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"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:SegmentsAxis": "dln:CompanyMember",
"unit": "iso4217:GBP"
}
},
"f29348": {
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"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:SegmentsAxis": "dln:CompanyMember",
"unit": "iso4217:GBP"
}
},
"f29351": {
"value": "-88600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f29353": {
"value": "74700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f29355": {
"value": "35800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:SegmentsAxis": "dln:CompanyMember",
"unit": "iso4217:GBP"
}
},
"f29357": {
"value": "-10100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:SegmentsAxis": "dln:CompanyMember",
"unit": "iso4217:GBP"
}
},
"f29360": {
"value": "-28900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f29362": {
"value": "17000000",
"decimals": -5,
"dimensions": {
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"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f29364": {
"value": "-23300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:SegmentsAxis": "dln:CompanyMember",
"unit": "iso4217:GBP"
}
},
"f29366": {
"value": "17900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:SegmentsAxis": "dln:CompanyMember",
"unit": "iso4217:GBP"
}
},
"f29370": {
"value": "105500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f29372": {
"value": "88500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f29374": {
"value": "90600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00",
"ifrs-full:SegmentsAxis": "dln:CompanyMember",
"unit": "iso4217:GBP"
}
},
"f29376": {
"value": "72700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2021-01-01T00:00:00",
"ifrs-full:SegmentsAxis": "dln:CompanyMember",
"unit": "iso4217:GBP"
}
},
"f29380": {
"value": "76600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f29382": {
"value": "105500000",
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"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f29384": {
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"dimensions": {
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"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2023-01-01T00:00:00",
"ifrs-full:SegmentsAxis": "dln:CompanyMember",
"unit": "iso4217:GBP"
}
},
"f29386": {
"value": "90600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00",
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},
"f29402": {
"value": "1 BASIS OF PREPARATION The \ufb01nancial statements have been prepared in accordance with UK-adopted International Accounting Standards,
\n(the \u2018applicable framework\u2019), and have been prepared in accordance with the provisions of the Companies Act 2006
\n(the \u2018applicable legal requirements\u2019). The \ufb01nancial statements have been prepared under the historical cost convention as
\nmodi\ufb01ed by the revaluation of investment properties, the revaluation of property, plant and equipment, assets held for sale,
\npension scheme, and \ufb01nancial assets and liabilities held at fair value.
\nGoing concern
\nThe Board continues to adopt the going concern basis in preparing these consolidated \ufb01nancial statements. In considering
\nthis requirement, the Directors have taken into account the following:
\n\u2022 The Group\u2019s latest rolling forecast for the next two years, in particular the cash \ufb02ows, borrowings and undrawn facilities.
\n\u2022 The headroom under the Group\u2019s \ufb01nancial covenants.
\n\u2022 The risks included on the Group\u2019s risk register that could impact on the Group\u2019s liquidity and solvency over the next
\n12 months.
\n\u2022 The risks on the Group\u2019s risk register that could be a threat to the Group\u2019s business model and capital adequacy.
\nThe Directors have considered the relatively long-term and predictable nature of the income receivable under the tenant
\nleases, the Group\u2019s year end loan-to-value ratio for 2022 of 23.9%, the interest cover ratio of 423%, the \u00a3577m total of
\nundrawn facilities and cash and the fact that the average maturity of borrowings was 6.2 years at 31 December 2022.
\nThe impact of the Covid-19 pandemic on the business and its occupiers has been considered. The impact in 2022 was
\nconsiderably less than in 2021 as evidenced by a partial reversal in impairment charges and rent collection rates now close
\nto that seen pre-pandemic. O\ufb00ice occupation rates are also gradually recovering. The likely impact of climate change has
\nbeen incorporated into the Group\u2019s forecasts and has taken account of the impact of EPC upgrades across the portfolio,
\nestimated at \u00a399m. Based on the Group\u2019s forecasts, rental income would need to decline by 65% and property values
\nwould need to fall by 60% before breaching its \ufb01nancial covenants. Further information is provided in the Group\u2019s viability
\nstatement on page 108.
\nThe \ufb01nancial position of the Group, its cash \ufb02ows, liquidity position and borrowing facilities are described in the \ufb01nancial
\nreview. In addition, the Group\u2019s risks and risk management processes can be found within the risk management and
\ninternal controls.
\nHaving due regard to these matters and after making appropriate enquiries, the Directors have reasonable expectation that
\nthe Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of
\nsigning of these consolidated \ufb01nancial statements and, therefore, the Board continues to adopt the going concern basis in
\ntheir preparation.
\n2 CHANGES IN ACCOUNTING POLICIES
\nThe principal accounting policies are described in note 43 and are consistent with those applied in the Group\u2019s \ufb01nancial
\nstatements for the year to 31 December 2021, as amended to re\ufb02ect the adoption of new standards, amendments and
\ninterpretations which became e\ufb00ective in the year as shown below.
\nNew standards adopted during the year
\nThe following standards, amendments and interpretations were e\ufb00ective for the \ufb01rst time for the Group\u2019s current
\naccounting period and had no material impact on the \ufb01nancial statements.
\nReference to the Conceptual Framework (amendments to IFRS 3);
\nIFRS 16 (amended) \u2013 Covid-19-related Rent Concessions;
\nIAS 37 (amended) \u2013 Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract;
\nAnnual Improvements to IFRS Standards 2018-2020;
\nIAS 16 (amended) \u2013 Property, Plant and Equipment: Proceeds before Intended Use.
248
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n2 CHANGES IN ACCOUNTING POLICIES
continued
\nStandards in issue but not yet e\ufb00ective
\nThe following standards, amendments and interpretations were in issue at the date of approval of these \ufb01nancial
\nstatements but were not yet e\ufb00ective for the current accounting period and have not been adopted early. Based on the
\nGroup\u2019s current circumstances, the Directors do not anticipate that their adoption in future periods will have a material
\nimpact on the \ufb01nancial statements of the Group.
\nIFRS 17 (amended) \u2013 Insurance Contracts;
\nIAS 1 (amended) \u2013 Classi\ufb01cation of liabilities as current or non-current, Non-current Liabilities with Covenants;
\nIAS 1 and IFRS Practice Statement 2 (amended) \u2013 Disclosure of Accounting Policies;
\nIAS 8 (amended) \u2013 De\ufb01nition of Accounting Estimate;
\nIAS 12 (amended) \u2013 Income Taxes: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction;
\nIFRS 16 (amended) \u2013 Lease Liability in a Sale and Leaseback;
\nIFRS 17 (amended) and IFRS 9 \u2013 Comparative Information.
\nRestatement \u2013 IFRIC Agenda Decision \u2013 Forgiveness of lease payments
\nIn October 2022, the IFRS Interpretations Committee (\u2018IFRIC\u2019) released its decision on the application of IFRS 9 and IFRS 16
\nin relation to how a lessor should account for the forgiveness of amounts due under leases.
\nIt was determined that for any rent receivables that are past their due dates and subsequently forgiven, the lessor should
\napply the expected credit loss (ECL) model in IFRS 9. Therefore, the forgiveness will be subject to the derecognition and
\nimpairment requirements in IFRS 9, and the impact of relevant receivable amounts written o\ufb00 re\ufb02ected in the income
\nstatement. The Group had previously treated the forgiveness of rent receivables, in particular Covid-19 concessions, that
\nwere past their due dates as lease modi\ufb01cations under IFRS 16, rather than the updated guidance of applying IFRS 9.
\nHowever, forgiveness of future rent not currently due meets the de\ufb01nition of a lease modi\ufb01cation in IFRS 16. The impact of
\nthis forgiveness is recognised on a straight-line basis over the remaining term of the lease, which is consistent with the
\nGroup\u2019s treatment.
\nThe adjustments required to amounts forgiven for receivables past their due date, including the remeasurement of the ECL,
\nhave been recalculated and the impact determined to be immaterial for each individual \ufb01nancial year. However, the Group
\nhas voluntarily elected to apply IFRS 9 where applicable. This includes adjusting the relevant 2020 opening balances and
\nrestating the 2021 comparative information. In the income statement, the restatement has resulted in a change to gross
\nrental income, write-o\ufb00/impairment of receivables and revaluation movement with no impact in the total pro\ufb01t/(loss) in the
\nrespective years. In addition, there is no impact on the total net assets within the balance sheets, with adjustments in rents
\nrecognised in advance (trade and other receivables), provision for bad debts, and investment property. The impact of these
\nadjustments is shown on the following page. As the impact is not material, in accordance with IAS 1 Presentation of Financial
\nStatements the Group has not presented revised balance sheets as at 31 December 2020 within the \ufb01nancial statements.
\nRestatement \u2013 IFRIC Agenda Decision \u2013 Recognition of Tenant Deposits as restricted cash
\nIn March 2022, the IFRS Interpretations Committee (\u2018IFRIC\u2019) \ufb01nalised a decision with respect to the treatment of demand
\ndeposits with restrictions on use, which includes tenant rent deposits. It was concluded that these deposits, which are
\nsubject to contractual restrictions, meet the de\ufb01nition of \u2018cash and cash equivalents\u2019 under IAS 7 and should therefore
\nbe included as restricted cash under \u2018cash and cash equivalents\u2019 within the \ufb01nancial statements. The Group had not
\npreviously recognised tenant rent deposits on its balance sheets as these deposits are only available upon a tenant
\ndefaulting under the terms of its lease and are normally refunded upon expiry. As a result of the IFRIC decision, the
\nGroup has revisited its policy and has now included tenant rent deposits as restricted cash with a restatement to the
\nprior year comparatives. The adjustment has no impact on the net assets of the Group, but cash and cash equivalents
\nhave increased by \u00a317.6m (2020: \u00a318.8m) with a corresponding increase in other payables. The movement in tenant rent
\ndeposits has been included in net cash from operating activities in the cash \ufb02ow statement.
\nCash collected on behalf of tenants to fund service charges of properties in the portfolio was previously recognised
\nwithin trade and other receivables. This has now been reclassi\ufb01ed and presented as restricted cash within \u2018cash and
\ncash equivalents\u2019. For the prior year, the adjustment has no impact on the net assets of the Group, with cash and cash
\nequivalents increasing by \u00a319.4m (2020: \u00a319.0m) and a corresponding decrease of in trade and other receivables. The
\nmovement in service charge balances has been included in net cash from operating activities in the cash \ufb02ow statement.
\nThe impact of these adjustments is shown on the following page. As the total impact of both tenant deposits and service
\ncharge balances is not material, the Group has not presented revised balance sheets as at 31 December 2020 within the
\n\ufb01nancial statements, in accordance with IAS 1 Presentation of Financial Statements.
Financial statements
249
\nThe following table shows the impact of these adjustments in the prior years.
\n2021
\n31 December
\n\u00a3m
\nRestatement
\n1
\n\u00a3m
\nRestatement
\n2
\n\u00a3m
\n31 December
\nRestated
\n\u00a3m
\nGroup balance sheet (extract)
\nInvestment property
5,359.9
1.3
\u2013
5,361.2
\nTrade and other receivables
61.7
(1.3)
(19.4)
41.0
\nCash and cash equivalents
68.5
\u2013
37.0
105.5
\nTrade and other payables
(128.3)
\u2013
(17.6)
(145.9)
\n5,361.8
\u2013
\u2013
5,361.8
\nGroup income statement (extract)
\nNet property and other income
\nGross rental income
194.2
1.1
\u2013
195.3
\nMovement in impairment of receivables
(0.8)
(1.4)
\u2013
(2.2)
\nRevaluation surplus
130.8
0.3
\u2013
131.1
\n324.2
\u2013
\u2013
324.2
\nGroup cash \ufb02ow statement (extract)
\nNet cash from operating activities
125.7
\u2013
(0.8)
124.9
\n125.7
\u2013
(0.8)
124.9
\n2020
\n31 December
\n\u00a3m
\nRestatement
\n1
\n\u00a3m
\nRestatement
\n2
\n\u00a3m
\n31 December
\nRestated
\n\u00a3m
\nGroup balance sheet (extract)
\nInvestment property
5,029.1
1.4
\u2013
5,030.5
\nTrade and other receivables
76.2
(1.4)
(19.0)
55.8
\nCash and cash equivalents
50.7
\u2013
37.8
88.5
\nTrade and other payables
(106.7)
\u2013
(18.8)
(125.5)
\n5,049.3
\u2013
\u2013
5,049.3
\nGroup income statement (extract)
\nNet property and other income
\nGross rental income
202.9
0.5
\u2013
203.4
\nMovement in impairment of receivables
(10.1)
(1.9)
\u2013
(12.0)
\nRevaluation de\ufb01cit
(196.1)
1.4
\u2013
(194.7)
\n(3.3)
\u2013
\u2013
(3.3)
\nGroup cash \ufb02ow statement (extract)
\nCash and cash equivalents at the end of the year
50.7
\u2013
37.8
88.5
\n50.7
\u2013
37.8
88.5
\n1
Restatement in relation to IFRIC Agenda Decision \u2013 Forgiveness of lease payments.
\n2
Restatement in relation to IFRIC Agenda Decision \u2013 Recognition of Tenant Deposits as restricted cash and service charge reclassi\ufb01cation.
250
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n2 CHANGES IN ACCOUNTING POLICIES
continued
\n2021
\n31 December
\n\u00a3m
\nRestatement
\n1
\n\u00a3m
\nRestatement
\n2
\n\u00a3m
\n31 December
\nRestated
\n\u00a3m
\nCompany balance sheet (extract)
\nCash and cash equivalents
68.2
\u2013
22.4
90.6
\nTrade and other payables
(1,281.7)
\u2013
(22.4)
(1,304.1)
\n(1,213.5)
\u2013
\u2013
(1,213.5)
\nCompany cash \ufb02ow statement (extract)
\nNet cash used in \ufb01nancing activities
(9.9)
\u2013
(0.2)
(10.1)
\n(9.9)
\u2013
(0.2)
(10.1)
\n2020
\n31 December
\n\u00a3m
\nRestatement
\n1
\n\u00a3m
\nRestatement
\n2
\n\u00a3m
\n31 December
\nRestated
\n\u00a3m
\nCompany balance sheet (extract)
\nCash and cash equivalents
50.1
\u2013
22.6
72.7
\nTrade and other payables
(1,072.9)
\u2013
(22.6)
(1,095.5)
\n(1,022.8)
\u2013
\u2013
(1,022.8)
\nCompany cash \ufb02ow statement (extract)
\nCash and cash equivalents at the end of the year
50.1
\u2013
22.6
72.7
\n50.1
\u2013
22.6
72.7
\n1
Restatement in relation to IFRIC Agenda Decision \u2013 Forgiveness of lease payments.
\n2
Restatement in relation to IFRIC Agenda Decision \u2013 Recognition of Tenant Deposits as restricted cash and service charge reclassi\ufb01cation.
\nRe-presentation of VAT in Group cash \ufb02ow statement
\nThe Group has re-presented the cash \ufb02ow statement for the year ended 31 December 2021, to separate VAT movements as either
\noperating activities or investing activities. This has the e\ufb00ect of increasing the net cash from operations in 2021 by \u00a34.0m with
\na corresponding increase in the net cash used in investing activities. There is no impact upon the cash \ufb02ow statement overall.
\nRestatement of Property portfolio, historical cost
\nThe disclosure of historical cost of the property portfolio within note 16 comparatives have been restated by \u00a369.7m to
\n\u00a33,464.4m to correct an error in the calculation of the historical cost.
\n3 SIGNIFICANT JUDGEMENTS, KEY ASSUMPTIONS AND ESTIMATES
\nThe preparation of \ufb01nancial statements in accordance with the applicable framework requires the use of certain signi\ufb01cant
\naccounting estimates and judgements. It also requires management to exercise judgement in the process of applying the
\nGroup\u2019s accounting policies. The Group\u2019s signi\ufb01cant accounting policies are stated in note 43. Not all of these accounting
\npolicies require management to make di\ufb00icult, subjective or complex judgements or estimates. Estimates and judgements
\nare continually evaluated and are based on historical experience and other factors, including expectations of future events
\nthat are believed to be reasonable under the circumstances. Although these estimates are based on management\u2019s best
\nknowledge of the amount, event or actions, actual results may di\ufb00er from those estimates. The following is intended to
\nprovide an understanding of the policies that management consider critical because of the level of complexity, judgement
\nor estimation involved in their application and their impact on the consolidated \ufb01nancial statements.
\nKey sources of estimation uncertainty
\nProperty portfolio valuation
\nThe Group uses the valuation carried out by external valuers as the fair value of its property portfolio. The valuation
\nconsiders a range of assumptions including future rental income, investment yields, anticipated outgoings and
\nmaintenance costs, future development expenditure and appropriate discount rates. The external valuers also make
\nreference to market evidence of transaction prices for similar properties and take into account the impact of climate
\nchange and related Environmental, Social and Governance considerations. Knight Frank LLP were appointed to value the
\nwhole London-based portfolio as at 31 December 2022. More information is provided in note 16.
Financial statements
251
\nImpairment testing of trade receivables and other \ufb01nancial assets
\nTrade receivables and accrued rental income recognised in advance of receipt are subject to impairment testing. This
\naccrued rental income arises due to the spreading of rent-free and reduced rent periods, capital contributions and
\ncontracted rent uplifts in accordance with IFRS 16 Leases.
\nImpairment calculations have been carried out using the forward-looking, simpli\ufb01ed approach to the expected credit loss
\nmodel within IFRS 9. The impact of the Covid-19 pandemic on the Group\u2019s business and its occupiers has been considered
\nand in 2022 the severity of the impact was considerably less than in 2021 as evidenced by a partial reversal in impairment
\ncharges and rent collection rates now close to that seen pre-pandemic. The result is a \u00a33.3m reduction in the provision
\nand after adding receivable balances written o\ufb00 of \u00a32.3m, the total credit to the income statement for 2022 was \u00a31.0m,
\ncompared to the restated \u00a32.2m charge recognised in 2021. In arriving at the estimates, the Group considered the tenants
\nat higher risk, particularly in the retail or hospitality sectors, those in administration or CVA, the top 64 tenants by size and
\nhas also considered the remaining balances classi\ufb01ed by sector.
\nThe impairment provisions are included within \u2018Other receivables (non-current)\u2019 (see note 20) and \u2018Trade and other
\nreceivables\u2019 (see note 21) as shown below:
\nOther receivables
\n(non-current)
\n\u00a3m
\nTrade and other
\nreceivables
\n(current)
\n\u00a3m
\nTotal
\n\u00a3m
\nLease incentive receivables before impairment
167.8
24.3
192.1
\nImpairment of lease incentive receivables
(2.4)
(0.7)
(3.1)
\nWrite-o\ufb00
(0.2)
\u2013
(0.2)
\nNet lease incentive included within accrued income
165.2
23.6
188.8
\nTrade receivables before impairment
\u2013
9.0
9.0
\nImpairment of trade receivables
\u2013
(1.8)
(1.8)
\nService charge provision
\u2013
(0.1)
(0.1)
\nWrite-o\ufb00
\u2013
(2.2)
(2.2)
\nNet trade receivables
\u2013
4.9
4.9
\nThe assessment considered the risk of tenant failures or defaults using information on tenants\u2019 payment history, deposits
\nheld, the latest known \ufb01nancial position together with forecast information where available, ongoing dialogue with tenants
\nas well as other information such as the sector in which they operate. Following this, tenants were classi\ufb01ed as either low,
\nmedium or high risk and the table below provides further information. The impairment against lease incentive receivable
\nbalances was \u00a33.1m and against trade receivable balances was \u00a31.9m.
\nLease incentive
\nreceivables
\n(non-current)
\n\u00a3m
\nLease incentive
\nreceivables
\n(current)
\n\u00a3m
\nTrade
\nreceivables
\n(current)
\n\u00a3m
\nBalance before impairment
\nLow risk
158.4
19.5
3.3
\nMedium risk
4.6
3.2
1.7
\nHigh risk
4.6
1.6
1.8
\n167.6
24.3
6.8
\nImpairment
\nLow risk
\u2013
\u2013
\u2013
\nMedium risk
(0.2)
(0.1)
(0.1)
\nHigh risk
(2.2)
(0.6)
(1.8)
\n(2.4)
(0.7)
(1.9)
\n165.2
23.6
4.9
\nBorrowings and derivatives
\nThe fair values of the Group\u2019s borrowings and interest rate swaps are provided by an independent third party based on
\ninformation provided to them by the Group. This includes the terms of each of the \ufb01nancial instruments and data available
\nin the \ufb01nancial markets. More information on how fair values are derived is provided in note 25. The fair values of the
\nGroup\u2019s borrowings and derivatives are shown in note 26.
252
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n3 SIGNIFICANT JUDGEMENTS, KEY ASSUMPTIONS AND ESTIMATES
continued
\nSigni\ufb01cant judgements
\nCompliance with the real estate investment trust (REIT) taxation regime
\nAs a REIT, the Group bene\ufb01ts from tax advantages. Income and chargeable gains on the qualifying property rental business
\nare exempt from corporation tax. Income that does not qualify as property income within the REIT rules is subject to
\ncorporation tax in the normal way. There are a number of tests that are applied annually, and in relation to forecasts, to
\nensure the Group remains well within the limits allowed within those tests.
\nThe Group met all the criteria in 2022 with a substantial margin in each case, thereby ensuring its REIT status is
\nmaintained. The Directors intend that the Group should continue as a REIT for the foreseeable future.
\nThe Group has maintained its low risk rating with HMRC following continued regular dialogue and a focus on transparency
\nand full disclosure.
\n4 SEGMENTAL INFORMATION
\nIFRS 8 Operating Segments requires operating segments to be identi\ufb01ed on the basis of internal \ufb01nancial reports about
\ncomponents of the Group that are regularly reviewed by the chief operating decision makers (which in the Group\u2019s case are
\nthe four Executive Directors assisted by the other ten members of the Executive Committee) in order to allocate resources
\nto the segments and to assess their performance.
\nThe internal \ufb01nancial reports received by the Group\u2019s Executive Committee contain \ufb01nancial information at a Group level
\nas a whole and there are no reconciling items between the results contained in these reports and the amounts reported in
\nthe \ufb01nancial statements. These internal \ufb01nancial reports include IFRS \ufb01gures but also report non-IFRS \ufb01gures for the EPRA
\nearnings and net asset value. Reconciliations of each of these \ufb01gures to their statutory equivalents are detailed in note 40.
\nAdditionally, information is provided to the Executive Committee showing gross property income and property valuation
\nby individual property. Therefore, for the purposes of IFRS 8, each individual property is considered to be a separate
\nreportable segment in that its performance is monitored individually.
\nThe Group\u2019s property portfolio includes investment property, owner-occupied property and trading property and comprised
\n97% o\ufb00ice buildings
\n1
\nby value at 31 December 2022 (2021: 97%). The Directors consider that these individual properties
\nhave similar economic characteristics and therefore have been aggregated into a single reportable segment. The
\nremaining 3% (2021: 3%) represented a mixture of retail, residential and light industrial properties, as well as land, each
\nof which is de minimis in its own right and below the quantitative threshold in aggregate. Therefore, in the view of the
\nDirectors, there is one reportable segment under the provisions of IFRS 8.
\nAll of the Group\u2019s properties are based in the UK. No geographical grouping is contained in any of the internal \ufb01nancial
\nreports provided to the Group\u2019s Executive Committee and, therefore, no geographical segmental analysis is required
\nby IFRS 8. However, geographical analysis is included in the tables below to provide users with additional information
\nregarding the areas contained in the Strategic report. The majority of the Group\u2019s properties are located in London (West
\nEnd central, West End borders/other and City borders), with the remainder in Scotland (Provincial).
\n1
Some o\ufb00ice buildings have an ancillary element such as retail or residential.
\nGross property income
\n2022
2021 Restated
\nO\ufb00ice
\nbuildings
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nO\ufb00ice
\nbuildings
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nWest End central
118.3
1.5
119.8
109.5
0.3
109.8
\nWest End borders/other
16.3
\u2013
16.3
18.5
\u2013
18.5
\nCity borders
67.2
0.5
67.7
67.6
0.5
68.1
\nProvincial
\u2013
4.6
4.6
\u2013
4.5
4.5
\nGross property income (excl. joint venture)
201.8
6.6
208.4
195.6
5.3
200.9
\nShare of joint venture gross property income
2.1
\u2013
2.1
0.4
\u2013
0.4
\n203.9
6.6
210.5
196.0
5.3
201.3
\nA reconciliation of gross property income to gross property and other income is given in note 5.
Financial statements
253
\nProperty portfolio
\n2022
\n2021
\nRestated
\nO\ufb00ice
\nbuildings
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nO\ufb00ice
\nbuildings
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nCarrying value
\nWest End central
3,123.9
81.2
3,205.1
3,314.9
82.2
3,397.1
\nWest End borders/other
356.9
\u2013
356.9
408.1
\u2013
408.1
\nCity borders
1,494.5
10.4
1,504.9
1,649.7
8.4
1,658.1
\nProvincial
\u2013
78.7
78.7
\u2013
82.2
82.2
\nGroup (excl. joint venture)
4,975.3
170.3
5,145.6
5,372.7
172.8
5,545.5
\nShare of joint venture
42.6
\u2013
42.6
50.2
\u2013
50.2
\n5,017.9
170.3
5,188.2
5,422.9
172.8
5,595.7
\nFair value
\nWest End central
3,234.9
86.3
3,321.2
3,348.9
84.2
3,433.1
\nWest End borders/other
376.6
\u2013
376.6
431.4
\u2013
431.4
\nCity borders
1,534.2
10.4
1,544.6
1,690.4
8.4
1,698.8
\nProvincial
\u2013
79.4
79.4
\u2013
83.0
83.0
\nGroup (excl. joint venture)
5,145.7
176.1
5,321.8
5,470.7
175.6
5,646.3
\nShare of joint venture
42.4
\u2013
42.4
50.0
\u2013
50.0
\n5,188.1
176.1
5,364.2
5,520.7
175.6
5,696.3
\nA reconciliation between the fair value and carrying value of the portfolio is set out in note 16.
\n5 PROPERTY AND OTHER INCOME
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nGross rental income
207.0
195.3
\nSurrender premiums received
1.1
3.6
\nOther property income
0.3
2.0
\nGross property income
208.4
200.9
\nTrading property sales proceeds
\n1
\n1.6
6.7
\nService charge income
\n1
\n34.6
30.2
\nOther income
\n1
\n4.2
3.5
\nGross property and other income
248.8
241.3
\nGross rental income
207.0
195.3
\nMovement in impairment of receivables
1.0
(2.2)
\nService charge income
\n1
\n34.6
30.2
\nService charge expenses
(39.7)
(33.6)
\n(5.1)
(3.4)
\nProperty costs
(14.4)
(11.8)
\nNet rental income
188.5
177.9
\nTrading property sales proceeds
\n1
\n1.6
6.7
\nTrading property cost of sales
(1.4)
(6.0)
\nPro\ufb01t on trading property disposals
0.2
0.7
\nOther property income
0.3
2.0
\nOther income
\n1
\n4.2
3.5
\nSurrender premiums received
1.1
3.6
\nDilapidation receipts
0.5
0.9
\nWrite-down of trading property
(0.2)
(1.4)
\nNet property and other income
194.6
187.2
\n1
In line with IFRS 15 Revenue from Contracts with Customers, the Group recognised a total of \u00a340.4m (2021: \u00a340.4m) of other income, trading property sales proceeds and
\nservice charge income, which relates to expenditure that is directly recoverable from tenants, within gross property and other income.
254
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n5 PROPERTY AND OTHER INCOME
continued
\nAs described in note 2, gross rental income and movement in impairment of receivables have been restated in accordance
\nwith the guidance provided by the IFRS Interpretations Committee.
\nGross rental income includes \u00a320.3m (2021 restated: \u00a319.5m) relating to rents recognised in advance of cash receipts.
\nOther income relates to fees and commissions earned from tenants in relation to the management of the Group\u2019s
\nproperties and was recognised in the Group income statement in accordance with the delivery of services.
\nThe impairment review has been carried out using the expected credit loss model within IFRS 9 Financial Instruments (see
\nnotes 3 and 21 for additional information). Included in this provision is a charge of \u00a30.4m against trade receivables relating
\nto rental income for the 25 December 2022 quarter day. Most of this income is deferred and has not yet been recognised
\nin the income statement. A 10% increase/decrease to the absolute probability rates of tenant default in the year would
\nresult in a \u00a31.6m increase/decrease and \u00a31.2m decrease/increase respectively, in the Group\u2019s pro\ufb01t/loss for the year. This
\nsensitivity has been performed on the medium to high risk tenants as the signi\ufb01cant estimation uncertainty is wholly
\nrelated to these.
\n6 PROFIT ON DISPOSAL
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInvestment property
\nGross disposal proceeds
209.6
402.4
\nCosts of disposal
(3.2)
(3.7)
\nNet disposal proceeds
206.4
398.7
\nCarrying value
(180.8)
(387.5)
\nAdjustment for lease costs and rents recognised in advance
\u2013
(0.7)
\nPro\ufb01t on disposal of investment property
25.6
10.5
\nArtwork
\nCarrying value
\u2013
(0.1)
\nLoss on disposal of artwork
\u2013
(0.1)
\nPro\ufb01t on disposal
25.6
10.4
\nIncluded within gross disposal proceeds for 2022 is \u00a367.2m relating to the disposal of the Group\u2019s freehold interest in New
\nRiver Yard EC1 in June 2022, \u00a385.0m relating to the disposal of the Group\u2019s freehold interest in Bush House, South West
\nWing WC2 in July 2022, and \u00a340.5m relating to the disposal of the Group\u2019s leasehold interest in 2 & 4 Soho Place W1 in
\nJuly 2022. In addition, gross disposal proceeds also included \u00a315.3m following completion of the grant of an intermediate
\nlong leasehold interest in relation to the Soho Place W1 development agreement.
Financial statements
255
\n7 FINANCE INCOME AND FINANCE COSTS
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFinance income
\nBank interest receivable
(0.2)
\u2013
\nOther
(0.1)
\u2013
\nFinance income
(0.3)
\u2013
\nFinance costs
\nBank loans
1.1
0.9
\nNon-utilisation fees
2.1
2.1
\nUnsecured convertible bonds
3.9
3.9
\nUnsecured green bonds
6.7
0.8
\nSecured bonds
11.4
11.4
\nUnsecured private placement notes
15.6
15.6
\nSecured loan
3.3
3.3
\nAmortisation of issue and arrangement costs
2.6
2.5
\nAmortisation of the fair value of the secured bonds
(1.4)
(1.3)
\nObligations under headleases
1.1
0.7
\nOther
0.3
0.2
\nGross \ufb01nance costs
46.7
40.1
\nLess: interest capitalised
(7.0)
(12.0)
\nFinance costs
39.7
28.1
\nFinance costs of \u00a37.0m (2021: \u00a312.0m) have been capitalised on development projects, in accordance with IAS 23 Borrowing
\nCosts, using the Group\u2019s average cost of borrowings during each quarter. Total \ufb01nance costs paid to 31\u00a0December 2022
\nwere \u00a344.1m (2021: \u00a337.0m) of which \u00a37.0m (2021: \u00a312.0m) was included in capital expenditure on the property portfolio
\nin the Group cash \ufb02ow statement under investing activities.
\n8 FINANCIAL DERIVATIVE TERMINATION COSTS
\nThe Group incurred costs of \u00a30.3m in the year to 31 December 2022 (2021: \u00a31.9m) deferring or terminating interest rate
\nswaps. Included in this is \u00a30.3m of receipts and \u00a30.6m of costs.
\n9 SHARE OF RESULTS OF JOINT VENTURES
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNet property income
2.1
0.4
\nAdministrative expenses
(0.1)
(0.1)
\nRevaluation de\ufb01cit
(9.3)
(10.2)
\n(7.3)
(9.9)
\nJoint venture acquisition costs incurred
\u2013
(4.0)
\n(7.3)
(13.9)
\nThe share of results of joint ventures for the year ended 31 December 2022 includes the Group\u2019s 50% share in the Derwent
\nLazari Baker Street Limited Partnership. See note 19 for further details of the Group\u2019s joint ventures.
256
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n10 (LOSS)/PROFIT BEFORE TAX
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nThis is arrived at after charging:
\nDepreciation
1.0
0.9
\nContingent rent payable under headleases
1.7
1.4
\nAuditor's remuneration
\nAudit \u2013 Group
0.4
0.4
\nAudit \u2013 subsidiaries
0.2
0.1
\nIn 2022, audit fees for the Group were \u00a3400,000 (2021: \u00a3435,718) and for the subsidiaries \u00a3159,000 (2021: \u00a394,180). The
\nprior year comparatives include additional fees billed for scope changes and cost overruns. Fees for non-audit services,
\nrelating to the half year review, were \u00a364,000 (2021: \u00a360,000) and other non-audit services were \u00a3nil (2021: \u00a390,000).
\nDetails of the Auditor\u2019s independence are included on page 166.
\n11 DIRECTORS\u2019 EMOLUMENTS
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRemuneration for management services
4.1
4.0
\nShare-based payments
0.5
3.6
\nPost-employment bene\ufb01ts
0.4
0.5
\n5.0
8.1
\nNational insurance contributions
0.7
1.1
\n5.7
9.2
\nAn amount of \u00a30.6m (2021: \u00a31.7m) relating to the Directors is included within Share-based payments expense of \u00a31.9m
\n(2021: \u00a34.3m) relating to equity-settled schemes in note 12. This is in accordance with IFRS 2 Share-based Payment.
\nDetails of the Directors\u2019 remuneration awards under the long-term incentive plan and options held by the Directors under
\nthe Group share option schemes are given in the report of the Remuneration Committee on pages 190 to 223. The only key
\nmanagement personnel are the Directors.
\n12 EMPLOYEES
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nSta\ufb00 costs, including those of Directors:
\nWages and salaries
18.8
18.5
18.8
18.5
\nSocial security costs
2.7
2.5
2.6
2.3
\nOther pension costs
2.6
2.4
2.4
2.2
\nShare-based payments expense relating
\nto equity-settled schemes
1.9
4.3
1.9
4.4
\n26.0
27.7
25.7
27.4
\nThe monthly average number of employees in the Group during the year, excluding Directors, was 166 (2021: 140).
\nThe monthly average number of employees in the Company during the year, excluding Directors, was 140 (2021: 120).
\nAll were employed in administrative or support roles. Of the Group\u2019s employees, there were 37 (2021: 39) whose costs
\nwere recharged or partially recharged to tenants via service charges.
Financial statements
257
\n13 SHARE-BASED PAYMENTS
\nDetails of the options held by Directors under the Performance Share Plan (PSP) are given in the report of the
\nRemuneration Committee on page 219.
\nGroup and Company \u2013 equity-settled option scheme
\nThe Employee Share Option Plan (ESOP) is designed to incentivise and retain eligible employees. The ESOP is separate to
\nthe PSP disclosed in the report of the Remuneration Committee. The Directors are not entitled to any awards under the ESOP.
\nYear of grant
\nExercise
\nprice
\n\u00a3
\nAdjusted
\nexercise1
\n\u00a3
\nOutstanding at
\n1 January
\nMovement in options
\nOutstanding at
\n31 December
Granted
Exercised
Lapsed
\nFor the year to 31 December 2022
\n2013
21.99
21.09
4,158
\u2013
(3,908)
\u2013
250
\n2014
27.39
26.27
17,050
\u2013
(3,607)
\u2013
13,443
\n2015
34.65
33.23
35,062
\u2013
\u2013
(4,012)
31,050
\n2016
31.20
29.93
37,635
\u2013
(3,648)
\u2013
33,987
\n2017
28.93
27.75
70,553
\u2013
(5,212)
(1,791)
63,550
\n2018
30.29
29.57
91,835
\u2013
(4,609)
(2,809)
84,417
\n2019
32.43
32.43
124,025
\u2013
(5,000)
(10,200)
108,825
\n2020
30.02
30.02
165,975
\u2013
\u2013
(18,617)
147,358
\n2021
33.28
33.28
200,829
\u2013
\u2013
(18,415)
182,414
\n2022
31.10
31.10
\u2013
249,950
\u2013
(6,609)
243,341
\n747,122
249,950
(25,984)
(62,453)
908,635
\nFor the year to 31 December 2021
\n2013
21.99
21.09
4,158
\u2013
\u2013
\u2013
4,158
\n2014
27.39
26.27
18,650
\u2013
(1,600)
\u2013
17,050
\n2015
34.65
33.23
43,474
\u2013
(5,807)
(2,605)
35,062
\n2016
31.20
29.93
38,397
\u2013
(762)
\u2013
37,635
\n2017
28.93
27.75
99,446
\u2013
(28,893)
\u2013
70,553
\n2018
30.29
29.57
114,234
\u2013
(22,399)
\u2013
91,835
\n2019
32.43
32.43
129,575
\u2013
\u2013
(5,550)
124,025
\n2020
30.02
30.02
172,475
\u2013
\u2013
(6,500)
165,975
\n2021
33.28
33.28
\u2013
204,079
\u2013
(3,250)
200,829
\n620,409
204,079
(59,461)
(17,905)
747,122
\n31 December
\n2022
\n31 December
\n2021
\n1 January
\n2021
\nNumber of shares:
\nExercisable
335,522
256,293
204,125
\nNon-exercisable
573,113
490,829
416,284
\nWeighted average exercise price of share options:
\nExercisable
\u00a330.46
\u00a329.37
\u00a329.23
\nNon-exercisable
\u00a331.52
\u00a331.96
\u00a330.66
\nWeighted average remaining contracted life of share options:
\nExercisable
4.72 years
4.92 years
5.29 years
\nNon-exercisable
7.47 years
7.30 years
8.36 years
\nWeighted average exercise price of share options that lapsed:
\nExercisable
\u00a331.87
\u00a333.23
\u00a327.81
\nNon-exercisable
\u00a331.51
\u00a331.56
\u00a331.14
\n1
In 2018, following the payment of the special dividend of 75 pence per share, the Remuneration Committee exercised their discretion and adjusted the number of outstanding
\nunapproved \u2018B\u2019 options and their option price, to ensure participants were not disadvantaged by the payment to shareholders of the special dividend.
\nThe weighted average share price at which options were exercised during 2022 was \u00a333.02 (2021: \u00a335.82).
\nThe weighted average fair value of options granted during 2022 was \u00a36.85 (2021: \u00a38.23).
258
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n13 SHARE-BASED PAYMENTS
continued
\nThe following information is relevant in the determination of the fair value of the options granted during 2022 and 2021
\nunder the equity-settled employee share plan operated by the Group.
\n2022
2021
\nOption pricing model used
Binomial lattice
Binomial lattice
\nRisk free interest rate
1.5%
0.3%
\nVolatility
25.0%
30.0%
\nDividend yield
2.5%
2.2%
\nFor both the 2022 and 2021 grants, additional assumptions have been made that there is no employee turnover and 50%
\nof employees exercise early when the share options are 20% in the money and 50% of employees exercise early when the
\nshare options are 100% in the money.
\nThe volatility assumption, measured as the standard deviation of expected share price returns, is based on a statistical
\nanalysis of daily prices over the last four years.
\nGroup and Company \u2013 Save As You Earn scheme
\nThe Save As You Earn (SAYE) is designed to allow employees (including Directors) to purchase shares in the Company in a
\ntax e\ufb00icient manner. The SAYE plan is an HMRC approved scheme. Employees can participate on an annual basis and save
\nup to \u00a3250 per month per grant. Further details are given in the report of the Remuneration Committee on page 220.
\n14 PENSION COSTS
\nThe Group and Company operate both a de\ufb01ned contribution scheme and a de\ufb01ned bene\ufb01t scheme. The latter was
\nacquired as part of the acquisition of London Merchant Securities plc in 2007 and is closed to new members. All new
\nemployees are entitled to join the de\ufb01ned contribution scheme. The assets of the pension schemes are held separately
\nfrom those of Group companies.
\nDe\ufb01ned contribution plan
\nThe total expense relating to this plan in the current year was \u00a32.3m (2021: \u00a32.0m).
\nDe\ufb01ned bene\ufb01t plan
\nThe Company sponsors the scheme which is a funded de\ufb01ned bene\ufb01t arrangement. This is a separate trustee-administered
\nfund holding the pension scheme assets to meet long-term pension liabilities for past employees. The scheme closed to
\nfuture bene\ufb01t accrual on 31 July 2019. The level of retirement bene\ufb01t is principally based on basic salary at the last scheme
\nanniversary of employment prior to leaving active service and increases at 5% pa in deferment.
\nThe trustees of the scheme are required to act in the best interest of the scheme\u2019s bene\ufb01ciaries. The appointment of the
\ntrustees is determined by the scheme\u2019s trust documentation. It is policy that one third of all trustees should be nominated
\nby the members.
\nA full actuarial valuation was carried out as at 31 October 2019 in accordance with the scheme funding requirements of
\nthe Pensions Act 2004 and the funding of the scheme is agreed between the Company and the trustees in line with those
\nrequirements. The 31 October 2022 actuarial valuation is currently ongoing. The funding valuation requires the surplus/
\nde\ufb01cit to be calculated using prudent actuarial assumptions, as opposed to best estimate assumptions required for
\npensions accounting purposes.
\nThe 2019 actuarial valuation showed a de\ufb01cit of \u00a37.3m. The Company agreed with the trustees that it will aim to eliminate the
\nde\ufb01cit over a period of 5 years and 2 months from 31 October 2019 by the payment of a contribution of \u00a30.9m by 31 December
\n2019, followed by annual contributions of \u00a31.4m payable by each 31 December from 31 December 2020 to 31 December 2024
\ninclusive. In addition, the Company has agreed with the trustees that the Company will meet expenses of running the scheme
\nand levies to the Pension Protection Fund separately. The estimated amount of total employer contributions expected to be
\npaid to the scheme during the year to 31 December 2023 is \u00a31.4m (31 December 2022 actual: \u00a31.4m).
\nFor the purposes of IAS 19 the actuarial valuation as at 31 October 2019, which was carried out by a quali\ufb01ed independent
\nactuary, has been updated on an approximate basis to 31 December 2022.
Financial statements
259
\nAmounts included in the balance sheet
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nFair value of plan assets
42.2
62.7
66.6
\nPresent value of de\ufb01ned bene\ufb01t obligation
(41.0)
(60.9)
(68.8)
\nNet asset/(liability)
1.2
1.8
(2.2)
\nThe present value of the scheme liabilities is measured by discounting the best estimate of future cash \ufb02ows to be paid out
\nby the scheme. The value calculated in this way is re\ufb02ected in the net asset/(liability) in the balance sheet as shown above.
\nAll actuarial gains and losses are recognised in the year in which they occur in the Group Statement of Comprehensive income.
\nReconciliation of the impact of the asset ceiling
\nWe have considered the application of IFRIC 14 and deemed it to have no material e\ufb00ect on the IAS 19 \ufb01gures.
\nReconciliation of the opening and closing present value of the de\ufb01ned bene\ufb01t obligation
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
60.9
68.8
\nCurrent service cost
\u2013
\u2013
\nInterest cost
1.1
0.8
\nActuarial losses due to scheme experience
\u2013
0.7
\nActuarial gains due to changes in demographic assumptions
\u2013
(0.1)
\nActuarial gains due to changes in \ufb01nancial assumptions
(18.4)
(6.9)
\nBene\ufb01ts paid, death in service premiums and expenses
(2.6)
(2.4)
\nAt 31 December
41.0
60.9
\nThere have been no scheme amendments, curtailments or settlements in the year.
\nReconciliation of opening and closing values of the fair value of plan assets
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
62.7
66.6
\nInterest income
1.1
0.8
\nReturn on plan assets (excluding amounts included in interest income)
(20.4)
(3.6)
\nContributions by the Group
1.4
1.4
\nBene\ufb01ts paid, death in service premiums and expenses
(2.6)
(2.4)
\nOther
\u2013
(0.1)
\nAt 31 December
42.2
62.7
\nThe actual return on the plan assets including interest income over the year was a loss of \u00a319.3m (2021: loss of \u00a32.8m).
\nAmounts recognised in other comprehensive income
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nLoss on plan assets (excluding amounts recognised in net interest cost)
(20.4)
(3.6)
\nExperience losses arising on the de\ufb01ned bene\ufb01t obligation
\u2013
(0.7)
\nGain from changes in the demographic assumptions underlying the
\npresent value of the de\ufb01ned bene\ufb01t obligation
\u2013
0.1
\nGain from changes in the \ufb01nancial assumptions underlying the present
\nvalue of the de\ufb01ned bene\ufb01t obligation
18.4
6.9
\nTotal (loss)/gain recognised in other comprehensive income
(2.0)
2.7
260
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n14 PENSION COSTS
continued
\nFair value of plan assets
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nUK equities
\u2013
0.6
0.5
\nOverseas equities
\u2013
0.6
0.5
\nLDI
4.5
6.2
\u2013
\nBuy and maintain credit
2.7
4.1
\u2013
\nGovernment bonds
\u2013
\u2013
4.8
\nCash
1.2
1.4
0.2
\nOther
4.2
9.3
15.1
\nInsured assets
29.6
40.5
45.5
\nTotal assets
42.2
62.7
66.6
\nThe \u00a34.2m (2021: \u00a39.3m) in the \u2018other\u2019 asset class is made up of holdings of \u00a32.7m (2021: \u00a35.5m) in equity-linked bonds,
\n\u00a3nil (2021: \u00a32.4m) in global funds and \u00a31.5m (2021: \u00a31.4m) in sterling liquidity funds.
\nThe scheme\u2019s assets are held exclusively within instruments with quoted market prices in an active market with the
\nexception of the holdings in insurance policies and the trustee\u2019s bank account. The insured assets have been set equal
\nto the value of the insured liabilities but before allowance has been made for the impact of equalising bene\ufb01ts for the
\ndi\ufb00erent e\ufb00ects of GMP for males and females.
\nThe scheme does not invest directly in property occupied by the Group or in \ufb01nancial securities issued by the Group.
\nIt is the policy of the trustees and the Group to review the investment strategy at the time of each funding valuation.
\nThe trustees\u2019 investment objectives and the processes undertaken to measure and manage the risks inherent in the plan
\ninvestment strategy are illustrated by the asset allocation at 31 December 2022.
\nThere are no asset-liability matching strategies currently being used by the plan.
\nSigni\ufb01cant actuarial assumptions
\n2022
\n%
\n2021
\n%
\n2020
\n%
\nDiscount rate
4.8
1.9
1.2
\nIn\ufb02ation (RPI)
n/a
n/a
n/a
\nSalary increases
n/a
n/a
n/a
\nAllowance for commutation of pension for cash at retirement
75% of Post A
75% of Post A
75% of Post A
\nDay Pension
Day Pension
Day Pension
\nThe mortality assumptions adopted at 31 December 2022 are 85% of the standard tables S3NXA_L, year of birth, no age
\nrating for males and females, projected using CMI 2021 converging to 1.25% p.a. These imply the following life expectancies:
\nLife expectancy at age 65
Years
\nMale retiring in 2022
24.9
\nFemale retiring in 2022
26.1
\nMale retiring in 2042
26.1
\nFemale retiring in 2042
27.8
Financial statements
261
\nAnalysis of the sensitivity to the principal assumptions of the present value of the de\ufb01ned bene\ufb01t obligation
\nChange in assumption
Change in liabilities
\nDiscount rate
Decrease of 0.25% p.a
Increase by 3.0%
\nRate of mortality
Increase in life expectancy of one year
Increase by 5.0%
\nThe sensitivities shown above are approximate. Each sensitivity considers one change in isolation. The average duration of
\nthe de\ufb01ned bene\ufb01t obligation at the year ended 31 December 2022 is 12 years (2021: 15 years) for the scheme as a whole
\nor 22 years (2021: 25 years) when only considering non-insured members.
\nThe scheme typically exposes the Group to actuarial risks such as investment risk, interest rate risk, salary growth risk,
\nmortality risk and longevity risk. A decrease in corporate bond yields, a rise in in\ufb02ation or an increase in life expectancy
\nwould result in an increase to the scheme\u2019s liabilities. This would detrimentally impact the balance sheet position and may
\ngive rise to increased charges in the income statement. This e\ufb00ect would be partially o\ufb00set by an increase in the value of
\nthe scheme\u2019s bond holdings.
\nThe best estimate of contributions to be paid by the Group to the plan for the year commencing 1 January 2023 is \u00a31.4m.
\n15 TAX CHARGE/(CREDIT)
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCorporation tax
\nUK corporation tax and income tax in respect of results for the year
0.5
0.9
\nOther adjustments in respect of prior years' tax
0.4
(0.4)
\nCorporation tax charge
0.9
0.5
\nDeferred tax
\nOrigination and reversal of temporary di\ufb00erences
0.1
(1.1)
\nAdjustment for changes in estimates
\u2013
(0.7)
\nDeferred tax charge/(credit)
0.1
(1.8)
\nTax charge/(credit)
1.0
(1.3)
\nIn addition to the tax charge of \u00a31.0m (2021: credit of \u00a31.3m) that passed through the Group income statement, a deferred
\ntax charge of \u00a30.2m (2021: \u00a31.3m) relating to the revaluation of the owner-occupied property at 25 Savile Row W1 was
\nrecognised in the Group statement of comprehensive income. In 2021, a charge of \u00a30.4m relating to the future de\ufb01ned
\nbene\ufb01t pension liabilities was also recognised in the Group statement of comprehensive income.
\nThe e\ufb00ective rate of tax for 2022 is lower (2021: lower) than the standard rate of corporation tax in the UK. The di\ufb00erences
\nare explained below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n(Loss)/pro\ufb01t before tax
(279.5)
252.5
\nExpected tax (credit)/charge based on the standard rate of corporation tax in the UK
\nof 19.00% (2021: 19.00%)
\n1
\n(53.1)
48.0
\nDi\ufb00erence between tax and accounting pro\ufb01t on disposals
(3.1)
(0.7)
\nREIT exempt income
(16.0)
(14.9)
\nRevaluation de\ufb01cit/(surplus) attributable to REIT properties
78.6
(32.2)
\nExpenses and fair value adjustments not allowable for tax purposes
0.4
4.6
\nCapital allowances
(6.5)
(4.3)
\nOther di\ufb00erences
0.3
(1.4)
\nTax charge/(credit) in respect of (loss)/pro\ufb01t for the year
0.6
(0.9)
\nAdjustments in respect of prior years\u2019 tax
0.4
(0.4)
\nTax charge/(credit)
1.0
(1.3)
\n1
Changes to the UK corporation tax rates were substantively enacted as part of the Finance Bill 2021 (on 24 May 2021) and include increasing the main rate to 25% e\ufb00ective
\non or after 1 April 2023. Deferred taxes at the balance sheet date have been measured using the expected enacted tax rate and this is re\ufb02ected in these \ufb01nancial statements.
262
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n16 PROPERTY PORTFOLIO
\nFreehold
\n\u00a3m
\nLeasehold
\n\u00a3m
\nTotal
\ninvestment
\nproperty
\n\u00a3m
\nOwner-
\noccupied
\nproperty
\n\u00a3m
\nAssets
\nheld for
\nsale
\n\u00a3m
\nTrading
\nproperty
\n\u00a3m
\nTotal
\nproperty
\nportfolio
\n\u00a3m
\nGroup
\nCarrying value
\nAt 1 January 2022
4,140.4
1,220.8
5,361.2
49.3
102.8
32.2
5,545.5
\nAcquisitions
0.1
132.9
133.0
\u2013
\u2013
\u2013
133.0
\nCapital expenditure
47.7
58.8
106.5
\u2013
\u2013
8.3
114.8
\nInterest capitalisation
1.3
3.9
5.2
\u2013
1.4
0.4
7.0
\nAdditions
49.1
195.6
244.7
\u2013
1.4
8.7
254.8
\nDisposals
(46.6)
(30.0)
(76.6)
\u2013
(104.2)
(1.3)
(182.1)
\nTransfers
(54.2)
\u2013
(54.2)
\u2013
54.2
\u2013
\u2013
\nRevaluation
(388.2)
(33.9)
(422.1)
0.7
\u2013
\u2013
(421.4)
\nWrite-down of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
\nMovement in grossing up of headlease liabilities
\u2013
(51.0)
(51.0)
\u2013
\u2013
\u2013
(51.0)
\nAt 31 December 2022
3,700.5
1,301.5
5,002.0
50.0
54.2
39.4
5,145.6
\nAt 1 January 2021 (restated)
3,894.9
1,135.6
5,030.5
45.6
165.0
12.9
5,254.0
\nAcquisitions
214.6
139.0
353.6
\u2013
\u2013
\u2013
353.6
\nCapital expenditure
76.6
88.4
165.0
\u2013
\u2013
1.1
166.1
\nInterest capitalisation
2.4
9.6
12.0
\u2013
\u2013
\u2013
12.0
\nAdditions
293.6
237.0
530.6
\u2013
\u2013
1.1
531.7
\nDisposals
(75.8)
(146.7)
(222.5)
\u2013
(165.0)
(5.9)
(393.4)
\nTransfers
(63.7)
(63.0)
(126.7)
\u2013
101.2
25.5
\u2013
\nRevaluation (restated)
91.4
39.3
130.7
3.7
\u2013
\u2013
134.4
\nWrite-down of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(1.4)
(1.4)
\nTransfer from prepayments and accrued income
\u2013
\u2013
\u2013
\u2013
1.6
\u2013
1.6
\nMovement in grossing up of headlease liabilities
\u2013
3.8
3.8
\u2013
\u2013
\u2013
3.8
\nMovement in grossing up of other liabilities
\u2013
14.8
14.8
\u2013
\u2013
\u2013
14.8
\nAt 31 December 2021 (restated)
4,140.4
1,220.8
5,361.2
49.3
102.8
32.2
5,545.5
\nAdjustments from fair value to carrying value
\nAt 31 December 2022
\nFair value
3,865.8
1,307.1
5,172.9
50.0
54.7
44.2
5,321.8
\nSelling costs relating to assets held for sale
\u2013
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
\nRevaluation of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(4.8)
(4.8)
\nLease incentives and costs included in
\nreceivables
(165.3)
(39.8)
(205.1)
\u2013
\u2013
\u2013
(205.1)
\nGrossing up of headlease liabilities
\u2013
34.2
34.2
\u2013
\u2013
\u2013
34.2
\nCarrying value
3,700.5
1,301.5
5,002.0
50.0
54.2
39.4
5,145.6
\nAt 31 December 2021
\nFair value
4,296.2
1,161.9
5,458.1
49.3
104.8
34.1
5,646.3
\nSelling costs relating to assets held for sale
\u2013
\u2013
\u2013
\u2013
(2.0)
\u2013
(2.0)
\nRevaluation of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(1.9)
(1.9)
\nLease incentives and costs included in
\nreceivables (restated)
(155.8)
(26.3)
(182.1)
\u2013
\u2013
\u2013
(182.1)
\nGrossing up of headlease liabilities
\u2013
70.4
70.4
\u2013
\u2013
\u2013
70.4
\nGrossing up of other liabilities
\u2013
14.8
14.8
\u2013
\u2013
\u2013
14.8
\nCarrying value (restated)
4,140.4
1,220.8
5,361.2
49.3
102.8
32.2
5,545.5
\nReconciliation of fair value
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPortfolio including the Group's share of joint ventures
5,364.2
5,696.3
\nLess: joint ventures
(42.4)
(50.0)
\nIFRS property portfolio
5,321.8
5,646.3
Financial statements
263
\nThe property portfolio is subject to semi-annual external valuations and was revalued at 31 December 2022 by external
\nvaluers on the basis of fair value in accordance with The RICS Valuation \u2013 Professional Standards, which takes account of
\nthe properties\u2019 highest and best use. When considering the highest and best use of a property, the external valuers will
\nconsider its existing and potential uses which are physically, legally and \ufb01nancially viable. Where the highest and best use
\ndi\ufb00ers from the existing use, the external valuers will consider the costs and the likelihood of achieving and implementing
\nthis change in arriving at the property valuation. There were no such instances in the year.
\nThe external valuations for the London-based portfolio at December 2022 were carried out by Knight Frank LLP, whilst the
\nDecember 2021 valuations were carried out by CBRE Limited.
\nKnight Frank valued properties at \u00a35,285.6m (2021: \u00a3nil), CBRE at \u00a3nil (2021: \u00a35,610.8m) and other valuers at \u00a336.2m
\n(2021: \u00a335.5m), giving a combined value of \u00a35,321.8m (2021: \u00a35,646.3m). Of the properties revalued, \u00a350.0m (2021:
\n\u00a349.3m) relating to owner-occupied property was included within property, plant and equipment and \u00a344.2m (2021:
\n\u00a334.1m) was in relation to trading property.
\nThe total fees, including the fee for this assignment, earned by Knight Frank (or other companies forming part of the same
\ngroup of companies within the UK) from the Group is less than 5.0% of their total UK revenues.
\nAs described in note 2, the prior year revaluation has been restated in accordance with the guidance provided by the IFRS
\nInterpretations Committee.
\nNet zero carbon and EPC compliance
\nIn response to climate change, the Group published its pathway to net zero carbon in July 2020 and has set 2030 as
\nits target date to achieve this. In accordance with the Group\u2019s Green Finance Framework, \u00a399.9m (year to 31 December
\n2021: \u00a3116.6m) of eligible \u2018green\u2019 expenditure was incurred in the year to 31 December 2022 on major developments at
\n80 Charlotte Street W1, Soho Place W1, The Featherstone Building EC1 and 25 Baker Street W1. As these have met the
\ncriteria to be eligible qualifying projects under the Framework, the Group has utilised the green tranche of the \u00a3450m
\nrevolving credit facility and the \u00a3350m green bonds (more information can be found on pages 106 to 107).
\nIn 2021, the Group commissioned a third-party report to determine the costs of achieving EPC compliance across the
\nportfolio by 2030. Results of the study indicated an estimated cost of c.\u00a397m to upgrade the Group\u2019s properties to EPC
\n\u2018B\u2019 or above. This has since been updated to re\ufb02ect the latest scope change and 2022 cost in\ufb02ation, taking the estimate
\nto c.\u00a3107m at year end. This includes \u00a38.0m relating to 19 Charterhouse Street EC1 which was sold in January 2023. It is
\nexpected that a small proportion of this cost will be recoverable through service charges. A speci\ufb01c deduction of \u00a358.4m
\nfor identi\ufb01ed EPC upgrade works across the portfolio has been included within the external valuation at 31 December
\n2022, with an additional allowance for further general upgrades to properties following assumed tenant vacancies.
\nAny committed capital expenditure has been included in note 34.
\nReconciliation of revaluation (de\ufb01cit)/surplus
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nTotal revaluation (de\ufb01cit)/surplus
(401.8)
142.9
\nLess:
\nShare of joint ventures
9.2
13.9
\nLease incentives and costs
(23.2)
(19.4)
\nAssets held for sale selling costs
(2.5)
(2.0)
\nTrading property revaluation adjustment
(3.3)
(2.0)
\nIFRS revaluation (de\ufb01cit)/surplus
(421.6)
133.4
\nReported in the:
\nRevaluation (de\ufb01cit)/surplus
(422.1)
131.1
\nWrite-down of trading property
(0.2)
(1.4)
\nGroup income statement
(422.3)
129.7
\nGroup statement of comprehensive income
0.7
3.7
\n(421.6)
133.4
\nValuation process
\nThe valuation reports produced by the external valuers are based on information provided by the Group such as current
\nrents, terms and conditions of lease agreements, service charges and capital expenditure. This information is derived
\nfrom the Group\u2019s \ufb01nancial and property management systems and is subject to the Group\u2019s overall control environment.
\nIn addition, the valuation reports are based on assumptions and valuation models used by the external valuers.
264
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n16 PROPERTY PORTFOLIO
continued
\nValuation process
continued
\nThe assumptions are typically market related, such as yields and discount rates, and are based on their professional
\njudgement and market observation and take into account the impact of climate change and related Environmental,
\nSocial and Governance considerations. Each property is considered a separate asset class based on the unique nature,
\ncharacteristics and risks of the property.
\nMembers of the Group\u2019s investments team, who report to the executive Director responsible for the valuation process,
\nverify all major inputs to the external valuation reports, assess the individual property valuation changes from the prior
\nyear valuation report and hold discussions with the external valuers. When this process is complete, the valuation report
\nis recommended to the Audit Committee, which considers it as part of its overall responsibilities.
\nValuation techniques
\nThe fair value of the property portfolio has been determined using an income capitalisation technique, whereby
\ncontracted and market rental values are capitalised with a market capitalisation rate. The resulting valuations are cross-
\nchecked against the equivalent yields and the fair market values per square foot derived from comparable recent market
\ntransactions on arm\u2019s length terms.
\nFor properties under construction, the fair value is calculated by estimating the fair value of the completed property using
\nthe income capitalisation technique less estimated costs to completion and a risk premium.
\nThese techniques are consistent with the principles in IFRS 13 Fair Value Measurement and use signi\ufb01cant unobservable inputs
\nsuch that the fair value measurement of each property within the portfolio has been classi\ufb01ed as Level 3 in the fair value hierarchy.
\nThere were no transfers between Levels 1 and 2 or between Levels 2 and 3 in the fair value hierarchy during either 2022 or 2021.
\nGains and losses recorded in pro\ufb01t or loss for recurring fair value measurements categorised within Level 3 of the fair value
\nhierarchy amount to a loss of \u00a3422.1m (2021 restated: gain of \u00a3131.1m) and are presented in the Group income statement
\nin the line item \u2018revaluation (de\ufb01cit)/surplus\u2019. The revaluation surplus for the owner-occupied property of \u00a30.7m (2021:
\nsurplus of \u00a33.7m) was included within the Group statement of comprehensive income.
\nAll gains and losses recorded in pro\ufb01t or loss in 2022 and 2021 for recurring fair value measurements categorised within
\nLevel 3 of the fair value hierarchy are attributable to changes in unrealised gains or losses relating to investment property
\nheld at 31 December 2022 and 31 December 2021, respectively.
