposure to credit risk encompasses the financial assets being: trade receivables, loans to joint ventures
and cash and cash equivalents. The Group has assessed expected credit losses and the loss allowance for trade and
other receivables and loans to joint ventures as immaterial.
There has been no impairment of trade receivables during the year (2022: \u00a3nil), nor are there any material provisions
held against trade receivables (2022: \u00a3nil), and \u00a3nil trade receivables are past their due date (2022: \u00a3nil).
The credit risk on cash and cash equivalents is limited because counterparties are leading international banks with
long-term A credit ratings assigned by international credit agencies.
Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method. The Group has committed borrowing facilities as follows: 2023 2022 Available \u00a3m Drawn/ issued \u00a3m Undrawn \u00a3m Available \u00a3m Available \u00a3m Drawn/ issued \u00a3m Undrawn \u00a3m Available \u00a3m Bank facilities Green term loan 260 (260) \u2013 Feb-28 260 (260) \u2013 Feb-27 Revolving credit facility 540 \u2013 540 Feb-28 540 \u2013 540 Feb-27 Listed debt Green Bonds 400 (400) \u2013 Aug-31 400 (400) \u2013 Aug-31 1,200 (660) 540 1,200 (660) 540 The Group\u2019s committed borrowing facilities of \u00a31,200 million are unchanged from the prior year. The \u00a3400 million unsecured 10-year Green Bonds mature in August 2031 at a fixed coupon of 2.5% per annum. These are listed on the International Securities Market of the London Stock Exchange plc. The notes have financial covenants with all of which the Group is in compliance. The \u00a3800 million banking facilities comprise a \u00a3260 million Green Term Loan, which was drawn down in March 2022 and bears interest at a rate linked to SONIA plus a fixed margin, and a \u00a3540 million Revolving Credit Facility (RCF) which remains undrawn. In February 2023, we exercised the first of the two one year extensions on the \u00a3800 million banking facilities, which consequently is in place to February 2028, with one extension option remaining. The committed bank facilities are secured by debentures provided by certain Group holding companies over their assets. The facility agreement contains financial covenants, which is normal for such agreements, with all of which the Group is in compliance. At 30 April 2023, the total drawn balance of the combined borrowing facilities was \u00a3660.0 million (2022: \u00a3660.0 million). At 30 April 2023 there were no bank bonds in issue (2022: \u00a39.4 million, all due within one year). This amount reflects deferred land payments and is included within trade payables on the Group\u2019s Balance Sheet. The bank bonds are issued under ancillary facilities available as part of the Group\u2019s RCF . 2.24 Alternative performance measures Berkeley uses a number of alternative performance measures (APMs) which are not defined by IFRS. The Directors consider these measures useful to assess the underlying performance of the Group alongside the relevant IFRS financial information. They are referred to as Financial KPIs throughout the year end results. The information below provides a definition of APMs and reconciliation to the relevant IFRS information, where required: Net cash Net cash is defined as cash and cash equivalents, less total borrowings. This is reconciled in note 2.22. Net assets per share attributable to shareholders (NAVPS) This is defined as net assets attributable to shareholders divided by the number of shares in issue, excluding shares held in treasury and shares held by the Employee Benefit Trust. 2023 2022 Net assets (\u00a3m) 3,332.3 3,136.1 Total shares in issue (million) 116.5 120.6 Less: Treasury shares held (million) (8.9) (9.2) Employee Benefit Trust shares held (million) (0.1) (0.1) Net shares used to determine NAVPS (million) 107.5 111.3 Net asset per share attributable to shareholders (pence) 3,100.5 2,818.2 Return on capital employed (ROCE)
This measures the profitability and efficiency of capital being used by the Group and is calculated as profit before interest
and taxation (including joint venture profit before tax) divided by the average net assets adjusted for (debt)/cash.
2023
\u00a3m
2022
\u00a3m
Operating profit 518.3 507.9
Share of joint ventures using equity method 96.3 56.1
Profit used to determine ROCE 614.6 564.0
Opening capital employed:
Net assets 3,136.1 3,175.4
Net cash (268.9) (1,128.2)
Opening capital employed 2,867.2 2,047.2
Closing capital employed:
Net assets 3,332.3 3,136.1
Net cash (410.4) (268.9)
Closing capital employed 2,921.9 2,867.2
Average capital employed 2,894.5 2,457.2
Return on capital employed (%) 21.2% 23.0%
Return on equity (ROE) before tax
This measures the efficiency of returns generated from shareholder equity before taxation and is calculated as profit
before taxation attributable to shareholders as a percentage of the average of opening and closing shareholders\u2019 funds.
2023
\u00a3m
2022
\u00a3m
Opening shareholders\u2019 equity 3,136.1 3,175.4
Closing shareholders\u2019 equity 3,332.3 3,136.1
Average shareholders\u2019 equity 3,234.2 3,155.8
Profit before tax 604.0 551.5
Return on equity before tax (%) 18.7% 17.5%
Cash due on forward sales
This measures cash still due from customers, with a risk adjustment, at the relevant Balance Sheet date during the
next three years under unconditional contracts for sale. It excludes forward sales of affordable housing, commercial
properties and institutional sales as well as forward sales within the Group\u2019s joint ventures.
Future gross margin in land holdings
This represents management\u2019s risk-adjusted assessment of the potential gross profit for each of the Group\u2019s sites,
including the proportionate share of its joint ventures, taking account of a wide range of factors, including: current
sales and input prices; the economic and political backdrop; the planning regime; and other market factors; all of
which could have a significant effect on the eventual outcome.
2.25 Related party transactions
The Group has entered into the following related party transactions:
Transactions with Directors
During the year, Mr R C Perrins paid \u00a3115,808 (2022: \u00a357,703) to the Group in connection with works carried out at his
home at commercial rates in accordance with the relevant policies of the Group. There were no balances outstanding
at either year end.
Transactions with joint ventures
During the financial year, the joint ventures paid management fees and other recharges to the Group of \u00a318.0 million
(2022: \u00a340.2 million). Other transactions in the year include the movements in loans of \u00a311.6 million (2022: \u00a326.7 million)
and the receipt of dividends of \u00a374.9 million (2022: \u00a3nil). The outstanding loan balances with joint ventures at 30 April
2023 total \u00a340.9 million (30 April 2022: \u00a329.3 million).
2.26 Subsidiaries and joint ventures
(a) Subsidiaries
In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries, partnerships, associates, joint
ventures and joint arrangements, the country of incorporation, the registered address and the effective percentage
of equity owned, as at 30 April 2023 is disclosed below. The Berkeley Group plc is the only direct subsidiary of The
Berkeley Group Holdings plc and is an intermediate holding company. All wholly owned and partly owned subsidiaries
are included in the consolidation and all associated undertakings are included in the Group\u2019s financial statements.
All of the companies listed below are incorporated in England and Wales have their registered office address at Berkeley
House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential-
led mixed use development and ancillary activities. All of the companies are wholly owned by the Group and unless
otherwise indicated, all of the companies have ordinary share capital.
Agents of Berkeley Commercial Developments Limited
Ely Business Park Limited
Agents of Berkeley Homes (Central London) Limited
Chelsea Bridge Wharf (Block A) Limited
Chelsea Bridge Wharf (Block B) Limited
Chelsea Bridge Wharf (Block P) Limited
Chelsea Bridge Wharf (C North) Limited
Chelsea Bridge Wharf (C South) Limited
Agents of Berkeley Homes (Hampshire) Limited
Berkeley Homes (South Western House No. 1) Limited
Agents of Berkeley Homes Public Limited Company
Berkeley (Canalside) Limited
Berkeley Build Limited
Berkeley Fifty-Five Limited
Berkeley Forty-Five Limited
(i)
Berkeley Forty-Four plc
Berkeley Gateway Limited
Berkeley Homes (Barn Elms) Limited
Berkeley Homes (Capital) plc
Berkeley Homes (Central & West London)
Public Limited Company
Berkeley Homes (Central London) Limited
Berkeley Homes (Chiltern) Limited
Berkeley Homes (East Anglia) Limited
Berkeley Homes (East Kent) Limited
Berkeley Homes (East Thames) Limited
Berkeley Homes (Eastern Counties) Limited
Berkeley Homes (Eastern) Limited
Berkeley Homes (Festival Waterfront Company) Limited
Berkeley Homes (Hampshire) Limited
Berkeley Homes (Home Counties) plc
Berkeley Homes (North East London) Limited
Berkeley Homes (Oxford & Chiltern) Limited
Berkeley Homes (South East London) Limited
Berkeley Homes (South London) Limited
Berkeley Homes (Southern) Limited
Berkeley Homes (Surrey) Limited
Berkeley Homes (Thames Gateway) Limited
Berkeley Homes (Thames Valley) Limited
Berkeley Homes (Three Valleys) Limited
Berkeley Homes (Urban Developments) Limited
Berkeley Homes (Urban Living) Limited
Berkeley Homes (Urban Renaissance) Limited
Berkeley Homes (Western) Limited
Berkeley Homes (West London) Limited
Berkeley Homes (West Thames) Limited
Berkeley Modular Limited
Berkeley Ninety-One Limited
Berkeley Partnership Homes Limited
Berkeley Seven Limited
Berkeley STE Limited
Berkeley SW Management Limited
Berkeley Urban Renaissance Limited
Clare Homes Limited
Lisa Estates (St Albans) Limited
PEL Investments Limited
St John Homes Limited
(viii)
St Joseph Homes Limited
Stanmore Relocations Limited
Tabard Square (Building C) Limited
Agents of Berkeley Twenty Limited
Thirlstone Homes (Western) Limited
Thirlstone Homes Limited
Agents of St George Central London Limited
Castle Court Putney Wharf Limited
Imperial Wharf (Block C) Limited
Imperial Wharf (Block J) Ltd
Imperial Wharf (Riverside Tower) Residential Limited
Agents of St George plc
St George Central London Limited
St George City Limited
St George Developments Limited
St George Kings Cross Limited
St George North London Limited
St George South and Central London Limited
St George South London Limited
(vii)
St George West London Ltd
(ii)
Agents of St George South London Ltd
Battersea Reach Estate Company Limited
Kensington Westside No. 2 Limited
Putney Wharf Estate Limited
Riverside West (Block C) Commercial Limited
Riverside West (Block C) Residential Limited
Riverside West (Block D) Commercial Limited
Riverside West (Block D) Residential Limited
Riverside West Car Park Limited
St George Wharf (Block B) Limited
St George Wharf (Block C) Limited
St. George Wharf (Block D) Commercial Limited
St George Wharf Car Park Limited
Agents of St John Homes Limited
Berkeley Sixty-Six Limited
Non-Agency Companies
(v)
Ancestral Homes Limited
Berkeley (Inner-City Partnerships) Limited
Berkeley (SQP) Limited
Berkeley (Virginia Water) Limited
(i)
Berkeley Affordable Homes Limited
Berkeley Asset MSA Limited
Berkeley College Homes Limited
Berkeley Commercial Developments Limited
Berkeley Commercial Investments Limited
Berkeley Commercial Limited
Berkeley Community Villages Limited
Berkeley Construction Limited
Berkeley Developments Limited
(i)
Berkeley Eighteen Limited
Berkeley Eighty Limited
Berkeley Eighty-One Limited
Berkeley Eighty-Three Limited
Berkeley Eighty-Two Limited
Berkeley Enterprises Limited
Berkeley Festival Development Limited
Berkeley Festival Hotels Limited
Berkeley Festival Investments Limited
Berkeley Festival Limited
Berkeley Fifty Limited
Berkeley Fifty-Eight Limited
Berkeley Fifty-Four Limited
Berkeley Fifty-Nine Limited
Berkeley Fifty-One Limited
Berkeley Fifty-Seven Limited
Berkeley Fifty-Three Limited
Berkeley Fifty-Two Limited
Berkeley First Limited
Berkeley Five Limited
Berkeley Forty Limited
Berkeley Forty-Eight Limited
Berkeley Forty-Nine Limited
Berkeley Forty-Seven Limited
Berkeley Forty-Six Limited
Berkeley Forty-Three Limited
Berkeley Forty-Two Limited
Berkeley Fourteen Limited
Berkeley Group Pension Trustees Limited
Berkeley Group Services Limited
Berkeley Group SIP Trustee Limited
Berkeley Guarantee One Limited\u2020
Berkeley Homes (Carmelite) Limited
Berkeley Homes (Chertsey) Limited
Berkeley Homes (City & East London) Limited
Berkeley Homes (City) Limited
Berkeley Homes (Dorset) Limited
Berkeley Homes (East London) Limited
Berkeley Homes (Essex) Limited
Berkeley Homes (Fleet) Limited
(i)
Berkeley Homes (Greater London) Limited
Berkeley Homes (Hertfordshire & Cambridgeshire) Limited
Berkeley Homes (Kent) Limited
Berkeley Homes (North Western) Limited
(i)
Berkeley Homes (PCL) Limited
Berkeley Homes (South) Limited
Berkeley Homes (Southall) Limited
Berkeley Homes (Stanmore) Limited
Berkeley Homes (Southern Counties) Limited
Berkeley Homes Group Limited
Berkeley Homes Public Limited Company
(iii) (viii)
Berkeley London Residential Limited
Berkeley Manhattan Limited
Berkeley Ninety-Eight Limited
Berkeley Ninety-Five Limited
Berkeley Ninety-Nine Limited
Berkeley Ninety-Seven Limited
Berkeley Ninety-Six Limited
Berkeley Number Four Limited
Berkeley Number Seven Limited
Berkeley Number Six Limited
Berkeley One Hundred and Eight Limited
Berkeley One Hundred and Eighteen Limited
Berkeley One Hundred and Eighty-Eight Limited
Berkeley One Hundred and Eighty-Five Limited
Berkeley One Hundred and Eighty Limited
Berkeley One Hundred and Eighty-Nine Limited
Berkeley One Hundred and Eighty-One Limited
Berkeley One Hundred and Eighty-Seven Limited
Berkeley One Hundred and Eighty-Two Limited
Berkeley One Hundred and Fifteen Limited
Berkeley One Hundred and Fifty-Eight Limited
Berkeley One Hundred and Fifty-Five Limited
Berkeley One Hundred and Fifty-Four Limited
Berkeley One Hundred and Fifty Limited
Berkeley One Hundred and Fifty-Nine Limited
Berkeley One Hundred and Fifty-One Limited
Berkeley One Hundred and Fifty-Seven Limited
Berkeley One Hundred and Fifty-Six Limited
Berkeley One Hundred and Fifty-Three Limited
Berkeley One Hundred and Fifty-Two Limited
Berkeley One Hundred and Five Limited
Berkeley One Hundred and Forty-Eight Limited
Berkeley One Hundred and Forty-Five Limited
Berkeley One Hundred and Forty-Four Limited
Berkeley One Hundred and Forty Limited
Berkeley One Hundred and Forty-Nine Limited
Berkeley One Hundred and Forty-One Limited
Berkeley One Hundred and Forty-Seven Limited
Berkeley One Hundred and Forty-Six Limited
Berkeley One Hundred and Four Limited
Berkeley One Hundred and Nine Limited
Berkeley One Hundred and Ninety-Eight Limited
Berkeley One Hundred and Ninety-Five Limited
Berkeley One Hundred and Ninety-Four Limited
Berkeley One Hundred and Ninety Limited
Berkeley One Hundred and Ninety-Nine Limited
Berkeley One Hundred and Ninety-Seven Limited
Berkeley One Hundred and Ninety-Six Limited
Berkeley One Hundred and Ninety-Three Limited
Berkeley One Hundred and One Limited
Berkeley One Hundred and Seven Limited
Berkeley One Hundred and Seventeen Limited
Berkeley One Hundred and Seventy-Eight Limited
Berkeley One Hundred and Seventy-Five Limited
Berkeley One Hundred and Seventy-Four Limited
Berkeley One Hundred and Seventy-Nine Limited
Berkeley One Hundred and Seventy-One Limited
Berkeley One Hundred and Seventy-Seven Limited
Berkeley One Hundred and Seventy-Six Limited
Berkeley One Hundred and Seventy-Three Limited
Berkeley One Hundred and Seventy-Two Limited
Berkeley One Hundred and Six Limited
Berkeley One Hundred and Sixteen Limited
Berkeley One Hundred and Sixty-Five Limited
Berkeley One Hundred and Sixty-Four Limited
Berkeley One Hundred and Sixty-One Limited
Berkeley One Hundred and Sixty-Six Limited
Berkeley One Hundred and Sixty-Three Limited
Berkeley One Hundred and Thirteen Limited
Berkeley One Hundred and Thirty-Eight Limited
Berkeley One Hundred and Thirty-Five Limited
Berkeley One Hundred and Thirty-Four Limited
Berkeley One Hundred and Thirty Limited
Berkeley One Hundred and Thirty-Nine Limited
Berkeley One Hundred and Thirty-One Limited
Berkeley One Hundred and Thirty-Seven Limited
Berkeley One Hundred and Thirty-Six Limited
Berkeley One Hundred and Thirty-Three Limited
Berkeley One Hundred and Thirty-Two Limited
Berkeley One Hundred and Three Limited
Berkeley One Hundred and Twenty-Eight Limited
Berkeley One Hundred and Twenty-Five Limited
Berkeley One Hundred and Twenty-Four Limited
Berkeley One Hundred and Twenty Limited
Berkeley One Hundred and Twenty-Nine Limited
Berkeley One Hundred and Twenty-One Limited
Berkeley One Hundred and Twenty-Seven Limited
Berkeley One Hundred and Twenty-Six Limited
Berkeley One Hundred and Twenty-Three Limited
Berkeley One Hundred and Twenty-Two Limited
Berkeley One Hundred and Two Limited
Berkeley Portsmouth Harbour Limited
Berkeley Portsmouth Waterfront Limited
Berkeley Properties Limited
(i)
Berkeley Residential Limited
(i)
Berkeley Ryewood Limited
Berkeley Seventy Limited
Berkeley Seventy-Four Limited
Berkeley Seventy-One plc
(vii)
Berkeley Seventy-Seven Limited
Berkeley Seventy-Six Limited
Berkeley Seventy-Three Limited
Berkeley Seventy-Two Limited
Berkeley Sixty Limited
Berkeley Sixty-Eight Limited
Berkeley Sixty-Five Limited
Berkeley Sixty-Four Limited
Berkeley Sixty-Nine Limited
Berkeley Sixty-One Limited
Berkeley Special Projects Limited
Berkeley Strategic Land Limited
(vii)
Berkeley Sustainable Communities Limited
Berkeley Thirty-Eight Limited
Berkeley Thirty-Nine Limited
Berkeley Thirty-Three Limited
Berkeley Three Limited
Berkeley Twenty Limited
Berkeley Twenty-Eight Limited
Berkeley Twenty-Four Limited
Berkeley Twenty-Nine Limited
Berkeley Twenty-Seven Limited
Berkeley Twenty-Three Limited
Berkeley Twenty-Two Limited
Berkeley Two Hundred and Eight Limited
Berkeley Two Hundred and Eighteen Limited
Berkeley Two Hundred and Eleven Limited
Berkeley Two Hundred and Fifty Limited
Berkeley Two Hundred and Fifty-Eight Limited
Berkeley Two Hundred and Fifty-Five Limited
Berkeley Two Hundred and Fifty-Four Limited
Berkeley Two Hundred and Fifty-Nine Limited
Berkeley Two Hundred and Fifty-One Limited
Berkeley Two Hundred and Fifty-Seven Limited
Berkeley Two Hundred and Fifty-Six Limited
Berkeley Two Hundred and Fifty-Three Limited
Berkeley Two Hundred and Fifty-Two Limited
Berkeley Two Hundred and Five Limited
Berkeley Two Hundred and Forty Limited
Berkeley Two Hundred and Forty-Eight Limited
Berkeley Two Hundred and Forty-Five Limited
Berkeley Two Hundred and Forty-Four Limited
Berkeley Two Hundred and Forty-Nine Limited
Berkeley Two Hundred and Forty-One Limited
Berkeley Two Hundred and Forty-Seven Limited
Berkeley Two Hundred and Forty-Six Limited
Berkeley Two Hundred and Forty-Three Limited
Berkeley Two Hundred and Forty-Two Limited
Berkeley Two Hundred and Fourteen Limited
Berkeley Two Hundred and Nine Limited
Berkeley Two Hundred and Nineteen Limited
Berkeley Two Hundred and One Limited
(i)
Berkeley Two Hundred and Seven Limited
Berkeley Two Hundred and Seventeen Limited
Berkeley Two Hundred and Sixty Limited
Berkeley Two Hundred and Thirteen Limited
Berkeley Two Hundred and Thirty Limited
Berkeley Two Hundred and Thirty-Eight Limited
Berkeley Two Hundred and Thirty-Five Limited
Berkeley Two Hundred and Thirty-Four Limited
Berkeley Two Hundred and Thirty-Nine Limited
Berkeley Two Hundred and Thirty-One Limited
Berkeley Two Hundred and Thirty-Seven Limited
Berkeley Two Hundred and Thirty-Six Limited
Berkeley Two Hundred and Thirty-Three Limited
Berkeley Two Hundred and Thirty-Two Limited
Berkeley Two Hundred and Three Limited
Berkeley Two Hundred and Twelve Limited
Berkeley Two Hundred and Twenty Limited
Berkeley Two Hundred and Twenty-Eight Limited
Berkeley Two Hundred and Twenty-Four Limited
Berkeley Two Hundred and Twenty-Nine Limited
Berkeley Two Hundred and Twenty-One Limited
Berkeley Two Hundred and Twenty-Seven Limited
Berkeley Two Hundred and Twenty-Six Limited
Berkeley Two Hundred and Twenty-Three Limited
Berkeley Two Hundred and Twenty-Two Limited
Berkeley Two Hundred and Two Limited
Berkeley Two Hundred Limited
Berkeley Ventures Limited
BH (City Forum) Limited
Boardcable Limited
(viii)
Bromyard House (Car Park) Limited
Bromyard House (Freehold) Limited
Bromyard House (North) Limited
Bromyard House Limited
BWW Management Limited
(viii)
Charco 143 Limited
(i)
Chelsea Bridge Wharf (Management Company) Limited
Chelsea Bridge Wharf Car Park Limited
(viii)
Community Housing Action Limited
Community Villages Limited
CPWGCO 1 Limited
Drummond Road (Number 1) Ltd
Drummond Road (Number 2) Ltd
Exchange Place No.2 Limited
Fishguard Bridge Limited
Fishguard Tunnel Limited
Great Woodcote Park Management Limited
Hertfordshire Homes Limited
Historic Homes Limited
Kentdean Limited
One Tower Bridge Limited
Oval Works Limited
Paddington Green Propco Limited
Quod Erat Demonstrandum Properties Limited
Retirement Homes Limited
Royal Clarence Yard (Marina) Limited
Royal Clarence Yard (Phase A) Limited
Royal Clarence Yard (Phase B) Limited
Royal Clarence Yard (Phase C) Limited
Royal Clarence Yard (Phase E) Limited
Royal Clarence Yard (Phase G) Management
Company Limited
Royal Clarence Yard (Phase H) Limited
Royal Clarence Yard (Phase I) Limited
Royal Clarence Yard (Phase K) Management
Company Limited
Royal Clarence Yard Estate Limited
Sandgates Developments Limited
(i)
Sitesecure Limited
SJC (Highgate) Limited
(viii)
South Quay Plaza Management Limited (62.5%)
(vi)
St Edward Limited
St George (Crawford Street) Limited
St George (Queenstown Place) Limited
St George Blackfriars Limited
St George Commercial Limited
St George Ealing Limited
St. George Eastern Ltd
St. George Inner Cities Ltd
St. George Investments Ltd
St. George London Ltd
St George Northfields Limited
St. George Partnerships Ltd
St George plc
(iv)
St George Project Management Limited
St. George Properties Ltd
St George Real Estate Limited
St George Regeneration Limited
St. George Southern Ltd
St. George Western Ltd
St George Wharf Hotel Limited
St. George\u2019s Hill Property Company Limited
St James Group Limited
St James Homes (Grosvenor Dock) Limited
St James Homes Limited
(viii)
St William Eight Limited
St William Eighteen Limited
St William Eleven Limited
St William Fifteen Limited
St William Five Limited
St William Four Ltd
St William Fourteen Limited
St William Holdings Limited
St William Homes LLP\u2020
St William Nine Limited
St William Nineteen Limited
St William One Ltd
St William Seven Limited
St William Seventeen Limited
St William Six Limited
St William Sixteen Limited
St William Ten Limited
St William Thirteen Limited
St William Three Ltd
St William Twelve Limited
St William Twenty Limited
St William Twenty-Eight Limited
St William Twenty-Five Limited
St William Twenty-Four Limited
St William Twenty-One Limited
St William Twenty-Seven Limited
St William Twenty-Six Limited
St William Twenty-Three Limited
St William Twenty-Two Limited
St William Two Ltd
Tabard Square (Building A) Limited
Tabard Square (Building B) Limited
Tabard Square (Car Park) Limited
TBG (3) 2009 Limited
The Berkeley Festival Waterfront Company Limited
The Berkeley Group plc
The Millennium Festival Leisure Company Limited
The Oxford Gateway Development Company Limited
The Tower, One St George Wharf Limited
(i)
Thirlstone (JLP) Limited
Thirlstone Commercial Limited
Thirlstone plc
(ii)
Woodside Road Limited
(i) A ordinary and B ordinary shares
(ii) Ordinary and preference shares
(iii) Ordinary and deferred shares
(iv) Ordinary, deferred and preference shares
(v) List contains companies that are a principal to agency
agreements but are not agents themselves
(vi) Registered office is 83 The Avenue, Sunbury-On-Thames,
Middlesex, TW16 5HZ
(vii) Ordinary and redeemable preference shares
(viii) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG
\u2020 Partnership with no share capital
The subsidiary companies listed below are incorporated outside of England and Wales. Their country of incorporation and
registered offices are listed below. Their principal activities continue to be that of residential-led mixed use development
and ancillary activities. All of the companies are wholly owned by the Group and unless otherwise indicated, all of the
companies have ordinary share capital.
