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The financial statements were approved and authorised for issue by the Board of Directors on 21 January 2025 and signed
on its behalf by:
Rob Whiteman
Chairman
21 January 2025
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General information Residential Secure Income plc (the Company) was incorporated in England and Wales under the Companies Act 2006 as a public company limited by shares on 21 March 2017. The Company\u2019s registration number is 10683026. The registered office of the Company is located at The Pavilions, Bridgwater Road, Bristol, BS13 8FD. The Company achieved admission to the premium listing segment of the main market of the London Stock Exchange on 12 July 2017. The Company and its subsidiaries (the Group) invests in residential asset classes that comprise the stock of registered UK social housing providers, Housing Associations and Local Authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-268": { "value": "Residential Secure Income plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-269": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-270": { "value": "a public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-271": { "value": "The Pavilions, Bridgwater Road, Bristol, BS13 8FD", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-272": { "value": "The Company and its subsidiaries (the Group) invests in residential asset classes that comprise the stock of registered UK social housing providers, Housing Associations and Local Authorities.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-3": { "value": "2. Basis of preparation a) Basis of preparation These consolidated financial statements cover the year to 30 September 2024, including comparative figures for the year to 30 September 2023, and include the results and net assets of the Group. The consolidated financial statements have been prepared in accordance with: UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards The Disclosure and Transparency Rules of the Financial Conduct Authority b) Basis of preparation other than going concern At the General Meeting on 6 December 2024, the Directors proposed an orderly wind-down of the Company as the best course of action and shareholders voted in favour of this proposal. Therefore, the Directors do not consider it appropriate to adopt the going concern basis of accounting. Accordingly, the financial statements have been prepared on a basis other than going concern. No adjustments are required to the financial statements as a result of them being prepared on a basis other than going concern. Additionally, the Fund Management Agreement was restated following shareholder approval at the General Meeting, with amendments summarised on Part 1 of the circular published on 20 November 2024 (see note 31). The Company aims to achieve its Investment Objective by conducting an orderly realisation of the Group\u2019s assets, seeking to balance prompt cash returns to shareholders with value maximisation, while maintaining an income return as long as the Group owns assets generating sufficient income. Following the implementation of the managed-wind down and the new investment policy, the Company will cease to make any new real estate acquisitions, except in limited circumstances where it is considered ancillary to an existing portfolio investment, where such acquisition is considered to protect or enhance an existing asset\u2019s realisable value, where such acquisition is required by the terms of any existing contractual obligations or funding arrangement, or where it is considered to facilitate orderly disposals of a larger portfolio. The Company is in the process of appointing third party advisors and agents to ensure these transactions are executed proficiently and yield the best possible outcomes for shareholders. Financial models have been prepared for the going concern and viability period which consider liquidity at the start of the period and key financial assumptions at the Company level as well as at the level of the subsidiaries of ReSI plc. These financial assumptions include expected cash generated and distributed by the portfolio companies available to be distributed to the Company. They also include inflows and outflows in relation to the external debt and interest payments expected within the subsidiaries, disposal of assets. The Directors are satisfied that the Group and the Company have sufficient resources to meet all their financial and operating obligations for the foreseeable future, and for at least 12 months from the date of signing these financial statements. They are also able to meet their liabilities as they fall due in the event that the Group enters into a managed wind-down process. While the timing of the wind down is uncertain, it is anticipated it will conclude prior to the contractual maturity of the USS facility, which is secured via a first charge over the shared ownership portfolio, and the Scottish Widows facility, which is secured via a first charge over the retirement portfolio. Both debt facilities may therefore be prepaid earlier with accompanying prepayment costs (or gains), which might render the prepayment amount different to the value of the debt instruments on the consolidated balance sheet. Optional prepayment of the USS facility is contractually due at the higher of the discounted cash flow of the remaining interest and principal repayments due and the indexed value of the debt at the date of prepayment. Optional prepayment of the Scottish Widows facility comprises an amount calculated in reference to the net present value of the remaining principal and interest payments based on prevailing swap market rates (with the possibility of a break cost or break gain) and an amount in respect of lost margin. As a result of uncertainty over the timing of realisation of asset, the Directors\u2019 expectation for an orderly winddown of the Company\u2019s operations, and shareholders\u2019 approval of the new investment objective, the Directors consider it appropriate to adopt a basis of accounting other than as a going concern in preparing the financial statements. No material adjustments to accounting policies or the valuation basis have arisen as a result of ceasing to apply the going concern basis. c) Changes to accounting standards and interpretations Amendments to standards adopted during the year The IASB and IFRIC have issued or revised a number of standards. None of these amendments have led to any material changes in the Group\u2019s accounting policies or disclosures during the year. Standards and interpretations in issue not yet adopted Amendments to IAS 1 on Classification of liabilities as Current or Non-Current are effective for the financial years commencing on or after 1 January 2024 and are to be applied retrospectively. It is not expected that the amendments will have an impact on the presentation and classification of liabilities in the Group Statement of Financial Position based on rights that are in existence at the end of the reporting period. Certain amendments and interpretations to existing standards have been published that are mandatory for the Group\u2019s accounting periods beginning on or after 1 October 2024 and whilst the Directors are considering these, initial indications are that these changes will have no material impact on the Group\u2019s financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-273": { "value": "
The consolidated financial statements have been prepared in accordance with:
UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to
companies reporting under th
ose standards
The Disclosure and Transparency Rules of the Financial Conduct Authority
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-274": { "value": "b) Basis of preparation other than going concern At the General Meeting on 6 December 2024, the Directors proposed an orderly wind-down of the Company as the best course of action and shareholders voted in favour of this proposal. Therefore, the Directors do not consider it appropriate to adopt the going concern basis of accounting. Accordingly, the financial statements have been prepared on a basis other than going concern. No adjustments are required to the financial statements as a result of them being prepared on a basis other than going concern. Additionally, the Fund Management Agreement was restated following shareholder approval at the General Meeting, with amendments summarised on Part 1 of the circular published on 20 November 2024 (see note 31). The Company aims to achieve its Investment Objective by conducting an orderly realisation of the Group\u2019s assets, seeking to balance prompt cash returns to shareholders with value maximisation, while maintaining an income return as long as the Group owns assets generating sufficient income. Following the implementation of the managed-wind down and the new investment policy, the Company will cease to make any new real estate acquisitions, except in limited circumstances where it is considered ancillary to an existing portfolio investment, where such acquisition is considered to protect or enhance an existing asset\u2019s realisable value, where such acquisition is required by the terms of any existing contractual obligations or funding arrangement, or where it is considered to facilitate orderly disposals of a larger portfolio. The Company is in the process of appointing third party advisors and agents to ensure these transactions are executed proficiently and yield the best possible outcomes for shareholders. Financial models have been prepared for the going concern and viability period which consider liquidity at the start of the period and key financial assumptions at the Company level as well as at the level of the subsidiaries of ReSI plc. These financial assumptions include expected cash generated and distributed by the portfolio companies available to be distributed to the Company. They also include inflows and outflows in relation to the external debt and interest payments expected within the subsidiaries, disposal of assets. The Directors are satisfied that the Group and the Company have sufficient resources to meet all their financial and operating obligations for the foreseeable future, and for at least 12 months from the date of signing these financial statements. They are also able to meet their liabilities as they fall due in the event that the Group enters into a managed wind-down process. While the timing of the wind down is uncertain, it is anticipated it will conclude prior to the contractual maturity of the USS facility, which is secured via a first charge over the shared ownership portfolio, and the Scottish Widows facility, which is secured via a first charge over the retirement portfolio. Both debt facilities may therefore be prepaid earlier with accompanying prepayment costs (or gains), which might render the prepayment amount different to the value of the debt instruments on the consolidated balance sheet. Optional prepayment of the USS facility is contractually due at the higher of the discounted cash flow of the remaining interest and principal repayments due and the indexed value of the debt at the date of prepayment. Optional prepayment of the Scottish Widows facility comprises an amount calculated in reference to the net present value of the remaining principal and interest payments based on prevailing swap market rates (with the possibility of a break cost or break gain) and an amount in respect of lost margin. As a result of uncertainty over the timing of realisation of asset, the Directors\u2019 expectation for an orderly winddown of the Company\u2019s operations, and shareholders\u2019 approval of the new investment objective, the Directors consider it appropriate to adopt a basis of accounting other than as a going concern in preparing the financial statements. No material adjustments to accounting policies or the valuation basis have arisen as a result of ceasing to apply the going concern basis. ", "dimensions": { "concept": "ifrs-full:ExplanationWhyFinancialStatementsNotPreparedOnGoingConcernBasis", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-326": { "value": "b) Basis of preparation other than going concern At the General Meeting on 6 December 2024, the Directors proposed an orderly wind-down of the Company as the best course of action and shareholders voted in favour of this proposal. Therefore, the Directors do not consider it appropriate to adopt the going concern basis of accounting. Accordingly, the financial statements have been prepared on a basis other than going concern. No adjustments are required to the financial statements as a result of them being prepared on a basis other than going concern. Additionally, the Fund Management Agreement was restated following shareholder approval at the General Meeting, with amendments summarised on Part 1 of the circular published on 20 November 2024 (see note 31). The Company aims to achieve its Investment Objective by conducting an orderly realisation of the Group\u2019s assets, seeking to balance prompt cash returns to shareholders with value maximisation, while maintaining an income return as long as the Group owns assets generating sufficient income. Following the implementation of the managed-wind down and the new investment policy, the Company will cease to make any new real estate acquisitions, except in limited circumstances where it is considered ancillary to an existing portfolio investment, where such acquisition is considered to protect or enhance an existing asset\u2019s realisable value, where such acquisition is required by the terms of any existing contractual obligations or funding arrangement, or where it is considered to facilitate orderly disposals of a larger portfolio. The Company is in the process of appointing third party advisors and agents to ensure these transactions are executed proficiently and yield the best possible outcomes for shareholders. Financial models have been prepared for the going concern and viability period which consider liquidity at the start of the period and key financial assumptions at the Company level as well as at the level of the subsidiaries of ReSI plc. These financial assumptions include expected cash generated and distributed by the portfolio companies available to be distributed to the Company. They also include inflows and outflows in relation to the external debt and interest payments expected within the subsidiaries, disposal of assets. The Directors are satisfied that the Group and the Company have sufficient resources to meet all their financial and operating obligations for the foreseeable future, and for at least 12 months from the date of signing these financial statements. They are also able to meet their liabilities as they fall due in the event that the Group enters into a managed wind-down process. While the timing of the wind down is uncertain, it is anticipated it will conclude prior to the contractual maturity of the USS facility, which is secured via a first charge over the shared ownership portfolio, and the Scottish Widows facility, which is secured via a first charge over the retirement portfolio. Both debt facilities may therefore be prepaid earlier with accompanying prepayment costs (or gains), which might render the prepayment amount different to the value of the debt instruments on the consolidated balance sheet. Optional prepayment of the USS facility is contractually due at the higher of the discounted cash flow of the remaining interest and principal repayments due and the indexed value of the debt at the date of prepayment. Optional prepayment of the Scottish Widows facility comprises an amount calculated in reference to the net present value of the remaining principal and interest payments based on prevailing swap market rates (with the possibility of a break cost or break gain) and an amount in respect of lost margin. As a result of uncertainty over the timing of realisation of asset, the Directors\u2019 expectation for an orderly winddown of the Company\u2019s operations, and shareholders\u2019 approval of the new investment objective, the Directors consider it appropriate to adopt a basis of accounting other than as a going concern in preparing the financial statements. No material adjustments to accounting policies or the valuation basis have arisen as a result of ceasing to apply the going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-309": { "value": "b) Basis of preparation other than going concern At the General Meeting on 6 December 2024, the Directors proposed an orderly wind-down of the Company as the best course of action and shareholders voted in favour of this proposal. Therefore, the Directors do not consider it appropriate to adopt the going concern basis of accounting. Accordingly, the financial statements have been prepared on a basis other than going concern. No adjustments are required to the financial statements as a result of them being prepared on a basis other than going concern. Additionally, the Fund Management Agreement was restated following shareholder approval at the General Meeting, with amendments summarised on Part 1 of the circular published on 20 November 2024 (see note 31). The Company aims to achieve its Investment Objective by conducting an orderly realisation of the Group\u2019s assets, seeking to balance prompt cash returns to shareholders with value maximisation, while maintaining an income return as long as the Group owns assets generating sufficient income. Following the implementation of the managed-wind down and the new investment policy, the Company will cease to make any new real estate acquisitions, except in limited circumstances where it is considered ancillary to an existing portfolio investment, where such acquisition is considered to protect or enhance an existing asset\u2019s realisable value, where such acquisition is required by the terms of any existing contractual obligations or funding arrangement, or where it is considered to facilitate orderly disposals of a larger portfolio. The Company is in the process of appointing third party advisors and agents to ensure these transactions are executed proficiently and yield the best possible outcomes for shareholders. Financial models have been prepared for the going concern and viability period which consider liquidity at the start of the period and key financial assumptions at the Company level as well as at the level of the subsidiaries of ReSI plc. These financial assumptions include expected cash generated and distributed by the portfolio companies available to be distributed to the Company. They also include inflows and outflows in relation to the external debt and interest payments expected within the subsidiaries, disposal of assets. The Directors are satisfied that the Group and the Company have sufficient resources to meet all their financial and operating obligations for the foreseeable future, and for at least 12 months from the date of signing these financial statements. They are also able to meet their liabilities as they fall due in the event that the Group enters into a managed wind-down process. While the timing of the wind down is uncertain, it is anticipated it will conclude prior to the contractual maturity of the USS facility, which is secured via a first charge over the shared ownership portfolio, and the Scottish Widows facility, which is secured via a first charge over the retirement portfolio. Both debt facilities may therefore be prepaid earlier with accompanying prepayment costs (or gains), which might render the prepayment amount different to the value of the debt instruments on the consolidated balance sheet. Optional prepayment of the USS facility is contractually due at the higher of the discounted cash flow of the remaining interest and principal repayments due and the indexed value of the debt at the date of prepayment. Optional prepayment of the Scottish Widows facility comprises an amount calculated in reference to the net present value of the remaining principal and interest payments based on prevailing swap market rates (with the possibility of a break cost or break gain) and an amount in respect of lost margin. As a result of uncertainty over the timing of realisation of asset, the Directors\u2019 expectation for an orderly winddown of the Company\u2019s operations, and shareholders\u2019 approval of the new investment objective, the Directors consider it appropriate to adopt a basis of accounting other than as a going concern in preparing the financial statements. No material adjustments to accounting policies or the valuation basis have arisen as a result of ceasing to apply the going concern basis. ", "dimensions": { "concept": "ifrs-full:ExplanationOfFactAndBasisForPreparationOfFinancialStatementsWhenNotGoingConcernBasis", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-275": { "value": "
c) Changes to accounting standards and interpretations
Amendments to standards adopted during the year
The IASB and IFRIC have issued or revised a number of standards. None of these amendments have led to any material
changes in the Group\u2019s accounting policies or disclosures during the year.
Standards and interpretations in issue not yet adopted
Amendments to IAS 1 on Classification of liabilities as Current or Non-Current are effective for the financial years
commencing on or after 1 January 2024 and are to be applied retrospectively. It is not expected that the amendments will
have an impact on the presentation and classification of liabilities in the Group Statement of Financial Position based on
rights that are in existence at the end of the reporting period.