\nQuantitative information about fair value measurement using unobservable inputs (Level 3)
\nWest End
\ncentral
\nWest End
\nborders/other
\nCity
\nborders
\nProvincial
\ncommercial
\nProvincial
\nland
\nValuation technique
\nIncome
\ncapitalisation
\nIncome
\ncapitalisation
\nIncome
\ncapitalisation
\nIncome
\ncapitalisation
\nIncome
\ncapitalisation
Total
\nFair value (\u00a3m)
\n1
\n3,363.7
376.6
1,544.5
43.0
36.4
5,364.2
\nArea ('000 sq ft)
3,002
429
1,703
326
\u2013
5,460
\nRange of unobservable inputs
\n2
\n:
\nGross ERV (per sq ft pa)
\nMinimum
\u00a328
\u00a323
\u00a330
\u00a3nil
n/a
\n3
\nMaximum
\u00a3100
\u00a359
\u00a369
\u00a313
n/a
\n3
\nWeighted average
\u00a364
\u00a352
\u00a353
\u00a313
n/a
\n3
\nNet initial yield
\nMinimum
2.8%
2.2%
2.3%
8.5%
0.0%
\nMaximum
6.4%
6.1%
6.4%
8.5%
1.3%
\nWeighted average
3.1%
5.3%
4.1%
8.5%
1.3%
\nReversionary yield
\nMinimum
2.8%
4.1%
3.4%
6.8%
0.0%
\nMaximum
7.1%
6.6%
6.3%
6.8%
1.3%
\nWeighted average
4.9%
5.5%
5.4%
6.8%
1.3%
\nTrue equivalent yield (EPRA basis)
\nMinimum
2.8%
3.8%
4.1%
9.3%
0.0%
\nMaximum
6.4%
5.7%
5.7%
9.3%
0.0%
\nWeighted average
4.6%
5.4%
5.1%
9.3%
0.0%
\n1
Includes the Group\u2019s share of joint ventures.
\n2 Costs to complete are not deemed a signi\ufb01cant unobservable input by virtue of the high percentage that is already \ufb01xed.
\n3 There is no calculation of gross ERV per sq ft pa. The land totals 5,500 acres.
Financial statements
265
\nSensitivity of measurement to variations in the signi\ufb01cant unobservable inputs
\nThe signi\ufb01cant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value
\nhierarchy of the Group\u2019s property portfolio, together with the impact of signi\ufb01cant movements in these inputs on the fair
\nvalue measurement, are shown below:
\nUnobservable input
\nImpact on fair value measurement
\nof signi\ufb01cant increase in input
\nImpact on fair value measurement
\nof signi\ufb01cant decrease in input
\nGross ERV
Increase
Decrease
\nNet initial yield
Decrease
Increase
\nReversionary yield
Decrease
Increase
\nTrue equivalent yield
Decrease
Increase
\nThere are inter-relationships between these inputs as they are partially determined by market conditions. An increase in the
\nreversionary yield may accompany an increase in gross ERV and would mitigate its impact on the fair value measurement.
\nA sensitivity analysis has been performed to ascertain the impact of a 25 basis point shift in true equivalent yield and a
\n\u00a32.50 per sq ft shift in ERV on the property valuations. The Group believes this captures the range of variations in these
\nkey valuation assumptions. The results are shown in the tables below:
\nWest End
\ncentral
\nWest End
\nborders/other
\nCity
\nborders
\nProvincial
\ncommercial
\nProvincial
\nland
Total
\nTrue equivalent yield
\n+25bp
(5.2%)
(4.4%)
(4.7%)
(2.6%)
\u2013
(4.9%)
\n-25bp
5.7%
4.9%
5.2%
2.8%
\u2013
5.4%
\nERV
\n+\u00a32.50 psf
3.9%
4.8%
4.7%
19.3%
\u2013
4.4%
\n-\u00a32.50 psf
(3.9%)
(4.8%)
(4.7%)
(19.3%)
\u2013
(4.4%)
\nHistorical cost
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nInvestment property
3,478.3
3,362.3
\nOwner-occupied property
19.6
19.6
\nAssets held for sale
51.5
38.5
\nTrading property
42.5
44.0
\nTotal property portfolio
3,591.9
3,464.4
266
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n17 PROPERTY, PLANT AND EQUIPMENT
\nOwner-occupied
\nproperty
\n\u00a3m
\nRight-of-use
\nasset
\n\u00a3m
\nArtwork
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 1 January 2022
49.3
\u2013
0.8
3.9
54.0
\nAdditions
\u2013
\u2013
\u2013
0.6
0.6
\nDepreciation
\u2013
\u2013
\u2013
(1.0)
(1.0)
\nRevaluation
0.7
\u2013
\u2013
\u2013
0.7
\nAt 31 December 2022
50.0
\u2013
0.8
3.5
54.3
\nAt 1 January 2021
45.6
\u2013
1.0
3.6
50.2
\nAdditions
\u2013
\u2013
\u2013
1.3
1.3
\nDisposals
\u2013
\u2013
(0.1)
(0.1)
(0.2)
\nDepreciation
\u2013
\u2013
\u2013
(0.9)
(0.9)
\nRevaluation
3.7
\u2013
(0.1)
\u2013
3.6
\nAt 31 December 2021
49.3
\u2013
0.8
3.9
54.0
\nNet book value
\nCost or valuation
50.0
\u2013
0.8
7.8
58.6
\nAccumulated depreciation
\u2013
\u2013
\u2013
(4.3)
(4.3)
\nAt 31 December 2022
50.0
\u2013
0.8
3.5
54.3
\nNet book value
\nCost or valuation
49.3
\u2013
0.8
8.0
58.1
\nAccumulated depreciation
\u2013
\u2013
\u2013
(4.1)
(4.1)
\nAt 31 December 2021
49.3
\u2013
0.8
3.9
54.0
\nCompany
\nAt 1 January 2022
\u2013
18.0
0.8
3.8
22.6
\nAdditions
\u2013
\u2013
\u2013
0.6
0.6
\nDepreciation
\u2013
(1.2)
\u2013
(1.0)
(2.2)
\nAt 31 December 2022
\u2013
16.8
0.8
3.4
21.0
\nAt 1 January 2021
\u2013
19.2
1.0
3.5
23.7
\nAdditions
\u2013
\u2013
\u2013
1.3
1.3
\nDisposals
\u2013
\u2013
(0.1)
(0.1)
(0.2)
\nDepreciation
\u2013
(1.2)
\u2013
(0.9)
(2.1)
\nRevaluation
\u2013
\u2013
(0.1)
\u2013
(0.1)
\nAt 31 December 2021
\u2013
18.0
0.8
3.8
22.6
\nNet book value
\nCost or valuation
\u2013
21.5
0.8
7.7
30.0
\nAccumulated depreciation
\u2013
(4.7)
\u2013
(4.3)
(9.0)
\nAt 31 December 2022
\u2013
16.8
0.8
3.4
21.0
\nNet book value
\nCost or valuation
\u2013
21.6
0.8
8.0
30.4
\nAccumulated depreciation
\u2013
(3.6)
\u2013
(4.2)
(7.8)
\nAt 31 December 2021
\u2013
18.0
0.8
3.8
22.6
\nThe artwork is periodically valued by Bonhams on the basis of fair value using their extensive market knowledge. The latest
\nvaluation was carried out in December 2021. In accordance with IFRS 13 Fair Value Measurement, the artwork is deemed to
\nbe classi\ufb01ed as Level 3.
\nThe historical cost of the artwork in the Group at 31 December 2022 was \u00a30.9m (2021: \u00a30.9m) and \u00a30.9m (2021: \u00a30.9m)
\nin the Company. See note 16 for the historical cost of owner-occupied property and IFRS 13 Fair Value Measurement
\ndisclosures.
Financial statements
267
\n18 TRADING STOCK
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrading stock
2.3
0.4
\u2013
\u2013
\nTrading stock relates to capitalised development expenditure incurred which is due to be transferred under development
\nagreements to a third party upon completion. This has been included in trading stock as the Group does not have an
\nownership interest in the property.
\n19 INVESTMENTS
\nGroup
\nThe Group has a 50% interest in four joint venture vehicles, Derwent Lazari Baker Street Limited Partnership, Dorrington
\nDerwent Holdings Limited, Primister Limited and Prescot Street Limited Partnership.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
51.1
0.9
\nAdditions
0.1
64.1
\nJoint venture acquisition costs
\u2013
(4.0)
\nRevaluation de\ufb01cit
(9.3)
(10.2)
\nOther pro\ufb01t from operations
2.0
0.3
\nAt 31 December
43.9
51.1
\nThe Group\u2019s share of its investments in joint ventures is represented by the following amounts in the underlying joint
\nventure entities.
\n2022
2021
\nJoint ventures
\n\u00a3m
\nGroup share
\n\u00a3m
\nJoint ventures
\n\u00a3m
\nGroup share
\n\u00a3m
\nNon-current assets
85.0
42.5
100.5
50.2
\nCurrent assets
5.0
2.5
3.7
1.9
\nCurrent liabilities
(2.7)
(1.4)
(2.7)
(1.3)
\nNon-current liabilities
(121.0)
(60.5)
(120.8)
(60.4)
\nNet liabilities
(33.7)
(16.9)
(19.3)
(9.6)
\nLoans provided to joint ventures
60.8
60.7
\nTotal investment in joint ventures
43.9
51.1
\nNet property income
4.2
2.1
0.7
0.4
\nAdministrative expenses
(0.3)
(0.1)
(0.1)
(0.1)
\nRevaluation de\ufb01cit
(18.5)
(9.3)
(20.4)
(10.2)
\nLoss for the year
(14.6)
(7.3)
(19.8)
(9.9)
\nCompany
\nSubsidiaries
\n\u00a3m
\nAt 1 January 2021
1,615.9
\nAdditions
268.0
\nDisposals
(80.7)
\nRepayment of capital
(33.5)
\nImpairment
(19.9)
\nAt 31 December 2021
1,749.8
\nAdditions
605.0
\nReversal of impairment
3.9
\nImpairment
(134.0)
\nAt 31 December 2022
2,224.7
268
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n19 INVESTMENTS
continued
\nAt 31 December 2022, the carrying values of the investment in wholly owned subsidiaries were reviewed in accordance
\nwith IAS 36 Impairment of Assets on both a \u2018value in use\u2019 and \u2018fair value less costs to sell\u2019 basis. The Company\u2019s
\naccounting policy is to carry investments in subsidiary undertakings at the lower of cost and recoverable amount and
\nrecognise any impairment, or reversal thereof, in the income statement. As a result, the Company recognised a net
\nimpairment charge of \u00a3130.1m (2021: \u00a319.9m). This was due to property revaluation de\ufb01cits charged to the income
\nstatement in a number of the property investment subsidiaries held directly or indirectly by the Company. Investment
\nproperties are held by the property investment subsidiaries with any surpluses or de\ufb01cits resulting from a change in their
\nfair values being reported in the income statement of those subsidiaries, thereby a\ufb00ecting their fair values. The Group uses
\nthe valuation carried out by external valuers as the fair value of its property portfolio, see note 3 for further details.
\n20 OTHER RECEIVABLES (NON-CURRENT)
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRents recognised in advance
165.2
147.0
\u2013
\u2013
\nInitial direct letting costs
13.8
12.3
\u2013
\u2013
\nPrepayments
9.1
\u2013
\u2013
\u2013
\nPrepayments and accrued income
188.1
159.3
\u2013
\u2013
\nPrepayments and accrued income include \u00a3165.2m (2021: \u00a3147.0m) after impairments (see note 3) relating to rents
\nrecognised in advance as a result of spreading tenant lease incentives over the expected terms of their respective leases.
\nThis includes rent-free and reduced rent periods, capital contributions in lieu of rent-free periods and contracted rent
\nuplifts. In addition, \u00a313.8m (2021: \u00a312.3m) relates to the spreading e\ufb00ect of the initial direct costs of letting over the
\nsame term. Together with \u00a326.1m (2021 restated: \u00a322.8m), which was included as accrued income within trade and other
\nreceivables (see note 21), these amounts totalled \u00a3205.1m at 31 December 2022 (2021 restated: \u00a3182.1m).
\nPrepayments represent \u00a39.1m of costs incurred in relation to Old Street Quarter EC1. In May 2022, the Group entered into
\na conditional contract to acquire the freehold of Old Street Quarter island site. The site is being sold by Moor\ufb01elds Eye
\nHospital NHS Foundation Trust and UCL, together the Oriel joint initiative (\u2018Oriel\u2019). Completion is subject to Oriel\u2019s receipt
\nof \ufb01nal Treasury approval (subsequently received in February 2023), delivery by Oriel of a new hospital at St Pancras and
\nsubsequent vacant possession of the site, which is anticipated in 2027.
\nThe total movement in tenant lease incentives is shown below:
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nAt 1 January
167.0
148.5
\nAmounts taken to income statement
20.4
19.9
\nCapital incentives granted
0.6
0.7
\nLease incentive reversal/(impairment)
1.0
(0.1)
\nAdjustment for non-current asset held for sale
\u2013
(1.3)
\nDisposal of investment properties
\u2013
(0.5)
\nWrite o\ufb00 to bad debt
(0.2)
(0.2)
\n188.8
167.0
\nAmounts included in trade and other receivables (see note 21)
(23.6)
(20.0)
\nAt 31 December
165.2
147.0
Financial statements
269
\n21 TRADE AND OTHER RECEIVABLES
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade receivables
4.9
6.9
\u2013
\u2013
\nAmounts owed by subsidiaries
\u2013
\u2013
1,759.2
1,860.7
\nOther receivables
5.8
3.7
4.2
15.2
\nPrepayments
3.8
5.3
24.6
23.0
\nAccrued income
27.9
25.1
\u2013
\u2013
\n42.4
41.0
1,788.0
1,898.9
\nThe prior year prepayments have been restated to reclassify \u00a319.4m of cash collected on behalf of tenants\u2019 service charges
\nwithin cash and cash equivalents. For further information refer to note 2.
\nThe prior year accrued income has been restated by \u00a31.3m in relation to amounts forgiven for receivables past their due
\ndate as a result of the IFRIC decision relating to forgiveness of lease payments. For further information refer to note 2.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nGroup trade receivables are split as follows:
\nless than three months due
4.9
6.8
\nbetween three and six months due
\u2013
0.1
\n4.9
6.9
\nGroup trade receivables as at 31 December 2022 are stated net of impairment. As a result, the expected credit loss
\nassessment under IFRS 9 (see note 3) was lower than in 2021.
\nAmounts owed by subsidiaries are unsecured, have no \ufb01xed date of repayment and are repayable on demand. These
\nbalances have been considered as part of the full expected credit loss assessment under IFRS 9 and no impairments were
\ndetermined to be required (2021: \u00a3nil).
\nOther receivables in the Company as at 31 December 2021 includes a \u00a319.7m (2021: \u00a312.3m) interest free loan with no \ufb01xed
\nrepayment date provided to a subsidiary for the development of the residential element at 25 Baker Street W1. The loan
\nwill be repaid from the sale proceeds of these residential apartments after the completion of the scheme.
\nIn response to the Group\u2019s climate change agenda, costs of \u00a30.7m (2021: \u00a30.4m) were incurred in relation to a c.100 acre,
\n18.4MW solar park on its Scottish land and have been included within prepayments. Resolution to grant planning consent
\nfor this project was received in 2022.
\nThe Group has \u00a35.0m of provision for bad debts as shown below. \u00a31.9m is included in trade receivables, \u00a30.7m in accrued
\nincome and \u00a32.4m in prepayments and accrued income within other receivables (non-current) (note 20).
270
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n21 TRADE AND OTHER RECEIVABLES
continued
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nProvision for bad debts
\nAt 1 January
8.3
8.4
\nTrade receivables provision
(0.8)
(0.4)
\nLease incentive provision
(0.2)
0.8
\nService charge provision
(0.2)
0.1
\nReleased
(2.1)
(0.6)
\nAt 31 December
5.0
8.3
\nThe provision for bad debts are split as follows:
\nless than three months due
2.2
3.7
\nbetween three and six months due
0.1
0.2
\nbetween six and twelve months due
0.3
0.3
\nover twelve months due
2.4
4.1
\n5.0
8.3
\n22 NON-CURRENT ASSETS HELD FOR SALE
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTransferred from investment properties (see note 16)
54.2
101.2
\nTransferred from prepayments and accrued income
\u2013
1.6
\n54.2
102.8
\nIn January 2023, the Group exchanged contracts and completed on the sale of its freehold interest in 19 Charterhouse
\nStreet EC1. The property was valued at \u00a353.0m as at 31 December 2022. In accordance with IFRS 5 Non-current Assets
\nHeld for Sale, this property was recognised as a non-current asset held for sale and, after deducting selling costs of \u00a30.5m,
\nthe carrying value was \u00a352.5m (see note 16).
\nAt 31 December 2022, the freehold interest in 13 Charlotte Mews W1 was recognised as a non-current asset held for sale,
\nin accordance with IFRS 5 Non-current Assets Held for Sale. 13 Charlotte Mews is under o\ufb00er and is available for sale in its
\npresent condition. As at 31 December 2022, the property was valued at \u00a31.7m and, after deducting selling costs of \u00a30.05m,
\nthe carrying value was \u00a31.65m (see note 16).
Financial statements
271
\n23 TRADE AND OTHER PAYABLES
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nTrade payables
0.4
3.2
\u2013
0.1
\nAmounts owed to subsidiaries
\u2013
\u2013
1,685.3
1,285.3
\nOther payables
24.6
38.0
0.3
1.2
\nOther taxes
11.8
8.0
4.8
1.7
\nAccruals
35.8
37.2
16.4
15.1
\nDeferred income
48.2
41.9
0.7
0.7
\nTenant rent deposits
27.3
17.6
\u2013
\u2013
\n148.1
145.9
1,707.5
1,304.1
\nDeferred income primarily relates to rents received in advance.
\nPrior year Group trade and other payables have been restated to re\ufb02ect the grossing up of tenant rent deposits of \u00a317.6m.
\nPrior year Company trade and other payables (\u2018amounts owed to subsidiaries\u2019) have been restated to re\ufb02ect the grossing
\nup of \u00a317.6m of tenant rent deposits and \u00a34.8m of cash collected on behalf of tenants to fund the service charge of
\nproperties in the portfolio. For further information refer to note 2.
\n24 PROVISIONS
\nGroup
\n\u00a3m
\nCompany
\n\u00a3m
\nAt 1 January 2022
0.6
0.6
\nProvided in the income statement
(0.2)
(0.2)
\nUtilised in year
(0.2)
(0.2)
\nAt 31 December 2022
0.2
0.2
\nDue within one year
\u2013
\u2013
\nDue after one year
0.2
0.2
\n0.2
0.2
\nAt 1 January 2021
1.0
1.0
\nProvided in the income statement
0.6
0.6
\nUtilised in year
(1.0)
(1.0)
\nAt 31 December 2021
0.6
0.6
\nDue within one year
0.3
0.3
\nDue after one year
0.3
0.3
\n0.6
0.6
\nThe provisions in both the Group and the Company relate to national insurance that is payable on gains made by
\nemployees on the exercise of share options granted to them. The eventual liability to national insurance is dependent on:
\n\u2022 the market price of the Company\u2019s shares at the date of exercise;
\n\u2022 the number of equity share options that are exercised; and
\n\u2022 the prevailing rate of national insurance at the date of exercise.
272
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent liabilities
\nOther loans
19.7
12.3
\u2013
\u2013
\n19.7
12.3
\u2013
\u2013
\nNon-current liabilities
\n1.5% unsecured convertible bonds 2025
170.1
168.3
\u2013
\u2013
\n6.5% secured bonds 2026
181.0
182.4
\u2013
\u2013
\n1.875% unsecured green bonds 2031
346.4
346.0
346.4
346.0
\n2.68% unsecured private placement notes 2026
54.9
54.8
54.9
54.8
\n3.46% unsecured private placement notes 2028
29.9
29.9
29.9
29.9
\n4.41% unsecured private placement notes 2029
24.9
24.9
24.9
24.9
\n2.87% unsecured private placement notes 2029
92.7
92.6
92.7
92.6
\n2.97% unsecured private placement notes 2031
49.8
49.8
49.8
49.8
\n3.57% unsecured private placement notes 2031
74.7
74.7
74.7
74.7
\n3.09% unsecured private placement notes 2034
51.8
51.8
51.8
51.8
\n4.68% unsecured private placement notes 2034
74.6
74.5
74.6
74.5
\n3.99% secured loan 2024
82.7
82.5
82.7
82.5
\nUnsecured bank loans
(4.1)
4.9
(4.1)
4.9
\nIntercompany loan
\u2013
\u2013
170.1
168.3
\n1,229.4
1,237.1
1,048.4
1,054.7
\nBorrowings
1,249.1
1,249.4
1,048.4
1,054.7
\nLeasehold liabilities \u2013 current
0.5
51.2
1.3
1.2
\nLeasehold liabilities \u2013 non-current
34.5
19.4
21.6
22.9
\nDerivative \ufb01nancial instruments \u2013 current
\u2013
0.4
\u2013
0.4
\nDerivative \ufb01nancial instruments \u2013 non-current
(5.0)
0.4
(5.0)
0.4
\nGross debt
1,279.1
1,320.8
1,066.3
1,079.6
\nReconciliation to net debt:
\nGross debt
1,279.1
1,320.8
1,066.3
1,079.6
\nDerivative \ufb01nancial instruments
5.0
(0.8)
5.0
(0.8)
\nCash at bank excluding restricted cash (see note 33)
(26.9)
(68.5)
(26.4)
(68.2)
\nNet debt
1,257.2
1,251.5
1,044.9
1,010.6
\n1.5% unsecured convertible bonds 2025
\nIn June 2019 the Group issued \u00a3175m of convertible bonds. The unsecured instruments pay a coupon of 1.5% until June
\n2025 or the conversion date, if earlier. The initial conversion price was set at \u00a344.96 per share. In accordance with IAS
\n32, the equity and debt components of the bonds are accounted for separately and the fair value of the debt component
\nhas been determined using the market interest rate for an equivalent non-convertible bond, deemed to be 2.3%. As a
\nresult, \u00a3167.3m was recognised as a liability in the balance sheet on issue and the remainder of the proceeds, \u00a37.7m,
\nwhich represents the equity component, was credited to reserves. The di\ufb00erence between the fair value of the liability and
\nthe principal value is being amortised through the income statement from the date of issue. Issue costs of \u00a34.0m were
\nallocated between equity and debt and the element relating to the debt component is being amortised over the life of the
\nbonds. The issue costs apportioned to equity of \u00a30.2m were not amortised. The fair value was determined by the ask-price
\nof \u00a391.75 per \u00a3100 as at 31 December 2022 (2021: \u00a3102.00 per \u00a3100). The carrying value at 31 December 2022 was \u00a3170.1m
\n(2021: \u00a3168.3m).
Financial statements
273
\nReconciliation of nominal value to carrying value:
\n\u00a3m
\nNominal value
175.0
\nFair value adjustment on issue allocated to equity
(7.7)
\nDebt component on issue
167.3
\nUnamortised issue costs
(1.5)
\nAmortisation of fair value adjustment
4.3
\nCarrying amount included in borrowings
170.1
\n6.5% secured bonds 2026
\nAs a result of the acquisition of London Merchant Securities plc in 2007, the secured bonds 2026 were included at fair
\nvalue less unamortised issue costs. This di\ufb00erence between fair value at acquisition and principal value is being amortised
\nthrough the income statement. The fair value at 31 December 2022 was determined by the ask-price of \u00a3102.67 per \u00a3100
\n(2021: \u00a3117.60 per \u00a3100). The carrying value at 31 December 2022 was \u00a3181.0m (2021: \u00a3182.4m).
\n1.875% unsecured green bonds 2031
\nIn November 2021, the Group issued \u00a3350m of green bonds on a 10-year term maturing in 2031. The unsecured instrument
\npays a coupon of 1.875% and the e\ufb00ective interest rate is 1.934%. This represents an issue discount of \u00a31.8m. The
\nunsecured green bonds 2031 are accounted for at amortised cost. The fair value at 31 December 2022 was determined by
\nthe ask-price of \u00a370.63 per \u00a3100 (2021: \u00a398.45 per \u00a3100). The carrying value at 31 December 2022 was \u00a3346.4m (2021:
\n\u00a3346.0m). The \u00a3350m green bonds will be used to fund qualifying \u2018green\u2019 expenditure in accordance with the Group\u2019s
\nGreen Finance Framework.
\n2.68% unsecured private placement notes 2026, 2.87% unsecured private placement notes 2029,
\n2.97% unsecured private placement notes 2031 and 3.09% unsecured private placement notes 2034
\nIn October 2018, the Group arranged unsecured private placement notes, comprising \u00a355m for 7 years, \u00a393m for 10 years,
\n\u00a350m for 12 years and \u00a352m for 15 years. The funds were drawn on 31 January 2019. The fair values were determined by
\ncomparing the discounted future cash \ufb02ows using the contracted yields with those of reference gilts plus implied margins.
\nThe references were a 2% 2025 gilt, 1.625% 2028 gilt, 4.75% 2030 gilt and a 4.25% 2032 gilt all with an implied margin
\nwhich is unchanged since the date of \ufb01xing. The carrying values at 31 December 2022 were \u00a354.9m (2021: \u00a354.8m),
\n\u00a392.7m (2021: \u00a392.6m), \u00a349.8m (2021: \u00a349.8m) and \u00a351.8m (2021: \u00a351.8m), respectively.
\n3.46% unsecured private placement notes 2028 and 3.57% unsecured private placement notes 2031
\nIn February 2016, the Group arranged unsecured private placement notes, comprising \u00a330m for 12 years and \u00a375m for
\n15 years. The funds were drawn on 4 May 2016. The fair values were determined by comparing the discounted future cash
\n\ufb02ows using the contracted yields with those of reference gilts plus implied margins. The references were a 6% 2028 gilt
\nand a 4.75% 2030 gilt both with an implied margin which is unchanged since the date of \ufb01xing. The carrying values at
\n31\u00a0December 2022 were \u00a329.9m (2021: \u00a329.9m) and \u00a374.7m (2021: \u00a374.7m), respectively.
\n4.41% unsecured private placement notes 2029 and 4.68% unsecured private placement notes 2034
\nIn November 2013, the Group arranged unsecured private placement notes, comprising \u00a325m for 15 years and \u00a375m for
\n20 years. The funds were drawn on 8 January 2014. The fair values were determined by comparing the discounted future
\ncash \ufb02ows using the contracted yields with those of reference gilts plus implied margins. The references were a 6% 2028
\ngilt and a 4.25% 2032 gilt both with an implied margin which is unchanged since the date of \ufb01xing. The carrying values at
\n31\u00a0December 2022 were \u00a324.9m (2021: \u00a324.9m) and \u00a374.6m (2021: \u00a374.5m), respectively.
\n3.99% secured loan 2024
\nIn July 2012, the Group arranged a 12\u00bc-year secured \ufb01xed rate loan. The loan was drawn on 1 August 2012. The fair value
\nwas determined by comparing the discounted future cash \ufb02ows using the contracted yield with those of the reference gilt
\nplus an implied margin. The reference was a 5% 2025 gilt with an implied margin which is unchanged since the date of
\n\ufb01xing. The carrying value at 31 December 2022 was \u00a382.7m (2021: \u00a382.5m).
274
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nUnsecured bank loans
\nIn 2021, the Group exercised the one-year extension option on both the \u00a3100m revolving credit facility (\u2018RCF\u2019) and the
\n\u00a3450m RCF, thereby extending the maturities of both facilities out to 2026. In 2022, the Group exercised a further one-year
\nextension option on the \u00a3100m facility, thereby extending the maturity of the facility out to 2027.
\nUnsecured bank borrowings are accounted for at amortised cost. At 31 December 2022, there was \u00a3nil (2021: \u00a310.0m)
\ndrawn on the RCFs and the unamortised arrangement fees were \u00a34.1m (2021: \u00a35.1m), resulting in the carrying value being
\na \u00a34.1m debit balance (2021: credit balance of \u00a34.9m).
\nThe main corporate \u00a3450m RCF includes a \u00a3300m \u2018green tranche\u2019 to fund qualifying \u2018green\u2019 expenditure in accordance
\nwith the Group\u2019s Green Finance Framework.
\nAs all main corporate facilities were re\ufb01nanced or amended recently, the fair values of the Group\u2019s bank loans are deemed
\nto be approximately the same as their carrying amount, after adjusting for the unamortised arrangement fees.
\nIn 2021, the benchmark rate applicable on the existing bank borrowings was transitioned from LIBOR to SONIA.
\nUndrawn committed bank facilities \u2013 maturity pro\ufb01le
\n< 1
\nyear
\n\u00a3m
\n1 to 2
\nyears
\n\u00a3m
\n2 to 3
\nyears
\n\u00a3m
\n3 to 4
\nyears
\n\u00a3m
\n4 to 5
\nyears
\n\u00a3m
\n> 5
\nyears
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 31 December 2022
\u2013
\u2013
\u2013
450.0
100.0
\u2013
550.0
\nAt 31 December 2021
\u2013
\u2013
\u2013
\u2013
540.0
\u2013
540.0
\nCompany
\nAt 31 December 2022
\u2013
\u2013
\u2013
450.0
100.0
\u2013
550.0
\nAt 31 December 2021
\u2013
\u2013
\u2013
\u2013
540.0
\u2013
540.0
\nOther loans
\nOther loans consist of a \u00a319.7m interest-free loan with no \ufb01xed repayment date from a third party providing development
\nconsultancy services on the residential element of the 25 Baker Street W1 development. The loan will be repaid from the
\nsale proceeds of these residential apartments after completion of the scheme. The agreement provides for a pro\ufb01t share
\non completion of the sales which, under IFRS 9 Financial Instruments, has been deemed to have a carrying value of \u00a3nil
\nat 31 December 2022 (2021: \u00a3nil). The carrying value of the loan at 31 December 2022 was \u00a319.7m (2021: \u00a312.3m).
\nIntercompany loans
\nThe terms of the intercompany loan in the Company mirror those of the unsecured convertible bonds 2025. As with the
\nconvertible bonds, debt and equity components of the intercompany loan have been accounted for separately, and the fair
\nvalue of the debt components is identical to that of the bonds. The carrying value of this loan at 31 December 2022 was
\n\u00a3170.1m (2021: \u00a3168.3m).
\nDerivative \ufb01nancial instruments
\nThe derivative \ufb01nancial instruments consist of interest rate swaps, the fair values of which represent the net present
\nvalue of the di\ufb00erence between the contracted \ufb01xed rates and the \ufb01xed rates payable if the swaps were to be replaced
\non 31\u00a0December 2022 for the period to the contracted expiry dates.
\nDuring the prior year, all interest rate swaps were transitioned from LIBOR basis swaps to SONIA.
\nThe Group has a \u00a375m forward starting interest rate swap e\ufb00ective from 4 January 2023. This swap is not included in the
\n31 December 2022 \ufb01gures in the table below. The Group also had a \u00a340m forward starting interest rate swap which was
\nterminated during 2022.
\nThe fair values of the Group\u2019s outstanding interest rate swaps have been estimated using the mid-point of the yield curves
\nprevailing on the reporting date and represent the net present value of the di\ufb00erences between the contracted rate and the
\nvaluation rate when applied to the projected balances for the period from the reporting date to the contracted expiry dates.
Financial statements
275
\nSecured and unsecured debt
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nSecured
\n6.5% secured bonds 2026
181.0
182.4
\u2013
\u2013
\n3.99% secured loan 2024
82.7
82.5
82.7
82.5
\n263.7
264.9
82.7
82.5
\nUnsecured
\n1.5% unsecured convertible bonds 2025
170.1
168.3
\u2013
\u2013
\n1.875% unsecured green bonds 2031
346.4
346.0
346.4
346.0
\nUnsecured private placement notes 2026 \u2013 2034
453.3
453.0
453.3
453.0
\nUnsecured bank loans
(4.1)
4.9
(4.1)
4.9
\nOther loans
19.7
12.3
\u2013
\u2013
\nIntercompany loan
\u2013
\u2013
170.1
168.3
\n985.4
984.5
965.7
972.2
\nBorrowings
1,249.1
1,249.4
1,048.4
1,054.7
\nAs at 31 December 2022, the Group\u2019s secured bonds 2026 were secured by a \ufb02oating charge over a number of the Group\u2019s
\nsubsidiary companies which contained \u00a3448.8m (2021: \u00a3571.8m) of the Group\u2019s properties. The Group\u2019s secured bank loan
\nwas settled during the previous year in advance of the acquisition of the non-controlling interest from The Portman Estate
\nin 2021.
\nAt 31 December 2022, the Company\u2019s 3.99% secured loan 2024 was secured by a \ufb01xed charge over \u00a3272.8m (2021: \u00a3305.2m)
\nof the Group\u2019s properties.
\nFixed interest rate and hedged debt
\nAt 31 December 2022, the Group\u2019s \ufb01xed rate and hedged debt included the unsecured convertible bonds, the unsecured
\ngreen bonds, the secured bonds, a secured loan, the unsecured private placement notes and other loans. At 31 December
\n2021, the Group\u2019s \ufb01xed rate and hedged debt included the unsecured convertible bonds, the unsecured green bonds, the
\nsecured bonds, a secured loan, the unsecured private placement notes and other loans.
\nAt 31 December 2022, the Company\u2019s \ufb01xed rate and hedged debt included the unsecured green bonds, a secured loan,
\nthe unsecured private placement notes and the intercompany loans. At 31 December 2021, the Company\u2019s \ufb01xed rate
\nand hedged debt included the unsecured green bonds, a secured loan, the unsecured private placement notes and the
\nintercompany loans.
276
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nInterest rate exposure
\nAfter taking into account the various interest rate hedging instruments entered into by the Group and the Company, the
\ninterest rate exposure of the Group\u2019s and Company\u2019s borrowings were:
\nFloating
\nrate
\n\u00a3m
\nHedged
\n\u00a3m
\nFixed
\nrate
\n\u00a3m
\nBorrowings
\n\u00a3m
\nWeighted
\naverage
\ninterest rate
\n1
\n%
\nWeighted
\naverage
\nlife
\nYears
\nGroup
\nAt 31 December 2022
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
170.1
170.1
2.30
2.4
\n6.5% secured bonds 2026
\u2013
\u2013
181.0
181.0
6.50
3.2
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.4
346.4
1.93
8.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.3
453.3
3.42
7.7
\n3.99% secured loan 2024
\u2013
\u2013
82.7
82.7
3.99
1.8
\nUnsecured bank loans
(4.1)
\u2013
\u2013
(4.1)
\u2013
\u2013
\nOther loans
\n2
\n\u2013
\u2013
19.7
19.7
\u2013
\u2013
\n(4.1)
\u2013
1,253.2
1,249.1
3.26
6.2
\nAt 31 December 2021
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
168.3
168.3
2.30
3.4
\n6.5% secured bonds 2026
\u2013
\u2013
182.4
182.4
6.50
4.2
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.0
346.0
1.93
9.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.0
453.0
3.42
8.7
\n3.99% secured loan 2024
\u2013
\u2013
82.5
82.5
3.99
2.8
\nUnsecured bank loans
4.9
\u2013
\u2013
4.9
1.25
4.8
\nOther loans
\u2013
\u2013
12.3
12.3
\u2013
\u2013
\n4.9
\u2013
1,244.5
1,249.4
3.27
7.2
\nCompany
\nAt 31 December 2022
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.4
346.4
1.93
8.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.3
453.3
3.42
7.7
\n3.99% secured loan 2024
\u2013
\u2013
82.7
82.7
3.99
1.8
\nUnsecured bank loans
(4.1)
\u2013
\u2013
(4.1)
\u2013
\u2013
\nIntercompany loan
\u2013
\u2013
170.1
170.1
2.30
2.4
\n(4.1)
\u2013
1,052.5
1,048.4
2.78
6.7
\nAt 31 December 2021
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.0
346.0
1.93
9.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.0
453.0
3.42
8.7
\n3.99% secured loan 2024
\u2013
\u2013
82.5
82.5
3.99
2.8
\nUnsecured bank loans
4.9
\u2013
\u2013
4.9
1.25
4.8
\nIntercompany loan
\u2013
\u2013
168.3
168.3
2.30
3.4
\n4.9
\u2013
1,049.8
1,054.7
2.78
7.7
\n1
The weighted average interest rates are based on the nominal amounts of the debt facilities.
\n2
Other loans shown above are interest free and have no \ufb01xed repayment date. For further detail, see other loans section above.
Financial statements
277
\nContractual undiscounted cash out\ufb02ows
\nIFRS 7 Financial Instruments: Disclosure, requires disclosure of the maturity of the Group\u2019s and Company\u2019s remaining
\ncontractual \ufb01nancial liabilities. The tables below show the contractual undiscounted cash out\ufb02ows arising from the
\nGroup\u2019s gross debt.
\n< 1
\nyear
\n\u00a3m
\n1 to 2
\nyears
\n\u00a3m
\n2 to 3
\nyears
\n\u00a3m
\n3 to 4
\nyears
\n\u00a3m
\n4 to 5
\nyears
\n\u00a3m
\n> 5
\nyears
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 31 December 2022
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
175.0
\u2013
\u2013
\u2013
175.0
\n6.5% secured bonds 2026
\u2013
\u2013
\u2013
175.0
\u2013
\u2013
175.0
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
55.0
\u2013
400.0
455.0
\n3.99% secured loan 2024
\u2013
83.0
\u2013
\u2013
\u2013
\u2013
83.0
\nOther loans
\u2013
\u2013
19.7
\u2013
\u2013
\u2013
19.7
\nTotal on maturity
\u2013
83.0
194.7
230.0
\u2013
750.0
1,257.7
\nLeasehold liabilities
1.8
1.7
1.7
1.7
1.8
211.3
220.0
\nInterest on borrowings
39.4
38.8
34.8
27.1
20.7
80.3
241.1
\nE\ufb00ect of interest rate swaps
(1.8)
(2.4)
(1.1)
\u2013
\u2013
\u2013
(5.3)
\nGross loan commitments
39.4
121.1
230.1
258.8
22.5
1,041.6
1,713.5
\nAt 31 December 2021
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
\u2013
175.0
\u2013
\u2013
175.0
\n6.5% secured bonds 2026
\u2013
\u2013
\u2013
\u2013
175.0
\u2013
175.0
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
\u2013
55.0
400.0
455.0
\n3.99% secured loan 2024
\u2013
\u2013
83.0
\u2013
\u2013
\u2013
83.0
\nUnsecured bank loans
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
10.0
\nOther loans
\u2013
\u2013
\u2013
12.3
\u2013
\u2013
12.3
\nTotal on maturity
\u2013
\u2013
83.0
187.3
240.0
750.0
1,260.3
\nLeasehold liabilities
52.2
0.8
0.8
0.8
0.8
193.7
249.1
\nInterest on borrowings
39.5
39.6
39.6
34.9
27.2
100.9
281.7
\nE\ufb00ect of interest rate swaps
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
\nGross loan commitments
92.5
40.4
123.4
223.0
268.0
1,044.6
1,791.9
278
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nReconciliation to borrowings:
\nGross loan
\ncommitments
\n\u00a3m
\nAdjustments
\nBorrowings
\n\u00a3m
\nInterest on
\ngross debt
\n\u00a3m
\nE\ufb00ect of interest
\nrate swaps
\n\u00a3m
\nLeasehold
\nliabilities
\n\u00a3m
\nNon-cash
\namortisation
\n\u00a3m
\nGroup
\nAt 31 December 2022
\nMaturing in:
\n< 1 year
39.4
(39.4)
1.8
(1.8)
\u2013
\u2013
\n1 to 2 years
121.1
(38.8)
2.4
(1.7)
(0.3)
82.7
\n2 to 3 years
230.1
(34.8)
1.1
(1.7)
(4.9)
189.8
\n3 to 4 years
258.8
(27.1)
\u2013
(1.7)
2.5
232.5
\n4 to 5 years
22.5
(20.7)
\u2013
(1.8)
(0.7)
(0.7)
\n> 5 years
1,041.6
(80.3)
\u2013
(211.3)
(5.2)
744.8
\n1,713.5
(241.1)
5.3
(220.0)
(8.6)
1,249.1
\nAt 31 December 2021
\nMaturing in:
\n< 1 year
92.5
(39.5)
(0.8)
(52.2)
\u2013
\u2013
\n1 to 2 years
40.4
(39.6)
\u2013
(0.8)
\u2013
\u2013
\n2 to 3 years
123.4
(39.6)
\u2013
(0.8)
(0.5)
82.5
\n3 to 4 years
223.0
(34.9)
\u2013
(0.8)
(6.7)
180.6
\n4 to 5 years
268.0
(27.2)
\u2013
(0.8)
2.1
242.1
\n> 5 years
1,044.6
(100.9)
\u2013
(193.7)
(5.8)
744.2
\n1,791.9
(281.7)
(0.8)
(249.1)
(10.9)
1,249.4
\n< 1
\nyear
\n\u00a3m
\n1 to 2
\nyears
\n\u00a3m
\n2 to 3
\nyears
\n\u00a3m
\n3 to 4
\nyears
\n\u00a3m
\n4 to 5
\nyears
\n\u00a3m
\n> 5
\nyears
\n\u00a3m
\nTotal
\n\u00a3m
\nCompany
\nAt 31 December 2022
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
55.0
\u2013
400.0
455.0
\n3.99% secured loan 2024
\u2013
83.0
\u2013
\u2013
\u2013
\u2013
83.0
\nIntercompany loan
\u2013
\u2013
175.0
\u2013
\u2013
\u2013
175.0
\nTotal on maturity
\u2013
83.0
175.0
55.0
\u2013
750.0
1,063.0
\nLeasehold liability
2.1
2.1
2.1
2.1
2.1
18.9
29.4
\nInterest on debt
28.1
27.4
23.4
21.4
20.7
80.3
201.3
\nE\ufb00ect of interest rate swaps
(1.8)
(2.4)
(1.1)
\u2013
\u2013
\u2013
(5.3)
\nGross loan commitments
28.4
110.1
199.4
78.5
22.8
849.2
1,288.4
\nAt 31 December 2021
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
\u2013
55.0
400.0
455.0
\n3.99% secured loan 2024
\u2013
\u2013
83.0
\u2013
\u2013
\u2013
83.0
\nUnsecured bank loans
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
10.0
\nIntercompany loan
\u2013
\u2013
\u2013
175.0
\u2013
\u2013
175.0
\nTotal on maturity
\u2013
\u2013
83.0
175.0
65.0
750.0
1,073.0
\nLeasehold liability
2.1
2.1
2.1
2.1
2.1
21.0
31.5
\nInterest on debt
28.2
28.2
28.2
23.6
21.5
100.9
230.6
\nE\ufb00ect of interest rate swaps
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
\nGross loan commitments
31.1
30.3
113.3
200.7
88.6
871.9
1,335.9
Financial statements
279
\nReconciliation to borrowings:
\nGross loan
\ncommitments
\n\u00a3m
\nAdjustments
\nBorrowings
\n\u00a3m
\nInterest on
\ngross debt
\n\u00a3m
\nE\ufb00ect of interest
\nrate swaps
\n\u00a3m
\nLeasehold
\nliabilities
\n\u00a3m
\nNon-cash
\namortisation
\n\u00a3m
\nCompany
\nAt 31 December 2022
\nMaturing in:
\n< 1 year
28.4
(28.1)
1.8
(2.1)
\u2013
\u2013
\n1 to 2 years
110.1
(27.4)
2.4
(2.1)
(0.3)
82.7
\n2 to 3 years
199.4
(23.4)
1.1
(2.1)
(4.9)
170.1
\n3 to 4 years
78.5
(21.4)
\u2013
(2.1)
(3.5)
51.5
\n4 to 5 years
22.8
(20.7)
\u2013
(2.1)
(0.7)
(0.7)
\n> 5 years
849.2
(80.3)
\u2013
(18.9)
(5.2)
744.8
\n1,288.4
(201.3)
5.3
(29.4)
(14.6)
1,048.4
\nAt 31 December 2021
\nMaturing in:
\n< 1 year
31.1
(28.2)
(0.8)
(2.1)
\u2013
\u2013
\n1 to 2 years
30.3
(28.2)
\u2013
(2.1)
\u2013
\u2013
\n2 to 3 years
113.3
(28.2)
\u2013
(2.1)
(0.5)
82.5
\n3 to 4 years
200.7
(23.6)
\u2013
(2.1)
(6.7)
168.3
\n4 to 5 years
88.6
(21.5)
\u2013
(2.1)
(5.3)
59.7
\n> 5 years
871.9
(100.9)
\u2013
(21.0)
(5.8)
744.2
\n1,335.9
(230.6)
(0.8)
(31.5)
(18.3)
1,054.7
\nDerivative \ufb01nancial instruments cash \ufb02ows
\nThe following table provides an analysis of the anticipated contractual cash \ufb02ows for the derivative \ufb01nancial instruments
\nusing undiscounted cash \ufb02ows. These amounts represent the gross cash \ufb02ows of the derivative \ufb01nancial instruments and
\nare settled as either a net payment or receipt.
\n2022
\nReceivable
\n\u00a3m
\n2022
\nPayable
\n\u00a3m
\n2021
\nReceivable
\n\u00a3m
\n2021
\nPayable
\n\u00a3m
\nGroup
\nMaturing in:
\n< 1 year
2.5
(0.7)
0.7
(1.5)
\n1 to 2 years
3.4
(1.0)
1.0
(1.0)
\n2 to 3 years
1.6
(0.5)
1.0
(1.0)
\n3 to 4 years
\u2013
\u2013
0.5
(0.5)
\n4 to 5 years
\u2013
\u2013
\u2013
\u2013
\n> 5 years
\u2013
\u2013
\u2013
\u2013
\nGross contractual cash \ufb02ows
7.5
(2.2)
3.2
(4.0)
\nCompany
\nMaturing in:
\n< 1 year
2.5
(0.7)
0.7
(1.5)
\n1 to 2 years
3.4
(1.0)
1.0
(1.0)
\n2 to 3 years
1.6
(0.5)
1.0
(1.0)
\n3 to 4 years
\u2013
\u2013
0.5
(0.5)
\n4 to 5 years
\u2013
\u2013
\u2013
\u2013
\n> 5 years
\u2013
\u2013
\u2013
\u2013
\nGross contractual cash \ufb02ows
7.5
(2.2)
3.2
(4.0)
280
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nFinancial instruments \u2013 risk management
\nThe Group is exposed through its operations to the following \ufb01nancial risks:
\n\u2022 credit risk;
\n\u2022 market risk; and
\n\u2022 liquidity risk.
\nIn common with all other businesses, the Group is exposed to risks that arise from its use of \ufb01nancial instruments.
\nThe following describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used
\nto measure them. Further quantitative information in respect of these risks is presented throughout these \ufb01nancial
\nstatements. Further information on risk as required by IFRS 7 is given on pages 112 to 125.
\nThere have been no substantive changes in the Group\u2019s exposure to \ufb01nancial instrument risks, its objectives, policies and
\nprocesses for managing those risks or the methods used to measure them from previous years. The Group\u2019s EPRA loan-to-
\nvalue ratio has increased to 23.9% as at 31 December 2022.
\nPrincipal \ufb01nancial instruments
\nThe principal \ufb01nancial instruments used by the Group, from which \ufb01nancial instrument risk arises, are trade receivables,
\naccrued income arising from the spreading of lease incentives, cash at bank, trade and other payables, \ufb02oating rate bank
\nloans, \ufb01xed rate loans and private placement notes, secured and unsecured bonds and interest rate swaps.
\nGeneral objectives, policies and processes
\nThe Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and,
\nwhilst retaining ultimate responsibility for them, it has delegated the authority to executive management for designing and
\noperating processes that ensure the e\ufb00ective implementation of the objectives and policies.
\nThe overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly a\ufb00ecting the
\nGroup\u2019s \ufb02exibility and its ability to maximise returns. Further details regarding these policies are set out below:
\nCredit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its
\ncontractual obligations. The Group is mainly exposed to credit risk from lease contracts in relation to its property portfolio.
\nIt is Group policy to assess the credit risk of new tenants before entering into such contracts. The Board has a Credit
\nCommittee which assesses each new tenant before a new lease is signed. The review includes the latest sets of \ufb01nancial
\nstatements, external ratings when available and, in some cases, forecast information and bank or trade references. The
\ncovenant strength of each tenant is determined based on this review and, if appropriate, a deposit or a guarantee is
\nobtained. The Committee also reviews existing tenant covenants from time to time.
\nImpairment calculations have been carried out on trade receivables and accrued income arising as a result of the
\nspreading of lease incentives using the forward-looking, simpli\ufb01ed approach to the expected credit loss model within
\nIFRS 9. In addition, the Credit Committee has reviewed its register of tenants at higher risk, particularly in the retail or
\nhospitality sectors, those in administration or CVA and the top 64 tenants by size with the remaining occupiers considered
\non a sector by sector basis.
\nAs the Group operates predominantly in central London, it is subject to some geographical risk. However, this is mitigated
\nby the wide range of tenants from a broad spectrum of business sectors.
\nCredit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial institutions. For banks and
\n\ufb01nancial institutions, only independently rated parties with a minimum rating of investment grade are accepted. This risk
\nis also reduced by the short periods that money is on deposit at any one time.
\nThe carrying amount of \ufb01nancial assets recorded in the \ufb01nancial statements represents the Group\u2019s maximum exposure to
\ncredit risk without taking account of the value of any collateral obtained.
Financial statements
281
\nMarket risk
\nMarket risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate due to changes in
\nmarket prices. Market risk arises for the Group from its use of variable interest bearing instruments (interest rate risk).
\nThe Group monitors its interest rate exposure on at least a quarterly basis. Sensitivity analysis performed to ascertain the
\nimpact on pro\ufb01t or loss and net assets of a 50 basis point shift in interest rates would result in no increase (2021: \u00a30.1m)
\nor decrease (2021: \u00a30.1m), as all borrowings at the end of the year were \ufb01xed.
\nIt is currently Group policy that generally between 60% and 85% of external Group borrowings (excluding \ufb01nance lease
\npayables) are at \ufb01xed rates. Where the Group wishes to vary the amount of external \ufb01xed rate debt it holds (subject to it
\nbeing generally between 60% and 85% of expected Group borrowings, as noted above), the Group makes use of interest
\nrate derivatives to achieve the desired interest rate pro\ufb01le. Although the Board accepts that this policy neither protects the
\nGroup entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash \ufb02ow risk associated
\nwith variability in interest payments, it considers that it achieves an appropriate balance of exposure to these risks. At
\n31\u00a0December 2022, the proportion of \ufb01xed debt held by the Group was above this range at 100% (2021: 99%). During both
\n2022 and 2021, the Group\u2019s borrowings at variable rate were denominated in sterling.
\nThe Group manages its cash \ufb02ow interest rate risk by using \ufb02oating-to-\ufb01xed interest rate swaps. When the Group raises
\nlong-term borrowings, it is generally at \ufb01xed rates.
\nLiquidity risk
\nLiquidity risk arises from the Group\u2019s management of working capital and the \ufb01nance charges and principal repayments on
\nits debt instruments. It is the risk that the Group will encounter di\ufb00iculty in meeting its \ufb01nancial obligations as they fall due.
\nThe Group\u2019s policy is to ensure that it will always have su\ufb00icient headroom in its loan facilities to allow it to meet its
\nliabilities when they become due. To achieve this aim, it seeks to maintain committed facilities to meet the expected
\nrequirements. The Group also seeks to reduce liquidity risk by \ufb01xing interest rates (and hence cash \ufb02ows) on a portion
\nof its long-term borrowings. This is further explained in the \u2018market risk\u2019 section above.
\nExecutive management receives rolling three-year projections of cash \ufb02ow and loan balances on a regular basis as part of
\nthe Group\u2019s forecasting processes. At the balance sheet date, these projections indicated that the Group expected to have
\nsu\ufb00icient liquid resources to meet its obligations under all reasonably expected circumstances.
\nThe Group\u2019s loan facilities and other borrowings are spread across a range of banks and \ufb01nancial institutions so as to
\nminimise any potential concentration of risk. The liquidity risk of the Group is managed centrally by the \ufb01nance department.
\nCapital disclosures
\nThe Group\u2019s capital comprises all components of equity (share capital, share premium, other reserves and retained earnings).
\nThe Group\u2019s objectives when maintaining capital are:
\n\u2022 to safeguard the entity\u2019s ability to continue as a going concern so that it can continue to provide above average long-
\nterm returns for shareholders; and
\n\u2022 to provide an above average annualised total return to shareholders.
\nThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes
\nadjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order
\nto maintain or adjust the capital structure, the Group may vary the amount of dividends paid to shareholders subject to the
\nrules imposed by its REIT status. It may also seek to redeem bonds, return capital to shareholders, issue new shares or sell
\nassets to reduce debt. Consistent with others in its industry, the Group monitors capital on the basis of NAV gearing and
\nloan-to-value ratio. During 2022, the Group\u2019s strategy, which was unchanged from 2021, was to maintain the NAV gearing
\nbelow 80% in normal circumstances. These two gearing ratios, as well as the net interest cover ratio, are de\ufb01ned in the list
\nof de\ufb01nitions on page 313 and are derived in note 42.
\nThe Group is also required to ensure that it has su\ufb00icient property assets which are not subject to \ufb01xed or \ufb02oating charges
\nor other encumbrances. Most of the Group\u2019s debt is unsecured and, accordingly, there was \u00a34.6bn (2021: \u00a34.8bn) of
\nuncharged property as at 31 December 2022.
282
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n26 FINANCIAL ASSETS AND LIABILITIES AND FAIR VALUES
\nCategories of \ufb01nancial assets and liabilities
\nFair value
\nthrough pro\ufb01t
\nand loss
\n\u00a3m
\nFinancial
\nassets held at
\namortised cost
\n\u00a3m
\nFinancial
\nliabilities held at
\namortised cost
\n\u00a3m
\nTotal
\ncarrying
\nvalue
\n\u00a3m
\nGroup
\nFinancial assets
\nCash and cash equivalents
\u2013
76.6
\u2013
76.6
\nOther assets \u2013 current
\n1
\n\u2013
12.5
\u2013
12.5
\n\u2013
89.1
\u2013
89.1
\nFinancial liabilities
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
(170.1)
(170.1)
\n6.5% secured bonds 2026
\u2013
\u2013
(181.0)
(181.0)
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.4)
(346.4)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.3)
(453.3)
\n3.99% secured loan 2024
\u2013
\u2013
(82.7)
(82.7)
\nBank borrowings due after one year
\u2013
\u2013
4.1
4.1
\nOther loans
\u2013
\u2013
(19.7)
(19.7)
\nLeasehold liabilities
\u2013
\u2013
(35.0)
(35.0)
\nDerivative \ufb01nancial instruments
5.0
\u2013
\u2013
5.0
\nOther liabilities \u2013 current
\n2
\n\u2013
\u2013
(60.8)
(60.8)
\n5.0
\u2013
(1,344.9)
(1,339.9)
\nAt 31 December 2022
5.0
89.1
(1,344.9)
(1,250.8)
\nFinancial assets
\nCash and cash equivalents (restated)
\u2013
105.5
\u2013
105.5
\nOther assets \u2013 current
\n1
\n\u2013
13.1
\u2013
13.1
\n\u2013
118.6
\u2013
118.6
\nFinancial liabilities
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
(168.3)
(168.3)
\n6.5% secured bonds 2026
\u2013
\u2013
(182.4)
(182.4)
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.0)
(346.0)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.0)
(453.0)
\n3.99% secured loan 2024
\u2013
\u2013
(82.5)
(82.5)
\nBank borrowings due after one year
\u2013
\u2013
(4.9)
(4.9)
\nOther loans
\u2013
\u2013
(12.3)
(12.3)
\nLeasehold liabilities
\u2013
\u2013
(70.6)
(70.6)
\nDerivative \ufb01nancial instruments
(0.8)
\u2013
\u2013
(0.8)
\nOther liabilities \u2013 current
\n2
\n\u2013
\u2013
(78.4)
(78.4)
\n(0.8)
\u2013
(1,398.4)
(1,399.2)
\nAt 31 December 2021
(0.8)
118.6
(1,398.4)
(1,280.6)
\n1
In 2022, other assets includes all amounts shown as trade and other receivables in note 21 except lease incentives and costs; sales and social security taxes; and
\nprepayments of \u00a329.9m (2021 restated: \u00a327.9m) for the Group. All amounts are non-interest bearing and are receivable within one year.
\n2
In 2022, other liabilities include all amounts shown as trade and other payables in note 23 except deferred income and sales and social security taxes of \u00a360.0m
\n(2021: \u00a349.9m) for the Group. All amounts are non-interest bearing and are due within one year.
Financial statements
283
\nFair value
\nthrough pro\ufb01t
\nand loss
\n\u00a3m
\nFinancial
\nassets held at
\namortised cost
\n\u00a3m
\nFinancial
\nliabilities held at
\namortised cost
\n\u00a3m
\nTotal
\ncarrying
\nvalue
\n\u00a3m
\nCompany
\nFinancial assets
\nCash and cash equivalents
\u2013
67.3
\u2013
67.3
\nOther assets \u2013 current
\n1
\n\u2013
1,763.4
\u2013
1,763.4
\n\u2013
1,830.7
\u2013
1,830.7
\nFinancial liabilities
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.4)
(346.4)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.3)
(453.3)
\n3.99% secured loan 2024
\u2013
\u2013
(82.7)
(82.7)
\nBank borrowings due after one year
\u2013
\u2013
4.1
4.1
\nIntercompany loan
\u2013
\u2013
(170.1)
(170.1)
\nLeasehold liabilities
\u2013
\u2013
(22.9)
(22.9)
\nDerivative \ufb01nancial instruments
5.0
\u2013
\u2013
5.0
\nOther liabilities \u2013 current
\n2
\n\u2013
(1,685.3)
(16.7)
(1,702.0)
\n5.0
(1,685.3)
(1,088.0)
(2,768.3)
\nAt 31 December 2022
5.0
145.4
(1,088.0)
(937.6)
\nFinancial assets
\nCash and cash equivalents (restated)
\u2013
90.6
\u2013
90.6
\nOther assets \u2013 current
\n1
\n\u2013
1,875.9
\u2013
1,875.9
\n\u2013
1,966.5
\u2013
1,966.5
\nFinancial liabilities
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.0)
(346.0)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.0)
(453.0)
\n3.99% secured loan 2024
\u2013
\u2013
(82.5)
(82.5)
\nBank borrowings due after one year
\u2013
\u2013
(4.9)
(4.9)
\nIntercompany loan
\u2013
\u2013
(168.3)
(168.3)
\nLeasehold liabilities
\u2013
\u2013
(24.1)
(24.1)
\nDerivative \ufb01nancial instruments
(0.8)
\u2013
\u2013
(0.8)
\nOther liabilities \u2013 current (restated)
\n2
\n\u2013
(1,285.3)
(16.4)
(1,301.7)
\n(0.8)
(1,285.3)
(1,095.2)
(2,381.3)
\nAt 31 December 2021
(0.8)
681.2
(1,095.2)
(414.8)
\n1
In 2022, other assets includes all amounts shown as trade and other receivables in note 21 except lease incentives and costs; sales and social security taxes; and
\nprepayments of \u00a324.6m (2021: \u00a323.0m) for the Company. All amounts are non-interest bearing and are receivable within one year.
\n2
In 2022, other liabilities include all amounts shown as trade and other payables in note 23 except deferred income and sales and social security taxes of \u00a35.5m
\n(2021: \u00a32.4m) for the Company. All amounts are non-interest bearing and are due within one year.
\nReconciliation of net \ufb01nancial assets and liabilities to gross debt
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nNet \ufb01nancial assets and liabilities
(1,250.8)
(1,280.6)
(937.6)
(414.8)
\nOther assets \u2013 current
(12.5)
(13.1)
(1,763.4)
(1,875.9)
\nOther liabilities \u2013 current
60.8
78.4
1,702.0
1,301.7
\nCash and cash equivalents
(76.6)
(105.5)
(67.3)
(90.6)
\nGross debt
(1,279.1)
(1,320.8)
(1,066.3)
(1,079.6)
284
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n26 FINANCIAL ASSETS AND LIABILITIES AND FAIR VALUES
continued
\nFair value measurement
\nThe table below shows the fair values, where applicable, of borrowings and derivative \ufb01nancial instruments held by the
\nGroup, together with a reconciliation to net \ufb01nancial assets and liabilities. Details of inputs and valuation methods used to
\nderive the fair values are shown in note 25.
\nThe fair values of the following \ufb01nancial assets and liabilities are the same as their carrying values:
\n\u2022 Cash and cash equivalents.
\n\u2022 Trade receivables, other receivables and accrued income included within trade and other receivables.
\n\u2022 Trade payables, other payables and accruals included within trade and other payables.
\n\u2022 Leasehold liabilities.
\nThere have been no transfers between Level 1 and Level 2 or Level 2 and Level 3 in either 2022 or 2021.
\n27 NET DEBT TO CASH FLOW RECONCILIATION
\nNet debt reconciliation
\nThe table below shows net debt movement during the year as a result of cash \ufb02ows and other non-cash movements.