Country of incorporation Registered office
Aragon Investments Limited
(ii)
Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey
Berkeley (Carnwath Road) Limited Isle of Man First Floor, Jubilee Buildings, Victoria Street,
Douglas, IM1 2SH, Isle of Man
Berkeley (Hong Kong) Limited Hong Kong 3806 Central Plaza, 18 Harbour Road, Wanchai,
Hong Kong
Berkeley Homes Special Contracts Public
Limited
(iii)
Scotland Saltire Court, 20 Castle Terrace, Edinburgh,
EH1 2EN
Berkeley Investments (IOM) Limited
(in liquidation)
Isle of Man First Floor, Jubilee Buildings, Victoria Street,
Douglas, IM1 2SH, Isle of Man
Berkeley Property Investments Limited Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey
Berkeley Real Estate Consulting (Beijing)
Co. Limited*
China Unit 1902, floor 19, No.1, Guanghua Road,
ChaoYang District, Beijing, China
Berkeley Residential (Singapore) Limited Singapore 77 Robinson Road, #13-00 Robinson 77,
Singapore 068896
Berkeley Whitehart Investments Limited Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey
Comiston Properties Limited Bahamas Ocean Centre, Montagu Foreshore, East Bay
Street, Nassau, New Providence, The Bahamas
Real Star Investments Limited
(i)(ii)
Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey
Silverdale One Limited
(ii)
Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey
St George Battersea Reach Limited Jersey 2 Hill Street, St. Helier, JE2 4UA, Jersey
(i) Agency company of St James Group Limited
(ii) Non-UK nominee company
(iii) Ordinary, A deferred and B deferred shares
* Accounting date of 31 December
Berkeley Carlton Holdings Limited (ii) Berkeley Sutton Limited (ii) Diniwe One Limited Diniwe Two Limited Mayfield Market Towns Limited (ii) (v) *** Mayflower Residential Limited (ii) (v) *** Segro V-Park Grand Union LLP*\u2020 SEH Manager Limited SEH Nominee Limited SES Manager Limited (ii) SES Nominee Limited St Edward Homes Limited (iii) St Edward Homes Number Five Limited** St Edward Homes Number Four Limited** St Edward Homes Number One Limited** St Edward Homes Number Three Limited** (v) St Edward Homes Number Two Limited** St Edward Homes Partnership Freeholds Limited St Edward Strand Partnership Freeholds Limited St George Little Britain (No. 1) Limited (ii) St George Little Britain (No.2) Limited (ii) St Katharine Homes LLP (i) STKM Limited Strand Property Unit Trust (unregistered) The St Edward Homes Partnership (unregistered partnership) (i) The St Edward (Strand) Partnership (unregistered partnership) (i) U B Developments Limited (iv) (v) (i) Partnership with no share capital (ii) A ordinary and B ordinary shares (iii) A ordinary, B ordinary, C preference and D preference shares (iv) B ordinary shares (v) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG * Accounting date of 31 December ** 100% owned by St Edward Homes Limited *** Accounting date of 31 March \u2020 Registered office address is 1 New Burlington Place, London, United Kingdom, W1S 2HR (b) Joint ventures At 30 April 2023, the Group had an interest in the following joint ventures which have been equity accounted to 30 April and have an accounting date of 30 April unless otherwise indicated. All of the companies listed below are incorporated in England and Wales and have their registered office address at Berkeley House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential-led mixed use development and ancillary activities. All of the companies are 50% owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital.",
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"fact-247": {
"value": "1 Basis of preparation 1.1 Introduction These Consolidated Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (UK-adopted IFRS). The Company has elected to prepare its Parent Company financial statements in accordance with FRS 101; these are presented on pages 211 to 216. The Group Financial Statements consolidate those of the Company and its subsidiaries (together referred to as the Group) and equity account the Group\u2019s interest in joint ventures. The Parent Company financial statements present information about the Company as a separate entity and not about its Group. The Consolidated Financial Statements have been prepared under the historical cost convention and on the going concern basis. Historical cost is generally based on the fair value of the consideration given in exchange for the assets. Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) requires the use of certain critical accounting estimates. It also requires management to exercise their judgement in the process of applying the Group\u2019s accounting policies. The key areas involving estimation uncertainty, which are significant to the Consolidated Financial Statements, are: \u2014 cost of sales recognition which is dependent on an estimate of future selling prices and build costs. See note 2.12; and \u2014 post completion development provisions which rely on management judgement in estimating the quantum and timing of outflows of resources to settle any associated legal or constructive obligations. See note 2.16. Whilst these are key areas of estimation uncertainty, these are unlikely to have a material impact on the carrying value of assets and liabilities in the next financial year. The significant areas of judgement exercised by management are detailed below: Critical area of judgement in applying the Group\u2019s accounting policies Asset acquisition In the prior year, the Group acquired the outstanding 50% partnership interest in its joint venture St William Homes LLP from National Grid plc, following which St William Homes LLP became a wholly owned subsidiary of the Group. The Directors applied the optional \u2018concentration test\u2019 under IFRS 3 \u2018Business Combinations\u2019 whereby the transaction was accounted for as the acquisition of a set of assets concentrated in inventory. The cash consideration paid in excess of National Grid\u2019s 50% share of the net assets of St William reflected additional land cost within inventory in the Group\u2019s Balance Sheet of \u00a3238 million. Group accounting policies The significant Group accounting policies are included within the relevant notes to the Consolidated Financial Statements on pages 178 to 210. The accounting policies set out below have been applied consistently to all periods presented in these Consolidated Financial Statements. 1.2 Going concern The Directors have assessed the business plan and future funding requirements of the Group over the medium term and compared these with the level of committed loan facilities and existing cash resources. As at 30 April 2023, the Group had net cash of \u00a3410.4 million and total liquidity of \u00a31,610.4 million when this net cash is combined with banking facilities of \u00a3800 million (committed to February 2028), of which \u00a3540 million in undrawn, and \u00a3400 million listed bonds (which mature in August 2031). Furthermore, the Group has cash due on forward sales of \u00a32,135.7 million, a significant proportion of which covers delivery for the next 18 months. In making this assessment, consideration has been given to the uncertainty inherent in future financial forecasts and where applicable, severe but plausible sensitivities have been applied to the key factors affecting the financial performance of the Group. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for not less than 12 months from the date of approval of these Consolidated Financial Statements. For this reason, the Directors continue to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. 1.3 Consideration of climate change In preparing the Financial Statements, consideration has been given to the Group\u2019s activities to address climate change as part of Our Vision 2030 and its assessment and reporting of future climate-related transitional and physical risks under the Task Force on Climate-related Financial Disclosures (TCFD) framework, both of which are set out in the Strategic Report. The costs of developing the Group\u2019s sites are held in inventory as these are trading in nature and are therefore taken through cost of sales to match the revenue generated by the sale of properties on each development. The recognition of cost of sales, and therefore the carrying value of inventory, during a financial year is made by reference to the latest assessment of each development\u2019s forecast profit margin, which is a key area of estimation uncertainty as set out in Note 2.12. The cost of specific climate change related activities undertaken as part of the development of a site are inherently difficult to disassociate from other input costs as these typically involve a myriad of inter-related design and construction based solutions, for instance over the selection of key materials and technologies adopted to reduce embodied carbon and minimise future energy use of the Group\u2019s occupied homes. In turn, these activities are regulated by prevailing building regulations and planning requirements. Therefore, the forecast cost estimates used to determine the cost of sales recognition during the financial year inherently reflect the Group\u2019s current development-specific climate related actions through its cost plans which align to the development solution. Consistent with the higher cost uncertainty inherent in its longer-term developments from evolving regulatory and other market-led changes, the Group may incur as yet unknown costs associated with its own future climate-related actions as well as costs arising from the impact of climate change. As set out in Note 2.12, the Group\u2019s cost assessments and allocation evolve over the life of each development. 1.4 Basis of consolidation (a) Subsidiaries The Consolidated Financial Statements comprise the financial statements of the Parent Company and all its subsidiary undertakings. The accounting date for subsidiary undertakings is 30 April, unless otherwise stated in note 2.26. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration substantive rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. The purchase method of accounting is used to account for the acquisition of subsidiary undertakings by the Group. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. acquisition related costs are expensed as incurred. (b) Joint ventures Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. 1.5 Adoption of new and revised standards The following amendments to standards and interpretations are applicable to the Group and are mandatory for the first time for the financial year beginning 1 May 2022: \u2014 IAS 16 Property, Plant and Equipment: Proceeds before Intended Use; \u2014 IAS 37 Onerous Contracts: Cost of Fulfilling a Contract; \u2014 IFRS 3 Business Combinations: References to the Conceptual Framework; and \u2014 Annual Improvements to IFRS 9 Financial Instruments. The Group did not have to change its accounting policies or make retrospective adjustments as a result of these amendments. 1.6 Impact of standards and interpretations in issue but not yet effective The International Accounting Standards Board (\u201cIASB\u201d) has published the following amendments to IFRSs which will be applicable to the Group for the financial year beginning 1 May 2023. These amendments are not expected to have a significant impact on the results of the Group: \u2014 Amendments to IAS 1 Presentation of Financial Statements; \u2014 Amendments to IFRS 17 Insurance Contracts; \u2014 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; and \u2014 Amendments to IAS 12 Income Taxes. ",
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"fact-275": {
"value": "1.1 Introduction These Consolidated Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (UK-adopted IFRS). The Company has elected to prepare its Parent Company financial statements in accordance with FRS 101; these are presented on pages 211 to 216. The Group Financial Statements consolidate those of the Company and its subsidiaries (together referred to as the Group) and equity account the Group\u2019s interest in joint ventures. The Parent Company financial statements present information about the Company as a separate entity and not about its Group. The Consolidated Financial Statements have been prepared under the historical cost convention and on the going concern basis. Historical cost is generally based on the fair value of the consideration given in exchange for the assets. Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) requires the use of certain critical accounting estimates. It also requires management to exercise their judgement in the process of applying the Group\u2019s accounting policies. The key areas involving estimation uncertainty, which are significant to the Consolidated Financial Statements, are: \u2014 cost of sales recognition which is dependent on an estimate of future selling prices and build costs. See note 2.12; and \u2014 post completion development provisions which rely on management judgement in estimating the quantum and timing of outflows of resources to settle any associated legal or constructive obligations. See note 2.16. Whilst these are key areas of estimation uncertainty, these are unlikely to have a material impact on the carrying value of assets and liabilities in the next financial year. The significant areas of judgement exercised by management are detailed below: Critical area of judgement in applying the Group\u2019s accounting policies Asset acquisition In the prior year, the Group acquired the outstanding 50% partnership interest in its joint venture St William Homes LLP from National Grid plc, following which St William Homes LLP became a wholly owned subsidiary of the Group. The Directors applied the optional \u2018concentration test\u2019 under IFRS 3 \u2018Business Combinations\u2019 whereby the transaction was accounted for as the acquisition of a set of assets concentrated in inventory. The cash consideration paid in excess of National Grid\u2019s 50% share of the net assets of St William reflected additional land cost within inventory in the Group\u2019s Balance Sheet of \u00a3238 million. Group accounting policies The significant Group accounting policies are included within the relevant notes to the Consolidated Financial Statements on pages 178 to 210. The accounting policies set out below have been applied consistently to all periods presented in these Consolidated Financial Statements. ",
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"fact-308": {
"value": "These Consolidated Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (UK-adopted IFRS). The Company has elected to prepare its Parent Company financial statements in accordance with FRS 101; these are presented on pages 211 to 216. ",
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"fact-246": {
"value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) requires the use of certain critical accounting estimates. It also requires management to exercise their judgement in the process of applying the Group\u2019s accounting policies. The key areas involving estimation uncertainty, which are significant to the Consolidated Financial Statements, are: \u2014 cost of sales recognition which is dependent on an estimate of future selling prices and build costs. See note 2.12; and \u2014 post completion development provisions which rely on management judgement in estimating the quantum and timing of outflows of resources to settle any associated legal or constructive obligations. See note 2.16. Whilst these are key areas of estimation uncertainty, these are unlikely to have a material impact on the carrying value of assets and liabilities in the next financial year. The significant areas of judgement exercised by management are detailed below: Critical area of judgement in applying the Group\u2019s accounting policies Asset acquisition In the prior year, the Group acquired the outstanding 50% partnership interest in its joint venture St William Homes LLP from National Grid plc, following which St William Homes LLP became a wholly owned subsidiary of the Group. The Directors applied the optional \u2018concentration test\u2019 under IFRS 3 \u2018Business Combinations\u2019 whereby the transaction was accounted for as the acquisition of a set of assets concentrated in inventory. The cash consideration paid in excess of National Grid\u2019s 50% share of the net assets of St William reflected additional land cost within inventory in the Group\u2019s Balance Sheet of \u00a3238 million. As residential development is largely speculative by nature, not all inventories are covered by forward sales contracts. Furthermore, due to the nature of the Group\u2019s activity and in particular, the scale of its developments and the length of the development cycle, the Group has to allocate site-wide development costs between units being built and/or completed in the current year and those for future years. It also has to forecast the costs to complete on such developments. In making such assessments and allocations in determining each site\u2019s margin which is used to estimate cost of sales when revenue is recognised for each unit, there is a degree of inherent estimation uncertainty. In particular due to the need to take account of future direct input costs, sales prices and the need to allocate all site-wide costs on an appropriate basis to reflect the overall level of development risk, including planning risk. The Group has established internal controls designed to effectively assess and centrally review inventory carrying values and ensure the appropriateness of the estimates made. These assessments and allocations evolve over the life of the development in line with the risk profile, and accordingly the margin recognised reflects these evolving estimates. Similarly, these estimates impact the carrying value of inventory at each reporting date as this is a function of costs incurred in the year and the allocation of inventory to costs of sales on each property sold. An increase or decrease to estimated costs recognised in the year, by virtue of a 1% change to forecast development margin, would lead to a change in cost of sales and inventory of \u00a317.6 million in the current financial year (2022: \u00a316.3 million). This sensitivity is based on a reasonably possible scenario and is provided in the absence of a change to any other factor affecting future gross margins on the Group\u2019s developments, such as a change in future sales prices. In addition, the Group has consistently applied its approach to margin recognition in relation to the Group\u2019s particularly complex, long-term regeneration developments where whole-site costs are accelerated to the early stages of the development to reflect the greater uncertainty and the evolution of risk over the life of such developments. These developments, where the development life cycle is typically greater than ten years, are considered to be particularly susceptible to potential downward shifts in profitability due to the cyclical nature of the property market and its impact on both revenue and costs. As such, the inherent estimation uncertainty is increased. A fundamental principle of the Group\u2019s accounting policy is to reduce the possibility of recognising margin in the early stages of a development that could subsequently reverse. As such, for these long-term sites with greatest estimation uncertainty, a greater proportion of whole-site costs is recognised during the earlier stages of the development up to a point of inflection when such developments are deemed to be sufficiently de-risked. Subsequent to this inflection point, and should the uncertainties have not materialised, margin would increase as the visibility over projected revenue and costs across the development improves. As at 30 April 2023, the greater proportion of whole-site costs recognised in either the current or previous financial years during the earlier stages of the development for the Group\u2019s particularly complex, long-term sites amounted to 4% (2022: 5%) of the future estimated revenue for the specific sites. As with all judgements involving estimation over a long-term horizon, the outcome of future events may affect the eventual accounting outcome. The Group makes assumptions to determine the timing and its best estimate of the quantum of its construction and other liabilities for which provisions are held. Provisions include a best estimate of the expected value of its post completion development obligations in respect of the construction of the Group\u2019s portfolio of complex mixed use property developments which are expected to be incurred in the ordinary course of business, based on historical experience of the Group\u2019s sites and current site-specific risks, including matters relating to building fire-safety, but which are uncertain in terms of timing and quantum. Provisions are discounted to present value where the effect is material. The Group continually reviews the identified risks that it is aware of for the Group\u2019s portfolio of developments to ensure that the amount of the provision remains appropriate. The increase in the year relates to post completion items on a number of sites including matters relating to building fire-safety. The Group continually reviews its utilisation of this provision and in recognition that the risk of post completion development obligations reduces over time, releases any unutilised provision to the Income Statement on a systematic basis across the ten years following completion. If costs estimated in the post completion development provision are overstated or understated by 10%, this would lead to a change in cost of sales and provision of \u00a319.4 million in the current financial year (2022: \u00a316.1 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-245": {
"value": "Group accounting policies The significant Group accounting policies are included within the relevant notes to the Consolidated Financial Statements on pages 178 to 210. The accounting policies set out below have been applied consistently to all periods presented in these Consolidated Financial Statements. Revenue represents the amounts receivable from the sale of properties, comprising private and affordable residential homes and commercial properties, ground rent assets and other income directly associated with property development. For the significant majority of residential and commercial property sales, properties are treated as sold and profits and revenues are recognised when all performance obligations under the contract have been satisfied, following which control of the unit is passed to the customer. This is determined as the point of legal completion. Where revenue arises on contracts where the customer controls the property during construction and for which the Group has a right to payment for work performed, the Group recognises revenue over time. Revenue and costs are recognised with reference to the stage of completion of the contract, measured by construction progress. Ground rent assets are treated as sold when contracts are exchanged, all material conditions precedent to the sale have been satisfied and control of the ground rent assets have passed to the customer. Operating segments are identified in a manner consistent with the internal reporting provided to the chief operating decision maker. The Group determines its reportable segments having regard to permitted aggregation criteria with the principal condition being that the operating segments should have similar economic characteristics. The Group is predominantly engaged in residential-led, mixed use property development, comprising residential revenue to private customers or affordable housing providers, revenue from land sales and commercial revenue. Expenditure recorded in inventory is expensed through cost of sales at the time of the related property sale. The amount of cost related to each property includes its share of the overall site costs including, where relevant, its share of forecast costs to complete. Net operating expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. See inventories note 2.12 for further disclosures on the key estimates and judgements around cost recognition. Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and the grants will be received. Grants related to assets are deducted from the carrying value of the asset, and are recognised in the Income Statement so as to match with the related costs they are intended to compensate for. Where the Company operates equity settled share based compensation plans, the fair value of the employee services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, taking into account only service and non-market conditions. At each Balance Sheet date, the Group revises its estimate of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the Income Statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The Group accounts for pensions under IAS 19 \u2018Employee Benefits\u2019. The Group has both defined benefit and defined contribution plans. The defined benefit plan was closed to future accrual with effect from 1 April 2007. For the defined benefit scheme, the obligations are measured using the projected unit credit method. The calculation of the net obligation is performed by a qualified actuary. The operating and financing costs of these plans are recognised separately in the Income Statement; service costs are set annually on the basis of actuarial valuations of the scheme and financing costs are recognised in the period in which they arise. Actuarial gains and losses are recognised immediately in the Statement of Comprehensive Income. Pension contributions under defined contribution schemes are charged to the Income Statement as they fall due. The Group applies IAS 12 \u2018Income Taxes\u2019 in accounting for taxes on income. Income tax payable on taxable profits (current tax) is recognised as an expense in the periods in which the profits arise. In the autumn Budget 2021, a new 4% Residential Property Developer Tax (RPDT) was introduced which is effective from 1 April 2022. RPDT is intended to fund the cost of remedial cladding works borne by the Government and is treated as income tax. The taxation expense represents the sum of current tax payable and deferred tax including RPDT. Current tax and deferred tax are provided at the amounts expected to be paid (or received) using the tax rules and laws that have been enacted, or substantially enacted, by the reporting date. Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided to write off the cost of the assets on a straight line basis to their residual value over their estimated useful lives at the following annual rates: Freehold buildings 25 \u2013 50 years Fixtures, fittings and equipment 3 \u2013 12 years Motor vehicles 4 years Freehold property disclosed in the notes to the Consolidated Financial Statements consists of both freehold land and freehold buildings. No depreciation is provided on freehold land. Computer equipment is included within fixtures and fittings. The assets\u2019 residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each Balance Sheet date. Where an impairment is identified, the recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised in the Income Statement. Subsequent costs are included in the assets\u2019 carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is de-recognised. All other repairs and maintenance are charged to the Income Statement during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within net operating expenses in the Income Statement. The lease liability is initially measured at the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate. The Group determines the borrowing rate from external financing sources and adjusts this to reflect the term of the lease and the type of assets subject to the lease. The lease term comprises the non-cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option. Subsequently, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability, and reducing it by the lease payments made. The lease liability is remeasured when the Group changes its assessment of whether it will exercise an extension or termination option. Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability, plus any initial direct costs and an estimate of asset retirement obligations, less any lease incentives. Subsequently, right-of-use assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses, and are adjusted for certain re-measurements of the lease liability. Depreciation is calculated on a straight line basis over the length of the lease. The Group has elected to apply exemptions for short-term leases and leases for which the underlying asset is of low value. For these leases, payments are charged to the Income Statement on a straight line basis over the term of the relevant lease. Right-of-use assets are presented separately in non-current assets on the face of the Consolidated Statement of Financial Position and lease liabilities are shown separately on the Consolidated Statement of Financial Position in current liabilities and non-current liabilities depending on the length of the lease term. Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. Property in the course of development and completed units are valued at the lower of cost and net realisable value. Direct cost comprises the cost of land, raw materials and development costs but excludes indirect overheads. Provision is made, where appropriate, to reduce the value of inventories and work in progress to their net realisable value. Land purchased for development, including land in the course of development, is initially recorded at cost. Where such land is purchased on deferred settlement terms, and the cost differs from the amount that will subsequently be paid in settling the liability, this difference is charged as a finance cost in the Income Statement over the period to settlement. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Expected credit losses are based on the difference between the contracted cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted on an approximation of the original effective interest rate. Any expected credit losses are immaterial. For trade receivables the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the Income Statement within net operating expenses. When a trade receivable is not collectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against net operating expense in the Income Statement. Cash and cash equivalents comprise cash balances in hand and at the bank, including bank overdrafts repayable on demand which form part of the Group\u2019s cash management, for which offset arrangements across Group businesses have been applied where appropriate. New property deposits and on account contract receipts are held within current trade and other payables. Deposits and on account contract receipts are non-refundable and are recorded as a liability on receipt. They are released to the Income Statement, as revenue, upon legal completion. Trade and other payables on normal terms are not interest bearing and are stated at their nominal value which is considered to be their fair value. Trade payables on extended terms are recorded at their fair value at the date of acquisition of the asset to which they relate. The discount to nominal value is amortised over the period of the credit term and charged to finance costs. Deferred revenue relates to consideration received in advance of units being delivered. Revenue is recognised in the Income Statement as control is passed to the customer, which has either been determined as the point of legal completion or, on contracts where the customer controls the property during construction, over time with reference to the stage of completion. Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle that obligation, and the amount has been reliably estimated. Deferred taxation is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and 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 on all taxable temporary differences. 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 (except in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit, or from differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred taxation is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the Balance Sheet date. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against which taxable temporary differences can be utilised. Deferred taxation is charged or credited to the Income Statement, except when it relates to items charged or credited directly to reserves, in which case the deferred taxation is also dealt with in reserves. Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxation assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, sold or reissued. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. Dividend distributions to shareholders are recognised as a liability in the period in which the dividends are appropriately authorised and approved for payout and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements. Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-276": {
