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"value": "Notes forming part of the Group financial statements 1 Accounting policies Basis of preparation Great Portland Estates plc is a public company limited by shares incorporated and domiciled in the United Kingdom (England and Wales). The address of the registered office is given on page 203. The financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and the requirements of the Companies Act 2006. The financial statements have been prepared on the historical cost basis, except for the revaluation of properties and certain financial instruments which are held at fair value. The consolidated financial statements, including the results and financial position, are expressed in sterling (\u00a3), which is the presentation currency of the Group. The Directors have considered the appropriateness of adopting the going concern basis in preparing the financial statements for the year ended 31 March 2023, with particular focus on the impact of the macro-economic conditions in which the Group is operating. This assessment is for the 12-month period following the date of approval of the accounts and is based on the Group\u2019s financial forecasts, including a going concern scenario which included the following key assumptions: \u2013 a 20% decline in the valuation of the property portfolio; and \u2013 a marginal decline in EPRA earnings. The going concern scenario demonstrates that the Group over the next 12 months: \u2013 has significant liquidity to fund its ongoing operations; \u2013 is operating with significant headroom above its Group debt financing covenants; \u2013 property values would have to fall by a further 26% before breach (or 58% from 31 March 2023 values); \u2013 earnings before interest and tax would need to fall by a further 80% before breach (or 87% from 31 March 2023 levels); and \u2013 has sufficient liquidity to continue its operations if the Group\u2019s \u00a3175 million private placement notes, that mature in May 2024, are not refinanced. However, the Directors are confident in the Group\u2019s ability to refinance this facility. The Directors also conducted extensive stress testing, sensitising the potential impact of climate change as detailed further in the viability statement as well as the impact of removing non-committed disposal proceeds and capital expenditure. Based on these considerations, together with available market information and the Directors\u2019 knowledge and experience of the Group\u2019s property portfolio and markets, the Directors have adopted the going concern basis in preparing the accounts for the year ended 31 March 2023. The Group has adopted a number of alternative performance measures, see note 8 for further detail. Critical judgements and key sources of estimation uncertainty In the process of preparing the financial statements, the Directors are required to make certain judgements, assumptions and estimates. Not all of the Group\u2019s accounting policies require the Directors to make difficult, subjective or complex judgements or estimates. Any estimates and judgements made are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors\u2019 best knowledge of the amount, event or actions, actual results may differ from those estimates. No critical judgements have been made. The following is intended to provide an understanding of the estimates that management consider critical because of the level of complexity, judgement or estimation involved in their application and their material impact on the financial statements. Key source of estimation uncertainty: property portfolio valuation The valuation to determine the fair value of the Group\u2019s investment properties is prepared by its external valuer. The valuation is based upon a number of assumptions, including future rental income, anticipated maintenance costs, future development costs and an appropriate discount rate. The valuer also makes reference to market evidence of transaction prices for similar properties. An adjustment to any of these assumptions could lead to a material change in the property valuation. For the current year and prior year, the Directors adopted the valuation without adjustment \u2013 further information is provided in the accounting policy for investment property and note 9. New accounting standards In the current year, the Group has applied a number of amendments to IFRSs that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. These new standards and amendments are listed below: \u2013 Amendments to IFRS 3 \u2013 Reference to the conceptual framework; \u2013 Amendments to IAS 16 \u2013 Property, plant and equipment proceeds before intended use; \u2013 Amendments to IAS 37 \u2013 Onerous contracts, cost of fulfilling a contract; and \u2013 Annual improvements to IFRS Standards 2018\u201320. 1 Accounting policies continued At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective: \u2013 IFRS 17 \u2013 Insurance contracts; \u2013 Amendments to IAS 1 \u2013 Classification of liabilities as current or non current (including deferral of effective date); \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of accounting policies; \u2013 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction; \u2013 Amendments to IAS 8 \u2013 Definition of accounting estimates; and \u2013 Amendments to IFRS 10 and IAS 28 \u2013 Sales or Contributions of Assets between an investor and its Associate or Joint Venture. The Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group in future periods. The Group has assessed the impact of the IFRS Interpretation Committee\u2019s recent agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7). The Group holds customer deposits in separate designated bank accounts where the use of the monies is restricted and defined in the lease agreements; however, the access to these monies by the Group is not restricted. Following the clarification by IFRIC, these customer deposits are judged to meet the definition of \u2018cash\u2019 under IAS 7. The Group comparative balances have been restated to reflect this change in classification, which resulted in \u00a316.7 million of customer deposits as at 31 March 2022 being reclassified and presented gross as cash and cash equivalents and payables with no impact on net assets or the income statement. Basis of consolidation The Group\u2019s financial statements consolidate the financial statements of the Company and all its subsidiary undertakings for the year ended 31 March 2023. Subsidiary undertakings are those entities controlled by the Group. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the investee. Revenue Gross rental income comprises rental income and premiums on lease surrenders on investment properties for the year, exclusive of service charges receivable, on a straight-line basis. Initial direct costs incurred in arranging a lease are added to the carrying value of investment properties and are subsequently recognised as an expense over the lease term on the same basis as the lease income. Lease incentives, including rent-free periods and payments to customers, are allocated to the income statement on a straight-line basis over the lease term or on another systematic basis, if applicable. The value of resulting accrued rental income is included within the respective property, with the aggregate cost of the incentive recognised as a reduction in rental income on a straight-line basis over the term of the lease. Revenue from Fully Managed spaces is split between an amount attributable to the rent on a fitted basis and services income. The rent is recognised in gross rental income (see above) and the services income is recorded over the period when the services are provided and benefit the customer. The Group\u2019s Flex Partnerships represent leases with third-party operators where the rent payable is calculated by reference to the profitability of the space under management. The rent is recognised in gross rental income (see above). Service charge income is recorded over the period when the services are provided and benefit the customer. Cost of sales Service charge expenses (including the cost of service provision in our Fully Managed spaces) represent the costs of operating the Group\u2019s portfolio and are expensed as incurred. Other property expenses represent irrecoverable running costs directly attributable to specific properties within the Group\u2019s portfolio. Costs incurred in the improvement of the portfolio which, in the opinion of the Directors, are not of a capital nature are written-off to the income statement as incurred. Administration expenses Costs not directly attributable to individual properties are treated as administration expenses. Share-based payments The cost of granting share-based payments to employees and Directors is recognised within administration expenses in the income statement. The Group has used the stochastic model to value the grants, which is dependent upon factors including the share price, expected volatility and vesting period, and the resulting fair value is amortised through the income statement over the vesting period. The charge is recognised over the vesting period and reversed if it is likely that any non-market-based performance or service criteria will not be met. Any cost in respect of share-based payments relating to the employees of a subsidiary company is recharged accordingly . Notes forming part of the Group financial statements continued 1 Accounting policies continued Segmental analysis The Directors are required to present the Group\u2019s financial information by business segment or geographical area. This requires a review of the Group\u2019s organisational structure and internal reporting system to identify reportable segments and an assessment of where the Group\u2019s assets or customers are located. All of the Group\u2019s revenue is generated from investment properties located in central London. The properties are managed as a single portfolio by a portfolio management team whose responsibilities are not segregated by location or type, but are managed on an asset-by-asset basis. The majority of the Group\u2019s assets are mixed-use, therefore the office (including Flex space), retail and any residential space is managed together. Within the property portfolio, the Group has a number of properties under development. The Directors view the Group\u2019s development activities as an integral part of the life cycle of each of its assets rather than a separate business or division. The nature of developing property means that whilst a property is under development it generates no revenue and has no operating results. Once a development has completed, it returns to the investment property portfolio, or if it is a trading property, it is sold. The Directors have considered the nature of the business, how the business is managed and how they review performance, and in their judgement, the Group has only one reportable segment. The components of the valuation, as provided by the external valuer, are set out in note 9. Investment property Both leasehold and freehold investment properties and investment properties under development are professionally valued on a fair value basis by qualified external valuers and the Directors must ensure that they are satisfied that the valuation of the Group\u2019s properties is appropriate for inclusion in the accounts without adjustment. The valuation of the property portfolio reflects its fair value taking into account the market view of all relevant factors, including the climate-related risks associated with the properties. This includes the impact of expected regulatory changes. The valuations have been prepared in accordance with the current versions of the RICS Valuation \u2013 Global Standards (incorporating the International Valuation Standards (IVS)) and the UK national supplement (the Red Book) and have been primarily derived using comparable recent market transactions on arm\u2019s length terms. For investment property, this approach involves applying market-derived capitalisation yields to current and market- derived future income streams with appropriate adjustments for income voids arising from vacancies or rent-free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions and are considered to be the key inputs in the valuation. Other factors that are taken into account in the valuations include the tenure of the property, tenancy details, non- payment of rent, planning, building and environmental factors that might affect the property. In the case of investment property under development, the approach applied is the \u2018residual method\u2019 of valuation, which is the investment method of valuation as described above with a deduction for the costs necessary to complete the development, together with an allowance for the remaining risk. The Group recognises sales and purchases of property when control passes on completion of the contract. Gains or losses on the sale of properties are calculated by reference to the carrying value at the end of the previous year, adjusted for subsequent capital expenditure. Lease obligations Where the Group is a lessee, a right of use asset and lease liability are recognised at the outset of the lease. The lease liability is initially measured at the present value of the lease payments based on the Group\u2019s expectations of the likelihood of the lease term. The lease liability is subsequently adjusted to reflect an imputed finance charge, payments made to the lessor and any lease modifications. The right of use asset is initially measured at cost, which comprises the amount of the lease liability and direct costs incurred, less any lease incentives received by the Group. The Group has two categories of right of use assets: those in respect of head leases related to its leasehold properties and an occupational lease for its head office. The right of use asset in respect of head leases is classified as investment property and is added to the carrying value of the leasehold investment property. The right of use asset in respect of its occupational leases is classified as property, plant and equipment and is subsequently depreciated over the length of the lease. Depreciation No depreciation is provided in respect of freehold investment properties and leasehold investment properties. Plant and equipment is held at cost less accumulated depreciation. Depreciation is provided on plant and equipment, at rates calculated to write off the cost, less residual value prevailing at the balance sheet date of each asset evenly over its expected useful life, as follows: Fixtures and fittings \u2013 over three to five years. Leasehold improvements \u2013 over the term of the lease. Joint ventures Joint ventures are accounted for under the equity method where, in the Directors\u2019 judgement, the Group has joint control of the entity. The Group\u2019s level of control in its joint ventures is driven both by the individual agreements which set out how control is shared by the partners and how that control is exercised in practice. The Group balance sheet contains the Group\u2019s share of the net assets of its joint ventures. Balances with partners owed to or from the Group by joint ventures are included within investments. The Group\u2019s share of joint venture profits and losses are included in the Group income statement in a single line. All of the Group\u2019s joint ventures adopt the accounting policies of the Group for inclusion in the Group financial statements. There have been no new joint ventures during the year and no changes to any of the agreements in place. 1 Accounting policies continued Income tax Current tax is the amount payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full on temporary differences between the tax base of an asset or liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the asset is realised or the liability is settled. Deferred tax assets are recognised when it is probable that taxable profits will be available against which the deferred tax assets can be utilised. No provision is made for temporary differences arising on the initial recognition of assets or liabilities that affect neither accounting nor taxable profit. Tax is included in the income statement except when it relates to items recognised directly in other comprehensive income or equity, in which case the related tax is also recognised directly in other comprehensive income or equity. Pension benefits The Group contributes to a defined benefit pension plan which is funded with assets held separately from those of the Group. The full value of the net assets or liabilities of the pension fund is brought onto the balance sheet at each balance sheet date. Actuarial gains and losses are taken to other comprehensive income; all other movements are taken to the income statement. Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development is capitalised. Direct expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop, but does not include the original book cost of a site where no intention existed. Interest is capitalised from the start of the development work until the date of practical completion. The rate used is the Group\u2019s weighted average cost of borrowings or, if appropriate, the rate on specific associated borrowings. Other investments Other investments comprise investments in Pi Labs European PropTech venture capital fund, which is measured at fair value, based on the net assets of the fund; this is a Level 3 valuation as defined by IFRS 13. Changes in fair value are recognised in profit or loss. Financial instruments i Borrowings The Group\u2019s borrowings in the form of its debentures, private placement notes and bank loans are recognised initially at fair value, after taking account of any discount or premium on issue and attributable transaction costs. Subsequently, borrowings are held at amortised cost, with any discounts, premiums and attributable costs charged to the income statement using the effective interest rate method. ii Cash and cash equivalents Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible into a known amount of cash and are subject to insignificant risk of changes in value. iii Trade receivables and payables Trade receivables are initially measured at the transaction price, and are subsequently measured at amortised cost using the effective interest rate method. See note 13 for further information on trade receivables and associated expected credit losses. Trade payables are initially measured at fair value and subsequently measured at amortised cost. 2 Revenue 2023 \u00a3m 2022 \u00a3m Gross rental income 66.6 66.1 Spreading of lease incentives 5.9 1.2 Service charge income 12.5 11.2 Fully Managed services income 3.7 0.6 Trading property revenue 0.1 \u2013 Joint venture fee income 2.4 5.1 91.2 84.2 The table below sets out the Group\u2019s gross rental income split between types of space provided: 2023 \u00a3m 2022 \u00a3m Ready to Fit 42.4 45.5 Retail 11.1 13.1 Fitted 3.8 3.4 Fully Managed 4.1 1.6 Flex Partnerships 5.2 2.5 66.6 66.1 Notes forming part of the Group financial statements continued 2 Revenue continued The table below sets out the Group\u2019s net rental income, which is an alternative performance measure: 2023 \u00a3m 2022 \u00a3m Gross rental income 66.6 66.1 Expected credit loss (0.6) (3.6) Rental income 66.0 62.5 Spreading of lease incentives 5.9 1.2 Ground rents (1.0) (1.1) Net rental income 70.9 62.6 3 Cost of sales 2023 \u00a3m 2022 \u00a3m Service charge expenses (including Fully Managed service costs) 18.2 15.8 Other property expenses 13.0 13.2 Ground rent 1.0 1.1 32.2 30.1 The table below sets out the Group\u2019s property costs, which is an alternative performance measure: 2023 \u00a3m 2022 \u00a3m Service charge income (12.5) (11.2) Fully Managed services income (3.7) (0.6) Service charge expenses (including Fully Managed service costs) 18.2 15.8 Other property expenses 13.0 13.2 Expected credit loss 0.2 0.5 Property costs 15.2 17.7 4 Administration expenses 2023 \u00a3m 2022 \u00a3m Employee costs 26.3 24.5 Depreciation 1.7 1.6 Other head office costs 10.3 8.9 38.3 35.0 Included within employee costs is an accounting charge for the Employee Long Term Incentive Plan and deferred bonus shares of \u00a31.3 million (2022: \u00a32.3 million). Employee costs, including those of Directors, comprise the following: 2023 \u00a3m 2022 \u00a3m Wages and salaries (including annual bonuses) 22.4 18.3 Share-based payments 1.5 3.9 Social security costs 3.4 2.7 Other pension costs 2.3 2.2 29.6 27.1 Less: recovered through service charges (2.0) (1.8) Less: capitalised into development projects (1.3) (0.8) 26.3 24.5 4 Administration expenses continued Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 114 to 146. The Directors and the Executive Committee are considered to be key management for the purposes of IAS 24 \u2013 Related Party Transactions with their aggregate compensation set out below: 2023 \u00a3m 2022 \u00a3m Wages and salaries (including annual bonuses) 6.8 5.4 Share-based payments 0.3 1.5 Social security costs 1.0 1.0 Other pension costs 0.5 0.4 8.6 8.3 The number of people considered key management totalled 18 (2022: 17). The Group had loans to key management of \u00a317,882 outstanding at 31 March 2023. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s only related parties . Employee information The monthly average number of employees of the Group, including Directors, was: 2023 Number 2022 Number Head office and property management 145 129 Auditor\u2019s remuneration 2023 \u00a3000 2022 \u00a3000 Audit of the Company\u2019s annual accounts 242 212 Audit of subsidiaries 94 119 336 331 Audit-related assurance services, including the interim review 49 42 Sustainability assurance 63 61 Auditor\u2019s remuneration 448 434 5 Finance income 2023 \u00a3m 2022 \u00a3m Interest on balances with joint ventures 5.9 7.3 Interest on cash deposits 0.1 0.1 6.0 7.4 6 Finance costs 2023 \u00a3m 2022 \u00a3m Interest on revolving credit facilities 5.7 2.1 Interest on private placement notes 10.9 11.0 Interest on debenture stock 1.2 1.2 Interest on obligations under occupational leases 0.1 0.1 Interest on obligations under head leases 2.4 1.9 Gross finance costs 20.3 16.3 Less: capitalised interest at an average rate of 3.0% (2022: 2.9%) (8.8) (7.2) 11.5 9.1 Notes forming part of the Group financial statements continued 7 Tax 2023 \u00a3m 2022 \u00a3m Current tax UK corporation tax \u2013 current period \u2013 \u2013 UK corporation tax \u2013 prior periods \u2013 \u2013 Total current tax \u2013 \u2013 Deferred tax (0.1) (0.5) Tax credit for the year (0.1) (0.5) The effective rate of tax is lower (2022: lower) than the standard rate of tax. The difference arises from the items set out below: 2023 \u00a3m 2022 \u00a3m (Loss)/profit before tax (164.0) 166.7 Tax (credit)/charge on (loss)/profit at standard rate of 19% (2022: 19%) (31.2) 31.7 REIT tax exempt rental profits and gains (7.1) (8.0) Changes in fair value of properties not subject to tax 35.1 (25.8) Difference between accounting profit and tax profit on disposal 2.0 \u2013 Other 1.1 1.6 Tax credit for the year (0.1) (0.5) During the year, \u00a30.1 million (2022: \u00a30.5 million) of deferred tax was debited directly to equity. The Group recognised a net deferred tax asset at 31 March 2023 of \u00a3nil (2022: \u00a3nil). This consists of deferred tax assets of \u00a31.2 million (2022: \u00a30.8 million) and deferred tax liabilities of \u00a31.2 million (2022: \u00a30.8 million). Deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. The standard rate of tax increased on 1 April 2023 from 19% to 25%. Movement in deferred tax At 1 April 2022 \u00a3m Recognised in the income statement \u00a3m Recognised in equity \u00a3m At 31 March 2023 \u00a3m Net deferred tax asset/(liability) in respect of other temporary differences \u2013 0.1 (0.1) \u2013 A further deferred tax asset of \u00a36.9 million (2022: \u00a35.9 million), mainly relating to revenue losses and contingent share awards, was not recognised because it is uncertain whether future taxable profit will arise against which this asset can be utilised. As a REIT, the majority of rental profits and chargeable gains from the Group\u2019s property rental business are exempt from UK corporation tax. The Group is otherwise subject to corporation tax. In particular, the Group\u2019s REIT exemption does not extend to either profits arising from the sale of trading properties or gains arising from the sale of investment properties in respect of which a major redevelopment has completed within the preceding three years (including the sale of 50 Finsbury Square, EC2, which completed in February 2023). In order to ensure that the Group is able to both retain its status as a REIT and avoid financial charges being imposed, a number of tests (including a minimum distribution test) must be met by both Great Portland Estates plc and by the Group as a whole on an ongoing basis. These conditions are detailed in the Corporation Tax Act 2010. 8 Alternative performance measures and EPRA metrics As is usual practice in our sector, we use alternative performance measures (APMs) to help explain the performance of the business. These include quoting a number of measures on a proportionally consolidated basis to include joint ventures, as it best describes how we manage the portfolio, and using measures prescribed by the European Public Real Estate Association (EPRA). The measures defined by EPRA are designed to enhance transparency and comparability across the European real estate sector in accordance with its Best Practice Recommendations. The Directors consider these EPRA metrics, and the other metrics provided, to be the most appropriate method of reporting the value and performance of the business. A summary of our EPRA measures is on page 33. EPRA capital expenditure and EPRA NIY are included in note 9 and EPRA vacancy is set out on page 199. 8 Alternative performance measures and EPRA metrics continued Earnings per share Weighted average number of ordinary shares 2023 Number of shares 2022 Number of shares Issued ordinary share capital at 1 April 253,867,911 253,867,911 Investment in own shares (941,432) (877,335) Weighted average number of ordinary shares at 31 March \u2013 basic 252,926,479 252,990,576 Basic and diluted earnings per share Loss after tax 2023 \u00a3m Number of shares 2023 million Loss per share 2023 pence Profit after tax 2022 \u00a3m Number of shares 2022 million Earnings per share 2022 pence Basic (163.9) 252.9 (64.8) 167.2 253.0 66.1 Dilutive effect of LTIP shares \u2013 \u2013 \u2013 \u2013 0.1 (0.1) Diluted (163.9) 252.9 (64.8) 167.2 253.1 66.0 Basic and diluted EPRA earnings per share Loss after tax 2023 \u00a3m Number of shares 2023 million (Loss)/ Earnings per share 2023 pence Profit after tax 2022 \u00a3m Number of shares 2022 million Earnings per share 2022 pence Basic (163.9) 252.9 (64.8) 167.2 253.0 66.1 Deficit/(surplus) from investment property net of tax (note 9) 145.0 \u2013 57.3 (107.9) \u2013 (42.7) Deficit/(surplus) from joint venture investment property (note 10) 43.2 \u2013 17.1 (31.4) \u2013 (12.4) Trading property revenue (0.1) \u2013 \u2013 \u2013 \u2013 \u2013 Surplus on revaluation of other investments (note 12) (0.1) \u2013 \u2013 \u2013 \u2013 \u2013 Deferred tax (note 7) (0.1) \u2013 (0.1) (0.5) \u2013 (0.2) Basic EPRA earnings 24.0 252.9 9.5 27.4 253.0 10.8 Dilutive effect of LTIP shares (note 20) \u2013 0.2 \u2013 \u2013 0.1 \u2013 Diluted EPRA earnings 24.0 253.1 9.5 27.4 253.1 10.8 Net assets per share In October 2019, EPRA issued new Best Practice Recommendations for Net Asset Value (NAV) metrics; these recommendations are effective for accounting periods starting on 1 January 2020 and have been adopted by the Group. The recommendations include three NAV metrics: EPRA Net Tangible Assets (NTA), Net Reinvestment Value (NRV) and Net Disposal Value (NDV). We consider EPRA NTA to be the most relevant measure for the Group and the primary measure of NAV, definitions are included in the glossary. Number of ordinary shares 2023 Number of shares 2022 Number of shares Issued ordinary share capital 253,867,911 253,867,911 Investment in own shares (887,159) (877,335) Number of shares \u2013 basic 252,980,752 252,990,576 Dilutive effect of LTIP shares 326,340 145,862 Number of shares \u2013 diluted 253,307,092 253,136,438 Notes forming part of the Group financial statements continued 8 Alternative performance measures and EPRA metrics continued EPRA net assets per share at 31 March 2023 IFRS \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m EPRA NRV \u00a3m IFRS basic and diluted net assets 1,918.6 1,918.6 1,918.6 1,918.6 Fair value of financial liabilities (note 16) \u2013 \u2013 83.4 \u2013 Real estate transfer tax \u2013 \u2013 \u2013 173.6 Net assets used in per share calculations 1,918.6 1,918.6 2,002.0 2,092.2 IFRS EPRA NTA EPRA NDV EPRA NRV Net assets per share (pence) 758 758 791 827 Diluted net assets per share (pence) 757 757 790 826 EPRA net assets per share at 31 March 2022 IFRS \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m EPRA NRV \u00a3m IFRS basic and diluted net assets 2,112.9 2,112.9 2,112.9 2,112.9 Fair value of financial liabilities (note 16) \u2013 \u2013 7.9 \u2013 Real estate transfer tax \u2013 \u2013 \u2013 193.2 Net assets used in per share calculations 2,112.9 2,112.9 2,120.8 2,306.1 IFRS EPRA NTA EPRA NDV EPRA NRV Net assets per share (pence) 835 835 838 912 Diluted net assets per share (pence) 835 835 838 911 Total Accounting Return (TAR) 2023 Pence per share 2022 Pence per share Opening EPRA NTA (A) 835.0 779.0 Closing EPRA NTA 757.0 835.0 (Decrease)/increase in EPRA NTA (78.0) 56.0 Ordinary dividends paid in the year 12.6 12.6 Total return (B) (65.4) 68.6 Total Accounting Return (B/A) (7.8%) 8.8% Net gearing 2023 \u00a3m 2022 \u00a3m Nominal value of interest-bearing loans and borrowings (see note 15) 460.9 533.9 Obligations under occupational leases 2.0 2.9 Less: cash balances (unrestricted) (3.2) \u2013 Adjusted net debt (A) 459.7 536.8 Net assets 1,918.6 2,112.9 Pension asset (4.1) (3.5) Adjusted net equity (B) 1,914.5 2,109.4 Net gearing (A/B) 24.0% 25.4% 8 Alternative performance measures and EPRA metrics continued
EPRA loan-to-value and net debt
We consider loan-to-property value, including our share of joint ventures, to be the best measure of the Group\u2019s risk
from financial leverage. We also present net gearing as it is a key covenant on our loan facilities (see note 16).