\n2021
\n\u00a3m
\nCash \ufb02ows
\n\u00a3m
\nNon-cash changes
\nImpact of
\nissue and
\narrangement
\ncosts
\n\u00a3m
\nFair value
\nadjustments
\n\u00a3m
\nAcquisitions
\n\u00a3m
\nUnwind of
\ndiscount
\n\u00a3m
Disposals
\nTransfer
\nfrom non-
\ncurrent to
\ncurrent
\n2022
\n\u00a3m
\nGroup
\nCurrent liabilities
\nBorrowings
12.3
7.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
19.7
\nLeasehold liabilities
51.2
\u2013
\u2013
\u2013
\u2013
\u2013
(50.7)
\u2013
0.5
\nNon-current liabilities
\nBorrowings
1,237.1
(10.1)
2.7
(0.3)
\u2013
\u2013
\u2013
\u2013
1,229.4
\nLeasehold liabilities
19.4
\u2013
\u2013
\u2013
15.6
0.5
(1.0)
\u2013
34.5
\nTotal liabilities from
\n\ufb01nancing activities
1,320.0
(2.7)
2.7
(0.3)
15.6
0.5
(51.7)
\u2013
1,284.1
\nCash at bank
\n1
\n(68.5)
41.6
\u2013
\u2013
\u2013
\u2013
\u2013
(26.9)
\nNet debt
1,251.5
38.9
2.7
(0.3)
15.6
0.5
(51.7)
\u2013
1,257.2
\nCompany
\nCurrent liabilities
\nLeasehold liabilities
1.2
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
1.3
\nNon-current liabilities
\nBorrowings
1,054.7
(10.1)
2.5
1.3
\u2013
\u2013
\u2013
\u2013
1,048.4
\nLeasehold liabilities
22.9
\u2013
\u2013
\u2013
\u2013
(1.3)
\u2013
\u2013
21.6
\nTotal liabilities from
\n\ufb01nancing activities
1,078.8
(10.1)
2.5
1.3
\u2013
(1.2)
\u2013
\u2013
1,071.3
\nCash at bank
\n1
\n(68.2)
41.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(26.4)
\nNet debt
1,010.6
31.7
2.5
1.3
\u2013
(1.2)
\u2013
\u2013
1,044.9
\n1
Cash at bank excluding restricted cash (see note 33).
Financial statements
285
\n28 DEFERRED TAX
\nRevaluation
\n(de\ufb01cit)/surplus
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 1 January 2022
3.3
(3.6)
(0.3)
\nCharged/(credited) to the income statement
0.2
(0.1)
0.1
\nCharged to other comprehensive income
0.2
\u2013
0.2
\nCharged to equity
\u2013
0.6
0.6
\nAt 31 December 2022
3.7
(3.1)
0.6
\nAt 1 January 2021
3.5
(3.0)
0.5
\n(Credited)/charged to the income statement
(1.6)
0.5
(1.1)
\nChange in tax rates in the income statement
0.1
(0.8)
(0.7)
\nCharged to other comprehensive income
0.9
0.5
1.4
\nChange in tax rates in other comprehensive income
0.4
(0.1)
0.3
\nCredited to equity
\u2013
(0.7)
(0.7)
\nAt 31 December 2021
3.3
(3.6)
(0.3)
\nCompany
\nAt 1 January 2022
\u2013
(3.6)
(3.6)
\nCredited to the income statement
\u2013
(0.1)
(0.1)
\nCharged to equity
\u2013
0.7
0.7
\nAt 31 December 2022
\u2013
(3.0)
(3.0)
\nAt 1 January 2021
\u2013
(3.1)
(3.1)
\nCharged to the income statement
\u2013
1.0
1.0
\nCredited to equity
\u2013
(0.7)
(0.7)
\nChange in tax rates in the income statement
\u2013
(0.8)
(0.8)
\nAt 31 December 2021
\u2013
(3.6)
(3.6)
\nDeferred tax on the balance sheet revaluation de\ufb01cit/surplus is calculated on the basis of the chargeable gains that would
\ncrystallise on the sale of the property portfolio at each balance sheet date. The calculation takes account of any available
\nindexation on the historical cost of the properties. Due to the Group\u2019s REIT status, deferred tax is only provided at each
\nbalance sheet date on properties outside the REIT ring-fence.
\nWhere applicable, deferred tax assets in the Company have been recognised in respect of all tax losses and other
\ntemporary di\ufb00erences where the Directors believe it is probable that these assets will be recovered.
\n29 SHARE CAPITAL
\nThe movement in the number of 5p ordinary shares in issue is shown in the table below:
\nNumber of shares in issue fully paid
Number
\nAt 1 January 2021
111,961,411
\nIssued as a result of awards vesting under the Group's Performance Share Plan
187,638
\nIssued as a result of the exercise of share options
\n1
\n59,461
\nAt 31 December 2021
112,208,510
\nIssued as a result of awards vesting under the Group's Performance Share Plan
39,614
\nIssued as a result of the exercise of share options
\n1
\n25,984
\nAt 31 December 2022
112,274,108
\n1
Proceeds from these issues were \u00a31.2m (2021: \u00a31.8m).
\nThe number of outstanding share options and other share awards granted are disclosed in the report of the Remuneration
\nCommittee and note 13.
286
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n30 RESERVES
\nThe following describes the nature and purpose of each reserve within shareholders\u2019 equity:
\nReserve
Description and purpose
\nShare premium
Amount subscribed for share capital in excess of nominal value less directly attributable
\nissue costs.
\nOther reserves:
\nMerger
Premium on the issue of shares as equity consideration for the acquisition of London Merchant
\nSecurities plc (LMS).
\nRevaluation
Revaluation of the owner-occupied property and the associated deferred tax.
\nOther
Equity portion of the convertible bonds for the Group and intercompany loans for the Company.
\nFair value of equity instruments granted but not yet exercised under share-based payments.
\nRetained earnings
Cumulative net gains and losses recognised in the Group income statement together with other
\nitems such as dividends.
\nGroup
Company
\nOther reserves
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nMerger reserve
910.5
910.5
910.5
910.5
\nRevaluation reserve
16.0
15.5
\u2013
\u2013
\nEquity portion of the convertible bonds
7.5
7.5
\u2013
\u2013
\nEquity portion of long-term intercompany loan
\u2013
\u2013
7.5
7.5
\nFair value of equity instruments under
\nshare-based payments
7.9
7.6
7.9
7.6
\n941.9
941.1
925.9
925.6
\n31 PROFIT FOR THE YEAR ATTRIBUTABLE TO MEMBERS OF DERWENT LONDON PLC
\n(Loss)/pro\ufb01t for the year in the Group income statement includes a pro\ufb01t of \u00a334.3m (2021: \u00a311.6m) generated by the
\nCompany. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and
\nhas not presented its own income statement in these \ufb01nancial statements.
\n32 DIVIDEND
\nPayment
\ndate
\nDividend per share
\n2021
\n\u00a3m
\nPID
\np
\nNon-PID
\np
\nTotal
\np
\n2022
\n\u00a3m
\nCurrent year
\n2022 \ufb01nal dividend
\n1
\n2 June 2023
38.50
16.00
54.50
\u2013
\u2013
\n2022 interim dividend
14 October 2022
24.00
\u2013
24.00
26.9
\u2013
\n62.50
16.00
78.50
26.9
\u2013
\nPrior year
\n2021 \ufb01nal dividend
1 June 2022
35.50
18.00
53.50
60.1
\u2013
\n2021 interim dividend
15 October 2021
23.00
\u2013
23.00
\u2013
25.8
\n58.50
18.00
76.50
60.1
25.8
\n2020 \ufb01nal dividend
4 June 2021
35.00
17.45
52.45
\u2013
58.8
\nDividends as reported in the Group
\nstatement of changes in equity
87.0
84.6
\n2022 interim dividend withholding tax
13 January 2023
(3.7)
\u2013
\n2021 interim dividend withholding tax
14 January 2022
3.5
(3.5)
\n2020 interim dividend withholding tax
14 January 2021
\u2013
3.2
\nDividends paid as reported in the
\nGroup cash \ufb02ow statement
86.8
84.3
\n1
Subject to shareholder approval at the AGM on 12 May 2023.
Financial statements
287
\n33 CASH AND CASH EQUIVALENTS
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nCash at bank
26.9
68.5
26.4
68.2
\nCash held in restricted accounts
\nTenant rent deposits
27.3
17.6
27.3
17.6
\nService charge balances
22.4
19.4
13.6
4.8
\n76.6
105.5
67.3
90.6
\nPrior year Group and Company cash and cash equivalents have been restated to include \u00a317.6m of tenant deposits, which
\nare subject to contractual restrictions.
\nIn addition, \u00a319.4m for the Group and \u00a34.8m for the Company of cash collected on behalf of tenants to fund the service
\ncharge of properties in the portfolio has now been reclassi\ufb01ed from trade and other receivables and presented as
\nrestricted cash. For further information refer to note 2.
\n34 CAPITAL COMMITMENTS
\nContracts for capital expenditure entered into by the Group at 31 December 2022 and not provided for in the accounts
\nrelating to the construction, development or enhancement of the Group\u2019s investment properties amounted to \u00a3147.3m
\n(2021: \u00a351.2m), whilst that relating to the Group\u2019s trading properties amounted to \u00a387.9m (2021: \u00a30.9m). At 31 December
\n2022 and 31 December 2021, there were no material contractual obligations for the purchase, repair or maintenance of
\ninvestment or trading properties.
\n35 CONTINGENT LIABILITIES
\nIn May 2022, Derwent London exchanged a conditional contract to acquire the freehold of the Old Street Quarter site, the
\nexisting site of the Moor\ufb01elds Eye Hospital and the UCL Institute of Ophthalmology. Consideration for the site has been
\nagreed as \u00a3239m before costs, subject to receipt of \ufb01nal Treasury approval (subsequently received in February 2023),
\ndelivery of the new hospital at St Pancras and subsequent vacant possession of the Old Street Quarter island site.
\nIn 2021, the Group entered into a 50:50 joint venture with Lazari Investments Limited, Derwent Lazari Baker Street Limited
\nPartnership (see note 19). Subject to receiving planning on a scheme which includes the three leasehold properties within
\nthe joint venture and a fourth property owned by the freeholder, and a regear of the headlease, an additional \u00a37.3m of
\ndeferred consideration is payable to Lazari Investments Limited. The deferred consideration is treated as a contingent
\nliability in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, as the amount is only
\ncon\ufb01rmed by the occurrence of uncertain future events not wholly within the control of the Group.
\nThe Company and its subsidiaries are party to cross guarantees securing certain bank loans. At 31 December 2022 and
\n31\u00a0December 2021, there was no liability that could arise for the Company from the cross guarantees.
\nWhere the Company enters into \ufb01nancial guarantee contracts and guarantees the indebtedness of other companies within
\nthe Group, the Company considers these to be insurance arrangements, and accounts for them as such. In this respect,
\nthe Company treats the guarantee contract as a contingent liability until such time that it becomes probable that the
\nCompany will be required to make a payment under the guarantee.
\nOne of the components of the Directors\u2019 year end bonuses is calculated from the Group\u2019s \u2018total return\u2019 performance relative
\nto a comparator group of real estate companies (see page 215). In light of recent exceptional volatility in respect of the
\nproperty indices used to estimate property valuations for those comparator companies who have not released December
\n2022 results, the Remuneration Committee has not been able to accurately determine the total return performance of this
\ncomparator group. As a result, no provision has been made for this element of the bonus for the year ended 31 December
\n2022. The Committee will determine the vesting outcome of this element of the bonus in the coming months, when there
\nis greater clarity in respect of the comparator group total return performance.
288
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n36 LEASES
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nOperating lease receipts
\nMinimum lease receipts under non-cancellable operating leases to be received:
\nnot later than one year
200.8
188.5
\nlater than one year and not later than \ufb01ve years
642.3
609.4
\nlater than \ufb01ve years
884.1
833.5
\n1,727.2
1,631.4
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nHeadlease obligations
\nMinimum lease payments under headleases that
\nfall due:
\nnot later than one year
1.8
52.2
2.1
2.1
\nlater than one year and not later than \ufb01ve years
6.9
3.2
8.4
8.3
\nlater than \ufb01ve years
211.3
193.7
18.9
21.0
\n220.0
249.1
29.4
31.4
\nFuture contingent rent payable on headleases
\u2013
(0.3)
\u2013
\u2013
\nFuture \ufb01nance charges on headleases
(185.0)
(178.2)
(6.5)
(7.3)
\nPresent value of headlease liabilities
35.0
70.6
22.9
24.1
\nPresent value of minimum headlease obligations:
\nnot later than one year
0.5
51.2
1.3
1.2
\nlater than one year and not later than \ufb01ve years
1.7
(0.1)
5.5
5.3
\nlater than \ufb01ve years
32.8
19.5
16.1
17.6
\n35.0
70.6
22.9
24.1
\nThe Group has approximately 629 leases granted to its tenants. These vary dependent on the individual tenant and the
\nrespective property and demise but typically are let for a term of \ufb01ve to 20 years, at a market rent with provisions to review
\nto market rent every \ufb01ve years. Standard lease provisions include service charge payments and recovery of other direct
\ncosts. The weighted average lease length of the leases commencing during 2022 was 8.1 years (2021: 8.4 years). Of these
\nleases, on a weighted average basis, 94% (2021: 94%) included a rent-free or half rent period.
\n37 POST BALANCE SHEET EVENTS
\nIn January 2023, the Group exchanged contracts and completed the disposal of its freehold interest in 19 Charterhouse
\nStreet EC1 for \u00a354.0m before costs.
Financial statements
289
\n38 LIST OF SUBSIDIARIES AND JOINT VENTURES
\nA full list of subsidiaries and joint ventures as at 31 December 2022 is set out below:
\nOwnership
\n2
\nPrincipal
\nSubsidiaries
\nAsta Commercial Limited
100%
Property investment
\nBargate Quarter Limited
65%
Investment company
\nBBR (Commercial) Limited
100%
Dormant
\nBBR Property Limited
\n1
\n100%
Dormant
\nCaledonian Properties Limited
100%
Property investment
\nCaledonian Property Estates Limited
100%
Property investment
\nCaledonian Property Investments Limited
100%
Property investment
\nCarlton Construction & Development Company Limited
100%
Dormant
\nCentral London Commercial Estates Limited
100%
Property investment
\nCharlotte Apartments Limited
100%
Property investment
\n80 Charlotte Street Limited
\n1
\n100%
Property investment
\nDerwent Asset Management Limited
\n1
\n100%
Property management
\nDerwent Central Cross Limited
\n1
\n100%
Property investment
\nDerwent Henry Wood Limited
\n1
\n100%
Property investment
\nDerwent London Angel Building Limited
100%
Property investment
\nDerwent London AD Limited
\n1
\n100%
Energy production
\nDerwent London Asta Limited
100%
Property trading
\nDerwent London Asta Residential Limited
100%
Dormant
\nDerwent London Baker Street Limited
100%
Property investment
\nDerwent London BH Limited
\n1
\n100%
Property investment
\nDerwent London Brixton Limited
\n1
\n100%
Property investment
\nDerwent London BSP Limited
100%
Property investment
\nDerwent London Capital No. 3 (Jersey) Limited
\n1
\n100%
Finance company
\nDerwent London Charlotte Street (Commercial) Limited
100%
Dormant
\nDerwent London Charlotte Street Limited
\n1
\n100%
Dormant
\nDerwent London Copyright House Limited
\n1
\n100%
Dormant
\nDerwent London Development Services Limited
\n1
\n100%
Development services
\nDerwent London Farringdon Limited
\n1
\n100%
Property investment
\nDerwent London Featherstone Limited
\n1
\n100%
Property investment
\nDerwent London Gallery Limited
\n1
\n100%
Property investment
\nDerwent London Grafton Limited
\n1
\n100%
Dormant
\nDerwent London George Street Limited
\n1
\n100%
Property trading
\nDerwent London Green Energy Limited
\n1
\n100%
Energy production
\nDerwent London Holden House Limited
\n1
\n100%
Property investment
\nDerwent London Holford Works Limited
\n1
\n100%
Property investment
\nDerwent London Horseferry Limited
\n1
\n100%
Property investment
\nDerwent London Howland Limited
\n1
\n100%
Dormant
\nDerwent London KSW Limited
\n1
\n100%
Property investment
\nDerwent London No.2 Limited
\n1
\n100%
Property investment
\nDerwent London No.4 Limited
\n1
\n100%
Property investment
\nDerwent London No.5 Limited
\n1
\n100%
Property investment
\nDerwent London No.6 Limited
\n1
\n100%
Property investment
\nDerwent London Oliver's Yard Limited
\n1
\n100%
Property investment
\nDerwent London Page Street (Nominee) Limited
100%
Dormant
\nDerwent London Page Street Limited
\n1
\n100%
Property investment
\nDerwent London Savile Row Limited
\n1
\n100%
Property investment
\nDerwent London White Chapel Limited
\n1
\n100%
Property investment
\nDerwent London White Collar Limited
\n1
\n100%
Property investment
290
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n38 LIST OF SUBSIDIARIES AND JOINT VENTURES
continued
\nOwnership
\n2
\nPrincipal
\nSubsidiaries
continued
\nDerwent London Whit\ufb01eld Street Limited
\n1
\n100%
Property investment
\nDerwent Valley Central Limited
\n1
\n100%
Property investment
\nDerwent Valley Employee Trust Limited
\n1
\n100%
Employee trust
\nDerwent Valley Finance Limited
100%
Investment holding
\nDerwent Valley Limited
100%
Holding company
\nDerwent Valley London Limited
\n1
\n100%
Property investment
\nDerwent Valley Property Developments Limited
\n1
\n100%
Property investment
\nDerwent Valley Property Investments Limited
\n1
\n100%
Property investment
\nDerwent Valley Property Trading Limited
\n1
\n100%
Property trading
\nDerwent Valley Railway Company
\n1
\n100%
Dormant
\nDerwent Valley West End Limited
\n1
\n100%
Property investment
\nKensington Commercial Property Investments Limited
100%
Property investment
\nLMS (City Road) Limited
100%
Property investment
\nLMS Finance Limited
100%
Investment holding
\nLMS O\ufb00ices Limited
100%
Property investment
\nLondon Merchant Securities Limited
\n1
\n100%
Holding company
\nThe New River Company Limited
100%
Property investment
\nUrban\ufb01rst Limited
100%
Investment holding
\nWest London & Suburban Property Investments Limited
100%
Property investment
\nJoint ventures
\nDerwent Lazari Baker Street GP Limited
50%
Management company
\nDorrington Derwent Holdings Limited
50%
Holding company
\nDorrington Derwent Investments Limited
50%
Investment company
\nPrescot Street GP Limited
50%
Management company
\nPrescot Street Nominees Limited
50%
Dormant
\nPrimister Limited
50%
Property investment
\n1
Indicates subsidiary undertakings held directly.
\n2 All holdings are of ordinary shares.
\nThe Company controls 50% of the voting rights of its joint ventures, which are accounted for and disclosed in accordance
\nwith IFRS 11 Joint Arrangements.
\nAll of the entities above are incorporated and domiciled in England and Wales, with the exception of Derwent London
\nCapital No. 3 (Jersey) Limited which is incorporated and domiciled in Jersey. In addition, all the entities are registered at
\n25 Savile Row, London, W1S 2ER, with the exception of:
\n\u2022 Derwent London Capital No. 3 (Jersey) Limited, which is registered at 47 Esplanade, St Helier, JE1 0BD, Channel Islands;
\n\u2022 Dorrington Derwent Holdings Limited and Dorrington Derwent Investments Limited, which are registered at 16 Hans
\nRoad, London, SW3 1RT; and
\n\u2022 Primister Limited, which is registered at Quadrant House, Floor 6, 4 Thomas More Square, London, E1W 1YW.
\n39 RELATED PARTY DISCLOSURE
\nDetails of Directors\u2019 remuneration are given in the report of the Remuneration Committee on pages 190 to 223 and note 11.
\nDetails of transactions with joint ventures are shown in note 19. A full list of subsidiaries and joint ventures is given in note
\n38. Other related party transactions are as follows:
\nGroup
\nThe Group earned fees of \u00a30.5m (2021: \u00a30.1m) in relation to development management, asset management and
\nadministration of the Derwent Lazari Baker Street Limited Partnership.
Financial statements
291
\nCompany
\nThe Company received interest from and paid interest to some of its subsidiaries during the year. These transactions are
\nsummarised below:
\nInterest income/(expense)
Balance receivable/(payable)
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nRelated party
\n80 Charlotte Street Limited
9.3
9.1
270.7
222.7
\nDerwent Asset Management Limited
\u2013
\u2013
(1.1)
(1.0)
\nDerwent Central Cross Limited
6.6
7.6
174.3
180.6
\nDerwent Henry Wood Limited
(0.2)
(0.2)
(3.5)
(5.3)
\nDerwent London AD Limited
\u2013
\u2013
(5.0)
(5.0)
\nDerwent London Angel Square Limited
\u2013
(0.2)
\u2013
\u2013
\nDerwent London BH Limited
(0.3)
0.2
(45.8)
14.7
\nDerwent London Brixton Limited
1.1
1.8
12.1
40.9
\nDerwent London BSP Limited
1.3
\u2013
35.7
3.3
\nDerwent London Capital No. 3 (Jersey) Limited
\n1
\n(3.9)
(3.9)
(170.2)
(168.3)
\nDerwent London Development Services Limited
2.1
2.7
30.4
80.3
\nDerwent London Farringdon Limited
(0.7)
(0.6)
(24.8)
(18.3)
\nDerwent London Featherstone Limited
1.0
0.9
34.6
20.4
\nDerwent London Gallery Limited
\u2013
\u2013
0.4
(0.2)
\nDerwent London George Street Limited
(0.1)
\u2013
8.1
(4.5)
\nDerwent London Green Energy Limited
\u2013
\u2013
(3.9)
(4.6)
\nDerwent London Holden House Limited
3.1
4.9
46.1
117.2
\nDerwent London Holford Works Limited
0.6
0.5
16.2
15.9
\nDerwent London Horseferry Limited
\u2013
(0.1)
\u2013
(3.0)
\nDerwent London KSW Limited
(4.1)
(4.4)
(110.6)
(107.0)
\nDerwent London No.2 Limited
3.4
1.1
56.3
128.0
\nDerwent London No.4 Limited
1.3
\u2013
37.0
(20.0)
\nDerwent London No.5 Limited
\u2013
\u2013
(17.3)
\u2013
\nDerwent London No.6 Limited
\u2013
\u2013
3.1
\u2013
\nDerwent London Oliver's Yard Limited
2.6
5.2
18.1
124.5
\nDerwent London Page Street Limited
\u2013
(0.2)
\u2013
(5.8)
\nDerwent London Savile Row Limited
\u2013
(0.1)
(0.5)
(5.2)
\nDerwent London White Chapel Limited
1.2
\u2013
64.6
(2.8)
\nDerwent London White Collar Limited
\u2013
\u2013
(2.0)
(2.3)
\nDerwent London Whit\ufb01eld Street Limited
1.7
1.9
45.5
46.1
\nDerwent Valley Central Limited
3.6
4.2
(20.0)
114.8
\nDerwent Valley London Limited
4.4
2.4
150.5
109.1
\nDerwent Valley Property Developments Limited
(8.1)
(7.9)
(223.1)
(195.1)
\nDerwent Valley Property Investments Limited
(4.8)
(5.0)
(131.2)
(123.1)
\nDerwent Valley Property Trading Limited
0.1
0.3
2.5
6.1
\nDerwent Valley Railway Company
\n2
\n\u2013
\u2013
(0.2)
(0.2)
\nDerwent Valley West End Limited
(0.1)
(0.1)
(3.8)
(3.7)
\nLondon Merchant Securities Limited
\n3
\n(10.9)
(5.6)
(339.5)
(142.1)
\n10.2
14.5
(96.3)
407.1
\n1
The payable balance at 31 December 2022 includes the intercompany loan of \u00a3170.1m (2021: \u00a3168.3m) included in note 25.
\n2 Dormant company.
\n3
Balance owed includes subsidiaries which form part of the LMS sub-group.
\nThe Company has not made any provision for bad or doubtful debts in respect of related party debtors. Intercompany
\nbalances are repayable on demand except the loan from Derwent London Capital No. 3 (Jersey) Limited, the payment and
\nrepayment terms of which mirror those of the convertible bonds.
\nInterest is charged on the on-demand intercompany balances at an arm\u2019s length basis.
292
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n40 EPRA PERFORMANCE MEASURES AND CORE RECOMMENDATIONS
\nUnaudited unless stated otherwise.
\nSummary table of EPRA performance measures
\n2022
2021
\nPence
\nper share
\np
\nPence
\nper share
\np
\nEPRA earnings (audited
\n1
\n) (restated)
\u00a3119.7m
106.62
\u00a3121.7m
108.53
\nEPRA Net Tangible Assets (audited
\n1
\n)
\u00a34,083.7m
3,632
\u00a34,454.2m
3,959
\nEPRA Net Disposal Value (audited
\n1
\n)
\u00a34,236.2m
3,768
\u00a34,369.6m
3,884
\nEPRA Net Reinstatement Value (audited
\n1
\n)
\u00a34,447.4m
3,956
\u00a34,839.7m
4,301
\nEPRA Cost Ratio (including direct vacancy costs) (restated)
23.3%
24.9%
\nEPRA Cost Ratio (excluding direct vacancy costs) (restated)
19.5%
21.7%
\nEPRA Net Initial Yield
3.7%
3.3%
\nEPRA 'topped-up' Net Initial Yield
4.6%
4.4%
\nEPRA Vacancy Rate
6.4%
1.6%
\n1
EPRA earnings and EPRA Net Asset Value metrics for 2022 have been audited.
\nThe de\ufb01nition of these measures can be found on pages 311 and 312.
\nNumber of shares
\nEarnings per share
Net asset value per share
\nWeighted average
At 31 December
\n2022
\nAudited
\n\u2018000
\n2021
\nUnaudited
\n\u2018000
\n2022
\nAudited
\n\u2018000
\n2021
\nUnaudited
\n\u2018000
\nFor use in basic measures
112,270
112,139
112,291
112,209
\nDilutive e\ufb00ect of share-based payments
142
273
138
308
\nFor use in diluted measures
112,412
112,412
112,429
112,517
\nThe \u00a3175m unsecured convertible bonds 2025 (\u20182025 bonds\u2019) have an initial conversion price set at \u00a344.96.
\nThe Group recognises the e\ufb00ect of conversion of the bonds if they are both dilutive and, based on the share price, likely to
\nconvert. For the year ended 31 December 2021 and 2022, the Group did not recognise the dilutive impact of the conversion
\nof the 2025 bonds on its earnings per share (EPS) or net asset value (NAV) per share metrics as, based on the share price
\nat the end of each year, the bonds were not expected to convert.
\nThe following tables set out reconciliations between the IFRS and EPRA earnings for the year and earnings per share.
\nThe adjustments made between the \ufb01gures are as follows:
\nA \u2013
Disposal of investment and trading property (including the Group\u2019s share in joint ventures), and associated tax and
\nnon-controlling interest.
\nB \u2013
Revaluation movement on investment property and in joint ventures, write-down of trading property and associated
\ndeferred tax and non-controlling interest.
\nC \u2013
Fair value movement and termination costs relating to derivative \ufb01nancial instruments, associated non-controlling
\ninterest and loan arrangement costs written o\ufb00.
Financial statements
293
\nEarnings and earnings per share
\nIFRS
\n\u00a3m
\nAdjustments
\nEPRA
\nbasis
\n\u00a3m
\nA
\n\u00a3m
\nB
\n\u00a3m
\nC
\n\u00a3m
\nYear ended 31 December 2022 (audited)
\nNet property and other income
194.6
(0.2)
0.2
\u2013
194.6
\nTotal administrative expenses
(36.4)
\u2013
\u2013
\u2013
(36.4)
\nRevaluation de\ufb01cit
(422.1)
\u2013
422.1
\u2013
\u2013
\nPro\ufb01t on disposal of investments
25.6
(25.6)
\u2013
\u2013
\u2013
\nNet \ufb01nance costs
(39.4)
\u2013
\u2013
\u2013
(39.4)
\nMovement in fair value of derivative \ufb01nancial
\ninstruments
5.8
\u2013
\u2013
(5.8)
\u2013
\nFinancial derivative termination costs
(0.3)
\u2013
\u2013
(0.1)
(0.4)
\nShare of results of joint ventures
(7.3)
\u2013
9.3
\u2013
2.0
\nLoss before tax
(279.5)
(25.8)
431.6
(5.9)
120.4
\nTax charge
(1.0)
\u2013
0.3
\u2013
(0.7)
\nEarnings attributable to equity shareholders
(280.5)
(25.8)
431.9
(5.9)
119.7
\n(Loss)/earnings per share
(249.84p)
106.62p
\nDiluted (loss)/earnings per share
(249.84p)
106.48p
\nThe diluted loss per share for the period to 31 December 2022 was restricted to a loss of 249.84p per share, as the loss per
\nshare cannot be reduced by dilution in accordance with IAS 33, Earnings Per Share.
\nIFRS
\n\u00a3m
\nAdjustments
\nEPRA
\nbasis
\n\u00a3m
\nA
\n\u00a3m
\nB
\n\u00a3m
\nC
\n\u00a3m
\nYear ended 31 December 2021 (unaudited)
\nNet property and other income (restated)
187.2
(0.7)
1.4
\u2013
187.9
\nTotal administrative expenses
(37.1)
\u2013
\u2013
\u2013
(37.1)
\nRevaluation surplus (restated)
131.1
\u2013
(131.1)
\u2013
\u2013
\nPro\ufb01t on disposal of investments
10.4
(10.4)
\u2013
\u2013
\u2013
\nNet \ufb01nance costs
(28.1)
\u2013
\u2013
\u2013
(28.1)
\nMovement in fair value of derivative \ufb01nancial
\ninstruments
4.8
\u2013
\u2013
(4.8)
\u2013
\nFinancial derivative termination costs
(1.9)
\u2013
\u2013
1.9
\u2013
\nShare of results of joint ventures
(13.9)
\u2013
14.2
\u2013
0.3
\nPro\ufb01t before tax
252.5
(11.1)
(115.5)
(2.9)
123.0
\nTax credit
1.3
\u2013
(1.5)
\u2013
(0.2)
\nPro\ufb01t for the year
253.8
(11.1)
(117.0)
(2.9)
122.8
\nNon-controlling interest
(1.5)
\u2013
0.4
\u2013
(1.1)
\nEarnings attributable to equity shareholders (restated)
252.3
(11.1)
(116.6)
(2.9)
121.7
\nEarnings per share (restated)
224.99p
108.53p
\nDiluted earnings per share (restated)
224.44p
108.26p
294
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n40 EPRA PERFORMANCE MEASURES AND CORE RECOMMENDATIONS
continued
\nEPRA Net Asset Value metrics
\n2022
\nAudited
\n\u00a3m
\n2021
\nUnaudited
\n\u00a3m
\nNet assets attributable to equity shareholders
4,075.5
4,441.8
\nAdjustment for:
\nRevaluation of trading properties
4.8
1.9
\nDeferred tax on revaluation surplus
\n1
\n1.9
1.7
\nFair value of derivative \ufb01nancial instruments
(5.0)
0.8
\nFair value adjustment to secured bonds
6.5
8.0
\nEPRA Net Tangible Assets
4,083.7
4,454.2
\nPer share measure \u2013 diluted
3,632p
3,959p
\nNet assets attributable to equity shareholders
4,075.5
4,441.8
\nAdjustment for:
\nRevaluation of trading properties
4.8
1.9
\nFair value adjustment to secured bonds
6.5
8.0
\nMark-to-market of \ufb01xed rate debt
159.5
(69.5)
\nUnamortised issue and arrangement costs
(10.1)
(12.6)
\nEPRA Net Disposal Value
4,236.2
4,369.6
\nPer share measure \u2013 diluted
3,768p
3,884p
\nNet assets attributable to equity shareholders
4,075.5
4,441.8
\nAdjustment for:
\nRevaluation of trading properties
4.8
1.9
\nDeferred tax on revaluation surplus
3.7
3.3
\nFair value of derivative \ufb01nancial instruments
(5.0)
0.8
\nFair value adjustment to secured bonds
6.5
8.0
\nPurchasers' costs
\n2
\n361.9
383.9
\nEPRA Net Reinstatement Value
4,447.4
4,839.7
\nPer share measure \u2013 diluted
3,956p
4,301p
\n1
Only 50% of the deferred tax on the revaluation surplus is excluded.
\n2 Includes Stamp Duty Land Tax. Total costs assumed to be 6.8% of the portfolio\u2019s fair value.
Financial statements
295
\nCost ratio (unaudited)
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nAdministrative expenses
36.4
37.1
\nWrite-o\ufb00/impairment of receivables
(1.0)
2.2
\nOther property costs
12.7
10.4
\nDilapidation receipts
(0.5)
(0.9)
\nNet service charge costs
5.1
3.4
\nService charge costs recovered through rents but not separately invoiced
(0.7)
(0.6)
\nManagement fees received less estimated pro\ufb01t element
(4.2)
(3.5)
\nShare of joint ventures' expenses
0.5
0.1
\nEPRA costs (including direct vacancy costs) (A)
48.3
48.2
\nDirect vacancy costs
(7.9)
(6.1)
\nEPRA costs (excluding direct vacancy costs) (B)
40.4
42.1
\nGross rental income
207.0
195.3
\nGround rent
(1.7)
(1.4)
\nService charge components of rental income
(0.7)
(0.5)
\nShare of joint ventures' rental income less ground rent
2.5
0.5
\nAdjusted gross rental income (C)
207.1
193.9
\nEPRA cost ratio (including direct vacancy costs) (A/C)
23.3%
24.9%
\nEPRA cost ratio (excluding direct vacancy costs) (B/C)
19.5%
21.7%
\nIn addition to the two EPRA cost ratios, the Group has calculated an additional cost ratio based on its property portfolio fair
\nvalue to recognise the \u2018total return\u2019 nature of the Group\u2019s activities.
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nProperty portfolio at fair value (D)
5,321.8
5,646.3
\nPortfolio cost ratio (A/D)
0.9%
0.9%
\nThe Group has not capitalised any overheads in either 2022 or 2021.
296
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n40 EPRA PERFORMANCE MEASURES AND CORE RECOMMENDATIONS
continued
\nNet Initial Yield and \u2018topped-up\u2019 Net Initial Yield (unaudited)
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nProperty portfolio \u2013 wholly owned
5,321.8
5,646.3
\nShare of joint ventures
42.5
50.0
\nLess non-EPRA properties
\n1
\n(364.4)
(785.3)
\nCompleted property portfolio
4,999.9
4,911.0
\nAllowance for:
\nEstimated purchasers' costs
340.0
334.0
\nEPRA property portfolio valuation (A)
5,339.9
5,245.0
\nAnnualised contracted rental income, net of ground rents
201.6
175.9
\nShare of joint ventures
2.6
2.5
\nLess non-EPRA properties
\n1
\n(0.6)
(0.5)
\nAdd outstanding rent reviews
3.1
0.1
\nLess estimate of non-recoverable expenses
(7.5)
(3.5)
\n(5.0)
(3.9)
\nCurrent income net of non-recoverable expenses (B)
199.2
174.5
\nContractual rental increases across the portfolio
46.4
55.5
\nContractual rental increases across the EPRA portfolio
46.4
55.5
\n\u2018Topped-up\u2019 net annualised rent (C)
245.6
230.0
\nEPRA net initial yield (B/A)
3.7%
3.3%
\nEPRA 'topped-up' net initial yield (C/A)
4.6%
4.4%
\nVacancy rate (unaudited)
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAnnualised estimated rental value of vacant premises
17.3
3.8
\nPortfolio estimated rental value
307.7
293.8
\nLess non-EPRA properties
\n1
\n(38.0)
(59.9)
\n269.7
233.9
\nEPRA vacancy rate
6.4%
1.6%
\n1
In accordance with EPRA best practice guidelines, deductions are made for development properties, land and long-dated reversions.
Financial statements
297
\nLike-for-like rental growth (unaudited)
\nLike-for-like
\nportfolio
\n\u00a3m
\nDevelopment
\nproperty
\n\u00a3m
\nAcquisitions and
\ndisposals
\n\u00a3m
\nTotal
\n\u00a3m
\n2022
\nGross rental income
181.9
15.0
10.1
207.0
\nOther property expenditure
(13.8)
(5.2)
(0.5)
(19.5)
\nWrite-o\ufb00/impairment of receivables
0.2
0.7
0.1
1.0
\nNet rental income
168.3
10.5
9.7
188.5
\nOther
6.1
(0.2)
0.2
6.1
\nNet property and other income
174.4
10.3
9.9
194.6
\n2021
\nGross rental income
179.9
7.1
8.3
195.3
\nOther property expenditure
(11.9)
(1.3)
(2.0)
(15.2)
\nWrite-o\ufb00/impairment of receivables
(1.6)
(0.4)
(0.2)
(2.2)
\nNet rental income
166.4
5.4
6.1
177.9
\nOther
9.8
(1.2)
0.7
9.3
\nNet property and other income
176.2
4.2
6.8
187.2
\nChange based on:
\nGross rental income
1.1%
6.0%
\nNet rental income
1.1%
6.0%
\nNet property and other income
(1.0%)
4.0%
\nProperty-related capital expenditure (unaudited)
\n2022
2021
\nGroup
\n(excl. Joint
\nventures)
\n\u00a3m
\nJoint ventures
\n(50% share)
\n\u00a3m
\nTotal
\nGroup
\n\u00a3m
\nGroup
\n(excl. Joint
\nventures)
\n\u00a3m
\nJoint ventures
\n(50% share)
\n\u00a3m
\nTotal
\nGroup
\n\u00a3m
\nAcquisitions
133.0
\u2013
133.0
353.6
60.0
413.6
\nDevelopment
94.7
1.6
96.3
146.6
0.2
146.8
\nInvestment properties
\nIncremental lettable space
0.9
\u2013
0.9
0.1
\u2013
0.1
\nNo incremental lettable space
18.5
\u2013
18.5
16.7
\u2013
16.7
\nTenant incentives
0.8
\u2013
0.8
2.5
\u2013
2.5
\nCapitalised interest
6.9
\u2013
6.9
12.0
\u2013
12.0
\nTotal capital expenditure
254.8
1.6
256.4
531.5
60.2
591.7
\nConversion from accrual to cash basis
11.1
0.1
11.2
(107.6)
(0.2)
(107.8)
\nTotal capital expenditure on a cash basis
265.9
1.7
267.6
423.9
60.0
483.9
\n1
In the prior year, the conversion from accrual to cash basis \ufb01gure includes \u00a3100.7m in relation to the regrant of a headlease at 25 Baker Street W1.
298
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n41 TOTAL RETURN (UNAUDITED)
\n2022
\np
\n2021
\np
\nEPRA Net Tangible Assets on a diluted basis
\nAt end of year
3,632
3,959
\nAt start of year
(3,959)
(3,812)
\n(Decrease)/increase
(327)
147
\nDividend per share
78
75
\n(Decrease)/increase including dividend
(249)
222
\nTotal return
(6.3%)
5.8%
\n42 GEARING AND INTEREST COVER
\nNAV gearing
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNet debt
1,257.2
1,251.5
\nNet assets
4,075.5
4,441.8
\nNAV gearing
30.8%
28.2%
\nLoan-to-value ratio
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nGroup loan-to-value ratio
\nNet debt
1,257.2
1,251.5
\nFair value adjustment of secured bonds
(6.5)
(8.0)
\nUnamortised discount on unsecured green bonds
1.7
1.8
\nUnamortised issue and arrangement costs
10.1
12.6
\nLeasehold liabilities
(35.0)
(70.6)
\nDrawn debt net of cash (A)
1,227.5
1,187.3
\nFair value of property portfolio (B)
5,321.8
5,646.3
\nLoan-to-value ratio (A/B)
23.1%
21.0%
\nProportionally consolidated loan-to-value ratio
\nDrawn debt net of cash (A)
1,227.5
1,187.3
\nShare of cash and cash equivalents in joint ventures
(1.6)
(1.2)
\nDrawn debt net of cash including Group's share of joint ventures (C)
1,225.9
1,186.1
\nFair value of property portfolio (B)
5,321.8
5,646.3
\nShare of fair value of property portfolio of joint ventures
42.4
50.0
\nFair value of property portfolio including Group's share of joint ventures (D)
5,364.2
5,696.3
\nProportionally consolidated loan-to-value ratio (C/D)
22.9%
20.8%
\nEPRA loan-to-value ratio
\nDrawn debt net of cash including Group's share of joint ventures (C)
1,225.9
1,186.1
\nDebt with equity characteristics
(19.7)
(12.3)
\nAdjustment for hybrid debt instruments
3.3
4.5
\nNet payables adjustment
74.1
91.7
\nAdjusted debt (E)
1,283.6
1,270.0
\nFair value of property portfolio including Group's share of joint ventures (D)
5,364.2
5,696.3
\nEPRA loan-to-value ratio (E/D)
23.9%
22.3%
Financial statements
299
\nNet interest cover ratio
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nGroup net interest cover ratio
\nNet property and other income
194.6
187.2
\nAdjustments for:
\nOther income
(4.2)
(3.5)
\nOther property income
(0.3)
(2.0)
\nSurrender premiums received
(1.1)
(3.6)
\nWrite-down of trading property
0.2
1.4
\nPro\ufb01t on disposal of trading properties
(0.2)
(0.7)
\nAdjusted net property income
189.0
178.8
\nFinance income
(0.3)
\u2013
\nFinance costs
39.7
28.1
\n39.4
28.1
\nAdjustments for:
\nFinance income
0.3
\u2013
\nOther \ufb01nance costs
(0.3)
(0.2)
\nAmortisation of fair value adjustment to secured bonds
1.4
1.3
\nAmortisation of issue and arrangement costs
(2.6)
(2.5)
\nFinance costs capitalised
7.0
12.0
\nNet interest payable
45.2
38.7
\nGroup net interest cover ratio
418%
462%
\nProportionally consolidated net interest cover ratio
\nAdjusted net property income
189.0
178.8
\nShare of joint ventures' net property income
2.1
0.4
\nAdjusted net property income including share of joint ventures
191.1
179.2
\nNet interest payable
45.2
38.7
\nProportionally consolidated net interest cover ratio
423%
463%
\n43 SIGNIFICANT ACCOUNTING POLICIES
\nBasis of consolidation
\nThe Group \ufb01nancial statements incorporate the \ufb01nancial statements of Derwent London plc and all of its subsidiaries,
\ntogether with the Group\u2019s share of the results of its joint ventures.
\nSubsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity
\nwhen the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability
\nto a\ufb00ect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is
\ntransferred to the Group. They are no longer consolidated from the date that control ceases.
\nJoint ventures are those entities over whose activities the Group has joint control, established by contractual agreement.
\nInterests in joint ventures are accounted for using the equity method of accounting as permitted by IFRS 11 Joint
\nArrangements, and following the procedures for this method set out in IAS 28 Investments in Associates and Joint
\nVentures. The equity method requires the Group\u2019s share of the joint venture\u2019s post-tax pro\ufb01t or loss for the year to be
\npresented separately in the income statement and the Group\u2019s share of the joint venture\u2019s net assets to be presented
\nseparately in the balance sheet.
\nIntra-group balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing
\nthe consolidated \ufb01nancial statements. Unrealised gains arising from transactions with joint ventures are eliminated to the
\nextent of the Group\u2019s interest in the joint venture concerned. Unrealised losses are eliminated in the same way, but only to
\nthe extent that there is no evidence of impairment.
300
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n43 SIGNIFICANT ACCOUNTING POLICIES
continued
\nGross property income
\nGross property income arises from two main sources:
\n(i)
Rental income
\u2013 This arises from operating leases granted to tenants. An operating lease is a lease other than a \ufb01nance
\nlease. A \ufb01nance lease is one whereby substantially all the risks and rewards of ownership are passed to the lessee.
\nRental income is recognised in the Group income statement on a straight-line basis over the term of the lease in
\naccordance with IFRS 16 Leases. This includes the e\ufb00ect of lease incentives given to tenants, which are normally in the
\nform of rent-free or half rent periods or capital contributions in lieu of rent-free periods, and the e\ufb00ect of contracted rent
\nuplifts and payments received from tenants on the grant of leases. Where the total consideration due under a lease is
\nmodi\ufb01ed, the revised total amount due under the lease is recognised on a straight-line basis over the remaining term
\nof the lease. Where rent demanded is forgiven for periods that have passed, these amounts are assessed under IFRS
\n9 and written o\ufb00. Where rent is forgiven for future periods, this is considered a lease modi\ufb01cation and spread on a
\nstraight-line basis over the remaining lease term in accordance with IFRS 16.
\nFor income from property leased out under a \ufb01nance lease, a lease receivable asset is recognised in the balance
\nsheet at an amount equal to the net investment in the lease, as de\ufb01ned in IFRS 16 Leases. Minimum lease payments
\nreceivable, again de\ufb01ned in IFRS 16, are apportioned between \ufb01nance income and the reduction of the outstanding
\nlease receivable so as to produce a constant periodic rate of return on the remaining net investment in the lease.
\nContingent rents, being the di\ufb00erence between the rent currently receivable and the minimum lease payments when
\nthe net investment in the lease was originally calculated, are recognised in property income in the years in which they
\nare receivable.
\n(ii)
Surrender premiums
\u2013 Payments received from tenants to surrender their lease obligations are recognised
\nimmediately in the Group income statement. In circumstances where surrender payments received relate to speci\ufb01c
\nperiods, they are deferred and recognised in those periods.
\nOther income
\nOther income consists of commissions, fees charged to tenants for the management of certain Group properties and
\nadministration services provided to joint ventures. Other income is recognised in the Group income statement in
\naccordance with the delivery of services as required by IFRS 15 Revenue from Contracts with Customers.
\nService charges
\nService charge income relates to expenditure that is directly recoverable from tenants, excluding management fees which
\nare included in \u2018other income\u2019. Service charge income is recognised as revenue in the period to which it relates as required
\nby IFRS 15 Revenue from Contracts with Customers.
\nExpenses
\n(i)
Lease payments
\u2013 Where investment properties are held under operating leases, the leasehold interest is classi\ufb01ed as
\nif it were held under a \ufb01nance lease, which is recognised at its fair value on the balance sheet, within the investment
\nproperty carrying value. Upon initial recognition, a corresponding liability is included as a \ufb01nance lease liability.
\nMinimum lease payments are apportioned between the \ufb01nance charge and the reduction of the outstanding liability
\nso as to produce a constant periodic rate of interest on the remaining \ufb01nance lease liability. Contingent rents payable,
\nbeing the di\ufb00erence between the rent currently payable and the minimum lease payments when the lease liability was
\noriginally calculated, are charged as expenses within property expenditure in the years in which they are payable.
\n(ii)
Dilapidations
\u2013 Dilapidations monies received from tenants in respect of their lease obligations are recognised
\nimmediately in the Group income statement, unless they relate to future capital expenditure. In the latter case, where
\nthe costs are considered to be recoverable they are capitalised as part of the carrying value of the property.
\n(iii)
Reverse surrender premiums
\u2013 Payments made to tenants to surrender their lease obligations are charged directly to the
\nGroup income statement unless the payment is to enable the probable redevelopment of a property. In the latter case,
\nwhere the costs are considered to be recoverable, they are capitalised as part of the carrying value of the property.
\n(iv)
Other property expenditure
\u2013 Vacant property costs and other property costs are expensed in the year to which
\nthey relate, with the exception of the initial direct costs incurred in negotiating and arranging leases which are, in
\naccordance with IFRS 16 Leases, added to the carrying value of the relevant property and recognised as an expense
\nover the lease term on the same basis as the lease income.
Financial statements
301
\nEmployee bene\ufb01ts
\n(i) Share-based remuneration
\nEquity-settled
\u2013 The Company operates a long-term incentive plan and share option scheme. The fair value of the
\nconditional awards of shares granted under the long-term incentive plan and the options granted under the share
\noption scheme are determined at the date of grant. This fair value is then expensed on a straight-line basis over the
\nvesting period, based on an estimate of the number of shares that will eventually vest. At each reporting date, the
\nnon-market based performance criteria of the long-term incentive plan are reconsidered and the expense is revised as
\nnecessary. In respect of the share option scheme, the fair value of the options granted is calculated using a binomial
\nlattice pricing model.
\nUnder the transitional provisions of IFRS 1, no expense is recognised for options or conditional shares granted on or
\nbefore 7 November 2002.
\n(ii) Pensions
\nDe\ufb01ned contribution plans
\u2013 Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an
\nexpense in the Group income statement in the period to which they relate.
\nDe\ufb01ned bene\ufb01t plans
\u2013 The Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t post-employment plans, including
\npension plans, is calculated separately for each plan by estimating the amount of future bene\ufb01t that employees have
\nearned in return for their service in the current and prior periods. That bene\ufb01t is discounted to determine its present
\nvalue, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on
\nAA credit rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation
\nis performed by a quali\ufb01ed actuary using the projected unit credit method. Any actuarial gain or loss in the period is
\nrecognised in full in the Group statement of comprehensive income.
\nBusiness combinations
\nBusiness combinations are accounted for under the acquisition method. Any excess of the purchase price of business
\ncombinations over the fair value of the assets, liabilities and contingent liabilities acquired and resulting deferred tax
\nthereon is recognised as goodwill. Any discount is credited to the Group income statement in the period of acquisition.
\nGoodwill is recognised as an asset and reviewed for impairment. Any impairment is recognised immediately in the Group
\nincome statement and is not subsequently reversed. Any residual goodwill is reviewed annually for impairment.
\nInvestment property
\n(i)
Valuation
\u2013 Investment properties are those that are held either to earn rental income or for capital appreciation
\nor both, including those that are undergoing redevelopment. Investment properties are measured initially at cost,
\nincluding related transaction costs. After initial recognition, they are carried in the Group balance sheet at fair value
\nadjusted for the carrying value of leasehold interests and lease incentive and letting cost receivables. Fair value is
\nthe price that would be received to sell an investment property in an orderly transaction between market participants
\nat the measurement date. The valuation is undertaken by independent valuers who hold recognised and relevant
\nprofessional quali\ufb01cations and have recent experience in the locations and categories of properties being valued.
\nSurpluses or de\ufb01cits resulting from changes in the fair value of investment property are reported in the Group income
\nstatement in the year in which they arise.
\nThe Group leases out investment properties under operating leases with rents generally payable monthly or quarterly.
\nThe Group is exposed to changes in the residual value of properties at the end of current lease agreements, and
\nmitigates this risk by actively managing its tenant mix in order to maximise the weighted average lease term, minimise
\nvacancies across the portfolio and maximise exposure to tenants with strong \ufb01nancial characteristics. The Group also
\ngrants lease incentives to encourage high quality tenants to remain in properties for longer lease terms.
\n(ii)
Capital expenditure
\u2013 Capital expenditure, being costs directly attributable to the redevelopment or refurbishment of
\nan investment property, up to the point of it being completed for its intended use, are capitalised in the carrying value
\nof that property. In addition, in accordance with IAS 23 Borrowing Costs, \ufb01nance costs that are directly attributable to
\nsuch expenditure are capitalised using the Group\u2019s average cost of borrowings during each quarter.
302
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n43 SIGNIFICANT ACCOUNTING POLICIES
continued
\nInvestment property
continued
\n(iii)
Disposal
\u2013 Properties are treated as disposed when the Group transfers the signi\ufb01cant risks and rewards of ownership
\nto the buyer. Generally this would occur on completion of contract. On disposal, any gain or loss is calculated as the
\ndi\ufb00erence between the net disposal proceeds and the carrying value at the last year end plus subsequent capitalised
\nexpenditure during the year. Where the net disposal proceeds have yet to be \ufb01nalised at the balance sheet date, the
\nproceeds recognised re\ufb02ect the Directors\u2019 best estimate of the amounts expected to be received. Any contingent
\nconsideration is recognised at fair value at the balance sheet date. The fair value is calculated using future discounted
\ncash \ufb02ows based on expected outcomes with estimated probabilities taking account of the risk and uncertainty of
\neach input.
\n(iv)
Development
\u2013 When the Group begins to redevelop an existing investment property for continued use as an investment
\nproperty or acquires a property with the subsequent intention of developing as an investment property, the property
\nis classi\ufb01ed as an investment property and is accounted for as such. When the Group begins to redevelop an existing
\ninvestment property with a view to sale, the property is transferred to trading properties and held as a current asset. The
\nproperty is remeasured to fair value as at the date of transfer with any gain or loss being taken to the income statement.
\nThe remeasured amount becomes the deemed cost at which the property is then carried in trading properties.
\nTrading property and trading stock
\nTrading property relates to property being developed for sale. Trading stock relates to development expenditure which
\nis due to be disposed of to third parties under development agreements. In accordance with IAS 2 Inventories, trading
\nproperty and trading stock are held at the lower of cost and net realisable value. Proceeds from sale are recognised in the
\nGroup\u2019s income statement when title has been transferred to the purchaser as required by IFRS 15 Revenue from Contracts
\nwith Customers.
\nProperty, plant and equipment
\n(i)
Owner-occupied property
\u2013 Owner-occupied property is stated at its revalued amount, which is determined in the
\nsame manner as investment property. It is depreciated over its remaining useful life (40 years) with the depreciation
\nincluded in administrative expenses. On revaluation, any accumulated depreciation is eliminated against the gross
\ncarrying amount of the property concerned, and the net amount restated to the revalued amount. Subsequent
\ndepreciation charges are adjusted based on the revalued amount for each property. Any di\ufb00erence between the
\ndepreciation charge on the revalued amount and that which would have been charged under historic cost is
\ntransferred, net of any related deferred tax, between the revaluation reserve and retained earnings as the property
\nis utilised. Surpluses or de\ufb01cits resulting from changes in the fair value are reported in the Group statement of
\ncomprehensive income. The land element of the property is not depreciated.
\n(ii)
Artwork
\u2013 Artwork is stated at revalued amounts on the basis of open market value.
\n(iii)
Other
\u2013 Plant and equipment is depreciated at a rate of between 10% and 25% per annum which is calculated to write
\no\ufb00 the cost, less estimated residual value of the individual assets, over their expected useful lives.
\nInvestments
\nInvestments in joint ventures, being those entities over whose activities the Group has joint control, as established by
\ncontractual agreement, are included in the Group\u2019s balance sheet at cost together with the Group\u2019s share of post-acquisition
\nreserves, on a net equity basis. Investments in subsidiaries and joint ventures are included in the Company\u2019s balance sheet at
\nthe lower of cost and recoverable amount. Any impairment is recognised immediately in the income statement.
\nNon-current assets held for sale
\nNon-current assets are classi\ufb01ed as held for sale if their carrying value will be recovered through a sale transaction rather
\nthan through continuing use. This condition is regarded as met if the sale is highly probable, the asset is available for
\nimmediate sale in its present condition, being actively marketed and management is committed to the sale which should
\nbe expected to qualify for recognition as a completed sale within one year from the date of classi\ufb01cation.
\nNon-current assets, including related liabilities, classi\ufb01ed as held for sale are measured at the lower of carrying value and
\nfair value less costs of disposal.
Financial statements
303
\nFinancial assets
\n(i)
Cash and cash equivalents
\u2013 Cash at bank comprises cash in hand and on-demand deposits. Cash at bank comprises
\nshort-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an
\ninsigni\ufb01cant risk of changes in value.
\nTenant rent deposits are subject to contractual restrictions and meet the de\ufb01nition of \u2018cash and cash equivalents\u2019
\nunder IAS 7 and are recognised as restricted cash.
\nCash collected on behalf of tenants to fund service charges of properties in the portfolio meet the de\ufb01nition of \u2018cash
\nand cash equivalents\u2019 under IAS 7 and are recognised as restricted cash.
\n(ii)
Trade receivables
\u2013 Trade receivables are recognised and carried at the original transaction value. This balance is subject
\nto impairment testing under IFRS 9 using the forward-looking, simpli\ufb01ed approach to the expected credit loss model.
\n(iii)
Lease incentive receivables
\u2013 In accordance with IFRS 16, rental income is recognised in the Group income statement
\non a straight-line basis over the term of the lease. This includes the e\ufb00ect of lease incentives given to tenants (in the
\nform of rent-free periods, half rent periods or capital contributions in lieu of rent-free periods) and any contracted rental
\nuplifts granted at lease inception. The result is a receivable balance included within accrued income in the balance
\nsheet. This balance is subject to impairment testing under IFRS 9 using the forward-looking, simpli\ufb01ed approach to the
\nexpected credit loss model.
\nFinancial liabilities
\n(i)
Bank loans and \ufb01xed rate loans
\u2013 Bank loans and \ufb01xed rate loans are included as \ufb01nancial liabilities on the balance
\nsheets at amortised cost. Interest payable is expensed as a \ufb01nance cost in the year to which it relates.
\nWhere there has been a change to the terms of a debt agreement, such as the applicable interest rate or benchmark
\nrate, this is assessed under IFRS 9 using quantitative and qualitative assessments to determine if the debt modi\ufb01cation
\nis considered substantial enough to be deemed an extinguishment. It is common for loan facilities agreements to
\ninclude extension options which extend the loan maturity out by one year. When these options are exercised as per the
\nagreement, with no changes to other terms, this is deemed to be a modi\ufb01cation of the loan and not an extinguishment.
\n(ii)
Non-convertible bonds
\u2013 These are included as a \ufb01nancial liability on the balance sheet net of the unamortised
\ndiscount and costs on issue. The di\ufb00erence between this carrying value and the redemption value is recognised in the
\nGroup income statement over the life of the bond on an e\ufb00ective interest basis. Interest payable to bond holders is
\nexpensed in the year to which it relates.
\n(iii)
Convertible bonds
\u2013 The fair value of the liability component of a convertible bond is determined using the market
\ninterest rate for an equivalent non-convertible bond. This amount is recorded as a liability on an amortised cost basis
\nuntil extinguished on conversion or maturity of the bonds. The remainder of the proceeds is allocated to the conversion
\noption. This is recognised and included in shareholders\u2019 equity, net of income tax e\ufb00ects and is not subsequently
\nre-measured. Issue costs are apportioned between the liability and the equity components of the convertible bonds
\nbased on their carrying amounts at the date of issue. The portion relating to the equity component is charged directly
\nagainst equity. The issue costs apportioned to the liability are amortised over the life of the bond. The issue costs
\napportioned to equity are not amortised.
\n(iv)
Finance lease liabilities
\u2013 Finance lease liabilities arise for those investment properties held under a leasehold interest
\nand accounted for as investment property. The liability is initially calculated as the present value of the minimum lease
\npayments, reducing in subsequent years by the apportionment of payments to the lessor, as described above under the
\nheading for lease payments.
\n(v)
Interest rate derivatives
\u2013 The Group uses derivative \ufb01nancial instruments to manage the interest rate risk associated
\nwith the \ufb01nancing of the Group\u2019s business. No trading in \ufb01nancial instruments is undertaken.
\nAt each reporting date, these interest rate derivatives are measured at fair value, being the estimated amount that
\nthe Group would receive or pay to terminate the agreement at the balance sheet date, taking into account current
\ninterest rates and the current credit rating of the counterparties. The gain or loss at each fair value remeasurement
\nis recognised in the Group income statement because the Group does not apply hedge accounting.
\n(vi)
Trade payables
\u2013 Trade payables are recognised and carried at the original transaction value.
304
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n43 SIGNIFICANT ACCOUNTING POLICIES
continued
\nDeferred tax
\nDeferred tax is the tax expected to be payable or recoverable on di\ufb00erences between the carrying amounts of assets and
\nliabilities in the \ufb01nancial statements and the corresponding tax bases used in the tax computations, and is accounted
\nfor using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary
\ndi\ufb00erences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available
\nagainst which deductible temporary di\ufb00erences can be utilised. In respect of the deferred tax on the revaluation surplus,
\nthis is calculated on the basis of the chargeable gains that would crystallise on the sale of the investment portfolio as at
\nthe reporting date. The calculation takes account of available indexation on the historical cost of the properties.
\nDeferred tax is calculated at the tax rates that are expected to apply in the period, based on Acts substantially enacted at
\nthe year end, when the liability is settled or the asset is realised. Deferred tax is included in pro\ufb01t or loss for the period,
\nexcept when it relates to items recognised in other comprehensive income or directly in equity.
\nCash \ufb02ow
\nTransactions in the cash \ufb02ow statement under operating, investing and \ufb01nancing activities have been prepared net of
\nvalue added tax in order to re\ufb02ect the true cash in\ufb02ows and out\ufb02ows of the Group.
\nDividends
\nDividends payable on the ordinary share capital are recognised in the year in which they are declared.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29403": {
"value": "1 BASIS OF PREPARATION The \ufb01nancial statements have been prepared in accordance with UK-adopted International Accounting Standards,
\n(the \u2018applicable framework\u2019), and have been prepared in accordance with the provisions of the Companies Act 2006
\n(the \u2018applicable legal requirements\u2019). The \ufb01nancial statements have been prepared under the historical cost convention as
\nmodi\ufb01ed by the revaluation of investment properties, the revaluation of property, plant and equipment, assets held for sale,
\npension scheme, and \ufb01nancial assets and liabilities held at fair value.
\nGoing concern
\nThe Board continues to adopt the going concern basis in preparing these consolidated \ufb01nancial statements. In considering
\nthis requirement, the Directors have taken into account the following:
\n\u2022 The Group\u2019s latest rolling forecast for the next two years, in particular the cash \ufb02ows, borrowings and undrawn facilities.
\n\u2022 The headroom under the Group\u2019s \ufb01nancial covenants.
\n\u2022 The risks included on the Group\u2019s risk register that could impact on the Group\u2019s liquidity and solvency over the next
\n12 months.
\n\u2022 The risks on the Group\u2019s risk register that could be a threat to the Group\u2019s business model and capital adequacy.
\nThe Directors have considered the relatively long-term and predictable nature of the income receivable under the tenant
\nleases, the Group\u2019s year end loan-to-value ratio for 2022 of 23.9%, the interest cover ratio of 423%, the \u00a3577m total of
\nundrawn facilities and cash and the fact that the average maturity of borrowings was 6.2 years at 31 December 2022.