"value": "1.2 Going concern The Directors have assessed the business plan and future funding requirements of the Group over the medium term and compared these with the level of committed loan facilities and existing cash resources. As at 30 April 2023, the Group had net cash of \u00a3410.4 million and total liquidity of \u00a31,610.4 million when this net cash is combined with banking facilities of \u00a3800 million (committed to February 2028), of which \u00a3540 million in undrawn, and \u00a3400 million listed bonds (which mature in August 2031). Furthermore, the Group has cash due on forward sales of \u00a32,135.7 million, a significant proportion of which covers delivery for the next 18 months. In making this assessment, consideration has been given to the uncertainty inherent in future financial forecasts and where applicable, severe but plausible sensitivities have been applied to the key factors affecting the financial performance of the Group. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for not less than 12 months from the date of approval of these Consolidated Financial Statements. For this reason, the Directors continue to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-277": {
"value": "1.4 Basis of consolidation (a) Subsidiaries The Consolidated Financial Statements comprise the financial statements of the Parent Company and all its subsidiary undertakings. The accounting date for subsidiary undertakings is 30 April, unless otherwise stated in note 2.26. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration substantive rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. The purchase method of accounting is used to account for the acquisition of subsidiary undertakings by the Group. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. acquisition related costs are expensed as incurred. (b) Joint ventures Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-309": {
"value": "(a) Subsidiaries The Consolidated Financial Statements comprise the financial statements of the Parent Company and all its subsidiary undertakings. The accounting date for subsidiary undertakings is 30 April, unless otherwise stated in note 2.26. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration substantive rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. The purchase method of accounting is used to account for the acquisition of subsidiary undertakings by the Group. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. acquisition related costs are expensed as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-310": {
"value": "(b) Joint ventures Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-278": {
"value": "1.5 Adoption of new and revised standards The following amendments to standards and interpretations are applicable to the Group and are mandatory for the first time for the financial year beginning 1 May 2022: \u2014 IAS 16 Property, Plant and Equipment: Proceeds before Intended Use; \u2014 IAS 37 Onerous Contracts: Cost of Fulfilling a Contract; \u2014 IFRS 3 Business Combinations: References to the Conceptual Framework; and \u2014 Annual Improvements to IFRS 9 Financial Instruments. The Group did not have to change its accounting policies or make retrospective adjustments as a result of these amendments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-311": {
"value": "1.5 Adoption of new and revised standards The following amendments to standards and interpretations are applicable to the Group and are mandatory for the first time for the financial year beginning 1 May 2022: \u2014 IAS 16 Property, Plant and Equipment: Proceeds before Intended Use; \u2014 IAS 37 Onerous Contracts: Cost of Fulfilling a Contract; \u2014 IFRS 3 Business Combinations: References to the Conceptual Framework; and \u2014 Annual Improvements to IFRS 9 Financial Instruments. The Group did not have to change its accounting policies or make retrospective adjustments as a result of these amendments. 1.6 Impact of standards and interpretations in issue but not yet effective The International Accounting Standards Board (\u201cIASB\u201d) has published the following amendments to IFRSs which will be applicable to the Group for the financial year beginning 1 May 2023. These amendments are not expected to have a significant impact on the results of the Group: \u2014 Amendments to IAS 1 Presentation of Financial Statements; \u2014 Amendments to IFRS 17 Insurance Contracts; \u2014 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; and \u2014 Amendments to IAS 12 Income Taxes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-279": {
"value": "1.6 Impact of standards and interpretations in issue but not yet effective The International Accounting Standards Board (\u201cIASB\u201d) has published the following amendments to IFRSs which will be applicable to the Group for the financial year beginning 1 May 2023. These amendments are not expected to have a significant impact on the results of the Group: \u2014 Amendments to IAS 1 Presentation of Financial Statements; \u2014 Amendments to IFRS 17 Insurance Contracts; \u2014 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; and \u2014 Amendments to IAS 12 Income Taxes. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-248": {
"value": "2.1 Revenue The Group\u2019s revenue derives principally from the sale of residential homes and commercial properties across mixed use developments in the United Kingdom. Revenue represents the amounts receivable from the sale of properties, comprising private and affordable residential homes and commercial properties, ground rent assets and other income directly associated with property development. For the significant majority of residential and commercial property sales, properties are treated as sold and profits and revenues are recognised when all performance obligations under the contract have been satisfied, following which control of the unit is passed to the customer. This is determined as the point of legal completion. Where revenue arises on contracts where the customer controls the property during construction and for which the Group has a right to payment for work performed, the Group recognises revenue over time. Revenue and costs are recognised with reference to the stage of completion of the contract, measured by construction progress. Ground rent assets are treated as sold when contracts are exchanged, all material conditions precedent to the sale have been satisfied and control of the ground rent assets have passed to the customer. An analysis of the Group\u2019s continuing revenue is as follows: 2023 \u00a3m 2022 \u00a3m Residential revenue 2,508.3 2,302.0 Commercial revenue 41.9 46.0 2,550.2 2,348.0 Included within revenue is \u00a3396.0 million (2022: \u00a3356.6 million) of customer deposits, received in prior years, for units that legally completed in the year. Included within commercial revenue is \u00a318.1 million (2022: \u00a314.7 million) of revenue recognised in relation to the stage of completion of the contract. Included within residential revenue is \u00a315.2 million (2022: \u00a3nil) of revenue recognised in relation to the stage of completion of the contract. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-280": {
"value": "Revenue represents the amounts receivable from the sale of properties, comprising private and affordable residential homes and commercial properties, ground rent assets and other income directly associated with property development. For the significant majority of residential and commercial property sales, properties are treated as sold and profits and revenues are recognised when all performance obligations under the contract have been satisfied, following which control of the unit is passed to the customer. This is determined as the point of legal completion. Where revenue arises on contracts where the customer controls the property during construction and for which the Group has a right to payment for work performed, the Group recognises revenue over time. Revenue and costs are recognised with reference to the stage of completion of the contract, measured by construction progress. Ground rent assets are treated as sold when contracts are exchanged, all material conditions precedent to the sale have been satisfied and control of the ground rent assets have passed to the customer. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-249": {
"value": "2.2 Segmental disclosure Operating segments are identified in a manner consistent with the internal reporting provided to the chief operating decision maker. The Group determines its reportable segments having regard to permitted aggregation criteria with the principal condition being that the operating segments should have similar economic characteristics. The Group is predominantly engaged in residential-led, mixed use property development, comprising residential revenue to private customers or affordable housing providers, revenue from land sales and commercial revenue. For the purposes of determining its operating segments, the chief operating decision maker has been identified as the Executive Committee of the Board. This Committee approves investment decisions, allocates the Group\u2019s resources and reviews the internal reporting in order to assess performance. The Group has determined that its operating segments are the management teams that report into the Executive Committee of the Board. These management teams are all engaged in residential-led, mixed use development in the United Kingdom and, having regard to the aggregation criteria in IFRS 8, the Group has one reportable operating segment. For the purpose of monitoring segment performance and allocating resources between segments, all assets are considered to be attributable to residential-led, mixed use property development. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-281": {
"value": "Operating segments are identified in a manner consistent with the internal reporting provided to the chief operating decision maker. The Group determines its reportable segments having regard to permitted aggregation criteria with the principal condition being that the operating segments should have similar economic characteristics. The Group is predominantly engaged in residential-led, mixed use property development, comprising residential revenue to private customers or affordable housing providers, revenue from land sales and commercial revenue. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-312": {
"value": "2.3 Net finance costs 2023 \u00a3m 2022 \u00a3m Finance income 23.1 2.5 Finance costs Interest payable on borrowings and non-utilisation fees (21.9) (12.1) Amortisation of facility fees (1.7) (1.8) Other finance costs (10.1) (1.1) (33.7) (15.0) Net finance costs (10.6) (12.5) Finance income predominantly represents interest earned on cash deposits. Other finance costs represent imputed interest on land purchased on deferred settlement terms and lease interest. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-282": {
"value": "2.3 Net finance costs 2023 \u00a3m 2022 \u00a3m Finance income 23.1 2.5 Finance costs Interest payable on borrowings and non-utilisation fees (21.9) (12.1) Amortisation of facility fees (1.7) (1.8) Other finance costs (10.1) (1.1) (33.7) (15.0) Net finance costs (10.6) (12.5) Finance income predominantly represents interest earned on cash deposits. Other finance costs represent imputed interest on land purchased on deferred settlement terms and lease interest. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-250": {
"value": "2.3 Net finance costs 2023 \u00a3m 2022 \u00a3m Finance income 23.1 2.5 Finance costs Interest payable on borrowings and non-utilisation fees (21.9) (12.1) Amortisation of facility fees (1.7) (1.8) Other finance costs (10.1) (1.1) (33.7) (15.0) Net finance costs (10.6) (12.5) Finance income predominantly represents interest earned on cash deposits. Other finance costs represent imputed interest on land purchased on deferred settlement terms and lease interest. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-327": {
"value": "2.4 Profit before taxation Expenditure recorded in inventory is expensed through cost of sales at the time of the related property sale. The amount of cost related to each property includes its share of the overall site costs including, where relevant, its share of forecast costs to complete. Net operating expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. See inventories note 2.12 for further disclosures on the key estimates and judgements around cost recognition. Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and the grants will be received. Grants related to assets are deducted from the carrying value of the asset, and are recognised in the Income Statement so as to match with the related costs they are intended to compensate for. Profit before taxation is stated after charging the following amounts: 2023 \u00a3m 2022 \u00a3m Staff costs (note 2.5) 304.0 280.7 Depreciation on property, plant and equipment (note 2.9) 3.4 3.8 Depreciation on right-of-use assets (note 2.10) 2.2 1.8 Loss on sale of property, plant and equipment 3.7 0.1 Fees paid and payable to the Company\u2019s auditor for the audit of the Group and Parent Company 1.2 0.9 Fees paid and payable to the Company\u2019s auditor for other services: \u2014 Audit of the Company\u2019s subsidiaries and joint ventures 0.1 0.1 \u2014 Audit related assurance services 0.1 0.1 \u2014 Non-audit related assurance services 0.1 0.1 The value of inventories expensed and included in the cost of sales is \u00a31,760.4 million (2022: \u00a31,630.3 million). Government grants of \u00a313.3 million (2022: \u00a3nil) were received in the year relating to the provision of highway infrastructure, for which all performance conditions were satisfied. Fees incurred in the year to the Group\u2019s current auditor for audit and non-audit related assurance services relate to the interim review and assurance services related to carbon emissions and compliance with Berkeley\u2019s Green Financing Framework. In addition to the above services, the Group\u2019s current auditor acted as auditor to the Berkeley Final Salary Plan in the year ended 30 April 2022, for which a fee of \u00a310,000 was paid. They are not appointed as the auditor for the year ended 30 April 2023. 2.9 Property, plant and equipment Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided to write off the cost of the assets on a straight line basis to their residual value over their estimated useful lives at the following annual rates: Freehold buildings 25 \u2013 50 years Fixtures, fittings and equipment 3 \u2013 12 years Motor vehicles 4 years Freehold property disclosed in the notes to the Consolidated Financial Statements consists of both freehold land and freehold buildings. No depreciation is provided on freehold land. Computer equipment is included within fixtures and fittings. The assets\u2019 residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each Balance Sheet date. Where an impairment is identified, the recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised in the Income Statement. Subsequent costs are included in the assets\u2019 carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is de-recognised. All other repairs and maintenance are charged to the Income Statement during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within net operating expenses in the Income Statement. Freehold property \u00a3m Fixtures, fittings & equipment \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost: At 1 May 2022 30.5 21.0 1.9 53.4 Additions 0.4 1.1 0.5 2.0 Disposals \u2013 (6.9) (0.3) (7.2) At 30 April 2023 30.9 15.2 2.1 48.2 Accumulated depreciation: At 1 May 2022 3.6 8.3 1.0 12.9 Charge for the year 0.8 2.4 0.2 3.4 Disposals \u2013 (2.5) (0.2) (2.7) At 30 April 2023 4.4 8.2 1.0 13.6 Net book value: At 1 May 2022 26.9 12.7 0.9 40.5 At 30 April 2023 26.5 7.0 1.1 34.6 Freehold property \u00a3m Fixtures, fittings & equipment \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost: At 1 May 2021 33.5 21.1 2.1 56.7 Additions 0.1 1.0 0.2 1.3 Transfer to inventory (3.1) \u2013 \u2013 (3.1) Disposals \u2013 (1.1) (0.4) (1.5) At 30 April 2022 30.5 21.0 1.9 53.4 Accumulated depreciation: At 1 May 2021 3.3 6.3 1.1 10.7 Charge for the year 0.7 2.9 0.2 3.8 Transfer to inventory (0.4) \u2013 \u2013 (0.4) Disposals \u2013 (0.9) (0.3) (1.2) At 30 April 2022 3.6 8.3 1.0 12.9 Net book value: At 1 May 2021 30.2 14.8 1.0 46.0 At 30 April 2022 26.9 12.7 0.9 40.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-251": {
"value": "2.4 Profit before taxation Expenditure recorded in inventory is expensed through cost of sales at the time of the related property sale. The amount of cost related to each property includes its share of the overall site costs including, where relevant, its share of forecast costs to complete. Net operating expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. See inventories note 2.12 for further disclosures on the key estimates and judgements around cost recognition. Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and the grants will be received. Grants related to assets are deducted from the carrying value of the asset, and are recognised in the Income Statement so as to match with the related costs they are intended to compensate for. Profit before taxation is stated after charging the following amounts: 2023 \u00a3m 2022 \u00a3m Staff costs (note 2.5) 304.0 280.7 Depreciation on property, plant and equipment (note 2.9) 3.4 3.8 Depreciation on right-of-use assets (note 2.10) 2.2 1.8 Loss on sale of property, plant and equipment 3.7 0.1 Fees paid and payable to the Company\u2019s auditor for the audit of the Group and Parent Company 1.2 0.9 Fees paid and payable to the Company\u2019s auditor for other services: \u2014 Audit of the Company\u2019s subsidiaries and joint ventures 0.1 0.1 \u2014 Audit related assurance services 0.1 0.1 \u2014 Non-audit related assurance services 0.1 0.1 The value of inventories expensed and included in the cost of sales is \u00a31,760.4 million (2022: \u00a31,630.3 million). Government grants of \u00a313.3 million (2022: \u00a3nil) were received in the year relating to the provision of highway infrastructure, for which all performance conditions were satisfied. Fees incurred in the year to the Group\u2019s current auditor for audit and non-audit related assurance services relate to the interim review and assurance services related to carbon emissions and compliance with Berkeley\u2019s Green Financing Framework. In addition to the above services, the Group\u2019s current auditor acted as auditor to the Berkeley Final Salary Plan in the year ended 30 April 2022, for which a fee of \u00a310,000 was paid. They are not appointed as the auditor for the year ended 30 April 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-283": {
"value": "2.4 Profit before taxation Expenditure recorded in inventory is expensed through cost of sales at the time of the related property sale. The amount of cost related to each property includes its share of the overall site costs including, where relevant, its share of forecast costs to complete. Net operating expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. See inventories note 2.12 for further disclosures on the key estimates and judgements around cost recognition. Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and the grants will be received. Grants related to assets are deducted from the carrying value of the asset, and are recognised in the Income Statement so as to match with the related costs they are intended to compensate for. Profit before taxation is stated after charging the following amounts: 2023 \u00a3m 2022 \u00a3m Staff costs (note 2.5) 304.0 280.7 Depreciation on property, plant and equipment (note 2.9) 3.4 3.8 Depreciation on right-of-use assets (note 2.10) 2.2 1.8 Loss on sale of property, plant and equipment 3.7 0.1 Fees paid and payable to the Company\u2019s auditor for the audit of the Group and Parent Company 1.2 0.9 Fees paid and payable to the Company\u2019s auditor for other services: \u2014 Audit of the Company\u2019s subsidiaries and joint ventures 0.1 0.1 \u2014 Audit related assurance services 0.1 0.1 \u2014 Non-audit related assurance services 0.1 0.1 The value of inventories expensed and included in the cost of sales is \u00a31,760.4 million (2022: \u00a31,630.3 million). Government grants of \u00a313.3 million (2022: \u00a3nil) were received in the year relating to the provision of highway infrastructure, for which all performance conditions were satisfied. Fees incurred in the year to the Group\u2019s current auditor for audit and non-audit related assurance services relate to the interim review and assurance services related to carbon emissions and compliance with Berkeley\u2019s Green Financing Framework. In addition to the above services, the Group\u2019s current auditor acted as auditor to the Berkeley Final Salary Plan in the year ended 30 April 2022, for which a fee of \u00a310,000 was paid. They are not appointed as the auditor for the year ended 30 April 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-313": {
"value": "Expenditure recorded in inventory is expensed through cost of sales at the time of the related property sale. The amount of cost related to each property includes its share of the overall site costs including, where relevant, its share of forecast costs to complete. Net operating expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. See inventories note 2.12 for further disclosures on the key estimates and judgements around cost recognition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-314": {
"value": "Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and the grants will be received. Grants related to assets are deducted from the carrying value of the asset, and are recognised in the Income Statement so as to match with the related costs they are intended to compensate for. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-252": {
"value": "2.5 Directors and employees Profit before taxation is stated after charging the following amounts: 2023 \u00a3m 2022 \u00a3m Staff costs: Wages and salaries 253.8 238.6 Social security costs 32.5 31.5 Share based payments \u2013 equity settled 3.0 2.0 Share based payments \u2013 cash settled 4.6 (0.8) Pension costs 10.1 9.4 304.0 280.7 The average monthly number of persons employed by the Group during the year was 2,973 (2022: 2,911). Key management compensation Key management comprises the Main Board, as the Directors are considered to have the authority and responsibility for planning, directing and controlling the activities of the Group. Details of Directors\u2019 emoluments as included in the Income Statement during the year are as follows: 2023 \u00a3m 2022 \u00a3m Directors\u2019 remuneration 2.2 2.3 Amount charged under long-term incentive schemes 3.1 1.9 Company contributions to the defined contribution pension schemes 0.1 0.1 5.4 4.3 The Directors\u2019 Remuneration Report includes disclosure of the gains made by Directors on the exercise of share options during the year, which were \u00a314.4 million (2022: \u00a321.4 million) in aggregate. The number of Directors accruing benefits under defined contribution pension schemes in the year was one (2022: one). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-284": {
"value": "Key management compensation Key management comprises the Main Board, as the Directors are considered to have the authority and responsibility for planning, directing and controlling the activities of the Group. Details of Directors\u2019 emoluments as included in the Income Statement during the year are as follows: 2023 \u00a3m 2022 \u00a3m Directors\u2019 remuneration 2.2 2.3 Amount charged under long-term incentive schemes 3.1 1.9 Company contributions to the defined contribution pension schemes 0.1 0.1 5.4 4.3 The Directors\u2019 Remuneration Report includes disclosure of the gains made by Directors on the exercise of share options during the year, which were \u00a314.4 million (2022: \u00a321.4 million) in aggregate. The number of Directors accruing benefits under defined contribution pension schemes in the year was one (2022: one). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-253": {
"value": "Equity settled share based payments Where the Company operates equity settled share based compensation plans, the fair value of the employee services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, taking into account only service and non-market conditions. At each Balance Sheet date, the Group revises its estimate of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the Income Statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The Group operates three (2022: one) equity settled share based payment schemes. The charge to the Income Statement in respect of share based payments in the year relating to grants of share options awarded under the 2011 Long-term Incentive Plan (2011 LTIP) was \u00a32.1 million (2022: \u00a32.0 million). The charge to the Income Statement in respect of share based payments in the year relating to grants of share options awarded under the New Share Plans, Long-term Option Plan (LTOP) and Restricted Share Plan (RSP), was \u00a30.7 million and \u00a30.2 million respectively. The charge to the Income Statement attributable to key management was \u00a33.1 million (2022: \u00a31.9 million). The charge to the reserves during the year in respect of employee share schemes was \u00a34.5 million (2022: \u00a38.7 million), resulting from the non-cash IFRS 2 charge for the year. There were nil exercisable share options at the end of the year (2022: nil). During the year 568,761 options vested under the 2011 LTIP (2022: 815,903) and 870,081 options lapsed (2022: 2,129,662). 