2023
\u00a3m
2022
\u00a3m
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029 21.9 21.9
\u00a3450.0 million revolving credit facility 14.0 87.0
Private placement notes 425.0 425.0
Current interest-bearing loans and borrowings \u2013 0.2
Less: cash balances (unrestricted) (3.2) \u2013
Group net debt 457.7 534.1
Net payables (excluding customer rent deposits) 27.8 34.1
Group net debt including net payables 485.5 568.2
Joint venture net payables (at share) 3.4 4.7
Less: joint venture cash balances (at share) (17.7) (28.9)
Net debt including joint ventures (A) 471.2 544.0
Group properties at market value 1,855.5 2,088.8
Joint venture properties at market value 524.5 558.6
Properties at fair value including joint ventures (B) 2,380.0 2,647.4
EPRA loan-to-value (A/B) 19.8% 20.5%
EPRA cost ratio (including share of joint ventures)
2023
\u00a3m
2022
\u00a3m
Administration expenses 38.3 35.0
Property costs 15.2 17.7
Joint venture management fee income (note 2) (2.4) (5.1)
Joint venture property and administration costs (note 10) 2.2 1.9
EPRA costs (including direct vacancy costs) (A) 53.3 49.5
Direct vacancy costs (7.8) (8.9)
Joint venture direct vacancy cost (0.3) (0.8)
EPRA costs (excluding direct vacancy costs) (B) 45.2 39.8
Net rental income (note 2) 70.9 62.6
Joint venture net rental income (note 10) 18.2 24.0
Gross rental income (C) 89.1 86.6
Portfolio at fair value including joint ventures (D) 2,380.0 2,647.4
Cost ratio (including direct vacancy costs) (A/C) 59.8% 57.1%
Cost ratio (excluding direct vacancy costs) (B/C) 50.7% 46.0%
Cost ratio (by portfolio value) (A/D) 2.2% 1.9%
Notes forming part of the Group financial statements continued
8 Alternative performance measures and EPRA metrics continued
Cash earnings per share
Profit
after tax
2023
\u00a3m
Number
of shares
2023
million
Earnings
per share
2023
pence
Profit
after tax
2022
\u00a3m
Number
of shares
2022
million
Earnings
per share
2022
pence
Diluted EPRA earnings 24.0 253.1 9.5 27.4 253.1 10.8
Capitalised interest (8.8) \u2013 (3.5) (7.2) \u2013 (2.8)
Spreading of lease incentives (5.9) \u2013 (2.3) (1.2) \u2013 (0.5)
Spreading of lease incentives in joint ventures (7.0) \u2013 (2.8) (8.4) \u2013 (3.3)
Employee Long Term Incentive Plan charge 1.3 \u2013 0.5 3.9 \u2013 1.5
Cash earnings per share 3.6 253.1 1.4 14.5 253.1 5.7
9 Investment property
Investment property
Freehold
\u00a3m
Leasehold
\u00a3m
Total
\u00a3m
Book value at 1 April 2021 615.9 964.7 1,580.6
Costs capitalised 18.9 25.1 44.0
Acquisitions \u2013 52.3 52.3
Transfer from investment property under development 246.8 \u2013 246.8
Net valuation surplus on investment property 48.0 5.1 53.1
Book value at 31 March 2022 929.6 1,047.2 1,976.8
Costs capitalised 22.4 12.3 34.7
Acquisitions 7.5 36.1 43.6
Disposals (27.3) \u2013 (27.3)
Transfer to investment property under development \u2013 (101.2) (101.2)
Net valuation deficit on investment property (48.7) (69.4) (118.1)
Book value at 31 March 2023 883.5 925.0 1,808.5
Investment property under development
Freehold
\u00a3m
Leasehold
\u00a3m
Total
\u00a3m
Book value at 1 April 2021 313.9 \u2013 313.9
Costs capitalised 38.5 \u2013 38.5
Interest capitalised 7.2 \u2013 7.2
Transfer to investment property (246.8) \u2013 (246.8)
Net valuation surplus on investment property under development 54.8 \u2013 54.8
Book value at 31 March 2022 167.6 \u2013 167.6
Costs capitalised 21.1 32.0 53.1
Disposals (193.4) \u2013 (193.4)
Interest capitalised 4.7 4.1 8.8
Transfer from investment property \u2013 101.2 101.2
Net valuation deficit on investment property under development \u2013 (23.6) (23.6)
Book value at 31 March 2023 \u2013 113.7 113.7
Total investment property 883.5 1,038.7 1,922.2
The book value of investment property includes \u00a366.7 million (2022: \u00a355.6 million) in respect of the present value of future
ground rents. The market value of the portfolio (excluding these amounts) is \u00a31,855.5 million. The total portfolio value
including joint venture properties of \u00a3524.5 million (see note 10) was \u00a32,380.0 million. At 31 March 2023, property with a
carrying value of \u00a3111.0 million (2022: \u00a3119.5 million) was secured under the first mortgage debenture stock (see note 15).
9 Investment property continued
Surplus from investment property
2023
\u00a3m
2022
\u00a3m
Net valuation (deficit)/surplus on investment property (141.7) 107.9
Loss on sale of investment properties (3.3) \u2013
(145.0) 107.9
The Group\u2019s investment properties, including those held in joint ventures (note 10), were valued on the basis of fair value by
CBRE Limited (CBRE), external valuers, as at 31 March 2023. The valuations have been prepared in accordance with the current
versions of the RICS Valuation \u2013 Global Standards (incorporating the International Valuation Standards (IVS)) and the UK
national supplement (the Red Book) and have been primarily derived using comparable recent market transactions on arm\u2019s
length terms.
The total fees, including the fixed fee for this assignment, earned by CBRE (or other companies forming part of the same group of
companies within the UK) from the Group are less than 5.0% of its total UK revenues. CBRE has carried out valuation instructions,
agency and professional services on behalf of the Group for in excess of 20 years.
Real estate valuations are complex and derived using comparable market transactions which are not publicly available and involve
an element of judgement. Therefore, in line with EPRA guidance, we have classified the valuation of the property portfolio as Level 3
as defined by IFRS 13. There were no transfers between levels during the year. Inputs to the valuation, including capitalisation yields
(typically the true equivalent yield) and rental values, are defined as \u2018unobservable\u2019 as defined by IFRS 13.
Key inputs to the valuation at 31 March 2023
ERV True equivalent yield
Average
\u00a3 per sq ft
Range
\u00a3 per sq ft
Average
%
Range
%
North of Oxford Street Office 88 54 \u2013 131 4.8 4.3 \u2013 6.8
Retail 63 33 \u2013 107 4.5 4.2 \u2013 7.5
Rest of West End Office 101 57 \u2013 163 5.4 3.3 \u2013 7.3
Retail 96 15 \u2013 266 4.7 3.2 \u2013 7.1
City, Midtown and Southwark Office 75 47 \u2013 167 5.0 4.5 \u2013 6.1
Retail 25 25 \u2013 27 5.5 4.6 \u2013 5.9
Key inputs to the valuation at 31 March 2022
ERV True equivalent yield
Average
\u00a3 per sq ft
Range
\u00a3 per sq ft
Average
%
Range
%
North of Oxford Street Office 79 43 \u2013 96 4.3 3.9 \u2013 5.7
Retail 65 33 \u2013 111 4.4 4.1 \u2013 7.0
Rest of West End Office 87 57 \u2013 111 4.8 3.3 \u2013 6.2
Retail 97 15 \u2013 226 4.5 3.4 \u2013 6.2
City, Midtown and Southwark Office 57 46 \u2013 67 4.5 3.8 \u2013 5.5
Retail 29 25 \u2013 71 5.2 4.9 \u2013 5.2
Everything else being equal, there is a positive relationship between rental values and the property valuation, such that an
increase in rental values will increase the valuation of a property and a decrease in rental values will reduce the valuation of the
property. Any percentage movement in rental values will translate into approximately the same percentage movement in the
property valuation. However, due to the long-term nature of leases, where the passing rent is fixed and often subject to upwards
only rent reviews, the impact will not be immediate and will be recognised over a number of years. The relationship between
capitalisation yields and the property valuation is negative and more immediate; therefore, an increase in capitalisation yields
will reduce the valuation of a property and a reduction will increase its valuation. A decrease in the capitalisation yield by 50
basis points would result in an increase in the fair value of the Group\u2019s investment property by \u00a3275.7 million, whilst a 50 basis
point increase would reduce the fair value by \u00a3223.8 million. A movement of 42 basis points was shown across the portfolio
over the last 12 months and a 50 basis point movement is therefore considered to be a reasonably possible change. 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 (i.e. rental values increase and
yields decrease), valuation movements can be amplified, whereas if they move in the same direction, they may offset, reducing
the overall net valuation movement. Additionally, investment property under development is sensitive to income, cost and
developer\u2019s profit assumptions included in the valuations.
Notes forming part of the Group financial statements continued 9 Investment property continued The valuation of the property portfolio reflects its fair value taking into account the market view of all relevant factors including the climate related risks associated with the properties. This includes the impact of expected regulatory changes, including the need to ensure the Group\u2019s properties meet prospective EPC regulations, which is estimated to cost less than \u00a320 million ahead of the 2030 deadline. At 31 March 2023, the Group had capital commitments of \u00a3311.6 million (2022: \u00a328.9 million). At 31 March 2023, \u00a3nil million of investment property was held for sale. For further detail, see Our development activities on pages 24 and 25. EPRA capital expenditure 2023 \u00a3m 2022 \u00a3m Group Acquisitions 43.6 52.3 Developments 53.1 38.5 Interest capitalised 8.8 7.2 Investment properties: incremental lettable space \u2013 \u2013 Investment properties: no incremental lettable space 28.8 42.8 Lease incentives 5.9 1.2 Group total 140.2 142.0 Joint ventures (at share) Developments \u2013 \u2013 Interest capitalised \u2013 \u2013 Investment properties: incremental lettable space \u2013 \u2013 Investment properties: no incremental lettable space 1.3 1.2 Lease incentives 7.8 8.4 Total capital expenditure 149.3 151.6 Conversion from accrual to cash basis 7.3 (3.8) Total capital expenditure on a cash basis 156.6 147.8 EPRA net initial yield (NIY) and topped-up NIY 2023 \u00a3m 2022 \u00a3m Properties at fair value including joint ventures 2,380.0 2,647.4 Less: properties under development including joint ventures (89.0) (167.6) Less: residential properties (12.4) (13.3) Like-for-like investment property portfolio, proposed and completed developments 2,278.6 2,466.5 Plus: estimated purchasers\u2019 costs 166.3 180.0 Grossed-up completed property portfolio valuation (B) 2,444.9 2,646.5 Annualised cash passing rental income 1 76.7 77.8 Net service charge expense including joint ventures (3.3) (4.8) Other irrecoverable property costs including joint ventures (12.9) (13.0) Annualised net rents (A) 60.5 60.0 Plus: rent-free periods and other lease incentives including joint ventures 16.8 22.6 Topped-up annualised net rents (C) 77.3 82.6 EPRA net initial yield (A/B) 2.5% 2.3% EPRA topped-up initial yield (C/B) 3.2% 3.1% 1. Annualised passing rental income as calculated by the Group\u2019s external valuers including joint ventures at share. See note 8 for further detail on EPRA measures. 10 Investment in joint ventures The Group has the following investments in joint ventures: Equity \u00a3m Balances with partners \u00a3m 2023 Total \u00a3m 2022 Total \u00a3m At 1 April 365.3 217.5 582.8 626.4 Movement on joint venture balances \u2013 (3.1) (3.1) (82.2) Additions \u2013 \u2013 \u2013 \u2013 Share of profit of joint ventures 9.8 \u2013 9.8 14.5 Share of revaluation (deficit)/surplus of joint ventures (43.2) \u2013 (43.2) 28.1 Share of profit on disposal of joint venture properties \u2013 \u2013 \u2013 3.3 Share of results of joint ventures (33.4) \u2013 (33.4) 45.9 Distributions (7.5) \u2013 (7.5) (7.3) At 31 March 324.4 214.4 538.8 582.8 All of the Group\u2019s joint ventures operate solely in the United Kingdom and comprise the following: Country of registration 2023 ownership 2022 ownership The GHS Limited Partnership Jersey 50% 50% The Great Ropemaker Partnership United Kingdom 50% 50% The Great Victoria Partnerships United Kingdom 50% 50% The Group\u2019s share in the assets and liabilities, revenues and expenses for the joint ventures is set out below: The GHS Limited Partnership \u00a3m The Great Ropemaker Partnership \u00a3m The Great Victoria Partnerships \u00a3m 2023 Total \u00a3m 2023 At share \u00a3m 2022 At share \u00a3m Balance sheets Investment property 662.6 314.2 82.5 1,059.3 529.6 563.8 Current assets 2.5 4.0 0.8 7.3 3.6 2.7 Cash 5.3 13.0 17.0 35.3 17.7 28.9 Balances from partners (226.5) (129.2) (73.1) (428.8) (214.4) (217.5) Current liabilities (4.0) (9.2) (0.8) (14.0) (7.0) (7.4) Head lease obligations \u2013 (10.2) \u2013 (10.2) (5.1) (5.2) Net assets 439.9 182.6 26.4 648.9 324.4 365.3 The GHS Limited Partnership \u00a3m The Great Ropemaker Partnership \u00a3m The Great Victoria Partnerships \u00a3m 2023 Total \u00a3m 2023 At share \u00a3m 2022 At share \u00a3m Income statements Net rental income 16.7 16.0 3.8 36.5 18.2 20.1 Surrender premium \u2013 \u2013 \u2013 \u2013 \u2013 3.9 Property and administration costs (0.8) (2.4) (1.2) (4.4) (2.2) (1.9) Net finance costs (9.4) (3.1) \u2013 (12.5) (6.2) (7.6) Profit from joint ventures 6.5 10.5 2.6 19.6 9.8 14.5 Revaluation of investment property (55.0) (25.7) (5.7) (86.4) (43.2) 28.1 Profit on sale of investment property \u2013 0.1 \u2013 0.1 \u2013 3.3 Share of results of joint ventures (48.5) (15.1) (3.1) (66.7) (33.4) 45.9 At 31 March 2023, the joint ventures had no debt facilities. Notes forming part of the Group financial statements continued 10 Investment in joint ventures continued Transactions during the year between the Group and its joint ventures, which are related parties, are disclosed below: 2023 \u00a3m 2022 \u00a3m Movement on joint venture balances during the year 3.1 82.2 Balances receivable at the year end from joint ventures (214.4) (217.5) Interest on balances with partners (see note 5) 5.9 7.3 Distributions 7.5 7.3 Joint venture fees paid (see note 2) 2.4 5.1 The joint venture balances are repayable on demand and bear interest as follows: the GHS Limited Partnership at 4.0% and the Great Ropemaker Partnership at 2.0%. The investment properties include \u00a35.1 million (2022: \u00a35.2 million) in respect of the present value of future ground rents; net of these amounts, the market value of our share of the total joint venture properties is \u00a3524.5 million. The Group earns fee income from its joint ventures for the provision of management services. All of the above transactions are made on terms equivalent to those that prevail in arm\u2019s length transactions. See notes 9, 13 and 16 for more information on the valuation of investment properties and expected credit losses in joint ventures. At 31 March 2023, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2022: \u00a3nil). At 31 March 2023, the Group had capital commitments in respect of its joint ventures of \u00a30.4 million (2022: \u00a31.4 million). 11 Property, plant and equipment Right of use asset for occupational leases \u00a3m Leasehold improvements \u00a3m Fixtures and fittings/ other \u00a3m Total \u00a3m Cost At 1 April 2021 4.9 5.6 1.6 12.1 Costs capitalised \u2013 \u2013 0.3 0.3 At 31 March 2022 4.9 5.6 1.9 12.4 Costs capitalised \u2013 \u2013 0.2 0.2 At 31 March 2023 4.9 5.6 2.1 12.6 Depreciation At 1 April 2022 2.4 3.4 1.6 7.4 Charge for the year 0.9 0.5 0.3 1.7 At 31 March 2023 3.3 3.9 1.9 9.1 Carrying amount at 31 March 2022 2.5 2.2 0.3 5.0 Carrying amount at 31 March 2023 1.6 1.7 0.2 3.5 12 Other investments 2023 \u00a3m 2022 \u00a3m At 1 April 1.0 1.0 Acquisitions 0.7 0.7 Surplus on revaluation 0.1 \u2013 Return of capital \u2013 (0.7) At 31 March 1.8 1.0 In January 2020, the Group entered into a commitment of up to \u00a35.0 million to invest in the Pi Labs European PropTech venture capital fund. At 31 March 2023, the Group had made net investments of \u00a31.7 million. Launched in 2014, Pi Labs is Europe\u2019s longest standing PropTech VC, and this third fund has a primary focus to invest in early stage PropTech start-ups across Europe and the UK that use technology solutions to enhance any stage of the real estate value chain. The valuation of the fund is based on the net assets of its investments given these are not readily traded, we have classified the valuation of the investments as Level 3 as defined by IFRS 13. Key areas of focus for the fund include sustainability, future of work, future of retail, commercial real estate technologies, construction technology and smart cities. 13 Trade and other receivables 2023 \u00a3m 2022 \u00a3m Trade receivables 8.3 14.4 Expected credit loss allowance (1.7) (6.0) 6.6 8.4 Prepayments 4.4 0.5 Other taxes \u2013 4.0 Other trade receivables 4.8 8.2 15.8 21.1 Trade receivables consist of rent and service charge monies, which are typically due on the quarter day with no credit period. Interest is charged on trade receivables in accordance with the terms of the customer\u2019s lease. Trade receivables are provided for based on the expected credit loss, which uses a lifetime expected loss allowance for all trade receivables based on an assessment of each individual customer\u2019s circumstances. This assessment reviews the outstanding balances of each individual customer and makes an assessment of the likelihood of recovery, based on an evaluation of their financial situation. Where the expected credit loss relates to revenue already recognised, this has been recognised immediately in the income statement. For the portion of the expected credit loss that relates to future revenue which is no longer considered fully recoverable, the relevant amount of rent received in advance has been released. Of the gross trade receivables of \u00a38.3 million, \u00a35.5 million (2022: \u00a36.6 million) was past due, of which \u00a33.0 million (2022: \u00a32.0 million) was over 30 days. 2023 \u00a3m 2022 \u00a3m Movements in expected credit loss allowance Balance at the beginning of the year (6.0) (7.9) Expected credit loss allowance during the year (see below) (1.0) (4.9) Expected credit loss allowance in respect of future years 0.8 1.1 Amounts written-off as uncollectable 4.5 5.7 (1.7) (6.0) The expected credit loss allowance during the year comprises: Gross 2023 \u00a3m Net of VAT 2023 \u00a3m Gross 2022 \u00a3m Net of VAT 2022 \u00a3m Expected credit loss allowance during the year Group 1.0 0.8 4.9 4.1 Joint ventures (0.2) (0.2) (0.1) (0.1) 0.8 0.6 4.8 4.0 The expected credit loss for the year represents 26% of the net trade receivables balance at the balance sheet date. 14 Trade and other payables 2023 \u00a3m Restated* 2022 \u00a3m Rents received in advance 15.1 16.0 Accrued capital expenditure 5.9 16.9 Payables in respect of customer rent deposits (see note 1) 16.2 16.7 Other accruals 15.2 19.2 Other taxes 0.7 \u2013 Other payables 3.7 3.1 56.8 71.9 * The 2022 comparatives have been restated to reflect the IFRIC Decision on Deposits. Amounts held in respect of customer rent deposits have been recorded as cash and cash equivalents, with a corresponding liability recorded within trade and other payables of \u00a316.7 million. The Directors consider that the carrying amount of trade payables approximates their fair value. Notes forming part of the Group financial statements continued 15 Interest-bearing loans and borrowings 2023 \u00a3m 2022 \u00a3m Non-current liabilities at amortised cost Secured \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 22.0 Unsecured \u00a3450.0 million revolving credit facility 12.8 85.4 \u00a3175.0 million 2.15% private placement notes 2024 174.8 174.7 \u00a340.0 million 2.70% private placement notes 2028 39.9 39.9 \u00a330.0 million 2.79% private placement notes 2030 29.9 29.9 \u00a330.0 million 2.93% private placement notes 2033 29.9 29.9 \u00a325.0 million 2.75% private placement notes 2032 24.9 24.9 \u00a3125.0 million 2.77% private placement notes 2035 124.3 124.3 Non-current interest-bearing loans and borrowings 458.5 531.0 In April 2023, the Group extended the maturity of \u00a350 million of its \u00a3450 million unsecured revolving credit facility (RCF) to January 2027, coterminous with the remainder of the facility. The headline margin was unchanged at 90.0 basis points over SONIA (plus or minus 2.5 basis points subject to a number of ESG-linked targets in future years). At 31 March 2023, the nominal value of the Group\u2019s interest-bearing loans and borrowing was \u00a3460.9 million (2022: \u00a3533.9 million) and the Group had \u00a3436.0 million (2022: \u00a3363.0 million) of undrawn credit facilities. 