\nThe impact of the Covid-19 pandemic on the business and its occupiers has been considered. The impact in 2022 was
\nconsiderably less than in 2021 as evidenced by a partial reversal in impairment charges and rent collection rates now close
\nto that seen pre-pandemic. O\ufb00ice occupation rates are also gradually recovering. The likely impact of climate change has
\nbeen incorporated into the Group\u2019s forecasts and has taken account of the impact of EPC upgrades across the portfolio,
\nestimated at \u00a399m. Based on the Group\u2019s forecasts, rental income would need to decline by 65% and property values
\nwould need to fall by 60% before breaching its \ufb01nancial covenants. Further information is provided in the Group\u2019s viability
\nstatement on page 108.
\nThe \ufb01nancial position of the Group, its cash \ufb02ows, liquidity position and borrowing facilities are described in the \ufb01nancial
\nreview. In addition, the Group\u2019s risks and risk management processes can be found within the risk management and
\ninternal controls.
\nHaving due regard to these matters and after making appropriate enquiries, the Directors have reasonable expectation that
\nthe Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of
\nsigning of these consolidated \ufb01nancial statements and, therefore, the Board continues to adopt the going concern basis in
\ntheir preparation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29412": {
"value": "Going concern The Board continues to adopt the going concern basis in preparing these consolidated \ufb01nancial statements. In considering
\nthis requirement, the Directors have taken into account the following:
\n\u2022 The Group\u2019s latest rolling forecast for the next two years, in particular the cash \ufb02ows, borrowings and undrawn facilities.
\n\u2022 The headroom under the Group\u2019s \ufb01nancial covenants.
\n\u2022 The risks included on the Group\u2019s risk register that could impact on the Group\u2019s liquidity and solvency over the next
\n12 months.
\n\u2022 The risks on the Group\u2019s risk register that could be a threat to the Group\u2019s business model and capital adequacy.
\nThe Directors have considered the relatively long-term and predictable nature of the income receivable under the tenant
\nleases, the Group\u2019s year end loan-to-value ratio for 2022 of 23.9%, the interest cover ratio of 423%, the \u00a3577m total of
\nundrawn facilities and cash and the fact that the average maturity of borrowings was 6.2 years at 31 December 2022.
\nThe impact of the Covid-19 pandemic on the business and its occupiers has been considered. The impact in 2022 was
\nconsiderably less than in 2021 as evidenced by a partial reversal in impairment charges and rent collection rates now close
\nto that seen pre-pandemic. O\ufb00ice occupation rates are also gradually recovering. The likely impact of climate change has
\nbeen incorporated into the Group\u2019s forecasts and has taken account of the impact of EPC upgrades across the portfolio,
\nestimated at \u00a399m. Based on the Group\u2019s forecasts, rental income would need to decline by 65% and property values
\nwould need to fall by 60% before breaching its \ufb01nancial covenants. Further information is provided in the Group\u2019s viability
\nstatement on page 108.
\nThe \ufb01nancial position of the Group, its cash \ufb02ows, liquidity position and borrowing facilities are described in the \ufb01nancial
\nreview. In addition, the Group\u2019s risks and risk management processes can be found within the risk management and
\ninternal controls.
\nHaving due regard to these matters and after making appropriate enquiries, the Directors have reasonable expectation that
\nthe Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of
\nsigning of these consolidated \ufb01nancial statements and, therefore, the Board continues to adopt the going concern basis in
their preparation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29441": {
"value": "2 CHANGES IN ACCOUNTING POLICIES The principal accounting policies are described in note 43 and are consistent with those applied in the Group\u2019s \ufb01nancial
\nstatements for the year to 31 December 2021, as amended to re\ufb02ect the adoption of new standards, amendments and
\ninterpretations which became e\ufb00ective in the year as shown below.
\nNew standards adopted during the year
\nThe following standards, amendments and interpretations were e\ufb00ective for the \ufb01rst time for the Group\u2019s current
\naccounting period and had no material impact on the \ufb01nancial statements.
\nReference to the Conceptual Framework (amendments to IFRS 3);
\nIFRS 16 (amended) \u2013 Covid-19-related Rent Concessions;
\nIAS 37 (amended) \u2013 Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract;
\nAnnual Improvements to IFRS Standards 2018-2020;
\nIAS 16 (amended) \u2013 Property, Plant and Equipment: Proceeds before Intended Use.
248
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n2 CHANGES IN ACCOUNTING POLICIES
continued
\nStandards in issue but not yet e\ufb00ective
\nThe following standards, amendments and interpretations were in issue at the date of approval of these \ufb01nancial
\nstatements but were not yet e\ufb00ective for the current accounting period and have not been adopted early. Based on the
\nGroup\u2019s current circumstances, the Directors do not anticipate that their adoption in future periods will have a material
\nimpact on the \ufb01nancial statements of the Group.
\nIFRS 17 (amended) \u2013 Insurance Contracts;
\nIAS 1 (amended) \u2013 Classi\ufb01cation of liabilities as current or non-current, Non-current Liabilities with Covenants;
\nIAS 1 and IFRS Practice Statement 2 (amended) \u2013 Disclosure of Accounting Policies;
\nIAS 8 (amended) \u2013 De\ufb01nition of Accounting Estimate;
\nIAS 12 (amended) \u2013 Income Taxes: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction;
\nIFRS 16 (amended) \u2013 Lease Liability in a Sale and Leaseback;
\nIFRS 17 (amended) and IFRS 9 \u2013 Comparative Information.
\nRestatement \u2013 IFRIC Agenda Decision \u2013 Forgiveness of lease payments
\nIn October 2022, the IFRS Interpretations Committee (\u2018IFRIC\u2019) released its decision on the application of IFRS 9 and IFRS 16
\nin relation to how a lessor should account for the forgiveness of amounts due under leases.
\nIt was determined that for any rent receivables that are past their due dates and subsequently forgiven, the lessor should
\napply the expected credit loss (ECL) model in IFRS 9. Therefore, the forgiveness will be subject to the derecognition and
\nimpairment requirements in IFRS 9, and the impact of relevant receivable amounts written o\ufb00 re\ufb02ected in the income
\nstatement. The Group had previously treated the forgiveness of rent receivables, in particular Covid-19 concessions, that
\nwere past their due dates as lease modi\ufb01cations under IFRS 16, rather than the updated guidance of applying IFRS 9.
\nHowever, forgiveness of future rent not currently due meets the de\ufb01nition of a lease modi\ufb01cation in IFRS 16. The impact of
\nthis forgiveness is recognised on a straight-line basis over the remaining term of the lease, which is consistent with the
\nGroup\u2019s treatment.
\nThe adjustments required to amounts forgiven for receivables past their due date, including the remeasurement of the ECL,
\nhave been recalculated and the impact determined to be immaterial for each individual \ufb01nancial year. However, the Group
\nhas voluntarily elected to apply IFRS 9 where applicable. This includes adjusting the relevant 2020 opening balances and
\nrestating the 2021 comparative information. In the income statement, the restatement has resulted in a change to gross
\nrental income, write-o\ufb00/impairment of receivables and revaluation movement with no impact in the total pro\ufb01t/(loss) in the
\nrespective years. In addition, there is no impact on the total net assets within the balance sheets, with adjustments in rents
\nrecognised in advance (trade and other receivables), provision for bad debts, and investment property. The impact of these
\nadjustments is shown on the following page. As the impact is not material, in accordance with IAS 1 Presentation of Financial
\nStatements the Group has not presented revised balance sheets as at 31 December 2020 within the \ufb01nancial statements.
\nRestatement \u2013 IFRIC Agenda Decision \u2013 Recognition of Tenant Deposits as restricted cash
\nIn March 2022, the IFRS Interpretations Committee (\u2018IFRIC\u2019) \ufb01nalised a decision with respect to the treatment of demand
\ndeposits with restrictions on use, which includes tenant rent deposits. It was concluded that these deposits, which are
\nsubject to contractual restrictions, meet the de\ufb01nition of \u2018cash and cash equivalents\u2019 under IAS 7 and should therefore
\nbe included as restricted cash under \u2018cash and cash equivalents\u2019 within the \ufb01nancial statements. The Group had not
\npreviously recognised tenant rent deposits on its balance sheets as these deposits are only available upon a tenant
\ndefaulting under the terms of its lease and are normally refunded upon expiry. As a result of the IFRIC decision, the
\nGroup has revisited its policy and has now included tenant rent deposits as restricted cash with a restatement to the
\nprior year comparatives. The adjustment has no impact on the net assets of the Group, but cash and cash equivalents
\nhave increased by \u00a317.6m (2020: \u00a318.8m) with a corresponding increase in other payables. The movement in tenant rent
\ndeposits has been included in net cash from operating activities in the cash \ufb02ow statement.
\nCash collected on behalf of tenants to fund service charges of properties in the portfolio was previously recognised
\nwithin trade and other receivables. This has now been reclassi\ufb01ed and presented as restricted cash within \u2018cash and
\ncash equivalents\u2019. For the prior year, the adjustment has no impact on the net assets of the Group, with cash and cash
\nequivalents increasing by \u00a319.4m (2020: \u00a319.0m) and a corresponding decrease of in trade and other receivables. The
\nmovement in service charge balances has been included in net cash from operating activities in the cash \ufb02ow statement.
\nThe impact of these adjustments is shown on the following page. As the total impact of both tenant deposits and service
\ncharge balances is not material, the Group has not presented revised balance sheets as at 31 December 2020 within the
\n\ufb01nancial statements, in accordance with IAS 1 Presentation of Financial Statements.
Financial statements
249
\nThe following table shows the impact of these adjustments in the prior years.
\n2021
\n31 December
\n\u00a3m
\nRestatement
\n1
\n\u00a3m
\nRestatement
\n2
\n\u00a3m
\n31 December
\nRestated
\n\u00a3m
\nGroup balance sheet (extract)
\nInvestment property
5,359.9
1.3
\u2013
5,361.2
\nTrade and other receivables
61.7
(1.3)
(19.4)
41.0
\nCash and cash equivalents
68.5
\u2013
37.0
105.5
\nTrade and other payables
(128.3)
\u2013
(17.6)
(145.9)
\n5,361.8
\u2013
\u2013
5,361.8
\nGroup income statement (extract)
\nNet property and other income
\nGross rental income
194.2
1.1
\u2013
195.3
\nMovement in impairment of receivables
(0.8)
(1.4)
\u2013
(2.2)
\nRevaluation surplus
130.8
0.3
\u2013
131.1
\n324.2
\u2013
\u2013
324.2
\nGroup cash \ufb02ow statement (extract)
\nNet cash from operating activities
125.7
\u2013
(0.8)
124.9
\n125.7
\u2013
(0.8)
124.9
\n2020
\n31 December
\n\u00a3m
\nRestatement
\n1
\n\u00a3m
\nRestatement
\n2
\n\u00a3m
\n31 December
\nRestated
\n\u00a3m
\nGroup balance sheet (extract)
\nInvestment property
5,029.1
1.4
\u2013
5,030.5
\nTrade and other receivables
76.2
(1.4)
(19.0)
55.8
\nCash and cash equivalents
50.7
\u2013
37.8
88.5
\nTrade and other payables
(106.7)
\u2013
(18.8)
(125.5)
\n5,049.3
\u2013
\u2013
5,049.3
\nGroup income statement (extract)
\nNet property and other income
\nGross rental income
202.9
0.5
\u2013
203.4
\nMovement in impairment of receivables
(10.1)
(1.9)
\u2013
(12.0)
\nRevaluation de\ufb01cit
(196.1)
1.4
\u2013
(194.7)
\n(3.3)
\u2013
\u2013
(3.3)
\nGroup cash \ufb02ow statement (extract)
\nCash and cash equivalents at the end of the year
50.7
\u2013
37.8
88.5
\n50.7
\u2013
37.8
88.5
\n1
Restatement in relation to IFRIC Agenda Decision \u2013 Forgiveness of lease payments.
\n2
Restatement in relation to IFRIC Agenda Decision \u2013 Recognition of Tenant Deposits as restricted cash and service charge reclassi\ufb01cation.
250
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n2 CHANGES IN ACCOUNTING POLICIES
continued
\n2021
\n31 December
\n\u00a3m
\nRestatement
\n1
\n\u00a3m
\nRestatement
\n2
\n\u00a3m
\n31 December
\nRestated
\n\u00a3m
\nCompany balance sheet (extract)
\nCash and cash equivalents
68.2
\u2013
22.4
90.6
\nTrade and other payables
(1,281.7)
\u2013
(22.4)
(1,304.1)
\n(1,213.5)
\u2013
\u2013
(1,213.5)
\nCompany cash \ufb02ow statement (extract)
\nNet cash used in \ufb01nancing activities
(9.9)
\u2013
(0.2)
(10.1)
\n(9.9)
\u2013
(0.2)
(10.1)
\n2020
\n31 December
\n\u00a3m
\nRestatement
\n1
\n\u00a3m
\nRestatement
\n2
\n\u00a3m
\n31 December
\nRestated
\n\u00a3m
\nCompany balance sheet (extract)
\nCash and cash equivalents
50.1
\u2013
22.6
72.7
\nTrade and other payables
(1,072.9)
\u2013
(22.6)
(1,095.5)
\n(1,022.8)
\u2013
\u2013
(1,022.8)
\nCompany cash \ufb02ow statement (extract)
\nCash and cash equivalents at the end of the year
50.1
\u2013
22.6
72.7
\n50.1
\u2013
22.6
72.7
\n1
Restatement in relation to IFRIC Agenda Decision \u2013 Forgiveness of lease payments.
\n2
Restatement in relation to IFRIC Agenda Decision \u2013 Recognition of Tenant Deposits as restricted cash and service charge reclassi\ufb01cation.
\nRe-presentation of VAT in Group cash \ufb02ow statement
\nThe Group has re-presented the cash \ufb02ow statement for the year ended 31 December 2021, to separate VAT movements as either
\noperating activities or investing activities. This has the e\ufb00ect of increasing the net cash from operations in 2021 by \u00a34.0m with
\na corresponding increase in the net cash used in investing activities. There is no impact upon the cash \ufb02ow statement overall.
\nRestatement of Property portfolio, historical cost
\nThe disclosure of historical cost of the property portfolio within note 16 comparatives have been restated by \u00a369.7m to
\n\u00a33,464.4m to correct an error in the calculation of the historical cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29782": {
"value": "3 SIGNIFICANT JUDGEMENTS, KEY ASSUMPTIONS AND ESTIMATES The preparation of \ufb01nancial statements in accordance with the applicable framework requires the use of certain signi\ufb01cant
\naccounting estimates and judgements. It also requires management to exercise judgement in the process of applying the
\nGroup\u2019s accounting policies. The Group\u2019s signi\ufb01cant accounting policies are stated in note 43. Not all of these accounting
\npolicies require management to make di\ufb00icult, subjective or complex judgements or estimates. Estimates and judgements
\nare continually evaluated and are based on historical experience and other factors, including expectations of future events
\nthat are believed to be reasonable under the circumstances. Although these estimates are based on management\u2019s best
\nknowledge of the amount, event or actions, actual results may di\ufb00er from those estimates. The following is intended to
\nprovide an understanding of the policies that management consider critical because of the level of complexity, judgement
\nor estimation involved in their application and their impact on the consolidated \ufb01nancial statements.
\nKey sources of estimation uncertainty
\nProperty portfolio valuation
\nThe Group uses the valuation carried out by external valuers as the fair value of its property portfolio. The valuation
\nconsiders a range of assumptions including future rental income, investment yields, anticipated outgoings and
\nmaintenance costs, future development expenditure and appropriate discount rates. The external valuers also make
\nreference to market evidence of transaction prices for similar properties and take into account the impact of climate
\nchange and related Environmental, Social and Governance considerations. Knight Frank LLP were appointed to value the
\nwhole London-based portfolio as at 31 December 2022. More information is provided in note 16.
Financial statements
251
\nImpairment testing of trade receivables and other \ufb01nancial assets
\nTrade receivables and accrued rental income recognised in advance of receipt are subject to impairment testing. This
\naccrued rental income arises due to the spreading of rent-free and reduced rent periods, capital contributions and
\ncontracted rent uplifts in accordance with IFRS 16 Leases.
\nImpairment calculations have been carried out using the forward-looking, simpli\ufb01ed approach to the expected credit loss
\nmodel within IFRS 9. The impact of the Covid-19 pandemic on the Group\u2019s business and its occupiers has been considered
\nand in 2022 the severity of the impact was considerably less than in 2021 as evidenced by a partial reversal in impairment
\ncharges and rent collection rates now close to that seen pre-pandemic. The result is a \u00a33.3m reduction in the provision
\nand after adding receivable balances written o\ufb00 of \u00a32.3m, the total credit to the income statement for 2022 was \u00a31.0m,
\ncompared to the restated \u00a32.2m charge recognised in 2021. In arriving at the estimates, the Group considered the tenants
\nat higher risk, particularly in the retail or hospitality sectors, those in administration or CVA, the top 64 tenants by size and
\nhas also considered the remaining balances classi\ufb01ed by sector.
\nThe impairment provisions are included within \u2018Other receivables (non-current)\u2019 (see note 20) and \u2018Trade and other
\nreceivables\u2019 (see note 21) as shown below:
\nOther receivables
\n(non-current)
\n\u00a3m
\nTrade and other
\nreceivables
\n(current)
\n\u00a3m
\nTotal
\n\u00a3m
\nLease incentive receivables before impairment
167.8
24.3
192.1
\nImpairment of lease incentive receivables
(2.4)
(0.7)
(3.1)
\nWrite-o\ufb00
(0.2)
\u2013
(0.2)
\nNet lease incentive included within accrued income
165.2
23.6
188.8
\nTrade receivables before impairment
\u2013
9.0
9.0
\nImpairment of trade receivables
\u2013
(1.8)
(1.8)
\nService charge provision
\u2013
(0.1)
(0.1)
\nWrite-o\ufb00
\u2013
(2.2)
(2.2)
\nNet trade receivables
\u2013
4.9
4.9
\nThe assessment considered the risk of tenant failures or defaults using information on tenants\u2019 payment history, deposits
\nheld, the latest known \ufb01nancial position together with forecast information where available, ongoing dialogue with tenants
\nas well as other information such as the sector in which they operate. Following this, tenants were classi\ufb01ed as either low,
\nmedium or high risk and the table below provides further information. The impairment against lease incentive receivable
\nbalances was \u00a33.1m and against trade receivable balances was \u00a31.9m.
\nLease incentive
\nreceivables
\n(non-current)
\n\u00a3m
\nLease incentive
\nreceivables
\n(current)
\n\u00a3m
\nTrade
\nreceivables
\n(current)
\n\u00a3m
\nBalance before impairment
\nLow risk
158.4
19.5
3.3
\nMedium risk
4.6
3.2
1.7
\nHigh risk
4.6
1.6
1.8
\n167.6
24.3
6.8
\nImpairment
\nLow risk
\u2013
\u2013
\u2013
\nMedium risk
(0.2)
(0.1)
(0.1)
\nHigh risk
(2.2)
(0.6)
(1.8)
\n(2.4)
(0.7)
(1.9)
\n165.2
23.6
4.9
\nBorrowings and derivatives
\nThe fair values of the Group\u2019s borrowings and interest rate swaps are provided by an independent third party based on
\ninformation provided to them by the Group. This includes the terms of each of the \ufb01nancial instruments and data available
\nin the \ufb01nancial markets. More information on how fair values are derived is provided in note 25. The fair values of the
\nGroup\u2019s borrowings and derivatives are shown in note 26.
252
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n3 SIGNIFICANT JUDGEMENTS, KEY ASSUMPTIONS AND ESTIMATES
continued
\nSigni\ufb01cant judgements
\nCompliance with the real estate investment trust (REIT) taxation regime
\nAs a REIT, the Group bene\ufb01ts from tax advantages. Income and chargeable gains on the qualifying property rental business
\nare exempt from corporation tax. Income that does not qualify as property income within the REIT rules is subject to
\ncorporation tax in the normal way. There are a number of tests that are applied annually, and in relation to forecasts, to
\nensure the Group remains well within the limits allowed within those tests.
\nThe Group met all the criteria in 2022 with a substantial margin in each case, thereby ensuring its REIT status is
\nmaintained. The Directors intend that the Group should continue as a REIT for the foreseeable future.
\nThe Group has maintained its low risk rating with HMRC following continued regular dialogue and a focus on transparency
\nand full disclosure.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29960": {
"value": "4 SEGMENTAL INFORMATION IFRS 8 Operating Segments requires operating segments to be identi\ufb01ed on the basis of internal \ufb01nancial reports about
\ncomponents of the Group that are regularly reviewed by the chief operating decision makers (which in the Group\u2019s case are
\nthe four Executive Directors assisted by the other ten members of the Executive Committee) in order to allocate resources
\nto the segments and to assess their performance.
\nThe internal \ufb01nancial reports received by the Group\u2019s Executive Committee contain \ufb01nancial information at a Group level
\nas a whole and there are no reconciling items between the results contained in these reports and the amounts reported in
\nthe \ufb01nancial statements. These internal \ufb01nancial reports include IFRS \ufb01gures but also report non-IFRS \ufb01gures for the EPRA
\nearnings and net asset value. Reconciliations of each of these \ufb01gures to their statutory equivalents are detailed in note 40.
\nAdditionally, information is provided to the Executive Committee showing gross property income and property valuation
\nby individual property. Therefore, for the purposes of IFRS 8, each individual property is considered to be a separate
\nreportable segment in that its performance is monitored individually.
\nThe Group\u2019s property portfolio includes investment property, owner-occupied property and trading property and comprised
\n97% o\ufb00ice buildings
\n1
\nby value at 31 December 2022 (2021: 97%). The Directors consider that these individual properties
\nhave similar economic characteristics and therefore have been aggregated into a single reportable segment. The
\nremaining 3% (2021: 3%) represented a mixture of retail, residential and light industrial properties, as well as land, each
\nof which is de minimis in its own right and below the quantitative threshold in aggregate. Therefore, in the view of the
\nDirectors, there is one reportable segment under the provisions of IFRS 8.
\nAll of the Group\u2019s properties are based in the UK. No geographical grouping is contained in any of the internal \ufb01nancial
\nreports provided to the Group\u2019s Executive Committee and, therefore, no geographical segmental analysis is required
\nby IFRS 8. However, geographical analysis is included in the tables below to provide users with additional information
\nregarding the areas contained in the Strategic report. The majority of the Group\u2019s properties are located in London (West
\nEnd central, West End borders/other and City borders), with the remainder in Scotland (Provincial).
\n1
Some o\ufb00ice buildings have an ancillary element such as retail or residential.
\nGross property income
\n2022
2021 Restated
\nO\ufb00ice
\nbuildings
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nO\ufb00ice
\nbuildings
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nWest End central
118.3
1.5
119.8
109.5
0.3
109.8
\nWest End borders/other
16.3
\u2013
16.3
18.5
\u2013
18.5
\nCity borders
67.2
0.5
67.7
67.6
0.5
68.1
\nProvincial
\u2013
4.6
4.6
\u2013
4.5
4.5
\nGross property income (excl. joint venture)
201.8
6.6
208.4
195.6
5.3
200.9
\nShare of joint venture gross property income
2.1
\u2013
2.1
0.4
\u2013
0.4
\n203.9
6.6
210.5
196.0
5.3
201.3
\nA reconciliation of gross property income to gross property and other income is given in note 5.
Financial statements
253
\nProperty portfolio
\n2022
\n2021
\nRestated
\nO\ufb00ice
\nbuildings
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nO\ufb00ice
\nbuildings
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nCarrying value
\nWest End central
3,123.9
81.2
3,205.1
3,314.9
82.2
3,397.1
\nWest End borders/other
356.9
\u2013
356.9
408.1
\u2013
408.1
\nCity borders
1,494.5
10.4
1,504.9
1,649.7
8.4
1,658.1
\nProvincial
\u2013
78.7
78.7
\u2013
82.2
82.2
\nGroup (excl. joint venture)
4,975.3
170.3
5,145.6
5,372.7
172.8
5,545.5
\nShare of joint venture
42.6
\u2013
42.6
50.2
\u2013
50.2
\n5,017.9
170.3
5,188.2
5,422.9
172.8
5,595.7
\nFair value
\nWest End central
3,234.9
86.3
3,321.2
3,348.9
84.2
3,433.1
\nWest End borders/other
376.6
\u2013
376.6
431.4
\u2013
431.4
\nCity borders
1,534.2
10.4
1,544.6
1,690.4
8.4
1,698.8
\nProvincial
\u2013
79.4
79.4
\u2013
83.0
83.0
\nGroup (excl. joint venture)
5,145.7
176.1
5,321.8
5,470.7
175.6
5,646.3
\nShare of joint venture
42.4
\u2013
42.4
50.0
\u2013
50.0
\n5,188.1
176.1
5,364.2
5,520.7
175.6
5,696.3
\nA reconciliation between the fair value and carrying value of the portfolio is set out in note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30186": {
"value": "5 PROPERTY AND OTHER INCOME 2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nGross rental income
207.0
195.3
\nSurrender premiums received
1.1
3.6
\nOther property income
0.3
2.0
\nGross property income
208.4
200.9
\nTrading property sales proceeds
\n1
\n1.6
6.7
\nService charge income
\n1
\n34.6
30.2
\nOther income
\n1
\n4.2
3.5
\nGross property and other income
248.8
241.3
\nGross rental income
207.0
195.3
\nMovement in impairment of receivables
1.0
(2.2)
\nService charge income
\n1
\n34.6
30.2
\nService charge expenses
(39.7)
(33.6)
\n(5.1)
(3.4)
\nProperty costs
(14.4)
(11.8)
\nNet rental income
188.5
177.9
\nTrading property sales proceeds
\n1
\n1.6
6.7
\nTrading property cost of sales
(1.4)
(6.0)
\nPro\ufb01t on trading property disposals
0.2
0.7
\nOther property income
0.3
2.0
\nOther income
\n1
\n4.2
3.5
\nSurrender premiums received
1.1
3.6
\nDilapidation receipts
0.5
0.9
\nWrite-down of trading property
(0.2)
(1.4)
\nNet property and other income
194.6
187.2
\n1
In line with IFRS 15 Revenue from Contracts with Customers, the Group recognised a total of \u00a340.4m (2021: \u00a340.4m) of other income, trading property sales proceeds and
\nservice charge income, which relates to expenditure that is directly recoverable from tenants, within gross property and other income.
254
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n5 PROPERTY AND OTHER INCOME
continued
\nAs described in note 2, gross rental income and movement in impairment of receivables have been restated in accordance
\nwith the guidance provided by the IFRS Interpretations Committee.
\nGross rental income includes \u00a320.3m (2021 restated: \u00a319.5m) relating to rents recognised in advance of cash receipts.
\nOther income relates to fees and commissions earned from tenants in relation to the management of the Group\u2019s
\nproperties and was recognised in the Group income statement in accordance with the delivery of services.
\nThe impairment review has been carried out using the expected credit loss model within IFRS 9 Financial Instruments (see
\nnotes 3 and 21 for additional information). Included in this provision is a charge of \u00a30.4m against trade receivables relating
\nto rental income for the 25 December 2022 quarter day. Most of this income is deferred and has not yet been recognised
\nin the income statement. A 10% increase/decrease to the absolute probability rates of tenant default in the year would
\nresult in a \u00a31.6m increase/decrease and \u00a31.2m decrease/increase respectively, in the Group\u2019s pro\ufb01t/loss for the year. This
\nsensitivity has been performed on the medium to high risk tenants as the signi\ufb01cant estimation uncertainty is wholly
\nrelated to these.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30305": {
"value": "6 PROFIT ON DISPOSAL 2022
\n\u00a3m
\n2021
\n\u00a3m
\nInvestment property
\nGross disposal proceeds
209.6
402.4
\nCosts of disposal
(3.2)
(3.7)
\nNet disposal proceeds
206.4
398.7
\nCarrying value
(180.8)
(387.5)
\nAdjustment for lease costs and rents recognised in advance
\u2013
(0.7)
\nPro\ufb01t on disposal of investment property
25.6
10.5
\nArtwork
\nCarrying value
\u2013
(0.1)
\nLoss on disposal of artwork
\u2013
(0.1)
\nPro\ufb01t on disposal
25.6
10.4
\nIncluded within gross disposal proceeds for 2022 is \u00a367.2m relating to the disposal of the Group\u2019s freehold interest in New
\nRiver Yard EC1 in June 2022, \u00a385.0m relating to the disposal of the Group\u2019s freehold interest in Bush House, South West
\nWing WC2 in July 2022, and \u00a340.5m relating to the disposal of the Group\u2019s leasehold interest in 2 & 4 Soho Place W1 in
\nJuly 2022. In addition, gross disposal proceeds also included \u00a315.3m following completion of the grant of an intermediate
\nlong leasehold interest in relation to the Soho Place W1 development agreement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30358": {
"value": "7 FINANCE INCOME AND FINANCE COSTS 2022
\n\u00a3m
\n2021
\n\u00a3m
\nFinance income
\nBank interest receivable
(0.2)
\u2013
\nOther
(0.1)
\u2013
\nFinance income
(0.3)
\u2013
\nFinance costs
\nBank loans
1.1
0.9
\nNon-utilisation fees
2.1
2.1
\nUnsecured convertible bonds
3.9
3.9
\nUnsecured green bonds
6.7
0.8
\nSecured bonds
11.4
11.4
\nUnsecured private placement notes
15.6
15.6
\nSecured loan
3.3
3.3
\nAmortisation of issue and arrangement costs
2.6
2.5
\nAmortisation of the fair value of the secured bonds
(1.4)
(1.3)
\nObligations under headleases
1.1
0.7
\nOther
0.3
0.2
\nGross \ufb01nance costs
46.7
40.1
\nLess: interest capitalised
(7.0)
(12.0)
\nFinance costs
39.7
28.1
\nFinance costs of \u00a37.0m (2021: \u00a312.0m) have been capitalised on development projects, in accordance with IAS 23 Borrowing
\nCosts, using the Group\u2019s average cost of borrowings during each quarter. Total \ufb01nance costs paid to 31\u00a0December 2022
\nwere \u00a344.1m (2021: \u00a337.0m) of which \u00a37.0m (2021: \u00a312.0m) was included in capital expenditure on the property portfolio
\nin the Group cash \ufb02ow statement under investing activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30359": {
"value": "7 FINANCE INCOME AND FINANCE COSTS 2022
\n\u00a3m
\n2021
\n\u00a3m
\nFinance income
\nBank interest receivable
(0.2)
\u2013
\nOther
(0.1)
\u2013
\nFinance income
(0.3)
\u2013
\nFinance costs
\nBank loans
1.1
0.9
\nNon-utilisation fees
2.1
2.1
\nUnsecured convertible bonds
3.9
3.9
\nUnsecured green bonds
6.7
0.8
\nSecured bonds
11.4
11.4
\nUnsecured private placement notes
15.6
15.6
\nSecured loan
3.3
3.3
\nAmortisation of issue and arrangement costs
2.6
2.5
\nAmortisation of the fair value of the secured bonds
(1.4)
(1.3)
\nObligations under headleases
1.1
0.7
\nOther
0.3
0.2
\nGross \ufb01nance costs
46.7
40.1
\nLess: interest capitalised
(7.0)
(12.0)
\nFinance costs
39.7
28.1
\nFinance costs of \u00a37.0m (2021: \u00a312.0m) have been capitalised on development projects, in accordance with IAS 23 Borrowing
\nCosts, using the Group\u2019s average cost of borrowings during each quarter. Total \ufb01nance costs paid to 31\u00a0December 2022
\nwere \u00a344.1m (2021: \u00a337.0m) of which \u00a37.0m (2021: \u00a312.0m) was included in capital expenditure on the property portfolio
\nin the Group cash \ufb02ow statement under investing activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30360": {
"value": "7 FINANCE INCOME AND FINANCE COSTS 2022
\n\u00a3m
\n2021
\n\u00a3m
\nFinance income
\nBank interest receivable
(0.2)
\u2013
\nOther
(0.1)
\u2013
\nFinance income
(0.3)
\u2013
\nFinance costs
\nBank loans
1.1
0.9
\nNon-utilisation fees
2.1
2.1
\nUnsecured convertible bonds
3.9
3.9
\nUnsecured green bonds
6.7
0.8
\nSecured bonds
11.4
11.4
\nUnsecured private placement notes
15.6
15.6
\nSecured loan
3.3
3.3
\nAmortisation of issue and arrangement costs
2.6
2.5
\nAmortisation of the fair value of the secured bonds
(1.4)
(1.3)
\nObligations under headleases
1.1
0.7
\nOther
0.3
0.2
\nGross \ufb01nance costs
46.7
40.1
\nLess: interest capitalised
(7.0)
(12.0)
\nFinance costs
39.7
28.1
\nFinance costs of \u00a37.0m (2021: \u00a312.0m) have been capitalised on development projects, in accordance with IAS 23 Borrowing
\nCosts, using the Group\u2019s average cost of borrowings during each quarter. Total \ufb01nance costs paid to 31\u00a0December 2022
\nwere \u00a344.1m (2021: \u00a337.0m) of which \u00a37.0m (2021: \u00a312.0m) was included in capital expenditure on the property portfolio
\nin the Group cash \ufb02ow statement under investing activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30429": {
"value": "8 FINANCIAL DERIVATIVE TERMINATION COSTS The Group incurred costs of \u00a30.3m in the year to 31 December 2022 (2021: \u00a31.9m) deferring or terminating interest rate
\nswaps. Included in this is \u00a30.3m of receipts and \u00a30.6m of costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30434": {
"value": "9 SHARE OF RESULTS OF JOINT VENTURES
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNet property income
2.1
0.4
\nAdministrative expenses
(0.1)
(0.1)
\nRevaluation de\ufb01cit
(9.3)
(10.2)
\n(7.3)
(9.9)
\nJoint venture acquisition costs incurred
\u2013
(4.0)
\n(7.3)
(13.9)
\nThe share of results of joint ventures for the year ended 31 December 2022 includes the Group\u2019s 50% share in the Derwent
\nLazari Baker Street Limited Partnership. See note 19 for further details of the Group\u2019s joint ventures.
Joint ventures
\nDerwent Lazari Baker Street GP Limited
50%
Management company
\nDorrington Derwent Holdings Limited
50%
Holding company
\nDorrington Derwent Investments Limited
50%
Investment company
\nPrescot Street GP Limited
50%
Management company
\nPrescot Street Nominees Limited
50%
Dormant
\nPrimister Limited
50%
Property investment
\n1
Indicates subsidiary undertakings held directly.
\n2 All holdings are of ordinary shares.
\nThe Company controls 50% of the voting rights of its joint ventures, which are accounted for and disclosed in accordance
\nwith IFRS 11 Joint Arrangements.
\nAll of the entities above are incorporated and domiciled in England and Wales, with the exception of Derwent London
\nCapital No. 3 (Jersey) Limited which is incorporated and domiciled in Jersey. In addition, all the entities are registered at
\n25 Savile Row, London, W1S 2ER, with the exception of:
\n\u2022 Derwent London Capital No. 3 (Jersey) Limited, which is registered at 47 Esplanade, St Helier, JE1 0BD, Channel Islands;
\n\u2022 Dorrington Derwent Holdings Limited and Dorrington Derwent Investments Limited, which are registered at 16 Hans
\nRoad, London, SW3 1RT; and
\u2022 Primister Limited, which is registered at Quadrant House, Floor 6, 4 Thomas More Square, London, E1W 1YW.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30473": {
"value": "10 (LOSS)/PROFIT BEFORE TAX 2022
\n\u00a3m
\n2021
\n\u00a3m
\nThis is arrived at after charging:
\nDepreciation
1.0
0.9
\nContingent rent payable under headleases
1.7
1.4
\nAuditor's remuneration
\nAudit \u2013 Group
0.4
0.4
\nAudit \u2013 subsidiaries
0.2
0.1
\nIn 2022, audit fees for the Group were \u00a3400,000 (2021: \u00a3435,718) and for the subsidiaries \u00a3159,000 (2021: \u00a394,180). The
\nprior year comparatives include additional fees billed for scope changes and cost overruns. Fees for non-audit services,
\nrelating to the half year review, were \u00a364,000 (2021: \u00a360,000) and other non-audit services were \u00a3nil (2021: \u00a390,000).
\nDetails of the Auditor\u2019s independence are included on page 166.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30474": {
"value": "10 (LOSS)/PROFIT BEFORE TAX 2022
\n\u00a3m
\n2021
\n\u00a3m
\nThis is arrived at after charging:
\nDepreciation
1.0
0.9
\nContingent rent payable under headleases
1.7
1.4
\nAuditor's remuneration
\nAudit \u2013 Group
0.4
0.4
\nAudit \u2013 subsidiaries
0.2
0.1
\nIn 2022, audit fees for the Group were \u00a3400,000 (2021: \u00a3435,718) and for the subsidiaries \u00a3159,000 (2021: \u00a394,180). The
\nprior year comparatives include additional fees billed for scope changes and cost overruns. Fees for non-audit services,
\nrelating to the half year review, were \u00a364,000 (2021: \u00a360,000) and other non-audit services were \u00a3nil (2021: \u00a390,000).
\nDetails of the Auditor\u2019s independence are included on page 166.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30502": {
"value": "11 DIRECTORS\u2019 EMOLUMENTS 2022
\n\u00a3m
\n2021
\n\u00a3m
\nRemuneration for management services
4.1
4.0
\nShare-based payments
0.5
3.6
\nPost-employment bene\ufb01ts
0.4
0.5
\n5.0
8.1
\nNational insurance contributions
0.7
1.1
\n5.7
9.2
\nAn amount of \u00a30.6m (2021: \u00a31.7m) relating to the Directors is included within Share-based payments expense of \u00a31.9m
\n(2021: \u00a34.3m) relating to equity-settled schemes in note 12. This is in accordance with IFRS 2 Share-based Payment.
\nDetails of the Directors\u2019 remuneration awards under the long-term incentive plan and options held by the Directors under
\nthe Group share option schemes are given in the report of the Remuneration Committee on pages 190 to 223. The only key
\nmanagement personnel are the Directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30531": {
"value": "12 EMPLOYEES Group
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nSta\ufb00 costs, including those of Directors:
\nWages and salaries
18.8
18.5
18.8
18.5
\nSocial security costs
2.7
2.5
2.6
2.3
\nOther pension costs
2.6
2.4
2.4
2.2
\nShare-based payments expense relating
\nto equity-settled schemes
1.9
4.3
1.9
4.4
\n26.0
27.7
25.7
27.4
\nThe monthly average number of employees in the Group during the year, excluding Directors, was 166 (2021: 140).
\nThe monthly average number of employees in the Company during the year, excluding Directors, was 140 (2021: 120).
\nAll were employed in administrative or support roles. Of the Group\u2019s employees, there were 37 (2021: 39) whose costs
\nwere recharged or partially recharged to tenants via service charges. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30532": {
"value": "12 EMPLOYEES Group
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nSta\ufb00 costs, including those of Directors:
\nWages and salaries
18.8
18.5
18.8
18.5
\nSocial security costs
2.7
2.5
2.6
2.3
\nOther pension costs
2.6
2.4
2.4
2.2
\nShare-based payments expense relating
\nto equity-settled schemes
1.9
4.3
1.9
4.4
\n26.0
27.7
25.7
27.4
\nThe monthly average number of employees in the Group during the year, excluding Directors, was 166 (2021: 140).
\nThe monthly average number of employees in the Company during the year, excluding Directors, was 140 (2021: 120).
\nAll were employed in administrative or support roles. Of the Group\u2019s employees, there were 37 (2021: 39) whose costs
\nwere recharged or partially recharged to tenants via service charges. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30589": {
"value": "13 SHARE-BASED PAYMENTS Details of the options held by Directors under the Performance Share Plan (PSP) are given in the report of the
\nRemuneration Committee on page 219.
\nGroup and Company \u2013 equity-settled option scheme
\nThe Employee Share Option Plan (ESOP) is designed to incentivise and retain eligible employees. The ESOP is separate to
\nthe PSP disclosed in the report of the Remuneration Committee. The Directors are not entitled to any awards under the ESOP.
\nYear of grant
\nExercise
\nprice
\n\u00a3
\nAdjusted
\nexercise1
\n\u00a3
\nOutstanding at
\n1 January
\nMovement in options
\nOutstanding at
\n31 December
Granted
Exercised
Lapsed
\nFor the year to 31 December 2022
\n2013
21.99
21.09
4,158
\u2013
(3,908)
\u2013
250
\n2014
27.39
26.27
17,050
\u2013
(3,607)
\u2013
13,443
\n2015
34.65
33.23
35,062
\u2013
\u2013
(4,012)
31,050
\n2016
31.20
29.93
37,635
\u2013
(3,648)
\u2013
33,987
\n2017
28.93
27.75
70,553
\u2013
(5,212)
(1,791)
63,550
\n2018
30.29
29.57
91,835
\u2013
(4,609)
(2,809)
84,417
\n2019
32.43
32.43
124,025
\u2013
(5,000)
(10,200)
108,825
\n2020
30.02
30.02
165,975
\u2013
\u2013
(18,617)
147,358
\n2021
33.28
33.28
200,829
\u2013
\u2013
(18,415)
182,414
\n2022
31.10
31.10
\u2013
249,950
\u2013
(6,609)
243,341
\n747,122
249,950
(25,984)
(62,453)
908,635
\nFor the year to 31 December 2021
\n2013
21.99
21.09
4,158
\u2013
\u2013
\u2013
4,158
\n2014
27.39
26.27
18,650
\u2013
(1,600)
\u2013
17,050
\n2015
34.65
33.23
43,474
\u2013
(5,807)
(2,605)
35,062
\n2016
31.20
29.93
38,397
\u2013
(762)
\u2013
37,635
\n2017
28.93
27.75
99,446
\u2013
(28,893)
\u2013
70,553
\n2018
30.29
29.57
114,234
\u2013
(22,399)
\u2013
91,835
\n2019
32.43
32.43
129,575
\u2013
\u2013
(5,550)
124,025
\n2020
30.02
30.02
172,475
\u2013
\u2013
(6,500)
165,975
\n2021
33.28
33.28
\u2013
204,079
\u2013
(3,250)
200,829
\n620,409
204,079
(59,461)
(17,905)
747,122
\n31 December
\n2022
\n31 December
\n2021
\n1 January
\n2021
\nNumber of shares:
\nExercisable
335,522
256,293
204,125
\nNon-exercisable
573,113
490,829
416,284
\nWeighted average exercise price of share options:
\nExercisable
\u00a330.46
\u00a329.37
\u00a329.23
\nNon-exercisable
\u00a331.52
\u00a331.96
\u00a330.66
\nWeighted average remaining contracted life of share options:
\nExercisable
4.72 years
4.92 years
5.29 years
\nNon-exercisable
7.47 years
7.30 years
8.36 years
\nWeighted average exercise price of share options that lapsed:
\nExercisable
\u00a331.87
\u00a333.23
\u00a327.81
\nNon-exercisable
\u00a331.51
\u00a331.56
\u00a331.14
\n1
In 2018, following the payment of the special dividend of 75 pence per share, the Remuneration Committee exercised their discretion and adjusted the number of outstanding
\nunapproved \u2018B\u2019 options and their option price, to ensure participants were not disadvantaged by the payment to shareholders of the special dividend.
\nThe weighted average share price at which options were exercised during 2022 was \u00a333.02 (2021: \u00a335.82).
\nThe weighted average fair value of options granted during 2022 was \u00a36.85 (2021: \u00a38.23).
258
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n13 SHARE-BASED PAYMENTS
continued
\nThe following information is relevant in the determination of the fair value of the options granted during 2022 and 2021
\nunder the equity-settled employee share plan operated by the Group.
\n2022
2021
\nOption pricing model used
Binomial lattice
Binomial lattice
\nRisk free interest rate
1.5%
0.3%
\nVolatility
25.0%
30.0%
\nDividend yield
2.5%
2.2%
\nFor both the 2022 and 2021 grants, additional assumptions have been made that there is no employee turnover and 50%
\nof employees exercise early when the share options are 20% in the money and 50% of employees exercise early when the
\nshare options are 100% in the money.
\nThe volatility assumption, measured as the standard deviation of expected share price returns, is based on a statistical
\nanalysis of daily prices over the last four years.
\nGroup and Company \u2013 Save As You Earn scheme
\nThe Save As You Earn (SAYE) is designed to allow employees (including Directors) to purchase shares in the Company in a
\ntax e\ufb00icient manner. The SAYE plan is an HMRC approved scheme. Employees can participate on an annual basis and save
\nup to \u00a3250 per month per grant. Further details are given in the report of the Remuneration Committee on page 220.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30867": {
"value": "14 PENSION COSTS The Group and Company operate both a de\ufb01ned contribution scheme and a de\ufb01ned bene\ufb01t scheme. The latter was
\nacquired as part of the acquisition of London Merchant Securities plc in 2007 and is closed to new members. All new
\nemployees are entitled to join the de\ufb01ned contribution scheme. The assets of the pension schemes are held separately
\nfrom those of Group companies.
\nDe\ufb01ned contribution plan
\nThe total expense relating to this plan in the current year was \u00a32.3m (2021: \u00a32.0m).
\nDe\ufb01ned bene\ufb01t plan
\nThe Company sponsors the scheme which is a funded de\ufb01ned bene\ufb01t arrangement. This is a separate trustee-administered
\nfund holding the pension scheme assets to meet long-term pension liabilities for past employees. The scheme closed to
\nfuture bene\ufb01t accrual on 31 July 2019. The level of retirement bene\ufb01t is principally based on basic salary at the last scheme
\nanniversary of employment prior to leaving active service and increases at 5% pa in deferment.
\nThe trustees of the scheme are required to act in the best interest of the scheme\u2019s bene\ufb01ciaries. The appointment of the
\ntrustees is determined by the scheme\u2019s trust documentation. It is policy that one third of all trustees should be nominated
\nby the members.
\nA full actuarial valuation was carried out as at 31 October 2019 in accordance with the scheme funding requirements of
\nthe Pensions Act 2004 and the funding of the scheme is agreed between the Company and the trustees in line with those
\nrequirements. The 31 October 2022 actuarial valuation is currently ongoing. The funding valuation requires the surplus/
\nde\ufb01cit to be calculated using prudent actuarial assumptions, as opposed to best estimate assumptions required for
\npensions accounting purposes.
\nThe 2019 actuarial valuation showed a de\ufb01cit of \u00a37.3m. The Company agreed with the trustees that it will aim to eliminate the
\nde\ufb01cit over a period of 5 years and 2 months from 31 October 2019 by the payment of a contribution of \u00a30.9m by 31 December
\n2019, followed by annual contributions of \u00a31.4m payable by each 31 December from 31 December 2020 to 31 December 2024
\ninclusive. In addition, the Company has agreed with the trustees that the Company will meet expenses of running the scheme
\nand levies to the Pension Protection Fund separately. The estimated amount of total employer contributions expected to be
\npaid to the scheme during the year to 31 December 2023 is \u00a31.4m (31 December 2022 actual: \u00a31.4m).
\nFor the purposes of IAS 19 the actuarial valuation as at 31 October 2019, which was carried out by a quali\ufb01ed independent
\nactuary, has been updated on an approximate basis to 31 December 2022.
Financial statements
259
\nAmounts included in the balance sheet
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nFair value of plan assets
42.2
62.7
66.6
\nPresent value of de\ufb01ned bene\ufb01t obligation
(41.0)
(60.9)
(68.8)
\nNet asset/(liability)
1.2
1.8
(2.2)
\nThe present value of the scheme liabilities is measured by discounting the best estimate of future cash \ufb02ows to be paid out
\nby the scheme. The value calculated in this way is re\ufb02ected in the net asset/(liability) in the balance sheet as shown above.
\nAll actuarial gains and losses are recognised in the year in which they occur in the Group Statement of Comprehensive income.
\nReconciliation of the impact of the asset ceiling
\nWe have considered the application of IFRIC 14 and deemed it to have no material e\ufb00ect on the IAS 19 \ufb01gures.
\nReconciliation of the opening and closing present value of the de\ufb01ned bene\ufb01t obligation
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
60.9
68.8
\nCurrent service cost
\u2013
\u2013
\nInterest cost
1.1
0.8
\nActuarial losses due to scheme experience
\u2013
0.7
\nActuarial gains due to changes in demographic assumptions
\u2013
(0.1)
\nActuarial gains due to changes in \ufb01nancial assumptions
(18.4)
(6.9)
\nBene\ufb01ts paid, death in service premiums and expenses
(2.6)
(2.4)
\nAt 31 December
41.0
60.9
\nThere have been no scheme amendments, curtailments or settlements in the year.
\nReconciliation of opening and closing values of the fair value of plan assets
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
62.7
66.6
\nInterest income
1.1
0.8
\nReturn on plan assets (excluding amounts included in interest income)
(20.4)
(3.6)
\nContributions by the Group
1.4
1.4
\nBene\ufb01ts paid, death in service premiums and expenses
(2.6)
(2.4)
\nOther
\u2013
(0.1)
\nAt 31 December
42.2
62.7
\nThe actual return on the plan assets including interest income over the year was a loss of \u00a319.3m (2021: loss of \u00a32.8m).
\nAmounts recognised in other comprehensive income
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nLoss on plan assets (excluding amounts recognised in net interest cost)
(20.4)
(3.6)
\nExperience losses arising on the de\ufb01ned bene\ufb01t obligation
\u2013
(0.7)
\nGain from changes in the demographic assumptions underlying the
\npresent value of the de\ufb01ned bene\ufb01t obligation
\u2013
0.1
\nGain from changes in the \ufb01nancial assumptions underlying the present
\nvalue of the de\ufb01ned bene\ufb01t obligation
18.4
6.9
\nTotal (loss)/gain recognised in other comprehensive income
(2.0)
2.7
260
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n14 PENSION COSTS
continued
\nFair value of plan assets
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nUK equities
\u2013
0.6
0.5
\nOverseas equities
\u2013
0.6
0.5
\nLDI
4.5
6.2
\u2013
\nBuy and maintain credit
2.7
4.1
\u2013
\nGovernment bonds
\u2013
\u2013
4.8
\nCash
1.2
1.4
0.2
\nOther
4.2
9.3
15.1
\nInsured assets
29.6
40.5
45.5
\nTotal assets
42.2
62.7
66.6
\nThe \u00a34.2m (2021: \u00a39.3m) in the \u2018other\u2019 asset class is made up of holdings of \u00a32.7m (2021: \u00a35.5m) in equity-linked bonds,
\n\u00a3nil (2021: \u00a32.4m) in global funds and \u00a31.5m (2021: \u00a31.4m) in sterling liquidity funds.
\nThe scheme\u2019s assets are held exclusively within instruments with quoted market prices in an active market with the
\nexception of the holdings in insurance policies and the trustee\u2019s bank account. The insured assets have been set equal
\nto the value of the insured liabilities but before allowance has been made for the impact of equalising bene\ufb01ts for the
\ndi\ufb00erent e\ufb00ects of GMP for males and females.
\nThe scheme does not invest directly in property occupied by the Group or in \ufb01nancial securities issued by the Group.
\nIt is the policy of the trustees and the Group to review the investment strategy at the time of each funding valuation.
\nThe trustees\u2019 investment objectives and the processes undertaken to measure and manage the risks inherent in the plan
\ninvestment strategy are illustrated by the asset allocation at 31 December 2022.
\nThere are no asset-liability matching strategies currently being used by the plan.
\nSigni\ufb01cant actuarial assumptions
\n2022
\n%
\n2021
\n%
\n2020
\n%
\nDiscount rate
4.8
1.9
1.2
\nIn\ufb02ation (RPI)
n/a
n/a
n/a
\nSalary increases
n/a
n/a
n/a
\nAllowance for commutation of pension for cash at retirement
75% of Post A
75% of Post A
75% of Post A
\nDay Pension
Day Pension
Day Pension
\nThe mortality assumptions adopted at 31 December 2022 are 85% of the standard tables S3NXA_L, year of birth, no age
\nrating for males and females, projected using CMI 2021 converging to 1.25% p.a. These imply the following life expectancies:
\nLife expectancy at age 65
Years
\nMale retiring in 2022
24.9
\nFemale retiring in 2022
26.1
\nMale retiring in 2042
26.1
\nFemale retiring in 2042
27.8
Financial statements
261
\nAnalysis of the sensitivity to the principal assumptions of the present value of the de\ufb01ned bene\ufb01t obligation
\nChange in assumption
Change in liabilities
\nDiscount rate
Decrease of 0.25% p.a
Increase by 3.0%
\nRate of mortality
Increase in life expectancy of one year
Increase by 5.0%
\nThe sensitivities shown above are approximate. Each sensitivity considers one change in isolation. The average duration of
\nthe de\ufb01ned bene\ufb01t obligation at the year ended 31 December 2022 is 12 years (2021: 15 years) for the scheme as a whole
\nor 22 years (2021: 25 years) when only considering non-insured members.
\nThe scheme typically exposes the Group to actuarial risks such as investment risk, interest rate risk, salary growth risk,
\nmortality risk and longevity risk. A decrease in corporate bond yields, a rise in in\ufb02ation or an increase in life expectancy
\nwould result in an increase to the scheme\u2019s liabilities. This would detrimentally impact the balance sheet position and may
\ngive rise to increased charges in the income statement. This e\ufb00ect would be partially o\ufb00set by an increase in the value of
\nthe scheme\u2019s bond holdings.
\nThe best estimate of contributions to be paid by the Group to the plan for the year commencing 1 January 2023 is \u00a31.4m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30876": {
"value": "De\ufb01ned bene\ufb01t plan The Company sponsors the scheme which is a funded de\ufb01ned bene\ufb01t arrangement. This is a separate trustee-administered
\nfund holding the pension scheme assets to meet long-term pension liabilities for past employees. The scheme closed to
\nfuture bene\ufb01t accrual on 31 July 2019. The level of retirement bene\ufb01t is principally based on basic salary at the last scheme
\nanniversary of employment prior to leaving active service and increases at 5% pa in deferment.
\nThe trustees of the scheme are required to act in the best interest of the scheme\u2019s bene\ufb01ciaries. The appointment of the
\ntrustees is determined by the scheme\u2019s trust documentation. It is policy that one third of all trustees should be nominated
\nby the members.
\nA full actuarial valuation was carried out as at 31 October 2019 in accordance with the scheme funding requirements of
\nthe Pensions Act 2004 and the funding of the scheme is agreed between the Company and the trustees in line with those
\nrequirements. The 31 October 2022 actuarial valuation is currently ongoing. The funding valuation requires the surplus/
\nde\ufb01cit to be calculated using prudent actuarial assumptions, as opposed to best estimate assumptions required for
\npensions accounting purposes.
\nThe 2019 actuarial valuation showed a de\ufb01cit of \u00a37.3m. The Company agreed with the trustees that it will aim to eliminate the
\nde\ufb01cit over a period of 5 years and 2 months from 31 October 2019 by the payment of a contribution of \u00a30.9m by 31 December
\n2019, followed by annual contributions of \u00a31.4m payable by each 31 December from 31 December 2020 to 31 December 2024
\ninclusive. In addition, the Company has agreed with the trustees that the Company will meet expenses of running the scheme
\nand levies to the Pension Protection Fund separately. The estimated amount of total employer contributions expected to be
\npaid to the scheme during the year to 31 December 2023 is \u00a31.4m (31 December 2022 actual: \u00a31.4m).
\nFor the purposes of IAS 19 the actuarial valuation as at 31 October 2019, which was carried out by a quali\ufb01ed independent
\nactuary, has been updated on an approximate basis to 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31158": {
"value": "15 TAX CHARGE/(CREDIT) 2022
\n\u00a3m
\n2021
\n\u00a3m
\nCorporation tax
\nUK corporation tax and income tax in respect of results for the year
0.5
0.9
\nOther adjustments in respect of prior years' tax
0.4
(0.4)
\nCorporation tax charge
0.9
0.5
\nDeferred tax
\nOrigination and reversal of temporary di\ufb00erences
0.1
(1.1)
\nAdjustment for changes in estimates
\u2013
(0.7)
\nDeferred tax charge/(credit)
0.1
(1.8)
\nTax charge/(credit)
1.0
(1.3)
\nIn addition to the tax charge of \u00a31.0m (2021: credit of \u00a31.3m) that passed through the Group income statement, a deferred
\ntax charge of \u00a30.2m (2021: \u00a31.3m) relating to the revaluation of the owner-occupied property at 25 Savile Row W1 was
\nrecognised in the Group statement of comprehensive income. In 2021, a charge of \u00a30.4m relating to the future de\ufb01ned
\nbene\ufb01t pension liabilities was also recognised in the Group statement of comprehensive income.
\nThe e\ufb00ective rate of tax for 2022 is lower (2021: lower) than the standard rate of corporation tax in the UK. The di\ufb00erences
\nare explained below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n(Loss)/pro\ufb01t before tax
(279.5)
252.5
\nExpected tax (credit)/charge based on the standard rate of corporation tax in the UK
\nof 19.00% (2021: 19.00%)
\n1
\n(53.1)
48.0
\nDi\ufb00erence between tax and accounting pro\ufb01t on disposals
(3.1)
(0.7)
\nREIT exempt income
(16.0)
(14.9)
\nRevaluation de\ufb01cit/(surplus) attributable to REIT properties
78.6
(32.2)
\nExpenses and fair value adjustments not allowable for tax purposes
0.4
4.6
\nCapital allowances
(6.5)
(4.3)
\nOther di\ufb00erences
0.3
(1.4)
\nTax charge/(credit) in respect of (loss)/pro\ufb01t for the year
0.6
(0.9)
\nAdjustments in respect of prior years\u2019 tax
0.4
(0.4)
\nTax charge/(credit)
1.0
(1.3)
\n1
Changes to the UK corporation tax rates were substantively enacted as part of the Finance Bill 2021 (on 24 May 2021) and include increasing the main rate to 25% e\ufb00ective
\non or after 1 April 2023. Deferred taxes at the balance sheet date have been measured using the expected enacted tax rate and this is re\ufb02ected in these \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31251": {
"value": "16 PROPERTY PORTFOLIO Freehold
\n\u00a3m
\nLeasehold
\n\u00a3m
\nTotal
\ninvestment
\nproperty
\n\u00a3m
\nOwner-
\noccupied
\nproperty
\n\u00a3m
\nAssets
\nheld for
\nsale
\n\u00a3m
\nTrading
\nproperty
\n\u00a3m
\nTotal
\nproperty
\nportfolio
\n\u00a3m
\nGroup
\nCarrying value
\nAt 1 January 2022
4,140.4
1,220.8
5,361.2
49.3
102.8
32.2
5,545.5
\nAcquisitions
0.1
132.9
133.0
\u2013
\u2013
\u2013
133.0
\nCapital expenditure
47.7
58.8
106.5
\u2013
\u2013
8.3
114.8
\nInterest capitalisation
1.3
3.9
5.2
\u2013
1.4
0.4
7.0
\nAdditions
49.1
195.6
244.7
\u2013
1.4
8.7
254.8
\nDisposals
(46.6)
(30.0)
(76.6)
\u2013
(104.2)
(1.3)
(182.1)
\nTransfers
(54.2)
\u2013
(54.2)
\u2013
54.2
\u2013
\u2013
\nRevaluation
(388.2)
(33.9)
(422.1)
0.7
\u2013
\u2013
(421.4)
\nWrite-down of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
\nMovement in grossing up of headlease liabilities
\u2013
(51.0)
(51.0)
\u2013
\u2013
\u2013
(51.0)
\nAt 31 December 2022
3,700.5
1,301.5
5,002.0
50.0
54.2
39.4
5,145.6
\nAt 1 January 2021 (restated)
3,894.9
1,135.6
5,030.5
45.6
165.0
12.9
5,254.0
\nAcquisitions
214.6
139.0
353.6
\u2013
\u2013
\u2013
353.6
\nCapital expenditure
76.6
88.4
165.0
\u2013
\u2013
1.1
166.1
\nInterest capitalisation
2.4
9.6
12.0
\u2013
\u2013
\u2013
12.0
\nAdditions
293.6
237.0
530.6
\u2013
\u2013
1.1
531.7
\nDisposals
(75.8)
(146.7)
(222.5)
\u2013
(165.0)
(5.9)
(393.4)
\nTransfers
(63.7)
(63.0)
(126.7)
\u2013
101.2
25.5
\u2013
\nRevaluation (restated)
91.4
39.3
130.7
3.7
\u2013
\u2013
134.4
\nWrite-down of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(1.4)
(1.4)
\nTransfer from prepayments and accrued income
\u2013
\u2013
\u2013
\u2013
1.6
\u2013
1.6
\nMovement in grossing up of headlease liabilities
\u2013
3.8
3.8
\u2013
\u2013
\u2013
3.8
\nMovement in grossing up of other liabilities
\u2013
14.8
14.8
\u2013
\u2013
\u2013
14.8
\nAt 31 December 2021 (restated)
4,140.4
1,220.8
5,361.2
49.3
102.8
32.2
5,545.5
\nAdjustments from fair value to carrying value
\nAt 31 December 2022
\nFair value
3,865.8
1,307.1
5,172.9
50.0
54.7
44.2
5,321.8
\nSelling costs relating to assets held for sale
\u2013
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
\nRevaluation of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(4.8)
(4.8)
\nLease incentives and costs included in
\nreceivables
(165.3)
(39.8)
(205.1)
\u2013
\u2013
\u2013
(205.1)
\nGrossing up of headlease liabilities
\u2013
34.2
34.2
\u2013
\u2013
\u2013
34.2
\nCarrying value
3,700.5
1,301.5
5,002.0
50.0
54.2
39.4
5,145.6
\nAt 31 December 2021
\nFair value
4,296.2
1,161.9
5,458.1
49.3
104.8
34.1
5,646.3
\nSelling costs relating to assets held for sale
\u2013
\u2013
\u2013
\u2013
(2.0)
\u2013
(2.0)
\nRevaluation of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(1.9)
(1.9)
\nLease incentives and costs included in
\nreceivables (restated)
(155.8)
(26.3)
(182.1)
\u2013
\u2013
\u2013
(182.1)
\nGrossing up of headlease liabilities
\u2013
70.4
70.4
\u2013
\u2013
\u2013
70.4
\nGrossing up of other liabilities
\u2013
14.8
14.8
\u2013
\u2013
\u2013
14.8
\nCarrying value (restated)
4,140.4
1,220.8
5,361.2
49.3
102.8
32.2
5,545.5
\nReconciliation of fair value
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPortfolio including the Group's share of joint ventures
5,364.2
5,696.3
\nLess: joint ventures
(42.4)
(50.0)
\nIFRS property portfolio
5,321.8
5,646.3
Financial statements
263
\nThe property portfolio is subject to semi-annual external valuations and was revalued at 31 December 2022 by external
\nvaluers on the basis of fair value in accordance with The RICS Valuation \u2013 Professional Standards, which takes account of
\nthe properties\u2019 highest and best use. When considering the highest and best use of a property, the external valuers will
\nconsider its existing and potential uses which are physically, legally and \ufb01nancially viable. Where the highest and best use
\ndi\ufb00ers from the existing use, the external valuers will consider the costs and the likelihood of achieving and implementing
\nthis change in arriving at the property valuation. There were no such instances in the year.
\nThe external valuations for the London-based portfolio at December 2022 were carried out by Knight Frank LLP, whilst the
\nDecember 2021 valuations were carried out by CBRE Limited.
\nKnight Frank valued properties at \u00a35,285.6m (2021: \u00a3nil), CBRE at \u00a3nil (2021: \u00a35,610.8m) and other valuers at \u00a336.2m
\n(2021: \u00a335.5m), giving a combined value of \u00a35,321.8m (2021: \u00a35,646.3m). Of the properties revalued, \u00a350.0m (2021:
\n\u00a349.3m) relating to owner-occupied property was included within property, plant and equipment and \u00a344.2m (2021:
\n\u00a334.1m) was in relation to trading property.
\nThe total fees, including the fee for this assignment, earned by Knight Frank (or other companies forming part of the same
\ngroup of companies within the UK) from the Group is less than 5.0% of their total UK revenues.
\nAs described in note 2, the prior year revaluation has been restated in accordance with the guidance provided by the IFRS
\nInterpretations Committee.
\nNet zero carbon and EPC compliance
\nIn response to climate change, the Group published its pathway to net zero carbon in July 2020 and has set 2030 as
\nits target date to achieve this. In accordance with the Group\u2019s Green Finance Framework, \u00a399.9m (year to 31 December
\n2021: \u00a3116.6m) of eligible \u2018green\u2019 expenditure was incurred in the year to 31 December 2022 on major developments at
\n80 Charlotte Street W1, Soho Place W1, The Featherstone Building EC1 and 25 Baker Street W1. As these have met the
\ncriteria to be eligible qualifying projects under the Framework, the Group has utilised the green tranche of the \u00a3450m
\nrevolving credit facility and the \u00a3350m green bonds (more information can be found on pages 106 to 107).
\nIn 2021, the Group commissioned a third-party report to determine the costs of achieving EPC compliance across the
\nportfolio by 2030. Results of the study indicated an estimated cost of c.\u00a397m to upgrade the Group\u2019s properties to EPC
\n\u2018B\u2019 or above. This has since been updated to re\ufb02ect the latest scope change and 2022 cost in\ufb02ation, taking the estimate
\nto c.\u00a3107m at year end. This includes \u00a38.0m relating to 19 Charterhouse Street EC1 which was sold in January 2023. It is
\nexpected that a small proportion of this cost will be recoverable through service charges. A speci\ufb01c deduction of \u00a358.4m
\nfor identi\ufb01ed EPC upgrade works across the portfolio has been included within the external valuation at 31 December
\n2022, with an additional allowance for further general upgrades to properties following assumed tenant vacancies.
\nAny committed capital expenditure has been included in note 34.
\nReconciliation of revaluation (de\ufb01cit)/surplus
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nTotal revaluation (de\ufb01cit)/surplus
(401.8)
142.9
\nLess:
\nShare of joint ventures
9.2
13.9
\nLease incentives and costs
(23.2)
(19.4)
\nAssets held for sale selling costs
(2.5)
(2.0)
\nTrading property revaluation adjustment
(3.3)
(2.0)
\nIFRS revaluation (de\ufb01cit)/surplus
(421.6)
133.4
\nReported in the:
\nRevaluation (de\ufb01cit)/surplus
(422.1)
131.1
\nWrite-down of trading property
(0.2)
(1.4)
\nGroup income statement
(422.3)
129.7
\nGroup statement of comprehensive income
0.7
3.7
\n(421.6)
133.4
\nValuation process
\nThe valuation reports produced by the external valuers are based on information provided by the Group such as current
\nrents, terms and conditions of lease agreements, service charges and capital expenditure. This information is derived
\nfrom the Group\u2019s \ufb01nancial and property management systems and is subject to the Group\u2019s overall control environment.
\nIn addition, the valuation reports are based on assumptions and valuation models used by the external valuers.
264
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n16 PROPERTY PORTFOLIO
continued
\nValuation process
continued
\nThe assumptions are typically market related, such as yields and discount rates, and are based on their professional
\njudgement and market observation and take into account the impact of climate change and related Environmental,
\nSocial and Governance considerations. Each property is considered a separate asset class based on the unique nature,
\ncharacteristics and risks of the property.
\nMembers of the Group\u2019s investments team, who report to the executive Director responsible for the valuation process,
\nverify all major inputs to the external valuation reports, assess the individual property valuation changes from the prior
\nyear valuation report and hold discussions with the external valuers. When this process is complete, the valuation report
\nis recommended to the Audit Committee, which considers it as part of its overall responsibilities.
\nValuation techniques
\nThe fair value of the property portfolio has been determined using an income capitalisation technique, whereby
\ncontracted and market rental values are capitalised with a market capitalisation rate. The resulting valuations are cross-
\nchecked against the equivalent yields and the fair market values per square foot derived from comparable recent market
\ntransactions on arm\u2019s length terms.
\nFor properties under construction, the fair value is calculated by estimating the fair value of the completed property using
\nthe income capitalisation technique less estimated costs to completion and a risk premium.
\nThese techniques are consistent with the principles in IFRS 13 Fair Value Measurement and use signi\ufb01cant unobservable inputs
\nsuch that the fair value measurement of each property within the portfolio has been classi\ufb01ed as Level 3 in the fair value hierarchy.
\nThere were no transfers between Levels 1 and 2 or between Levels 2 and 3 in the fair value hierarchy during either 2022 or 2021.
\nGains and losses recorded in pro\ufb01t or loss for recurring fair value measurements categorised within Level 3 of the fair value
\nhierarchy amount to a loss of \u00a3422.1m (2021 restated: gain of \u00a3131.1m) and are presented in the Group income statement
\nin the line item \u2018revaluation (de\ufb01cit)/surplus\u2019. The revaluation surplus for the owner-occupied property of \u00a30.7m (2021:
\nsurplus of \u00a33.7m) was included within the Group statement of comprehensive income.
\nAll gains and losses recorded in pro\ufb01t or loss in 2022 and 2021 for recurring fair value measurements categorised within
\nLevel 3 of the fair value hierarchy are attributable to changes in unrealised gains or losses relating to investment property
\nheld at 31 December 2022 and 31 December 2021, respectively.
\nQuantitative information about fair value measurement using unobservable inputs (Level 3)
\nWest End
\ncentral
\nWest End
\nborders/other
\nCity
\nborders
\nProvincial
\ncommercial
\nProvincial
\nland
\nValuation technique
\nIncome
\ncapitalisation
\nIncome
\ncapitalisation
\nIncome
\ncapitalisation
\nIncome
\ncapitalisation
\nIncome
\ncapitalisation
Total
\nFair value (\u00a3m)
\n1
\n3,363.7
376.6
1,544.5
43.0
36.4
5,364.2
\nArea ('000 sq ft)
3,002
429
1,703
326
\u2013
5,460
\nRange of unobservable inputs
\n2
\n:
\nGross ERV (per sq ft pa)
\nMinimum
\u00a328
\u00a323
\u00a330
\u00a3nil
n/a
\n3
\nMaximum
\u00a3100
\u00a359
\u00a369
\u00a313
n/a
\n3
\nWeighted average
\u00a364
\u00a352
\u00a353
\u00a313
n/a
\n3
\nNet initial yield
\nMinimum
2.8%
2.2%
2.3%
8.5%
0.0%
\nMaximum
6.4%
6.1%
6.4%
8.5%
1.3%
\nWeighted average
3.1%
5.3%
4.1%
8.5%
1.3%
\nReversionary yield
\nMinimum
2.8%
4.1%
3.4%
6.8%
0.0%
\nMaximum
7.1%
6.6%
6.3%
6.8%
1.3%
\nWeighted average
4.9%
5.5%
5.4%
6.8%
1.3%
\nTrue equivalent yield (EPRA basis)
\nMinimum
2.8%
3.8%
4.1%
9.3%
0.0%
\nMaximum
6.4%
5.7%
5.7%
9.3%
0.0%
\nWeighted average
4.6%
5.4%
5.1%
9.3%
0.0%
\n1
Includes the Group\u2019s share of joint ventures.
\n2 Costs to complete are not deemed a signi\ufb01cant unobservable input by virtue of the high percentage that is already \ufb01xed.
\n3 There is no calculation of gross ERV per sq ft pa. The land totals 5,500 acres.
Financial statements
265
\nSensitivity of measurement to variations in the signi\ufb01cant unobservable inputs
\nThe signi\ufb01cant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value
\nhierarchy of the Group\u2019s property portfolio, together with the impact of signi\ufb01cant movements in these inputs on the fair
\nvalue measurement, are shown below:
\nUnobservable input
\nImpact on fair value measurement
\nof signi\ufb01cant increase in input
\nImpact on fair value measurement
\nof signi\ufb01cant decrease in input
\nGross ERV
Increase
Decrease
\nNet initial yield
Decrease
Increase
\nReversionary yield
Decrease
Increase
\nTrue equivalent yield
Decrease
Increase
\nThere are inter-relationships between these inputs as they are partially determined by market conditions. An increase in the
\nreversionary yield may accompany an increase in gross ERV and would mitigate its impact on the fair value measurement.
\nA sensitivity analysis has been performed to ascertain the impact of a 25 basis point shift in true equivalent yield and a
\n\u00a32.50 per sq ft shift in ERV on the property valuations. The Group believes this captures the range of variations in these
\nkey valuation assumptions. The results are shown in the tables below:
\nWest End
\ncentral
\nWest End
\nborders/other
\nCity
\nborders
\nProvincial
\ncommercial
\nProvincial
\nland
Total
\nTrue equivalent yield
\n+25bp
(5.2%)
(4.4%)
(4.7%)
(2.6%)
\u2013
(4.9%)
\n-25bp
5.7%
4.9%
5.2%
2.8%
\u2013
5.4%
\nERV
\n+\u00a32.50 psf
3.9%
4.8%
4.7%
19.3%
\u2013
4.4%
\n-\u00a32.50 psf
(3.9%)
(4.8%)
(4.7%)
(19.3%)
\u2013
(4.4%)
\nHistorical cost
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nInvestment property
3,478.3
3,362.3
\nOwner-occupied property
19.6
19.6
\nAssets held for sale
51.5
38.5
\nTrading property
42.5
44.0
\nTotal property portfolio
3,591.9
3,464.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31968": {
"value": "17 PROPERTY, PLANT AND EQUIPMENT Owner-occupied
\nproperty
\n\u00a3m
\nRight-of-use
\nasset
\n\u00a3m
\nArtwork
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 1 January 2022
49.3
\u2013
0.8
3.9
54.0
\nAdditions
\u2013
\u2013
\u2013
0.6
0.6
\nDepreciation
\u2013
\u2013
\u2013
(1.0)
(1.0)
\nRevaluation
0.7
\u2013
\u2013
\u2013
0.7
\nAt 31 December 2022
50.0
\u2013
0.8
3.5
54.3
\nAt 1 January 2021
45.6
\u2013
1.0
3.6
50.2
\nAdditions
\u2013
\u2013
\u2013
1.3
1.3
\nDisposals
\u2013
\u2013
(0.1)
(0.1)
(0.2)
\nDepreciation
\u2013
\u2013
\u2013
(0.9)
(0.9)
\nRevaluation
3.7
\u2013
(0.1)
\u2013
3.6
\nAt 31 December 2021
49.3
\u2013
0.8
3.9
54.0
\nNet book value
\nCost or valuation
50.0
\u2013
0.8
7.8
58.6
\nAccumulated depreciation
\u2013
\u2013
\u2013
(4.3)
(4.3)
\nAt 31 December 2022
50.0
\u2013
0.8
3.5
54.3
\nNet book value
\nCost or valuation
49.3
\u2013
0.8
8.0
58.1
\nAccumulated depreciation
\u2013
\u2013
\u2013
(4.1)
(4.1)
\nAt 31 December 2021
49.3
\u2013
0.8
3.9
54.0
\nCompany
\nAt 1 January 2022
\u2013
18.0
0.8
3.8
22.6
\nAdditions
\u2013
\u2013
\u2013
0.6
0.6
\nDepreciation
\u2013
(1.2)
\u2013
(1.0)
(2.2)
\nAt 31 December 2022
\u2013
16.8
0.8
3.4
21.0
\nAt 1 January 2021
\u2013
19.2
1.0
3.5
23.7
\nAdditions
\u2013
\u2013
\u2013
1.3
1.3
\nDisposals
\u2013
\u2013
(0.1)
(0.1)
(0.2)
\nDepreciation
\u2013
(1.2)
\u2013
(0.9)
(2.1)
\nRevaluation
\u2013
\u2013
(0.1)
\u2013
(0.1)
\nAt 31 December 2021
\u2013
18.0
0.8
3.8
22.6
\nNet book value
\nCost or valuation
\u2013
21.5
0.8
7.7
30.0
\nAccumulated depreciation
\u2013
(4.7)
\u2013
(4.3)
(9.0)
\nAt 31 December 2022
\u2013
16.8
0.8
3.4
21.0
\nNet book value
\nCost or valuation
\u2013
21.6
0.8
8.0
30.4
\nAccumulated depreciation
\u2013
(3.6)
\u2013
(4.2)
(7.8)
\nAt 31 December 2021
\u2013
18.0
0.8
3.8
22.6
\nThe artwork is periodically valued by Bonhams on the basis of fair value using their extensive market knowledge. The latest
\nvaluation was carried out in December 2021. In accordance with IFRS 13 Fair Value Measurement, the artwork is deemed to
\nbe classi\ufb01ed as Level 3.
\nThe historical cost of the artwork in the Group at 31 December 2022 was \u00a30.9m (2021: \u00a30.9m) and \u00a30.9m (2021: \u00a30.9m)
\nin the Company. See note 16 for the historical cost of owner-occupied property and IFRS 13 Fair Value Measurement
\ndisclosures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31969": {
"value": "17 PROPERTY, PLANT AND EQUIPMENT Owner-occupied
\nproperty
\n\u00a3m
\nRight-of-use
\nasset
\n\u00a3m
\nArtwork
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 1 January 2022
49.3
\u2013
0.8
3.9
54.0
\nAdditions
\u2013
\u2013
\u2013
0.6
0.6
\nDepreciation
\u2013
\u2013
\u2013
(1.0)
(1.0)
\nRevaluation
0.7
\u2013
\u2013
\u2013
0.7
\nAt 31 December 2022
50.0
\u2013
0.8
3.5
54.3
\nAt 1 January 2021
45.6
\u2013
1.0
3.6
50.2
\nAdditions
\u2013
\u2013
\u2013
1.3
1.3
\nDisposals
\u2013
\u2013
(0.1)
(0.1)
(0.2)
\nDepreciation
\u2013
\u2013
\u2013
(0.9)
(0.9)
\nRevaluation
3.7
\u2013
(0.1)
\u2013
3.6
\nAt 31 December 2021
49.3
\u2013
0.8
3.9
54.0
\nNet book value
\nCost or valuation
50.0
\u2013
0.8
7.8
58.6
\nAccumulated depreciation
\u2013
\u2013
\u2013
(4.3)
(4.3)
\nAt 31 December 2022
50.0
\u2013
0.8
3.5
54.3
\nNet book value
\nCost or valuation
49.3
\u2013
0.8
8.0
58.1
\nAccumulated depreciation
\u2013
\u2013
\u2013
(4.1)
(4.1)
\nAt 31 December 2021
49.3
\u2013
0.8
3.9
54.0
\nCompany
\nAt 1 January 2022
\u2013
18.0
0.8
3.8
22.6
\nAdditions
\u2013
\u2013
\u2013
0.6
0.6
\nDepreciation
\u2013
(1.2)
\u2013
(1.0)
(2.2)
\nAt 31 December 2022
\u2013
16.8
0.8
3.4
21.0
\nAt 1 January 2021
\u2013
19.2
1.0
3.5
23.7
\nAdditions
\u2013
\u2013
\u2013
1.3
1.3
\nDisposals
\u2013
\u2013
(0.1)
(0.1)
(0.2)
\nDepreciation
\u2013
(1.2)
\u2013
(0.9)
(2.1)
\nRevaluation
\u2013
\u2013
(0.1)
\u2013
(0.1)
\nAt 31 December 2021
\u2013
18.0
0.8
3.8
22.6
\nNet book value
\nCost or valuation
\u2013
21.5
0.8
7.7
30.0
\nAccumulated depreciation
\u2013
(4.7)
\u2013
(4.3)
(9.0)
\nAt 31 December 2022
\u2013
16.8
0.8
3.4
21.0
\nNet book value
\nCost or valuation
\u2013
21.6
0.8
8.0
30.4
\nAccumulated depreciation
\u2013
(3.6)
\u2013
(4.2)
(7.8)
\nAt 31 December 2021
\u2013
18.0
0.8
3.8
22.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32208": {
"value": "18 TRADING STOCK Group
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrading stock
2.3
0.4
\u2013
\u2013
\nTrading stock relates to capitalised development expenditure incurred which is due to be transferred under development
\nagreements to a third party upon completion. This has been included in trading stock as the Group does not have an
\nownership interest in the property.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32230": {
"value": "19 INVESTMENTS Group
\nThe Group has a 50% interest in four joint venture vehicles, Derwent Lazari Baker Street Limited Partnership, Dorrington
\nDerwent Holdings Limited, Primister Limited and Prescot Street Limited Partnership.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
51.1
0.9
\nAdditions
0.1
64.1
\nJoint venture acquisition costs
\u2013
(4.0)
\nRevaluation de\ufb01cit
(9.3)
(10.2)
\nOther pro\ufb01t from operations
2.0
0.3
\nAt 31 December
43.9
51.1
\nThe Group\u2019s share of its investments in joint ventures is represented by the following amounts in the underlying joint
\nventure entities.
\n2022
2021
\nJoint ventures
\n\u00a3m
\nGroup share
\n\u00a3m
\nJoint ventures
\n\u00a3m
\nGroup share
\n\u00a3m
\nNon-current assets
85.0
42.5
100.5
50.2
\nCurrent assets
5.0
2.5
3.7
1.9
\nCurrent liabilities
(2.7)
(1.4)
(2.7)
(1.3)
\nNon-current liabilities
(121.0)
(60.5)
(120.8)
(60.4)
\nNet liabilities
(33.7)
(16.9)
(19.3)
(9.6)
\nLoans provided to joint ventures
60.8
60.7
\nTotal investment in joint ventures
43.9
51.1
\nNet property income
4.2
2.1
0.7
0.4
\nAdministrative expenses
(0.3)
(0.1)
(0.1)
(0.1)
\nRevaluation de\ufb01cit
(18.5)
(9.3)
(20.4)
(10.2)
\nLoss for the year
(14.6)
(7.3)
(19.8)
(9.9)
\nCompany
\nSubsidiaries
\n\u00a3m
\nAt 1 January 2021
1,615.9
\nAdditions
268.0
\nDisposals
(80.7)
\nRepayment of capital
(33.5)
\nImpairment
(19.9)
\nAt 31 December 2021
1,749.8
\nAdditions
605.0
\nReversal of impairment
3.9
\nImpairment
(134.0)
\nAt 31 December 2022
2,224.7
268
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n19 INVESTMENTS
continued
\nAt 31 December 2022, the carrying values of the investment in wholly owned subsidiaries were reviewed in accordance
\nwith IAS 36 Impairment of Assets on both a \u2018value in use\u2019 and \u2018fair value less costs to sell\u2019 basis. The Company\u2019s
\naccounting policy is to carry investments in subsidiary undertakings at the lower of cost and recoverable amount and
\nrecognise any impairment, or reversal thereof, in the income statement. As a result, the Company recognised a net
\nimpairment charge of \u00a3130.1m (2021: \u00a319.9m). This was due to property revaluation de\ufb01cits charged to the income
\nstatement in a number of the property investment subsidiaries held directly or indirectly by the Company. Investment
\nproperties are held by the property investment subsidiaries with any surpluses or de\ufb01cits resulting from a change in their
\nfair values being reported in the income statement of those subsidiaries, thereby a\ufb00ecting their fair values. The Group uses
\nthe valuation carried out by external valuers as the fair value of its property portfolio, see note 3 for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32372": {
"value": "20 OTHER RECEIVABLES (NON-CURRENT) Group
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRents recognised in advance
165.2
147.0
\u2013
\u2013
\nInitial direct letting costs
13.8
12.3
\u2013
\u2013
\nPrepayments
9.1
\u2013
\u2013
\u2013
\nPrepayments and accrued income
188.1
159.3
\u2013
\u2013
\nPrepayments and accrued income include \u00a3165.2m (2021: \u00a3147.0m) after impairments (see note 3) relating to rents
\nrecognised in advance as a result of spreading tenant lease incentives over the expected terms of their respective leases.
\nThis includes rent-free and reduced rent periods, capital contributions in lieu of rent-free periods and contracted rent
\nuplifts. In addition, \u00a313.8m (2021: \u00a312.3m) relates to the spreading e\ufb00ect of the initial direct costs of letting over the
\nsame term. Together with \u00a326.1m (2021 restated: \u00a322.8m), which was included as accrued income within trade and other
\nreceivables (see note 21), these amounts totalled \u00a3205.1m at 31 December 2022 (2021 restated: \u00a3182.1m).
\nPrepayments represent \u00a39.1m of costs incurred in relation to Old Street Quarter EC1. In May 2022, the Group entered into
\na conditional contract to acquire the freehold of Old Street Quarter island site. The site is being sold by Moor\ufb01elds Eye
\nHospital NHS Foundation Trust and UCL, together the Oriel joint initiative (\u2018Oriel\u2019). Completion is subject to Oriel\u2019s receipt
\nof \ufb01nal Treasury approval (subsequently received in February 2023), delivery by Oriel of a new hospital at St Pancras and
\nsubsequent vacant possession of the site, which is anticipated in 2027.
\nThe total movement in tenant lease incentives is shown below:
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nAt 1 January
167.0
148.5
\nAmounts taken to income statement
20.4
19.9
\nCapital incentives granted
0.6
0.7
\nLease incentive reversal/(impairment)
1.0
(0.1)
\nAdjustment for non-current asset held for sale
\u2013
(1.3)
\nDisposal of investment properties
\u2013
(0.5)
\nWrite o\ufb00 to bad debt
(0.2)
(0.2)
\n188.8
167.0
\nAmounts included in trade and other receivables (see note 21)
(23.6)
(20.0)
\nAt 31 December
165.2
147.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32373": {
"value": "20 OTHER RECEIVABLES (NON-CURRENT) Group
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRents recognised in advance
165.2
147.0
\u2013
\u2013
\nInitial direct letting costs
13.8
12.3
\u2013
\u2013
\nPrepayments
9.1
\u2013
\u2013
\u2013
\nPrepayments and accrued income
188.1
159.3
\u2013
\u2013
\nPrepayments and accrued income include \u00a3165.2m (2021: \u00a3147.0m) after impairments (see note 3) relating to rents
\nrecognised in advance as a result of spreading tenant lease incentives over the expected terms of their respective leases.
\nThis includes rent-free and reduced rent periods, capital contributions in lieu of rent-free periods and contracted rent
\nuplifts. In addition, \u00a313.8m (2021: \u00a312.3m) relates to the spreading e\ufb00ect of the initial direct costs of letting over the
\nsame term. Together with \u00a326.1m (2021 restated: \u00a322.8m), which was included as accrued income within trade and other
\nreceivables (see note 21), these amounts totalled \u00a3205.1m at 31 December 2022 (2021 restated: \u00a3182.1m).
\nPrepayments represent \u00a39.1m of costs incurred in relation to Old Street Quarter EC1. In May 2022, the Group entered into
\na conditional contract to acquire the freehold of Old Street Quarter island site. The site is being sold by Moor\ufb01elds Eye
\nHospital NHS Foundation Trust and UCL, together the Oriel joint initiative (\u2018Oriel\u2019). Completion is subject to Oriel\u2019s receipt
\nof \ufb01nal Treasury approval (subsequently received in February 2023), delivery by Oriel of a new hospital at St Pancras and
\nsubsequent vacant possession of the site, which is anticipated in 2027.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32467": {
"value": "21 TRADE AND OTHER RECEIVABLES Group
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade receivables
4.9
6.9
\u2013
\u2013
\nAmounts owed by subsidiaries
\u2013
\u2013
1,759.2
1,860.7
\nOther receivables
5.8
3.7
4.2
15.2
\nPrepayments
3.8
5.3
24.6
23.0
\nAccrued income
27.9
25.1
\u2013
\u2013
\n42.4
41.0
1,788.0
1,898.9
\nThe prior year prepayments have been restated to reclassify \u00a319.4m of cash collected on behalf of tenants\u2019 service charges
\nwithin cash and cash equivalents. For further information refer to note 2.
\nThe prior year accrued income has been restated by \u00a31.3m in relation to amounts forgiven for receivables past their due
\ndate as a result of the IFRIC decision relating to forgiveness of lease payments. For further information refer to note 2.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nGroup trade receivables are split as follows:
\nless than three months due
4.9
6.8
\nbetween three and six months due
\u2013
0.1
\n4.9
6.9
\nGroup trade receivables as at 31 December 2022 are stated net of impairment. As a result, the expected credit loss
\nassessment under IFRS 9 (see note 3) was lower than in 2021.
\nAmounts owed by subsidiaries are unsecured, have no \ufb01xed date of repayment and are repayable on demand. These
\nbalances have been considered as part of the full expected credit loss assessment under IFRS 9 and no impairments were
\ndetermined to be required (2021: \u00a3nil).
\nOther receivables in the Company as at 31 December 2021 includes a \u00a319.7m (2021: \u00a312.3m) interest free loan with no \ufb01xed
\nrepayment date provided to a subsidiary for the development of the residential element at 25 Baker Street W1. The loan
\nwill be repaid from the sale proceeds of these residential apartments after the completion of the scheme.
\nIn response to the Group\u2019s climate change agenda, costs of \u00a30.7m (2021: \u00a30.4m) were incurred in relation to a c.100 acre,
\n18.4MW solar park on its Scottish land and have been included within prepayments. Resolution to grant planning consent
\nfor this project was received in 2022.
\nThe Group has \u00a35.0m of provision for bad debts as shown below. \u00a31.9m is included in trade receivables, \u00a30.7m in accrued
\nincome and \u00a32.4m in prepayments and accrued income within other receivables (non-current) (note 20).
270
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n21 TRADE AND OTHER RECEIVABLES
continued
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nProvision for bad debts
\nAt 1 January
8.3
8.4
\nTrade receivables provision
(0.8)
(0.4)
\nLease incentive provision
(0.2)
0.8
\nService charge provision
(0.2)
0.1
\nReleased
(2.1)
(0.6)
\nAt 31 December
5.0
8.3
\nThe provision for bad debts are split as follows:
\nless than three months due
2.2
3.7
\nbetween three and six months due
0.1
0.2
\nbetween six and twelve months due
0.3
0.3
\nover twelve months due
2.4
4.1
\n5.0
8.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32598": {
"value": "22 NON-CURRENT ASSETS HELD FOR SALE 2022
\n\u00a3m
\n2021
\n\u00a3m
\nTransferred from investment properties (see note 16)
54.2
101.2
\nTransferred from prepayments and accrued income
\u2013
1.6
\n54.2
102.8
\nIn January 2023, the Group exchanged contracts and completed on the sale of its freehold interest in 19 Charterhouse
\nStreet EC1. The property was valued at \u00a353.0m as at 31 December 2022. In accordance with IFRS 5 Non-current Assets
\nHeld for Sale, this property was recognised as a non-current asset held for sale and, after deducting selling costs of \u00a30.5m,
\nthe carrying value was \u00a352.5m (see note 16).
\nAt 31 December 2022, the freehold interest in 13 Charlotte Mews W1 was recognised as a non-current asset held for sale,
\nin accordance with IFRS 5 Non-current Assets Held for Sale. 13 Charlotte Mews is under o\ufb00er and is available for sale in its
\npresent condition. As at 31 December 2022, the property was valued at \u00a31.7m and, after deducting selling costs of \u00a30.05m,
\nthe carrying value was \u00a31.65m (see note 16).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32633": {
"value": "23 TRADE AND OTHER PAYABLES Group
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nTrade payables
0.4
3.2
\u2013
0.1
\nAmounts owed to subsidiaries
\u2013
\u2013
1,685.3
1,285.3
\nOther payables
24.6
38.0
0.3
1.2
\nOther taxes
11.8
8.0
4.8
1.7
\nAccruals
35.8
37.2
16.4
15.1
\nDeferred income
48.2
41.9
0.7
0.7
\nTenant rent deposits
27.3
17.6
\u2013
\u2013
\n148.1
145.9
1,707.5
1,304.1
\nDeferred income primarily relates to rents received in advance.
\nPrior year Group trade and other payables have been restated to re\ufb02ect the grossing up of tenant rent deposits of \u00a317.6m.
\nPrior year Company trade and other payables (\u2018amounts owed to subsidiaries\u2019) have been restated to re\ufb02ect the grossing
\nup of \u00a317.6m of tenant rent deposits and \u00a34.8m of cash collected on behalf of tenants to fund the service charge of
\nproperties in the portfolio. For further information refer to note 2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32693": {
"value": "24 PROVISIONS Group
\n\u00a3m
\nCompany
\n\u00a3m
\nAt 1 January 2022
0.6
0.6
\nProvided in the income statement
(0.2)
(0.2)
\nUtilised in year
(0.2)
(0.2)
\nAt 31 December 2022
0.2
0.2
\nDue within one year
\u2013
\u2013
\nDue after one year
0.2
0.2
\n0.2
0.2
\nAt 1 January 2021
1.0
1.0
\nProvided in the income statement
0.6
0.6
\nUtilised in year
(1.0)
(1.0)
\nAt 31 December 2021
0.6
0.6
\nDue within one year
0.3
0.3
\nDue after one year
0.3
0.3
\n0.6
0.6
\nThe provisions in both the Group and the Company relate to national insurance that is payable on gains made by
\nemployees on the exercise of share options granted to them. The eventual liability to national insurance is dependent on:
\n\u2022 the market price of the Company\u2019s shares at the date of exercise;
\n\u2022 the number of equity share options that are exercised; and
\n\u2022 the prevailing rate of national insurance at the date of exercise.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32760": {
"value": "25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS Group
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent liabilities
\nOther loans
19.7
12.3
\u2013
\u2013
\n19.7
12.3
\u2013
\u2013
\nNon-current liabilities
\n1.5% unsecured convertible bonds 2025
170.1
168.3
\u2013
\u2013
\n6.5% secured bonds 2026
181.0
182.4
\u2013
\u2013
\n1.875% unsecured green bonds 2031
346.4
346.0
346.4
346.0
\n2.68% unsecured private placement notes 2026
54.9
54.8
54.9
54.8
\n3.46% unsecured private placement notes 2028
29.9
29.9
29.9
29.9
\n4.41% unsecured private placement notes 2029
24.9
24.9
24.9
24.9
\n2.87% unsecured private placement notes 2029
92.7
92.6
92.7
92.6
\n2.97% unsecured private placement notes 2031
49.8
49.8
49.8
49.8
\n3.57% unsecured private placement notes 2031
74.7
74.7
74.7
74.7
\n3.09% unsecured private placement notes 2034
51.8
51.8
51.8
51.8
\n4.68% unsecured private placement notes 2034
74.6
74.5
74.6
74.5
\n3.99% secured loan 2024
82.7
82.5
82.7
82.5
\nUnsecured bank loans
(4.1)
4.9
(4.1)
4.9
\nIntercompany loan
\u2013
\u2013
170.1
168.3
\n1,229.4
1,237.1
1,048.4
1,054.7
\nBorrowings
1,249.1
1,249.4
1,048.4
1,054.7
\nLeasehold liabilities \u2013 current
0.5
51.2
1.3
1.2
\nLeasehold liabilities \u2013 non-current
34.5
19.4
21.6
22.9
\nDerivative \ufb01nancial instruments \u2013 current
\u2013
0.4
\u2013
0.4
\nDerivative \ufb01nancial instruments \u2013 non-current
(5.0)
0.4
(5.0)
0.4
\nGross debt
1,279.1
1,320.8
1,066.3
1,079.6
\nReconciliation to net debt:
\nGross debt
1,279.1
1,320.8
1,066.3
1,079.6
\nDerivative \ufb01nancial instruments
5.0
(0.8)
5.0
(0.8)
\nCash at bank excluding restricted cash (see note 33)
(26.9)
(68.5)
(26.4)
(68.2)
\nNet debt
1,257.2
1,251.5
1,044.9
1,010.6
\n1.5% unsecured convertible bonds 2025
\nIn June 2019 the Group issued \u00a3175m of convertible bonds. The unsecured instruments pay a coupon of 1.5% until June
\n2025 or the conversion date, if earlier. The initial conversion price was set at \u00a344.96 per share. In accordance with IAS
\n32, the equity and debt components of the bonds are accounted for separately and the fair value of the debt component
\nhas been determined using the market interest rate for an equivalent non-convertible bond, deemed to be 2.3%. As a
\nresult, \u00a3167.3m was recognised as a liability in the balance sheet on issue and the remainder of the proceeds, \u00a37.7m,
\nwhich represents the equity component, was credited to reserves. The di\ufb00erence between the fair value of the liability and
\nthe principal value is being amortised through the income statement from the date of issue. Issue costs of \u00a34.0m were
\nallocated between equity and debt and the element relating to the debt component is being amortised over the life of the
\nbonds. The issue costs apportioned to equity of \u00a30.2m were not amortised. The fair value was determined by the ask-price
\nof \u00a391.75 per \u00a3100 as at 31 December 2022 (2021: \u00a3102.00 per \u00a3100). The carrying value at 31 December 2022 was \u00a3170.1m
\n(2021: \u00a3168.3m).
Financial statements
273
\nReconciliation of nominal value to carrying value:
\n\u00a3m
\nNominal value
175.0
\nFair value adjustment on issue allocated to equity
(7.7)
\nDebt component on issue
167.3
\nUnamortised issue costs
(1.5)
\nAmortisation of fair value adjustment
4.3
\nCarrying amount included in borrowings
170.1
\n6.5% secured bonds 2026
\nAs a result of the acquisition of London Merchant Securities plc in 2007, the secured bonds 2026 were included at fair
\nvalue less unamortised issue costs. This di\ufb00erence between fair value at acquisition and principal value is being amortised
\nthrough the income statement. The fair value at 31 December 2022 was determined by the ask-price of \u00a3102.67 per \u00a3100
\n(2021: \u00a3117.60 per \u00a3100). The carrying value at 31 December 2022 was \u00a3181.0m (2021: \u00a3182.4m).
\n1.875% unsecured green bonds 2031
\nIn November 2021, the Group issued \u00a3350m of green bonds on a 10-year term maturing in 2031. The unsecured instrument
\npays a coupon of 1.875% and the e\ufb00ective interest rate is 1.934%. This represents an issue discount of \u00a31.8m. The
\nunsecured green bonds 2031 are accounted for at amortised cost. The fair value at 31 December 2022 was determined by
\nthe ask-price of \u00a370.63 per \u00a3100 (2021: \u00a398.45 per \u00a3100). The carrying value at 31 December 2022 was \u00a3346.4m (2021:
\n\u00a3346.0m). The \u00a3350m green bonds will be used to fund qualifying \u2018green\u2019 expenditure in accordance with the Group\u2019s
\nGreen Finance Framework.
\n2.68% unsecured private placement notes 2026, 2.87% unsecured private placement notes 2029,
\n2.97% unsecured private placement notes 2031 and 3.09% unsecured private placement notes 2034
\nIn October 2018, the Group arranged unsecured private placement notes, comprising \u00a355m for 7 years, \u00a393m for 10 years,
\n\u00a350m for 12 years and \u00a352m for 15 years. The funds were drawn on 31 January 2019. The fair values were determined by
\ncomparing the discounted future cash \ufb02ows using the contracted yields with those of reference gilts plus implied margins.
\nThe references were a 2% 2025 gilt, 1.625% 2028 gilt, 4.75% 2030 gilt and a 4.25% 2032 gilt all with an implied margin
\nwhich is unchanged since the date of \ufb01xing. The carrying values at 31 December 2022 were \u00a354.9m (2021: \u00a354.8m),
\n\u00a392.7m (2021: \u00a392.6m), \u00a349.8m (2021: \u00a349.8m) and \u00a351.8m (2021: \u00a351.8m), respectively.
\n3.46% unsecured private placement notes 2028 and 3.57% unsecured private placement notes 2031
\nIn February 2016, the Group arranged unsecured private placement notes, comprising \u00a330m for 12 years and \u00a375m for
\n15 years. The funds were drawn on 4 May 2016. The fair values were determined by comparing the discounted future cash
\n\ufb02ows using the contracted yields with those of reference gilts plus implied margins. The references were a 6% 2028 gilt
\nand a 4.75% 2030 gilt both with an implied margin which is unchanged since the date of \ufb01xing. The carrying values at
\n31\u00a0December 2022 were \u00a329.9m (2021: \u00a329.9m) and \u00a374.7m (2021: \u00a374.7m), respectively.
\n4.41% unsecured private placement notes 2029 and 4.68% unsecured private placement notes 2034
\nIn November 2013, the Group arranged unsecured private placement notes, comprising \u00a325m for 15 years and \u00a375m for
\n20 years. The funds were drawn on 8 January 2014. The fair values were determined by comparing the discounted future
\ncash \ufb02ows using the contracted yields with those of reference gilts plus implied margins. The references were a 6% 2028
\ngilt and a 4.25% 2032 gilt both with an implied margin which is unchanged since the date of \ufb01xing. The carrying values at
\n31\u00a0December 2022 were \u00a324.9m (2021: \u00a324.9m) and \u00a374.6m (2021: \u00a374.5m), respectively.
\n3.99% secured loan 2024
\nIn July 2012, the Group arranged a 12\u00bc-year secured \ufb01xed rate loan. The loan was drawn on 1 August 2012. The fair value
\nwas determined by comparing the discounted future cash \ufb02ows using the contracted yield with those of the reference gilt
\nplus an implied margin. The reference was a 5% 2025 gilt with an implied margin which is unchanged since the date of
\n\ufb01xing. The carrying value at 31 December 2022 was \u00a382.7m (2021: \u00a382.5m).
274
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nUnsecured bank loans
\nIn 2021, the Group exercised the one-year extension option on both the \u00a3100m revolving credit facility (\u2018RCF\u2019) and the
\n\u00a3450m RCF, thereby extending the maturities of both facilities out to 2026. In 2022, the Group exercised a further one-year
\nextension option on the \u00a3100m facility, thereby extending the maturity of the facility out to 2027.
\nUnsecured bank borrowings are accounted for at amortised cost. At 31 December 2022, there was \u00a3nil (2021: \u00a310.0m)
\ndrawn on the RCFs and the unamortised arrangement fees were \u00a34.1m (2021: \u00a35.1m), resulting in the carrying value being
\na \u00a34.1m debit balance (2021: credit balance of \u00a34.9m).
\nThe main corporate \u00a3450m RCF includes a \u00a3300m \u2018green tranche\u2019 to fund qualifying \u2018green\u2019 expenditure in accordance
\nwith the Group\u2019s Green Finance Framework.
\nAs all main corporate facilities were re\ufb01nanced or amended recently, the fair values of the Group\u2019s bank loans are deemed
\nto be approximately the same as their carrying amount, after adjusting for the unamortised arrangement fees.
\nIn 2021, the benchmark rate applicable on the existing bank borrowings was transitioned from LIBOR to SONIA.
\nUndrawn committed bank facilities \u2013 maturity pro\ufb01le
\n< 1
\nyear
\n\u00a3m
\n1 to 2
\nyears
\n\u00a3m
\n2 to 3
\nyears
\n\u00a3m
\n3 to 4
\nyears
\n\u00a3m
\n4 to 5
\nyears
\n\u00a3m
\n> 5
\nyears
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 31 December 2022
\u2013
\u2013
\u2013
450.0
100.0
\u2013
550.0
\nAt 31 December 2021
\u2013
\u2013
\u2013
\u2013
540.0
\u2013
540.0
\nCompany
\nAt 31 December 2022
\u2013
\u2013
\u2013
450.0
100.0
\u2013
550.0
\nAt 31 December 2021
\u2013
\u2013
\u2013
\u2013
540.0
\u2013
540.0
\nOther loans
\nOther loans consist of a \u00a319.7m interest-free loan with no \ufb01xed repayment date from a third party providing development
\nconsultancy services on the residential element of the 25 Baker Street W1 development. The loan will be repaid from the
\nsale proceeds of these residential apartments after completion of the scheme. The agreement provides for a pro\ufb01t share
\non completion of the sales which, under IFRS 9 Financial Instruments, has been deemed to have a carrying value of \u00a3nil
\nat 31 December 2022 (2021: \u00a3nil). The carrying value of the loan at 31 December 2022 was \u00a319.7m (2021: \u00a312.3m).
\nIntercompany loans
\nThe terms of the intercompany loan in the Company mirror those of the unsecured convertible bonds 2025. As with the
\nconvertible bonds, debt and equity components of the intercompany loan have been accounted for separately, and the fair
\nvalue of the debt components is identical to that of the bonds. The carrying value of this loan at 31 December 2022 was
\n\u00a3170.1m (2021: \u00a3168.3m).
\nDerivative \ufb01nancial instruments
\nThe derivative \ufb01nancial instruments consist of interest rate swaps, the fair values of which represent the net present
\nvalue of the di\ufb00erence between the contracted \ufb01xed rates and the \ufb01xed rates payable if the swaps were to be replaced
\non 31\u00a0December 2022 for the period to the contracted expiry dates.
\nDuring the prior year, all interest rate swaps were transitioned from LIBOR basis swaps to SONIA.
\nThe Group has a \u00a375m forward starting interest rate swap e\ufb00ective from 4 January 2023. This swap is not included in the
\n31 December 2022 \ufb01gures in the table below. The Group also had a \u00a340m forward starting interest rate swap which was
\nterminated during 2022.
\nThe fair values of the Group\u2019s outstanding interest rate swaps have been estimated using the mid-point of the yield curves
\nprevailing on the reporting date and represent the net present value of the di\ufb00erences between the contracted rate and the
\nvaluation rate when applied to the projected balances for the period from the reporting date to the contracted expiry dates.
Financial statements
275
\nSecured and unsecured debt
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nSecured
\n6.5% secured bonds 2026
181.0
182.4
\u2013
\u2013
\n3.99% secured loan 2024
82.7
82.5
82.7
82.5
\n263.7
264.9
82.7
82.5
\nUnsecured
\n1.5% unsecured convertible bonds 2025
170.1
168.3
\u2013
\u2013
\n1.875% unsecured green bonds 2031
346.4
346.0
346.4
346.0
\nUnsecured private placement notes 2026 \u2013 2034
453.3
453.0
453.3
453.0
\nUnsecured bank loans
(4.1)
4.9
(4.1)
4.9
\nOther loans
19.7
12.3
\u2013
\u2013
\nIntercompany loan
\u2013
\u2013
170.1
168.3
\n985.4
984.5
965.7
972.2
\nBorrowings
1,249.1
1,249.4
1,048.4
1,054.7
\nAs at 31 December 2022, the Group\u2019s secured bonds 2026 were secured by a \ufb02oating charge over a number of the Group\u2019s
\nsubsidiary companies which contained \u00a3448.8m (2021: \u00a3571.8m) of the Group\u2019s properties. The Group\u2019s secured bank loan
\nwas settled during the previous year in advance of the acquisition of the non-controlling interest from The Portman Estate
\nin 2021.
\nAt 31 December 2022, the Company\u2019s 3.99% secured loan 2024 was secured by a \ufb01xed charge over \u00a3272.8m (2021: \u00a3305.2m)
\nof the Group\u2019s properties.
\nFixed interest rate and hedged debt
\nAt 31 December 2022, the Group\u2019s \ufb01xed rate and hedged debt included the unsecured convertible bonds, the unsecured
\ngreen bonds, the secured bonds, a secured loan, the unsecured private placement notes and other loans. At 31 December
\n2021, the Group\u2019s \ufb01xed rate and hedged debt included the unsecured convertible bonds, the unsecured green bonds, the
\nsecured bonds, a secured loan, the unsecured private placement notes and other loans.
\nAt 31 December 2022, the Company\u2019s \ufb01xed rate and hedged debt included the unsecured green bonds, a secured loan,
\nthe unsecured private placement notes and the intercompany loans. At 31 December 2021, the Company\u2019s \ufb01xed rate
\nand hedged debt included the unsecured green bonds, a secured loan, the unsecured private placement notes and the
\nintercompany loans.
276
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nInterest rate exposure
\nAfter taking into account the various interest rate hedging instruments entered into by the Group and the Company, the
\ninterest rate exposure of the Group\u2019s and Company\u2019s borrowings were:
\nFloating
\nrate
\n\u00a3m
\nHedged
\n\u00a3m
\nFixed
\nrate
\n\u00a3m
\nBorrowings
\n\u00a3m
\nWeighted
\naverage
\ninterest rate
\n1
\n%
\nWeighted
\naverage
\nlife
\nYears
\nGroup
\nAt 31 December 2022
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
170.1
170.1
2.30
2.4
\n6.5% secured bonds 2026
\u2013
\u2013
181.0
181.0
6.50
3.2
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.4
346.4
1.93
8.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.3
453.3
3.42
7.7
\n3.99% secured loan 2024
\u2013
\u2013
82.7
82.7
3.99
1.8
\nUnsecured bank loans
(4.1)
\u2013
\u2013
(4.1)
\u2013
\u2013
\nOther loans
\n2
\n\u2013
\u2013
19.7
19.7
\u2013
\u2013
\n(4.1)
\u2013
1,253.2
1,249.1
3.26
6.2
\nAt 31 December 2021
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
168.3
168.3
2.30
3.4
\n6.5% secured bonds 2026
\u2013
\u2013
182.4
182.4
6.50
4.2
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.0
346.0
1.93
9.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.0
453.0
3.42
8.7
\n3.99% secured loan 2024
\u2013
\u2013
82.5
82.5
3.99
2.8
\nUnsecured bank loans
4.9
\u2013
\u2013
4.9
1.25
4.8
\nOther loans
\u2013
\u2013
12.3
12.3
\u2013
\u2013
\n4.9
\u2013
1,244.5
1,249.4
3.27
7.2
\nCompany
\nAt 31 December 2022
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.4
346.4
1.93
8.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.3
453.3
3.42
7.7
\n3.99% secured loan 2024
\u2013
\u2013
82.7
82.7
3.99
1.8
\nUnsecured bank loans
(4.1)
\u2013
\u2013
(4.1)
\u2013
\u2013
\nIntercompany loan
\u2013
\u2013
170.1
170.1
2.30
2.4
\n(4.1)
\u2013
1,052.5
1,048.4
2.78
6.7
\nAt 31 December 2021
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.0
346.0
1.93
9.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.0
453.0
3.42
8.7
\n3.99% secured loan 2024
\u2013
\u2013
82.5
82.5
3.99
2.8
\nUnsecured bank loans
4.9
\u2013
\u2013
4.9
1.25
4.8
\nIntercompany loan
\u2013
\u2013
168.3
168.3
2.30
3.4
\n4.9
\u2013
1,049.8
1,054.7
2.78
7.7
\n1
The weighted average interest rates are based on the nominal amounts of the debt facilities.
\n2
Other loans shown above are interest free and have no \ufb01xed repayment date. For further detail, see other loans section above.
Financial statements
277
\nContractual undiscounted cash out\ufb02ows
\nIFRS 7 Financial Instruments: Disclosure, requires disclosure of the maturity of the Group\u2019s and Company\u2019s remaining
\ncontractual \ufb01nancial liabilities. The tables below show the contractual undiscounted cash out\ufb02ows arising from the
\nGroup\u2019s gross debt.
\n< 1
\nyear
\n\u00a3m
\n1 to 2
\nyears
\n\u00a3m
\n2 to 3
\nyears
\n\u00a3m
\n3 to 4
\nyears
\n\u00a3m
\n4 to 5
\nyears
\n\u00a3m
\n> 5
\nyears
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 31 December 2022
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
175.0
\u2013
\u2013
\u2013
175.0
\n6.5% secured bonds 2026
\u2013
\u2013
\u2013
175.0
\u2013
\u2013
175.0
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
55.0
\u2013
400.0
455.0
\n3.99% secured loan 2024
\u2013
83.0
\u2013
\u2013
\u2013
\u2013
83.0
\nOther loans
\u2013
\u2013
19.7
\u2013
\u2013
\u2013
19.7
\nTotal on maturity
\u2013
83.0
194.7
230.0
\u2013
750.0
1,257.7
\nLeasehold liabilities
1.8
1.7
1.7
1.7
1.8
211.3
220.0
\nInterest on borrowings
39.4
38.8
34.8
27.1
20.7
80.3
241.1
\nE\ufb00ect of interest rate swaps
(1.8)
(2.4)
(1.1)
\u2013
\u2013
\u2013
(5.3)
\nGross loan commitments
39.4
121.1
230.1
258.8
22.5
1,041.6
1,713.5
\nAt 31 December 2021
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
\u2013
175.0
\u2013
\u2013
175.0
\n6.5% secured bonds 2026
\u2013
\u2013
\u2013
\u2013
175.0
\u2013
175.0
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
\u2013
55.0
400.0
455.0
\n3.99% secured loan 2024
\u2013
\u2013
83.0
\u2013
\u2013
\u2013
83.0
\nUnsecured bank loans
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
10.0
\nOther loans
\u2013
\u2013
\u2013
12.3
\u2013
\u2013
12.3
\nTotal on maturity
\u2013
\u2013
83.0
187.3
240.0
750.0
1,260.3
\nLeasehold liabilities
52.2
0.8
0.8
0.8
0.8
193.7
249.1
\nInterest on borrowings
39.5
39.6
39.6
34.9
27.2
100.9
281.7
\nE\ufb00ect of interest rate swaps
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
\nGross loan commitments
92.5
40.4
123.4
223.0
268.0
1,044.6
1,791.9
278
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nReconciliation to borrowings:
\nGross loan
\ncommitments
\n\u00a3m
\nAdjustments
\nBorrowings
\n\u00a3m
\nInterest on
\ngross debt
\n\u00a3m
\nE\ufb00ect of interest
\nrate swaps
\n\u00a3m
\nLeasehold
\nliabilities
\n\u00a3m
\nNon-cash
\namortisation
\n\u00a3m
\nGroup
\nAt 31 December 2022
\nMaturing in:
\n< 1 year
39.4
(39.4)
1.8
(1.8)
\u2013
\u2013
\n1 to 2 years
121.1
(38.8)
2.4
(1.7)
(0.3)
82.7
\n2 to 3 years
230.1
(34.8)
1.1
(1.7)
(4.9)
189.8
\n3 to 4 years
258.8
(27.1)
\u2013
(1.7)
2.5
232.5
\n4 to 5 years
22.5
(20.7)
\u2013
(1.8)
(0.7)
(0.7)
\n> 5 years
1,041.6
(80.3)
\u2013
(211.3)
(5.2)
744.8
\n1,713.5
(241.1)
5.3
(220.0)
(8.6)
1,249.1
\nAt 31 December 2021
\nMaturing in:
\n< 1 year
92.5
(39.5)
(0.8)
(52.2)
\u2013
\u2013
\n1 to 2 years
40.4
(39.6)
\u2013
(0.8)
\u2013
\u2013
\n2 to 3 years
123.4
(39.6)
\u2013
(0.8)
(0.5)
82.5
\n3 to 4 years
223.0
(34.9)
\u2013
(0.8)
(6.7)
180.6
\n4 to 5 years
268.0
(27.2)
\u2013
(0.8)
2.1
242.1
\n> 5 years
1,044.6
(100.9)
\u2013
(193.7)
(5.8)
744.2
\n1,791.9
(281.7)
(0.8)
(249.1)
(10.9)
1,249.4
\n< 1
\nyear
\n\u00a3m
\n1 to 2
\nyears
\n\u00a3m
\n2 to 3
\nyears
\n\u00a3m
\n3 to 4
\nyears
\n\u00a3m
\n4 to 5
\nyears
\n\u00a3m
\n> 5
\nyears
\n\u00a3m
\nTotal
\n\u00a3m
\nCompany
\nAt 31 December 2022
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
55.0
\u2013
400.0
455.0
\n3.99% secured loan 2024
\u2013
83.0
\u2013
\u2013
\u2013
\u2013
83.0
\nIntercompany loan
\u2013
\u2013
175.0
\u2013
\u2013
\u2013
175.0
\nTotal on maturity
\u2013
83.0
175.0
55.0
\u2013
750.0
1,063.0
\nLeasehold liability
2.1
2.1
2.1
2.1
2.1
18.9
29.4
\nInterest on debt
28.1
27.4
23.4
21.4
20.7
80.3
201.3
\nE\ufb00ect of interest rate swaps
(1.8)
(2.4)
(1.1)
\u2013
\u2013
\u2013
(5.3)
\nGross loan commitments
28.4
110.1
199.4
78.5
22.8
849.2
1,288.4
\nAt 31 December 2021
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
\u2013
55.0
400.0
455.0
\n3.99% secured loan 2024
\u2013
\u2013
83.0
\u2013
\u2013
\u2013
83.0
\nUnsecured bank loans
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
10.0
\nIntercompany loan
\u2013
\u2013
\u2013
175.0
\u2013
\u2013
175.0
\nTotal on maturity
\u2013
\u2013
83.0
175.0
65.0
750.0
1,073.0
\nLeasehold liability
2.1
2.1
2.1
2.1
2.1
21.0
31.5
\nInterest on debt
28.2
28.2
28.2
23.6
21.5
100.9
230.6
\nE\ufb00ect of interest rate swaps
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
\nGross loan commitments
31.1
30.3
113.3
200.7
88.6
871.9
1,335.9
Financial statements
279
\nReconciliation to borrowings:
\nGross loan
\ncommitments
\n\u00a3m
\nAdjustments
\nBorrowings
\n\u00a3m
\nInterest on
\ngross debt
\n\u00a3m
\nE\ufb00ect of interest
\nrate swaps
\n\u00a3m
\nLeasehold
\nliabilities
\n\u00a3m
\nNon-cash
\namortisation
\n\u00a3m
\nCompany
\nAt 31 December 2022
\nMaturing in:
\n< 1 year
28.4
(28.1)
1.8
(2.1)
\u2013
\u2013
\n1 to 2 years
110.1
(27.4)
2.4
(2.1)
(0.3)
82.7
\n2 to 3 years
199.4
(23.4)
1.1
(2.1)
(4.9)
170.1
\n3 to 4 years
78.5
(21.4)
\u2013
(2.1)
(3.5)
51.5
\n4 to 5 years
22.8
(20.7)
\u2013
(2.1)
(0.7)
(0.7)
\n> 5 years
849.2
(80.3)
\u2013
(18.9)
(5.2)
744.8
\n1,288.4
(201.3)
5.3
(29.4)
(14.6)
1,048.4
\nAt 31 December 2021
\nMaturing in:
\n< 1 year
31.1
(28.2)
(0.8)
(2.1)
\u2013
\u2013
\n1 to 2 years
30.3
(28.2)
\u2013
(2.1)
\u2013
\u2013
\n2 to 3 years
113.3
(28.2)
\u2013
(2.1)
(0.5)
82.5
\n3 to 4 years
200.7
(23.6)
\u2013
(2.1)
(6.7)
168.3
\n4 to 5 years
88.6
(21.5)
\u2013
(2.1)
(5.3)
59.7
\n> 5 years
871.9
(100.9)
\u2013
(21.0)
(5.8)
744.2
\n1,335.9
(230.6)
(0.8)
(31.5)
(18.3)
1,054.7
\nDerivative \ufb01nancial instruments cash \ufb02ows
\nThe following table provides an analysis of the anticipated contractual cash \ufb02ows for the derivative \ufb01nancial instruments
\nusing undiscounted cash \ufb02ows. These amounts represent the gross cash \ufb02ows of the derivative \ufb01nancial instruments and
\nare settled as either a net payment or receipt.
\n2022
\nReceivable
\n\u00a3m
\n2022
\nPayable
\n\u00a3m
\n2021
\nReceivable
\n\u00a3m
\n2021
\nPayable
\n\u00a3m
\nGroup
\nMaturing in:
\n< 1 year
2.5
(0.7)
0.7
(1.5)
\n1 to 2 years
3.4
(1.0)
1.0
(1.0)
\n2 to 3 years
1.6
(0.5)
1.0
(1.0)
\n3 to 4 years
\u2013
\u2013
0.5
(0.5)
\n4 to 5 years
\u2013
\u2013
\u2013
\u2013
\n> 5 years
\u2013
\u2013
\u2013
\u2013
\nGross contractual cash \ufb02ows
7.5
(2.2)
3.2
(4.0)
\nCompany
\nMaturing in:
\n< 1 year
2.5
(0.7)
0.7
(1.5)
\n1 to 2 years
3.4
(1.0)
1.0
(1.0)
\n2 to 3 years
1.6
(0.5)
1.0
(1.0)
\n3 to 4 years
\u2013
\u2013
0.5
(0.5)
\n4 to 5 years
\u2013
\u2013
\u2013
\u2013
\n> 5 years
\u2013
\u2013
\u2013
\u2013
\nGross contractual cash \ufb02ows
7.5
(2.2)
3.2
(4.0)
280
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nFinancial instruments \u2013 risk management
\nThe Group is exposed through its operations to the following \ufb01nancial risks:
\n\u2022 credit risk;
\n\u2022 market risk; and
\n\u2022 liquidity risk.
\nIn common with all other businesses, the Group is exposed to risks that arise from its use of \ufb01nancial instruments.
\nThe following describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used
\nto measure them. Further quantitative information in respect of these risks is presented throughout these \ufb01nancial
\nstatements. Further information on risk as required by IFRS 7 is given on pages 112 to 125.
\nThere have been no substantive changes in the Group\u2019s exposure to \ufb01nancial instrument risks, its objectives, policies and
\nprocesses for managing those risks or the methods used to measure them from previous years. The Group\u2019s EPRA loan-to-
\nvalue ratio has increased to 23.9% as at 31 December 2022.
\nPrincipal \ufb01nancial instruments
\nThe principal \ufb01nancial instruments used by the Group, from which \ufb01nancial instrument risk arises, are trade receivables,
\naccrued income arising from the spreading of lease incentives, cash at bank, trade and other payables, \ufb02oating rate bank
\nloans, \ufb01xed rate loans and private placement notes, secured and unsecured bonds and interest rate swaps.
\nGeneral objectives, policies and processes
\nThe Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and,
\nwhilst retaining ultimate responsibility for them, it has delegated the authority to executive management for designing and
\noperating processes that ensure the e\ufb00ective implementation of the objectives and policies.
\nThe overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly a\ufb00ecting the
\nGroup\u2019s \ufb02exibility and its ability to maximise returns. Further details regarding these policies are set out below:
\nCredit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its
\ncontractual obligations. The Group is mainly exposed to credit risk from lease contracts in relation to its property portfolio.
\nIt is Group policy to assess the credit risk of new tenants before entering into such contracts. The Board has a Credit
\nCommittee which assesses each new tenant before a new lease is signed. The review includes the latest sets of \ufb01nancial
\nstatements, external ratings when available and, in some cases, forecast information and bank or trade references. The
\ncovenant strength of each tenant is determined based on this review and, if appropriate, a deposit or a guarantee is
\nobtained. The Committee also reviews existing tenant covenants from time to time.
\nImpairment calculations have been carried out on trade receivables and accrued income arising as a result of the
\nspreading of lease incentives using the forward-looking, simpli\ufb01ed approach to the expected credit loss model within
\nIFRS 9. In addition, the Credit Committee has reviewed its register of tenants at higher risk, particularly in the retail or
\nhospitality sectors, those in administration or CVA and the top 64 tenants by size with the remaining occupiers considered
\non a sector by sector basis.
\nAs the Group operates predominantly in central London, it is subject to some geographical risk. However, this is mitigated
\nby the wide range of tenants from a broad spectrum of business sectors.
\nCredit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial institutions. For banks and
\n\ufb01nancial institutions, only independently rated parties with a minimum rating of investment grade are accepted. This risk
\nis also reduced by the short periods that money is on deposit at any one time.
\nThe carrying amount of \ufb01nancial assets recorded in the \ufb01nancial statements represents the Group\u2019s maximum exposure to
\ncredit risk without taking account of the value of any collateral obtained.
Financial statements
281
\nMarket risk
\nMarket risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate due to changes in
\nmarket prices. Market risk arises for the Group from its use of variable interest bearing instruments (interest rate risk).
\nThe Group monitors its interest rate exposure on at least a quarterly basis. Sensitivity analysis performed to ascertain the
\nimpact on pro\ufb01t or loss and net assets of a 50 basis point shift in interest rates would result in no increase (2021: \u00a30.1m)
\nor decrease (2021: \u00a30.1m), as all borrowings at the end of the year were \ufb01xed.
\nIt is currently Group policy that generally between 60% and 85% of external Group borrowings (excluding \ufb01nance lease
\npayables) are at \ufb01xed rates. Where the Group wishes to vary the amount of external \ufb01xed rate debt it holds (subject to it
\nbeing generally between 60% and 85% of expected Group borrowings, as noted above), the Group makes use of interest
\nrate derivatives to achieve the desired interest rate pro\ufb01le. Although the Board accepts that this policy neither protects the
\nGroup entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash \ufb02ow risk associated
\nwith variability in interest payments, it considers that it achieves an appropriate balance of exposure to these risks. At
\n31\u00a0December 2022, the proportion of \ufb01xed debt held by the Group was above this range at 100% (2021: 99%). During both
\n2022 and 2021, the Group\u2019s borrowings at variable rate were denominated in sterling.
\nThe Group manages its cash \ufb02ow interest rate risk by using \ufb02oating-to-\ufb01xed interest rate swaps. When the Group raises
\nlong-term borrowings, it is generally at \ufb01xed rates.
\nLiquidity risk
\nLiquidity risk arises from the Group\u2019s management of working capital and the \ufb01nance charges and principal repayments on
\nits debt instruments. It is the risk that the Group will encounter di\ufb00iculty in meeting its \ufb01nancial obligations as they fall due.
\nThe Group\u2019s policy is to ensure that it will always have su\ufb00icient headroom in its loan facilities to allow it to meet its
\nliabilities when they become due. To achieve this aim, it seeks to maintain committed facilities to meet the expected
\nrequirements. The Group also seeks to reduce liquidity risk by \ufb01xing interest rates (and hence cash \ufb02ows) on a portion
\nof its long-term borrowings. This is further explained in the \u2018market risk\u2019 section above.
\nExecutive management receives rolling three-year projections of cash \ufb02ow and loan balances on a regular basis as part of
\nthe Group\u2019s forecasting processes. At the balance sheet date, these projections indicated that the Group expected to have
\nsu\ufb00icient liquid resources to meet its obligations under all reasonably expected circumstances.
\nThe Group\u2019s loan facilities and other borrowings are spread across a range of banks and \ufb01nancial institutions so as to
\nminimise any potential concentration of risk. The liquidity risk of the Group is managed centrally by the \ufb01nance department.
\nCapital disclosures
\nThe Group\u2019s capital comprises all components of equity (share capital, share premium, other reserves and retained earnings).
\nThe Group\u2019s objectives when maintaining capital are:
\n\u2022 to safeguard the entity\u2019s ability to continue as a going concern so that it can continue to provide above average long-
\nterm returns for shareholders; and
\n\u2022 to provide an above average annualised total return to shareholders.
\nThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes
\nadjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order
\nto maintain or adjust the capital structure, the Group may vary the amount of dividends paid to shareholders subject to the
\nrules imposed by its REIT status. It may also seek to redeem bonds, return capital to shareholders, issue new shares or sell
\nassets to reduce debt. Consistent with others in its industry, the Group monitors capital on the basis of NAV gearing and
\nloan-to-value ratio. During 2022, the Group\u2019s strategy, which was unchanged from 2021, was to maintain the NAV gearing
\nbelow 80% in normal circumstances. These two gearing ratios, as well as the net interest cover ratio, are de\ufb01ned in the list
\nof de\ufb01nitions on page 313 and are derived in note 42.
\nThe Group is also required to ensure that it has su\ufb00icient property assets which are not subject to \ufb01xed or \ufb02oating charges
\nor other encumbrances. Most of the Group\u2019s debt is unsecured and, accordingly, there was \u00a34.6bn (2021: \u00a34.8bn) of
\nuncharged property as at 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32761": {
"value": "25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS Group
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent liabilities
\nOther loans
19.7
12.3
\u2013
\u2013
\n19.7
12.3
\u2013
\u2013
\nNon-current liabilities
\n1.5% unsecured convertible bonds 2025
170.1
168.3
\u2013
\u2013
\n6.5% secured bonds 2026
181.0
182.4
\u2013
\u2013
\n1.875% unsecured green bonds 2031
346.4
346.0
346.4
346.0
\n2.68% unsecured private placement notes 2026
54.9
54.8
54.9
54.8
\n3.46% unsecured private placement notes 2028
29.9
29.9
29.9
29.9
\n4.41% unsecured private placement notes 2029
24.9
24.9
24.9
24.9
\n2.87% unsecured private placement notes 2029
92.7
92.6
92.7
92.6
\n2.97% unsecured private placement notes 2031
49.8
49.8
49.8
49.8
\n3.57% unsecured private placement notes 2031
74.7
74.7
74.7
74.7
\n3.09% unsecured private placement notes 2034
51.8
51.8
51.8
51.8
\n4.68% unsecured private placement notes 2034
74.6
74.5
74.6
74.5
\n3.99% secured loan 2024
82.7
82.5
82.7
82.5
\nUnsecured bank loans
(4.1)
4.9
(4.1)
4.9
\nIntercompany loan
\u2013
\u2013
170.1
168.3
\n1,229.4
1,237.1
1,048.4
1,054.7
\nBorrowings
1,249.1
1,249.4
1,048.4
1,054.7
\nLeasehold liabilities \u2013 current
0.5
51.2
1.3
1.2
\nLeasehold liabilities \u2013 non-current
34.5
19.4
21.6
22.9
\nDerivative \ufb01nancial instruments \u2013 current
\u2013
0.4
\u2013
0.4
\nDerivative \ufb01nancial instruments \u2013 non-current
(5.0)
0.4
(5.0)
0.4
\nGross debt
1,279.1
1,320.8
1,066.3
1,079.6
\nReconciliation to net debt:
\nGross debt
1,279.1
1,320.8
1,066.3
1,079.6
\nDerivative \ufb01nancial instruments
5.0
(0.8)
5.0
(0.8)
\nCash at bank excluding restricted cash (see note 33)
(26.9)
(68.5)
(26.4)
(68.2)
\nNet debt
1,257.2
1,251.5
1,044.9
1,010.6
\n1.5% unsecured convertible bonds 2025
\nIn June 2019 the Group issued \u00a3175m of convertible bonds. The unsecured instruments pay a coupon of 1.5% until June
\n2025 or the conversion date, if earlier. The initial conversion price was set at \u00a344.96 per share. In accordance with IAS
\n32, the equity and debt components of the bonds are accounted for separately and the fair value of the debt component
\nhas been determined using the market interest rate for an equivalent non-convertible bond, deemed to be 2.3%. As a
\nresult, \u00a3167.3m was recognised as a liability in the balance sheet on issue and the remainder of the proceeds, \u00a37.7m,
\nwhich represents the equity component, was credited to reserves. The di\ufb00erence between the fair value of the liability and
\nthe principal value is being amortised through the income statement from the date of issue. Issue costs of \u00a34.0m were
\nallocated between equity and debt and the element relating to the debt component is being amortised over the life of the
\nbonds. The issue costs apportioned to equity of \u00a30.2m were not amortised. The fair value was determined by the ask-price
\nof \u00a391.75 per \u00a3100 as at 31 December 2022 (2021: \u00a3102.00 per \u00a3100). The carrying value at 31 December 2022 was \u00a3170.1m
\n(2021: \u00a3168.3m).
Financial statements
273
\nReconciliation of nominal value to carrying value:
\n\u00a3m
\nNominal value
175.0
\nFair value adjustment on issue allocated to equity
(7.7)
\nDebt component on issue
167.3
\nUnamortised issue costs
(1.5)
\nAmortisation of fair value adjustment
4.3
\nCarrying amount included in borrowings
170.1
\n6.5% secured bonds 2026
\nAs a result of the acquisition of London Merchant Securities plc in 2007, the secured bonds 2026 were included at fair
\nvalue less unamortised issue costs. This di\ufb00erence between fair value at acquisition and principal value is being amortised
\nthrough the income statement. The fair value at 31 December 2022 was determined by the ask-price of \u00a3102.67 per \u00a3100
\n(2021: \u00a3117.60 per \u00a3100). The carrying value at 31 December 2022 was \u00a3181.0m (2021: \u00a3182.4m).
\n1.875% unsecured green bonds 2031
\nIn November 2021, the Group issued \u00a3350m of green bonds on a 10-year term maturing in 2031. The unsecured instrument
\npays a coupon of 1.875% and the e\ufb00ective interest rate is 1.934%. This represents an issue discount of \u00a31.8m. The
\nunsecured green bonds 2031 are accounted for at amortised cost. The fair value at 31 December 2022 was determined by
\nthe ask-price of \u00a370.63 per \u00a3100 (2021: \u00a398.45 per \u00a3100). The carrying value at 31 December 2022 was \u00a3346.4m (2021:
\n\u00a3346.0m). The \u00a3350m green bonds will be used to fund qualifying \u2018green\u2019 expenditure in accordance with the Group\u2019s
\nGreen Finance Framework.
\n2.68% unsecured private placement notes 2026, 2.87% unsecured private placement notes 2029,
\n2.97% unsecured private placement notes 2031 and 3.09% unsecured private placement notes 2034
\nIn October 2018, the Group arranged unsecured private placement notes, comprising \u00a355m for 7 years, \u00a393m for 10 years,
\n\u00a350m for 12 years and \u00a352m for 15 years. The funds were drawn on 31 January 2019. The fair values were determined by
\ncomparing the discounted future cash \ufb02ows using the contracted yields with those of reference gilts plus implied margins.
\nThe references were a 2% 2025 gilt, 1.625% 2028 gilt, 4.75% 2030 gilt and a 4.25% 2032 gilt all with an implied margin
\nwhich is unchanged since the date of \ufb01xing. The carrying values at 31 December 2022 were \u00a354.9m (2021: \u00a354.8m),
\n\u00a392.7m (2021: \u00a392.6m), \u00a349.8m (2021: \u00a349.8m) and \u00a351.8m (2021: \u00a351.8m), respectively.
\n3.46% unsecured private placement notes 2028 and 3.57% unsecured private placement notes 2031
\nIn February 2016, the Group arranged unsecured private placement notes, comprising \u00a330m for 12 years and \u00a375m for
\n15 years. The funds were drawn on 4 May 2016. The fair values were determined by comparing the discounted future cash
\n\ufb02ows using the contracted yields with those of reference gilts plus implied margins. The references were a 6% 2028 gilt
\nand a 4.75% 2030 gilt both with an implied margin which is unchanged since the date of \ufb01xing. The carrying values at
\n31\u00a0December 2022 were \u00a329.9m (2021: \u00a329.9m) and \u00a374.7m (2021: \u00a374.7m), respectively.
\n4.41% unsecured private placement notes 2029 and 4.68% unsecured private placement notes 2034
\nIn November 2013, the Group arranged unsecured private placement notes, comprising \u00a325m for 15 years and \u00a375m for
\n20 years. The funds were drawn on 8 January 2014. The fair values were determined by comparing the discounted future
\ncash \ufb02ows using the contracted yields with those of reference gilts plus implied margins. The references were a 6% 2028
\ngilt and a 4.25% 2032 gilt both with an implied margin which is unchanged since the date of \ufb01xing. The carrying values at
\n31\u00a0December 2022 were \u00a324.9m (2021: \u00a324.9m) and \u00a374.6m (2021: \u00a374.5m), respectively.
\n3.99% secured loan 2024
\nIn July 2012, the Group arranged a 12\u00bc-year secured \ufb01xed rate loan. The loan was drawn on 1 August 2012. The fair value
\nwas determined by comparing the discounted future cash \ufb02ows using the contracted yield with those of the reference gilt
\nplus an implied margin. The reference was a 5% 2025 gilt with an implied margin which is unchanged since the date of
\n\ufb01xing. The carrying value at 31 December 2022 was \u00a382.7m (2021: \u00a382.5m).
274
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nUnsecured bank loans
\nIn 2021, the Group exercised the one-year extension option on both the \u00a3100m revolving credit facility (\u2018RCF\u2019) and the
\n\u00a3450m RCF, thereby extending the maturities of both facilities out to 2026. In 2022, the Group exercised a further one-year
\nextension option on the \u00a3100m facility, thereby extending the maturity of the facility out to 2027.
\nUnsecured bank borrowings are accounted for at amortised cost. At 31 December 2022, there was \u00a3nil (2021: \u00a310.0m)
\ndrawn on the RCFs and the unamortised arrangement fees were \u00a34.1m (2021: \u00a35.1m), resulting in the carrying value being
\na \u00a34.1m debit balance (2021: credit balance of \u00a34.9m).
\nThe main corporate \u00a3450m RCF includes a \u00a3300m \u2018green tranche\u2019 to fund qualifying \u2018green\u2019 expenditure in accordance
\nwith the Group\u2019s Green Finance Framework.
\nAs all main corporate facilities were re\ufb01nanced or amended recently, the fair values of the Group\u2019s bank loans are deemed
\nto be approximately the same as their carrying amount, after adjusting for the unamortised arrangement fees.
\nIn 2021, the benchmark rate applicable on the existing bank borrowings was transitioned from LIBOR to SONIA.
\nUndrawn committed bank facilities \u2013 maturity pro\ufb01le
\n< 1
\nyear
\n\u00a3m
\n1 to 2
\nyears
\n\u00a3m
\n2 to 3
\nyears
\n\u00a3m
\n3 to 4
\nyears
\n\u00a3m
\n4 to 5
\nyears
\n\u00a3m
\n> 5
\nyears
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 31 December 2022
\u2013
\u2013
\u2013
450.0
100.0
\u2013
550.0
\nAt 31 December 2021
\u2013
\u2013
\u2013
\u2013
540.0
\u2013
540.0
\nCompany
\nAt 31 December 2022
\u2013
\u2013
\u2013
450.0
100.0
\u2013
550.0
\nAt 31 December 2021
\u2013
\u2013
\u2013
\u2013
540.0
\u2013
540.0
\nOther loans
\nOther loans consist of a \u00a319.7m interest-free loan with no \ufb01xed repayment date from a third party providing development
\nconsultancy services on the residential element of the 25 Baker Street W1 development. The loan will be repaid from the
\nsale proceeds of these residential apartments after completion of the scheme. The agreement provides for a pro\ufb01t share
\non completion of the sales which, under IFRS 9 Financial Instruments, has been deemed to have a carrying value of \u00a3nil
\nat 31 December 2022 (2021: \u00a3nil). The carrying value of the loan at 31 December 2022 was \u00a319.7m (2021: \u00a312.3m).
\nIntercompany loans
\nThe terms of the intercompany loan in the Company mirror those of the unsecured convertible bonds 2025. As with the
\nconvertible bonds, debt and equity components of the intercompany loan have been accounted for separately, and the fair
\nvalue of the debt components is identical to that of the bonds. The carrying value of this loan at 31 December 2022 was
\n\u00a3170.1m (2021: \u00a3168.3m).
\nDerivative \ufb01nancial instruments
\nThe derivative \ufb01nancial instruments consist of interest rate swaps, the fair values of which represent the net present
\nvalue of the di\ufb00erence between the contracted \ufb01xed rates and the \ufb01xed rates payable if the swaps were to be replaced
\non 31\u00a0December 2022 for the period to the contracted expiry dates.
\nDuring the prior year, all interest rate swaps were transitioned from LIBOR basis swaps to SONIA.
\nThe Group has a \u00a375m forward starting interest rate swap e\ufb00ective from 4 January 2023. This swap is not included in the
\n31 December 2022 \ufb01gures in the table below. The Group also had a \u00a340m forward starting interest rate swap which was
\nterminated during 2022.
\nThe fair values of the Group\u2019s outstanding interest rate swaps have been estimated using the mid-point of the yield curves
\nprevailing on the reporting date and represent the net present value of the di\ufb00erences between the contracted rate and the
\nvaluation rate when applied to the projected balances for the period from the reporting date to the contracted expiry dates.
Financial statements
275
\nSecured and unsecured debt
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nSecured
\n6.5% secured bonds 2026
181.0
182.4
\u2013
\u2013
\n3.99% secured loan 2024
82.7
82.5
82.7
82.5
\n263.7
264.9
82.7
82.5
\nUnsecured
\n1.5% unsecured convertible bonds 2025
170.1
168.3
\u2013
\u2013
\n1.875% unsecured green bonds 2031
346.4
346.0
346.4
346.0
\nUnsecured private placement notes 2026 \u2013 2034
453.3
453.0
453.3
453.0
\nUnsecured bank loans
(4.1)
4.9
(4.1)
4.9
\nOther loans
19.7
12.3
\u2013
\u2013
\nIntercompany loan
\u2013
\u2013
170.1
168.3
\n985.4
984.5
965.7
972.2
\nBorrowings
1,249.1
1,249.4
1,048.4
1,054.7
\nAs at 31 December 2022, the Group\u2019s secured bonds 2026 were secured by a \ufb02oating charge over a number of the Group\u2019s
\nsubsidiary companies which contained \u00a3448.8m (2021: \u00a3571.8m) of the Group\u2019s properties. The Group\u2019s secured bank loan
\nwas settled during the previous year in advance of the acquisition of the non-controlling interest from The Portman Estate
\nin 2021.
\nAt 31 December 2022, the Company\u2019s 3.99% secured loan 2024 was secured by a \ufb01xed charge over \u00a3272.8m (2021: \u00a3305.2m)
\nof the Group\u2019s properties.
\nFixed interest rate and hedged debt
\nAt 31 December 2022, the Group\u2019s \ufb01xed rate and hedged debt included the unsecured convertible bonds, the unsecured
\ngreen bonds, the secured bonds, a secured loan, the unsecured private placement notes and other loans. At 31 December
\n2021, the Group\u2019s \ufb01xed rate and hedged debt included the unsecured convertible bonds, the unsecured green bonds, the
\nsecured bonds, a secured loan, the unsecured private placement notes and other loans.
\nAt 31 December 2022, the Company\u2019s \ufb01xed rate and hedged debt included the unsecured green bonds, a secured loan,
\nthe unsecured private placement notes and the intercompany loans. At 31 December 2021, the Company\u2019s \ufb01xed rate
\nand hedged debt included the unsecured green bonds, a secured loan, the unsecured private placement notes and the
\nintercompany loans.
276
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nInterest rate exposure
\nAfter taking into account the various interest rate hedging instruments entered into by the Group and the Company, the
\ninterest rate exposure of the Group\u2019s and Company\u2019s borrowings were:
\nFloating
\nrate
\n\u00a3m
\nHedged
\n\u00a3m
\nFixed
\nrate
\n\u00a3m
\nBorrowings
\n\u00a3m
\nWeighted
\naverage
\ninterest rate
\n1
\n%
\nWeighted
\naverage
\nlife
\nYears
\nGroup
\nAt 31 December 2022
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
170.1
170.1
2.30
2.4
\n6.5% secured bonds 2026
\u2013
\u2013
181.0
181.0
6.50
3.2
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.4
346.4
1.93
8.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.3
453.3
3.42
7.7
\n3.99% secured loan 2024
\u2013
\u2013
82.7
82.7
3.99
1.8
\nUnsecured bank loans
(4.1)
\u2013
\u2013
(4.1)
\u2013
\u2013
\nOther loans
\n2
\n\u2013
\u2013
19.7
19.7
\u2013
\u2013
\n(4.1)
\u2013
1,253.2
1,249.1
3.26
6.2
\nAt 31 December 2021
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
168.3
168.3
2.30
3.4
\n6.5% secured bonds 2026
\u2013
\u2013
182.4
182.4
6.50
4.2
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.0
346.0
1.93
9.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.0
453.0
3.42
8.7
\n3.99% secured loan 2024
\u2013
\u2013
82.5
82.5
3.99
2.8
\nUnsecured bank loans
4.9
\u2013
\u2013
4.9
1.25
4.8
\nOther loans
\u2013
\u2013
12.3
12.3
\u2013
\u2013
\n4.9
\u2013
1,244.5
1,249.4
3.27
7.2
\nCompany
\nAt 31 December 2022
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.4
346.4
1.93
8.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.3
453.3
3.42
7.7
\n3.99% secured loan 2024
\u2013
\u2013
82.7
82.7
3.99
1.8
\nUnsecured bank loans
(4.1)
\u2013
\u2013
(4.1)
\u2013
\u2013
\nIntercompany loan
\u2013
\u2013
170.1
170.1
2.30
2.4
\n(4.1)
\u2013
1,052.5
1,048.4
2.78
6.7
\nAt 31 December 2021
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.0
346.0
1.93
9.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.0
453.0
3.42
8.7
\n3.99% secured loan 2024
\u2013
\u2013
82.5
82.5
3.99
2.8
\nUnsecured bank loans
4.9
\u2013
\u2013
4.9
1.25
4.8
\nIntercompany loan
\u2013
\u2013
168.3
168.3
2.30
3.4
\n4.9
\u2013
1,049.8
1,054.7
2.78
7.7
\n1
The weighted average interest rates are based on the nominal amounts of the debt facilities.
\n2
Other loans shown above are interest free and have no \ufb01xed repayment date. For further detail, see other loans section above.
Financial statements
277
\nContractual undiscounted cash out\ufb02ows
\nIFRS 7 Financial Instruments: Disclosure, requires disclosure of the maturity of the Group\u2019s and Company\u2019s remaining
\ncontractual \ufb01nancial liabilities. The tables below show the contractual undiscounted cash out\ufb02ows arising from the
\nGroup\u2019s gross debt.
\n< 1
\nyear
\n\u00a3m
\n1 to 2
\nyears
\n\u00a3m
\n2 to 3
\nyears
\n\u00a3m
\n3 to 4
\nyears
\n\u00a3m
\n4 to 5
\nyears
\n\u00a3m
\n> 5
\nyears
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 31 December 2022
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
175.0
\u2013
\u2013
\u2013
175.0
\n6.5% secured bonds 2026
\u2013
\u2013
\u2013
175.0
\u2013
\u2013
175.0
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
55.0
\u2013
400.0
455.0
\n3.99% secured loan 2024
\u2013
83.0
\u2013
\u2013
\u2013
\u2013
83.0
\nOther loans
\u2013
\u2013
19.7
\u2013
\u2013
\u2013
19.7
\nTotal on maturity
\u2013
83.0
194.7
230.0
\u2013
750.0
1,257.7
\nLeasehold liabilities
1.8
1.7
1.7
1.7
1.8
211.3
220.0
\nInterest on borrowings
39.4
38.8
34.8
27.1
20.7
80.3
241.1
\nE\ufb00ect of interest rate swaps
(1.8)
(2.4)
(1.1)
\u2013
\u2013
\u2013
(5.3)
\nGross loan commitments
39.4
121.1
230.1
258.8
22.5
1,041.6
1,713.5
\nAt 31 December 2021
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
\u2013
175.0
\u2013
\u2013
175.0
\n6.5% secured bonds 2026
\u2013
\u2013
\u2013
\u2013
175.0
\u2013
175.0
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
\u2013
55.0
400.0
455.0
\n3.99% secured loan 2024
\u2013
\u2013
83.0
\u2013
\u2013
\u2013
83.0
\nUnsecured bank loans
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
10.0
\nOther loans
\u2013
\u2013
\u2013
12.3
\u2013
\u2013
12.3
\nTotal on maturity
\u2013
\u2013
83.0
187.3
240.0
750.0
1,260.3
\nLeasehold liabilities
52.2
0.8
0.8
0.8
0.8
193.7
249.1
\nInterest on borrowings
39.5
39.6
39.6
34.9
27.2
100.9
281.7
\nE\ufb00ect of interest rate swaps
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
\nGross loan commitments
92.5
40.4
123.4
223.0
268.0
1,044.6
1,791.9
278
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nReconciliation to borrowings:
\nGross loan
\ncommitments
\n\u00a3m
\nAdjustments
\nBorrowings
\n\u00a3m
\nInterest on
\ngross debt
\n\u00a3m
\nE\ufb00ect of interest
\nrate swaps
\n\u00a3m
\nLeasehold
\nliabilities
\n\u00a3m
\nNon-cash
\namortisation
\n\u00a3m
\nGroup
\nAt 31 December 2022
\nMaturing in:
\n< 1 year
39.4
(39.4)
1.8
(1.8)
\u2013
\u2013
\n1 to 2 years
121.1
(38.8)
2.4
(1.7)
(0.3)
82.7
\n2 to 3 years
230.1
(34.8)
1.1
(1.7)
(4.9)
189.8
\n3 to 4 years
258.8
(27.1)
\u2013
(1.7)
2.5
232.5
\n4 to 5 years
22.5
(20.7)
\u2013
(1.8)
(0.7)
(0.7)
\n> 5 years
1,041.6
(80.3)
\u2013
(211.3)
(5.2)
744.8
\n1,713.5
(241.1)
5.3
(220.0)
(8.6)
1,249.1
\nAt 31 December 2021
\nMaturing in:
\n< 1 year
92.5
(39.5)
(0.8)
(52.2)
\u2013
\u2013
\n1 to 2 years
40.4
(39.6)
\u2013
(0.8)
\u2013
\u2013
\n2 to 3 years
123.4
(39.6)
\u2013
(0.8)
(0.5)
82.5
\n3 to 4 years
223.0
(34.9)
\u2013
(0.8)
(6.7)
180.6
\n4 to 5 years
268.0
(27.2)
\u2013
(0.8)
2.1
242.1
\n> 5 years
1,044.6
(100.9)
\u2013
(193.7)
(5.8)
744.2
\n1,791.9
(281.7)
(0.8)
(249.1)
(10.9)
1,249.4
\n< 1
\nyear
\n\u00a3m
\n1 to 2
\nyears
\n\u00a3m
\n2 to 3
\nyears
\n\u00a3m
\n3 to 4
\nyears
\n\u00a3m
\n4 to 5
\nyears
\n\u00a3m
\n> 5
\nyears
\n\u00a3m
\nTotal
\n\u00a3m
\nCompany
\nAt 31 December 2022
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
55.0
\u2013
400.0
455.0
\n3.99% secured loan 2024
\u2013
83.0
\u2013
\u2013
\u2013
\u2013
83.0
\nIntercompany loan
\u2013
\u2013
175.0
\u2013
\u2013
\u2013
175.0
\nTotal on maturity
\u2013
83.0
175.0
55.0
\u2013
750.0
1,063.0
\nLeasehold liability
2.1
2.1
2.1
2.1
2.1
18.9
29.4
\nInterest on debt
28.1
27.4
23.4
21.4
20.7
80.3
201.3
\nE\ufb00ect of interest rate swaps
(1.8)
(2.4)
(1.1)
\u2013
\u2013
\u2013
(5.3)
\nGross loan commitments
28.4
110.1
199.4
78.5
22.8
849.2
1,288.4
\nAt 31 December 2021
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
\u2013
55.0
400.0
455.0
\n3.99% secured loan 2024
\u2013
\u2013
83.0
\u2013
\u2013
\u2013
83.0
\nUnsecured bank loans
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
10.0
\nIntercompany loan
\u2013
\u2013
\u2013
175.0
\u2013
\u2013
175.0
\nTotal on maturity
\u2013
\u2013
83.0
175.0
65.0
750.0
1,073.0
\nLeasehold liability
2.1
2.1
2.1
2.1
2.1
21.0
31.5
\nInterest on debt
28.2
28.2
28.2
23.6
21.5
100.9
230.6
\nE\ufb00ect of interest rate swaps
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
\nGross loan commitments
31.1
30.3
113.3
200.7
88.6
871.9
1,335.9
Financial statements
279
\nReconciliation to borrowings:
\nGross loan
\ncommitments
\n\u00a3m
\nAdjustments
\nBorrowings
\n\u00a3m
\nInterest on
\ngross debt
\n\u00a3m
\nE\ufb00ect of interest
\nrate swaps
\n\u00a3m
\nLeasehold
\nliabilities
\n\u00a3m
\nNon-cash
\namortisation
\n\u00a3m
\nCompany
\nAt 31 December 2022
\nMaturing in:
\n< 1 year
28.4
(28.1)
1.8
(2.1)
\u2013
\u2013
\n1 to 2 years
110.1
(27.4)
2.4
(2.1)
(0.3)
82.7
\n2 to 3 years
199.4
(23.4)
1.1
(2.1)
(4.9)
170.1
\n3 to 4 years
78.5
(21.4)
\u2013
(2.1)
(3.5)
51.5
\n4 to 5 years
22.8
(20.7)
\u2013
(2.1)
(0.7)
(0.7)
\n> 5 years
849.2
(80.3)
\u2013
(18.9)
(5.2)
744.8
\n1,288.4
(201.3)
5.3
(29.4)
(14.6)
1,048.4
\nAt 31 December 2021
\nMaturing in:
\n< 1 year
31.1
(28.2)
(0.8)
(2.1)
\u2013
\u2013
\n1 to 2 years
30.3
(28.2)
\u2013
(2.1)
\u2013
\u2013
\n2 to 3 years
113.3
(28.2)
\u2013
(2.1)
(0.5)
82.5
\n3 to 4 years
200.7
(23.6)
\u2013
(2.1)
(6.7)
168.3
\n4 to 5 years
88.6
(21.5)
\u2013
(2.1)
(5.3)
59.7
\n> 5 years
871.9
(100.9)
\u2013
(21.0)
(5.8)
744.2
\n1,335.9
(230.6)
(0.8)
(31.5)
(18.3)
1,054.7
\nDerivative \ufb01nancial instruments cash \ufb02ows
\nThe following table provides an analysis of the anticipated contractual cash \ufb02ows for the derivative \ufb01nancial instruments
\nusing undiscounted cash \ufb02ows. These amounts represent the gross cash \ufb02ows of the derivative \ufb01nancial instruments and
\nare settled as either a net payment or receipt.
\n2022
\nReceivable
\n\u00a3m
\n2022
\nPayable
\n\u00a3m
\n2021
\nReceivable
\n\u00a3m
\n2021
\nPayable
\n\u00a3m
\nGroup
\nMaturing in:
\n< 1 year
2.5
(0.7)
0.7
(1.5)
\n1 to 2 years
3.4
(1.0)
1.0
(1.0)
\n2 to 3 years
1.6
(0.5)
1.0
(1.0)
\n3 to 4 years
\u2013
\u2013
0.5
(0.5)
\n4 to 5 years
\u2013
\u2013
\u2013
\u2013
\n> 5 years
\u2013
\u2013
\u2013
\u2013
\nGross contractual cash \ufb02ows
7.5
(2.2)
3.2
(4.0)
\nCompany
\nMaturing in:
\n< 1 year
2.5
(0.7)
0.7
(1.5)
\n1 to 2 years
3.4
(1.0)
1.0
(1.0)
\n2 to 3 years
1.6
(0.5)
1.0
(1.0)
\n3 to 4 years
\u2013
\u2013
0.5
(0.5)
\n4 to 5 years
\u2013
\u2013
\u2013
\u2013
\n> 5 years
\u2013
\u2013
\u2013
\u2013
\nGross contractual cash \ufb02ows
7.5
(2.2)
3.2
(4.0)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32762": {
"value": "25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS Group
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent liabilities
\nOther loans
19.7
12.3
\u2013
\u2013
\n19.7
12.3
\u2013
\u2013
\nNon-current liabilities
\n1.5% unsecured convertible bonds 2025
170.1
168.3
\u2013
\u2013
\n6.5% secured bonds 2026
181.0
182.4
\u2013
\u2013
\n1.875% unsecured green bonds 2031
346.4
346.0
346.4
346.0
\n2.68% unsecured private placement notes 2026
54.9
54.8
54.9
54.8
\n3.46% unsecured private placement notes 2028
29.9
29.9
29.9
29.9
\n4.41% unsecured private placement notes 2029
24.9
24.9
24.9
24.9
\n2.87% unsecured private placement notes 2029
92.7
92.6
92.7
92.6
\n2.97% unsecured private placement notes 2031
49.8
49.8
49.8
49.8
\n3.57% unsecured private placement notes 2031
74.7
74.7
74.7
74.7
\n3.09% unsecured private placement notes 2034
51.8
51.8
51.8
51.8
\n4.68% unsecured private placement notes 2034
74.6
74.5
74.6
74.5
\n3.99% secured loan 2024
82.7
82.5
82.7
82.5
\nUnsecured bank loans
(4.1)
4.9
(4.1)
4.9
\nIntercompany loan
\u2013
\u2013
170.1
168.3
\n1,229.4
1,237.1
1,048.4
1,054.7
\nBorrowings
1,249.1
1,249.4
1,048.4
1,054.7
\nLeasehold liabilities \u2013 current
0.5
51.2
1.3
1.2
\nLeasehold liabilities \u2013 non-current
34.5
19.4
21.6
22.9
\nDerivative \ufb01nancial instruments \u2013 current
\u2013
0.4
\u2013
0.4
\nDerivative \ufb01nancial instruments \u2013 non-current
(5.0)
0.4
(5.0)
0.4
\nGross debt
1,279.1
1,320.8
1,066.3
1,079.6
\nReconciliation to net debt:
\nGross debt
1,279.1
1,320.8
1,066.3
1,079.6
\nDerivative \ufb01nancial instruments
5.0
(0.8)
5.0
(0.8)
\nCash at bank excluding restricted cash (see note 33)
(26.9)
(68.5)
(26.4)
(68.2)
\nNet debt
1,257.2
1,251.5
1,044.9
1,010.6
\n1.5% unsecured convertible bonds 2025
\nIn June 2019 the Group issued \u00a3175m of convertible bonds. The unsecured instruments pay a coupon of 1.5% until June
\n2025 or the conversion date, if earlier. The initial conversion price was set at \u00a344.96 per share. In accordance with IAS
\n32, the equity and debt components of the bonds are accounted for separately and the fair value of the debt component
\nhas been determined using the market interest rate for an equivalent non-convertible bond, deemed to be 2.3%. As a
\nresult, \u00a3167.3m was recognised as a liability in the balance sheet on issue and the remainder of the proceeds, \u00a37.7m,
\nwhich represents the equity component, was credited to reserves. The di\ufb00erence between the fair value of the liability and
\nthe principal value is being amortised through the income statement from the date of issue. Issue costs of \u00a34.0m were
\nallocated between equity and debt and the element relating to the debt component is being amortised over the life of the
\nbonds. The issue costs apportioned to equity of \u00a30.2m were not amortised. The fair value was determined by the ask-price
\nof \u00a391.75 per \u00a3100 as at 31 December 2022 (2021: \u00a3102.00 per \u00a3100). The carrying value at 31 December 2022 was \u00a3170.1m
\n(2021: \u00a3168.3m).
Financial statements
273
\nReconciliation of nominal value to carrying value:
\n\u00a3m
\nNominal value
175.0
\nFair value adjustment on issue allocated to equity
(7.7)
\nDebt component on issue
167.3
\nUnamortised issue costs
(1.5)
\nAmortisation of fair value adjustment
4.3
\nCarrying amount included in borrowings
170.1
\n6.5% secured bonds 2026
\nAs a result of the acquisition of London Merchant Securities plc in 2007, the secured bonds 2026 were included at fair
\nvalue less unamortised issue costs. This di\ufb00erence between fair value at acquisition and principal value is being amortised
\nthrough the income statement. The fair value at 31 December 2022 was determined by the ask-price of \u00a3102.67 per \u00a3100
\n(2021: \u00a3117.60 per \u00a3100). The carrying value at 31 December 2022 was \u00a3181.0m (2021: \u00a3182.4m).
\n1.875% unsecured green bonds 2031
\nIn November 2021, the Group issued \u00a3350m of green bonds on a 10-year term maturing in 2031. The unsecured instrument
\npays a coupon of 1.875% and the e\ufb00ective interest rate is 1.934%. This represents an issue discount of \u00a31.8m. The
\nunsecured green bonds 2031 are accounted for at amortised cost. The fair value at 31 December 2022 was determined by
\nthe ask-price of \u00a370.63 per \u00a3100 (2021: \u00a398.45 per \u00a3100). The carrying value at 31 December 2022 was \u00a3346.4m (2021:
\n\u00a3346.0m). The \u00a3350m green bonds will be used to fund qualifying \u2018green\u2019 expenditure in accordance with the Group\u2019s
\nGreen Finance Framework.
\n2.68% unsecured private placement notes 2026, 2.87% unsecured private placement notes 2029,
\n2.97% unsecured private placement notes 2031 and 3.09% unsecured private placement notes 2034
\nIn October 2018, the Group arranged unsecured private placement notes, comprising \u00a355m for 7 years, \u00a393m for 10 years,
\n\u00a350m for 12 years and \u00a352m for 15 years. The funds were drawn on 31 January 2019. The fair values were determined by
\ncomparing the discounted future cash \ufb02ows using the contracted yields with those of reference gilts plus implied margins.
\nThe references were a 2% 2025 gilt, 1.625% 2028 gilt, 4.75% 2030 gilt and a 4.25% 2032 gilt all with an implied margin
\nwhich is unchanged since the date of \ufb01xing. The carrying values at 31 December 2022 were \u00a354.9m (2021: \u00a354.8m),
\n\u00a392.7m (2021: \u00a392.6m), \u00a349.8m (2021: \u00a349.8m) and \u00a351.8m (2021: \u00a351.8m), respectively.
\n3.46% unsecured private placement notes 2028 and 3.57% unsecured private placement notes 2031
\nIn February 2016, the Group arranged unsecured private placement notes, comprising \u00a330m for 12 years and \u00a375m for
\n15 years. The funds were drawn on 4 May 2016. The fair values were determined by comparing the discounted future cash
\n\ufb02ows using the contracted yields with those of reference gilts plus implied margins. The references were a 6% 2028 gilt
\nand a 4.75% 2030 gilt both with an implied margin which is unchanged since the date of \ufb01xing. The carrying values at
\n31\u00a0December 2022 were \u00a329.9m (2021: \u00a329.9m) and \u00a374.7m (2021: \u00a374.7m), respectively.
\n4.41% unsecured private placement notes 2029 and 4.68% unsecured private placement notes 2034
\nIn November 2013, the Group arranged unsecured private placement notes, comprising \u00a325m for 15 years and \u00a375m for
\n20 years. The funds were drawn on 8 January 2014. The fair values were determined by comparing the discounted future
\ncash \ufb02ows using the contracted yields with those of reference gilts plus implied margins. The references were a 6% 2028
\ngilt and a 4.25% 2032 gilt both with an implied margin which is unchanged since the date of \ufb01xing. The carrying values at
\n31\u00a0December 2022 were \u00a324.9m (2021: \u00a324.9m) and \u00a374.6m (2021: \u00a374.5m), respectively.
\n3.99% secured loan 2024
\nIn July 2012, the Group arranged a 12\u00bc-year secured \ufb01xed rate loan. The loan was drawn on 1 August 2012. The fair value
\nwas determined by comparing the discounted future cash \ufb02ows using the contracted yield with those of the reference gilt
\nplus an implied margin. The reference was a 5% 2025 gilt with an implied margin which is unchanged since the date of
\n\ufb01xing. The carrying value at 31 December 2022 was \u00a382.7m (2021: \u00a382.5m).
274
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nUnsecured bank loans
\nIn 2021, the Group exercised the one-year extension option on both the \u00a3100m revolving credit facility (\u2018RCF\u2019) and the
\n\u00a3450m RCF, thereby extending the maturities of both facilities out to 2026. In 2022, the Group exercised a further one-year
\nextension option on the \u00a3100m facility, thereby extending the maturity of the facility out to 2027.
\nUnsecured bank borrowings are accounted for at amortised cost. At 31 December 2022, there was \u00a3nil (2021: \u00a310.0m)
\ndrawn on the RCFs and the unamortised arrangement fees were \u00a34.1m (2021: \u00a35.1m), resulting in the carrying value being
\na \u00a34.1m debit balance (2021: credit balance of \u00a34.9m).
\nThe main corporate \u00a3450m RCF includes a \u00a3300m \u2018green tranche\u2019 to fund qualifying \u2018green\u2019 expenditure in accordance
\nwith the Group\u2019s Green Finance Framework.
\nAs all main corporate facilities were re\ufb01nanced or amended recently, the fair values of the Group\u2019s bank loans are deemed
\nto be approximately the same as their carrying amount, after adjusting for the unamortised arrangement fees.
\nIn 2021, the benchmark rate applicable on the existing bank borrowings was transitioned from LIBOR to SONIA.
\nUndrawn committed bank facilities \u2013 maturity pro\ufb01le
\n< 1
\nyear
\n\u00a3m
\n1 to 2
\nyears
\n\u00a3m
\n2 to 3
\nyears
\n\u00a3m
\n3 to 4
\nyears
\n\u00a3m
\n4 to 5
\nyears
\n\u00a3m
\n> 5
\nyears
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 31 December 2022
\u2013
\u2013
\u2013
450.0
100.0
\u2013
550.0
\nAt 31 December 2021
\u2013
\u2013
\u2013
\u2013
540.0
\u2013
540.0
\nCompany
\nAt 31 December 2022
\u2013
\u2013
\u2013
450.0
100.0
\u2013
550.0
\nAt 31 December 2021
\u2013
\u2013
\u2013
\u2013
540.0
\u2013
540.0
\nOther loans
\nOther loans consist of a \u00a319.7m interest-free loan with no \ufb01xed repayment date from a third party providing development
\nconsultancy services on the residential element of the 25 Baker Street W1 development. The loan will be repaid from the
\nsale proceeds of these residential apartments after completion of the scheme. The agreement provides for a pro\ufb01t share
\non completion of the sales which, under IFRS 9 Financial Instruments, has been deemed to have a carrying value of \u00a3nil
\nat 31 December 2022 (2021: \u00a3nil). The carrying value of the loan at 31 December 2022 was \u00a319.7m (2021: \u00a312.3m).
\nIntercompany loans
\nThe terms of the intercompany loan in the Company mirror those of the unsecured convertible bonds 2025. As with the
\nconvertible bonds, debt and equity components of the intercompany loan have been accounted for separately, and the fair
\nvalue of the debt components is identical to that of the bonds. The carrying value of this loan at 31 December 2022 was
\n\u00a3170.1m (2021: \u00a3168.3m).
\nDerivative \ufb01nancial instruments
\nThe derivative \ufb01nancial instruments consist of interest rate swaps, the fair values of which represent the net present
\nvalue of the di\ufb00erence between the contracted \ufb01xed rates and the \ufb01xed rates payable if the swaps were to be replaced
\non 31\u00a0December 2022 for the period to the contracted expiry dates.
\nDuring the prior year, all interest rate swaps were transitioned from LIBOR basis swaps to SONIA.
\nThe Group has a \u00a375m forward starting interest rate swap e\ufb00ective from 4 January 2023. This swap is not included in the
\n31 December 2022 \ufb01gures in the table below. The Group also had a \u00a340m forward starting interest rate swap which was
\nterminated during 2022.
\nThe fair values of the Group\u2019s outstanding interest rate swaps have been estimated using the mid-point of the yield curves
\nprevailing on the reporting date and represent the net present value of the di\ufb00erences between the contracted rate and the
\nvaluation rate when applied to the projected balances for the period from the reporting date to the contracted expiry dates.
Financial statements
275
\nSecured and unsecured debt
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nSecured
\n6.5% secured bonds 2026
181.0
182.4
\u2013
\u2013
\n3.99% secured loan 2024
82.7
82.5
82.7
82.5
\n263.7
264.9
82.7
82.5
\nUnsecured
\n1.5% unsecured convertible bonds 2025
170.1
168.3
\u2013
\u2013
\n1.875% unsecured green bonds 2031
346.4
346.0
346.4
346.0
\nUnsecured private placement notes 2026 \u2013 2034
453.3
453.0
453.3
453.0
\nUnsecured bank loans
(4.1)
4.9
(4.1)
4.9
\nOther loans
19.7
12.3
\u2013
\u2013
\nIntercompany loan
\u2013
\u2013
170.1
168.3
\n985.4
984.5
965.7
972.2
\nBorrowings
1,249.1
1,249.4
1,048.4
1,054.7
\nAs at 31 December 2022, the Group\u2019s secured bonds 2026 were secured by a \ufb02oating charge over a number of the Group\u2019s
\nsubsidiary companies which contained \u00a3448.8m (2021: \u00a3571.8m) of the Group\u2019s properties. The Group\u2019s secured bank loan
\nwas settled during the previous year in advance of the acquisition of the non-controlling interest from The Portman Estate
\nin 2021.
\nAt 31 December 2022, the Company\u2019s 3.99% secured loan 2024 was secured by a \ufb01xed charge over \u00a3272.8m (2021: \u00a3305.2m)
\nof the Group\u2019s properties.
\nFixed interest rate and hedged debt
\nAt 31 December 2022, the Group\u2019s \ufb01xed rate and hedged debt included the unsecured convertible bonds, the unsecured
\ngreen bonds, the secured bonds, a secured loan, the unsecured private placement notes and other loans. At 31 December
\n2021, the Group\u2019s \ufb01xed rate and hedged debt included the unsecured convertible bonds, the unsecured green bonds, the
\nsecured bonds, a secured loan, the unsecured private placement notes and other loans.
\nAt 31 December 2022, the Company\u2019s \ufb01xed rate and hedged debt included the unsecured green bonds, a secured loan,
\nthe unsecured private placement notes and the intercompany loans. At 31 December 2021, the Company\u2019s \ufb01xed rate
\nand hedged debt included the unsecured green bonds, a secured loan, the unsecured private placement notes and the
\nintercompany loans.
276
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nInterest rate exposure
\nAfter taking into account the various interest rate hedging instruments entered into by the Group and the Company, the
\ninterest rate exposure of the Group\u2019s and Company\u2019s borrowings were:
\nFloating
\nrate
\n\u00a3m
\nHedged
\n\u00a3m
\nFixed
\nrate
\n\u00a3m
\nBorrowings
\n\u00a3m
\nWeighted
\naverage
\ninterest rate
\n1
\n%
\nWeighted
\naverage
\nlife
\nYears
\nGroup
\nAt 31 December 2022
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
170.1
170.1
2.30
2.4
\n6.5% secured bonds 2026
\u2013
\u2013
181.0
181.0
6.50
3.2
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.4
346.4
1.93
8.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.3
453.3
3.42
7.7
\n3.99% secured loan 2024
\u2013
\u2013
82.7
82.7
3.99
1.8
\nUnsecured bank loans
(4.1)
\u2013
\u2013
(4.1)
\u2013
\u2013
\nOther loans
\n2
\n\u2013
\u2013
19.7
19.7
\u2013
\u2013
\n(4.1)
\u2013
1,253.2
1,249.1
3.26
6.2
\nAt 31 December 2021
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
168.3
168.3
2.30
3.4
\n6.5% secured bonds 2026
\u2013
\u2013
182.4
182.4
6.50
4.2
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.0
346.0
1.93
9.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.0
453.0
3.42
8.7
\n3.99% secured loan 2024
\u2013
\u2013
82.5
82.5
3.99
2.8
\nUnsecured bank loans
4.9
\u2013
\u2013
4.9
1.25
4.8
\nOther loans
\u2013
\u2013
12.3
12.3
\u2013
\u2013
\n4.9
\u2013
1,244.5
1,249.4
3.27
7.2
\nCompany
\nAt 31 December 2022
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.4
346.4
1.93
8.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.3
453.3
3.42
7.7
\n3.99% secured loan 2024
\u2013
\u2013
82.7
82.7
3.99
1.8
\nUnsecured bank loans
(4.1)
\u2013
\u2013
(4.1)
\u2013
\u2013
\nIntercompany loan
\u2013
\u2013
170.1
170.1
2.30
2.4
\n(4.1)
\u2013
1,052.5
1,048.4
2.78
6.7
\nAt 31 December 2021
\n1.875% unsecured green bonds 2031
\u2013
\u2013
346.0
346.0
1.93
9.9
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
453.0
453.0
3.42
8.7
\n3.99% secured loan 2024
\u2013
\u2013
82.5
82.5
3.99
2.8
\nUnsecured bank loans
4.9
\u2013
\u2013
4.9
1.25
4.8
\nIntercompany loan
\u2013
\u2013
168.3
168.3
2.30
3.4
\n4.9
\u2013
1,049.8
1,054.7
2.78
7.7
\n1
The weighted average interest rates are based on the nominal amounts of the debt facilities.
\n2
Other loans shown above are interest free and have no \ufb01xed repayment date. For further detail, see other loans section above.
Financial statements
277
\nContractual undiscounted cash out\ufb02ows
\nIFRS 7 Financial Instruments: Disclosure, requires disclosure of the maturity of the Group\u2019s and Company\u2019s remaining
\ncontractual \ufb01nancial liabilities. The tables below show the contractual undiscounted cash out\ufb02ows arising from the
\nGroup\u2019s gross debt.
\n< 1
\nyear
\n\u00a3m
\n1 to 2
\nyears
\n\u00a3m
\n2 to 3
\nyears
\n\u00a3m
\n3 to 4
\nyears
\n\u00a3m
\n4 to 5
\nyears
\n\u00a3m
\n> 5
\nyears
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 31 December 2022
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
175.0
\u2013
\u2013
\u2013
175.0
\n6.5% secured bonds 2026
\u2013
\u2013
\u2013
175.0
\u2013
\u2013
175.0
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
55.0
\u2013
400.0
455.0
\n3.99% secured loan 2024
\u2013
83.0
\u2013
\u2013
\u2013
\u2013
83.0
\nOther loans
\u2013
\u2013
19.7
\u2013
\u2013
\u2013
19.7
\nTotal on maturity
\u2013
83.0
194.7
230.0
\u2013
750.0
1,257.7
\nLeasehold liabilities
1.8
1.7
1.7
1.7
1.8
211.3
220.0
\nInterest on borrowings
39.4
38.8
34.8
27.1
20.7
80.3
241.1
\nE\ufb00ect of interest rate swaps
(1.8)
(2.4)
(1.1)
\u2013
\u2013
\u2013
(5.3)
\nGross loan commitments
39.4
121.1
230.1
258.8
22.5
1,041.6
1,713.5
\nAt 31 December 2021
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
\u2013
175.0
\u2013
\u2013
175.0
\n6.5% secured bonds 2026
\u2013
\u2013
\u2013
\u2013
175.0
\u2013
175.0
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
\u2013
55.0
400.0
455.0
\n3.99% secured loan 2024
\u2013
\u2013
83.0
\u2013
\u2013
\u2013
83.0
\nUnsecured bank loans
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
10.0
\nOther loans
\u2013
\u2013
\u2013
12.3
\u2013
\u2013
12.3
\nTotal on maturity
\u2013
\u2013
83.0
187.3
240.0
750.0
1,260.3
\nLeasehold liabilities
52.2
0.8
0.8
0.8
0.8
193.7
249.1
\nInterest on borrowings
39.5
39.6
39.6
34.9
27.2
100.9
281.7
\nE\ufb00ect of interest rate swaps
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
\nGross loan commitments
92.5
40.4
123.4
223.0
268.0
1,044.6
1,791.9
278
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nReconciliation to borrowings:
\nGross loan
\ncommitments
\n\u00a3m
\nAdjustments
\nBorrowings
\n\u00a3m
\nInterest on
\ngross debt
\n\u00a3m
\nE\ufb00ect of interest
\nrate swaps
\n\u00a3m
\nLeasehold
\nliabilities
\n\u00a3m
\nNon-cash
\namortisation
\n\u00a3m
\nGroup
\nAt 31 December 2022
\nMaturing in:
\n< 1 year
39.4
(39.4)
1.8
(1.8)
\u2013
\u2013
\n1 to 2 years
121.1
(38.8)
2.4
(1.7)
(0.3)
82.7
\n2 to 3 years
230.1
(34.8)
1.1
(1.7)
(4.9)
189.8
\n3 to 4 years
258.8
(27.1)
\u2013
(1.7)
2.5
232.5
\n4 to 5 years
22.5
(20.7)
\u2013
(1.8)
(0.7)
(0.7)
\n> 5 years
1,041.6
(80.3)
\u2013
(211.3)
(5.2)
744.8
\n1,713.5
(241.1)
5.3
(220.0)
(8.6)
1,249.1
\nAt 31 December 2021
\nMaturing in:
\n< 1 year
92.5
(39.5)
(0.8)
(52.2)
\u2013
\u2013
\n1 to 2 years
40.4
(39.6)
\u2013
(0.8)
\u2013
\u2013
\n2 to 3 years
123.4
(39.6)
\u2013
(0.8)
(0.5)
82.5
\n3 to 4 years
223.0
(34.9)
\u2013
(0.8)
(6.7)
180.6
\n4 to 5 years
268.0
(27.2)
\u2013
(0.8)
2.1
242.1
\n> 5 years
1,044.6
(100.9)
\u2013
(193.7)
(5.8)
744.2
\n1,791.9
(281.7)
(0.8)
(249.1)
(10.9)
1,249.4
\n< 1
\nyear
\n\u00a3m
\n1 to 2
\nyears
\n\u00a3m
\n2 to 3
\nyears
\n\u00a3m
\n3 to 4
\nyears
\n\u00a3m
\n4 to 5
\nyears
\n\u00a3m
\n> 5
\nyears
\n\u00a3m
\nTotal
\n\u00a3m
\nCompany
\nAt 31 December 2022
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
55.0
\u2013
400.0
455.0
\n3.99% secured loan 2024
\u2013
83.0
\u2013
\u2013
\u2013
\u2013
83.0
\nIntercompany loan
\u2013
\u2013
175.0
\u2013
\u2013
\u2013
175.0
\nTotal on maturity
\u2013
83.0
175.0
55.0
\u2013
750.0
1,063.0
\nLeasehold liability
2.1
2.1
2.1
2.1
2.1
18.9
29.4
\nInterest on debt
28.1
27.4
23.4
21.4
20.7
80.3
201.3
\nE\ufb00ect of interest rate swaps
(1.8)
(2.4)
(1.1)
\u2013
\u2013
\u2013
(5.3)
\nGross loan commitments
28.4
110.1
199.4
78.5
22.8
849.2
1,288.4
\nAt 31 December 2021
\n1.875% unsecured green bonds 2031
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
\u2013
\u2013
55.0
400.0
455.0
\n3.99% secured loan 2024
\u2013
\u2013
83.0
\u2013
\u2013
\u2013
83.0
\nUnsecured bank loans
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
10.0
\nIntercompany loan
\u2013
\u2013
\u2013
175.0
\u2013
\u2013
175.0
\nTotal on maturity
\u2013
\u2013
83.0
175.0
65.0
750.0
1,073.0
\nLeasehold liability
2.1
2.1
2.1
2.1
2.1
21.0
31.5
\nInterest on debt
28.2
28.2
28.2
23.6
21.5
100.9
230.6
\nE\ufb00ect of interest rate swaps
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
\nGross loan commitments
31.1
30.3
113.3
200.7
88.6
871.9
1,335.9
Financial statements
279
\nReconciliation to borrowings:
\nGross loan
\ncommitments
\n\u00a3m
\nAdjustments
\nBorrowings
\n\u00a3m
\nInterest on
\ngross debt
\n\u00a3m
\nE\ufb00ect of interest
\nrate swaps
\n\u00a3m
\nLeasehold
\nliabilities
\n\u00a3m
\nNon-cash
\namortisation
\n\u00a3m
\nCompany
\nAt 31 December 2022
\nMaturing in:
\n< 1 year
28.4
(28.1)
1.8
(2.1)
\u2013
\u2013
\n1 to 2 years
110.1
(27.4)
2.4
(2.1)
(0.3)
82.7
\n2 to 3 years
199.4
(23.4)
1.1
(2.1)
(4.9)
170.1
\n3 to 4 years
78.5
(21.4)
\u2013
(2.1)
(3.5)
51.5
\n4 to 5 years
22.8
(20.7)
\u2013
(2.1)
(0.7)
(0.7)
\n> 5 years
849.2
(80.3)
\u2013
(18.9)
(5.2)
744.8
\n1,288.4
(201.3)
5.3
(29.4)
(14.6)
1,048.4
\nAt 31 December 2021
\nMaturing in:
\n< 1 year
31.1
(28.2)
(0.8)
(2.1)
\u2013
\u2013
\n1 to 2 years
30.3
(28.2)
\u2013
(2.1)
\u2013
\u2013
\n2 to 3 years
113.3
(28.2)
\u2013
(2.1)
(0.5)
82.5
\n3 to 4 years
200.7
(23.6)
\u2013
(2.1)
(6.7)
168.3
\n4 to 5 years
88.6
(21.5)
\u2013
(2.1)
(5.3)
59.7
\n> 5 years
871.9
(100.9)
\u2013
(21.0)
(5.8)
744.2
\n1,335.9
(230.6)
(0.8)
(31.5)
(18.3)
1,054.7
\nDerivative \ufb01nancial instruments cash \ufb02ows
\nThe following table provides an analysis of the anticipated contractual cash \ufb02ows for the derivative \ufb01nancial instruments
\nusing undiscounted cash \ufb02ows. These amounts represent the gross cash \ufb02ows of the derivative \ufb01nancial instruments and
\nare settled as either a net payment or receipt.
\n2022
\nReceivable
\n\u00a3m
\n2022
\nPayable
\n\u00a3m
\n2021
\nReceivable
\n\u00a3m
\n2021
\nPayable
\n\u00a3m
\nGroup
\nMaturing in:
\n< 1 year
2.5
(0.7)
0.7
(1.5)
\n1 to 2 years
3.4
(1.0)
1.0
(1.0)
\n2 to 3 years
1.6
(0.5)
1.0
(1.0)
\n3 to 4 years
\u2013
\u2013
0.5
(0.5)
\n4 to 5 years
\u2013
\u2013
\u2013
\u2013
\n> 5 years
\u2013
\u2013
\u2013
\u2013
\nGross contractual cash \ufb02ows
7.5
(2.2)
3.2
(4.0)
\nCompany
\nMaturing in:
\n< 1 year
2.5
(0.7)
0.7
(1.5)
\n1 to 2 years
3.4
(1.0)
1.0
(1.0)
\n2 to 3 years
1.6
(0.5)
1.0
(1.0)
\n3 to 4 years
\u2013
\u2013
0.5
(0.5)
\n4 to 5 years
\u2013
\u2013
\u2013
\u2013
\n> 5 years
\u2013
\u2013
\u2013
\u2013
\nGross contractual cash \ufb02ows
7.5
(2.2)
3.2
(4.0)
280
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n25 NET DEBT AND DERIVATIVE FINANCIAL INSTRUMENTS
continued
\nFinancial instruments \u2013 risk management
\nThe Group is exposed through its operations to the following \ufb01nancial risks:
\n\u2022 credit risk;
\n\u2022 market risk; and
\n\u2022 liquidity risk.
\nIn common with all other businesses, the Group is exposed to risks that arise from its use of \ufb01nancial instruments.
\nThe following describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used
\nto measure them. Further quantitative information in respect of these risks is presented throughout these \ufb01nancial
\nstatements. Further information on risk as required by IFRS 7 is given on pages 112 to 125.
\nThere have been no substantive changes in the Group\u2019s exposure to \ufb01nancial instrument risks, its objectives, policies and
\nprocesses for managing those risks or the methods used to measure them from previous years. The Group\u2019s EPRA loan-to-
\nvalue ratio has increased to 23.9% as at 31 December 2022.
\nPrincipal \ufb01nancial instruments
\nThe principal \ufb01nancial instruments used by the Group, from which \ufb01nancial instrument risk arises, are trade receivables,
\naccrued income arising from the spreading of lease incentives, cash at bank, trade and other payables, \ufb02oating rate bank
\nloans, \ufb01xed rate loans and private placement notes, secured and unsecured bonds and interest rate swaps.
\nGeneral objectives, policies and processes
\nThe Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and,
\nwhilst retaining ultimate responsibility for them, it has delegated the authority to executive management for designing and
\noperating processes that ensure the e\ufb00ective implementation of the objectives and policies.
\nThe overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly a\ufb00ecting the
\nGroup\u2019s \ufb02exibility and its ability to maximise returns. Further details regarding these policies are set out below:
\nCredit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its
\ncontractual obligations. The Group is mainly exposed to credit risk from lease contracts in relation to its property portfolio.
\nIt is Group policy to assess the credit risk of new tenants before entering into such contracts. The Board has a Credit
\nCommittee which assesses each new tenant before a new lease is signed. The review includes the latest sets of \ufb01nancial
\nstatements, external ratings when available and, in some cases, forecast information and bank or trade references. The
\ncovenant strength of each tenant is determined based on this review and, if appropriate, a deposit or a guarantee is
\nobtained. The Committee also reviews existing tenant covenants from time to time.
\nImpairment calculations have been carried out on trade receivables and accrued income arising as a result of the
\nspreading of lease incentives using the forward-looking, simpli\ufb01ed approach to the expected credit loss model within
\nIFRS 9. In addition, the Credit Committee has reviewed its register of tenants at higher risk, particularly in the retail or
\nhospitality sectors, those in administration or CVA and the top 64 tenants by size with the remaining occupiers considered
\non a sector by sector basis.
\nAs the Group operates predominantly in central London, it is subject to some geographical risk. However, this is mitigated
\nby the wide range of tenants from a broad spectrum of business sectors.
\nCredit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial institutions. For banks and
\n\ufb01nancial institutions, only independently rated parties with a minimum rating of investment grade are accepted. This risk
\nis also reduced by the short periods that money is on deposit at any one time.
\nThe carrying amount of \ufb01nancial assets recorded in the \ufb01nancial statements represents the Group\u2019s maximum exposure to
\ncredit risk without taking account of the value of any collateral obtained.
Financial statements
281
\nMarket risk
\nMarket risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate due to changes in
\nmarket prices. Market risk arises for the Group from its use of variable interest bearing instruments (interest rate risk).
\nThe Group monitors its interest rate exposure on at least a quarterly basis. Sensitivity analysis performed to ascertain the
\nimpact on pro\ufb01t or loss and net assets of a 50 basis point shift in interest rates would result in no increase (2021: \u00a30.1m)
\nor decrease (2021: \u00a30.1m), as all borrowings at the end of the year were \ufb01xed.
\nIt is currently Group policy that generally between 60% and 85% of external Group borrowings (excluding \ufb01nance lease
\npayables) are at \ufb01xed rates. Where the Group wishes to vary the amount of external \ufb01xed rate debt it holds (subject to it
\nbeing generally between 60% and 85% of expected Group borrowings, as noted above), the Group makes use of interest
\nrate derivatives to achieve the desired interest rate pro\ufb01le. Although the Board accepts that this policy neither protects the
\nGroup entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash \ufb02ow risk associated
\nwith variability in interest payments, it considers that it achieves an appropriate balance of exposure to these risks. At
\n31\u00a0December 2022, the proportion of \ufb01xed debt held by the Group was above this range at 100% (2021: 99%). During both
\n2022 and 2021, the Group\u2019s borrowings at variable rate were denominated in sterling.
\nThe Group manages its cash \ufb02ow interest rate risk by using \ufb02oating-to-\ufb01xed interest rate swaps. When the Group raises
\nlong-term borrowings, it is generally at \ufb01xed rates.
\nLiquidity risk
\nLiquidity risk arises from the Group\u2019s management of working capital and the \ufb01nance charges and principal repayments on
\nits debt instruments. It is the risk that the Group will encounter di\ufb00iculty in meeting its \ufb01nancial obligations as they fall due.
\nThe Group\u2019s policy is to ensure that it will always have su\ufb00icient headroom in its loan facilities to allow it to meet its
\nliabilities when they become due. To achieve this aim, it seeks to maintain committed facilities to meet the expected
\nrequirements. The Group also seeks to reduce liquidity risk by \ufb01xing interest rates (and hence cash \ufb02ows) on a portion
\nof its long-term borrowings. This is further explained in the \u2018market risk\u2019 section above.
\nExecutive management receives rolling three-year projections of cash \ufb02ow and loan balances on a regular basis as part of
\nthe Group\u2019s forecasting processes. At the balance sheet date, these projections indicated that the Group expected to have
\nsu\ufb00icient liquid resources to meet its obligations under all reasonably expected circumstances.
\nThe Group\u2019s loan facilities and other borrowings are spread across a range of banks and \ufb01nancial institutions so as to
\nminimise any potential concentration of risk. The liquidity risk of the Group is managed centrally by the \ufb01nance department.
\nCapital disclosures
\nThe Group\u2019s capital comprises all components of equity (share capital, share premium, other reserves and retained earnings).
\nThe Group\u2019s objectives when maintaining capital are:
\n\u2022 to safeguard the entity\u2019s ability to continue as a going concern so that it can continue to provide above average long-
\nterm returns for shareholders; and
\n\u2022 to provide an above average annualised total return to shareholders.
\nThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes
\nadjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order
\nto maintain or adjust the capital structure, the Group may vary the amount of dividends paid to shareholders subject to the
\nrules imposed by its REIT status. It may also seek to redeem bonds, return capital to shareholders, issue new shares or sell
\nassets to reduce debt. Consistent with others in its industry, the Group monitors capital on the basis of NAV gearing and
\nloan-to-value ratio. During 2022, the Group\u2019s strategy, which was unchanged from 2021, was to maintain the NAV gearing
\nbelow 80% in normal circumstances. These two gearing ratios, as well as the net interest cover ratio, are de\ufb01ned in the list
\nof de\ufb01nitions on page 313 and are derived in note 42.
\nThe Group is also required to ensure that it has su\ufb00icient property assets which are not subject to \ufb01xed or \ufb02oating charges
\nor other encumbrances. Most of the Group\u2019s debt is unsecured and, accordingly, there was \u00a34.6bn (2021: \u00a34.8bn) of
\nuncharged property as at 31 December 2022.
282
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n26 FINANCIAL ASSETS AND LIABILITIES AND FAIR VALUES
\nCategories of \ufb01nancial assets and liabilities
\nFair value
\nthrough pro\ufb01t
\nand loss
\n\u00a3m
\nFinancial
\nassets held at
\namortised cost
\n\u00a3m
\nFinancial
\nliabilities held at
\namortised cost
\n\u00a3m
\nTotal
\ncarrying
\nvalue
\n\u00a3m
\nGroup
\nFinancial assets
\nCash and cash equivalents
\u2013
76.6
\u2013
76.6
\nOther assets \u2013 current
\n1
\n\u2013
12.5
\u2013
12.5
\n\u2013
89.1
\u2013
89.1
\nFinancial liabilities
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
(170.1)
(170.1)
\n6.5% secured bonds 2026
\u2013
\u2013
(181.0)
(181.0)
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.4)
(346.4)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.3)
(453.3)
\n3.99% secured loan 2024
\u2013
\u2013
(82.7)
(82.7)
\nBank borrowings due after one year
\u2013
\u2013
4.1
4.1
\nOther loans
\u2013
\u2013
(19.7)
(19.7)
\nLeasehold liabilities
\u2013
\u2013
(35.0)
(35.0)
\nDerivative \ufb01nancial instruments
5.0
\u2013
\u2013
5.0
\nOther liabilities \u2013 current
\n2
\n\u2013
\u2013
(60.8)
(60.8)
\n5.0
\u2013
(1,344.9)
(1,339.9)
\nAt 31 December 2022
5.0
89.1
(1,344.9)
(1,250.8)
\nFinancial assets
\nCash and cash equivalents (restated)
\u2013
105.5
\u2013
105.5
\nOther assets \u2013 current
\n1
\n\u2013
13.1
\u2013
13.1
\n\u2013
118.6
\u2013
118.6
\nFinancial liabilities
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
(168.3)
(168.3)
\n6.5% secured bonds 2026
\u2013
\u2013
(182.4)
(182.4)
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.0)
(346.0)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.0)
(453.0)
\n3.99% secured loan 2024
\u2013
\u2013
(82.5)
(82.5)
\nBank borrowings due after one year
\u2013
\u2013
(4.9)
(4.9)
\nOther loans
\u2013
\u2013
(12.3)
(12.3)
\nLeasehold liabilities
\u2013
\u2013
(70.6)
(70.6)
\nDerivative \ufb01nancial instruments
(0.8)
\u2013
\u2013
(0.8)
\nOther liabilities \u2013 current
\n2
\n\u2013
\u2013
(78.4)
(78.4)
\n(0.8)
\u2013
(1,398.4)
(1,399.2)
\nAt 31 December 2021
(0.8)
118.6
(1,398.4)
(1,280.6)
\n1
In 2022, other assets includes all amounts shown as trade and other receivables in note 21 except lease incentives and costs; sales and social security taxes; and
\nprepayments of \u00a329.9m (2021 restated: \u00a327.9m) for the Group. All amounts are non-interest bearing and are receivable within one year.
\n2
In 2022, other liabilities include all amounts shown as trade and other payables in note 23 except deferred income and sales and social security taxes of \u00a360.0m
\n(2021: \u00a349.9m) for the Group. All amounts are non-interest bearing and are due within one year.
Financial statements
283
\nFair value
\nthrough pro\ufb01t
\nand loss
\n\u00a3m
\nFinancial
\nassets held at
\namortised cost
\n\u00a3m
\nFinancial
\nliabilities held at
\namortised cost
\n\u00a3m
\nTotal
\ncarrying
\nvalue
\n\u00a3m
\nCompany
\nFinancial assets
\nCash and cash equivalents
\u2013
67.3
\u2013
67.3
\nOther assets \u2013 current
\n1
\n\u2013
1,763.4
\u2013
1,763.4
\n\u2013
1,830.7
\u2013
1,830.7
\nFinancial liabilities
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.4)
(346.4)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.3)
(453.3)
\n3.99% secured loan 2024
\u2013
\u2013
(82.7)
(82.7)
\nBank borrowings due after one year
\u2013
\u2013
4.1
4.1
\nIntercompany loan
\u2013
\u2013
(170.1)
(170.1)
\nLeasehold liabilities
\u2013
\u2013
(22.9)
(22.9)
\nDerivative \ufb01nancial instruments
5.0
\u2013
\u2013
5.0
\nOther liabilities \u2013 current
\n2
\n\u2013
(1,685.3)
(16.7)
(1,702.0)
\n5.0
(1,685.3)
(1,088.0)
(2,768.3)
\nAt 31 December 2022
5.0
145.4
(1,088.0)
(937.6)
\nFinancial assets
\nCash and cash equivalents (restated)
\u2013
90.6
\u2013
90.6
\nOther assets \u2013 current
\n1
\n\u2013
1,875.9
\u2013
1,875.9
\n\u2013
1,966.5
\u2013
1,966.5
\nFinancial liabilities
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.0)
(346.0)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.0)
(453.0)
\n3.99% secured loan 2024
\u2013
\u2013
(82.5)
(82.5)
\nBank borrowings due after one year
\u2013
\u2013
(4.9)
(4.9)
\nIntercompany loan
\u2013
\u2013
(168.3)
(168.3)
\nLeasehold liabilities
\u2013
\u2013
(24.1)
(24.1)
\nDerivative \ufb01nancial instruments
(0.8)
\u2013
\u2013
(0.8)
\nOther liabilities \u2013 current (restated)
\n2
\n\u2013
(1,285.3)
(16.4)
(1,301.7)
\n(0.8)
(1,285.3)
(1,095.2)
(2,381.3)
\nAt 31 December 2021
(0.8)
681.2
(1,095.2)
(414.8)
\n1
In 2022, other assets includes all amounts shown as trade and other receivables in note 21 except lease incentives and costs; sales and social security taxes; and
\nprepayments of \u00a324.6m (2021: \u00a323.0m) for the Company. All amounts are non-interest bearing and are receivable within one year.
\n2
In 2022, other liabilities include all amounts shown as trade and other payables in note 23 except deferred income and sales and social security taxes of \u00a35.5m
\n(2021: \u00a32.4m) for the Company. All amounts are non-interest bearing and are due within one year.
\nReconciliation of net \ufb01nancial assets and liabilities to gross debt
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nNet \ufb01nancial assets and liabilities
(1,250.8)
(1,280.6)
(937.6)
(414.8)
\nOther assets \u2013 current
(12.5)
(13.1)
(1,763.4)
(1,875.9)
\nOther liabilities \u2013 current
60.8
78.4
1,702.0
1,301.7
\nCash and cash equivalents
(76.6)
(105.5)
(67.3)
(90.6)
\nGross debt
(1,279.1)
(1,320.8)
(1,066.3)
(1,079.6)
284
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n26 FINANCIAL ASSETS AND LIABILITIES AND FAIR VALUES
continued
\nFair value measurement
\nThe table below shows the fair values, where applicable, of borrowings and derivative \ufb01nancial instruments held by the
\nGroup, together with a reconciliation to net \ufb01nancial assets and liabilities. Details of inputs and valuation methods used to
\nderive the fair values are shown in note 25.
\nThe fair values of the following \ufb01nancial assets and liabilities are the same as their carrying values:
\n\u2022 Cash and cash equivalents.
\n\u2022 Trade receivables, other receivables and accrued income included within trade and other receivables.
\n\u2022 Trade payables, other payables and accruals included within trade and other payables.
\n\u2022 Leasehold liabilities.
\nThere have been no transfers between Level 1 and Level 2 or Level 2 and Level 3 in either 2022 or 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34242": {
"value": "Financial instruments \u2013 risk management The Group is exposed through its operations to the following \ufb01nancial risks:
\n\u2022 credit risk;
\n\u2022 market risk; and
\n\u2022 liquidity risk.
\nIn common with all other businesses, the Group is exposed to risks that arise from its use of \ufb01nancial instruments.
\nThe following describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used
\nto measure them. Further quantitative information in respect of these risks is presented throughout these \ufb01nancial
\nstatements. Further information on risk as required by IFRS 7 is given on pages 112 to 125.
\nThere have been no substantive changes in the Group\u2019s exposure to \ufb01nancial instrument risks, its objectives, policies and
\nprocesses for managing those risks or the methods used to measure them from previous years. The Group\u2019s EPRA loan-to-
\nvalue ratio has increased to 23.9% as at 31 December 2022.
\nPrincipal \ufb01nancial instruments
\nThe principal \ufb01nancial instruments used by the Group, from which \ufb01nancial instrument risk arises, are trade receivables,
\naccrued income arising from the spreading of lease incentives, cash at bank, trade and other payables, \ufb02oating rate bank
\nloans, \ufb01xed rate loans and private placement notes, secured and unsecured bonds and interest rate swaps.
\nGeneral objectives, policies and processes
\nThe Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and,
\nwhilst retaining ultimate responsibility for them, it has delegated the authority to executive management for designing and
\noperating processes that ensure the e\ufb00ective implementation of the objectives and policies.
\nThe overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly a\ufb00ecting the
\nGroup\u2019s \ufb02exibility and its ability to maximise returns. Further details regarding these policies are set out below:
\nCredit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its
\ncontractual obligations. The Group is mainly exposed to credit risk from lease contracts in relation to its property portfolio.
\nIt is Group policy to assess the credit risk of new tenants before entering into such contracts. The Board has a Credit
\nCommittee which assesses each new tenant before a new lease is signed. The review includes the latest sets of \ufb01nancial
\nstatements, external ratings when available and, in some cases, forecast information and bank or trade references. The
\ncovenant strength of each tenant is determined based on this review and, if appropriate, a deposit or a guarantee is
\nobtained. The Committee also reviews existing tenant covenants from time to time.
\nImpairment calculations have been carried out on trade receivables and accrued income arising as a result of the
\nspreading of lease incentives using the forward-looking, simpli\ufb01ed approach to the expected credit loss model within
\nIFRS 9. In addition, the Credit Committee has reviewed its register of tenants at higher risk, particularly in the retail or
\nhospitality sectors, those in administration or CVA and the top 64 tenants by size with the remaining occupiers considered
\non a sector by sector basis.
\nAs the Group operates predominantly in central London, it is subject to some geographical risk. However, this is mitigated
\nby the wide range of tenants from a broad spectrum of business sectors.
\nCredit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial institutions. For banks and
\n\ufb01nancial institutions, only independently rated parties with a minimum rating of investment grade are accepted. This risk
\nis also reduced by the short periods that money is on deposit at any one time.
\nThe carrying amount of \ufb01nancial assets recorded in the \ufb01nancial statements represents the Group\u2019s maximum exposure to
\ncredit risk without taking account of the value of any collateral obtained.
Financial statements
281
\nMarket risk
\nMarket risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate due to changes in
\nmarket prices. Market risk arises for the Group from its use of variable interest bearing instruments (interest rate risk).
\nThe Group monitors its interest rate exposure on at least a quarterly basis. Sensitivity analysis performed to ascertain the
\nimpact on pro\ufb01t or loss and net assets of a 50 basis point shift in interest rates would result in no increase (2021: \u00a30.1m)
\nor decrease (2021: \u00a30.1m), as all borrowings at the end of the year were \ufb01xed.
\nIt is currently Group policy that generally between 60% and 85% of external Group borrowings (excluding \ufb01nance lease
\npayables) are at \ufb01xed rates. Where the Group wishes to vary the amount of external \ufb01xed rate debt it holds (subject to it
\nbeing generally between 60% and 85% of expected Group borrowings, as noted above), the Group makes use of interest
\nrate derivatives to achieve the desired interest rate pro\ufb01le. Although the Board accepts that this policy neither protects the
\nGroup entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash \ufb02ow risk associated
\nwith variability in interest payments, it considers that it achieves an appropriate balance of exposure to these risks. At
\n31\u00a0December 2022, the proportion of \ufb01xed debt held by the Group was above this range at 100% (2021: 99%). During both
\n2022 and 2021, the Group\u2019s borrowings at variable rate were denominated in sterling.
\nThe Group manages its cash \ufb02ow interest rate risk by using \ufb02oating-to-\ufb01xed interest rate swaps. When the Group raises
\nlong-term borrowings, it is generally at \ufb01xed rates.
\nLiquidity risk
\nLiquidity risk arises from the Group\u2019s management of working capital and the \ufb01nance charges and principal repayments on
\nits debt instruments. It is the risk that the Group will encounter di\ufb00iculty in meeting its \ufb01nancial obligations as they fall due.
\nThe Group\u2019s policy is to ensure that it will always have su\ufb00icient headroom in its loan facilities to allow it to meet its
\nliabilities when they become due. To achieve this aim, it seeks to maintain committed facilities to meet the expected
\nrequirements. The Group also seeks to reduce liquidity risk by \ufb01xing interest rates (and hence cash \ufb02ows) on a portion
\nof its long-term borrowings. This is further explained in the \u2018market risk\u2019 section above.
\nExecutive management receives rolling three-year projections of cash \ufb02ow and loan balances on a regular basis as part of
\nthe Group\u2019s forecasting processes. At the balance sheet date, these projections indicated that the Group expected to have
\nsu\ufb00icient liquid resources to meet its obligations under all reasonably expected circumstances.
\nThe Group\u2019s loan facilities and other borrowings are spread across a range of banks and \ufb01nancial institutions so as to
\nminimise any potential concentration of risk. The liquidity risk of the Group is managed centrally by the \ufb01nance department.
\nCapital disclosures
\nThe Group\u2019s capital comprises all components of equity (share capital, share premium, other reserves and retained earnings).
\nThe Group\u2019s objectives when maintaining capital are:
\n\u2022 to safeguard the entity\u2019s ability to continue as a going concern so that it can continue to provide above average long-
\nterm returns for shareholders; and
\n\u2022 to provide an above average annualised total return to shareholders.
\nThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes
\nadjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order
\nto maintain or adjust the capital structure, the Group may vary the amount of dividends paid to shareholders subject to the
\nrules imposed by its REIT status. It may also seek to redeem bonds, return capital to shareholders, issue new shares or sell
\nassets to reduce debt. Consistent with others in its industry, the Group monitors capital on the basis of NAV gearing and
\nloan-to-value ratio. During 2022, the Group\u2019s strategy, which was unchanged from 2021, was to maintain the NAV gearing
\nbelow 80% in normal circumstances. These two gearing ratios, as well as the net interest cover ratio, are de\ufb01ned in the list
\nof de\ufb01nitions on page 313 and are derived in note 42.
\nThe Group is also required to ensure that it has su\ufb00icient property assets which are not subject to \ufb01xed or \ufb02oating charges
\nor other encumbrances. Most of the Group\u2019s debt is unsecured and, accordingly, there was \u00a34.6bn (2021: \u00a34.8bn) of
\nuncharged property as at 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34266": {
"value": "Credit risk Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its
\ncontractual obligations. The Group is mainly exposed to credit risk from lease contracts in relation to its property portfolio.
\nIt is Group policy to assess the credit risk of new tenants before entering into such contracts. The Board has a Credit
\nCommittee which assesses each new tenant before a new lease is signed. The review includes the latest sets of \ufb01nancial
\nstatements, external ratings when available and, in some cases, forecast information and bank or trade references. The
\ncovenant strength of each tenant is determined based on this review and, if appropriate, a deposit or a guarantee is
\nobtained. The Committee also reviews existing tenant covenants from time to time.
\nImpairment calculations have been carried out on trade receivables and accrued income arising as a result of the
\nspreading of lease incentives using the forward-looking, simpli\ufb01ed approach to the expected credit loss model within
\nIFRS 9. In addition, the Credit Committee has reviewed its register of tenants at higher risk, particularly in the retail or
\nhospitality sectors, those in administration or CVA and the top 64 tenants by size with the remaining occupiers considered
\non a sector by sector basis.
\nAs the Group operates predominantly in central London, it is subject to some geographical risk. However, this is mitigated
\nby the wide range of tenants from a broad spectrum of business sectors.
\nCredit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial institutions. For banks and
\n\ufb01nancial institutions, only independently rated parties with a minimum rating of investment grade are accepted. This risk
\nis also reduced by the short periods that money is on deposit at any one time.
\nThe carrying amount of \ufb01nancial assets recorded in the \ufb01nancial statements represents the Group\u2019s maximum exposure to
\ncredit risk without taking account of the value of any collateral obtained.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34306": {
"value": "Market risk Market risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate due to changes in
\nmarket prices. Market risk arises for the Group from its use of variable interest bearing instruments (interest rate risk).
\nThe Group monitors its interest rate exposure on at least a quarterly basis. Sensitivity analysis performed to ascertain the
\nimpact on pro\ufb01t or loss and net assets of a 50 basis point shift in interest rates would result in no increase (2021: \u00a30.1m)
\nor decrease (2021: \u00a30.1m), as all borrowings at the end of the year were \ufb01xed.
\nIt is currently Group policy that generally between 60% and 85% of external Group borrowings (excluding \ufb01nance lease
\npayables) are at \ufb01xed rates. Where the Group wishes to vary the amount of external \ufb01xed rate debt it holds (subject to it
\nbeing generally between 60% and 85% of expected Group borrowings, as noted above), the Group makes use of interest
\nrate derivatives to achieve the desired interest rate pro\ufb01le. Although the Board accepts that this policy neither protects the
\nGroup entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash \ufb02ow risk associated
\nwith variability in interest payments, it considers that it achieves an appropriate balance of exposure to these risks. At
\n31\u00a0December 2022, the proportion of \ufb01xed debt held by the Group was above this range at 100% (2021: 99%). During both
\n2022 and 2021, the Group\u2019s borrowings at variable rate were denominated in sterling.
\nThe Group manages its cash \ufb02ow interest rate risk by using \ufb02oating-to-\ufb01xed interest rate swaps. When the Group raises
\nlong-term borrowings, it is generally at \ufb01xed rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34325": {
"value": "Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital and the \ufb01nance charges and principal repayments on
\nits debt instruments. It is the risk that the Group will encounter di\ufb00iculty in meeting its \ufb01nancial obligations as they fall due.
\nThe Group\u2019s policy is to ensure that it will always have su\ufb00icient headroom in its loan facilities to allow it to meet its
\nliabilities when they become due. To achieve this aim, it seeks to maintain committed facilities to meet the expected
\nrequirements. The Group also seeks to reduce liquidity risk by \ufb01xing interest rates (and hence cash \ufb02ows) on a portion
\nof its long-term borrowings. This is further explained in the \u2018market risk\u2019 section above.
\nExecutive management receives rolling three-year projections of cash \ufb02ow and loan balances on a regular basis as part of
\nthe Group\u2019s forecasting processes. At the balance sheet date, these projections indicated that the Group expected to have
\nsu\ufb00icient liquid resources to meet its obligations under all reasonably expected circumstances.
\nThe Group\u2019s loan facilities and other borrowings are spread across a range of banks and \ufb01nancial institutions so as to
\nminimise any potential concentration of risk. The liquidity risk of the Group is managed centrally by the \ufb01nance department.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34340": {
"value": "Capital disclosures The Group\u2019s capital comprises all components of equity (share capital, share premium, other reserves and retained earnings).
\nThe Group\u2019s objectives when maintaining capital are:
\n\u2022 to safeguard the entity\u2019s ability to continue as a going concern so that it can continue to provide above average long-
\nterm returns for shareholders; and
\n\u2022 to provide an above average annualised total return to shareholders.
\nThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes
\nadjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order
\nto maintain or adjust the capital structure, the Group may vary the amount of dividends paid to shareholders subject to the
\nrules imposed by its REIT status. It may also seek to redeem bonds, return capital to shareholders, issue new shares or sell
\nassets to reduce debt. Consistent with others in its industry, the Group monitors capital on the basis of NAV gearing and
\nloan-to-value ratio. During 2022, the Group\u2019s strategy, which was unchanged from 2021, was to maintain the NAV gearing
\nbelow 80% in normal circumstances. These two gearing ratios, as well as the net interest cover ratio, are de\ufb01ned in the list
\nof de\ufb01nitions on page 313 and are derived in note 42.
\nThe Group is also required to ensure that it has su\ufb00icient property assets which are not subject to \ufb01xed or \ufb02oating charges
\nor other encumbrances. Most of the Group\u2019s debt is unsecured and, accordingly, there was \u00a34.6bn (2021: \u00a34.8bn) of
uncharged property as at 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34378": {
"value": "26 FINANCIAL ASSETS AND LIABILITIES AND FAIR VALUES Categories of \ufb01nancial assets and liabilities
\nFair value
\nthrough pro\ufb01t
\nand loss
\n\u00a3m
\nFinancial
\nassets held at
\namortised cost
\n\u00a3m
\nFinancial
\nliabilities held at
\namortised cost
\n\u00a3m
\nTotal
\ncarrying
\nvalue
\n\u00a3m
\nGroup
\nFinancial assets
\nCash and cash equivalents
\u2013
76.6
\u2013
76.6
\nOther assets \u2013 current
\n1
\n\u2013
12.5
\u2013
12.5
\n\u2013
89.1
\u2013
89.1
\nFinancial liabilities
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
(170.1)
(170.1)
\n6.5% secured bonds 2026
\u2013
\u2013
(181.0)
(181.0)
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.4)
(346.4)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.3)
(453.3)
\n3.99% secured loan 2024
\u2013
\u2013
(82.7)
(82.7)
\nBank borrowings due after one year
\u2013
\u2013
4.1
4.1
\nOther loans
\u2013
\u2013
(19.7)
(19.7)
\nLeasehold liabilities
\u2013
\u2013
(35.0)
(35.0)
\nDerivative \ufb01nancial instruments
5.0
\u2013
\u2013
5.0
\nOther liabilities \u2013 current
\n2
\n\u2013
\u2013
(60.8)
(60.8)
\n5.0
\u2013
(1,344.9)
(1,339.9)
\nAt 31 December 2022
5.0
89.1
(1,344.9)
(1,250.8)
\nFinancial assets
\nCash and cash equivalents (restated)
\u2013
105.5
\u2013
105.5
\nOther assets \u2013 current
\n1
\n\u2013
13.1
\u2013
13.1
\n\u2013
118.6
\u2013
118.6
\nFinancial liabilities
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
(168.3)
(168.3)
\n6.5% secured bonds 2026
\u2013
\u2013
(182.4)
(182.4)
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.0)
(346.0)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.0)
(453.0)
\n3.99% secured loan 2024
\u2013
\u2013
(82.5)
(82.5)
\nBank borrowings due after one year
\u2013
\u2013
(4.9)
(4.9)
\nOther loans
\u2013
\u2013
(12.3)
(12.3)
\nLeasehold liabilities
\u2013
\u2013
(70.6)
(70.6)
\nDerivative \ufb01nancial instruments
(0.8)
\u2013
\u2013
(0.8)
\nOther liabilities \u2013 current
\n2
\n\u2013
\u2013
(78.4)
(78.4)
\n(0.8)
\u2013
(1,398.4)
(1,399.2)
\nAt 31 December 2021
(0.8)
118.6
(1,398.4)
(1,280.6)
\n1
In 2022, other assets includes all amounts shown as trade and other receivables in note 21 except lease incentives and costs; sales and social security taxes; and
\nprepayments of \u00a329.9m (2021 restated: \u00a327.9m) for the Group. All amounts are non-interest bearing and are receivable within one year.
\n2
In 2022, other liabilities include all amounts shown as trade and other payables in note 23 except deferred income and sales and social security taxes of \u00a360.0m
\n(2021: \u00a349.9m) for the Group. All amounts are non-interest bearing and are due within one year.
Financial statements
283
\nFair value
\nthrough pro\ufb01t
\nand loss
\n\u00a3m
\nFinancial
\nassets held at
\namortised cost
\n\u00a3m
\nFinancial
\nliabilities held at
\namortised cost
\n\u00a3m
\nTotal
\ncarrying
\nvalue
\n\u00a3m
\nCompany
\nFinancial assets
\nCash and cash equivalents
\u2013
67.3
\u2013
67.3
\nOther assets \u2013 current
\n1
\n\u2013
1,763.4
\u2013
1,763.4
\n\u2013
1,830.7
\u2013
1,830.7
\nFinancial liabilities
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.4)
(346.4)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.3)
(453.3)
\n3.99% secured loan 2024
\u2013
\u2013
(82.7)
(82.7)
\nBank borrowings due after one year
\u2013
\u2013
4.1
4.1
\nIntercompany loan
\u2013
\u2013
(170.1)
(170.1)
\nLeasehold liabilities
\u2013
\u2013
(22.9)
(22.9)
\nDerivative \ufb01nancial instruments
5.0
\u2013
\u2013
5.0
\nOther liabilities \u2013 current
\n2
\n\u2013
(1,685.3)
(16.7)
(1,702.0)
\n5.0
(1,685.3)
(1,088.0)
(2,768.3)
\nAt 31 December 2022
5.0
145.4
(1,088.0)
(937.6)
\nFinancial assets
\nCash and cash equivalents (restated)
\u2013
90.6
\u2013
90.6
\nOther assets \u2013 current
\n1
\n\u2013
1,875.9
\u2013
1,875.9
\n\u2013
1,966.5
\u2013
1,966.5
\nFinancial liabilities
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.0)
(346.0)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.0)
(453.0)
\n3.99% secured loan 2024
\u2013
\u2013
(82.5)
(82.5)
\nBank borrowings due after one year
\u2013
\u2013
(4.9)
(4.9)
\nIntercompany loan
\u2013
\u2013
(168.3)
(168.3)
\nLeasehold liabilities
\u2013
\u2013
(24.1)
(24.1)
\nDerivative \ufb01nancial instruments
(0.8)
\u2013
\u2013
(0.8)
\nOther liabilities \u2013 current (restated)
\n2
\n\u2013
(1,285.3)
(16.4)
(1,301.7)
\n(0.8)
(1,285.3)
(1,095.2)
(2,381.3)
\nAt 31 December 2021
(0.8)
681.2
(1,095.2)
(414.8)
\n1
In 2022, other assets includes all amounts shown as trade and other receivables in note 21 except lease incentives and costs; sales and social security taxes; and
\nprepayments of \u00a324.6m (2021: \u00a323.0m) for the Company. All amounts are non-interest bearing and are receivable within one year.
\n2
In 2022, other liabilities include all amounts shown as trade and other payables in note 23 except deferred income and sales and social security taxes of \u00a35.5m
\n(2021: \u00a32.4m) for the Company. All amounts are non-interest bearing and are due within one year.
\nReconciliation of net \ufb01nancial assets and liabilities to gross debt
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nNet \ufb01nancial assets and liabilities
(1,250.8)
(1,280.6)
(937.6)
(414.8)
\nOther assets \u2013 current
(12.5)
(13.1)
(1,763.4)
(1,875.9)
\nOther liabilities \u2013 current
60.8
78.4
1,702.0
1,301.7
\nCash and cash equivalents
(76.6)
(105.5)
(67.3)
(90.6)
\nGross debt
(1,279.1)
(1,320.8)
(1,066.3)
(1,079.6)
284
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n26 FINANCIAL ASSETS AND LIABILITIES AND FAIR VALUES
continued
\nFair value measurement
\nThe table below shows the fair values, where applicable, of borrowings and derivative \ufb01nancial instruments held by the
\nGroup, together with a reconciliation to net \ufb01nancial assets and liabilities. Details of inputs and valuation methods used to
\nderive the fair values are shown in note 25.
\nThe fair values of the following \ufb01nancial assets and liabilities are the same as their carrying values:
\n\u2022 Cash and cash equivalents.
\n\u2022 Trade receivables, other receivables and accrued income included within trade and other receivables.
\n\u2022 Trade payables, other payables and accruals included within trade and other payables.
\n\u2022 Leasehold liabilities.
\nThere have been no transfers between Level 1 and Level 2 or Level 2 and Level 3 in either 2022 or 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34379": {
"value": "26 FINANCIAL ASSETS AND LIABILITIES AND FAIR VALUES Categories of \ufb01nancial assets and liabilities
\nFair value
\nthrough pro\ufb01t
\nand loss
\n\u00a3m
\nFinancial
\nassets held at
\namortised cost
\n\u00a3m
\nFinancial
\nliabilities held at
\namortised cost
\n\u00a3m
\nTotal
\ncarrying
\nvalue
\n\u00a3m
\nGroup
\nFinancial assets
\nCash and cash equivalents
\u2013
76.6
\u2013
76.6
\nOther assets \u2013 current
\n1
\n\u2013
12.5
\u2013
12.5
\n\u2013
89.1
\u2013
89.1
\nFinancial liabilities
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
(170.1)
(170.1)
\n6.5% secured bonds 2026
\u2013
\u2013
(181.0)
(181.0)
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.4)
(346.4)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.3)
(453.3)
\n3.99% secured loan 2024
\u2013
\u2013
(82.7)
(82.7)
\nBank borrowings due after one year
\u2013
\u2013
4.1
4.1
\nOther loans
\u2013
\u2013
(19.7)
(19.7)
\nLeasehold liabilities
\u2013
\u2013
(35.0)
(35.0)
\nDerivative \ufb01nancial instruments
5.0
\u2013
\u2013
5.0
\nOther liabilities \u2013 current
\n2
\n\u2013
\u2013
(60.8)
(60.8)
\n5.0
\u2013
(1,344.9)
(1,339.9)
\nAt 31 December 2022
5.0
89.1
(1,344.9)
(1,250.8)
\nFinancial assets
\nCash and cash equivalents (restated)
\u2013
105.5
\u2013
105.5
\nOther assets \u2013 current
\n1
\n\u2013
13.1
\u2013
13.1
\n\u2013
118.6
\u2013
118.6
\nFinancial liabilities
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
(168.3)
(168.3)
\n6.5% secured bonds 2026
\u2013
\u2013
(182.4)
(182.4)
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.0)
(346.0)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.0)
(453.0)
\n3.99% secured loan 2024
\u2013
\u2013
(82.5)
(82.5)
\nBank borrowings due after one year
\u2013
\u2013
(4.9)
(4.9)
\nOther loans
\u2013
\u2013
(12.3)
(12.3)
\nLeasehold liabilities
\u2013
\u2013
(70.6)
(70.6)
\nDerivative \ufb01nancial instruments
(0.8)
\u2013
\u2013
(0.8)
\nOther liabilities \u2013 current
\n2
\n\u2013
\u2013
(78.4)
(78.4)
\n(0.8)
\u2013
(1,398.4)
(1,399.2)
\nAt 31 December 2021
(0.8)
118.6
(1,398.4)
(1,280.6)
\n1
In 2022, other assets includes all amounts shown as trade and other receivables in note 21 except lease incentives and costs; sales and social security taxes; and
\nprepayments of \u00a329.9m (2021 restated: \u00a327.9m) for the Group. All amounts are non-interest bearing and are receivable within one year.
\n2
In 2022, other liabilities include all amounts shown as trade and other payables in note 23 except deferred income and sales and social security taxes of \u00a360.0m
\n(2021: \u00a349.9m) for the Group. All amounts are non-interest bearing and are due within one year.
Financial statements
283
\nFair value
\nthrough pro\ufb01t
\nand loss
\n\u00a3m
\nFinancial
\nassets held at
\namortised cost
\n\u00a3m
\nFinancial
\nliabilities held at
\namortised cost
\n\u00a3m
\nTotal
\ncarrying
\nvalue
\n\u00a3m
\nCompany
\nFinancial assets
\nCash and cash equivalents
\u2013
67.3
\u2013
67.3
\nOther assets \u2013 current
\n1
\n\u2013
1,763.4
\u2013
1,763.4
\n\u2013
1,830.7
\u2013
1,830.7
\nFinancial liabilities
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.4)
(346.4)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.3)
(453.3)
\n3.99% secured loan 2024
\u2013
\u2013
(82.7)
(82.7)
\nBank borrowings due after one year
\u2013
\u2013
4.1
4.1
\nIntercompany loan
\u2013
\u2013
(170.1)
(170.1)
\nLeasehold liabilities
\u2013
\u2013
(22.9)
(22.9)
\nDerivative \ufb01nancial instruments
5.0
\u2013
\u2013
5.0
\nOther liabilities \u2013 current
\n2
\n\u2013
(1,685.3)
(16.7)
(1,702.0)
\n5.0
(1,685.3)
(1,088.0)
(2,768.3)
\nAt 31 December 2022
5.0
145.4
(1,088.0)
(937.6)
\nFinancial assets
\nCash and cash equivalents (restated)
\u2013
90.6
\u2013
90.6
\nOther assets \u2013 current
\n1
\n\u2013
1,875.9
\u2013
1,875.9
\n\u2013
1,966.5
\u2013
1,966.5
\nFinancial liabilities
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.0)
(346.0)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.0)
(453.0)
\n3.99% secured loan 2024
\u2013
\u2013
(82.5)
(82.5)
\nBank borrowings due after one year
\u2013
\u2013
(4.9)
(4.9)
\nIntercompany loan
\u2013
\u2013
(168.3)
(168.3)
\nLeasehold liabilities
\u2013
\u2013
(24.1)
(24.1)
\nDerivative \ufb01nancial instruments
(0.8)
\u2013
\u2013
(0.8)
\nOther liabilities \u2013 current (restated)
\n2
\n\u2013
(1,285.3)
(16.4)
(1,301.7)
\n(0.8)
(1,285.3)
(1,095.2)
(2,381.3)
\nAt 31 December 2021
(0.8)
681.2
(1,095.2)
(414.8)
\n1
In 2022, other assets includes all amounts shown as trade and other receivables in note 21 except lease incentives and costs; sales and social security taxes; and
\nprepayments of \u00a324.6m (2021: \u00a323.0m) for the Company. All amounts are non-interest bearing and are receivable within one year.
\n2
In 2022, other liabilities include all amounts shown as trade and other payables in note 23 except deferred income and sales and social security taxes of \u00a35.5m
\n(2021: \u00a32.4m) for the Company. All amounts are non-interest bearing and are due within one year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34380": {
"value": "26 FINANCIAL ASSETS AND LIABILITIES AND FAIR VALUES Categories of \ufb01nancial assets and liabilities
\nFair value
\nthrough pro\ufb01t
\nand loss
\n\u00a3m
\nFinancial
\nassets held at
\namortised cost
\n\u00a3m
\nFinancial
\nliabilities held at
\namortised cost
\n\u00a3m
\nTotal
\ncarrying
\nvalue
\n\u00a3m
\nGroup
\nFinancial assets
\nCash and cash equivalents
\u2013
76.6
\u2013
76.6
\nOther assets \u2013 current
\n1
\n\u2013
12.5
\u2013
12.5
\n\u2013
89.1
\u2013
89.1
\nFinancial liabilities
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
(170.1)
(170.1)
\n6.5% secured bonds 2026
\u2013
\u2013
(181.0)
(181.0)
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.4)
(346.4)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.3)
(453.3)
\n3.99% secured loan 2024
\u2013
\u2013
(82.7)
(82.7)
\nBank borrowings due after one year
\u2013
\u2013
4.1
4.1
\nOther loans
\u2013
\u2013
(19.7)
(19.7)
\nLeasehold liabilities
\u2013
\u2013
(35.0)
(35.0)
\nDerivative \ufb01nancial instruments
5.0
\u2013
\u2013
5.0
\nOther liabilities \u2013 current
\n2
\n\u2013
\u2013
(60.8)
(60.8)
\n5.0
\u2013
(1,344.9)
(1,339.9)
\nAt 31 December 2022
5.0
89.1
(1,344.9)
(1,250.8)
\nFinancial assets
\nCash and cash equivalents (restated)
\u2013
105.5
\u2013
105.5
\nOther assets \u2013 current
\n1
\n\u2013
13.1
\u2013
13.1
\n\u2013
118.6
\u2013
118.6
\nFinancial liabilities
\n1.5% unsecured convertible bonds 2025
\u2013
\u2013
(168.3)
(168.3)
\n6.5% secured bonds 2026
\u2013
\u2013
(182.4)
(182.4)
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.0)
(346.0)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.0)
(453.0)
\n3.99% secured loan 2024
\u2013
\u2013
(82.5)
(82.5)
\nBank borrowings due after one year
\u2013
\u2013
(4.9)
(4.9)
\nOther loans
\u2013
\u2013
(12.3)
(12.3)
\nLeasehold liabilities
\u2013
\u2013
(70.6)
(70.6)
\nDerivative \ufb01nancial instruments
(0.8)
\u2013
\u2013
(0.8)
\nOther liabilities \u2013 current
\n2
\n\u2013
\u2013
(78.4)
(78.4)
\n(0.8)
\u2013
(1,398.4)
(1,399.2)
\nAt 31 December 2021
(0.8)
118.6
(1,398.4)
(1,280.6)
\n1
In 2022, other assets includes all amounts shown as trade and other receivables in note 21 except lease incentives and costs; sales and social security taxes; and
\nprepayments of \u00a329.9m (2021 restated: \u00a327.9m) for the Group. All amounts are non-interest bearing and are receivable within one year.
\n2
In 2022, other liabilities include all amounts shown as trade and other payables in note 23 except deferred income and sales and social security taxes of \u00a360.0m
\n(2021: \u00a349.9m) for the Group. All amounts are non-interest bearing and are due within one year.
Financial statements
283
\nFair value
\nthrough pro\ufb01t
\nand loss
\n\u00a3m
\nFinancial
\nassets held at
\namortised cost
\n\u00a3m
\nFinancial
\nliabilities held at
\namortised cost
\n\u00a3m
\nTotal
\ncarrying
\nvalue
\n\u00a3m
\nCompany
\nFinancial assets
\nCash and cash equivalents
\u2013
67.3
\u2013
67.3
\nOther assets \u2013 current
\n1
\n\u2013
1,763.4
\u2013
1,763.4
\n\u2013
1,830.7
\u2013
1,830.7
\nFinancial liabilities
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.4)
(346.4)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.3)
(453.3)
\n3.99% secured loan 2024
\u2013
\u2013
(82.7)
(82.7)
\nBank borrowings due after one year
\u2013
\u2013
4.1
4.1
\nIntercompany loan
\u2013
\u2013
(170.1)
(170.1)
\nLeasehold liabilities
\u2013
\u2013
(22.9)
(22.9)
\nDerivative \ufb01nancial instruments
5.0
\u2013
\u2013
5.0
\nOther liabilities \u2013 current
\n2
\n\u2013
(1,685.3)
(16.7)
(1,702.0)
\n5.0
(1,685.3)
(1,088.0)
(2,768.3)
\nAt 31 December 2022
5.0
145.4
(1,088.0)
(937.6)
\nFinancial assets
\nCash and cash equivalents (restated)
\u2013
90.6
\u2013
90.6
\nOther assets \u2013 current
\n1
\n\u2013
1,875.9
\u2013
1,875.9
\n\u2013
1,966.5
\u2013
1,966.5
\nFinancial liabilities
\n1.875% unsecured green bonds 2031
\u2013
\u2013
(346.0)
(346.0)
\nUnsecured private placement notes 2026 \u2013 2034
\u2013
\u2013
(453.0)
(453.0)
\n3.99% secured loan 2024
\u2013
\u2013
(82.5)
(82.5)
\nBank borrowings due after one year
\u2013
\u2013
(4.9)
(4.9)
\nIntercompany loan
\u2013
\u2013
(168.3)
(168.3)
\nLeasehold liabilities
\u2013
\u2013
(24.1)
(24.1)
\nDerivative \ufb01nancial instruments
(0.8)
\u2013
\u2013
(0.8)
\nOther liabilities \u2013 current (restated)
\n2
\n\u2013
(1,285.3)
(16.4)
(1,301.7)
\n(0.8)
(1,285.3)
(1,095.2)
(2,381.3)
\nAt 31 December 2021
(0.8)
681.2
(1,095.2)
(414.8)
\n1
In 2022, other assets includes all amounts shown as trade and other receivables in note 21 except lease incentives and costs; sales and social security taxes; and
\nprepayments of \u00a324.6m (2021: \u00a323.0m) for the Company. All amounts are non-interest bearing and are receivable within one year.
\n2
In 2022, other liabilities include all amounts shown as trade and other payables in note 23 except deferred income and sales and social security taxes of \u00a35.5m
\n(2021: \u00a32.4m) for the Company. All amounts are non-interest bearing and are due within one year.
\nReconciliation of net \ufb01nancial assets and liabilities to gross debt
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nNet \ufb01nancial assets and liabilities
(1,250.8)
(1,280.6)
(937.6)
(414.8)
\nOther assets \u2013 current
(12.5)
(13.1)
(1,763.4)
(1,875.9)
\nOther liabilities \u2013 current
60.8
78.4
1,702.0
1,301.7
\nCash and cash equivalents
(76.6)
(105.5)
(67.3)
(90.6)
\nGross debt
(1,279.1)
(1,320.8)
(1,066.3)
(1,079.6)
284
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n26 FINANCIAL ASSETS AND LIABILITIES AND FAIR VALUES
continued
\nFair value measurement
\nThe table below shows the fair values, where applicable, of borrowings and derivative \ufb01nancial instruments held by the
\nGroup, together with a reconciliation to net \ufb01nancial assets and liabilities. Details of inputs and valuation methods used to
\nderive the fair values are shown in note 25.
\nThe fair values of the following \ufb01nancial assets and liabilities are the same as their carrying values:
\n\u2022 Cash and cash equivalents.
\n\u2022 Trade receivables, other receivables and accrued income included within trade and other receivables.
\n\u2022 Trade payables, other payables and accruals included within trade and other payables.
\n\u2022 Leasehold liabilities.
\nThere have been no transfers between Level 1 and Level 2 or Level 2 and Level 3 in either 2022 or 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34813": {
"value": "27 NET DEBT TO CASH FLOW RECONCILIATION Net debt reconciliation
\nThe table below shows net debt movement during the year as a result of cash \ufb02ows and other non-cash movements.
\n2021
\n\u00a3m
\nCash \ufb02ows
\n\u00a3m
\nNon-cash changes
\nImpact of
\nissue and
\narrangement
\ncosts
\n\u00a3m
\nFair value
\nadjustments
\n\u00a3m
\nAcquisitions
\n\u00a3m
\nUnwind of
\ndiscount
\n\u00a3m
Disposals
\nTransfer
\nfrom non-
\ncurrent to
\ncurrent
\n2022
\n\u00a3m
\nGroup
\nCurrent liabilities
\nBorrowings
12.3
7.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
19.7
\nLeasehold liabilities
51.2
\u2013
\u2013
\u2013
\u2013
\u2013
(50.7)
\u2013
0.5
\nNon-current liabilities
\nBorrowings
1,237.1
(10.1)
2.7
(0.3)
\u2013
\u2013
\u2013
\u2013
1,229.4
\nLeasehold liabilities
19.4
\u2013
\u2013
\u2013
15.6
0.5
(1.0)
\u2013
34.5
\nTotal liabilities from
\n\ufb01nancing activities
1,320.0
(2.7)
2.7
(0.3)
15.6
0.5
(51.7)
\u2013
1,284.1
\nCash at bank
\n1
\n(68.5)
41.6
\u2013
\u2013
\u2013
\u2013
\u2013
(26.9)
\nNet debt
1,251.5
38.9
2.7
(0.3)
15.6
0.5
(51.7)
\u2013
1,257.2
\nCompany
\nCurrent liabilities
\nLeasehold liabilities
1.2
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
1.3
\nNon-current liabilities
\nBorrowings
1,054.7
(10.1)
2.5
1.3
\u2013
\u2013
\u2013
\u2013
1,048.4
\nLeasehold liabilities
22.9
\u2013
\u2013
\u2013
\u2013
(1.3)
\u2013
\u2013
21.6
\nTotal liabilities from
\n\ufb01nancing activities
1,078.8
(10.1)
2.5
1.3
\u2013
(1.2)
\u2013
\u2013
1,071.3
\nCash at bank
\n1
\n(68.2)
41.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(26.4)
\nNet debt
1,010.6
31.7
2.5
1.3
\u2013
(1.2)
\u2013
\u2013
1,044.9
\n1
Cash at bank excluding restricted cash (see note 33).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34996": {
"value": "28 DEFERRED TAX Revaluation
\n(de\ufb01cit)/surplus
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nGroup
\nAt 1 January 2022
3.3
(3.6)
(0.3)
\nCharged/(credited) to the income statement
0.2
(0.1)
0.1
\nCharged to other comprehensive income
0.2
\u2013
0.2
\nCharged to equity
\u2013
0.6
0.6
\nAt 31 December 2022
3.7
(3.1)
0.6
\nAt 1 January 2021
3.5
(3.0)
0.5
\n(Credited)/charged to the income statement
(1.6)
0.5
(1.1)
\nChange in tax rates in the income statement
0.1
(0.8)
(0.7)
\nCharged to other comprehensive income
0.9
0.5
1.4
\nChange in tax rates in other comprehensive income
0.4
(0.1)
0.3
\nCredited to equity
\u2013
(0.7)
(0.7)
\nAt 31 December 2021
3.3
(3.6)
(0.3)
\nCompany
\nAt 1 January 2022
\u2013
(3.6)
(3.6)
\nCredited to the income statement
\u2013
(0.1)
(0.1)
\nCharged to equity
\u2013
0.7
0.7
\nAt 31 December 2022
\u2013
(3.0)
(3.0)
\nAt 1 January 2021
\u2013
(3.1)
(3.1)
\nCharged to the income statement
\u2013
1.0
1.0
\nCredited to equity
\u2013
(0.7)
(0.7)
\nChange in tax rates in the income statement
\u2013
(0.8)
(0.8)
\nAt 31 December 2021
\u2013
(3.6)
(3.6)
\nDeferred tax on the balance sheet revaluation de\ufb01cit/surplus is calculated on the basis of the chargeable gains that would
\ncrystallise on the sale of the property portfolio at each balance sheet date. The calculation takes account of any available
\nindexation on the historical cost of the properties. Due to the Group\u2019s REIT status, deferred tax is only provided at each
\nbalance sheet date on properties outside the REIT ring-fence.
\nWhere applicable, deferred tax assets in the Company have been recognised in respect of all tax losses and other
\ntemporary di\ufb00erences where the Directors believe it is probable that these assets will be recovered.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35099": {
"value": "29 SHARE CAPITAL The movement in the number of 5p ordinary shares in issue is shown in the table below:
\nNumber of shares in issue fully paid
Number
\nAt 1 January 2021
111,961,411
\nIssued as a result of awards vesting under the Group's Performance Share Plan
187,638
\nIssued as a result of the exercise of share options
\n1
\n59,461
\nAt 31 December 2021
112,208,510
\nIssued as a result of awards vesting under the Group's Performance Share Plan
39,614
\nIssued as a result of the exercise of share options
\n1
\n25,984
\nAt 31 December 2022
112,274,108
\n1
Proceeds from these issues were \u00a31.2m (2021: \u00a31.8m).
\nThe number of outstanding share options and other share awards granted are disclosed in the report of the Remuneration
\nCommittee and note 13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35140": {
"value": "30 RESERVES The following describes the nature and purpose of each reserve within shareholders\u2019 equity:
\nReserve
Description and purpose
\nShare premium
Amount subscribed for share capital in excess of nominal value less directly attributable
\nissue costs.
\nOther reserves:
\nMerger
Premium on the issue of shares as equity consideration for the acquisition of London Merchant
\nSecurities plc (LMS).
\nRevaluation
Revaluation of the owner-occupied property and the associated deferred tax.
\nOther
Equity portion of the convertible bonds for the Group and intercompany loans for the Company.
\nFair value of equity instruments granted but not yet exercised under share-based payments.
\nRetained earnings
Cumulative net gains and losses recognised in the Group income statement together with other
\nitems such as dividends.
\nGroup
Company
\nOther reserves
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nMerger reserve
910.5
910.5
910.5
910.5
\nRevaluation reserve
16.0
15.5
\u2013
\u2013
\nEquity portion of the convertible bonds
7.5
7.5
\u2013
\u2013
\nEquity portion of long-term intercompany loan
\u2013
\u2013
7.5
7.5
\nFair value of equity instruments under
\nshare-based payments
7.9
7.6
7.9
7.6
\n941.9
941.1
925.9
925.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35207": {
"value": "32 DIVIDEND Payment
\ndate
\nDividend per share
\n2021
\n\u00a3m
\nPID
\np
\nNon-PID
\np
\nTotal
\np
\n2022
\n\u00a3m
\nCurrent year
\n2022 \ufb01nal dividend
\n1
\n2 June 2023
38.50
16.00
54.50
\u2013
\u2013
\n2022 interim dividend
14 October 2022
24.00
\u2013
24.00
26.9
\u2013
\n62.50
16.00
78.50
26.9
\u2013
\nPrior year
\n2021 \ufb01nal dividend
1 June 2022
35.50
18.00
53.50
60.1
\u2013
\n2021 interim dividend
15 October 2021
23.00
\u2013
23.00
\u2013
25.8
\n58.50
18.00
76.50
60.1
25.8
\n2020 \ufb01nal dividend
4 June 2021
35.00
17.45
52.45
\u2013
58.8
\nDividends as reported in the Group
\nstatement of changes in equity
87.0
84.6
\n2022 interim dividend withholding tax
13 January 2023
(3.7)
\u2013
\n2021 interim dividend withholding tax
14 January 2022
3.5
(3.5)
\n2020 interim dividend withholding tax
14 January 2021
\u2013
3.2
\nDividends paid as reported in the
\nGroup cash \ufb02ow statement
86.8
84.3
\n1
Subject to shareholder approval at the AGM on 12 May 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35305": {
"value": "33 CASH AND CASH EQUIVALENTS Group
Company
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nCash at bank
26.9
68.5
26.4
68.2
\nCash held in restricted accounts
\nTenant rent deposits
27.3
17.6
27.3
17.6
\nService charge balances
22.4
19.4
13.6
4.8
\n76.6
105.5
67.3
90.6
\nPrior year Group and Company cash and cash equivalents have been restated to include \u00a317.6m of tenant deposits, which
\nare subject to contractual restrictions.
\nIn addition, \u00a319.4m for the Group and \u00a34.8m for the Company of cash collected on behalf of tenants to fund the service
\ncharge of properties in the portfolio has now been reclassi\ufb01ed from trade and other receivables and presented as
\nrestricted cash. For further information refer to note 2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35346": {
"value": "34 CAPITAL COMMITMENTS Contracts for capital expenditure entered into by the Group at 31 December 2022 and not provided for in the accounts
\nrelating to the construction, development or enhancement of the Group\u2019s investment properties amounted to \u00a3147.3m
\n(2021: \u00a351.2m), whilst that relating to the Group\u2019s trading properties amounted to \u00a387.9m (2021: \u00a30.9m). At 31 December
\n2022 and 31 December 2021, there were no material contractual obligations for the purchase, repair or maintenance of
\ninvestment or trading properties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35347": {
"value": "34 CAPITAL COMMITMENTS Contracts for capital expenditure entered into by the Group at 31 December 2022 and not provided for in the accounts
\nrelating to the construction, development or enhancement of the Group\u2019s investment properties amounted to \u00a3147.3m
\n(2021: \u00a351.2m), whilst that relating to the Group\u2019s trading properties amounted to \u00a387.9m (2021: \u00a30.9m). At 31 December
\n2022 and 31 December 2021, there were no material contractual obligations for the purchase, repair or maintenance of
\ninvestment or trading properties.
\n35 CONTINGENT LIABILITIES
\nIn May 2022, Derwent London exchanged a conditional contract to acquire the freehold of the Old Street Quarter site, the
\nexisting site of the Moor\ufb01elds Eye Hospital and the UCL Institute of Ophthalmology. Consideration for the site has been
\nagreed as \u00a3239m before costs, subject to receipt of \ufb01nal Treasury approval (subsequently received in February 2023),
\ndelivery of the new hospital at St Pancras and subsequent vacant possession of the Old Street Quarter island site.
\nIn 2021, the Group entered into a 50:50 joint venture with Lazari Investments Limited, Derwent Lazari Baker Street Limited
\nPartnership (see note 19). Subject to receiving planning on a scheme which includes the three leasehold properties within
\nthe joint venture and a fourth property owned by the freeholder, and a regear of the headlease, an additional \u00a37.3m of
\ndeferred consideration is payable to Lazari Investments Limited. The deferred consideration is treated as a contingent
\nliability in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, as the amount is only
\ncon\ufb01rmed by the occurrence of uncertain future events not wholly within the control of the Group.
\nThe Company and its subsidiaries are party to cross guarantees securing certain bank loans. At 31 December 2022 and
\n31\u00a0December 2021, there was no liability that could arise for the Company from the cross guarantees.
\nWhere the Company enters into \ufb01nancial guarantee contracts and guarantees the indebtedness of other companies within
\nthe Group, the Company considers these to be insurance arrangements, and accounts for them as such. In this respect,
\nthe Company treats the guarantee contract as a contingent liability until such time that it becomes probable that the
\nCompany will be required to make a payment under the guarantee.
\nOne of the components of the Directors\u2019 year end bonuses is calculated from the Group\u2019s \u2018total return\u2019 performance relative
\nto a comparator group of real estate companies (see page 215). In light of recent exceptional volatility in respect of the
\nproperty indices used to estimate property valuations for those comparator companies who have not released December
\n2022 results, the Remuneration Committee has not been able to accurately determine the total return performance of this
\ncomparator group. As a result, no provision has been made for this element of the bonus for the year ended 31 December
\n2022. The Committee will determine the vesting outcome of this element of the bonus in the coming months, when there
\nis greater clarity in respect of the comparator group total return performance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35357": {
"value": "35 CONTINGENT LIABILITIES In May 2022, Derwent London exchanged a conditional contract to acquire the freehold of the Old Street Quarter site, the
\nexisting site of the Moor\ufb01elds Eye Hospital and the UCL Institute of Ophthalmology. Consideration for the site has been
\nagreed as \u00a3239m before costs, subject to receipt of \ufb01nal Treasury approval (subsequently received in February 2023),
\ndelivery of the new hospital at St Pancras and subsequent vacant possession of the Old Street Quarter island site.
\nIn 2021, the Group entered into a 50:50 joint venture with Lazari Investments Limited, Derwent Lazari Baker Street Limited
\nPartnership (see note 19). Subject to receiving planning on a scheme which includes the three leasehold properties within
\nthe joint venture and a fourth property owned by the freeholder, and a regear of the headlease, an additional \u00a37.3m of
\ndeferred consideration is payable to Lazari Investments Limited. The deferred consideration is treated as a contingent
\nliability in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, as the amount is only
\ncon\ufb01rmed by the occurrence of uncertain future events not wholly within the control of the Group.
\nThe Company and its subsidiaries are party to cross guarantees securing certain bank loans. At 31 December 2022 and
\n31\u00a0December 2021, there was no liability that could arise for the Company from the cross guarantees.
\nWhere the Company enters into \ufb01nancial guarantee contracts and guarantees the indebtedness of other companies within
\nthe Group, the Company considers these to be insurance arrangements, and accounts for them as such. In this respect,
\nthe Company treats the guarantee contract as a contingent liability until such time that it becomes probable that the
\nCompany will be required to make a payment under the guarantee.