2011 Long-term Incentive Plan The 2011 LTIP was approved by shareholders at the 2011 AGM. The 2011 LTIP is designed to incentivise management to both deliver long-term shareholder returns and create value in the ongoing business. Under the plan eligible employees are granted options which will only vest if certain performance conditions are satisfied. Participation in the plan is at the discretion of the Board. The current term of the plan runs for 14 years, with the final options due to vest in September 2025. The original scheme was due to run until September 2021, but at the 2019 AGM the scheme was extended, for eligible employees, by four years to September 2025. The amount of options that vest is dependent on the shareholder return on equity and, for the Executive members, the remuneration caps in place. Total remuneration caps are in place for Executive Directors. Each year options can vest up to the value of their remuneration cap. Any options prevented from vesting due to the caps are banked, and will vest in equal tranches from September 2022 to 2025. Additional returns of \u00a32 per annum must be returned to shareholders from 2022 to 2025 in order for the banked options to vest. Options granted under the plan are for nil consideration and carry no dividend or voting rights. The original option price was \u00a316.34, which equated to \u00a32.3 billion of shareholder return that needed to be returned to shareholders over the original term of the LTIP to 2021. The option price for each tranche was reduced by the value of dividend paid each year, but fixed at 30 September 2021 for subsequent tranches expected to vest in 2022 to 2025. The fixed option price for tranches expected to vest from September 2022 to 2025 is now \u00a35.30. The key features of the plan are as follows: 2016 2017 \u2013 2018 2019 \u2013 2021 2022 \u2013 2025 \u00a32 of return required each year by 30 September for tranche of options to vest. Tranche \u2014 33.0% option Tranche \u2014 13.4% option per annum Tranche \u2014 13.4% option per annum Original option price \u00a316.34, reduced by amount of \u00a32 return provided in dividend each year. Option price fixed at 30 September 2021 at \u00a35.30. \u00a32 of return required each year for any of the shares subject to tranches from 2022 \u2013 2025 to vest. Banked options carried forward. Banked options vest in equal tranches to value of total rem cap. LTIP cap in place Total rem cap in place Vesting to total rem cap each year. When exercised, each option is converted into one ordinary share on the vesting date. The exercise price of the option is based on the opening price at which the Company\u2019s shares are traded on the London Stock Exchange on the date of vesting. Sale restrictions are in place which provide a maximum of 10% of the cumulative balance of the shares earned to be sold each year. The table below summarises the movement in options under the 2011 LTIP during the year: 2023 2022 Option price per share \u00a3 Number of options No. Option price per share \u00a3 Number of options No. As at 1 May \u2013 4,349,689 \u2013 7,295,254 Exercised during the year 5.30 (568,761) 5.30 (815,903) Total options lapsed during the year \u2013 (870,081) \u2013 (2,129,662) As at 30 April \u2013 2,910,847 \u2013 4,349,689 The historic options vested, options banked and the option price are shown in the table below: 2023 Vesting date Option price \u00a3 Share options vested No. Options at 30 April 2023 30 September 2016 10.00 5,719,166 \u2013 30 September 2017 8.63 892,487 1,163,737 30 September 2018 7.73 990,955 1,231,409 30 September 2019 7.46 926,265 1,202,514 30 September 2020 5.39 836,466 1,096,471 30 September 2021 5.30 815,903 982,628 30 September 2022 5.30 568,761 \u2013 Banked options vested \u2013 \u2013 (568,761) Banked options lapsed \u2013 \u2013 (2,197,151) Total \u2013 10,750,003 2,910,847 Fair value of options granted The assessed fair value of the original options granted, determined using the current market pricing model, was \u00a33.17. The inputs into the current market pricing model were as follows: Inputs Grant date 5 September 2011 Final vesting date 30 September 2021 Share price at date of grant (p) 1,236 Exercise price \u00a3nil Discount rate 6.3% Modifications to the 2011 LTIP, approved at the 2019 AGM, were considered to be non-beneficial due to the extended service period and requirement for additional shareholder returns. Therefore, there was no impact on the fair value of the options or accounting treatment applied. The discount rate was determined by calculating the Group\u2019s expected cost of capital over the original vesting period at the grant date. Long-Term Option Plan (LTOP) The LTOP was approved by shareholders at the 2022 AGM. The LTOP is designed to incentivise management to deliver long-term performance and growth in shareholder value in line with the time horizon of the business strategy. Under the plan, eligible employees are granted a one-off grant of options with an exercise price at the higher of the share price at grant date and \u00a348.50. Participation in the plan is at the discretion of the Remuneration Committee. Vesting will occur in five equal tranches between September 2026 and September 2030, with a holding restriction being in place until at least five years from grant. The exercise price of the options increases by \u00a32.50 per year for vesting dates from September 2027 onwards. As such, a minimum exercise price on the options granted will be as follows, which is the only performance condition applied to the plan in addition to continued employment: Vesting date Minimum exercise price (prior to reductions for dividends) 30 September 2026 \u00a348.50 30 September 2027 \u00a351.00 2 October 2028 \u00a353.50 1 October 2029 \u00a356.00 30 September 2030 \u00a358.50 Each year the amount of options that vest is dependent on the growth in shareholder value driven by the minimum exercise price required to be achieved, adjusted for dividends or other distributions to shareholders and each employee\u2019s remuneration cap in place. Any options prevented from vesting due to the caps are lapsed. When exercised, each option is converted into one ordinary share on the vesting date. Sale restrictions are in place which provide a maximum of 10% of the cumulative balance of the shares earned to be sold each year. In the year 4,360,000 (2022: nil) LTOP awards were granted and were outstanding at 30 April 2023. Restrictive Share Plan (RSP) The RSP was approved by shareholders at the 2022 AGM. The RSP is designed to incentivise management to deliver long-term performance rather than in-year performance. The RSP is an annual restrictive share award with the first awards granted in September 2022, vesting in 2026 with a further one year holding period. Participation in the plan is at the discretion of the Remuneration Committee. Annual awards are determined by the Remuneration Committee, however the maximum number of shares under the RSP awards granted to participants will not exceed 175% of the salary of the CEO and 150% of the salary of all other Executive Directors. The vesting of awards is subject to remaining in service and the following two underpin conditions: i) In order for any of the award to vest, the average Return on Equity over the four prior financial years must be at least 15%, commencing with the financial year in which the RSP Awards are granted; and ii) Up to 20% of the award will be forfeited in the event of unsatisfactory progress against strategic and ESG priorities over the relevant vesting period. The vesting of awards is restricted to the level of each employee\u2019s remuneration cap. The remuneration cap is first applied to the LTOP to the extent that total remuneration would exceed the cap, followed by the RSP if required. Any RSP awards in excess of the total remuneration cap will lapse immediately. In the year 93,123 (2022: nil) RSP awards were granted and were outstanding at 30 April 2023. Long-term Option Plan (LTOP) Vesting period Released awards Vesting period Released awards Vesting period Released awards Vesting period Released awards Vesting period Vested options Released awards One year holding period Restricted Share Plan (RSP) Vesting period Released Vesting period Released Vesting period Released September of year 2023 2024 2025 2026 2027 2028 2029 2030 Cash settled share based payments The cost of cash settled transactions is recognised as an expense over the vesting period measured by reference to the fair value of the corresponding liability which is recognised on the Statement of Financial Position. The liability is remeasured at fair value at each Balance Sheet date until settlement with changes in fair value recognised in the Income Statement. Senior management share appreciation rights Certain key members of senior management have been awarded cash bonuses deferred in notional shares in the Company. The notional shares have a contractual life of five years after the bonus is allocated, and are settled in cash subject to continued employment by the Company and individual and divisional performance criteria. The liability is accrued over the vesting period. The Income Statement is charged with an estimate for the vesting of notional shares awarded subject to service and non-market performance conditions. The charge for 2023 was \u00a30.2 million (2022: \u00a30.2 million). The total carrying amount of liabilities for share appreciation rights at the end of the year was \u00a30.3 million (2022: \u00a31.3 million), recorded in accruals and deferred income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-285": {
"value": "Where the Company operates equity settled share based compensation plans, the fair value of the employee services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, taking into account only service and non-market conditions. At each Balance Sheet date, the Group revises its estimate of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the Income Statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The cost of cash settled transactions is recognised as an expense over the vesting period measured by reference to the fair value of the corresponding liability which is recognised on the Statement of Financial Position. The liability is remeasured at fair value at each Balance Sheet date until settlement with changes in fair value recognised in the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-254": {
"value": "Pensions The Group accounts for pensions under IAS 19 \u2018Employee Benefits\u2019. The Group has both defined benefit and defined contribution plans. The defined benefit plan was closed to future accrual with effect from 1 April 2007. For the defined benefit scheme, the obligations are measured using the projected unit credit method. The calculation of the net obligation is performed by a qualified actuary. The operating and financing costs of these plans are recognised separately in the Income Statement; service costs are set annually on the basis of actuarial valuations of the scheme and financing costs are recognised in the period in which they arise. Actuarial gains and losses are recognised immediately in the Statement of Comprehensive Income. Pension contributions under defined contribution schemes are charged to the Income Statement as they fall due. Defined contribution plan Contributions amounting to \u00a38.5 million (2022: \u00a37.9 million) were paid into the defined contribution schemes during the year. There were \u00a30.2 million of contributions outstanding to the scheme at 30 April 2023 (2022: \u00a3nil). Defined benefit plan As at 30 April 2023, the Group operated one defined benefit pension scheme which was closed to future accrual with effect from 1 April 2007. This is a separate Trustee administered fund holding the pension plan assets to meet long-term pension liabilities for some 154 past employees. The level of retirement benefit is principally based on salary earned in the last three years of employment prior to leaving active service and is linked to changes in inflation up to retirement. The Berkeley Final Salary Plan is subject to an independent actuarial valuation at least every three years. The most recent valuation was carried out as at 30 April 2022 and the initial valuation results have been included below, with finalisation due by 31 July 2023. The method adopted in the 2022 valuation was the projected unit credit method, which assumed no allowance for over performance on investments both prior to and after retirement and inflation linked pension increases derived at each term using Black Scholes Methodology with a volatility assumption of 1.40% per annum. The market value of the Berkeley Final Salary Plan assets as at 1 May 2022 was \u00a322.9 million and covered 117% of the scheme\u2019s liabilities. The Group made additional voluntary contributions of \u00a30.6 million during the year (2022: \u00a30.6 million). Following the High Court ruling on 26 October 2018, regarding the equalisation of Guaranteed Minimum Pension (GMP) benefit, the plan was required to adjust benefits to remove the inequalities between the GMP benefits awarded to males and females. On 20 November 2020, the High Court issued a supplementary ruling in respect of GMP equalisation with regard to members who transferred out of the scheme prior to the ruling. The plan has not yet completed a full review of the impact of GMP equalisation and no additional costs have been recognised during the year (2022: \u00a3nil). For the purpose of IAS 19, the 2022 valuation was updated for 30 April 2023. The most significant risks to which the plan exposes the Group are as follows: \u2014 Inflation risk: A rise in inflation rates will lead to higher plan liabilities as a large proportion of the defined benefit obligation is indexed in line with price inflation. This effect will be limited due to caps on inflationary increases to protect the plan against extreme inflation. \u2014 Investment risk: There is a risk that future investment performance fails to generate expected returns. \u2014 Employer convenant risk: There is a risk that the strength of the employer covenant materially weakens which may impact the ability to support the fund. \u2014 Mortality risk: An increase in life expectancy would result in an increase to plan liabilities as a significant proportion of the pension schemes\u2019 obligations are to provide benefits for the life of the member. The amounts recognised in the Statement of Financial Position are determined as follows: 2023 \u00a3m 2022 \u00a3m Present value of defined benefit obligations (14.5) (19.1) Fair value of plan assets 16.2 21.4 Net surplus recognised in the Statement of Financial Position 1.7 2.3 Defined benefit obligations Fair value plan assets Net defined benefit asset 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Balance at 1 May (19.1) (23.2) 21.4 26.4 2.3 3.2 Included in Income Statement: Net interest (0.5) (0.4) 0.6 0.5 0.1 0.1 Included in Other Comprehensive Income: Re-measurements: Actuarial gain/(loss) arising from: \u2014 Demographic assumptions 0.4 0.2 \u2013 \u2013 0.4 0.2 \u2014 Scheme experience (0.1) 0.1 \u2013 \u2013 (0.1) 0.1 \u2014 Financial assumptions 4.3 2.9 \u2013 \u2013 4.3 2.9 Return on plan assets \u2013 \u2013 (5.9) (4.8) (5.9) (4.8) Other: Contributions by the employer \u2013 \u2013 0.6 0.6 0.6 0.6 Benefits paid out 0.5 1.3 (0.5) (1.3) \u2013 \u2013 Balance at 30 April (14.5) (19.1) 16.2 21.4 1.7 2.3 Cumulative actuarial gains and losses recognised in equity: 2023 \u00a3m 2022 \u00a3m Cumulative amounts of losses recognised in the Statement of Comprehensive Income at 1 May (6.4) (4.8) Net actuarial loss recognised in the year (1.3) (1.6) Cumulative amounts of losses recognised in the Statement of Comprehensive Income at 30 April (7.7) (6.4) The fair value of the assets was as follows: 30 April 2023 Long-term value \u00a3m 30 April 2022 Long-term value \u00a3m Diversified growth fund 3.2 5.1 Absolute return bonds 4.1 7.7 Liquidity driven investment 4.4 5.0 Corporate bonds 1.7 \u2013 Cash 2.8 3.6 Fair value of plan assets 16.2 21.4 All equity securities and government bonds have quoted prices in active markets. All government bonds are issued by European Governments and are AAA- or AA- rated. All other plan assets are not quoted in an active market. History of asset values 30 April 2023 \u00a3m 30 April 2022 \u00a3m 30 April 2021 \u00a3m 30 April 2020 \u00a3m 30 April 2019 \u00a3m Fair value of plan assets 16.2 21.4 26.4 23.0 22.5 Present value of defined benefit obligations (14.5) (19.1) (23.2) (22.4) (20.9) Net surplus in the plan 1.7 2.3 3.2 0.6 1.6 Actuarial assumptions The major assumptions used by the actuary for the 30 April 2023 valuation were as follows: 30 April 2023 30 April 2022 Discount rate 4.85% 3.00% Inflation assumption (RPI) 3.40% 3.80% Inflation assumption (CPI) 2.85% 3.30% Rate of increase in pensions in payment post 97 (pre-97 receive 3% p.a. increases) 3.85% 3.90% The mortality assumptions are the standard S3PMA/S3PFA_M CMI_2021_X (1.25%) (2022: S3PMA/S3PFA_M CMI_2021_X (1.25%)) base table for males and females, both adjusted for each individual\u2019s year of birth to allow for future improvements in mortality rates. The life expectancy of male and female pensioners (now aged 65) retiring at age 65 on the Balance Sheet date is 21.3 years and 23.3 years respectively (2022: 21.7 and 23.5 years respectively). The life expectancy of male and female deferred pensioners (now aged 45) retiring at age 65 after the Balance Sheet date is 22.6 years and 24.8 years respectively (2022: 22.9 and 25.0 years respectively). Sensitivity analysis The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarises how the impact on the defined benefit obligation at the end of the reporting period would have increased as a result of a change in the respective assumptions. Change in assumption Change in defined benefit obligation Discount rate +0.5% p.a. \u00a3(0.8)m Rate of inflation +0.25% p.a. \u00a30.2m Rate of mortality +1 year \u00a30.5m These calculations provide an approximate guide to the sensitivity of results and may not be as accurate as a full valuation carried out on these assumptions. In practice, changes in some of the assumptions are correlated and so each assumption change is unlikely to occur in isolation, as shown above. Funding The Group expects to pay \u00a30.6 million in contributions to its defined benefit plan in the year ending 30 April 2024, albeit it has no obligation to do so (2023: \u00a30.6 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-286": {
"value": "The Group accounts for pensions under IAS 19 \u2018Employee Benefits\u2019. The Group has both defined benefit and defined contribution plans. The defined benefit plan was closed to future accrual with effect from 1 April 2007. For the defined benefit scheme, the obligations are measured using the projected unit credit method. The calculation of the net obligation is performed by a qualified actuary. The operating and financing costs of these plans are recognised separately in the Income Statement; service costs are set annually on the basis of actuarial valuations of the scheme and financing costs are recognised in the period in which they arise. Actuarial gains and losses are recognised immediately in the Statement of Comprehensive Income. Pension contributions under defined contribution schemes are charged to the Income Statement as they fall due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-287": {
"value": "Defined contribution plan Contributions amounting to \u00a38.5 million (2022: \u00a37.9 million) were paid into the defined contribution schemes during the year. There were \u00a30.2 million of contributions outstanding to the scheme at 30 April 2023 (2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-288": {
"value": "Defined benefit plan As at 30 April 2023, the Group operated one defined benefit pension scheme which was closed to future accrual with effect from 1 April 2007. This is a separate Trustee administered fund holding the pension plan assets to meet long-term pension liabilities for some 154 past employees. The level of retirement benefit is principally based on salary earned in the last three years of employment prior to leaving active service and is linked to changes in inflation up to retirement. The Berkeley Final Salary Plan is subject to an independent actuarial valuation at least every three years. The most recent valuation was carried out as at 30 April 2022 and the initial valuation results have been included below, with finalisation due by 31 July 2023. The method adopted in the 2022 valuation was the projected unit credit method, which assumed no allowance for over performance on investments both prior to and after retirement and inflation linked pension increases derived at each term using Black Scholes Methodology with a volatility assumption of 1.40% per annum. The market value of the Berkeley Final Salary Plan assets as at 1 May 2022 was \u00a322.9 million and covered 117% of the scheme\u2019s liabilities. The Group made additional voluntary contributions of \u00a30.6 million during the year (2022: \u00a30.6 million). Following the High Court ruling on 26 October 2018, regarding the equalisation of Guaranteed Minimum Pension (GMP) benefit, the plan was required to adjust benefits to remove the inequalities between the GMP benefits awarded to males and females. On 20 November 2020, the High Court issued a supplementary ruling in respect of GMP equalisation with regard to members who transferred out of the scheme prior to the ruling. The plan has not yet completed a full review of the impact of GMP equalisation and no additional costs have been recognised during the year (2022: \u00a3nil). For the purpose of IAS 19, the 2022 valuation was updated for 30 April 2023. The most significant risks to which the plan exposes the Group are as follows: \u2014 Inflation risk: A rise in inflation rates will lead to higher plan liabilities as a large proportion of the defined benefit obligation is indexed in line with price inflation. This effect will be limited due to caps on inflationary increases to protect the plan against extreme inflation. \u2014 Investment risk: There is a risk that future investment performance fails to generate expected returns. \u2014 Employer convenant risk: There is a risk that the strength of the employer covenant materially weakens which may impact the ability to support the fund. \u2014 Mortality risk: An increase in life expectancy would result in an increase to plan liabilities as a significant proportion of the pension schemes\u2019 obligations are to provide benefits for the life of the member. The amounts recognised in the Statement of Financial Position are determined as follows: 2023 \u00a3m 2022 \u00a3m Present value of defined benefit obligations (14.5) (19.1) Fair value of plan assets 16.2 21.4 Net surplus recognised in the Statement of Financial Position 1.7 2.3 Defined benefit obligations Fair value plan assets Net defined benefit asset 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Balance at 1 May (19.1) (23.2) 21.4 26.4 2.3 3.2 Included in Income Statement: Net interest (0.5) (0.4) 0.6 0.5 0.1 0.1 Included in Other Comprehensive Income: Re-measurements: Actuarial gain/(loss) arising from: \u2014 Demographic assumptions 0.4 0.2 \u2013 \u2013 0.4 0.2 \u2014 Scheme experience (0.1) 0.1 \u2013 \u2013 (0.1) 0.1 \u2014 Financial assumptions 4.3 2.9 \u2013 \u2013 4.3 2.9 Return on plan assets \u2013 \u2013 (5.9) (4.8) (5.9) (4.8) Other: Contributions by the employer \u2013 \u2013 0.6 0.6 0.6 0.6 Benefits paid out 0.5 1.3 (0.5) (1.3) \u2013 \u2013 Balance at 30 April (14.5) (19.1) 16.2 21.4 1.7 2.3 Cumulative actuarial gains and losses recognised in equity: 2023 \u00a3m 2022 \u00a3m Cumulative amounts of losses recognised in the Statement of Comprehensive Income at 1 May (6.4) (4.8) Net actuarial loss recognised in the year (1.3) (1.6) Cumulative amounts of losses recognised in the Statement of Comprehensive Income at 30 April (7.7) (6.4) The fair value of the assets was as follows: 30 April 2023 Long-term value \u00a3m 30 April 2022 Long-term value \u00a3m Diversified growth fund 3.2 5.1 Absolute return bonds 4.1 7.7 Liquidity driven investment 4.4 5.0 Corporate bonds 1.7 \u2013 Cash 2.8 3.6 Fair value of plan assets 16.2 21.4 All equity securities and government bonds have quoted prices in active markets. All government bonds are issued by European Governments and are AAA- or AA- rated. All other plan assets are not quoted in an active market. History of asset values 30 April 2023 \u00a3m 30 April 2022 \u00a3m 30 April 2021 \u00a3m 30 April 2020 \u00a3m 30 April 2019 \u00a3m Fair value of plan assets 16.2 21.4 26.4 23.0 22.5 Present value of defined benefit obligations (14.5) (19.1) (23.2) (22.4) (20.9) Net surplus in the plan 1.7 2.3 3.2 0.6 1.6 Actuarial assumptions The major assumptions used by the actuary for the 30 April 2023 valuation were as follows: 30 April 2023 30 April 2022 Discount rate 4.85% 3.00% Inflation assumption (RPI) 3.40% 3.80% Inflation assumption (CPI) 2.85% 3.30% Rate of increase in pensions in payment post 97 (pre-97 receive 3% p.a. increases) 3.85% 3.90% The mortality assumptions are the standard S3PMA/S3PFA_M CMI_2021_X (1.25%) (2022: S3PMA/S3PFA_M CMI_2021_X (1.25%)) base table for males and females, both adjusted for each individual\u2019s year of birth to allow for future improvements in mortality rates. The life expectancy of male and female pensioners (now aged 65) retiring at age 65 on the Balance Sheet date is 21.3 years and 23.3 years respectively (2022: 21.7 and 23.5 years respectively). The life expectancy of male and female deferred pensioners (now aged 45) retiring at age 65 after the Balance Sheet date is 22.6 years and 24.8 years respectively (2022: 22.9 and 25.0 years respectively). Sensitivity analysis The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarises how the impact on the defined benefit obligation at the end of the reporting period would have increased as a result of a change in the respective assumptions. Change in assumption Change in defined benefit obligation Discount rate +0.5% p.a. \u00a3(0.8)m Rate of inflation +0.25% p.a. \u00a30.2m Rate of mortality +1 year \u00a30.5m These calculations provide an approximate guide to the sensitivity of results and may not be as accurate as a full valuation carried out on these assumptions. In practice, changes in some of the assumptions are correlated and so each assumption change is unlikely to occur in isolation, as shown above. Funding The Group expects to pay \u00a30.6 million in contributions to its defined benefit plan in the year ending 30 April 2024, albeit it has no obligation to do so (2023: \u00a30.6 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-255": {
"value": "2.6 Taxation The Group applies IAS 12 \u2018Income Taxes\u2019 in accounting for taxes on income. Income tax payable on taxable profits (current tax) is recognised as an expense in the periods in which the profits arise. In the autumn Budget 2021, a new 4% Residential Property Developer Tax (RPDT) was introduced which is effective from 1 April 2022. RPDT is intended to fund the cost of remedial cladding works borne by the Government and is treated as income tax. The taxation expense represents the sum of current tax payable and deferred tax including RPDT. Current tax and deferred tax are provided at the amounts expected to be paid (or received) using the tax rules and laws that have been enacted, or substantially enacted, by the reporting date. The tax charge for the year is as follows: 2023 \u00a3m 2022 \u00a3m Current tax including RPDT UK current tax payable (140.5) (148.2) Adjustments in respect of previous years (1.4) 2.3 (141.9) (145.9) Deferred tax including RPDT Deferred tax movements 2.5 73.0 Adjustments in respect of previous years 1.1 3.8 3.6 76.8 (138.3) (69.1) Tax on items recognised directly in equity is as follows: 2023 \u00a3m 2022 \u00a3m Deferred tax in respect of employee share schemes (note 2.17) (9.8) 3.8 Corporation tax is calculated at 19.5% (2022: 19.0%) of the estimated assessable profit for the year. With effect from 1 April 2022, the Group is subject to RPDT at a rate of 4%, and results in a weighted statutory rate of corporate income tax of 23.5% for the year (2022: 19.3%). The tax charge assessed for the year differs from the weighted statutory rate of corporate income tax of 23.5% (2022: 19.3%). The differences are explained below: 2023 \u00a3m 2022 \u00a3m Profit before tax 604.0 551.5 Tax on profit at standard UK corporation tax rate 141.9 106.6 Effects of: \u2014 Expenses not deductible for tax purposes 1.8 1.5 \u2014 Tax effect of share of results of joint ventures (0.2) (0.2) \u2014 Adjustments in respect of previous years 0.3 (6.1) \u2014 Effect of change in rate of tax (note 2.17) (4.7) (32.1) \u2014 Other (0.8) (0.6) Tax charge 138.3 69.1 The Group has an overall tax charge for the year of \u00a3138.3 million (2022: \u00a369.1 million) including UK current tax payable of \u00a3140.5 million (2022: \u00a3148.2 million). The effective tax rate for the year is 22.9% (2022: 12.5%) and includes a \u00a34.7 million credit arising from the re-measurement, in part, of the Group\u2019s UK deferred tax assets at 29% following the changes to both the corporation tax rate substantially enacted in May 2021 and the introduction of RPDT at a rate of 4% on 1 April 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-289": {
"value": "The Group applies IAS 12 \u2018Income Taxes\u2019 in accounting for taxes on income. Income tax payable on taxable profits (current tax) is recognised as an expense in the periods in which the profits arise. In the autumn Budget 2021, a new 4% Residential Property Developer Tax (RPDT) was introduced which is effective from 1 April 2022. RPDT is intended to fund the cost of remedial cladding works borne by the Government and is treated as income tax. The taxation expense represents the sum of current tax payable and deferred tax including RPDT. Current tax and deferred tax are provided at the amounts expected to be paid (or received) using the tax rules and laws that have been enacted, or substantially enacted, by the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-256": {
"value": "2.7 Earnings per ordinary share Basic earnings per share (EPS) are calculated as the profit for the financial year attributable to shareholders of the Group divided by the weighted average number of shares in issue during the year . For the year ended 30 April 2023 2022 Profit attributable to shareholders (\u00a3m) 465.7 482.4 Weighted average no. of shares (million) 109.1 115.5 Basic EPS (pence) 426.8 417.8 For diluted earnings per ordinary share, the weighted average number of shares in issue is adjusted to assume the conversion of all potentially dilutive ordinary shares. At 30 April 2023, the Group had one (2022: one) category of dilutive ordinary shares: 1.0 million (2022: 1.6 million) share options under the 2011 LTIP. A calculation is undertaken to determine the number of shares that could have been acquired at fair value based on the aggregate of the exercise price of each share option and the fair value of future services to be supplied to the Group which is the unamortised share based payments charge. The difference between the number of shares that could have been acquired at fair value and the total number of options is used in the diluted EPS calculation. For the year ended 30 April 2023 2022 Profit used to determine diluted EPS (million) 465.7 482.4 Weighted average number of shares (million) 109.1 115.5 Adjustments for: \u2014 Share options 1.1 1.8 Shares used to determine diluted EPS (million) 110.2 117.3 \u2014 Diluted EPS (pence) 422.4 411.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-291": {
"value": "Basic earnings per share (EPS) are calculated as the profit for the financial year attributable to shareholders of the Group divided by the weighted average number of shares in issue during the year ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-315": {
"value": "2.8 Intangible assets Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. Goodwill \u00a3m Cost: At 1 May 2022 and 30 April 2023 17.2 Accumulated impairment: At 1 May 2022 and 30 April 2023 \u2013 Net book value: At 1 May 2022 and 30 April 2023 17.2 Cost: At 1 May 2021 and 30 April 2022 17.2 Accumulated impairment: At 1 May 2021 and 30 April 2022 \u2013 Net book value: At 1 May 2021 and 30 April 2022 17.2 The goodwill balance relates solely to the acquisition of the 50% of the ordinary share capital of St James Group Limited, completed on 7 November 2006, that was not already owned by the Group. The goodwill balance is tested annually for impairment. The recoverable amount has been determined on the basis of the value in use of the business using the current five year pre-tax forecasts. Key assumptions are as follows: (i) cash flows beyond a five year period are not extrapolated; and (ii) a pre-tax discount rate of 13.5% (2022: 9.3%) based on the Group\u2019s weighted average cost of capital. The Directors have identified no reasonably possible change in a key assumption which would give rise to an impairment charge. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-290": {
"value": "2.8 Intangible assets Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. Goodwill \u00a3m Cost: At 1 May 2022 and 30 April 2023 17.2 Accumulated impairment: At 1 May 2022 and 30 April 2023 \u2013 Net book value: At 1 May 2022 and 30 April 2023 17.2 Cost: At 1 May 2021 and 30 April 2022 17.2 Accumulated impairment: At 1 May 2021 and 30 April 2022 \u2013 Net book value: At 1 May 2021 and 30 April 2022 17.2 The goodwill balance relates solely to the acquisition of the 50% of the ordinary share capital of St James Group Limited, completed on 7 November 2006, that was not already owned by the Group. The goodwill balance is tested annually for impairment. The recoverable amount has been determined on the basis of the value in use of the business using the current five year pre-tax forecasts. Key assumptions are as follows: (i) cash flows beyond a five year period are not extrapolated; and (ii) a pre-tax discount rate of 13.5% (2022: 9.3%) based on the Group\u2019s weighted average cost of capital. The Directors have identified no reasonably possible change in a key assumption which would give rise to an impairment charge. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-257": {
"value": "2.8 Intangible assets Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. Goodwill \u00a3m Cost: At 1 May 2022 and 30 April 2023 17.2 Accumulated impairment: At 1 May 2022 and 30 April 2023 \u2013 Net book value: At 1 May 2022 and 30 April 2023 17.2 Cost: At 1 May 2021 and 30 April 2022 17.2 Accumulated impairment: At 1 May 2021 and 30 April 2022 \u2013 Net book value: At 1 May 2021 and 30 April 2022 17.2 The goodwill balance relates solely to the acquisition of the 50% of the ordinary share capital of St James Group Limited, completed on 7 November 2006, that was not already owned by the Group. The goodwill balance is tested annually for impairment. The recoverable amount has been determined on the basis of the value in use of the business using the current five year pre-tax forecasts. Key assumptions are as follows: (i) cash flows beyond a five year period are not extrapolated; and (ii) a pre-tax discount rate of 13.5% (2022: 9.3%) based on the Group\u2019s weighted average cost of capital. The Directors have identified no reasonably possible change in a key assumption which would give rise to an impairment charge. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-332": {