16 Financial instruments Categories of financial instrument Carrying amount 2023 \u00a3m Amounts recognised in income statement 2023 \u00a3m Gain/(loss) to equity 2023 \u00a3m Carrying amount 2022 \u00a3m Amounts recognised in income statement 2022 \u00a3m Gain/(loss) to equity 2022 \u00a3m Other investments 1.8 0.1 \u2013 1.0 \u2013 \u2013 Assets at fair value 1.8 0.1 \u2013 1.0 \u2013 \u2013 Balances with partners 214.4 5.9 \u2013 217.5 7.3 \u2013 Trade receivables 11.4 (0.8) \u2013 20.6 (4.1) \u2013 Cash and cash equivalents 19.4 0.1 \u2013 16.7 0.1 \u2013 Assets at amortised cost 245.2 5.2 \u2013 254.8 3.3 \u2013 Trade and other payables (4.4) \u2013 \u2013 (3.1) \u2013 \u2013 Payables in respect of customer rent deposits (16.2) \u2013 \u2013 (16.7) \u2013 \u2013 Interest-bearing loans and borrowings (458.5) (9.0) \u2013 (531.2) (7.1) \u2013 Obligations under occupational leases (2.0) (0.1) \u2013 (2.9) (0.1) \u2013 Obligations under finance leases (66.7) (2.4) \u2013 (55.6) (1.9) \u2013 Liabilities at amortised cost (547.8) (11.5) \u2013 (609.5) (9.1) \u2013 Total financial instruments (300.8) (6.2) \u2013 (353.7) (5.8) \u2013 Financial risk management objectives Capital risk The Group manages its capital to ensure that entities in the Group will be able to operate on a going concern basis and as such it aims to maintain an appropriate mix of debt and equity financing. The current capital structure of the Group consists of a mix of equity and debt. Equity comprises issued share capital, reserves and retained earnings as disclosed in the Group statement of changes in equity. Debt comprises long-term debenture stock, private placement notes and drawings against committed revolving credit facilities from banks. The Group aims to maintain a loan-to-property value of between 10\u201335% (see note 8). The Group operates solely in the United Kingdom, and its operating profits and net assets are sterling denominated. As a result, the Group\u2019s policy is to have no unhedged assets or liabilities denominated in foreign currencies. 16 Financial instruments continued Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has a policy of reviewing the financial information of prospective customers and only dealing with those that are creditworthy and obtaining sufficient rental cash deposits or third-party guarantees as a means of mitigating financial loss from defaults. The concentration of credit risk is limited due to the large and diverse customer base, with no one customer providing more than 10% of the Group\u2019s rental income. Details of the Group\u2019s receivables, and the associated expected credit loss, are summarised in note 13 of the financial statements. The Directors believe that there is no further expected credit loss required in excess of that provided. Impairment has been considered on the Balances with partners, but is considered insignificant because the property values in the joint ventures are in excess of any receivables due. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group\u2019s cash deposits are placed with a diversified range of investment grade banks, and strict counterparty limits ensure the Group\u2019s exposure to bank failure is minimised. Liquidity risk The Group operates a framework for the management of its short-, medium- and long-term funding requirements. Cash flow and funding needs are regularly monitored to ensure sufficient undrawn facilities are in place. The Group\u2019s funding sources are diversified across a range of bank and bond markets and strict counterparty limits are operated on deposits. The Group meets its day-to-day working capital requirements through the utilisation of its revolving credit facility. The availability of this facility depends on the Group complying with a number of key financial covenants; these covenants and the Group\u2019s compliance with them are set out in the table below: Key covenants Covenant March 2023 actuals Group Net gearing (see note 8) <125% 24.0% Inner borrowing (unencumbered asset value/unsecured borrowings) >1.66x 4.0x Interest cover >1.35x 10.2x The Group has undrawn credit facilities of \u00a3436.0 million and has substantial headroom above all of its key covenants. As a result, the Directors consider the Group to have adequate liquidity to be able to fund the ongoing operations of the business. The following tables detail the Group\u2019s remaining contractual maturity on its financial instruments and have been drawn up based on the undiscounted cash flows of financial liabilities, including associated interest payments, based on the earliest date on which the Group is required to pay, and conditions existing at the balance sheet date adjusted for the extension of the maturity of \u00a350 million of its \u00a3450 million unsecured revolving credit facility (RCF) in April 2023: At 31 March 2023 Carrying amount \u00a3m Contractual cash flows \u00a3m Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Non-derivative financial liabilities \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 29.0 1.2 1.2 3.7 22.9 \u00a3450.0 million revolving credit facility 12.8 22.0 2.1 2.1 17.8 \u2013 Private placement notes 423.7 500.2 10.8 182.5 20.8 286.1 458.5 551.2 14.1 185.8 42.3 309.0 At 31 March 2022 Carrying amount \u00a3m Contractual cash flows \u00a3m Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Non-derivative financial liabilities Short-term interest-bearing loans and borrowings 0.2 0.2 0.2 \u2013 \u2013 \u2013 \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 30.3 1.2 1.2 3.7 24.2 \u00a3450.0 million revolving credit facility 85.4 98.6 2.6 2.6 93.4 \u2013 Private placement notes 423.6 511.0 10.8 10.8 196.3 293.1 531.2 640.1 14.8 14.6 293.4 317.3 The maturity of lease obligations is set out in notes 17 and 18. Notes forming part of the Group financial statements continued 16 Financial instruments continued Interest rate risk Interest rate risk arises from the Group\u2019s use of interest-bearing financial instruments. It is the risk that future cash flows arising from a financial instrument will fluctuate due to changes in interest rates. It is the Group\u2019s policy to reduce interest rate risk in respect of the cash flows arising from its debt finance either through the use of fixed rate debt or through the use of interest rate derivatives such as swaps, caps and floors. It is the Group\u2019s usual policy to maintain the proportion of floating interest rate exposure to between 20\u201340% of forecast total debt. However, this target is flexible, and may not be adhered to at all times depending on, for example, the Group\u2019s view of future interest rate movements. At 31 March 2023, the Group had no interest rate derivatives. Interest rate sensitivity The sensitivity analysis below has been determined based on the exposure to interest rates for financial instruments at the balance sheet date, and represents management\u2019s assessment of possible changes in interest rates based on historical trends. For the floating rate liabilities, the analysis is prepared assuming the amount of the liability at 31 March 2023 was outstanding for the whole year: Impact on profit Impact on equity 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Increase of 100 basis points (0.1) (0.9) (0.1) (0.9) Increase of 50 basis points (0.1) (0.4) (0.1) (0.4) Decrease of 50 basis points 0.1 0.4 0.1 0.4 Decrease of 100 basis points 0.1 0.9 0.1 0.9 Fair value of interest-bearing loans and borrowings Book value 2023 \u00a3m Fair value 2023 \u00a3m Book value 2022 \u00a3m Fair value 2022 \u00a3m Items not carried at fair value Short-term interest-bearing loans and borrowings \u2013 \u2013 0.2 0.2 \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 22.4 22.0 25.7 \u00a3450.0 million revolving credit facility 12.8 12.8 85.4 85.4 Private placement notes 423.7 339.9 423.6 412.0 458.5 375.1 531.2 523.3 The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using the contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements as defined by IFRS 13 \u2013 Fair Value Measurement. The fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not materially different from those at which they are carried in the financial statements. 17 Head lease obligations Head lease obligations in respect of the Group\u2019s leasehold properties are payable as follows: Minimum lease payments 2023 \u00a3m Impact of discounting 2023 \u00a3m Present value of minimum lease payments 2023 \u00a3m Minimum lease payments 2022 \u00a3m Impact of discounting 2022 \u00a3m Present value of minimum lease payments 2022 \u00a3m Less than one year 2.4 (2.4) \u2013 2.3 (2.3) \u2013 Between one and five years 9.7 (9.5) 0.2 11.7 (11.5) 0.2 More than five years 304.5 (238.0) 66.5 234.4 (179.0) 55.4 316.6 (249.9) 66.7 248.4 (192.8) 55.6 18 Occupational lease obligations Obligations in respect of the Group\u2019s occupational leases for its head office are payable as follows: Minimum lease payments 2023 \u00a3m Impact of discounting 2023 \u00a3m Present value of minimum lease payments 2023 \u00a3m Minimum lease payments 2022 \u00a3m Impact of discounting 2022 \u00a3m Present value of minimum lease payments 2022 \u00a3m Less than one year 1.0 \u2013 1.0 1.0 (0.1) 0.9 Between one and five years 1.0 \u2013 1.0 2.0 \u2013 2.0 2.0 \u2013 2.0 3.0 (0.1) 2.9 19 Share capital 2023 Number 2023 \u00a3m 2022 Number 2022 \u00a3m Allotted, called up and fully paid ordinary shares of 15 5 \u2044 19 pence At 1 April and 31 March 253,867,911 38.7 253,867,911 38.7 At 31 March 2023, the Company had 253,867,911 ordinary shares with a nominal value of 15 5 \u2044 19 pence each. 20 Investment in own shares 2023 \u00a3m 2022 \u00a3m At 1 April (3.6) (0.2) Employee Long-Term Incentive Plan charge and deferred bonus shares (1.3) (3.9) Transfer to retained earnings 2.1 0.5 At 31 March (2.8) (3.6) The investment in the Company\u2019s own shares is held at cost and comprises 887,159 shares (2022: 877,335 shares) held by the Great Portland Estates plc LTIP Employee Share Trust, which will vest for certain senior employees of the Group if performance conditions are met. During the year, 192,112 shares (2022: no shares) were awarded to Directors and senior employees and 201,936 additional shares were acquired by the Trust (2022: nil shares). The fair value of shares awarded and outstanding at 31 March 2023 was \u00a38.4 million (2022: \u00a310.5 million). 21 Cash and cash equivalents 2023 \u00a3m Restated* 2022 \u00a3m Cash held at bank (unrestricted) 3.2 \u2013 Amounts held in respect of customer rent deposits (restricted) 16.2 16.7 19.4 16.7 * The 2022 comparatives have been restated to reflect the IFRIC Decision on Deposits. Amounts held in respect of customer rent deposits have been recorded as cash and cash and equivalents, with a corresponding liability recorded within trade and other payables of \u00a316.7 million. 22 Notes to the Group statement of cash flows Reconciliation of financing liabilities 1 April 2022 \u00a3m New obligations \u00a3m Inflows/ (outflows) \u00a3m Other \u00a3m 31 March 2023 \u00a3m Long-term interest-bearing loans and borrowings 531.0 \u2013 (73.0) 0.5 458.5 Short-term interest-bearing loans and borrowings 0.2 \u2013 (0.2) \u2013 \u2013 Obligations under leases 58.5 11.1 (3.3) 2.4 68.7 589.7 11.1 (76.5) 2.9 527.2 22 Notes to the Group statement of cash flows continued
1 April
2021
\u00a3m
New
obligations
\u00a3m
Inflows/
(outflows)
\u00a3m
Other
\u00a3m
31 March
2022
\u00a3m
Long-term interest-bearing loans and borrowings 488.6 \u2013 42.0 0.4 531.0
Short-term interest-bearing loans and borrowings \u2013 \u2013 0.2 \u2013 0.2
Obligations under leases 44.6 14.9 (3.0) 2.0 58.5
533.2 14.9 39.2 2.4 589.7
Adjustment for non-cash items
2023
\u00a3m
2022
\u00a3m
Deficit/(surplus) from investment property 145.0 (107.9)
Surplus on revaluation of other investments (0.1) \u2013
Employee Long Term Incentive Plan charge and deferred bonus shares 1.3 3.9
Spreading of lease incentives (5.9) (1.2)
Share of results of joint ventures 33.4 (45.9)
Depreciation 1.7 1.6
Other (0.3) (0.2)
Adjustments for non-cash items 175.1 (149.7)
23 Dividends
2023
\u00a3m
2022
\u00a3m
Dividends paid
Interim dividend for the year ended 31 March 2023 of 4.7 pence per share 11.9 \u2013
Final dividend for the year ended 31 March 2022 of 7.9 pence per share 20.0 \u2013
Interim dividend for the year ended 31 March 2022 of 4.7 pence per share \u2013 11.9
Final dividend for the year ended 31 March 2021 of 7.9 pence per share \u2013 20.0
31.9 31.9
A final dividend of 7.9 pence per share was approved by the Board on 24 May 2023 and, subject to shareholder approval,
will be paid on 10 July 2023 to shareholders on the register on 2 June 2023. The dividend is not recognised as a liability at
31 March 2023. The 2022 final dividend and the 2023 interim dividend are included within the Group statement of changes
in equity.
24 Lease receivables
Future aggregate minimum rentals receivable under non-cancellable leases are:
2023
\u00a3m
2022
\u00a3m
The Group as a lessor
Less than one year 58.3 56.4
Between two and five years 129.9 122.1
More than five years 66.7 78.9
254.9 257.4
The Group leases its investment properties under operating leases. The weighted average length of lease at 31 March 2023
was 3.2 years (2022: 3.4 years). All investment properties, except those under development, generated rental income, and
\u00a3nil contingent rents were recognised in the year (2022: \u00a3nil).
25 Employee benefits
The Group operates a UK-funded approved defined contribution plan. The Group\u2019s contribution for the year was \u00a31.5 million
(2022: \u00a31.3 million). The Group also contributes to a defined benefit final salary pension plan (the Plan), the assets of which
are held and managed by trustees separately from the assets of the Group. The Plan has been closed to new entrants since
April 2002. The most recent actuarial valuation of the Plan was conducted at 1 April 2020 by a qualified independent actuary
using the projected unit method. The Plan was valued using the following key actuarial assumptions:
2023
%
2022
%
Discount rate 4.80 2.80
Expected rate of salary increases 4.20 4.50
RPI inflation 3.20 3.50
Rate of future pension increases 2.90 3.20
Life expectancy assumptions at age 65:
2023
Years
2022
Years
Retiring today age 65 25 24
Retiring in 25 years (age 40 today) 27 27
The amount recognised in the balance sheet in respect of the Plan is as follows:
2023
\u00a3m
2022
\u00a3m
Present value of unfunded obligations (26.9) (35.9)
Fair value of the Plan assets 31.0 39.4
Pension asset 4.1 3.5
Changes in the present value of the pension obligation are as follows:
2023
\u00a3m
2022
\u00a3m
Defined benefit obligation at 1 April 35.9 39.1
Service cost 0.3 0.3
Interest cost 1.1 0.9
Effect of changes in financial assumptions (10.5) (3.4)
Effect of experience adjustments 1.1 \u2013
Benefits paid (1.0) (1.0)
Present value of defined benefit obligation at 31 March 26.9 35.9
Changes to the fair value of the Plan assets are as follows:
2023
\u00a3m
2022
\u00a3m
Fair value of the Plan assets at 1 April 39.4 39.8
Interest income 1.1 0.9
Actuarial loss (9.1) (0.8)
Employer contributions 0.6 0.5
Benefits paid (1.0) (1.0)
Fair value of the Plan assets at 31 March 31.0 39.4
Net pension asset 4.1 3.5
The amount recognised immediately in the Group statement of comprehensive income was \u00a30.3 million (2022: \u00a32.6 million).
Notes forming part of the Group financial statements continued
25 Employee benefits continued
Amounts recognised as administration expenses in the income statement are as follows:
2023
\u00a3m
2022
\u00a3m
Current service cost (0.3) (0.3)
Net interest income \u2013 \u2013
(0.3) (0.3)
Virtually all equity and debt instruments have quoted prices in active markets. The fair value of the Plan assets at the balance
sheet date is analysed as follows:
2023
\u00a3m
2022
\u00a3m
Cash 0.1 0.1
Equities 11.9 16.8
Bonds 19.0 22.5
31.0 39.4
Other than market and demographic risks, which are common to all retirement benefit schemes, there are no specific risks
in the relevant benefit schemes which the Group considers to be significant or unusual. Detail on two of the more specific risks
are detailed below:
Changes in bond yields
Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in corporate and government
bonds offers a degree of matching, i.e. the movement in assets arising from changes in bond yields partially matches the
movement in the funding or accounting liabilities. In this way, the exposure to movements in bond yields is reduced.
Life expectancy
The majority of the obligations are to provide a pension for the life of the member on retirement, so increases in life expectancy
will result in an increase in the liabilities. The inflation-linked nature of the majority of benefit payments increases the sensitivity
of the liabilities to changes in life expectancy.
The effect on the defined benefit obligation of changing the key assumptions, calculated using approximate methods based
on historical trends, is set out below:
2023
\u00a3m
2022
\u00a3m
Discount rate -0.25% 27.9 37.6
Discount rate +0.25% 26.0 34.4
RPI inflation -0.25% 26.5 35.2
RPI inflation +0.25% 27.4 36.7
Post-retirement mortality assumption \u2013 one year age rating 27.9 37.5
A funding plan has been agreed committing the Group to cash shortfall contributions of \u00a3246,000 p.a. over the five years
to 31 March 2023 as well as a contribution rate of 52.9% p.a. of member pensionable salaries to the ongoing benefit accrual.
Based on this, the Group expects to contribute \u00a30.6 million to the Plan in the year ending 31 March 2024. The expected total benefit
payments for the year ending 31 March 2024 are \u00a30.9 million, rising to around \u00a31.0 million per annum over the next five years.
\u00a36.0 million in total is expected to be paid over the subsequent five year period.
26 Reserves
The following describes the nature and purpose of each reserve within equity:
Share capital: The nominal value of the Company\u2019s issued share capital, comprising 15
5
\u2044
19
pence ordinary shares.
Share premium: Amount subscribed for share capital in excess of nominal value, less directly attributable issue costs.
Capital redemption reserve: Amount equivalent to the nominal value of the Company\u2019s own shares acquired as a result
of share buyback programmes.
Retained earnings: Cumulative net gains and losses recognised in the Group income statement together with other items
such as dividends.