Certain amendments and interpretations to existing standards have been published that are mandatory for the Group\u2019s
accounting periods beginning on or after 1 October 2024 and whilst the Directors are considering these, initial indications
are that these changes will have no material impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-310": { "value": "c) Changes to accounting standards and interpretations Amendments to standards adopted during the year The IASB and IFRIC have issued or revised a number of standards. None of these amendments have led to any material changes in the Group\u2019s accounting policies or disclosures during the year. Standards and interpretations in issue not yet adopted Amendments to IAS 1 on Classification of liabilities as Current or Non-Current are effective for the financial years commencing on or after 1 January 2024 and are to be applied retrospectively. It is not expected that the amendments will have an impact on the presentation and classification of liabilities in the Group Statement of Financial Position based on rights that are in existence at the end of the reporting period. Certain amendments and interpretations to existing standards have been published that are mandatory for the Group\u2019s accounting periods beginning on or after 1 October 2024 and whilst the Directors are considering these, initial indications are that these changes will have no material impact on the Group\u2019s financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-4": { "value": "3. Material accounting policies The principal accounting policies applied in the preparation of the consolidated financial statements are set out below. a) Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (its subsidiaries) at the period end date. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group: is exposed to, or has rights to, variable returns from its involvement with the entity; and has the ability to affect those returns through its power to direct the activities of the entity. All intra-group transactions, balances, income and expenses are eliminated on consolidation. The financial information of the subsidiaries is included in the financial statements from the date that control commences until the date that control ceases. If an equity interest in a subsidiary is transferred but a controlling interest continues to be held after the transfer then the change in ownership interest is accounted for as an equity transaction. Accounting policies of the subsidiaries are consistent with the policies adopted by the Company. b) Investment properties Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially measured at cost, being the fair value of the consideration given, including expenditure that is directly attributable to the acquisition of the investment property. After initial recognition, investment property is stated at its fair value at the Statement of Financial Position date adjusted for the carrying value of leasehold interests. Gains and losses arising from changes in the fair value of investment property are included in profit or loss for the period in which they arise in the Statement of Comprehensive Income. Investment property is recognised as an asset when it is probable that the economic benefits that are associated with the property will flow to the Group and it can measure the cost of the investment reliably. This is usually on legal completion. Subsequent expenditure is capitalised only when it is probable that future economic benefits are associated with the expenditure. An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected to be obtained from the asset. Any gain or loss arising on de-recognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recorded in profit or loss in the period in which the property is derecognised. Significant accounting judgements, estimates and assumptions made for the valuation of investment properties are discussed in note 4. c) Assets held for sale Current assets classified as held for sale are measured at the lower of carrying amount and fair value (except for investment property measured using fair value model). Current assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. d) Inventories Inventories relate to properties held for delivery as shared ownership which provides an affordable homes ownership through a part-buy, part-rent model where Shared Owners buy a stake in the home (with a lower deposit requirement as it is only required as a percentage of this stake) and pay a discounted rent on the portion of the property that the Shared Owner(s) does not own. In accordance with IAS 2 Inventories, the part that is expected to be sold to the Shared Owner under the First Tranche Sale are held at the lower of cost and net realisable value. e) Shared ownership Shared ownership is where initially a long lease on a property is granted through a sale to the occupier, in return for an initial payment (the First Tranche). First Tranche sales are included within turnover and the related proportion of the cost of the asset recognised as cost of sales. Shared ownership properties are split proportionately between Inventories and Investment properties based on the current element relating to First Tranche sales. The assumptions on which the First Tranche proportion has been based include, but are not limited to, matters such as the affordability of the shared ownership properties, local demand for shared ownership properties, and general experience of First Tranche shared ownership sales within ReSI Housing and the wider social housing sector. Shared Owners have the right to acquire further tranches (\u2018staircasing\u2019) and any surplus or deficit on such subsequent sales are recognised in the Statement of Comprehensive Income as a part disposal of Investment properties. Where a grant is receivable from Government and other bodies as a contribution towards the capital cost of shared ownership investment property, it is recognised as a deduction in arriving at the cost of the property. Prior to satisfying any performance obligations related to grant, such grants are held as a liability on the Statement of Financial Position. In some circumstances, typically when a shared owner staircases, there arises an obligation to recycle the grant into the purchase of new affordable properties within three years or to repay the grant to the relevant grant provider. Where such an obligation exists, the grant will be held as a liability on the Statement of Financial Position. f) Share issue costs The costs of issuing or reacquiring equity instruments (other than in a business combination) are accounted for as a reduction to share premium to the extent that share premium has arisen on the related share issue. g) Revenue Revenue comprises rental income and First Tranche sales of shared ownership properties. Gross rental income \u2013 Gross rental income is non-contingent rental income, recognised on a straight-line basis over the term of the underlying lease and is included in the Group Statement of Comprehensive Income. Any contingent element of rental income is recognised on an as-received basis. Lease incentives granted are recognised as an integral part of the net consideration for the use of the property and are therefore recognised on the same, straight-line basis over the term of the lease. Contractual fixed annual rent increases and lease incentives are recognised on a straight-line basis over the term of the lease. Amounts received from tenants to terminate leases or to compensate for dilapidations are recognised in the Group Statement of Comprehensive Income when the right to receive them arises. Gross ground rental income \u2013 Gross ground rental income is recognised on a straight-line basis over the term of the underlying lease. Income from property sales is recognised when performance conditions are fulfilled which is usually at the point of legal completion. Property sales consist of one performance obligation \u2013 the transfer of the property to the shared owner. The transaction price is fixed and specific in the sales contract. Revenue is recognised at a point in time, when control of the property passes. Control is considered to pass on legal completion of the property sale. h) Cost of sales Included within First Tranches cost of sales are costs relating to the first tranche sale portion of newly acquired shared ownership properties. These costs include a share of expenditure incurred for acquisition of those properties in proportion to the First Tranche percentage sold, direct overheads and other incidental costs incurred during the course of the sale of those properties. i) Expenses The Group recognises all expenses on an accruals basis. j) Finance income and expense Finance income comprises interest receivable on funds invested. Financing expenses comprise interest payable, interest charged on head lease liabilities and amortisation of loan fees. Interest income and interest payable are recognised in profit and loss as they accrue, using the effective interest method. k) Taxation Taxation on the profit or loss for the period is exempt under UK REIT regulations comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except to the extent that it relates to items recognised as direct movement in equity, in which case it would be recognised as a direct movement in equity. Current tax is expected tax payable on any non-REIT taxable income for the period, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax is provided in full using the balance sheet liability method on timing differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled. No provision is made for timing differences (i) arising on the initial recognition of assets or liabilities, other than on a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. l) Dividend payable to shareholders Equity dividends are recognised when they become legally payable which for the final dividends is the date of approval by the members. Interim dividends are recognised when paid. m) Financial instruments Financial assets Recognition of financial assets All financial assets are recognised on a trade date which is the date when the Group becomes a party to the contractual provisions of the instrument. Initial measurement and classification of financial assets Financial assets are classified into the following categories: \u2018financial assets at fair value through profit or loss\u2019 and \u2018financial assets at amortised cost\u2019. The classification depends on the business model in which the asset is managed and on the cash flows associated with that asset. Financial assets are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. At 30 September 2024, the Group had the following non-derivative financial assets which are held at amortised cost: Cash and cash equivalents Cash and short-term deposits in the balance sheet comprise cash at bank (including investments in money-market funds) and short-term deposits with an original maturity of three months or less. Trade and other receivables Trade and other receivables are recognised at their original invoiced value. Where the time value of money is material, receivables are discounted and then held at amortised cost, less provision for expected credit loss. Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring the expected credit losses for trade and other receivables whereby the allowance or provision for all trade receivables are based on the lifetime expected credit losses (ECLs). The Group applies the general approach for initial recognition and subsequent measurement of expected credit loss provisions for the trade receivable and other receivables which have maturities of 12 months or more and have a significant finance component. This approach comprises of a three-stage approach to evaluation of expected credit losses. These stages are classified as follows: Annual Report & Accounts 2024 Stage 1 Twelve-month expected credit losses are recognised in profit or loss at initial recognition and a loss allowance is established. For financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk at the reporting date, the loss allowance for 12-month expected credit losses is maintained and updated for changes in amount. Interest revenue is calculated on the gross carrying amount of the asset (i.e. without reduction for expected credit losses). Stage 2 If the credit risk increases significantly and the resulting credit quality is not considered to be low credit risk, full lifetime expected losses are recognised and includes those financial instruments that do not have objective evidence of a credit loss event. Interest revenue is still calculated on the gross carrying amount of the asset. Stage 3 If the credit risk of a financial asset increases to the point that it is considered credit impaired (there is objective evidence of impairment at the reporting date), lifetime expected credit losses continue to be recognised. For financial assets in this stage, lifetime expected credit losses will generally be individually assessed. Interest revenue is calculated on the amortised cost net carrying amount (amortised cost less impairment). De-recognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. If any interest in a transferred asset is retained, then the Group recognises its retained interest in the asset and associated liabilities. Financial liabilities Recognition of financial liabilities All financial liabilities are recognised on the date when the Group becomes a party to the contractual provisions of the instrument. Initial measurement and classification of financial liabilities Financial liabilities are classified into the following categories: \u2018financial liabilities at fair value through profit or loss\u2019 and \u2018other financial liabilities\u2019. The classification depends on the nature and purpose of the financial liabilities and is determined at the time of initial recognition. Financial liabilities are initially measured at fair value, net of transaction costs, except for those financial liabilities classified as at fair value through profit or loss, which are initially measured at fair value. Fair value through profit or loss This category comprises certain of the Group\u2019s borrowings and out-of-the-money derivatives where the time value does not offset the negative intrinsic value. The Group\u2019s loans with USS held at fair value through profit and loss may be recorded at a different value to the notional value of the borrowings due to changes in the expected future rate of inflation versus the date the debt was drawn, impacting gilt rates. The designation to value a loan at fair value through profit and loss is irrevocable and was made to correct an accounting mismatch as the value of the loan is linked to the shared ownership investment portfolio. The decision to link the loan to RPI was made to ensure that returns are matched to rent proceeds received (also linked to RPI). They are carried in the Consolidated Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income as either a fair value movement (note 11) or in the finance income or expenses line (note 10), except where the movement relates to a change in own credit risk which is recognised in other comprehensive income. At 30 September 2024, the Group had the following non-derivative financial liabilities which are classified as other financial liabilities: Trade and other payables Trade and other payables are initially recognised at fair value and subsequently held at amortised cost. Borrowings Borrowings are recognised initially at fair value less attributable transaction costs or at fair value, with attributable transaction costs fully expensed if an election is made to hold at fair value through profit or loss. Subsequent to initial recognition, borrowing costs are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in profit or loss in the Statement of Comprehensive Income over the period of the borrowings using the effective interest method or at fair value if elected to hold at fair value through profit or loss. De-recognition of financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. n) Leases The group as lessor A lease is classified as a finance lease if substantially all of the risks and rewards of ownership transfer to the lessee. In the case of properties where the Group has a leasehold interest, this assessment is made by reference to the Group\u2019s right of use asset arising under the head lease rather than by reference to the underlying asset. If the Group substantially retains those risks, a lease is classified as an operating lease. Rentals receivable under operating leases are recognised in the income statement on a straight-line basis over the term of the relevant lease. In the event that lease incentives are granted to a lessee, such incentives are recognised as an asset. The aggregate cost of the incentives is recognised as a reduction in rental income on a straight-line basis over the term of the relevant lease. The group as lessee Where an investment property is held under a head lease, the lease liability is capitalised at the lease commencement at the present value of the minimum lease payments. Each lease payment is allocated between repayment of the liability and a finance charge to achieve a constant rate on the outstanding liability. The corresponding rental obligations, net of finance charges, are included in liabilities. Investment properties held under head leases are subsequently carried at their fair value. The carrying value of lease liabilities are remeasured when the variable element of the future lease payments dependent on a rate or index is revised, using the same discount rate as at the lease commencement date. p) Share based payments Payments made to the Fund Manager that are to be settled by the issue of shares is determined on the basis of the Net Asset Value of the Group. The estimated number of shares to be issued in satisfaction of the services provided is calculated using the daily closing share price of the Company at the date of calculation.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-276": { "value": "
a) Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and the entities controlled by
the Company (its subsidiaries) at the period end date.
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group:
is exposed to, or has rights to, variable returns from its involvement with the entity; an
d
has the ability to affect those returns through its power to direct the activities of the entity.
All intra-group transactions, balances, income and expenses are eliminated on consolidation. The financial information
of the subsidiaries is included in the financial statements from the date that control commences until the date that
control ceases.
If an equity interest in a subsidiary is transferred but a controlling interest continues to be held after the transfer then the
change in ownership interest is accounted for as an equity transaction.
Accounting policies of the subsidiaries are consistent with the policies adopted by the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-277": { "value": "
b) Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially measured at cost,
being the fair value of the consideration given, including expenditure that is directly attributable to the acquisition of the
investment property. After initial recognition, investment property is stated at its fair value at the Statement of Financial Position
date adjusted for the carrying value of leasehold interests. Gains and losses arising from changes in the fair value of investment
property are included in profit or loss for the period in which they arise in the Statement of Comprehensive Income.
Investment property is recognised as an asset when it is probable that the economic benefits that are associated with the
property will flow to the Group and it can measure the cost of the investment reliably. This is usually on legal completion.
Subsequent expenditure is capitalised only when it is probable that future economic benefits are associated with
the expenditure.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn
from use and no future economic benefits are expected to be obtained from the asset. Any gain or loss arising on
de-recognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount
of the asset) is recorded in profit or loss in the period in which the property is derecognised.
Significant accounting judgements, estimates and assumptions made for the valuation of investment properties are
discussed in note 4.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-278": { "value": "
c) Assets held for sale
Current assets classified as held for sale are measured at the lower of carrying amount and fair value (except for
investment property measured using fair value model). Current assets are classified as held for sale if their carrying amount
will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only
when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition.
Management must be committed to the sale which should be expected to qualify for recognition as a completed sale
within one year from the date of classification.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-311": { "value": "c) Assets held for sale Current assets classified as held for sale are measured at the lower of carrying amount and fair value (except for investment property measured using fair value model). Current assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-279": { "value": "
d) Inventories
Inventories relate to properties held for delivery as shared ownership which provides an affordable homes ownership
through a part-buy, part-rent model where Shared Owners buy a stake in the home (with a lower deposit requirement as
it is only required as a percentage of this stake) and pay a discounted rent on the portion of the property that the Shared
Owner(s) does not own. In accordance with IAS 2 Inventories, the part that is expected to be sold to the Shared Owner
under the First Tranche Sale are held at the lower of cost and net realisable value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-280": { "value": "
e) Shared ownership
Shared ownership is where initially a long lease on a property is granted through a sale to the occupier, in return for an initial
payment (the First Tranche).
First Tranche sales are included within turnover and the related proportion of the cost of the asset recognised
as cost of sales.
Shared ownership properties are split proportionately between Inventories and Investment properties based on the
current element relating to First Tranche sales. The assumptions on which the First Tranche proportion has been based
include, but are not limited to, matters such as the affordability of the shared ownership properties, local demand for
shared ownership properties, and general experience of First Tranche shared ownership sales within ReSI Housing and the
wider social housing sector.
Shared Owners have the right to acquire further tranches (\u2018staircasing\u2019) and any surplus or deficit on such subsequent
sales are recognised in the Statement of Comprehensive Income as a part disposal of Investment properties.
Where a grant is receivable from Government and other bodies as a contribution towards the capital cost of shared
ownership investment property, it is recognised as a deduction in arriving at the cost of the property. Prior to satisfying any
performance obligations related to grant, such grants are held as a liability on the Statement of Financial Position.
In some circumstances, typically when a shared owner staircases, there arises an obligation to recycle the grant into the
purchase of new affordable properties within three years or to repay the grant to the relevant grant provider. Where such an
obligation exists, the grant will be held as a liability on the Statement of Financial Position.
", "dimensions": { "concept": "residentialsecureincomeplc:DescriptionOfAccountingPolicyForSharedOwnership", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-312": { "value": "Where a grant is receivable from Government and other bodies as a contribution towards the capital cost of shared ownership investment property, it is recognised as a deduction in arriving at the cost of the property. Prior to satisfying any performance obligations related to grant, such grants are held as a liability on the Statement of Financial Position. In some circumstances, typically when a shared owner staircases, there arises an obligation to recycle the grant into the purchase of new affordable properties within three years or to repay the grant to the relevant grant provider. Where such an obligation exists, the grant will be held as a liability on the Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-281": { "value": "
f) Share issue costs
The costs of issuing or reacquiring equity instruments (other than in a business combination) are accounted for as a
reduction to share premium to the extent that share premium has arisen on the related share issue.
", "dimensions": { "concept": "residentialsecureincomeplc:DescriptionOfAccountingPolicyForShareIssueCosts", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-282": { "value": "
g) Revenue
Revenue comprises rental income and First Tranche sales of shared ownership properties.
Gross rental income \u2013 Gross rental income is non-contingent rental income, recognised on a straight-line basis over the
term of the underlying lease and is included in the Group Statement of Comprehensive Income. Any contingent element
of rental income is recognised on an as-received basis. Lease incentives granted are recognised as an integral part of the
net consideration for the use of the property and are therefore recognised on the same, straight-line basis over the term
of the lease. Contractual fixed annual rent increases and lease incentives are recognised on a straight-line basis over the
term of the lease.
Amounts received from tenants to terminate leases or to compensate for dilapidations are recognised in the Group
Statement of Comprehensive Income when the right to receive them arises.
Gross ground rental income \u2013 Gross ground rental income is recognised on a straight-line basis over the term of the
underlying lease.
Income from property sales is recognised when performance conditions are fulfilled which is usually at the point of
legal completion.
Property sales consist of one performance obligation \u2013 the transfer of the property to the shared owner. The transaction
price is fixed and specific in the sales contract. Revenue is recognised at a point in time, when control of the property
passes. Control is considered to pass on legal completion of the property sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-283": { "value": "
h) Cost of sales
Included within First Tranches cost of sales are costs relating to the first tranche sale portion of newly acquired shared
ownership properties. These costs include a share of expenditure incurred for acquisition of those properties in proportion
to the First Tranche percentage sold, direct overheads and other incidental costs incurred during the course of the sale of
those properties.
", "dimensions": { "concept": "residentialsecureincomeplc:DescriptionOfAccountingPolicyForCostOfSales", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-284": { "value": "
i) Expenses
The Group recognises all expenses on an accruals basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-285": { "value": "
j) Finance income and expense
Finance income comprises interest receivable on funds invested. Financing expenses comprise interest payable, interest
charged on head lease liabilities and amortisation of loan fees.
Interest income and interest payable are recognised in profit and loss as they accrue, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-327": { "value": "j) Finance income and expense Finance income comprises interest receivable on funds invested. Financing expenses comprise interest payable, interest charged on head lease liabilities and amortisation of loan fees. Interest income and interest payable are recognised in profit and loss as they accrue, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-313": { "value": "j) Finance income and expense Finance income comprises interest receivable on funds invested. Financing expenses comprise interest payable, interest charged on head lease liabilities and amortisation of loan fees. Interest income and interest payable are recognised in profit and loss as they accrue, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-286": { "value": "
k) Taxation
Taxation on the profit or loss for the period is exempt under UK REIT regulations comprises current and deferred tax.
Tax is recognised in the Statement of Comprehensive Income except to the extent that it relates to items recognised as
direct movement in equity, in which case it would be recognised as a direct movement in equity. Current tax is expected
tax payable on any non-REIT taxable income for the period, using tax rates enacted or substantively enacted at the
balance sheet date.