"value": "Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-331": {
"value": "Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-328": {
"value": "Where the cost of acquiring new and additional interests in subsidiaries, joint ventures and businesses exceeds the fair value of the net assets acquired, the resulting premium on acquisition (goodwill) is capitalised and its subsequent measurement is based on annual impairment reviews and impairment reviews performed where an impairment indicator exists, with any impairment losses recognised immediately in the Income Statement. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-258": {
"value": "2.9 Property, plant and equipment Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided to write off the cost of the assets on a straight line basis to their residual value over their estimated useful lives at the following annual rates: Freehold buildings 25 \u2013 50 years Fixtures, fittings and equipment 3 \u2013 12 years Motor vehicles 4 years Freehold property disclosed in the notes to the Consolidated Financial Statements consists of both freehold land and freehold buildings. No depreciation is provided on freehold land. Computer equipment is included within fixtures and fittings. The assets\u2019 residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each Balance Sheet date. Where an impairment is identified, the recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised in the Income Statement. Subsequent costs are included in the assets\u2019 carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is de-recognised. All other repairs and maintenance are charged to the Income Statement during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within net operating expenses in the Income Statement. Freehold property \u00a3m Fixtures, fittings & equipment \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost: At 1 May 2022 30.5 21.0 1.9 53.4 Additions 0.4 1.1 0.5 2.0 Disposals \u2013 (6.9) (0.3) (7.2) At 30 April 2023 30.9 15.2 2.1 48.2 Accumulated depreciation: At 1 May 2022 3.6 8.3 1.0 12.9 Charge for the year 0.8 2.4 0.2 3.4 Disposals \u2013 (2.5) (0.2) (2.7) At 30 April 2023 4.4 8.2 1.0 13.6 Net book value: At 1 May 2022 26.9 12.7 0.9 40.5 At 30 April 2023 26.5 7.0 1.1 34.6 Freehold property \u00a3m Fixtures, fittings & equipment \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost: At 1 May 2021 33.5 21.1 2.1 56.7 Additions 0.1 1.0 0.2 1.3 Transfer to inventory (3.1) \u2013 \u2013 (3.1) Disposals \u2013 (1.1) (0.4) (1.5) At 30 April 2022 30.5 21.0 1.9 53.4 Accumulated depreciation: At 1 May 2021 3.3 6.3 1.1 10.7 Charge for the year 0.7 2.9 0.2 3.8 Transfer to inventory (0.4) \u2013 \u2013 (0.4) Disposals \u2013 (0.9) (0.3) (1.2) At 30 April 2022 3.6 8.3 1.0 12.9 Net book value: At 1 May 2021 30.2 14.8 1.0 46.0 At 30 April 2022 26.9 12.7 0.9 40.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-316": {
"value": "Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided to write off the cost of the assets on a straight line basis to their residual value over their estimated useful lives at the following annual rates: Freehold buildings 25 \u2013 50 years Fixtures, fittings and equipment 3 \u2013 12 years Motor vehicles 4 years Freehold property disclosed in the notes to the Consolidated Financial Statements consists of both freehold land and freehold buildings. No depreciation is provided on freehold land. Computer equipment is included within fixtures and fittings. The assets\u2019 residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each Balance Sheet date. Where an impairment is identified, the recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised in the Income Statement. Subsequent costs are included in the assets\u2019 carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is de-recognised. All other repairs and maintenance are charged to the Income Statement during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within net operating expenses in the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-292": {
"value": "Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided to write off the cost of the assets on a straight line basis to their residual value over their estimated useful lives at the following annual rates: Freehold buildings 25 \u2013 50 years Fixtures, fittings and equipment 3 \u2013 12 years Motor vehicles 4 years Freehold property disclosed in the notes to the Consolidated Financial Statements consists of both freehold land and freehold buildings. No depreciation is provided on freehold land. Computer equipment is included within fixtures and fittings. The assets\u2019 residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each Balance Sheet date. Where an impairment is identified, the recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised in the Income Statement. Subsequent costs are included in the assets\u2019 carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is de-recognised. All other repairs and maintenance are charged to the Income Statement during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within net operating expenses in the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-259": {
"value": "2.10 Right-of-use assets and lease liabilities The lease liability is initially measured at the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate. The Group determines the borrowing rate from external financing sources and adjusts this to reflect the term of the lease and the type of assets subject to the lease. The lease term comprises the non-cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option. Subsequently, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability, and reducing it by the lease payments made. The lease liability is remeasured when the Group changes its assessment of whether it will exercise an extension or termination option. Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability, plus any initial direct costs and an estimate of asset retirement obligations, less any lease incentives. Subsequently, right-of-use assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses, and are adjusted for certain re-measurements of the lease liability. Depreciation is calculated on a straight line basis over the length of the lease. The Group has elected to apply exemptions for short-term leases and leases for which the underlying asset is of low value. For these leases, payments are charged to the Income Statement on a straight line basis over the term of the relevant lease. Right-of-use assets are presented separately in non-current assets on the face of the Consolidated Statement of Financial Position and lease liabilities are shown separately on the Consolidated Statement of Financial Position in current liabilities and non-current liabilities depending on the length of the lease term. Leasehold property \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost: At 1 May 2022 10.6 0.7 11.3 Additions 2.1 0.1 2.2 Disposals (0.6) \u2013 (0.6) At 30 April 2023 12.1 0.8 12.9 Accumulated depreciation: At 1 May 2022 5.0 0.5 5.5 Charge for the year 2.4 0.1 2.5 Disposals (0.3) \u2013 (0.3) At 30 April 2023 7.1 0.6 7.7 Net book value: At 1 May 2022 5.6 0.2 5.8 At 30 April 2023 5.0 0.2 5.2 Lease liabilities included in the Consolidated Statement of Financial Position: 2023 \u00a3m 2022 \u00a3m Current 2.2 2.1 Non-current 2.9 3.8 Total 5.1 5.9 Amounts recognised in the Consolidated Income Statement: 2023 \u00a3m 2022 \u00a3m Depreciation charged on right-of-use assets \u2013 Office buildings 2.4 1.7 Depreciation charged on right-of-use assets \u2013 Motor vehicles 0.1 0.1 Interest on lease liabilities 0.1 0.1 Total 2.6 1.9 The total cash outflow for leases in 2023 was \u00a32.3 million (2022: \u00a31.9 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-293": {
"value": "The lease liability is initially measured at the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate. The Group determines the borrowing rate from external financing sources and adjusts this to reflect the term of the lease and the type of assets subject to the lease. The lease term comprises the non-cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option. Subsequently, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability, and reducing it by the lease payments made. The lease liability is remeasured when the Group changes its assessment of whether it will exercise an extension or termination option. Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability, plus any initial direct costs and an estimate of asset retirement obligations, less any lease incentives. Subsequently, right-of-use assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses, and are adjusted for certain re-measurements of the lease liability. Depreciation is calculated on a straight line basis over the length of the lease. The Group has elected to apply exemptions for short-term leases and leases for which the underlying asset is of low value. For these leases, payments are charged to the Income Statement on a straight line basis over the term of the relevant lease. Right-of-use assets are presented separately in non-current assets on the face of the Consolidated Statement of Financial Position and lease liabilities are shown separately on the Consolidated Statement of Financial Position in current liabilities and non-current liabilities depending on the length of the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-260": {
"value": "2.11 Investments in joint ventures Joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that joint control commences until the date that joint control ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to \u00a3nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee. 2023 \u00a3m 2022 \u00a3m Loans 40.9 29.3 Share of post acquisition reserves 182.5 161.1 223.4 190.4 Details of the joint ventures are provided in notes 2.25 and 2.26. 2023 \u00a3m 2022 \u00a3m At 1 May 190.4 281.7 Group\u2019s share of profit after taxation for the year 96.3 56.1 Increase in loans to joint ventures 11.6 26.7 Dividends from joint ventures (St Edward) (74.9) \u2013 Disposal of equity share in joint venture \u2013 (174.1) At 30 April 223.4 190.4 The disposal in 2022 relates to the acquisition of the outstanding 50% partnership interest in St William Homes LLP, following which St William Homes LLP is a wholly owned subsidiary of the Berkeley Group. The Group recognised its 50% share of St William Homes LLP\u2019s profit up to acquisition date of 15 March 2022. Subsequently, 100% of St William Homes LLP\u2019s Income Statement is included within the Consolidated Income Statement. The Group\u2019s share of joint ventures\u2019 net assets, income and expenses is comprised as follows: 2023 St Edward \u00a3m St William \u00a3m Other \u00a3m Total \u00a3m Cash and cash equivalents 248.6 \u2013 0.2 248.8 Other current assets 412.0 \u2013 35.9 447.9 Current assets 660.6 \u2013 36.1 696.7 Current liabilities (236.4) \u2013 (0.1) (236.5) Non\u2013current financial liabilities* (58.8) \u2013 (36.4) (95.2) Net assets/(liabilities) (at 100%) 365.4 \u2013 (0.4) 365.0 Group share of net assets/(liabilities) (50%) 182.7 \u2013 (0.2) 182.5 Loans to joint ventures 22.6 \u2013 18.3 40.9 Total interest in joint ventures 205.3 \u2013 18.1 223.4 Revenue 534.4 \u2013 (0.1) 534.3 Costs (344.5) \u2013 (0.4) (344.9) Operating profit/(loss) 189.9 \u2013 (0.5) 189.4 Net finance income/(costs) 4.1 \u2013 (0.1) 4.0 Profit/(loss) before taxation for the year 194.0 \u2013 (0.6) 193.4 Tax charge (0.8) \u2013 \u2013 (0.8) Profit/(loss) after taxation and total comprehensive income/(expense) (100%) 193.2 \u2013 (0.6) 192.6 Group share of post tax profit/(loss) of joint ventures (50%) 96.6 \u2013 (0.3) 96.3 During the year, the Group entered into a new 50/50 joint venture agreement with Latimer Developments Ltd (2022: SEGRO Properties Limited). The other joint ventures in the table comprise asset venture specific 50/50 joint ventures \u2013 Latimer Developments Ltd and SEGRO Properties Limited. * Non-current liabilities include amounts owed to joint venture partners 2022 St Edward \u00a3m St William \u00a3m Other \u00a3m Total \u00a3m Cash and cash equivalents 251.0 \u2013 \u2013 251.0 Other current assets 594.7 \u2013 13.4 608.1 Current assets 845.7 \u2013 13.4 859.1 Current liabilities (440.2) \u2013 \u2013 (440.2) Non\u2013current financial liabilities* (83.3) \u2013 (13.4) (96.7) Net assets (at 100%) 322.2 \u2013 \u2013 322.2 Group share of net assets (50%) 161.1 \u2013 \u2013 161.1 Loans to joint ventures 22.6 \u2013 6.7 29.3 Total interest in joint ventures 183.7 \u2013 6.7 190.4 Revenue 279.6 262.4 \u2013 542.0 Costs (192.8) (224.7) \u2013 (417.5) Operating profit 86.8 37.7 \u2013 124.5 Net finance income/(costs) 0.6 (12.3) \u2013 (11.7) Profit before taxation for the year 87.4 25.4 \u2013 112.8 Tax charge (0.5) \u2013 \u2013 (0.5) Profit after taxation and total comprehensive income (100%) 86.9 25.4 \u2013 112.3 Group share of post tax profit of joint ventures (50%) 43.4 12.7 \u2013 56.1 * Non-current liabilities include amounts owed to joint venture partners Berkeley Carlton Holdings Limited (ii) Berkeley Sutton Limited (ii) Diniwe One Limited Diniwe Two Limited Mayfield Market Towns Limited (ii) (v) *** Mayflower Residential Limited (ii) (v) *** Segro V-Park Grand Union LLP*\u2020 SEH Manager Limited SEH Nominee Limited SES Manager Limited (ii) SES Nominee Limited St Edward Homes Limited (iii) St Edward Homes Number Five Limited** St Edward Homes Number Four Limited** St Edward Homes Number One Limited** St Edward Homes Number Three Limited** (v) St Edward Homes Number Two Limited** St Edward Homes Partnership Freeholds Limited St Edward Strand Partnership Freeholds Limited St George Little Britain (No. 1) Limited (ii) St George Little Britain (No.2) Limited (ii) St Katharine Homes LLP (i) STKM Limited Strand Property Unit Trust (unregistered) The St Edward Homes Partnership (unregistered partnership) (i) The St Edward (Strand) Partnership (unregistered partnership) (i) U B Developments Limited (iv) (v) (i) Partnership with no share capital (ii) A ordinary and B ordinary shares (iii) A ordinary, B ordinary, C preference and D preference shares (iv) B ordinary shares (v) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG * Accounting date of 31 December ** 100% owned by St Edward Homes Limited *** Accounting date of 31 March \u2020 Registered office address is 1 New Burlington Place, London, United Kingdom, W1S 2HR (b) Joint ventures At 30 April 2023, the Group had an interest in the following joint ventures which have been equity accounted to 30 April and have an accounting date of 30 April unless otherwise indicated. All of the companies listed below are incorporated in England and Wales and have their registered office address at Berkeley House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential-led mixed use development and ancillary activities. All of the companies are 50% owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-261": {
"value": "2.12 Inventories Property in the course of development and completed units are valued at the lower of cost and net realisable value. Direct cost comprises the cost of land, raw materials and development costs but excludes indirect overheads. Provision is made, where appropriate, to reduce the value of inventories and work in progress to their net realisable value. Land purchased for development, including land in the course of development, is initially recorded at cost. Where such land is purchased on deferred settlement terms, and the cost differs from the amount that will subsequently be paid in settling the liability, this difference is charged as a finance cost in the Income Statement over the period to settlement. As residential development is largely speculative by nature, not all inventories are covered by forward sales contracts. Furthermore, due to the nature of the Group\u2019s activity and in particular, the scale of its developments and the length of the development cycle, the Group has to allocate site-wide development costs between units being built and/or completed in the current year and those for future years. It also has to forecast the costs to complete on such developments. In making such assessments and allocations in determining each site\u2019s margin which is used to estimate cost of sales when revenue is recognised for each unit, there is a degree of inherent estimation uncertainty. In particular due to the need to take account of future direct input costs, sales prices and the need to allocate all site-wide costs on an appropriate basis to reflect the overall level of development risk, including planning risk. The Group has established internal controls designed to effectively assess and centrally review inventory carrying values and ensure the appropriateness of the estimates made. These assessments and allocations evolve over the life of the development in line with the risk profile, and accordingly the margin recognised reflects these evolving estimates. Similarly, these estimates impact the carrying value of inventory at each reporting date as this is a function of costs incurred in the year and the allocation of inventory to costs of sales on each property sold. An increase or decrease to estimated costs recognised in the year, by virtue of a 1% change to forecast development margin, would lead to a change in cost of sales and inventory of \u00a317.6 million in the current financial year (2022: \u00a316.3 million). This sensitivity is based on a reasonably possible scenario and is provided in the absence of a change to any other factor affecting future gross margins on the Group\u2019s developments, such as a change in future sales prices. In addition, the Group has consistently applied its approach to margin recognition in relation to the Group\u2019s particularly complex, long-term regeneration developments where whole-site costs are accelerated to the early stages of the development to reflect the greater uncertainty and the evolution of risk over the life of such developments. These developments, where the development life cycle is typically greater than ten years, are considered to be particularly susceptible to potential downward shifts in profitability due to the cyclical nature of the property market and its impact on both revenue and costs. As such, the inherent estimation uncertainty is increased. A fundamental principle of the Group\u2019s accounting policy is to reduce the possibility of recognising margin in the early stages of a development that could subsequently reverse. As such, for these long-term sites with greatest estimation uncertainty, a greater proportion of whole-site costs is recognised during the earlier stages of the development up to a point of inflection when such developments are deemed to be sufficiently de-risked. Subsequent to this inflection point, and should the uncertainties have not materialised, margin would increase as the visibility over projected revenue and costs across the development improves. As at 30 April 2023, the greater proportion of whole-site costs recognised in either the current or previous financial years during the earlier stages of the development for the Group\u2019s particularly complex, long-term sites amounted to 4% (2022: 5%) of the future estimated revenue for the specific sites. As with all judgements involving estimation over a long-term horizon, the outcome of future events may affect the eventual accounting outcome. 2023 \u00a3m 2022 \u00a3m Land not under development 927.1 738.1 Work in progress: Land cost 1,729.2 1,952.5 Total land 2,656.3 2,690.6 Work in progress: Build cost 2,520.0 2,302.6 Completed units 125.8 140.8 Total inventories 5,302.1 5,134.0 The key areas of estimation uncertainty described above are relevant to the work in progress and completed stock balances as at 30 April 2023. During the prior year, inventory of \u00a31,146.2 million was acquired through the acquisition of the outstanding 50% partnership interest in St William. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-294": {
"value": "Property in the course of development and completed units are valued at the lower of cost and net realisable value. Direct cost comprises the cost of land, raw materials and development costs but excludes indirect overheads. Provision is made, where appropriate, to reduce the value of inventories and work in progress to their net realisable value. Land purchased for development, including land in the course of development, is initially recorded at cost. Where such land is purchased on deferred settlement terms, and the cost differs from the amount that will subsequently be paid in settling the liability, this difference is charged as a finance cost in the Income Statement over the period to settlement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-262": {
"value": "2.13 Trade and other receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Expected credit losses are based on the difference between the contracted cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted on an approximation of the original effective interest rate. Any expected credit losses are immaterial. For trade receivables the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the Income Statement within net operating expenses. When a trade receivable is not collectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against net operating expense in the Income Statement. 2023 \u00a3m 2022 \u00a3m Trade receivables 48.2 45.9 Other receivables 22.1 81.9 Prepayments and accrued income 22.0 17.9 92.3 145.7 Included within other receivables are VAT amounts recoverable in the ordinary course of business. Further disclosures relating to trade receivables are set out in note 2.23 . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-317": {
"value": "Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Expected credit losses are based on the difference between the contracted cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted on an approximation of the original effective interest rate. Any expected credit losses are immaterial. For trade receivables the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the Income Statement within net operating expenses. When a trade receivable is not collectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against net operating expense in the Income Statement. 2023 \u00a3m 2022 \u00a3m Trade receivables 48.2 45.9 Other receivables 22.1 81.9 Prepayments and accrued income 22.0 17.9 92.3 145.7 Included within other receivables are VAT amounts recoverable in the ordinary course of business. Further disclosures relating to trade receivables are set out in note 2.23 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-295": {
"value": "Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Expected credit losses are based on the difference between the contracted cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted on an approximation of the original effective interest rate. Any expected credit losses are immaterial. For trade receivables the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the Income Statement within net operating expenses. When a trade receivable is not collectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against net operating expense in the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-264": {
"value": "2.14 Cash and cash equivalents Cash and cash equivalents comprise cash balances in hand and at the bank, including bank overdrafts repayable on demand which form part of the Group\u2019s cash management, for which offset arrangements across Group businesses have been applied where appropriate. 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents 1,070.4 928.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-296": {
"value": "Cash and cash equivalents comprise cash balances in hand and at the bank, including bank overdrafts repayable on demand which form part of the Group\u2019s cash management, for which offset arrangements across Group businesses have been applied where appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-318": {
"value": "2.15 Trade and other payables New property deposits and on account contract receipts are held within current trade and other payables. Deposits and on account contract receipts are non-refundable and are recorded as a liability on receipt. They are released to the Income Statement, as revenue, upon legal completion. Trade and other payables on normal terms are not interest bearing and are stated at their nominal value which is considered to be their fair value. Trade payables on extended terms are recorded at their fair value at the date of acquisition of the asset to which they relate. The discount to nominal value is amortised over the period of the credit term and charged to finance costs. Deferred revenue relates to consideration received in advance of units being delivered. Revenue is recognised in the Income Statement as control is passed to the customer, which has either been determined as the point of legal completion or, on contracts where the customer controls the property during construction, over time with reference to the stage of completion. 2023 \u00a3m 2022 \u00a3m Current Trade payables (602.6) (635.5) Deposits and on account contract receipts (921.3) (931.4) Other taxes and social security (12.3) (25.6) Deferred income (88.4) (148.3) Accruals (177.0) (164.1) (1,801.6) (1,904.9) Non-current Trade payables (863.4) (719.8) Total trade and other payables (2,665.0) (2,624.7) The reduction in deferred income of \u00a359.9 million in the year has been recorded as revenue in the Income Statement ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-263": {
"value": "2.15 Trade and other payables New property deposits and on account contract receipts are held within current trade and other payables. Deposits and on account contract receipts are non-refundable and are recorded as a liability on receipt. They are released to the Income Statement, as revenue, upon legal completion. Trade and other payables on normal terms are not interest bearing and are stated at their nominal value which is considered to be their fair value. Trade payables on extended terms are recorded at their fair value at the date of acquisition of the asset to which they relate. The discount to nominal value is amortised over the period of the credit term and charged to finance costs. Deferred revenue relates to consideration received in advance of units being delivered. Revenue is recognised in the Income Statement as control is passed to the customer, which has either been determined as the point of legal completion or, on contracts where the customer controls the property during construction, over time with reference to the stage of completion. 2023 \u00a3m 2022 \u00a3m Current Trade payables (602.6) (635.5) Deposits and on account contract receipts (921.3) (931.4) Other taxes and social security (12.3) (25.6) Deferred income (88.4) (148.3) Accruals (177.0) (164.1) (1,801.6) (1,904.9) Non-current Trade payables (863.4) (719.8) Total trade and other payables (2,665.0) (2,624.7) The reduction in deferred income of \u00a359.9 million in the year has been recorded as revenue in the Income Statement . All amounts included above are unsecured. The total of \u00a312.3 million (2022: \u00a325.6 million) for other taxes and social security includes \u00a36.2 million (2022: \u00a39.0 million) for Employer\u2019s National Insurance provision in respect of share based payments. Further disclosures relating to current trade and non-current trade payables are set out in note 2.23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-297": {
"value": "New property deposits and on account contract receipts are held within current trade and other payables. Deposits and on account contract receipts are non-refundable and are recorded as a liability on receipt. They are released to the Income Statement, as revenue, upon legal completion. Trade and other payables on normal terms are not interest bearing and are stated at their nominal value which is considered to be their fair value. Trade payables on extended terms are recorded at their fair value at the date of acquisition of the asset to which they relate. The discount to nominal value is amortised over the period of the credit term and charged to finance costs. Deferred revenue relates to consideration received in advance of units being delivered. Revenue is recognised in the Income Statement as control is passed to the customer, which has either been determined as the point of legal completion or, on contracts where the customer controls the property during construction, over time with reference to the stage of completion. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-265": {
"value": "2.16 Provisions for liabilities and charges Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle that obligation, and the amount has been reliably estimated. The Group makes assumptions to determine the timing and its best estimate of the quantum of its construction and other liabilities for which provisions are held. Provisions include a best estimate of the expected value of its post completion development obligations in respect of the construction of the Group\u2019s portfolio of complex mixed use property developments which are expected to be incurred in the ordinary course of business, based on historical experience of the Group\u2019s sites and current site-specific risks, including matters relating to building fire-safety, but which are uncertain in terms of timing and quantum. Provisions are discounted to present value where the effect is material. The Group continually reviews the identified risks that it is aware of for the Group\u2019s portfolio of developments to ensure that the amount of the provision remains appropriate. The increase in the year relates to post completion items on a number of sites including matters relating to building fire-safety. The Group continually reviews its utilisation of this provision and in recognition that the risk of post completion development obligations reduces over time, releases any unutilised provision to the Income Statement on a systematic basis across the ten years following completion. If costs estimated in the post completion development provision are overstated or understated by 10%, this would lead to a change in cost of sales and provision of \u00a319.4 million in the current financial year (2022: \u00a316.1 million). Post completion development provisions \u00a3m Other provisions \u00a3m Total \u00a3m At 1 May 2022 (157.2) (3.8) (161.0) Utilised 19.3 0.3 19.6 Released 9.0 0.3 9.3 Charged to the Income Statement (60.1) (1.4) (61.5) At 30 April 2023 (189.0) (4.6) (193.6) Post completion development provisions \u00a3m Other provisions \u00a3m Total \u00a3m At 1 May 2021 (124.7) (3.4) (128.1) Utilised 31.0 0.7 31.7 Released 10.1 0.7 10.8 Increase on acquisition of St William (7.6) \u2013 (7.6) Charged to the Income Statement (66.0) (1.8) (67.8) At 30 April 2022 (157.2) (3.8) (161.0) 2023 \u00a3m 2022 \u00a3m Non-current (115.1) (98.5) Current (78.5) (62.5) Total (193.6) (161.0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-298": {
"value": "Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle that obligation, and the amount has been reliably estimated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-266": {
"value": "2.17 Deferred tax Deferred taxation is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and 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 on all taxable temporary differences. 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 (except in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit, or from differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred taxation is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the Balance Sheet date. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against which taxable temporary differences can be utilised. Deferred taxation is charged or credited to the Income Statement, except when it relates to items charged or credited directly to reserves, in which case the deferred taxation is also dealt with in reserves. Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxation assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The movement on the deferred tax account is as follows: Accelerated capital allowances \u00a3m Other timing differences \u00a3m Total \u00a3m At 1 May 2022 (4.5) 125.2 120.7 Adjustments in respect of previous years \u2013 1.1 1.1 Credited/(charged) to the Income Statement in the year 0.1 (2.3) (2.2) Adjustment in respect of change of tax rate for future periods (note 2.6) 0.2 4.5 4.7 Credited to Income Statement in the year 0.3 2.2 2.5 Charged to equity in year (note 2.6) \u2013 (9.8) (9.8) At 30 April 2023 (4.2) 118.7 114.5 Accelerated capital allowances \u00a3m Other timing differences \u00a3m Total \u00a3m At 1 May 2021 (2.9) 43.0 40.1 Adjustments in respect of previous years (0.2) 4.0 3.8 Credited to the Income Statement in the year 0.2 40.7 40.9 Adjustment in respect of change of tax rate for future periods (note 2.6) (1.6) 33.7 32.1 (Charged)/credited to Income Statement in the year (1.4) 74.4 73.0 Credited to equity in year (note 2.6) \u2013 3.8 3.8 At 30 April 2022 (4.5) 125.2 120.7 Other timing differences primarily relates to deferred tax assets held in relation to acceleration of trading profits arising on the acquisition of St William during the prior financial year, long-term incentive schemes and bonuses. Deferred tax is calculated in full on temporary differences at the tax rates that are expected to apply for the period when the asset is realised and the liability is settled. The deferred tax credit for the full year includes a \u00a34.7 million credit arising from the re-measurement, in part, of the Group\u2019s UK deferred tax assets at 29% following the changes to both the corporation tax rate substantially enacted in May 2021 and the introduction of RPDT on 1 April 2022. All deferred tax assets are available for offset against deferred tax liabilities and hence the net deferred tax asset at 30 April 2023 is \u00a3114.5 million (2022: \u00a3120.7 million). Deferred tax assets of \u00a380.6 million (2022: \u00a395.8 million) are expected to be recovered after more than one year. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that there will be sufficient available profits to offset all or part of the asset. There are no unrecognised deferred tax assets as at 30 April 2023. The deferred tax credited to equity during the year was as follows: 2023 \u00a3m 2022 \u00a3m Deferred tax movement in the year in respect of employee share schemes (note 2.6) (9.8) 3.8 Cumulative deferred tax credited to equity at 1 May 26.1 22.3 Cumulative deferred tax credited to equity at 30 April 16.3 26.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-299": {
"value": "Deferred taxation is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and 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 on all taxable temporary differences. 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 (except in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit, or from differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred taxation is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the Balance Sheet date. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against which taxable temporary differences can be utilised. Deferred taxation is charged or credited to the Income Statement, except when it relates to items charged or credited directly to reserves, in which case the deferred taxation is also dealt with in reserves. Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxation assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-329": {
"value": "2.18 Share capital and share premium Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, sold or reissued. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. The movements on allotted and fully paid share capital for the Company in the year were as follows: Ordinary shares Share capital Share premium 2023 No \u2019000 2022 No \u2019000 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Issued At start of year 120,590 132,237 6.5 6.6 49.8 49.8 Shares cancelled (4,053) (1,531) (0.2) (0.1) \u2013 \u2013 Share consolidation \u2013 (10,116) \u2013 \u2013 \u2013 \u2013 At end of year 116,537 120,590 6.3 6.5 49.8 49.8 During the 2023 financial year, 4.0 million shares were repurchased (2022: 1.5 million) for a total consideration of \u00a3155.4 million, excluding transaction costs (2022: \u00a363.7 million). These shares were subsequently cancelled. Each ordinary share of 5.4141 pence is a voting share in the capital of the Company, is entitled to participate in the profits of the Company and on a winding-up is entitled to participate in the assets of the Company. On 28 September 2022, 0.3 million ordinary shares (2022: 0.5 million) were allotted and issued to the Employee Benefit Trust. On 30 September 2022, 0.3 million ordinary shares (2022: 0.5 million) were transferred from the Employee Benefit Trust to Executive Directors to satisfy the exercise of options under the 2011 LTIP. At 30 April 2023, there were 0.1 million shares held in trust (2022: 0.1 million) by the Employee Benefit Trust. The market value of these shares at 30 April 2023 was \u00a34.6 million (2022: \u00a33.0 million). At 30 April 2023, there were 8.9 million (2022: 9.2 million) treasury shares held by the Group. The market value of the shares at 30 April 2023 was \u00a3398.4 million (2022: \u00a3376.8 million). In the prior year in order to complete the Surplus Capital Return, 136.6 million B-Shares were issued at a nominal value of 0.1 pence per share. These were subsequently repurchased and cancelled. Following the Surplus Capital Return, a share consolidation was undertaken which reduced the Company\u2019s ordinary share capital, net of treasury and Employee Benefit Trust shares, by 7.65%. The share consolidation replaced the total number of existing ordinary shares of 132.3 million, with a nominal value of 5 pence each, into a reduced number of new ordinary shares of 122.1 million, each at a nominal value of 5.4141 pence at the time of the consolidation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-267": {
"value": "2.18 Share capital and share premium Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, sold or reissued. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. The movements on allotted and fully paid share capital for the Company in the year were as follows: Ordinary shares Share capital Share premium 2023 No \u2019000 2022 No \u2019000 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Issued At start of year 120,590 132,237 6.5 6.6 49.8 49.8 Shares cancelled (4,053) (1,531) (0.2) (0.1) \u2013 \u2013 Share consolidation \u2013 (10,116) \u2013 \u2013 \u2013 \u2013 At end of year 116,537 120,590 6.3 6.5 49.8 49.8 During the 2023 financial year, 4.0 million shares were repurchased (2022: 1.5 million) for a total consideration of \u00a3155.4 million, excluding transaction costs (2022: \u00a363.7 million). These shares were subsequently cancelled. Each ordinary share of 5.4141 pence is a voting share in the capital of the Company, is entitled to participate in the profits of the Company and on a winding-up is entitled to participate in the assets of the Company. On 28 September 2022, 0.3 million ordinary shares (2022: 0.5 million) were allotted and issued to the Employee Benefit Trust. On 30 September 2022, 0.3 million ordinary shares (2022: 0.5 million) were transferred from the Employee Benefit Trust to Executive Directors to satisfy the exercise of options under the 2011 LTIP. At 30 April 2023, there were 0.1 million shares held in trust (2022: 0.1 million) by the Employee Benefit Trust. The market value of these shares at 30 April 2023 was \u00a34.6 million (2022: \u00a33.0 million). At 30 April 2023, there were 8.9 million (2022: 9.2 million) treasury shares held by the Group. The market value of the shares at 30 April 2023 was \u00a3398.4 million (2022: \u00a3376.8 million). In the prior year in order to complete the Surplus Capital Return, 136.6 million B-Shares were issued at a nominal value of 0.1 pence per share. These were subsequently repurchased and cancelled. Following the Surplus Capital Return, a share consolidation was undertaken which reduced the Company\u2019s ordinary share capital, net of treasury and Employee Benefit Trust shares, by 7.65%. The share consolidation replaced the total number of existing ordinary shares of 132.3 million, with a nominal value of 5 pence each, into a reduced number of new ordinary shares of 122.1 million, each at a nominal value of 5.4141 pence at the time of the consolidation. 2.19 Reserves The movement in reserves is set out in the Consolidated Statement of Changes in Equity on page 176. Capital redemption reserve The capital redemption reserve was created to maintain the capital of the Company following the redemption of the B-Shares associated with the Scheme of Arrangement created in 2004 which completed on 10 September 2009 with the re-designation of the unissued B-Shares as ordinary shares. During the year, 4.0 million (2022: 1.5 million) shares were repurchased to the value of \u00a3155.4 million (2022: \u00a363.7 million). These shares were subsequently cancelled (2022: 1.5 million) as shown in note 2.18. On cancellation of the share capital the capital redemption reserve was credited with the nominal value of shares. Other reserve The other reserve of negative \u00a3961.3 million (2022: negative \u00a3961.3 million) arose from the application of merger accounting principles to the financial statements on implementation of the capital reorganisation of the Group, incorporating a Scheme of Arrangement, in the year ended 30 April 2005. Retained earnings On 28 September 2022, the Company allotted and issued to the Employee Benefit Trust 0.3 million ordinary shares (2022: 0.5 million ordinary shares). On 30 September 2022, 0.3 million ordinary shares were transferred from the Employee Benefit Trust to Executive Directors to satisfy the exercise of options under the 2011 LTIP (2022: 0.5 million ordinary shares). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-300": {
"value": "2.18 Share capital and share premium Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, sold or reissued. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. The movements on allotted and fully paid share capital for the Company in the year were as follows: Ordinary shares Share capital Share premium 2023 No \u2019000 2022 No \u2019000 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Issued At start of year 120,590 132,237 6.5 6.6 49.8 49.8 Shares cancelled (4,053) (1,531) (0.2) (0.1) \u2013 \u2013 Share consolidation \u2013 (10,116) \u2013 \u2013 \u2013 \u2013 At end of year 116,537 120,590 6.3 6.5 49.8 49.8 During the 2023 financial year, 4.0 million shares were repurchased (2022: 1.5 million) for a total consideration of \u00a3155.4 million, excluding transaction costs (2022: \u00a363.7 million). These shares were subsequently cancelled. Each ordinary share of 5.4141 pence is a voting share in the capital of the Company, is entitled to participate in the profits of the Company and on a winding-up is entitled to participate in the assets of the Company. On 28 September 2022, 0.3 million ordinary shares (2022: 0.5 million) were allotted and issued to the Employee Benefit Trust. On 30 September 2022, 0.3 million ordinary shares (2022: 0.5 million) were transferred from the Employee Benefit Trust to Executive Directors to satisfy the exercise of options under the 2011 LTIP. At 30 April 2023, there were 0.1 million shares held in trust (2022: 0.1 million) by the Employee Benefit Trust. The market value of these shares at 30 April 2023 was \u00a34.6 million (2022: \u00a33.0 million). At 30 April 2023, there were 8.9 million (2022: 9.2 million) treasury shares held by the Group. The market value of the shares at 30 April 2023 was \u00a3398.4 million (2022: \u00a3376.8 million). In the prior year in order to complete the Surplus Capital Return, 136.6 million B-Shares were issued at a nominal value of 0.1 pence per share. These were subsequently repurchased and cancelled. Following the Surplus Capital Return, a share consolidation was undertaken which reduced the Company\u2019s ordinary share capital, net of treasury and Employee Benefit Trust shares, by 7.65%. The share consolidation replaced the total number of existing ordinary shares of 132.3 million, with a nominal value of 5 pence each, into a reduced number of new ordinary shares of 122.1 million, each at a nominal value of 5.4141 pence at the time of the consolidation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-319": {
"value": "Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, sold or reissued. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-301": {
"value": "2.19 Reserves The movement in reserves is set out in the Consolidated Statement of Changes in Equity on page 176. Capital redemption reserve The capital redemption reserve was created to maintain the capital of the Company following the redemption of the B-Shares associated with the Scheme of Arrangement created in 2004 which completed on 10 September 2009 with the re-designation of the unissued B-Shares as ordinary shares. During the year, 4.0 million (2022: 1.5 million) shares were repurchased to the value of \u00a3155.4 million (2022: \u00a363.7 million). These shares were subsequently cancelled (2022: 1.5 million) as shown in note 2.18. On cancellation of the share capital the capital redemption reserve was credited with the nominal value of shares. Other reserve The other reserve of negative \u00a3961.3 million (2022: negative \u00a3961.3 million) arose from the application of merger accounting principles to the financial statements on implementation of the capital reorganisation of the Group, incorporating a Scheme of Arrangement, in the year ended 30 April 2005. Retained earnings On 28 September 2022, the Company allotted and issued to the Employee Benefit Trust 0.3 million ordinary shares (2022: 0.5 million ordinary shares). On 30 September 2022, 0.3 million ordinary shares were transferred from the Employee Benefit Trust to Executive Directors to satisfy the exercise of options under the 2011 LTIP (2022: 0.5 million ordinary shares). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-268": {
"value": "2.20 Dividends per share Dividend distributions to shareholders are recognised as a liability in the period in which the dividends are appropriately authorised and approved for payout and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements. 2023 2022 Dividend per share pence \u00a3m Dividend per share pence* \u00a3m Amounts recognised as distributions to equity shareholders during the year: September 2021 \u2013 Surplus Capital Return \u2013 \u2013 371.00 451.5 September 2022 21.25 23.3 \u2013 \u2013 March 2023 69.44 75.2 \u2013 \u2013 Total dividends 98.5 451.5 * Surplus Capital Return paid to shareholders via B-Share Scheme ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-302": {
"value": "Dividend distributions to shareholders are recognised as a liability in the period in which the dividends are appropriately authorised and approved for payout and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-303": {
"value": "98500000",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-304": {
"value": "451500000",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2021-05-01T00:00:00/2022-05-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-269": {
"value": "2.21 Contingent liabilities Certain companies within the Group have given performance and other trade guarantees on behalf of other members of the Group in the ordinary course of business. The Group has performance agreements in the ordinary course of business of \u00a328.5 million which are guaranteed by third parties (2022: \u00a329.4 million). The Group considers that the likelihood of an outflow of cash under these agreements is low and that no provision is required. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-270": {
"value": "2.22 Notes to the Consolidated Cash Flow Statement Reconciliation of profit after taxation for the year to cash generated from operations: 2023 \u00a3m 2022 \u00a3m Profit for the financial year 465.7 482.4 Adjustments for: \u2014 Taxation 138.3 69.1 \u2014 Depreciation 5.1 5.6 \u2014 Loss on sale of property, plant and equipment 3.7 0.1 \u2014 Finance income (23.1) (2.5) \u2014 Finance costs 33.7 15.0 \u2014 Share of results of joint ventures after tax (96.3) (56.1) \u2014 Non-cash charge in respect of share awards (4.5) (8.6) Changes in working capital: Increase in inventories (168.1) (332.5) Decrease/(increase) in trade and other receivables 57. 5 (61.0) Increase in trade and other payables 60.5 260.9 Cash generated from operations 472.5 372.4 Reconciliation of net cash flow to net cash: Net increase/(decrease) in cash and cash equivalents, including bank overdraft 141.5 (499.3) Increase in borrowings \u2013 (660.0) Decrease in borrowings \u2013 300.0 Movement in net cash in the financial year 141.5 (859.3) Opening net cash 268.9 1,128.2 Closing net cash 410.4 268.9 Net cash as at 30 April: Cash and cash equivalents 1,070.4 928.9 Non-current borrowings (660.0) (660.0) Total borrowings (660.0) (660.0) Net cash* 410.4 268.9 * IFRS 16 lease liabilities are detailed in note 2.10. In the prior year the \u00a3412.5 million consideration for National Grid\u2019s 50% share of St William has been shown as a cash flow from operating activities in line with the accounting for the transaction as an asset acquisition, net of \u00a356.9 million of cash held by St William at the date of acquisition. The changes in working capital above reflect the underlying Group cash flows, excluding the impact of the acquisition of St William in the year. Concurrent with the acquisition, Berkeley refinanced the St William bank borrowings which resulted in a \u00a3185.0 million settlement of St William debt, which is presented in financing cash flows. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-320": {
"value": "2.23 Capital management, financial instruments and financial risk management The Group finances its operations by a combination of shareholders\u2019 funds, working capital and, where appropriate, borrowings. The Group\u2019s objective when managing capital is to maintain an appropriate capital structure in the business to allow management to focus on creating sustainable long-term value for its shareholders. The Group monitors capital levels principally by monitoring net cash/debt levels, cash flow forecasts and return on average capital employed. The Group considers capital employed to be net assets adjusted for net cash/debt. Capital employed at 30 April 2023 was \u00a32,921.9 million (2022: \u00a32,867.2 million). The increase in capital employed in the year of \u00a354.7 million reflects an increase in net assets during the year (2022: increase of \u00a3820.0 million). The Group\u2019s financial instruments comprise financial assets being trade receivables and cash and cash equivalents and financial liabilities being bank loans, trade payables, deposits and on account contract receipts, lease liabilities and accruals and deferred income. Cash and cash equivalents and borrowings are the principal financial instruments used to finance the business. The other financial instruments highlighted arise in the ordinary course of business. As all of the operations carried out by the Group are in sterling there is no direct currency risk, and therefore the Group\u2019s main financial risks are primarily: \u2014 liquidity risk \u2013 the risk that suitable funding for the Group\u2019s activities may not be available; \u2014 market interest rate risk \u2013 the risk that Group financing activities represented by floating borrowings are adversely affected by fluctuation in market interest rates; and \u2014 credit risk \u2013 the risk that a counterparty will default on its contractual obligations resulting in a loss to the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-305": {
"value": "2.23 Capital management, financial instruments and financial risk management The Group finances its operations by a combination of shareholders\u2019 funds, working capital and, where appropriate, borrowings. The Group\u2019s objective when managing capital is to maintain an appropriate capital structure in the business to allow management to focus on creating sustainable long-term value for its shareholders. The Group monitors capital levels principally by monitoring net cash/debt levels, cash flow forecasts and return on average capital employed. The Group considers capital employed to be net assets adjusted for net cash/debt. Capital employed at 30 April 2023 was \u00a32,921.9 million (2022: \u00a32,867.2 million). The increase in capital employed in the year of \u00a354.7 million reflects an increase in net assets during the year (2022: increase of \u00a3820.0 million). The Group\u2019s financial instruments comprise financial assets being trade receivables and cash and cash equivalents and financial liabilities being bank loans, trade payables, deposits and on account contract receipts, lease liabilities and accruals and deferred income. Cash and cash equivalents and borrowings are the principal financial instruments used to finance the business. The other financial instruments highlighted arise in the ordinary course of business. As all of the operations carried out by the Group are in sterling there is no direct currency risk, and therefore the Group\u2019s main financial risks are primarily: \u2014 liquidity risk \u2013 the risk that suitable funding for the Group\u2019s activities may not be available; \u2014 market interest rate risk \u2013 the risk that Group financing activities represented by floating borrowings are adversely affected by fluctuation in market interest rates; and \u2014 credit risk \u2013 the risk that a counterparty will default on its contractual obligations resulting in a loss to the Group. Financial instruments: financial assets The Group\u2019s financial assets can be summarised as follows: 2023 \u00a3m 2022 \u00a3m Current: Trade receivables 48.2 45.9 Loans to joint ventures 40.9 29.3 Cash and cash equivalents 1,070.4 928.9 Total financial assets 1,159.5 1,004.1 Trade receivables are non-interest bearing. Of the current trade receivables balance of \u00a348.2 million (2022: \u00a345.9 million) none of the balance was overdue by more than 30 days (2022: \u00a3nil). Cash and cash equivalents are short-term deposits held at either floating rates linked to the Bank of England base rate or fixed rates. There are currently no Group assets that are measured at fair value. Financial instruments: financial liabilities The Group\u2019s financial liabilities can be summarised as follows: 2023 \u00a3m 2022 \u00a3m Current Trade payables (614.9) (661.1) Deposits and on account contract receipts (921.3) (931.4) Lease liabilities (2.2) (2.1) Deferred income (88.4) (148.3) Accruals (177.0) (164.1) (1,803.8) (1,907.0) Non-current Trade payables (863.4) (719.8) Lease liabilities (2.9) (3.8) Borrowings (660.0) (660.0) (1,526.3) (1,383.6) Total trade and other payables (3,330.1) (3,290.6) All amounts included above are unsecured. Trade payables and other current liabilities are non-interest bearing. The maturity profile of the Group\u2019s non-current financial liabilities, all of which are held at amortised cost, is as follows: 2023 \u00a3m 2022 \u00a3m Amounts due: In more than one year but not more than two years (202.6) (31.8) In more than two years but not more than five years (1,033.5) (1,054.8) In more than five years (290.2) (297.0) (1,526.3) (1,383.6) The carrying amounts of the Group\u2019s financial assets and financial liabilities approximate their fair value. Current trade receivables and current trade and other payables approximate to their fair value as the transactions which give rise to these balances arise in the normal course of trade and, where relevant, with industry standard payment terms and have a short period to maturity (less than one year). Non-current trade payables comprise long-term land payables, which are held at their discounted present value (calculated by discounting expected future cash flows at prevailing interest rates and yields as appropriate), and borrowings. The discount rate applied reflects the Group\u2019s credit risk, which is considered to be aligned to a nominal, low risk pre-tax rate, on initial recognition of the financial liability, applied to the maturity profile of the individual land creditors within the total. Non-current bank loans approximate to fair value as they are held at variable market interest rates. The fair value of the \u00a3400 million unsecured 10-year Green Bonds at 30 April 2023 was determined by the ask price of \u00a369.12 per \u00a3100 (2022: \u00a383.66 per \u00a3100). Liquidity risk This is the risk that suitable funding for the Group\u2019s activities may not be available. Group management addresses this risk through review of rolling cash flow forecasts throughout the year to assess and monitor the current and forecast availability of funding, and to ensure sufficient headroom against facility limits and compliance with banking covenants. The committed borrowing facilities are set out below. The contractual undiscounted maturity profile of the Group\u2019s financial liabilities, included at their carrying value in the preceding tables, is as follows: 2023 \u00a3m 2022 \u00a3m Amounts due: In less than one year (870.3) (949.9) In more than one year but not more than two years (204.6) (32.4) In more than two years but not more than five years (1,051.3) (1,065.4) In more than five years (319.0) (332.7) (2,445.2) (2,380.4) Deposits and on account contract receipts are not included in the table above as they represent deferred income and therefore do not have a payment maturity date. Market interest rate risk The Group\u2019s cash and cash equivalents and bank loans expose the Group to cash flow interest rate risk. The Group\u2019s rolling cash flow forecasts incorporate appropriate interest assumptions, and management carefully assesses expected activity levels and associated funding requirements in the prevailing and forecast interest rate environment to ensure that this risk is managed. If interest rates on the Group\u2019s cash/debt balances had been 50 basis points higher throughout the year ended 30 April 2023, profit after tax for the year would have been \u00a31.3 million higher (2022: \u00a33.3 million higher). This calculation is based on the monthly closing net cash/debt balance throughout the year. A 50 basis point increase in interest rate represents management\u2019s assessment of a reasonably possible change for the year ended 30 April 2023. Credit risk The Group\u2019s exposure to credit risk encompasses the financial assets being: trade receivables, loans to joint ventures and cash and cash equivalents. The Group has assessed expected credit losses and the loss allowance for trade and other receivables and loans to joint ventures as immaterial. There has been no impairment of trade receivables during the year (2022: \u00a3nil), nor are there any material provisions held against trade receivables (2022: \u00a3nil), and \u00a3nil trade receivables are past their due date (2022: \u00a3nil). The credit risk on cash and cash equivalents is limited because counterparties are leading international banks with long-term A credit ratings assigned by international credit agencies. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method. The Group has committed borrowing facilities as follows: 2023 2022 Available \u00a3m Drawn/ issued \u00a3m Undrawn \u00a3m Available \u00a3m Available \u00a3m Drawn/ issued \u00a3m Undrawn \u00a3m Available \u00a3m Bank facilities Green term loan 260 (260) \u2013 Feb-28 260 (260) \u2013 Feb-27 Revolving credit facility 540 \u2013 540 Feb-28 540 \u2013 540 Feb-27 Listed debt Green Bonds 400 (400) \u2013 Aug-31 400 (400) \u2013 Aug-31 1,200 (660) 540 1,200 (660) 540 The Group\u2019s committed borrowing facilities of \u00a31,200 million are unchanged from the prior year. The \u00a3400 million unsecured 10-year Green Bonds mature in August 2031 at a fixed coupon of 2.5% per annum. These are listed on the International Securities Market of the London Stock Exchange plc. The notes have financial covenants with all of which the Group is in compliance. The \u00a3800 million banking facilities comprise a \u00a3260 million Green Term Loan, which was drawn down in March 2022 and bears interest at a rate linked to SONIA plus a fixed margin, and a \u00a3540 million Revolving Credit Facility (RCF) which remains undrawn. In February 2023, we exercised the first of the two one year extensions on the \u00a3800 million banking facilities, which consequently is in place to February 2028, with one extension option remaining. The committed bank facilities are secured by debentures provided by certain Group holding companies over their assets. The facility agreement contains financial covenants, which is normal for such agreements, with all of which the Group is in compliance. At 30 April 2023, the total drawn balance of the combined borrowing facilities was \u00a3660.0 million (2022: \u00a3660.0 million). At 30 April 2023 there were no bank bonds in issue (2022: \u00a39.4 million, all due within one year). This amount reflects deferred land payments and is included within trade payables on the Group\u2019s Balance Sheet. The bank bonds are issued under ancillary facilities available as part of the Group\u2019s RCF . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-271": {