Investment in own shares: Amount paid to acquire the Company\u2019s own shares for its Employee Long-Term Incentive Plan
less accounting charges.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-2": {
"value": "1 Accounting policies Basis of preparation Great Portland Estates plc is a public company limited by shares incorporated and domiciled in the United Kingdom (England and Wales). The address of the registered office is given on page 203. The financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and the requirements of the Companies Act 2006. The financial statements have been prepared on the historical cost basis, except for the revaluation of properties and certain financial instruments which are held at fair value. The consolidated financial statements, including the results and financial position, are expressed in sterling (\u00a3), which is the presentation currency of the Group. The Directors have considered the appropriateness of adopting the going concern basis in preparing the financial statements for the year ended 31 March 2023, with particular focus on the impact of the macro-economic conditions in which the Group is operating. This assessment is for the 12-month period following the date of approval of the accounts and is based on the Group\u2019s financial forecasts, including a going concern scenario which included the following key assumptions: \u2013 a 20% decline in the valuation of the property portfolio; and \u2013 a marginal decline in EPRA earnings. The going concern scenario demonstrates that the Group over the next 12 months: \u2013 has significant liquidity to fund its ongoing operations; \u2013 is operating with significant headroom above its Group debt financing covenants; \u2013 property values would have to fall by a further 26% before breach (or 58% from 31 March 2023 values); \u2013 earnings before interest and tax would need to fall by a further 80% before breach (or 87% from 31 March 2023 levels); and \u2013 has sufficient liquidity to continue its operations if the Group\u2019s \u00a3175 million private placement notes, that mature in May 2024, are not refinanced. However, the Directors are confident in the Group\u2019s ability to refinance this facility. The Directors also conducted extensive stress testing, sensitising the potential impact of climate change as detailed further in the viability statement as well as the impact of removing non-committed disposal proceeds and capital expenditure. Based on these considerations, together with available market information and the Directors\u2019 knowledge and experience of the Group\u2019s property portfolio and markets, the Directors have adopted the going concern basis in preparing the accounts for the year ended 31 March 2023. The Group has adopted a number of alternative performance measures, see note 8 for further detail. Critical judgements and key sources of estimation uncertainty In the process of preparing the financial statements, the Directors are required to make certain judgements, assumptions and estimates. Not all of the Group\u2019s accounting policies require the Directors to make difficult, subjective or complex judgements or estimates. Any estimates and judgements made are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors\u2019 best knowledge of the amount, event or actions, actual results may differ from those estimates. No critical judgements have been made. The following is intended to provide an understanding of the estimates that management consider critical because of the level of complexity, judgement or estimation involved in their application and their material impact on the financial statements. Key source of estimation uncertainty: property portfolio valuation The valuation to determine the fair value of the Group\u2019s investment properties is prepared by its external valuer. The valuation is based upon a number of assumptions, including future rental income, anticipated maintenance costs, future development costs and an appropriate discount rate. The valuer also makes reference to market evidence of transaction prices for similar properties. An adjustment to any of these assumptions could lead to a material change in the property valuation. For the current year and prior year, the Directors adopted the valuation without adjustment \u2013 further information is provided in the accounting policy for investment property and note 9. New accounting standards In the current year, the Group has applied a number of amendments to IFRSs that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. These new standards and amendments are listed below: \u2013 Amendments to IFRS 3 \u2013 Reference to the conceptual framework; \u2013 Amendments to IAS 16 \u2013 Property, plant and equipment proceeds before intended use; \u2013 Amendments to IAS 37 \u2013 Onerous contracts, cost of fulfilling a contract; and \u2013 Annual improvements to IFRS Standards 2018\u201320. 1 Accounting policies continued At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective: \u2013 IFRS 17 \u2013 Insurance contracts; \u2013 Amendments to IAS 1 \u2013 Classification of liabilities as current or non current (including deferral of effective date); \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of accounting policies; \u2013 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction; \u2013 Amendments to IAS 8 \u2013 Definition of accounting estimates; and \u2013 Amendments to IFRS 10 and IAS 28 \u2013 Sales or Contributions of Assets between an investor and its Associate or Joint Venture. The Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group in future periods. The Group has assessed the impact of the IFRS Interpretation Committee\u2019s recent agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7). The Group holds customer deposits in separate designated bank accounts where the use of the monies is restricted and defined in the lease agreements; however, the access to these monies by the Group is not restricted. Following the clarification by IFRIC, these customer deposits are judged to meet the definition of \u2018cash\u2019 under IAS 7. The Group comparative balances have been restated to reflect this change in classification, which resulted in \u00a316.7 million of customer deposits as at 31 March 2022 being reclassified and presented gross as cash and cash equivalents and payables with no impact on net assets or the income statement. Basis of consolidation The Group\u2019s financial statements consolidate the financial statements of the Company and all its subsidiary undertakings for the year ended 31 March 2023. Subsidiary undertakings are those entities controlled by the Group. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the investee. Revenue Gross rental income comprises rental income and premiums on lease surrenders on investment properties for the year, exclusive of service charges receivable, on a straight-line basis. Initial direct costs incurred in arranging a lease are added to the carrying value of investment properties and are subsequently recognised as an expense over the lease term on the same basis as the lease income. Lease incentives, including rent-free periods and payments to customers, are allocated to the income statement on a straight-line basis over the lease term or on another systematic basis, if applicable. The value of resulting accrued rental income is included within the respective property, with the aggregate cost of the incentive recognised as a reduction in rental income on a straight-line basis over the term of the lease. Revenue from Fully Managed spaces is split between an amount attributable to the rent on a fitted basis and services income. The rent is recognised in gross rental income (see above) and the services income is recorded over the period when the services are provided and benefit the customer. The Group\u2019s Flex Partnerships represent leases with third-party operators where the rent payable is calculated by reference to the profitability of the space under management. The rent is recognised in gross rental income (see above). Service charge income is recorded over the period when the services are provided and benefit the customer. Cost of sales Service charge expenses (including the cost of service provision in our Fully Managed spaces) represent the costs of operating the Group\u2019s portfolio and are expensed as incurred. Other property expenses represent irrecoverable running costs directly attributable to specific properties within the Group\u2019s portfolio. Costs incurred in the improvement of the portfolio which, in the opinion of the Directors, are not of a capital nature are written-off to the income statement as incurred. Administration expenses Costs not directly attributable to individual properties are treated as administration expenses. Share-based payments The cost of granting share-based payments to employees and Directors is recognised within administration expenses in the income statement. The Group has used the stochastic model to value the grants, which is dependent upon factors including the share price, expected volatility and vesting period, and the resulting fair value is amortised through the income statement over the vesting period. The charge is recognised over the vesting period and reversed if it is likely that any non-market-based performance or service criteria will not be met. Any cost in respect of share-based payments relating to the employees of a subsidiary company is recharged accordingly 1 Accounting policies continued Segmental analysis The Directors are required to present the Group\u2019s financial information by business segment or geographical area. This requires a review of the Group\u2019s organisational structure and internal reporting system to identify reportable segments and an assessment of where the Group\u2019s assets or customers are located. All of the Group\u2019s revenue is generated from investment properties located in central London. The properties are managed as a single portfolio by a portfolio management team whose responsibilities are not segregated by location or type, but are managed on an asset-by-asset basis. The majority of the Group\u2019s assets are mixed-use, therefore the office (including Flex space), retail and any residential space is managed together. Within the property portfolio, the Group has a number of properties under development. The Directors view the Group\u2019s development activities as an integral part of the life cycle of each of its assets rather than a separate business or division. The nature of developing property means that whilst a property is under development it generates no revenue and has no operating results. Once a development has completed, it returns to the investment property portfolio, or if it is a trading property, it is sold. The Directors have considered the nature of the business, how the business is managed and how they review performance, and in their judgement, the Group has only one reportable segment. The components of the valuation, as provided by the external valuer, are set out in note 9. Investment property Both leasehold and freehold investment properties and investment properties under development are professionally valued on a fair value basis by qualified external valuers and the Directors must ensure that they are satisfied that the valuation of the Group\u2019s properties is appropriate for inclusion in the accounts without adjustment. The valuation of the property portfolio reflects its fair value taking into account the market view of all relevant factors, including the climate-related risks associated with the properties. This includes the impact of expected regulatory changes. The valuations have been prepared in accordance with the current versions of the RICS Valuation \u2013 Global Standards (incorporating the International Valuation Standards (IVS)) and the UK national supplement (the Red Book) and have been primarily derived using comparable recent market transactions on arm\u2019s length terms. For investment property, this approach involves applying market-derived capitalisation yields to current and market- derived future income streams with appropriate adjustments for income voids arising from vacancies or rent-free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions and are considered to be the key inputs in the valuation. Other factors that are taken into account in the valuations include the tenure of the property, tenancy details, non- payment of rent, planning, building and environmental factors that might affect the property. In the case of investment property under development, the approach applied is the \u2018residual method\u2019 of valuation, which is the investment method of valuation as described above with a deduction for the costs necessary to complete the development, together with an allowance for the remaining risk. The Group recognises sales and purchases of property when control passes on completion of the contract. Gains or losses on the sale of properties are calculated by reference to the carrying value at the end of the previous year, adjusted for subsequent capital expenditure. Lease obligations Where the Group is a lessee, a right of use asset and lease liability are recognised at the outset of the lease. The lease liability is initially measured at the present value of the lease payments based on the Group\u2019s expectations of the likelihood of the lease term. The lease liability is subsequently adjusted to reflect an imputed finance charge, payments made to the lessor and any lease modifications. The right of use asset is initially measured at cost, which comprises the amount of the lease liability and direct costs incurred, less any lease incentives received by the Group. The Group has two categories of right of use assets: those in respect of head leases related to its leasehold properties and an occupational lease for its head office. The right of use asset in respect of head leases is classified as investment property and is added to the carrying value of the leasehold investment property. The right of use asset in respect of its occupational leases is classified as property, plant and equipment and is subsequently depreciated over the length of the lease. Depreciation No depreciation is provided in respect of freehold investment properties and leasehold investment properties. Plant and equipment is held at cost less accumulated depreciation. Depreciation is provided on plant and equipment, at rates calculated to write off the cost, less residual value prevailing at the balance sheet date of each asset evenly over its expected useful life, as follows: Fixtures and fittings \u2013 over three to five years. Leasehold improvements \u2013 over the term of the lease. Joint ventures Joint ventures are accounted for under the equity method where, in the Directors\u2019 judgement, the Group has joint control of the entity. The Group\u2019s level of control in its joint ventures is driven both by the individual agreements which set out how control is shared by the partners and how that control is exercised in practice. The Group balance sheet contains the Group\u2019s share of the net assets of its joint ventures. Balances with partners owed to or from the Group by joint ventures are included within investments. The Group\u2019s share of joint venture profits and losses are included in the Group income statement in a single line. All of the Group\u2019s joint ventures adopt the accounting policies of the Group for inclusion in the Group financial statements. There have been no new joint ventures during the year and no changes to any of the agreements in place. 1 Accounting policies continued Income tax Current tax is the amount payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full on temporary differences between the tax base of an asset or liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the asset is realised or the liability is settled. Deferred tax assets are recognised when it is probable that taxable profits will be available against which the deferred tax assets can be utilised. No provision is made for temporary differences arising on the initial recognition of assets or liabilities that affect neither accounting nor taxable profit. Tax is included in the income statement except when it relates to items recognised directly in other comprehensive income or equity, in which case the related tax is also recognised directly in other comprehensive income or equity. Pension benefits The Group contributes to a defined benefit pension plan which is funded with assets held separately from those of the Group. The full value of the net assets or liabilities of the pension fund is brought onto the balance sheet at each balance sheet date. Actuarial gains and losses are taken to other comprehensive income; all other movements are taken to the income statement. Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development is capitalised. Direct expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop, but does not include the original book cost of a site where no intention existed. Interest is capitalised from the start of the development work until the date of practical completion. The rate used is the Group\u2019s weighted average cost of borrowings or, if appropriate, the rate on specific associated borrowings. Other investments Other investments comprise investments in Pi Labs European PropTech venture capital fund, which is measured at fair value, based on the net assets of the fund; this is a Level 3 valuation as defined by IFRS 13. Changes in fair value are recognised in profit or loss. Financial instruments i Borrowings The Group\u2019s borrowings in the form of its debentures, private placement notes and bank loans are recognised initially at fair value, after taking account of any discount or premium on issue and attributable transaction costs. Subsequently, borrowings are held at amortised cost, with any discounts, premiums and attributable costs charged to the income statement using the effective interest rate method. ii Cash and cash equivalents Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible into a known amount of cash and are subject to insignificant risk of changes in value. iii Trade receivables and payables Trade receivables are initially measured at the transaction price, and are subsequently measured at amortised cost using the effective interest rate method. See note 13 for further information on trade receivables and associated expected credit losses. Trade payables are initially measured at fair value and subsequently measured at amortised cost.",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-287": {
"value": "Basis of preparation Great Portland Estates plc is a public company limited by shares incorporated and domiciled in the United Kingdom (England and Wales). The address of the registered office is given on page 203. The financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and the requirements of the Companies Act 2006. The financial statements have been prepared on the historical cost basis, except for the revaluation of properties and certain financial instruments which are held at fair value. The consolidated financial statements, including the results and financial position, are expressed in sterling (\u00a3), which is the presentation currency of the Group. The Directors have considered the appropriateness of adopting the going concern basis in preparing the financial statements for the year ended 31 March 2023, with particular focus on the impact of the macro-economic conditions in which the Group is operating. This assessment is for the 12-month period following the date of approval of the accounts and is based on the Group\u2019s financial forecasts, including a going concern scenario which included the following key assumptions: \u2013 a 20% decline in the valuation of the property portfolio; and \u2013 a marginal decline in EPRA earnings. The going concern scenario demonstrates that the Group over the next 12 months: \u2013 has significant liquidity to fund its ongoing operations; \u2013 is operating with significant headroom above its Group debt financing covenants; \u2013 property values would have to fall by a further 26% before breach (or 58% from 31 March 2023 values); \u2013 earnings before interest and tax would need to fall by a further 80% before breach (or 87% from 31 March 2023 levels); and \u2013 has sufficient liquidity to continue its operations if the Group\u2019s \u00a3175 million private placement notes, that mature in May 2024, are not refinanced. However, the Directors are confident in the Group\u2019s ability to refinance this facility. The Directors also conducted extensive stress testing, sensitising the potential impact of climate change as detailed further in the viability statement as well as the impact of removing non-committed disposal proceeds and capital expenditure. Based on these considerations, together with available market information and the Directors\u2019 knowledge and experience of the Group\u2019s property portfolio and markets, the Directors have adopted the going concern basis in preparing the accounts for the year ended 31 March 2023. The Group has adopted a number of alternative performance measures, see note 8 for further detail",
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"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-317": {
"value": "Great Portland Estates plc is a public company limited by shares incorporated and domiciled in the United Kingdom (England and Wales). The address of the registered office is given on page 203. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-349": {
"value": "Great Portland Estates plc",
"dimensions": {
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"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-350": {
"value": "a public company limited",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-351": {
"value": "shares incorporated and domiciled in the United Kingdom (England and Wales). The address of the registered office ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-340": {
"value": "United Kingdom (England and Wales)",
"dimensions": {
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"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-318": {
"value": "The financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and the requirements of the Companies Act 2006. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-319": {
"value": "The consolidated financial statements, including the results and financial position, are expressed in sterling (\u00a3), which is the presentation currency of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-320": {
"value": "The Directors have considered the appropriateness of adopting the going concern basis in preparing the financial statements for the year ended 31 March 2023, with particular focus on the impact of the macro-economic conditions in which the Group is operating. This assessment is for the 12-month period following the date of approval of the accounts and is based on the Group\u2019s financial forecasts, including a going concern scenario which included the following key assumptions: \u2013 a 20% decline in the valuation of the property portfolio; and \u2013 a marginal decline in EPRA earnings. The going concern scenario demonstrates that the Group over the next 12 months: \u2013 has significant liquidity to fund its ongoing operations; \u2013 is operating with significant headroom above its Group debt financing covenants; \u2013 property values would have to fall by a further 26% before breach (or 58% from 31 March 2023 values); \u2013 earnings before interest and tax would need to fall by a further 80% before breach (or 87% from 31 March 2023 levels); and \u2013 has sufficient liquidity to continue its operations if the Group\u2019s \u00a3175 million private placement notes, that mature in May 2024, are not refinanced. However, the Directors are confident in the Group\u2019s ability to refinance this facility. The Directors also conducted extensive stress testing, sensitising the potential impact of climate change as detailed further in the viability statement as well as the impact of removing non-committed disposal proceeds and capital expenditure. Based on these considerations, together with available market information and the Directors\u2019 knowledge and experience of the Group\u2019s property portfolio and markets, the Directors have adopted the going concern basis in preparing the accounts for the year ended 31 March 2023. The Group has adopted a number of alternative performance measures, see note 8 for further detail. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-288": {
"value": "Critical judgements and key sources of estimation uncertainty In the process of preparing the financial statements, the Directors are required to make certain judgements, assumptions and estimates. Not all of the Group\u2019s accounting policies require the Directors to make difficult, subjective or complex judgements or estimates. Any estimates and judgements made are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors\u2019 best knowledge of the amount, event or actions, actual results may differ from those estimates. No critical judgements have been made. The following is intended to provide an understanding of the estimates that management consider critical because of the level of complexity, judgement or estimation involved in their application and their material impact on the financial statements. Key source of estimation uncertainty: property portfolio valuation The valuation to determine the fair value of the Group\u2019s investment properties is prepared by its external valuer. The valuation is based upon a number of assumptions, including future rental income, anticipated maintenance costs, future development costs and an appropriate discount rate. The valuer also makes reference to market evidence of transaction prices for similar properties. An adjustment to any of these assumptions could lead to a material change in the property valuation. For the current year and prior year, the Directors adopted the valuation without adjustment \u2013 further information is provided in the accounting policy for investment property and note 9. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-289": {
"value": "New accounting standards In the current year, the Group has applied a number of amendments to IFRSs that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. These new standards and amendments are listed below: \u2013 Amendments to IFRS 3 \u2013 Reference to the conceptual framework; \u2013 Amendments to IAS 16 \u2013 Property, plant and equipment proceeds before intended use; \u2013 Amendments to IAS 37 \u2013 Onerous contracts, cost of fulfilling a contract; and \u2013 Annual improvements to IFRS Standards 2018\u201320. At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective: \u2013 IFRS 17 \u2013 Insurance contracts; \u2013 Amendments to IAS 1 \u2013 Classification of liabilities as current or non current (including deferral of effective date); \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of accounting policies; \u2013 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction; \u2013 Amendments to IAS 8 \u2013 Definition of accounting estimates; and \u2013 Amendments to IFRS 10 and IAS 28 \u2013 Sales or Contributions of Assets between an investor and its Associate or Joint Venture. The Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group in future periods. The Group has assessed the impact of the IFRS Interpretation Committee\u2019s recent agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7). The Group holds customer deposits in separate designated bank accounts where the use of the monies is restricted and defined in the lease agreements; however, the access to these monies by the Group is not restricted. Following the clarification by IFRIC, these customer deposits are judged to meet the definition of \u2018cash\u2019 under IAS 7. The Group comparative balances have been restated to reflect this change in classification, which resulted in \u00a316.7 million of customer deposits as at 31 March 2022 being reclassified and presented gross as cash and cash equivalents and payables with no impact on net assets or the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-316": {
"value": "New accounting standards In the current year, the Group has applied a number of amendments to IFRSs that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. These new standards and amendments are listed below: \u2013 Amendments to IFRS 3 \u2013 Reference to the conceptual framework; \u2013 Amendments to IAS 16 \u2013 Property, plant and equipment proceeds before intended use; \u2013 Amendments to IAS 37 \u2013 Onerous contracts, cost of fulfilling a contract; and \u2013 Annual improvements to IFRS Standards 2018\u201320. At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective: \u2013 IFRS 17 \u2013 Insurance contracts; \u2013 Amendments to IAS 1 \u2013 Classification of liabilities as current or non current (including deferral of effective date); \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of accounting policies; \u2013 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction; \u2013 Amendments to IAS 8 \u2013 Definition of accounting estimates; and \u2013 Amendments to IFRS 10 and IAS 28 \u2013 Sales or Contributions of Assets between an investor and its Associate or Joint Venture. The Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group in future periods. The Group has assessed the impact of the IFRS Interpretation Committee\u2019s recent agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7). The Group holds customer deposits in separate designated bank accounts where the use of the monies is restricted and defined in the lease agreements; however, the access to these monies by the Group is not restricted. Following the clarification by IFRIC, these customer deposits are judged to meet the definition of \u2018cash\u2019 under IAS 7. The Group comparative balances have been restated to reflect this change in classification, which resulted in \u00a316.7 million of customer deposits as at 31 March 2022 being reclassified and presented gross as cash and cash equivalents and payables with no impact on net assets or the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-341": {
"value": "The Group has assessed the impact of the IFRS Interpretation Committee\u2019s recent agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7). The Group holds customer deposits in separate designated bank accounts where the use of the monies is restricted and defined in the lease agreements; however, the access to these monies by the Group is not restricted. Following the clarification by IFRIC, these customer deposits are judged to meet the definition of \u2018cash\u2019 under IAS 7. The Group comparative balances have been restated to reflect this change in classification, which resulted in \u00a316.7 million of customer deposits as at 31 March 2022 being reclassified and presented gross as cash and cash equivalents and payables with no impact on net assets or the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-290": {
"value": "Basis of consolidation The Group\u2019s financial statements consolidate the financial statements of the Company and all its subsidiary undertakings for the year ended 31 March 2023. Subsidiary undertakings are those entities controlled by the Group. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the investee. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-291": {
"value": "Revenue Gross rental income comprises rental income and premiums on lease surrenders on investment properties for the year, exclusive of service charges receivable, on a straight-line basis. Initial direct costs incurred in arranging a lease are added to the carrying value of investment properties and are subsequently recognised as an expense over the lease term on the same basis as the lease income. Lease incentives, including rent-free periods and payments to customers, are allocated to the income statement on a straight-line basis over the lease term or on another systematic basis, if applicable. The value of resulting accrued rental income is included within the respective property, with the aggregate cost of the incentive recognised as a reduction in rental income on a straight-line basis over the term of the lease. Revenue from Fully Managed spaces is split between an amount attributable to the rent on a fitted basis and services income. The rent is recognised in gross rental income (see above) and the services income is recorded over the period when the services are provided and benefit the customer. The Group\u2019s Flex Partnerships represent leases with third-party operators where the rent payable is calculated by reference to the profitability of the space under management. The rent is recognised in gross rental income (see above). Service charge income is recorded over the period when the services are provided and benefit the customer. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-292": {
"value": "Cost of sales Service charge expenses (including the cost of service provision in our Fully Managed spaces) represent the costs of operating the Group\u2019s portfolio and are expensed as incurred. Other property expenses represent irrecoverable running costs directly attributable to specific properties within the Group\u2019s portfolio. Costs incurred in the improvement of the portfolio which, in the opinion of the Directors, are not of a capital nature are written-off to the income statement as incurred. Administration expenses Costs not directly attributable to individual properties are treated as administration expenses. Share-based payments The cost of granting share-based payments to employees and Directors is recognised within administration expenses in the income statement. The Group has used the stochastic model to value the grants, which is dependent upon factors including the share price, expected volatility and vesting period, and the resulting fair value is amortised through the income statement over the vesting period. The charge is recognised over the vesting period and reversed if it is likely that any non-market-based performance or service criteria will not be met. Any cost in respect of share-based payments relating to the employees of a subsidiary company is recharged accordingly . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-321": {
"value": "Share-based payments The cost of granting share-based payments to employees and Directors is recognised within administration expenses in the income statement. The Group has used the stochastic model to value the grants, which is dependent upon factors including the share price, expected volatility and vesting period, and the resulting fair value is amortised through the income statement over the vesting period. The charge is recognised over the vesting period and reversed if it is likely that any non-market-based performance or service criteria will not be met. Any cost in respect of share-based payments relating to the employees of a subsidiary company is recharged accordingly ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-293": {
"value": "Segmental analysis The Directors are required to present the Group\u2019s financial information by business segment or geographical area. This requires a review of the Group\u2019s organisational structure and internal reporting system to identify reportable segments and an assessment of where the Group\u2019s assets or customers are located. All of the Group\u2019s revenue is generated from investment properties located in central London. The properties are managed as a single portfolio by a portfolio management team whose responsibilities are not segregated by location or type, but are managed on an asset-by-asset basis. The majority of the Group\u2019s assets are mixed-use, therefore the office (including Flex space), retail and any residential space is managed together. Within the property portfolio, the Group has a number of properties under development. The Directors view the Group\u2019s development activities as an integral part of the life cycle of each of its assets rather than a separate business or division. The nature of developing property means that whilst a property is under development it generates no revenue and has no operating results. Once a development has completed, it returns to the investment property portfolio, or if it is a trading property, it is sold. The Directors have considered the nature of the business, how the business is managed and how they review performance, and in their judgement, the Group has only one reportable segment. The components of the valuation, as provided by the external valuer, are set out in note 9. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-294": {
"value": "Investment property Both leasehold and freehold investment properties and investment properties under development are professionally valued on a fair value basis by qualified external valuers and the Directors must ensure that they are satisfied that the valuation of the Group\u2019s properties is appropriate for inclusion in the accounts without adjustment. The valuation of the property portfolio reflects its fair value taking into account the market view of all relevant factors, including the climate-related risks associated with the properties. This includes the impact of expected regulatory changes. The valuations have been prepared in accordance with the current versions of the RICS Valuation \u2013 Global Standards (incorporating the International Valuation Standards (IVS)) and the UK national supplement (the Red Book) and have been primarily derived using comparable recent market transactions on arm\u2019s length terms. For investment property, this approach involves applying market-derived capitalisation yields to current and market- derived future income streams with appropriate adjustments for income voids arising from vacancies or rent-free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions and are considered to be the key inputs in the valuation. Other factors that are taken into account in the valuations include the tenure of the property, tenancy details, non- payment of rent, planning, building and environmental factors that might affect the property. In the case of investment property under development, the approach applied is the \u2018residual method\u2019 of valuation, which is the investment method of valuation as described above with a deduction for the costs necessary to complete the development, together with an allowance for the remaining risk. The Group recognises sales and purchases of property when control passes on completion of the contract. Gains or losses on the sale of properties are calculated by reference to the carrying value at the end of the previous year, adjusted for subsequent capital expenditure. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-295": {
"value": "Lease obligations Where the Group is a lessee, a right of use asset and lease liability are recognised at the outset of the lease. The lease liability is initially measured at the present value of the lease payments based on the Group\u2019s expectations of the likelihood of the lease term. The lease liability is subsequently adjusted to reflect an imputed finance charge, payments made to the lessor and any lease modifications. The right of use asset is initially measured at cost, which comprises the amount of the lease liability and direct costs incurred, less any lease incentives received by the Group. The Group has two categories of right of use assets: those in respect of head leases related to its leasehold properties and an occupational lease for its head office. The right of use asset in respect of head leases is classified as investment property and is added to the carrying value of the leasehold investment property. The right of use asset in respect of its occupational leases is classified as property, plant and equipment and is subsequently depreciated over the length of the lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-296": {
"value": "Depreciation No depreciation is provided in respect of freehold investment properties and leasehold investment properties. Plant and equipment is held at cost less accumulated depreciation. Depreciation is provided on plant and equipment, at rates calculated to write off the cost, less residual value prevailing at the balance sheet date of each asset evenly over its expected useful life, as follows: Fixtures and fittings \u2013 over three to five years. Leasehold improvements \u2013 over the term of the lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-323": {
"value": "Plant and equipment is held at cost less accumulated depreciation. Depreciation is provided on plant and equipment, at rates calculated to write off the cost, less residual value prevailing at the balance sheet date of each asset evenly over its expected useful life, as follows: Fixtures and fittings \u2013 over three to five years. Leasehold improvements \u2013 over the term of the lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-297": {
"value": "Joint ventures Joint ventures are accounted for under the equity method where, in the Directors\u2019 judgement, the Group has joint control of the entity. The Group\u2019s level of control in its joint ventures is driven both by the individual agreements which set out how control is shared by the partners and how that control is exercised in practice. The Group balance sheet contains the Group\u2019s share of the net assets of its joint ventures. Balances with partners owed to or from the Group by joint ventures are included within investments. The Group\u2019s share of joint venture profits and losses are included in the Group income statement in a single line. All of the Group\u2019s joint ventures adopt the accounting policies of the Group for inclusion in the Group financial statements. There have been no new joint ventures during the year and no changes to any of the agreements in place. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-322": {
"value": "Joint ventures Joint ventures are accounted for under the equity method where, in the Directors\u2019 judgement, the Group has joint control of the entity. The Group\u2019s level of control in its joint ventures is driven both by the individual agreements which set out how control is shared by the partners and how that control is exercised in practice. The Group balance sheet contains the Group\u2019s share of the net assets of its joint ventures. Balances with partners owed to or from the Group by joint ventures are included within investments. The Group\u2019s share of joint venture profits and losses are included in the Group income statement in a single line. All of the Group\u2019s joint ventures adopt the accounting policies of the Group for inclusion in the Group financial statements. There have been no new joint ventures during the year and no changes to any of the agreements in place. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-298": {
"value": "Income tax Current tax is the amount payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full on temporary differences between the tax base of an asset or liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the asset is realised or the liability is settled. Deferred tax assets are recognised when it is probable that taxable profits will be available against which the deferred tax assets can be utilised. No provision is made for temporary differences arising on the initial recognition of assets or liabilities that affect neither accounting nor taxable profit. Tax is included in the income statement except when it relates to items recognised directly in other comprehensive income or equity, in which case the related tax is also recognised directly in other comprehensive income or equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-324": {
"value": "Deferred tax is provided in full on temporary differences between the tax base of an asset or liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the asset is realised or the liability is settled. Deferred tax assets are recognised when it is probable that taxable profits will be available against which the deferred tax assets can be utilised. No provision is made for temporary differences arising on the initial recognition of assets or liabilities that affect neither accounting nor taxable profit. Tax is included in the income statement except when it relates to items recognised directly in other comprehensive income or equity, in which case the related tax is also recognised directly in other comprehensive income or equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-299": {
"value": "Pension benefits The Group contributes to a defined benefit pension plan which is funded with assets held separately from those of the Group. The full value of the net assets or liabilities of the pension fund is brought onto the balance sheet at each balance sheet date. Actuarial gains and losses are taken to other comprehensive income; all other movements are taken to the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-301": {
"value": "Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development is capitalised. Direct expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop, but does not include the original book cost of a site where no intention existed. Interest is capitalised from the start of the development work until the date of practical completion. The rate used is the Group\u2019s weighted average cost of borrowings or, if appropriate, the rate on specific associated borrowings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-352": {
"value": "Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development is capitalised. Direct expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop, but does not include the original book cost of a site where no intention existed. Interest is capitalised from the start of the development work until the date of practical completion. The rate used is the Group\u2019s weighted average cost of borrowings or, if appropriate, the rate on specific associated borrowings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-342": {
"value": "Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development is capitalised. Direct expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop, but does not include the original book cost of a site where no intention existed. Interest is capitalised from the start of the development work until the date of practical completion. The rate used is the Group\u2019s weighted average cost of borrowings or, if appropriate, the rate on specific associated borrowings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-325": {
"value": "Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development is capitalised. Direct expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop, but does not include the original book cost of a site where no intention existed. Interest is capitalised from the start of the development work until the date of practical completion. The rate used is the Group\u2019s weighted average cost of borrowings or, if appropriate, the rate on specific associated borrowings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-300": {
"value": "Other investments Other investments comprise investments in Pi Labs European PropTech venture capital fund, which is measured at fair value, based on the net assets of the fund; this is a Level 3 valuation as defined by IFRS 13. Changes in fair value are recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-327": {
"value": "Other investments Other investments comprise investments in Pi Labs European PropTech venture capital fund, which is measured at fair value, based on the net assets of the fund; this is a Level 3 valuation as defined by IFRS 13. Changes in fair value are recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-302": {
"value": "Financial instruments i Borrowings The Group\u2019s borrowings in the form of its debentures, private placement notes and bank loans are recognised initially at fair value, after taking account of any discount or premium on issue and attributable transaction costs. Subsequently, borrowings are held at amortised cost, with any discounts, premiums and attributable costs charged to the income statement using the effective interest rate method. ii Cash and cash equivalents Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible into a known amount of cash and are subject to insignificant risk of changes in value. iii Trade receivables and payables Trade receivables are initially measured at the transaction price, and are subsequently measured at amortised cost using the effective interest rate method. See note 13 for further information on trade receivables and associated expected credit losses. Trade payables are initially measured at fair value and subsequently measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-343": {
"value": "Financial instruments i Borrowings The Group\u2019s borrowings in the form of its debentures, private placement notes and bank loans are recognised initially at fair value, after taking account of any discount or premium on issue and attributable transaction costs. Subsequently, borrowings are held at amortised cost, with any discounts, premiums and attributable costs charged to the income statement using the effective interest rate method. ii Cash and cash equivalents Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible into a known amount of cash and are subject to insignificant risk of changes in value. iii Trade receivables and payables Trade receivables are initially measured at the transaction price, and are subsequently measured at amortised cost using the effective interest rate method. See note 13 for further information on trade receivables and associated expected credit losses. Trade payables are initially measured at fair value and subsequently measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-326": {
"value": "Financial instruments i Borrowings The Group\u2019s borrowings in the form of its debentures, private placement notes and bank loans are recognised initially at fair value, after taking account of any discount or premium on issue and attributable transaction costs. Subsequently, borrowings are held at amortised cost, with any discounts, premiums and attributable costs charged to the income statement using the effective interest rate method. ii Cash and cash equivalents Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible into a known amount of cash and are subject to insignificant risk of changes in value. iii Trade receivables and payables Trade receivables are initially measured at the transaction price, and are subsequently measured at amortised cost using the effective interest rate method. See note 13 for further information on trade receivables and associated expected credit losses. Trade payables are initially measured at fair value and subsequently measured at amortised cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-353": {
"value": "i Borrowings The Group\u2019s borrowings in the form of its debentures, private placement notes and bank loans are recognised initially at fair value, after taking account of any discount or premium on issue and attributable transaction costs. Subsequently, borrowings are held at amortised cost, with any discounts, premiums and attributable costs charged to the income statement using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-354": {
"value": "ii Cash and cash equivalents Cash and cash equivalents comprise cash in hand, demand deposits and other short-term highly liquid investments that are readily convertible into a known amount of cash and are subject to insignificant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-355": {
"value": "iii Trade receivables and payables Trade receivables are initially measured at the transaction price, and are subsequently measured at amortised cost using the effective interest rate method. See note 13 for further information on trade receivables and associated expected credit losses. Trade payables are initially measured at fair value and subsequently measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-356": {
"value": "iii Trade receivables and payables Trade receivables are initially measured at the transaction price, and are subsequently measured at amortised cost using the effective interest rate method. See note 13 for further information on trade receivables and associated expected credit losses. Trade payables are initially measured at fair value and subsequently measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-3": {
"value": "2 Revenue 2023 \u00a3m 2022 \u00a3m Gross rental income 66.6 66.1 Spreading of lease incentives 5.9 1.2 Service charge income 12.5 11.2 Fully Managed services income 3.7 0.6 Trading property revenue 0.1 \u2013 Joint venture fee income 2.4 5.1 91.2 84.2 The table below sets out the Group\u2019s gross rental income split between types of space provided: 2023 \u00a3m 2022 \u00a3m Ready to Fit 42.4 45.5 Retail 11.1 13.1 Fitted 3.8 3.4 Fully Managed 4.1 1.6 Flex Partnerships 5.2 2.5 66.6 66.1 2 Revenue continued The table below sets out the Group\u2019s net rental income, which is an alternative performance measure: 2023 \u00a3m 2022 \u00a3m Gross rental income 66.6 66.1 Expected credit loss (0.6) (3.6) Rental income 66.0 62.5 Spreading of lease incentives 5.9 1.2 Ground rents (1.0) (1.1) Net rental income 70.9 62.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-303": {
"value": "3 Cost of sales 2023 \u00a3m 2022 \u00a3m Service charge expenses (including Fully Managed service costs) 18.2 15.8 Other property expenses 13.0 13.2 Ground rent 1.0 1.1 32.2 30.1 The table below sets out the Group\u2019s property costs, which is an alternative performance measure: 2023 \u00a3m 2022 \u00a3m Service charge income (12.5) (11.2) Fully Managed services income (3.7) (0.6) Service charge expenses (including Fully Managed service costs) 18.2 15.8 Other property expenses 13.0 13.2 Expected credit loss 0.2 0.5 Property costs 15.2 17.7 4 Administration expenses 2023 \u00a3m 2022 \u00a3m Employee costs 26.3 24.5 Depreciation 1.7 1.6 Other head office costs 10.3 8.9 38.3 35.0 Included within employee costs is an accounting charge for the Employee Long Term Incentive Plan and deferred bonus shares of \u00a31.3 million (2022: \u00a32.3 million). Employee costs, including those of Directors, comprise the following: 2023 \u00a3m 2022 \u00a3m Wages and salaries (including annual bonuses) 22.4 18.3 Share-based payments 1.5 3.9 Social security costs 3.4 2.7 Other pension costs 2.3 2.2 29.6 27.1 Less: recovered through service charges (2.0) (1.8) Less: capitalised into development projects (1.3) (0.8) 26.3 24.5 4 Administration expenses continued Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 114 to 146. The Directors and the Executive Committee are considered to be key management for the purposes of IAS 24 \u2013 Related Party Transactions with their aggregate compensation set out below: 2023 \u00a3m 2022 \u00a3m Wages and salaries (including annual bonuses) 6.8 5.4 Share-based payments 0.3 1.5 Social security costs 1.0 1.0 Other pension costs 0.5 0.4 8.6 8.3 The number of people considered key management totalled 18 (2022: 17). The Group had loans to key management of \u00a317,882 outstanding at 31 March 2023. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s only related parties . Employee information The monthly average number of employees of the Group, including Directors, was: 2023 Number 2022 Number Head office and property management 145 129 Auditor\u2019s remuneration 2023 \u00a3000 2022 \u00a3000 Audit of the Company\u2019s annual accounts 242 212 Audit of subsidiaries 94 119 336 331 Audit-related assurance services, including the interim review 49 42 Sustainability assurance 63 61 Auditor\u2019s remuneration 448 434 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-4": {
"value": "3 Cost of sales 2023 \u00a3m 2022 \u00a3m Service charge expenses (including Fully Managed service costs) 18.2 15.8 Other property expenses 13.0 13.2 Ground rent 1.0 1.1 32.2 30.1 The table below sets out the Group\u2019s property costs, which is an alternative performance measure: 2023 \u00a3m 2022 \u00a3m Service charge income (12.5) (11.2) Fully Managed services income (3.7) (0.6) Service charge expenses (including Fully Managed service costs) 18.2 15.8 Other property expenses 13.0 13.2 Expected credit loss 0.2 0.5 Property costs 15.2 17.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-5": {
"value": "4 Administration expenses 2023 \u00a3m 2022 \u00a3m Employee costs 26.3 24.5 Depreciation 1.7 1.6 Other head office costs 10.3 8.9 38.3 35.0 Included within employee costs is an accounting charge for the Employee Long Term Incentive Plan and deferred bonus shares of \u00a31.3 million (2022: \u00a32.3 million). Employee costs, including those of Directors, comprise the following: 2023 \u00a3m 2022 \u00a3m Wages and salaries (including annual bonuses) 22.4 18.3 Share-based payments 1.5 3.9 Social security costs 3.4 2.7 Other pension costs 2.3 2.2 29.6 27.1 Less: recovered through service charges (2.0) (1.8) Less: capitalised into development projects (1.3) (0.8) 26.3 24.5 4 Administration expenses continued Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 114 to 146. The Directors and the Executive Committee are considered to be key management for the purposes of IAS 24 \u2013 Related Party Transactions with their aggregate compensation set out below: 2023 \u00a3m 2022 \u00a3m Wages and salaries (including annual bonuses) 6.8 5.4 Share-based payments 0.3 1.5 Social security costs 1.0 1.0 Other pension costs 0.5 0.4 8.6 8.3 The number of people considered key management totalled 18 (2022: 17). The Group had loans to key management of \u00a317,882 outstanding at 31 March 2023. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s only related parties . Employee information The monthly average number of employees of the Group, including Directors, was: 2023 Number 2022 Number Head office and property management 145 129 Auditor\u2019s remuneration 2023 \u00a3000 2022 \u00a3000 Audit of the Company\u2019s annual accounts 242 212 Audit of subsidiaries 94 119 336 331 Audit-related assurance services, including the interim review 49 42 Sustainability assurance 63 61 Auditor\u2019s remuneration 448 434 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-346": {
"value": "Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 114 to 146. The Directors and the Executive Committee are considered to be key management for the purposes of IAS 24 \u2013 Related Party Transactions with their aggregate compensation set out below: 2023 \u00a3m 2022 \u00a3m Wages and salaries (including annual bonuses) 6.8 5.4 Share-based payments 0.3 1.5 Social security costs 1.0 1.0 Other pension costs 0.5 0.4 8.6 8.3 The number of people considered key management totalled 18 (2022: 17). The Group had loans to key management of \u00a317,882 outstanding at 31 March 2023. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s only related parties ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-330": {
"value": "Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 114 to 146. The Directors and the Executive Committee are considered to be key management for the purposes of IAS 24 \u2013 Related Party Transactions with their aggregate compensation set out below: 2023 \u00a3m 2022 \u00a3m Wages and salaries (including annual bonuses) 6.8 5.4 Share-based payments 0.3 1.5 Social security costs 1.0 1.0 Other pension costs 0.5 0.4 8.6 8.3 The number of people considered key management totalled 18 (2022: 17). The Group had loans to key management of \u00a317,882 outstanding at 31 March 2023. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s only related parties . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-329": {
"value": "Employee information The monthly average number of employees of the Group, including Directors, was: 2023 Number 2022 Number Head office and property management 145 129 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-328": {
"value": "Auditor\u2019s remuneration 2023 \u00a3000 2022 \u00a3000 Audit of the Company\u2019s annual accounts 242 212 Audit of subsidiaries 94 119 336 331 Audit-related assurance services, including the interim review 49 42 Sustainability assurance 63 61 Auditor\u2019s remuneration 448 434 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-304": {
"value": "5 Finance income 2023 \u00a3m 2022 \u00a3m Interest on balances with joint ventures 5.9 7.3 Interest on cash deposits 0.1 0.1 6.0 7.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-344": {
"value": "5 Finance income 2023 \u00a3m 2022 \u00a3m Interest on balances with joint ventures 5.9 7.3 Interest on cash deposits 0.1 0.1 6.0 7.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-331": {
"value": "5 Finance income 2023 \u00a3m 2022 \u00a3m Interest on balances with joint ventures 5.9 7.3 Interest on cash deposits 0.1 0.1 6.0 7.4 6 Finance costs 2023 \u00a3m 2022 \u00a3m Interest on revolving credit facilities 5.7 2.1 Interest on private placement notes 10.9 11.0 Interest on debenture stock 1.2 1.2 Interest on obligations under occupational leases 0.1 0.1 Interest on obligations under head leases 2.4 1.9 Gross finance costs 20.3 16.3 Less: capitalised interest at an average rate of 3.0% (2022: 2.9%) (8.8) (7.2) 11.5 9.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-6": {
"value": "5 Finance income 2023 \u00a3m 2022 \u00a3m Interest on balances with joint ventures 5.9 7.3 Interest on cash deposits 0.1 0.1 6.0 7.4 6 Finance costs 2023 \u00a3m 2022 \u00a3m Interest on revolving credit facilities 5.7 2.1 Interest on private placement notes 10.9 11.0 Interest on debenture stock 1.2 1.2 Interest on obligations under occupational leases 0.1 0.1 Interest on obligations under head leases 2.4 1.9 Gross finance costs 20.3 16.3 Less: capitalised interest at an average rate of 3.0% (2022: 2.9%) (8.8) (7.2) 11.5 9.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-305": {
"value": "6 Finance costs 2023 \u00a3m 2022 \u00a3m Interest on revolving credit facilities 5.7 2.1 Interest on private placement notes 10.9 11.0 Interest on debenture stock 1.2 1.2 Interest on obligations under occupational leases 0.1 0.1 Interest on obligations under head leases 2.4 1.9 Gross finance costs 20.3 16.3 Less: capitalised interest at an average rate of 3.0% (2022: 2.9%) (8.8) (7.2) 11.5 9.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-345": {
"value": "6 Finance costs 2023 \u00a3m 2022 \u00a3m Interest on revolving credit facilities 5.7 2.1 Interest on private placement notes 10.9 11.0 Interest on debenture stock 1.2 1.2 Interest on obligations under occupational leases 0.1 0.1 Interest on obligations under head leases 2.4 1.9 Gross finance costs 20.3 16.3 Less: capitalised interest at an average rate of 3.0% (2022: 2.9%) (8.8) (7.2) 11.5 9.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-7": {
"value": "7 Tax 2023 \u00a3m 2022 \u00a3m Current tax UK corporation tax \u2013 current period \u2013 \u2013 UK corporation tax \u2013 prior periods \u2013 \u2013 Total current tax \u2013 \u2013 Deferred tax (0.1) (0.5) Tax credit for the year (0.1) (0.5) The effective rate of tax is lower (2022: lower) than the standard rate of tax. The difference arises from the items set out below: 2023 \u00a3m 2022 \u00a3m (Loss)/profit before tax (164.0) 166.7 Tax (credit)/charge on (loss)/profit at standard rate of 19% (2022: 19%) (31.2) 31.7 REIT tax exempt rental profits and gains (7.1) (8.0) Changes in fair value of properties not subject to tax 35.1 (25.8) Difference between accounting profit and tax profit on disposal 2.0 \u2013 Other 1.1 1.6 Tax credit for the year (0.1) (0.5) During the year, \u00a30.1 million (2022: \u00a30.5 million) of deferred tax was debited directly to equity. The Group recognised a net deferred tax asset at 31 March 2023 of \u00a3nil (2022: \u00a3nil). This consists of deferred tax assets of \u00a31.2 million (2022: \u00a30.8 million) and deferred tax liabilities of \u00a31.2 million (2022: \u00a30.8 million). Deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. The standard rate of tax increased on 1 April 2023 from 19% to 25%. Movement in deferred tax At 1 April 2022 \u00a3m Recognised in the income statement \u00a3m Recognised in equity \u00a3m At 31 March 2023 \u00a3m Net deferred tax asset/(liability) in respect of other temporary differences \u2013 0.1 (0.1) \u2013 A further deferred tax asset of \u00a36.9 million (2022: \u00a35.9 million), mainly relating to revenue losses and contingent share awards, was not recognised because it is uncertain whether future taxable profit will arise against which this asset can be utilised. As a REIT, the majority of rental profits and chargeable gains from the Group\u2019s property rental business are exempt from UK corporation tax. The Group is otherwise subject to corporation tax. In particular, the Group\u2019s REIT exemption does not extend to either profits arising from the sale of trading properties or gains arising from the sale of investment properties in respect of which a major redevelopment has completed within the preceding three years (including the sale of 50 Finsbury Square, EC2, which completed in February 2023). In order to ensure that the Group is able to both retain its status as a REIT and avoid financial charges being imposed, a number of tests (including a minimum distribution test) must be met by both Great Portland Estates plc and by the Group as a whole on an ongoing basis. These conditions are detailed in the Corporation Tax Act 2010. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-306": {
"value": "During the year, \u00a30.1 million (2022: \u00a30.5 million) of deferred tax was debited directly to equity. The Group recognised a net deferred tax asset at 31 March 2023 of \u00a3nil (2022: \u00a3nil). This consists of deferred tax assets of \u00a31.2 million (2022: \u00a30.8 million) and deferred tax liabilities of \u00a31.2 million (2022: \u00a30.8 million). Deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. The standard rate of tax increased on 1 April 2023 from 19% to 25%. Movement in deferred tax At 1 April 2022 \u00a3m Recognised in the income statement \u00a3m Recognised in equity \u00a3m At 31 March 2023 \u00a3m Net deferred tax asset/(liability) in respect of other temporary differences \u2013 0.1 (0.1) \u2013 A further deferred tax asset of \u00a36.9 million (2022: \u00a35.9 million), mainly relating to revenue losses and contingent share awards, was not recognised because it is uncertain whether future taxable profit will arise against which this asset can be utilised. As a REIT, the majority of rental profits and chargeable gains from the Group\u2019s property rental business are exempt from UK corporation tax. The Group is otherwise subject to corporation tax. In particular, the Group\u2019s REIT exemption does not extend to either profits arising from the sale of trading properties or gains arising from the sale of investment properties in respect of which a major redevelopment has completed within the preceding three years (including the sale of 50 Finsbury Square, EC2, which completed in February 2023). In order to ensure that the Group is able to both retain its status as a REIT and avoid financial charges being imposed, a number of tests (including a minimum distribution test) must be met by both Great Portland Estates plc and by the Group as a whole on an ongoing basis. These conditions are detailed in the Corporation Tax Act 2010. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-8": {
"value": "8 Alternative performance measures and EPRA metrics As is usual practice in our sector, we use alternative performance measures (APMs) to help explain the performance of the business. These include quoting a number of measures on a proportionally consolidated basis to include joint ventures, as it best describes how we manage the portfolio, and using measures prescribed by the European Public Real Estate Association (EPRA). The measures defined by EPRA are designed to enhance transparency and comparability across the European real estate sector in accordance with its Best Practice Recommendations. The Directors consider these EPRA metrics, and the other metrics provided, to be the most appropriate method of reporting the value and performance of the business. A summary of our EPRA measures is on page 33. EPRA capital expenditure and EPRA NIY are included in note 9 and EPRA vacancy is set out on page 199. 8 Alternative performance measures and EPRA metrics continued Earnings per share Weighted average number of ordinary shares 2023 Number of shares 2022 Number of shares Issued ordinary share capital at 1 April 253,867,911 253,867,911 Investment in own shares (941,432) (877,335) Weighted average number of ordinary shares at 31 March \u2013 basic 252,926,479 252,990,576 Basic and diluted earnings per share Loss after tax 2023 \u00a3m Number of shares 2023 million Loss per share 2023 pence Profit after tax 2022 \u00a3m Number of shares 2022 million Earnings per share 2022 pence Basic (163.9) 252.9 (64.8) 167.2 253.0 66.1 Dilutive effect of LTIP shares \u2013 \u2013 \u2013 \u2013 0.1 (0.1) Diluted (163.9) 252.9 (64.8) 167.2 253.1 66.0 Basic and diluted EPRA earnings per share Loss after tax 2023 \u00a3m Number of shares 2023 million (Loss)/ Earnings per share 2023 pence Profit after tax 2022 \u00a3m Number of shares 2022 million Earnings per share 2022 pence Basic (163.9) 252.9 (64.8) 167.2 253.0 66.1 Deficit/(surplus) from investment property net of tax (note 9) 145.0 \u2013 57.3 (107.9) \u2013 (42.7) Deficit/(surplus) from joint venture investment property (note 10) 43.2 \u2013 17.1 (31.4) \u2013 (12.4) Trading property revenue (0.1) \u2013 \u2013 \u2013 \u2013 \u2013 Surplus on revaluation of other investments (note 12) (0.1) \u2013 \u2013 \u2013 \u2013 \u2013 Deferred tax (note 7) (0.1) \u2013 (0.1) (0.5) \u2013 (0.2) Basic EPRA earnings 24.0 252.9 9.5 27.4 253.0 10.8 Dilutive effect of LTIP shares (note 20) \u2013 0.2 \u2013 \u2013 0.1 \u2013 Diluted EPRA earnings 24.0 253.1 9.5 27.4 253.1 10.8 Net assets per share In October 2019, EPRA issued new Best Practice Recommendations for Net Asset Value (NAV) metrics; these recommendations are effective for accounting periods starting on 1 January 2020 and have been adopted by the Group. The recommendations include three NAV metrics: EPRA Net Tangible Assets (NTA), Net Reinvestment Value (NRV) and Net Disposal Value (NDV). We consider EPRA NTA to be the most relevant measure for the Group and the primary measure of NAV, definitions are included in the glossary. Number of ordinary shares 2023 Number of shares 2022 Number of shares Issued ordinary share capital 253,867,911 253,867,911 Investment in own shares (887,159) (877,335) Number of shares \u2013 basic 252,980,752 252,990,576 Dilutive effect of LTIP shares 326,340 145,862 Number of shares \u2013 diluted 253,307,092 253,136,438 8 Alternative performance measures and EPRA metrics continued EPRA net assets per share at 31 March 2023 IFRS \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m EPRA NRV \u00a3m IFRS basic and diluted net assets 1,918.6 1,918.6 1,918.6 1,918.6 Fair value of financial liabilities (note 16) \u2013 \u2013 83.4 \u2013 Real estate transfer tax \u2013 \u2013 \u2013 173.6 Net assets used in per share calculations 1,918.6 1,918.6 2,002.0 2,092.2 IFRS EPRA NTA EPRA NDV EPRA NRV Net assets per share (pence) 758 758 791 827 Diluted net assets per share (pence) 757 757 790 826 EPRA net assets per share at 31 March 2022 IFRS \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m EPRA NRV \u00a3m IFRS basic and diluted net assets 2,112.9 2,112.9 2,112.9 2,112.9 Fair value of financial liabilities (note 16) \u2013 \u2013 7.9 \u2013 Real estate transfer tax \u2013 \u2013 \u2013 193.2 Net assets used in per share calculations 2,112.9 2,112.9 2,120.8 2,306.1 IFRS EPRA NTA EPRA NDV EPRA NRV Net assets per share (pence) 835 835 838 912 Diluted net assets per share (pence) 835 835 838 911 Total Accounting Return (TAR) 2023 Pence per share 2022 Pence per share Opening EPRA NTA (A) 835.0 779.0 Closing EPRA NTA 757.0 835.0 (Decrease)/increase in EPRA NTA (78.0) 56.0 Ordinary dividends paid in the year 12.6 12.6 Total return (B) (65.4) 68.6 Total Accounting Return (B/A) (7.8%) 8.8% Net gearing 2023 \u00a3m 2022 \u00a3m Nominal value of interest-bearing loans and borrowings (see note 15) 460.9 533.9 Obligations under occupational leases 2.0 2.9 Less: cash balances (unrestricted) (3.2) \u2013 Adjusted net debt (A) 459.7 536.8 Net assets 1,918.6 2,112.9 Pension asset (4.1) (3.5) Adjusted net equity (B) 1,914.5 2,109.4 Net gearing (A/B) 24.0% 25.4% 8 Alternative performance measures and EPRA metrics continued EPRA loan-to-value and net debt We consider loan-to-property value, including our share of joint ventures, to be the best measure of the Group\u2019s risk from financial leverage. We also present net gearing as it is a key covenant on our loan facilities (see note 16). 2023 \u00a3m 2022 \u00a3m \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 21.9 21.9 \u00a3450.0 million revolving credit facility 14.0 87.0 Private placement notes 425.0 425.0 Current interest-bearing loans and borrowings \u2013 0.2 Less: cash balances (unrestricted) (3.2) \u2013 Group net debt 457.7 534.1 Net payables (excluding customer rent deposits) 27.8 34.1 Group net debt including net payables 485.5 568.2 Joint venture net payables (at share) 3.4 4.7 Less: joint venture cash balances (at share) (17.7) (28.9) Net debt including joint ventures (A) 471.2 544.0 Group properties at market value 1,855.5 2,088.8 Joint venture properties at market value 524.5 558.6 Properties at fair value including joint ventures (B) 2,380.0 2,647.4 EPRA loan-to-value (A/B) 19.8% 20.5% EPRA cost ratio (including share of joint ventures) 2023 \u00a3m 2022 \u00a3m Administration expenses 38.3 35.0 Property costs 15.2 17.7 Joint venture management fee income (note 2) (2.4) (5.1) Joint venture property and administration costs (note 10) 2.2 1.9 EPRA costs (including direct vacancy costs) (A) 53.3 49.5 Direct vacancy costs (7.8) (8.9) Joint venture direct vacancy cost (0.3) (0.8) EPRA costs (excluding direct vacancy costs) (B) 45.2 39.8 Net rental income (note 2) 70.9 62.6 Joint venture net rental income (note 10) 18.2 24.0 Gross rental income (C) 89.1 86.6 Portfolio at fair value including joint ventures (D) 2,380.0 2,647.4 Cost ratio (including direct vacancy costs) (A/C) 59.8% 57.1% Cost ratio (excluding direct vacancy costs) (B/C) 50.7% 46.0% Cost ratio (by portfolio value) (A/D) 2.2% 1.9% 8 Alternative performance measures and EPRA metrics continued Cash earnings per share Profit after tax 2023 \u00a3m Number of shares 2023 million Earnings per share 2023 pence Profit after tax 2022 \u00a3m Number of shares 2022 million Earnings per share 2022 pence Diluted EPRA earnings 24.0 253.1 9.5 27.4 253.1 10.8 Capitalised interest (8.8) \u2013 (3.5) (7.2) \u2013 (2.8) Spreading of lease incentives (5.9) \u2013 (2.3) (1.2) \u2013 (0.5) Spreading of lease incentives in joint ventures (7.0) \u2013 (2.8) (8.4) \u2013 (3.3) Employee Long Term Incentive Plan charge 1.3 \u2013 0.5 3.9 \u2013 1.5 Cash earnings per share 3.6 253.1 1.4 14.5 253.1 5.7 ",
"dimensions": {
"concept": "greatportlandestatesplc:DisclosureOfAlternativePerformanceMeasuresAndEPRAMetricsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-307": {
"value": "Earnings per share Weighted average number of ordinary shares 2023 Number of shares 2022 Number of shares Issued ordinary share capital at 1 April 253,867,911 253,867,911 Investment in own shares (941,432) (877,335) Weighted average number of ordinary shares at 31 March \u2013 basic 252,926,479 252,990,576 Basic and diluted earnings per share Loss after tax 2023 \u00a3m Number of shares 2023 million Loss per share 2023 pence Profit after tax 2022 \u00a3m Number of shares 2022 million Earnings per share 2022 pence Basic (163.9) 252.9 (64.8) 167.2 253.0 66.1 Dilutive effect of LTIP shares \u2013 \u2013 \u2013 \u2013 0.1 (0.1) Diluted (163.9) 252.9 (64.8) 167.2 253.1 66.0 Basic and diluted EPRA earnings per share Loss after tax 2023 \u00a3m Number of shares 2023 million (Loss)/ Earnings per share 2023 pence Profit after tax 2022 \u00a3m Number of shares 2022 million Earnings per share 2022 pence Basic (163.9) 252.9 (64.8) 167.2 253.0 66.1 Deficit/(surplus) from investment property net of tax (note 9) 145.0 \u2013 57.3 (107.9) \u2013 (42.7) Deficit/(surplus) from joint venture investment property (note 10) 43.2 \u2013 17.1 (31.4) \u2013 (12.4) Trading property revenue (0.1) \u2013 \u2013 \u2013 \u2013 \u2013 Surplus on revaluation of other investments (note 12) (0.1) \u2013 \u2013 \u2013 \u2013 \u2013 Deferred tax (note 7) (0.1) \u2013 (0.1) (0.5) \u2013 (0.2) Basic EPRA earnings 24.0 252.9 9.5 27.4 253.0 10.8 Dilutive effect of LTIP shares (note 20) \u2013 0.2 \u2013 \u2013 0.1 \u2013 Diluted EPRA earnings 24.0 253.1 9.5 27.4 253.1 10.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-308": {
"value": "Net assets per share In October 2019, EPRA issued new Best Practice Recommendations for Net Asset Value (NAV) metrics; these recommendations are effective for accounting periods starting on 1 January 2020 and have been adopted by the Group. The recommendations include three NAV metrics: EPRA Net Tangible Assets (NTA), Net Reinvestment Value (NRV) and Net Disposal Value (NDV). We consider EPRA NTA to be the most relevant measure for the Group and the primary measure of NAV, definitions are included in the glossary. Number of ordinary shares 2023 Number of shares 2022 Number of shares Issued ordinary share capital 253,867,911 253,867,911 Investment in own shares (887,159) (877,335) Number of shares \u2013 basic 252,980,752 252,990,576 Dilutive effect of LTIP shares 326,340 145,862 Number of shares \u2013 diluted 253,307,092 253,136,438 EPRA net assets per share at 31 March 2023 IFRS \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m EPRA NRV \u00a3m IFRS basic and diluted net assets 1,918.6 1,918.6 1,918.6 1,918.6 Fair value of financial liabilities (note 16) \u2013 \u2013 83.4 \u2013 Real estate transfer tax \u2013 \u2013 \u2013 173.6 Net assets used in per share calculations 1,918.6 1,918.6 2,002.0 2,092.2 IFRS EPRA NTA EPRA NDV EPRA NRV Net assets per share (pence) 758 758 791 827 Diluted net assets per share (pence) 757 757 790 826 EPRA net assets per share at 31 March 2022 IFRS \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m EPRA NRV \u00a3m IFRS basic and diluted net assets 2,112.9 2,112.9 2,112.9 2,112.9 Fair value of financial liabilities (note 16) \u2013 \u2013 7.9 \u2013 Real estate transfer tax \u2013 \u2013 \u2013 193.2 Net assets used in per share calculations 2,112.9 2,112.9 2,120.8 2,306.1 IFRS EPRA NTA EPRA NDV EPRA NRV Net assets per share (pence) 835 835 838 912 Diluted net assets per share (pence) 835 835 838 911 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-9": {
"value": "9 Investment property Investment property Freehold \u00a3m Leasehold \u00a3m Total \u00a3m Book value at 1 April 2021 615.9 964.7 1,580.6 Costs capitalised 18.9 25.1 44.0 Acquisitions \u2013 52.3 52.3 Transfer from investment property under development 246.8 \u2013 246.8 Net valuation surplus on investment property 48.0 5.1 53.1 Book value at 31 March 2022 929.6 1,047.2 1,976.8 Costs capitalised 22.4 12.3 34.7 Acquisitions 7.5 36.1 43.6 Disposals (27.3) \u2013 (27.3) Transfer to investment property under development \u2013 (101.2) (101.2) Net valuation deficit on investment property (48.7) (69.4) (118.1) Book value at 31 March 2023 883.5 925.0 1,808.5 Investment property under development Freehold \u00a3m Leasehold \u00a3m Total \u00a3m Book value at 1 April 2021 313.9 \u2013 313.9 Costs capitalised 38.5 \u2013 38.5 Interest capitalised 7.2 \u2013 7.2 Transfer to investment property (246.8) \u2013 (246.8) Net valuation surplus on investment property under development 54.8 \u2013 54.8 Book value at 31 March 2022 167.6 \u2013 167.6 Costs capitalised 21.1 32.0 53.1 Disposals (193.4) \u2013 (193.4) Interest capitalised 4.7 4.1 8.8 Transfer from investment property \u2013 101.2 101.2 Net valuation deficit on investment property under development \u2013 (23.6) (23.6) Book value at 31 March 2023 \u2013 113.7 113.7 Total investment property 883.5 1,038.7 1,922.2 The book value of investment property includes \u00a366.7 million (2022: \u00a355.6 million) in respect of the present value of future ground rents. The market value of the portfolio (excluding these amounts) is \u00a31,855.5 million. The total portfolio value including joint venture properties of \u00a3524.5 million (see note 10) was \u00a32,380.0 million. At 31 March 2023, property with a carrying value of \u00a3111.0 million (2022: \u00a3119.5 million) was secured under the first mortgage debenture stock (see note 15). 9 Investment property continued Surplus from investment property 2023 \u00a3m 2022 \u00a3m Net valuation (deficit)/surplus on investment property (141.7) 107.9 Loss on sale of investment properties (3.3) \u2013 (145.0) 107.9 The Group\u2019s investment properties, including those held in joint ventures (note 10), were valued on the basis of fair value by CBRE Limited (CBRE), external valuers, as at 31 March 2023. The valuations have been prepared in accordance with the current versions of the RICS Valuation \u2013 Global Standards (incorporating the International Valuation Standards (IVS)) and the UK national supplement (the Red Book) and have been primarily derived using comparable recent market transactions on arm\u2019s length terms. The total fees, including the fixed fee for this assignment, earned by CBRE (or other companies forming part of the same group of companies within the UK) from the Group are less than 5.0% of its total UK revenues. CBRE has carried out valuation instructions, agency and professional services on behalf of the Group for in excess of 20 years. Real estate valuations are complex and derived using comparable market transactions which are not publicly available and involve an element of judgement. Therefore, in line with EPRA guidance, we have classified the valuation of the property portfolio as Level 3 as defined by IFRS 13. There were no transfers between levels during the year. Inputs to the valuation, including capitalisation yields (typically the true equivalent yield) and rental values, are defined as \u2018unobservable\u2019 as defined by IFRS 13. Key inputs to the valuation at 31 March 2023 ERV True equivalent yield Average \u00a3 per sq ft Range \u00a3 per sq ft Average % Range % North of Oxford Street Office 88 54 \u2013 131 4.8 4.3 \u2013 6.8 Retail 63 33 \u2013 107 4.5 4.2 \u2013 7.5 Rest of West End Office 101 57 \u2013 163 5.4 3.3 \u2013 7.3 Retail 96 15 \u2013 266 4.7 3.2 \u2013 7.1 City, Midtown and Southwark Office 75 47 \u2013 167 5.0 4.5 \u2013 6.1 Retail 25 25 \u2013 27 5.5 4.6 \u2013 5.9 Key inputs to the valuation at 31 March 2022 ERV True equivalent yield Average \u00a3 per sq ft Range \u00a3 per sq ft Average % Range % North of Oxford Street Office 79 43 \u2013 96 4.3 3.9 \u2013 5.7 Retail 65 33 \u2013 111 4.4 4.1 \u2013 7.0 Rest of West End Office 87 57 \u2013 111 4.8 3.3 \u2013 6.2 Retail 97 15 \u2013 226 4.5 3.4 \u2013 6.2 City, Midtown and Southwark Office 57 46 \u2013 67 4.5 3.8 \u2013 5.5 Retail 29 25 \u2013 71 5.2 4.9 \u2013 5.2 Everything else being equal, there is a positive relationship between rental values and the property valuation, such that an increase in rental values will increase the valuation of a property and a decrease in rental values will reduce the valuation of the property. Any percentage movement in rental values will translate into approximately the same percentage movement in the property valuation. However, due to the long-term nature of leases, where the passing rent is fixed and often subject to upwards only rent reviews, the impact will not be immediate and will be recognised over a number of years. The relationship between capitalisation yields and the property valuation is negative and more immediate; therefore, an increase in capitalisation yields will reduce the valuation of a property and a reduction will increase its valuation. A decrease in the capitalisation yield by 50 basis points would result in an increase in the fair value of the Group\u2019s investment property by \u00a3275.7 million, whilst a 50 basis point increase would reduce the fair value by \u00a3223.8 million. A movement of 42 basis points was shown across the portfolio over the last 12 months and a 50 basis point movement is therefore considered to be a reasonably possible change. 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 (i.e. rental values increase and yields decrease), valuation movements can be amplified, whereas if they move in the same direction, they may offset, reducing the overall net valuation movement. Additionally, investment property under development is sensitive to income, cost and developer\u2019s profit assumptions included in the valuations. 9 Investment property continued The valuation of the property portfolio reflects its fair value taking into account the market view of all relevant factors including the climate related risks associated with the properties. This includes the impact of expected regulatory changes, including the need to ensure the Group\u2019s properties meet prospective EPC regulations, which is estimated to cost less than \u00a320 million ahead of the 2030 deadline. At 31 March 2023, the Group had capital commitments of \u00a3311.6 million (2022: \u00a328.9 million). At 31 March 2023, \u00a3nil million of investment property was held for sale. For further detail, see Our development activities on pages 24 and 25. EPRA capital expenditure 2023 \u00a3m 2022 \u00a3m Group Acquisitions 43.6 52.3 Developments 53.1 38.5 Interest capitalised 8.8 7.2 Investment properties: incremental lettable space \u2013 \u2013 Investment properties: no incremental lettable space 28.8 42.8 Lease incentives 5.9 1.2 Group total 140.2 142.0 Joint ventures (at share) Developments \u2013 \u2013 Interest capitalised \u2013 \u2013 Investment properties: incremental lettable space \u2013 \u2013 Investment properties: no incremental lettable space 1.3 1.2 Lease incentives 7.8 8.4 Total capital expenditure 149.3 151.6 Conversion from accrual to cash basis 7.3 (3.8) Total capital expenditure on a cash basis 156.6 147.8 EPRA net initial yield (NIY) and topped-up NIY 2023 \u00a3m 2022 \u00a3m Properties at fair value including joint ventures 2,380.0 2,647.4 Less: properties under development including joint ventures (89.0) (167.6) Less: residential properties (12.4) (13.3) Like-for-like investment property portfolio, proposed and completed developments 2,278.6 2,466.5 Plus: estimated purchasers\u2019 costs 166.3 180.0 Grossed-up completed property portfolio valuation (B) 2,444.9 2,646.5 Annualised cash passing rental income 1 76.7 77.8 Net service charge expense including joint ventures (3.3) (4.8) Other irrecoverable property costs including joint ventures (12.9) (13.0) Annualised net rents (A) 60.5 60.0 Plus: rent-free periods and other lease incentives including joint ventures 16.8 22.6 Topped-up annualised net rents (C) 77.3 82.6 EPRA net initial yield (A/B) 2.5% 2.3% EPRA topped-up initial yield (C/B) 3.2% 3.1% 1. Annualised passing rental income as calculated by the Group\u2019s external valuers including joint ventures at share. See note 8 for further detail on EPRA measures. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-309": {
"value": "At 31 March 2023, the Group had capital commitments of \u00a3311.6 million (2022: \u00a328.9 million). At 31 March 2023, \u00a3nil million of investment property was held for sale. For further detail, see Our development activities on pages 24 and 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-332": {
"value": "At 31 March 2023, the Group had capital commitments of \u00a3311.6 million (2022: \u00a328.9 million). At 31 March 2023, \u00a3nil million of investment property was held for sale. For further detail, see Our development activities on pages 24 and 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-310": {
"value": "10 Investment in joint ventures The Group has the following investments in joint ventures: Equity \u00a3m Balances with partners \u00a3m 2023 Total \u00a3m 2022 Total \u00a3m At 1 April 365.3 217.5 582.8 626.4 Movement on joint venture balances \u2013 (3.1) (3.1) (82.2) Additions \u2013 \u2013 \u2013 \u2013 Share of profit of joint ventures 9.8 \u2013 9.8 14.5 Share of revaluation (deficit)/surplus of joint ventures (43.2) \u2013 (43.2) 28.1 Share of profit on disposal of joint venture properties \u2013 \u2013 \u2013 3.3 Share of results of joint ventures (33.4) \u2013 (33.4) 45.9 Distributions (7.5) \u2013 (7.5) (7.3) At 31 March 324.4 214.4 538.8 582.8 All of the Group\u2019s joint ventures operate solely in the United Kingdom and comprise the following: Country of registration 2023 ownership 2022 ownership The GHS Limited Partnership Jersey 50% 50% The Great Ropemaker Partnership United Kingdom 50% 50% The Great Victoria Partnerships United Kingdom 50% 50% The Group\u2019s share in the assets and liabilities, revenues and expenses for the joint ventures is set out below: The GHS Limited Partnership \u00a3m The Great Ropemaker Partnership \u00a3m The Great Victoria Partnerships \u00a3m 2023 Total \u00a3m 2023 At share \u00a3m 2022 At share \u00a3m Balance sheets Investment property 662.6 314.2 82.5 1,059.3 529.6 563.8 Current assets 2.5 4.0 0.8 7.3 3.6 2.7 Cash 5.3 13.0 17.0 35.3 17.7 28.9 Balances from partners (226.5) (129.2) (73.1) (428.8) (214.4) (217.5) Current liabilities (4.0) (9.2) (0.8) (14.0) (7.0) (7.4) Head lease obligations \u2013 (10.2) \u2013 (10.2) (5.1) (5.2) Net assets 439.9 182.6 26.4 648.9 324.4 365.3 The GHS Limited Partnership \u00a3m The Great Ropemaker Partnership \u00a3m The Great Victoria Partnerships \u00a3m 2023 Total \u00a3m 2023 At share \u00a3m 2022 At share \u00a3m Income statements Net rental income 16.7 16.0 3.8 36.5 18.2 20.1 Surrender premium \u2013 \u2013 \u2013 \u2013 \u2013 3.9 Property and administration costs (0.8) (2.4) (1.2) (4.4) (2.2) (1.9) Net finance costs (9.4) (3.1) \u2013 (12.5) (6.2) (7.6) Profit from joint ventures 6.5 10.5 2.6 19.6 9.8 14.5 Revaluation of investment property (55.0) (25.7) (5.7) (86.4) (43.2) 28.1 Profit on sale of investment property \u2013 0.1 \u2013 0.1 \u2013 3.3 Share of results of joint ventures (48.5) (15.1) (3.1) (66.7) (33.4) 45.9 At 31 March 2023, the joint ventures had no debt facilities. 10 Investment in joint ventures continued Transactions during the year between the Group and its joint ventures, which are related parties, are disclosed below: 2023 \u00a3m 2022 \u00a3m Movement on joint venture balances during the year 3.1 82.2 Balances receivable at the year end from joint ventures (214.4) (217.5) Interest on balances with partners (see note 5) 5.9 7.3 Distributions 7.5 7.3 Joint venture fees paid (see note 2) 2.4 5.1 The joint venture balances are repayable on demand and bear interest as follows: the GHS Limited Partnership at 4.0% and the Great Ropemaker Partnership at 2.0%. The investment properties include \u00a35.1 million (2022: \u00a35.2 million) in respect of the present value of future ground rents; net of these amounts, the market value of our share of the total joint venture properties is \u00a3524.5 million. The Group earns fee income from its joint ventures for the provision of management services. All of the above transactions are made on terms equivalent to those that prevail in arm\u2019s length transactions. See notes 9, 13 and 16 for more information on the valuation of investment properties and expected credit losses in joint ventures. At 31 March 2023, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2022: \u00a3nil). At 31 March 2023, the Group had capital commitments in respect of its joint ventures of \u00a30.4 million (2022: \u00a31.4 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-10": {
"value": "10 Investment in joint ventures The Group has the following investments in joint ventures: Equity \u00a3m Balances with partners \u00a3m 2023 Total \u00a3m 2022 Total \u00a3m At 1 April 365.3 217.5 582.8 626.4 Movement on joint venture balances \u2013 (3.1) (3.1) (82.2) Additions \u2013 \u2013 \u2013 \u2013 Share of profit of joint ventures 9.8 \u2013 9.8 14.5 Share of revaluation (deficit)/surplus of joint ventures (43.2) \u2013 (43.2) 28.1 Share of profit on disposal of joint venture properties \u2013 \u2013 \u2013 3.3 Share of results of joint ventures (33.4) \u2013 (33.4) 45.9 Distributions (7.5) \u2013 (7.5) (7.3) At 31 March 324.4 214.4 538.8 582.8 All of the Group\u2019s joint ventures operate solely in the United Kingdom and comprise the following: Country of registration 2023 ownership 2022 ownership The GHS Limited Partnership Jersey 50% 50% The Great Ropemaker Partnership United Kingdom 50% 50% The Great Victoria Partnerships United Kingdom 50% 50% The Group\u2019s share in the assets and liabilities, revenues and expenses for the joint ventures is set out below: The GHS Limited Partnership \u00a3m The Great Ropemaker Partnership \u00a3m The Great Victoria Partnerships \u00a3m 2023 Total \u00a3m 2023 At share \u00a3m 2022 At share \u00a3m Balance sheets Investment property 662.6 314.2 82.5 1,059.3 529.6 563.8 Current assets 2.5 4.0 0.8 7.3 3.6 2.7 Cash 5.3 13.0 17.0 35.3 17.7 28.9 Balances from partners (226.5) (129.2) (73.1) (428.8) (214.4) (217.5) Current liabilities (4.0) (9.2) (0.8) (14.0) (7.0) (7.4) Head lease obligations \u2013 (10.2) \u2013 (10.2) (5.1) (5.2) Net assets 439.9 182.6 26.4 648.9 324.4 365.3 The GHS Limited Partnership \u00a3m The Great Ropemaker Partnership \u00a3m The Great Victoria Partnerships \u00a3m 2023 Total \u00a3m 2023 At share \u00a3m 2022 At share \u00a3m Income statements Net rental income 16.7 16.0 3.8 36.5 18.2 20.1 Surrender premium \u2013 \u2013 \u2013 \u2013 \u2013 3.9 Property and administration costs (0.8) (2.4) (1.2) (4.4) (2.2) (1.9) Net finance costs (9.4) (3.1) \u2013 (12.5) (6.2) (7.6) Profit from joint ventures 6.5 10.5 2.6 19.6 9.8 14.5 Revaluation of investment property (55.0) (25.7) (5.7) (86.4) (43.2) 28.1 Profit on sale of investment property \u2013 0.1 \u2013 0.1 \u2013 3.3 Share of results of joint ventures (48.5) (15.1) (3.1) (66.7) (33.4) 45.9 At 31 March 2023, the joint ventures had no debt facilities. 10 Investment in joint ventures continued Transactions during the year between the Group and its joint ventures, which are related parties, are disclosed below: 2023 \u00a3m 2022 \u00a3m Movement on joint venture balances during the year 3.1 82.2 Balances receivable at the year end from joint ventures (214.4) (217.5) Interest on balances with partners (see note 5) 5.9 7.3 Distributions 7.5 7.3 Joint venture fees paid (see note 2) 2.4 5.1 The joint venture balances are repayable on demand and bear interest as follows: the GHS Limited Partnership at 4.0% and the Great Ropemaker Partnership at 2.0%. The investment properties include \u00a35.1 million (2022: \u00a35.2 million) in respect of the present value of future ground rents; net of these amounts, the market value of our share of the total joint venture properties is \u00a3524.5 million. The Group earns fee income from its joint ventures for the provision of management services. All of the above transactions are made on terms equivalent to those that prevail in arm\u2019s length transactions. See notes 9, 13 and 16 for more information on the valuation of investment properties and expected credit losses in joint ventures. At 31 March 2023, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2022: \u00a3nil). At 31 March 2023, the Group had capital commitments in respect of its joint ventures of \u00a30.4 million (2022: \u00a31.4 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-12": {
"value": "11 Property, plant and equipment Right of use asset for occupational leases \u00a3m Leasehold improvements \u00a3m Fixtures and fittings/ other \u00a3m Total \u00a3m Cost At 1 April 2021 4.9 5.6 1.6 12.1 Costs capitalised \u2013 \u2013 0.3 0.3 At 31 March 2022 4.9 5.6 1.9 12.4 Costs capitalised \u2013 \u2013 0.2 0.2 At 31 March 2023 4.9 5.6 2.1 12.6 Depreciation At 1 April 2022 2.4 3.4 1.6 7.4 Charge for the year 0.9 0.5 0.3 1.7 At 31 March 2023 3.3 3.9 1.9 9.1 Carrying amount at 31 March 2022 2.5 2.2 0.3 5.0 Carrying amount at 31 March 2023 1.6 1.7 0.2 3.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-11": {
"value": "12 Other investments 2023 \u00a3m 2022 \u00a3m At 1 April 1.0 1.0 Acquisitions 0.7 0.7 Surplus on revaluation 0.1 \u2013 Return of capital \u2013 (0.7) At 31 March 1.8 1.0 In January 2020, the Group entered into a commitment of up to \u00a35.0 million to invest in the Pi Labs European PropTech venture capital fund. At 31 March 2023, the Group had made net investments of \u00a31.7 million. Launched in 2014, Pi Labs is Europe\u2019s longest standing PropTech VC, and this third fund has a primary focus to invest in early stage PropTech start-ups across Europe and the UK that use technology solutions to enhance any stage of the real estate value chain. The valuation of the fund is based on the net assets of its investments given these are not readily traded, we have classified the valuation of the investments as Level 3 as defined by IFRS 13. Key areas of focus for the fund include sustainability, future of work, future of retail, commercial real estate technologies, construction technology and smart cities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-13": {
"value": "13 Trade and other receivables 2023 \u00a3m 2022 \u00a3m Trade receivables 8.3 14.4 Expected credit loss allowance (1.7) (6.0) 6.6 8.4 Prepayments 4.4 0.5 Other taxes \u2013 4.0 Other trade receivables 4.8 8.2 15.8 21.1 Trade receivables consist of rent and service charge monies, which are typically due on the quarter day with no credit period. Interest is charged on trade receivables in accordance with the terms of the customer\u2019s lease. Trade receivables are provided for based on the expected credit loss, which uses a lifetime expected loss allowance for all trade receivables based on an assessment of each individual customer\u2019s circumstances. This assessment reviews the outstanding balances of each individual customer and makes an assessment of the likelihood of recovery, based on an evaluation of their financial situation. Where the expected credit loss relates to revenue already recognised, this has been recognised immediately in the income statement. For the portion of the expected credit loss that relates to future revenue which is no longer considered fully recoverable, the relevant amount of rent received in advance has been released. Of the gross trade receivables of \u00a38.3 million, \u00a35.5 million (2022: \u00a36.6 million) was past due, of which \u00a33.0 million (2022: \u00a32.0 million) was over 30 days. 2023 \u00a3m 2022 \u00a3m Movements in expected credit loss allowance Balance at the beginning of the year (6.0) (7.9) Expected credit loss allowance during the year (see below) (1.0) (4.9) Expected credit loss allowance in respect of future years 0.8 1.1 Amounts written-off as uncollectable 4.5 5.7 (1.7) (6.0) The expected credit loss allowance during the year comprises: Gross 2023 \u00a3m Net of VAT 2023 \u00a3m Gross 2022 \u00a3m Net of VAT 2022 \u00a3m Expected credit loss allowance during the year Group 1.0 0.8 4.9 4.1 Joint ventures (0.2) (0.2) (0.1) (0.1) 0.8 0.6 4.8 4.0 The expected credit loss for the year represents 26% of the net trade receivables balance at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-311": {
"value": "Trade receivables consist of rent and service charge monies, which are typically due on the quarter day with no credit period. Interest is charged on trade receivables in accordance with the terms of the customer\u2019s lease. Trade receivables are provided for based on the expected credit loss, which uses a lifetime expected loss allowance for all trade receivables based on an assessment of each individual customer\u2019s circumstances. This assessment reviews the outstanding balances of each individual customer and makes an assessment of the likelihood of recovery, based on an evaluation of their financial situation. Where the expected credit loss relates to revenue already recognised, this has been recognised immediately in the income statement. For the portion of the expected credit loss that relates to future revenue which is no longer considered fully recoverable, the relevant amount of rent received in advance has been released. Of the gross trade receivables of \u00a38.3 million, \u00a35.5 million (2022: \u00a36.6 million) was past due, of which \u00a33.0 million (2022: \u00a32.0 million) was over 30 days. 2023 \u00a3m 2022 \u00a3m Movements in expected credit loss allowance Balance at the beginning of the year (6.0) (7.9) Expected credit loss allowance during the year (see below) (1.0) (4.9) Expected credit loss allowance in respect of future years 0.8 1.1 Amounts written-off as uncollectable 4.5 5.7 (1.7) (6.0) The expected credit loss allowance during the year comprises: Gross 2023 \u00a3m Net of VAT 2023 \u00a3m Gross 2022 \u00a3m Net of VAT 2022 \u00a3m Expected credit loss allowance during the year Group 1.0 0.8 4.9 4.1 Joint ventures (0.2) (0.2) (0.1) (0.1) 0.8 0.6 4.8 4.0 The expected credit loss for the year represents 26% of the net trade receivables balance at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-333": {
"value": "Trade receivables consist of rent and service charge monies, which are typically due on the quarter day with no credit period. Interest is charged on trade receivables in accordance with the terms of the customer\u2019s lease. Trade receivables are provided for based on the expected credit loss, which uses a lifetime expected loss allowance for all trade receivables based on an assessment of each individual customer\u2019s circumstances. This assessment reviews the outstanding balances of each individual customer and makes an assessment of the likelihood of recovery, based on an evaluation of their financial situation. Where the expected credit loss relates to revenue already recognised, this has been recognised immediately in the income statement. For the portion of the expected credit loss that relates to future revenue which is no longer considered fully recoverable, the relevant amount of rent received in advance has been released. Of the gross trade receivables of \u00a38.3 million, \u00a35.5 million (2022: \u00a36.6 million) was past due, of which \u00a33.0 million (2022: \u00a32.0 million) was over 30 days. 2023 \u00a3m 2022 \u00a3m Movements in expected credit loss allowance Balance at the beginning of the year (6.0) (7.9) Expected credit loss allowance during the year (see below) (1.0) (4.9) Expected credit loss allowance in respect of future years 0.8 1.1 Amounts written-off as uncollectable 4.5 5.7 (1.7) (6.0) The expected credit loss allowance during the year comprises: Gross 2023 \u00a3m Net of VAT 2023 \u00a3m Gross 2022 \u00a3m Net of VAT 2022 \u00a3m Expected credit loss allowance during the year Group 1.0 0.8 4.9 4.1 Joint ventures (0.2) (0.2) (0.1) (0.1) 0.8 0.6 4.8 4.0 The expected credit loss for the year represents 26% of the net trade receivables balance at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-14": {
"value": "14 Trade and other payables 2023 \u00a3m Restated* 2022 \u00a3m Rents received in advance 15.1 16.0 Accrued capital expenditure 5.9 16.9 Payables in respect of customer rent deposits (see note 1) 16.2 16.7 Other accruals 15.2 19.2 Other taxes 0.7 \u2013 Other payables 3.7 3.1 56.8 71.9 * The 2022 comparatives have been restated to reflect the IFRIC Decision on Deposits. Amounts held in respect of customer rent deposits have been recorded as cash and cash equivalents, with a corresponding liability recorded within trade and other payables of \u00a316.7 million. The Directors consider that the carrying amount of trade payables approximates their fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-15": {
"value": "15 Interest-bearing loans and borrowings 2023 \u00a3m 2022 \u00a3m Non-current liabilities at amortised cost Secured \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 22.0 Unsecured \u00a3450.0 million revolving credit facility 12.8 85.4 \u00a3175.0 million 2.15% private placement notes 2024 174.8 174.7 \u00a340.0 million 2.70% private placement notes 2028 39.9 39.9 \u00a330.0 million 2.79% private placement notes 2030 29.9 29.9 \u00a330.0 million 2.93% private placement notes 2033 29.9 29.9 \u00a325.0 million 2.75% private placement notes 2032 24.9 24.9 \u00a3125.0 million 2.77% private placement notes 2035 124.3 124.3 Non-current interest-bearing loans and borrowings 458.5 531.0 In April 2023, the Group extended the maturity of \u00a350 million of its \u00a3450 million unsecured revolving credit facility (RCF) to January 2027, coterminous with the remainder of the facility. The headline margin was unchanged at 90.0 basis points over SONIA (plus or minus 2.5 basis points subject to a number of ESG-linked targets in future years). At 31 March 2023, the nominal value of the Group\u2019s interest-bearing loans and borrowing was \u00a3460.9 million (2022: \u00a3533.9 million) and the Group had \u00a3436.0 million (2022: \u00a3363.0 million) of undrawn credit facilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-16": {
"value": "16 Financial instruments Categories of financial instrument Carrying amount 2023 \u00a3m Amounts recognised in income statement 2023 \u00a3m Gain/(loss) to equity 2023 \u00a3m Carrying amount 2022 \u00a3m Amounts recognised in income statement 2022 \u00a3m Gain/(loss) to equity 2022 \u00a3m Other investments 1.8 0.1 \u2013 1.0 \u2013 \u2013 Assets at fair value 1.8 0.1 \u2013 1.0 \u2013 \u2013 Balances with partners 214.4 5.9 \u2013 217.5 7.3 \u2013 Trade receivables 11.4 (0.8) \u2013 20.6 (4.1) \u2013 Cash and cash equivalents 19.4 0.1 \u2013 16.7 0.1 \u2013 Assets at amortised cost 245.2 5.2 \u2013 254.8 3.3 \u2013 Trade and other payables (4.4) \u2013 \u2013 (3.1) \u2013 \u2013 Payables in respect of customer rent deposits (16.2) \u2013 \u2013 (16.7) \u2013 \u2013 Interest-bearing loans and borrowings (458.5) (9.0) \u2013 (531.2) (7.1) \u2013 Obligations under occupational leases (2.0) (0.1) \u2013 (2.9) (0.1) \u2013 Obligations under finance leases (66.7) (2.4) \u2013 (55.6) (1.9) \u2013 Liabilities at amortised cost (547.8) (11.5) \u2013 (609.5) (9.1) \u2013 Total financial instruments (300.8) (6.2) \u2013 (353.7) (5.8) \u2013 Financial risk management objectives Capital risk The Group manages its capital to ensure that entities in the Group will be able to operate on a going concern basis and as such it aims to maintain an appropriate mix of debt and equity financing. The current capital structure of the Group consists of a mix of equity and debt. Equity comprises issued share capital, reserves and retained earnings as disclosed in the Group statement of changes in equity. Debt comprises long-term debenture stock, private placement notes and drawings against committed revolving credit facilities from banks. The Group aims to maintain a loan-to-property value of between 10\u201335% (see note 8). The Group operates solely in the United Kingdom, and its operating profits and net assets are sterling denominated. As a result, the Group\u2019s policy is to have no unhedged assets or liabilities denominated in foreign currencies. 16 Financial instruments continued Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has a policy of reviewing the financial information of prospective customers and only dealing with those that are creditworthy and obtaining sufficient rental cash deposits or third-party guarantees as a means of mitigating financial loss from defaults. The concentration of credit risk is limited due to the large and diverse customer base, with no one customer providing more than 10% of the Group\u2019s rental income. Details of the Group\u2019s receivables, and the associated expected credit loss, are summarised in note 13 of the financial statements. The Directors believe that there is no further expected credit loss required in excess of that provided. Impairment has been considered on the Balances with partners, but is considered insignificant because the property values in the joint ventures are in excess of any receivables due. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group\u2019s cash deposits are placed with a diversified range of investment grade banks, and strict counterparty limits ensure the Group\u2019s exposure to bank failure is minimised. Liquidity risk The Group operates a framework for the management of its short-, medium- and long-term funding requirements. Cash flow and funding needs are regularly monitored to ensure sufficient undrawn facilities are in place. The Group\u2019s funding sources are diversified across a range of bank and bond markets and strict counterparty limits are operated on deposits. The Group meets its day-to-day working capital requirements through the utilisation of its revolving credit facility. The availability of this facility depends on the Group complying with a number of key financial covenants; these covenants and the Group\u2019s compliance with them are set out in the table below: Key covenants Covenant March 2023 actuals Group Net gearing (see note 8) <125% 24.0% Inner borrowing (unencumbered asset value/unsecured borrowings) >1.66x 4.0x Interest cover >1.35x 10.2x The Group has undrawn credit facilities of \u00a3436.0 million and has substantial headroom above all of its key covenants. As a result, the Directors consider the Group to have adequate liquidity to be able to fund the ongoing operations of the business. The following tables detail the Group\u2019s remaining contractual maturity on its financial instruments and have been drawn up based on the undiscounted cash flows of financial liabilities, including associated interest payments, based on the earliest date on which the Group is required to pay, and conditions existing at the balance sheet date adjusted for the extension of the maturity of \u00a350 million of its \u00a3450 million unsecured revolving credit facility (RCF) in April 2023: At 31 March 2023 Carrying amount \u00a3m Contractual cash flows \u00a3m Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Non-derivative financial liabilities \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 29.0 1.2 1.2 3.7 22.9 \u00a3450.0 million revolving credit facility 12.8 22.0 2.1 2.1 17.8 \u2013 Private placement notes 423.7 500.2 10.8 182.5 20.8 286.1 458.5 551.2 14.1 185.8 42.3 309.0 At 31 March 2022 Carrying amount \u00a3m Contractual cash flows \u00a3m Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Non-derivative financial liabilities Short-term interest-bearing loans and borrowings 0.2 0.2 0.2 \u2013 \u2013 \u2013 \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 30.3 1.2 1.2 3.7 24.2 \u00a3450.0 million revolving credit facility 85.4 98.6 2.6 2.6 93.4 \u2013 Private placement notes 423.6 511.0 10.8 10.8 196.3 293.1 531.2 640.1 14.8 14.6 293.4 317.3 The maturity of lease obligations is set out in notes 17 and 18. 16 Financial instruments continued Interest rate risk Interest rate risk arises from the Group\u2019s use of interest-bearing financial instruments. It is the risk that future cash flows arising from a financial instrument will fluctuate due to changes in interest rates. It is the Group\u2019s policy to reduce interest rate risk in respect of the cash flows arising from its debt finance either through the use of fixed rate debt or through the use of interest rate derivatives such as swaps, caps and floors. It is the Group\u2019s usual policy to maintain the proportion of floating interest rate exposure to between 20\u201340% of forecast total debt. However, this target is flexible, and may not be adhered to at all times depending on, for example, the Group\u2019s view of future interest rate movements. At 31 March 2023, the Group had no interest rate derivatives. Interest rate sensitivity The sensitivity analysis below has been determined based on the exposure to interest rates for financial instruments at the balance sheet date, and represents management\u2019s assessment of possible changes in interest rates based on historical trends. For the floating rate liabilities, the analysis is prepared assuming the amount of the liability at 31 March 2023 was outstanding for the whole year: Impact on profit Impact on equity 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Increase of 100 basis points (0.1) (0.9) (0.1) (0.9) Increase of 50 basis points (0.1) (0.4) (0.1) (0.4) Decrease of 50 basis points 0.1 0.4 0.1 0.4 Decrease of 100 basis points 0.1 0.9 0.1 0.9 Fair value of interest-bearing loans and borrowings Book value 2023 \u00a3m Fair value 2023 \u00a3m Book value 2022 \u00a3m Fair value 2022 \u00a3m Items not carried at fair value Short-term interest-bearing loans and borrowings \u2013 \u2013 0.2 0.2 \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 22.4 22.0 25.7 \u00a3450.0 million revolving credit facility 12.8 12.8 85.4 85.4 Private placement notes 423.7 339.9 423.6 412.0 458.5 375.1 531.2 523.3 The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using the contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements as defined by IFRS 13 \u2013 Fair Value Measurement. The fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not materially different from those at which they are carried in the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-312": {
"value": "Financial risk management objectives
Capital risk
The Group manages its capital to ensure that entities in the Group will be able to operate on a going concern basis and as such
it aims to maintain an appropriate mix of debt and equity financing. The current capital structure of the Group consists of a mix
of equity and debt. Equity comprises issued share capital, reserves and retained earnings as disclosed in the Group statement
of changes in equity. Debt comprises long-term debenture stock, private placement notes and drawings against committed
revolving credit facilities from banks. The Group aims to maintain a loan-to-property value of between 10\u201335% (see note 8).
The Group operates solely in the United Kingdom, and its operating profits and net assets are sterling denominated. As a result,
the Group\u2019s policy is to have no unhedged assets or liabilities denominated in foreign currencies.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.
The Group has a policy of reviewing the financial information of prospective customers and only dealing with those that are
creditworthy and obtaining sufficient rental cash deposits or third-party guarantees as a means of mitigating financial loss
from defaults. The concentration of credit risk is limited due to the large and diverse customer base, with no one customer
providing more than 10% of the Group\u2019s rental income. Details of the Group\u2019s receivables, and the associated expected credit
loss, are summarised in note 13 of the financial statements. The Directors believe that there is no further expected credit loss
required in excess of that provided. Impairment has been considered on the Balances with partners, but is considered insignificant
because the property values in the joint ventures are in excess of any receivables due. The carrying amount of financial assets
recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk.
The Group\u2019s cash deposits are placed with a diversified range of investment grade banks, and strict counterparty limits ensure
the Group\u2019s exposure to bank failure is minimised.
Liquidity risk
The Group operates a framework for the management of its short-, medium- and long-term funding requirements. Cash flow
and funding needs are regularly monitored to ensure sufficient undrawn facilities are in place. The Group\u2019s funding sources
are diversified across a range of bank and bond markets and strict counterparty limits are operated on deposits.