Deferred tax is provided in full using the balance sheet liability method on timing differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax
is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to
apply when the asset is realised or the liability is settled.
No provision is made for timing differences (i) arising on the initial recognition of assets or liabilities, other than on a
business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the
extent that they will not reverse in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-314": { "value": "Deferred tax is provided in full using the balance sheet liability method on timing differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled. No provision is made for timing differences (i) arising on the initial recognition of assets or liabilities, other than on a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-287": { "value": "
l) Dividend payable to shareholders
Equity dividends are recognised when they become legally payable which for the final dividends is the date of approval by
the members. Interim dividends are recognised when paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-288": { "value": "
m) Financial instruments
Financial assets
Recognition of financial assets
All financial assets are recognised on a trade date which is the date when the Group becomes a party to the contractual
provisions of the instrument.
Initial measurement and classification of financial assets
Financial assets are classified into the following categories: \u2018financial assets at fair value through profit or loss\u2019 and
\u2018financial assets at amortised cost\u2019. The classification depends on the business model in which the asset is managed and
on the cash flows associated with that asset.
Financial assets are initially measured at fair value, plus transaction costs, except for those financial assets classified as at
fair value through profit or loss, which are initially measured at fair value.
At 30 September 2024, the Group had the following non-derivative financial assets which are held at amortised cost:
Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash at bank (including investments in money-market funds)
and short-term deposits with an original maturity of three months or less.
Trade and other receivables
Trade and other receivables are recognised at their original invoiced value. Where the time value of money is material,
receivables are discounted and then held at amortised cost, less provision for expected credit loss.
Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring the expected credit losses for trade and other receivables
whereby the allowance or provision for all trade receivables are based on the lifetime expected credit losses (ECLs).
The Group applies the general approach for initial recognition and subsequent measurement of expected credit loss
provisions for the trade receivable and other receivables which have maturities of 12 months or more and have a significant
finance component.
This approach comprises of a three-stage approach to evaluation of expected credit losses. These stages are
classified as follows:
An
nual Report & Accounts 2024
Stage 1
Twelve-month expected credit losses are recognised in profit or loss at initial recognition and a loss allowance is
established. For financial instruments that have not deteriorated significantly in credit quality since initial recognition or
that have low credit risk at the reporting date, the loss allowance for 12-month expected credit losses is maintained and
updated for changes in amount. Interest revenue is calculated on the gross carrying amount of the asset (i.e. without
reduction for expected credit losses).
Stage 2
If the credit risk increases significantly and the resulting credit quality is not considered to be low credit risk, full lifetime
expected losses are recognised and includes those financial instruments that do not have objective evidence of a credit
loss event. Interest revenue is still calculated on the gross carrying amount of the asset.
Stage 3
If the credit risk of a financial asset increases to the point that it is considered credit impaired (there is objective evidence
of impairment at the reporting date), lifetime expected credit losses continue to be recognised. For financial assets in
this stage, lifetime expected credit losses will generally be individually assessed. Interest revenue is calculated on the
amortised cost net carrying amount (amortised cost less impairment).
De-recognition of financial assets
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it
transfers the financial asset and substantially all the risks and rewards of ownership to another entity. If any interest in a
transferred asset is retained, then the Group recognises its retained interest in the asset and associated liabilities.
Financial liabilities
Recognition of financial liabilities
All financial liabilities are recognised on the date when the Group becomes a party to the contractual provisions of
the instrument.
Initial measurement and classification of financial liabilities
Financial liabilities are classified into the following categories: \u2018financial liabilities at fair value through profit or loss\u2019 and
\u2018other financial liabilities\u2019. The classification depends on the nature and purpose of the financial liabilities and is determined
at the time of initial recognition.
Financial liabilities are initially measured at fair value, net of transaction costs, except for those financial liabilities classified
as at fair value through profit or loss, which are initially measured at fair value.
Fair value through profit or loss
This category comprises certain of the Group\u2019s borrowings and out-of-the-money derivatives where the time value
does not offset the negative intrinsic value. The Group\u2019s loans with USS held at fair value through profit and loss may be
recorded at a different value to the notional value of the borrowings due to changes in the expected future rate of inflation
versus the date the debt was drawn, impacting gilt rates. The designation to value a loan at fair value through profit and loss
is irrevocable and was made to correct an accounting mismatch as the value of the loan is linked to the shared ownership
investment portfolio. The decision to link the loan to RPI was made to ensure that returns are matched to rent proceeds
received (also linked to RPI). They are carried in the Consolidated Statement of Financial Position at fair value with changes
in fair value recognised in the Group Statement of Comprehensive Income as either a fair value movement (note 11) or in
the finance income or expenses line (note 10), except where the movement relates to a change in own credit risk which is
recognised in other comprehensive income.
At 30 September 2024, the Group had the following non-derivative financial liabilities which are classified as other
financial liabilities:
Trade and other payables
Trade and other payables are initially recognised at fair value and subsequently held at amortised cost.
Borrowings
Borrowings are recognised initially at fair value less attributable transaction costs or at fair value, with attributable
transaction costs fully expensed if an election is made to hold at fair value through profit or loss. Subsequent to initial
recognition, borrowing costs are stated at amortised cost with any difference between the amount initially recognised
and redemption value being recognised in profit or loss in the Statement of Comprehensive Income over the period of the
borrowings using the effective interest method or at fair value if elected to hold at fair value through profit or loss.
De-recognition of financial liabilities
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-315": { "value": "Financial assets Recognition of financial assets All financial assets are recognised on a trade date which is the date when the Group becomes a party to the contractual provisions of the instrument. Initial measurement and classification of financial assets Financial assets are classified into the following categories: \u2018financial assets at fair value through profit or loss\u2019 and \u2018financial assets at amortised cost\u2019. The classification depends on the business model in which the asset is managed and on the cash flows associated with that asset. Financial assets are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. At 30 September 2024, the Group had the following non-derivative financial assets which are held at amortised cost: Cash and cash equivalents Cash and short-term deposits in the balance sheet comprise cash at bank (including investments in money-market funds) and short-term deposits with an original maturity of three months or less. Trade and other receivables Trade and other receivables are recognised at their original invoiced value. Where the time value of money is material, receivables are discounted and then held at amortised cost, less provision for expected credit loss. Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring the expected credit losses for trade and other receivables whereby the allowance or provision for all trade receivables are based on the lifetime expected credit losses (ECLs). The Group applies the general approach for initial recognition and subsequent measurement of expected credit loss provisions for the trade receivable and other receivables which have maturities of 12 months or more and have a significant finance component. This approach comprises of a three-stage approach to evaluation of expected credit losses. These stages are classified as follows: Annual Report & Accounts 2024 Stage 1 Twelve-month expected credit losses are recognised in profit or loss at initial recognition and a loss allowance is established. For financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk at the reporting date, the loss allowance for 12-month expected credit losses is maintained and updated for changes in amount. Interest revenue is calculated on the gross carrying amount of the asset (i.e. without reduction for expected credit losses). Stage 2 If the credit risk increases significantly and the resulting credit quality is not considered to be low credit risk, full lifetime expected losses are recognised and includes those financial instruments that do not have objective evidence of a credit loss event. Interest revenue is still calculated on the gross carrying amount of the asset. Stage 3 If the credit risk of a financial asset increases to the point that it is considered credit impaired (there is objective evidence of impairment at the reporting date), lifetime expected credit losses continue to be recognised. For financial assets in this stage, lifetime expected credit losses will generally be individually assessed. Interest revenue is calculated on the amortised cost net carrying amount (amortised cost less impairment). De-recognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. If any interest in a transferred asset is retained, then the Group recognises its retained interest in the asset and associated liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-328": { "value": "Cash and cash equivalents Cash and short-term deposits in the balance sheet comprise cash at bank (including investments in money-market funds) and short-term deposits with an original maturity of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-329": { "value": "Trade and other receivables Trade and other receivables are recognised at their original invoiced value. Where the time value of money is material, receivables are discounted and then held at amortised cost, less provision for expected credit loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-336": { "value": "Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring the expected credit losses for trade and other receivables whereby the allowance or provision for all trade receivables are based on the lifetime expected credit losses (ECLs). The Group applies the general approach for initial recognition and subsequent measurement of expected credit loss provisions for the trade receivable and other receivables which have maturities of 12 months or more and have a significant finance component. This approach comprises of a three-stage approach to evaluation of expected credit losses. These stages are classified as follows: Annual Report & Accounts 2024 Stage 1 Twelve-month expected credit losses are recognised in profit or loss at initial recognition and a loss allowance is established. For financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk at the reporting date, the loss allowance for 12-month expected credit losses is maintained and updated for changes in amount. Interest revenue is calculated on the gross carrying amount of the asset (i.e. without reduction for expected credit losses). Stage 2 If the credit risk increases significantly and the resulting credit quality is not considered to be low credit risk, full lifetime expected losses are recognised and includes those financial instruments that do not have objective evidence of a credit loss event. Interest revenue is still calculated on the gross carrying amount of the asset. Stage 3 If the credit risk of a financial asset increases to the point that it is considered credit impaired (there is objective evidence of impairment at the reporting date), lifetime expected credit losses continue to be recognised. For financial assets in this stage, lifetime expected credit losses will generally be individually assessed. Interest revenue is calculated on the amortised cost net carrying amount (amortised cost less impairment). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-330": { "value": "Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring the expected credit losses for trade and other receivables whereby the allowance or provision for all trade receivables are based on the lifetime expected credit losses (ECLs). The Group applies the general approach for initial recognition and subsequent measurement of expected credit loss provisions for the trade receivable and other receivables which have maturities of 12 months or more and have a significant finance component. This approach comprises of a three-stage approach to evaluation of expected credit losses. These stages are classified as follows: Annual Report & Accounts 2024 Stage 1 Twelve-month expected credit losses are recognised in profit or loss at initial recognition and a loss allowance is established. For financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk at the reporting date, the loss allowance for 12-month expected credit losses is maintained and updated for changes in amount. Interest revenue is calculated on the gross carrying amount of the asset (i.e. without reduction for expected credit losses). Stage 2 If the credit risk increases significantly and the resulting credit quality is not considered to be low credit risk, full lifetime expected losses are recognised and includes those financial instruments that do not have objective evidence of a credit loss event. Interest revenue is still calculated on the gross carrying amount of the asset. Stage 3 If the credit risk of a financial asset increases to the point that it is considered credit impaired (there is objective evidence of impairment at the reporting date), lifetime expected credit losses continue to be recognised. For financial assets in this stage, lifetime expected credit losses will generally be individually assessed. Interest revenue is calculated on the amortised cost net carrying amount (amortised cost less impairment). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-331": { "value": "De-recognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. If any interest in a transferred asset is retained, then the Group recognises its retained interest in the asset and associated liabilities. De-recognition of financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-316": { "value": "Financial liabilities Recognition of financial liabilities All financial liabilities are recognised on the date when the Group becomes a party to the contractual provisions of the instrument. Initial measurement and classification of financial liabilities Financial liabilities are classified into the following categories: \u2018financial liabilities at fair value through profit or loss\u2019 and \u2018other financial liabilities\u2019. The classification depends on the nature and purpose of the financial liabilities and is determined at the time of initial recognition. Financial liabilities are initially measured at fair value, net of transaction costs, except for those financial liabilities classified as at fair value through profit or loss, which are initially measured at fair value. Fair value through profit or loss This category comprises certain of the Group\u2019s borrowings and out-of-the-money derivatives where the time value does not offset the negative intrinsic value. The Group\u2019s loans with USS held at fair value through profit and loss may be recorded at a different value to the notional value of the borrowings due to changes in the expected future rate of inflation versus the date the debt was drawn, impacting gilt rates. The designation to value a loan at fair value through profit and loss is irrevocable and was made to correct an accounting mismatch as the value of the loan is linked to the shared ownership investment portfolio. The decision to link the loan to RPI was made to ensure that returns are matched to rent proceeds received (also linked to RPI). They are carried in the Consolidated Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income as either a fair value movement (note 11) or in the finance income or expenses line (note 10), except where the movement relates to a change in own credit risk which is recognised in other comprehensive income. At 30 September 2024, the Group had the following non-derivative financial liabilities which are classified as other financial liabilities: Trade and other payables Trade and other payables are initially recognised at fair value and subsequently held at amortised cost. Borrowings Borrowings are recognised initially at fair value less attributable transaction costs or at fair value, with attributable transaction costs fully expensed if an election is made to hold at fair value through profit or loss. Subsequent to initial recognition, borrowing costs are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in profit or loss in the Statement of Comprehensive Income over the period of the borrowings using the effective interest method or at fair value if elected to hold at fair value through profit or loss. De-recognition of financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-332": { "value": "Fair value through profit or loss This category comprises certain of the Group\u2019s borrowings and out-of-the-money derivatives where the time value does not offset the negative intrinsic value. The Group\u2019s loans with USS held at fair value through profit and loss may be recorded at a different value to the notional value of the borrowings due to changes in the expected future rate of inflation versus the date the debt was drawn, impacting gilt rates. The designation to value a loan at fair value through profit and loss is irrevocable and was made to correct an accounting mismatch as the value of the loan is linked to the shared ownership investment portfolio. The decision to link the loan to RPI was made to ensure that returns are matched to rent proceeds received (also linked to RPI). They are carried in the Consolidated Statement of Financial Position at fair value with changes in fair value recognised in the Group Statement of Comprehensive Income as either a fair value movement (note 11) or in the finance income or expenses line (note 10), except where the movement relates to a change in own credit risk which is recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-333": { "value": "Trade and other payables Trade and other payables are initially recognised at fair value and subsequently held at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-334": { "value": "Borrowings Borrowings are recognised initially at fair value less attributable transaction costs or at fair value, with attributable transaction costs fully expensed if an election is made to hold at fair value through profit or loss. Subsequent to initial recognition, borrowing costs are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in profit or loss in the Statement of Comprehensive Income over the period of the borrowings using the effective interest method or at fair value if elected to hold at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-289": { "value": "
n) Leases
The group as lessor
A lease is classified as a finance lease if substantially all of the risks and rewards of ownership transfer to the lessee. In the
case of properties where the Group has a leasehold interest, this assessment is made by reference to the Group\u2019s right of
use asset arising under the head lease rather than by reference to the underlying asset. If the Group substantially retains
those risks, a lease is classified as an operating lease.
Rentals receivable under operating leases are recognised in the income statement on a straight-line basis over the term
of the relevant lease. In the event that lease incentives are granted to a lessee, such incentives are recognised as an asset.
The aggregate cost of the incentives is recognised as a reduction in rental income on a straight-line basis over the term of
the relevant lease.
The group as lessee
Where an investment property is held under a head lease, the lease liability is capitalised at the lease commencement at
the present value of the minimum lease payments. Each lease payment is allocated between repayment of the liability and
a finance charge to achieve a constant rate on the outstanding liability. The corresponding rental obligations, net of finance
charges, are included in liabilities. Investment properties held under head leases are subsequently carried at their fair value.