"value": "2.23 Capital management, financial instruments and financial risk management The Group finances its operations by a combination of shareholders\u2019 funds, working capital and, where appropriate, borrowings. The Group\u2019s objective when managing capital is to maintain an appropriate capital structure in the business to allow management to focus on creating sustainable long-term value for its shareholders. The Group monitors capital levels principally by monitoring net cash/debt levels, cash flow forecasts and return on average capital employed. The Group considers capital employed to be net assets adjusted for net cash/debt. Capital employed at 30 April 2023 was \u00a32,921.9 million (2022: \u00a32,867.2 million). The increase in capital employed in the year of \u00a354.7 million reflects an increase in net assets during the year (2022: increase of \u00a3820.0 million). The Group\u2019s financial instruments comprise financial assets being trade receivables and cash and cash equivalents and financial liabilities being bank loans, trade payables, deposits and on account contract receipts, lease liabilities and accruals and deferred income. Cash and cash equivalents and borrowings are the principal financial instruments used to finance the business. The other financial instruments highlighted arise in the ordinary course of business. As all of the operations carried out by the Group are in sterling there is no direct currency risk, and therefore the Group\u2019s main financial risks are primarily: \u2014 liquidity risk \u2013 the risk that suitable funding for the Group\u2019s activities may not be available; \u2014 market interest rate risk \u2013 the risk that Group financing activities represented by floating borrowings are adversely affected by fluctuation in market interest rates; and \u2014 credit risk \u2013 the risk that a counterparty will default on its contractual obligations resulting in a loss to the Group. Financial instruments: financial assets The Group\u2019s financial assets can be summarised as follows: 2023 \u00a3m 2022 \u00a3m Current: Trade receivables 48.2 45.9 Loans to joint ventures 40.9 29.3 Cash and cash equivalents 1,070.4 928.9 Total financial assets 1,159.5 1,004.1 Trade receivables are non-interest bearing. Of the current trade receivables balance of \u00a348.2 million (2022: \u00a345.9 million) none of the balance was overdue by more than 30 days (2022: \u00a3nil). Cash and cash equivalents are short-term deposits held at either floating rates linked to the Bank of England base rate or fixed rates. There are currently no Group assets that are measured at fair value. Financial instruments: financial liabilities The Group\u2019s financial liabilities can be summarised as follows: 2023 \u00a3m 2022 \u00a3m Current Trade payables (614.9) (661.1) Deposits and on account contract receipts (921.3) (931.4) Lease liabilities (2.2) (2.1) Deferred income (88.4) (148.3) Accruals (177.0) (164.1) (1,803.8) (1,907.0) Non-current Trade payables (863.4) (719.8) Lease liabilities (2.9) (3.8) Borrowings (660.0) (660.0) (1,526.3) (1,383.6) Total trade and other payables (3,330.1) (3,290.6) All amounts included above are unsecured. Trade payables and other current liabilities are non-interest bearing. The maturity profile of the Group\u2019s non-current financial liabilities, all of which are held at amortised cost, is as follows: 2023 \u00a3m 2022 \u00a3m Amounts due: In more than one year but not more than two years (202.6) (31.8) In more than two years but not more than five years (1,033.5) (1,054.8) In more than five years (290.2) (297.0) (1,526.3) (1,383.6) The carrying amounts of the Group\u2019s financial assets and financial liabilities approximate their fair value. Current trade receivables and current trade and other payables approximate to their fair value as the transactions which give rise to these balances arise in the normal course of trade and, where relevant, with industry standard payment terms and have a short period to maturity (less than one year). Non-current trade payables comprise long-term land payables, which are held at their discounted present value (calculated by discounting expected future cash flows at prevailing interest rates and yields as appropriate), and borrowings. The discount rate applied reflects the Group\u2019s credit risk, which is considered to be aligned to a nominal, low risk pre-tax rate, on initial recognition of the financial liability, applied to the maturity profile of the individual land creditors within the total. Non-current bank loans approximate to fair value as they are held at variable market interest rates. The fair value of the \u00a3400 million unsecured 10-year Green Bonds at 30 April 2023 was determined by the ask price of \u00a369.12 per \u00a3100 (2022: \u00a383.66 per \u00a3100). Liquidity risk This is the risk that suitable funding for the Group\u2019s activities may not be available. Group management addresses this risk through review of rolling cash flow forecasts throughout the year to assess and monitor the current and forecast availability of funding, and to ensure sufficient headroom against facility limits and compliance with banking covenants. The committed borrowing facilities are set out below. The contractual undiscounted maturity profile of the Group\u2019s financial liabilities, included at their carrying value in the preceding tables, is as follows: 2023 \u00a3m 2022 \u00a3m Amounts due: In less than one year (870.3) (949.9) In more than one year but not more than two years (204.6) (32.4) In more than two years but not more than five years (1,051.3) (1,065.4) In more than five years (319.0) (332.7) (2,445.2) (2,380.4) Deposits and on account contract receipts are not included in the table above as they represent deferred income and therefore do not have a payment maturity date. Market interest rate risk The Group\u2019s cash and cash equivalents and bank loans expose the Group to cash flow interest rate risk. The Group\u2019s rolling cash flow forecasts incorporate appropriate interest assumptions, and management carefully assesses expected activity levels and associated funding requirements in the prevailing and forecast interest rate environment to ensure that this risk is managed. If interest rates on the Group\u2019s cash/debt balances had been 50 basis points higher throughout the year ended 30 April 2023, profit after tax for the year would have been \u00a31.3 million higher (2022: \u00a33.3 million higher). This calculation is based on the monthly closing net cash/debt balance throughout the year. A 50 basis point increase in interest rate represents management\u2019s assessment of a reasonably possible change for the year ended 30 April 2023. Credit risk The Group\u2019s exposure to credit risk encompasses the financial assets being: trade receivables, loans to joint ventures and cash and cash equivalents. The Group has assessed expected credit losses and the loss allowance for trade and other receivables and loans to joint ventures as immaterial. There has been no impairment of trade receivables during the year (2022: \u00a3nil), nor are there any material provisions held against trade receivables (2022: \u00a3nil), and \u00a3nil trade receivables are past their due date (2022: \u00a3nil). The credit risk on cash and cash equivalents is limited because counterparties are leading international banks with long-term A credit ratings assigned by international credit agencies. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method. The Group has committed borrowing facilities as follows: 2023 2022 Available \u00a3m Drawn/ issued \u00a3m Undrawn \u00a3m Available \u00a3m Available \u00a3m Drawn/ issued \u00a3m Undrawn \u00a3m Available \u00a3m Bank facilities Green term loan 260 (260) \u2013 Feb-28 260 (260) \u2013 Feb-27 Revolving credit facility 540 \u2013 540 Feb-28 540 \u2013 540 Feb-27 Listed debt Green Bonds 400 (400) \u2013 Aug-31 400 (400) \u2013 Aug-31 1,200 (660) 540 1,200 (660) 540 The Group\u2019s committed borrowing facilities of \u00a31,200 million are unchanged from the prior year. The \u00a3400 million unsecured 10-year Green Bonds mature in August 2031 at a fixed coupon of 2.5% per annum. These are listed on the International Securities Market of the London Stock Exchange plc. The notes have financial covenants with all of which the Group is in compliance. The \u00a3800 million banking facilities comprise a \u00a3260 million Green Term Loan, which was drawn down in March 2022 and bears interest at a rate linked to SONIA plus a fixed margin, and a \u00a3540 million Revolving Credit Facility (RCF) which remains undrawn. In February 2023, we exercised the first of the two one year extensions on the \u00a3800 million banking facilities, which consequently is in place to February 2028, with one extension option remaining. The committed bank facilities are secured by debentures provided by certain Group holding companies over their assets. The facility agreement contains financial covenants, which is normal for such agreements, with all of which the Group is in compliance. At 30 April 2023, the total drawn balance of the combined borrowing facilities was \u00a3660.0 million (2022: \u00a3660.0 million). At 30 April 2023 there were no bank bonds in issue (2022: \u00a39.4 million, all due within one year). This amount reflects deferred land payments and is included within trade payables on the Group\u2019s Balance Sheet. The bank bonds are issued under ancillary facilities available as part of the Group\u2019s RCF ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-321": {
"value": "Financial instruments: financial assets The Group\u2019s financial assets can be summarised as follows: 2023 \u00a3m 2022 \u00a3m Current: Trade receivables 48.2 45.9 Loans to joint ventures 40.9 29.3 Cash and cash equivalents 1,070.4 928.9 Total financial assets 1,159.5 1,004.1 Trade receivables are non-interest bearing. Of the current trade receivables balance of \u00a348.2 million (2022: \u00a345.9 million) none of the balance was overdue by more than 30 days (2022: \u00a3nil). Cash and cash equivalents are short-term deposits held at either floating rates linked to the Bank of England base rate or fixed rates. There are currently no Group assets that are measured at fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-322": {
"value": "Financial instruments: financial liabilities The Group\u2019s financial liabilities can be summarised as follows: 2023 \u00a3m 2022 \u00a3m Current Trade payables (614.9) (661.1) Deposits and on account contract receipts (921.3) (931.4) Lease liabilities (2.2) (2.1) Deferred income (88.4) (148.3) Accruals (177.0) (164.1) (1,803.8) (1,907.0) Non-current Trade payables (863.4) (719.8) Lease liabilities (2.9) (3.8) Borrowings (660.0) (660.0) (1,526.3) (1,383.6) Total trade and other payables (3,330.1) (3,290.6) All amounts included above are unsecured. Trade payables and other current liabilities are non-interest bearing. The maturity profile of the Group\u2019s non-current financial liabilities, all of which are held at amortised cost, is as follows: 2023 \u00a3m 2022 \u00a3m Amounts due: In more than one year but not more than two years (202.6) (31.8) In more than two years but not more than five years (1,033.5) (1,054.8) In more than five years (290.2) (297.0) (1,526.3) (1,383.6) The carrying amounts of the Group\u2019s financial assets and financial liabilities approximate their fair value. Current trade receivables and current trade and other payables approximate to their fair value as the transactions which give rise to these balances arise in the normal course of trade and, where relevant, with industry standard payment terms and have a short period to maturity (less than one year). Non-current trade payables comprise long-term land payables, which are held at their discounted present value (calculated by discounting expected future cash flows at prevailing interest rates and yields as appropriate), and borrowings. The discount rate applied reflects the Group\u2019s credit risk, which is considered to be aligned to a nominal, low risk pre-tax rate, on initial recognition of the financial liability, applied to the maturity profile of the individual land creditors within the total. Non-current bank loans approximate to fair value as they are held at variable market interest rates. The fair value of the \u00a3400 million unsecured 10-year Green Bonds at 30 April 2023 was determined by the ask price of \u00a369.12 per \u00a3100 (2022: \u00a383.66 per \u00a3100). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-323": {
"value": "Liquidity risk This is the risk that suitable funding for the Group\u2019s activities may not be available. Group management addresses this risk through review of rolling cash flow forecasts throughout the year to assess and monitor the current and forecast availability of funding, and to ensure sufficient headroom against facility limits and compliance with banking covenants. The committed borrowing facilities are set out below. The contractual undiscounted maturity profile of the Group\u2019s financial liabilities, included at their carrying value in the preceding tables, is as follows: 2023 \u00a3m 2022 \u00a3m Amounts due: In less than one year (870.3) (949.9) In more than one year but not more than two years (204.6) (32.4) In more than two years but not more than five years (1,051.3) (1,065.4) In more than five years (319.0) (332.7) (2,445.2) (2,380.4) Deposits and on account contract receipts are not included in the table above as they represent deferred income and therefore do not have a payment maturity date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-324": {
"value": "Market interest rate risk The Group\u2019s cash and cash equivalents and bank loans expose the Group to cash flow interest rate risk. The Group\u2019s rolling cash flow forecasts incorporate appropriate interest assumptions, and management carefully assesses expected activity levels and associated funding requirements in the prevailing and forecast interest rate environment to ensure that this risk is managed. If interest rates on the Group\u2019s cash/debt balances had been 50 basis points higher throughout the year ended 30 April 2023, profit after tax for the year would have been \u00a31.3 million higher (2022: \u00a33.3 million higher). This calculation is based on the monthly closing net cash/debt balance throughout the year. A 50 basis point increase in interest rate represents management\u2019s assessment of a reasonably possible change for the year ended 30 April 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-325": {
"value": "Credit risk The Group\u2019s exposure to credit risk encompasses the financial assets being: trade receivables, loans to joint ventures and cash and cash equivalents. The Group has assessed expected credit losses and the loss allowance for trade and other receivables and loans to joint ventures as immaterial. There has been no impairment of trade receivables during the year (2022: \u00a3nil), nor are there any material provisions held against trade receivables (2022: \u00a3nil), and \u00a3nil trade receivables are past their due date (2022: \u00a3nil). The credit risk on cash and cash equivalents is limited because counterparties are leading international banks with long-term A credit ratings assigned by international credit agencies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
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"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-326": {
"value": "Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method. The Group has committed borrowing facilities as follows: 2023 2022 Available \u00a3m Drawn/ issued \u00a3m Undrawn \u00a3m Available \u00a3m Available \u00a3m Drawn/ issued \u00a3m Undrawn \u00a3m Available \u00a3m Bank facilities Green term loan 260 (260) \u2013 Feb-28 260 (260) \u2013 Feb-27 Revolving credit facility 540 \u2013 540 Feb-28 540 \u2013 540 Feb-27 Listed debt Green Bonds 400 (400) \u2013 Aug-31 400 (400) \u2013 Aug-31 1,200 (660) 540 1,200 (660) 540 The Group\u2019s committed borrowing facilities of \u00a31,200 million are unchanged from the prior year. The \u00a3400 million unsecured 10-year Green Bonds mature in August 2031 at a fixed coupon of 2.5% per annum. These are listed on the International Securities Market of the London Stock Exchange plc. The notes have financial covenants with all of which the Group is in compliance. The \u00a3800 million banking facilities comprise a \u00a3260 million Green Term Loan, which was drawn down in March 2022 and bears interest at a rate linked to SONIA plus a fixed margin, and a \u00a3540 million Revolving Credit Facility (RCF) which remains undrawn. In February 2023, we exercised the first of the two one year extensions on the \u00a3800 million banking facilities, which consequently is in place to February 2028, with one extension option remaining. The committed bank facilities are secured by debentures provided by certain Group holding companies over their assets. The facility agreement contains financial covenants, which is normal for such agreements, with all of which the Group is in compliance. At 30 April 2023, the total drawn balance of the combined borrowing facilities was \u00a3660.0 million (2022: \u00a3660.0 million). At 30 April 2023 there were no bank bonds in issue (2022: \u00a39.4 million, all due within one year). This amount reflects deferred land payments and is included within trade payables on the Group\u2019s Balance Sheet. The bank bonds are issued under ancillary facilities available as part of the Group\u2019s RCF . ",
"dimensions": {
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"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-330": {
"value": "Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
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"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
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},
"fact-272": {
"value": "2.24 Alternative performance measures Berkeley uses a number of alternative performance measures (APMs) which are not defined by IFRS. The Directors consider these measures useful to assess the underlying performance of the Group alongside the relevant IFRS financial information. They are referred to as Financial KPIs throughout the year end results. The information below provides a definition of APMs and reconciliation to the relevant IFRS information, where required: Net cash Net cash is defined as cash and cash equivalents, less total borrowings. This is reconciled in note 2.22. Net assets per share attributable to shareholders (NAVPS) This is defined as net assets attributable to shareholders divided by the number of shares in issue, excluding shares held in treasury and shares held by the Employee Benefit Trust. 2023 2022 Net assets (\u00a3m) 3,332.3 3,136.1 Total shares in issue (million) 116.5 120.6 Less: Treasury shares held (million) (8.9) (9.2) Employee Benefit Trust shares held (million) (0.1) (0.1) Net shares used to determine NAVPS (million) 107.5 111.3 Net asset per share attributable to shareholders (pence) 3,100.5 2,818.2 Return on capital employed (ROCE) This measures the profitability and efficiency of capital being used by the Group and is calculated as profit before interest and taxation (including joint venture profit before tax) divided by the average net assets adjusted for (debt)/cash. 2023 \u00a3m 2022 \u00a3m Operating profit 518.3 507.9 Share of joint ventures using equity method 96.3 56.1 Profit used to determine ROCE 614.6 564.0 Opening capital employed: Net assets 3,136.1 3,175.4 Net cash (268.9) (1,128.2) Opening capital employed 2,867.2 2,047.2 Closing capital employed: Net assets 3,332.3 3,136.1 Net cash (410.4) (268.9) Closing capital employed 2,921.9 2,867.2 Average capital employed 2,894.5 2,457.2 Return on capital employed (%) 21.2% 23.0% Return on equity (ROE) before tax This measures the efficiency of returns generated from shareholder equity before taxation and is calculated as profit before taxation attributable to shareholders as a percentage of the average of opening and closing shareholders\u2019 funds. 2023 \u00a3m 2022 \u00a3m Opening shareholders\u2019 equity 3,136.1 3,175.4 Closing shareholders\u2019 equity 3,332.3 3,136.1 Average shareholders\u2019 equity 3,234.2 3,155.8 Profit before tax 604.0 551.5 Return on equity before tax (%) 18.7% 17.5% Cash due on forward sales This measures cash still due from customers, with a risk adjustment, at the relevant Balance Sheet date during the next three years under unconditional contracts for sale. It excludes forward sales of affordable housing, commercial properties and institutional sales as well as forward sales within the Group\u2019s joint ventures. Future gross margin in land holdings This represents management\u2019s risk-adjusted assessment of the potential gross profit for each of the Group\u2019s sites, including the proportionate share of its joint ventures, taking account of a wide range of factors, including: current sales and input prices; the economic and political backdrop; the planning regime; and other market factors; all of which could have a significant effect on the eventual outcome. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-306": {
"value": "2.25 Related party transactions The Group has entered into the following related party transactions: Transactions with Directors During the year, Mr R C Perrins paid \u00a3115,808 (2022: \u00a357,703) to the Group in connection with works carried out at his home at commercial rates in accordance with the relevant policies of the Group. There were no balances outstanding at either year end. Transactions with joint ventures During the financial year, the joint ventures paid management fees and other recharges to the Group of \u00a318.0 million (2022: \u00a340.2 million). Other transactions in the year include the movements in loans of \u00a311.6 million (2022: \u00a326.7 million) and the receipt of dividends of \u00a374.9 million (2022: \u00a3nil). The outstanding loan balances with joint ventures at 30 April 2023 total \u00a340.9 million (30 April 2022: \u00a329.3 million). ",
"dimensions": {
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"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-273": {
"value": "2.25 Related party transactions The Group has entered into the following related party transactions: Transactions with Directors During the year, Mr R C Perrins paid \u00a3115,808 (2022: \u00a357,703) to the Group in connection with works carried out at his home at commercial rates in accordance with the relevant policies of the Group. There were no balances outstanding at either year end. Transactions with joint ventures During the financial year, the joint ventures paid management fees and other recharges to the Group of \u00a318.0 million (2022: \u00a340.2 million). Other transactions in the year include the movements in loans of \u00a311.6 million (2022: \u00a326.7 million) and the receipt of dividends of \u00a374.9 million (2022: \u00a3nil). The outstanding loan balances with joint ventures at 30 April 2023 total \u00a340.9 million (30 April 2022: \u00a329.3 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138009OQSSLVVHQAL78",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"fact-307": {
"value": "2.26 Subsidiaries and joint ventures (a) Subsidiaries In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries, partnerships, associates, joint ventures and joint arrangements, the country of incorporation, the registered address and the effective percentage of equity owned, as at 30 April 2023 is disclosed below. The Berkeley Group plc is the only direct subsidiary of The Berkeley Group Holdings plc and is an intermediate holding company. All wholly owned and partly owned subsidiaries are included in the consolidation and all associated undertakings are included in the Group\u2019s financial statements. All of the companies listed below are incorporated in England and Wales have their registered office address at Berkeley House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential- led mixed use development and ancillary activities. All of the companies are wholly owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital. Agents of Berkeley Commercial Developments Limited Ely Business Park Limited Agents of Berkeley Homes (Central London) Limited Chelsea Bridge Wharf (Block A) Limited Chelsea Bridge Wharf (Block B) Limited Chelsea Bridge Wharf (Block P) Limited Chelsea Bridge Wharf (C North) Limited Chelsea Bridge Wharf (C South) Limited Agents of Berkeley Homes (Hampshire) Limited Berkeley Homes (South Western House No. 1) Limited Agents of Berkeley Homes Public Limited Company Berkeley (Canalside) Limited Berkeley Build Limited Berkeley Fifty-Five Limited Berkeley Forty-Five Limited (i) Berkeley Forty-Four plc Berkeley Gateway Limited Berkeley Homes (Barn Elms) Limited Berkeley Homes (Capital) plc Berkeley Homes (Central & West London) Public Limited Company Berkeley Homes (Central London) Limited Berkeley Homes (Chiltern) Limited Berkeley Homes (East Anglia) Limited Berkeley Homes (East Kent) Limited Berkeley Homes (East Thames) Limited Berkeley Homes (Eastern Counties) Limited Berkeley Homes (Eastern) Limited Berkeley Homes (Festival Waterfront Company) Limited Berkeley Homes (Hampshire) Limited Berkeley Homes (Home Counties) plc Berkeley Homes (North East London) Limited Berkeley Homes (Oxford & Chiltern) Limited Berkeley Homes (South East London) Limited Berkeley Homes (South London) Limited Berkeley Homes (Southern) Limited Berkeley Homes (Surrey) Limited Berkeley Homes (Thames Gateway) Limited Berkeley Homes (Thames Valley) Limited Berkeley Homes (Three Valleys) Limited Berkeley Homes (Urban Developments) Limited Berkeley Homes (Urban Living) Limited Berkeley Homes (Urban Renaissance) Limited Berkeley Homes (Western) Limited Berkeley Homes (West London) Limited Berkeley Homes (West Thames) Limited Berkeley Modular Limited Berkeley Ninety-One Limited Berkeley Partnership Homes Limited Berkeley Seven Limited Berkeley STE Limited Berkeley SW Management Limited Berkeley Urban Renaissance Limited Clare Homes Limited Lisa Estates (St Albans) Limited PEL Investments Limited St John Homes Limited(viii) St Joseph Homes Limited Stanmore Relocations Limited Tabard Square (Building C) Limited Agents of Berkeley Twenty Limited Thirlstone Homes (Western) Limited Thirlstone Homes Limited Agents of St George Central London Limited Castle Court Putney Wharf Limited Imperial Wharf (Block C) Limited Imperial Wharf (Block J) Ltd Imperial Wharf (Riverside Tower) Residential Limited Agents of St George plc St George Central London Limited St George City Limited St George Developments Limited St George Kings Cross Limited St George North London Limited St George South and Central London Limited St George South London Limited (vii) St George West London Ltd(ii) Agents of St George South London Ltd Battersea Reach Estate Company Limited Kensington Westside No. 2 Limited Putney Wharf Estate Limited Riverside West (Block C) Commercial Limited Riverside West (Block C) Residential Limited Riverside West (Block D) Commercial Limited Riverside West (Block D) Residential Limited Riverside West Car Park Limited St George Wharf (Block B) Limited St George Wharf (Block C) Limited St. George Wharf (Block D) Commercial Limited St George Wharf Car Park Limited Agents of St John Homes Limited Berkeley Sixty-Six Limited Non-Agency Companies(v) Ancestral Homes Limited Berkeley (Inner-City Partnerships) Limited Berkeley (SQP) Limited Berkeley (Virginia Water) Limited(i) Berkeley Affordable Homes Limited Berkeley Asset MSA Limited Berkeley College Homes Limited Berkeley Commercial Developments Limited Berkeley Commercial Investments Limited Berkeley Commercial Limited Berkeley Community Villages Limited Berkeley Construction Limited Berkeley Developments Limited (i) Berkeley Eighteen Limited Berkeley Eighty Limited Berkeley Eighty-One Limited Berkeley Eighty-Three Limited Berkeley Eighty-Two Limited Berkeley Enterprises Limited Berkeley Festival Development Limited Berkeley Festival Hotels Limited Berkeley Festival Investments Limited Berkeley Festival Limited Berkeley Fifty Limited Berkeley Fifty-Eight Limited Berkeley Fifty-Four Limited Berkeley Fifty-Nine Limited Berkeley Fifty-One Limited Berkeley Fifty-Seven Limited Berkeley Fifty-Three Limited Berkeley Fifty-Two Limited Berkeley First Limited Berkeley Five Limited Berkeley Forty Limited Berkeley Forty-Eight Limited Berkeley Forty-Nine Limited Berkeley Forty-Seven Limited Berkeley Forty-Six Limited Berkeley Forty-Three Limited Berkeley Forty-Two Limited Berkeley Fourteen Limited Berkeley Group Pension Trustees Limited Berkeley Group Services Limited Berkeley Group SIP Trustee Limited Berkeley Guarantee One Limited\u2020 Berkeley Homes (Carmelite) Limited Berkeley Homes (Chertsey) Limited Berkeley Homes (City & East London) Limited Berkeley Homes (City) Limited Berkeley Homes (Dorset) Limited Berkeley Homes (East London) Limited Berkeley Homes (Essex) Limited Berkeley Homes (Fleet) Limited (i) Berkeley Homes (Greater London) Limited Berkeley Homes (Hertfordshire & Cambridgeshire) Limited Berkeley Homes (Kent) Limited Berkeley Homes (North Western) Limited (i) Berkeley Homes (PCL) Limited Berkeley Homes (South) Limited Berkeley Homes (Southall) Limited Berkeley Homes (Stanmore) Limited Berkeley Homes (Southern Counties) Limited Berkeley Homes Group Limited Berkeley Homes Public Limited Company (iii) (viii) Berkeley London Residential Limited Berkeley Manhattan Limited Berkeley Ninety-Eight Limited Berkeley Ninety-Five Limited Berkeley Ninety-Nine Limited Berkeley Ninety-Seven Limited Berkeley Ninety-Six Limited Berkeley Number Four Limited Berkeley Number Seven Limited Berkeley Number Six Limited Berkeley One Hundred and Eight Limited Berkeley One Hundred and Eighteen Limited Berkeley One Hundred and Eighty-Eight Limited Berkeley One Hundred and Eighty-Five Limited Berkeley One Hundred and Eighty Limited Berkeley One Hundred and Eighty-Nine Limited Berkeley One Hundred and Eighty-One Limited Berkeley One Hundred and Eighty-Seven Limited Berkeley One Hundred and Eighty-Two Limited Berkeley One Hundred and Fifteen Limited Berkeley One Hundred and Fifty-Eight Limited Berkeley One Hundred and Fifty-Five Limited Berkeley One Hundred and Fifty-Four Limited Berkeley One Hundred and Fifty Limited Berkeley One Hundred and Fifty-Nine Limited Berkeley One Hundred and Fifty-One Limited Berkeley One Hundred and Fifty-Seven Limited Berkeley One Hundred and Fifty-Six Limited Berkeley One Hundred and Fifty-Three Limited Berkeley One Hundred and Fifty-Two Limited Berkeley One Hundred and Five Limited Berkeley One Hundred and Forty-Eight Limited Berkeley One Hundred and Forty-Five Limited Berkeley One Hundred and Forty-Four Limited Berkeley One Hundred and Forty Limited Berkeley One Hundred and Forty-Nine Limited Berkeley One Hundred and Forty-One Limited Berkeley One Hundred and Forty-Seven Limited Berkeley One Hundred and Forty-Six Limited Berkeley One Hundred and Four Limited Berkeley One Hundred and Nine Limited Berkeley One Hundred and Ninety-Eight Limited Berkeley One Hundred and Ninety-Five Limited Berkeley One Hundred and Ninety-Four Limited Berkeley One Hundred and Ninety Limited Berkeley One Hundred and Ninety-Nine Limited Berkeley One Hundred and Ninety-Seven Limited Berkeley One Hundred and Ninety-Six Limited Berkeley One Hundred and Ninety-Three Limited Berkeley One Hundred and One Limited Berkeley One Hundred and Seven Limited Berkeley One Hundred and Seventeen Limited Berkeley One Hundred and Seventy-Eight Limited Berkeley One Hundred and Seventy-Five Limited Berkeley One Hundred and Seventy-Four Limited Berkeley One Hundred and Seventy-Nine Limited Berkeley One Hundred and Seventy-One Limited Berkeley One Hundred and Seventy-Seven Limited Berkeley One Hundred and Seventy-Six Limited Berkeley One Hundred and Seventy-Three Limited Berkeley One Hundred and Seventy-Two Limited Berkeley One Hundred and Six Limited Berkeley One Hundred and Sixteen Limited Berkeley One Hundred and Sixty-Five Limited Berkeley One Hundred and Sixty-Four Limited Berkeley One Hundred and Sixty-One Limited Berkeley One Hundred and Sixty-Six Limited Berkeley One Hundred and Sixty-Three Limited Berkeley One Hundred and Thirteen Limited Berkeley One Hundred and Thirty-Eight Limited Berkeley One Hundred and Thirty-Five Limited Berkeley One Hundred and Thirty-Four Limited Berkeley One Hundred and Thirty Limited Berkeley One Hundred and Thirty-Nine Limited Berkeley One Hundred and Thirty-One Limited Berkeley One Hundred and Thirty-Seven Limited Berkeley One Hundred and Thirty-Six Limited Berkeley One Hundred and Thirty-Three Limited Berkeley One Hundred and Thirty-Two Limited Berkeley One Hundred and Three Limited Berkeley One Hundred and Twenty-Eight Limited Berkeley One Hundred and Twenty-Five Limited Berkeley One Hundred and Twenty-Four Limited Berkeley One Hundred and Twenty Limited Berkeley One Hundred and Twenty-Nine Limited Berkeley One Hundred and Twenty-One Limited Berkeley One Hundred and Twenty-Seven Limited Berkeley One Hundred and Twenty-Six Limited Berkeley One Hundred and Twenty-Three Limited Berkeley One Hundred and Twenty-Two Limited Berkeley One Hundred and Two Limited Berkeley Portsmouth Harbour Limited Berkeley Portsmouth Waterfront Limited Berkeley Properties Limited (i) Berkeley Residential Limited (i) Berkeley Ryewood Limited Berkeley Seventy Limited Berkeley Seventy-Four Limited Berkeley Seventy-One plc (vii) Berkeley Seventy-Seven Limited Berkeley Seventy-Six Limited Berkeley Seventy-Three Limited Berkeley Seventy-Two Limited Berkeley Sixty Limited Berkeley Sixty-Eight Limited Berkeley Sixty-Five Limited Berkeley Sixty-Four Limited Berkeley Sixty-Nine Limited Berkeley Sixty-One Limited Berkeley Special Projects Limited Berkeley Strategic Land Limited(vii) Berkeley Sustainable Communities Limited Berkeley Thirty-Eight Limited Berkeley Thirty-Nine Limited Berkeley Thirty-Three Limited Berkeley Three Limited Berkeley Twenty Limited Berkeley Twenty-Eight Limited Berkeley Twenty-Four Limited Berkeley Twenty-Nine Limited Berkeley Twenty-Seven Limited Berkeley Twenty-Three Limited Berkeley Twenty-Two Limited Berkeley Two Hundred and Eight Limited Berkeley Two Hundred and Eighteen Limited Berkeley Two Hundred and Eleven Limited Berkeley Two Hundred and Fifty Limited Berkeley Two Hundred and Fifty-Eight Limited Berkeley Two Hundred and Fifty-Five Limited Berkeley Two Hundred and Fifty-Four Limited Berkeley Two Hundred and Fifty-Nine Limited Berkeley Two Hundred and Fifty-One Limited Berkeley Two Hundred and Fifty-Seven Limited Berkeley Two Hundred and Fifty-Six Limited Berkeley Two Hundred and Fifty-Three Limited Berkeley Two Hundred and Fifty-Two Limited Berkeley Two Hundred and Five Limited Berkeley Two Hundred and Forty Limited Berkeley Two Hundred and Forty-Eight Limited Berkeley Two Hundred and Forty-Five Limited Berkeley Two Hundred and Forty-Four Limited Berkeley Two Hundred and Forty-Nine Limited Berkeley Two Hundred and Forty-One Limited Berkeley Two Hundred and Forty-Seven Limited Berkeley Two Hundred and Forty-Six Limited Berkeley Two Hundred and Forty-Three Limited Berkeley Two Hundred and Forty-Two Limited Berkeley Two Hundred and Fourteen Limited Berkeley Two Hundred and Nine Limited Berkeley Two Hundred and Nineteen Limited Berkeley Two Hundred and One Limited (i) Berkeley Two Hundred and Seven Limited Berkeley Two Hundred and Seventeen Limited Berkeley Two Hundred and Sixty Limited Berkeley Two Hundred and Thirteen Limited Berkeley Two Hundred and Thirty Limited Berkeley Two Hundred and Thirty-Eight Limited Berkeley Two Hundred and Thirty-Five Limited Berkeley Two Hundred and Thirty-Four Limited Berkeley Two Hundred and Thirty-Nine Limited Berkeley Two Hundred and Thirty-One Limited Berkeley Two Hundred and Thirty-Seven Limited Berkeley Two Hundred and Thirty-Six Limited Berkeley Two Hundred and Thirty-Three Limited Berkeley Two Hundred and Thirty-Two Limited Berkeley Two Hundred and Three Limited Berkeley Two Hundred and Twelve Limited Berkeley Two Hundred and Twenty Limited Berkeley Two Hundred and Twenty-Eight Limited Berkeley Two Hundred and Twenty-Four Limited Berkeley Two Hundred and Twenty-Nine Limited Berkeley Two Hundred and Twenty-One Limited Berkeley Two Hundred and Twenty-Seven Limited Berkeley Two Hundred and Twenty-Six Limited Berkeley Two Hundred and Twenty-Three Limited Berkeley Two Hundred and Twenty-Two Limited Berkeley Two Hundred and Two Limited Berkeley Two Hundred Limited Berkeley Ventures Limited BH (City Forum) Limited Boardcable Limited(viii) Bromyard House (Car Park) Limited Bromyard House (Freehold) Limited Bromyard House (North) Limited Bromyard House Limited BWW Management Limited (viii) Charco 143 Limited(i) Chelsea Bridge Wharf (Management Company) Limited Chelsea Bridge Wharf Car Park Limited (viii) Community Housing Action Limited Community Villages Limited CPWGCO 1 Limited Drummond Road (Number 1) Ltd Drummond Road (Number 2) Ltd Exchange Place No.2 Limited Fishguard Bridge Limited Fishguard Tunnel Limited Great Woodcote Park Management Limited Hertfordshire Homes Limited Historic Homes Limited Kentdean Limited One Tower Bridge Limited Oval Works Limited Paddington Green Propco Limited Quod Erat Demonstrandum Properties Limited Retirement Homes Limited Royal Clarence Yard (Marina) Limited Royal Clarence Yard (Phase A) Limited Royal Clarence Yard (Phase B) Limited Royal Clarence Yard (Phase C) Limited Royal Clarence Yard (Phase E) Limited Royal Clarence Yard (Phase G) Management Company Limited Royal Clarence Yard (Phase H) Limited Royal Clarence Yard (Phase I) Limited Royal Clarence Yard (Phase K) Management Company Limited Royal Clarence Yard Estate Limited Sandgates Developments Limited (i) Sitesecure Limited SJC (Highgate) Limited (viii) South Quay Plaza Management Limited (62.5%) (vi) St Edward Limited St George (Crawford Street) Limited St George (Queenstown Place) Limited St George Blackfriars Limited St George Commercial Limited St George Ealing Limited St. George Eastern Ltd St. George Inner Cities Ltd St. George Investments Ltd St. George London Ltd St George Northfields Limited St. George Partnerships Ltd St George plc(iv) St George Project Management Limited St. George Properties Ltd St George Real Estate Limited St George Regeneration Limited St. George Southern Ltd St. George Western Ltd St George Wharf Hotel Limited St. George\u2019s Hill Property Company Limited St James Group Limited St James Homes (Grosvenor Dock) Limited St James Homes Limited (viii) St William Eight Limited St William Eighteen Limited St William Eleven Limited St William Fifteen Limited St William Five Limited St William Four Ltd St William Fourteen Limited St William Holdings Limited St William Homes LLP\u2020 St William Nine Limited St William Nineteen Limited St William One Ltd St William Seven Limited St William Seventeen Limited St William Six Limited St William Sixteen Limited St William Ten Limited St William Thirteen Limited St William Three Ltd St William Twelve Limited St William Twenty Limited St William Twenty-Eight Limited St William Twenty-Five Limited St William Twenty-Four Limited St William Twenty-One Limited St William Twenty-Seven Limited St William Twenty-Six Limited St William Twenty-Three Limited St William Twenty-Two Limited St William Two Ltd Tabard Square (Building A) Limited Tabard Square (Building B) Limited Tabard Square (Car Park) Limited TBG (3) 2009 Limited The Berkeley Festival Waterfront Company Limited The Berkeley Group plc The Millennium Festival Leisure Company Limited The Oxford Gateway Development Company Limited The Tower, One St George Wharf Limited(i) Thirlstone (JLP) Limited Thirlstone Commercial Limited Thirlstone plc(ii) Woodside Road Limited (i) A ordinary and B ordinary shares (ii) Ordinary and preference shares (iii) Ordinary and deferred shares (iv) Ordinary, deferred and preference shares (v) List contains companies that are a principal to agency agreements but are not agents themselves (vi) Registered office is 83 The Avenue, Sunbury-On-Thames, Middlesex, TW16 5HZ (vii) Ordinary and redeemable preference shares (viii) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG \u2020 Partnership with no share capital The subsidiary companies listed below are incorporated outside of England and Wales. Their country of incorporation and registered offices are listed below. Their principal activities continue to be that of residential-led mixed use development and ancillary activities. All of the companies are wholly owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital. Country of incorporation Registered office Aragon Investments Limited(ii) Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey Berkeley (Carnwath Road) Limited Isle of Man First Floor, Jubilee Buildings, Victoria Street, Douglas, IM1 2SH, Isle of Man Berkeley (Hong Kong) Limited Hong Kong 3806 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong Berkeley Homes Special Contracts Public Limited(iii) Scotland Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN Berkeley Investments (IOM) Limited (in liquidation) Isle of Man First Floor, Jubilee Buildings, Victoria Street, Douglas, IM1 2SH, Isle of Man Berkeley Property Investments Limited Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey Berkeley Real Estate Consulting (Beijing) Co. Limited* China Unit 1902, floor 19, No.1, Guanghua Road, ChaoYang District, Beijing, China Berkeley Residential (Singapore) Limited Singapore 77 Robinson Road, #13-00 Robinson 77, Singapore 068896 Berkeley Whitehart Investments Limited Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey Comiston Properties Limited Bahamas Ocean Centre, Montagu Foreshore, East Bay Street, Nassau, New Providence, The Bahamas Real Star Investments Limited (i)(ii) Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey Silverdale One Limited (ii) Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey St George Battersea Reach Limited Jersey 2 Hill Street, St. Helier, JE2 4UA, Jersey (i) Agency company of St James Group Limited (ii) Non-UK nominee company (iii) Ordinary, A deferred and B deferred shares * Accounting date of 31 December Berkeley Carlton Holdings Limited (ii) Berkeley Sutton Limited (ii) Diniwe One Limited Diniwe Two Limited Mayfield Market Towns Limited (ii) (v) *** Mayflower Residential Limited (ii) (v) *** Segro V-Park Grand Union LLP*\u2020 SEH Manager Limited SEH Nominee Limited SES Manager Limited (ii) SES Nominee Limited St Edward Homes Limited (iii) St Edward Homes Number Five Limited** St Edward Homes Number Four Limited** St Edward Homes Number One Limited** St Edward Homes Number Three Limited** (v) St Edward Homes Number Two Limited** St Edward Homes Partnership Freeholds Limited St Edward Strand Partnership Freeholds Limited St George Little Britain (No. 1) Limited (ii) St George Little Britain (No.2) Limited (ii) St Katharine Homes LLP (i) STKM Limited Strand Property Unit Trust (unregistered) The St Edward Homes Partnership (unregistered partnership) (i) The St Edward (Strand) Partnership (unregistered partnership) (i) U B Developments Limited (iv) (v) (i) Partnership with no share capital (ii) A ordinary and B ordinary shares (iii) A ordinary, B ordinary, C preference and D preference shares (iv) B ordinary shares (v) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG * Accounting date of 31 December ** 100% owned by St Edward Homes Limited *** Accounting date of 31 March \u2020 Registered office address is 1 New Burlington Place, London, United Kingdom, W1S 2HR (b) Joint ventures At 30 April 2023, the Group had an interest in the following joint ventures which have been equity accounted to 30 April and have an accounting date of 30 April unless otherwise indicated. All of the companies listed below are incorporated in England and Wales and have their registered office address at Berkeley House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential-led mixed use development and ancillary activities. All of the companies are 50% owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital.",
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"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
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"fact-274": {
"value": "(a) Subsidiaries In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries, partnerships, associates, joint ventures and joint arrangements, the country of incorporation, the registered address and the effective percentage of equity owned, as at 30 April 2023 is disclosed below. The Berkeley Group plc is the only direct subsidiary of The Berkeley Group Holdings plc and is an intermediate holding company. All wholly owned and partly owned subsidiaries are included in the consolidation and all associated undertakings are included in the Group\u2019s financial statements. All of the companies listed below are incorporated in England and Wales have their registered office address at Berkeley House, 19 Portsmouth Road, Cobham, Surrey, KT11 1JG, unless otherwise stated, and the principal activity is residential- led mixed use development and ancillary activities. All of the companies are wholly owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital. Agents of Berkeley Commercial Developments Limited Ely Business Park Limited Agents of Berkeley Homes (Central London) Limited Chelsea Bridge Wharf (Block A) Limited Chelsea Bridge Wharf (Block B) Limited Chelsea Bridge Wharf (Block P) Limited Chelsea Bridge Wharf (C North) Limited Chelsea Bridge Wharf (C South) Limited Agents of Berkeley Homes (Hampshire) Limited Berkeley Homes (South Western House No. 1) Limited Agents of Berkeley Homes Public Limited Company Berkeley (Canalside) Limited Berkeley Build Limited Berkeley Fifty-Five Limited Berkeley Forty-Five Limited (i) Berkeley Forty-Four plc Berkeley Gateway Limited Berkeley Homes (Barn Elms) Limited Berkeley Homes (Capital) plc Berkeley Homes (Central & West London) Public Limited Company Berkeley Homes (Central London) Limited Berkeley Homes (Chiltern) Limited Berkeley Homes (East Anglia) Limited Berkeley Homes (East Kent) Limited Berkeley Homes (East Thames) Limited Berkeley Homes (Eastern Counties) Limited Berkeley Homes (Eastern) Limited Berkeley Homes (Festival Waterfront Company) Limited Berkeley Homes (Hampshire) Limited Berkeley Homes (Home Counties) plc Berkeley Homes (North East London) Limited Berkeley Homes (Oxford & Chiltern) Limited Berkeley Homes (South East London) Limited Berkeley Homes (South London) Limited Berkeley Homes (Southern) Limited Berkeley Homes (Surrey) Limited Berkeley Homes (Thames Gateway) Limited Berkeley Homes (Thames Valley) Limited Berkeley Homes (Three Valleys) Limited Berkeley Homes (Urban Developments) Limited Berkeley Homes (Urban Living) Limited Berkeley Homes (Urban Renaissance) Limited Berkeley Homes (Western) Limited Berkeley Homes (West London) Limited Berkeley Homes (West Thames) Limited Berkeley Modular Limited Berkeley Ninety-One Limited Berkeley Partnership Homes Limited Berkeley Seven Limited Berkeley STE Limited Berkeley SW Management Limited Berkeley Urban Renaissance Limited Clare Homes Limited Lisa Estates (St Albans) Limited PEL Investments Limited St John Homes Limited(viii) St Joseph Homes Limited Stanmore Relocations Limited Tabard Square (Building C) Limited Agents of Berkeley Twenty Limited Thirlstone Homes (Western) Limited Thirlstone Homes Limited Agents of St George Central London Limited Castle Court Putney Wharf Limited Imperial Wharf (Block C) Limited Imperial Wharf (Block J) Ltd Imperial Wharf (Riverside Tower) Residential Limited Agents of St George plc St George Central London Limited St George City Limited St George Developments Limited St George Kings Cross Limited St George North London Limited St George South and Central London Limited St George South London Limited (vii) St George West London Ltd(ii) Agents of St George South London Ltd Battersea Reach Estate Company Limited Kensington Westside No. 2 Limited Putney Wharf Estate Limited Riverside West (Block C) Commercial Limited Riverside West (Block C) Residential Limited Riverside West (Block D) Commercial Limited Riverside West (Block D) Residential Limited Riverside West Car Park Limited St George Wharf (Block B) Limited St George Wharf (Block C) Limited St. George Wharf (Block D) Commercial Limited St George Wharf Car Park Limited Agents of St John Homes Limited Berkeley Sixty-Six Limited Non-Agency Companies(v) Ancestral Homes Limited Berkeley (Inner-City Partnerships) Limited Berkeley (SQP) Limited Berkeley (Virginia Water) Limited(i) Berkeley Affordable Homes Limited Berkeley Asset MSA Limited Berkeley College Homes Limited Berkeley Commercial Developments Limited Berkeley Commercial Investments Limited Berkeley Commercial Limited Berkeley Community Villages Limited Berkeley Construction Limited Berkeley Developments Limited (i) Berkeley Eighteen Limited Berkeley Eighty Limited Berkeley Eighty-One Limited Berkeley Eighty-Three Limited Berkeley Eighty-Two Limited Berkeley Enterprises Limited Berkeley Festival Development Limited Berkeley Festival Hotels Limited Berkeley Festival Investments Limited Berkeley Festival Limited Berkeley Fifty Limited Berkeley Fifty-Eight Limited Berkeley Fifty-Four Limited Berkeley Fifty-Nine Limited Berkeley Fifty-One Limited Berkeley Fifty-Seven Limited Berkeley Fifty-Three Limited Berkeley Fifty-Two Limited Berkeley First Limited Berkeley Five Limited Berkeley Forty Limited Berkeley Forty-Eight Limited Berkeley Forty-Nine Limited Berkeley Forty-Seven Limited Berkeley Forty-Six Limited Berkeley Forty-Three Limited Berkeley Forty-Two Limited Berkeley Fourteen Limited Berkeley Group Pension Trustees Limited Berkeley Group Services Limited Berkeley Group SIP Trustee Limited Berkeley Guarantee One Limited\u2020 Berkeley Homes (Carmelite) Limited Berkeley Homes (Chertsey) Limited Berkeley Homes (City & East London) Limited Berkeley Homes (City) Limited Berkeley Homes (Dorset) Limited Berkeley Homes (East London) Limited Berkeley Homes (Essex) Limited Berkeley Homes (Fleet) Limited (i) Berkeley Homes (Greater London) Limited Berkeley Homes (Hertfordshire & Cambridgeshire) Limited Berkeley Homes (Kent) Limited Berkeley Homes (North Western) Limited (i) Berkeley Homes (PCL) Limited Berkeley Homes (South) Limited Berkeley Homes (Southall) Limited Berkeley Homes (Stanmore) Limited Berkeley Homes (Southern Counties) Limited Berkeley Homes Group Limited Berkeley Homes Public Limited Company (iii) (viii) Berkeley London Residential Limited Berkeley Manhattan Limited Berkeley Ninety-Eight Limited Berkeley Ninety-Five Limited Berkeley Ninety-Nine Limited Berkeley Ninety-Seven Limited Berkeley Ninety-Six Limited Berkeley Number Four Limited Berkeley Number Seven Limited Berkeley Number Six Limited Berkeley One Hundred and Eight Limited Berkeley One Hundred and Eighteen Limited Berkeley One Hundred and Eighty-Eight Limited Berkeley One Hundred and Eighty-Five Limited Berkeley One Hundred and Eighty Limited Berkeley One Hundred and Eighty-Nine Limited Berkeley One Hundred and Eighty-One Limited Berkeley One Hundred and Eighty-Seven Limited Berkeley One Hundred and Eighty-Two Limited Berkeley One Hundred and Fifteen Limited Berkeley One Hundred and Fifty-Eight Limited Berkeley One Hundred and Fifty-Five Limited Berkeley One Hundred and Fifty-Four Limited Berkeley One Hundred and Fifty Limited Berkeley One Hundred and Fifty-Nine Limited Berkeley One Hundred and Fifty-One Limited Berkeley One Hundred and Fifty-Seven Limited Berkeley One Hundred and Fifty-Six Limited Berkeley One Hundred and Fifty-Three Limited Berkeley One Hundred and Fifty-Two Limited Berkeley One Hundred and Five Limited Berkeley One Hundred and Forty-Eight Limited Berkeley One Hundred and Forty-Five Limited Berkeley One Hundred and Forty-Four Limited Berkeley One Hundred and Forty Limited Berkeley One Hundred and Forty-Nine Limited Berkeley One Hundred and Forty-One Limited Berkeley One Hundred and Forty-Seven Limited Berkeley One Hundred and Forty-Six Limited Berkeley One Hundred and Four Limited Berkeley One Hundred and Nine Limited Berkeley One Hundred and Ninety-Eight Limited Berkeley One Hundred and Ninety-Five Limited Berkeley One Hundred and Ninety-Four Limited Berkeley One Hundred and Ninety Limited Berkeley One Hundred and Ninety-Nine Limited Berkeley One Hundred and Ninety-Seven Limited Berkeley One Hundred and Ninety-Six Limited Berkeley One Hundred and Ninety-Three Limited Berkeley One Hundred and One Limited Berkeley One Hundred and Seven Limited Berkeley One Hundred and Seventeen Limited Berkeley One Hundred and Seventy-Eight Limited Berkeley One Hundred and Seventy-Five Limited Berkeley One Hundred and Seventy-Four Limited Berkeley One Hundred and Seventy-Nine Limited Berkeley One Hundred and Seventy-One Limited Berkeley One Hundred and Seventy-Seven Limited Berkeley One Hundred and Seventy-Six Limited Berkeley One Hundred and Seventy-Three Limited Berkeley One Hundred and Seventy-Two Limited Berkeley One Hundred and Six Limited Berkeley One Hundred and Sixteen Limited Berkeley One Hundred and Sixty-Five Limited Berkeley One Hundred and Sixty-Four Limited Berkeley One Hundred and Sixty-One Limited Berkeley One Hundred and Sixty-Six Limited Berkeley One Hundred and Sixty-Three Limited Berkeley One Hundred and Thirteen Limited Berkeley One Hundred and Thirty-Eight Limited Berkeley One Hundred and Thirty-Five Limited Berkeley One Hundred and Thirty-Four Limited Berkeley One Hundred and Thirty Limited Berkeley One Hundred and Thirty-Nine Limited Berkeley One Hundred and Thirty-One Limited Berkeley One Hundred and Thirty-Seven Limited Berkeley One Hundred and Thirty-Six Limited Berkeley One Hundred and Thirty-Three Limited Berkeley One Hundred and Thirty-Two Limited Berkeley One Hundred and Three Limited Berkeley One Hundred and Twenty-Eight Limited Berkeley One Hundred and Twenty-Five Limited Berkeley One Hundred and Twenty-Four Limited Berkeley One Hundred and Twenty Limited Berkeley One Hundred and Twenty-Nine Limited Berkeley One Hundred and Twenty-One Limited Berkeley One Hundred and Twenty-Seven Limited Berkeley One Hundred and Twenty-Six Limited Berkeley One Hundred and Twenty-Three Limited Berkeley One Hundred and Twenty-Two Limited Berkeley One Hundred and Two Limited Berkeley Portsmouth Harbour Limited Berkeley Portsmouth Waterfront Limited Berkeley Properties Limited (i) Berkeley Residential Limited (i) Berkeley Ryewood Limited Berkeley Seventy Limited Berkeley Seventy-Four Limited Berkeley Seventy-One plc (vii) Berkeley Seventy-Seven Limited Berkeley Seventy-Six Limited Berkeley Seventy-Three Limited Berkeley Seventy-Two Limited Berkeley Sixty Limited Berkeley Sixty-Eight Limited Berkeley Sixty-Five Limited Berkeley Sixty-Four Limited Berkeley Sixty-Nine Limited Berkeley Sixty-One Limited Berkeley Special Projects Limited Berkeley Strategic Land Limited(vii) Berkeley Sustainable Communities Limited Berkeley Thirty-Eight Limited Berkeley Thirty-Nine Limited Berkeley Thirty-Three Limited Berkeley Three Limited Berkeley Twenty Limited Berkeley Twenty-Eight Limited Berkeley Twenty-Four Limited Berkeley Twenty-Nine Limited Berkeley Twenty-Seven Limited Berkeley Twenty-Three Limited Berkeley Twenty-Two Limited Berkeley Two Hundred and Eight Limited Berkeley Two Hundred and Eighteen Limited Berkeley Two Hundred and Eleven Limited Berkeley Two Hundred and Fifty Limited Berkeley Two Hundred and Fifty-Eight Limited Berkeley Two Hundred and Fifty-Five Limited Berkeley Two Hundred and Fifty-Four Limited Berkeley Two Hundred and Fifty-Nine Limited Berkeley Two Hundred and Fifty-One Limited Berkeley Two Hundred and Fifty-Seven Limited Berkeley Two Hundred and Fifty-Six Limited Berkeley Two Hundred and Fifty-Three Limited Berkeley Two Hundred and Fifty-Two Limited Berkeley Two Hundred and Five Limited Berkeley Two Hundred and Forty Limited Berkeley Two Hundred and Forty-Eight Limited Berkeley Two Hundred and Forty-Five Limited Berkeley Two Hundred and Forty-Four Limited Berkeley Two Hundred and Forty-Nine Limited Berkeley Two Hundred and Forty-One Limited Berkeley Two Hundred and Forty-Seven Limited Berkeley Two Hundred and Forty-Six Limited Berkeley Two Hundred and Forty-Three Limited Berkeley Two Hundred and Forty-Two Limited Berkeley Two Hundred and Fourteen Limited Berkeley Two Hundred and Nine Limited Berkeley Two Hundred and Nineteen Limited Berkeley Two Hundred and One Limited (i) Berkeley Two Hundred and Seven Limited Berkeley Two Hundred and Seventeen Limited Berkeley Two Hundred and Sixty Limited Berkeley Two Hundred and Thirteen Limited Berkeley Two Hundred and Thirty Limited Berkeley Two Hundred and Thirty-Eight Limited Berkeley Two Hundred and Thirty-Five Limited Berkeley Two Hundred and Thirty-Four Limited Berkeley Two Hundred and Thirty-Nine Limited Berkeley Two Hundred and Thirty-One Limited Berkeley Two Hundred and Thirty-Seven Limited Berkeley Two Hundred and Thirty-Six Limited Berkeley Two Hundred and Thirty-Three Limited Berkeley Two Hundred and Thirty-Two Limited Berkeley Two Hundred and Three Limited Berkeley Two Hundred and Twelve Limited Berkeley Two Hundred and Twenty Limited Berkeley Two Hundred and Twenty-Eight Limited Berkeley Two Hundred and Twenty-Four Limited Berkeley Two Hundred and Twenty-Nine Limited Berkeley Two Hundred and Twenty-One Limited Berkeley Two Hundred and Twenty-Seven Limited Berkeley Two Hundred and Twenty-Six Limited Berkeley Two Hundred and Twenty-Three Limited Berkeley Two Hundred and Twenty-Two Limited Berkeley Two Hundred and Two Limited Berkeley Two Hundred Limited Berkeley Ventures Limited BH (City Forum) Limited Boardcable Limited(viii) Bromyard House (Car Park) Limited Bromyard House (Freehold) Limited Bromyard House (North) Limited Bromyard House Limited BWW Management Limited (viii) Charco 143 Limited(i) Chelsea Bridge Wharf (Management Company) Limited Chelsea Bridge Wharf Car Park Limited (viii) Community Housing Action Limited Community Villages Limited CPWGCO 1 Limited Drummond Road (Number 1) Ltd Drummond Road (Number 2) Ltd Exchange Place No.2 Limited Fishguard Bridge Limited Fishguard Tunnel Limited Great Woodcote Park Management Limited Hertfordshire Homes Limited Historic Homes Limited Kentdean Limited One Tower Bridge Limited Oval Works Limited Paddington Green Propco Limited Quod Erat Demonstrandum Properties Limited Retirement Homes Limited Royal Clarence Yard (Marina) Limited Royal Clarence Yard (Phase A) Limited Royal Clarence Yard (Phase B) Limited Royal Clarence Yard (Phase C) Limited Royal Clarence Yard (Phase E) Limited Royal Clarence Yard (Phase G) Management Company Limited Royal Clarence Yard (Phase H) Limited Royal Clarence Yard (Phase I) Limited Royal Clarence Yard (Phase K) Management Company Limited Royal Clarence Yard Estate Limited Sandgates Developments Limited (i) Sitesecure Limited SJC (Highgate) Limited (viii) South Quay Plaza Management Limited (62.5%) (vi) St Edward Limited St George (Crawford Street) Limited St George (Queenstown Place) Limited St George Blackfriars Limited St George Commercial Limited St George Ealing Limited St. George Eastern Ltd St. George Inner Cities Ltd St. George Investments Ltd St. George London Ltd St George Northfields Limited St. George Partnerships Ltd St George plc(iv) St George Project Management Limited St. George Properties Ltd St George Real Estate Limited St George Regeneration Limited St. George Southern Ltd St. George Western Ltd St George Wharf Hotel Limited St. George\u2019s Hill Property Company Limited St James Group Limited St James Homes (Grosvenor Dock) Limited St James Homes Limited (viii) St William Eight Limited St William Eighteen Limited St William Eleven Limited St William Fifteen Limited St William Five Limited St William Four Ltd St William Fourteen Limited St William Holdings Limited St William Homes LLP\u2020 St William Nine Limited St William Nineteen Limited St William One Ltd St William Seven Limited St William Seventeen Limited St William Six Limited St William Sixteen Limited St William Ten Limited St William Thirteen Limited St William Three Ltd St William Twelve Limited St William Twenty Limited St William Twenty-Eight Limited St William Twenty-Five Limited St William Twenty-Four Limited St William Twenty-One Limited St William Twenty-Seven Limited St William Twenty-Six Limited St William Twenty-Three Limited St William Twenty-Two Limited St William Two Ltd Tabard Square (Building A) Limited Tabard Square (Building B) Limited Tabard Square (Car Park) Limited TBG (3) 2009 Limited The Berkeley Festival Waterfront Company Limited The Berkeley Group plc The Millennium Festival Leisure Company Limited The Oxford Gateway Development Company Limited The Tower, One St George Wharf Limited(i) Thirlstone (JLP) Limited Thirlstone Commercial Limited Thirlstone plc(ii) Woodside Road Limited (i) A ordinary and B ordinary shares (ii) Ordinary and preference shares (iii) Ordinary and deferred shares (iv) Ordinary, deferred and preference shares (v) List contains companies that are a principal to agency agreements but are not agents themselves (vi) Registered office is 83 The Avenue, Sunbury-On-Thames, Middlesex, TW16 5HZ (vii) Ordinary and redeemable preference shares (viii) Registered office is 19 Portsmouth Road, Cobham, Surrey, KT11 1JG \u2020 Partnership with no share capital The subsidiary companies listed below are incorporated outside of England and Wales. Their country of incorporation and registered offices are listed below. Their principal activities continue to be that of residential-led mixed use development and ancillary activities. All of the companies are wholly owned by the Group and unless otherwise indicated, all of the companies have ordinary share capital. Country of incorporation Registered office Aragon Investments Limited(ii) Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey Berkeley (Carnwath Road) Limited Isle of Man First Floor, Jubilee Buildings, Victoria Street, Douglas, IM1 2SH, Isle of Man Berkeley (Hong Kong) Limited Hong Kong 3806 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong Berkeley Homes Special Contracts Public Limited(iii) Scotland Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN Berkeley Investments (IOM) Limited (in liquidation) Isle of Man First Floor, Jubilee Buildings, Victoria Street, Douglas, IM1 2SH, Isle of Man Berkeley Property Investments Limited Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey Berkeley Real Estate Consulting (Beijing) Co. Limited* China Unit 1902, floor 19, No.1, Guanghua Road, ChaoYang District, Beijing, China Berkeley Residential (Singapore) Limited Singapore 77 Robinson Road, #13-00 Robinson 77, Singapore 068896 Berkeley Whitehart Investments Limited Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey Comiston Properties Limited Bahamas Ocean Centre, Montagu Foreshore, East Bay Street, Nassau, New Providence, The Bahamas Real Star Investments Limited (i)(ii) Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey Silverdale One Limited (ii) Jersey 28 Esplanade, St. Helier, JE2 3QA, Jersey St George Battersea Reach Limited Jersey 2 Hill Street, St. Helier, JE2 4UA, Jersey (i) Agency company of St James Group Limited (ii) Non-UK nominee company (iii) Ordinary, A deferred and B deferred shares * Accounting date of 31 December ",
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