The Group meets its day-to-day working capital requirements through the utilisation of its revolving credit facility.
The availability of this facility depends on the Group complying with a number of key financial covenants; these covenants
and the Group\u2019s compliance with them are set out in the table below:
Key covenants Covenant
March 2023
actuals
Group
Net gearing (see note 8) <125% 24.0%
Inner borrowing (unencumbered asset value/unsecured borrowings) >1.66x 4.0x
Interest cover >1.35x 10.2x
The Group has undrawn credit facilities of \u00a3436.0 million and has substantial headroom above all of its key covenants. As a result,
the Directors consider the Group to have adequate liquidity to be able to fund the ongoing operations of the business.
The following tables detail the Group\u2019s remaining contractual maturity on its financial instruments and have been drawn up
based on the undiscounted cash flows of financial liabilities, including associated interest payments, based on the earliest
date on which the Group is required to pay, and conditions existing at the balance sheet date adjusted for the extension of the
maturity of \u00a350 million of its \u00a3450 million unsecured revolving credit facility (RCF) in April 2023:
At 31 March 2023
Carrying
amount
\u00a3m
Contractual
cash flows
\u00a3m
Less than
one year
\u00a3m
One to
two years
\u00a3m
Two to
five years
\u00a3m
More than
five years
\u00a3m
Non-derivative financial liabilities
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029 22.0 29.0 1.2 1.2 3.7 22.9
\u00a3450.0 million revolving credit facility 12.8 22.0 2.1 2.1 17.8 \u2013
Private placement notes 423.7 500.2 10.8 182.5 20.8 286.1
458.5 551.2 14.1 185.8 42.3 309.0
At 31 March 2022
Carrying
amount
\u00a3m
Contractual
cash flows
\u00a3m
Less than
one year
\u00a3m
One to
two years
\u00a3m
Two to
five years
\u00a3m
More than
five years
\u00a3m
Non-derivative financial liabilities
Short-term interest-bearing loans
and borrowings 0.2 0.2 0.2 \u2013 \u2013 \u2013
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029 22.0 30.3 1.2 1.2 3.7 24.2
\u00a3450.0 million revolving credit facility 85.4 98.6 2.6 2.6 93.4 \u2013
Private placement notes 423.6 511.0 10.8 10.8 196.3 293.1
531.2 640.1 14.8 14.6 293.4 317.3
The maturity of lease obligations is set out in notes 17 and 18.
Interest rate risk
Interest rate risk arises from the Group\u2019s use of interest-bearing financial instruments. It is the risk that future cash flows arising
from a financial instrument will fluctuate due to changes in interest rates. It is the Group\u2019s policy to reduce interest rate risk in
respect of the cash flows arising from its debt finance either through the use of fixed rate debt or through the use of interest
rate derivatives such as swaps, caps and floors. It is the Group\u2019s usual policy to maintain the proportion of floating interest rate
exposure to between 20\u201340% of forecast total debt. However, this target is flexible, and may not be adhered to at all times
depending on, for example, the Group\u2019s view of future interest rate movements. At 31 March 2023, the Group had no interest
rate derivatives.
Interest rate sensitivity
The sensitivity analysis below has been determined based on the exposure to interest rates for financial instruments at the
balance sheet date, and represents management\u2019s assessment of possible changes in interest rates based on historical trends.
For the floating rate liabilities, the analysis is prepared assuming the amount of the liability at 31 March 2023 was outstanding
for the whole year:
Impact on profit Impact on equity
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Increase of 100 basis points (0.1) (0.9) (0.1) (0.9)
Increase of 50 basis points (0.1) (0.4) (0.1) (0.4)
Decrease of 50 basis points 0.1 0.4 0.1 0.4
Decrease of 100 basis points 0.1 0.9 0.1 0.9
Fair value of interest-bearing loans and borrowings
Book value
2023
\u00a3m
Fair value
2023
\u00a3m
Book value
2022
\u00a3m
Fair value
2022
\u00a3m
Items not carried at fair value
Short-term interest-bearing loans and borrowings \u2013 \u2013 0.2 0.2
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029 22.0 22.4 22.0 25.7
\u00a3450.0 million revolving credit facility 12.8 12.8 85.4 85.4
Private placement notes 423.7 339.9 423.6 412.0
458.5 375.1 531.2 523.3
The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using
the contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements
as defined by IFRS 13 \u2013 Fair Value Measurement. The fair values of the Group\u2019s cash and cash equivalents and trade payables
and receivables are not materially different from those at which they are carried in the financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-334": {
"value": "Capital risk The Group manages its capital to ensure that entities in the Group will be able to operate on a going concern basis and as such it aims to maintain an appropriate mix of debt and equity financing. The current capital structure of the Group consists of a mix of equity and debt. Equity comprises issued share capital, reserves and retained earnings as disclosed in the Group statement of changes in equity. Debt comprises long-term debenture stock, private placement notes and drawings against committed revolving credit facilities from banks. The Group aims to maintain a loan-to-property value of between 10\u201335% (see note 8). The Group operates solely in the United Kingdom, and its operating profits and net assets are sterling denominated. As a result, the Group\u2019s policy is to have no unhedged assets or liabilities denominated in foreign currencies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-335": {
"value": "Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has a policy of reviewing the financial information of prospective customers and only dealing with those that are creditworthy and obtaining sufficient rental cash deposits or third-party guarantees as a means of mitigating financial loss from defaults. The concentration of credit risk is limited due to the large and diverse customer base, with no one customer providing more than 10% of the Group\u2019s rental income. Details of the Group\u2019s receivables, and the associated expected credit loss, are summarised in note 13 of the financial statements. The Directors believe that there is no further expected credit loss required in excess of that provided. Impairment has been considered on the Balances with partners, but is considered insignificant because the property values in the joint ventures are in excess of any receivables due. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group\u2019s cash deposits are placed with a diversified range of investment grade banks, and strict counterparty limits ensure the Group\u2019s exposure to bank failure is minimised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-336": {
"value": "Liquidity risk The Group operates a framework for the management of its short-, medium- and long-term funding requirements. Cash flow and funding needs are regularly monitored to ensure sufficient undrawn facilities are in place. The Group\u2019s funding sources are diversified across a range of bank and bond markets and strict counterparty limits are operated on deposits. The Group meets its day-to-day working capital requirements through the utilisation of its revolving credit facility. The availability of this facility depends on the Group complying with a number of key financial covenants; these covenants and the Group\u2019s compliance with them are set out in the table below: Key covenants Covenant March 2023 actuals Group Net gearing (see note 8) <125% 24.0% Inner borrowing (unencumbered asset value/unsecured borrowings) >1.66x 4.0x Interest cover >1.35x 10.2x The Group has undrawn credit facilities of \u00a3436.0 million and has substantial headroom above all of its key covenants. As a result, the Directors consider the Group to have adequate liquidity to be able to fund the ongoing operations of the business. The following tables detail the Group\u2019s remaining contractual maturity on its financial instruments and have been drawn up based on the undiscounted cash flows of financial liabilities, including associated interest payments, based on the earliest date on which the Group is required to pay, and conditions existing at the balance sheet date adjusted for the extension of the maturity of \u00a350 million of its \u00a3450 million unsecured revolving credit facility (RCF) in April 2023: At 31 March 2023 Carrying amount \u00a3m Contractual cash flows \u00a3m Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Non-derivative financial liabilities \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 29.0 1.2 1.2 3.7 22.9 \u00a3450.0 million revolving credit facility 12.8 22.0 2.1 2.1 17.8 \u2013 Private placement notes 423.7 500.2 10.8 182.5 20.8 286.1 458.5 551.2 14.1 185.8 42.3 309.0 At 31 March 2022 Carrying amount \u00a3m Contractual cash flows \u00a3m Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Non-derivative financial liabilities Short-term interest-bearing loans and borrowings 0.2 0.2 0.2 \u2013 \u2013 \u2013 \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 30.3 1.2 1.2 3.7 24.2 \u00a3450.0 million revolving credit facility 85.4 98.6 2.6 2.6 93.4 \u2013 Private placement notes 423.6 511.0 10.8 10.8 196.3 293.1 531.2 640.1 14.8 14.6 293.4 317.3 The maturity of lease obligations is set out in notes 17 and 18. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-337": {
"value": "Interest rate risk Interest rate risk arises from the Group\u2019s use of interest-bearing financial instruments. It is the risk that future cash flows arising from a financial instrument will fluctuate due to changes in interest rates. It is the Group\u2019s policy to reduce interest rate risk in respect of the cash flows arising from its debt finance either through the use of fixed rate debt or through the use of interest rate derivatives such as swaps, caps and floors. It is the Group\u2019s usual policy to maintain the proportion of floating interest rate exposure to between 20\u201340% of forecast total debt. However, this target is flexible, and may not be adhered to at all times depending on, for example, the Group\u2019s view of future interest rate movements. At 31 March 2023, the Group had no interest rate derivatives. Interest rate sensitivity The sensitivity analysis below has been determined based on the exposure to interest rates for financial instruments at the balance sheet date, and represents management\u2019s assessment of possible changes in interest rates based on historical trends. For the floating rate liabilities, the analysis is prepared assuming the amount of the liability at 31 March 2023 was outstanding for the whole year: Impact on profit Impact on equity 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Increase of 100 basis points (0.1) (0.9) (0.1) (0.9) Increase of 50 basis points (0.1) (0.4) (0.1) (0.4) Decrease of 50 basis points 0.1 0.4 0.1 0.4 Decrease of 100 basis points 0.1 0.9 0.1 0.9 Fair value of interest-bearing loans and borrowings Book value 2023 \u00a3m Fair value 2023 \u00a3m Book value 2022 \u00a3m Fair value 2022 \u00a3m Items not carried at fair value Short-term interest-bearing loans and borrowings \u2013 \u2013 0.2 0.2 \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 22.4 22.0 25.7 \u00a3450.0 million revolving credit facility 12.8 12.8 85.4 85.4 Private placement notes 423.7 339.9 423.6 412.0 458.5 375.1 531.2 523.3 The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using the contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements as defined by IFRS 13 \u2013 Fair Value Measurement. The fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not materially different from those at which they are carried in the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-17": {
"value": "17 Head lease obligations Head lease obligations in respect of the Group\u2019s leasehold properties are payable as follows: Minimum lease payments 2023 \u00a3m Impact of discounting 2023 \u00a3m Present value of minimum lease payments 2023 \u00a3m Minimum lease payments 2022 \u00a3m Impact of discounting 2022 \u00a3m Present value of minimum lease payments 2022 \u00a3m Less than one year 2.4 (2.4) \u2013 2.3 (2.3) \u2013 Between one and five years 9.7 (9.5) 0.2 11.7 (11.5) 0.2 More than five years 304.5 (238.0) 66.5 234.4 (179.0) 55.4 316.6 (249.9) 66.7 248.4 (192.8) 55.6 18 Occupational lease obligations Obligations in respect of the Group\u2019s occupational leases for its head office are payable as follows: Minimum lease payments 2023 \u00a3m Impact of discounting 2023 \u00a3m Present value of minimum lease payments 2023 \u00a3m Minimum lease payments 2022 \u00a3m Impact of discounting 2022 \u00a3m Present value of minimum lease payments 2022 \u00a3m Less than one year 1.0 \u2013 1.0 1.0 (0.1) 0.9 Between one and five years 1.0 \u2013 1.0 2.0 \u2013 2.0 2.0 \u2013 2.0 3.0 (0.1) 2.9 24 Lease receivables Future aggregate minimum rentals receivable under non-cancellable leases are: 2023 \u00a3m 2022 \u00a3m The Group as a lessor Less than one year 58.3 56.4 Between two and five years 129.9 122.1 More than five years 66.7 78.9 254.9 257.4 The Group leases its investment properties under operating leases. The weighted average length of lease at 31 March 2023 was 3.2 years (2022: 3.4 years). All investment properties, except those under development, generated rental income, and \u00a3nil contingent rents were recognised in the year (2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-313": {
"value": "19 Share capital 2023 Number 2023 \u00a3m 2022 Number 2022 \u00a3m Allotted, called up and fully paid ordinary shares of 15 5 \u2044 19 pence At 1 April and 31 March 253,867,911 38.7 253,867,911 38.7 At 31 March 2023, the Company had 253,867,911 ordinary shares with a nominal value of 15 5 \u2044 19 pence each",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-18": {
"value": "19 Share capital 2023 Number 2023 \u00a3m 2022 Number 2022 \u00a3m Allotted, called up and fully paid ordinary shares of 15 5 \u2044 19 pence At 1 April and 31 March 253,867,911 38.7 253,867,911 38.7 At 31 March 2023, the Company had 253,867,911 ordinary shares with a nominal value of 15 5 \u2044 19 pence each. 20 Investment in own shares 2023 \u00a3m 2022 \u00a3m At 1 April (3.6) (0.2) Employee Long-Term Incentive Plan charge and deferred bonus shares (1.3) (3.9) Transfer to retained earnings 2.1 0.5 At 31 March (2.8) (3.6) The investment in the Company\u2019s own shares is held at cost and comprises 887,159 shares (2022: 877,335 shares) held by the Great Portland Estates plc LTIP Employee Share Trust, which will vest for certain senior employees of the Group if performance conditions are met. During the year, 192,112 shares (2022: no shares) were awarded to Directors and senior employees and 201,936 additional shares were acquired by the Trust (2022: nil shares). The fair value of shares awarded and outstanding at 31 March 2023 was \u00a38.4 million (2022: \u00a310.5 million). 26 Reserves The following describes the nature and purpose of each reserve within equity: Share capital: The nominal value of the Company\u2019s issued share capital, comprising 15 5 \u2044 19 pence ordinary shares. Share premium: Amount subscribed for share capital in excess of nominal value, less directly attributable issue costs. Capital redemption reserve: Amount equivalent to the nominal value of the Company\u2019s own shares acquired as a result of share buyback programmes. Retained earnings: Cumulative net gains and losses recognised in the Group income statement together with other items such as dividends. Investment in own shares: Amount paid to acquire the Company\u2019s own shares for its Employee Long-Term Incentive Plan less accounting charges.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-314": {
"value": "20 Investment in own shares 2023 \u00a3m 2022 \u00a3m At 1 April (3.6) (0.2) Employee Long-Term Incentive Plan charge and deferred bonus shares (1.3) (3.9) Transfer to retained earnings 2.1 0.5 At 31 March (2.8) (3.6) The investment in the Company\u2019s own shares is held at cost and comprises 887,159 shares (2022: 877,335 shares) held by the Great Portland Estates plc LTIP Employee Share Trust, which will vest for certain senior employees of the Group if performance conditions are met. During the year, 192,112 shares (2022: no shares) were awarded to Directors and senior employees and 201,936 additional shares were acquired by the Trust (2022: nil shares). The fair value of shares awarded and outstanding at 31 March 2023 was \u00a38.4 million (2022: \u00a310.5 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-347": {
"value": "21 Cash and cash equivalents 2023 \u00a3m Restated* 2022 \u00a3m Cash held at bank (unrestricted) 3.2 \u2013 Amounts held in respect of customer rent deposits (restricted) 16.2 16.7 19.4 16.7 * The 2022 comparatives have been restated to reflect the IFRIC Decision on Deposits. Amounts held in respect of customer rent deposits have been recorded as cash and cash and equivalents, with a corresponding liability recorded within trade and other payables of \u00a316.7 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-338": {
"value": "21 Cash and cash equivalents 2023 \u00a3m Restated* 2022 \u00a3m Cash held at bank (unrestricted) 3.2 \u2013 Amounts held in respect of customer rent deposits (restricted) 16.2 16.7 19.4 16.7 * The 2022 comparatives have been restated to reflect the IFRIC Decision on Deposits. Amounts held in respect of customer rent deposits have been recorded as cash and cash and equivalents, with a corresponding liability recorded within trade and other payables of \u00a316.7 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-19": {
"value": "21 Cash and cash equivalents 2023 \u00a3m Restated* 2022 \u00a3m Cash held at bank (unrestricted) 3.2 \u2013 Amounts held in respect of customer rent deposits (restricted) 16.2 16.7 19.4 16.7 * The 2022 comparatives have been restated to reflect the IFRIC Decision on Deposits. Amounts held in respect of customer rent deposits have been recorded as cash and cash and equivalents, with a corresponding liability recorded within trade and other payables of \u00a316.7 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-20": {
"value": "22 Notes to the Group statement of cash flows Reconciliation of financing liabilities 1 April 2022 \u00a3m New obligations \u00a3m Inflows/ (outflows) \u00a3m Other \u00a3m 31 March 2023 \u00a3m Long-term interest-bearing loans and borrowings 531.0 \u2013 (73.0) 0.5 458.5 Short-term interest-bearing loans and borrowings 0.2 \u2013 (0.2) \u2013 \u2013 Obligations under leases 58.5 11.1 (3.3) 2.4 68.7 589.7 11.1 (76.5) 2.9 527.2 22 Notes to the Group statement of cash flows continued 1 April 2021 \u00a3m New obligations \u00a3m Inflows/ (outflows) \u00a3m Other \u00a3m 31 March 2022 \u00a3m Long-term interest-bearing loans and borrowings 488.6 \u2013 42.0 0.4 531.0 Short-term interest-bearing loans and borrowings \u2013 \u2013 0.2 \u2013 0.2 Obligations under leases 44.6 14.9 (3.0) 2.0 58.5 533.2 14.9 39.2 2.4 589.7 Adjustment for non-cash items 2023 \u00a3m 2022 \u00a3m Deficit/(surplus) from investment property 145.0 (107.9) Surplus on revaluation of other investments (0.1) \u2013 Employee Long Term Incentive Plan charge and deferred bonus shares 1.3 3.9 Spreading of lease incentives (5.9) (1.2) Share of results of joint ventures 33.4 (45.9) Depreciation 1.7 1.6 Other (0.3) (0.2) Adjustments for non-cash items 175.1 (149.7) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-21": {
"value": "23 Dividends 2023 \u00a3m 2022 \u00a3m Dividends paid Interim dividend for the year ended 31 March 2023 of 4.7 pence per share 11.9 \u2013 Final dividend for the year ended 31 March 2022 of 7.9 pence per share 20.0 \u2013 Interim dividend for the year ended 31 March 2022 of 4.7 pence per share \u2013 11.9 Final dividend for the year ended 31 March 2021 of 7.9 pence per share \u2013 20.0 31.9 31.9 A final dividend of 7.9 pence per share was approved by the Board on 24 May 2023 and, subject to shareholder approval, will be paid on 10 July 2023 to shareholders on the register on 2 June 2023. The dividend is not recognised as a liability at 31 March 2023. The 2022 final dividend and the 2023 interim dividend are included within the Group statement of changes in equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-315": {
"value": "0.079",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-22": {
"value": "25 Employee benefits The Group operates a UK-funded approved defined contribution plan. The Group\u2019s contribution for the year was \u00a31.5 million (2022: \u00a31.3 million). The Group also contributes to a defined benefit final salary pension plan (the Plan), the assets of which are held and managed by trustees separately from the assets of the Group. The Plan has been closed to new entrants since April 2002. The most recent actuarial valuation of the Plan was conducted at 1 April 2020 by a qualified independent actuary using the projected unit method. The Plan was valued using the following key actuarial assumptions: 2023 % 2022 % Discount rate 4.80 2.80 Expected rate of salary increases 4.20 4.50 RPI inflation 3.20 3.50 Rate of future pension increases 2.90 3.20 Life expectancy assumptions at age 65: 2023 Years 2022 Years Retiring today age 65 25 24 Retiring in 25 years (age 40 today) 27 27 The amount recognised in the balance sheet in respect of the Plan is as follows: 2023 \u00a3m 2022 \u00a3m Present value of unfunded obligations (26.9) (35.9) Fair value of the Plan assets 31.0 39.4 Pension asset 4.1 3.5 Changes in the present value of the pension obligation are as follows: 2023 \u00a3m 2022 \u00a3m Defined benefit obligation at 1 April 35.9 39.1 Service cost 0.3 0.3 Interest cost 1.1 0.9 Effect of changes in financial assumptions (10.5) (3.4) Effect of experience adjustments 1.1 \u2013 Benefits paid (1.0) (1.0) Present value of defined benefit obligation at 31 March 26.9 35.9 Changes to the fair value of the Plan assets are as follows: 2023 \u00a3m 2022 \u00a3m Fair value of the Plan assets at 1 April 39.4 39.8 Interest income 1.1 0.9 Actuarial loss (9.1) (0.8) Employer contributions 0.6 0.5 Benefits paid (1.0) (1.0) Fair value of the Plan assets at 31 March 31.0 39.4 Net pension asset 4.1 3.5 The amount recognised immediately in the Group statement of comprehensive income was \u00a30.3 million (2022: \u00a32.6 million). 25 Employee benefits continued Amounts recognised as administration expenses in the income statement are as follows: 2023 \u00a3m 2022 \u00a3m Current service cost (0.3) (0.3) Net interest income \u2013 \u2013 (0.3) (0.3) Virtually all equity and debt instruments have quoted prices in active markets. The fair value of the Plan assets at the balance sheet date is analysed as follows: 2023 \u00a3m 2022 \u00a3m Cash 0.1 0.1 Equities 11.9 16.8 Bonds 19.0 22.5 31.0 39.4 Other than market and demographic risks, which are common to all retirement benefit schemes, there are no specific risks in the relevant benefit schemes which the Group considers to be significant or unusual. Detail on two of the more specific risks are detailed below: Changes in bond yields Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in corporate and government bonds offers a degree of matching, i.e. the movement in assets arising from changes in bond yields partially matches the movement in the funding or accounting liabilities. In this way, the exposure to movements in bond yields is reduced. Life expectancy The majority of the obligations are to provide a pension for the life of the member on retirement, so increases in life expectancy will result in an increase in the liabilities. The inflation-linked nature of the majority of benefit payments increases the sensitivity of the liabilities to changes in life expectancy. The effect on the defined benefit obligation of changing the key assumptions, calculated using approximate methods based on historical trends, is set out below: 2023 \u00a3m 2022 \u00a3m Discount rate -0.25% 27.9 37.6 Discount rate +0.25% 26.0 34.4 RPI inflation -0.25% 26.5 35.2 RPI inflation +0.25% 27.4 36.7 Post-retirement mortality assumption \u2013 one year age rating 27.9 37.5 A funding plan has been agreed committing the Group to cash shortfall contributions of \u00a3246,000 p.a. over the five years to 31 March 2023 as well as a contribution rate of 52.9% p.a. of member pensionable salaries to the ongoing benefit accrual. Based on this, the Group expects to contribute \u00a30.6 million to the Plan in the year ending 31 March 2024. The expected total benefit payments for the year ending 31 March 2024 are \u00a30.9 million, rising to around \u00a31.0 million per annum over the next five years. \u00a36.0 million in total is expected to be paid over the subsequent five year period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-348": {
"value": "33 Cavendish Square, London W1G 0PW ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}