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"value": "Section 1: Basis of preparation This section lays out the Group\u2019s accounting policies that relate to the financial statements as a whole. Where an accounting policy is specific to a particular note to the financial statements, the policy is described in the note to which it relates and has been clearly identified in a box. Basis of consolidation The financial statements consolidate those of Unite Group PLC (the \u201cCompany\u201d) and its subsidiaries (together referred to as the \u201cGroup\u201d) and include the Group\u2019s interests in jointly controlled entities. The parent company financial statements present information about the Company as a separate entity and not as a group. Subsidiaries are those entities controlled by the Company. Control exists when the Company has an existing right that gives it the current ability to direct the relevant activities of the subsidiary, has exposure or right to variable returns from its involvement in the subsidiary and has the ability to use its power to affect its returns. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances and transactions, and any unrealised gains and losses arising from intra-group transactions, such as property disposals and management fees, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with joint ventures are eliminated to the extent of the Group\u2019s retained interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains except where the loss provides evidence of a reduction in the net realisable value of current assets or an impairment in the value of non-current assets. Non-controlling interests are shown as a line item within equity and comprise the non-controlling interests in subsidiaries which are not directly or indirectly attributable to the Group. Non-controlling interests are assigned to one subsidiary as at both 31 December 2022 and 2021 (see note 3.4). The parent company financial statements have been prepared in accordance with Financial Reporting Standard 101 \u2013 Reduced disclosure framework (FRS 101), and the Group financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the United Kingdom (Adopted IFRS), in conformity with the Companies Act 2006, and approved by the Directors. On publishing the parent company financial statements here together with the Group financial statements, the Company is taking advantage of the exemption in s408 of the Companies Act 2006 not to present its individual income statement and related notes. The Company is also taking advantage of the FRS 101 disclosure exemptions from requirements of IFRS 7, IFRS 13 and IAS 1 including presenting a Company statement of cash flows. The accounting policies have been applied consistently to all periods presented in these consolidated financial statements. The Company is a public company limited by shares and is registered in England, United Kingdom, where it is also domiciled. Measurement convention The financial statements are prepared on the historical cost basis except for investment property (owned), investment property (leased), investment property (under development), investments in subsidiaries and interest rate swaps all of which are stated at their fair value. Going concern In determining the appropriate basis of preparation of the financial statements, the Directors are required to consider whether the Group can continue in operational existence for the foreseeable future. The Directors have considered a range of scenarios for future performance through the 2022/23 and 2023/24 academic years. The impact of our ESG asset transition plans are included within the cash flows which have been modelled. The assessment includes a base case assuming cash collection and performance for the 2022/23 academic year remains in line with current expectations and sales performance for the 2023/24 academic year consistent with published guidance; and a reasonable worst case scenario where income for the 2023/24 academic year is impacted by reduced sales, equivalent to occupancy of around 90%. Under each of these scenarios, the Directors are satisfied that the Group has sufficient liquidity and will maintain covenant compliance over the next 12 months. To further support the Directors\u2019 going concern assessment, a \u201cReverse Stress Test\u201d was performed to determine the level of performance at which adopting the going concern basis of preparation may not be appropriate. This involved assessing the minimum amount of income required to ensure financial covenants would not be breached. Within the tightest covenant, occupancy could fall to approximately 70% before there would be a breach. The Group has capacity for property valuations to fall by 35% before there would be a breach of the tightest LTV and gearing covenants. Were income or asset values to fall beyond these levels, the Group has certain cure rights, such that an immediate default could be avoided. NOTES TO THE FINANCIAL STATEMENTS Section 1: Basis of preparation continued The Directors are satisfied that the possibility of such an outcome is sufficiently remote that adopting the going concern basis of preparation is appropriate. Accordingly, after making enquiries and having considered forecasts and appropriate sensitivities, the Directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of these financial statements. Standards and interpretations effective in the current period During the year the following new and revised standards and interpretations have been adopted and have not had a material impact on the amounts reported in these financial statements: \u2022 IAS 16 Property, plant and equipment \u2013 proceeds before intended use \u2022 IAS 37 (amendments) Onerous contracts \u2013 Cost of fulfilling a contract \u2022 IFRS 3 (amendments) Business Combinations \u2013 Reference to the Conceptual Framework Impact of accounting standards and interpretations in issue but not yet effective At the date of approval of these financial statements there are a number of new standards and amendments to existing standards in issue but not yet effective. The Group has not early adopted the new or amended standards in preparing these consolidated financial statements. The following new or amended standards and interpretations are not expected to have a significant impact on the Group\u2019s consolidated financial statements: \u2022 IFRS 16 (amendments) Covid-19 related rent concessions beyond 30 June 2021 \u2022 IFRS 16 (amendments) Lease liability in a sale and leaseback \u2022 IFRS 17 Insurance contracts \u2022 IAS 8 Definition of accounting estimates \u2022 IAS 12 Deferred tax related to assets and liabilities arising from a single transaction \u2022 IFRS 4 Applying IFRS 9 Financial instruments with IFRS 4 Insurance contracts \u2013 Extension of the temporary exemption from applying IFRS 9 \u2022 IAS 1 (amendments) Classification of liabilities as current or non-current \u2022 IAS 1 (amendments) Non-current liabilities with Covenants \u2022 IAS 1 (amendments) and IFRS Practice Statement 2 Disclosure of accounting policies \u2022 IFRS Standards (annual improvements) The impact of all other IFRS Standards not yet adopted is not expected to be material. NOTES TO THE FINANCIAL STATEMENTS continued Critical accounting estimates and judgements The Group\u2019s significant accounting polices are stated in the relevant notes to the Group financial statements. The preparation of financial statements requires management to exercise judgement in applying the Group\u2019s accounting policies. It also requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses. Critical accounting judgements The areas which involve a high degree of judgement or complexity in applying the accounting policies of the Group are explained in more detail in the accounting policy descriptions in the related notes to the financial statements. The areas where accounting judgements have the most significant impact on the financial statements of the Group are as follows: \u2022 classification of joint venture vehicles (note 3.4) Key sources of estimation uncertainty The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis with revisions recognised in the period in which the estimates are revised and in any future periods affected. The areas involving the most sensitive estimates and assumptions that are significant to the financial statements are set out below and in more detail in the related notes: \u2022 valuation of investment property and investment property under development (note 3.1) \u2022 valuation of provisions for cladding remediation (note 5.5) Section 2: Results for the year This section focuses on the results and performance of the Group and provides a reconciliation between the primary statements and EPRA performance measures. On the following pages you will find disclosures explaining the Group\u2019s results for the year, segmental information, taxation, earnings and net tangible asset value (NTA) per share. The Group uses EPRA earnings, adjusted earnings and NTA movement as key comparable indicators across other real estate companies in Europe. EPRA earnings, adjusted earnings and NTA movement are Alternative Performance Measures (APMs), further details of which are set out in section 8. IFRS performance measures Note 2022 \u00a3m 2021 \u00a3m 2022 pps 2021 pps Profit* 2.2b 355.1 342.4 88.9p 85.9p Net assets* 2.3d 3,792 .1 3,527.8 945p 880p * Profit after tax represents profit attributed to the owners of the parent company, and net assets represents equity attributable to the owners of the parent company. EPRA performance measures Note 2022 \u00a3m 2021 \u00a3m 2022 pps 2021 pps EPRA earnings 2.2c 161.9 152.0 40.5p 38.1p Adjusted earnings** 2.2c 163.4 110.1 40.9p 27.6p EPR A NTA 2.3d 3,715.2 3,532.2 927p 882p ** Adjusted earnings are calculated as EPRA earnings after adding back abortive costs (2021: less the LSAV performance fee), in order to reflect the comparable performance of the Group\u2019s underlying operating activities. 2.1 Segmental information The Board of Directors monitors the business along two activity lines, Operations and Property. The reportable segments for the years ended 31 December 2022 and 31 December 2021 are Operations and Property. The Group undertakes its Operations and Property activities directly and through joint ventures with third parties. The joint ventures are an integral part of each segment and are included in the information used by the Board to monitor the business. Detailed analysis of the performance of each of these reportable segments is provided in the following sections 2.2 to 2.3. The Group\u2019s properties are located exclusively in the United Kingdom. The Group therefore has one geographical segment. 2.2 Earnings EPRA earnings and adjusted earnings amends IFRS measures by removing principally the unrealised investment property valuation gains and losses such that users of the financials are able to see the extent to which dividend payments (dividend per share) are underpinned by earnings arising from purely operational activity. In 2022, in consideration of EPRA\u2019s focus on presenting clear comparability in results from recurring operational activities, EPRA earnings excludes abortive costs. In 2021, EPRA earnings was adjusted to remove the impact of the LSAV performance fee. Given the quantum of the LSAV performance fee, it was excluded from adjusted earnings to improve the comparability of results year-on-year. The reconciliation between profit attributable to owners of the parent company and EPRA earnings is available in note 2.2b. The Operations segment manages rental properties, owned directly by the Group or by joint ventures. Its revenues are derived from rental income and asset management fees earned from joint ventures. The way in which the Operations segment adds value to the business is set out in the Operations review on pages 32\u201334. The Operations segment is the main contributor to adjusted earnings and adjusted EPS and these are therefore the key indicators which are used by the Board to monitor the Operations business. The Board does not manage or monitor the Operations segment through the balance sheet and therefore no segmental information for assets and liabilities is provided for the Operations segment. NOTES TO THE FINANCIAL STATEMENTS continued 2.2a) EPRA earnings 2022 Unite \u00a3m Share of joint ventures Group on EPRA basis Total \u00a3m USAF \u00a3m LSAV \u00a3m Rental income 241.7 48.8 49.2 339.7 Property operating expenses (72.0) (15.9) (10.8) (98.7) Net operating income 169.7 32.9 38.4 241.0 Management fees 21.4 (4.0) \u2013 17.4 Overheads (26.4) (0.7) (0.6) (27.7) Interest on lease liabilities (8.1) \u2013 \u2013 (8.1) Net financing costs (33.4) (7.7) (13.8) (54.9) Operations segment result 123.2 20.5 24.0 167.7 Property segment result (1.2) \u2013 \u2013 (1.2) Unallocated to segments (4.3) (0.2) (0.1) (4.6) EPRA earnings 117.7 20.3 23.9 161.9 Abortive costs 1.5 \u2013 \u2013 1.5 Adjusted earnings 119.2 20.3 23.9 163.4 Included in the above is rental income of \u00a318.1 million and property operating expenses of (\u00a39.7 million) relating to sale and leaseback properties. Included in the above is rental income of \u00a30.7 million and property operating expenses of (\u00a30.2 million), relating to a build-to-rent property. The unallocated to segments balance includes abortive costs of (\u00a31.5 million), the fair value of share-based payments of (\u00a31.6 million), contributions to the Unite Foundation of (\u00a30.6 million), deferred tax charge of (\u00a30.2 million) and current tax charge of (\u00a30.7 million). Depreciation and amortisation totalling (\u00a37.8 million) is included within overheads. 2021 Unite \u00a3m Share of joint ventures Group on EPRA basis Total \u00a3m USAF \u00a3m LSAV \u00a3m Rental income 209.0 37.6 36.1 282.7 Property operating expenses (67.7 ) (13.0) (10.2) (90.9) Net operating income 141.3 24.6 25.9 191.8 Management fees 19.1 (3.2) \u2013 15.9 Overheads (30.7) (0.3) (0.5) (31.5) Interest on lease liabilities (8.5) \u2013 \u2013 (8.5) Net financing costs (38.5) (6.7) (9.6) (54.8) Operations segment result 82.7 14.4 15.8 112.9 Property segment result (2.2) \u2013 \u2013 (2.2) Unallocated to segments 83.9 (0.2) (42.4) 41.3 EPRA earnings 164.4 14.2 (26.6) 152.0 LSAV performance fee (84.1) \u2013 42.2 (41.9) Adjusted earnings 80.3 14.2 15.6 110.1 Included in the above is rental income of \u00a316.3 million and property operating expenses of (\u00a38.3 million) relating to sale and leaseback properties. The unallocated to segments balance includes the fair value of share-based payments of (\u00a32.4 million), contributions to the Unite Foundation of (\u00a31.0 million), LSAV performance fee of \u00a341.9 million, deferred tax credit of \u00a30.8 million and current tax credit of \u00a32.0 million. Depreciation and amortisation totalling (\u00a37.8 million) is included within overheads. Section 2: Results for the year continued 2.2 Earnings continued 2.2b) IFRS reconciliation to EPRA earnings and adjusted earnings EPRA earnings excludes movements relating to changes in values of investment properties (owned, leased and under development), profits/losses from the disposal of properties and swap/debt break costs which are included in the profit reported under IFRS. EPRA earnings and adjusted earnings reconcile to the profit attributable to owners of the parent company as follows: Note 2022 \u00a3m 2021 \u00a3m Profit attributable to owners of the parent company 355.1 342.4 Net valuation (gains)/losses on investment property (owned) 3.1 (112.7) (116.9) Property disposals (owned) 15.6 12.0 Net valuation losses on investment property (leased) 3.1 9.3 11.1 Amortisation of fair value of debt recognised on acquisition (4.3) (4.3) Share of joint venture (gains)/losses on investment property 3.4b (32.3) (88.7) Share of joint venture property disposals 3.4b 0.9 0.3 Swap cancellation fair value settlements and loan break costs 4.3 \u2013 4.2 Mark to market changes on interest rate swaps 4.3 (70.7) (10.9) Current tax relating to property disposals (0.2) 1.1 Deferred tax 2.5d 0.7 0.3 Non-controlling interest share of reconciling items* 0.5 1.4 EPRA earnings 2.2a 161.9 152.0 Net LSAV performance fee 2.4 \u2013 (41.9) Abortive costs 1.5 \u2013 Adjusted earnings 2.2a 163.4 110.1 * The non-controlling interest, arises as a result of the Company not owning 100% of the share capital of one of its subsidiaries, USAF (Feeder) Guernsey Limited. More detail is provided in note 3.4. 2.2c) Earnings per share Basic EPS calculation is based on the earnings attributable to the equity shareholders of The Unite Group PLC and the weighted average number of shares which have been in issue during the year. Basic EPS is adjusted in line with EPRA guidelines in order to allow users to compare the business performance of the Group with other listed real estate companies in a consistent manner and to reflect how the business is managed on a day-to-day basis. The calculations of basic and EPRA EPS and adjusted EPS for the year ended 31 December 2022 and 2021 are as follows: Note 2022 \u00a3m 2021 \u00a3m 2022 pps 2021 pps Earnings Basic 355.1 342.4 88.9p 85.9p Diluted 355.1 342.4 88.7p 85.7p EPRA 2.2b 161.9 152.0 40.5p 38.1p Diluted EPRA 40.5p 38.0p Adjusted 2.2b 163.4 110.1 40.9p 27.6p Diluted adjusted 40.8p 27.6p 2022 2021 Weighted average number of shares (thousands) Basic 399,581 398,742 Dilutive potential ordinary shares (share options) 584 829 Diluted 400,165 399,571 Movements in the weighted average number of shares have resulted from the issue of shares arising from the employee share-based payment schemes and the scrip dividend. In 2022, there were 19,015 options excluded from the potential dilutive shares that did not affect the diluted weighted average number of shares (2021: none). NOTES TO THE FINANCIAL STATEMENTS continued 2.3 Net assets 2.3a) EPRA NTA EPRA NTA makes adjustments to IFRS measures by removing the fair value of financial instruments and the carrying value of intangibles. The reconciliation between IFRS NAV and EPRA NTA is available in note 2.3c. The Group\u2019s Property business undertakes the acquisition and development of properties. The way in which the Property segment adds value to the business is set out in the Property review on pages 35\u201339. 2022 Unite \u00a3m Share of JVs Group on EPRA basis \u00a3m USAF \u00a3m LSAV \u00a3m Investment property (owned) 3,623.4 813.0 960.4 5,396.8 Investment property (leased) 90.3 \u2013 \u2013 90.3 Investment property (under development) 202.7 \u2013 \u2013 202.7 Total property portfolio 3,916.4 813.0 960.4 5,689.8 Debt on properties (1,247.8) (239.8) (385.2) (1,872.8) Lease liabilities (90.4) \u2013 \u2013 (90.4) Cash 38.0 35.6 65.6 139.2 Net debt (1,300.2) (204.2) (319.6) (1,824.0) Other assets and (liabilities) (78.3) (33.6) (20.4) (132.3) Intangibles per IFRS balance sheet (18.3) \u2013 \u2013 (18.3) EPR A NTA 2,519.6 575.2 620.4 3,715.2 Loan to value* 32% 25% 33% 31% Loan to value post IFRS 16 33% 25% 33% 32% * LTV calculated excluding investment properties (leased) and the corresponding lease liabilities. LTV is an APM \u2013 see section 8. 2021 Unite \u00a3m Share of JVs Group on EPRA basis \u00a3m USAF \u00a3m LSAV \u00a3m Investment property (owned)* 3,323.3 632.0 909.5 4,864.8 Investment property (leased) 97.7 \u2013 \u2013 97.7 Investment property (under development) 324.1 \u2013 \u2013 324.1 Total property portfolio 3,745.1 632.0 909.5 5,286.6 Debt on properties (1,139.7) (201.0) (336.6) (1,677. 3) Lease liabilities (93.8) \u2013 \u2013 (93.8) Cash 109.4 23.4 22.7 155.5 Net debt (1,124.1) (177.6) (313.9) (1,615.6) Other assets and (liabilities) (90.5) (23.2) (9.0) (122.8) Intangibles per IFRS balance sheet (16.1) \u2013 \u2013 (16.1) EPR A NTA 2,514.4 431.2 586.6 3,532.2 Loan to value** 28% 28% 35% 29% Loan to value post IFRS 16 30% 28% 35% 31% * Investment property (owned) includes assets classified as held for sale in the IFRS balance sheet. ** LTV calculated excluding investment properties (leased) and the corresponding lease liabilities. LTV is an APM \u2013 see section 8. Section 2: Results for the year continued 2.3 Net assets continued 2.3b) Movement in EPRA NTA during the year Contributions to EPRA NTA by each segment during the year is as follows: 2022 Note Unite \u00a3m Share of JVs Group on EPRA basis Total \u00a3m USAF \u00a3m LSAV \u00a3m Operations Operations segment result 2.2a 123.2 20.5 24.0 167.7 Add back amortisation of intangibles 3.3b 5.9 \u2013 \u2013 5.9 Total Operations 129.1 20.5 24.0 173.6 Property Rental growth 117.1 0.5 32.6 150.2 Yield movement (11.0) 2.2 (3.0) (11.8) Disposal losses (owned) (15.6) (0.9) \u2013 (16.5) Investment property gains (owned)* 90.5 1.8 29.6 121.9 Investment property losses (leased) 3.1 (9.3) \u2013 \u2013 (9.3) Investment property gains (under development) 3.1 6.6 \u2013 \u2013 6.6 Pre-contract/other development costs 2.2a (1.2) \u2013 \u2013 (1.2) Total Property 86.6 1.8 29.6 118.0 Unallocated Shares issued 1.1 \u2013 \u2013 1.1 Investment in joint ventures (102.4) 122.0 (19.6) \u2013 Dividends paid (96.4) \u2013 \u2013 (96.4) Abortive costs (1.5) \u2013 \u2013 (1.5) Acquisition of intangibles 3.3b (8.0) \u2013 \u2013 (8.0) Other (3.3) (0.3) (0.2) (3.8) Total Unallocated (210.5) 121.7 (19.8) (108.6) Total EPRA NTA movement in the year 5.2 144.0 33.8 183.0 Total EPRA NTA brought forward 2,514.4 431.2 586.6 3,532.2 Total EPRA NTA carried forward 2,519.6 575.2 620.4 3,715.2 The \u00a33.3 million other balance within the unallocated segment includes the purchase of own shares of (\u00a31.7 million), contributions to the Unite Foundation of (\u00a30.6 million) and tax charges of (\u00a30.9 million). NOTES TO THE FINANCIAL STATEMENTS continued 2021 Note Unite \u00a3m Share of JVs Group on EPRA basis Total \u00a3m USAF \u00a3m LSAV \u00a3m Operations Operations segment result 2.2a 82.7 14.4 15.8 112.9 Add back amortisation of intangibles 3.3b 6.1 \u2013 \u2013 6.1 Total Operations 88.8 14.4 15.8 119.0 Property Rental growth 17.4 4.5 25.8 47.7 Yield movement 49.2 12.7 44.6 106.5 Disposal losses (owned) (12.0) (0.3) \u2013 (12.3) Investment property gains (owned)* 54.6 16.9 70.4 141.9 Investment property losses (leased) 3.1 (11.1) \u2013 \u2013 (11.1) Investment property gains (under development) 3.1 50.3 \u2013 \u2013 50.3 Pre-contract/other development costs 2.2a (2.2) \u2013 \u2013 (2.2) Total Property 91.6 16.9 70.4 178.9 Unallocated Shares issued 1.2 \u2013 \u2013 1.2 Investment in joint ventures (118 .6) (17.7 ) 136.3 \u2013 Dividends paid (67.8) \u2013 \u2013 (67.8) LSAV performance fee 84.1 \u2013 (42.2) 41.9 Swap cancellation FV settlements and debt break costs 4.3 (4.2) \u2013 \u2013 (4.2) Acquisition of intangibles 3.3b (3.3) \u2013 \u2013 (3.3) Other 0.7 (0.2) (0.2) 0.3 Total Unallocated (107.9) (17.9) 93.9 (31.9) Total EPRA NTA movement in the year 72.5 13.4 180.1 266.0 Total EPRA NTA brought forward 2,441.9 417. 8 406.5 3,266.2 Total EPRA NTA carried forward 2,514.4 431.2 586.6 3,532.2 * Investment property gains (owned) includes gains on assets classified as held for sale in the IFRS balance sheet. The \u00a30.3 million other balance within the unallocated segment includes a tax credit of \u00a32.8 million, the purchase of own shares of (\u00a31.3 million) and contributions to the Unite Foundation of (\u00a31.0 million). Section 2: Results for the year continued 2.3 Net assets continued 2.3c) Reconciliation to IFRS To determine EPRA NTA, net assets reported under IFRS are amended to exclude the fair value of financial instruments, associated tax and the carrying value of intangibles. To determine EPRA NRV, net assets reported under IFRS are amended to exclude the fair value of financial instruments, associated tax and real estate transfer tax. To determine EPRA NDV, net assets reported under IFRS are amended to exclude the fair value of financial instruments, but include the fair value of fixed interest rate debt and the carrying value of intangibles. The net assets reported under IFRS reconcile to EPRA NTA, NRV and NDV as follows: 2022 NTA \u00a3m NRV \u00a3m NDV \u00a3m Net assets reported under IFRS 3,792.1 3,792.1 3,792 .1 Mark to market interest rate swaps (77.4) ( 77.4) \u2013 Unamortised swap gain (1.4) (1.4) (1.4) Mark to market of fixed rate debt \u2013 \u2013 154.7 Unamortised fair value of debt recognised on acquisition 19.5 19.5 19.5 Current tax 0.7 0.7 \u2013 Intangibles per IFRS balance sheet (18.3) \u2013 \u2013 Real estate transfer tax \u2013 300.7 \u2013 EPRA reporting measure 3,715.2 4,034.2 3,964.9 2021 NTA \u00a3m NRV \u00a3m NDV \u00a3m Net assets reported under IFRS 3,527.8 3,527.8 3,527.8 Mark to market interest rate swaps (2.4) (2.4) \u2013 Unamortised swap gain (1.5) (1.5) (1.5) Mark to market of fixed rate debt \u2013 \u2013 (50.4) Unamortised fair value of debt recognised on acquisition 23.7 23.7 23.8 Current tax 0.7 0.7 \u2013 Intangibles per IFRS balance sheet (16.1) \u2013 \u2013 Real estate transfer tax \u2013 277.5 \u2013 EPRA reporting measure 3,532.2 3,825.8 3,499.7 NOTES TO THE FINANCIAL STATEMENTS continued 2.3d) NTA, NRV and NDV per share Basic NAV is based on the net assets attributable to the equity shareholders of Unite Group PLC and the number of shares in issue at the end of the year. The Board uses EPRA NTA to monitor the performance of the Property segment on a day- to-day basis. Note 2022 \u00a3m 2021 \u00a3m 2022 pps 2021 pps Net assets Basic 3,792 .1 3,527.8 945p 880p EPRA NTA 2.3a 3,715.2 3,532.2 928p 885p EPRA NTA (diluted) 2.3a 3,718.3 3,536.1 927p 882p EPRA NRV 2.3c 4,034.2 3,825.9 1,008p 959p EPRA NRV (diluted) 4,037. 3 3,829.7 1,006p 955p EPRA NDV 2.3c 3,964.9 3,499.7 991p 877p EPRA NDV (diluted) 3,968.0 3,503.6 989p 874p Number of shares (thousands) 2022 2021 Basic 400,292 399,140 Outstanding share options 895 1,687 Diluted 401,187 400,827 2.4 Revenue and costs Accounting policies The Group recognises revenue from the following major sources: \u2022 Rental income \u2022 Management and performance fees \u2022 Acquisition fees Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of its service to a customer. Rental income Rental income comprises direct-lets to students and leases to universities and commercial tenants. This revenue is recognised in the income statement over the length of the tenancy period as the Group provides the services to its customers. Included in the rental contract is the use of broadband facilities and room cleaning services. The Group does not offer these services as stand-alone products. Under IFRS 15 the Group does not consider these services to be individually material and has, consequently, bundled these obligations as a single contract. The transaction prices for rental income are explicitly stated in each contract. A contract liability can result from payments received in advance, until the date at which control is transferred to the customer and at that point the revenue begins to be recognised over the tenancy period. Lease incentives are sometimes recognised on commercial units; these are recognised as an integral part of the total rental income and spread over the term of the lease. Rental income is derived from contracts which are less than 12 months in length and the Group accordingly recognises this income in the Income Statement on a straight line basis in accordance with IFRS 16. Management and performance fees The Group acts as asset and property manager for USAF and LSAV and receives management fees in relation to these services. Revenue from these fees is recognised on a straight line basis over time as the joint ventures simultaneously receive and consume benefits as the Group performs its management obligations which are determined by the services provided over the course of each academic year, and this reflects the profile of activities being performed. Detailed calculations in order to determine the transaction prices for these revenue streams are held within the joint venture agreements. Section 2: Results for the year continued 2.4 Revenue and costs continued Management and performance fees continued The Group is entitled to a USAF performance fee if the joint venture outperforms certain benchmarks. The Group recognises a USAF performance fee at a point in time in the year to which the fee relates. The Group initially assesses the probability of a fee being earned and its transaction price at half year and adjusts for any potential risks to receiving this income at year-end, when the achieved outturn is known. The USAF performance fee is settled within 12 months of the year to which the fee relates and the Group receives an enhanced equity interest in USAF as consideration for the performance fee. The Group is entitled to an LSAV performance fee if the joint venture outperforms certain benchmarks over its life ending in 2032. The Group recognises an LSAV performance fee at an amount which is considered \u201chighly probable\u201d to become due based upon estimates of the future performance of the joint venture; such estimates include future rental income and the discount rate (yield). Prior to the maturity of the joint venture, the Group pro-rates the total LSAV performance fee over the life of the joint venture and recognises a cumulative catch-up to the currently completed term where sufficient certainty over outperformance of the benchmark is determined to exist. As per IFRS 15, the estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of revenue recognised will not occur when the uncertainty associated with the variable consideration is resolved. The performance fee is variable and dependent on meeting specific performance targets. Accordingly where there is too much uncertainty over the cumulative outperformance of the benchmarks, particularly in earlier periods of the performance fee period, which cover each 10 year term of the venture, then no amounts of performance fee can be recognised as it is not highly probable that the performance fee will be earned. Management and performance fees are presented in revenue net of the Group\u2019s share of the corresponding expense within the relevant fund. At 31 December 2022, no amounts are deemed to meet the highly probable criteria and therefore we have not disclosed any future fees receivable from these ongoing contracts. Acquisition fees The Group receives acquisition fees from its joint venture partners. This revenue is linked to the acquisition of land or property and is therefore recognised at the point in time that control of the asset is transferred to the joint venture. The transaction price for this revenue stream is stipulated in the joint venture agreement as a percentage of the value of the acquisition. No such land or property acquisitions have occurred in 2022 or 2021. NOTES TO THE FINANCIAL STATEMENTS continued The Group earns revenue from the following activities: Note 2022 \u00a3m 2021 \u00a3m Rental income* Operations segment 2.2a 241.7 209.0 Management fees Operations segment 17.6 16.2 LSAV performance fee Unallocated \u2013 41.9 259.3 267.1 Impact of non-controlling interest on management fees (0.2) (0.2) Total revenue 259.1 266.9 * EPRA earnings includes \u00a3339.7 million (2021: \u00a3282.7 million) of rental income, which is comprised of \u00a3241.7 million (2021: \u00a3209.0 million) recognised on wholly owned assets and a further \u00a398.0 million (2021: \u00a373.7 million) from joint ventures, which is included in share of joint venture profit/(loss) in the consolidated income statement. The LSAV and USAF performance fees are constrained this year due to an inability to meet the highly probable criteria that the fees would be earned. In the year to 31 December 2021, the LSAV performance fee under the previous agreement crystallised and a total fee of \u00a341.9 million was recognised. The cost of sales included in the consolidated income statement includes property operating expenses of \u00a370.3 million (2021: \u00a364.4 million). 2.5 Tax As a REIT, rental profits and gains on disposal of investment properties are exempt from corporation tax. The Group pays UK corporation tax on the profits from its residual business, including management fees received from joint ventures, together with UK income tax on rental income that arises from investments held by offshore subsidiaries in which the Group holds a non-controlling interest. Accounting policies The tax charge for the year is recognised in the income statement and the statement of comprehensive income, according to the accounting treatment of the related transaction. The tax charge comprises both current and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable in respect of previous years. The current tax charge is based on tax rates that are enacted or substantively enacted at the year-end. Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for taxation purposes. Temporary differences relating to investments in subsidiaries and joint ventures are not provided for to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. As a REIT, rental profits and gains on disposal of investment properties and property rich investments are exempt from corporation tax. As a result, no deferred tax provision has been recognised at the balance sheet date in respect of property assets or units in USAF and LSAV held by members of the REIT group. Section 2: Results for the year continued 2.5 Tax continued 2.5a) Tax \u2013 income statement The total taxation charge/(credit) in the income statement is analysed as follows: 2022 \u00a3m 2021 \u00a3m Corporation tax on residual business income arising in UK companies 0.5 1.0 Income tax on UK rental income arising in non-UK companies 0.4 0.3 Adjustments in respect of prior periods (0.2) (2.2) Current tax charge/(credit) 0.7 (0.9) Origination and reversal of temporary differences 0.5 (0.2) Effect of change in tax rate \u2013 (0.2) Adjustments in respect of prior periods 0.4 (0.1) Deferred tax charge/(credit) 0.9 (0.5) Total tax charge/(credit) in income statement 1.6 (1.4) The movement in deferred tax provided is shown in more detail in note 2.5d. In the income statement, a tax charge of \u00a31.6 million arises on a profit before tax of \u00a3358.0 million. The taxation charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax charge as follows: 2022 \u00a3m 2021 \u00a3m Profit before tax 358.0 3 43.1 Income tax using the UK corporation tax rate of 19% (2021: 19%) 67.2 65.2 Property rental business profits exempt from tax in the REIT Group (27.5) (18.4) Property revaluations not subject to tax (25.8) (43.3) Mark to market changes in interest rate swaps not subject to tax (13.4) (2.9) Effect of indexation on investments 0.1 \u2013 Effect of other permanent differences 0.5 0.2 Effect of tax deduction transferred to equity on share schemes 0.3 0.3 Rate difference on deferred tax \u2013 (0.2) Prior year adjustments 0.2 (2.3) Total tax charge/(credit) in income statement 1.6 (1.4) As a UK REIT, the Group is exempt from UK corporation tax on the profits from its property rental business. Accordingly, the element of the Group\u2019s profit before tax relating to its property rental business has been separately identified in the reconciliation above. No deferred tax asset has been recognised in respect of the Group\u2019s accumulated tax losses on the basis that they are not expected to be utilised in future periods. At 31 December 2022 these losses totalled \u00a315.3 million (2021: \u00a314.6 million). Although the Group does not pay UK corporation tax on the profits from its property rental business, it is required to distribute 90% of the profits from its property rental business after accounting for tax adjustments as a Property Income Distribution (PID). PIDs are charged to tax in the same way as property income in the hands of the recipient. For the year ended 31 December 2022 the required PID is expected to be fully paid by the end of 2023. 2.5b) Tax \u2013 other comprehensive income Within other comprehensive income a tax charge totalling \u00a3nil (2021: \u00a3nil) has been recognised representing deferred tax. NOTES TO THE FINANCIAL STATEMENTS continued 2.5c) Tax \u2013 statement of changes in equity Within the statement of changes in equity a tax charge totalling \u00a30.2 million (2021: \u00a30.6 million credit) has been recognised representing deferred tax. An analysis of this is included below in the deferred tax movement table. 2.5d) Tax \u2013 balance sheet The table below outlines the deferred tax (assets)/liabilities that are recognised in the balance sheet, together with their movements in the year: 2022 At 31 December 2021 \u00a3m Charged/ (credited) in income \u00a3m Charged/ (credited) in equity \u00a3m At 31 December 2022 \u00a3m Investments \u2013 0.4 \u2013 0.4 Property, plant and machinery and provisions (1.2) (0.1) \u2013 (1.3) Share schemes (1.8) 0.3 0.3 (1.2) Tax value of carried forward losses recognised \u2013 0.3 (0.3) \u2013 Net tax assets (3.0) 0.9* \u2013 (2.1) * The \u00a30.9 million balance above includes tax movements totalling \u00a30.2 million in respect of property, plant and machinery, share schemes and losses which are included in EPRA earnings and therefore not shown as a reconciling item in the IFRS reconciliation in note 2.2b. Removing them results in the \u00a30.7 million movement shown in note 2.2b. 2021 At 31 December 2020 \u00a3m Charged/ (credited) in income \u00a3m Charged/ (credited) in equity \u00a3m At 31 December 2021 \u00a3m Investments \u2013 \u2013 \u2013 \u2013 Property, plant and machinery and provisions (0.6) (0.6) \u2013 (1.2) Share schemes (1.3) (0.2) (0.3) (1.8) Tax value of carried forward losses recognised \u2013 0.3 (0.3) \u2013 Net tax assets (1.9) (0.5)* (0.6) (3.0) * The \u00a30.5 million balance above includes tax movements totalling \u00a30.2 million in respect of property, plant and machinery, share schemes and losses which are included in EPRA earnings and therefore not shown as a reconciling item in the IFRS reconciliation in note 2.2b. Removing them results in the \u00a30.3 million movement shown in note 2.2b. The deferred tax asset at 31 December 2022 has been calculated based on the rate at which it is expected to reverse. On 24 May 2021, Finance Act 2021 was substantively enacted which contains provisions to increase the corporation tax rate to 25% from 1 April 2023. This rate change increases the deferred tax assets recognised at the year-end by \u00a30.2 million. As a REIT, disposals of investment property and property rich investments are exempt from tax and as a result no deferred tax liability has been recognised in relation to these assets. Company Deferred tax has not been recognised on temporary differences of \u00a31.7 million (2021: \u00a33.1 million) in respect of revaluation of subsidiaries and investment in joint ventures as it is considered unlikely that these investments will be divested. Section 2: Results for the year continued 2.6 Audit fees During the year, the Group obtained the following services from the Company\u2019s auditor and its associates: 2022 \u00a3m 2021 \u00a3m Fees payable to the Group\u2019s auditors for the audit of the parent company and consolidated financial statements 0.5 0.4 Fees payable to the Group\u2019s auditors for other services to the Group: \u2013 Audit of the financial statements of subsidiaries 0.1 0.1 Total audit fees payable to the Group\u2019s auditors 0.6 0.5 Audit-related assurance services 0.1 0.1 Other services \u2013 \u2013 Total non-audit fees 0.1 0.1 Non-audit fees in both 2022 and 2021 relate entirely to services provided in respect of the half year review. Details on the Company\u2019s policy on the use of the auditor for non-audit services is also set out in the Audit & Risk Committee Statement on pages 119\u2013124. No services were provided pursuant to contingent fee arrangements. Section 3: Asset management The Group holds its property portfolio directly and through its joint ventures. The performance of the property portfolio, whether wholly owned or in joint ventures, is the key factor that drives net asset value (NAV), one of the Group\u2019s key performance indicators. The following pages provide disclosures about the Group\u2019s investments in property assets and joint ventures and their performance over the year. 3.1 Wholly owned property assets The Group\u2019s wholly owned property portfolio is held in four groups on the balance sheet at the carrying values detailed below. In the Group\u2019s EPRA NTA all these groups are shown at market value, except where otherwise stated. i) Investment property (owned) These are assets that the Group intends to hold for a long period to earn rental income or capital appreciation. The assets are measured at fair value in the balance sheet with changes in fair value taken to the income statement. ii) Investment property (leased) These are assets the Group sold to institutional investors and simultaneously leased back. These right-of-use assets are measured at fair value in the balance sheet with changes in fair value taken to the income statement. iii) Investment property (under development) These are assets which are currently in the course of construction and which will be transferred to Investment property on completion. The assets are initially recognised at cost and are subsequently measured at fair value in the balance sheet with changes in fair value taken to the income statement. iv) Investment property classified as held for sale These are assets whose carrying amount will be recovered through a sale transaction rather than to hold for long-term rental income or capital appreciation. This condition is regarded as met only when the sale is highly probable and the investment property is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. The assets are measured at fair value in the balance sheet, with changes in fair value taken to the income statement. They are presented as current assets in the IFRS balance sheet. NOTES TO THE FINANCIAL STATEMENTS continued Accounting policies Investment property (owned) and investment property (under development) Investment property (owned) and investment property (under development) are held at fair value. The external valuation of property assets involves significant judgement and changes to the core assumptions: rental income, occupancy and property management costs, as well as estimated future costs, could have a significant impact on the carrying value of these assets. Further details of the valuation process are included below. Construction and borrowing costs are capitalised if they are directly attributable to the acquisition and construction of a property asset. Capitalisation of borrowing costs commences when the activities to prepare the asset are in progress and expenditures and borrowing costs are being incurred. Capitalisation of borrowing costs continues until the assets are substantially ready for their intended use but stops if development activities are suspended. If the resulting carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognised. The capitalisation rate is arrived at by reference to the actual rate payable on borrowings for development purposes or, with regard to that part of the development cost financed out of general borrowings, to the average rate. During the year the average capitalisation rate used was 3.1% (2021: 3.1%). The recognition of acquisitions of investment property and land occurs at the date when control passes to Unite. The recognition of disposals of investment property occurs on legal completion when control passes from Unite. In accordance with IFRS 15, gains/(losses) from the disposal of investment property are recognised at a point in time. Contingent consideration receivables are recognised on disposals where the amount of additional consideration is readily identifiable. It is recognised at the constrained value determined by the amount that is highly probable to be receivable at the time of the disposal, and any subsequent change in value is recognised in profit or loss in the later period. Investment property (leased) The Group holds certain investment property under historic sale and leaseback arrangements, acting as an intermediate lessor and subleasing its right-of-use assets. For each leased property, the Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability (see note 4.6a) with respect to all lease arrangements in which it is the lessee. The right-of- use assets are initially measured at cost in accordance with IFRS 16 and subsequently at fair value in the balance sheet with changes in fair value taken to the income statement in accordance with IAS 40. Valuation process The valuations of the properties are performed twice a year on the basis of valuation reports prepared by external, independent valuers, having an appropriate recognised professional qualification. The fair values are based on market values as defined in the RICS Appraisal and Valuation Manual, issued by the Royal Institution of Chartered Surveyors. CB Richard Ellis Ltd, Jones Lang LaSalle Ltd and Messrs Knight Frank LLP, Chartered Surveyors were the valuers in the years ended 31 December 2022 and 2021. The valuations are based on: \u2022 Information provided by the Group such as current rents, occupancy, operating costs, terms and conditions of leases and nomination agreements, capital expenditure, etc. This information is derived from the Group\u2019s financial systems and is subject to the Group\u2019s overall control environment. \u2022 Assumptions and valuation models used by the valuers \u2013 the assumptions are typically market related, such as yield and discount rates. These are based on their professional judgement and market observation. The information provided to the valuers \u2013 and the assumptions and the valuation models used by the valuers \u2013 are reviewed by the Property Leadership Team and the CFO. This includes a review of the fair value movements over the year. Section 3: Asset management continued 3.1 Wholly owned property assets continued The fair value of the Group\u2019s wholly owned properties and the movements in the carrying value of the Group\u2019s wholly owned property portfolio during the year ended 31 December 2022 are shown in the table below. 2022 Investment property (owned) \u00a3m Investment property (leased) \u00a3m Investment property (under development) \u00a3m Total \u00a3m At 1 January 2022 3,095.1 97.7 324.1 3,516.9 Additions 71.1 \u2013 \u2013 71.1 Cost capitalised 38.6 1.9 187.7 228.2 Interest capitalised 0.5 \u2013 5.9 6.4 Transfer from investment property under development 326.5 \u2013 (326.5) \u2013 Transfer from work in progress \u2013 \u2013 4.9 4.9 Disposals (14.5) \u2013 \u2013 (14.5) Valuation gains 168.6 \u2013 19.4 188.0 Valuation losses (62.5) (9.3) (12.8) (84.6) Net valuation gains/(losses) 106.1 (9.3) 6.6 103.4 Carrying and market value at 31 December 2022 3,623.4 90.3 202.7 3,916.4 The fair value of the Group\u2019s wholly owned properties and the movements in the carrying value of the Group\u2019s wholly owned property portfolio during the year ended 31 December 2021 are shown in the table below. 