The carrying value of lease liabilities are remeasured when the variable element of the future lease payments dependent
on a rate or index is revised, using the same discount rate as at the lease commencement date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-290": { "value": "
p) Share based payments
Payments made to the Fund Manager that are to be settled by the issue of shares is determined on the basis of the
Net Asset Value of the Group. The estimated number of shares to be issued in satisfaction of the services provided is
calculated using the daily closing share price of the Company at the date of calculation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-5": { "value": "4. Significant accounting judgements and estimates The preparation of financial statements in accordance with the principles of IFRS required the Directors of the Group to make judgements, estimates and assumptions that affect the reported amounts recognised in the financial statements. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Estimates: Investment properties The Group uses the valuation carried out by its independent external valuers as the fair value of its property portfolio. The assumptions on which the property valuation reports have been based include, but are not limited to, matters such as the tenure and tenancy details for the properties, ground conditions at the properties, the structural condition of the properties, prevailing discount rates and comparable market transactions. Further information is provided in note 14. The Group\u2019s properties have been independently valued by Savills (UK) Limited (Savills or the Valuer) in accordance with the definitions published by the Royal Institute of Chartered Surveyors\u2019 (RICS) Valuation \u2013 Professional Standards, July 2017, Global and UK Editions (commonly known as the \u201cRed Book\u201d). Savills is one of the most recognised professional firms within residential and social housing property valuation and has sufficient current local and national knowledge and has the skills and understanding to undertake the valuations competently. If the assumptions upon which the external valuer has based its valuations prove to be inaccurate, this may have an impact on the value of the Group\u2019s investment properties, which could in turn have an effect on the Group\u2019s financial position and results. Further information is provided in note 14. With respect to the Group\u2019s Financial Statements, investment properties are valued at their fair value at each Statement of Financial Position date in accordance with IFRS 13 which recognises a variety of fair value inputs depending upon the nature of the investment (the \u2018fair value hierarchy\u2019). Specifically: Level 1 \u2013 Unadjusted, quoted prices for identical assets and liabilities in active (typically quoted) markets. Level 2 \u2013 Quoted prices for similar assets and liabilities in active markets. Level 3 \u2013 Inputs not based on observable market data (that is, unobservable inputs). The Group\u2019s investment properties are included in Level 3 as the inputs to the valuation are not based on observable market data. Borrowings held at fair value Some of the Group\u2019s borrowings are held at fair value. The inputs/assumptions on which these borrowings have been valued include the relevant inflation-linked gilt rate at the date of valuation and the future rate of RPI inflation. Further information is provided in note 20. If these assumptions prove to be inaccurate, this may have an impact on the carrying value of the Group\u2019s borrowings held at fair value, which could in turn have an effect on the Group\u2019s financial position and results. In the fair value hierarchy, borrowings valued at fair value are included in Level 2 as they are based on observable market data (inflation-linked gilt yields). Judgements: Assets held for sale The Local Authority asset has been classified as held for sale as the carrying amount will be recovered through a sale transaction rather than through continuing use with sale highly probable from one year from date of classification. This condition is regarded as the sale is highly probable and the asset is available for immediate sale in its present condition. Management are committed to the sale as evidenced by the asset being under contract at the 30 September 2024 balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-6": { "value": "5. Operating segments IFRS 8, Operating Segments, requires operating segments to be identified on the basis of internal financial reports about components of the Group that are regularly reviewed by the chief operating decision maker (which in the Group\u2019s case is the Board of Directors) in order to allocate resources to the segments and to assess their performance. The Group\u2019s reporting to the chief operating decision maker does not differentiate by property type or location as the Group is considered to be operating in a single segment of business and in one geographical area. No customers have revenue that is greater than 10% of the total Group revenue. The internal financial reports received by the Board of Directors contain financial information at a Group level and there are no reconciling items between the results contained in these reports and the amounts reported in the Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-291": { "value": "6. Income less cost of sales Net property income First tranche sales 2024 Tot al 2023 Tot al \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Gross Rental income 29,864 \u2013 29,864 27,930 First tranche property sales \u2013 600 600 5,624 Total income 29,864 600 30,464 33,554 Service charge expenses (6,250) \u2013 (6,250) (5,522) Property operating expenses (4,670) \u2013 (4,670) (4,241) Impairment of receivables (22) \u2013 (22) (70) First tranche cost of sales \u2013 (559) (559) (5,207) Total cost of sales (10,942) (559) (11,501) (15,040) 18,922 41 18,963 18,514 Net rental income/gross profit before ground rents Ground rents disclosed as finance lease interest (1,020) \u2013 (1,020) (978) Net rental income/gross profit after ground rents disclosed as finance lease asset 17, 9 02 41 17,943 17,536 Included within gross rental income is a \u00a31,327,000 (2023: \u00a31,192,000) rent smoothing adjustment that arises as a result of IFRS 16 \u2018Leases\u2019 which require rental income in respect of leases with rents increasing by a fixed percentage being accounted for on a straight-line basis over the lease term. During the year this resulted in an increase in rental income, with an offsetting entry being recognised in profit or loss as an adjustment to the investment property revaluation (see note 11 & 14). Gross rental income includes service charges collected from tenants, included in rent collected but not separately invoiced, of \u00a36,067,000 during the year (2023: \u00a35,518,000). Service charge expenses, as reflected in the cost of sales, also includes amounts paid in respect of properties which were vacant during the period of \u00a36,000 (2023: \u00a34,000). The gross profit after ground rents disclosed as finance lease interest are presented to provide what the Board believes is a more appropriate assessment of the Group\u2019s net property income. Ground rent costs are an inherent cost of holding certain leasehold properties and are taken into consideration by Savills when valuing the Group\u2019s properties.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-7": { "value": "6. Income less cost of sales Net property income First tranche sales 2024 Tot al 2023 Tot al \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Gross Rental income 29,864 \u2013 29,864 27,930 First tranche property sales \u2013 600 600 5,624 Total income 29,864 600 30,464 33,554 Service charge expenses (6,250) \u2013 (6,250) (5,522) Property operating expenses (4,670) \u2013 (4,670) (4,241) Impairment of receivables (22) \u2013 (22) (70) First tranche cost of sales \u2013 (559) (559) (5,207) Total cost of sales (10,942) (559) (11,501) (15,040) 18,922 41 18,963 18,514 Net rental income/gross profit before ground rents Ground rents disclosed as finance lease interest (1,020) \u2013 (1,020) (978) Net rental income/gross profit after ground rents disclosed as finance lease asset 17, 9 02 41 17,943 17,536 Included within gross rental income is a \u00a31,327,000 (2023: \u00a31,192,000) rent smoothing adjustment that arises as a result of IFRS 16 \u2018Leases\u2019 which require rental income in respect of leases with rents increasing by a fixed percentage being accounted for on a straight-line basis over the lease term. During the year this resulted in an increase in rental income, with an offsetting entry being recognised in profit or loss as an adjustment to the investment property revaluation (see note 11 & 14). Gross rental income includes service charges collected from tenants, included in rent collected but not separately invoiced, of \u00a36,067,000 during the year (2023: \u00a35,518,000). Service charge expenses, as reflected in the cost of sales, also includes amounts paid in respect of properties which were vacant during the period of \u00a36,000 (2023: \u00a34,000). The gross profit after ground rents disclosed as finance lease interest are presented to provide what the Board believes is a more appropriate assessment of the Group\u2019s net property income. Ground rent costs are an inherent cost of holding certain leasehold properties and are taken into consideration by Savills when valuing the Group\u2019s properties.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-292": { "value": "
7. Administration Expenses
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Fund management fee (note 31)
1,411
1,885
Administration expenses (note 8 and note 9)
1,344
1,456
Aborted fundraising and acquisition costs
11
273
One-off (income)/expenses
(14)
191
2,752
3,805
Aborted fundraising costs of \u00a311,000 (30 September 2023: \u00a3273,000) represent sunk costs incurred in relation to an
aborted equity raise in Autumn 2022 which was postponed following the market dislocation in September 2022. During the
year, due to the persistent discount to net asset value the equity raise was aborted with all costs incurred written off in full.
One off (income)/expenses of \u00a3(14,000) (30 September 2023: \u00a3191,000) comprise restructuring costs of \u00a3nil
(30 September 2023: \u00a3165,000) to move ReSI Property Management Limited into 3 regional teams which led to
redundancy costs. Income of \u00a314,000 (30 September 2023: \u00a326,000) was incurred in relation to income/costs associated
with improving the energy efficiency of the Group\u2019s retirement portfolio.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-8": { "value": "7. Administration Expenses
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Fund management fee (note 31)
1,411
1,885
Administration expenses (note 8 and note 9)
1,344
1,456
Aborted fundraising and acquisition costs
11
273
One-off (income)/expenses
(14)
191
2,752
3,805
Aborted fundraising costs of \u00a311,000 (30 September 2023: \u00a3273,000) represent sunk costs incurred in relation to an aborted equity raise in Autumn 2022 which was postponed following the market dislocation in September 2022. During the year, due to the persistent discount to net asset value the equity raise was aborted with all costs incurred written off in full. One off (income)/expenses of \u00a3(14,000) (30 September 2023: \u00a3191,000) comprise restructuring costs of \u00a3nil (30 September 2023: \u00a3165,000) to move ReSI Property Management Limited into 3 regional teams which led to redundancy costs. Income of \u00a314,000 (30 September 2023: \u00a326,000) was incurred in relation to income/costs associated with improving the energy efficiency of the Group\u2019s retirement portfolio. 8. Directors\u2019 fees and expenses
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Fees
134
155
Taxes
15
17
149
172
Fees paid to directors of subsidiaries
25
53
174
225
The Group had no employees during the year (2023: Nil) other than the Directors and Directors of subsidiaries. The Chairman is entitled to receive a fee linked to the Net Asset Value of the Group as follows:
Net asset value
Annual fee
Up to \u00a3100,000,000
\u00a340,000
\u00a3100,000,000 to \u00a32
00,000,000
\u00a350,000
\u00a3200,000,000 to \u00a335
0,000,000
\u00a360,000
Thereafter
\u00a370,000
Each of the Directors, save the Chairman, is entitled to receive a fee linked to the Net Asset Value of the Group as follows:
Net asset value
Annual fee
Up to \u00a3100,000,000
\u00a330,000
\u00a3100,000,000 to \u00a32
00,000,000
\u00a335,000
Thereafter
\u00a340,000
None of the Directors received any advances or credits from any Group entity during the year (2023: Nil). 9. Fees paid to the Company\u2019s Auditor
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Audit fees
Parent and consolidated financial statements
145
125
Audit of subsidiary undertakings
198
201
Additional fees payable to the auditors in relation to prior year audit
\u2013
62
Total audit fees
343
388
Audit related services
Review of interim report
61
57
Non-audit fees
Corporate Finance Fees
\u2013
\u2013
Tot al fees
404
445
Fees paid to the Company\u2019s Auditors are inclusive of irrecoverable VAT.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-293": { "value": "
8. Directors\u2019 fees and expenses
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Fees
134
155
Taxes
15
17
149
172
Fees paid to directors of subsidiaries
25
53
174
225
The Group had no employees during the year (2023: Nil) other than the Directors and Directors of subsidiaries.
The Chairman is entitled to receive a fee linked to the Net Asset Value of the Group as follows:
Net asset value
Annual fee
Up to \u00a3100,000,000
\u00a340,000
\u00a3100,000,000 to \u00a32
00,000,000
\u00a350,000
\u00a3200,000,000 to \u00a335
0,000,000
\u00a360,000
Thereafter
\u00a370,000
Each of the Directors, save the Chairman, is entitled to receive a fee linked to the Net Asset Value of the Group as follows:
Net asset value
Annual fee
Up to \u00a3100,000,000
\u00a330,000
\u00a3100,000,000 to \u00a32
00,000,000
\u00a335,000
Thereafter
\u00a340,000
None of the Directors received any advances or credits from any Group entity during the year (2023: Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-317": { "value": "8. Directors\u2019 fees and expenses
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Fees
134
155
Taxes
15
17
149
172
Fees paid to directors of subsidiaries
25
53
174
225
The Group had no employees during the year (2023: Nil) other than the Directors and Directors of subsidiaries. The Chairman is entitled to receive a fee linked to the Net Asset Value of the Group as follows:
Net asset value
Annual fee
Up to \u00a3100,000,000
\u00a340,000
\u00a3100,000,000 to \u00a32
00,000,000
\u00a350,000
\u00a3200,000,000 to \u00a335
0,000,000
\u00a360,000
Thereafter
\u00a370,000
Each of the Directors, save the Chairman, is entitled to receive a fee linked to the Net Asset Value of the Group as follows:
Net asset value
Annual fee
Up to \u00a3100,000,000
\u00a330,000
\u00a3100,000,000 to \u00a32
00,000,000
\u00a335,000
Thereafter
\u00a340,000
None of the Directors received any advances or credits from any Group entity during the year (2023: Nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-294": { "value": "
9. Fees paid to the Company\u2019s Auditor
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Audit fees
Parent and consolidated financial statements
145
125
Audit of subsidiary undertakings
198
201
Additional fees payable to the auditors in relation to prior year audit
\u2013
62
Total audit fees
343
388
Audit related services
Review of interim report
61
57
Non-audit fees
Corporate Finance Fees
\u2013
\u2013
Tot al fees
404
445
Fees paid to the Company\u2019s Auditors are inclusive of irrecoverable VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-295": { "value": "
10. Net finance costs
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income
284
220
284
220
Finance expense
Interest payable on borrowings
(5,694)
(5,365)
Amortisation of loan costs
(218)
(288)
Debt programme costs
(92)
(89)
Lease interest
(1,020)
(978)
(7,024)
(6,720)
Net finance costs
(6,740)
(6,500)
Debt one-off fees
(167)
(155)
Debt one-off costs
(167)
(155)
The Group\u2019s interest income during the year relates to cash held on deposit with banks and cash invested in a money
market fund, which is invested in short-term AAA rated Sterling instruments.
Lease interest relates to ground rents paid in respect of leasehold properties and is recognised as finance cost in
accordance with IFRS 16 \u201cLeases\u201d.
Debt one-off fees incurred in the year relate to costs incurred in charging assets to the facility with Scottish Widows Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-9": { "value": "10. Net finance costs
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income
284
220
284
220
Finance expense
Interest payable on borrowings
(5,694)
(5,365)
Amortisation of loan costs
(218)
(288)
Debt programme costs
(92)
(89)
Lease interest
(1,020)
(978)
(7,024)
(6,720)
Net finance costs
(6,740)
(6,500)
Debt one-off fees
(167)
(155)
Debt one-off costs
(167)
(155)
The Group\u2019s interest income during the year relates to cash held on deposit with banks and cash invested in a money market fund, which is invested in short-term AAA rated Sterling instruments. Lease interest relates to ground rents paid in respect of leasehold properties and is recognised as finance cost in accordance with IFRS 16 \u201cLeases\u201d. Debt one-off fees incurred in the year relate to costs incurred in charging assets to the facility with Scottish Widows Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-318": { "value": "10. Net finance costs
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income
284
220
284
220
Finance expense
Interest payable on borrowings
(5,694)
(5,365)
Amortisation of loan costs
(218)
(288)
Debt programme costs
(92)
(89)
Lease interest
(1,020)
(978)
(7,024)
(6,720)
Net finance costs
(6,740)
(6,500)
Debt one-off fees
(167)
(155)
Debt one-off costs
(167)
(155)
The Group\u2019s interest income during the year relates to cash held on deposit with banks and cash invested in a money market fund, which is invested in short-term AAA rated Sterling instruments. Lease interest relates to ground rents paid in respect of leasehold properties and is recognised as finance cost in accordance with IFRS 16 \u201cLeases\u201d. Debt one-off fees incurred in the year relate to costs incurred in charging assets to the facility with Scottish Widows Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-335": { "value": "10. Net finance costs
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income
284
220
284
220
Finance expense
Interest payable on borrowings
(5,694)
(5,365)
Amortisation of loan costs
(218)
(288)
Debt programme costs
(92)
(89)
Lease interest
(1,020)
(978)
(7,024)
(6,720)
Net finance costs
(6,740)
(6,500)
Debt one-off fees
(167)
(155)
Debt one-off costs
(167)
(155)
The Group\u2019s interest income during the year relates to cash held on deposit with banks and cash invested in a money market fund, which is invested in short-term AAA rated Sterling instruments. Lease interest relates to ground rents paid in respect of leasehold properties and is recognised as finance cost in accordance with IFRS 16 \u201cLeases\u201d. Debt one-off fees incurred in the year relate to costs incurred in charging assets to the facility with Scottish Widows Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-337": { "value": "10. Net finance costs
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income
284
220
284
220
Finance expense
Interest payable on borrowings
(5,694)
(5,365)
Amortisation of loan costs
(218)
(288)
Debt programme costs
(92)
(89)
Lease interest
(1,020)
(978)
(7,024)
(6,720)
Net finance costs
(6,740)
(6,500)
Debt one-off fees
(167)
(155)
Debt one-off costs
(167)
(155)
The Group\u2019s interest income during the year relates to cash held on deposit with banks and cash invested in a money market fund, which is invested in short-term AAA rated Sterling instruments. Lease interest relates to ground rents paid in respect of leasehold properties and is recognised as finance cost in accordance with IFRS 16 \u201cLeases\u201d. Debt one-off fees incurred in the year relate to costs incurred in charging assets to the facility with Scottish Widows Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-338": { "value": "10. Net finance costs
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income
284
220
284
220
Finance expense
Interest payable on borrowings
(5,694)
(5,365)
Amortisation of loan costs
(218)
(288)
Debt programme costs
(92)
(89)
Lease interest
(1,020)
(978)
(7,024)
(6,720)
Net finance costs
(6,740)
(6,500)
Debt one-off fees
(167)
(155)
Debt one-off costs
(167)
(155)
The Group\u2019s interest income during the year relates to cash held on deposit with banks and cash invested in a money market fund, which is invested in short-term AAA rated Sterling instruments. Lease interest relates to ground rents paid in respect of leasehold properties and is recognised as finance cost in accordance with IFRS 16 \u201cLeases\u201d. Debt one-off fees incurred in the year relate to costs incurred in charging assets to the facility with Scottish Widows Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-10": { "value": "11. Change in fair value
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Loss on fair value adjustment of investment properties
(11,469)
(37,752)
Adjustments for lease incentive assets and rent straight line assets recognised
Start of the year
3,262
2,070
End of the year
(4,589)
(3,262)
(12,796)
(38,944)
(Loss)/gain on fair value adjustment of borrowings (note 20)
(6,814)
7,747
(19,610)
(31,197)
Gain/loss on fair value adjustment of borrowings arises from debt raised against the shared ownership portfolio, which the Company elected to fair value through profit and loss in order to address an accounting mismatch as the value of the loan is linked to the shared ownership investment portfolio.", "dimensions": { "concept": "residentialsecureincomeplc:DisclosureOfChangeInFairValueExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-11": { "value": "12. Taxation
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Current tax
\u2013
\u2013
Deferred tax
\u2013
\u2013
\u2013
\u2013
The tax charge for the period varies from the standard rate of corporation tax in the UK applied to the loss before tax. The differences are explained below:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Loss before tax
(10,048)
(23,154)
Tax at the UK corporation tax rate of 25% (2023: 25%)
(2,512)
(5,789)
Tax effect of:
UK tax not payable due to REIT exemption
(1,134)
(3,329)
Investment property revaluation not deductible
3,199
9,736
Expenses that are not deductible/income not in taxable profit
335
(691)
Unutilised residual current year tax losses
112
72
Tax charge for the year
\u2013
\u2013
The Company and its subsidiaries operate as UK Group REIT. Subject to compliance with certain rules, the UK REIT regime exempts the profits of the Group\u2019s property rental business from UK corporation tax. To operate as a UK Group REIT a number of conditions had to be satisfied in respect of the Company, the Group\u2019s qualifying activity and the Group\u2019s balance of business. All conditions have been met.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-12": { "value": "13. Earnings per share EPRA Earnings per share
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Loss per IFRS income statement
(10,048)
(23,154)
Changes in value of investment properties
12,796
38,944
(Profit)/Losses on disposal of investment properties
(258)
11
Profits on sales of trading properties
(41)
(417)
Changes in fair value of financial instruments
6,814
(7,747)
EPRA earnings
9,263
7,637
(Additions)/Deduction of non-recurring costs
(14)
191
Deduction of debt set up costs
167
155
Deduction of aborted fundraising and acquisition costs
11
273
Profits on sales of trading properties
41
417
Adjusted EPRA earnings
9,468
8,673
Weighted average number of ordinary shares (thousands)
185,163
185,163
IFRS earnings per share (pence)
\u2013 2024 (pence)
(5.4)
\u2013 2023 (pence)
(12.5)
EPRA earnings per share (pence)
\u2013 2024 (pence)
5.0
\u2013 2023 (pence)
4.1
Adjusted EPRA earnings per share (pence)
\u2013 2024 (pence)
5.1
\u2013 2023 (pence)
4.7
Basic earnings per share (EPS) is calculated as profit attributable to Ordinary Shareholders of the Company divided by the weighted average number of shares in issue throughout the relevant period. EPRA earnings per share (EPS) is calculated as EPRA earnings attributable to Ordinary Shareholders of the Company divided by the weighted average number of shares in issue throughout the relevant period. The Adjusted EPRA Earnings are presented to provide what the Board believes is a more appropriate assessment of the operational income accruing to the Group\u2019s activities. Hence, the Group adjusts EPRA earnings for income and costs which are not of a recurrent nature or which may be more of a capital nature. Dividend coverage for the year ended 30 September 2024 is 124% based on an adjusted earnings figure of \u00a39.4mn and dividends paid over the year of \u00a37.62mn.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-13": { "value": "14. Investment properties
2024 2023
\u00a3\u2019000 \u00a3\u2019000
At beginning of period
376,727
406,127
Property acquisitions at cost
61
11,16
3
Grant receivable
\u2013
(1,148)
Capital expenditure
906
1,497
Property disposals
(8,862)
(3,407)
Movement in head lease gross up
(2,842)
247
Transfer to property inventory
(90)
\u2013
Change in fair value during the period
(11,469)
(37,752)
354,431
376,727
Valuation provided by Savills
325,684
345,138
Adjustment to fair value \u2013 finance lease asset
28,747
31,589
Total investment properties
354,431
376,727
Transfer to property held for sale (note 15)
(15,085)
\u2013
At end of period
339,346
376,727
The investment properties are divided into:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Leasehold properties
271,636
282,073
Freehold properties*
38,963
63,065
Head lease gross up
28,747
31,589
Total investment properties
339,346
376,727
* Includes Feuhold properties, the Scottish equivalent of Freehold. The table below shows the total value of the Group\u2019s investment properties including committed properties with purchase contracts exchanged at 30 September 2024. Consistent with the valuation provided by Savills, the adjustment to fair value in respect of finance lease assets for ground rents receivable has been excluded to show the value of the asset net of all payments to be made (including ground rent payments).