\nOne of the components of the Directors\u2019 year end bonuses is calculated from the Group\u2019s \u2018total return\u2019 performance relative
\nto a comparator group of real estate companies (see page 215). In light of recent exceptional volatility in respect of the
\nproperty indices used to estimate property valuations for those comparator companies who have not released December
\n2022 results, the Remuneration Committee has not been able to accurately determine the total return performance of this
\ncomparator group. As a result, no provision has been made for this element of the bonus for the year ended 31 December
\n2022. The Committee will determine the vesting outcome of this element of the bonus in the coming months, when there
is greater clarity in respect of the comparator group total return performance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35399": {
"value": "36 LEASES 2022
\n\u00a3m
\n2021
\n\u00a3m
\nOperating lease receipts
\nMinimum lease receipts under non-cancellable operating leases to be received:
\nnot later than one year
200.8
188.5
\nlater than one year and not later than \ufb01ve years
642.3
609.4
\nlater than \ufb01ve years
884.1
833.5
\n1,727.2
1,631.4
\nGroup
Company
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nHeadlease obligations
\nMinimum lease payments under headleases that
\nfall due:
\nnot later than one year
1.8
52.2
2.1
2.1
\nlater than one year and not later than \ufb01ve years
6.9
3.2
8.4
8.3
\nlater than \ufb01ve years
211.3
193.7
18.9
21.0
\n220.0
249.1
29.4
31.4
\nFuture contingent rent payable on headleases
\u2013
(0.3)
\u2013
\u2013
\nFuture \ufb01nance charges on headleases
(185.0)
(178.2)
(6.5)
(7.3)
\nPresent value of headlease liabilities
35.0
70.6
22.9
24.1
\nPresent value of minimum headlease obligations:
\nnot later than one year
0.5
51.2
1.3
1.2
\nlater than one year and not later than \ufb01ve years
1.7
(0.1)
5.5
5.3
\nlater than \ufb01ve years
32.8
19.5
16.1
17.6
\n35.0
70.6
22.9
24.1
\nThe Group has approximately 629 leases granted to its tenants. These vary dependent on the individual tenant and the
\nrespective property and demise but typically are let for a term of \ufb01ve to 20 years, at a market rent with provisions to review
\nto market rent every \ufb01ve years. Standard lease provisions include service charge payments and recovery of other direct
\ncosts. The weighted average lease length of the leases commencing during 2022 was 8.1 years (2021: 8.4 years). Of these
\nleases, on a weighted average basis, 94% (2021: 94%) included a rent-free or half rent period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35492": {
"value": "37 POST BALANCE SHEET EVENTS In January 2023, the Group exchanged contracts and completed the disposal of its freehold interest in 19 Charterhouse
\nStreet EC1 for \u00a354.0m before costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35509": {
"value": "38 LIST OF SUBSIDIARIES AND JOINT VENTURES A full list of subsidiaries and joint ventures as at 31 December 2022 is set out below:
\nOwnership
\n2
\nPrincipal
\nSubsidiaries
\nAsta Commercial Limited
100%
Property investment
\nBargate Quarter Limited
65%
Investment company
\nBBR (Commercial) Limited
100%
Dormant
\nBBR Property Limited
\n1
\n100%
Dormant
\nCaledonian Properties Limited
100%
Property investment
\nCaledonian Property Estates Limited
100%
Property investment
\nCaledonian Property Investments Limited
100%
Property investment
\nCarlton Construction & Development Company Limited
100%
Dormant
\nCentral London Commercial Estates Limited
100%
Property investment
\nCharlotte Apartments Limited
100%
Property investment
\n80 Charlotte Street Limited
\n1
\n100%
Property investment
\nDerwent Asset Management Limited
\n1
\n100%
Property management
\nDerwent Central Cross Limited
\n1
\n100%
Property investment
\nDerwent Henry Wood Limited
\n1
\n100%
Property investment
\nDerwent London Angel Building Limited
100%
Property investment
\nDerwent London AD Limited
\n1
\n100%
Energy production
\nDerwent London Asta Limited
100%
Property trading
\nDerwent London Asta Residential Limited
100%
Dormant
\nDerwent London Baker Street Limited
100%
Property investment
\nDerwent London BH Limited
\n1
\n100%
Property investment
\nDerwent London Brixton Limited
\n1
\n100%
Property investment
\nDerwent London BSP Limited
100%
Property investment
\nDerwent London Capital No. 3 (Jersey) Limited
\n1
\n100%
Finance company
\nDerwent London Charlotte Street (Commercial) Limited
100%
Dormant
\nDerwent London Charlotte Street Limited
\n1
\n100%
Dormant
\nDerwent London Copyright House Limited
\n1
\n100%
Dormant
\nDerwent London Development Services Limited
\n1
\n100%
Development services
\nDerwent London Farringdon Limited
\n1
\n100%
Property investment
\nDerwent London Featherstone Limited
\n1
\n100%
Property investment
\nDerwent London Gallery Limited
\n1
\n100%
Property investment
\nDerwent London Grafton Limited
\n1
\n100%
Dormant
\nDerwent London George Street Limited
\n1
\n100%
Property trading
\nDerwent London Green Energy Limited
\n1
\n100%
Energy production
\nDerwent London Holden House Limited
\n1
\n100%
Property investment
\nDerwent London Holford Works Limited
\n1
\n100%
Property investment
\nDerwent London Horseferry Limited
\n1
\n100%
Property investment
\nDerwent London Howland Limited
\n1
\n100%
Dormant
\nDerwent London KSW Limited
\n1
\n100%
Property investment
\nDerwent London No.2 Limited
\n1
\n100%
Property investment
\nDerwent London No.4 Limited
\n1
\n100%
Property investment
\nDerwent London No.5 Limited
\n1
\n100%
Property investment
\nDerwent London No.6 Limited
\n1
\n100%
Property investment
\nDerwent London Oliver's Yard Limited
\n1
\n100%
Property investment
\nDerwent London Page Street (Nominee) Limited
100%
Dormant
\nDerwent London Page Street Limited
\n1
\n100%
Property investment
\nDerwent London Savile Row Limited
\n1
\n100%
Property investment
\nDerwent London White Chapel Limited
\n1
\n100%
Property investment
\nDerwent London White Collar Limited
\n1
\n100%
Property investment
290
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n38 LIST OF SUBSIDIARIES AND JOINT VENTURES
continued
\nOwnership
\n2
\nPrincipal
\nSubsidiaries
continued
\nDerwent London Whit\ufb01eld Street Limited
\n1
\n100%
Property investment
\nDerwent Valley Central Limited
\n1
\n100%
Property investment
\nDerwent Valley Employee Trust Limited
\n1
\n100%
Employee trust
\nDerwent Valley Finance Limited
100%
Investment holding
\nDerwent Valley Limited
100%
Holding company
\nDerwent Valley London Limited
\n1
\n100%
Property investment
\nDerwent Valley Property Developments Limited
\n1
\n100%
Property investment
\nDerwent Valley Property Investments Limited
\n1
\n100%
Property investment
\nDerwent Valley Property Trading Limited
\n1
\n100%
Property trading
\nDerwent Valley Railway Company
\n1
\n100%
Dormant
\nDerwent Valley West End Limited
\n1
\n100%
Property investment
\nKensington Commercial Property Investments Limited
100%
Property investment
\nLMS (City Road) Limited
100%
Property investment
\nLMS Finance Limited
100%
Investment holding
\nLMS O\ufb00ices Limited
100%
Property investment
\nLondon Merchant Securities Limited
\n1
\n100%
Holding company
\nThe New River Company Limited
100%
Property investment
\nUrban\ufb01rst Limited
100%
Investment holding
\nWest London & Suburban Property Investments Limited
100%
Property investment
\nJoint ventures
\nDerwent Lazari Baker Street GP Limited
50%
Management company
\nDorrington Derwent Holdings Limited
50%
Holding company
\nDorrington Derwent Investments Limited
50%
Investment company
\nPrescot Street GP Limited
50%
Management company
\nPrescot Street Nominees Limited
50%
Dormant
\nPrimister Limited
50%
Property investment
\n1
Indicates subsidiary undertakings held directly.
\n2 All holdings are of ordinary shares.
\nThe Company controls 50% of the voting rights of its joint ventures, which are accounted for and disclosed in accordance
\nwith IFRS 11 Joint Arrangements.
\nAll of the entities above are incorporated and domiciled in England and Wales, with the exception of Derwent London
\nCapital No. 3 (Jersey) Limited which is incorporated and domiciled in Jersey. In addition, all the entities are registered at
\n25 Savile Row, London, W1S 2ER, with the exception of:
\n\u2022 Derwent London Capital No. 3 (Jersey) Limited, which is registered at 47 Esplanade, St Helier, JE1 0BD, Channel Islands;
\n\u2022 Dorrington Derwent Holdings Limited and Dorrington Derwent Investments Limited, which are registered at 16 Hans
\nRoad, London, SW3 1RT; and
\n\u2022 Primister Limited, which is registered at Quadrant House, Floor 6, 4 Thomas More Square, London, E1W 1YW.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35817": {
"value": "39 RELATED PARTY DISCLOSURE Details of Directors\u2019 remuneration are given in the report of the Remuneration Committee on pages 190 to 223 and note 11.
\nDetails of transactions with joint ventures are shown in note 19. A full list of subsidiaries and joint ventures is given in note
\n38. Other related party transactions are as follows:
\nGroup
\nThe Group earned fees of \u00a30.5m (2021: \u00a30.1m) in relation to development management, asset management and
\nadministration of the Derwent Lazari Baker Street Limited Partnership.
Financial statements
291
\nCompany
\nThe Company received interest from and paid interest to some of its subsidiaries during the year. These transactions are
\nsummarised below:
\nInterest income/(expense)
Balance receivable/(payable)
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nRelated party
\n80 Charlotte Street Limited
9.3
9.1
270.7
222.7
\nDerwent Asset Management Limited
\u2013
\u2013
(1.1)
(1.0)
\nDerwent Central Cross Limited
6.6
7.6
174.3
180.6
\nDerwent Henry Wood Limited
(0.2)
(0.2)
(3.5)
(5.3)
\nDerwent London AD Limited
\u2013
\u2013
(5.0)
(5.0)
\nDerwent London Angel Square Limited
\u2013
(0.2)
\u2013
\u2013
\nDerwent London BH Limited
(0.3)
0.2
(45.8)
14.7
\nDerwent London Brixton Limited
1.1
1.8
12.1
40.9
\nDerwent London BSP Limited
1.3
\u2013
35.7
3.3
\nDerwent London Capital No. 3 (Jersey) Limited
\n1
\n(3.9)
(3.9)
(170.2)
(168.3)
\nDerwent London Development Services Limited
2.1
2.7
30.4
80.3
\nDerwent London Farringdon Limited
(0.7)
(0.6)
(24.8)
(18.3)
\nDerwent London Featherstone Limited
1.0
0.9
34.6
20.4
\nDerwent London Gallery Limited
\u2013
\u2013
0.4
(0.2)
\nDerwent London George Street Limited
(0.1)
\u2013
8.1
(4.5)
\nDerwent London Green Energy Limited
\u2013
\u2013
(3.9)
(4.6)
\nDerwent London Holden House Limited
3.1
4.9
46.1
117.2
\nDerwent London Holford Works Limited
0.6
0.5
16.2
15.9
\nDerwent London Horseferry Limited
\u2013
(0.1)
\u2013
(3.0)
\nDerwent London KSW Limited
(4.1)
(4.4)
(110.6)
(107.0)
\nDerwent London No.2 Limited
3.4
1.1
56.3
128.0
\nDerwent London No.4 Limited
1.3
\u2013
37.0
(20.0)
\nDerwent London No.5 Limited
\u2013
\u2013
(17.3)
\u2013
\nDerwent London No.6 Limited
\u2013
\u2013
3.1
\u2013
\nDerwent London Oliver's Yard Limited
2.6
5.2
18.1
124.5
\nDerwent London Page Street Limited
\u2013
(0.2)
\u2013
(5.8)
\nDerwent London Savile Row Limited
\u2013
(0.1)
(0.5)
(5.2)
\nDerwent London White Chapel Limited
1.2
\u2013
64.6
(2.8)
\nDerwent London White Collar Limited
\u2013
\u2013
(2.0)
(2.3)
\nDerwent London Whit\ufb01eld Street Limited
1.7
1.9
45.5
46.1
\nDerwent Valley Central Limited
3.6
4.2
(20.0)
114.8
\nDerwent Valley London Limited
4.4
2.4
150.5
109.1
\nDerwent Valley Property Developments Limited
(8.1)
(7.9)
(223.1)
(195.1)
\nDerwent Valley Property Investments Limited
(4.8)
(5.0)
(131.2)
(123.1)
\nDerwent Valley Property Trading Limited
0.1
0.3
2.5
6.1
\nDerwent Valley Railway Company
\n2
\n\u2013
\u2013
(0.2)
(0.2)
\nDerwent Valley West End Limited
(0.1)
(0.1)
(3.8)
(3.7)
\nLondon Merchant Securities Limited
\n3
\n(10.9)
(5.6)
(339.5)
(142.1)
\n10.2
14.5
(96.3)
407.1
\n1
The payable balance at 31 December 2022 includes the intercompany loan of \u00a3170.1m (2021: \u00a3168.3m) included in note 25.
\n2 Dormant company.
\n3
Balance owed includes subsidiaries which form part of the LMS sub-group.
\nThe Company has not made any provision for bad or doubtful debts in respect of related party debtors. Intercompany
\nbalances are repayable on demand except the loan from Derwent London Capital No. 3 (Jersey) Limited, the payment and
\nrepayment terms of which mirror those of the convertible bonds.
\nInterest is charged on the on-demand intercompany balances at an arm\u2019s length basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36075": {
"value": "40 EPRA PERFORMANCE MEASURES AND CORE RECOMMENDATIONS Unaudited unless stated otherwise.
\nSummary table of EPRA performance measures
\n2022
2021
\nPence
\nper share
\np
\nPence
\nper share
\np
\nEPRA earnings (audited
\n1
\n) (restated)
\u00a3119.7m
106.62
\u00a3121.7m
108.53
\nEPRA Net Tangible Assets (audited
\n1
\n)
\u00a34,083.7m
3,632
\u00a34,454.2m
3,959
\nEPRA Net Disposal Value (audited
\n1
\n)
\u00a34,236.2m
3,768
\u00a34,369.6m
3,884
\nEPRA Net Reinstatement Value (audited
\n1
\n)
\u00a34,447.4m
3,956
\u00a34,839.7m
4,301
\nEPRA Cost Ratio (including direct vacancy costs) (restated)
23.3%
24.9%
\nEPRA Cost Ratio (excluding direct vacancy costs) (restated)
19.5%
21.7%
\nEPRA Net Initial Yield
3.7%
3.3%
\nEPRA 'topped-up' Net Initial Yield
4.6%
4.4%
\nEPRA Vacancy Rate
6.4%
1.6%
\n1
EPRA earnings and EPRA Net Asset Value metrics for 2022 have been audited.
\nThe de\ufb01nition of these measures can be found on pages 311 and 312.
\nNumber of shares
\nEarnings per share
Net asset value per share
\nWeighted average
At 31 December
\n2022
\nAudited
\n\u2018000
\n2021
\nUnaudited
\n\u2018000
\n2022
\nAudited
\n\u2018000
\n2021
\nUnaudited
\n\u2018000
\nFor use in basic measures
112,270
112,139
112,291
112,209
\nDilutive e\ufb00ect of share-based payments
142
273
138
308
\nFor use in diluted measures
112,412
112,412
112,429
112,517
\nThe \u00a3175m unsecured convertible bonds 2025 (\u20182025 bonds\u2019) have an initial conversion price set at \u00a344.96.
\nThe Group recognises the e\ufb00ect of conversion of the bonds if they are both dilutive and, based on the share price, likely to
\nconvert. For the year ended 31 December 2021 and 2022, the Group did not recognise the dilutive impact of the conversion
\nof the 2025 bonds on its earnings per share (EPS) or net asset value (NAV) per share metrics as, based on the share price
\nat the end of each year, the bonds were not expected to convert.
\nThe following tables set out reconciliations between the IFRS and EPRA earnings for the year and earnings per share.
\nThe adjustments made between the \ufb01gures are as follows:
\nA \u2013
Disposal of investment and trading property (including the Group\u2019s share in joint ventures), and associated tax and
\nnon-controlling interest.
\nB \u2013
Revaluation movement on investment property and in joint ventures, write-down of trading property and associated
\ndeferred tax and non-controlling interest.
\nC \u2013
Fair value movement and termination costs relating to derivative \ufb01nancial instruments, associated non-controlling
\ninterest and loan arrangement costs written o\ufb00.
Financial statements
293
\nEarnings and earnings per share
\nIFRS
\n\u00a3m
\nAdjustments
\nEPRA
\nbasis
\n\u00a3m
\nA
\n\u00a3m
\nB
\n\u00a3m
\nC
\n\u00a3m
\nYear ended 31 December 2022 (audited)
\nNet property and other income
194.6
(0.2)
0.2
\u2013
194.6
\nTotal administrative expenses
(36.4)
\u2013
\u2013
\u2013
(36.4)
\nRevaluation de\ufb01cit
(422.1)
\u2013
422.1
\u2013
\u2013
\nPro\ufb01t on disposal of investments
25.6
(25.6)
\u2013
\u2013
\u2013
\nNet \ufb01nance costs
(39.4)
\u2013
\u2013
\u2013
(39.4)
\nMovement in fair value of derivative \ufb01nancial
\ninstruments
5.8
\u2013
\u2013
(5.8)
\u2013
\nFinancial derivative termination costs
(0.3)
\u2013
\u2013
(0.1)
(0.4)
\nShare of results of joint ventures
(7.3)
\u2013
9.3
\u2013
2.0
\nLoss before tax
(279.5)
(25.8)
431.6
(5.9)
120.4
\nTax charge
(1.0)
\u2013
0.3
\u2013
(0.7)
\nEarnings attributable to equity shareholders
(280.5)
(25.8)
431.9
(5.9)
119.7
\n(Loss)/earnings per share
(249.84p)
106.62p
\nDiluted (loss)/earnings per share
(249.84p)
106.48p
\nThe diluted loss per share for the period to 31 December 2022 was restricted to a loss of 249.84p per share, as the loss per
\nshare cannot be reduced by dilution in accordance with IAS 33, Earnings Per Share.
\nIFRS
\n\u00a3m
\nAdjustments
\nEPRA
\nbasis
\n\u00a3m
\nA
\n\u00a3m
\nB
\n\u00a3m
\nC
\n\u00a3m
\nYear ended 31 December 2021 (unaudited)
\nNet property and other income (restated)
187.2
(0.7)
1.4
\u2013
187.9
\nTotal administrative expenses
(37.1)
\u2013
\u2013
\u2013
(37.1)
\nRevaluation surplus (restated)
131.1
\u2013
(131.1)
\u2013
\u2013
\nPro\ufb01t on disposal of investments
10.4
(10.4)
\u2013
\u2013
\u2013
\nNet \ufb01nance costs
(28.1)
\u2013
\u2013
\u2013
(28.1)
\nMovement in fair value of derivative \ufb01nancial
\ninstruments
4.8
\u2013
\u2013
(4.8)
\u2013
\nFinancial derivative termination costs
(1.9)
\u2013
\u2013
1.9
\u2013
\nShare of results of joint ventures
(13.9)
\u2013
14.2
\u2013
0.3
\nPro\ufb01t before tax
252.5
(11.1)
(115.5)
(2.9)
123.0
\nTax credit
1.3
\u2013
(1.5)
\u2013
(0.2)
\nPro\ufb01t for the year
253.8
(11.1)
(117.0)
(2.9)
122.8
\nNon-controlling interest
(1.5)
\u2013
0.4
\u2013
(1.1)
\nEarnings attributable to equity shareholders (restated)
252.3
(11.1)
(116.6)
(2.9)
121.7
\nEarnings per share (restated)
224.99p
108.53p
\nDiluted earnings per share (restated)
224.44p
108.26p",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36862": {
"value": "41 TOTAL RETURN (UNAUDITED) 2022
\np
\n2021
\np
\nEPRA Net Tangible Assets on a diluted basis
\nAt end of year
3,632
3,959
\nAt start of year
(3,959)
(3,812)
\n(Decrease)/increase
(327)
147
\nDividend per share
78
75
\n(Decrease)/increase including dividend
(249)
222
\nTotal return
(6.3%)
5.8%",
"dimensions": {
"concept": "dln:DisclosureOfTotalReturnTextBlock",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36889": {
"value": "42 GEARING AND INTEREST COVER NAV gearing
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNet debt
1,257.2
1,251.5
\nNet assets
4,075.5
4,441.8
\nNAV gearing
30.8%
28.2%
\nLoan-to-value ratio
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nGroup loan-to-value ratio
\nNet debt
1,257.2
1,251.5
\nFair value adjustment of secured bonds
(6.5)
(8.0)
\nUnamortised discount on unsecured green bonds
1.7
1.8
\nUnamortised issue and arrangement costs
10.1
12.6
\nLeasehold liabilities
(35.0)
(70.6)
\nDrawn debt net of cash (A)
1,227.5
1,187.3
\nFair value of property portfolio (B)
5,321.8
5,646.3
\nLoan-to-value ratio (A/B)
23.1%
21.0%
\nProportionally consolidated loan-to-value ratio
\nDrawn debt net of cash (A)
1,227.5
1,187.3
\nShare of cash and cash equivalents in joint ventures
(1.6)
(1.2)
\nDrawn debt net of cash including Group's share of joint ventures (C)
1,225.9
1,186.1
\nFair value of property portfolio (B)
5,321.8
5,646.3
\nShare of fair value of property portfolio of joint ventures
42.4
50.0
\nFair value of property portfolio including Group's share of joint ventures (D)
5,364.2
5,696.3
\nProportionally consolidated loan-to-value ratio (C/D)
22.9%
20.8%
\nEPRA loan-to-value ratio
\nDrawn debt net of cash including Group's share of joint ventures (C)
1,225.9
1,186.1
\nDebt with equity characteristics
(19.7)
(12.3)
\nAdjustment for hybrid debt instruments
3.3
4.5
\nNet payables adjustment
74.1
91.7
\nAdjusted debt (E)
1,283.6
1,270.0
\nFair value of property portfolio including Group's share of joint ventures (D)
5,364.2
5,696.3
\nEPRA loan-to-value ratio (E/D)
23.9%
22.3%
Financial statements
299
\nNet interest cover ratio
\n2022
\n\u00a3m
\n2021
\nRestated
\n\u00a3m
\nGroup net interest cover ratio
\nNet property and other income
194.6
187.2
\nAdjustments for:
\nOther income
(4.2)
(3.5)
\nOther property income
(0.3)
(2.0)
\nSurrender premiums received
(1.1)
(3.6)
\nWrite-down of trading property
0.2
1.4
\nPro\ufb01t on disposal of trading properties
(0.2)
(0.7)
\nAdjusted net property income
189.0
178.8
\nFinance income
(0.3)
\u2013
\nFinance costs
39.7
28.1
\n39.4
28.1
\nAdjustments for:
\nFinance income
0.3
\u2013
\nOther \ufb01nance costs
(0.3)
(0.2)
\nAmortisation of fair value adjustment to secured bonds
1.4
1.3
\nAmortisation of issue and arrangement costs
(2.6)
(2.5)
\nFinance costs capitalised
7.0
12.0
\nNet interest payable
45.2
38.7
\nGroup net interest cover ratio
418%
462%
\nProportionally consolidated net interest cover ratio
\nAdjusted net property income
189.0
178.8
\nShare of joint ventures' net property income
2.1
0.4
\nAdjusted net property income including share of joint ventures
191.1
179.2
\nNet interest payable
45.2
38.7
\nProportionally consolidated net interest cover ratio
423%
463%",
"dimensions": {
"concept": "dln:DisclosureOfGearingAndInterestCover",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37069": {
"value": "43 SIGNIFICANT ACCOUNTING POLICIES Basis of consolidation
\nThe Group \ufb01nancial statements incorporate the \ufb01nancial statements of Derwent London plc and all of its subsidiaries,
\ntogether with the Group\u2019s share of the results of its joint ventures.
\nSubsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity
\nwhen the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability
\nto a\ufb00ect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is
\ntransferred to the Group. They are no longer consolidated from the date that control ceases.
\nJoint ventures are those entities over whose activities the Group has joint control, established by contractual agreement.
\nInterests in joint ventures are accounted for using the equity method of accounting as permitted by IFRS 11 Joint
\nArrangements, and following the procedures for this method set out in IAS 28 Investments in Associates and Joint
\nVentures. The equity method requires the Group\u2019s share of the joint venture\u2019s post-tax pro\ufb01t or loss for the year to be
\npresented separately in the income statement and the Group\u2019s share of the joint venture\u2019s net assets to be presented
\nseparately in the balance sheet.
\nIntra-group balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing
\nthe consolidated \ufb01nancial statements. Unrealised gains arising from transactions with joint ventures are eliminated to the
\nextent of the Group\u2019s interest in the joint venture concerned. Unrealised losses are eliminated in the same way, but only to
\nthe extent that there is no evidence of impairment.
300
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n43 SIGNIFICANT ACCOUNTING POLICIES
continued
\nGross property income
\nGross property income arises from two main sources:
\n(i)
Rental income
\u2013 This arises from operating leases granted to tenants. An operating lease is a lease other than a \ufb01nance
\nlease. A \ufb01nance lease is one whereby substantially all the risks and rewards of ownership are passed to the lessee.
\nRental income is recognised in the Group income statement on a straight-line basis over the term of the lease in
\naccordance with IFRS 16 Leases. This includes the e\ufb00ect of lease incentives given to tenants, which are normally in the
\nform of rent-free or half rent periods or capital contributions in lieu of rent-free periods, and the e\ufb00ect of contracted rent
\nuplifts and payments received from tenants on the grant of leases. Where the total consideration due under a lease is
\nmodi\ufb01ed, the revised total amount due under the lease is recognised on a straight-line basis over the remaining term
\nof the lease. Where rent demanded is forgiven for periods that have passed, these amounts are assessed under IFRS
\n9 and written o\ufb00. Where rent is forgiven for future periods, this is considered a lease modi\ufb01cation and spread on a
\nstraight-line basis over the remaining lease term in accordance with IFRS 16.
\nFor income from property leased out under a \ufb01nance lease, a lease receivable asset is recognised in the balance
\nsheet at an amount equal to the net investment in the lease, as de\ufb01ned in IFRS 16 Leases. Minimum lease payments
\nreceivable, again de\ufb01ned in IFRS 16, are apportioned between \ufb01nance income and the reduction of the outstanding
\nlease receivable so as to produce a constant periodic rate of return on the remaining net investment in the lease.
\nContingent rents, being the di\ufb00erence between the rent currently receivable and the minimum lease payments when
\nthe net investment in the lease was originally calculated, are recognised in property income in the years in which they
\nare receivable.
\n(ii)
Surrender premiums
\u2013 Payments received from tenants to surrender their lease obligations are recognised
\nimmediately in the Group income statement. In circumstances where surrender payments received relate to speci\ufb01c
\nperiods, they are deferred and recognised in those periods.
\nOther income
\nOther income consists of commissions, fees charged to tenants for the management of certain Group properties and
\nadministration services provided to joint ventures. Other income is recognised in the Group income statement in
\naccordance with the delivery of services as required by IFRS 15 Revenue from Contracts with Customers.
\nService charges
\nService charge income relates to expenditure that is directly recoverable from tenants, excluding management fees which
\nare included in \u2018other income\u2019. Service charge income is recognised as revenue in the period to which it relates as required
\nby IFRS 15 Revenue from Contracts with Customers.
\nExpenses
\n(i)
Lease payments
\u2013 Where investment properties are held under operating leases, the leasehold interest is classi\ufb01ed as
\nif it were held under a \ufb01nance lease, which is recognised at its fair value on the balance sheet, within the investment
\nproperty carrying value. Upon initial recognition, a corresponding liability is included as a \ufb01nance lease liability.
\nMinimum lease payments are apportioned between the \ufb01nance charge and the reduction of the outstanding liability
\nso as to produce a constant periodic rate of interest on the remaining \ufb01nance lease liability. Contingent rents payable,
\nbeing the di\ufb00erence between the rent currently payable and the minimum lease payments when the lease liability was
\noriginally calculated, are charged as expenses within property expenditure in the years in which they are payable.
\n(ii)
Dilapidations
\u2013 Dilapidations monies received from tenants in respect of their lease obligations are recognised
\nimmediately in the Group income statement, unless they relate to future capital expenditure. In the latter case, where
\nthe costs are considered to be recoverable they are capitalised as part of the carrying value of the property.
\n(iii)
Reverse surrender premiums
\u2013 Payments made to tenants to surrender their lease obligations are charged directly to the
\nGroup income statement unless the payment is to enable the probable redevelopment of a property. In the latter case,
\nwhere the costs are considered to be recoverable, they are capitalised as part of the carrying value of the property.
\n(iv)
Other property expenditure
\u2013 Vacant property costs and other property costs are expensed in the year to which
\nthey relate, with the exception of the initial direct costs incurred in negotiating and arranging leases which are, in
\naccordance with IFRS 16 Leases, added to the carrying value of the relevant property and recognised as an expense
\nover the lease term on the same basis as the lease income.
Financial statements
301
\nEmployee bene\ufb01ts
\n(i) Share-based remuneration
\nEquity-settled
\u2013 The Company operates a long-term incentive plan and share option scheme. The fair value of the
\nconditional awards of shares granted under the long-term incentive plan and the options granted under the share
\noption scheme are determined at the date of grant. This fair value is then expensed on a straight-line basis over the
\nvesting period, based on an estimate of the number of shares that will eventually vest. At each reporting date, the
\nnon-market based performance criteria of the long-term incentive plan are reconsidered and the expense is revised as
\nnecessary. In respect of the share option scheme, the fair value of the options granted is calculated using a binomial
\nlattice pricing model.
\nUnder the transitional provisions of IFRS 1, no expense is recognised for options or conditional shares granted on or
\nbefore 7 November 2002.
\n(ii) Pensions
\nDe\ufb01ned contribution plans
\u2013 Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an
\nexpense in the Group income statement in the period to which they relate.
\nDe\ufb01ned bene\ufb01t plans
\u2013 The Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t post-employment plans, including
\npension plans, is calculated separately for each plan by estimating the amount of future bene\ufb01t that employees have
\nearned in return for their service in the current and prior periods. That bene\ufb01t is discounted to determine its present
\nvalue, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on
\nAA credit rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation
\nis performed by a quali\ufb01ed actuary using the projected unit credit method. Any actuarial gain or loss in the period is
\nrecognised in full in the Group statement of comprehensive income.
\nBusiness combinations
\nBusiness combinations are accounted for under the acquisition method. Any excess of the purchase price of business
\ncombinations over the fair value of the assets, liabilities and contingent liabilities acquired and resulting deferred tax
\nthereon is recognised as goodwill. Any discount is credited to the Group income statement in the period of acquisition.
\nGoodwill is recognised as an asset and reviewed for impairment. Any impairment is recognised immediately in the Group
\nincome statement and is not subsequently reversed. Any residual goodwill is reviewed annually for impairment.
\nInvestment property
\n(i)
Valuation
\u2013 Investment properties are those that are held either to earn rental income or for capital appreciation
\nor both, including those that are undergoing redevelopment. Investment properties are measured initially at cost,
\nincluding related transaction costs. After initial recognition, they are carried in the Group balance sheet at fair value
\nadjusted for the carrying value of leasehold interests and lease incentive and letting cost receivables. Fair value is
\nthe price that would be received to sell an investment property in an orderly transaction between market participants
\nat the measurement date. The valuation is undertaken by independent valuers who hold recognised and relevant
\nprofessional quali\ufb01cations and have recent experience in the locations and categories of properties being valued.
\nSurpluses or de\ufb01cits resulting from changes in the fair value of investment property are reported in the Group income
\nstatement in the year in which they arise.
\nThe Group leases out investment properties under operating leases with rents generally payable monthly or quarterly.
\nThe Group is exposed to changes in the residual value of properties at the end of current lease agreements, and
\nmitigates this risk by actively managing its tenant mix in order to maximise the weighted average lease term, minimise
\nvacancies across the portfolio and maximise exposure to tenants with strong \ufb01nancial characteristics. The Group also
\ngrants lease incentives to encourage high quality tenants to remain in properties for longer lease terms.
\n(ii)
Capital expenditure
\u2013 Capital expenditure, being costs directly attributable to the redevelopment or refurbishment of
\nan investment property, up to the point of it being completed for its intended use, are capitalised in the carrying value
\nof that property. In addition, in accordance with IAS 23 Borrowing Costs, \ufb01nance costs that are directly attributable to
\nsuch expenditure are capitalised using the Group\u2019s average cost of borrowings during each quarter.
302
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n43 SIGNIFICANT ACCOUNTING POLICIES
continued
\nInvestment property
continued
\n(iii)
Disposal
\u2013 Properties are treated as disposed when the Group transfers the signi\ufb01cant risks and rewards of ownership
\nto the buyer. Generally this would occur on completion of contract. On disposal, any gain or loss is calculated as the
\ndi\ufb00erence between the net disposal proceeds and the carrying value at the last year end plus subsequent capitalised
\nexpenditure during the year. Where the net disposal proceeds have yet to be \ufb01nalised at the balance sheet date, the
\nproceeds recognised re\ufb02ect the Directors\u2019 best estimate of the amounts expected to be received. Any contingent
\nconsideration is recognised at fair value at the balance sheet date. The fair value is calculated using future discounted
\ncash \ufb02ows based on expected outcomes with estimated probabilities taking account of the risk and uncertainty of
\neach input.
\n(iv)
Development
\u2013 When the Group begins to redevelop an existing investment property for continued use as an investment
\nproperty or acquires a property with the subsequent intention of developing as an investment property, the property
\nis classi\ufb01ed as an investment property and is accounted for as such. When the Group begins to redevelop an existing
\ninvestment property with a view to sale, the property is transferred to trading properties and held as a current asset. The
\nproperty is remeasured to fair value as at the date of transfer with any gain or loss being taken to the income statement.
\nThe remeasured amount becomes the deemed cost at which the property is then carried in trading properties.
\nTrading property and trading stock
\nTrading property relates to property being developed for sale. Trading stock relates to development expenditure which
\nis due to be disposed of to third parties under development agreements. In accordance with IAS 2 Inventories, trading
\nproperty and trading stock are held at the lower of cost and net realisable value. Proceeds from sale are recognised in the
\nGroup\u2019s income statement when title has been transferred to the purchaser as required by IFRS 15 Revenue from Contracts
\nwith Customers.
\nProperty, plant and equipment
\n(i)
Owner-occupied property
\u2013 Owner-occupied property is stated at its revalued amount, which is determined in the
\nsame manner as investment property. It is depreciated over its remaining useful life (40 years) with the depreciation
\nincluded in administrative expenses. On revaluation, any accumulated depreciation is eliminated against the gross
\ncarrying amount of the property concerned, and the net amount restated to the revalued amount. Subsequent
\ndepreciation charges are adjusted based on the revalued amount for each property. Any di\ufb00erence between the
\ndepreciation charge on the revalued amount and that which would have been charged under historic cost is
\ntransferred, net of any related deferred tax, between the revaluation reserve and retained earnings as the property
\nis utilised. Surpluses or de\ufb01cits resulting from changes in the fair value are reported in the Group statement of
\ncomprehensive income. The land element of the property is not depreciated.
\n(ii)
Artwork
\u2013 Artwork is stated at revalued amounts on the basis of open market value.
\n(iii)
Other
\u2013 Plant and equipment is depreciated at a rate of between 10% and 25% per annum which is calculated to write
\no\ufb00 the cost, less estimated residual value of the individual assets, over their expected useful lives.
\nInvestments
\nInvestments in joint ventures, being those entities over whose activities the Group has joint control, as established by
\ncontractual agreement, are included in the Group\u2019s balance sheet at cost together with the Group\u2019s share of post-acquisition
\nreserves, on a net equity basis. Investments in subsidiaries and joint ventures are included in the Company\u2019s balance sheet at
\nthe lower of cost and recoverable amount. Any impairment is recognised immediately in the income statement.
\nNon-current assets held for sale
\nNon-current assets are classi\ufb01ed as held for sale if their carrying value will be recovered through a sale transaction rather
\nthan through continuing use. This condition is regarded as met if the sale is highly probable, the asset is available for
\nimmediate sale in its present condition, being actively marketed and management is committed to the sale which should
\nbe expected to qualify for recognition as a completed sale within one year from the date of classi\ufb01cation.
\nNon-current assets, including related liabilities, classi\ufb01ed as held for sale are measured at the lower of carrying value and
\nfair value less costs of disposal.
Financial statements
303
\nFinancial assets
\n(i)
Cash and cash equivalents
\u2013 Cash at bank comprises cash in hand and on-demand deposits. Cash at bank comprises
\nshort-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an
\ninsigni\ufb01cant risk of changes in value.
\nTenant rent deposits are subject to contractual restrictions and meet the de\ufb01nition of \u2018cash and cash equivalents\u2019
\nunder IAS 7 and are recognised as restricted cash.
\nCash collected on behalf of tenants to fund service charges of properties in the portfolio meet the de\ufb01nition of \u2018cash
\nand cash equivalents\u2019 under IAS 7 and are recognised as restricted cash.
\n(ii)
Trade receivables
\u2013 Trade receivables are recognised and carried at the original transaction value. This balance is subject
\nto impairment testing under IFRS 9 using the forward-looking, simpli\ufb01ed approach to the expected credit loss model.
\n(iii)
Lease incentive receivables
\u2013 In accordance with IFRS 16, rental income is recognised in the Group income statement
\non a straight-line basis over the term of the lease. This includes the e\ufb00ect of lease incentives given to tenants (in the
\nform of rent-free periods, half rent periods or capital contributions in lieu of rent-free periods) and any contracted rental
\nuplifts granted at lease inception. The result is a receivable balance included within accrued income in the balance
\nsheet. This balance is subject to impairment testing under IFRS 9 using the forward-looking, simpli\ufb01ed approach to the
\nexpected credit loss model.
\nFinancial liabilities
\n(i)
Bank loans and \ufb01xed rate loans
\u2013 Bank loans and \ufb01xed rate loans are included as \ufb01nancial liabilities on the balance
\nsheets at amortised cost. Interest payable is expensed as a \ufb01nance cost in the year to which it relates.
\nWhere there has been a change to the terms of a debt agreement, such as the applicable interest rate or benchmark
\nrate, this is assessed under IFRS 9 using quantitative and qualitative assessments to determine if the debt modi\ufb01cation
\nis considered substantial enough to be deemed an extinguishment. It is common for loan facilities agreements to
\ninclude extension options which extend the loan maturity out by one year. When these options are exercised as per the
\nagreement, with no changes to other terms, this is deemed to be a modi\ufb01cation of the loan and not an extinguishment.
\n(ii)
Non-convertible bonds
\u2013 These are included as a \ufb01nancial liability on the balance sheet net of the unamortised
\ndiscount and costs on issue. The di\ufb00erence between this carrying value and the redemption value is recognised in the
\nGroup income statement over the life of the bond on an e\ufb00ective interest basis. Interest payable to bond holders is
\nexpensed in the year to which it relates.
\n(iii)
Convertible bonds
\u2013 The fair value of the liability component of a convertible bond is determined using the market
\ninterest rate for an equivalent non-convertible bond. This amount is recorded as a liability on an amortised cost basis
\nuntil extinguished on conversion or maturity of the bonds. The remainder of the proceeds is allocated to the conversion
\noption. This is recognised and included in shareholders\u2019 equity, net of income tax e\ufb00ects and is not subsequently
\nre-measured. Issue costs are apportioned between the liability and the equity components of the convertible bonds
\nbased on their carrying amounts at the date of issue. The portion relating to the equity component is charged directly
\nagainst equity. The issue costs apportioned to the liability are amortised over the life of the bond. The issue costs
\napportioned to equity are not amortised.
\n(iv)
Finance lease liabilities
\u2013 Finance lease liabilities arise for those investment properties held under a leasehold interest
\nand accounted for as investment property. The liability is initially calculated as the present value of the minimum lease
\npayments, reducing in subsequent years by the apportionment of payments to the lessor, as described above under the
\nheading for lease payments.
\n(v)
Interest rate derivatives
\u2013 The Group uses derivative \ufb01nancial instruments to manage the interest rate risk associated
\nwith the \ufb01nancing of the Group\u2019s business. No trading in \ufb01nancial instruments is undertaken.
\nAt each reporting date, these interest rate derivatives are measured at fair value, being the estimated amount that
\nthe Group would receive or pay to terminate the agreement at the balance sheet date, taking into account current
\ninterest rates and the current credit rating of the counterparties. The gain or loss at each fair value remeasurement
\nis recognised in the Group income statement because the Group does not apply hedge accounting.
\n(vi)
Trade payables
\u2013 Trade payables are recognised and carried at the original transaction value.
304
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n43 SIGNIFICANT ACCOUNTING POLICIES
continued
\nDeferred tax
\nDeferred tax is the tax expected to be payable or recoverable on di\ufb00erences between the carrying amounts of assets and
\nliabilities in the \ufb01nancial statements and the corresponding tax bases used in the tax computations, and is accounted
\nfor using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary
\ndi\ufb00erences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available
\nagainst which deductible temporary di\ufb00erences can be utilised. In respect of the deferred tax on the revaluation surplus,
\nthis is calculated on the basis of the chargeable gains that would crystallise on the sale of the investment portfolio as at
\nthe reporting date. The calculation takes account of available indexation on the historical cost of the properties.
\nDeferred tax is calculated at the tax rates that are expected to apply in the period, based on Acts substantially enacted at
\nthe year end, when the liability is settled or the asset is realised. Deferred tax is included in pro\ufb01t or loss for the period,
\nexcept when it relates to items recognised in other comprehensive income or directly in equity.
\nCash \ufb02ow
\nTransactions in the cash \ufb02ow statement under operating, investing and \ufb01nancing activities have been prepared net of
\nvalue added tax in order to re\ufb02ect the true cash in\ufb02ows and out\ufb02ows of the Group.
\nDividends
\nDividends payable on the ordinary share capital are recognised in the year in which they are declared.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37072": {
"value": "Basis of consolidation The Group \ufb01nancial statements incorporate the \ufb01nancial statements of Derwent London plc and all of its subsidiaries,
\ntogether with the Group\u2019s share of the results of its joint ventures.
\nSubsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity
\nwhen the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability
\nto a\ufb00ect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is
\ntransferred to the Group. They are no longer consolidated from the date that control ceases.
\nJoint ventures are those entities over whose activities the Group has joint control, established by contractual agreement.
\nInterests in joint ventures are accounted for using the equity method of accounting as permitted by IFRS 11 Joint
\nArrangements, and following the procedures for this method set out in IAS 28 Investments in Associates and Joint
\nVentures. The equity method requires the Group\u2019s share of the joint venture\u2019s post-tax pro\ufb01t or loss for the year to be
\npresented separately in the income statement and the Group\u2019s share of the joint venture\u2019s net assets to be presented
\nseparately in the balance sheet.
\nIntra-group balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing
\nthe consolidated \ufb01nancial statements. Unrealised gains arising from transactions with joint ventures are eliminated to the
\nextent of the Group\u2019s interest in the joint venture concerned. Unrealised losses are eliminated in the same way, but only to
\nthe extent that there is no evidence of impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37136": {
"value": "Other income Other income consists of commissions, fees charged to tenants for the management of certain Group properties and
\nadministration services provided to joint ventures. Other income is recognised in the Group income statement in
\naccordance with the delivery of services as required by IFRS 15 Revenue from Contracts with Customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37143": {
"value": "Service charges Service charge income relates to expenditure that is directly recoverable from tenants, excluding management fees which
\nare included in \u2018other income\u2019. Service charge income is recognised as revenue in the period to which it relates as required
\nby IFRS 15 Revenue from Contracts with Customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37150": {
"value": "Expenses (i)
Lease payments
\u2013 Where investment properties are held under operating leases, the leasehold interest is classi\ufb01ed as
\nif it were held under a \ufb01nance lease, which is recognised at its fair value on the balance sheet, within the investment
\nproperty carrying value. Upon initial recognition, a corresponding liability is included as a \ufb01nance lease liability.
\nMinimum lease payments are apportioned between the \ufb01nance charge and the reduction of the outstanding liability
\nso as to produce a constant periodic rate of interest on the remaining \ufb01nance lease liability. Contingent rents payable,
\nbeing the di\ufb00erence between the rent currently payable and the minimum lease payments when the lease liability was
\noriginally calculated, are charged as expenses within property expenditure in the years in which they are payable.
\n(ii)
Dilapidations
\u2013 Dilapidations monies received from tenants in respect of their lease obligations are recognised
\nimmediately in the Group income statement, unless they relate to future capital expenditure. In the latter case, where
\nthe costs are considered to be recoverable they are capitalised as part of the carrying value of the property.
\n(iii)
Reverse surrender premiums
\u2013 Payments made to tenants to surrender their lease obligations are charged directly to the
\nGroup income statement unless the payment is to enable the probable redevelopment of a property. In the latter case,
\nwhere the costs are considered to be recoverable, they are capitalised as part of the carrying value of the property.
\n(iv)
Other property expenditure
\u2013 Vacant property costs and other property costs are expensed in the year to which
\nthey relate, with the exception of the initial direct costs incurred in negotiating and arranging leases which are, in
\naccordance with IFRS 16 Leases, added to the carrying value of the relevant property and recognised as an expense
\nover the lease term on the same basis as the lease income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37152": {
"value": "(i)
Lease payments
\u2013 Where investment properties are held under operating leases, the leasehold interest is classi\ufb01ed as
\nif it were held under a \ufb01nance lease, which is recognised at its fair value on the balance sheet, within the investment
\nproperty carrying value. Upon initial recognition, a corresponding liability is included as a \ufb01nance lease liability.
\nMinimum lease payments are apportioned between the \ufb01nance charge and the reduction of the outstanding liability
\nso as to produce a constant periodic rate of interest on the remaining \ufb01nance lease liability. Contingent rents payable,
\nbeing the di\ufb00erence between the rent currently payable and the minimum lease payments when the lease liability was
\noriginally calculated, are charged as expenses within property expenditure in the years in which they are payable.
(iv)
Finance lease liabilities
\u2013 Finance lease liabilities arise for those investment properties held under a leasehold interest
\nand accounted for as investment property. The liability is initially calculated as the present value of the minimum lease
\npayments, reducing in subsequent years by the apportionment of payments to the lessor, as described above under the
\nheading for lease payments.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37193": {
"value": "Employee bene\ufb01ts (i) Share-based remuneration
\nEquity-settled
\u2013 The Company operates a long-term incentive plan and share option scheme. The fair value of the
\nconditional awards of shares granted under the long-term incentive plan and the options granted under the share
\noption scheme are determined at the date of grant. This fair value is then expensed on a straight-line basis over the
\nvesting period, based on an estimate of the number of shares that will eventually vest. At each reporting date, the
\nnon-market based performance criteria of the long-term incentive plan are reconsidered and the expense is revised as
\nnecessary. In respect of the share option scheme, the fair value of the options granted is calculated using a binomial
\nlattice pricing model.
\nUnder the transitional provisions of IFRS 1, no expense is recognised for options or conditional shares granted on or
\nbefore 7 November 2002.
\n(ii) Pensions
\nDe\ufb01ned contribution plans
\u2013 Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an
\nexpense in the Group income statement in the period to which they relate.
\nDe\ufb01ned bene\ufb01t plans
\u2013 The Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t post-employment plans, including
\npension plans, is calculated separately for each plan by estimating the amount of future bene\ufb01t that employees have
\nearned in return for their service in the current and prior periods. That bene\ufb01t is discounted to determine its present
\nvalue, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on
\nAA credit rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation
\nis performed by a quali\ufb01ed actuary using the projected unit credit method. Any actuarial gain or loss in the period is
\nrecognised in full in the Group statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37196": {
"value": "(i) Share-based remuneration Equity-settled
\u2013 The Company operates a long-term incentive plan and share option scheme. The fair value of the
\nconditional awards of shares granted under the long-term incentive plan and the options granted under the share
\noption scheme are determined at the date of grant. This fair value is then expensed on a straight-line basis over the
\nvesting period, based on an estimate of the number of shares that will eventually vest. At each reporting date, the
\nnon-market based performance criteria of the long-term incentive plan are reconsidered and the expense is revised as
\nnecessary. In respect of the share option scheme, the fair value of the options granted is calculated using a binomial
\nlattice pricing model.
\nUnder the transitional provisions of IFRS 1, no expense is recognised for options or conditional shares granted on or
\nbefore 7 November 2002.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37223": {
"value": "Business combinations Business combinations are accounted for under the acquisition method. Any excess of the purchase price of business
\ncombinations over the fair value of the assets, liabilities and contingent liabilities acquired and resulting deferred tax
\nthereon is recognised as goodwill. Any discount is credited to the Group income statement in the period of acquisition.
\nGoodwill is recognised as an asset and reviewed for impairment. Any impairment is recognised immediately in the Group
\nincome statement and is not subsequently reversed. Any residual goodwill is reviewed annually for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37224": {
"value": "Business combinations Business combinations are accounted for under the acquisition method. Any excess of the purchase price of business
\ncombinations over the fair value of the assets, liabilities and contingent liabilities acquired and resulting deferred tax
\nthereon is recognised as goodwill. Any discount is credited to the Group income statement in the period of acquisition.
\nGoodwill is recognised as an asset and reviewed for impairment. Any impairment is recognised immediately in the Group
\nincome statement and is not subsequently reversed. Any residual goodwill is reviewed annually for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37225": {
"value": "Business combinations Business combinations are accounted for under the acquisition method. Any excess of the purchase price of business
\ncombinations over the fair value of the assets, liabilities and contingent liabilities acquired and resulting deferred tax
\nthereon is recognised as goodwill. Any discount is credited to the Group income statement in the period of acquisition.
\nGoodwill is recognised as an asset and reviewed for impairment. Any impairment is recognised immediately in the Group
\nincome statement and is not subsequently reversed. Any residual goodwill is reviewed annually for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37238": {
"value": "Investment property (i)
Valuation
\u2013 Investment properties are those that are held either to earn rental income or for capital appreciation
\nor both, including those that are undergoing redevelopment. Investment properties are measured initially at cost,
\nincluding related transaction costs. After initial recognition, they are carried in the Group balance sheet at fair value
\nadjusted for the carrying value of leasehold interests and lease incentive and letting cost receivables. Fair value is
\nthe price that would be received to sell an investment property in an orderly transaction between market participants
\nat the measurement date. The valuation is undertaken by independent valuers who hold recognised and relevant
\nprofessional quali\ufb01cations and have recent experience in the locations and categories of properties being valued.
\nSurpluses or de\ufb01cits resulting from changes in the fair value of investment property are reported in the Group income
\nstatement in the year in which they arise.
\nThe Group leases out investment properties under operating leases with rents generally payable monthly or quarterly.
\nThe Group is exposed to changes in the residual value of properties at the end of current lease agreements, and
\nmitigates this risk by actively managing its tenant mix in order to maximise the weighted average lease term, minimise
\nvacancies across the portfolio and maximise exposure to tenants with strong \ufb01nancial characteristics. The Group also
\ngrants lease incentives to encourage high quality tenants to remain in properties for longer lease terms.
\n(ii)
Capital expenditure
\u2013 Capital expenditure, being costs directly attributable to the redevelopment or refurbishment of
\nan investment property, up to the point of it being completed for its intended use, are capitalised in the carrying value
\nof that property. In addition, in accordance with IAS 23 Borrowing Costs, \ufb01nance costs that are directly attributable to
\nsuch expenditure are capitalised using the Group\u2019s average cost of borrowings during each quarter.
302
Derwent London plc / Report and Accounts 2022
\nNOTES TO THE FINANCIAL STATEMENTS
continued
\nfor the year ended 31 December 2022
\n43 SIGNIFICANT ACCOUNTING POLICIES
continued
\nInvestment property
continued
\n(iii)
Disposal
\u2013 Properties are treated as disposed when the Group transfers the signi\ufb01cant risks and rewards of ownership
\nto the buyer. Generally this would occur on completion of contract. On disposal, any gain or loss is calculated as the
\ndi\ufb00erence between the net disposal proceeds and the carrying value at the last year end plus subsequent capitalised
\nexpenditure during the year. Where the net disposal proceeds have yet to be \ufb01nalised at the balance sheet date, the
\nproceeds recognised re\ufb02ect the Directors\u2019 best estimate of the amounts expected to be received. Any contingent
\nconsideration is recognised at fair value at the balance sheet date. The fair value is calculated using future discounted
\ncash \ufb02ows based on expected outcomes with estimated probabilities taking account of the risk and uncertainty of
\neach input.
\n(iv)
Development
\u2013 When the Group begins to redevelop an existing investment property for continued use as an investment
\nproperty or acquires a property with the subsequent intention of developing as an investment property, the property
\nis classi\ufb01ed as an investment property and is accounted for as such. When the Group begins to redevelop an existing
\ninvestment property with a view to sale, the property is transferred to trading properties and held as a current asset. The
\nproperty is remeasured to fair value as at the date of transfer with any gain or loss being taken to the income statement.
\nThe remeasured amount becomes the deemed cost at which the property is then carried in trading properties.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37304": {
"value": "Trading property and trading stock Trading property relates to property being developed for sale. Trading stock relates to development expenditure which
\nis due to be disposed of to third parties under development agreements. In accordance with IAS 2 Inventories, trading
\nproperty and trading stock are held at the lower of cost and net realisable value. Proceeds from sale are recognised in the
\nGroup\u2019s income statement when title has been transferred to the purchaser as required by IFRS 15 Revenue from Contracts
\nwith Customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37313": {
"value": "Property, plant and equipment (i)
Owner-occupied property
\u2013 Owner-occupied property is stated at its revalued amount, which is determined in the
\nsame manner as investment property. It is depreciated over its remaining useful life (40 years) with the depreciation
\nincluded in administrative expenses. On revaluation, any accumulated depreciation is eliminated against the gross
\ncarrying amount of the property concerned, and the net amount restated to the revalued amount. Subsequent
\ndepreciation charges are adjusted based on the revalued amount for each property. Any di\ufb00erence between the
\ndepreciation charge on the revalued amount and that which would have been charged under historic cost is
\ntransferred, net of any related deferred tax, between the revaluation reserve and retained earnings as the property
\nis utilised. Surpluses or de\ufb01cits resulting from changes in the fair value are reported in the Group statement of
\ncomprehensive income. The land element of the property is not depreciated.
\n(ii)
Artwork
\u2013 Artwork is stated at revalued amounts on the basis of open market value.
\n(iii)
Other
\u2013 Plant and equipment is depreciated at a rate of between 10% and 25% per annum which is calculated to write
\no\ufb00 the cost, less estimated residual value of the individual assets, over their expected useful lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37314": {
"value": "Property, plant and equipment (i)
Owner-occupied property
\u2013 Owner-occupied property is stated at its revalued amount, which is determined in the
\nsame manner as investment property. It is depreciated over its remaining useful life (40 years) with the depreciation
\nincluded in administrative expenses. On revaluation, any accumulated depreciation is eliminated against the gross
\ncarrying amount of the property concerned, and the net amount restated to the revalued amount. Subsequent
\ndepreciation charges are adjusted based on the revalued amount for each property. Any di\ufb00erence between the
\ndepreciation charge on the revalued amount and that which would have been charged under historic cost is
\ntransferred, net of any related deferred tax, between the revaluation reserve and retained earnings as the property
\nis utilised. Surpluses or de\ufb01cits resulting from changes in the fair value are reported in the Group statement of
\ncomprehensive income. The land element of the property is not depreciated.
\n(ii)
Artwork
\u2013 Artwork is stated at revalued amounts on the basis of open market value.
\n(iii)
Other
\u2013 Plant and equipment is depreciated at a rate of between 10% and 25% per annum which is calculated to write
\no\ufb00 the cost, less estimated residual value of the individual assets, over their expected useful lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37338": {
"value": "Investments Investments in joint ventures, being those entities over whose activities the Group has joint control, as established by
\ncontractual agreement, are included in the Group\u2019s balance sheet at cost together with the Group\u2019s share of post-acquisition
\nreserves, on a net equity basis. Investments in subsidiaries and joint ventures are included in the Company\u2019s balance sheet at
\nthe lower of cost and recoverable amount. Any impairment is recognised immediately in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37339": {
"value": "Investments Investments in joint ventures, being those entities over whose activities the Group has joint control, as established by
\ncontractual agreement, are included in the Group\u2019s balance sheet at cost together with the Group\u2019s share of post-acquisition
\nreserves, on a net equity basis. Investments in subsidiaries and joint ventures are included in the Company\u2019s balance sheet at
\nthe lower of cost and recoverable amount. Any impairment is recognised immediately in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37349": {
"value": "Non-current assets held for sale Non-current assets are classi\ufb01ed as held for sale if their carrying value will be recovered through a sale transaction rather
\nthan through continuing use. This condition is regarded as met if the sale is highly probable, the asset is available for
\nimmediate sale in its present condition, being actively marketed and management is committed to the sale which should
\nbe expected to qualify for recognition as a completed sale within one year from the date of classi\ufb01cation.
\nNon-current assets, including related liabilities, classi\ufb01ed as held for sale are measured at the lower of carrying value and
\nfair value less costs of disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37372": {
"value": "Financial assets (i)
Cash and cash equivalents
\u2013 Cash at bank comprises cash in hand and on-demand deposits. Cash at bank comprises
\nshort-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an
\ninsigni\ufb01cant risk of changes in value.
\nTenant rent deposits are subject to contractual restrictions and meet the de\ufb01nition of \u2018cash and cash equivalents\u2019
\nunder IAS 7 and are recognised as restricted cash.
\nCash collected on behalf of tenants to fund service charges of properties in the portfolio meet the de\ufb01nition of \u2018cash
\nand cash equivalents\u2019 under IAS 7 and are recognised as restricted cash.
\n(ii)
Trade receivables
\u2013 Trade receivables are recognised and carried at the original transaction value. This balance is subject
\nto impairment testing under IFRS 9 using the forward-looking, simpli\ufb01ed approach to the expected credit loss model.
\n(iii)
Lease incentive receivables
\u2013 In accordance with IFRS 16, rental income is recognised in the Group income statement
\non a straight-line basis over the term of the lease. This includes the e\ufb00ect of lease incentives given to tenants (in the
\nform of rent-free periods, half rent periods or capital contributions in lieu of rent-free periods) and any contracted rental
\nuplifts granted at lease inception. The result is a receivable balance included within accrued income in the balance
\nsheet. This balance is subject to impairment testing under IFRS 9 using the forward-looking, simpli\ufb01ed approach to the
\nexpected credit loss model.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37375": {
"value": "(i) Cash and cash equivalents
\u2013 Cash at bank comprises cash in hand and on-demand deposits. Cash at bank comprises
\nshort-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an
\ninsigni\ufb01cant risk of changes in value.
\nTenant rent deposits are subject to contractual restrictions and meet the de\ufb01nition of \u2018cash and cash equivalents\u2019
\nunder IAS 7 and are recognised as restricted cash.
\nCash collected on behalf of tenants to fund service charges of properties in the portfolio meet the de\ufb01nition of \u2018cash
\nand cash equivalents\u2019 under IAS 7 and are recognised as restricted cash.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37387": {
"value": "(ii) Trade receivables
\u2013 Trade receivables are recognised and carried at the original transaction value. This balance is subject
\nto impairment testing under IFRS 9 using the forward-looking, simpli\ufb01ed approach to the expected credit loss model.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37403": {
"value": "Financial liabilities (i)
Bank loans and \ufb01xed rate loans
\u2013 Bank loans and \ufb01xed rate loans are included as \ufb01nancial liabilities on the balance
\nsheets at amortised cost. Interest payable is expensed as a \ufb01nance cost in the year to which it relates.
\nWhere there has been a change to the terms of a debt agreement, such as the applicable interest rate or benchmark
\nrate, this is assessed under IFRS 9 using quantitative and qualitative assessments to determine if the debt modi\ufb01cation
\nis considered substantial enough to be deemed an extinguishment. It is common for loan facilities agreements to
\ninclude extension options which extend the loan maturity out by one year. When these options are exercised as per the
\nagreement, with no changes to other terms, this is deemed to be a modi\ufb01cation of the loan and not an extinguishment.
\n(ii)
Non-convertible bonds
\u2013 These are included as a \ufb01nancial liability on the balance sheet net of the unamortised
\ndiscount and costs on issue. The di\ufb00erence between this carrying value and the redemption value is recognised in the
\nGroup income statement over the life of the bond on an e\ufb00ective interest basis. Interest payable to bond holders is
\nexpensed in the year to which it relates.
\n(iii)
Convertible bonds
\u2013 The fair value of the liability component of a convertible bond is determined using the market
\ninterest rate for an equivalent non-convertible bond. This amount is recorded as a liability on an amortised cost basis
\nuntil extinguished on conversion or maturity of the bonds. The remainder of the proceeds is allocated to the conversion
\noption. This is recognised and included in shareholders\u2019 equity, net of income tax e\ufb00ects and is not subsequently
\nre-measured. Issue costs are apportioned between the liability and the equity components of the convertible bonds
\nbased on their carrying amounts at the date of issue. The portion relating to the equity component is charged directly
\nagainst equity. The issue costs apportioned to the liability are amortised over the life of the bond. The issue costs
\napportioned to equity are not amortised.
\n(iv)
Finance lease liabilities
\u2013 Finance lease liabilities arise for those investment properties held under a leasehold interest
\nand accounted for as investment property. The liability is initially calculated as the present value of the minimum lease
\npayments, reducing in subsequent years by the apportionment of payments to the lessor, as described above under the
\nheading for lease payments.
\n(v)
Interest rate derivatives
\u2013 The Group uses derivative \ufb01nancial instruments to manage the interest rate risk associated
\nwith the \ufb01nancing of the Group\u2019s business. No trading in \ufb01nancial instruments is undertaken.
\nAt each reporting date, these interest rate derivatives are measured at fair value, being the estimated amount that
\nthe Group would receive or pay to terminate the agreement at the balance sheet date, taking into account current
\ninterest rates and the current credit rating of the counterparties. The gain or loss at each fair value remeasurement
\nis recognised in the Group income statement because the Group does not apply hedge accounting.
\n(vi)
Trade payables
\u2013 Trade payables are recognised and carried at the original transaction value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37406": {
"value": "(i) Bank loans and \ufb01xed rate loans
\u2013 Bank loans and \ufb01xed rate loans are included as \ufb01nancial liabilities on the balance
\nsheets at amortised cost. Interest payable is expensed as a \ufb01nance cost in the year to which it relates.
\nWhere there has been a change to the terms of a debt agreement, such as the applicable interest rate or benchmark
\nrate, this is assessed under IFRS 9 using quantitative and qualitative assessments to determine if the debt modi\ufb01cation
\nis considered substantial enough to be deemed an extinguishment. It is common for loan facilities agreements to
\ninclude extension options which extend the loan maturity out by one year. When these options are exercised as per the
\nagreement, with no changes to other terms, this is deemed to be a modi\ufb01cation of the loan and not an extinguishment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37449": {
"value": "(vi) Trade payables
\u2013 Trade payables are recognised and carried at the original transaction value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37474": {
"value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on di\ufb00erences between the carrying amounts of assets and
\nliabilities in the \ufb01nancial statements and the corresponding tax bases used in the tax computations, and is accounted
\nfor using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary
\ndi\ufb00erences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available
\nagainst which deductible temporary di\ufb00erences can be utilised. In respect of the deferred tax on the revaluation surplus,
\nthis is calculated on the basis of the chargeable gains that would crystallise on the sale of the investment portfolio as at
\nthe reporting date. The calculation takes account of available indexation on the historical cost of the properties.
\nDeferred tax is calculated at the tax rates that are expected to apply in the period, based on Acts substantially enacted at
\nthe year end, when the liability is settled or the asset is realised. Deferred tax is included in pro\ufb01t or loss for the period,
\nexcept when it relates to items recognised in other comprehensive income or directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37488": {
"value": "Cash \ufb02ow Transactions in the cash \ufb02ow statement under operating, investing and \ufb01nancing activities have been prepared net of
\nvalue added tax in order to re\ufb02ect the true cash in\ufb02ows and out\ufb02ows of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f37494": {
"value": "Dividends Dividends payable on the ordinary share capital are recognised in the year in which they are declared.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f39112": {
"value": "25 Savile Row, London W1S 2ER",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800BXKQ9KZNUR1M61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}