2021 Investment property (owned) \u00a3m Investment property (leased) \u00a3m Investment property (under development) \u00a3m Total \u00a3m At 1 January 2021 3,614.7 101.8 187.2 3,903.7 Cost capitalised 43.1 7.0 79.3 129.4 Interest capitalised \u2013 \u2013 5.2 5.2 Transfer from work in progress \u2013 \u2013 2.1 2.1 Transfer to assets classified as held for sale (228.2) \u2013 \u2013 (228.2) Disposals (401.1) \u2013 \u2013 (401.1) Valuation gains 125.6 \u2013 52.3 177.9 Valuation losses (59.0) (11.1) (2.0) (72.1) Net valuation gains/(losses) 66.6 (11.1) 50.3 105.8 Carrying and market value at 31 December 2021 3,095.1 97.7 324.1 3,516.9 Total assets classified as held for sale at 31 December 2021 of \u00a3228.2 million are comprised entirely of investment property (owned). Assets classified as held for sale are reported within the operations segment, and represents a portfolio of properties intended to be sold within the next 12 months. Included within investment properties at 31 December 2022 are \u00a328.4 million (2021: \u00a328.8 million) of assets held under a long leasehold and \u00a30.1 million (2021: \u00a30.1 million) of assets held under short leasehold. Total interest capitalised in investment properties (owned) and investment properties under development at 31 December 2022 was \u00a363.5 million (2021: \u00a357.4 million) on a cumulative basis. Total internal costs capitalised in investment properties (owned) and investment properties under development was \u00a381.7 million at 31 December 2022 (2021: \u00a374.3 million) on a cumulative basis. Investment property (under development) includes interests in land not currently under construction totalling \u00a3136.3 million (2021: \u00a318.0 million). NOTES TO THE FINANCIAL STATEMENTS continued Recurring fair value measurement All investment and development properties are classified as Level 3 in the fair value hierarchy. Class of asset 2022 \u00a3m 2021 \u00a3m London \u2013 rental properties 1,212.8 849.8 Prime regional \u2013 rental properties 1,105.6 992.9 Major regional \u2013 rental properties 1,130.0 1,263.5 Provincial \u2013 rental properties 103.9 217.1 London \u2013 development properties 91.9 249.9 Prime regional \u2013 development properties 32.4 48.4 Major regional \u2013 development properties 64.1 25.8 London build-to-rent \u2013 rental properties 71.1 \u2013 Prime regional build-to-rent \u2013 development properties 14.3 \u2013 Investment property (owned) 3,826.1 3,6 47.4 Investment property (leased) 90.3 97.7 Market value (including assets classified as held for sale) 3,916.4 3,745.1 Investment property (classified as held for sale) \u2013 (228.2) Market value 3,916.4 3,516.9 The valuations have been prepared in accordance with the latest version of the RICS Valuation \u2013 Global Standards (incorporating the International Valuation Standards) and the UK national supplement (the \u201cRed Book\u201d) based on net rental income, estimated future costs, occupancy, property management costs and the net initial yield or discount rate. Where the asset is leased to a university, the valuations also reflect the length of the lease, the allocation of maintenance and insurance responsibilities between the Group and the lessee, and the market\u2019s general perception of the lessee\u2019s creditworthiness. The resulting valuations are cross-checked against comparable market transactions. For development properties, the fair value is usually calculated by estimating the fair value of the completed property (using the discounted cash flow method) less estimated costs to completion. Fair value using unobservable inputs (Level 3) 2022 \u00a3m 2021 \u00a3m Opening fair value 3,516.9 3,903.7 Gains and (losses) recognised in income statement 103.4 105.8 Transfer to current assets classified as held for sale \u2013 (228.2) Capital expenditure 310.6 136.7 Disposals (14.5) (401.1) Closing fair value 3,916.4 3,516.9 Investment property (classified as held for sale) \u2013 228.2 Closing fair value (including assets classified as held for sale) 3,916.4 3,745.1 Section 3: Asset management continued 3.1 Wholly owned property assets continued Quantitative information about fair value measurements using unobservable inputs (Level 3) 2022 Fair value \u00a3m Valuation technique Unobservable inputs Range Weighted average London \u2013 rental properties 1,212.8 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3208\u2013\u00a3392 2.0%\u20134.0% 3.7%\u20134.5% \u00a3308 3.0% 3.9% Prime regional \u2013 rental properties 1,105.6 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3148\u2013\u00a3243 2.0%\u20135.0% 4.1%\u2013 6.2% \u00a3163 3.0% 4.7% Major regional \u2013 rental properties 1,130.0 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a399\u2013\u00a3178 2.0%\u20133.0% 4.5%\u20137% \u00a3128 3.0% 5.7% Provincial \u2013 rental properties 103.9 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3107\u2013\u00a3156 2.0%\u20133.0% 6.8%\u201321.5% \u00a3123 3.0% 8.6% London \u2013 development properties 91.9 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3111.4m\u2013 \u00a3177.1m \u00a3183\u2013\u00a3366 3.0% 3.7% \u00a3150.2m \u00a3248 3.0% 3.7% Prime regional \u2013 development properties 32.4 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a317.5m \u2013 \u00a358.3m \u00a3171\u2013\u00a3235 2.5%\u20133.0% 4.3%\u20135.0% \u00a344.7m \u00a3184 3.0% 4.5% Major regional \u2013 development properties 64.1 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a318.2m\u2013\u00a328.4m \u00a3185\u2013\u00a3287 3.0% 4.9%\u20135.0% \u00a321.1m \u00a3198 3.0% 4.9% 3,740.7 Investment property \u2013 build-to-rent 71.1 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3359 3.0% 3.9% \u00a3359 3.0% 3.9% Development property \u2013 build-to-rent 14.3 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a312.8m\u2013\u00a320.4m \u00a3170\u2013\u00a3614 3.0% 3.9%\u20134.3% \u00a315.6m \u00a3312 3.0% 4.03% 3,826.1 Investment property \u2013 leased 90.3 Discounted cash flows Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Discount rate (%) \u00a399\u2013\u00a3191 1%\u20133% 6.3% \u00a3154 2% 6.3% Fair value at 31 December 2022 3,916.4 NOTES TO THE FINANCIAL STATEMENTS continued 2021 Fair value \u00a3m Valuation technique Unobservable inputs Range Weighted average London \u2013 rental properties 849.8 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3191\u2013\u00a3373 3%\u20134% 3.7%\u20134.9% \u00a3291 4% 3.9% Prime regional \u2013 rental properties 992.9 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3144\u2013\u00a3235 1%\u20134% 4.0%\u20136.3% \u00a3191 3% 4.7% Major regional \u2013 rental properties 1,263.6 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a362\u2013\u00a3173 0%\u20134% 4.7%\u20137.0% \u00a3131 2% 5.7% Provincial \u2013 rental properties 217.1 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3109\u2013\u00a3188 1%\u20134% 5.1%\u201314. 2% \u00a3135 3% 7% London \u2013 development properties 249.9 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a33 4.0m \u2013 \u00a317 7. 3m \u00a3185\u2013\u00a3382 3% 3.6% \u00a3126.5m \u00a3289 3% 3.6% Prime regional \u2013 development properties 48.4 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a37.1m\u2013 \u00a364 .3m \u00a3176\u2013\u00a3258 3% 4.0% \u00a335.9m \u00a3181 3% 4% Major regional \u2013 development properties 25.8 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a333.9m\u2013\u00a345.2m \u00a3171\u2013\u00a3213 3% 5.0% \u00a342.1m \u00a3172 3% 5% Fair value at 31 December 2021 3,647.4 Investment property (leased) 97.7 Discounted cash flows Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Discount rate (%) \u00a395\u2013\u00a3185 3% 6.8% \u00a3144 3% 6.8% Fair value at 31 December 2021 3,745.1 Section 3: Asset management continued 3.1 Wholly owned property assets continued Fair value sensitivity analysis A decrease in net rental income or occupancy will result in a decrease in the fair value, whereas a decrease in the discount rate (yield) will result in an increase in fair value. There are inter-relationships between these rates as they are partially determined by market rate conditions. These two key sources of estimation uncertainty are considered to represent those most likely to have a material impact on the valuation of the Group\u2019s investment property within the next 12 months as a result of reasonably possible changes in assumptions used. The potential effect of such reasonably possible changes has been assessed by the Group and is set out below: Class of assets Fair value at 31 December 2022 \u00a3m +5% change in estimated net rental income \u00a3m -5% change in estimated net rental income \u00a3m +25 bps change in nominal equivalent yield \u00a3m -25 bps change in nominal equivalent yield \u00a3m Rental properties London 1,212.8 1,272.9 1,152.7 1,138.9 1,297.1 Prime regional 1,105.6 1,160.5 1,051.2 1,049.4 1,168.9 Major regional 1,130.0 1,186.6 1,073.7 1,081.7 1,183.1 Provincial 103.9 109.2 98.7 100.9 107.2 Development properties London 91.9 95.9 86.6 85.6 97.6 Prime regional 32.4 38.5 35.1 35.0 38.8 Major regional 64.1 67.2 61.0 61.0 67.3 Build-to-rent London 71.1 76.0 68.8 68.1 77. 3 Prime regional 14.3 15.1 13.7 13.6 15.4 Market value 3,826.1 4,021.9 3,641.5 3,634.2 4,052.7 3.2 Inventories Accounting policies Inventories are shown at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. All costs directly associated with the purchase of land, and all subsequent qualifying expenditure is capitalised. 2022 \u00a3m 2021 \u00a3m Interests in land 11.4 10.8 Other stocks 1.4 1.3 Inventories 12.8 12.1 At 31 December 2022, the Group had interests in two pieces of land (2021: two pieces of land). NOTES TO THE FINANCIAL STATEMENTS continued 3.3 Right of use assets and other non-current assets Accounting policies Leased assets The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right of use asset and a corresponding lease liability (see note 4.6a) with respect to all lease arrangements in which it is the lessee. Right of use assets are initially measured at cost, which comprises a value set equal to the lease liability, adjusted for prepaid or accrued lease payments and lease incentives. They are subsequently measured at this initial value less accumulated depreciation and impairment losses. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Property, plant and equipment mainly comprise leasehold improvements at the Group\u2019s head office and London office as well as computer hardware at these sites. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives. Freehold land is not depreciated. The estimated useful lives are as follows: \u2022 Right of use assets Shorter of lease and economic life \u2022 Property, plant and equipment 4\u20137 years Intangible assets Intangible assets predominantly comprise computer software which allows customers to book online and processes transactions within the sales cycle. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. The assets are amortised on a straight-line basis over four to seven years, being the estimated useful lives of the intangible assets, from the date they are available for use. Amortisation is charged to the income statement within operating expenses. 3.3a) Right of use assets 2022 2021 Buildings \u00a3m Other \u00a3m Total \u00a3m Buildings \u00a3m Other \u00a3m Total \u00a3m Cost At 1 January 5.8 1.3 7.1 5.8 1.4 7. 2 Additions \u2013 0.4 0.4 \u2013 0.4 0.4 Disposals (0.8) (0.4) (1.2) \u2013 (0.5) (0.5) At 31 December 5.0 1.3 6.3 5.8 1.3 7.1 Amortisation At 1 January (2.9) (0.6) (3.5) (2.2) (0.7) (2.9) Amortisation charge for the year (0.8) (0.5) (1.3) (0.7) (0.4) (1.1) Disposal 0.8 0.4 1.2 \u2013 0.5 0.5 At 31 December (2.9) (0.7) (3.6) (2.9) (0.6) (3.5) Carrying value at 1 January 2.9 0.7 3.6 3.6 0.7 4.3 Carrying value at 31 December 2.1 0.6 2.7 2.9 0.7 3.6 The Group leases several assets including office equipment and vehicles. The average lease term is three years. Section 3: Asset management continued 3.3 Right of use assets and other non-current assets continued Approximately 44% of the leases expired in the current financial year (2021: 11%). The expired contracts were replaced by new leases for identical underlying assets. This resulted in additions to right of use assets of \u00a30.4 million in 2022 (2021: \u00a30.4 million). The maturity analysis of lease liabilities is presented in note 4.6a. Details of interest on lease liabilities and total cash outflows for leases are presented in notes 4.3 and 5.1. 3.3b) Other non-current assets The Group\u2019s other non-current assets can be analysed as follows: 2022 2021 Property, plant and equipment \u00a3m Intangible assets \u00a3m Total \u00a3m Property, plant and equipment \u00a3m Intangible assets \u00a3m Total \u00a3m Cost At 1 January 12.6 65.1 77.7 12.1 61.8 73.9 Additions 1.0 8.0 9.0 0.5 3.3 3.8 At 31 December 13.6 73.1 86.7 12.6 65.1 77.7 Depreciation and amortisation At 1 January (9.8) (48.9) (58.7) (9.2) (42.8) (52.0) Depreciation/amortisation charge for the year (0.6) (5.9) (6.5) (0.6) (6.1) (6.7) At 31 December (10.4) (54.8) (65.2) (9.8) (48.9) (58.7) Carrying value at 1 January 2.8 16.2 19.0 2.9 19.0 21.9 Carrying amount at 31 December 3.2 18.3 21.5 2.8 16.2 18.9 Intangible assets include \u00a37.0 million (2021: \u00a30.8 million) of assets not being amortised as they are not yet ready for use. Property, plant and equipment assets include \u00a3nil (2021: \u00a3nil) of assets not being depreciated as they are not ready for use. At 31 December 2022 the Group had capital commitments of \u00a3nil (2021: \u00a3nil) relating to intangible assets and \u00a3nil (2021: \u00a3nil million) relating to property, plant and equipment. NOTES TO THE FINANCIAL STATEMENTS continued 3.4 Investments in joint ventures (Group) Accounting policies Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. The consolidated financial statements include joint ventures initially at cost subsequently, increased or decreased by the Group\u2019s share of total gains and losses of joint ventures on an equity basis. Interest free joint venture investment loans are initially recorded at fair value \u2013 the difference between the nominal amount and fair value being treated as an investment in the joint venture. The implied discount is amortised over the contracted life of the investment loan. The Directors consider that the agreements integral to its joint ventures result in the Group having joint control over the key matters required to operate the joint ventures. A significant degree of judgement is exercised in this assessment due to the complexity of the contractual arrangements. USAF and LSAV are jointly owned entities that are accounted for as joint ventures. Due to the complexity of the contractual arrangements and Unite\u2019s role as manager of the joint venture vehicles, the assessment of joint control involves judgements around a number of significant factors. These factors include how Unite as fund manager has the ability to direct relevant activities such as acquisitions, disposals, capital expenditure for refurbishments and funding whether through debt or equity. This assessment for USAF is complex because of the number of unit holders and how their rights are represented through an Advisory Committee. For some of the activities it is not clear who has definitive control of the activities: in some scenarios the Group can control, in others the Advisory Committee. However, for the activities which are considered to have the greatest impact on the returns of USAF, acquisitions and equity financing, it has been determined that the Group and the Advisory Committee has joint control in directing these activities and that on balance, it is appropriate to account for USAF as a joint venture. The assessment for LSAV is more straightforward because the Group and GIC each own 50% of the joint venture and there is therefore much clearer evidence that control over the key activities is shared by the two parties. The Group has two joint ventures: Joint venture Group\u2019s share of assets/results 2022 (2021) Objective Partner Legal entity in which Group has interest The UNITE UK Student Accommodation Fund (USAF) 29.5%* (23.4%)* Invest and operate student accommodation throughout the UK Consortium of investors UNITE UK Student Accommodation Fund, a Jersey Unit Trust London Student Accommodation Venture (LSAV) 50% (50%) Operate student accommodation in London and Birmingham GIC Real Estate Pte, Ltd Real estate investment vehicle of the Government of Singapore LSAV Unit Trust, a Jersey Unit Trust and LSAV (Holdings) Ltd, incorporated in Jersey * Part of the Group\u2019s interest is held through a subsidiary, USAF (Feeder) Guernsey Limited, in which there is an external investor. A non- controlling interest therefore occurs on consolidation of the Group\u2019s results representing the external investor\u2019s share of profits and assets relating to its investment in USAF. The ordinary shareholders of Unite Group PLC are beneficially interested in 28.15% (2021: 22.0%) of USAF. Section 3: Asset management continued 3.4 Investments in joint ventures (Group) continued 3.4a) Net assets and results of the joint ventures The summarised balance sheets and results for the year, and the Group\u2019s share of these joint ventures are as follows: 2022 USAF \u00a3m LSAV \u00a3m Total \u00a3m Gross MI Share Gross Share Gross Share Investment property 2,888.1 38.0 813.0 1,920.8 960.4 4,808.9 1,811.4 Cash 126.5 1.7 35.6 131.2 65.6 257.7 102.9 Debt (851.9) (11.2) (239.8) (770.4) (385.2) (1,622.3) (636.2) Swap assets/(liabilities) 3.2 \u2013 0.9 6.6 3.3 9.8 4.2 Other current assets 126.5 1.7 35.6 16.4 8.2 142.9 45.5 Other current liabilities (245.8) (3.4) (69.2) (57.2) (28.6) (303.0) (101.2) Net assets 2,046.6 26.8 576.1 1,247.4 623.7 3,294.0 1,226.6 Non-controlling interest \u2013 (26.8) \u2013 \u2013 \u2013 \u2013 (26.8) Swap (liabilities)/assets (3.2) \u2013 (0.9) (6.6) (3.3) (9.8) (4.2) EPR A NTA 2,043.4 \u2013 575.2 1,240.8 620.4 3,284.2 1,195.6 Profit for the year 124.2 1.3 26.1 106.0 53.0 230.2 80.4 2021 USAF \u00a3m LSAV \u00a3m Total \u00a3m Gross MI Share Gross Share Gross Share Investment property 2,867.4 39.3 631.9 1,819.0 909.5 4,686.4 1,580.7 Cash 106.2 1.5 23.4 45.4 22.7 151.6 47.6 Debt (912.1) (12.5) (201.0) (673.0) (336.5) (1,585.1) (550.0) Swap assets/(liabilities) 0.5 \u2013 0.1 (0.2) (0.1) 0.3 \u2013 Other current assets 106.6 1.5 23.5 22.0 11.0 128.6 36.0 Other current liabilities (211.5) (3.5) (46.6) (40.2) (20.1) (251.7) (70.2) Net assets 1,957.1 26.3 431.3 1,173.0 586.5 3,130.1 1,0 44.1 Non-controlling interest \u2013 (26.3) \u2013 \u2013 \u2013 \u2013 (26.3) Swap (liabilities)/assets (0.5) \u2013 (0.1) 0.2 0.1 (0.3) \u2013 EPR A NTA 1,956.6 \u2013 431.2 1,173.2 586.6 3,129.8 1,017.8 Profit for the year 146.9 2.1 34.2 172.2 86.1 319.1 122.4 Net assets and profit/(loss) for the year above include the non-controlling interest, whereas EPRA NTA excludes the non- controlling interest. USAF and LSAV use derivatives to hedge their borrowings. These derivatives are designated in cash flow hedge relationships which are considered to be fully effective. The share of joint venture mark to market movements on hedging instruments is recognised in the Group\u2019s Other Comprehensive Income within the share of joint venture mark to market movements on hedging instruments. The total notional value of borrowings in hedge relationships at 31 December 2022 is \u00a3415.0 million (2021: \u00a3225.0 million). See note 4.5 for further details. NOTES TO THE FINANCIAL STATEMENTS continued 3.4b) Movement in carrying value of the Group\u2019s investments in joint ventures The carrying value of the Group\u2019s investment in joint ventures increased by \u00a3182.5 million during the year ended 31 December 2022 (2021: \u00a3195.1 million increase), resulting in an overall carrying value of \u00a31,226.6 million (2021: \u00a31,044.1 million). The following table shows how the increase has arisen: 2022 \u00a3m 2021 \u00a3m Recognised in the income statement: Operations segment result 44.5 30.2 Non-controlling interest share of Operations segment result 1.3 1.1 Management fee adjustment related to trading with joint venture 4.0 3.0 Net valuation gains/(losses) on investment property 32.3 88.7 Property disposals (0.9) (0.3 Other (0.8) (0.3) 80.4 122.4 Recognised in equity: Movement in effective hedges 4.7 0.6 Other adjustments to the carrying value: Profit adjustment related to trading with joint venture (4.0) (3.4) Profit adjustment related sale of property to LSAV \u2013 (1.9) Additional capital invested in LSAV \u2013 157.6 Additional capital invested in USAF 140.9 \u2013 LSAV performance fee \u2013 (42.2) USAF distributions received (19.8) (18.6) LSAV distributions received (19.7) (19.4) Increase in carrying value 182.5 195.1 Carrying value at 1 January 1,0 44.1 849.0 Carrying value at 31 December 1,226.6 1,04 4.1 3.4c) Transactions with joint ventures The Group acts as asset and property manager for the joint ventures and receives management fees in relation to these services. In addition, the Group is entitled to performance fees from USAF and LSAV if the joint ventures outperform certain benchmarks. The Group receives either cash or an enhanced equity interest in the joint ventures as consideration for the performance fee. The Group has recognised the following gross fees in its results for the year. 2022 \u00a3m 2021 \u00a3m USAF 16.6 15.2 LSAV 4.8 3.9 Asset and property management fees 21.4 19.1 LSAV performance fee \u2013 41.9 Investment management fees \u2013 41.9 Total fees 21.4 61.0 On an EPRA basis, fees from joint ventures are shown net of the Group\u2019s share of the cost to the joint ventures. Section 3: Asset management continued 3.4 Investments in joint ventures (Group) continued The Group\u2019s share of the cost to the joint ventures is \u00a34.0 million (2021: \u00a33.2 million), which results in management fees from joint ventures of \u00a317.4 million being shown in the Operating segment result in note 2.2a (2021: \u00a315.9 million). During 2022, the Group did not sell any properties to LSAV or USAF (2021: two properties sold to LSAV for gross proceeds of \u00a3341.9 million). The proceeds and carrying value of the property are therefore recognised in profit on disposal of property and the cash flows in investing activities. The loss relating to the sales, associated disposal costs and related cash flows are set out below: Profit and loss 2022 \u00a3m 2021 \u00a3m Included in loss on disposal of property (net of joint venture trading adjustment) \u2013 6.6 Loss on disposal of property \u2013 6.6 Cash flow 2022 \u00a3m 2021 \u00a3m Gross proceeds \u2013 341.9 Less amounts settled by transfer of property \u2013 (99.4) Net cash flows included in cash flows from investing activities \u2013 242.5 As part of the disposal of properties to LSAV in 2021, the Group received an additional investment in the joint venture as non-cash consideration totalling \u00a3104.0 million (before costs of \u00a34.6 million), and the settlement of the LSAV performance fee also resulted in a non-cash increase in its investment value of \u00a353.6 million. The Group\u2019s relative interest in the joint venture remained unchanged. 3.5 Investments in subsidiaries (Company) Accounting policies In the financial statements of the Company, investments in subsidiaries are held at fair value. Changes in fair value are recognised in profit or loss and presented in retained earnings in equity. Carrying value of investment in subsidiaries The movements in the Company\u2019s interest in unlisted subsidiaries and joint ventures during the year are as follows: Investment in subsidiaries 2022 \u00a3m 2021 \u00a3m At 1 January 2,143. 5 1,826.7 Additions \u2013 \u2013 Revaluation 253.5 316.8 At 31 December 2,397.0 2 ,143.5 The carrying value of investment in subsidiaries has been calculated using the equity attributable to the owners of the parent company from the consolidated balance sheet adjusted for the fair value of fixed rate loans. This includes investment property, investment property under development and swaps at a fair value calculated by a third party expert. All investment properties and investment properties under development are classified as Level 3 in the IFRS 13 fair value hierarchy and have been discussed on page 214. The fixed rate loans range between Level 1 and Level 2 in the IFRS 13 fair value hierarchy and have been discussed further on page 214. Significant assumptions underlying the valuation of investment in subsidiaries are valuation of investment property and investment property under development, together with the value of borrowings and inter-company debt. A full list of the Company\u2019s subsidiaries and joint ventures can be found in note 9. NOTES TO THE FINANCIAL STATEMENTS continued Section 4: Funding The Group finances its development and investment activities through a mixture of retained earnings, borrowings and equity. The Group continuously monitors its financing arrangements to manage its gearing. Interest rate swaps are used to manage the Group\u2019s risk to fluctuations in interest rate movements. The following pages provide disclosures about the Group\u2019s funding position, including borrowings, gearing and hedging instruments; its exposure to market risks; and its capital management policies. Accounting policies Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value, less any attributable transaction costs, and subsequently at amortised cost. With the exception of investments in subsidiaries and derivative financial instruments, no other financial assets or liabilities have been classified as either fair value through profit or loss or fair value through other comprehensive income. The accounting policies applicable to specific financial assets and liabilities, and financing costs, are set out in the relevant notes. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables. The Accounting Policy is set out in full in note 5.2. Derivative financial instruments The Group enters into derivative financial instruments to manage its exposure to interest rate risk. Further details of derivative financial instruments, including the relevant accounting policies, are disclosed in notes 4.2 and 4.5. 4.1 Borrowings Accounting policies Interest bearing borrowings are recognised initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. The table below analyses the Group\u2019s borrowings which comprise bank and other loans by when they fall due for payment: Group \u2013 Carrying value Company \u2013 Carrying value 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Current In one year or less \u2013 \u2013 \u2013 \u2013 Non-current In more than one year but not more than two years 298.7 \u2013 \u2013 \u2013 In more than two years but not more than five years 228.0 419.2 228.0 121.3 In more than five years 721.1 719.0 421.6 420.9 1,2 47.8 1,138.2 649.6 542.2 Unamortised fair value of debt recognised on acquisition 18.1 23.8 \u2013 \u2013 Total borrowings 1,265.9 1,162 .0 649.6 542.2 In addition to the borrowings currently drawn as shown above, the Group has available undrawn facilities of \u00a3368.0 million (2021: \u00a3325.0 million). A further overdraft facility of \u00a310.0 million (2021: \u00a310.0 million) is also available. The Group repaid only unsecured borrowing at 31 December 2022 and 31 December 2021. Section 4: Funding continued 4.1 Borrowings continued The carrying value and fair value of the Group\u2019s borrowings is analysed below: Group 2022 2021 Carrying value \u00a3m Fair value \u00a3m Carrying value \u00a3m Fair value \u00a3m Level 1 IFRS fair value hierarchy 875.0 759.3 898.8 936.7 Other loans and unamortised arrangement fees 372.8 333.8 263.2 263.2 Total borrowings 1,247.8 1,093.1 1,162 .0 1,199.9 Company 2022 2021 Carrying value \u00a3m Fair value \u00a3m Carrying value \u00a3m Fair value \u00a3m Level 1 IFRS fair value hierarchy 275.0 344.5 425.0 439.0 Other loans and unamortised arrangement fees 374.6 333.8 117.2 117.2 Total borrowings 649.6 678.3 542.2 556.2 The fair value of loans classified as Level 1 in the IFRS fair value hierarchy is determined using quoted prices in active markets for identical liabilities. The following table shows the changes in liabilities arising from financing activities: 2022 Group At 1 January 2022 Financing cash flows Fair value adjustments Other changes At 31 December 2022 Borrowings 1,162.0 107.0 (4.3) 1.2 1,265.9 Lease liabilities 96.8 (4.8) \u2013 0.3 92.3 Interest rate swaps (2.5) \u2013 (70.7) \u2013 (73.2) Total liabilities from financing activities 1,256.3 102.2 (75.0) 1.5 1,285.0 Company Borrowings 542.2 107.0 0.4 \u2013 649.6 Interest rate swaps (2.5) \u2013 (70.7) \u2013 (73.2) Total liabilities from financing activities 539.7 107.0 (70.3) \u2013 576.4 2021 Group At 1 January 2021 Financing cash flows Fair value adjustments Other changes At 31 December 2021 Borrowings 1,689.9 (563.8) (4.3) 40.2 1,162.0 Lease liabilities 101.1 (13.2) \u2013 8.9 96.8 Interest rate swaps 23.6 (3.1) (23.9) 0.9 (2.5) Total liabilities from financing activities 1,814.6 (580.1) (28.2) 50.0 1,256.3 Company Borrowings 1,066.6 (550.8) (0.8) 27.2 542.2 Interest rate swaps 23.6 (3.1) (23.9) 0.9 (2.5) Total liabilities from financing activities 1,090.2 (553.9) (24.7) 2 8.1 539.7 NOTES TO THE FINANCIAL STATEMENTS continued 4.2 Interest rate swaps The Group uses interest rate swaps to manage the Group\u2019s exposure to interest rate fluctuations. In accordance with the Group\u2019s Treasury Policy, the Group does not hold or issue interest rate swaps for trading purposes and only holds swaps which are considered to be commercially effective. The derivatives of the Company are the same as those of the Group, and the hedge accounting disclosures in note 4.5a are also relevant for the Company. Accounting policies Interest rate swaps are recognised initially and subsequently at fair value, with mark to market movements recognised in the income statement unless cash flow hedge accounting is applied. The Group designates certain interest rate derivatives as hedging instruments. The interest rate swap is designated as the hedging instrument in a hedge of the variability in cash flows attributable to the interest risk of borrowings. At inception the Group documents the relationship between the hedging instrument and the hedged item, along with the risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of changes in fair value of the interest rate swap is recognised in Other Comprehensive Income and presented under the heading of Hedging reserve in equity, limited to the cumulative change in fair value of the hedged item from inception of the hedge. Any ineffective portion of changes in the fair value of the interest rate swap is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. If the Group expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria. This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in the hedging reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the hedging reserve is reclassified immediately to profit or loss. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the current creditworthiness of the swap counterparties. The following table shows the fair value of interest rate swaps which at 31 December 2022 are not designated in accounting hedge relationships: 2022 \u00a3m 2021 \u00a3m Current \u2013 (2.5) Non-current (73.2) \u2013 Fair value of interest rate swaps (73.2) (2.5) The fair value of interest rate swaps (a debit balance in 2022 and 2021) have been calculated by a third party expert, discounting estimated future cash flows on the basis of market expectations of future interest rates, representing Level 2 in the IFRS 13 fair value hierarchy. At 31 December 2022 the net asset fair value above comprises non-current assets of \u00a373.2 million (2021: assets of \u00a36.1 million and liabilities of \u00a33.6 million). Section 4: Funding continued 4.3 Net financing (gains)/costs Accounting policies Net financing costs comprise interest payable on borrowings and interest on lease liabilities, less interest receivable on funds invested (both calculated using the effective interest rate method) and gains and losses on hedging instruments that are recognised in the income statement. Recognised in the income statement: 2022 \u00a3m 2021 \u00a3m Interest income (0.2) \u2013 Finance income (0.2) \u2013 Gross interest expense on loans 39.5 43.7 Interest capitalised (4.3) (5.2) Amortisation of fair value of debt recognised on acquisition (5.9) (4.3) Loan interest and similar charges 29.3 34.2 Interest on lease liabilities 8.1 8.5 Mark to market gains on interest rate swaps (70.7) (10.9) Swap cancellation fair value settlements and loan break costs \u2013 4.2 Finance (gains)/costs (33.3) 36.0 Net financing (gains)/costs (33.5) 36.0 The average cost of the Group\u2019s wholly owned investment debt at 31 December 2022 is 3.3% (2021: 3.0%). The overall average cost of investment debt on an EPRA basis is 3.4% (2021: 3.0%). 4.4 Gearing LTV is a key indicator that the Group uses to manage its indebtedness. The Group also monitors gearing, which is calculated using EPRA net tangible assets (NTA) and adjusted net debt. Adjusted net debt excludes IFRS 16 lease liabilities, the unamortised fair value of debt recognised on acquisition and mark to market of interest rate swaps as shown below. The Group\u2019s gearing ratios are calculated as follows: Note 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents 5.1 38.0 109.4 Non-current borrowings 4.1 (1,265.9) (1,162.0) Lease liabilities 4.6a (92.3) (96.8) Interest rate swaps 4.3 73.2 2.5 Net debt per balance sheet (1,247.0) (1,146.9) Lease liabilities 4.6a 92.3 96.8 Unamortised fair value of debt recognised on acquisition 2.3c 19.5 23.8 Adjusted net debt (1,135.2) (1,026.3) Reported net asset value 2.3c 3,792 .1 3,527.8 EPR A NTA 2.3c 3,715.2 3,532.2 Gearing Basic (net debt/reported net asset value) 33% 33% Adjusted gearing (adjusted net debt/EPRA NTA) 31% 29% Loan to value 2.3a 31% 29% NOTES TO THE FINANCIAL STATEMENTS continued 4.5 Financial risk factors The Group\u2019s activities expose it to a variety of financial risks: market risks (primarily interest rate risk), credit risk and liquidity risk. The Group\u2019s Treasury Policy focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Details on credit risk can be found in note 5.3. 4.5a) Interest rate risk The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts and forward interest rate contracts. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite; ensuring the most cost-effective hedging strategies are applied. The Group\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note. The Group holds its debt finance under both floating and fixed rate arrangements. The majority of floating debt is hedged through the use of interest rate swap agreements. The Group\u2019s Policy guideline has been to hedge 75%-95% of the Group\u2019s exposure for terms of approximately two to ten years. At 31 December 2022, after taking account of interest rate swaps, 97% (2021: 89%) of the Group\u2019s borrowing was held at fixed rates. Excluding the \u00a3200 million (2021: \u00a3nil million) of swaps the fixed investment borrowing is at an average rate of 3.1% (2021: 3.1%) for an average period of 5.3 years (2021: 6.4 years), including all debt with current swaps the average rate is 3.3% (2021: 3.0%). In addition, Unite Group Plc has \u00a3300m forward starting interest rate swaps at rates meaningfully below prevailing market levels with weighted average maturity of 10.8 years. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates upon the issuance of forecast fixed rate debt held and the cash flow exposures on the issued variable rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the curves at the reporting date and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. As the critical terms of the hedge contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite direction in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships has historically been the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the hedge contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. However, changes in anticipated draw down of debt in 2022 as a result of planned property disposals have meant that the hedged items were no longer expected to occur. As a result the hedge relationships were discontinued from 1 July 2021. Subsequent changes in fair value of the derivatives of \u00a310.0 million were recognised directly in profit and loss. The amount accumulated in cash flow hedge reserve was reclassified to profit and loss. The Group holds interest rate swaps and caps at 31 December 2022 against \u00a3nil (2021: \u00a3nil) of the Group\u2019s borrowings, designated in effective hedge relationships. The fair value of these instruments is net assets of \u00a373.2 million (2021: \u00a32.5 million) with \u00a3nil million maturing in 12 months. Hedging instruments Applicable interest rates Nominal amount Carrying amount Change in fair value 2022 % 2021 % 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Within one year \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 5.0 Between one and two years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.5 Between two and five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 More than five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 8.6 Section 4: Funding continued 4.5 Financial risk factors continued Hedged items Nominal amount Change in value Hedging reserve \u2013 continuing Hedging reserve \u2013 discontinued* 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Variable rate borrowings \u2013 \u2013 \u2013 (16.2) \u2013 \u2013 \u2013 1.6 * Balance in cash flow hedging reserve representing the unamortised value of the realised swap gain from hedging relationship for which hedge accounting is no longer applied. The following table details the effectiveness of the hedging relationship and the amounts reclassified from hedging reserve to profit or loss: Changes in OCI Hedge ineffectiveness Line item in P&L Reclassified to P&L \u2013 discontinued Reclassified to P&L \u2013 continuing Line item in P&L 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Variable rate borrowings \u2013 16.2 \u2013 \u2013 Mark to market movements on interest rate swaps \u2013 (1.1) \u2013 \u2013 Mark to market movements on interest rate swaps The interest rate swaps settle on a monthly basis. The floating rate on the interest rate swaps is one-month SONIA (2021: SONIA). The Group will settle the difference between the fixed and floating interest rate on a net basis. At the end of the current year and the previous year, the Group had no cash flow hedges in hedge relationships. The sensitivity analyses below have been determined based on the exposure to interest rates for both derivative and non-derivative instruments as at 31 December 2022. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole year. A 1% increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of the reasonably possible change in interest rates. If interest rates had been 1% higher and all other variables were held constant the Group\u2019s loss for the year ended 31 December 2022 would increase by \u00a31.4 million (2021: \u00a34.0 million). The Group\u2019s sensitivity to interest rates has decreased mainly due to the lower amount of unhedged floating rate debt in place during the year. NOTES TO THE FINANCIAL STATEMENTS continued 4.5b) Credit risk on financial instruments
In order to minimise credit risk, the Group has adopted a policy of only dealing with creditworthy counterparties and
obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults.
The Group only transacts with entities that are rated the equivalent of investment grade and investments in these
instruments, where the counterparties have minimum A- credit rating, are considered to have low credit risk for the
purpose of impairment assessment. The credit rating information is supplied by independent rating agencies where
available and, if not available, the Group uses other publicly available financial information including CDS price and its
own trading records to rate its major customers. The Group\u2019s exposure and the credit ratings of its counterparties are
continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties
in line with Board Policy.
Before accepting any new customer, the finance team uses external credit ratings to assess the potential customer\u2019s credit
quality and defines credit limits by customer. Monitoring procedures are also in place to ensure that follow-up action is
taken when ratings deteriorate. The Group does not hold any credit enhancements to cover its credit risks associated with
its financial assets.
The Group considers the following as constituting an event of default for internal credit risk management purposes as
historical experience indicates that financial assets that meet either of the following criteria are generally not recoverable;
\u2022 when there is a breach of financial covenants by the debtor; or
\u2022 information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its
creditors, including the Group, in full (without taking into account collateral held by the Group).
Details of the credit quality of the Group\u2019s financial assets as well as the Group\u2019s maximum exposure to credit risk by
credit risk rating grades are set out on note 5.3.
4.5c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an
appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term
funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves,
banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by
matching the maturity profiles of financial assets and liabilities. Details of additional undrawn facilities that the Group
has at its disposal to further reduce liquidity risk are set out below.
For development activities, the Group has a policy of raising substantially the full amount of equity required for each
development before drawing debt against the development. The funding requirements of developments are therefore
secured at the outset of works.
The Group has the following financial instruments which impact the liquidity risk of the Group either now or in the future:
\u2022 Financial assets including interest rate swaps, trade receivables, amounts due from joint ventures, other receivables
and cash.
\u2022 Financial liabilities including borrowings, lease liabilities, interest rates swaps, trade payables, retentions on
construction contracts for properties, other payables and accrued expenses.
The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with
agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities
based on the earliest date on which the Group can be required to pay.
The contractual maturity is based on the earliest date on which the Group may be required to pay.
Section 4: Funding continued 4.5 Financial risk factors continued 2022 Weighted average effective interest rate % Less than 1 month \u00a3m 1\u20133 months \u00a3m 3 months \u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m Carrying amount \u00a3m Variable interest rate instruments 5.0 1.0 1.9 8.7 258.2 \u2013 269.9 228.0 Fixed interest rate instruments 3.1 1.1 2.2 28.8 399.4 766.2 1,197.7 1,037.9 Lease liabilities 4.2 0.5 0.9 4.2 28.3 58.8 92.7 92.3 Trade and other payables N/a \u2013 118.2 \u2013 \u2013 \u2013 118.2 118.2 Total 2.6 123.2 41.7 685.9 825.0 1,678.5 1,476.4 2021 Weighted average effective interest rate % Less than 1 month \u00a3m 1\u20133 months \u00a3m 3 months \u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m Carrying amount \u00a3m Variable interest rate instruments 2.0% 0.2 0.4 1.9 130.6 \u2013 133.1 121.3 Fixed interest rate instruments 3.1% 1.1 2.2 28.5 415.5 786.4 1,233.7 1,040.7 Lease liabilities 4.2% \u2013 3.2 9.8 53.9 94.2 161.1 96.8 Trade and other payables n/a \u2013 130.6 \u2013 \u2013 \u2013 130.6 130.6 Total 1.3 136.4 40.2 600.0 880.6 1,658.5 1,389.4 The Company has \u00a3269.9 million of variable rate borrowings with a weighted average rate of 5.0% and \u00a31,197.7 million of fixed rate borrowings with a weighted average rate of 3.1%. The maturity of the Company\u2019s borrowings is disclosed in note 4.1. The Group has access to financing facilities as described below, of which \u00a3378.0 million were unused at the reporting date (2021: \u00a3335.0 million). The Group expects to meet its other obligations from operating cash flows. 2022 \u00a3m 2021 \u00a3m Unsecured bank overdraft facility, reviewed annually and payable at call: \u2013 amount used \u2013 \u2013 \u2013 amount unused 10.0 10.0 10.0 10.0 Unsecured committed bank loan facilities which may be extended by mutual agreement: \u2013 amount used 232.0 125.0 \u2013 amount unused 368.0 325.0 600.0 450.0 NOTES TO THE FINANCIAL STATEMENTS continued 4.5d) Covenant compliance
The Group monitors its covenant position and the forecast headroom available on a monthly basis. At 31 December 2022,
the Group was in full compliance with all of its borrowing covenants.
The Group\u2019s unsecured borrowings carry several covenants. The covenant regime is IFRS based and gives the Group
substantial operational flexibility, allowing property acquisitions, disposals and developments to occur with relative freedom.
2022 2021
Covenant Actual Covenant Actual
Gearing <1.50 0.34 <1.50 0.30
Unencumbered assets ratio >1.70 3.12 >1.70 3.25
Secured gearing <0.25 0.0 <0.25 0.0
Development assets ratio <30% 4% <30% 7%
Joint venture ratio <55% 24% <55% 23%
Interest cover >2.00 6.71 >2.00 5.49
The Group also has bonds which carry several covenants which the Group was also in full compliance with as set
out below.
2022 2021
Weighted
covenant
Weighted
actual
Weighted
covenant
Weighted
actual
Net gearing <60% 34% <60% 30%
Secured gearing <25% 0% <25% 0%
Unsecured gearing >1.67 2.89 >1.67 2.79
Interest cover >1.75 3.50 >1.75 3.31
Section 4: Funding continued 4.6 Leases 4.6a) Lease liabilities Accounting policies The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right of use asset (see note 3.1a) and a corresponding lease liability with respect to all lease arrangements in which it is the lessee. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the Group\u2019s incremental borrowing rate (since the rate implicit in the leases cannot be readily determined) of 4.17%. The lease liability is presented as a separate line in the consolidated balance sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability whenever: \u2022 The lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The Group did not make any such adjustments during the period presented. Lease liabilities Undiscounted cash flows Carrying value 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Analysed as: Non-current 87.5 91.9 Current 4.8 4.9 Total lease liability 92.3 96.8 Lease liability maturity analysis Year 1 10.5 13.0 4.8 4.9 Year 2 10.9 13.3 6.7 5.4 Year 3 11.8 13.5 6.7 6.2 Year 4 12.4 13.4 7.4 6.7 Year 5 13.3 13.7 7.9 7.4 Onwards 80.6 94.2 58.8 66.2 Total 139.5 161.1 92.3 96.8 The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s treasury function. NOTES TO THE FINANCIAL STATEMENTS continued 4.6b) Lease receivables
The Group accounts for its tenancy contracts offered to commercial and individual tenants as operating leases.
Operating lease contracts with universities contain RPI uplifts and market review clauses.
The lessee does not have an option to purchase the property at the expiry of the lease period.
Maturity analysis of operating lease receivables
The future minimum lease payments receivable under non-cancellable operating leases are as follows:
2022
\u00a3m
2021
\u00a3m
Year 1 218.7 19 4.1
Year 2 112.8 78.8
Year 3 73.8 57.9
Year 4 66.8 52.0
Year 5 58.5 46.2
Onwards 311.0 239.0
Total 841.6 668.0
4.7 Capital management
The capital structure of the Group consists of shareholders\u2019 equity and adjusted net debt, including cash held on deposit.
The Group\u2019s equity is analysed into its various components in the Statement of Changes in Equity. The components and
calculation of adjusted net debt is set out in note 4.4. Capital is managed so as to continue as a going concern and to promote
the long-term success of the business and to maintain sustainable returns for shareholders and joint venture partners.