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Total investment properties
339,346
376,727
Adjustment to fair value \u2013 finance lease asset
(28,747)
(31,589)
Committed properties with purchase contracts exchanged
\u2013
\u2013
Total investment properties including committed properties
with purchased contracts exchanged
310,599
345,138
Included within the carrying value of investment properties at 30 September 2024 is \u00a34,589,000 (2023: \u00a33,262,000) in respect of the smoothing of fixed contractual rent uplifts as described in note 6. The difference between rents on a straight-line basis and rents actually receivable is included within the carrying value of the investment properties but does not increase that carrying value over the fair value. The historical cost of investment properties at 30 September 2024 was \u00a3331,643,000 (2023: \u00a3347,117,000). In accordance with \u201cIAS 40: Investment Property\u201d, the Group\u2019s investment properties have been independently valued at fair value by Savills (UK) Limited (Savills), an accredited external valuer with recognised and relevant professional qualifications. The carrying values of investment property as at 30 September 2024 agree to the valuations reported by external valuers, except that the valuations have been increased by the amount of finance lease liabilities recognised in respect of investment properties held under leases of \u00a328,747,000 (\u00a331,589,000 at 30 September 2023) representing the present value of ground rents payable for the properties held by the Group under leasehold \u2013 further information is provided in note 28. This is because the independent valuations are shown net of all payments expected to be made. However, for financial reporting purposes in accordance with IAS 40, \u201cInvestment Property\u201d, the carrying value of the investment properties includes the present value of the minimum lease payments in relation to these leases. The related lease liabilities are presented separately on the Statement of Financial Position. The Group\u2019s investment objective was to provide shareholders with an attractive level of income, together with the potential for capital growth, from acquiring portfolios of homes across residential asset classes that comprise the stock of statutory registered providers, and intended to hold its investment property portfolio over the long term, taking advantage of upward-only inflation-linked leases. On 6 December 2024, shareholders voted for a Managed Realisation and Wind- down together with associated amendments to Company\u2019s Investment Policy. Effective from this date, the Company will be managed with the intention of realising all the existing assets in its portfolio in an orderly manner and with a view to making timely returns of capital to shareholders while aiming to obtain the best achievable value for the Company\u2019s assets at the time of their realisations. The Group has pledged substantially all of its investment properties to secure loan facilities granted to the Group (see note 20). In accordance with IFRS 13, the Group\u2019s investment property has been assigned a valuation level in the fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). The Group\u2019s investment property as at 30 September 2024 is categorised as Level 3. ReSI\u2019s properties are valued by Savills using a discounted cash flow (DCF) methodology applying a discount rate to estimated future cash flows to arrive at a net present value of the properties. There are multiple key unobservable inputs that play material roles in determining the Group\u2019s fair value of investment property: 1 The discount rates applied to projected rental cash flows (and to staircasing cash flows for shared ownership properties): a. Effectively, the discount rate is representative of both the long-term cost of borrowing and the risks implicit in the properties concerned, as well as the risk associated with the cash flow assumptions reflected in the valuation. b. Everything else being equal, there is a negative relationship between the discount rate and the property valuation, such that an increase in the discount rate will decrease the valuation of a property and vice versa. c. Weighted average nominal rental discount rates applied across the shared ownership and retirement portfolio valuations at 30 September range from 6.25% to 9.00%. 2 Projected rates of inflation (both CPI and RPI): a. The majority of ReSI\u2019s leases are inflation-linked (subject to inflation floors and, for some leases, inflation caps). Additionally, some of ReSI\u2019s operating expenses are subject to inflationary pressures. Changes in inflation assumptions can have a material impact on the Group\u2019s valuations. b. The relationship between inflation and income growth (and resulting rental values) is generally positive, as the majority of the Group\u2019s revenues are inflation-linked (subject to certain inflation caps and floors in certain leases in ReSI\u2019s portfolio), however, inflation can also increase operating expenses, potentially offsetting some or all of inflation-linked revenue growth, all else being equal. c. Forecast inflation rates applied for different years across the portfolio valuations at 30 September range from 2.00% to 2.30% for CPI and 2.70% to 3.60% for RPI. 3 House price growth for shared ownership properties a. Projected house price growth plays a significant role in determining the prevailing open market value at which shared ownership residents staircase. b. Everything else being equal, there is a positive relationship between future house price growth and the property valuation, such that an increase in future house price growth will increase the valuation of a property and vice versa. HPI forecasts applied for different years to the shared ownership valuations range from 1.00% to 6.50%. 4 Staircasing rates for shared ownership properties: a. Shared ownership residents have the option to incrementally purchase from ReSI additional shares in their homes at the prevailing open market value. This process, known as \u201cstaircasing\u201d, generates additional cash flow to the Group, and the rate of staircasing partly determines the amount of cash flow from equity purchases that the Group may receive in any given period of time. b. The relationship between future staircasing rates and property valuation may be either positive or negative depending on the discount rate and house price growth assumptions used for a given property. If a zero rate of staircasing is assumed this would result in an increase in the valuation of ReSI\u2019s shared ownership properties as Savills apply a higher discount rate to staircasing cash flows as compared to rental cash flows. Equally, if it assumed that a property staircase immediately this would also result in increase in the valuation of ReSI\u2019s shared ownership properties as these properties are valued at a discount to their Open Market Value (the price at which shared owners staircase). c. Staircasing rates applied to shared ownership valuations range from 1.80% to 2.00%. There are interrelationships between these inputs as they are determined by market conditions, and the valuation movement in any one period depends on the balance between them. If these inputs move in opposite directions (e.g. rental values increase and discount rates decrease) valuation movements can be amplified, whereas if they move in the same direction they may be offset, reducing the overall net valuation movement. The valuation movement is materially sensitive to changes in discount rates and rental values. The impact on valuation from the change in key factors has been modelled below by Savills:
Valuation at
30 September +Updated \u2013 Updated
Sensitivity 2024 Valuation Valuation
Key inputs
Key inputs
modelled
\u00a3
mn
\u00a3mn \u00a3mn
Retirement
Regional Discount Rate
+/- 25bps
198,390
191,582
205,675
Consumer Price Index (CPI)
1
+/- 25bps
198,390
190,000
207,336
Retail Price Index (RPI)
2
+/- 25bps
198,390
206,831
190,339
Shared ownership
Rental Discount Rate
+/- 25bps
112,206
108,317
116,381
Retail Price Index (RPI)
+/- 25bps
112,206
114,535
109,992
House Price Index (HPI)
+/- 25bps
112,206
113,434
111,035
Staircasing Sensitivity Analysis
+/- 100bps
112,206
117, 86 4
104,322
1. Applied to operating expenses and rents at the end of contractual periods 2. Applied to contractual rent increases", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-296": { "value": "
15. Assets held for sale
As at 30 September 2024, management intended to dispose of its local authority asset and exchanged on the sale
of this asset on 30 September 2024. The fair value of this property as of the date of financial statements is \u00a315.1mn.
On 30 September 2024, the Group and the buyer of the local authority asset reached a conditional exchange which
completed on 10 January 2025. Further information is provided in note 32.
The property has been classified as held for sale and presented separately in the Statement of Financial Position under
IFRS 5: Non-current Assets Held for Sale. All assets held for sale fall within \u2018Level 3\u2019 as defined by IFRS. There have been no
transfers within the fair value hierarchy during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-14": { "value": "15. Assets held for sale As at 30 September 2024, management intended to dispose of its local authority asset and exchanged on the sale of this asset on 30 September 2024. The fair value of this property as of the date of financial statements is \u00a315.1mn. On 30 September 2024, the Group and the buyer of the local authority asset reached a conditional exchange which completed on 10 January 2025. Further information is provided in note 32. The property has been classified as held for sale and presented separately in the Statement of Financial Position under IFRS 5: Non-current Assets Held for Sale. All assets held for sale fall within \u2018Level 3\u2019 as defined by IFRS. There have been no transfers within the fair value hierarchy during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-15": { "value": "16. Inventories \u2013 finished properties available for sale
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Shared ownership properties
\u2013
431
\u2013
431
The costs of inventories recognised in cost of sales as an expense in the year is \u00a3521,000 (2023: \u00a35,207,000). The amount
of inventories written down to net realisable value is Nil (2023: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-16": { "value": "17. Trade and other receivables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade debtors
954
469
Prepayments
2,755
2,836
Other debtors
92
165
3,801
3,470
The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a 12-month expected loss provision for rent receivables. To measure expected credit losses on a collective basis, rent receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group\u2019s historical credit losses experienced since inception to the period end. The historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the Group\u2019s customers. Both the expected credit loss provision and the incurred loss provision in the current and prior years are immaterial. No reasonably possible changes in the assumptions underpinning the expected credit loss provision would give rise to a material expected credit loss. There is no significant difference between the fair value and carrying value of trade and other receivables at the Statement of Financial Position date.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-297": { "value": "
18. Cash and cash equivalents
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Cash at bank
5,411
3,221
Cash held as investment deposit
2
2
5,413
3,223
Restricted cash
5,678
5,582
11,091
8,805
The Group has defined restricted cash as cash which is subject to restrictions with a third party where the terms of the
account do not prevent the Group from accessing the cash. Included within cash at the year-end was an amount totalling
\u00a35,678,000 (\u00a35,582,000 at 30 September 2023) held in separate bank accounts which the Group considers restricted
cash. Restricted cash is cash where there is a legal restriction to specify its type of use. This is typically where the Group
has agreed to deposit cash with a bank as part of a joint arrangement with a tenant under a lease agreement, or to provide
additional security to a lender over loan facilities, or under an asset management initiative.
\u00a31,473,000 (2023: \u00a31,411,000) was held by the managing agent of the retirement portfolio in respect of tenancy rental
deposits. Other funds were held by the management agent in an operating account to pay service charges in respect of
the ReSI Housing due on 1 October 2024.
\u00a33,838,000 (2023: \u00a33,811,000) was held by US Bank in respect of funds required as a debt service reserve for the shared
ownership debt.
\u00a3367,000 (2023: \u00a3360,000) was held in respect of a service charge reserve fund.
Cash held as investment deposit relates to cash invested in a money market fund, which is invested in short-term
AAA rated Sterling Investments. As the fund has a short maturity period, the investment has a high liquidity. The fund
has \u00a318.3bn AUM, hence the Group\u2019s investment deposit represents an immaterial proportion of the fund.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-17": { "value": "18. Cash and cash equivalents
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Cash at bank
5,411
3,221
Cash held as investment deposit
2
2
5,413
3,223
Restricted cash
5,678
5,582
11,091
8,805
The Group has defined restricted cash as cash which is subject to restrictions with a third party where the terms of the account do not prevent the Group from accessing the cash. Included within cash at the year-end was an amount totalling \u00a35,678,000 (\u00a35,582,000 at 30 September 2023) held in separate bank accounts which the Group considers restricted cash. Restricted cash is cash where there is a legal restriction to specify its type of use. This is typically where the Group has agreed to deposit cash with a bank as part of a joint arrangement with a tenant under a lease agreement, or to provide additional security to a lender over loan facilities, or under an asset management initiative. \u00a31,473,000 (2023: \u00a31,411,000) was held by the managing agent of the retirement portfolio in respect of tenancy rental deposits. Other funds were held by the management agent in an operating account to pay service charges in respect of the ReSI Housing due on 1 October 2024. \u00a33,838,000 (2023: \u00a33,811,000) was held by US Bank in respect of funds required as a debt service reserve for the shared ownership debt. \u00a3367,000 (2023: \u00a3360,000) was held in respect of a service charge reserve fund. Cash held as investment deposit relates to cash invested in a money market fund, which is invested in short-term AAA rated Sterling Investments. As the fund has a short maturity period, the investment has a high liquidity. The fund has \u00a318.3bn AUM, hence the Group\u2019s investment deposit represents an immaterial proportion of the fund.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-18": { "value": "19. Trade and other payables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade payables
4,562
2,328
Accruals
2,559
2,615
VAT payable
4
3
Deferred income
19
117
Other creditors
1,836
1,770
8,980
6,833
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. For most suppliers interest is charged if payment is not made within the required terms. Thereafter, interest is chargeable on the outstanding balances at various rates. The Company has financial risk management policies in place to control that all payables are paid within the agreed credit timescale. There is no significant difference between the fair value and carrying value of trade and other payables at the Statement of Financial Position date.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-19": { "value": "20. Borrowings
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Loans
181,674
183,899
Unamortised borrowing costs
(1,934)
(2,152)
179,740
181,747
Current liability
17,892
23,327
Non-current liability
161,848
158,420
179,740
181,747
The loans are repayable as follows:
Within one year
17,892
23,327
Between one and two years
2,915
3,043
Between three and five years
8,658
8,699
Between six and ten years
14,212
14,261
Between eleven and twenty years*
104,383
105,381
Over twenty years
31,680
27, 036
179,740
181,747
* \u00a377.6mn of this is due at the maturity date of the loan in 2043. Annual Report & Accounts 2024 Movements in borrowings are analysed as follows:
Fair value Held at
through profit amortised
or loss
cost
2024
2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000 \u00a3\u2019000
At 30 September 2023
69,280
112,467
181,747
189,705
Drawdown of facility
\u2013
\u2013
\u2013
16,800
New borrowing costs
\u2013
\u2013
\u2013
(18)
Amortisation of loan costs
\u2013
218
218
288
Fair value movement
6,814
\u2013
6,814
(7,747)
Repayment of borrowings
(2,739)
(6,300)
(9,039)
(17,281)
At 30 September 2024
73,355
106
,385
179,740
181,747
The table below lists the Group\u2019s borrowings:
Outstanding debt
Drawn on net of unamortised
original facility issue costs Annual
2024 2023 2024 2023 Maturity interest rate
Lender Held at amortised cost
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 date
%
Scottish Widows Ltd
97,000
97,000
91,423
91,972
Jun-43
3.5 Fixed (average)
Santander
15,000
20,650
14,962
20,495
Mar-25
2.25% over SONIA
112,000
117,65
0
106,385
112,467
Held at fair value
Universities Superannuation Scheme
77,500
77,
50 0
73,355
69,280
May-65
1.1% (average)*
77,500
77,50
0
73,355
69,280
Tot al borrowings
189,500
195,150
179,740
181,747
* The principal will increase at a rate of RPI+0.5% on a quarterly basis; RPI is capped between 0% and 5% on a pro-rated basis. Borrowing held at amortised cost The \u00a391.4mn Scottish Widows facility is secured by a first charge over retirement properties with a fair value of \u00a3198.4mn (30 September 2023: \u00a3201.7mn). The revolving capital facility with Santander UK plc had a \u00a325mn limit at a margin of 2.25%. There is a commitment fee of 2.25% on 35% of the undrawn balance of the facility, the facility limit was reduced on 30 September 2024 to \u00a315mn. As at 30 September 2024, \u00a315.0mn had been drawn down under the facility. The facility bears interest at SONIA plus 2.25%. On 13 January 2025, \u00a315.0mn was repaid on the Santander RCF, leaving the facility fully undrawn at \u00a315mn. Borrowing held at fair value through profit or loss The Group has elected to fair value through profit or loss the Universities Superannuation Scheme (USS) borrowings. This is considered a more appropriate basis of recognition than amortised cost given the inflation-linked nature of the debt, which has been negotiated to inflate in line with the RPI linked rent in ReSI\u2019s shared ownership leases. The nominal outstanding debt at 30 September 2024 was \u00a374.5mn (30 September 2023: \u00a376.9mn) with an amortised cost of \u00a385.9mn (30 September 2023: \u00a387.2mn). The USS borrowings have been fair valued by calculating the present value of future cash flows, using the gilt curve and a credit spread reflecting the high credit strength of the borrower at the date of valuation. The credit spread used for the valuation as at 31 March 2024 was 1.25% (30 September 2023: 1.47%). In accordance with IFRS 13, the Group\u2019s borrowings held at fair value have been assigned a valuation level in the fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). The Group\u2019s borrowings held at fair value as at 31 March 2024 are categorised as Level 2. Everything else being equal, there is a negative relationship between the credit spread and the borrowings valuation, such that an increase in the credit spread (and therefore the future interest payable) will reduce the valuation of a borrowing liability and vice versa. A 10-basis point increase in the credit spread would result in a reduction of the liability by \u00a31.0mn. The USS facility is secured by a first charge over shared ownership properties with a fair value \u00a3112.2mn, cash of \u00a30.7mn, and restricted cash balances of \u00a33.8mn.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-298": { "value": "
Movements in borrowings are analysed as follows:
Fair value Held at
through profit amortised
or loss
cost
2024
2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000 \u00a3\u2019000
At 30 September 2023
69,280
112,467
181,747
189,705
Drawdown of facility
\u2013
\u2013
\u2013
16,800
New borrowing costs
\u2013
\u2013
\u2013
(18)
Amortisation of loan costs
\u2013
218
218
288
Fair value movement
6,814
\u2013
6,814
(7,747)
Repayment of borrowings
(2,739)
(6,300)
(9,039)
(17,281)
At 30 September 2024
73,355
106
,385
179,740
181,747
The table below lists the Group\u2019s borrowings:
Outstanding debt
Drawn on net of unamortised
original facility issue costs Annual
2024 2023 2024 2023 Maturity interest rate
Lender Held at amortised cost
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 date
%
Scottish Widows Ltd
97,000
97,000
91,423
91,972
Jun-43
3.5 Fixed (average)
Santander
15,000
20,650
14,962
20,495
Mar-25
2.25% over SONIA
112,000
117,65
0
106,385
112,467
Held at fair value
Universities Superannuation Scheme
77,500
77,
50 0
73,355
69,280
May-65
1.1% (average)*
77,500
77,50
0
73,355
69,280
Tot al borrowings
189,500
195,150
179,740
181,747
* The principal will increase at a rate of RPI+0.5% on a quarterly basis; RPI is capped between 0% and 5% on a pro-rated basis.