The Group uses a number of key metrics to manage its capital structure:
\u2022 net debt (note 4.4)
\u2022 gearing (note 4.4)
\u2022 LTV (note 2.3a)
\u2022 weighted average cost of investment debt (note 4.5a)
In order to manage levels of adjusted gearing over the medium term, the Group seeks to deliver NAV growth and to
recycle capital invested in lower performing assets into new assets and property developments. \u00a3339.0 million of
property assets were sold in 2022 and we plan to sell \u00a3100-\u00a3150 million of property during 2023. The Group only commits
to schemes where there is a meaningful spread between development yields and funding costs, on investments in its
development and university partnerships pipeline. The Group does not commit to developing new sites until sufficient
equity and funding to fulfil the full cost of the development is secure.
The Board monitors the ability of the Group to pay dividends out of available cash and distributable profits. Based on the
assumption that no shareholders take up the scrip dividend, the full year dividend will be covered by operating cash flows.
The full year dividend is expected to be \u00a3130.7 million compared to operating cash flow of \u00a3160.2 million.
Section 4: Funding continued 4.8 Equity Accounting policies Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares, other than on a business combination, are shown as a deduction, net of tax, in equity from the proceeds. Share issue costs incurred directly in connection with a business combination are deducted from the proceeds of the issue. The Company\u2019s issued share capital has increased during the year as follows: Called up, allotted and fully paid ordinary shares of \u00a30.25p each 2022 2021 No. of shares Ordinary shares \u00a3m Share premium \u00a3m No. of shares Ordinary shares \u00a3m Share premium \u00a3m At 1 January 399,139,636 99.8 2 ,161.2 398,170,432 99.5 2,160.3 Shares issued (placing) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Shares issued (scrip dividend) 865,069 0.2 (0.2) 789,927 0.2 (0.2) Shares issued (options exercised) 312,520 0.1 1.0 179,277 0.1 1.1 At 31 December 400,317,225 10 0.1 2 ,162 .0 399,139,636 99.8 2,161.2 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company\u2019s residual assets. The Company\u2019s reserves are as follows: \u2022 Called up share capital reserves contain the nominal value of the shares issued; \u2022 Share premium reserves contain the excess consideration received above the nominal value of the shares issued; \u2022 Merger reserves contain the excess in the value of shares issued by the Company in exchange for the value of shares acquired in respect of subsidiaries acquired (specifically on the acquisition of the Unilodge portfolio in June 2001); \u2022 Hedging reserves contain the cumulative gains and losses on hedging instruments deemed effective; and \u2022 Retained earnings contain the cumulative profits and losses of the Company net of dividends paid and other adjustments. 4.9 Dividends Accounting policies Dividends are recognised through equity on the earlier of their approval by the Company\u2019s shareholders or their payment. During the year, the Company paid the final 2021 dividend of \u00a362.3 million \u2013 15.6p per share \u2013 and an interim 2022 dividend of \u00a343.9 million \u2013 11.0p per share (2021: final 2020 dividend 12.75p and an interim dividend 6.5p). After the year-end, the Directors proposed a final dividend per share of 21.7p \u2013 totalling \u00a386.8 million (2021: 15.6p), bringing the total dividend per share for the year to 32.7p (2021: 22.1p). No provision has been made in relation to this dividend. The Group has modelled tax adjusted property business profits for 2022 and 2023 and the PID requirement in respect of the year ended 31 December 2022 is expected to be satisfied by the end of 2023. NOTES TO THE FINANCIAL STATEMENTS continued Section 5: Working capital
This section focuses on how the Group generates its operating cash flows. Careful management of working
capital is vital to ensure that the Group can meet its trading and financing obligations within its ordinary
operating cycle.
On the following pages you will find disclosures around the Group\u2019s cash position and how cash is generated
from the Group\u2019s trading activities, and disclosures around trade receivables and payables.
Accounting policies
Cash and cash equivalents comprise cash balances and call deposits. Cash equivalents are short-term, highly liquid
investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of
changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash
management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
5.1 Cash and cash equivalents
The Group\u2019s cash position at 31 December 2022 was \u00a338.0 million (2021: \u00a3109.4 million).
The Group\u2019s cash balances include \u00a31.1 million (2021: \u00a32.0 million) whose use at the balance sheet date is restricted
by funding agreements to pay operating costs.
The Group generates cash from its operating activities as follows:
Note
Group
2022
\u00a3m
2021
\u00a3m
Profit for the year 356.4 344.6
Adjustments for:
Depreciation and amortisation 7.8 7.8
Fair value of share-based payments 6.1 1.6 2.4
Change in value of investment property (owned and under development) 3.1 (112.7) (116.8)
Change in value of investment property (leased) 3.1 9.3 11.1
Net finance costs 4.3 29.1 34.2
Interest payments for leased assets 4.3 8.1 8.5
Mark to market changes in interest rate swaps 4.3 (70.7) (10.9)
Swap break and debt exit costs 4.3 \u2013 4.2
Loss on disposal of investment property (owned) 15.6 12.0
Share of joint venture profit 3.4b (80.4) (122.2)
Trading with joint venture adjustment 4.0 19.1
Tax charge/(credit) 2.5a 1.6 (1.5)
Cash flows from operating activities before changes in working capital 169.7 192.5
Decrease/(increase) in trade and other receivables 3.6 (52.5)
(Increase) in inventories (1.0) (2.9)
(Decrease)/increase in trade and other payables (10.7) 34.2
Cash flows from operating activities 161.6 171.3
Tax paid (1.4) \u2013
Net cash flows from operating activities 160.2 171.3
Section 5: Working capital continued 5.1 Cash and cash equivalents continued Cash flows consist of the following segmental cash inflows/(outflows): operations \u00a3134.1 million (2021: \u00a3108.1 million), property \u00a329.6 million (2021: (\u00a3324.8 million)) and unallocated (\u00a3235.1 million) (2021: (\u00a312.2 million)). The unallocated amount includes a net cash outflow of dividends paid of \u00a396.4 million (2021: \u00a364.8 million), an outflow of \u00a3141.0 million due to the acquisition of units in USAF (2021: \u00a3nil) and \u00a32.3 million of inflows from other items. Dividends received by the Company from its subsidiary undertakings totalling \u00a3130.0 million (2021: \u00a3125.0 million) are non-cash distributions of reserves. 5.2 Trade and other receivables Accounting policies On the basis that trade receivables meet the business model and cash flow characteristics tests, they are initially recognised at transaction price and then subsequently measured at amortised cost. The Group applies the IFRS 9 simplified model of recognising lifetime expected credit losses for all trade receivables as these items do not have a significant financing component. In measuring the expected credit losses, the trade receivables have been assessed on a collective basis as they possess shared credit risk characteristics. They have been grouped based on the days past due and also according to whether the tenant is a commercial organisation (including universities) or an individual student. The expected loss rates are based on the payment profile for sales by academic year as well as the corresponding historical credit losses during the period. The historical rates are adjusted to reflect any current and forward-looking macroeconomic factors affecting the customer\u2019s ability to settle the amount outstanding, however given the short period exposed to credit risk, the impact of macroeconomic factors has not been considered significant within the reporting period. Trade receivables are written off (i.e. derecognised) when there is no reasonable expectation of recovery. Failure to make payments within a reasonable period from the invoice date and failure to engage with the Group on alternative payment arrangements, amongst others are considered indicators of no reasonable expectation of recovery. Other financial asset balances are assessed for expected credit losses based on the underlying nature of the asset, including maturity and age of the asset such as whether a longer term asset or a short term working capital balance is subject to regular settlement arrangements, using the 12 month ECL model. No credit losses have been recognised in respect of these balances. Financial assets written off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss. The Company\u2019s impairment policies in relation to financial assets are consistent with those of the Group, with additional consideration given to loans to Group undertakings. In this respect, the Company recognises lifetime ECL when there has been a significant increase in credit risk (such as changes to credit ratings) since initial recognition. However, if the credit risk on the loans have not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. The Company expects that the loans to Group undertakings will be repaid in full at maturity or when called. If the Group undertakings were unable to repay loan balances, the Company expects that in such circumstances the counterparty would negotiate extended credit terms with the Company. As such, the expected credit loss is considered immaterial. No change in credit risk is deemed to have occurred since initial recognition and therefore a 12-month expected credit loss has been calculated based on the assessed probability of default. NOTES TO THE FINANCIAL STATEMENTS continued Trade and other receivables can be analysed as follows:
Note
Group Company
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Trade receivables 31.8 27.9 \u2013 \u2013
Amounts due from joint ventures 46.9 56.8 \u2013 \u2013
Prepayments and accrued income 20.6 15.3 \u2013 \u2013
Other receivables 5.9 8.8 0.1 0.1
Trade and other receivables (current) 105.2 108.8 0.1 0.1
Loans to Group undertakings (non-current) 5.6 \u2013 \u2013 2,076.9 1,928.3
Trade and other receivables (non-current) \u2013 \u2013 2,076.9 1,928.3
The Group offers tenancy contracts to commercial (universities and retail unit tenants) and individual tenants based on
the academic year. The Group monitors and manages the recoverability of its receivables based on the academic year to
which the amounts relate. Rental income is payable immediately, therefore all receivables relating to tenants are past the
payment due date.
We do not anticipate there to be any expected credit loss on amounts receivable from joint ventures as these remain
highly profitable. Details of amounts due from Group undertakings to the Company are disclosed in note 5.6.
2022
Ageing by academic year
Total
\u00a3m
2022/23
\u00a3m
2021/22
\u00a3m
Prior years
\u00a3m
Rental debtors
Commercial tenants (past due) 1.5 0.8 0.4 0.3
Individual tenants (past due) 45.9 33.9 2.8 9.2
Expected credit loss carried (15.6) (2.9) (3.2) (9.5)
Trade receivables 31.8 31.8 \u2013 \u2013
2021
Ageing by academic year
Total
\u00a3m
2021/22
\u00a3m
2020/21
\u00a3m
Prior years
\u00a3m
Rental debtors
Commercial tenants (past due) 0.9 0.5 0.3 0.1
Individual tenants (past due) 41.9 31.3 3.7 6.9
Expected credit loss carried (14.9) (4.3) (3.6) (7.0)
Trade receivables 27.9 27. 5 0.4 \u2013
Section 5: Working capital continued 5.2 Trade and other receivables continued Movements in the Group\u2019s expected credit losses of trade receivables can be shown as follows: 2022 \u00a3m 2021 \u00a3m At 1 January 14.9 12.2 Expected credit loss charged to the income statement in the year 1.7 3.3 Receivables written off during the year (utilisation of expected credit loss) (1.0) (0.6) At 31 December 15.6 14.9 The loss allowance for trade receivables is estimated as an amount equal to the lifetime expected credit loss (ECL). This loss has been estimated using the Group\u2019s history of loss for similar assets and takes into account current and forecast conditions. The impact of credit losses is not considered significant in respect of the financial statements. 5.3 Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. It arises principally from the Group\u2019s cash balances, the Group\u2019s receivables from customers and joint ventures and loans provided to the Group\u2019s joint ventures. At the year-end, the Group\u2019s maximum exposure to credit risk was as follows: Note 2022 \u00a3m 2021 \u00a3m Cash 5.1 38.0 109.4 Trade receivables 5.2 31.8 27.9 Amounts due from joint ventures 5.2 46.9 56.8 116.7 194.1 5.3a) Cash The Group operates investment guidelines with respect to surplus cash. Counterparty limits for cash deposits are largely based upon long-term ratings published by credit rating agencies and credit default swap rates. Deposits were placed with financial institutions with A- or better credit ratings. 5.3b) Trade receivables The Group\u2019s customers can be split into two groups \u2013 (i) students (individuals) and (ii) commercial organisations including universities. The Group\u2019s exposure to credit risk is influenced by the characteristics of each customer. 5.3c) Joint ventures Amounts receivable from joint ventures fall into two categories \u2013 working capital balances and investment loans. The Group has strong working relationships with its joint venture partners, and the joint ventures themselves have strong financial performance, retain net asset positions and are cash generative, and therefore the Group views this as a low credit risk balance. No impairment has therefore been recognised in 2022 or 2021. NOTES TO THE FINANCIAL STATEMENTS continued 5.4 Trade and other payables
Accounting policies
Trade payables are initially recognised at the value of the invoice received from a supplier (fair value) and subsequently
at amortised cost. The carrying value of trade payables is considered approximate to fair value.
Trade and other payables due within one year can be analysed as follows:
Group Company
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Trade payables 33.2 35.3 \u2013 \u2013
Retentions on construction contracts for properties 5.4 4.2 \u2013 \u2013
Amounts due to Group undertakings \u2013 \u2013 70.3 38.0
Other payables and accrued expenses 84.9 96.6 9.5 6.4
Deferred income 68.0 64.6 \u2013 \u2013
Trade and other payables 191.5 200.7 79.8 44.4
Deferred income relates to rental income that has been collected in advance of it being recognised as income.
Included within accrued expenses is \u00a3nil of capital commitments, relating to investment properties under development
(2021: \u00a3nil million).
5.5 Provisions
Accounting policies
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that the
Group will be required to settle that obligation, and a reliable estimate can be made of the amount of that obligation.
Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation and are
discounted to present value where the effect is material.
During 2020, and in accordance with the Government\u2019s Building Safety Advice of 20 January 2020, we undertook a
thorough review of the use of High-Pressure Laminate (HPL) cladding on our properties. We have identified 27 properties
with cladding that needs replacing across our estate, due to legal or contractual obligations. We are continuing to carry out
replacement works for properties with HPL cladding, with activity prioritised according to our risk assessments, starting
with those over 18 metres in height. The remaining cost of replacing the cladding is expected to be \u00a3113.3 million (Unite
Share: \u00a359.2 million), of which \u00a329.4 million is in respect of wholly owned properties. Whilst the overall timetable for these
works is uncertain, we anticipate this will be incurred over the next 12-24 months. The regulations continue to evolve in
this area and we will ensure that our buildings are safe for occupation and compliant with laws and regulations.
The Government\u2019s Building Safety Bill, covering building standards, was passed in April and has introduced more stringent
fire safety regulations. We will ensure we remain aligned to fire safety regulations as they evolve and will continue to
make any required investment to ensure our buildings remain safe to occupy. We have provided for the costs of remedial
work where we have a legal obligation to do so. The amounts provided reflect the current best estimate of the extent and
future cost of the remedial works required and are based on known costs and quotations where possible, and reflect
the most likely outcome. However, these estimates may be updated as work progresses or if Government legislation and
regulation changes.
We have not recognised any assets in respect of future claims.
Section 5: Working capital continued 5.5 Provisions continued Management have performed a sensitivity analysis to assess the impact of a change in their estimate of total costs. A 20% increase in the estimated remaining costs would affect net valuation gains/losses on property in the IFRS P&L and would reduce the Group\u2019s NTA by 3.0 pence on a Unite share basis. Whilst provisions are expected to be utilised within two years, there is uncertainty over this timing. The Group has recognised provisions for the cost of these cladding works as follows: Gross \u00a3m Unite Share \u00a3m Wholly owned USAF LSAV Total Wholly owned USAF LSAV Total At 31 December 2020 15.7 50.0 14.2 79.9 15.7 11.0 7.1 33.8 Additions 18.0 23.4 0.5 41.9 18.0 5.1 0.3 23.4 Utilisation (0.2) (17.1) (12.5) (29.8) (0.2) (3.8) (6.3) (10.3) At 31 December 2021 33.5 56.3 2.2 92.0 33.5 12.3 1.1 46.9 Additions 1.9 40.1 29.8 71.8 1.9 11.4 14.9 28.2 Utilisation (5.9) (40.8) (3.8) (50.5) (65.9) (11.5) (1.9) (19.4) Changes in ownership % \u2013 \u2013 \u2013 \u2013 \u2013 3.5 \u2013 3.5 At 31 December 2022 29.5 55.6 28.2 113.3 29.5 15.6 14.1 59.2 5.6 Transactions with other Group companies During the year, the Company entered into various interest-free, repayable on demand loans with its subsidiaries, the aggregate of which are disclosed in the cash flow statement. In addition, the Company was charged by Unite Integrated Solutions plc for corporate costs of \u00a34.5 million (2021: \u00a34.1 million). As a result of these intercompany transactions, the following amounts were due from/to the Company\u2019s subsidiaries at the year-end. 2022 \u00a3m 2021 \u00a3m Unite Holdings Limited 131.1 135.1 LDC (Holdings) Limited 1,072.3 937.7 Liberty Living Group plc 873.5 855.5 Amounts due from Group undertakings 2,076.9 1,928.3 Unite Integrated Solutions plc 70.3 38.0 Amounts due to Group undertakings 70.3 38.0 The Company has had a number of transactions with its joint ventures, which are disclosed in note 3.4c. NOTES TO THE FINANCIAL STATEMENTS continued Section 6: Key management and employee benefits The Group\u2019s greatest resource is its staff and it works hard to develop and retain its people. The remuneration policies in place are aimed to help recognise the contribution that Unite\u2019s people make to the performance of the Group. On the following pages you will find disclosures around wages and salaries and share option schemes which allow employees of the Group to take an equity interest in the Group. Accounting policies The Group operates a defined contribution pension scheme. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. 6.1 Staff numbers and costs The average number of persons employed by the Group (including Directors) during the year (calculated on a monthly basis), analysed by category, was as follows: Number of employees 2022 2021 Managerial and administrative 569 509 Site operatives 1,206 1,288 1,775 1,797 The aggregate payroll costs of these persons were as follows: 2022 \u00a3m 2021 \u00a3m Wages and salaries 64.2 62.6 Social security costs 6.5 6.1 Pension costs 2.7 2.4 Fair value of share-based payments 1.6 2.4 75.0 73.5 The wages and salaries costs include redundancy costs of \u00a30.8 million (2021: \u00a30.5 million). The total number of persons employed by the Group (including Directors) as at 31 December 2022 was 589 managerial and administrative and 1,175 site operatives. 6.2 Key management personnel The remuneration of the Directors, including Non-Executive Directors, who are the key management personnel of the Group and Company, is set out below in aggregate for each of the applicable categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u2019 Remuneration Report on pages 145\u2013163 which covers the requirements of schedule 5 of the relevant legislation. 2022 \u00a3m 2021 \u00a3m Short-term employee benefits 2.0 2.3 Post employment benefits 0.1 0.1 Share-based payment benefits \u2013 0.6 2.1 3.0 Section 6: Key management and employee benefits continued 6.3 Share-based compensation A transaction is classified as a share-based transaction where the Group receives services from employees and pays for these in shares or similar equity instruments. The Group operates a number of share-based compensation schemes allowing employees to acquire shares in the Company. 6.3a) Share schemes The Group operates the following schemes: Long-Term Incentive Plan (LTIP), comprising the: \u2013 Performance Share Plan (PSP); and \u2013 HMRC Approved Employee Share Option Scheme (ESOS) Details can be found in the Directors\u2019 Remuneration Report Save As You Earn Scheme (SAYE) Open to employees, vesting periods of three years, service condition 6.3b) Outstanding share options The table below summarises the movements in the number of share options outstanding for the Group and their average exercise price: Weighted average exercise price 2022 Number of options (thousands) 2022 Weighted average exercise price 2021 Number of options (thousands) 2021 Outstanding at 1 January \u00a30.57 2,372 \u00a30.83 2,672 Forfeited during the year \u00a33.09 (538) \u00a31.77 (604) Exercised during the year \u00a32.52 (428) \u00a32.37 (354) Granted during the year \u00a32.65 677 \u00a30.69 657 Outstanding at 31 December \u00a30.19 2,083 \u00a30.57 2,371 Exercisable at 31 December \u00a38.42 63 \u00a35.45 99 For those options exercised in the year, the average share price during 2022 was \u00a310.34 (2021: \u00a310.94). For those options still outstanding, the range of exercise prices at the year-end was 0p to 1,121p (2021: 0p to 1,084p) and the weighted average remaining contractual life of these options was 3.8 years (2021: 2.2 years). The Group funds the purchase of its own shares by the Employee Share Ownership Trust to meet the obligations of the LTIP and executive bonus scheme. The purchases are shown as \u201cOwn shares acquired\u201d in retained earnings. As at 31 December 2022 the number of shares held by the ESOT was 205,084 (2021: 209,954). The accounting is in accordance with the relevant standards. No further information is given as the amounts for share-based payments are immaterial. Section 7: Post balance sheet events There were no post balance sheet events. NOTES TO THE FINANCIAL STATEMENTS continued Section 8: Alternative performance measures The Group uses alternative performance measures (\u201cAPMs\u201d), which are not defined or specified under IFRS. These APMs, which are not considered to be a substitute for IFRS measures, provide additional helpful information. APMs are consistent with how business performance is planned, reported and assessed internally by management and the Board, and provide comparable information across the Group. The APMs below have been calculated on a see through/Unite share basis, as referenced to the notes to the financial statements. Reconciliations to equivalent IFRS measures are included in notes 2.2b and 2.2c. Definitions can also be found in the glossary. Adjusted earnings reflects a more meaningful measure of the underlying earnings of the Group, excluding the non- recurring impact of one-off transactions, and therefore improve comparability. Non-EPRA measures may not have comparable calculation bases between companies and therefore may not provide meaningful industry-wide comparability. Note 2022 \u00a3m 2021 \u00a3m EBIT Net operating income 2.2a 241.0 191.8 Management fees 2.2a 17.4 15.9 Overheads 2.2a (27.7) (31.5) 230.7 176.2 EBIT margin % Rental income 2.2a 339.7 282.7 EBIT 8 230.7 176.2 67.9% 62.3% EBITDA Net operating income 2.2a 241.0 191.8 Management fees 2.2a 17.4 15.9 Overheads 2.2a (27.7) (31.5) Depreciation and amortisation 7.8 7.8 238.5 184.0 Net debt Cash 2.3a 139.2 155.5 Debt on properties 2.3a (1,872.8) (1,677. 3) (1,733.6) (1,521.8) EBITDA: Net debt EBITDA 8 238.5 184.0 Net debt 8 (1,733.6) (1,521.8) Ratio 7.3 8.3 Interest cover (Unite share) EBIT 8 230.7 176.2 Net financing costs 2.2a (54.9) (54.8) Interest on lease liabilities 2.2a (8.1) (8.5) Total interest (63.0) (63.3) Ratio 3.7 2.8 Section 8: Alternative performance measures continued Reconciliation: IFRS profit before tax to EPRA earnings and adjusted earnings Note 2022 \u00a3m 2021 \u00a3m IFRS profit before tax 358.0 343.1 Net valuation (gains)/losses on investment property (owned) 2.2b (145.0) (205.6) Property disposals (owned) 2.2b 16.5 12.3 Net valuation losses on investment property (leased) 2.2b 9.3 11.1 Amortisation of fair value of debt recognised on acquisition 2.2b (4.3) (4.3) Changes in valuation of interest rate swaps 2.2b (70.7) (10.9) Swap cancellation fair value settlements and loan break costs 2.2b \u2013 4.2 Non-controlling interest, tax and other items (1.9) 2.1 EPRA earnings 161.9 152.0 Net LSAV performance fee \u2013 (41.9) Abortive costs 1.5 \u2013 Adjusted earnings 163.4 110.1 Adjusted EPS yield 2022 2021 Adjusted earnings (A) 40.9p 27.6p EPRA NTA at 1 January (B) 882p 818p Adjusted EPS yield (A/B) 4.6% 3.4% Total accounting return Note 2022 2021 Opening EPRA NTA (A) 2.3d 882.2p 818.0p Closing EPRA NTA 2.3d 926.8p 882.2p Movement 44.6p 64.2p H1 dividend paid 4.9 15.6p 12.8p H2 dividend paid 4.9 11.0p 6.5p Total movement in NTA (B) 71.2p 83.5p Total accounting return (B/A) 8.1% 10.2% NOTES TO THE FINANCIAL STATEMENTS continued EPRA Performance Measures
Summary of EPRA performance measures
Note
2022
\u00a3m
2021
\u00a3m
2022 2021
EPRA earnings 161.9 152.0 40.5p 38.1p
Adjusted earnings (*) 163.4 110.1 40.9p 27.6p
EPRA NTA (diluted) 3,718.3 3,536.1 927p 882p
EPRA NRV (diluted) 4,037.3 3,829.7 1,006p 955p
EPRA NDV (diluted) 3,968.0 3,503.6 989p 874p
EPRA net initial yield 4.6% 4.0%
EPRA topped up net initial yield 4.6% 4.0%
EPRA like-for-like gross rental income 23.0% 4.7%
EPRA vacancy rate 0.8% 5.6%
EPRA cost ratio (including vacancy costs) 33.4% 38.8%
EPRA Cost ratio (excluding vacancy costs) 32.3% 36.8%
* Adjusted earnings calculated as EPRA earnings less LSAV performance fee income recognised and abortive costs.
EPRA like-for-like rental income (calculated based on total portfolio value of \u00a38.5 billion)
\u00a3m
Properties
owned
throughout
the period
Development
property
Acquisitions
and disposals
Total EPRA
Earnings
2022
Rental income 310.9 5.3 23.5 339.7
Property operating expenses (90.6) (1.1) (7.0) (98.7)
Net rental income 220.3 4.2 16.5 241.0
2021
Rental income 252.8 \u2013 29.9 282.7
Property operating expenses (79.7) \u2013 (11.2) (90.9)
Net rental income 173.1 \u2013 18.7 191.8
Like-for-like net rental income (\u00a3m) 47. 2
Like-for-like net rental income (%) 27.3%
Like-for-like gross rental income (\u00a3m) 58.1
Like-for-like gross rental income (%) 23.0%
Section 8: Alternative performance measures continued EPRA vacancy rate 2022 \u00a3m 2021 \u00a3m Estimated rental value of vacant space 2.0 13.8 Estimated rental value of the whole portfolio 262.9 246.5 EPRA vacancy rate 0.8% 5.6% EPRA net initial yield 2022 2021 Annualised net operating income (\u00a3m) 256.9 205.1 Property market value (\u00a3m) 5,325.6 4,864.8 Notional acquisition costs (\u00a3m) 285.7 254.3 5,611.3 5,119.1 EPRA net initial yield (%)* 4.6% 4.0% Difference in projected versus historical GOI 0.1% Unite net initial yield (%) 4.7% * No lease incentives are provided by the Group and accordingly the Topped Up Net Initial Yield measure is also 4.6% (2021: 4.0%). EPRA cost ratio 2022 \u00a3m 2021 \u00a3m Property operating expenses 72.0 67.7 Overheads 26.4 30.7 Development/pre contract costs 1.2 2.2 Unallocated expenses* 2.8 0.5 102.4 101.1 Share of JV property operating expenses 26.7 23.2 Share of JV overheads 1.3 0.8 Share of JV unallocated expenses* 0.3 0.4 130.7 125.5 Less: Joint venture management fees (17.4) (15.9) Total costs (A) 113.3 109.6 Group vacant property costs** (2.5) (4.1) Share of JV vacant property costs** (0.9) (1.4) Total costs excluding vacant property costs (B) 109.9 104.1 Rental income 241.7 209.0 Share of JV rental income 98.0 73.7 Total gross rental income (C) 339.7 282.7 Total EPRA cost ratio (including vacant property costs) (A)/(C) 33.4% 39% Total EPRA cost ratio (excluding vacant property costs) (B)/(C) 32.4% 37% * 2022 excludes amounts in respect of abortive costs and 2021 excludes amounts in respect of the LSAV performance fee. ** Vacant property costs reflect the per bed share of operating expenses allocated to vacant beds. Unite\u2019s EBIT margin excludes non operational expenses which are included within the EPRA cost ratio above. The Group capitalises costs in relation to staff costs and professional fees associated with property development activity. NOTES TO THE FINANCIAL STATEMENTS continued EPRA valuation movement (Unite share)
Valuation
\u00a3m
Change
\u00a3m %
Wholly owned 3,186.5 105.9 3.4
USAF 636.3 28.0 4.6
LSAV 960.4 50.8 5.6
Rental properties 4,783.2 184.7 4.0
Leased properties 90.3
Build-to-rent properties 71.1
Development completions for AY22/23 365.9
Properties under development 202.8
Properties held throughout the year 5,513.3
Acquisitions 176.5
Total property portfolio 5,689.8
EPRA yield movement
NOI yield Yield movement (bps)
% H1 H2 FY
Wholly owned 4.8 (14) 12 (2)
USAF 5.0 (20) 13 (7)
LSAV 4.1 (19) 19 0
Rental properties (Unite share) 4.7 (16) 14 (2)
Property related capital expenditure
2022 2021
Wholly
owned
Share of
JVs
Group
share
Wholly
owned
Share of
JVs
Group
share
London 3.3 10.5 13.8 4.8 3.1 7.9
Prime regional 31.6 7.3 38.9 16.7 2.9 19.6
Major regional 16.5 11.2 27.7 8.1 10.8 18.9
Provincial 8.1 1.0 9.1 2.8 0.6 3.4
Total rental properties 59.5 30.0 89.5 32.4 17. 4 49.8
Increase in beds 2.1 2.0 4.1 \u2013 \u2013 \u2013
Acquisitions 1.3 \u2013 1.3 \u2013 \u2013 \u2013
Developments 193.0 \u2013 193.0 81.4 \u2013 81.4
Capitalised interest 6.3 \u2013 6.3 5.2 \u2013 5.2
Total property related capex 262.2 32.0 294.2 119.0 17.4 136.4
Section 8: Alternative performance measures continued EPRA loan to value 2022 \u00a3m 31 Dec 2021 \u00a3m Investment property (owned) 5,396.8 4,864.8 Investment property (under development) 202.7 324.1 Intangibles 18.3 16.1 Total property value and other eligible assets 5,617.8 5,205.0 Cash at bank and in hand 139.2 155.5 Borrowings (1,872.8) (1,677. 3) Net other payables (150.6) (138.9) EPRA net debt (1,884.2) (1,660.7) EPRA loan to value 33.5% 31.9% Section 9: Company subsidiaries and joint ventures In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted investments as at 31 December 2022 is disclosed below. Unless otherwise stated, the Group\u2019s ownership interest represents 100% of the ordinary shares, units or partnership capital held indirectly by Unite Group PLC. No subsidiary undertakings have been excluded from the consolidation. The Unite Foundation has a year-end of 30 September to facilitate academic year reporting. All other subsidiaries have a year-end of 31 December. Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL LDC (AIB Warehouse) Limited (04872419)** LDC (Portfolio Five) Limited (06079581) LDC (Alscot Road) Limited (06176428)** LDC (Portfolio Four) Limited (04985603)** LDC (Brunel House) Limited (09760628)** LDC (Portfolio One) Limited (03005262)** LDC (Camden Court Leasehold) Limited (05140620) LDC (Portfolio) Limited (08419375)** LDC (Camden Court) Limited (05082671) LDC (Project 110) Limited (05083580)** LDC (Causewayend) Limited (08895966) LDC (Project 111) Limited (05791650)** LDC (Chantry Court Leasehold) Limited (05140258)** LDC (Radmarsh Road) Limited (05435290)** LDC (Chaucer House) Limited (09898020)** LDC (Skelhorne) Limited (09898132)** LDC (Constitution Street) Limited (09210998)** LDC (Smithfield) Limited (03373096) LDC (Construction Two) Limited (04847268) LDC (St Leonards) Limited (08895830)** LDC (Euro Loan) Limited (06623603)** LDC (St Pancras Way) GP1 Limited (07359501) LDC (Ferry Lane 2) GP3 Limited (07503842)** LDC (St Pancras Way) GP2 Limited (07359428) LDC (Ferry Lane 2) GP4 Limited (07503913)** LDC (St Pancras Way) GP3 Limited (07503268) LDC (Ferry Lane 2) Holdings Limited (07504099) (50.0%) LDC (St Pancras Way) GP4 Limited (07503251) LDC (Finance) Limited (09760806)** LDC (St Pancras Way) Holdings Limited (07360734) LDC (Greetham Street) Limited (08895825) LDC (St Pancras Way) Limited Partnership** LDC (Gt Suffolk St) GP1 Limited (07274156) LDC (St Pancras Way) Management Limited Partnership** LDC (Gt Suffolk St) GP2 Limited (07274000) LDC (St Vincent's) Limited (10218310)** LDC (Gt Suffolk St) Holdings Limited (07353946) LDC (Swindon NHS) Limited (04207502)** LDC (Gt Suffolk St) Limited Partnership** LDC (Tara House) Limited (09214177) LDC (Gt Suffolk St) Management GP1 Limited (07354719) LDC (Thurso Street) GP1 Limited (07199022) LDC (Gt Suffolk St) Management GP2 Limited (07354728) LDC (Thurso Street) GP2 Limited (07198979) LDC (Gt Suffolk St) Management Limited Partnership** LDC (Thurso Street) GP3 Limited (07434001) LDC (Hampton Street) Limited (06415998) LDC (Thurso Street) GP4 Limited (07434133) LDC (Hillhead) Limited (06176554) LDC (Thurso Street) Limited Partnership** LDC (Holdings) Limited (02625007)* LDC (Thurso Street) Management Limited Partnership** LDC (Imperial Wharf) Limited (04541678)** LDC (Ventura) Limited (04444628) LDC (International House) Limited (10131352)** LDC (Vernon Square) Limited (06444132) * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. NOTES TO THE FINANCIAL STATEMENTS continued Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL
LDC (Kelham Island) Limited (05152229) LDC (William Morris II) Limited (05999281)**
LDC (Leasehold A) Limited (04066933)** Liberty Atlantic Point (Liverpool) Limited (03885187)**
LDC (Leasehold B) Limited (05978242)** Liberty Heights (Manchester) Limited (07399622)**
LDC (Loughborough) Limited (04207522)** Liberty Living (HE) Holdings Limited (10977869)**
LDC (Magnet Court Leasehold) Limited (05140255) Liberty Living (LH Manchester) Limited (07120141)**
LDC (Millennium View) Limited (09890375) Liberty Living (Liberty AP) Limited (03633307)**
LDC (MTF Portfolio) Limited (05530557)** Liberty Living (Liberty PP) Limited (03991475)**
LDC (Nairn Street) GP3 Limited (07808933) Liberty Living (LP Bristol) Limited (07242607)**
LDC (Nairn Street) GP4 Limited (07808919) Liberty Living (LP Coventry) Limited (04330729)**
LDC (Nairn Street) Holdings Limited (07579402)** Liberty Living (LP Manchester) Limited (04314013)**
LDC (New Wakefield Street) Limited (10436455) Liberty Living (LQ Newcastle) Limited (04302869)**
LDC (Newgate) Limited (08895869)** Liberty Living (LQ2 Newcastle) Limited (07298853)**
LDC (Old Hospital) Limited (09702143)** Liberty Living Finance PLC (10979349)**
LDC (Oxford Road Bournemouth) Limited (04407309)** Liberty Living Group Limited (BR020813)*/**
LDC (Portfolio 100) Limited (07989369)** Liberty Living Investments 1 Limited Partnership**
LDC (Portfolio 20) Limited (08803996)** Liberty Living Investments 2 Limited Partnership**
Liberty Living Investments 3 Limited Partnership** Unite Finance One (Accommodation Services) Limited (04332937)
Liberty Living Investments GP1 Limited (09375866)** Unite Finance One (Holdings) Limited (04316207)**
Liberty Living Investments GP2 Limited (09375868)** Unite Finance One (Property) Limited (04303331)**
Liberty Living Investments GP3 Limited (10518849)** Unite FM Limited (06807562)
Liberty Living Investments II Holdco 2 Limited (09574059)** Unite For Success Limited (05157263)
Liberty Living Investments II Holdco Limited (08929431)** Unite Holdings Limited (03148468)*/**
Liberty Living Investments II Limited (09680931)** Unite Homes Limited (05140262)
Liberty Living Investments Limited (09375870)** Unite Integrated Solutions PLC (02402714)
Liberty Living Investments Nominee 1 Limited (09375846)** Unite Modular Solutions Limited (05140259)
Liberty Living Investments Nominee 2 Limited (09375849)** Unite Rent Collection Limited (05982935)**
Liberty Living Investments Nominee 3 Limited (10519085)** Unite Student Living Limited (06204135)
Liberty Living Limited (04055891)** USAF GP No 11 Management Limited (07351883)
Liberty Living SpareCo Limited (04616115)** USAF LP Limited (05860874)**
Liberty Living UK Limited (06064187)** USAF Management Limited (05862721)
Liberty Park (Bristol) Limited (07615601)** USAF Management 6 Limited (06225945)
Liberty Park (US Bristol) Limited (07615619)** USAF Management 8 Limited (06387597)
Liberty Plaza (London) Limited (07745097)** USAF Management 10 Limited (06714695)
Liberty Point (Coventry) Limited (04992358)** USAF Management 11 Limited (07082782)
Liberty Point (Manchester) Limited (04828083)** USAF Management 12 Limited (07365681)
Liberty Point Southampton (Block A) Limited (10314954)** USAF Management 14 Limited (09232206)
Liberty Prospect Point (Liverpool) Limited (04637570)** USAF Management 18 Limited (10219775)
Liberty Quay (Newcastle) Limited (05234174)** USAF Management GP No.14 Limited (09130985)**
Liberty Quay 2 (Newcastle) Limited (07376627)** USAF Management GP No.15 Limited (09749946)**
Liberty Severn Point (Cardiff) Limited (04313995)** USAF Management GP No.16 Limited (09750068)**
Liberty Village (Edinburgh) Limited (10323566)** USAF Management GP No.17 Limited (09750061)**
LL Midco 2 Limited (08998308)** USAF Management No.18 Limited Partnership (28.1%)
LSAV (Angel Lane) GP3 Limited (08646359)** LDC (Capital Cities Nominee No.1) Limited (05347228) (50.0%)
LSAV (Angel Lane) GP4 Limited (08646929)** LDC (Capital Cities Nominee No.2) Limited (05359457) (50.0%)
LSAV (Aston Student Village) GP3 Limited (10498217)** LDC (Capital Cities Nominee No.3) Limited (08792780) (50.0%)
LSAV (Aston Student Village) GP4 Limited (10498484)** LDC (Capital Cities Nominee No.4) Limited (08792688) (50.0%)
* Held directly by the Company.
** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of
s479A for the financial year ended 31 December 2022.
Section 9: Company subsidiaries and joint ventures continued Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL LSAV (Stapleton) GP3 Limited (08646819)** LDC (Capital Cities) Limited (05347220) (50.0%) LSAV (Stapleton) GP4 Limited (08647019)** LDC (Ferry Lane 2) GP1 Limited (07359448) (50.0%)** LSAV (Stratford) GP3 Limited (08751654)** LDC (Ferry Lane 2) GP2 Limited (07359481) (50.0%)** LSAV (Stratford) GP4 Limited (08751629)** LDC (Ferry Lane 2) Limited Partnership (50.0%)** LSAV (Wembley) GP3 Limited (08725127)** LDC (Ferry Lane 2) Management Limited Partnership (50.0%)** LSAV (Wembley) GP4 Limited (08725235)** LDC (Stratford) GP1 Limited (07547911) (50.0%)** LSAV Rent Collection Limited (08496230)** LDC (Stratford) GP2 Limited (07547994) (50.0%)** Stardesert Limited (04437102) LDC (Stratford) Limited Partnership (50.0%)** The Unite Foundation LDC Capital Cities Two (GP) Limited (08790742) (50.0%) Unite Accommodation Management Limited (06190905)** LSAV (Angel Lane) GP1 Limited (08593689) (50.0%)** Unite Accommodation Management 2 Limited (05193166) LSAV (Angel Lane) GP2 Limited (08593692) (50.0%)** Unite Accommodation Management 6 Limited (05077346)** LSAV (Angel Lane) Limited Partnership (50.0%)** Unite Accommodation Management 9 Limited (06190863)** LSAV (Angel Lane) Management Limited Partnership (50.0%)** Unite Accommodation Management 16 Limited (07061314)** LSAV (Aston Student Village) GP1 Limited (10498478) (50.0%) Unite Accommodation Management 18 Limited (08328484) LSAV (Aston Student Village) GP2 Limited (10498481) (50.0%) Unite Accommodation Management 19 Limited (08790504) (50.0%) LSAV (Aston Student Village) Limited Partnership (50.0%) Unite Accommodation Management 20 Limited (08790642) LSAV (Aston Student Village) Management Limited Partnership (50.0%) Unite Accommodation Management One Hundred Limited (07989080)** LSAV (Stapleton) GP1 Limited (08593695) (50.0%)** Unite Construction (Angel Lane) Limited (08792704) LSAV (Stapleton) GP2 Limited (08593699) (50.0%)** Unite Construction (Stapleton) Limited (09023406) LSAV (Stapleton) Limited Partnership (50.0%)** Unite Construction (Wembley) Limited (09023474) LSAV (Stapleton) Management Limited Partnership (50.0%)** Unite Finance Limited (04353305)*/** LSAV (Stratford) Management Limited Partnership (50.0%)** LSAV (Wembley) GP1 Limited (08635735) (50.0%)** USAF GP No 6 Limited (05897755) (20.2%) LSAV (Wembley) GP2 Limited (08636051) (50.0%)** USAF GP No 8 Limited (06381914) (20.2%) LSAV (Wembley) Limited Partnership (50.0%)** USAF GP No 10 Limited (06714734) (20.2%) LSAV (Wembley) Management Limited Partnership (50.0%)** USAF GP No 11 Limited (07075210) (20.2%) UNITE Capital Cities Holdings Limited (08801242) (50.0%) USAF GP No 12 Limited (07368735) (20.2%) Unite Capital Cities Limited Partnership (50.0%) USAF GP No 14 Limited (09089977) (20.2%) Unite Capital Cities Two Limited Partnership (50.0%) USAF GP No 15 Limited (09585201) (20.2%) USAF Management 16 Limited (07735741) (28.1%)** USAF GP No.15A Limited (12644211) (28.1%) USAF Management 17 Limited (05591986) (28.1%)** USAF GP No.16A Limited (12644210) (28.1%) USAF Management No. 14 Limited Partnership (28.1%) USAF GP No.17A Limited (12644208) (28.1%) USAF Management No. 15 Limited Partnership (28.1%) USAF GP No 18 Limited (10219336) (20.2%) USAF Management No. 16 Limited Partnership (28.1%) USAF Holdings B Limited (06324325) (20.2%) USAF Management No. 17 Limited Partnership (28.1%) USAF Holdings C Limited (06381882) (20.2%) USAF No.1 Limited Partnership (28.1%) USAF Holdings H Limited (09089805) (20.2%) USAF No.6 Limited Partnership (28.1%) USAF Holdings I Limited (09581882) (20.2%) USAF No.8 Limited Partnership (28.1%) USAF Holdings J Limited (10215997) (20.2%) USAF No.10 Limited Partnership (28.1%) USAF Holdings Limited (05870107) (20.2%) USAF No.11 Limited Partnership (28.1%) USAF Nominee No.1 Limited (05855598) (20.2%) USAF No.12 Limited Partnership (28.1%) USAF Nominee No.1A Limited (05835512) (20.2%) USAF No.14 Limited Partnership (28.1%) USAF Nominee No.6 Limited (05855599) (20.2%) USAF No.15 Limited Partnership (28.1%) USAF Nominee No.6A Limited (05885802) (20.2%) USAF No.15A Limited Partnership (28.1%) USAF Nominee No.8 Limited (06381861) (20.2%) * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. NOTES TO THE FINANCIAL STATEMENTS continued Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL
USAF No.16A Limited Partnership (28.1%) USAF Nominee No.17 Limited (12644192) (20.2%)
USAF No.17A Limited Partnership (28.1%) USAF Nominee No.17A Limited (12644187) (20.2%)
USAF No.18 Limited Partnership (28.1%) USAF Nominee No.18 Limited (10218595) (20.2%)
USAF No.11 Management Limited Partnership (28.1%) USAF Nominee No.18A Limited (10219339) (20.2%)
Filbert Village Student Accommodation Limited Partnership (28.1%) USAF RCC Limited (05983554) (20.2%)
LDC (Nairn Street) Limited Partnership (28.1%) LSAV (No.1) Limited Partnership (50.0%)**
LDC (Nairn Street) Management Limited Partnership (28.1%) LSAV (No.1) GP1 Limited (013184531) (50.0%)**
Filbert Village GP Limited (06016554) (20.2%) LSAV (No.1) Nominee 1 Limited (013184589) (50.0%)**
LDC (Nairn Street) GP1 Limited (07580262) (20.2%) LSAV (No.1) Management Limited Partnership (50.0%)**
LDC (Nairn Street) GP2 Limited (07580257) (20.2%) LSAV (No.1) GP3 Limited (013184662)**
USAF Finance II Limited (08526474) (20.2%) LSAV (No.1) Nominee 3 Limited (013184656)**
USAF GP No 1 Limited (05897875) (20.2%) LSAV (Arch View) Limited Partnership (50.0%)**
USAF Nominee No.8A Limited (06381869) (20.2%) LSAV (Arch View) GP1 Limited (013210709) (50.0%)**
USAF Nominee No.10 Limited (06714690) (20.2%) LSAV (Arch View) Nominee 1 Limited (013210518) (50.0%)**
USAF Nominee No.10A Limited (06714615) (20.2%) LSAV (Arch View) Management Limited Partnership (50.0%)**
USAF Nominee No.11 Limited (07075251) (20.2%) LSAV (Arch View) GP3 Limited (013210526)**
USAF Nominee No.11A Limited(07075213) (20.2%) LSAV (Arch View) Nominee 3 Limited (013210553)**
USAF Nominee No.12 Limited (07368733) (20.2%) LSAV (Drapery Plaza) Limited Partnership (50.0%)**
USAF Nominee No.12A Limited (07368755) (20.2%) LSAV (Drapery Plaza) GP1 Limited (013209904) (50.0%)**
USAF Nominee No.14 Limited (09231609) (20.2%) LSAV (Drapery Plaza) Nominee 1 Limited (013209904) (50.0%)**
USAF Nominee No.14A Limited (09231604) (20.2%) LSAV (Drapery Plaza) Management Limited Partnership (50.0%)**
USAF Nominee No.15 Limited (12644205) (20.2%) LSAV (Drapery Plaza) GP3 Limited (013210206)**
USAF Nominee No.15A Limited (12644204) (20.2%) LSAV (Drapery Plaza) Nominee 3 Limited (013209979)**
USAF Nominee No.16 Limited (12644201) (20.2%) LSAV Management Holdings Limited (013305327)**
USAF Nominee No.16A Limited (12644197) (20.2%) USAF Management GP No.18 Limited
LDC (180 Stratford) Limited** LSAV Facility 1 Holdings Limited (50.0%)**
LSAV Facility 1 Management Holdings Limited** Unite Capital Cities 3 GP1 Limited (50.0%)**
Unite Capital Cities 3 Limited Partnership (50.0%)** Unite Capital Cities 3 Management Limited (50.0%)**
Unite Capital Cities 3 Nominee 1 Limited (50.0%)**
* Held directly by the Company.
** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of
s479A for the financial year ended 31 December 2022.
Section 9: Company subsidiaries and joint ventures continued Registered office and principal place of business: 13 Castle Street, St Helier, Jersey, JE4 5UT LDC (Gt Suffolk St) Unit Trust LSAV (Aston Student Village) Unit Trust (50.0%) LDC (St Pancras Way) Unit Trust LSAV (Holdings) Limited (50.0%) LDC (Thurso Street) Unit Trust LSAV (Trustee) Limited (50.0%) LSAV (Jersey Manager) Limited LSAV Unit Trust (50.0%) Unite (Capital Cities) Jersey Limited Unite Capital Cities Unit Trust (50.0%) USAF Jersey Investments Limited USAF Portfolio 18 Unit Trust (28.1%) USAF Jersey Manager Limited LDC (Nairn Street) Unit Trust (28.1%) LDC (Ferry Lane 2) Unit Trust (50.0%) Unite UK Student Accommodation Fund (20.2%) LDC (Stratford) Unit Trust (50.0%) LSAV (Arch View) Unit Trust (50.0%) LSAV (Drapery Plaza) Unit Trust (50.0%) Registered office and principal place of business: Third Floor, La Plaiderie Chambers, St Peter Port, Guernsey, GY1 1WG USAF Feeder Guernsey Limited (45.5%) USAF Portfolio 16 Unit Trust (28.1%) USAF Portfolio 15 Unit Trust (28.1%) USAF Portfolio 17 Unit Trust (28.1%) Registered office and principal place of business: Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2 EN LSAV (GP) Limited (SC431844) (50.0%) LSAV (Property Holdings) Limited Partnership (50.0%) Registered office and principal place of business: Trident Chambers, Wickhams Cay, P.O. Box 146, Road Town, Tortola, British Virgin Islands Liberty Park (Bedford) Limited Liberty Plaza (Newcastle) Limited Registered office and principal place of business: Third Floor, Barclays House, Victoria Street, Douglas, Isle of Man, IM1 2LE Filbert Street Student Accommodation Unit Trust (28.1%) Registered office and principal place of business: Room 507, Floor 5, Block 1, Building No. 10, Jintong Road West, Chaoyang District, Beijing, People\u2019s Republic of China Unite Students Accommodation (Beijing) Business Service Company Limited NOTES TO THE FINANCIAL STATEMENTS continued",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-405": {
"value": "Basis of consolidation The financial statements consolidate those of Unite Group PLC (the \u201cCompany\u201d) and its subsidiaries (together referred to as the \u201cGroup\u201d) and include the Group\u2019s interests in jointly controlled entities. The parent company financial statements present information about the Company as a separate entity and not as a group. Subsidiaries are those entities controlled by the Company. Control exists when the Company has an existing right that gives it the current ability to direct the relevant activities of the subsidiary, has exposure or right to variable returns from its involvement in the subsidiary and has the ability to use its power to affect its returns. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances and transactions, and any unrealised gains and losses arising from intra-group transactions, such as property disposals and management fees, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with joint ventures are eliminated to the extent of the Group\u2019s retained interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains except where the loss provides evidence of a reduction in the net realisable value of current assets or an impairment in the value of non-current assets. Non-controlling interests are shown as a line item within equity and comprise the non-controlling interests in subsidiaries which are not directly or indirectly attributable to the Group. Non-controlling interests are assigned to one subsidiary as at both 31 December 2022 and 2021 (see note 3.4). The parent company financial statements have been prepared in accordance with Financial Reporting Standard 101 \u2013 Reduced disclosure framework (FRS 101), and the Group financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the United Kingdom (Adopted IFRS), in conformity with the Companies Act 2006, and approved by the Directors. On publishing the parent company financial statements here together with the Group financial statements, the Company is taking advantage of the exemption in s408 of the Companies Act 2006 not to present its individual income statement and related notes. The Company is also taking advantage of the FRS 101 disclosure exemptions from requirements of IFRS 7, IFRS 13 and IAS 1 including presenting a Company statement of cash flows. The accounting policies have been applied consistently to all periods presented in these consolidated financial statements. The Company is a public company limited by shares and is registered in England, United Kingdom, where it is also domiciled. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": "public company limited",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-4": {
"value": "England",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "Measurement convention The financial statements are prepared on the historical cost basis except for investment property (owned), investment property (leased), investment property (under development), investments in subsidiaries and interest rate swaps all of which are stated at their fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "Going concern In determining the appropriate basis of preparation of the financial statements, the Directors are required to consider whether the Group can continue in operational existence for the foreseeable future. The Directors have considered a range of scenarios for future performance through the 2022/23 and 2023/24 academic years. The impact of our ESG asset transition plans are included within the cash flows which have been modelled. The assessment includes a base case assuming cash collection and performance for the 2022/23 academic year remains in line with current expectations and sales performance for the 2023/24 academic year consistent with published guidance; and a reasonable worst case scenario where income for the 2023/24 academic year is impacted by reduced sales, equivalent to occupancy of around 90%. Under each of these scenarios, the Directors are satisfied that the Group has sufficient liquidity and will maintain covenant compliance over the next 12 months. To further support the Directors\u2019 going concern assessment, a \u201cReverse Stress Test\u201d was performed to determine the level of performance at which adopting the going concern basis of preparation may not be appropriate. This involved assessing the minimum amount of income required to ensure financial covenants would not be breached. Within the tightest covenant, occupancy could fall to approximately 70% before there would be a breach. The Group has capacity for property valuations to fall by 35% before there would be a breach of the tightest LTV and gearing covenants. Were income or asset values to fall beyond these levels, the Group has certain cure rights, such that an immediate default could be avoided. The Directors are satisfied that the possibility of such an outcome is sufficiently remote that adopting the going concern basis of preparation is appropriate. Accordingly, after making enquiries and having considered forecasts and appropriate sensitivities, the Directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "Standards and interpretations effective in the current period During the year the following new and revised standards and interpretations have been adopted and have not had a material impact on the amounts reported in these financial statements: \u2022 IAS 16 Property, plant and equipment \u2013 proceeds before intended use \u2022 IAS 37 (amendments) Onerous contracts \u2013 Cost of fulfilling a contract \u2022 IFRS 3 (amendments) Business Combinations \u2013 Reference to the Conceptual Framework Impact of accounting standards and interpretations in issue but not yet effective At the date of approval of these financial statements there are a number of new standards and amendments to existing standards in issue but not yet effective. The Group has not early adopted the new or amended standards in preparing these consolidated financial statements. The following new or amended standards and interpretations are not expected to have a significant impact on the Group\u2019s consolidated financial statements: \u2022 IFRS 16 (amendments) Covid-19 related rent concessions beyond 30 June 2021 \u2022 IFRS 16 (amendments) Lease liability in a sale and leaseback \u2022 IFRS 17 Insurance contracts \u2022 IAS 8 Definition of accounting estimates \u2022 IAS 12 Deferred tax related to assets and liabilities arising from a single transaction \u2022 IFRS 4 Applying IFRS 9 Financial instruments with IFRS 4 Insurance contracts \u2013 Extension of the temporary exemption from applying IFRS 9 \u2022 IAS 1 (amendments) Classification of liabilities as current or non-current \u2022 IAS 1 (amendments) Non-current liabilities with Covenants \u2022 IAS 1 (amendments) and IFRS Practice Statement 2 Disclosure of accounting policies \u2022 IFRS Standards (annual improvements) The impact of all other IFRS Standards not yet adopted is not expected to be material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "Critical accounting estimates and judgements The Group\u2019s significant accounting polices are stated in the relevant notes to the Group financial statements. The preparation of financial statements requires management to exercise judgement in applying the Group\u2019s accounting policies. It also requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses. Critical accounting judgements The areas which involve a high degree of judgement or complexity in applying the accounting policies of the Group are explained in more detail in the accounting policy descriptions in the related notes to the financial statements. The areas where accounting judgements have the most significant impact on the financial statements of the Group are as follows: \u2022 classification of joint venture vehicles (note 3.4) Key sources of estimation uncertainty The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis with revisions recognised in the period in which the estimates are revised and in any future periods affected. The areas involving the most sensitive estimates and assumptions that are significant to the financial statements are set out below and in more detail in the related notes: \u2022 valuation of investment property and investment property under development (note 3.1) \u2022 valuation of provisions for cladding remediation (note 5.5) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "2.1 Segmental information The Board of Directors monitors the business along two activity lines, Operations and Property. The reportable segments for the years ended 31 December 2022 and 31 December 2021 are Operations and Property. The Group undertakes its Operations and Property activities directly and through joint ventures with third parties. The joint ventures are an integral part of each segment and are included in the information used by the Board to monitor the business. Detailed analysis of the performance of each of these reportable segments is provided in the following sections 2.2 to 2.3. The Group\u2019s properties are located exclusively in the United Kingdom. The Group therefore has one geographical segment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "2.2 Earnings EPRA earnings and adjusted earnings amends IFRS measures by removing principally the unrealised investment property valuation gains and losses such that users of the financials are able to see the extent to which dividend payments (dividend per share) are underpinned by earnings arising from purely operational activity. In 2022, in consideration of EPRA\u2019s focus on presenting clear comparability in results from recurring operational activities, EPRA earnings excludes abortive costs. In 2021, EPRA earnings was adjusted to remove the impact of the LSAV performance fee. Given the quantum of the LSAV performance fee, it was excluded from adjusted earnings to improve the comparability of results year-on-year. The reconciliation between profit attributable to owners of the parent company and EPRA earnings is available in note 2.2b. The Operations segment manages rental properties, owned directly by the Group or by joint ventures. Its revenues are derived from rental income and asset management fees earned from joint ventures. The way in which the Operations segment adds value to the business is set out in the Operations review on pages 32\u201334. The Operations segment is the main contributor to adjusted earnings and adjusted EPS and these are therefore the key indicators which are used by the Board to monitor the Operations business. The Board does not manage or monitor the Operations segment through the balance sheet and therefore no segmental information for assets and liabilities is provided for the Operations segment. 2.2a) EPRA earnings 2022 Unite \u00a3m Share of joint ventures Group on EPRA basis Total \u00a3m USAF \u00a3m LSAV \u00a3m Rental income 241.7 48.8 49.2 339.7 Property operating expenses (72.0) (15.9) (10.8) (98.7) Net operating income 169.7 32.9 38.4 241.0 Management fees 21.4 (4.0) \u2013 17.4 Overheads (26.4) (0.7) (0.6) (27.7) Interest on lease liabilities (8.1) \u2013 \u2013 (8.1) Net financing costs (33.4) (7.7) (13.8) (54.9) Operations segment result 123.2 20.5 24.0 167.7 Property segment result (1.2) \u2013 \u2013 (1.2) Unallocated to segments (4.3) (0.2) (0.1) (4.6) EPRA earnings 117.7 20.3 23.9 161.9 Abortive costs 1.5 \u2013 \u2013 1.5 Adjusted earnings 119.2 20.3 23.9 163.4 Included in the above is rental income of \u00a318.1 million and property operating expenses of (\u00a39.7 million) relating to sale and leaseback properties. Included in the above is rental income of \u00a30.7 million and property operating expenses of (\u00a30.2 million), relating to a build-to-rent property. The unallocated to segments balance includes abortive costs of (\u00a31.5 million), the fair value of share-based payments of (\u00a31.6 million), contributions to the Unite Foundation of (\u00a30.6 million), deferred tax charge of (\u00a30.2 million) and current tax charge of (\u00a30.7 million). Depreciation and amortisation totalling (\u00a37.8 million) is included within overheads. 2021 Unite \u00a3m Share of joint ventures Group on EPRA basis Total \u00a3m USAF \u00a3m LSAV \u00a3m Rental income 209.0 37.6 36.1 282.7 Property operating expenses (67.7 ) (13.0) (10.2) (90.9) Net operating income 141.3 24.6 25.9 191.8 Management fees 19.1 (3.2) \u2013 15.9 Overheads (30.7) (0.3) (0.5) (31.5) Interest on lease liabilities (8.5) \u2013 \u2013 (8.5) Net financing costs (38.5) (6.7) (9.6) (54.8) Operations segment result 82.7 14.4 15.8 112.9 Property segment result (2.2) \u2013 \u2013 (2.2) Unallocated to segments 83.9 (0.2) (42.4) 41.3 EPRA earnings 164.4 14.2 (26.6) 152.0 LSAV performance fee (84.1) \u2013 42.2 (41.9) Adjusted earnings 80.3 14.2 15.6 110.1 Included in the above is rental income of \u00a316.3 million and property operating expenses of (\u00a38.3 million) relating to sale and leaseback properties. The unallocated to segments balance includes the fair value of share-based payments of (\u00a32.4 million), contributions to the Unite Foundation of (\u00a31.0 million), LSAV performance fee of \u00a341.9 million, deferred tax credit of \u00a30.8 million and current tax credit of \u00a32.0 million. Depreciation and amortisation totalling (\u00a37.8 million) is included within overheads. 2.2 Earnings continued 2.2b) IFRS reconciliation to EPRA earnings and adjusted earnings EPRA earnings excludes movements relating to changes in values of investment properties (owned, leased and under development), profits/losses from the disposal of properties and swap/debt break costs which are included in the profit reported under IFRS. EPRA earnings and adjusted earnings reconcile to the profit attributable to owners of the parent company as follows: Note 2022 \u00a3m 2021 \u00a3m Profit attributable to owners of the parent company 355.1 342.4 Net valuation (gains)/losses on investment property (owned) 3.1 (112.7) (116.9) Property disposals (owned) 15.6 12.0 Net valuation losses on investment property (leased) 3.1 9.3 11.1 Amortisation of fair value of debt recognised on acquisition (4.3) (4.3) Share of joint venture (gains)/losses on investment property 3.4b (32.3) (88.7) Share of joint venture property disposals 3.4b 0.9 0.3 Swap cancellation fair value settlements and loan break costs 4.3 \u2013 4.2 Mark to market changes on interest rate swaps 4.3 (70.7) (10.9) Current tax relating to property disposals (0.2) 1.1 Deferred tax 2.5d 0.7 0.3 Non-controlling interest share of reconciling items* 0.5 1.4 EPRA earnings 2.2a 161.9 152.0 Net LSAV performance fee 2.4 \u2013 (41.9) Abortive costs 1.5 \u2013 Adjusted earnings 2.2a 163.4 110.1 * The non-controlling interest, arises as a result of the Company not owning 100% of the share capital of one of its subsidiaries, USAF (Feeder) Guernsey Limited. More detail is provided in note 3.4. 2.2c) Earnings per share Basic EPS calculation is based on the earnings attributable to the equity shareholders of The Unite Group PLC and the weighted average number of shares which have been in issue during the year. Basic EPS is adjusted in line with EPRA guidelines in order to allow users to compare the business performance of the Group with other listed real estate companies in a consistent manner and to reflect how the business is managed on a day-to-day basis. The calculations of basic and EPRA EPS and adjusted EPS for the year ended 31 December 2022 and 2021 are as follows: Note 2022 \u00a3m 2021 \u00a3m 2022 pps 2021 pps Earnings Basic 355.1 342.4 88.9p 85.9p Diluted 355.1 342.4 88.7p 85.7p EPRA 2.2b 161.9 152.0 40.5p 38.1p Diluted EPRA 40.5p 38.0p Adjusted 2.2b 163.4 110.1 40.9p 27.6p Diluted adjusted 40.8p 27.6p 2022 2021 Weighted average number of shares (thousands) Basic 399,581 398,742 Dilutive potential ordinary shares (share options) 584 829 Diluted 400,165 399,571 Movements in the weighted average number of shares have resulted from the issue of shares arising from the employee share-based payment schemes and the scrip dividend. In 2022, there were 19,015 options excluded from the potential dilutive shares that did not affect the diluted weighted average number of shares (2021: none). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "2.3 Net assets 2.3a) EPRA NTA EPRA NTA makes adjustments to IFRS measures by removing the fair value of financial instruments and the carrying value of intangibles. The reconciliation between IFRS NAV and EPRA NTA is available in note 2.3c. The Group\u2019s Property business undertakes the acquisition and development of properties. The way in which the Property segment adds value to the business is set out in the Property review on pages 35\u201339. 2022 Unite \u00a3m Share of JVs Group on EPRA basis \u00a3m USAF \u00a3m LSAV \u00a3m Investment property (owned) 3,623.4 813.0 960.4 5,396.8 Investment property (leased) 90.3 \u2013 \u2013 90.3 Investment property (under development) 202.7 \u2013 \u2013 202.7 Total property portfolio 3,916.4 813.0 960.4 5,689.8 Debt on properties (1,247.8) (239.8) (385.2) (1,872.8) Lease liabilities (90.4) \u2013 \u2013 (90.4) Cash 38.0 35.6 65.6 139.2 Net debt (1,300.2) (204.2) (319.6) (1,824.0) Other assets and (liabilities) (78.3) (33.6) (20.4) (132.3) Intangibles per IFRS balance sheet (18.3) \u2013 \u2013 (18.3) EPR A NTA 2,519.6 575.2 620.4 3,715.2 Loan to value* 32% 25% 33% 31% Loan to value post IFRS 16 33% 25% 33% 32% * LTV calculated excluding investment properties (leased) and the corresponding lease liabilities. LTV is an APM \u2013 see section 8. 2021 Unite \u00a3m Share of JVs Group on EPRA basis \u00a3m USAF \u00a3m LSAV \u00a3m Investment property (owned)* 3,323.3 632.0 909.5 4,864.8 Investment property (leased) 97.7 \u2013 \u2013 97.7 Investment property (under development) 324.1 \u2013 \u2013 324.1 Total property portfolio 3,745.1 632.0 909.5 5,286.6 Debt on properties (1,139.7) (201.0) (336.6) (1,677. 3) Lease liabilities (93.8) \u2013 \u2013 (93.8) Cash 109.4 23.4 22.7 155.5 Net debt (1,124.1) (177.6) (313.9) (1,615.6) Other assets and (liabilities) (90.5) (23.2) (9.0) (122.8) Intangibles per IFRS balance sheet (16.1) \u2013 \u2013 (16.1) EPR A NTA 2,514.4 431.2 586.6 3,532.2 Loan to value** 28% 28% 35% 29% Loan to value post IFRS 16 30% 28% 35% 31% * Investment property (owned) includes assets classified as held for sale in the IFRS balance sheet. ** LTV calculated excluding investment properties (leased) and the corresponding lease liabilities. LTV is an APM \u2013 see section 8. 2.3 Net assets continued 2.3b) Movement in EPRA NTA during the year Contributions to EPRA NTA by each segment during the year is as follows: 2022 Note Unite \u00a3m Share of JVs Group on EPRA basis Total \u00a3m USAF \u00a3m LSAV \u00a3m Operations Operations segment result 2.2a 123.2 20.5 24.0 167.7 Add back amortisation of intangibles 3.3b 5.9 \u2013 \u2013 5.9 Total Operations 129.1 20.5 24.0 173.6 Property Rental growth 117.1 0.5 32.6 150.2 Yield movement (11.0) 2.2 (3.0) (11.8) Disposal losses (owned) (15.6) (0.9) \u2013 (16.5) Investment property gains (owned)* 90.5 1.8 29.6 121.9 Investment property losses (leased) 3.1 (9.3) \u2013 \u2013 (9.3) Investment property gains (under development) 3.1 6.6 \u2013 \u2013 6.6 Pre-contract/other development costs 2.2a (1.2) \u2013 \u2013 (1.2) Total Property 86.6 1.8 29.6 118.0 Unallocated Shares issued 1.1 \u2013 \u2013 1.1 Investment in joint ventures (102.4) 122.0 (19.6) \u2013 Dividends paid (96.4) \u2013 \u2013 (96.4) Abortive costs (1.5) \u2013 \u2013 (1.5) Acquisition of intangibles 3.3b (8.0) \u2013 \u2013 (8.0) Other (3.3) (0.3) (0.2) (3.8) Total Unallocated (210.5) 121.7 (19.8) (108.6) Total EPRA NTA movement in the year 5.2 144.0 33.8 183.0 Total EPRA NTA brought forward 2,514.4 431.2 586.6 3,532.2 Total EPRA NTA carried forward 2,519.6 575.2 620.4 3,715.2 The \u00a33.3 million other balance within the unallocated segment includes the purchase of own shares of (\u00a31.7 million), contributions to the Unite Foundation of (\u00a30.6 million) and tax charges of (\u00a30.9 million). 2021 Note Unite \u00a3m Share of JVs Group on EPRA basis Total \u00a3m USAF \u00a3m LSAV \u00a3m Operations Operations segment result 2.2a 82.7 14.4 15.8 112.9 Add back amortisation of intangibles 3.3b 6.1 \u2013 \u2013 6.1 Total Operations 88.8 14.4 15.8 119.0 Property Rental growth 17.4 4.5 25.8 47.7 Yield movement 49.2 12.7 44.6 106.5 Disposal losses (owned) (12.0) (0.3) \u2013 (12.3) Investment property gains (owned)* 54.6 16.9 70.4 141.9 Investment property losses (leased) 3.1 (11.1) \u2013 \u2013 (11.1) Investment property gains (under development) 3.1 50.3 \u2013 \u2013 50.3 Pre-contract/other development costs 2.2a (2.2) \u2013 \u2013 (2.2) Total Property 91.6 16.9 70.4 178.9 Unallocated Shares issued 1.2 \u2013 \u2013 1.2 Investment in joint ventures (118 .6) (17.7 ) 136.3 \u2013 Dividends paid (67.8) \u2013 \u2013 (67.8) LSAV performance fee 84.1 \u2013 (42.2) 41.9 Swap cancellation FV settlements and debt break costs 4.3 (4.2) \u2013 \u2013 (4.2) Acquisition of intangibles 3.3b (3.3) \u2013 \u2013 (3.3) Other 0.7 (0.2) (0.2) 0.3 Total Unallocated (107.9) (17.9) 93.9 (31.9) Total EPRA NTA movement in the year 72.5 13.4 180.1 266.0 Total EPRA NTA brought forward 2,441.9 417. 8 406.5 3,266.2 Total EPRA NTA carried forward 2,514.4 431.2 586.6 3,532.2 * Investment property gains (owned) includes gains on assets classified as held for sale in the IFRS balance sheet. The \u00a30.3 million other balance within the unallocated segment includes a tax credit of \u00a32.8 million, the purchase of own shares of (\u00a31.3 million) and contributions to the Unite Foundation of (\u00a31.0 million). 2.3 Net assets continued 2.3c) Reconciliation to IFRS To determine EPRA NTA, net assets reported under IFRS are amended to exclude the fair value of financial instruments, associated tax and the carrying value of intangibles. To determine EPRA NRV, net assets reported under IFRS are amended to exclude the fair value of financial instruments, associated tax and real estate transfer tax. To determine EPRA NDV, net assets reported under IFRS are amended to exclude the fair value of financial instruments, but include the fair value of fixed interest rate debt and the carrying value of intangibles. The net assets reported under IFRS reconcile to EPRA NTA, NRV and NDV as follows: 2022 NTA \u00a3m NRV \u00a3m NDV \u00a3m Net assets reported under IFRS 3,792.1 3,792.1 3,792 .1 Mark to market interest rate swaps (77.4) ( 77.4) \u2013 Unamortised swap gain (1.4) (1.4) (1.4) Mark to market of fixed rate debt \u2013 \u2013 154.7 Unamortised fair value of debt recognised on acquisition 19.5 19.5 19.5 Current tax 0.7 0.7 \u2013 Intangibles per IFRS balance sheet (18.3) \u2013 \u2013 Real estate transfer tax \u2013 300.7 \u2013 EPRA reporting measure 3,715.2 4,034.2 3,964.9 2021 NTA \u00a3m NRV \u00a3m NDV \u00a3m Net assets reported under IFRS 3,527.8 3,527.8 3,527.8 Mark to market interest rate swaps (2.4) (2.4) \u2013 Unamortised swap gain (1.5) (1.5) (1.5) Mark to market of fixed rate debt \u2013 \u2013 (50.4) Unamortised fair value of debt recognised on acquisition 23.7 23.7 23.8 Current tax 0.7 0.7 \u2013 Intangibles per IFRS balance sheet (16.1) \u2013 \u2013 Real estate transfer tax \u2013 277.5 \u2013 EPRA reporting measure 3,532.2 3,825.8 3,499.7 2.3d) NTA, NRV and NDV per share Basic NAV is based on the net assets attributable to the equity shareholders of Unite Group PLC and the number of shares in issue at the end of the year. The Board uses EPRA NTA to monitor the performance of the Property segment on a day- to-day basis. Note 2022 \u00a3m 2021 \u00a3m 2022 pps 2021 pps Net assets Basic 3,792 .1 3,527.8 945p 880p EPRA NTA 2.3a 3,715.2 3,532.2 928p 885p EPRA NTA (diluted) 2.3a 3,718.3 3,536.1 927p 882p EPRA NRV 2.3c 4,034.2 3,825.9 1,008p 959p EPRA NRV (diluted) 4,037. 3 3,829.7 1,006p 955p EPRA NDV 2.3c 3,964.9 3,499.7 991p 877p EPRA NDV (diluted) 3,968.0 3,503.6 989p 874p Number of shares (thousands) 2022 2021 Basic 400,292 399,140 Outstanding share options 895 1,687 Diluted 401,187 400,827 ",
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},
"fact-404": {
"value": "Accounting policies The Group recognises revenue from the following major sources: \u2022 Rental income \u2022 Management and performance fees \u2022 Acquisition fees Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of its service to a customer. Rental income Rental income comprises direct-lets to students and leases to universities and commercial tenants. This revenue is recognised in the income statement over the length of the tenancy period as the Group provides the services to its customers. Included in the rental contract is the use of broadband facilities and room cleaning services. The Group does not offer these services as stand-alone products. Under IFRS 15 the Group does not consider these services to be individually material and has, consequently, bundled these obligations as a single contract. The transaction prices for rental income are explicitly stated in each contract. A contract liability can result from payments received in advance, until the date at which control is transferred to the customer and at that point the revenue begins to be recognised over the tenancy period. Lease incentives are sometimes recognised on commercial units; these are recognised as an integral part of the total rental income and spread over the term of the lease. Rental income is derived from contracts which are less than 12 months in length and the Group accordingly recognises this income in the Income Statement on a straight line basis in accordance with IFRS 16. Management and performance fees The Group acts as asset and property manager for USAF and LSAV and receives management fees in relation to these services. Revenue from these fees is recognised on a straight line basis over time as the joint ventures simultaneously receive and consume benefits as the Group performs its management obligations which are determined by the services provided over the course of each academic year, and this reflects the profile of activities being performed. Detailed calculations in order to determine the transaction prices for these revenue streams are held within the joint venture agreements. Management and performance fees continued The Group is entitled to a USAF performance fee if the joint venture outperforms certain benchmarks. The Group recognises a USAF performance fee at a point in time in the year to which the fee relates. The Group initially assesses the probability of a fee being earned and its transaction price at half year and adjusts for any potential risks to receiving this income at year-end, when the achieved outturn is known. The USAF performance fee is settled within 12 months of the year to which the fee relates and the Group receives an enhanced equity interest in USAF as consideration for the performance fee. The Group is entitled to an LSAV performance fee if the joint venture outperforms certain benchmarks over its life ending in 2032. The Group recognises an LSAV performance fee at an amount which is considered \u201chighly probable\u201d to become due based upon estimates of the future performance of the joint venture; such estimates include future rental income and the discount rate (yield). Prior to the maturity of the joint venture, the Group pro-rates the total LSAV performance fee over the life of the joint venture and recognises a cumulative catch-up to the currently completed term where sufficient certainty over outperformance of the benchmark is determined to exist. As per IFRS 15, the estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of revenue recognised will not occur when the uncertainty associated with the variable consideration is resolved. The performance fee is variable and dependent on meeting specific performance targets. Accordingly where there is too much uncertainty over the cumulative outperformance of the benchmarks, particularly in earlier periods of the performance fee period, which cover each 10 year term of the venture, then no amounts of performance fee can be recognised as it is not highly probable that the performance fee will be earned. Management and performance fees are presented in revenue net of the Group\u2019s share of the corresponding expense within the relevant fund. At 31 December 2022, no amounts are deemed to meet the highly probable criteria and therefore we have not disclosed any future fees receivable from these ongoing contracts. Acquisition fees The Group receives acquisition fees from its joint venture partners. This revenue is linked to the acquisition of land or property and is therefore recognised at the point in time that control of the asset is transferred to the joint venture. The transaction price for this revenue stream is stipulated in the joint venture agreement as a percentage of the value of the acquisition. No such land or property acquisitions have occurred in 2022 or 2021. Accounting policies The tax charge for the year is recognised in the income statement and the statement of comprehensive income, according to the accounting treatment of the related transaction. The tax charge comprises both current and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable in respect of previous years. The current tax charge is based on tax rates that are enacted or substantively enacted at the year-end. Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for taxation purposes. Temporary differences relating to investments in subsidiaries and joint ventures are not provided for to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. As a REIT, rental profits and gains on disposal of investment properties and property rich investments are exempt from corporation tax. As a result, no deferred tax provision has been recognised at the balance sheet date in respect of property assets or units in USAF and LSAV held by members of the REIT group. Accounting policies Investment property (owned) and investment property (under development) Investment property (owned) and investment property (under development) are held at fair value. The external valuation of property assets involves significant judgement and changes to the core assumptions: rental income, occupancy and property management costs, as well as estimated future costs, could have a significant impact on the carrying value of these assets. Further details of the valuation process are included below. Construction and borrowing costs are capitalised if they are directly attributable to the acquisition and construction of a property asset. Capitalisation of borrowing costs commences when the activities to prepare the asset are in progress and expenditures and borrowing costs are being incurred. Capitalisation of borrowing costs continues until the assets are substantially ready for their intended use but stops if development activities are suspended. If the resulting carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognised. The capitalisation rate is arrived at by reference to the actual rate payable on borrowings for development purposes or, with regard to that part of the development cost financed out of general borrowings, to the average rate. During the year the average capitalisation rate used was 3.1% (2021: 3.1%). The recognition of acquisitions of investment property and land occurs at the date when control passes to Unite. The recognition of disposals of investment property occurs on legal completion when control passes from Unite. In accordance with IFRS 15, gains/(losses) from the disposal of investment property are recognised at a point in time. Contingent consideration receivables are recognised on disposals where the amount of additional consideration is readily identifiable. It is recognised at the constrained value determined by the amount that is highly probable to be receivable at the time of the disposal, and any subsequent change in value is recognised in profit or loss in the later period. Investment property (leased) The Group holds certain investment property under historic sale and leaseback arrangements, acting as an intermediate lessor and subleasing its right-of-use assets. For each leased property, the Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability (see note 4.6a) with respect to all lease arrangements in which it is the lessee. The right-of- use assets are initially measured at cost in accordance with IFRS 16 and subsequently at fair value in the balance sheet with changes in fair value taken to the income statement in accordance with IAS 40. Accounting policies Leased assets The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right of use asset and a corresponding lease liability (see note 4.6a) with respect to all lease arrangements in which it is the lessee. Right of use assets are initially measured at cost, which comprises a value set equal to the lease liability, adjusted for prepaid or accrued lease payments and lease incentives. They are subsequently measured at this initial value less accumulated depreciation and impairment losses. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Property, plant and equipment mainly comprise leasehold improvements at the Group\u2019s head office and London office as well as computer hardware at these sites. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives. Freehold land is not depreciated. The estimated useful lives are as follows: \u2022 Right of use assets Shorter of lease and economic life \u2022 Property, plant and equipment 4\u20137 years Intangible assets Intangible assets predominantly comprise computer software which allows customers to book online and processes transactions within the sales cycle. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. The assets are amortised on a straight-line basis over four to seven years, being the estimated useful lives of the intangible assets, from the date they are available for use. Amortisation is charged to the income statement within operating expenses. Accounting policies Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. The consolidated financial statements include joint ventures initially at cost subsequently, increased or decreased by the Group\u2019s share of total gains and losses of joint ventures on an equity basis. Interest free joint venture investment loans are initially recorded at fair value \u2013 the difference between the nominal amount and fair value being treated as an investment in the joint venture. The implied discount is amortised over the contracted life of the investment loan. The Directors consider that the agreements integral to its joint ventures result in the Group having joint control over the key matters required to operate the joint ventures. A significant degree of judgement is exercised in this assessment due to the complexity of the contractual arrangements. USAF and LSAV are jointly owned entities that are accounted for as joint ventures. Due to the complexity of the contractual arrangements and Unite\u2019s role as manager of the joint venture vehicles, the assessment of joint control involves judgements around a number of significant factors. These factors include how Unite as fund manager has the ability to direct relevant activities such as acquisitions, disposals, capital expenditure for refurbishments and funding whether through debt or equity. This assessment for USAF is complex because of the number of unit holders and how their rights are represented through an Advisory Committee. For some of the activities it is not clear who has definitive control of the activities: in some scenarios the Group can control, in others the Advisory Committee. However, for the activities which are considered to have the greatest impact on the returns of USAF, acquisitions and equity financing, it has been determined that the Group and the Advisory Committee has joint control in directing these activities and that on balance, it is appropriate to account for USAF as a joint venture. The assessment for LSAV is more straightforward because the Group and GIC each own 50% of the joint venture and there is therefore much clearer evidence that control over the key activities is shared by the two parties. Accounting policies In the financial statements of the Company, investments in subsidiaries are held at fair value. Changes in fair value are recognised in profit or loss and presented in retained earnings in equity. Accounting policies Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value, less any attributable transaction costs, and subsequently at amortised cost. With the exception of investments in subsidiaries and derivative financial instruments, no other financial assets or liabilities have been classified as either fair value through profit or loss or fair value through other comprehensive income. The accounting policies applicable to specific financial assets and liabilities, and financing costs, are set out in the relevant notes. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables. The Accounting Policy is set out in full in note 5.2. Derivative financial instruments The Group enters into derivative financial instruments to manage its exposure to interest rate risk. Further details of derivative financial instruments, including the relevant accounting policies, are disclosed in notes 4.2 and 4.5. Accounting policies Interest bearing borrowings are recognised initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. Accounting policies Interest rate swaps are recognised initially and subsequently at fair value, with mark to market movements recognised in the income statement unless cash flow hedge accounting is applied. The Group designates certain interest rate derivatives as hedging instruments. The interest rate swap is designated as the hedging instrument in a hedge of the variability in cash flows attributable to the interest risk of borrowings. At inception the Group documents the relationship between the hedging instrument and the hedged item, along with the risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of changes in fair value of the interest rate swap is recognised in Other Comprehensive Income and presented under the heading of Hedging reserve in equity, limited to the cumulative change in fair value of the hedged item from inception of the hedge. Any ineffective portion of changes in the fair value of the interest rate swap is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. If the Group expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria. This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in the hedging reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the hedging reserve is reclassified immediately to profit or loss. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the current creditworthiness of the swap counterparties. Accounting policies Net financing costs comprise interest payable on borrowings and interest on lease liabilities, less interest receivable on funds invested (both calculated using the effective interest rate method) and gains and losses on hedging instruments that are recognised in the income statement. Accounting policies The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right of use asset (see note 3.1a) and a corresponding lease liability with respect to all lease arrangements in which it is the lessee. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the Group\u2019s incremental borrowing rate (since the rate implicit in the leases cannot be readily determined) of 4.17%. The lease liability is presented as a separate line in the consolidated balance sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability whenever: \u2022 The lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The Group did not make any such adjustments during the period presented. Accounting policies Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares, other than on a business combination, are shown as a deduction, net of tax, in equity from the proceeds. Share issue costs incurred directly in connection with a business combination are deducted from the proceeds of the issue. Accounting policies Dividends are recognised through equity on the earlier of their approval by the Company\u2019s shareholders or their payment. Accounting policies Cash and cash equivalents comprise cash balances and call deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Accounting policies On the basis that trade receivables meet the business model and cash flow characteristics tests, they are initially recognised at transaction price and then subsequently measured at amortised cost. The Group applies the IFRS 9 simplified model of recognising lifetime expected credit losses for all trade receivables as these items do not have a significant financing component. In measuring the expected credit losses, the trade receivables have been assessed on a collective basis as they possess shared credit risk characteristics. They have been grouped based on the days past due and also according to whether the tenant is a commercial organisation (including universities) or an individual student. The expected loss rates are based on the payment profile for sales by academic year as well as the corresponding historical credit losses during the period. The historical rates are adjusted to reflect any current and forward-looking macroeconomic factors affecting the customer\u2019s ability to settle the amount outstanding, however given the short period exposed to credit risk, the impact of macroeconomic factors has not been considered significant within the reporting period. Trade receivables are written off (i.e. derecognised) when there is no reasonable expectation of recovery. Failure to make payments within a reasonable period from the invoice date and failure to engage with the Group on alternative payment arrangements, amongst others are considered indicators of no reasonable expectation of recovery. Other financial asset balances are assessed for expected credit losses based on the underlying nature of the asset, including maturity and age of the asset such as whether a longer term asset or a short term working capital balance is subject to regular settlement arrangements, using the 12 month ECL model. No credit losses have been recognised in respect of these balances. Financial assets written off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss. The Company\u2019s impairment policies in relation to financial assets are consistent with those of the Group, with additional consideration given to loans to Group undertakings. In this respect, the Company recognises lifetime ECL when there has been a significant increase in credit risk (such as changes to credit ratings) since initial recognition. However, if the credit risk on the loans have not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. The Company expects that the loans to Group undertakings will be repaid in full at maturity or when called. If the Group undertakings were unable to repay loan balances, the Company expects that in such circumstances the counterparty would negotiate extended credit terms with the Company. As such, the expected credit loss is considered immaterial. No change in credit risk is deemed to have occurred since initial recognition and therefore a 12-month expected credit loss has been calculated based on the assessed probability of default. Accounting policies Trade payables are initially recognised at the value of the invoice received from a supplier (fair value) and subsequently at amortised cost. The carrying value of trade payables is considered approximate to fair value. Accounting policies Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation and are discounted to present value where the effect is material. Accounting policies The Group operates a defined contribution pension scheme. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. ",
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},
"fact-460": {
"value": "Accounting policies The Group recognises revenue from the following major sources: \u2022 Rental income \u2022 Management and performance fees \u2022 Acquisition fees Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of its service to a customer. Rental income Rental income comprises direct-lets to students and leases to universities and commercial tenants. This revenue is recognised in the income statement over the length of the tenancy period as the Group provides the services to its customers. Included in the rental contract is the use of broadband facilities and room cleaning services. The Group does not offer these services as stand-alone products. Under IFRS 15 the Group does not consider these services to be individually material and has, consequently, bundled these obligations as a single contract. The transaction prices for rental income are explicitly stated in each contract. A contract liability can result from payments received in advance, until the date at which control is transferred to the customer and at that point the revenue begins to be recognised over the tenancy period. Lease incentives are sometimes recognised on commercial units; these are recognised as an integral part of the total rental income and spread over the term of the lease. Rental income is derived from contracts which are less than 12 months in length and the Group accordingly recognises this income in the Income Statement on a straight line basis in accordance with IFRS 16. Management and performance fees The Group acts as asset and property manager for USAF and LSAV and receives management fees in relation to these services. Revenue from these fees is recognised on a straight line basis over time as the joint ventures simultaneously receive and consume benefits as the Group performs its management obligations which are determined by the services provided over the course of each academic year, and this reflects the profile of activities being performed. Detailed calculations in order to determine the transaction prices for these revenue streams are held within the joint venture agreements. Management and performance fees continued The Group is entitled to a USAF performance fee if the joint venture outperforms certain benchmarks. The Group recognises a USAF performance fee at a point in time in the year to which the fee relates. The Group initially assesses the probability of a fee being earned and its transaction price at half year and adjusts for any potential risks to receiving this income at year-end, when the achieved outturn is known. The USAF performance fee is settled within 12 months of the year to which the fee relates and the Group receives an enhanced equity interest in USAF as consideration for the performance fee. The Group is entitled to an LSAV performance fee if the joint venture outperforms certain benchmarks over its life ending in 2032. The Group recognises an LSAV performance fee at an amount which is considered \u201chighly probable\u201d to become due based upon estimates of the future performance of the joint venture; such estimates include future rental income and the discount rate (yield). Prior to the maturity of the joint venture, the Group pro-rates the total LSAV performance fee over the life of the joint venture and recognises a cumulative catch-up to the currently completed term where sufficient certainty over outperformance of the benchmark is determined to exist. As per IFRS 15, the estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of revenue recognised will not occur when the uncertainty associated with the variable consideration is resolved. The performance fee is variable and dependent on meeting specific performance targets. Accordingly where there is too much uncertainty over the cumulative outperformance of the benchmarks, particularly in earlier periods of the performance fee period, which cover each 10 year term of the venture, then no amounts of performance fee can be recognised as it is not highly probable that the performance fee will be earned. Management and performance fees are presented in revenue net of the Group\u2019s share of the corresponding expense within the relevant fund. At 31 December 2022, no amounts are deemed to meet the highly probable criteria and therefore we have not disclosed any future fees receivable from these ongoing contracts. Acquisition fees The Group receives acquisition fees from its joint venture partners. This revenue is linked to the acquisition of land or property and is therefore recognised at the point in time that control of the asset is transferred to the joint venture. The transaction price for this revenue stream is stipulated in the joint venture agreement as a percentage of the value of the acquisition. No such land or property acquisitions have occurred in 2022 or 2021. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "Accounting policies The Group recognises revenue from the following major sources: \u2022 Rental income \u2022 Management and performance fees \u2022 Acquisition fees Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of its service to a customer. Rental income Rental income comprises direct-lets to students and leases to universities and commercial tenants. This revenue is recognised in the income statement over the length of the tenancy period as the Group provides the services to its customers. Included in the rental contract is the use of broadband facilities and room cleaning services. The Group does not offer these services as stand-alone products. Under IFRS 15 the Group does not consider these services to be individually material and has, consequently, bundled these obligations as a single contract. The transaction prices for rental income are explicitly stated in each contract. A contract liability can result from payments received in advance, until the date at which control is transferred to the customer and at that point the revenue begins to be recognised over the tenancy period. Lease incentives are sometimes recognised on commercial units; these are recognised as an integral part of the total rental income and spread over the term of the lease. Rental income is derived from contracts which are less than 12 months in length and the Group accordingly recognises this income in the Income Statement on a straight line basis in accordance with IFRS 16. Management and performance fees The Group acts as asset and property manager for USAF and LSAV and receives management fees in relation to these services. Revenue from these fees is recognised on a straight line basis over time as the joint ventures simultaneously receive and consume benefits as the Group performs its management obligations which are determined by the services provided over the course of each academic year, and this reflects the profile of activities being performed. Detailed calculations in order to determine the transaction prices for these revenue streams are held within the joint venture agreements. Management and performance fees continued The Group is entitled to a USAF performance fee if the joint venture outperforms certain benchmarks. The Group recognises a USAF performance fee at a point in time in the year to which the fee relates. The Group initially assesses the probability of a fee being earned and its transaction price at half year and adjusts for any potential risks to receiving this income at year-end, when the achieved outturn is known. The USAF performance fee is settled within 12 months of the year to which the fee relates and the Group receives an enhanced equity interest in USAF as consideration for the performance fee. The Group is entitled to an LSAV performance fee if the joint venture outperforms certain benchmarks over its life ending in 2032. The Group recognises an LSAV performance fee at an amount which is considered \u201chighly probable\u201d to become due based upon estimates of the future performance of the joint venture; such estimates include future rental income and the discount rate (yield). Prior to the maturity of the joint venture, the Group pro-rates the total LSAV performance fee over the life of the joint venture and recognises a cumulative catch-up to the currently completed term where sufficient certainty over outperformance of the benchmark is determined to exist. As per IFRS 15, the estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of revenue recognised will not occur when the uncertainty associated with the variable consideration is resolved. The performance fee is variable and dependent on meeting specific performance targets. Accordingly where there is too much uncertainty over the cumulative outperformance of the benchmarks, particularly in earlier periods of the performance fee period, which cover each 10 year term of the venture, then no amounts of performance fee can be recognised as it is not highly probable that the performance fee will be earned. Management and performance fees are presented in revenue net of the Group\u2019s share of the corresponding expense within the relevant fund. At 31 December 2022, no amounts are deemed to meet the highly probable criteria and therefore we have not disclosed any future fees receivable from these ongoing contracts. Acquisition fees The Group receives acquisition fees from its joint venture partners. This revenue is linked to the acquisition of land or property and is therefore recognised at the point in time that control of the asset is transferred to the joint venture. The transaction price for this revenue stream is stipulated in the joint venture agreement as a percentage of the value of the acquisition. No such land or property acquisitions have occurred in 2022 or 2021. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "The Group earns revenue from the following activities: Note 2022 \u00a3m 2021 \u00a3m Rental income* Operations segment 2.2a 241.7 209.0 Management fees Operations segment 17.6 16.2 LSAV performance fee Unallocated \u2013 41.9 259.3 267.1 Impact of non-controlling interest on management fees (0.2) (0.2) Total revenue 259.1 266.9 * EPRA earnings includes \u00a3339.7 million (2021: \u00a3282.7 million) of rental income, which is comprised of \u00a3241.7 million (2021: \u00a3209.0 million) recognised on wholly owned assets and a further \u00a398.0 million (2021: \u00a373.7 million) from joint ventures, which is included in share of joint venture profit/(loss) in the consolidated income statement. The LSAV and USAF performance fees are constrained this year due to an inability to meet the highly probable criteria that the fees would be earned. In the year to 31 December 2021, the LSAV performance fee under the previous agreement crystallised and a total fee of \u00a341.9 million was recognised. The cost of sales included in the consolidated income statement includes property operating expenses of \u00a370.3 million (2021: \u00a364.4 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-461": {
"value": "The Group earns revenue from the following activities: Note 2022 \u00a3m 2021 \u00a3m Rental income* Operations segment 2.2a 241.7 209.0 Management fees Operations segment 17.6 16.2 LSAV performance fee Unallocated \u2013 41.9 259.3 267.1 Impact of non-controlling interest on management fees (0.2) (0.2) Total revenue 259.1 266.9 * EPRA earnings includes \u00a3339.7 million (2021: \u00a3282.7 million) of rental income, which is comprised of \u00a3241.7 million (2021: \u00a3209.0 million) recognised on wholly owned assets and a further \u00a398.0 million (2021: \u00a373.7 million) from joint ventures, which is included in share of joint venture profit/(loss) in the consolidated income statement. The LSAV and USAF performance fees are constrained this year due to an inability to meet the highly probable criteria that the fees would be earned. In the year to 31 December 2021, the LSAV performance fee under the previous agreement crystallised and a total fee of \u00a341.9 million was recognised. The cost of sales included in the consolidated income statement includes property operating expenses of \u00a370.3 million (2021: \u00a364.4 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "2.5 Tax As a REIT, rental profits and gains on disposal of investment properties are exempt from corporation tax. The Group pays UK corporation tax on the profits from its residual business, including management fees received from joint ventures, together with UK income tax on rental income that arises from investments held by offshore subsidiaries in which the Group holds a non-controlling interest. 2.5 Tax continued 2.5a) Tax \u2013 income statement The total taxation charge/(credit) in the income statement is analysed as follows: 2022 \u00a3m 2021 \u00a3m Corporation tax on residual business income arising in UK companies 0.5 1.0 Income tax on UK rental income arising in non-UK companies 0.4 0.3 Adjustments in respect of prior periods (0.2) (2.2) Current tax charge/(credit) 0.7 (0.9) Origination and reversal of temporary differences 0.5 (0.2) Effect of change in tax rate \u2013 (0.2) Adjustments in respect of prior periods 0.4 (0.1) Deferred tax charge/(credit) 0.9 (0.5) Total tax charge/(credit) in income statement 1.6 (1.4) The movement in deferred tax provided is shown in more detail in note 2.5d. In the income statement, a tax charge of \u00a31.6 million arises on a profit before tax of \u00a3358.0 million. The taxation charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax charge as follows: 2022 \u00a3m 2021 \u00a3m Profit before tax 358.0 3 43.1 Income tax using the UK corporation tax rate of 19% (2021: 19%) 67.2 65.2 Property rental business profits exempt from tax in the REIT Group (27.5) (18.4) Property revaluations not subject to tax (25.8) (43.3) Mark to market changes in interest rate swaps not subject to tax (13.4) (2.9) Effect of indexation on investments 0.1 \u2013 Effect of other permanent differences 0.5 0.2 Effect of tax deduction transferred to equity on share schemes 0.3 0.3 Rate difference on deferred tax \u2013 (0.2) Prior year adjustments 0.2 (2.3) Total tax charge/(credit) in income statement 1.6 (1.4) As a UK REIT, the Group is exempt from UK corporation tax on the profits from its property rental business. Accordingly, the element of the Group\u2019s profit before tax relating to its property rental business has been separately identified in the reconciliation above. No deferred tax asset has been recognised in respect of the Group\u2019s accumulated tax losses on the basis that they are not expected to be utilised in future periods. At 31 December 2022 these losses totalled \u00a315.3 million (2021: \u00a314.6 million). Although the Group does not pay UK corporation tax on the profits from its property rental business, it is required to distribute 90% of the profits from its property rental business after accounting for tax adjustments as a Property Income Distribution (PID). PIDs are charged to tax in the same way as property income in the hands of the recipient. For the year ended 31 December 2022 the required PID is expected to be fully paid by the end of 2023. 2.5b) Tax \u2013 other comprehensive income Within other comprehensive income a tax charge totalling \u00a3nil (2021: \u00a3nil) has been recognised representing deferred tax. 2.5c) Tax \u2013 statement of changes in equity Within the statement of changes in equity a tax charge totalling \u00a30.2 million (2021: \u00a30.6 million credit) has been recognised representing deferred tax. An analysis of this is included below in the deferred tax movement table. 2.5d) Tax \u2013 balance sheet The table below outlines the deferred tax (assets)/liabilities that are recognised in the balance sheet, together with their movements in the year: 2022 At 31 December 2021 \u00a3m Charged/ (credited) in income \u00a3m Charged/ (credited) in equity \u00a3m At 31 December 2022 \u00a3m Investments \u2013 0.4 \u2013 0.4 Property, plant and machinery and provisions (1.2) (0.1) \u2013 (1.3) Share schemes (1.8) 0.3 0.3 (1.2) Tax value of carried forward losses recognised \u2013 0.3 (0.3) \u2013 Net tax assets (3.0) 0.9* \u2013 (2.1) * The \u00a30.9 million balance above includes tax movements totalling \u00a30.2 million in respect of property, plant and machinery, share schemes and losses which are included in EPRA earnings and therefore not shown as a reconciling item in the IFRS reconciliation in note 2.2b. Removing them results in the \u00a30.7 million movement shown in note 2.2b. 2021 At 31 December 2020 \u00a3m Charged/ (credited) in income \u00a3m Charged/ (credited) in equity \u00a3m At 31 December 2021 \u00a3m Investments \u2013 \u2013 \u2013 \u2013 Property, plant and machinery and provisions (0.6) (0.6) \u2013 (1.2) Share schemes (1.3) (0.2) (0.3) (1.8) Tax value of carried forward losses recognised \u2013 0.3 (0.3) \u2013 Net tax assets (1.9) (0.5)* (0.6) (3.0) * The \u00a30.5 million balance above includes tax movements totalling \u00a30.2 million in respect of property, plant and machinery, share schemes and losses which are included in EPRA earnings and therefore not shown as a reconciling item in the IFRS reconciliation in note 2.2b. Removing them results in the \u00a30.3 million movement shown in note 2.2b. The deferred tax asset at 31 December 2022 has been calculated based on the rate at which it is expected to reverse. On 24 May 2021, Finance Act 2021 was substantively enacted which contains provisions to increase the corporation tax rate to 25% from 1 April 2023. This rate change increases the deferred tax assets recognised at the year-end by \u00a30.2 million. As a REIT, disposals of investment property and property rich investments are exempt from tax and as a result no deferred tax liability has been recognised in relation to these assets. Company Deferred tax has not been recognised on temporary differences of \u00a31.7 million (2021: \u00a33.1 million) in respect of revaluation of subsidiaries and investment in joint ventures as it is considered unlikely that these investments will be divested. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-462": {
"value": "2.5 Tax As a REIT, rental profits and gains on disposal of investment properties are exempt from corporation tax. The Group pays UK corporation tax on the profits from its residual business, including management fees received from joint ventures, together with UK income tax on rental income that arises from investments held by offshore subsidiaries in which the Group holds a non-controlling interest. 2.5 Tax continued 2.5a) Tax \u2013 income statement The total taxation charge/(credit) in the income statement is analysed as follows: 2022 \u00a3m 2021 \u00a3m Corporation tax on residual business income arising in UK companies 0.5 1.0 Income tax on UK rental income arising in non-UK companies 0.4 0.3 Adjustments in respect of prior periods (0.2) (2.2) Current tax charge/(credit) 0.7 (0.9) Origination and reversal of temporary differences 0.5 (0.2) Effect of change in tax rate \u2013 (0.2) Adjustments in respect of prior periods 0.4 (0.1) Deferred tax charge/(credit) 0.9 (0.5) Total tax charge/(credit) in income statement 1.6 (1.4) The movement in deferred tax provided is shown in more detail in note 2.5d. In the income statement, a tax charge of \u00a31.6 million arises on a profit before tax of \u00a3358.0 million. The taxation charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax charge as follows: 2022 \u00a3m 2021 \u00a3m Profit before tax 358.0 3 43.1 Income tax using the UK corporation tax rate of 19% (2021: 19%) 67.2 65.2 Property rental business profits exempt from tax in the REIT Group (27.5) (18.4) Property revaluations not subject to tax (25.8) (43.3) Mark to market changes in interest rate swaps not subject to tax (13.4) (2.9) Effect of indexation on investments 0.1 \u2013 Effect of other permanent differences 0.5 0.2 Effect of tax deduction transferred to equity on share schemes 0.3 0.3 Rate difference on deferred tax \u2013 (0.2) Prior year adjustments 0.2 (2.3) Total tax charge/(credit) in income statement 1.6 (1.4) As a UK REIT, the Group is exempt from UK corporation tax on the profits from its property rental business. Accordingly, the element of the Group\u2019s profit before tax relating to its property rental business has been separately identified in the reconciliation above. No deferred tax asset has been recognised in respect of the Group\u2019s accumulated tax losses on the basis that they are not expected to be utilised in future periods. At 31 December 2022 these losses totalled \u00a315.3 million (2021: \u00a314.6 million). Although the Group does not pay UK corporation tax on the profits from its property rental business, it is required to distribute 90% of the profits from its property rental business after accounting for tax adjustments as a Property Income Distribution (PID). PIDs are charged to tax in the same way as property income in the hands of the recipient. For the year ended 31 December 2022 the required PID is expected to be fully paid by the end of 2023. 2.5b) Tax \u2013 other comprehensive income Within other comprehensive income a tax charge totalling \u00a3nil (2021: \u00a3nil) has been recognised representing deferred tax. 2.5c) Tax \u2013 statement of changes in equity Within the statement of changes in equity a tax charge totalling \u00a30.2 million (2021: \u00a30.6 million credit) has been recognised representing deferred tax. An analysis of this is included below in the deferred tax movement table. 2.5d) Tax \u2013 balance sheet The table below outlines the deferred tax (assets)/liabilities that are recognised in the balance sheet, together with their movements in the year: 2022 At 31 December 2021 \u00a3m Charged/ (credited) in income \u00a3m Charged/ (credited) in equity \u00a3m At 31 December 2022 \u00a3m Investments \u2013 0.4 \u2013 0.4 Property, plant and machinery and provisions (1.2) (0.1) \u2013 (1.3) Share schemes (1.8) 0.3 0.3 (1.2) Tax value of carried forward losses recognised \u2013 0.3 (0.3) \u2013 Net tax assets (3.0) 0.9* \u2013 (2.1) * The \u00a30.9 million balance above includes tax movements totalling \u00a30.2 million in respect of property, plant and machinery, share schemes and losses which are included in EPRA earnings and therefore not shown as a reconciling item in the IFRS reconciliation in note 2.2b. Removing them results in the \u00a30.7 million movement shown in note 2.2b. 2021 At 31 December 2020 \u00a3m Charged/ (credited) in income \u00a3m Charged/ (credited) in equity \u00a3m At 31 December 2021 \u00a3m Investments \u2013 \u2013 \u2013 \u2013 Property, plant and machinery and provisions (0.6) (0.6) \u2013 (1.2) Share schemes (1.3) (0.2) (0.3) (1.8) Tax value of carried forward losses recognised \u2013 0.3 (0.3) \u2013 Net tax assets (1.9) (0.5)* (0.6) (3.0) * The \u00a30.5 million balance above includes tax movements totalling \u00a30.2 million in respect of property, plant and machinery, share schemes and losses which are included in EPRA earnings and therefore not shown as a reconciling item in the IFRS reconciliation in note 2.2b. Removing them results in the \u00a30.3 million movement shown in note 2.2b. The deferred tax asset at 31 December 2022 has been calculated based on the rate at which it is expected to reverse. On 24 May 2021, Finance Act 2021 was substantively enacted which contains provisions to increase the corporation tax rate to 25% from 1 April 2023. This rate change increases the deferred tax assets recognised at the year-end by \u00a30.2 million. As a REIT, disposals of investment property and property rich investments are exempt from tax and as a result no deferred tax liability has been recognised in relation to these assets. Company Deferred tax has not been recognised on temporary differences of \u00a31.7 million (2021: \u00a33.1 million) in respect of revaluation of subsidiaries and investment in joint ventures as it is considered unlikely that these investments will be divested. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-463": {
"value": "Accounting policies The tax charge for the year is recognised in the income statement and the statement of comprehensive income, according to the accounting treatment of the related transaction. The tax charge comprises both current and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable in respect of previous years. The current tax charge is based on tax rates that are enacted or substantively enacted at the year-end. Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for taxation purposes. Temporary differences relating to investments in subsidiaries and joint ventures are not provided for to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. As a REIT, rental profits and gains on disposal of investment properties and property rich investments are exempt from corporation tax. As a result, no deferred tax provision has been recognised at the balance sheet date in respect of property assets or units in USAF and LSAV held by members of the REIT group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "Accounting policies The tax charge for the year is recognised in the income statement and the statement of comprehensive income, according to the accounting treatment of the related transaction. The tax charge comprises both current and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable in respect of previous years. The current tax charge is based on tax rates that are enacted or substantively enacted at the year-end. Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for taxation purposes. Temporary differences relating to investments in subsidiaries and joint ventures are not provided for to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. As a REIT, rental profits and gains on disposal of investment properties and property rich investments are exempt from corporation tax. As a result, no deferred tax provision has been recognised at the balance sheet date in respect of property assets or units in USAF and LSAV held by members of the REIT group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "2.6 Audit fees
During the year, the Group obtained the following services from the Company\u2019s auditor and its associates:
2022
\u00a3m
2021
\u00a3m
Fees payable to the Group\u2019s auditors for the audit of the parent company and
consolidated financial statements 0.5 0.4
Fees payable to the Group\u2019s auditors for other services to the Group:
\u2013 Audit of the financial statements of subsidiaries 0.1 0.1
Total audit fees payable to the Group\u2019s auditors 0.6 0.5
Audit-related assurance services 0.1 0.1
Other services \u2013 \u2013
Total non-audit fees 0.1 0.1
Non-audit fees in both 2022 and 2021 relate entirely to services provided in respect of the half year review.
Details on the Company\u2019s policy on the use of the auditor for non-audit services is also set out in the Audit & Risk
Committee Statement on pages 119\u2013124.
No services were provided pursuant to contingent fee arrangements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "3.1 Wholly owned property assets The Group\u2019s wholly owned property portfolio is held in four groups on the balance sheet at the carrying values detailed below. In the Group\u2019s EPRA NTA all these groups are shown at market value, except where otherwise stated. i) Investment property (owned) These are assets that the Group intends to hold for a long period to earn rental income or capital appreciation. The assets are measured at fair value in the balance sheet with changes in fair value taken to the income statement. ii) Investment property (leased) These are assets the Group sold to institutional investors and simultaneously leased back. These right-of-use assets are measured at fair value in the balance sheet with changes in fair value taken to the income statement. iii) Investment property (under development) These are assets which are currently in the course of construction and which will be transferred to Investment property on completion. The assets are initially recognised at cost and are subsequently measured at fair value in the balance sheet with changes in fair value taken to the income statement. iv) Investment property classified as held for sale These are assets whose carrying amount will be recovered through a sale transaction rather than to hold for long-term rental income or capital appreciation. This condition is regarded as met only when the sale is highly probable and the investment property is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. The assets are measured at fair value in the balance sheet, with changes in fair value taken to the income statement. They are presented as current assets in the IFRS balance sheet. Valuation process The valuations of the properties are performed twice a year on the basis of valuation reports prepared by external, independent valuers, having an appropriate recognised professional qualification. The fair values are based on market values as defined in the RICS Appraisal and Valuation Manual, issued by the Royal Institution of Chartered Surveyors. CB Richard Ellis Ltd, Jones Lang LaSalle Ltd and Messrs Knight Frank LLP, Chartered Surveyors were the valuers in the years ended 31 December 2022 and 2021. The valuations are based on: \u2022 Information provided by the Group such as current rents, occupancy, operating costs, terms and conditions of leases and nomination agreements, capital expenditure, etc. This information is derived from the Group\u2019s financial systems and is subject to the Group\u2019s overall control environment. \u2022 Assumptions and valuation models used by the valuers \u2013 the assumptions are typically market related, such as yield and discount rates. These are based on their professional judgement and market observation. The information provided to the valuers \u2013 and the assumptions and the valuation models used by the valuers \u2013 are reviewed by the Property Leadership Team and the CFO. This includes a review of the fair value movements over the year. 3.1 Wholly owned property assets continued The fair value of the Group\u2019s wholly owned properties and the movements in the carrying value of the Group\u2019s wholly owned property portfolio during the year ended 31 December 2022 are shown in the table below. 2022 Investment property (owned) \u00a3m Investment property (leased) \u00a3m Investment property (under development) \u00a3m Total \u00a3m At 1 January 2022 3,095.1 97.7 324.1 3,516.9 Additions 71.1 \u2013 \u2013 71.1 Cost capitalised 38.6 1.9 187.7 228.2 Interest capitalised 0.5 \u2013 5.9 6.4 Transfer from investment property under development 326.5 \u2013 (326.5) \u2013 Transfer from work in progress \u2013 \u2013 4.9 4.9 Disposals (14.5) \u2013 \u2013 (14.5) Valuation gains 168.6 \u2013 19.4 188.0 Valuation losses (62.5) (9.3) (12.8) (84.6) Net valuation gains/(losses) 106.1 (9.3) 6.6 103.4 Carrying and market value at 31 December 2022 3,623.4 90.3 202.7 3,916.4 The fair value of the Group\u2019s wholly owned properties and the movements in the carrying value of the Group\u2019s wholly owned property portfolio during the year ended 31 December 2021 are shown in the table below. 2021 Investment property (owned) \u00a3m Investment property (leased) \u00a3m Investment property (under development) \u00a3m Total \u00a3m At 1 January 2021 3,614.7 101.8 187.2 3,903.7 Cost capitalised 43.1 7.0 79.3 129.4 Interest capitalised \u2013 \u2013 5.2 5.2 Transfer from work in progress \u2013 \u2013 2.1 2.1 Transfer to assets classified as held for sale (228.2) \u2013 \u2013 (228.2) Disposals (401.1) \u2013 \u2013 (401.1) Valuation gains 125.6 \u2013 52.3 177.9 Valuation losses (59.0) (11.1) (2.0) (72.1) Net valuation gains/(losses) 66.6 (11.1) 50.3 105.8 Carrying and market value at 31 December 2021 3,095.1 97.7 324.1 3,516.9 Total assets classified as held for sale at 31 December 2021 of \u00a3228.2 million are comprised entirely of investment property (owned). Assets classified as held for sale are reported within the operations segment, and represents a portfolio of properties intended to be sold within the next 12 months. Included within investment properties at 31 December 2022 are \u00a328.4 million (2021: \u00a328.8 million) of assets held under a long leasehold and \u00a30.1 million (2021: \u00a30.1 million) of assets held under short leasehold. Total interest capitalised in investment properties (owned) and investment properties under development at 31 December 2022 was \u00a363.5 million (2021: \u00a357.4 million) on a cumulative basis. Total internal costs capitalised in investment properties (owned) and investment properties under development was \u00a381.7 million at 31 December 2022 (2021: \u00a374.3 million) on a cumulative basis. Investment property (under development) includes interests in land not currently under construction totalling \u00a3136.3 million (2021: \u00a318.0 million). Recurring fair value measurement All investment and development properties are classified as Level 3 in the fair value hierarchy. Class of asset 2022 \u00a3m 2021 \u00a3m London \u2013 rental properties 1,212.8 849.8 Prime regional \u2013 rental properties 1,105.6 992.9 Major regional \u2013 rental properties 1,130.0 1,263.5 Provincial \u2013 rental properties 103.9 217.1 London \u2013 development properties 91.9 249.9 Prime regional \u2013 development properties 32.4 48.4 Major regional \u2013 development properties 64.1 25.8 London build-to-rent \u2013 rental properties 71.1 \u2013 Prime regional build-to-rent \u2013 development properties 14.3 \u2013 Investment property (owned) 3,826.1 3,6 47.4 Investment property (leased) 90.3 97.7 Market value (including assets classified as held for sale) 3,916.4 3,745.1 Investment property (classified as held for sale) \u2013 (228.2) Market value 3,916.4 3,516.9 The valuations have been prepared in accordance with the latest version of the RICS Valuation \u2013 Global Standards (incorporating the International Valuation Standards) and the UK national supplement (the \u201cRed Book\u201d) based on net rental income, estimated future costs, occupancy, property management costs and the net initial yield or discount rate. Where the asset is leased to a university, the valuations also reflect the length of the lease, the allocation of maintenance and insurance responsibilities between the Group and the lessee, and the market\u2019s general perception of the lessee\u2019s creditworthiness. The resulting valuations are cross-checked against comparable market transactions. For development properties, the fair value is usually calculated by estimating the fair value of the completed property (using the discounted cash flow method) less estimated costs to completion. Fair value using unobservable inputs (Level 3) 2022 \u00a3m 2021 \u00a3m Opening fair value 3,516.9 3,903.7 Gains and (losses) recognised in income statement 103.4 105.8 Transfer to current assets classified as held for sale \u2013 (228.2) Capital expenditure 310.6 136.7 Disposals (14.5) (401.1) Closing fair value 3,916.4 3,516.9 Investment property (classified as held for sale) \u2013 228.2 Closing fair value (including assets classified as held for sale) 3,916.4 3,745.1 3.1 Wholly owned property assets continued Quantitative information about fair value measurements using unobservable inputs (Level 3) 2022 Fair value \u00a3m Valuation technique Unobservable inputs Range Weighted average London \u2013 rental properties 1,212.8 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3208\u2013\u00a3392 2.0%\u20134.0% 3.7%\u20134.5% \u00a3308 3.0% 3.9% Prime regional \u2013 rental properties 1,105.6 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3148\u2013\u00a3243 2.0%\u20135.0% 4.1%\u2013 6.2% \u00a3163 3.0% 4.7% Major regional \u2013 rental properties 1,130.0 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a399\u2013\u00a3178 2.0%\u20133.0% 4.5%\u20137% \u00a3128 3.0% 5.7% Provincial \u2013 rental properties 103.9 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3107\u2013\u00a3156 2.0%\u20133.0% 6.8%\u201321.5% \u00a3123 3.0% 8.6% London \u2013 development properties 91.9 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3111.4m\u2013 \u00a3177.1m \u00a3183\u2013\u00a3366 3.0% 3.7% \u00a3150.2m \u00a3248 3.0% 3.7% Prime regional \u2013 development properties 32.4 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a317.5m \u2013 \u00a358.3m \u00a3171\u2013\u00a3235 2.5%\u20133.0% 4.3%\u20135.0% \u00a344.7m \u00a3184 3.0% 4.5% Major regional \u2013 development properties 64.1 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a318.2m\u2013\u00a328.4m \u00a3185\u2013\u00a3287 3.0% 4.9%\u20135.0% \u00a321.1m \u00a3198 3.0% 4.9% 3,740.7 Investment property \u2013 build-to-rent 71.1 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3359 3.0% 3.9% \u00a3359 3.0% 3.9% Development property \u2013 build-to-rent 14.3 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a312.8m\u2013\u00a320.4m \u00a3170\u2013\u00a3614 3.0% 3.9%\u20134.3% \u00a315.6m \u00a3312 3.0% 4.03% 3,826.1 Investment property \u2013 leased 90.3 Discounted cash flows Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Discount rate (%) \u00a399\u2013\u00a3191 1%\u20133% 6.3% \u00a3154 2% 6.3% Fair value at 31 December 2022 3,916.4 2021 Fair value \u00a3m Valuation technique Unobservable inputs Range Weighted average London \u2013 rental properties 849.8 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3191\u2013\u00a3373 3%\u20134% 3.7%\u20134.9% \u00a3291 4% 3.9% Prime regional \u2013 rental properties 992.9 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3144\u2013\u00a3235 1%\u20134% 4.0%\u20136.3% \u00a3191 3% 4.7% Major regional \u2013 rental properties 1,263.6 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a362\u2013\u00a3173 0%\u20134% 4.7%\u20137.0% \u00a3131 2% 5.7% Provincial \u2013 rental properties 217.1 RICS Red Book Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a3109\u2013\u00a3188 1%\u20134% 5.1%\u201314. 2% \u00a3135 3% 7% London \u2013 development properties 249.9 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a33 4.0m \u2013 \u00a317 7. 3m \u00a3185\u2013\u00a3382 3% 3.6% \u00a3126.5m \u00a3289 3% 3.6% Prime regional \u2013 development properties 48.4 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a37.1m\u2013 \u00a364 .3m \u00a3176\u2013\u00a3258 3% 4.0% \u00a335.9m \u00a3181 3% 4% Major regional \u2013 development properties 25.8 RICS Red Book Estimated cost to complete (\u00a3m) Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Net initial yield/Discount rate (%) \u00a333.9m\u2013\u00a345.2m \u00a3171\u2013\u00a3213 3% 5.0% \u00a342.1m \u00a3172 3% 5% Fair value at 31 December 2021 3,647.4 Investment property (leased) 97.7 Discounted cash flows Net rental income (\u00a3 per week) Estimated future rent increase (% p.a.) Discount rate (%) \u00a395\u2013\u00a3185 3% 6.8% \u00a3144 3% 6.8% Fair value at 31 December 2021 3,745.1 3.1 Wholly owned property assets continued Fair value sensitivity analysis A decrease in net rental income or occupancy will result in a decrease in the fair value, whereas a decrease in the discount rate (yield) will result in an increase in fair value. There are inter-relationships between these rates as they are partially determined by market rate conditions. These two key sources of estimation uncertainty are considered to represent those most likely to have a material impact on the valuation of the Group\u2019s investment property within the next 12 months as a result of reasonably possible changes in assumptions used. The potential effect of such reasonably possible changes has been assessed by the Group and is set out below: Class of assets Fair value at 31 December 2022 \u00a3m +5% change in estimated net rental income \u00a3m -5% change in estimated net rental income \u00a3m +25 bps change in nominal equivalent yield \u00a3m -25 bps change in nominal equivalent yield \u00a3m Rental properties London 1,212.8 1,272.9 1,152.7 1,138.9 1,297.1 Prime regional 1,105.6 1,160.5 1,051.2 1,049.4 1,168.9 Major regional 1,130.0 1,186.6 1,073.7 1,081.7 1,183.1 Provincial 103.9 109.2 98.7 100.9 107.2 Development properties London 91.9 95.9 86.6 85.6 97.6 Prime regional 32.4 38.5 35.1 35.0 38.8 Major regional 64.1 67.2 61.0 61.0 67.3 Build-to-rent London 71.1 76.0 68.8 68.1 77. 3 Prime regional 14.3 15.1 13.7 13.6 15.4 Market value 3,826.1 4,021.9 3,641.5 3,634.2 4,052.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "Accounting policies Investment property (owned) and investment property (under development) Investment property (owned) and investment property (under development) are held at fair value. The external valuation of property assets involves significant judgement and changes to the core assumptions: rental income, occupancy and property management costs, as well as estimated future costs, could have a significant impact on the carrying value of these assets. Further details of the valuation process are included below. Construction and borrowing costs are capitalised if they are directly attributable to the acquisition and construction of a property asset. Capitalisation of borrowing costs commences when the activities to prepare the asset are in progress and expenditures and borrowing costs are being incurred. Capitalisation of borrowing costs continues until the assets are substantially ready for their intended use but stops if development activities are suspended. If the resulting carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognised. The capitalisation rate is arrived at by reference to the actual rate payable on borrowings for development purposes or, with regard to that part of the development cost financed out of general borrowings, to the average rate. During the year the average capitalisation rate used was 3.1% (2021: 3.1%). The recognition of acquisitions of investment property and land occurs at the date when control passes to Unite. The recognition of disposals of investment property occurs on legal completion when control passes from Unite. In accordance with IFRS 15, gains/(losses) from the disposal of investment property are recognised at a point in time. Contingent consideration receivables are recognised on disposals where the amount of additional consideration is readily identifiable. It is recognised at the constrained value determined by the amount that is highly probable to be receivable at the time of the disposal, and any subsequent change in value is recognised in profit or loss in the later period. Investment property (leased) The Group holds certain investment property under historic sale and leaseback arrangements, acting as an intermediate lessor and subleasing its right-of-use assets. For each leased property, the Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability (see note 4.6a) with respect to all lease arrangements in which it is the lessee. The right-of- use assets are initially measured at cost in accordance with IFRS 16 and subsequently at fair value in the balance sheet with changes in fair value taken to the income statement in accordance with IAS 40. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "Accounting policies Inventories are shown at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. All costs directly associated with the purchase of land, and all subsequent qualifying expenditure is capitalised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "2022 \u00a3m 2021 \u00a3m Interests in land 11.4 10.8 Other stocks 1.4 1.3 Inventories 12.8 12.1 At 31 December 2022, the Group had interests in two pieces of land (2021: two pieces of land). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-422": {
"value": "Accounting policies Leased assets The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right of use asset and a corresponding lease liability (see note 4.6a) with respect to all lease arrangements in which it is the lessee. Right of use assets are initially measured at cost, which comprises a value set equal to the lease liability, adjusted for prepaid or accrued lease payments and lease incentives. They are subsequently measured at this initial value less accumulated depreciation and impairment losses. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Property, plant and equipment mainly comprise leasehold improvements at the Group\u2019s head office and London office as well as computer hardware at these sites. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives. Freehold land is not depreciated. The estimated useful lives are as follows: \u2022 Right of use assets Shorter of lease and economic life \u2022 Property, plant and equipment 4\u20137 years Intangible assets Intangible assets predominantly comprise computer software which allows customers to book online and processes transactions within the sales cycle. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. The assets are amortised on a straight-line basis over four to seven years, being the estimated useful lives of the intangible assets, from the date they are available for use. Amortisation is charged to the income statement within operating expenses. Accounting policies The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right of use asset (see note 3.1a) and a corresponding lease liability with respect to all lease arrangements in which it is the lessee. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the Group\u2019s incremental borrowing rate (since the rate implicit in the leases cannot be readily determined) of 4.17%. The lease liability is presented as a separate line in the consolidated balance sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability whenever: \u2022 The lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The Group did not make any such adjustments during the period presented. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-464": {
"value": "Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Property, plant and equipment mainly comprise leasehold improvements at the Group\u2019s head office and London office as well as computer hardware at these sites. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives. Freehold land is not depreciated. The estimated useful lives are as follows: \u2022 Right of use assets Shorter of lease and economic life \u2022 Property, plant and equipment 4\u20137 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-477": {
"value": "Intangible assets Intangible assets predominantly comprise computer software which allows customers to book online and processes transactions within the sales cycle. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. The assets are amortised on a straight-line basis over four to seven years, being the estimated useful lives of the intangible assets, from the date they are available for use. Amortisation is charged to the income statement within operating expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-465": {
"value": "Intangible assets Intangible assets predominantly comprise computer software which allows customers to book online and processes transactions within the sales cycle. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. The assets are amortised on a straight-line basis over four to seven years, being the estimated useful lives of the intangible assets, from the date they are available for use. Amortisation is charged to the income statement within operating expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "3.3a) Right of use assets 2022 2021 Buildings \u00a3m Other \u00a3m Total \u00a3m Buildings \u00a3m Other \u00a3m Total \u00a3m Cost At 1 January 5.8 1.3 7.1 5.8 1.4 7. 2 Additions \u2013 0.4 0.4 \u2013 0.4 0.4 Disposals (0.8) (0.4) (1.2) \u2013 (0.5) (0.5) At 31 December 5.0 1.3 6.3 5.8 1.3 7.1 Amortisation At 1 January (2.9) (0.6) (3.5) (2.2) (0.7) (2.9) Amortisation charge for the year (0.8) (0.5) (1.3) (0.7) (0.4) (1.1) Disposal 0.8 0.4 1.2 \u2013 0.5 0.5 At 31 December (2.9) (0.7) (3.6) (2.9) (0.6) (3.5) Carrying value at 1 January 2.9 0.7 3.6 3.6 0.7 4.3 Carrying value at 31 December 2.1 0.6 2.7 2.9 0.7 3.6 The Group leases several assets including office equipment and vehicles. The average lease term is three years. 3.3 Right of use assets and other non-current assets continued Approximately 44% of the leases expired in the current financial year (2021: 11%). The expired contracts were replaced by new leases for identical underlying assets. This resulted in additions to right of use assets of \u00a30.4 million in 2022 (2021: \u00a30.4 million). The maturity analysis of lease liabilities is presented in note 4.6a. Details of interest on lease liabilities and total cash outflows for leases are presented in notes 4.3 and 5.1. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "3.3b) Other non-current assets The Group\u2019s other non-current assets can be analysed as follows: 2022 2021 Property, plant and equipment \u00a3m Intangible assets \u00a3m Total \u00a3m Property, plant and equipment \u00a3m Intangible assets \u00a3m Total \u00a3m Cost At 1 January 12.6 65.1 77.7 12.1 61.8 73.9 Additions 1.0 8.0 9.0 0.5 3.3 3.8 At 31 December 13.6 73.1 86.7 12.6 65.1 77.7 Depreciation and amortisation At 1 January (9.8) (48.9) (58.7) (9.2) (42.8) (52.0) Depreciation/amortisation charge for the year (0.6) (5.9) (6.5) (0.6) (6.1) (6.7) At 31 December (10.4) (54.8) (65.2) (9.8) (48.9) (58.7) Carrying value at 1 January 2.8 16.2 19.0 2.9 19.0 21.9 Carrying amount at 31 December 3.2 18.3 21.5 2.8 16.2 18.9 Intangible assets include \u00a37.0 million (2021: \u00a30.8 million) of assets not being amortised as they are not yet ready for use. Property, plant and equipment assets include \u00a3nil (2021: \u00a3nil) of assets not being depreciated as they are not ready for use. At 31 December 2022 the Group had capital commitments of \u00a3nil (2021: \u00a3nil) relating to intangible assets and \u00a3nil (2021: \u00a3nil million) relating to property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-478": {
"value": "3.3b) Other non-current assets The Group\u2019s other non-current assets can be analysed as follows: 2022 2021 Property, plant and equipment \u00a3m Intangible assets \u00a3m Total \u00a3m Property, plant and equipment \u00a3m Intangible assets \u00a3m Total \u00a3m Cost At 1 January 12.6 65.1 77.7 12.1 61.8 73.9 Additions 1.0 8.0 9.0 0.5 3.3 3.8 At 31 December 13.6 73.1 86.7 12.6 65.1 77.7 Depreciation and amortisation At 1 January (9.8) (48.9) (58.7) (9.2) (42.8) (52.0) Depreciation/amortisation charge for the year (0.6) (5.9) (6.5) (0.6) (6.1) (6.7) At 31 December (10.4) (54.8) (65.2) (9.8) (48.9) (58.7) Carrying value at 1 January 2.8 16.2 19.0 2.9 19.0 21.9 Carrying amount at 31 December 3.2 18.3 21.5 2.8 16.2 18.9 Intangible assets include \u00a37.0 million (2021: \u00a30.8 million) of assets not being amortised as they are not yet ready for use. Property, plant and equipment assets include \u00a3nil (2021: \u00a3nil) of assets not being depreciated as they are not ready for use. At 31 December 2022 the Group had capital commitments of \u00a3nil (2021: \u00a3nil) relating to intangible assets and \u00a3nil (2021: \u00a3nil million) relating to property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-466": {
"value": "3.3b) Other non-current assets The Group\u2019s other non-current assets can be analysed as follows: 2022 2021 Property, plant and equipment \u00a3m Intangible assets \u00a3m Total \u00a3m Property, plant and equipment \u00a3m Intangible assets \u00a3m Total \u00a3m Cost At 1 January 12.6 65.1 77.7 12.1 61.8 73.9 Additions 1.0 8.0 9.0 0.5 3.3 3.8 At 31 December 13.6 73.1 86.7 12.6 65.1 77.7 Depreciation and amortisation At 1 January (9.8) (48.9) (58.7) (9.2) (42.8) (52.0) Depreciation/amortisation charge for the year (0.6) (5.9) (6.5) (0.6) (6.1) (6.7) At 31 December (10.4) (54.8) (65.2) (9.8) (48.9) (58.7) Carrying value at 1 January 2.8 16.2 19.0 2.9 19.0 21.9 Carrying amount at 31 December 3.2 18.3 21.5 2.8 16.2 18.9 Intangible assets include \u00a37.0 million (2021: \u00a30.8 million) of assets not being amortised as they are not yet ready for use. Property, plant and equipment assets include \u00a3nil (2021: \u00a3nil) of assets not being depreciated as they are not ready for use. At 31 December 2022 the Group had capital commitments of \u00a3nil (2021: \u00a3nil) relating to intangible assets and \u00a3nil (2021: \u00a3nil million) relating to property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "Accounting policies Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. The consolidated financial statements include joint ventures initially at cost subsequently, increased or decreased by the Group\u2019s share of total gains and losses of joint ventures on an equity basis. Interest free joint venture investment loans are initially recorded at fair value \u2013 the difference between the nominal amount and fair value being treated as an investment in the joint venture. The implied discount is amortised over the contracted life of the investment loan. The Directors consider that the agreements integral to its joint ventures result in the Group having joint control over the key matters required to operate the joint ventures. A significant degree of judgement is exercised in this assessment due to the complexity of the contractual arrangements. USAF and LSAV are jointly owned entities that are accounted for as joint ventures. Due to the complexity of the contractual arrangements and Unite\u2019s role as manager of the joint venture vehicles, the assessment of joint control involves judgements around a number of significant factors. These factors include how Unite as fund manager has the ability to direct relevant activities such as acquisitions, disposals, capital expenditure for refurbishments and funding whether through debt or equity. This assessment for USAF is complex because of the number of unit holders and how their rights are represented through an Advisory Committee. For some of the activities it is not clear who has definitive control of the activities: in some scenarios the Group can control, in others the Advisory Committee. However, for the activities which are considered to have the greatest impact on the returns of USAF, acquisitions and equity financing, it has been determined that the Group and the Advisory Committee has joint control in directing these activities and that on balance, it is appropriate to account for USAF as a joint venture. The assessment for LSAV is more straightforward because the Group and GIC each own 50% of the joint venture and there is therefore much clearer evidence that control over the key activities is shared by the two parties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "The Group has two joint ventures: Joint venture Group\u2019s share of assets/results 2022 (2021) Objective Partner Legal entity in which Group has interest The UNITE UK Student Accommodation Fund (USAF) 29.5%* (23.4%)* Invest and operate student accommodation throughout the UK Consortium of investors UNITE UK Student Accommodation Fund, a Jersey Unit Trust London Student Accommodation Venture (LSAV) 50% (50%) Operate student accommodation in London and Birmingham GIC Real Estate Pte, Ltd Real estate investment vehicle of the Government of Singapore LSAV Unit Trust, a Jersey Unit Trust and LSAV (Holdings) Ltd, incorporated in Jersey * Part of the Group\u2019s interest is held through a subsidiary, USAF (Feeder) Guernsey Limited, in which there is an external investor. A non- controlling interest therefore occurs on consolidation of the Group\u2019s results representing the external investor\u2019s share of profits and assets relating to its investment in USAF. The ordinary shareholders of Unite Group PLC are beneficially interested in 28.15% (2021: 22.0%) of USAF. 3.4 Investments in joint ventures (Group) continued 3.4a) Net assets and results of the joint ventures The summarised balance sheets and results for the year, and the Group\u2019s share of these joint ventures are as follows: 2022 USAF \u00a3m LSAV \u00a3m Total \u00a3m Gross MI Share Gross Share Gross Share Investment property 2,888.1 38.0 813.0 1,920.8 960.4 4,808.9 1,811.4 Cash 126.5 1.7 35.6 131.2 65.6 257.7 102.9 Debt (851.9) (11.2) (239.8) (770.4) (385.2) (1,622.3) (636.2) Swap assets/(liabilities) 3.2 \u2013 0.9 6.6 3.3 9.8 4.2 Other current assets 126.5 1.7 35.6 16.4 8.2 142.9 45.5 Other current liabilities (245.8) (3.4) (69.2) (57.2) (28.6) (303.0) (101.2) Net assets 2,046.6 26.8 576.1 1,247.4 623.7 3,294.0 1,226.6 Non-controlling interest \u2013 (26.8) \u2013 \u2013 \u2013 \u2013 (26.8) Swap (liabilities)/assets (3.2) \u2013 (0.9) (6.6) (3.3) (9.8) (4.2) EPR A NTA 2,043.4 \u2013 575.2 1,240.8 620.4 3,284.2 1,195.6 Profit for the year 124.2 1.3 26.1 106.0 53.0 230.2 80.4 2021 USAF \u00a3m LSAV \u00a3m Total \u00a3m Gross MI Share Gross Share Gross Share Investment property 2,867.4 39.3 631.9 1,819.0 909.5 4,686.4 1,580.7 Cash 106.2 1.5 23.4 45.4 22.7 151.6 47.6 Debt (912.1) (12.5) (201.0) (673.0) (336.5) (1,585.1) (550.0) Swap assets/(liabilities) 0.5 \u2013 0.1 (0.2) (0.1) 0.3 \u2013 Other current assets 106.6 1.5 23.5 22.0 11.0 128.6 36.0 Other current liabilities (211.5) (3.5) (46.6) (40.2) (20.1) (251.7) (70.2) Net assets 1,957.1 26.3 431.3 1,173.0 586.5 3,130.1 1,0 44.1 Non-controlling interest \u2013 (26.3) \u2013 \u2013 \u2013 \u2013 (26.3) Swap (liabilities)/assets (0.5) \u2013 (0.1) 0.2 0.1 (0.3) \u2013 EPR A NTA 1,956.6 \u2013 431.2 1,173.2 586.6 3,129.8 1,017.8 Profit for the year 146.9 2.1 34.2 172.2 86.1 319.1 122.4 Net assets and profit/(loss) for the year above include the non-controlling interest, whereas EPRA NTA excludes the non- controlling interest. USAF and LSAV use derivatives to hedge their borrowings. These derivatives are designated in cash flow hedge relationships which are considered to be fully effective. The share of joint venture mark to market movements on hedging instruments is recognised in the Group\u2019s Other Comprehensive Income within the share of joint venture mark to market movements on hedging instruments. The total notional value of borrowings in hedge relationships at 31 December 2022 is \u00a3415.0 million (2021: \u00a3225.0 million). See note 4.5 for further details. 3.4b) Movement in carrying value of the Group\u2019s investments in joint ventures The carrying value of the Group\u2019s investment in joint ventures increased by \u00a3182.5 million during the year ended 31 December 2022 (2021: \u00a3195.1 million increase), resulting in an overall carrying value of \u00a31,226.6 million (2021: \u00a31,044.1 million). The following table shows how the increase has arisen: 2022 \u00a3m 2021 \u00a3m Recognised in the income statement: Operations segment result 44.5 30.2 Non-controlling interest share of Operations segment result 1.3 1.1 Management fee adjustment related to trading with joint venture 4.0 3.0 Net valuation gains/(losses) on investment property 32.3 88.7 Property disposals (0.9) (0.3 ) Other (0.8) (0.3) 80.4 122.4 Recognised in equity: Movement in effective hedges 4.7 0.6 Other adjustments to the carrying value: Profit adjustment related to trading with joint venture (4.0) (3.4) Profit adjustment related sale of property to LSAV \u2013 (1.9) Additional capital invested in LSAV \u2013 157.6 Additional capital invested in USAF 140.9 \u2013 LSAV performance fee \u2013 (42.2) USAF distributions received (19.8) (18.6) LSAV distributions received (19.7) (19.4) Increase in carrying value 182.5 195.1 Carrying value at 1 January 1,0 44.1 849.0 Carrying value at 31 December 1,226.6 1,04 4.1 3.4c) Transactions with joint ventures The Group acts as asset and property manager for the joint ventures and receives management fees in relation to these services. In addition, the Group is entitled to performance fees from USAF and LSAV if the joint ventures outperform certain benchmarks. The Group receives either cash or an enhanced equity interest in the joint ventures as consideration for the performance fee. The Group has recognised the following gross fees in its results for the year. 2022 \u00a3m 2021 \u00a3m USAF 16.6 15.2 LSAV 4.8 3.9 Asset and property management fees 21.4 19.1 LSAV performance fee \u2013 41.9 Investment management fees \u2013 41.9 Total fees 21.4 61.0 On an EPRA basis, fees from joint ventures are shown net of the Group\u2019s share of the cost to the joint ventures. 3.4 Investments in joint ventures (Group) continued The Group\u2019s share of the cost to the joint ventures is \u00a34.0 million (2021: \u00a33.2 million), which results in management fees from joint ventures of \u00a317.4 million being shown in the Operating segment result in note 2.2a (2021: \u00a315.9 million). During 2022, the Group did not sell any properties to LSAV or USAF (2021: two properties sold to LSAV for gross proceeds of \u00a3341.9 million). The proceeds and carrying value of the property are therefore recognised in profit on disposal of property and the cash flows in investing activities. The loss relating to the sales, associated disposal costs and related cash flows are set out below: Profit and loss 2022 \u00a3m 2021 \u00a3m Included in loss on disposal of property (net of joint venture trading adjustment) \u2013 6.6 Loss on disposal of property \u2013 6.6 Cash flow 2022 \u00a3m 2021 \u00a3m Gross proceeds \u2013 341.9 Less amounts settled by transfer of property \u2013 (99.4) Net cash flows included in cash flows from investing activities \u2013 242.5 As part of the disposal of properties to LSAV in 2021, the Group received an additional investment in the joint venture as non-cash consideration totalling \u00a3104.0 million (before costs of \u00a34.6 million), and the settlement of the LSAV performance fee also resulted in a non-cash increase in its investment value of \u00a353.6 million. The Group\u2019s relative interest in the joint venture remained unchanged. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "Accounting policies In the financial statements of the Company, investments in subsidiaries are held at fair value. Changes in fair value are recognised in profit or loss and presented in retained earnings in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "Carrying value of investment in subsidiaries The movements in the Company\u2019s interest in unlisted subsidiaries and joint ventures during the year are as follows: Investment in subsidiaries 2022 \u00a3m 2021 \u00a3m At 1 January 2,143. 5 1,826.7 Additions \u2013 \u2013 Revaluation 253.5 316.8 At 31 December 2,397.0 2 ,143.5 The carrying value of investment in subsidiaries has been calculated using the equity attributable to the owners of the parent company from the consolidated balance sheet adjusted for the fair value of fixed rate loans. This includes investment property, investment property under development and swaps at a fair value calculated by a third party expert. All investment properties and investment properties under development are classified as Level 3 in the IFRS 13 fair value hierarchy and have been discussed on page 214. The fixed rate loans range between Level 1 and Level 2 in the IFRS 13 fair value hierarchy and have been discussed further on page 214. Significant assumptions underlying the valuation of investment in subsidiaries are valuation of investment property and investment property under development, together with the value of borrowings and inter-company debt. A full list of the Company\u2019s subsidiaries and joint ventures can be found in note 9. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value, less any attributable transaction costs, and subsequently at amortised cost. With the exception of investments in subsidiaries and derivative financial instruments, no other financial assets or liabilities have been classified as either fair value through profit or loss or fair value through other comprehensive income. The accounting policies applicable to specific financial assets and liabilities, and financing costs, are set out in the relevant notes. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables. The Accounting Policy is set out in full in note 5.2. Derivative financial instruments The Group enters into derivative financial instruments to manage its exposure to interest rate risk. Further details of derivative financial instruments, including the relevant accounting policies, are disclosed in notes 4.2 and 4.5. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-467": {
"value": "Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables. The Accounting Policy is set out in full in note 5.2. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-479": {
"value": "Derivative financial instruments The Group enters into derivative financial instruments to manage its exposure to interest rate risk. Further details of derivative financial instruments, including the relevant accounting policies, are disclosed in notes 4.2 and 4.5. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-468": {
"value": "Derivative financial instruments The Group enters into derivative financial instruments to manage its exposure to interest rate risk. Further details of derivative financial instruments, including the relevant accounting policies, are disclosed in notes 4.2 and 4.5. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "Accounting policies Interest bearing borrowings are recognised initially at fair value, less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "The table below analyses the Group\u2019s borrowings which comprise bank and other loans by when they fall due for payment: Group \u2013 Carrying value Company \u2013 Carrying value 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Current In one year or less \u2013 \u2013 \u2013 \u2013 Non-current In more than one year but not more than two years 298.7 \u2013 \u2013 \u2013 In more than two years but not more than five years 228.0 419.2 228.0 121.3 In more than five years 721.1 719.0 421.6 420.9 1,2 47.8 1,138.2 649.6 542.2 Unamortised fair value of debt recognised on acquisition 18.1 23.8 \u2013 \u2013 Total borrowings 1,265.9 1,162 .0 649.6 542.2 In addition to the borrowings currently drawn as shown above, the Group has available undrawn facilities of \u00a3368.0 million (2021: \u00a3325.0 million). A further overdraft facility of \u00a310.0 million (2021: \u00a310.0 million) is also available. The Group repaid only unsecured borrowing at 31 December 2022 and 31 December 2021. 4.1 Borrowings continued The carrying value and fair value of the Group\u2019s borrowings is analysed below: Group 2022 2021 Carrying value \u00a3m Fair value \u00a3m Carrying value \u00a3m Fair value \u00a3m Level 1 IFRS fair value hierarchy 875.0 759.3 898.8 936.7 Other loans and unamortised arrangement fees 372.8 333.8 263.2 263.2 Total borrowings 1,247.8 1,093.1 1,162 .0 1,199.9 Company 2022 2021 Carrying value \u00a3m Fair value \u00a3m Carrying value \u00a3m Fair value \u00a3m Level 1 IFRS fair value hierarchy 275.0 344.5 425.0 439.0 Other loans and unamortised arrangement fees 374.6 333.8 117.2 117.2 Total borrowings 649.6 678.3 542.2 556.2 The fair value of loans classified as Level 1 in the IFRS fair value hierarchy is determined using quoted prices in active markets for identical liabilities. The following table shows the changes in liabilities arising from financing activities: 2022 Group At 1 January 2022 Financing cash flows Fair value adjustments Other changes At 31 December 2022 Borrowings 1,162.0 107.0 (4.3) 1.2 1,265.9 Lease liabilities 96.8 (4.8) \u2013 0.3 92.3 Interest rate swaps (2.5) \u2013 (70.7) \u2013 (73.2) Total liabilities from financing activities 1,256.3 102.2 (75.0) 1.5 1,285.0 Company Borrowings 542.2 107.0 0.4 \u2013 649.6 Interest rate swaps (2.5) \u2013 (70.7) \u2013 (73.2) Total liabilities from financing activities 539.7 107.0 (70.3) \u2013 576.4 2021 Group At 1 January 2021 Financing cash flows Fair value adjustments Other changes At 31 December 2021 Borrowings 1,689.9 (563.8) (4.3) 40.2 1,162.0 Lease liabilities 101.1 (13.2) \u2013 8.9 96.8 Interest rate swaps 23.6 (3.1) (23.9) 0.9 (2.5) Total liabilities from financing activities 1,814.6 (580.1) (28.2) 50.0 1,256.3 Company Borrowings 1,066.6 (550.8) (0.8) 27.2 542.2 Interest rate swaps 23.6 (3.1) (23.9) 0.9 (2.5) Total liabilities from financing activities 1,090.2 (553.9) (24.7) 2 8.1 539.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "4.2 Interest rate swaps The Group uses interest rate swaps to manage the Group\u2019s exposure to interest rate fluctuations. In accordance with the Group\u2019s Treasury Policy, the Group does not hold or issue interest rate swaps for trading purposes and only holds swaps which are considered to be commercially effective. The derivatives of the Company are the same as those of the Group, and the hedge accounting disclosures in note 4.5a are also relevant for the Company. The following table shows the fair value of interest rate swaps which at 31 December 2022 are not designated in accounting hedge relationships: 2022 \u00a3m 2021 \u00a3m Current \u2013 (2.5) Non-current (73.2) \u2013 Fair value of interest rate swaps (73.2) (2.5) The fair value of interest rate swaps (a debit balance in 2022 and 2021) have been calculated by a third party expert, discounting estimated future cash flows on the basis of market expectations of future interest rates, representing Level 2 in the IFRS 13 fair value hierarchy. At 31 December 2022 the net asset fair value above comprises non-current assets of \u00a373.2 million (2021: assets of \u00a36.1 million and liabilities of \u00a33.6 million). ",
"dimensions": {
"concept": "theunitegroupplc:DisclosureOfInterestRateSwaps",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "Accounting policies Interest rate swaps are recognised initially and subsequently at fair value, with mark to market movements recognised in the income statement unless cash flow hedge accounting is applied. The Group designates certain interest rate derivatives as hedging instruments. The interest rate swap is designated as the hedging instrument in a hedge of the variability in cash flows attributable to the interest risk of borrowings. At inception the Group documents the relationship between the hedging instrument and the hedged item, along with the risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of changes in fair value of the interest rate swap is recognised in Other Comprehensive Income and presented under the heading of Hedging reserve in equity, limited to the cumulative change in fair value of the hedged item from inception of the hedge. Any ineffective portion of changes in the fair value of the interest rate swap is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. If the Group expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria. This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in the hedging reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the hedging reserve is reclassified immediately to profit or loss. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the current creditworthiness of the swap counterparties. ",
"dimensions": {
"concept": "theunitegroupplc:DescriptionOfAccountingPolicyForInterestRateSwaps",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-469": {
"value": "Accounting policies Net financing costs comprise interest payable on borrowings and interest on lease liabilities, less interest receivable on funds invested (both calculated using the effective interest rate method) and gains and losses on hedging instruments that are recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "Accounting policies Net financing costs comprise interest payable on borrowings and interest on lease liabilities, less interest receivable on funds invested (both calculated using the effective interest rate method) and gains and losses on hedging instruments that are recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-470": {
"value": "Recognised in the income statement: 2022 \u00a3m 2021 \u00a3m Interest income (0.2) \u2013 Finance income (0.2) \u2013 Gross interest expense on loans 39.5 43.7 Interest capitalised (4.3) (5.2) Amortisation of fair value of debt recognised on acquisition (5.9) (4.3) Loan interest and similar charges 29.3 34.2 Interest on lease liabilities 8.1 8.5 Mark to market gains on interest rate swaps (70.7) (10.9) Swap cancellation fair value settlements and loan break costs \u2013 4.2 Finance (gains)/costs (33.3) 36.0 Net financing (gains)/costs (33.5) 36.0 The average cost of the Group\u2019s wholly owned investment debt at 31 December 2022 is 3.3% (2021: 3.0%). The overall average cost of investment debt on an EPRA basis is 3.4% (2021: 3.0%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "Recognised in the income statement: 2022 \u00a3m 2021 \u00a3m Interest income (0.2) \u2013 Finance income (0.2) \u2013 Gross interest expense on loans 39.5 43.7 Interest capitalised (4.3) (5.2) Amortisation of fair value of debt recognised on acquisition (5.9) (4.3) Loan interest and similar charges 29.3 34.2 Interest on lease liabilities 8.1 8.5 Mark to market gains on interest rate swaps (70.7) (10.9) Swap cancellation fair value settlements and loan break costs \u2013 4.2 Finance (gains)/costs (33.3) 36.0 Net financing (gains)/costs (33.5) 36.0 The average cost of the Group\u2019s wholly owned investment debt at 31 December 2022 is 3.3% (2021: 3.0%). The overall average cost of investment debt on an EPRA basis is 3.4% (2021: 3.0%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-480": {
"value": "Recognised in the income statement: 2022 \u00a3m 2021 \u00a3m Interest income (0.2) \u2013 Finance income (0.2) \u2013 Gross interest expense on loans 39.5 43.7 Interest capitalised (4.3) (5.2) Amortisation of fair value of debt recognised on acquisition (5.9) (4.3) Loan interest and similar charges 29.3 34.2 Interest on lease liabilities 8.1 8.5 Mark to market gains on interest rate swaps (70.7) (10.9) Swap cancellation fair value settlements and loan break costs \u2013 4.2 Finance (gains)/costs (33.3) 36.0 Net financing (gains)/costs (33.5) 36.0 The average cost of the Group\u2019s wholly owned investment debt at 31 December 2022 is 3.3% (2021: 3.0%). The overall average cost of investment debt on an EPRA basis is 3.4% (2021: 3.0%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "4.4 Gearing LTV is a key indicator that the Group uses to manage its indebtedness. The Group also monitors gearing, which is calculated using EPRA net tangible assets (NTA) and adjusted net debt. Adjusted net debt excludes IFRS 16 lease liabilities, the unamortised fair value of debt recognised on acquisition and mark to market of interest rate swaps as shown below. The Group\u2019s gearing ratios are calculated as follows: Note 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents 5.1 38.0 109.4 Non-current borrowings 4.1 (1,265.9) (1,162.0) Lease liabilities 4.6a (92.3) (96.8) Interest rate swaps 4.3 73.2 2.5 Net debt per balance sheet (1,247.0) (1,146.9) Lease liabilities 4.6a 92.3 96.8 Unamortised fair value of debt recognised on acquisition 2.3c 19.5 23.8 Adjusted net debt (1,135.2) (1,026.3) Reported net asset value 2.3c 3,792 .1 3,527.8 EPR A NTA 2.3c 3,715.2 3,532.2 Gearing Basic (net debt/reported net asset value) 33% 33% Adjusted gearing (adjusted net debt/EPRA NTA) 31% 29% Loan to value 2.3a 31% 29% ",
"dimensions": {
"concept": "theunitegroupplc:DisclosureOfGearing",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-437": {
"value": "4.5 Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks: market risks (primarily interest rate risk), credit risk and
liquidity risk. The Group\u2019s Treasury Policy focuses on the unpredictability of financial markets and seeks to minimise
potential adverse effects on the Group\u2019s financial performance. Details on credit risk can be found in note 5.3.
4.5a) Interest rate risk
The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest
rates. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings,
and by the use of interest rate swap contracts and forward interest rate contracts. Hedging activities are evaluated
regularly to align with interest rate views and defined risk appetite; ensuring the most cost-effective hedging strategies
are applied.
The Group\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk
management section of this note.
The Group holds its debt finance under both floating and fixed rate arrangements. The majority of floating debt is hedged
through the use of interest rate swap agreements. The Group\u2019s Policy guideline has been to hedge 75%-95% of the Group\u2019s
exposure for terms of approximately two to ten years.
At 31 December 2022, after taking account of interest rate swaps, 97% (2021: 89%) of the Group\u2019s borrowing was held at
fixed rates. Excluding the \u00a3200 million (2021: \u00a3nil million) of swaps the fixed investment borrowing is at an average rate of
3.1% (2021: 3.1%) for an average period of 5.3 years (2021: 6.4 years), including all debt with current swaps the average rate
is 3.3% (2021: 3.0%). In addition, Unite Group Plc has \u00a3300m forward starting interest rate swaps at rates meaningfully
below prevailing market levels with weighted average maturity of 10.8 years.
Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest
amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of
changing interest rates upon the issuance of forecast fixed rate debt held and the cash flow exposures on the issued
variable rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the
future cash flows using the curves at the reporting date and is disclosed below. The average interest rate is based on the
outstanding balances at the end of the financial year.
As the critical terms of the hedge contracts and their corresponding hedged items are the same, the Group performs a
qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value
of the corresponding hedged items will systematically change in opposite direction in response to movements in the
underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships has historically been the
effect of the counterparty and the Group\u2019s own credit risk on the fair value of the hedge contracts, which is not reflected
in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness
emerged from these hedging relationships. However, changes in anticipated draw down of debt in 2022 as a result of
planned property disposals have meant that the hedged items were no longer expected to occur. As a result the hedge
relationships were discontinued from 1 July 2021. Subsequent changes in fair value of the derivatives of \u00a310.0 million
were recognised directly in profit and loss. The amount accumulated in cash flow hedge reserve was reclassified to profit
and loss.
The Group holds interest rate swaps and caps at 31 December 2022 against \u00a3nil (2021: \u00a3nil) of the Group\u2019s borrowings,
designated in effective hedge relationships. The fair value of these instruments is net assets of \u00a373.2 million (2021:
\u00a32.5 million) with \u00a3nil million maturing in 12 months.
Hedging instruments
Applicable
interest rates Nominal amount Carrying amount Change in fair value
2022
%
2021
%
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Within one year \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 5.0
Between one and two years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.5
Between two and five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
More than five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 8.6
4.5 Financial risk factors continued
Hedged items
Nominal amount Change in value
Hedging reserve \u2013
continuing
Hedging reserve \u2013
discontinued*
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Variable rate borrowings \u2013 \u2013 \u2013 (16.2) \u2013 \u2013 \u2013 1.6
* Balance in cash flow hedging reserve representing the unamortised value of the realised swap gain from hedging relationship for which
hedge accounting is no longer applied.
The following table details the effectiveness of the hedging relationship and the amounts reclassified from hedging
reserve to profit or loss:
Changes in OCI
Hedge
ineffectiveness
Line item in
P&L
Reclassified
to P&L \u2013
discontinued
Reclassified
to P&L \u2013
continuing
Line item in
P&L
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Variable rate
borrowings
\u2013 16.2 \u2013 \u2013
Mark to market
movements on
interest rate
swaps
\u2013 (1.1) \u2013 \u2013
Mark to market
movements on
interest rate
swaps
The interest rate swaps settle on a monthly basis. The floating rate on the interest rate swaps is one-month SONIA (2021:
SONIA). The Group will settle the difference between the fixed and floating interest rate on a net basis.
At the end of the current year and the previous year, the Group had no cash flow hedges in hedge relationships.
The sensitivity analyses below have been determined based on the exposure to interest rates for both derivative and
non-derivative instruments as at 31 December 2022. For floating rate liabilities, the analysis is prepared assuming the
amount of liability outstanding at the reporting date was outstanding for the whole year. A 1% increase or decrease is
used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment
of the reasonably possible change in interest rates.
If interest rates had been 1% higher and all other variables were held constant the Group\u2019s loss for the year ended
31 December 2022 would increase by \u00a31.4 million (2021: \u00a34.0 million). The Group\u2019s sensitivity to interest rates has
decreased mainly due to the lower amount of unhedged floating rate debt in place during the year.
4.5b) Credit risk on financial instruments In order to minimise credit risk, the Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group only transacts with entities that are rated the equivalent of investment grade and investments in these instruments, where the counterparties have minimum A- credit rating, are considered to have low credit risk for the purpose of impairment assessment. The credit rating information is supplied by independent rating agencies where available and, if not available, the Group uses other publicly available financial information including CDS price and its own trading records to rate its major customers. The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties in line with Board Policy. Before accepting any new customer, the finance team uses external credit ratings to assess the potential customer\u2019s credit quality and defines credit limits by customer. Monitoring procedures are also in place to ensure that follow-up action is taken when ratings deteriorate. The Group does not hold any credit enhancements to cover its credit risks associated with its financial assets. The Group considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that financial assets that meet either of the following criteria are generally not recoverable; \u2022 when there is a breach of financial covenants by the debtor; or \u2022 information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account collateral held by the Group). Details of the credit quality of the Group\u2019s financial assets as well as the Group\u2019s maximum exposure to credit risk by credit risk rating grades are set out on note 5.3. 4.5c) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk are set out below. For development activities, the Group has a policy of raising substantially the full amount of equity required for each development before drawing debt against the development. The funding requirements of developments are therefore secured at the outset of works. The Group has the following financial instruments which impact the liquidity risk of the Group either now or in the future: \u2022 Financial assets including interest rate swaps, trade receivables, amounts due from joint ventures, other receivables and cash. \u2022 Financial liabilities including borrowings, lease liabilities, interest rates swaps, trade payables, retentions on construction contracts for properties, other payables and accrued expenses. The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The contractual maturity is based on the earliest date on which the Group may be required to pay. 4.5 Financial risk factors continued
2022
Weighted
average
effective
interest
rate
%
Less than
1 month
\u00a3m
1\u20133
months
\u00a3m
3 months
\u2013 1 year
\u00a3m
1\u20135
years
\u00a3m
5+
years
\u00a3m
Total
\u00a3m
Carrying
amount
\u00a3m
Variable interest rate
instruments 5.0 1.0 1.9 8.7 258.2 \u2013 269.9 228.0
Fixed interest rate
instruments 3.1 1.1 2.2 28.8 399.4 766.2 1,197.7 1,037.9
Lease liabilities 4.2 0.5 0.9 4.2 28.3 58.8 92.7 92.3
Trade and other payables N/a \u2013 118.2 \u2013 \u2013 \u2013 118.2 118.2
Total 2.6 123.2 41.7 685.9 825.0 1,678.5 1,476.4
2021
Weighted
average
effective
interest
rate
%
Less than
1 month
\u00a3m
1\u20133
months
\u00a3m
3 months
\u2013 1 year
\u00a3m
1\u20135
years
\u00a3m
5+
years
\u00a3m
Total
\u00a3m
Carrying
amount
\u00a3m
Variable interest rate
instruments 2.0% 0.2 0.4 1.9 130.6 \u2013 133.1 121.3
Fixed interest rate
instruments 3.1% 1.1 2.2 28.5 415.5 786.4 1,233.7 1,040.7
Lease liabilities 4.2% \u2013 3.2 9.8 53.9 94.2 161.1 96.8
Trade and other payables n/a \u2013 130.6 \u2013 \u2013 \u2013 130.6 130.6
Total 1.3 136.4 40.2 600.0 880.6 1,658.5 1,389.4
The Company has \u00a3269.9 million of variable rate borrowings with a weighted average rate of 5.0% and \u00a31,197.7 million
of fixed rate borrowings with a weighted average rate of 3.1%. The maturity of the Company\u2019s borrowings is disclosed
in note 4.1.
The Group has access to financing facilities as described below, of which \u00a3378.0 million were unused at the reporting
date (2021: \u00a3335.0 million). The Group expects to meet its other obligations from operating cash flows.
2022
\u00a3m
2021
\u00a3m
Unsecured bank overdraft facility, reviewed annually and payable at call:
\u2013 amount used \u2013 \u2013
\u2013 amount unused 10.0 10.0
10.0 10.0
Unsecured committed bank loan facilities which may be extended by mutual agreement:
\u2013 amount used 232.0 125.0
\u2013 amount unused 368.0 325.0
600.0 450.0
4.5d) Covenant compliance The Group monitors its covenant position and the forecast headroom available on a monthly basis. At 31 December 2022, the Group was in full compliance with all of its borrowing covenants. The Group\u2019s unsecured borrowings carry several covenants. The covenant regime is IFRS based and gives the Group substantial operational flexibility, allowing property acquisitions, disposals and developments to occur with relative freedom. 2022 2021 Covenant Actual Covenant Actual Gearing <1.50 0.34 <1.50 0.30 Unencumbered assets ratio >1.70 3.12 >1.70 3.25 Secured gearing <0.25 0.0 <0.25 0.0 Development assets ratio <30% 4% <30% 7% Joint venture ratio <55% 24% <55% 23% Interest cover >2.00 6.71 >2.00 5.49 The Group also has bonds which carry several covenants which the Group was also in full compliance with as set out below. 2022 2021 Weighted covenant Weighted actual Weighted covenant Weighted actual Net gearing <60% 34% <60% 30% Secured gearing <25% 0% <25% 0% Unsecured gearing >1.67 2.89 >1.67 2.79 Interest cover >1.75 3.50 >1.75 3.31 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-471": {
"value": "4.5a) Interest rate risk The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts and forward interest rate contracts. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite; ensuring the most cost-effective hedging strategies are applied. The Group\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note. The Group holds its debt finance under both floating and fixed rate arrangements. The majority of floating debt is hedged through the use of interest rate swap agreements. The Group\u2019s Policy guideline has been to hedge 75%-95% of the Group\u2019s exposure for terms of approximately two to ten years. At 31 December 2022, after taking account of interest rate swaps, 97% (2021: 89%) of the Group\u2019s borrowing was held at fixed rates. Excluding the \u00a3200 million (2021: \u00a3nil million) of swaps the fixed investment borrowing is at an average rate of 3.1% (2021: 3.1%) for an average period of 5.3 years (2021: 6.4 years), including all debt with current swaps the average rate is 3.3% (2021: 3.0%). In addition, Unite Group Plc has \u00a3300m forward starting interest rate swaps at rates meaningfully below prevailing market levels with weighted average maturity of 10.8 years. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates upon the issuance of forecast fixed rate debt held and the cash flow exposures on the issued variable rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the curves at the reporting date and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. As the critical terms of the hedge contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite direction in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships has historically been the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the hedge contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. However, changes in anticipated draw down of debt in 2022 as a result of planned property disposals have meant that the hedged items were no longer expected to occur. As a result the hedge relationships were discontinued from 1 July 2021. Subsequent changes in fair value of the derivatives of \u00a310.0 million were recognised directly in profit and loss. The amount accumulated in cash flow hedge reserve was reclassified to profit and loss. The Group holds interest rate swaps and caps at 31 December 2022 against \u00a3nil (2021: \u00a3nil) of the Group\u2019s borrowings, designated in effective hedge relationships. The fair value of these instruments is net assets of \u00a373.2 million (2021: \u00a32.5 million) with \u00a3nil million maturing in 12 months. Hedging instruments Applicable interest rates Nominal amount Carrying amount Change in fair value 2022 % 2021 % 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Within one year \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 5.0 Between one and two years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.5 Between two and five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 More than five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 8.6 Hedged items Nominal amount Change in value Hedging reserve \u2013 continuing Hedging reserve \u2013 discontinued* 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Variable rate borrowings \u2013 \u2013 \u2013 (16.2) \u2013 \u2013 \u2013 1.6 * Balance in cash flow hedging reserve representing the unamortised value of the realised swap gain from hedging relationship for which hedge accounting is no longer applied. The following table details the effectiveness of the hedging relationship and the amounts reclassified from hedging reserve to profit or loss: Changes in OCI Hedge ineffectiveness Line item in P&L Reclassified to P&L \u2013 discontinued Reclassified to P&L \u2013 continuing Line item in P&L 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Variable rate borrowings \u2013 16.2 \u2013 \u2013 Mark to market movements on interest rate swaps \u2013 (1.1) \u2013 \u2013 Mark to market movements on interest rate swaps The interest rate swaps settle on a monthly basis. The floating rate on the interest rate swaps is one-month SONIA (2021: SONIA). The Group will settle the difference between the fixed and floating interest rate on a net basis. At the end of the current year and the previous year, the Group had no cash flow hedges in hedge relationships. The sensitivity analyses below have been determined based on the exposure to interest rates for both derivative and non-derivative instruments as at 31 December 2022. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole year. A 1% increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of the reasonably possible change in interest rates. If interest rates had been 1% higher and all other variables were held constant the Group\u2019s loss for the year ended 31 December 2022 would increase by \u00a31.4 million (2021: \u00a34.0 million). The Group\u2019s sensitivity to interest rates has decreased mainly due to the lower amount of unhedged floating rate debt in place during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-472": {
"value": "4.5b) Credit risk on financial instruments In order to minimise credit risk, the Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group only transacts with entities that are rated the equivalent of investment grade and investments in these instruments, where the counterparties have minimum A- credit rating, are considered to have low credit risk for the purpose of impairment assessment. The credit rating information is supplied by independent rating agencies where available and, if not available, the Group uses other publicly available financial information including CDS price and its own trading records to rate its major customers. The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties in line with Board Policy. Before accepting any new customer, the finance team uses external credit ratings to assess the potential customer\u2019s credit quality and defines credit limits by customer. Monitoring procedures are also in place to ensure that follow-up action is taken when ratings deteriorate. The Group does not hold any credit enhancements to cover its credit risks associated with its financial assets. The Group considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that financial assets that meet either of the following criteria are generally not recoverable; \u2022 when there is a breach of financial covenants by the debtor; or \u2022 information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account collateral held by the Group). Details of the credit quality of the Group\u2019s financial assets as well as the Group\u2019s maximum exposure to credit risk by credit risk rating grades are set out on note 5.3. 5.3 Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. It arises principally from the Group\u2019s cash balances, the Group\u2019s receivables from customers and joint ventures and loans provided to the Group\u2019s joint ventures. At the year-end, the Group\u2019s maximum exposure to credit risk was as follows: Note 2022 \u00a3m 2021 \u00a3m Cash 5.1 38.0 109.4 Trade receivables 5.2 31.8 27.9 Amounts due from joint ventures 5.2 46.9 56.8 116.7 194.1 5.3a) Cash The Group operates investment guidelines with respect to surplus cash. Counterparty limits for cash deposits are largely based upon long-term ratings published by credit rating agencies and credit default swap rates. Deposits were placed with financial institutions with A- or better credit ratings. 5.3b) Trade receivables The Group\u2019s customers can be split into two groups \u2013 (i) students (individuals) and (ii) commercial organisations including universities. The Group\u2019s exposure to credit risk is influenced by the characteristics of each customer. 5.3c) Joint ventures Amounts receivable from joint ventures fall into two categories \u2013 working capital balances and investment loans. The Group has strong working relationships with its joint venture partners, and the joint ventures themselves have strong financial performance, retain net asset positions and are cash generative, and therefore the Group views this as a low credit risk balance. No impairment has therefore been recognised in 2022 or 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-473": {
"value": "4.5c) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk are set out below. For development activities, the Group has a policy of raising substantially the full amount of equity required for each development before drawing debt against the development. The funding requirements of developments are therefore secured at the outset of works. The Group has the following financial instruments which impact the liquidity risk of the Group either now or in the future: \u2022 Financial assets including interest rate swaps, trade receivables, amounts due from joint ventures, other receivables and cash. \u2022 Financial liabilities including borrowings, lease liabilities, interest rates swaps, trade payables, retentions on construction contracts for properties, other payables and accrued expenses. The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The contractual maturity is based on the earliest date on which the Group may be required to pay. 2022 Weighted average effective interest rate % Less than 1 month \u00a3m 1\u20133 months \u00a3m 3 months \u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m Carrying amount \u00a3m Variable interest rate instruments 5.0 1.0 1.9 8.7 258.2 \u2013 269.9 228.0 Fixed interest rate instruments 3.1 1.1 2.2 28.8 399.4 766.2 1,197.7 1,037.9 Lease liabilities 4.2 0.5 0.9 4.2 28.3 58.8 92.7 92.3 Trade and other payables N/a \u2013 118.2 \u2013 \u2013 \u2013 118.2 118.2 Total 2.6 123.2 41.7 685.9 825.0 1,678.5 1,476.4 2021 Weighted average effective interest rate % Less than 1 month \u00a3m 1\u20133 months \u00a3m 3 months \u2013 1 year \u00a3m 1\u20135 years \u00a3m 5+ years \u00a3m Total \u00a3m Carrying amount \u00a3m Variable interest rate instruments 2.0% 0.2 0.4 1.9 130.6 \u2013 133.1 121.3 Fixed interest rate instruments 3.1% 1.1 2.2 28.5 415.5 786.4 1,233.7 1,040.7 Lease liabilities 4.2% \u2013 3.2 9.8 53.9 94.2 161.1 96.8 Trade and other payables n/a \u2013 130.6 \u2013 \u2013 \u2013 130.6 130.6 Total 1.3 136.4 40.2 600.0 880.6 1,658.5 1,389.4 The Company has \u00a3269.9 million of variable rate borrowings with a weighted average rate of 5.0% and \u00a31,197.7 million of fixed rate borrowings with a weighted average rate of 3.1%. The maturity of the Company\u2019s borrowings is disclosed in note 4.1. The Group has access to financing facilities as described below, of which \u00a3378.0 million were unused at the reporting date (2021: \u00a3335.0 million). The Group expects to meet its other obligations from operating cash flows. 2022 \u00a3m 2021 \u00a3m Unsecured bank overdraft facility, reviewed annually and payable at call: \u2013 amount used \u2013 \u2013 \u2013 amount unused 10.0 10.0 10.0 10.0 Unsecured committed bank loan facilities which may be extended by mutual agreement: \u2013 amount used 232.0 125.0 \u2013 amount unused 368.0 325.0 600.0 450.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "Lease liabilities Undiscounted cash flows Carrying value 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Analysed as: Non-current 87.5 91.9 Current 4.8 4.9 Total lease liability 92.3 96.8 Lease liability maturity analysis Year 1 10.5 13.0 4.8 4.9 Year 2 10.9 13.3 6.7 5.4 Year 3 11.8 13.5 6.7 6.2 Year 4 12.4 13.4 7.4 6.7 Year 5 13.3 13.7 7.9 7.4 Onwards 80.6 94.2 58.8 66.2 Total 139.5 161.1 92.3 96.8 The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s treasury function. 4.6b) Lease receivables The Group accounts for its tenancy contracts offered to commercial and individual tenants as operating leases. Operating lease contracts with universities contain RPI uplifts and market review clauses. The lessee does not have an option to purchase the property at the expiry of the lease period. Maturity analysis of operating lease receivables The future minimum lease payments receivable under non-cancellable operating leases are as follows: 2022 \u00a3m 2021 \u00a3m Year 1 218.7 19 4.1 Year 2 112.8 78.8 Year 3 73.8 57.9 Year 4 66.8 52.0 Year 5 58.5 46.2 Onwards 311.0 239.0 Total 841.6 668.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "4.7 Capital management The capital structure of the Group consists of shareholders\u2019 equity and adjusted net debt, including cash held on deposit. The Group\u2019s equity is analysed into its various components in the Statement of Changes in Equity. The components and calculation of adjusted net debt is set out in note 4.4. Capital is managed so as to continue as a going concern and to promote the long-term success of the business and to maintain sustainable returns for shareholders and joint venture partners. The Group uses a number of key metrics to manage its capital structure: \u2022 net debt (note 4.4) \u2022 gearing (note 4.4) \u2022 LTV (note 2.3a) \u2022 weighted average cost of investment debt (note 4.5a) In order to manage levels of adjusted gearing over the medium term, the Group seeks to deliver NAV growth and to recycle capital invested in lower performing assets into new assets and property developments. \u00a3339.0 million of property assets were sold in 2022 and we plan to sell \u00a3100-\u00a3150 million of property during 2023. The Group only commits to schemes where there is a meaningful spread between development yields and funding costs, on investments in its development and university partnerships pipeline. The Group does not commit to developing new sites until sufficient equity and funding to fulfil the full cost of the development is secure. The Board monitors the ability of the Group to pay dividends out of available cash and distributable profits. Based on the assumption that no shareholders take up the scrip dividend, the full year dividend will be covered by operating cash flows. The full year dividend is expected to be \u00a3130.7 million compared to operating cash flow of \u00a3160.2 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "Accounting policies Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares, other than on a business combination, are shown as a deduction, net of tax, in equity from the proceeds. Share issue costs incurred directly in connection with a business combination are deducted from the proceeds of the issue. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "The Company\u2019s issued share capital has increased during the year as follows: Called up, allotted and fully paid ordinary shares of \u00a30.25p each 2022 2021 No. of shares Ordinary shares \u00a3m Share premium \u00a3m No. of shares Ordinary shares \u00a3m Share premium \u00a3m At 1 January 399,139,636 99.8 2 ,161.2 398,170,432 99.5 2,160.3 Shares issued (placing) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Shares issued (scrip dividend) 865,069 0.2 (0.2) 789,927 0.2 (0.2) Shares issued (options exercised) 312,520 0.1 1.0 179,277 0.1 1.1 At 31 December 400,317,225 10 0.1 2 ,162 .0 399,139,636 99.8 2,161.2 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company\u2019s residual assets. The Company\u2019s reserves are as follows: \u2022 Called up share capital reserves contain the nominal value of the shares issued; \u2022 Share premium reserves contain the excess consideration received above the nominal value of the shares issued; \u2022 Merger reserves contain the excess in the value of shares issued by the Company in exchange for the value of shares acquired in respect of subsidiaries acquired (specifically on the acquisition of the Unilodge portfolio in June 2001); \u2022 Hedging reserves contain the cumulative gains and losses on hedging instruments deemed effective; and \u2022 Retained earnings contain the cumulative profits and losses of the Company net of dividends paid and other adjustments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-474": {
"value": "The Company\u2019s issued share capital has increased during the year as follows: Called up, allotted and fully paid ordinary shares of \u00a30.25p each 2022 2021 No. of shares Ordinary shares \u00a3m Share premium \u00a3m No. of shares Ordinary shares \u00a3m Share premium \u00a3m At 1 January 399,139,636 99.8 2 ,161.2 398,170,432 99.5 2,160.3 Shares issued (placing) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Shares issued (scrip dividend) 865,069 0.2 (0.2) 789,927 0.2 (0.2) Shares issued (options exercised) 312,520 0.1 1.0 179,277 0.1 1.1 At 31 December 400,317,225 10 0.1 2 ,162 .0 399,139,636 99.8 2,161.2 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company\u2019s residual assets. The Company\u2019s reserves are as follows: \u2022 Called up share capital reserves contain the nominal value of the shares issued; \u2022 Share premium reserves contain the excess consideration received above the nominal value of the shares issued; \u2022 Merger reserves contain the excess in the value of shares issued by the Company in exchange for the value of shares acquired in respect of subsidiaries acquired (specifically on the acquisition of the Unilodge portfolio in June 2001); \u2022 Hedging reserves contain the cumulative gains and losses on hedging instruments deemed effective; and \u2022 Retained earnings contain the cumulative profits and losses of the Company net of dividends paid and other adjustments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "Accounting policies Dividends are recognised through equity on the earlier of their approval by the Company\u2019s shareholders or their payment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "During the year, the Company paid the final 2021 dividend of \u00a362.3 million \u2013 15.6p per share \u2013 and an interim 2022 dividend of \u00a343.9 million \u2013 11.0p per share (2021: final 2020 dividend 12.75p and an interim dividend 6.5p). After the year-end, the Directors proposed a final dividend per share of 21.7p \u2013 totalling \u00a386.8 million (2021: 15.6p), bringing the total dividend per share for the year to 32.7p (2021: 22.1p). No provision has been made in relation to this dividend. The Group has modelled tax adjusted property business profits for 2022 and 2023 and the PID requirement in respect of the year ended 31 December 2022 is expected to be satisfied by the end of 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "Accounting policies Cash and cash equivalents comprise cash balances and call deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "5.1 Cash and cash equivalents The Group\u2019s cash position at 31 December 2022 was \u00a338.0 million (2021: \u00a3109.4 million). The Group\u2019s cash balances include \u00a31.1 million (2021: \u00a32.0 million) whose use at the balance sheet date is restricted by funding agreements to pay operating costs. The Group generates cash from its operating activities as follows: Note Group 2022 \u00a3m 2021 \u00a3m Profit for the year 356.4 344.6 Adjustments for: Depreciation and amortisation 7.8 7.8 Fair value of share-based payments 6.1 1.6 2.4 Change in value of investment property (owned and under development) 3.1 (112.7) (116.8) Change in value of investment property (leased) 3.1 9.3 11.1 Net finance costs 4.3 29.1 34.2 Interest payments for leased assets 4.3 8.1 8.5 Mark to market changes in interest rate swaps 4.3 (70.7) (10.9) Swap break and debt exit costs 4.3 \u2013 4.2 Loss on disposal of investment property (owned) 15.6 12.0 Share of joint venture profit 3.4b (80.4) (122.2) Trading with joint venture adjustment 4.0 19.1 Tax charge/(credit) 2.5a 1.6 (1.5) Cash flows from operating activities before changes in working capital 169.7 192.5 Decrease/(increase) in trade and other receivables 3.6 (52.5) (Increase) in inventories (1.0) (2.9) (Decrease)/increase in trade and other payables (10.7) 34.2 Cash flows from operating activities 161.6 171.3 Tax paid (1.4) \u2013 Net cash flows from operating activities 160.2 171.3 5.1 Cash and cash equivalents continued Cash flows consist of the following segmental cash inflows/(outflows): operations \u00a3134.1 million (2021: \u00a3108.1 million), property \u00a329.6 million (2021: (\u00a3324.8 million)) and unallocated (\u00a3235.1 million) (2021: (\u00a312.2 million)). The unallocated amount includes a net cash outflow of dividends paid of \u00a396.4 million (2021: \u00a364.8 million), an outflow of \u00a3141.0 million due to the acquisition of units in USAF (2021: \u00a3nil) and \u00a32.3 million of inflows from other items. Dividends received by the Company from its subsidiary undertakings totalling \u00a3130.0 million (2021: \u00a3125.0 million) are non-cash distributions of reserves. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-475": {
"value": "5.1 Cash and cash equivalents The Group\u2019s cash position at 31 December 2022 was \u00a338.0 million (2021: \u00a3109.4 million). The Group\u2019s cash balances include \u00a31.1 million (2021: \u00a32.0 million) whose use at the balance sheet date is restricted by funding agreements to pay operating costs. The Group generates cash from its operating activities as follows: Note Group 2022 \u00a3m 2021 \u00a3m Profit for the year 356.4 344.6 Adjustments for: Depreciation and amortisation 7.8 7.8 Fair value of share-based payments 6.1 1.6 2.4 Change in value of investment property (owned and under development) 3.1 (112.7) (116.8) Change in value of investment property (leased) 3.1 9.3 11.1 Net finance costs 4.3 29.1 34.2 Interest payments for leased assets 4.3 8.1 8.5 Mark to market changes in interest rate swaps 4.3 (70.7) (10.9) Swap break and debt exit costs 4.3 \u2013 4.2 Loss on disposal of investment property (owned) 15.6 12.0 Share of joint venture profit 3.4b (80.4) (122.2) Trading with joint venture adjustment 4.0 19.1 Tax charge/(credit) 2.5a 1.6 (1.5) Cash flows from operating activities before changes in working capital 169.7 192.5 Decrease/(increase) in trade and other receivables 3.6 (52.5) (Increase) in inventories (1.0) (2.9) (Decrease)/increase in trade and other payables (10.7) 34.2 Cash flows from operating activities 161.6 171.3 Tax paid (1.4) \u2013 Net cash flows from operating activities 160.2 171.3 5.1 Cash and cash equivalents continued Cash flows consist of the following segmental cash inflows/(outflows): operations \u00a3134.1 million (2021: \u00a3108.1 million), property \u00a329.6 million (2021: (\u00a3324.8 million)) and unallocated (\u00a3235.1 million) (2021: (\u00a312.2 million)). The unallocated amount includes a net cash outflow of dividends paid of \u00a396.4 million (2021: \u00a364.8 million), an outflow of \u00a3141.0 million due to the acquisition of units in USAF (2021: \u00a3nil) and \u00a32.3 million of inflows from other items. Dividends received by the Company from its subsidiary undertakings totalling \u00a3130.0 million (2021: \u00a3125.0 million) are non-cash distributions of reserves. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "Accounting policies On the basis that trade receivables meet the business model and cash flow characteristics tests, they are initially recognised at transaction price and then subsequently measured at amortised cost. The Group applies the IFRS 9 simplified model of recognising lifetime expected credit losses for all trade receivables as these items do not have a significant financing component. In measuring the expected credit losses, the trade receivables have been assessed on a collective basis as they possess shared credit risk characteristics. They have been grouped based on the days past due and also according to whether the tenant is a commercial organisation (including universities) or an individual student. The expected loss rates are based on the payment profile for sales by academic year as well as the corresponding historical credit losses during the period. The historical rates are adjusted to reflect any current and forward-looking macroeconomic factors affecting the customer\u2019s ability to settle the amount outstanding, however given the short period exposed to credit risk, the impact of macroeconomic factors has not been considered significant within the reporting period. Trade receivables are written off (i.e. derecognised) when there is no reasonable expectation of recovery. Failure to make payments within a reasonable period from the invoice date and failure to engage with the Group on alternative payment arrangements, amongst others are considered indicators of no reasonable expectation of recovery. Other financial asset balances are assessed for expected credit losses based on the underlying nature of the asset, including maturity and age of the asset such as whether a longer term asset or a short term working capital balance is subject to regular settlement arrangements, using the 12 month ECL model. No credit losses have been recognised in respect of these balances. Financial assets written off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss. The Company\u2019s impairment policies in relation to financial assets are consistent with those of the Group, with additional consideration given to loans to Group undertakings. In this respect, the Company recognises lifetime ECL when there has been a significant increase in credit risk (such as changes to credit ratings) since initial recognition. However, if the credit risk on the loans have not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. The Company expects that the loans to Group undertakings will be repaid in full at maturity or when called. If the Group undertakings were unable to repay loan balances, the Company expects that in such circumstances the counterparty would negotiate extended credit terms with the Company. As such, the expected credit loss is considered immaterial. No change in credit risk is deemed to have occurred since initial recognition and therefore a 12-month expected credit loss has been calculated based on the assessed probability of default. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-447": {
"value": "Trade and other receivables can be analysed as follows: Note Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Trade receivables 31.8 27.9 \u2013 \u2013 Amounts due from joint ventures 46.9 56.8 \u2013 \u2013 Prepayments and accrued income 20.6 15.3 \u2013 \u2013 Other receivables 5.9 8.8 0.1 0.1 Trade and other receivables (current) 105.2 108.8 0.1 0.1 Loans to Group undertakings (non-current) 5.6 \u2013 \u2013 2,076.9 1,928.3 Trade and other receivables (non-current) \u2013 \u2013 2,076.9 1,928.3 The Group offers tenancy contracts to commercial (universities and retail unit tenants) and individual tenants based on the academic year. The Group monitors and manages the recoverability of its receivables based on the academic year to which the amounts relate. Rental income is payable immediately, therefore all receivables relating to tenants are past the payment due date. We do not anticipate there to be any expected credit loss on amounts receivable from joint ventures as these remain highly profitable. Details of amounts due from Group undertakings to the Company are disclosed in note 5.6. 2022 Ageing by academic year Total \u00a3m 2022/23 \u00a3m 2021/22 \u00a3m Prior years \u00a3m Rental debtors Commercial tenants (past due) 1.5 0.8 0.4 0.3 Individual tenants (past due) 45.9 33.9 2.8 9.2 Expected credit loss carried (15.6) (2.9) (3.2) (9.5) Trade receivables 31.8 31.8 \u2013 \u2013 2021 Ageing by academic year Total \u00a3m 2021/22 \u00a3m 2020/21 \u00a3m Prior years \u00a3m Rental debtors Commercial tenants (past due) 0.9 0.5 0.3 0.1 Individual tenants (past due) 41.9 31.3 3.7 6.9 Expected credit loss carried (14.9) (4.3) (3.6) (7.0) Trade receivables 27.9 27. 5 0.4 \u2013 5.2 Trade and other receivables continued Movements in the Group\u2019s expected credit losses of trade receivables can be shown as follows: 2022 \u00a3m 2021 \u00a3m At 1 January 14.9 12.2 Expected credit loss charged to the income statement in the year 1.7 3.3 Receivables written off during the year (utilisation of expected credit loss) (1.0) (0.6) At 31 December 15.6 14.9 The loss allowance for trade receivables is estimated as an amount equal to the lifetime expected credit loss (ECL). This loss has been estimated using the Group\u2019s history of loss for similar assets and takes into account current and forecast conditions. The impact of credit losses is not considered significant in respect of the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-448": {
"value": "Accounting policies Trade payables are initially recognised at the value of the invoice received from a supplier (fair value) and subsequently at amortised cost. The carrying value of trade payables is considered approximate to fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-449": {
"value": "Trade and other payables due within one year can be analysed as follows: Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Trade payables 33.2 35.3 \u2013 \u2013 Retentions on construction contracts for properties 5.4 4.2 \u2013 \u2013 Amounts due to Group undertakings \u2013 \u2013 70.3 38.0 Other payables and accrued expenses 84.9 96.6 9.5 6.4 Deferred income 68.0 64.6 \u2013 \u2013 Trade and other payables 191.5 200.7 79.8 44.4 Deferred income relates to rental income that has been collected in advance of it being recognised as income. Included within accrued expenses is \u00a3nil of capital commitments, relating to investment properties under development (2021: \u00a3nil million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-450": {
"value": "Accounting policies Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation and are discounted to present value where the effect is material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-451": {
"value": "During 2020, and in accordance with the Government\u2019s Building Safety Advice of 20 January 2020, we undertook a thorough review of the use of High-Pressure Laminate (HPL) cladding on our properties. We have identified 27 properties with cladding that needs replacing across our estate, due to legal or contractual obligations. We are continuing to carry out replacement works for properties with HPL cladding, with activity prioritised according to our risk assessments, starting with those over 18 metres in height. The remaining cost of replacing the cladding is expected to be \u00a3113.3 million (Unite Share: \u00a359.2 million), of which \u00a329.4 million is in respect of wholly owned properties. Whilst the overall timetable for these works is uncertain, we anticipate this will be incurred over the next 12-24 months. The regulations continue to evolve in this area and we will ensure that our buildings are safe for occupation and compliant with laws and regulations. The Government\u2019s Building Safety Bill, covering building standards, was passed in April and has introduced more stringent fire safety regulations. We will ensure we remain aligned to fire safety regulations as they evolve and will continue to make any required investment to ensure our buildings remain safe to occupy. We have provided for the costs of remedial work where we have a legal obligation to do so. The amounts provided reflect the current best estimate of the extent and future cost of the remedial works required and are based on known costs and quotations where possible, and reflect the most likely outcome. However, these estimates may be updated as work progresses or if Government legislation and regulation changes. We have not recognised any assets in respect of future claims. 5.5 Provisions continued
Management have performed a sensitivity analysis to assess the impact of a change in their estimate of total costs. A 20%
increase in the estimated remaining costs would affect net valuation gains/losses on property in the IFRS P&L and would
reduce the Group\u2019s NTA by 3.0 pence on a Unite share basis. Whilst provisions are expected to be utilised within two years,
there is uncertainty over this timing.
The Group has recognised provisions for the cost of these cladding works as follows:
Gross
\u00a3m
Unite Share
\u00a3m
Wholly
owned USAF LSAV Total
Wholly
owned USAF LSAV Total
At 31 December 2020 15.7 50.0 14.2 79.9 15.7 11.0 7.1 33.8
Additions 18.0 23.4 0.5 41.9 18.0 5.1 0.3 23.4
Utilisation (0.2) (17.1) (12.5) (29.8) (0.2) (3.8) (6.3) (10.3)
At 31 December 2021 33.5 56.3 2.2 92.0 33.5 12.3 1.1 46.9
Additions 1.9 40.1 29.8 71.8 1.9 11.4 14.9 28.2
Utilisation (5.9) (40.8) (3.8) (50.5) (65.9) (11.5) (1.9) (19.4)
Changes in ownership % \u2013 \u2013 \u2013 \u2013 \u2013 3.5 \u2013 3.5
At 31 December 2022 29.5 55.6 28.2 113.3 29.5 15.6 14.1 59.2
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-452": {
"value": "5.6 Transactions with other Group companies During the year, the Company entered into various interest-free, repayable on demand loans with its subsidiaries, the aggregate of which are disclosed in the cash flow statement. In addition, the Company was charged by Unite Integrated Solutions plc for corporate costs of \u00a34.5 million (2021: \u00a34.1 million). As a result of these intercompany transactions, the following amounts were due from/to the Company\u2019s subsidiaries at the year-end. 2022 \u00a3m 2021 \u00a3m Unite Holdings Limited 131.1 135.1 LDC (Holdings) Limited 1,072.3 937.7 Liberty Living Group plc 873.5 855.5 Amounts due from Group undertakings 2,076.9 1,928.3 Unite Integrated Solutions plc 70.3 38.0 Amounts due to Group undertakings 70.3 38.0 The Company has had a number of transactions with its joint ventures, which are disclosed in note 3.4c. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-453": {
"value": "Accounting policies The Group operates a defined contribution pension scheme. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "6.1 Staff numbers and costs The average number of persons employed by the Group (including Directors) during the year (calculated on a monthly basis), analysed by category, was as follows: Number of employees 2022 2021 Managerial and administrative 569 509 Site operatives 1,206 1,288 1,775 1,797 The aggregate payroll costs of these persons were as follows: 2022 \u00a3m 2021 \u00a3m Wages and salaries 64.2 62.6 Social security costs 6.5 6.1 Pension costs 2.7 2.4 Fair value of share-based payments 1.6 2.4 75.0 73.5 The wages and salaries costs include redundancy costs of \u00a30.8 million (2021: \u00a30.5 million). The total number of persons employed by the Group (including Directors) as at 31 December 2022 was 589 managerial and administrative and 1,175 site operatives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "6.2 Key management personnel The remuneration of the Directors, including Non-Executive Directors, who are the key management personnel of the Group and Company, is set out below in aggregate for each of the applicable categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u2019 Remuneration Report on pages 145\u2013163 which covers the requirements of schedule 5 of the relevant legislation. 2022 \u00a3m 2021 \u00a3m Short-term employee benefits 2.0 2.3 Post employment benefits 0.1 0.1 Share-based payment benefits \u2013 0.6 2.1 3.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-456": {
"value": "6.3 Share-based compensation A transaction is classified as a share-based transaction where the Group receives services from employees and pays for these in shares or similar equity instruments. The Group operates a number of share-based compensation schemes allowing employees to acquire shares in the Company. 6.3a) Share schemes The Group operates the following schemes: Long-Term Incentive Plan (LTIP), comprising the: \u2013 Performance Share Plan (PSP); and \u2013 HMRC Approved Employee Share Option Scheme (ESOS) Details can be found in the Directors\u2019 Remuneration Report Save As You Earn Scheme (SAYE) Open to employees, vesting periods of three years, service condition 6.3b) Outstanding share options The table below summarises the movements in the number of share options outstanding for the Group and their average exercise price: Weighted average exercise price 2022 Number of options (thousands) 2022 Weighted average exercise price 2021 Number of options (thousands) 2021 Outstanding at 1 January \u00a30.57 2,372 \u00a30.83 2,672 Forfeited during the year \u00a33.09 (538) \u00a31.77 (604) Exercised during the year \u00a32.52 (428) \u00a32.37 (354) Granted during the year \u00a32.65 677 \u00a30.69 657 Outstanding at 31 December \u00a30.19 2,083 \u00a30.57 2,371 Exercisable at 31 December \u00a38.42 63 \u00a35.45 99 For those options exercised in the year, the average share price during 2022 was \u00a310.34 (2021: \u00a310.94). For those options still outstanding, the range of exercise prices at the year-end was 0p to 1,121p (2021: 0p to 1,084p) and the weighted average remaining contractual life of these options was 3.8 years (2021: 2.2 years). The Group funds the purchase of its own shares by the Employee Share Ownership Trust to meet the obligations of the LTIP and executive bonus scheme. The purchases are shown as \u201cOwn shares acquired\u201d in retained earnings. As at 31 December 2022 the number of shares held by the ESOT was 205,084 (2021: 209,954). The accounting is in accordance with the relevant standards. No further information is given as the amounts for share-based payments are immaterial. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "Section 7: Post balance sheet events There were no post balance sheet events. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "Section 8: Alternative performance measures The Group uses alternative performance measures (\u201cAPMs\u201d), which are not defined or specified under IFRS. These APMs, which are not considered to be a substitute for IFRS measures, provide additional helpful information. APMs are consistent with how business performance is planned, reported and assessed internally by management and the Board, and provide comparable information across the Group. The APMs below have been calculated on a see through/Unite share basis, as referenced to the notes to the financial statements. Reconciliations to equivalent IFRS measures are included in notes 2.2b and 2.2c. Definitions can also be found in the glossary. Adjusted earnings reflects a more meaningful measure of the underlying earnings of the Group, excluding the non- recurring impact of one-off transactions, and therefore improve comparability. Non-EPRA measures may not have comparable calculation bases between companies and therefore may not provide meaningful industry-wide comparability. Note 2022 \u00a3m 2021 \u00a3m EBIT Net operating income 2.2a 241.0 191.8 Management fees 2.2a 17.4 15.9 Overheads 2.2a (27.7) (31.5) 230.7 176.2 EBIT margin % Rental income 2.2a 339.7 282.7 EBIT 8 230.7 176.2 67.9% 62.3% EBITDA Net operating income 2.2a 241.0 191.8 Management fees 2.2a 17.4 15.9 Overheads 2.2a (27.7) (31.5) Depreciation and amortisation 7.8 7.8 238.5 184.0 Net debt Cash 2.3a 139.2 155.5 Debt on properties 2.3a (1,872.8) (1,677. 3) (1,733.6) (1,521.8) EBITDA: Net debt EBITDA 8 238.5 184.0 Net debt 8 (1,733.6) (1,521.8) Ratio 7.3 8.3 Interest cover (Unite share) EBIT 8 230.7 176.2 Net financing costs 2.2a (54.9) (54.8) Interest on lease liabilities 2.2a (8.1) (8.5) Total interest (63.0) (63.3) Ratio 3.7 2.8 Section 8: Alternative performance measures continued Reconciliation: IFRS profit before tax to EPRA earnings and adjusted earnings Note 2022 \u00a3m 2021 \u00a3m IFRS profit before tax 358.0 343.1 Net valuation (gains)/losses on investment property (owned) 2.2b (145.0) (205.6) Property disposals (owned) 2.2b 16.5 12.3 Net valuation losses on investment property (leased) 2.2b 9.3 11.1 Amortisation of fair value of debt recognised on acquisition 2.2b (4.3) (4.3) Changes in valuation of interest rate swaps 2.2b (70.7) (10.9) Swap cancellation fair value settlements and loan break costs 2.2b \u2013 4.2 Non-controlling interest, tax and other items (1.9) 2.1 EPRA earnings 161.9 152.0 Net LSAV performance fee \u2013 (41.9) Abortive costs 1.5 \u2013 Adjusted earnings 163.4 110.1 Adjusted EPS yield 2022 2021 Adjusted earnings (A) 40.9p 27.6p EPRA NTA at 1 January (B) 882p 818p Adjusted EPS yield (A/B) 4.6% 3.4% Total accounting return Note 2022 2021 Opening EPRA NTA (A) 2.3d 882.2p 818.0p Closing EPRA NTA 2.3d 926.8p 882.2p Movement 44.6p 64.2p H1 dividend paid 4.9 15.6p 12.8p H2 dividend paid 4.9 11.0p 6.5p Total movement in NTA (B) 71.2p 83.5p Total accounting return (B/A) 8.1% 10.2% EPRA Performance Measures Summary of EPRA performance measures Note 2022 \u00a3m 2021 \u00a3m 2022 2021 EPRA earnings 161.9 152.0 40.5p 38.1p Adjusted earnings (*) 163.4 110.1 40.9p 27.6p EPRA NTA (diluted) 3,718.3 3,536.1 927p 882p EPRA NRV (diluted) 4,037.3 3,829.7 1,006p 955p EPRA NDV (diluted) 3,968.0 3,503.6 989p 874p EPRA net initial yield 4.6% 4.0% EPRA topped up net initial yield 4.6% 4.0% EPRA like-for-like gross rental income 23.0% 4.7% EPRA vacancy rate 0.8% 5.6% EPRA cost ratio (including vacancy costs) 33.4% 38.8% EPRA Cost ratio (excluding vacancy costs) 32.3% 36.8% * Adjusted earnings calculated as EPRA earnings less LSAV performance fee income recognised and abortive costs. EPRA like-for-like rental income (calculated based on total portfolio value of \u00a38.5 billion) \u00a3m Properties owned throughout the period Development property Acquisitions and disposals Total EPRA Earnings 2022 Rental income 310.9 5.3 23.5 339.7 Property operating expenses (90.6) (1.1) (7.0) (98.7) Net rental income 220.3 4.2 16.5 241.0 2021 Rental income 252.8 \u2013 29.9 282.7 Property operating expenses (79.7) \u2013 (11.2) (90.9) Net rental income 173.1 \u2013 18.7 191.8 Like-for-like net rental income (\u00a3m) 47. 2 Like-for-like net rental income (%) 27.3% Like-for-like gross rental income (\u00a3m) 58.1 Like-for-like gross rental income (%) 23.0% Section 8: Alternative performance measures continued EPRA vacancy rate 2022 \u00a3m 2021 \u00a3m Estimated rental value of vacant space 2.0 13.8 Estimated rental value of the whole portfolio 262.9 246.5 EPRA vacancy rate 0.8% 5.6% EPRA net initial yield 2022 2021 Annualised net operating income (\u00a3m) 256.9 205.1 Property market value (\u00a3m) 5,325.6 4,864.8 Notional acquisition costs (\u00a3m) 285.7 254.3 5,611.3 5,119.1 EPRA net initial yield (%)* 4.6% 4.0% Difference in projected versus historical GOI 0.1% Unite net initial yield (%) 4.7% * No lease incentives are provided by the Group and accordingly the Topped Up Net Initial Yield measure is also 4.6% (2021: 4.0%). EPRA cost ratio 2022 \u00a3m 2021 \u00a3m Property operating expenses 72.0 67.7 Overheads 26.4 30.7 Development/pre contract costs 1.2 2.2 Unallocated expenses* 2.8 0.5 102.4 101.1 Share of JV property operating expenses 26.7 23.2 Share of JV overheads 1.3 0.8 Share of JV unallocated expenses* 0.3 0.4 130.7 125.5 Less: Joint venture management fees (17.4) (15.9) Total costs (A) 113.3 109.6 Group vacant property costs** (2.5) (4.1) Share of JV vacant property costs** (0.9) (1.4) Total costs excluding vacant property costs (B) 109.9 104.1 Rental income 241.7 209.0 Share of JV rental income 98.0 73.7 Total gross rental income (C) 339.7 282.7 Total EPRA cost ratio (including vacant property costs) (A)/(C) 33.4% 39% Total EPRA cost ratio (excluding vacant property costs) (B)/(C) 32.4% 37% * 2022 excludes amounts in respect of abortive costs and 2021 excludes amounts in respect of the LSAV performance fee. ** Vacant property costs reflect the per bed share of operating expenses allocated to vacant beds. Unite\u2019s EBIT margin excludes non operational expenses which are included within the EPRA cost ratio above. The Group capitalises costs in relation to staff costs and professional fees associated with property development activity. EPRA valuation movement (Unite share) Valuation \u00a3m Change \u00a3m % Wholly owned 3,186.5 105.9 3.4 USAF 636.3 28.0 4.6 LSAV 960.4 50.8 5.6 Rental properties 4,783.2 184.7 4.0 Leased properties 90.3 Build-to-rent properties 71.1 Development completions for AY22/23 365.9 Properties under development 202.8 Properties held throughout the year 5,513.3 Acquisitions 176.5 Total property portfolio 5,689.8 EPRA yield movement NOI yield Yield movement (bps) % H1 H2 FY Wholly owned 4.8 (14) 12 (2) USAF 5.0 (20) 13 (7) LSAV 4.1 (19) 19 0 Rental properties (Unite share) 4.7 (16) 14 (2) Property related capital expenditure 2022 2021 Wholly owned Share of JVs Group share Wholly owned Share of JVs Group share London 3.3 10.5 13.8 4.8 3.1 7.9 Prime regional 31.6 7.3 38.9 16.7 2.9 19.6 Major regional 16.5 11.2 27.7 8.1 10.8 18.9 Provincial 8.1 1.0 9.1 2.8 0.6 3.4 Total rental properties 59.5 30.0 89.5 32.4 17. 4 49.8 Increase in beds 2.1 2.0 4.1 \u2013 \u2013 \u2013 Acquisitions 1.3 \u2013 1.3 \u2013 \u2013 \u2013 Developments 193.0 \u2013 193.0 81.4 \u2013 81.4 Capitalised interest 6.3 \u2013 6.3 5.2 \u2013 5.2 Total property related capex 262.2 32.0 294.2 119.0 17.4 136.4 Section 8: Alternative performance measures continued EPRA loan to value 2022 \u00a3m 31 Dec 2021 \u00a3m Investment property (owned) 5,396.8 4,864.8 Investment property (under development) 202.7 324.1 Intangibles 18.3 16.1 Total property value and other eligible assets 5,617.8 5,205.0 Cash at bank and in hand 139.2 155.5 Borrowings (1,872.8) (1,677. 3) Net other payables (150.6) (138.9) EPRA net debt (1,884.2) (1,660.7) EPRA loan to value 33.5% 31.9% ",
"dimensions": {
"concept": "theunitegroupplc:DisclosureOfAlternativePerformanceMeasures",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "Section 9: Company subsidiaries and joint ventures In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted investments as at 31 December 2022 is disclosed below. Unless otherwise stated, the Group\u2019s ownership interest represents 100% of the ordinary shares, units or partnership capital held indirectly by Unite Group PLC. No subsidiary undertakings have been excluded from the consolidation. The Unite Foundation has a year-end of 30 September to facilitate academic year reporting. All other subsidiaries have a year-end of 31 December. Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL LDC (AIB Warehouse) Limited (04872419)** LDC (Portfolio Five) Limited (06079581) LDC (Alscot Road) Limited (06176428)** LDC (Portfolio Four) Limited (04985603)** LDC (Brunel House) Limited (09760628)** LDC (Portfolio One) Limited (03005262)** LDC (Camden Court Leasehold) Limited (05140620) LDC (Portfolio) Limited (08419375)** LDC (Camden Court) Limited (05082671) LDC (Project 110) Limited (05083580)** LDC (Causewayend) Limited (08895966) LDC (Project 111) Limited (05791650)** LDC (Chantry Court Leasehold) Limited (05140258)** LDC (Radmarsh Road) Limited (05435290)** LDC (Chaucer House) Limited (09898020)** LDC (Skelhorne) Limited (09898132)** LDC (Constitution Street) Limited (09210998)** LDC (Smithfield) Limited (03373096) LDC (Construction Two) Limited (04847268) LDC (St Leonards) Limited (08895830)** LDC (Euro Loan) Limited (06623603)** LDC (St Pancras Way) GP1 Limited (07359501) LDC (Ferry Lane 2) GP3 Limited (07503842)** LDC (St Pancras Way) GP2 Limited (07359428) LDC (Ferry Lane 2) GP4 Limited (07503913)** LDC (St Pancras Way) GP3 Limited (07503268) LDC (Ferry Lane 2) Holdings Limited (07504099) (50.0%) LDC (St Pancras Way) GP4 Limited (07503251) LDC (Finance) Limited (09760806)** LDC (St Pancras Way) Holdings Limited (07360734) LDC (Greetham Street) Limited (08895825) LDC (St Pancras Way) Limited Partnership** LDC (Gt Suffolk St) GP1 Limited (07274156) LDC (St Pancras Way) Management Limited Partnership** LDC (Gt Suffolk St) GP2 Limited (07274000) LDC (St Vincent's) Limited (10218310)** LDC (Gt Suffolk St) Holdings Limited (07353946) LDC (Swindon NHS) Limited (04207502)** LDC (Gt Suffolk St) Limited Partnership** LDC (Tara House) Limited (09214177) LDC (Gt Suffolk St) Management GP1 Limited (07354719) LDC (Thurso Street) GP1 Limited (07199022) LDC (Gt Suffolk St) Management GP2 Limited (07354728) LDC (Thurso Street) GP2 Limited (07198979) LDC (Gt Suffolk St) Management Limited Partnership** LDC (Thurso Street) GP3 Limited (07434001) LDC (Hampton Street) Limited (06415998) LDC (Thurso Street) GP4 Limited (07434133) LDC (Hillhead) Limited (06176554) LDC (Thurso Street) Limited Partnership** LDC (Holdings) Limited (02625007)* LDC (Thurso Street) Management Limited Partnership** LDC (Imperial Wharf) Limited (04541678)** LDC (Ventura) Limited (04444628) LDC (International House) Limited (10131352)** LDC (Vernon Square) Limited (06444132) * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL LDC (Kelham Island) Limited (05152229) LDC (William Morris II) Limited (05999281)** LDC (Leasehold A) Limited (04066933)** Liberty Atlantic Point (Liverpool) Limited (03885187)** LDC (Leasehold B) Limited (05978242)** Liberty Heights (Manchester) Limited (07399622)** LDC (Loughborough) Limited (04207522)** Liberty Living (HE) Holdings Limited (10977869)** LDC (Magnet Court Leasehold) Limited (05140255) Liberty Living (LH Manchester) Limited (07120141)** LDC (Millennium View) Limited (09890375) Liberty Living (Liberty AP) Limited (03633307)** LDC (MTF Portfolio) Limited (05530557)** Liberty Living (Liberty PP) Limited (03991475)** LDC (Nairn Street) GP3 Limited (07808933) Liberty Living (LP Bristol) Limited (07242607)** LDC (Nairn Street) GP4 Limited (07808919) Liberty Living (LP Coventry) Limited (04330729)** LDC (Nairn Street) Holdings Limited (07579402)** Liberty Living (LP Manchester) Limited (04314013)** LDC (New Wakefield Street) Limited (10436455) Liberty Living (LQ Newcastle) Limited (04302869)** LDC (Newgate) Limited (08895869)** Liberty Living (LQ2 Newcastle) Limited (07298853)** LDC (Old Hospital) Limited (09702143)** Liberty Living Finance PLC (10979349)** LDC (Oxford Road Bournemouth) Limited (04407309)** Liberty Living Group Limited (BR020813)*/** LDC (Portfolio 100) Limited (07989369)** Liberty Living Investments 1 Limited Partnership** LDC (Portfolio 20) Limited (08803996)** Liberty Living Investments 2 Limited Partnership** Liberty Living Investments 3 Limited Partnership** Unite Finance One (Accommodation Services) Limited (04332937) Liberty Living Investments GP1 Limited (09375866)** Unite Finance One (Holdings) Limited (04316207)** Liberty Living Investments GP2 Limited (09375868)** Unite Finance One (Property) Limited (04303331)** Liberty Living Investments GP3 Limited (10518849)** Unite FM Limited (06807562) Liberty Living Investments II Holdco 2 Limited (09574059)** Unite For Success Limited (05157263) Liberty Living Investments II Holdco Limited (08929431)** Unite Holdings Limited (03148468)*/** Liberty Living Investments II Limited (09680931)** Unite Homes Limited (05140262) Liberty Living Investments Limited (09375870)** Unite Integrated Solutions PLC (02402714) Liberty Living Investments Nominee 1 Limited (09375846)** Unite Modular Solutions Limited (05140259) Liberty Living Investments Nominee 2 Limited (09375849)** Unite Rent Collection Limited (05982935)** Liberty Living Investments Nominee 3 Limited (10519085)** Unite Student Living Limited (06204135) Liberty Living Limited (04055891)** USAF GP No 11 Management Limited (07351883) Liberty Living SpareCo Limited (04616115)** USAF LP Limited (05860874)** Liberty Living UK Limited (06064187)** USAF Management Limited (05862721) Liberty Park (Bristol) Limited (07615601)** USAF Management 6 Limited (06225945) Liberty Park (US Bristol) Limited (07615619)** USAF Management 8 Limited (06387597) Liberty Plaza (London) Limited (07745097)** USAF Management 10 Limited (06714695) Liberty Point (Coventry) Limited (04992358)** USAF Management 11 Limited (07082782) Liberty Point (Manchester) Limited (04828083)** USAF Management 12 Limited (07365681) Liberty Point Southampton (Block A) Limited (10314954)** USAF Management 14 Limited (09232206) Liberty Prospect Point (Liverpool) Limited (04637570)** USAF Management 18 Limited (10219775) Liberty Quay (Newcastle) Limited (05234174)** USAF Management GP No.14 Limited (09130985)** Liberty Quay 2 (Newcastle) Limited (07376627)** USAF Management GP No.15 Limited (09749946)** Liberty Severn Point (Cardiff) Limited (04313995)** USAF Management GP No.16 Limited (09750068)** Liberty Village (Edinburgh) Limited (10323566)** USAF Management GP No.17 Limited (09750061)** LL Midco 2 Limited (08998308)** USAF Management No.18 Limited Partnership (28.1%) LSAV (Angel Lane) GP3 Limited (08646359)** LDC (Capital Cities Nominee No.1) Limited (05347228) (50.0%) LSAV (Angel Lane) GP4 Limited (08646929)** LDC (Capital Cities Nominee No.2) Limited (05359457) (50.0%) LSAV (Aston Student Village) GP3 Limited (10498217)** LDC (Capital Cities Nominee No.3) Limited (08792780) (50.0%) LSAV (Aston Student Village) GP4 Limited (10498484)** LDC (Capital Cities Nominee No.4) Limited (08792688) (50.0%) * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. Section 9: Company subsidiaries and joint ventures continued Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL LSAV (Stapleton) GP3 Limited (08646819)** LDC (Capital Cities) Limited (05347220) (50.0%) LSAV (Stapleton) GP4 Limited (08647019)** LDC (Ferry Lane 2) GP1 Limited (07359448) (50.0%)** LSAV (Stratford) GP3 Limited (08751654)** LDC (Ferry Lane 2) GP2 Limited (07359481) (50.0%)** LSAV (Stratford) GP4 Limited (08751629)** LDC (Ferry Lane 2) Limited Partnership (50.0%)** LSAV (Wembley) GP3 Limited (08725127)** LDC (Ferry Lane 2) Management Limited Partnership (50.0%)** LSAV (Wembley) GP4 Limited (08725235)** LDC (Stratford) GP1 Limited (07547911) (50.0%)** LSAV Rent Collection Limited (08496230)** LDC (Stratford) GP2 Limited (07547994) (50.0%)** Stardesert Limited (04437102) LDC (Stratford) Limited Partnership (50.0%)** The Unite Foundation LDC Capital Cities Two (GP) Limited (08790742) (50.0%) Unite Accommodation Management Limited (06190905)** LSAV (Angel Lane) GP1 Limited (08593689) (50.0%)** Unite Accommodation Management 2 Limited (05193166) LSAV (Angel Lane) GP2 Limited (08593692) (50.0%)** Unite Accommodation Management 6 Limited (05077346)** LSAV (Angel Lane) Limited Partnership (50.0%)** Unite Accommodation Management 9 Limited (06190863)** LSAV (Angel Lane) Management Limited Partnership (50.0%)** Unite Accommodation Management 16 Limited (07061314)** LSAV (Aston Student Village) GP1 Limited (10498478) (50.0%) Unite Accommodation Management 18 Limited (08328484) LSAV (Aston Student Village) GP2 Limited (10498481) (50.0%) Unite Accommodation Management 19 Limited (08790504) (50.0%) LSAV (Aston Student Village) Limited Partnership (50.0%) Unite Accommodation Management 20 Limited (08790642) LSAV (Aston Student Village) Management Limited Partnership (50.0%) Unite Accommodation Management One Hundred Limited (07989080)** LSAV (Stapleton) GP1 Limited (08593695) (50.0%)** Unite Construction (Angel Lane) Limited (08792704) LSAV (Stapleton) GP2 Limited (08593699) (50.0%)** Unite Construction (Stapleton) Limited (09023406) LSAV (Stapleton) Limited Partnership (50.0%)** Unite Construction (Wembley) Limited (09023474) LSAV (Stapleton) Management Limited Partnership (50.0%)** Unite Finance Limited (04353305)*/** LSAV (Stratford) Management Limited Partnership (50.0%)** LSAV (Wembley) GP1 Limited (08635735) (50.0%)** USAF GP No 6 Limited (05897755) (20.2%) LSAV (Wembley) GP2 Limited (08636051) (50.0%)** USAF GP No 8 Limited (06381914) (20.2%) LSAV (Wembley) Limited Partnership (50.0%)** USAF GP No 10 Limited (06714734) (20.2%) LSAV (Wembley) Management Limited Partnership (50.0%)** USAF GP No 11 Limited (07075210) (20.2%) UNITE Capital Cities Holdings Limited (08801242) (50.0%) USAF GP No 12 Limited (07368735) (20.2%) Unite Capital Cities Limited Partnership (50.0%) USAF GP No 14 Limited (09089977) (20.2%) Unite Capital Cities Two Limited Partnership (50.0%) USAF GP No 15 Limited (09585201) (20.2%) USAF Management 16 Limited (07735741) (28.1%)** USAF GP No.15A Limited (12644211) (28.1%) USAF Management 17 Limited (05591986) (28.1%)** USAF GP No.16A Limited (12644210) (28.1%) USAF Management No. 14 Limited Partnership (28.1%) USAF GP No.17A Limited (12644208) (28.1%) USAF Management No. 15 Limited Partnership (28.1%) USAF GP No 18 Limited (10219336) (20.2%) USAF Management No. 16 Limited Partnership (28.1%) USAF Holdings B Limited (06324325) (20.2%) USAF Management No. 17 Limited Partnership (28.1%) USAF Holdings C Limited (06381882) (20.2%) USAF No.1 Limited Partnership (28.1%) USAF Holdings H Limited (09089805) (20.2%) USAF No.6 Limited Partnership (28.1%) USAF Holdings I Limited (09581882) (20.2%) USAF No.8 Limited Partnership (28.1%) USAF Holdings J Limited (10215997) (20.2%) USAF No.10 Limited Partnership (28.1%) USAF Holdings Limited (05870107) (20.2%) USAF No.11 Limited Partnership (28.1%) USAF Nominee No.1 Limited (05855598) (20.2%) USAF No.12 Limited Partnership (28.1%) USAF Nominee No.1A Limited (05835512) (20.2%) USAF No.14 Limited Partnership (28.1%) USAF Nominee No.6 Limited (05855599) (20.2%) USAF No.15 Limited Partnership (28.1%) USAF Nominee No.6A Limited (05885802) (20.2%) USAF No.15A Limited Partnership (28.1%) USAF Nominee No.8 Limited (06381861) (20.2%) * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL USAF No.16A Limited Partnership (28.1%) USAF Nominee No.17 Limited (12644192) (20.2%) USAF No.17A Limited Partnership (28.1%) USAF Nominee No.17A Limited (12644187) (20.2%) USAF No.18 Limited Partnership (28.1%) USAF Nominee No.18 Limited (10218595) (20.2%) USAF No.11 Management Limited Partnership (28.1%) USAF Nominee No.18A Limited (10219339) (20.2%) Filbert Village Student Accommodation Limited Partnership (28.1%) USAF RCC Limited (05983554) (20.2%) LDC (Nairn Street) Limited Partnership (28.1%) LSAV (No.1) Limited Partnership (50.0%)** LDC (Nairn Street) Management Limited Partnership (28.1%) LSAV (No.1) GP1 Limited (013184531) (50.0%)** Filbert Village GP Limited (06016554) (20.2%) LSAV (No.1) Nominee 1 Limited (013184589) (50.0%)** LDC (Nairn Street) GP1 Limited (07580262) (20.2%) LSAV (No.1) Management Limited Partnership (50.0%)** LDC (Nairn Street) GP2 Limited (07580257) (20.2%) LSAV (No.1) GP3 Limited (013184662)** USAF Finance II Limited (08526474) (20.2%) LSAV (No.1) Nominee 3 Limited (013184656)** USAF GP No 1 Limited (05897875) (20.2%) LSAV (Arch View) Limited Partnership (50.0%)** USAF Nominee No.8A Limited (06381869) (20.2%) LSAV (Arch View) GP1 Limited (013210709) (50.0%)** USAF Nominee No.10 Limited (06714690) (20.2%) LSAV (Arch View) Nominee 1 Limited (013210518) (50.0%)** USAF Nominee No.10A Limited (06714615) (20.2%) LSAV (Arch View) Management Limited Partnership (50.0%)** USAF Nominee No.11 Limited (07075251) (20.2%) LSAV (Arch View) GP3 Limited (013210526)** USAF Nominee No.11A Limited(07075213) (20.2%) LSAV (Arch View) Nominee 3 Limited (013210553)** USAF Nominee No.12 Limited (07368733) (20.2%) LSAV (Drapery Plaza) Limited Partnership (50.0%)** USAF Nominee No.12A Limited (07368755) (20.2%) LSAV (Drapery Plaza) GP1 Limited (013209904) (50.0%)** USAF Nominee No.14 Limited (09231609) (20.2%) LSAV (Drapery Plaza) Nominee 1 Limited (013209904) (50.0%)** USAF Nominee No.14A Limited (09231604) (20.2%) LSAV (Drapery Plaza) Management Limited Partnership (50.0%)** USAF Nominee No.15 Limited (12644205) (20.2%) LSAV (Drapery Plaza) GP3 Limited (013210206)** USAF Nominee No.15A Limited (12644204) (20.2%) LSAV (Drapery Plaza) Nominee 3 Limited (013209979)** USAF Nominee No.16 Limited (12644201) (20.2%) LSAV Management Holdings Limited (013305327)** USAF Nominee No.16A Limited (12644197) (20.2%) USAF Management GP No.18 Limited LDC (180 Stratford) Limited** LSAV Facility 1 Holdings Limited (50.0%)** LSAV Facility 1 Management Holdings Limited** Unite Capital Cities 3 GP1 Limited (50.0%)** Unite Capital Cities 3 Limited Partnership (50.0%)** Unite Capital Cities 3 Management Limited (50.0%)** Unite Capital Cities 3 Nominee 1 Limited (50.0%)** * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. Section 9: Company subsidiaries and joint ventures continued Registered office and principal place of business: 13 Castle Street, St Helier, Jersey, JE4 5UT LDC (Gt Suffolk St) Unit Trust LSAV (Aston Student Village) Unit Trust (50.0%) LDC (St Pancras Way) Unit Trust LSAV (Holdings) Limited (50.0%) LDC (Thurso Street) Unit Trust LSAV (Trustee) Limited (50.0%) LSAV (Jersey Manager) Limited LSAV Unit Trust (50.0%) Unite (Capital Cities) Jersey Limited Unite Capital Cities Unit Trust (50.0%) USAF Jersey Investments Limited USAF Portfolio 18 Unit Trust (28.1%) USAF Jersey Manager Limited LDC (Nairn Street) Unit Trust (28.1%) LDC (Ferry Lane 2) Unit Trust (50.0%) Unite UK Student Accommodation Fund (20.2%) LDC (Stratford) Unit Trust (50.0%) LSAV (Arch View) Unit Trust (50.0%) LSAV (Drapery Plaza) Unit Trust (50.0%) Registered office and principal place of business: Third Floor, La Plaiderie Chambers, St Peter Port, Guernsey, GY1 1WG USAF Feeder Guernsey Limited (45.5%) USAF Portfolio 16 Unit Trust (28.1%) USAF Portfolio 15 Unit Trust (28.1%) USAF Portfolio 17 Unit Trust (28.1%) Registered office and principal place of business: Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2 EN LSAV (GP) Limited (SC431844) (50.0%) LSAV (Property Holdings) Limited Partnership (50.0%) Registered office and principal place of business: Trident Chambers, Wickhams Cay, P.O. Box 146, Road Town, Tortola, British Virgin Islands Liberty Park (Bedford) Limited Liberty Plaza (Newcastle) Limited Registered office and principal place of business: Third Floor, Barclays House, Victoria Street, Douglas, Isle of Man, IM1 2LE Filbert Street Student Accommodation Unit Trust (28.1%) Registered office and principal place of business: Room 507, Floor 5, Block 1, Building No. 10, Jintong Road West, Chaoyang District, Beijing, People\u2019s Republic of China Unite Students Accommodation (Beijing) Business Service Company Limited ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-481": {
"value": "Section 9: Company subsidiaries and joint ventures In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted investments as at 31 December 2022 is disclosed below. Unless otherwise stated, the Group\u2019s ownership interest represents 100% of the ordinary shares, units or partnership capital held indirectly by Unite Group PLC. No subsidiary undertakings have been excluded from the consolidation. The Unite Foundation has a year-end of 30 September to facilitate academic year reporting. All other subsidiaries have a year-end of 31 December. Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL LDC (AIB Warehouse) Limited (04872419)** LDC (Portfolio Five) Limited (06079581) LDC (Alscot Road) Limited (06176428)** LDC (Portfolio Four) Limited (04985603)** LDC (Brunel House) Limited (09760628)** LDC (Portfolio One) Limited (03005262)** LDC (Camden Court Leasehold) Limited (05140620) LDC (Portfolio) Limited (08419375)** LDC (Camden Court) Limited (05082671) LDC (Project 110) Limited (05083580)** LDC (Causewayend) Limited (08895966) LDC (Project 111) Limited (05791650)** LDC (Chantry Court Leasehold) Limited (05140258)** LDC (Radmarsh Road) Limited (05435290)** LDC (Chaucer House) Limited (09898020)** LDC (Skelhorne) Limited (09898132)** LDC (Constitution Street) Limited (09210998)** LDC (Smithfield) Limited (03373096) LDC (Construction Two) Limited (04847268) LDC (St Leonards) Limited (08895830)** LDC (Euro Loan) Limited (06623603)** LDC (St Pancras Way) GP1 Limited (07359501) LDC (Ferry Lane 2) GP3 Limited (07503842)** LDC (St Pancras Way) GP2 Limited (07359428) LDC (Ferry Lane 2) GP4 Limited (07503913)** LDC (St Pancras Way) GP3 Limited (07503268) LDC (Ferry Lane 2) Holdings Limited (07504099) (50.0%) LDC (St Pancras Way) GP4 Limited (07503251) LDC (Finance) Limited (09760806)** LDC (St Pancras Way) Holdings Limited (07360734) LDC (Greetham Street) Limited (08895825) LDC (St Pancras Way) Limited Partnership** LDC (Gt Suffolk St) GP1 Limited (07274156) LDC (St Pancras Way) Management Limited Partnership** LDC (Gt Suffolk St) GP2 Limited (07274000) LDC (St Vincent's) Limited (10218310)** LDC (Gt Suffolk St) Holdings Limited (07353946) LDC (Swindon NHS) Limited (04207502)** LDC (Gt Suffolk St) Limited Partnership** LDC (Tara House) Limited (09214177) LDC (Gt Suffolk St) Management GP1 Limited (07354719) LDC (Thurso Street) GP1 Limited (07199022) LDC (Gt Suffolk St) Management GP2 Limited (07354728) LDC (Thurso Street) GP2 Limited (07198979) LDC (Gt Suffolk St) Management Limited Partnership** LDC (Thurso Street) GP3 Limited (07434001) LDC (Hampton Street) Limited (06415998) LDC (Thurso Street) GP4 Limited (07434133) LDC (Hillhead) Limited (06176554) LDC (Thurso Street) Limited Partnership** LDC (Holdings) Limited (02625007)* LDC (Thurso Street) Management Limited Partnership** LDC (Imperial Wharf) Limited (04541678)** LDC (Ventura) Limited (04444628) LDC (International House) Limited (10131352)** LDC (Vernon Square) Limited (06444132) * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL LDC (Kelham Island) Limited (05152229) LDC (William Morris II) Limited (05999281)** LDC (Leasehold A) Limited (04066933)** Liberty Atlantic Point (Liverpool) Limited (03885187)** LDC (Leasehold B) Limited (05978242)** Liberty Heights (Manchester) Limited (07399622)** LDC (Loughborough) Limited (04207522)** Liberty Living (HE) Holdings Limited (10977869)** LDC (Magnet Court Leasehold) Limited (05140255) Liberty Living (LH Manchester) Limited (07120141)** LDC (Millennium View) Limited (09890375) Liberty Living (Liberty AP) Limited (03633307)** LDC (MTF Portfolio) Limited (05530557)** Liberty Living (Liberty PP) Limited (03991475)** LDC (Nairn Street) GP3 Limited (07808933) Liberty Living (LP Bristol) Limited (07242607)** LDC (Nairn Street) GP4 Limited (07808919) Liberty Living (LP Coventry) Limited (04330729)** LDC (Nairn Street) Holdings Limited (07579402)** Liberty Living (LP Manchester) Limited (04314013)** LDC (New Wakefield Street) Limited (10436455) Liberty Living (LQ Newcastle) Limited (04302869)** LDC (Newgate) Limited (08895869)** Liberty Living (LQ2 Newcastle) Limited (07298853)** LDC (Old Hospital) Limited (09702143)** Liberty Living Finance PLC (10979349)** LDC (Oxford Road Bournemouth) Limited (04407309)** Liberty Living Group Limited (BR020813)*/** LDC (Portfolio 100) Limited (07989369)** Liberty Living Investments 1 Limited Partnership** LDC (Portfolio 20) Limited (08803996)** Liberty Living Investments 2 Limited Partnership** Liberty Living Investments 3 Limited Partnership** Unite Finance One (Accommodation Services) Limited (04332937) Liberty Living Investments GP1 Limited (09375866)** Unite Finance One (Holdings) Limited (04316207)** Liberty Living Investments GP2 Limited (09375868)** Unite Finance One (Property) Limited (04303331)** Liberty Living Investments GP3 Limited (10518849)** Unite FM Limited (06807562) Liberty Living Investments II Holdco 2 Limited (09574059)** Unite For Success Limited (05157263) Liberty Living Investments II Holdco Limited (08929431)** Unite Holdings Limited (03148468)*/** Liberty Living Investments II Limited (09680931)** Unite Homes Limited (05140262) Liberty Living Investments Limited (09375870)** Unite Integrated Solutions PLC (02402714) Liberty Living Investments Nominee 1 Limited (09375846)** Unite Modular Solutions Limited (05140259) Liberty Living Investments Nominee 2 Limited (09375849)** Unite Rent Collection Limited (05982935)** Liberty Living Investments Nominee 3 Limited (10519085)** Unite Student Living Limited (06204135) Liberty Living Limited (04055891)** USAF GP No 11 Management Limited (07351883) Liberty Living SpareCo Limited (04616115)** USAF LP Limited (05860874)** Liberty Living UK Limited (06064187)** USAF Management Limited (05862721) Liberty Park (Bristol) Limited (07615601)** USAF Management 6 Limited (06225945) Liberty Park (US Bristol) Limited (07615619)** USAF Management 8 Limited (06387597) Liberty Plaza (London) Limited (07745097)** USAF Management 10 Limited (06714695) Liberty Point (Coventry) Limited (04992358)** USAF Management 11 Limited (07082782) Liberty Point (Manchester) Limited (04828083)** USAF Management 12 Limited (07365681) Liberty Point Southampton (Block A) Limited (10314954)** USAF Management 14 Limited (09232206) Liberty Prospect Point (Liverpool) Limited (04637570)** USAF Management 18 Limited (10219775) Liberty Quay (Newcastle) Limited (05234174)** USAF Management GP No.14 Limited (09130985)** Liberty Quay 2 (Newcastle) Limited (07376627)** USAF Management GP No.15 Limited (09749946)** Liberty Severn Point (Cardiff) Limited (04313995)** USAF Management GP No.16 Limited (09750068)** Liberty Village (Edinburgh) Limited (10323566)** USAF Management GP No.17 Limited (09750061)** LL Midco 2 Limited (08998308)** USAF Management No.18 Limited Partnership (28.1%) LSAV (Angel Lane) GP3 Limited (08646359)** LDC (Capital Cities Nominee No.1) Limited (05347228) (50.0%) LSAV (Angel Lane) GP4 Limited (08646929)** LDC (Capital Cities Nominee No.2) Limited (05359457) (50.0%) LSAV (Aston Student Village) GP3 Limited (10498217)** LDC (Capital Cities Nominee No.3) Limited (08792780) (50.0%) LSAV (Aston Student Village) GP4 Limited (10498484)** LDC (Capital Cities Nominee No.4) Limited (08792688) (50.0%) * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. Section 9: Company subsidiaries and joint ventures continued Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL LSAV (Stapleton) GP3 Limited (08646819)** LDC (Capital Cities) Limited (05347220) (50.0%) LSAV (Stapleton) GP4 Limited (08647019)** LDC (Ferry Lane 2) GP1 Limited (07359448) (50.0%)** LSAV (Stratford) GP3 Limited (08751654)** LDC (Ferry Lane 2) GP2 Limited (07359481) (50.0%)** LSAV (Stratford) GP4 Limited (08751629)** LDC (Ferry Lane 2) Limited Partnership (50.0%)** LSAV (Wembley) GP3 Limited (08725127)** LDC (Ferry Lane 2) Management Limited Partnership (50.0%)** LSAV (Wembley) GP4 Limited (08725235)** LDC (Stratford) GP1 Limited (07547911) (50.0%)** LSAV Rent Collection Limited (08496230)** LDC (Stratford) GP2 Limited (07547994) (50.0%)** Stardesert Limited (04437102) LDC (Stratford) Limited Partnership (50.0%)** The Unite Foundation LDC Capital Cities Two (GP) Limited (08790742) (50.0%) Unite Accommodation Management Limited (06190905)** LSAV (Angel Lane) GP1 Limited (08593689) (50.0%)** Unite Accommodation Management 2 Limited (05193166) LSAV (Angel Lane) GP2 Limited (08593692) (50.0%)** Unite Accommodation Management 6 Limited (05077346)** LSAV (Angel Lane) Limited Partnership (50.0%)** Unite Accommodation Management 9 Limited (06190863)** LSAV (Angel Lane) Management Limited Partnership (50.0%)** Unite Accommodation Management 16 Limited (07061314)** LSAV (Aston Student Village) GP1 Limited (10498478) (50.0%) Unite Accommodation Management 18 Limited (08328484) LSAV (Aston Student Village) GP2 Limited (10498481) (50.0%) Unite Accommodation Management 19 Limited (08790504) (50.0%) LSAV (Aston Student Village) Limited Partnership (50.0%) Unite Accommodation Management 20 Limited (08790642) LSAV (Aston Student Village) Management Limited Partnership (50.0%) Unite Accommodation Management One Hundred Limited (07989080)** LSAV (Stapleton) GP1 Limited (08593695) (50.0%)** Unite Construction (Angel Lane) Limited (08792704) LSAV (Stapleton) GP2 Limited (08593699) (50.0%)** Unite Construction (Stapleton) Limited (09023406) LSAV (Stapleton) Limited Partnership (50.0%)** Unite Construction (Wembley) Limited (09023474) LSAV (Stapleton) Management Limited Partnership (50.0%)** Unite Finance Limited (04353305)*/** LSAV (Stratford) Management Limited Partnership (50.0%)** LSAV (Wembley) GP1 Limited (08635735) (50.0%)** USAF GP No 6 Limited (05897755) (20.2%) LSAV (Wembley) GP2 Limited (08636051) (50.0%)** USAF GP No 8 Limited (06381914) (20.2%) LSAV (Wembley) Limited Partnership (50.0%)** USAF GP No 10 Limited (06714734) (20.2%) LSAV (Wembley) Management Limited Partnership (50.0%)** USAF GP No 11 Limited (07075210) (20.2%) UNITE Capital Cities Holdings Limited (08801242) (50.0%) USAF GP No 12 Limited (07368735) (20.2%) Unite Capital Cities Limited Partnership (50.0%) USAF GP No 14 Limited (09089977) (20.2%) Unite Capital Cities Two Limited Partnership (50.0%) USAF GP No 15 Limited (09585201) (20.2%) USAF Management 16 Limited (07735741) (28.1%)** USAF GP No.15A Limited (12644211) (28.1%) USAF Management 17 Limited (05591986) (28.1%)** USAF GP No.16A Limited (12644210) (28.1%) USAF Management No. 14 Limited Partnership (28.1%) USAF GP No.17A Limited (12644208) (28.1%) USAF Management No. 15 Limited Partnership (28.1%) USAF GP No 18 Limited (10219336) (20.2%) USAF Management No. 16 Limited Partnership (28.1%) USAF Holdings B Limited (06324325) (20.2%) USAF Management No. 17 Limited Partnership (28.1%) USAF Holdings C Limited (06381882) (20.2%) USAF No.1 Limited Partnership (28.1%) USAF Holdings H Limited (09089805) (20.2%) USAF No.6 Limited Partnership (28.1%) USAF Holdings I Limited (09581882) (20.2%) USAF No.8 Limited Partnership (28.1%) USAF Holdings J Limited (10215997) (20.2%) USAF No.10 Limited Partnership (28.1%) USAF Holdings Limited (05870107) (20.2%) USAF No.11 Limited Partnership (28.1%) USAF Nominee No.1 Limited (05855598) (20.2%) USAF No.12 Limited Partnership (28.1%) USAF Nominee No.1A Limited (05835512) (20.2%) USAF No.14 Limited Partnership (28.1%) USAF Nominee No.6 Limited (05855599) (20.2%) USAF No.15 Limited Partnership (28.1%) USAF Nominee No.6A Limited (05885802) (20.2%) USAF No.15A Limited Partnership (28.1%) USAF Nominee No.8 Limited (06381861) (20.2%) * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL USAF No.16A Limited Partnership (28.1%) USAF Nominee No.17 Limited (12644192) (20.2%) USAF No.17A Limited Partnership (28.1%) USAF Nominee No.17A Limited (12644187) (20.2%) USAF No.18 Limited Partnership (28.1%) USAF Nominee No.18 Limited (10218595) (20.2%) USAF No.11 Management Limited Partnership (28.1%) USAF Nominee No.18A Limited (10219339) (20.2%) Filbert Village Student Accommodation Limited Partnership (28.1%) USAF RCC Limited (05983554) (20.2%) LDC (Nairn Street) Limited Partnership (28.1%) LSAV (No.1) Limited Partnership (50.0%)** LDC (Nairn Street) Management Limited Partnership (28.1%) LSAV (No.1) GP1 Limited (013184531) (50.0%)** Filbert Village GP Limited (06016554) (20.2%) LSAV (No.1) Nominee 1 Limited (013184589) (50.0%)** LDC (Nairn Street) GP1 Limited (07580262) (20.2%) LSAV (No.1) Management Limited Partnership (50.0%)** LDC (Nairn Street) GP2 Limited (07580257) (20.2%) LSAV (No.1) GP3 Limited (013184662)** USAF Finance II Limited (08526474) (20.2%) LSAV (No.1) Nominee 3 Limited (013184656)** USAF GP No 1 Limited (05897875) (20.2%) LSAV (Arch View) Limited Partnership (50.0%)** USAF Nominee No.8A Limited (06381869) (20.2%) LSAV (Arch View) GP1 Limited (013210709) (50.0%)** USAF Nominee No.10 Limited (06714690) (20.2%) LSAV (Arch View) Nominee 1 Limited (013210518) (50.0%)** USAF Nominee No.10A Limited (06714615) (20.2%) LSAV (Arch View) Management Limited Partnership (50.0%)** USAF Nominee No.11 Limited (07075251) (20.2%) LSAV (Arch View) GP3 Limited (013210526)** USAF Nominee No.11A Limited(07075213) (20.2%) LSAV (Arch View) Nominee 3 Limited (013210553)** USAF Nominee No.12 Limited (07368733) (20.2%) LSAV (Drapery Plaza) Limited Partnership (50.0%)** USAF Nominee No.12A Limited (07368755) (20.2%) LSAV (Drapery Plaza) GP1 Limited (013209904) (50.0%)** USAF Nominee No.14 Limited (09231609) (20.2%) LSAV (Drapery Plaza) Nominee 1 Limited (013209904) (50.0%)** USAF Nominee No.14A Limited (09231604) (20.2%) LSAV (Drapery Plaza) Management Limited Partnership (50.0%)** USAF Nominee No.15 Limited (12644205) (20.2%) LSAV (Drapery Plaza) GP3 Limited (013210206)** USAF Nominee No.15A Limited (12644204) (20.2%) LSAV (Drapery Plaza) Nominee 3 Limited (013209979)** USAF Nominee No.16 Limited (12644201) (20.2%) LSAV Management Holdings Limited (013305327)** USAF Nominee No.16A Limited (12644197) (20.2%) USAF Management GP No.18 Limited LDC (180 Stratford) Limited** LSAV Facility 1 Holdings Limited (50.0%)** LSAV Facility 1 Management Holdings Limited** Unite Capital Cities 3 GP1 Limited (50.0%)** Unite Capital Cities 3 Limited Partnership (50.0%)** Unite Capital Cities 3 Management Limited (50.0%)** Unite Capital Cities 3 Nominee 1 Limited (50.0%)** * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. Section 9: Company subsidiaries and joint ventures continued Registered office and principal place of business: 13 Castle Street, St Helier, Jersey, JE4 5UT LDC (Gt Suffolk St) Unit Trust LSAV (Aston Student Village) Unit Trust (50.0%) LDC (St Pancras Way) Unit Trust LSAV (Holdings) Limited (50.0%) LDC (Thurso Street) Unit Trust LSAV (Trustee) Limited (50.0%) LSAV (Jersey Manager) Limited LSAV Unit Trust (50.0%) Unite (Capital Cities) Jersey Limited Unite Capital Cities Unit Trust (50.0%) USAF Jersey Investments Limited USAF Portfolio 18 Unit Trust (28.1%) USAF Jersey Manager Limited LDC (Nairn Street) Unit Trust (28.1%) LDC (Ferry Lane 2) Unit Trust (50.0%) Unite UK Student Accommodation Fund (20.2%) LDC (Stratford) Unit Trust (50.0%) LSAV (Arch View) Unit Trust (50.0%) LSAV (Drapery Plaza) Unit Trust (50.0%) Registered office and principal place of business: Third Floor, La Plaiderie Chambers, St Peter Port, Guernsey, GY1 1WG USAF Feeder Guernsey Limited (45.5%) USAF Portfolio 16 Unit Trust (28.1%) USAF Portfolio 15 Unit Trust (28.1%) USAF Portfolio 17 Unit Trust (28.1%) Registered office and principal place of business: Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2 EN LSAV (GP) Limited (SC431844) (50.0%) LSAV (Property Holdings) Limited Partnership (50.0%) Registered office and principal place of business: Trident Chambers, Wickhams Cay, P.O. Box 146, Road Town, Tortola, British Virgin Islands Liberty Park (Bedford) Limited Liberty Plaza (Newcastle) Limited Registered office and principal place of business: Third Floor, Barclays House, Victoria Street, Douglas, Isle of Man, IM1 2LE Filbert Street Student Accommodation Unit Trust (28.1%) Registered office and principal place of business: Room 507, Floor 5, Block 1, Building No. 10, Jintong Road West, Chaoyang District, Beijing, People\u2019s Republic of China Unite Students Accommodation (Beijing) Business Service Company Limited ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-476": {
"value": "Section 9: Company subsidiaries and joint ventures In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted investments as at 31 December 2022 is disclosed below. Unless otherwise stated, the Group\u2019s ownership interest represents 100% of the ordinary shares, units or partnership capital held indirectly by Unite Group PLC. No subsidiary undertakings have been excluded from the consolidation. The Unite Foundation has a year-end of 30 September to facilitate academic year reporting. All other subsidiaries have a year-end of 31 December. Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL LDC (AIB Warehouse) Limited (04872419)** LDC (Portfolio Five) Limited (06079581) LDC (Alscot Road) Limited (06176428)** LDC (Portfolio Four) Limited (04985603)** LDC (Brunel House) Limited (09760628)** LDC (Portfolio One) Limited (03005262)** LDC (Camden Court Leasehold) Limited (05140620) LDC (Portfolio) Limited (08419375)** LDC (Camden Court) Limited (05082671) LDC (Project 110) Limited (05083580)** LDC (Causewayend) Limited (08895966) LDC (Project 111) Limited (05791650)** LDC (Chantry Court Leasehold) Limited (05140258)** LDC (Radmarsh Road) Limited (05435290)** LDC (Chaucer House) Limited (09898020)** LDC (Skelhorne) Limited (09898132)** LDC (Constitution Street) Limited (09210998)** LDC (Smithfield) Limited (03373096) LDC (Construction Two) Limited (04847268) LDC (St Leonards) Limited (08895830)** LDC (Euro Loan) Limited (06623603)** LDC (St Pancras Way) GP1 Limited (07359501) LDC (Ferry Lane 2) GP3 Limited (07503842)** LDC (St Pancras Way) GP2 Limited (07359428) LDC (Ferry Lane 2) GP4 Limited (07503913)** LDC (St Pancras Way) GP3 Limited (07503268) LDC (Ferry Lane 2) Holdings Limited (07504099) (50.0%) LDC (St Pancras Way) GP4 Limited (07503251) LDC (Finance) Limited (09760806)** LDC (St Pancras Way) Holdings Limited (07360734) LDC (Greetham Street) Limited (08895825) LDC (St Pancras Way) Limited Partnership** LDC (Gt Suffolk St) GP1 Limited (07274156) LDC (St Pancras Way) Management Limited Partnership** LDC (Gt Suffolk St) GP2 Limited (07274000) LDC (St Vincent's) Limited (10218310)** LDC (Gt Suffolk St) Holdings Limited (07353946) LDC (Swindon NHS) Limited (04207502)** LDC (Gt Suffolk St) Limited Partnership** LDC (Tara House) Limited (09214177) LDC (Gt Suffolk St) Management GP1 Limited (07354719) LDC (Thurso Street) GP1 Limited (07199022) LDC (Gt Suffolk St) Management GP2 Limited (07354728) LDC (Thurso Street) GP2 Limited (07198979) LDC (Gt Suffolk St) Management Limited Partnership** LDC (Thurso Street) GP3 Limited (07434001) LDC (Hampton Street) Limited (06415998) LDC (Thurso Street) GP4 Limited (07434133) LDC (Hillhead) Limited (06176554) LDC (Thurso Street) Limited Partnership** LDC (Holdings) Limited (02625007)* LDC (Thurso Street) Management Limited Partnership** LDC (Imperial Wharf) Limited (04541678)** LDC (Ventura) Limited (04444628) LDC (International House) Limited (10131352)** LDC (Vernon Square) Limited (06444132) * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL LDC (Kelham Island) Limited (05152229) LDC (William Morris II) Limited (05999281)** LDC (Leasehold A) Limited (04066933)** Liberty Atlantic Point (Liverpool) Limited (03885187)** LDC (Leasehold B) Limited (05978242)** Liberty Heights (Manchester) Limited (07399622)** LDC (Loughborough) Limited (04207522)** Liberty Living (HE) Holdings Limited (10977869)** LDC (Magnet Court Leasehold) Limited (05140255) Liberty Living (LH Manchester) Limited (07120141)** LDC (Millennium View) Limited (09890375) Liberty Living (Liberty AP) Limited (03633307)** LDC (MTF Portfolio) Limited (05530557)** Liberty Living (Liberty PP) Limited (03991475)** LDC (Nairn Street) GP3 Limited (07808933) Liberty Living (LP Bristol) Limited (07242607)** LDC (Nairn Street) GP4 Limited (07808919) Liberty Living (LP Coventry) Limited (04330729)** LDC (Nairn Street) Holdings Limited (07579402)** Liberty Living (LP Manchester) Limited (04314013)** LDC (New Wakefield Street) Limited (10436455) Liberty Living (LQ Newcastle) Limited (04302869)** LDC (Newgate) Limited (08895869)** Liberty Living (LQ2 Newcastle) Limited (07298853)** LDC (Old Hospital) Limited (09702143)** Liberty Living Finance PLC (10979349)** LDC (Oxford Road Bournemouth) Limited (04407309)** Liberty Living Group Limited (BR020813)*/** LDC (Portfolio 100) Limited (07989369)** Liberty Living Investments 1 Limited Partnership** LDC (Portfolio 20) Limited (08803996)** Liberty Living Investments 2 Limited Partnership** Liberty Living Investments 3 Limited Partnership** Unite Finance One (Accommodation Services) Limited (04332937) Liberty Living Investments GP1 Limited (09375866)** Unite Finance One (Holdings) Limited (04316207)** Liberty Living Investments GP2 Limited (09375868)** Unite Finance One (Property) Limited (04303331)** Liberty Living Investments GP3 Limited (10518849)** Unite FM Limited (06807562) Liberty Living Investments II Holdco 2 Limited (09574059)** Unite For Success Limited (05157263) Liberty Living Investments II Holdco Limited (08929431)** Unite Holdings Limited (03148468)*/** Liberty Living Investments II Limited (09680931)** Unite Homes Limited (05140262) Liberty Living Investments Limited (09375870)** Unite Integrated Solutions PLC (02402714) Liberty Living Investments Nominee 1 Limited (09375846)** Unite Modular Solutions Limited (05140259) Liberty Living Investments Nominee 2 Limited (09375849)** Unite Rent Collection Limited (05982935)** Liberty Living Investments Nominee 3 Limited (10519085)** Unite Student Living Limited (06204135) Liberty Living Limited (04055891)** USAF GP No 11 Management Limited (07351883) Liberty Living SpareCo Limited (04616115)** USAF LP Limited (05860874)** Liberty Living UK Limited (06064187)** USAF Management Limited (05862721) Liberty Park (Bristol) Limited (07615601)** USAF Management 6 Limited (06225945) Liberty Park (US Bristol) Limited (07615619)** USAF Management 8 Limited (06387597) Liberty Plaza (London) Limited (07745097)** USAF Management 10 Limited (06714695) Liberty Point (Coventry) Limited (04992358)** USAF Management 11 Limited (07082782) Liberty Point (Manchester) Limited (04828083)** USAF Management 12 Limited (07365681) Liberty Point Southampton (Block A) Limited (10314954)** USAF Management 14 Limited (09232206) Liberty Prospect Point (Liverpool) Limited (04637570)** USAF Management 18 Limited (10219775) Liberty Quay (Newcastle) Limited (05234174)** USAF Management GP No.14 Limited (09130985)** Liberty Quay 2 (Newcastle) Limited (07376627)** USAF Management GP No.15 Limited (09749946)** Liberty Severn Point (Cardiff) Limited (04313995)** USAF Management GP No.16 Limited (09750068)** Liberty Village (Edinburgh) Limited (10323566)** USAF Management GP No.17 Limited (09750061)** LL Midco 2 Limited (08998308)** USAF Management No.18 Limited Partnership (28.1%) LSAV (Angel Lane) GP3 Limited (08646359)** LDC (Capital Cities Nominee No.1) Limited (05347228) (50.0%) LSAV (Angel Lane) GP4 Limited (08646929)** LDC (Capital Cities Nominee No.2) Limited (05359457) (50.0%) LSAV (Aston Student Village) GP3 Limited (10498217)** LDC (Capital Cities Nominee No.3) Limited (08792780) (50.0%) LSAV (Aston Student Village) GP4 Limited (10498484)** LDC (Capital Cities Nominee No.4) Limited (08792688) (50.0%) * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. Section 9: Company subsidiaries and joint ventures continued Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL LSAV (Stapleton) GP3 Limited (08646819)** LDC (Capital Cities) Limited (05347220) (50.0%) LSAV (Stapleton) GP4 Limited (08647019)** LDC (Ferry Lane 2) GP1 Limited (07359448) (50.0%)** LSAV (Stratford) GP3 Limited (08751654)** LDC (Ferry Lane 2) GP2 Limited (07359481) (50.0%)** LSAV (Stratford) GP4 Limited (08751629)** LDC (Ferry Lane 2) Limited Partnership (50.0%)** LSAV (Wembley) GP3 Limited (08725127)** LDC (Ferry Lane 2) Management Limited Partnership (50.0%)** LSAV (Wembley) GP4 Limited (08725235)** LDC (Stratford) GP1 Limited (07547911) (50.0%)** LSAV Rent Collection Limited (08496230)** LDC (Stratford) GP2 Limited (07547994) (50.0%)** Stardesert Limited (04437102) LDC (Stratford) Limited Partnership (50.0%)** The Unite Foundation LDC Capital Cities Two (GP) Limited (08790742) (50.0%) Unite Accommodation Management Limited (06190905)** LSAV (Angel Lane) GP1 Limited (08593689) (50.0%)** Unite Accommodation Management 2 Limited (05193166) LSAV (Angel Lane) GP2 Limited (08593692) (50.0%)** Unite Accommodation Management 6 Limited (05077346)** LSAV (Angel Lane) Limited Partnership (50.0%)** Unite Accommodation Management 9 Limited (06190863)** LSAV (Angel Lane) Management Limited Partnership (50.0%)** Unite Accommodation Management 16 Limited (07061314)** LSAV (Aston Student Village) GP1 Limited (10498478) (50.0%) Unite Accommodation Management 18 Limited (08328484) LSAV (Aston Student Village) GP2 Limited (10498481) (50.0%) Unite Accommodation Management 19 Limited (08790504) (50.0%) LSAV (Aston Student Village) Limited Partnership (50.0%) Unite Accommodation Management 20 Limited (08790642) LSAV (Aston Student Village) Management Limited Partnership (50.0%) Unite Accommodation Management One Hundred Limited (07989080)** LSAV (Stapleton) GP1 Limited (08593695) (50.0%)** Unite Construction (Angel Lane) Limited (08792704) LSAV (Stapleton) GP2 Limited (08593699) (50.0%)** Unite Construction (Stapleton) Limited (09023406) LSAV (Stapleton) Limited Partnership (50.0%)** Unite Construction (Wembley) Limited (09023474) LSAV (Stapleton) Management Limited Partnership (50.0%)** Unite Finance Limited (04353305)*/** LSAV (Stratford) Management Limited Partnership (50.0%)** LSAV (Wembley) GP1 Limited (08635735) (50.0%)** USAF GP No 6 Limited (05897755) (20.2%) LSAV (Wembley) GP2 Limited (08636051) (50.0%)** USAF GP No 8 Limited (06381914) (20.2%) LSAV (Wembley) Limited Partnership (50.0%)** USAF GP No 10 Limited (06714734) (20.2%) LSAV (Wembley) Management Limited Partnership (50.0%)** USAF GP No 11 Limited (07075210) (20.2%) UNITE Capital Cities Holdings Limited (08801242) (50.0%) USAF GP No 12 Limited (07368735) (20.2%) Unite Capital Cities Limited Partnership (50.0%) USAF GP No 14 Limited (09089977) (20.2%) Unite Capital Cities Two Limited Partnership (50.0%) USAF GP No 15 Limited (09585201) (20.2%) USAF Management 16 Limited (07735741) (28.1%)** USAF GP No.15A Limited (12644211) (28.1%) USAF Management 17 Limited (05591986) (28.1%)** USAF GP No.16A Limited (12644210) (28.1%) USAF Management No. 14 Limited Partnership (28.1%) USAF GP No.17A Limited (12644208) (28.1%) USAF Management No. 15 Limited Partnership (28.1%) USAF GP No 18 Limited (10219336) (20.2%) USAF Management No. 16 Limited Partnership (28.1%) USAF Holdings B Limited (06324325) (20.2%) USAF Management No. 17 Limited Partnership (28.1%) USAF Holdings C Limited (06381882) (20.2%) USAF No.1 Limited Partnership (28.1%) USAF Holdings H Limited (09089805) (20.2%) USAF No.6 Limited Partnership (28.1%) USAF Holdings I Limited (09581882) (20.2%) USAF No.8 Limited Partnership (28.1%) USAF Holdings J Limited (10215997) (20.2%) USAF No.10 Limited Partnership (28.1%) USAF Holdings Limited (05870107) (20.2%) USAF No.11 Limited Partnership (28.1%) USAF Nominee No.1 Limited (05855598) (20.2%) USAF No.12 Limited Partnership (28.1%) USAF Nominee No.1A Limited (05835512) (20.2%) USAF No.14 Limited Partnership (28.1%) USAF Nominee No.6 Limited (05855599) (20.2%) USAF No.15 Limited Partnership (28.1%) USAF Nominee No.6A Limited (05885802) (20.2%) USAF No.15A Limited Partnership (28.1%) USAF Nominee No.8 Limited (06381861) (20.2%) * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL USAF No.16A Limited Partnership (28.1%) USAF Nominee No.17 Limited (12644192) (20.2%) USAF No.17A Limited Partnership (28.1%) USAF Nominee No.17A Limited (12644187) (20.2%) USAF No.18 Limited Partnership (28.1%) USAF Nominee No.18 Limited (10218595) (20.2%) USAF No.11 Management Limited Partnership (28.1%) USAF Nominee No.18A Limited (10219339) (20.2%) Filbert Village Student Accommodation Limited Partnership (28.1%) USAF RCC Limited (05983554) (20.2%) LDC (Nairn Street) Limited Partnership (28.1%) LSAV (No.1) Limited Partnership (50.0%)** LDC (Nairn Street) Management Limited Partnership (28.1%) LSAV (No.1) GP1 Limited (013184531) (50.0%)** Filbert Village GP Limited (06016554) (20.2%) LSAV (No.1) Nominee 1 Limited (013184589) (50.0%)** LDC (Nairn Street) GP1 Limited (07580262) (20.2%) LSAV (No.1) Management Limited Partnership (50.0%)** LDC (Nairn Street) GP2 Limited (07580257) (20.2%) LSAV (No.1) GP3 Limited (013184662)** USAF Finance II Limited (08526474) (20.2%) LSAV (No.1) Nominee 3 Limited (013184656)** USAF GP No 1 Limited (05897875) (20.2%) LSAV (Arch View) Limited Partnership (50.0%)** USAF Nominee No.8A Limited (06381869) (20.2%) LSAV (Arch View) GP1 Limited (013210709) (50.0%)** USAF Nominee No.10 Limited (06714690) (20.2%) LSAV (Arch View) Nominee 1 Limited (013210518) (50.0%)** USAF Nominee No.10A Limited (06714615) (20.2%) LSAV (Arch View) Management Limited Partnership (50.0%)** USAF Nominee No.11 Limited (07075251) (20.2%) LSAV (Arch View) GP3 Limited (013210526)** USAF Nominee No.11A Limited(07075213) (20.2%) LSAV (Arch View) Nominee 3 Limited (013210553)** USAF Nominee No.12 Limited (07368733) (20.2%) LSAV (Drapery Plaza) Limited Partnership (50.0%)** USAF Nominee No.12A Limited (07368755) (20.2%) LSAV (Drapery Plaza) GP1 Limited (013209904) (50.0%)** USAF Nominee No.14 Limited (09231609) (20.2%) LSAV (Drapery Plaza) Nominee 1 Limited (013209904) (50.0%)** USAF Nominee No.14A Limited (09231604) (20.2%) LSAV (Drapery Plaza) Management Limited Partnership (50.0%)** USAF Nominee No.15 Limited (12644205) (20.2%) LSAV (Drapery Plaza) GP3 Limited (013210206)** USAF Nominee No.15A Limited (12644204) (20.2%) LSAV (Drapery Plaza) Nominee 3 Limited (013209979)** USAF Nominee No.16 Limited (12644201) (20.2%) LSAV Management Holdings Limited (013305327)** USAF Nominee No.16A Limited (12644197) (20.2%) USAF Management GP No.18 Limited LDC (180 Stratford) Limited** LSAV Facility 1 Holdings Limited (50.0%)** LSAV Facility 1 Management Holdings Limited** Unite Capital Cities 3 GP1 Limited (50.0%)** Unite Capital Cities 3 Limited Partnership (50.0%)** Unite Capital Cities 3 Management Limited (50.0%)** Unite Capital Cities 3 Nominee 1 Limited (50.0%)** * Held directly by the Company. ** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue of s479A for the financial year ended 31 December 2022. Section 9: Company subsidiaries and joint ventures continued Registered office and principal place of business: 13 Castle Street, St Helier, Jersey, JE4 5UT LDC (Gt Suffolk St) Unit Trust LSAV (Aston Student Village) Unit Trust (50.0%) LDC (St Pancras Way) Unit Trust LSAV (Holdings) Limited (50.0%) LDC (Thurso Street) Unit Trust LSAV (Trustee) Limited (50.0%) LSAV (Jersey Manager) Limited LSAV Unit Trust (50.0%) Unite (Capital Cities) Jersey Limited Unite Capital Cities Unit Trust (50.0%) USAF Jersey Investments Limited USAF Portfolio 18 Unit Trust (28.1%) USAF Jersey Manager Limited LDC (Nairn Street) Unit Trust (28.1%) LDC (Ferry Lane 2) Unit Trust (50.0%) Unite UK Student Accommodation Fund (20.2%) LDC (Stratford) Unit Trust (50.0%) LSAV (Arch View) Unit Trust (50.0%) LSAV (Drapery Plaza) Unit Trust (50.0%) Registered office and principal place of business: Third Floor, La Plaiderie Chambers, St Peter Port, Guernsey, GY1 1WG USAF Feeder Guernsey Limited (45.5%) USAF Portfolio 16 Unit Trust (28.1%) USAF Portfolio 15 Unit Trust (28.1%) USAF Portfolio 17 Unit Trust (28.1%) Registered office and principal place of business: Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2 EN LSAV (GP) Limited (SC431844) (50.0%) LSAV (Property Holdings) Limited Partnership (50.0%) Registered office and principal place of business: Trident Chambers, Wickhams Cay, P.O. Box 146, Road Town, Tortola, British Virgin Islands Liberty Park (Bedford) Limited Liberty Plaza (Newcastle) Limited Registered office and principal place of business: Third Floor, Barclays House, Victoria Street, Douglas, Isle of Man, IM1 2LE Filbert Street Student Accommodation Unit Trust (28.1%) Registered office and principal place of business: Room 507, Floor 5, Block 1, Building No. 10, Jintong Road West, Chaoyang District, Beijing, People\u2019s Republic of China Unite Students Accommodation (Beijing) Business Service Company Limited ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-6": {
"value": "South Quay House, Temple Back, Bristol BS1 6FL",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}