Borrowing held at fair value through profit or loss
The Group has elected to fair value through profit or loss the Universities Superannuation Scheme (USS) borrowings.
This is considered a more appropriate basis of recognition than amortised cost given the inflation-linked nature of the
debt, which has been negotiated to inflate in line with the RPI linked rent in ReSI\u2019s shared ownership leases. The nominal
outstanding debt at 30 September 2024 was \u00a374.5mn (30 September 2023: \u00a376.9mn) with an amortised cost of \u00a385.9mn
(30 September 2023: \u00a387.2mn).
The USS borrowings have been fair valued by calculating the present value of future cash flows, using the gilt curve and
a credit spread reflecting the high credit strength of the borrower at the date of valuation. The credit spread used for the
valuation as at 31 March 2024 was 1.25% (30 September 2023: 1.47%).
In accordance with IFRS 13, the Group\u2019s borrowings held at fair value have been assigned a valuation level in the fair value
hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1)
and the lowest priority to unobservable inputs (Level 3). The Group\u2019s borrowings held at fair value as at 31 March 2024 are
categorised as Level 2.
Everything else being equal, there is a negative relationship between the credit spread and the borrowings valuation, such
that an increase in the credit spread (and therefore the future interest payable) will reduce the valuation of a borrowing
liability and vice versa. A 10-basis point increase in the credit spread would result in a reduction of the liability by \u00a31.0mn.
The USS facility is secured by a first charge over shared ownership properties with a fair value \u00a3112.2mn, cash of \u00a30.7mn,
and restricted cash balances of \u00a33.8mn.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-20": { "value": "21. Financial instruments The t able below sets out the categorisation of the financial instruments held by the Group as at 30 September 2024. Borrowings held at amortised cost have a fair value of \u00a387.1mn (30 September 2023: \u00a388.1mn). The carrying amount of other financial instruments approximates to their fair value.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Loans and receivables at amortised cost
Trade and other receivables
1,04
6
634
Cash and cash equivalents
11,091
8,805
12,137
9,439
Financial liabilities
At amortised cost
Borrowings
106,385
112,467
Trade and other payables
8,957
6,713
115,342
119,180
At fair value through profit or loss
Borrowings
73,355
69,280
73,355
69,280
188,697
188,460
The Group\u2019s activities expose it to a variety of financial risks: market risk, interest rate and inflation risk, credit risk, liquidity risk and capital risk management. Risk management policies and systems are reviewed regularly by the Board and Fund Manager to reflect changes in the market conditions and the Group\u2019s activities. The exposure to each financial risk considered potentially material to the Group, how it arises and the policy for managing the risk is summarised below: a) Market risk Market risk is the risk that changes in market prices will affect the Group\u2019s income or the value of its holding of financial instruments. The Company\u2019s activities will expose it to the market risks associated with changes in property and rental values. Risk relating to investment in property Investment in property is subject to varying degrees of risk. Some factors that affect the value of the investment in property include: changes in the general economic climate; changes in the general social environment; competition from available properties; obsolescence; and government regulations, including planning, environmental and tax laws. Variations in the above factors can affect the valuation of assets held by the Company and the rental values it can achieve, and as a result can influence the financial performance of the Company. The Group mitigates these risks by entering into long-term management and rental/letting agreements to ensure any fall in the property market should not result in significant impairment to rental cash flows. The average unexpired length of lease in the portfolio is 142 years (2023: 143 years). In addition, the Group focuses on areas of the market with limited and ideally countercyclical exposure to the wider property market. As the Group operates only in the United Kingdom residential property market for Retirement Homes, Shared Ownership and Local Authority housing it is not exposed to currency risk. b) Interest rate and inflation risks Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes i n market interest rates. The interest rate exposure profile of the Group\u2019s financial assets and liabilities, and lease liabilities as at 30 September 2024 and 30 September 2023 were:
Nil rate Fixed rate
assets Floating Fixed inflation- Floating
and rate rate linked rate
liabilities assets liability liability liability Tot al
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2024
Trade and other receivables
1,0
46
\u2013
\u2013
\u2013
\u2013
1,0
46
Cash and cash equivalents
\u2013
11,091
\u2013
\u2013
\u2013
11,091
Trade and other payables
(8,958)
\u2013
\u2013
\u2013
\u2013
(8,958)
Bank borrowings
\u2013
\u2013
(91,443)
(73,335)
(14,962)
(179,740)
Obligations under finance leases
\u2013
\u2013
(28,747)
\u2013
\u2013
(28,747)
(7,912)
11,091
(120,190)
(73,335)
(14,962)
(205,308)
2023
Trade and other receivables
634
\u2013
\u2013
\u2013
\u2013
634
Cash and cash equivalents
\u2013
8,805
\u2013
\u2013
\u2013
8,805
Trade and other payables
(6,713)
\u2013
\u2013
\u2013
\u2013
(6,713)
Bank borrowings
\u2013
\u2013
(91,972)
(69,280)
(20,495)
(181,747)
Obligations under finance leases
\u2013
\u2013
(31,589)
\u2013
\u2013
(31,589)
(6,079)
8,805
(123,561)
(69,280)
(20,495)
(210,610)
The Group has primarily financed its activities with fixed rate or inflation-linked debt, which reduces the Group\u2019s exposure to changes in market interest rates. If market interest rates increased by 1% the Group\u2019s finance costs for existing debt facilities would increase by \u00a3150,000. Conversely, if market interest rates decreased by 1% the Group\u2019s finance costs for existing debt facilities would decrease by \u00a3150,000. The Group intends to finance its activities with fixed, floating rate or inflation-linked debt. Changes in the general level of interest rates and inflation can affect the Group\u2019s profitability by affecting the spread between, amongst other things, the income on its assets and the expense of its interest-bearing liabilities, the value of its interest-earning assets and its ability to realise gains from the sale of assets should this be desirable. The Fund Manager intends to match debt cash flows to those of the underlying assets and therefore does not expect to utilise derivatives. However, to the extent this is not possible, the Group may utilise derivatives for full or partial inflation or interest rate hedging or otherwise seek to mitigate the risk of inflation or interest rate movements. The Group will closely manage any derivatives, in particular with regard to liquidity and counterparty risks. The Group will only use derivatives for risk management and not for speculative purposes. c) Credit risk Credit risk is the risk of financial loss to the Group if a counterparty fails to meet its contractual obligations and arises principally from the Group\u2019s tenants (in respect of trade receivables arising under operating leases), banks and money market funds (as holders of the Group\u2019s cash deposits). Exposure to credit risk
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade and other receivables
1,04
6
634
Cash and cash equivalents
11,091
8,805
12,137
9,439
The Group engages third parties to provide day-to-day management of its properties including letting and collection of underlying rent from residents or shared owners. The Group mitigates void risk by acquiring residential asset classes with a demonstrable strong demand or where the residents are part owners of the properties (as exhibited by retirement, sub-market rental assets or shared ownership properties). The credit risk of cash and cash equivalents is limited due to cash being held at banks or money market funds considered credit worthy by the Fund Manager, with high credit ratings assigned by international credit rating agencies. Note 28 details the Group\u2019s exposure as a lessor in respect of future minimum rentals receivable. d) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its liquidity and funding risks by considering cash flow forecasts and ensuring sufficient cash balances are held within the Group to meet future needs. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of financing through appropriate and adequate credit lines, and the ability of customers to settle obligations within normal terms of credit. The Company ensures, through forecasting of capital requirements, that adequate cash is available. The Group has been in compliance with all financial covenants on its external borrowings throughout the year. The following table details the Group\u2019s remaining contractual maturing for its financial and lease liabilities. The tables have been drawn up based on the undiscounted cash flows of financial and lease liabilities, including future interest payments, based on the earliest date on which the Group can be required to pay.
Less than Two to five More than
one year years five years Tot al
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2024
Borrowings
17,892
11,573
150,275
179,740
Interest on borrowings
5,227
15,601
49,980
70,808
Obligations under finance leases
921
3,649
121,023
125,593
Payables and accruals
8,957
\u2013
\u2013
8,957
32,997
30,823
321,278
385,098
2023
Borrowings
23,327
11,742
146,678
181,747
Interest on borrowings
5,227
15,601
49,980
70,808
Obligations under finance leases
1,005
4,000
130,946
135,951
Payables and accruals
6,713
\u2013
\u2013
6,713
36,272
31,343
4
327,60
395,219
e) Capital risk management The Group manages its capital to ensure the entities in the Group will be solvent through the wind down period whilst maximising the return to shareholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt (note 20), cash and cash equivalents (note 18) and equity attributable to the shareholders of the Company (comprising share capital, retained earnings and the other reserves as referred in notes 23 to 25). The Group\u2019s management reviews the capital structure on a regular basis in conjunction with the Board. As part of this review management considers the cost of capital, risks associated with each class of capital and debt and the amount of any dividends to shareholders.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Obligations under finance leases
28,747
31,589
Borrowings (book value)
179,740
181,747
Cash and cash equivalents
(11,091)
(8,805)
Net debt
197,
396
204,531
Equity attributable equity holders
151,001
168,679
Net debt to equity ratio
1.31
1.21
Borrowings excluding finance lease liability
179,740
181,747
Available cash*
(9,250)
(6,998)
Net debt excluding lease liability and cash
170,490
174,749
Total assets less finance lease gross up and cash
340,574
349,040
Loan to Value (LTV) leverage ratio
0.50
0.50
* Available cash includes amounts held by US Bank in respect of funds required as a debt service reserve for the shared ownership debt but excludes other restricted cash balances. The LTV leverage ratio has been presented to enable a comparison of the group\u2019s borrowings as a proportion of Gross Assets as at 30 September 2024 to its target LTV leverage ratio of 50.0%. f) Reconciliation of financial liabilities to financing activities: Borrowings due within one year (note 20)
Borrowings
due in more Lease
than one year liabilities Interest
(note 20) (note 28) payable Tot al
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 October 2023
23,327
158,420
31,589
756
214,092
Cash flows
Borrowings repaid
\u2013
(9,039)
\u2013
\u2013
(9,039)
Interest paid
\u2013
\u2013
\u2013
(7,042)
(7,042)
Non-cash flows
Reclassification of borrowings
(5,435)
5,435
\u2013
\u2013
\u2013
Amortisation of debt set up fees
\u2013
218
\u2013
\u2013
218
Change in fair value of borrowings
\u2013
6,814
\u2013
\u2013
6,814
Recognition of headlease
liabilities acquired
\u2013
\u2013
(2,842)
\u2013
(2,842)
Interest and commitment charge
\u2013
\u2013
\u2013
6,973
6,973
At 30 September 2024
17,892
161,848
28,747
687
209,174
Borrowings Borrowings
due within due in more Lease
one year than one year liabilities Interest
(note 20) (note 20) (note 28) payable Tot al
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 October 2022
14,285
175,420
31,342
564
221,611
Cash flows
Borrowings advanced
\u2013
16,800
\u2013
\u2013
16,800
Borrowings repaid
(17,281)
\u2013
\u2013
\u2013
(17, 281)
Debt arrangement fees paid
\u2013
(18)
\u2013
\u2013
(18)
Interest and commitment fees paid
\u2013
\u2013
\u2013
(6,394)
(6,394)
Non-cash flows
Reclassification of borrowings
26,323
(26,323)
\u2013
\u2013
\u2013
Amortisation of debt set up fees
\u2013
288
\u2013
\u2013
288
Change in fair value of borrowings
\u2013
( 7,747)
\u2013
\u2013
( 7,747)
Recognition of headlease
liabilities acquired
\u2013
\u2013
247
\u2013
247
Interest and commitment charge
6,586
6,586
23,327
158,420
31,589
756
214,092
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-299": { "value": "
The Group\u2019s activities expose it to a variety of financial risks: market risk, interest rate and inflation risk, credit risk, liquidity
risk and capital risk management.
Risk management policies and systems are reviewed regularly by the Board and Fund Manager to reflect changes in the
market conditions and the Group\u2019s activities.
The exposure to each financial risk considered potentially material to the Group, how it arises and the policy for managing
the risk is summarised below:
a) Market risk
Market risk is the risk that changes in market prices will affect the Group\u2019s income or the value of its holding of
financial instruments.
The Company\u2019s activities will expose it to the market risks associated with changes in property and rental values.
Risk relating to investment in property
Investment in property is subject to varying degrees of risk. Some factors that affect the value of the investment in
property include:
changes in the general economic climate;
changes in the general social environment;
competition from available properties;
obsolescence; and
government regulations, including planning, environmental and tax laws.
Variations in the above factors can affect the valuation of assets held by the Company and the rental values it can achieve,
and as a result can influence the financial performance of the Company.
The Group mitigates these risks by entering into long-term management and rental/letting agreements to ensure any fall in
the property market should not result in significant impairment to rental cash flows. The average unexpired length of lease
in the portfolio is 142 years (2023: 143 years). In addition, the Group focuses on areas of the market with limited and ideally
countercyclical exposure to the wider property market.
As the Group operates only in the United Kingdom residential property market for Retirement Homes, Shared Ownership
and Local Authority housing it is not exposed to currency risk.
b) Interest rate and inflation risks
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
i
n market interest rates.
The interest rate exposure profile of the Group\u2019s financial assets and liabilities, and lease liabilities as at 30 September 2024
and 30 September 2023 were:
Nil rate Fixed rate
assets Floating Fixed inflation- Floating
and rate rate linked rate
liabilities assets liability liability liability Tot al
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2024
Trade and other receivables
1,0
46
\u2013
\u2013
\u2013
\u2013
1,0
46
Cash and cash equivalents
\u2013
11,091
\u2013
\u2013
\u2013
11,091
Trade and other payables
(8,958)
\u2013
\u2013
\u2013
\u2013
(8,958)
Bank borrowings
\u2013
\u2013
(91,443)
(73,335)
(14,962)
(179,740)
Obligations under finance leases
\u2013
\u2013
(28,747)
\u2013
\u2013
(28,747)
(7,912)
11,091
(120,190)
(73,335)
(14,962)
(205,308)
2023
Trade and other receivables
634
\u2013
\u2013
\u2013
\u2013
634
Cash and cash equivalents
\u2013
8,805
\u2013
\u2013
\u2013
8,805
Trade and other payables
(6,713)
\u2013
\u2013
\u2013
\u2013
(6,713)
Bank borrowings
\u2013
\u2013
(91,972)
(69,280)
(20,495)
(181,747)
Obligations under finance leases
\u2013
\u2013
(31,589)
\u2013
\u2013
(31,589)
(6,079)
8,805
(123,561)
(69,280)
(20,495)
(210,610)
The Group has primarily financed its activities with fixed rate or inflation-linked debt, which reduces the Group\u2019s exposure
to changes in market interest rates. If market interest rates increased by 1% the Group\u2019s finance costs for existing debt
facilities would increase by \u00a3150,000. Conversely, if market interest rates decreased by 1% the Group\u2019s finance costs for
existing debt facilities would decrease by \u00a3150,000.
The Group intends to finance its activities with fixed, floating rate or inflation-linked debt. Changes in the general level of
interest rates and inflation can affect the Group\u2019s profitability by affecting the spread between, amongst other things, the
inc
ome on its assets and the expense of its interest-bearing liabilities, the value of its interest-earning assets and its ability
to realise gains from the sale of assets should this be desirable.
The Fund Manager intends to match debt cash flows to those of the underlying assets and therefore does not expect to
utilise derivatives. However, to the extent this is not possible, the Group may utilise derivatives for full or partial inflation or
interest rate hedging or otherwise seek to mitigate the risk of inflation or interest rate movements. The Group will closely
manage any derivatives, in particular with regard to liquidity and counterparty risks. The Group will only use derivatives for
risk management and not for speculative purposes.
c) Credit risk
Credit risk is the risk of financial loss to the Group if a counterparty fails to meet its contractual obligations and arises
principally from the Group\u2019s tenants (in respect of trade receivables arising under operating leases), banks and money
market funds (as holders of the Group\u2019s cash deposits).
Exposure to credit risk
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade and other receivables
1,04
6
634
Cash and cash equivalents
11,091
8,805
12,137
9,439
The Group engages third parties to provide day-to-day management of its properties including letting and collection of
underlying rent from residents or shared owners. The Group mitigates void risk by acquiring residential asset classes
with a demonstrable strong demand or where the residents are part owners of the properties (as exhibited by retirement,
sub-market rental assets or shared ownership properties).
The credit risk of cash and cash equivalents is limited due to cash being held at banks or money market funds considered
credit worthy by the Fund Manager, with high credit ratings assigned by international credit rating agencies.
Note 28 details the Group\u2019s exposure as a lessor in respect of future minimum rentals receivable.
d) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset.
The Group manages its liquidity and funding risks by considering cash flow forecasts and ensuring sufficient cash
balances are held within the Group to meet future needs. Prudent liquidity risk management implies maintaining sufficient
cash and marketable securities, the availability of financing through appropriate and adequate credit lines, and the ability
of customers to settle obligations within normal terms of credit. The Company ensures, through forecasting of capital
requirements, that adequate cash is available.
The Group has been in compliance with all financial covenants on its external borrowings throughout the year.
The following table details the Group\u2019s remaining contractual maturing for its financial and lease liabilities. The tables have
been drawn up based on the undiscounted cash flows of financial and lease liabilities, including future interest payments,
based on the earliest date on which the Group can be required to pay.
Less than Two to five More than
one year years five years Tot al
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2024
Borrowings
17,892
11,573
150,275
179,740
Interest on borrowings
5,227
15,601
49,980
70,808
Obligations under finance leases
921
3,649
121,023
125,593
Payables and accruals
8,957
\u2013
\u2013
8,957
32,997
30,823
321,278
385,098
2023
Borrowings
23,327
11,742
146,678
181,747
Interest on borrowings
5,227
15,601
49,980
70,808
Obligations under finance leases
1,005
4,000
130,946
135,951
Payables and accruals
6,713
\u2013
\u2013
6,713
36,272
31,343
4
327,60
395,219
e) Capital risk management
The Group manages its capital to ensure the entities in the Group will be solvent through the wind down period whilst
maximising the return to shareholders through the optimisation of the debt and equity balance.
The capital structure of the Group consists of debt (note 20), cash and cash equivalents (note 18) and equity attributable
to the shareholders of the Company (comprising share capital, retained earnings and the other reserves as referred in
notes 23 to 25).
The Group\u2019s management reviews the capital structure on a regular basis in conjunction with the Board. As part of this
review management considers the cost of capital, risks associated with each class of capital and debt and the amount of
any dividends to shareholders.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Obligations under finance leases
28,747
31,589
Borrowings (book value)
179,740
181,747
Cash and cash equivalents
(11,091)
(8,805)
Net debt
197,
396
204,531
Equity attributable equity holders
151,001
168,679
Net debt to equity ratio
1.31
1.21
Borrowings excluding finance lease liability
179,740
181,747
Available cash*
(9,250)
(6,998)
Net debt excluding lease liability and cash
170,490
174,749
Total assets less finance lease gross up and cash
340,574
349,040
Loan to Value (LTV) leverage ratio
0.50
0.50
* Available cash includes amounts held by US Bank in respect of funds required as a debt service reserve for the shared ownership debt but
excludes other restricted cash balances.
The LTV leverage ratio has been presented to enable a comparison of the group\u2019s borrowings as a proportion of Gross
Assets as at 30 September 2024 to its target LTV leverage ratio of 50.0%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-319": { "value": "a) Market risk Market risk is the risk that changes in market prices will affect the Group\u2019s income or the value of its holding of financial instruments. The Company\u2019s activities will expose it to the market risks associated with changes in property and rental values. Risk relating to investment in property Investment in property is subject to varying degrees of risk. Some factors that affect the value of the investment in property include: changes in the general economic climate; changes in the general social environment; competition from available properties; obsolescence; and government regulations, including planning, environmental and tax laws. Variations in the above factors can affect the valuation of assets held by the Company and the rental values it can achieve, and as a result can influence the financial performance of the Company. The Group mitigates these risks by entering into long-term management and rental/letting agreements to ensure any fall in the property market should not result in significant impairment to rental cash flows. The average unexpired length of lease in the portfolio is 142 years (2023: 143 years). In addition, the Group focuses on areas of the market with limited and ideally countercyclical exposure to the wider property market. As the Group operates only in the United Kingdom residential property market for Retirement Homes, Shared Ownership and Local Authority housing it is not exposed to currency risk. b) Interest rate and inflation risks Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes i n market interest rates. The interest rate exposure profile of the Group\u2019s financial assets and liabilities, and lease liabilities as at 30 September 2024 and 30 September 2023 were:
Nil rate Fixed rate
assets Floating Fixed inflation- Floating
and rate rate linked rate
liabilities assets liability liability liability Tot al
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2024
Trade and other receivables
1,0
46
\u2013
\u2013
\u2013
\u2013
1,0
46
Cash and cash equivalents
\u2013
11,091
\u2013
\u2013
\u2013
11,091
Trade and other payables
(8,958)
\u2013
\u2013
\u2013
\u2013
(8,958)
Bank borrowings
\u2013
\u2013
(91,443)
(73,335)
(14,962)
(179,740)
Obligations under finance leases
\u2013
\u2013
(28,747)
\u2013
\u2013
(28,747)
(7,912)
11,091
(120,190)
(73,335)
(14,962)
(205,308)
2023
Trade and other receivables
634
\u2013
\u2013
\u2013
\u2013
634
Cash and cash equivalents
\u2013
8,805
\u2013
\u2013
\u2013
8,805
Trade and other payables
(6,713)
\u2013
\u2013
\u2013
\u2013
(6,713)
Bank borrowings
\u2013
\u2013
(91,972)
(69,280)
(20,495)
(181,747)
Obligations under finance leases
\u2013
\u2013
(31,589)
\u2013
\u2013
(31,589)
(6,079)
8,805
(123,561)
(69,280)
(20,495)
(210,610)
The Group has primarily financed its activities with fixed rate or inflation-linked debt, which reduces the Group\u2019s exposure to changes in market interest rates. If market interest rates increased by 1% the Group\u2019s finance costs for existing debt facilities would increase by \u00a3150,000. Conversely, if market interest rates decreased by 1% the Group\u2019s finance costs for existing debt facilities would decrease by \u00a3150,000. The Group intends to finance its activities with fixed, floating rate or inflation-linked debt. Changes in the general level of interest rates and inflation can affect the Group\u2019s profitability by affecting the spread between, amongst other things, the income on its assets and the expense of its interest-bearing liabilities, the value of its interest-earning assets and its ability to realise gains from the sale of assets should this be desirable. The Fund Manager intends to match debt cash flows to those of the underlying assets and therefore does not expect to utilise derivatives. However, to the extent this is not possible, the Group may utilise derivatives for full or partial inflation or interest rate hedging or otherwise seek to mitigate the risk of inflation or interest rate movements. The Group will closely manage any derivatives, in particular with regard to liquidity and counterparty risks. The Group will only use derivatives for risk management and not for speculative purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-320": { "value": "c) Credit risk Credit risk is the risk of financial loss to the Group if a counterparty fails to meet its contractual obligations and arises principally from the Group\u2019s tenants (in respect of trade receivables arising under operating leases), banks and money market funds (as holders of the Group\u2019s cash deposits). Exposure to credit risk
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade and other receivables
1,04
6
634
Cash and cash equivalents
11,091
8,805
12,137
9,439
The Group engages third parties to provide day-to-day management of its properties including letting and collection of underlying rent from residents or shared owners. The Group mitigates void risk by acquiring residential asset classes with a demonstrable strong demand or where the residents are part owners of the properties (as exhibited by retirement, sub-market rental assets or shared ownership properties). The credit risk of cash and cash equivalents is limited due to cash being held at banks or money market funds considered credit worthy by the Fund Manager, with high credit ratings assigned by international credit rating agencies. Note 28 details the Group\u2019s exposure as a lessor in respect of future minimum rentals receivable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-321": { "value": "d) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its liquidity and funding risks by considering cash flow forecasts and ensuring sufficient cash balances are held within the Group to meet future needs. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of financing through appropriate and adequate credit lines, and the ability of customers to settle obligations within normal terms of credit. The Company ensures, through forecasting of capital requirements, that adequate cash is available. The Group has been in compliance with all financial covenants on its external borrowings throughout the year. The following table details the Group\u2019s remaining contractual maturing for its financial and lease liabilities. The tables have been drawn up based on the undiscounted cash flows of financial and lease liabilities, including future interest payments, based on the earliest date on which the Group can be required to pay.
Less than Two to five More than
one year years five years Tot al
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2024
Borrowings
17,892
11,573
150,275
179,740
Interest on borrowings
5,227
15,601
49,980
70,808
Obligations under finance leases
921
3,649
121,023
125,593
Payables and accruals
8,957
\u2013
\u2013
8,957
32,997
30,823
321,278
385,098
2023
Borrowings
23,327
11,742
146,678
181,747
Interest on borrowings
5,227
15,601
49,980
70,808
Obligations under finance leases
1,005
4,000
130,946
135,951
Payables and accruals
6,713
\u2013
\u2013
6,713
36,272
31,343
4
327,60
395,219
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-322": { "value": "e) Capital risk management The Group manages its capital to ensure the entities in the Group will be solvent through the wind down period whilst maximising the return to shareholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt (note 20), cash and cash equivalents (note 18) and equity attributable to the shareholders of the Company (comprising share capital, retained earnings and the other reserves as referred in notes 23 to 25). The Group\u2019s management reviews the capital structure on a regular basis in conjunction with the Board. As part of this review management considers the cost of capital, risks associated with each class of capital and debt and the amount of any dividends to shareholders.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Obligations under finance leases
28,747
31,589
Borrowings (book value)
179,740
181,747
Cash and cash equivalents
(11,091)
(8,805)
Net debt
197,
396
204,531
Equity attributable equity holders
151,001
168,679
Net debt to equity ratio
1.31
1.21
Borrowings excluding finance lease liability
179,740
181,747
Available cash*
(9,250)
(6,998)
Net debt excluding lease liability and cash
170,490
174,749
Total assets less finance lease gross up and cash
340,574
349,040
Loan to Value (LTV) leverage ratio
0.50
0.50
* Available cash includes amounts held by US Bank in respect of funds required as a debt service reserve for the shared ownership debt but excludes other restricted cash balances. The LTV leverage ratio has been presented to enable a comparison of the group\u2019s borrowings as a proportion of Gross Assets as at 30 September 2024 to its target LTV leverage ratio of 50.0%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-323": { "value": "
f) Reconciliation of financial liabilities to financing activities:
Borrowings
due within
one year
(note 20)
Borrowings
due in more Lease
than one year liabilities Interest
(note 20) (note 28) payable Tot al
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 October 2023
23,327
158,420
31,589
756
214,092
Cash flows
Borrowings repaid
\u2013
(9,039)
\u2013
\u2013
(9,039)
Interest paid
\u2013
\u2013
\u2013
(7,042)
(7,042)
Non-cash flows
Reclassification of borrowings
(5,435)
5,435
\u2013
\u2013
\u2013
Amortisation of debt set up fees
\u2013
218
\u2013
\u2013
218
Change in fair value of borrowings
\u2013
6,814
\u2013
\u2013
6,814
Recognition of headlease
liabilities acquired
\u2013
\u2013
(2,842)
\u2013
(2,842)
Interest and commitment charge
\u2013
\u2013
\u2013
6,973
6,973
At 30 September 2024
17,892
161,848
28,747
687
209,174
Borrowings Borrowings
due within due in more Lease
one year than one year liabilities Interest
(note 20) (note 20) (note 28) payable Tot al
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 October 2022
14,285
175,420
31,342
564
221,611
Cash flows
Borrowings advanced
\u2013
16,800
\u2013
\u2013
16,800
Borrowings repaid
(17,281)
\u2013
\u2013
\u2013
(17, 281)
Debt arrangement fees paid
\u2013
(18)
\u2013
\u2013
(18)
Interest and commitment fees paid
\u2013
\u2013
\u2013
(6,394)
(6,394)
Non-cash flows
Reclassification of borrowings
26,323
(26,323)
\u2013
\u2013
\u2013
Amortisation of debt set up fees
\u2013
288
\u2013
\u2013
288
Change in fair value of borrowings
\u2013
( 7,747)
\u2013
\u2013
( 7,747)
Recognition of headlease
liabilities acquired
\u2013
\u2013
247
\u2013
247
Interest and commitment charge
6,586
6,586
23,327
158,420
31,589
756
214,092
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-21": { "value": "22. Recycled Capital Grant
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Grant brought forward
585
205
Transfer on staircasing
270
380
Grant carried forward
855
585
ReSI\u2019s shared ownership portfolio has been supported by grant funding, which is designed to facilitate the delivery of affordable housing projects. In some circumstances, typically when a shared owner staircases, ReSI will be required to recycle the grant into the purchase of new properties within three years or to repay it to the relevant grant provider. On disposal/staircasing of a grant funded property, the Group initially recognises a liability in the Recycled Capital Grant fund. If the disposal receipts are not subsequently recycled, the grant will be repaid. The balance at 30 September 2024 was \u00a3855,000 (2023: \u00a3585,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-300": { "value": "
23. Share capital account
Number of
Ordinary
1p shares
\u00a3\u2019000
At 30 September 2023 and 2024
194,149,261
1,941
The share capital account relates to amounts subscribed for share capital.
Rights, preferences and restrictions on shares
All Ordinary Shares carry equal rights; no privileges are attached to any shares in the Company. All the shares are freely
transferable, except as otherwise provided by law. The holders of Ordinary Shares are entitled to receive dividends as
declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with
regard to the Company\u2019s residual assets.
Treasury shares do not hold any voting rights.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-22": { "value": "23. Share capital account
Number of
Ordinary
1p shares
\u00a3\u2019000
At 30 September 2023 and 2024
194,149,261
1,941
The share capital account relates to amounts subscribed for share capital. Rights, preferences and restrictions on shares All Ordinary Shares carry equal rights; no privileges are attached to any shares in the Company. All the shares are freely transferable, except as otherwise provided by law. The holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company\u2019s residual assets. Treasury shares do not hold any voting rights. 24. Reserves The nature and purpose of each of the reserves included within equity at 30 September 2024 are as follows: Share premium reserve: represent the surplus of the gross proceeds of share issues over the shares, net of the direct costs of equity issues. Treasury shares reserve: represent value of shares purchased by the Company in excess of nominal value.
\u00a3\u2019000
Share premium
At 30 September 2023 and 30 September 2024
14,605
\u00a3\u2019000
Treasury share reserve
At 30 September 2023 (8,295)
Purchase of treasury shares (269)
Transferred as part of Fund Management fee 265
At 30 September 2024 (8,299)
The movement in these reserves during the year are disclosed in the statement of changes in equity. The Company held 8,985,980 shares in treasury as at 30 September 2024 (2024: 8,985,980). 25. Retained earnings
\u00a3\u2019000
At 30 September 2023 160,428
Loss for the year (10,048)
Share based payment charge 342
Issue of management shares (342)
Dividends (7,626)
At 30 September 2024 142,754
Retained earnings incorporate all gains and losses and transactions with shareholders (e.g. dividends) not recognised elsewhere.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-301": { "value": "
24. Reserves
The nature and purpose of each of the reserves included within equity at 30 September 2024 are as follows:
Share premium reserve: represent the surplus of the gross proceeds of share issues over the shares, net of the direct
costs of equity issues.
Treasury shares reserve: represent value of shares purchased by the Company in excess of nominal value.
\u00a3\u2019000
Share premium
At 30 September 2023 and 30 September 2024
14,605
\u00a3\u2019000
Treasury share reserve
At 30 September 2023 (8,295)
Purchase of treasury shares (269)
Transferred as part of Fund Management fee 265
At 30 September 2024 (8,299)
The movement in these reserves during the year are disclosed in the statement of changes in equity.
The Company held 8,985,980 shares in treasury as at 30 September 2024 (2024: 8,985,980).
25. Retained earnings
\u00a3\u2019000
At 30 September 2023 160,428
Loss for the year (10,048)
Share based payment charge 342
Issue of management shares (342)
Dividends (7,626)
At 30 September 2024 142,754
Retained earnings incorporate all gains and losses and transactions with shareholders (e.g. dividends) not recognised elsewhere.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-324": { "value": " Treasury shares reserve: represent value of shares purchased by the Company in excess of nominal value.
\u00a3\u2019000
Share premium
At 30 September 2023 and 30 September 2024
14,605
\u00a3\u2019000
Treasury share reserve
At 30 September 2023 (8,295)
Purchase of treasury shares (269)
Transferred as part of Fund Management fee 265
At 30 September 2024 (8,299)
The movement in these reserves during the year are disclosed in the statement of changes in equity. The Company held 8,985,980 shares in treasury as at 30 September 2024 (2024: 8,985,980). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-23": { "value": "26. Group entities The Group entities which are owned either directly by the Company or indirectly through a subsidiary undertaking are:
Principal
Percentage of Country of place of
Name of entity ownership incorporation
business
Principal activity
RHP Holdings Limited
100%
UK
UK
Holding company
ReSI Portfolio Holdings Limited
100%
UK
UK
Holding company
The Retirement Housing Partnership
100%
UK
UK
Property investment
ReSI Housing Limited
100%
UK
UK
Registered Provider
of Social Housing
Wesley House (Freehold) Limited
100%
UK
UK
Property investment
Eaton Green (Freehold) Limited
100%
UK
UK
Property investment
Name of entity
Registered address
ReSI Portfolio Holdings Limited
5 New Street Square, London. EC4A 3TW
RHP Holdings Limited
5 New Street Square, London, England. EC4A 3TW
The Retirement Housing Limited Partnership
First Floor 2 Tangier Central, Castle Street, Taunton, Somerset, TA1 4AS
ReSI Housing Limited
5 New Street Square, London. EC4A 3TW
Wesley House (Freehold) Limited
5 New Street Square, London. EC4A 3TW
Eaton Green (Freehold) Limited
5 New Street Square, London. EC4A 3TW
All group entities are UK tax resident.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-24": { "value": "27. Dividends
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Amounts recognised as distributions to shareholders in the period:
4th interim dividend for the year ended 30 September 2022 of 1.29p per share
\u2013
2,389
1st interim dividend for the year ended 30 September 2023 of 1.29p per share
\u2013
2,388
2nd interim dividend for the year ended 30 September 2023 of 1.29p per share
\u2013
2,388
3rd interim dividend for the year ended 30 September 2023 of 1.29p per share
\u2013
2,388
4th interim dividend for the year ended 30 September 2023 of 1.03p per share
1,907
\u2013
1st interim dividend for the year ended 30 September 2024 of 1.03p per share
1,906
\u2013
2nd interim dividend for the year ended 30 September 2024 of 1.03p per share
1,907
\u2013
3rd interim dividend for the year ended 30 September 2024 of 1.03p per share
1,906
\u2013
7,626
9,553
Amounts not recognised as distributions to shareholders in the period:
4th interim dividend for the year ended 30 September 2023 of 1 .03p per share
\u2013
1, 9 0 3
4th interim dividend for the year ended 30 September 2024 of 1 .03p per share
1 ,907
\u2013
Categorisation of dividends for UK tax purposes:
Amounts recognised as distributions to shareholders in the period:
Property Income Distribution (PID)
7,626
9,553
Non-PID
\u2013
\u2013
7,626
9,553
On 5 December 2023, the Company declared its final dividend of 1.03p per share for the period 1 July 2023 to 30 September 2023. On 31 January 2024, the Company declared its first interim dividend of 1.03p per share for the period 1 October 2023 to 31 December 2023. On 18 June 2024, the Company declared its second interim dividend of 1.03p per share for the period 1 January 2024 to 31 March 2024. On 1 August 2024, the Company declared its third interim dividend of 1.03p per share for the period 1 April 2024 to 30 June 2024. On 6 December 2024, 99.7% of shareholders voted for a Managed Realisation and Wind-down together with associated amendments to Company\u2019s Investment Policy. Effective from this date, the Company will be managed with the intention of realising all the existing assets in its portfolio in an orderly manner and with a view to making timely returns of capital to shareholders while aiming to obtain the best achievable value for the Company\u2019s assets at the time of their realisations. The Company and the Fund Manager have also agreed to amend the terms of the Fund Manager\u2019s fee arrangements so as to ensure that the Fund Manager is appropriately incentivised to maximise the value received from the Company\u2019s assets in a timely manner. Under this new fee structure, the Fund Manager will continue to be paid its current Fund Management Fee, which was rebased, effective 1 January 2024, to the average of the Company\u2019s Market Capitalisation and the Net Asset Value for the relevant quarter (the Current Fund Management Fee), in addition to a new incentivisation fee which will comprise a disposal base fee (the Base Fee) and a conditional disposal fee (the Conditional Disposal Fee and, together with the Base Fee, the Incentivisation Fee), where fees will be linked to both the execution and the net realised value of asset sales accounting for the repayment or transfer of outstanding debt and any taxes payable, as described below. In addition to the below, the Company and the Fund Manager have agreed that the notice period under the Fund Management Agreement will be reduced from twelve months down to three months. The Fund Manager\u2019s existing fee arrangement will be replaced, effective from 1 January 2025, with the following: 1 the Current Fund Management Fee on that part of the Net Asset Value up to and including \u00a3250mn, being an amount equal to 1 per cent. per annum of such part of the average of the Company\u2019s Market Capitalisation and Net Asset Value. The Current Fund Management Fee is paid quarterly in advance. 75 per cent. of the total Current Fund Management Fee is payable in cash (the Cash Fee) and 25 per cent. of the total Current Fund Management Fee (net of any applicable tax) is payable in the form of Ordinary Shares rather than cash (the Equity Element); and 2 the Incentivisation Fee payable in connection with the Managed Realisation and Wind-Down, consisting of: a. the Base Fee, being a fee of \u00a3700,000 (plus VAT, if applicable), payable in two equal instalments of \u00a3350,000, on completion of the sale of each of the Shared Ownership portfolio and the Retirement Living portfolio; and b. the Conditional Disposal Fee, being a maximum fee of \u00a3500,000, first accruing if net disposal proceeds received from 1 January 2025 after repayment or transfer of debt and any taxes payable by the Company but before transaction costs and debt break fees (Net Disposal Proceeds) are equivalent to not less than 90 per cent. of the Company\u2019s EPRA Net Tangible Assets as at 30 September 2024 (the Benchmark EPRA NTA), and moving on a straight-line basis from 90 per cent. to 100 per cent. of the Benchmark EPRA NTA, which shall be payable on liquidation of the Company. For the avoidance of doubt, the sum of the Base Fee and Conditional Disposal Fee shall not exceed \u00a31,200,000. On 21 January 2025, the Company announced the declaration of a fourth interim dividend of 1.03 pence per share for the period 1 July 2024 to 30 September 2024 which will be payable on 21 February 2025 to shareholders on the register at the close of business on 31 January 2025. The Company intends to continue to pay dividends to shareholders on a quarterly basis in accordance with the REIT regime. Dividends are not payable in respect of its Treasury shares held.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-302": { "value": "0.0103", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800D24WA531LAR763", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-305": { "value": "1903000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800D24WA531LAR763", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-303": { "value": "0.0103", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-304": { "value": "1907000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-25": { "value": "28. Lease arrangements The Group as lessee The Group holds 2,191 properties (30 September 2023: 2,207) under leasehold with an average unexpired lease term of 153 years (30 September 2023: 154 years). The Group did not have any short-term leases or leases for low value assets accounted for under IFRS 16 paragraph 6, nor any sale and leaseback transactions. At 30 September 2024, the Group had outstanding commitments for future minimum lease payments under non-cancellable leases, which fall due as follows:
Ten to More than
Less than Two to Six to twenty twenty
one year five years ten years years years Tot al
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Minimum lease payments
921
3,649
4,550
9,089
107,385
125,594
Interest
\u2013
(266)
(394)
(1,375)
(94,812)
(96,847)
Present value at 30 September 2024
921
3,383
4,156
7,714
12,573
28,747
Ten to More than
Less than Two to Six to twenty twenty
one year five years ten years years years Tot al
As at 30 September 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Minimum lease payments
1,005
4,000
5,000
10,001
115, 945
135,951
Interest
\u2013
(292)
(433)
(1,512)
(102,125)
(104,362)
Present value at 30 September 2023
1,005
3,708
4,567
8,489
13,820
31,589
The majority of restrictions imposed are the covenants in place limiting tenancies to people of retirement age. The interest expense in respect of lease liabilities for the period was \u00a31,020,000 (2023: \u00a3978,000). There was no expense relating to variable lease payments in the period (2023: Nil). The Group did not have any short-term leases or leases for low value assets accounted for under IFRS 16 paragraph 6, nor any sale and leaseback transactions. The total cash outflow in respect of leases was \u00a31,020,000 (2023: \u00a3978,000). The Group as lessor The Group leases some of its investment properties under operating leases. At the balance sheet date, the Group had contracted with tenants for the following future aggregate minimum rentals receivable under non-cancellable operating leases:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Receivable within 1 year
8,346
8,689
Receivable between 1-2 years
4,894
6,353
Receivable between 2-3 years
4,758
5,359
Receivable between 3-4 years
4,758
5,160
Receivable between 4-5 years
4,758
4,441
Receivable between 5-10 years
23,713
22,166
Receivable between 10-20 years
47,388
44,283
Receivable after 20 years
462,127
435,467
560,742
531,918
The total of contingent rents recognised as income during the period was \u00a3nil (2023: \u00a3nil). The majority of leases are assured tenancy or assured shorthold tenancy agreements. The table above shows the minimum lease payments receivable under the assumption that all tenants terminate their leases at the earliest opportunity. However, assured tenancies are long-term agreements providing lifetime security of tenure to residents. The leases in the licensed retirement homes portfolio are indefinite and would only be terminated in the event that the leaseholders of the relevant retirement development vote to no longer have a resident house manager living at their development. The Group\u2019s shared ownership properties are let to Shared Owners on leases with initial lease terms of between 130 to 999 years. One of the Group\u2019s properties are let out on more traditional leases which account for approximately 8% of total rental income. The table below shows our expected lease receivables, excluding future rent reviews, from existing leases based on historical turnover rates consistent with our assumptions for valuing the properties:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Receivable within 1 year
29,849
29,138
Receivable between 1-2 years
24,627
25,118
Receivable between 2-3 years
21,143
20,940
Receivable between 3-4 years
18,422
18 ,154
Receivable between 4-5 years
16,207
15,328
Receivable between 5-10 years
59,513
56,214
Receivable between 10-20 years
74,106
69,698
Receivable after 20 years
479,113
451,628
722,980
686,218
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-26": { "value": "29. Net asset value (NAV) per share
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Net assets
151,001
168,679
151,001
168,679
Ordinary shares in issue at period end (excluding shares held in treasury)
185,163,281
185,163,281
Basic NAV per share (pence)
81.6
91.1
The NAV is calculated as the net assets of the Group attributable to shareholders divided by the number of Ordinary Shares in issue at the period end. EPRA Net Tangible Assets (EPRA NTA) per share
2024 2023
\u00a3\u2019000 \u00a3\u2019000
IFRS NAV per the financial statements
151,001
168,679
Revaluation of trading properties
\u2013
66
Fair value of financial instruments
(12,845)
(17,292)
Real estate transfer tax
\u2013
\u2013
EPRA NTA
138,156
151,453
Fully diluted number of shares
185,163
185,163
EPRA NAV per share (pence)
74.6
81.8
EPRA NTA is equivalent to EPRA Net Reinstatement Value The EPRA NTA per share calculated as the EPRA NTA of the Group attributable to shareholders divided by the number of Ordinary Shares in issue at the period end. The Group has debt which it elected to carry at fair value through profit and loss. In accordance with the EPRA Best Practice Recommendations, EPRA NTA reflects the amortised cost of the debt rather than its fair value", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-306": { "value": "
30. Contingent liabilities and commitments
ReSI\u2019s shared ownership portfolio has been supported by \u00a315.0mn of grant funding. In some circumstances, typically
when a Shared Owner staircases, ReSI will be required to recycle the grant into the purchase of new properties within three
years or to repay it to the grant providing body (see note 22).
There are no provisions for fines and settlements specified for ESG (Environmental, Social or Governance) or
any other issues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-27": { "value": "30. Contingent liabilities and commitments ReSI\u2019s shared ownership portfolio has been supported by \u00a315.0mn of grant funding. In some circumstances, typically when a Shared Owner staircases, ReSI will be required to recycle the grant into the purchase of new properties within three years or to repay it to the grant providing body (see note 22). There are no provisions for fines and settlements specified for ESG (Environmental, Social or Governance) or any other issues.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-325": { "value": "30. Contingent liabilities and commitments ReSI\u2019s shared ownership portfolio has been supported by \u00a315.0mn of grant funding. In some circumstances, typically when a Shared Owner staircases, ReSI will be required to recycle the grant into the purchase of new properties within three years or to repay it to the grant providing body (see note 22). There are no provisions for fines and settlements specified for ESG (Environmental, Social or Governance) or any other issues.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-28": { "value": "31. Related party disclosure As defined by IAS 24 Related Party Disclosures, parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. For the year ended 30 September 2024, the Directors of the Group are considered to be the key management personnel. Details of amounts paid to Directors for their services can be found within note 8, Directors\u2019 fees and expenses. For the year ended 30 September 2024, Gresham House Asset Management Limited (GHAM) acted as alternative investment fund manager (the \u201cFund Manager\u201d) pursuant to the Fund Management Agreement. The Fund Manager has responsibility for the day-to-day management of the Company\u2019s assets in accordance with the Investment policy subject to the control and directions of the Board. The Fund Management agreement is terminable on not less than 12 months\u2019 notice. The Fund Manager is entitled to an annual management fee (the \u201cFund Manager Fee\u201d) under the Fund Management Agreement with effect from the date of Admission, as follows: a) on that part of the Net Asset Value up to and including \u00a3250mn, an amount equal to 1% p.a. of such part of the average of ReSI plc market capitalisation and Net Asset Value; b) on that part of the Net Asset Value over \u00a3250mn and including \u00a3500mn, an amount equal to 0.9% p.a. of such part of the average of ReSI plc market capitalisation and Net Asset Value; c) on that part of the Net Asset Value over \u00a3500mn and up to and including \u00a31,000mn, an amount equal to 0.8% p.a. of such part of the average of ReSI plc market capitalisation and Net Asset Value; or d) on that part of the Net Asset Value over \u00a31,000mn, an amount equal to 0.7% p.a. of such part of the average of ReSI plc market capitalisation and Net Asset Value. The Fund Management Fee is paid quarterly in advance. 75% of the total Fund Management Fee is payable in cash and 25% of the total Fund Management Fee (net of any applicable tax) is payable in the form of Ordinary Shares rather than cash. For the year ended 30 September 2024, the Company incurred \u00a31,411,000 (2023: \u00a31,885,000) in respect of fund management fees of which \u00a3617,000 was outstanding as at 30 September 2024 (2023: \u00a3315,000). The above fee was split between cash and equity as per the Fund Management Agreement with the cash equating to \u00a31,051,000 (2023: \u00a31,414,000) and the equity element of \u00a3360,000 (2023: \u00a3471,000) being paid as 611,992 Ordinary Shares (2023: 601,947) at an average price of \u00a30.59 per share (2023: \u00a30.78 per share). During the period the Directors and the Fund Manager received dividends from the Company of \u00a321,000 (2023: \u00a323,000) and \u00a3113,000 (2023: \u00a3109,000) respectively. ReSI Property Management Limited (RPML) is a wholly owned subsidiary of Gresham House Asset Management Limited and provides property management services to the Group on a cost pass through basis with no profit margin. During the year, RPML charged fees of \u00a32,173,000 (2023: \u00a31,978,000) in respect of costs incurred in providing property management services and \u00a3nil (2023: \u00a3155,000) in respect of non-recurring costs to cover redundancy costs as we restructured the RPML team into three regional teams.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-29": { "value": "32. Post balance sheet event On 6 December 2024, shareholders voted for and accepted a new investment objective which seeks to realise all the existing assets in the Company\u2019s portfolio in an orderly manner. The Company will pursue its investment objective by effecting an orderly realisation of its assets while seeking to balance maximising returns for shareholders against timing of disposals. Capital expenditure will be permitted where it is deemed necessary or desirable in connection to the realisation, primarily where such expenditure is necessary to protect or enhance an asset\u2019s realisable value. On 10 January 2025, Wesley House (Freehold) Limited, disposed of the freehold interest of its local authority asset for a gross consideration of \u00a315.3mn. On 13 January 2025, \u00a315.0mn was repaid on the Santander RCF, leaving the facility fully undrawn at the date of signing. There have been no other significant events that require disclosure to, or adjustment in the financial statements as at 30 September 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800D24WA531LAR763", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } } } }