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"facts": {
"fact-1": {
"value": "In order to unlock potential, we apply our specialist skills to reposition properties to produce high quality, sustainable spaces, with high levels of service that our customers demand.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
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"fact-339": {
"value": "Executive Directors\u2019 remuneration for the year ended 31 March 2024
Executive Directors\u2019 single figure table*
Base
salary
1
Benefits Pension
2
SIP
3
Fixed
Total
Annual
Bonus
4
LTIP
Variable
Total Total
8,9
Executive
Directors
2024
\u00a3000
2023
\u00a3000
2024
\u00a3000
2023
\u00a3000
2024
\u00a3000
2023
\u00a3000
2024
\u00a3000
2023
\u00a3000
2024
\u00a3000
2023
\u00a3000
2024
5
\u00a3000
2023
\u00a3000
2024
6
\u00a3000
2023
7
\u00a3000
2024
\u00a3000
2023
\u00a3000
2024
\u00a3000
2023
\u00a3000
Toby
Courtauld 679 646 18 16 102 121 4 4 803 787 653 630 \u2013 \u2013 653 630 1,456 1,417
Nick
Sanderson 467 445 19 18 70 83 4 4 560 550 449 439 \u2013 \u2013 449 439 1,009 989
Dan
Nicholson
2
380 362 8 6 57 54 4 4 449 426 363 345 \u2013 \u2013 363 345 812 771
1. Please refer to the \u2018Salary\u2019 table on page 136 for details of Executive Directors\u2019 annual salaries.
2. Toby Courtauld and Nick Sanderson received a pension allowance of 15% of their basic salary in line with the wider workforce. Dan Nicholson has
received a mix of employer pension contributions and pension allowance of 15% of his basic salary (receiving \u00a310,000 of his total contribution into
a registered pension).
3. The value of the matching shares awarded under the SIP are calculated using the share price on the date the shares were purchased.
4. 40% of the annual bonus will be deferred into shares for three years under the Deferred Share Bonus Plan. Deferred bonus shares are not subject to any
further conditions.
5. The estimated 2024 annual bonus outcome based on information available as at 19 May 2024, with the relative TAR measure to be confirmed following
the publication of results by comparator companies.
6. A nil vesting of the 2021 LTIP awards has been assumed based on the information available as at 19 May 2024.
7. The figures disclosed in the 2023 Annual Report for the 2020 LTIP vesting were based on an estimated nil vesting which was subsequently confirmed.
There was therefore no value attributed to share price appreciation.
8. The single figure for the total remuneration due to the Directors for the year ended 31 March 2024.
9. The aggregate emoluments (being salary/fees, benefits, cash allowances in lieu of pension and bonus) of all Directors for the year ended 31 March 2024
was \u00a33,958,000 (2023: \u00a33,929,000).
Fixed pay:
Taxable benefits*
Benefits principally comprise private medical insurance, membership subscriptions, travel expenses, luncheon vouchers,
the Employee Assistance Programme and entertainment. No individual benefit provided has a value which is significant
enough to warrant separate disclosure.
Pensions*
None of the Executive Directors participate in the Group\u2019s defined benefit final salary pension plan, which was closed to
new entrants in 2002. Each Executive Director\u2019s employer pension contribution rate is 15%, in line with the wider workforce.
All-employee Share Incentive Plan*
In line with the wider workforce, Executive Directors may participate in the GPE Share Incentive Plan, which is an HMRC
tax-advantaged plan. Participants may save up to \u00a3150 from their monthly pre-tax salary to purchase shares. For every
share purchased, GPE grants two matching shares. Shares acquired attract dividends paid by the Company, typically
at the half-year and year end.
Variable pay:
Executive Directors\u2019 2024 bonus outcome*
As explained in the Committee Chair\u2019s statement and last year\u2019s Annual Report, a new bonus scorecard was introduced for
2023/24 as part of the wider Policy renewal to better align with the Company\u2019s strategic priorities and to focus on relative TAR
and key business priorities to drive our financial KPIs.
Key
elements
of strategy
Max.
% of
salary Measured by
Threshold
performance
target
(20% payout)
Maximum
performance
target
(100% payout)
Actual
performance
achieved
Actual
performance
level as a %
of maximum
Bonus receivable (\u00a3000)
Toby
Courtauld
Nick
Sanderson
Dan
Nicholson
Market
performance
(20%
weighting)
1
2 3 4 5 6
30% GPE Relative TAR
1
(EPRA
NTA growth + dividends)
per share vs FTSE 350
real estate companies
excluding agencies
\u2020
Median Upper
quartile
Below
median
2
(estimated)
0%
2
\u00a30
2
\u00a30
2
\u00a30
2
Optimising
financial
performance
(during
downturn)
(30%
weighting \u2013
10% each)
1
2 3 4 5
15% Rent achieved on market
lettings during year vs ERV
(as per CBRE valuation
at start of year) \u2013 \u2018%
beat to market rent\u2019
\u2020
31 March 2023
ERV
3.5% above
ERV
9.1% above
ERV
100% \u00a3101,799 \u00a370,038 \u00a357,055
15% Vacancy rate at year end
(including completed
development/refurbished
space during year)
\u2020
8% 6% 4.4%
4
100% \u00a3101,799 \u00a370,038 \u00a357,055
15% Maintain appropriate
liquidity
\u00a3150m \u00a3350m \u00a3433m
5
100% \u00a3101,799 \u00a370,038 \u00a357,055
Transforming
the business
and putting
customers
first
(15%
weighting \u2013
5% each)
2
3 4 5 6
7.5% Hitting planning
milestones in year
(combination of
planning submissions
and planning approvals
across entire portfolio)
50% of major
and 50% of
minor in-scope
applications
approved
All in-scope
applications
approved
50% of major
and 100%
of minor
applications
approved
50% \u00a325,449 \u00a317,510 \u00a314,264
7.5% Commitments to new
Flex space over the year
\u2020
30,000 sq ft 100,000 sq ft 102,353 sq ft 100% \u00a350,899 \u00a335,019 \u00a328,527
7.5% Market leading office
customer NPS
\u2020
+20 points >+40 points +30.2 points 60.8% \u00a330,947 \u00a321,292 \u00a317,344
Delivering
our Roadmap
to Net Zero
(15%
weighting \u2013
7.5% each)
1
5 6
11.25% Reduction in energy
consumption (targets
set each year against
Roadmap)
\u2020
191 kWh/m
2
<174 kWh/m
2
149.7 kWh/m
2
100% \u00a376,349 \u00a352,529 \u00a342,791
11.25% All new developments
to be net zero or on
track to be net zero
\u2020
50% 100% 83.33%
6
75% \u00a357,262 \u00a339,397 \u00a332,093
Personal
and business
culture
(20%
weighting
\u2013 10% for
personal
objectives,
5% and 5%)
15% Personal
objectives (reduced
from historic 15%)
Partial
achievement
of personal
objectives
Exceeding
personal
objectives
See pages
131 and 132
Toby Courtauld
70%
Nick Sanderson
70%
Dan Nicholson
65%
\u00a371,259 \u00a349,027 \u00a337,085
7.5% Maintaining and
nurturing a positive and
inclusive culture (measured
through employee
engagement and inclusion
index survey scores)
Score between
65% and 70%
Score above
80%
74% 50% \u00a325,450 \u00a317,510 \u00a314,263
7.5% Achievement
against gender and
diversity targets
3
Progress made
against both
targets
Both targets
achieved
Progress
made against
both targets
20% \u00a310,180 \u00a37,004 \u00a35,705
Total
% of max
\u00a3653,192
64.2%
\u00a3449,402
64.2%
\u00a3363,237
63.7%
\u2020 On a straight-line basis.
1
Denotes strategic priorities as set out on pages 14 and 15.
1. As with the previous arrangements, any dividends will be deducted from the base figure from the point of distribution (as it is not realistic to
deliver growth after capital has been repaid to shareholders), except where reflected in some other way such as through a share consolidation.
2. Estimated based on information available as of 19 May 2024. The actual outcome will be confirmed in next year\u2019s Annual Report.
3. Objectives are to achieve (i) 40% women in senior leadership roles; and (ii) 20% of management roles to be filled by colleagues identifying with
an Office for National Statistics ethnic minority category, each by March 2025. Targets for March 2024: (i) 34% and (ii) 17%.
4. The actual vacancy rate at the year-end was 1.3%. To ensure that the measure operated as intended when the targets were set, the Committee
added back schemes which had been scheduled to be completed in the period, increasing this figure to 4.4%.
5. Excludes \u00a3200 million undrawn short-term facility arranged in the year to ensure that the measure operated as intended when the targets were set.
6. A strict interpretation of the performance condition implied a 100% vesting, however the Committee felt that this was not intended and calculated
the outturn with New City Court, for which original planning was declined, regarded as a non-achievement.
Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 124 to 143. 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: 2024 \u00a3m 2023 \u00a3m Wages and salaries (including annual bonuses) 6.8 6.8 Share-based payments 1.9 0.3 Social security costs 1.1 1.0 Other pension costs 0.5 0.5 10.3 8.6 The number of people considered key management totalled 17 (2023: 18). The Group had loans to key management of \u00a32,880 (2023: \u00a317,882) outstanding at 31 March 2024. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s only related parties. ",
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"value": "1 Material 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 202. The financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards . 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 2024, with particular focus on the impact of the macro-economic conditions in which the Group is operating. The Directors also considered the Group\u2019s net current liability position as at 31 March 2024, which is primarily driven by the maturity in May 2024 of a \u00a3175 million private placement note (see note 16). The Directors\u2019 assessment is based on the next 12 months of the Group\u2019s financial forecasts from the date of approval of the annual report, including a going concern scenario which included the following key assumptions: \u2013 a 14% decline in the valuation of the property portfolio; and \u2013 a 35% decline in earnings before interest and tax. The going concern scenario did not include the proceeds of the intended rights issue and demonstrates that the Group over the next 12 months: \u2013 has sufficient 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 18% before breach (or 34% from 31 March 2024 values); \u2013 earnings before interest and tax would need to fall by 42% before breach (or 63% from 31 March 2024 levels); and \u2013 has sufficient liquidity to continue its operations on repayment of the Group\u2019s \u00a3175 million private placement notes, that mature in May 2024, as were repaid on 22 May 2024. 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 2024. The Group has adopted a number of alternative performance measures, see note 9 for further detail. Critical accounting 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: investment 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 and estimations, including future rental income, anticipated capital expenditure, including future development costs and an appropriate discount rate. The valuer also makes reference to market evidence of transaction prices for similar properties. Information about the valuation techniques, significant assumptions and associated key unobservable inputs sensitivity disclosures are disclosed in note 10. 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 10. 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 2024. 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 IFRS 17 \u2013 Insurance contracts; \u2013 Disclosure of accounting policies amendments to IAS 1 and IFRS Practice Statement 2; \u2013 Amendments to IAS 8 \u2013 Accounting policies \u2013 definition of accounting estimates; \u2013 Amendments to IAS 12 \u2013 Income taxes \u2013 deferred tax relating to assets and liabilities arising from a single transaction; and \u2013 OECD Pillar Two Rules (out of scope). 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: 1 Material accounting policies continued \u2013 Amendments to IAS 1 \u2013 Presentation of financial statements \u2013 classification of liabilities as current or non-current and non-current liabilities with covenants; \u2013 Amendments to IFRS 16 \u2013 Leases \u2013 lease liability in a sale and leaseback; \u2013 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements; \u2013 Amendments to IAS 7 and IFRS 7 \u2013 supplier finance arrangements; and \u2013 Amendments to IFRS 10 and IAS 28 \u2013 sale or contribution 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, with the exception of IFRS 18, where the Directors are assessing its potential impact. 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 2024. 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 as set out in the lease agreement, which is based on stand-alone selling prices. Where the lease agreement does not provide an attribution, the Group splits the revenue based on the ERV of the fitted rent, which represents the stand-alone selling price. 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 represent the costs of operating the Group\u2019s portfolio and are expensed as incurred. Fully Managed service costs represent the costs of operating the Group\u2019s Fully Managed spaces 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 fair value LTIP grants, which is dependent upon factors including the share price, expected volatility and vesting period. The fair value of the RSP is based on the share price at grant date. 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. 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. 1 Material accounting policies continued An investment property will be classified as held for sale where it is available for immediate sale in its present condition and the sale is highly probable. 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. 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, with the exception of leases. 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 and refurbishment 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. 1 Material accounting policies continued 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 14 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. iv Derivative financial instruments The Group uses derivatives (principally interest rate caps) in managing interest rate risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the income statement. Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the balance sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-359": {
"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 202. The financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards . 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 2024, with particular focus on the impact of the macro-economic conditions in which the Group is operating. The Directors also considered the Group\u2019s net current liability position as at 31 March 2024, which is primarily driven by the maturity in May 2024 of a \u00a3175 million private placement note (see note 16). The Directors\u2019 assessment is based on the next 12 months of the Group\u2019s financial forecasts from the date of approval of the annual report, including a going concern scenario which included the following key assumptions: \u2013 a 14% decline in the valuation of the property portfolio; and \u2013 a 35% decline in earnings before interest and tax. The going concern scenario did not include the proceeds of the intended rights issue and demonstrates that the Group over the next 12 months: \u2013 has sufficient 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 18% before breach (or 34% from 31 March 2024 values); \u2013 earnings before interest and tax would need to fall by 42% before breach (or 63% from 31 March 2024 levels); and \u2013 has sufficient liquidity to continue its operations on repayment of the Group\u2019s \u00a3175 million private placement notes, that mature in May 2024, as were repaid on 22 May 2024. 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 2024. The Group has adopted a number of alternative performance measures, see note 9 for further detail. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-377": {
"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 202. The financial statements have been
prepared in accordance with United Kingdom adopted
international accounting standards and the requirements
of the Companies Act 2006 as applicable to companies
reporting under those standards .
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-305": {
"value": "Great Portland Estates plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-306": {
"value": "public company limited by shares",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-340": {
"value": "United Kingdom (England and Wales) .",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-307": {
"value": "United Kingdom (England and Wales) ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-367": {
"value": "The financial statements have been prepared in accordance with United Kingdom adopted international accounting standards and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-368": {
"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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-369": {
"value": "The Directors have considered the appropriateness of
adopting the going concern basis in preparing the financial
statements for the year ended 31 March 2024, with particular
focus on the impact of the macro-economic conditions in
which the Group is operating. The Directors also considered
the Group\u2019s net current liability position as at 31 March 2024,
which is primarily driven by the maturity in May 2024 of a
\u00a3175 million private placement note (see note 16). The Directors\u2019
assessment is based on the next 12 months of the Group\u2019s
financial forecasts from the date of approval of the annual
report, including a going concern scenario which included
the following key assumptions:
\u2013 a 14% decline in the valuation of the property portfolio; and
\u2013 a 35% decline in earnings before interest and tax.
The going concern scenario did not include the proceeds
of the intended rights issue and demonstrates that the
Group over the next 12 months:
\u2013 has sufficient 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 18% before breach
(or 34% from 31 March 2024 values);
\u2013 earnings before interest and tax would need to fall by 42%
before breach (or 63% from 31 March 2024 levels); and
\u2013 has sufficient liquidity to continue its operations on repayment
of the Group\u2019s \u00a3175 million private placement notes, that
mature in May 2024, as were repaid on 22 May 2024.
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 2024. The Group has adopted
a number of alternative performance measures, see note 9
for further detail.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-308": {
"value": "Critical accounting 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:
investment 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 and
estimations, including future rental income, anticipated
capital expenditure, including future development costs and
an appropriate discount rate. The valuer also makes reference
to market evidence of transaction prices for similar properties.
Information about the valuation techniques, significant
assumptions and associated key unobservable inputs
sensitivity disclosures are disclosed in note 10. 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 10.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-309": {
"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 2024.
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 IFRS 17 \u2013 Insurance contracts;
\u2013 Disclosure of accounting policies amendments to IAS 1
and IFRS Practice Statement 2;
\u2013 Amendments to IAS 8 \u2013 Accounting policies \u2013 definition
of accounting estimates;
\u2013 Amendments to IAS 12 \u2013 Income taxes \u2013 deferred tax
relating to assets and liabilities arising from a single
transaction; and
\u2013 OECD Pillar Two Rules (out of scope).
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 Amendments to IAS 1 \u2013 Presentation of financial
statements \u2013 classification of liabilities as current or
non-current and non-current liabilities with covenants;
\u2013 Amendments to IFRS 16 \u2013 Leases \u2013 lease liability in a sale
and leaseback;
\u2013 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements;
\u2013 Amendments to IAS 7 and IFRS 7 \u2013 supplier finance
arrangements; and
\u2013 Amendments to IFRS 10 and IAS 28 \u2013 sale or contribution
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, with the exception of
IFRS 18, where the Directors are assessing its potential impact.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-341": {
"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 2024. 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 IFRS 17 \u2013 Insurance contracts; \u2013 Disclosure of accounting policies amendments to IAS 1 and IFRS Practice Statement 2; \u2013 Amendments to IAS 8 \u2013 Accounting policies \u2013 definition of accounting estimates; \u2013 Amendments to IAS 12 \u2013 Income taxes \u2013 deferred tax relating to assets and liabilities arising from a single transaction; and \u2013 OECD Pillar Two Rules (out of scope). 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 Amendments to IAS 1 \u2013 Presentation of financial statements \u2013 classification of liabilities as current or non-current and non-current liabilities with covenants; \u2013 Amendments to IFRS 16 \u2013 Leases \u2013 lease liability in a sale and leaseback; \u2013 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements; \u2013 Amendments to IAS 7 and IFRS 7 \u2013 supplier finance arrangements; and \u2013 Amendments to IFRS 10 and IAS 28 \u2013 sale or contribution 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, with the exception of IFRS 18, where the Directors are assessing its potential impact. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-310": {
"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 2024. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-311": {
"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 as set out in the lease agreement, which is based
on stand-alone selling prices. Where the lease agreement
does not provide an attribution, the Group splits the revenue
based on the ERV of the fitted rent, which represents the
stand-alone selling price. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-312": {
"value": "Cost of sales
Service charge expenses represent the costs of operating
the Group\u2019s portfolio and are expensed as incurred.
Fully Managed service costs represent the costs of operating
the Group\u2019s Fully Managed spaces 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 fair value LTIP grants, which is dependent upon
factors including the share price, expected volatility and
vesting period. The fair value of the RSP is based on the share
price at grant date. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-342": {
"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 fair value LTIP grants, which is dependent upon factors including the share price, expected volatility and vesting period. The fair value of the RSP is based on the share price at grant date. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-313": {
"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.
An investment property will be classified as held for sale where
it is available for immediate sale in its present condition and
the sale is highly probable.
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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-314": {
"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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-315": {
"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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-343": {
"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:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-344": {
"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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-316": {
"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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-317": {
"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, with the exception of leases. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-345": {
"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, with the exception of leases. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-318": {
"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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-347": {
"value": "Capitalisation of interest
Interest associated with direct expenditure on investment and
trading properties under development and refurbishment 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-320": {
"value": "Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development and refurbishment 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-370": {
"value": "Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development and refurbishment 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-360": {
"value": "Capitalisation of interest Interest associated with direct expenditure on investment and trading properties under development and refurbishment 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-319": {
"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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-346": {
"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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-321": {
"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 14 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.
iv Derivative financial instruments The Group uses derivatives
(principally interest rate caps) in managing interest rate risk,
and does not use them for trading. They are recorded, and
subsequently revalued, at fair value, with revaluation gains
or losses being immediately taken to the income statement.
Derivatives with a maturity of less than 12 months or that expect
to be settled within 12 months of the balance sheet date are
presented as current assets or liabilities. Other derivatives
are presented as non-current assets or liabilities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-361": {
"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 14 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. iv Derivative financial instruments The Group uses derivatives (principally interest rate caps) in managing interest rate risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the income statement. Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the balance sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-348": {
"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 14 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. iv Derivative financial instruments The Group uses derivatives (principally interest rate caps) in managing interest rate risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the income statement. Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the balance sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-372": {
"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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-371": {
"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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-379": {
"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 14 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-374": {
"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 14 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-373": {
"value": "iv Derivative financial instruments The Group uses derivatives (principally interest rate caps) in managing interest rate risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the income statement. Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the balance sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-378": {
"value": "iv Derivative financial instruments The Group uses derivatives (principally interest rate caps) in managing interest rate risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the income statement. Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the balance sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-380": {
"value": "iv Derivative financial instruments The Group uses derivatives (principally interest rate caps) in managing interest rate risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the income statement. Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the balance sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-6": {
"value": "2. Segmental analysis IFRS 8 Operating Segments requires the identification of operating segments based on internal financial reports detailing components of the Group regularly reviewed by the chief operating decision makers (the Group\u2019s Executive Committee) in order to allocate resources to the segments and to assess their performance. In recent years, the Group has evolved the types of office space it provides to its customers. This has included a Fully Managed offer with additional service provision. As this element of the Group\u2019s business has grown, so has the level of financial information and oversight. As a result, the Directors have concluded that, based on the level of information provided to the Executive Committee, for the current year this element of the business is an operating segment as defined by IFRS 8. Furthermore, given the revenue for the current financial year is in excess of 10% of wider Group revenue, the segment should be separately reported from the remainder of the Group\u2019s activities. The Executive Committee reviews the performance of its Fully Managed offer based on gross revenue (including Fully Managed services income) net of cost of sales on a proportionally consolidated basis (including the Group\u2019s joint ventures at share). The cost of sales information is not available for the prior year due to the information not being available and the cost to develop it would be excessive. Total assets and liabilities are not monitored by segment. The remainder of the Group\u2019s components are managed together, with their operating results reviewed on an aggregated basis. All of the Group\u2019s revenue is generated from investment properties located in a small radius within 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, retail and any residential space is managed together. 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 two reportable segments. Segmental analysis for the year ended 31 March 2024 Fully Managed offices including joint ventures \u00a3m Joint ventures \u00a3m Group Fully Managed offices \u00a3m Remainder of portfolio \u00a3m Total 2024 \u00a3m Total 2023 \u00a3m Revenue 13.6 (1.4) 12.2 83.2 95.4 91.2 Cost of sales (8.6) 0.5 (8.1) (25.2) (33.3) n/a Net result 5.0 (0.9) 4.1 58.0 62.1 n/a Revenue for the Group\u2019s Fully Managed offices in the year to 31 March 2023 was \u00a37.8 million (\u00a38.0 million including share of joint ventures).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-7": {
"value": "3 Revenue 2024 \u00a3m 2023 \u00a3m Gross rental income 67.2 66.6 Spreading of lease incentives 5.7 5.9 Service charge income 14.4 12.5 Fully Managed services income 6.4 3.7 Trading property revenue \u2013 0.1 Joint venture fee income 1.7 2.4 95.4 91.2 3 Revenue continued The table below sets out the Group\u2019s gross rental income split between types of space provided: 2024 \u00a3m 2023 \u00a3m Ready to Fit 37.9 42.4 Retail 10.5 11.1 Fitted 6.8 3.8 Fully Managed 5.8 4.1 Flex Partnerships 3.8 3.2 Hotel 2.4 2.0 67.2 66.6 The table below sets out the Group\u2019s net rental income, which is an alternative performance measure: 2024 \u00a3m 2023 \u00a3m Gross rental income 67.2 66.6 Expected credit loss (0.2) (0.6) Rental income 67.0 66.0 Spreading of lease incentives 5.7 5.9 Ground rent (0.6) (1.0) Net rental income 72.1 70.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-322": {
"value": "4 Cost of sales
2024
\u00a3m
2023
\u00a3m
Service charge expenses (including Fully Managed service costs \u2013 see note 2) 25.8 19.3
Other property expenses 6.9 11.9
Ground rent 0.6 1.0
33.3 32.2
For the year ended 31 March 2024, the Fully Managed service costs comprised \u00a38.1 million of the \u00a325.8 million service charge
expenses (see note 2).
The table below sets out the Group\u2019s property costs, which is an alternative performance measure:
2024
\u00a3m
2023
\u00a3m
Service charge income (14.4) (12.5)
Fully Managed services income (6.4) (3.7)
Service charge expenses (including Fully Managed service costs) 25.8 19.3
Other property expenses 6.9 11.9
Expected credit (recovery)/loss (0.1) 0.2
Property costs 11.8 15.2
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-8": {
"value": "4 Cost of sales 2024 \u00a3m 2023 \u00a3m Service charge expenses (including Fully Managed service costs \u2013 see note 2) 25.8 19.3 Other property expenses 6.9 11.9 Ground rent 0.6 1.0 33.3 32.2 For the year ended 31 March 2024, the Fully Managed service costs comprised \u00a38.1 million of the \u00a325.8 million service charge expenses (see note 2). The table below sets out the Group\u2019s property costs, which is an alternative performance measure: 2024 \u00a3m 2023 \u00a3m Service charge income (14.4) (12.5) Fully Managed services income (6.4) (3.7) Service charge expenses (including Fully Managed service costs) 25.8 19.3 Other property expenses 6.9 11.9 Expected credit (recovery)/loss (0.1) 0.2 Property costs 11.8 15.2 5 Administration expenses 2024 \u00a3m 2023 \u00a3m Employee costs 30.9 26.3 Depreciation (see note 12) 1.6 1.7 Other head office costs 9.8 10.3 42.3 38.3 5 Administration expenses continued Included within employee costs is an accounting charge for the Employee Long Term Incentive Plan and deferred bonus shares of \u00a34.0 million (2023: \u00a31.3 million). Employee costs, including those of Directors, comprise the following: 2024 \u00a3m 2023 \u00a3m Wages and salaries (including annual bonuses) 24.4 22.4 Share-based payments 4.1 1.5 Social security costs 3.7 3.4 Other pension costs 2.4 2.3 34.6 29.6 Less: recovered through service charges (1.9) (2.0) Less: capitalised into development projects (1.8) (1.3) 30.9 26.3 Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 124 to 143. 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: 2024 \u00a3m 2023 \u00a3m Wages and salaries (including annual bonuses) 6.8 6.8 Share-based payments 1.9 0.3 Social security costs 1.1 1.0 Other pension costs 0.5 0.5 10.3 8.6 The number of people considered key management totalled 17 (2023: 18). The Group had loans to key management of \u00a32,880 (2023: \u00a317,882) outstanding at 31 March 2024. 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: 2024 Number 2023 Number Head office and property management 150 145 Auditor\u2019s remuneration 2024 \u00a3000 2023 \u00a3000 Audit of the Group and Company\u2019s annual accounts 394 242 Audit of subsidiaries 107 94 501 336 Audit-related assurance services, including the interim review 61 49 Sustainability assurance 68 63 Auditor\u2019s remuneration 630 448 For the year ended 31 March 2024, PricewaterhouseCoopers LLP was appointed as auditor to the Group, succeeding Deloitte LLP.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-323": {
"value": "5 Administration expenses
2024
\u00a3m
2023
\u00a3m
Employee costs 30.9 26.3
Depreciation (see note 12) 1.6 1.7
Other head office costs 9.8 10.3
42.3 38.3
5 Administration expenses continued
Included within employee costs is an accounting charge for the Employee Long Term Incentive Plan and deferred bonus shares
of \u00a34.0 million (2023: \u00a31.3 million). Employee costs, including those of Directors, comprise the following:
2024
\u00a3m
2023
\u00a3m
Wages and salaries (including annual bonuses) 24.4 22.4
Share-based payments 4.1 1.5
Social security costs 3.7 3.4
Other pension costs 2.4 2.3
34.6 29.6
Less: recovered through service charges (1.9) (2.0)
Less: capitalised into development projects (1.8) (1.3)
30.9 26.3
Key management compensation
The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on
pages 124 to 143. 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:
2024
\u00a3m
2023
\u00a3m
Wages and salaries (including annual bonuses) 6.8 6.8
Share-based payments 1.9 0.3
Social security costs 1.1 1.0
Other pension costs 0.5 0.5
10.3 8.6
The number of people considered key management totalled 17 (2023: 18). The Group had loans to key management of \u00a32,880
(2023: \u00a317,882) outstanding at 31 March 2024. 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:
2024
Number
2023
Number
Head office and property management 150 145
Auditor\u2019s remuneration
2024
\u00a3000
2023
\u00a3000
Audit of the Group and Company\u2019s annual accounts 394 242
Audit of subsidiaries 107 94
501 336
Audit-related assurance services, including the interim review 61 49
Sustainability assurance 68 63
Auditor\u2019s remuneration 630 448
For the year ended 31 March 2024, PricewaterhouseCoopers LLP was appointed as auditor to the Group, succeeding Deloitte LLP.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-362": {
"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 124 to 143. 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: 2024 \u00a3m 2023 \u00a3m Wages and salaries (including annual bonuses) 6.8 6.8 Share-based payments 1.9 0.3 Social security costs 1.1 1.0 Other pension costs 0.5 0.5 10.3 8.6 The number of people considered key management totalled 17 (2023: 18). The Group had loans to key management of \u00a32,880 (2023: \u00a317,882) outstanding at 31 March 2024. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s only related parties. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-349": {
"value": "Employee information The monthly average number of employees of the Group, including Directors, was: 2024 Number 2023 Number Head office and property management 150 145 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-350": {
"value": "Auditor\u2019s remuneration 2024 \u00a3000 2023 \u00a3000 Audit of the Group and Company\u2019s annual accounts 394 242 Audit of subsidiaries 107 94 501 336 Audit-related assurance services, including the interim review 61 49 Sustainability assurance 68 63 Auditor\u2019s remuneration 630 448 For the year ended 31 March 2024, PricewaterhouseCoopers LLP was appointed as auditor to the Group, succeeding Deloitte LLP.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-351": {
"value": "6 Finance income
2024
\u00a3m
2023
\u00a3m
Interest income on joint ventures balances 5.8 5.9
Interest on cash deposits 0.3 0.1
6.1 6.0
7 Finance costs
2024
\u00a3m
2023
\u00a3m
Interest on revolving credit facilities 5.8 5.7
Interest on term loan 8.5 \u2013
Interest on private placement notes 11.0 10.9
Interest on debenture stock 1.2 1.2
Interest on obligations under occupational leases \u2013 0.1
Interest on obligations under head leases 2.4 2.4
Other 0.1 \u2013
Gross finance costs 29.0 20.3
Less: capitalised interest (11.3) (8.8)
17.7 11.5
The Group capitalised interest on certain developments with specific associated borrowings at 6.8% (2023: nil), with the remainder
at the Group\u2019s weighted average cost of non-specific borrowings of 3.5% (2023: 3.0%)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-325": {
"value": "6 Finance income 2024 \u00a3m 2023 \u00a3m Interest income on joint ventures balances 5.8 5.9 Interest on cash deposits 0.3 0.1 6.1 6.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-363": {
"value": "6 Finance income 2024 \u00a3m 2023 \u00a3m Interest income on joint ventures balances 5.8 5.9 Interest on cash deposits 0.3 0.1 6.1 6.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-9": {
"value": "6 Finance income 2024 \u00a3m 2023 \u00a3m Interest income on joint ventures balances 5.8 5.9 Interest on cash deposits 0.3 0.1 6.1 6.0 7 Finance costs 2024 \u00a3m 2023 \u00a3m Interest on revolving credit facilities 5.8 5.7 Interest on term loan 8.5 \u2013 Interest on private placement notes 11.0 10.9 Interest on debenture stock 1.2 1.2 Interest on obligations under occupational leases \u2013 0.1 Interest on obligations under head leases 2.4 2.4 Other 0.1 \u2013 Gross finance costs 29.0 20.3 Less: capitalised interest (11.3) (8.8) 17.7 11.5 The Group capitalised interest on certain developments with specific associated borrowings at 6.8% (2023: nil), with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 3.5% (2023: 3.0%)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-326": {
"value": "7 Finance costs 2024 \u00a3m 2023 \u00a3m Interest on revolving credit facilities 5.8 5.7 Interest on term loan 8.5 \u2013 Interest on private placement notes 11.0 10.9 Interest on debenture stock 1.2 1.2 Interest on obligations under occupational leases \u2013 0.1 Interest on obligations under head leases 2.4 2.4 Other 0.1 \u2013 Gross finance costs 29.0 20.3 Less: capitalised interest (11.3) (8.8) 17.7 11.5 The Group capitalised interest on certain developments with specific associated borrowings at 6.8% (2023: nil), with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 3.5% (2023: 3.0%)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-375": {
"value": "7 Finance costs 2024 \u00a3m 2023 \u00a3m Interest on revolving credit facilities 5.8 5.7 Interest on term loan 8.5 \u2013 Interest on private placement notes 11.0 10.9 Interest on debenture stock 1.2 1.2 Interest on obligations under occupational leases \u2013 0.1 Interest on obligations under head leases 2.4 2.4 Other 0.1 \u2013 Gross finance costs 29.0 20.3 Less: capitalised interest (11.3) (8.8) 17.7 11.5 The Group capitalised interest on certain developments with specific associated borrowings at 6.8% (2023: nil), with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 3.5% (2023: 3.0%)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-364": {
"value": "7 Finance costs 2024 \u00a3m 2023 \u00a3m Interest on revolving credit facilities 5.8 5.7 Interest on term loan 8.5 \u2013 Interest on private placement notes 11.0 10.9 Interest on debenture stock 1.2 1.2 Interest on obligations under occupational leases \u2013 0.1 Interest on obligations under head leases 2.4 2.4 Other 0.1 \u2013 Gross finance costs 29.0 20.3 Less: capitalised interest (11.3) (8.8) 17.7 11.5 The Group capitalised interest on certain developments with specific associated borrowings at 6.8% (2023: nil), with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 3.5% (2023: 3.0%)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-10": {
"value": "8 Tax 2024 \u00a3m 2023 \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 \u2013 (0.1) Tax credit for the year \u2013 (0.1) The effective rate of tax is lower (2023: lower) than the standard rate of tax. The difference arises from the items set out below: 2024 \u00a3m 2023 \u00a3m Loss before tax (307.8) (164.0) Tax credit on loss at standard rate of 25% (2023: 19%) (77.0) (31.2) REIT tax exempt rental profits and gains (7.4) (7.1) Changes in fair value of properties not subject to tax 80.5 35.1 Difference between accounting profit and tax profit on disposal \u2013 2.0 Other 3.9 1.1 Tax credit for the year \u2013 (0.1) During the year, \u00a3nil million (2023: \u00a30.1 million) of deferred tax was debited directly to equity. The Group recognised a net deferred tax asset at 31 March 2024 of \u00a3nil (2023: \u00a3nil). This consists of deferred tax assets of \u00a31.6 million (2023: \u00a31.2 million) and deferred tax liabilities of \u00a31.6 million (2023: \u00a31.2 million). 8 Tax continued 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 2023 \u00a3m Recognised in the income statement \u00a3m Recognised in equity \u00a3m At 31 March 2024 \u00a3m Net deferred tax asset/(liability) in respect of other temporary differences \u2013 \u2013 \u2013 \u2013 The Group has not recognised further deferred tax assets in respect of gross temporary differences arising from the following items, because it is uncertain whether future taxable profits will arise against which these assets can be utilised: 2024 \u00a3m 2023 \u00a3m Revenue losses 24.6 15.7 Share-based payments 8.4 10.5 Other 1.3 1.4 34.3 27.6 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-324": {
"value": "During the year, \u00a3nil million (2023: \u00a30.1 million) of deferred tax was debited directly to equity. The Group recognised a net
deferred tax asset at 31 March 2024 of \u00a3nil (2023: \u00a3nil). This consists of deferred tax assets of \u00a31.6 million (2023: \u00a31.2 million)
and deferred tax liabilities of \u00a31.6 million (2023: \u00a31.2 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
2023
\u00a3m
Recognised
in the income
statement
\u00a3m
Recognised
in equity
\u00a3m
At 31 March
2024
\u00a3m
Net deferred tax asset/(liability) in respect of other temporary differences \u2013 \u2013 \u2013 \u2013
The Group has not recognised further deferred tax assets in respect of gross temporary differences arising from the following
items, because it is uncertain whether future taxable profits will arise against which these assets can be utilised:
2024
\u00a3m
2023
\u00a3m
Revenue losses 24.6 15.7
Share-based payments 8.4 10.5
Other 1.3 1.4
34.3 27.6
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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-11": {
"value": "9 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 10 and EPRA vacancy is set out on page 197. Earnings per share Weighted average number of ordinary shares 2024 Number of shares 2023 Number of shares Issued ordinary share capital at 1 April 253,867,911 253,867,911 Investment in own shares (887,159) (941,432) Weighted average number of ordinary shares at 31 March \u2013 basic 252,980,752 252,926,479 Basic and diluted earnings per share Loss after tax 2024 \u00a3m Number of shares 2024 million Loss per share 2024 pence Loss after tax 2023 \u00a3m Number of shares 2023 million Loss per share 2023 pence Basic (307.8) 253.0 (121.7) (163.9) 252.9 (64.8) Dilutive effect of LTIP shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Diluted (307.8) 253.0 (121.7) (163.9) 252.9 (64.8) 9 Alternative performance measures and EPRA metrics continued Basic and diluted EPRA earnings per share (Loss)/ Earnings after tax 2024 \u00a3m Number of shares 2024 million (Loss)/ Earnings per share 2024 pence (Loss)/ Earnings after tax 2023 \u00a3m Number of shares 2023 million (Loss)/ Earnings per share 2023 pence Basic (307.8) 253.0 (121.7) (163.9) 252.9 (64.8) Deficit from investment property net of tax (note 10) 267.3 \u2013 105.7 145.0 \u2013 57.3 Deficit from joint venture investment property (note 11) 56.5 \u2013 22.3 43.2 \u2013 17.1 Trading property revenue \u2013 \u2013 \u2013 (0.1) \u2013 \u2013 Deficit on revaluation of derivatives 1.7 \u2013 0.7 \u2013 \u2013 \u2013 Deficit/(surplus) on revaluation of other investments (note 13) 0.2 \u2013 0.1 (0.1) \u2013 \u2013 Deferred tax in respect of adjustments (note 8) \u2013 \u2013 \u2013 (0.1) \u2013 (0.1) Basic EPRA earnings 17.9 253.0 7.1 24.0 252.9 9.5 Dilutive effect of LTIP shares (note 21) \u2013 0.2 \u2013 \u2013 0.2 \u2013 Diluted EPRA earnings 17.9 253.2 7.1 24.0 253.1 9.5 Net assets per share The Group has adopted EPRA\u2019s Best Practice Recommendations for Net Asset Value (NAV) metrics. 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 IFRS net asset value, definitions are included in the glossary. Number of ordinary shares 2024 Number of shares 2023 Number of shares Issued ordinary share capital 253,867,911 253,867,911 Investment in own shares (887,159) (887,159) Number of shares \u2013 basic 252,980,752 252,980,752 Dilutive effect of LTIP shares 563,956 326,340 Number of shares \u2013 diluted 253,544,708 253,307,092 EPRA net assets per share at 31 March 2024 IFRS \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m EPRA NRV \u00a3m IFRS basic and diluted net assets 1,583.0 1,583.0 1,583.0 1,583.0 Fair value of derivative financial instruments \u2013 (0.4) \u2013 (0.4) Fair value of financial liabilities (note 17) \u2013 \u2013 50.7 \u2013 Real estate transfer tax \u2013 \u2013 \u2013 170.1 Net assets used in per share calculations 1,583.0 1,582.6 1,633.7 1,752.7 IFRS EPRA NTA EPRA NDV EPRA NRV Net assets per share (pence) 626 626 646 693 Diluted net assets per share (pence) 624 624 644 691 9 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 17) \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 Total Accounting Return (TAR) 2024 Pence per share 2023 Pence per share Opening EPRA NTA (A) 757.0 835.0 Closing EPRA NTA 624.0 757.0 Decrease in EPRA NTA (133.0) (78.0) Ordinary dividends paid in the year 12.6 12.6 Total return (B) (120.4) (65.4) Total Accounting Return (B/A) (15.9%) (7.8%) EPRA loan-to-property 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). 2024 \u00a3m 2023 \u00a3m \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 21.9 21.9 \u00a3450.0 million revolving credit facility 47.0 14.0 \u00a3250.0 million term loan 250.0 \u2013 Private placement notes 425.0 425.0 Less: cash and cash equivalents (22.9) (19.4) Group net debt 721.0 441.5 Net payables (including customer rent deposits) 54.6 44.0 Group net debt including net payables 775.6 485.5 Joint venture net payables (at share) 10.5 3.4 Less: joint venture cash and cash equivalents (at share) (25.7) (17.7) Net debt including joint ventures (A) 760.4 471.2 Group properties at market value 1,855.1 1,855.5 Joint venture properties at market value (at share) 476.1 524.5 Property portfolio at market value including joint ventures (B) 2,331.2 2,380.0 EPRA loan-to-property value (A/B) 32.6% 19.8% Group cash and cash equivalents includes customer rent deposits (as restated) held in separate designated bank accounts of \u00a317.0 million (2023: \u00a316.2 million), the use of the deposits is subject to restrictions as set out in the customer\u2019s lease agreement and therefore not available for general use by the Group. 9 Alternative performance measures and EPRA metrics continued EPRA cost ratio (including share of joint ventures) 2024 \u00a3m 2023 \u00a3m Administration expenses 42.3 38.3 Net property costs (excluding Fully Managed services income and costs 1 ) 10.1 15.2 Joint venture management fee income (note 3) (1.7) (2.4) Joint venture property and administration costs (note 11) 3.6 2.2 EPRA costs (including direct vacancy costs) (A) 54.3 53.3 Direct vacancy costs (5.1) (7.8) Joint venture direct vacancy cost (2.2) (0.3) EPRA costs (excluding direct vacancy costs) (B) 47.0 45.2 Net rental income (note 3) 72.1 70.9 Joint venture net rental income (note 11) 19.4 18.2 Gross rental income (C) 91.5 89.1 Portfolio at fair value including joint ventures (D) 2,331.2 2,380.0 Cost ratio (including direct vacancy costs) (A/C) 59.3% 59.8% Cost ratio (excluding direct vacancy costs) (B/C) 51.4% 50.7% Cost ratio (by portfolio value) (A/D) 2.3% 2.2% 1. For 2024 only, the information is not available for the prior year see note 2. Net gearing 2024 \u00a3m 2023 \u00a3m Nominal value of interest-bearing loans and borrowings (see note 16) 743.9 460.9 Obligations under occupational leases 1.0 2.0 Less: cash and cash equivalents (unrestricted) (see note 22) (5.9) (3.2) Adjusted net debt (A) 739.0 459.7 Net assets 1,583.0 1,918.6 Pension scheme asset (4.9) (4.1) Adjusted net equity (B) 1,578.1 1,914.5 Net gearing (A/B) 46.8% 24.0% Cash earnings per share Profit after tax 2024 \u00a3m Number of shares 2024 million Earnings per share 2024 pence Profit after tax 2023 \u00a3m Number of shares 2023 million Earnings per share 2023 pence Diluted EPRA earnings 17.9 253.2 7.1 24.0 253.1 9.5 Capitalised interest (11.3) \u2013 (4.5) (8.8) \u2013 (3.5) Spreading of lease incentives (5.7) \u2013 (2.3) (5.9) \u2013 (2.3) Spreading of lease incentives in joint ventures (1.4) \u2013 (0.5) (7.0) \u2013 (2.8) Employee incentive plan charges 4.0 \u2013 1.6 1.3 \u2013 0.5 Cash earnings per share 3.5 253.2 1.4 3.6 253.1 1.4",
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"fact-327": {
"value": "Earnings per share
Weighted average number of ordinary shares
2024
Number of
shares
2023
Number of
shares
Issued ordinary share capital at 1 April 253,867,911 253,867,911
Investment in own shares (887,159) (941,432)
Weighted average number of ordinary shares at 31 March \u2013 basic 252,980,752 252,926,479
Basic and diluted earnings per share
Loss
after tax
2024
\u00a3m
Number
of shares
2024
million
Loss
per share
2024
pence
Loss
after tax
2023
\u00a3m
Number
of shares
2023
million
Loss
per share
2023
pence
Basic (307.8) 253.0 (121.7) (163.9) 252.9 (64.8)
Dilutive effect of LTIP shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Diluted (307.8) 253.0 (121.7) (163.9) 252.9 (64.8)
Basic and diluted EPRA earnings per share
(Loss)/
Earnings
after tax
2024
\u00a3m
Number
of shares
2024
million
(Loss)/
Earnings
per share
2024
pence
(Loss)/
Earnings
after tax
2023
\u00a3m
Number
of shares
2023
million
(Loss)/
Earnings
per share
2023
pence
Basic (307.8) 253.0 (121.7) (163.9) 252.9 (64.8)
Deficit from investment property net of tax (note 10) 267.3 \u2013 105.7 145.0 \u2013 57.3
Deficit from joint venture investment property (note 11) 56.5 \u2013 22.3 43.2 \u2013 17.1
Trading property revenue \u2013 \u2013 \u2013 (0.1) \u2013 \u2013
Deficit on revaluation of derivatives 1.7 \u2013 0.7 \u2013 \u2013 \u2013
Deficit/(surplus) on revaluation of other investments (note 13) 0.2 \u2013 0.1 (0.1) \u2013 \u2013
Deferred tax in respect of adjustments (note 8) \u2013 \u2013 \u2013 (0.1) \u2013 (0.1)
Basic EPRA earnings 17.9 253.0 7.1 24.0 252.9 9.5
Dilutive effect of LTIP shares (note 21) \u2013 0.2 \u2013 \u2013 0.2 \u2013
Diluted EPRA earnings 17.9 253.2 7.1 24.0 253.1 9.5
",
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"fact-328": {
"value": "Net assets per share
The Group has adopted EPRA\u2019s Best Practice Recommendations for Net Asset Value (NAV) metrics. 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 IFRS net asset value, definitions are
included in the glossary.
Number of ordinary shares
2024
Number of
shares
2023
Number of
shares
Issued ordinary share capital 253,867,911 253,867,911
Investment in own shares (887,159) (887,159)
Number of shares \u2013 basic 252,980,752 252,980,752
Dilutive effect of LTIP shares 563,956 326,340
Number of shares \u2013 diluted 253,544,708 253,307,092
EPRA net assets per share at 31 March 2024
IFRS
\u00a3m
EPRA
NTA
\u00a3m
EPRA
NDV
\u00a3m
EPRA
NRV
\u00a3m
IFRS basic and diluted net assets 1,583.0 1,583.0 1,583.0 1,583.0
Fair value of derivative financial instruments \u2013 (0.4) \u2013 (0.4)
Fair value of financial liabilities (note 17) \u2013 \u2013 50.7 \u2013
Real estate transfer tax \u2013 \u2013 \u2013 170.1
Net assets used in per share calculations 1,583.0 1,582.6 1,633.7 1,752.7
IFRS
EPRA
NTA
EPRA
NDV
EPRA
NRV
Net assets per share (pence) 626 626 646 693
Diluted net assets per share (pence) 624 624 644 691
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 17) \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
",
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"fact-12": {
"value": "10 Investment property Investment property Freehold \u00a3m Leasehold \u00a3m Total \u00a3m Book value at 1 April 2022 929.6 1,047.2 1,976.8 Costs capitalised 17.6 11.2 28.8 Movement in lease incentives 4.8 1.1 5.9 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 Costs capitalised 28.0 57.3 85.3 Movement in lease incentives 7.8 (0.4) 7.4 Interest capitalised 2.2 2.6 4.8 Acquisitions 128.3 \u2013 128.3 Disposals (5.8) (8.4) (14.2) Transfer to investment property under development (50.1) (59.6) (109.7) Transfer to investment property held for sale \u2013 (18.2) (18.2) Net valuation deficit on investment property (108.8) (106.0) (214.8) Book value at 31 March 2024 (A) 885.1 792.3 1,677.4 Investment property under development Freehold \u00a3m Leasehold \u00a3m Total \u00a3m Book value at 1 April 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 Costs capitalised \u2013 54.6 54.6 Interest capitalised \u2013 6.5 6.5 Transfer from investment property 50.1 59.6 109.7 Net valuation deficit on investment property under development \u2013 (50.9) (50.9) Book value at 31 March 2024 (B) 50.1 183.5 233.6 Book value of investment property & investment property under development (A+B) 935.2 975.8 1,911.0 Investment property held for sale Freehold \u00a3m Leasehold \u00a3m Total \u00a3m Book value at 1 April 2022 and 31 March 2023 \u2013 \u2013 \u2013 Transfer from investment property \u2013 held for sale \u2013 18.2 18.2 Book value of investment property held for sale at 31 March 2024 (C) \u2013 18.2 18.2 Book value of total investment property at 31 March 2024 (A+B+C) 935.2 994.0 1,929.2 The book value of investment property includes \u00a374.1 million (2023: \u00a366.7 million) in respect of the present value of future ground rents. The market value of the portfolio (excluding these amounts) is \u00a31,855.1 million. The total portfolio value including joint venture properties of \u00a3476.1 million (see note 11) was \u00a32,331.2 million. At 31 March 2024, property with a carrying value of \u00a3107.0 million (2023: \u00a3111.0 million) was secured under the first mortgage debenture stock (see note 16). At the balance sheet date, one property had exchanged for sale and accordingly was classified as held for sale. The sale is anticipated to complete in January 2025. 10 Investment property continued Surplus from investment property 2024 \u00a3m 2023 \u00a3m Net valuation deficit on investment property (265.7) (141.7) Loss on sale of investment properties (1.6) (3.3) (267.3) (145.0) The Group\u2019s investment properties, including those held in joint ventures (note 11), were valued on the basis of fair value by CBRE Limited (CBRE), external valuers, as at 31 March 2024. 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, we have classified the valuation of the property portfolio as Level 3 as defined by IFRS 13; this is in line with EPRA guidance. 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. 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. There is a negative relationship between development costs and the property valuation, such that an increase in estimated development costs will decrease the valuation of a property under development and a decrease in estimated development costs will increase the valuation of a property under development. An increase of 10% on the capital expenditure on the Group\u2019s three HQ development schemes and four Flex conversion schemes, which the Directors believe is a reasonable variance to budgeted cost based on industry experience, would reduce the valuation by \u00a349.8 million, with a decrease of 10% increasing the valuation by \u00a349.8 million. 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 \u00a3203.2 million (\u00a3241.4 million including a share of joint ventures), whilst a 50 basis point increase would reduce the fair value by \u00a3166.7 million (\u00a3200.0 million including a share of joint ventures). A movement of 56 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. Given there is only a marginal difference in the overall yields for office and retail and the movement in year, we feel this sensitivity to be appropriate. 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. The valuation of the property portfolio reflects its fair value taking into account the climate related risks associated with the properties. This includes the impact of expected regulatory changes, and we estimate that the investment required to upgrade our existing buildings to the new minimum EPC B rating by 2030 is less than \u00a310 million (including share of joint ventures) over and above specific refurbishment and development assumptions included in the valuation. During the year, the Group capitalised \u00a31.8 million (2023: \u00a31.3 million) of employee costs in respect of its development team into investment properties under development. At 31 March 2024, the Group had capital commitments of \u00a3502.3 million (2023: \u00a3311.6 million). For further detail, see Our development activities on pages 23 to 25. In April 2024, the Group exchanged contracts to buy The Courtyard, WC1 for \u00a310.4 million of cash and through a property exchange of 95/96 New Bond Street for \u00a318.2 million. At the reporting date, the acquisition has not yet completed. 10 Investment property continued Key inputs to the valuation (by building and location) at 31 March 2024 ERV True equivalent yield Average \u00a3 per sq ft Range \u00a3 per sq ft Average % Range % North of Oxford Street Office 102 74 \u2013 174 5.3 4.8 \u2013 7.3 Retail 67 34 \u2013 110 5.3 4.5 \u2013 10.0 Rest of West End Office 143 70 \u2013 249 5.8 5.0 \u2013 7.3 Retail 115 15 \u2013 295 5.0 3.2 \u2013 6.8 City, Midtown and Southwark Office 83 47 \u2013 173 5.7 5.4 \u2013 7.3 Retail 36 28 \u2013 363 5.9 5.5 \u2013 6.7 Key inputs to the valuation (by building and location) 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 EPRA capital expenditure 2024 \u00a3m 2023 \u00a3m Group Acquisitions 128.3 43.6 Developments 54.6 53.1 Interest capitalised 11.3 8.8 Investment properties: incremental lettable space \u2013 \u2013 Investment properties: no incremental lettable space 85.3 28.8 Movement in lease incentives 7.4 5.9 Group total 286.9 140.2 Joint ventures (at share) Developments \u2013 \u2013 Interest capitalised \u2013 \u2013 Investment properties: incremental lettable space \u2013 \u2013 Investment properties: no incremental lettable space 5.7 1.3 Movement in lease incentives 2.4 7.8 Total capital expenditure 295.0 149.3 Conversion from accrual to cash basis (12.0) 7.3 Total capital expenditure on a cash basis 283.0 156.6 10 Investment property continued EPRA net initial yield (NIY) and topped-up NIY 2024 \u00a3m 2023 \u00a3m Properties at fair value including joint ventures 2,331.2 2,380.0 Less: properties under development including joint ventures (201.5) (89.0) Less: residential properties (4.7) (12.4) Like-for-like investment property portfolio, proposed and completed developments 2,125.0 2,278.6 Plus: estimated purchasers\u2019 costs 155.0 166.3 Grossed-up completed property portfolio valuation (B) 2,280.0 2,444.9 Annualised cash passing rental income 1 85.9 76.7 Net service charge expense including joint ventures (5.1) (3.3) Other irrecoverable property costs including joint ventures (7.9) (12.9) Annualised net rents (A) 72.9 60.5 Plus: rent-free periods and other lease incentives including joint ventures 3.9 16.8 Topped-up annualised net rents (C) 76.8 77.3 EPRA net initial yield (A/B) 3.2% 2.5% EPRA topped-up initial yield (C/B) 3.4% 3.2% 1. Annualised passing rental income as calculated by the Group\u2019s external valuers including joint ventures at share. See note 9 for further detail on EPRA measures which are Alternative Performance Metrics.",
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"fact-329": {
"value": "Investment property held for sale
Freehold
\u00a3m
Leasehold
\u00a3m
Total
\u00a3m
Book value at 1 April 2022 and 31 March 2023 \u2013 \u2013 \u2013
Transfer from investment property \u2013 held for sale \u2013 18.2 18.2
Book value of investment property held for sale at 31 March 2024 (C) \u2013 18.2 18.2
Book value of total investment property at 31 March 2024 (A+B+C) 935.2 994.0 1,929.2
The book value of investment property includes \u00a374.1 million (2023: \u00a366.7 million) in respect of the present value of future
ground rents. The market value of the portfolio (excluding these amounts) is \u00a31,855.1 million. The total portfolio value
including joint venture properties of \u00a3476.1 million (see note 11) was \u00a32,331.2 million. At 31 March 2024, property with a
carrying value of \u00a3107.0 million (2023: \u00a3111.0 million) was secured under the first mortgage debenture stock (see note 16).
At the balance sheet date, one property had exchanged for sale and accordingly was classified as held for sale. The sale
is anticipated to complete in January 2025.
",
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},
"fact-352": {
"value": "Investment property held for sale Freehold \u00a3m Leasehold \u00a3m Total \u00a3m Book value at 1 April 2022 and 31 March 2023 \u2013 \u2013 \u2013 Transfer from investment property \u2013 held for sale \u2013 18.2 18.2 Book value of investment property held for sale at 31 March 2024 (C) \u2013 18.2 18.2 Book value of total investment property at 31 March 2024 (A+B+C) 935.2 994.0 1,929.2 The book value of investment property includes \u00a374.1 million (2023: \u00a366.7 million) in respect of the present value of future ground rents. The market value of the portfolio (excluding these amounts) is \u00a31,855.1 million. The total portfolio value including joint venture properties of \u00a3476.1 million (see note 11) was \u00a32,331.2 million. At 31 March 2024, property with a carrying value of \u00a3107.0 million (2023: \u00a3111.0 million) was secured under the first mortgage debenture stock (see note 16). At the balance sheet date, one property had exchanged for sale and accordingly was classified as held for sale. The sale is anticipated to complete in January 2025. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-353": {
"value": "During the year, the Group capitalised \u00a31.8 million (2023: \u00a31.3 million) of employee costs in respect of its development team
into investment properties under development. At 31 March 2024, the Group had capital commitments of \u00a3502.3 million
(2023: \u00a3311.6 million). For further detail, see Our development activities on pages 23 to 25.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-330": {
"value": "During the year, the Group capitalised \u00a31.8 million (2023: \u00a31.3 million) of employee costs in respect of its development team into investment properties under development. At 31 March 2024, the Group had capital commitments of \u00a3502.3 million (2023: \u00a3311.6 million). For further detail, see Our development activities on pages 23 to 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-331": {
"value": "11 Investment in joint ventures
The Group has the following investments in joint ventures:
Equity
\u00a3m
Balances
with
partners
\u00a3m
2024
Total
\u00a3m
2023
Total
\u00a3m
At 1 April 324.4 214.4 538.8 582.8
Movement on joint venture balances \u2013 (0.9) (0.9) (3.1)
Additions 0.1 \u2013 0.1 \u2013
Share of profit of joint ventures 9.8 \u2013 9.8 9.8
Share of revaluation deficit of joint ventures (56.5) \u2013 (56.5) (43.2)
Share of results of joint ventures (46.7) \u2013 (46.7) (33.4)
Distributions \u2013 \u2013 \u2013 (7.5)
At 31 March 277.8 213.5 491.3 538.8
All of the Group\u2019s joint ventures operate solely in the United Kingdom and comprise the following:
Country of registration
2024
ownership
2023
ownership
The GHS Limited Partnership Jersey 50% 50%
The Great Ropemaker Partnership United Kingdom 50% 50%
The Great Victoria Partnerships United Kingdom 50% 50%
11 Investment in joint ventures continued
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
2024
Total
\u00a3m
2024
At share
\u00a3m
2023
At share
\u00a3m
Balance sheets
Investment property 643.6 245.4 73.5 962.5 481.2 529.6
Current assets 0.5 3.8 1.1 5.4 2.7 3.6
Cash and cash equivalents 13.1 19.6 18.7 51.4 25.7 17.7
Balances from partners (222.0) (131.8) (73.1) (426.9) (213.5) (214.4)
Current liabilities (12.0) (13.2) (1.3) (26.5) (13.2) (7.0)
Obligations under head leases \u2013 (10.2) \u2013 (10.2) (5.1) (5.1)
Net assets 423.2 113.6 18.9 555.7 277.8 324.4
The GHS
Limited
Partnership
\u00a3m
The Great
Ropemaker
Partnership
\u00a3m
The Great
Victoria
Partnerships
\u00a3m
2024
Total
\u00a3m
2024
At share
\u00a3m
2023
At share
\u00a3m
Income statements
Revenue 24.7 21.5 6.8 53.0 26.5 25.5
Net rental income 20.1 14.6 4.1 38.8 19.4 18.2
Property and administration costs (2.0) (3.2) (2.0) (7.2) (3.6) (2.2)
Net finance costs (9.0) (3.1) 0.1 (12.0) (6.0) (6.2)
Share of profit from joint ventures 9.1 8.3 2.2 19.6 9.8 9.8
Revaluation of investment property (25.8) (77.4) (9.8) (113.0) (56.5) (43.2)
Results of joint ventures (16.7) (69.1) (7.6) (93.4) (46.7) (33.4)
At 31 March 2024 and 31 March 2023, the joint ventures had no external debt facilities.
Transactions during the year between the Group and its joint ventures, which are related parties, are disclosed below:
2024
\u00a3m
2023
\u00a3m
Movement on joint venture balances during the year 0.9 3.1
Balances receivable at the year end from joint ventures (213.5) (214.4)
Interest on balances with partners (see note 6) 5.8 5.9
Distributions \u2013 7.5
Joint venture fees paid (see note 3) 1.7 2.4
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%. In measuring expected credit losses of the balances receivable at the year end from
joint ventures under IFRS 9, the ability of each joint venture to repay the loan at the reporting date if demanded by the Group
is assumed to be through the sale of the investment properties held by the joint venture. Investment properties are held at fair
value at each reporting date as described in note 10. Therefore, the net asset value of the joint venture is considered to be a
reasonable approximation of the available assets that could be realised to recover the loan balance and the requirement to
recognise expected credit losses.
The investment properties include \u00a35.1 million (2023: \u00a35.1 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 \u00a3476.1 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 10, 14 and 17 for more information on the valuation of investment properties
and expected credit losses in joint ventures.
At 31 March 2024, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2023: \u00a3nil). At 31 March 2024, the Group
had capital commitments in respect of its joint ventures of \u00a3nil million (2023: \u00a30.4 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-13": {
"value": "11 Investment in joint ventures The Group has the following investments in joint ventures: Equity \u00a3m Balances with partners \u00a3m 2024 Total \u00a3m 2023 Total \u00a3m At 1 April 324.4 214.4 538.8 582.8 Movement on joint venture balances \u2013 (0.9) (0.9) (3.1) Additions 0.1 \u2013 0.1 \u2013 Share of profit of joint ventures 9.8 \u2013 9.8 9.8 Share of revaluation deficit of joint ventures (56.5) \u2013 (56.5) (43.2) Share of results of joint ventures (46.7) \u2013 (46.7) (33.4) Distributions \u2013 \u2013 \u2013 (7.5) At 31 March 277.8 213.5 491.3 538.8 All of the Group\u2019s joint ventures operate solely in the United Kingdom and comprise the following: Country of registration 2024 ownership 2023 ownership The GHS Limited Partnership Jersey 50% 50% The Great Ropemaker Partnership United Kingdom 50% 50% The Great Victoria Partnerships United Kingdom 50% 50% 11 Investment in joint ventures continued 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 2024 Total \u00a3m 2024 At share \u00a3m 2023 At share \u00a3m Balance sheets Investment property 643.6 245.4 73.5 962.5 481.2 529.6 Current assets 0.5 3.8 1.1 5.4 2.7 3.6 Cash and cash equivalents 13.1 19.6 18.7 51.4 25.7 17.7 Balances from partners (222.0) (131.8) (73.1) (426.9) (213.5) (214.4) Current liabilities (12.0) (13.2) (1.3) (26.5) (13.2) (7.0) Obligations under head leases \u2013 (10.2) \u2013 (10.2) (5.1) (5.1) Net assets 423.2 113.6 18.9 555.7 277.8 324.4 The GHS Limited Partnership \u00a3m The Great Ropemaker Partnership \u00a3m The Great Victoria Partnerships \u00a3m 2024 Total \u00a3m 2024 At share \u00a3m 2023 At share \u00a3m Income statements Revenue 24.7 21.5 6.8 53.0 26.5 25.5 Net rental income 20.1 14.6 4.1 38.8 19.4 18.2 Property and administration costs (2.0) (3.2) (2.0) (7.2) (3.6) (2.2) Net finance costs (9.0) (3.1) 0.1 (12.0) (6.0) (6.2) Share of profit from joint ventures 9.1 8.3 2.2 19.6 9.8 9.8 Revaluation of investment property (25.8) (77.4) (9.8) (113.0) (56.5) (43.2) Results of joint ventures (16.7) (69.1) (7.6) (93.4) (46.7) (33.4) At 31 March 2024 and 31 March 2023, the joint ventures had no external debt facilities. Transactions during the year between the Group and its joint ventures, which are related parties, are disclosed below: 2024 \u00a3m 2023 \u00a3m Movement on joint venture balances during the year 0.9 3.1 Balances receivable at the year end from joint ventures (213.5) (214.4) Interest on balances with partners (see note 6) 5.8 5.9 Distributions \u2013 7.5 Joint venture fees paid (see note 3) 1.7 2.4 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%. In measuring expected credit losses of the balances receivable at the year end from joint ventures under IFRS 9, the ability of each joint venture to repay the loan at the reporting date if demanded by the Group is assumed to be through the sale of the investment properties held by the joint venture. Investment properties are held at fair value at each reporting date as described in note 10. Therefore, the net asset value of the joint venture is considered to be a reasonable approximation of the available assets that could be realised to recover the loan balance and the requirement to recognise expected credit losses. The investment properties include \u00a35.1 million (2023: \u00a35.1 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 \u00a3476.1 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 10, 14 and 17 for more information on the valuation of investment properties and expected credit losses in joint ventures. At 31 March 2024, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2023: \u00a3nil). At 31 March 2024, the Group had capital commitments in respect of its joint ventures of \u00a3nil million (2023: \u00a30.4 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-14": {
"value": "12 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 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 Costs capitalised \u2013 \u2013 0.1 0.1 At 31 March 2024 4.9 5.6 2.2 12.7 Depreciation At 1 April 2023 3.3 3.9 1.9 9.1 Charge for the year 0.8 0.6 0.2 1.6 At 31 March 2024 4.1 4.5 2.1 10.7 Carrying amount at 31 March 2023 1.6 1.7 0.2 3.5 Carrying amount at 31 March 2024 0.8 1.1 0.1 2.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-15": {
"value": "13 Other investments 2024 \u00a3m 2023 \u00a3m At 1 April 1.8 1.0 Acquisitions 0.8 0.7 (Deficit)/surplus on revaluation (0.2) 0.1 At 31 March 2.4 1.8 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 2024, the Group had made net investments of \u00a32.5 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 therefore, 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-16": {
"value": "14 Trade and other receivables 2024 \u00a3m 2023 \u00a3m Trade receivables 6.7 8.3 Expected credit loss allowance (0.3) (1.7) 6.4 6.6 Prepayments 0.2 4.4 Other sales taxes 5.9 \u2013 Other receivables 12.4 4.8 24.9 15.8 14 Trade and other receivables continued 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. Of the gross trade receivables of \u00a36.7 million, \u00a34.4 million (2023: \u00a35.5 million) was past due, of which \u00a31.2 million (2023: \u00a33.0 million) was over 30 days. 2024 \u00a3m 2023 \u00a3m Movements in expected credit loss allowance Balance at the beginning of the year (1.7) (6.0) Expected credit loss allowance during the year (0.3) (1.0) Expected credit loss allowance in respect of prior years \u2013 0.8 Amounts written-off as uncollectable 1.7 4.5 (0.3) (1.7) The expected credit loss for the year represents 5% (2023: 26%) of the net trade receivables balance at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-332": {
"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.
Of the gross trade receivables of \u00a36.7 million, \u00a34.4 million (2023: \u00a35.5 million) was past due, of which \u00a31.2 million (2023: \u00a33.0 million)
was over 30 days.
2024
\u00a3m
2023
\u00a3m
Movements in expected credit loss allowance
Balance at the beginning of the year (1.7) (6.0)
Expected credit loss allowance during the year (0.3) (1.0)
Expected credit loss allowance in respect of prior years \u2013 0.8
Amounts written-off as uncollectable 1.7 4.5
(0.3) (1.7)
The expected credit loss for the year represents 5% (2023: 26%) of the net trade receivables balance at the balance sheet date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-354": {
"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. Of the gross trade receivables of \u00a36.7 million, \u00a34.4 million (2023: \u00a35.5 million) was past due, of which \u00a31.2 million (2023: \u00a33.0 million) was over 30 days. 2024 \u00a3m 2023 \u00a3m Movements in expected credit loss allowance Balance at the beginning of the year (1.7) (6.0) Expected credit loss allowance during the year (0.3) (1.0) Expected credit loss allowance in respect of prior years \u2013 0.8 Amounts written-off as uncollectable 1.7 4.5 (0.3) (1.7) The expected credit loss for the year represents 5% (2023: 26%) of the net trade receivables balance at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-17": {
"value": "15 Trade and other payables 2024 \u00a3m 2023 \u00a3m Rents received in advance 16.4 15.1 Accrued capital expenditure 18.1 5.9 Payables in respect of customer rent deposits 17.0 16.2 Other accruals 23.3 15.2 Other taxes \u2013 0.7 Other payables 1.4 3.7 76.2 56.8 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-18": {
"value": "16 Interest-bearing loans and borrowings 2024 \u00a3m 2023 \u00a3m Current liabilities at amortised cost Unsecured \u00a3175.0 million 2.15% private placement notes 2024 175.0 \u2013 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 46.1 12.8 \u00a3250.0 million term loan 248.3 \u2013 \u00a3175.0 million 2.15% private placement notes 2024 \u2013 174.8 \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 124.4 124.3 Non-current interest-bearing loans and borrowings 565.4 458.5 Total interest-bearing loans and borrowings 740.4 458.5 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 facility is unsecured, attracts a floating rate based on a headline margin that 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). In September 2023, the Group arranged a new \u00a3250 million unsecured term loan at a headline margin of 175 basis points over SONIA with three existing relationship banks. The loan has an initial three-year term which may be extended to a maximum of five years at GPE\u2019s request, subject to bank consent. The Group also entered a \u00a3200 million interest rate cap (at a cost of \u00a32.1 million) to protect against any further increases in rates whilst preserving the benefit of any reductions. The loan and interest rate cap were both effective from 9 October 2023. In January 2024, the Group arranged a new \u00a3200 million loan facility at a headline margin of 75 basis points over SONIA, with the margin stepping up by 0.25% after six months, a further 0.25% after 12 months and a final step-up of 0.50% at 18 months. The loan has a one-year term, which may be extended by up to a further year at GPE\u2019s request and was undrawn at 31 March 2024. The Group\u2019s \u00a3175.0 million 2.15% private placement notes 2024 were repaid on 22 May 2024. At 31 March 2024, the nominal value of the Group\u2019s interest-bearing loans and borrowing was \u00a3743.9 million (2023: \u00a3460.9 million) and the Group had \u00a3603 million (2023: \u00a3436.0 million) of undrawn credit facilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-19": {
"value": "17 Financial instruments Categories of financial instrument Carrying amount 2024 \u00a3m Amounts recognised in income statement 2024 \u00a3m Gain/(loss) to equity 2024 \u00a3m Carrying amount 2023 \u00a3m Amounts recognised in income statement 2023 \u00a3m Gain/(loss) to equity 2023 \u00a3m Other investments 2.4 (0.2) \u2013 1.8 0.1 \u2013 Interest rate cap 0.4 (1.7) \u2013 \u2013 \u2013 \u2013 Assets at fair value 2.8 (1.9) \u2013 1.8 0.1 \u2013 Balances with joint ventures 213.5 5.8 \u2013 214.4 5.9 \u2013 Trade receivables 24.7 (0.1) \u2013 11.4 (0.8) \u2013 Cash and cash equivalents 22.9 0.3 \u2013 19.4 0.1 \u2013 Assets at amortised cost 261.1 6.0 \u2013 245.2 5.2 \u2013 Trade and other payables (1.4) \u2013 \u2013 (4.4) \u2013 \u2013 Payables in respect of customer rent deposits (17.0) \u2013 \u2013 (16.2) \u2013 \u2013 Interest-bearing loans and borrowings (740.4) (15.2) \u2013 (458.5) (9.0) \u2013 Obligations under occupational leases (1.0) \u2013 \u2013 (2.0) (0.1) \u2013 Obligations under finance leases (74.1) (2.4) \u2013 (66.7) (2.4) \u2013 Liabilities at amortised cost (833.9) (17.6) \u2013 (547.8) (11.5) \u2013 Total financial instruments (570.0) (13.5) \u2013 (300.8) (6.2) \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 10). 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 notes 11 and 14 of the financial statements. The Directors believe that there is no further expected credit loss required in excess of that provided. 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. 17 Financial instruments continued 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 2024 actuals Group Net gearing (see note 9) <125% 46.8% Inner borrowing (unencumbered asset value/unsecured borrowings) >1.66x 2.42x Interest cover >1.35x 3.65x The Group has undrawn credit facilities of \u00a3603.0 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: At 31 March 2024 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 27.8 1.2 1.2 25.4 \u2013 \u00a3450.0 million revolving credit facility 46.1 58.9 4.2 4.2 50.5 \u2013 \u00a3250.0 million term loan 248.3 291.3 17.2 17.2 256.9 \u2013 Private placement notes 424.0 489.6 182.5 7.0 60.0 240.1 Derivative financial instruments Interest rate cap (0.4) (0.3) (0.2) (0.1) \u2013 \u2013 740.0 867.3 204.9 29.5 392.8 240.1 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 The maturity of lease obligations is set out in notes 18 and 19. 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. Interest rate caps Interest rate caps protect the Group from rises in short-term interest rates by making a payment to the Group when the underlying interest rate exceeds a specified rate (the \u2018cap rate\u2019) on a notional value. If the underlying rate exceeds the cap rate, the payment is based upon the difference between the two rates, ensuring the Group only pays the maximum of the cap rate. At 31 March 2024, the Group\u2019s only interest rate derivative was a \u00a3200 million interest rate cap. 17 Financial instruments continued 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 2024 was outstanding for the whole year: Impact on loss Impact on equity 2024 \u00a3m 2023 \u00a3m 2024 \u00a3m 2023 \u00a3m Increase of 50 basis points (0.5) (0.1) (0.5) (0.1) Increase of 25 basis points (0.2) (0.1) (0.2) (0.1) Decrease of 25 basis points 0.7 0.1 0.7 0.1 Decrease of 50 basis points 1.5 0.1 1.5 0.1 Fair value of interest-bearing loans and borrowings Book value 2024 \u00a3m Fair value 2024 \u00a3m Book value 2023 \u00a3m Fair value 2023 \u00a3m Items carried at fair value Interest rate cap (asset) (0.4) (0.4) \u2013 \u2013 Items not carried at fair value \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 22.0 22.0 22.4 \u00a3450.0 million revolving credit facility 46.1 46.1 12.8 12.8 \u00a3250.0 million term loan 248.3 248.3 \u2013 \u2013 Private placement notes 424.0 373.3 423.7 339.9 740.0 689.3 458.5 375.1 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 outstanding interest rate cap has been estimated by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13. 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. The following table details the principal amounts and remaining terms of interest rate derivatives outstanding: Average contracted fixed interest rate Notional principal amount Fair value asset 2024 % 2023 % 2024 \u00a3m 2023 \u00a3m 2024 \u00a3m 2023 \u00a3m Cash flow hedges Interest rate cap 5.094% \u2013 200.0 \u2013 0.4 \u2013 The Group entered a \u00a3200 million interest rate cap (at a cost of \u00a32.1 million) effective from 9 October 2023 and expires in September 2025 .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-333": {
"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 10).
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 notes 11 and 14 of the financial statements. The Directors believe that there is no further expected credit
loss required in excess of that provided. 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 2024
actuals
Group
Net gearing (see note 9) <125% 46.8%
Inner borrowing (unencumbered asset value/unsecured borrowings) >1.66x 2.42x
Interest cover >1.35x 3.65x
The Group has undrawn credit facilities of \u00a3603.0 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:
At 31 March 2024
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 27.8 1.2 1.2 25.4 \u2013
\u00a3450.0 million revolving credit facility 46.1 58.9 4.2 4.2 50.5 \u2013
\u00a3250.0 million term loan 248.3 291.3 17.2 17.2 256.9 \u2013
Private placement notes 424.0 489.6 182.5 7.0 60.0 240.1
Derivative financial instruments
Interest rate cap (0.4) (0.3) (0.2) (0.1) \u2013 \u2013
740.0 867.3 204.9 29.5 392.8 240.1
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
The maturity of lease obligations is set out in notes 18 and 19.
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.
Interest rate caps
Interest rate caps protect the Group from rises in short-term interest rates by making a payment to the Group when the
underlying interest rate exceeds a specified rate (the \u2018cap rate\u2019) on a notional value. If the underlying rate exceeds the cap rate,
the payment is based upon the difference between the two rates, ensuring the Group only pays the maximum of the cap rate.
At 31 March 2024, the Group\u2019s only interest rate derivative was a \u00a3200 million interest rate cap.
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 2024 was outstanding
for the whole year:
Impact on loss Impact on equity
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Increase of 50 basis points (0.5) (0.1) (0.5) (0.1)
Increase of 25 basis points (0.2) (0.1) (0.2) (0.1)
Decrease of 25 basis points 0.7 0.1 0.7 0.1
Decrease of 50 basis points 1.5 0.1 1.5 0.1
Fair value of interest-bearing loans and borrowings
Book value
2024
\u00a3m
Fair value
2024
\u00a3m
Book value
2023
\u00a3m
Fair value
2023
\u00a3m
Items carried at fair value
Interest rate cap (asset) (0.4) (0.4) \u2013 \u2013
Items not carried at fair value
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029 22.0 22.0 22.0 22.4
\u00a3450.0 million revolving credit facility 46.1 46.1 12.8 12.8
\u00a3250.0 million term loan 248.3 248.3 \u2013 \u2013
Private placement notes 424.0 373.3 423.7 339.9
740.0 689.3 458.5 375.1
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 outstanding interest rate cap has been estimated
by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value
measurements as defined by IFRS 13. 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.
The following table details the principal amounts and remaining terms of interest rate derivatives outstanding:
Average contracted
fixed interest rate
Notional
principal amount Fair value asset
2024
%
2023
%
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Cash flow hedges
Interest rate cap 5.094% \u2013 200.0 \u2013 0.4 \u2013
The Group entered a \u00a3200 million interest rate cap (at a cost of \u00a32.1 million) effective from 9 October 2023 and expires in
September 2025 .
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-355": {
"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 10). 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-356": {
"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 notes 11 and 14 of the financial statements. The Directors believe that there is no further expected credit loss required in excess of that provided. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-357": {
"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 2024 actuals Group Net gearing (see note 9) <125% 46.8% Inner borrowing (unencumbered asset value/unsecured borrowings) >1.66x 2.42x Interest cover >1.35x 3.65x The Group has undrawn credit facilities of \u00a3603.0 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: At 31 March 2024 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 27.8 1.2 1.2 25.4 \u2013 \u00a3450.0 million revolving credit facility 46.1 58.9 4.2 4.2 50.5 \u2013 \u00a3250.0 million term loan 248.3 291.3 17.2 17.2 256.9 \u2013 Private placement notes 424.0 489.6 182.5 7.0 60.0 240.1 Derivative financial instruments Interest rate cap (0.4) (0.3) (0.2) (0.1) \u2013 \u2013 740.0 867.3 204.9 29.5 392.8 240.1 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 The maturity of lease obligations is set out in notes 18 and 19. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-358": {
"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. Interest rate caps Interest rate caps protect the Group from rises in short-term interest rates by making a payment to the Group when the underlying interest rate exceeds a specified rate (the \u2018cap rate\u2019) on a notional value. If the underlying rate exceeds the cap rate, the payment is based upon the difference between the two rates, ensuring the Group only pays the maximum of the cap rate. At 31 March 2024, the Group\u2019s only interest rate derivative was a \u00a3200 million interest rate cap. 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 2024 was outstanding for the whole year: Impact on loss Impact on equity 2024 \u00a3m 2023 \u00a3m 2024 \u00a3m 2023 \u00a3m Increase of 50 basis points (0.5) (0.1) (0.5) (0.1) Increase of 25 basis points (0.2) (0.1) (0.2) (0.1) Decrease of 25 basis points 0.7 0.1 0.7 0.1 Decrease of 50 basis points 1.5 0.1 1.5 0.1 Fair value of interest-bearing loans and borrowings Book value 2024 \u00a3m Fair value 2024 \u00a3m Book value 2023 \u00a3m Fair value 2023 \u00a3m Items carried at fair value Interest rate cap (asset) (0.4) (0.4) \u2013 \u2013 Items not carried at fair value \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 22.0 22.0 22.4 \u00a3450.0 million revolving credit facility 46.1 46.1 12.8 12.8 \u00a3250.0 million term loan 248.3 248.3 \u2013 \u2013 Private placement notes 424.0 373.3 423.7 339.9 740.0 689.3 458.5 375.1 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 outstanding interest rate cap has been estimated by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13. 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. The following table details the principal amounts and remaining terms of interest rate derivatives outstanding: Average contracted fixed interest rate Notional principal amount Fair value asset 2024 % 2023 % 2024 \u00a3m 2023 \u00a3m 2024 \u00a3m 2023 \u00a3m Cash flow hedges Interest rate cap 5.094% \u2013 200.0 \u2013 0.4 \u2013 The Group entered a \u00a3200 million interest rate cap (at a cost of \u00a32.1 million) effective from 9 October 2023 and expires in September 2025 .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-376": {
"value": "Fair value of interest-bearing loans and borrowings Book value 2024 \u00a3m Fair value 2024 \u00a3m Book value 2023 \u00a3m Fair value 2023 \u00a3m Items carried at fair value Interest rate cap (asset) (0.4) (0.4) \u2013 \u2013 Items not carried at fair value \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 22.0 22.0 22.4 \u00a3450.0 million revolving credit facility 46.1 46.1 12.8 12.8 \u00a3250.0 million term loan 248.3 248.3 \u2013 \u2013 Private placement notes 424.0 373.3 423.7 339.9 740.0 689.3 458.5 375.1 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 outstanding interest rate cap has been estimated by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13. 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:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-365": {
"value": "Fair value of interest-bearing loans and borrowings Book value 2024 \u00a3m Fair value 2024 \u00a3m Book value 2023 \u00a3m Fair value 2023 \u00a3m Items carried at fair value Interest rate cap (asset) (0.4) (0.4) \u2013 \u2013 Items not carried at fair value \u00a321.9 million 5 5 \u2044 8 % debenture stock 2029 22.0 22.0 22.0 22.4 \u00a3450.0 million revolving credit facility 46.1 46.1 12.8 12.8 \u00a3250.0 million term loan 248.3 248.3 \u2013 \u2013 Private placement notes 424.0 373.3 423.7 339.9 740.0 689.3 458.5 375.1 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 outstanding interest rate cap has been estimated by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13. 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:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-366": {
"value": "The following table details the principal amounts and remaining terms of interest rate derivatives outstanding: Average contracted fixed interest rate Notional principal amount Fair value asset 2024 % 2023 % 2024 \u00a3m 2023 \u00a3m 2024 \u00a3m 2023 \u00a3m Cash flow hedges Interest rate cap 5.094% \u2013 200.0 \u2013 0.4 \u2013 The Group entered a \u00a3200 million interest rate cap (at a cost of \u00a32.1 million) effective from 9 October 2023 and expires in September 2025 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-20": {
"value": "18 Head lease obligations Head lease obligations in respect of the Group\u2019s leasehold properties are payable as follows: Minimum lease payments 2024 \u00a3m Interest 2024 \u00a3m Principal payments 2024 \u00a3m Minimum lease payments 2023 \u00a3m Interest 2023 \u00a3m Principal payments 2023 \u00a3m Less than one year 2.9 (2.9) \u2013 2.4 (2.4) \u2013 Between one and five years 11.5 (11.3) 0.2 9.7 (9.5) 0.2 More than five years 358.0 (284.1) 73.9 304.5 (238.0) 66.5 372.4 (298.3) 74.1 316.6 (249.9) 66.7 19 Occupational lease obligations Obligations in respect of the Group\u2019s occupational leases for its head office are payable as follows: Minimum lease payments 2024 \u00a3m Interest 2024 \u00a3m Principal payments 2024 \u00a3m Minimum lease payments 2023 \u00a3m Interest 2023 \u00a3m Principal payments 2023 \u00a3m Less than one year 1.0 \u2013 1.0 1.0 \u2013 1.0 Between one and five years \u2013 \u2013 \u2013 1.0 \u2013 1.0 1.0 \u2013 1.0 2.0 \u2013 2.0 25 Lease receivables Future aggregate minimum rentals receivable under non-cancellable leases are: 2024 \u00a3m 2023 \u00a3m The Group as a lessor Less than one year 66.0 58.3 Between two and five years 141.0 129.9 More than five years 62.9 66.7 269.9 254.9 The Group leases its investment properties under operating leases. The weighted average length of lease at 31 March 2024 was 3.4 years (2023: 3.2 years). All investment properties, except those under development, generated rental income, and \u00a3nil contingent rents were recognised in the year (2023: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-335": {
"value": "20 Share capital
2024
Number
2024
\u00a3m
2023
Number
2023
\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 2024, 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-21": {
"value": "20 Share capital 2024 Number 2024 \u00a3m 2023 Number 2023 \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 2024, the Company had 253,867,911 ordinary shares with a nominal value of 15 5 \u2044 19 pence each. 21 Investment in own shares 2024 \u00a3m 2023 \u00a3m At 1 April (2.8) (3.6) Employee share-based incentive charges (4.0) (1.3) Transfer to retained earnings 1.2 2.1 At 31 March (5.6) (2.8) The investment in the Company\u2019s own shares is held at cost and comprises 887,159 shares (2023: 887,159 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, no shares (2023: 192,112) vested to Directors and senior employees and no additional shares were acquired by the Trust (2023: 201,936). The fair value of shares awarded and outstanding at 31 March 2024 was \u00a39.8 million (2023: \u00a38.4 million). Details of outstanding share plans are set out below: Date of Grant/Fair value (pence) At 1 April 2023 No. of shares Granted No. of shares Vested No. of shares Lapsed/ forfeit No. of shares At 31 March 2024 No. of shares Vesting dates Long Term Incentive Plan 29 July 2020/581p 1,619,621 \u2013 \u2013 (1,619,621) \u2013 28 July 2023 12 November 2020/704p 19,522 \u2013 \u2013 (19,522) \u2013 11 November 2023 7 June 2021/733p 1,358,980 \u2013 \u2013 (19,545) 1,339,435 6 June 2024 27 May 2022/645p 1,926,632 \u2013 \u2013 (126,942) 1,799,690 26 May 2025 Restricted Share Plan 7 July 2023/422p \u2013 1,220,784 \u2013 (119,474) 1,101,310 6 July 2026 24 November 2023/408p \u2013 10,283 \u2013 \u2013 10,283 23 November 2026 4,924,755 1,231,067 \u2013 (1,905,104) 4,250,718 27 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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-334": {
"value": "21 Investment in own shares
2024
\u00a3m
2023
\u00a3m
At 1 April (2.8) (3.6)
Employee share-based incentive charges (4.0) (1.3)
Transfer to retained earnings 1.2 2.1
At 31 March (5.6) (2.8)
The investment in the Company\u2019s own shares is held at cost and comprises 887,159 shares (2023: 887,159 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, no shares (2023: 192,112) vested to Directors and senior employees and no additional shares
were acquired by the Trust (2023: 201,936). The fair value of shares awarded and outstanding at 31 March 2024 was \u00a39.8 million
(2023: \u00a38.4 million).
Details of outstanding share plans are set out below:
Date of Grant/Fair value (pence)
At 1 April 2023
No. of shares
Granted
No. of shares
Vested
No. of shares
Lapsed/
forfeit
No. of shares
At 31 March
2024
No. of shares Vesting dates
Long Term Incentive Plan
29 July 2020/581p 1,619,621 \u2013 \u2013 (1,619,621) \u2013 28 July 2023
12 November 2020/704p 19,522 \u2013 \u2013 (19,522) \u2013 11 November 2023
7 June 2021/733p 1,358,980 \u2013 \u2013 (19,545) 1,339,435 6 June 2024
27 May 2022/645p 1,926,632 \u2013 \u2013 (126,942) 1,799,690 26 May 2025
Restricted Share Plan
7 July 2023/422p \u2013 1,220,784 \u2013 (119,474) 1,101,310 6 July 2026
24 November 2023/408p \u2013 10,283 \u2013 \u2013 10,283 23 November 2026
4,924,755 1,231,067 \u2013 (1,905,104) 4,250,718
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-336": {
"value": "22 Cash and cash equivalents
2024
\u00a3m
2023
\u00a3m
Cash held at bank (unrestricted) 5.9 3.2
Amounts held in respect of customer rent deposits (restricted) 17.0 16.2
22.9 19.4
Amounts held in respect of customer rent deposits are subject to restrictions as set out in the customers\u2019 lease agreement
and therefore not available for general use by the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-25": {
"value": "22 Cash and cash equivalents 2024 \u00a3m 2023 \u00a3m Cash held at bank (unrestricted) 5.9 3.2 Amounts held in respect of customer rent deposits (restricted) 17.0 16.2 22.9 19.4 Amounts held in respect of customer rent deposits are subject to restrictions as set out in the customers\u2019 lease agreement and therefore not available for general use by the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-26": {
"value": "23 Notes to the Group statement of cash flows Reconciliation of financing liabilities 1 April 2023 \u00a3m New obligations \u00a3m Inflows/ (outflows) \u00a3m Other non-cash movements \u00a3m 31 March 2024 \u00a3m Long-term interest-bearing loans and borrowings 458.5 248.0 33.5 (174.6) 565.4 Short-term interest-bearing loans and borrowings \u2013 \u2013 \u2013 175.0 175.0 Obligations under leases 68.7 7.4 (3.3) 2.3 75.1 527.2 255.4 30.2 2.7 815.5 1 April 2022 \u00a3m New obligations \u00a3m Inflows/ (outflows) \u00a3m Other non cash movements \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 Adjustment for non-cash items Adjustments for non-cash items used in the reconciliation of cash generated used in operations in the Group statement of cash flows\u2019 is disclosed below. 2024 \u00a3m 2023 \u00a3m Deficit from investment property 267.3 145.0 Deficit/(surplus) on revaluation of other investments 0.2 (0.1) Employee share-based incentive charge 4.0 1.3 Spreading of lease incentives (5.7) (5.9) Share of results of joint ventures 46.7 33.4 Depreciation 1.6 1.7 Other (0.7) (0.3) Adjustments for non-cash items 313.4 175.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-337": {
"value": "24 Dividends
2024
\u00a3m
2023
\u00a3m
Dividends paid
Interim dividend for the year ended 31 March 2024 of 4.7 pence per share 11.9 \u2013
Final dividend for the year ended 31 March 2023 of 7.9 pence per share 20.0 \u2013
Interim dividend for the year ended 31 March 2023 of 4.7 pence per share \u2013 11.9
Final dividend for the year ended 31 March 2022 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 22 May 2024 and, subject to shareholder approval, will be paid
on 8 July 2024 to shareholders on the register on 31 May 2024. The dividend is not recognised as a liability at 31 March 2024. The 2023
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": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-23": {
"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-24": {
"value": "20000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-22": {
"value": "0.079",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-27": {
"value": "26 Employee benefits The Group operates a UK-funded approved defined contribution plan. The Group\u2019s contribution for the year was \u00a31.8 million (2023: \u00a31.5 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 2023 by a qualified independent actuary using the projected unit method. The Plan was valued using the following key actuarial assumptions: 2024 % 2023 % Discount rate 4.90 4.80 Expected rate of salary increases 4.10 4.20 RPI inflation 3.10 3.20 Rate of future pension increases 2.90 2.90 Life expectancy assumptions at age 65: 2024 Years 2023 Years Retiring today age 65 \u2013 male:female 23:25 25:26 Retiring in 25 years (age 40 today) \u2013 male:female 25:27 27:29 Changes in the present value of the pension obligation are as follows: 2024 \u00a3m 2023 \u00a3m Defined benefit obligation at 1 April 26.9 35.9 Service cost 0.2 0.3 Interest cost 1.2 1.1 Effect of changes in demographic assumptions (1.9) \u2013 Effect of changes in financial assumptions (0.5) (10.5) Effect of experience adjustments 1.3 1.1 Benefits paid (1.3) (1.0) Present value of defined benefit obligation at 31 March 25.9 26.9 26 Employee benefits continued Changes to the fair value of the Plan assets are as follows: 2024 \u00a3m 2023 \u00a3m Fair value of the Plan assets at 1 April 31.0 39.4 Interest income 1.5 1.1 Actuarial loss (1.0) (9.1) Employer contributions 0.6 0.6 Benefits paid (1.3) (1.0) Fair value of the Plan assets at 31 March 30.8 31.0 Net pension asset 4.9 4.1 The amount recognised immediately in the Group statement of comprehensive income was \u00a30.1 million (2023: \u00a30.3 million). The amount recognised in the balance sheet in respect of the Plan is as follows: 2024 \u00a3m 2023 \u00a3m Present value of unfunded obligations (25.9) (26.9) Fair value of the Plan assets 30.8 31.0 Pension asset 4.9 4.1 Amounts recognised as administration expenses in the income statement are as follows: 2024 \u00a3m 2023 \u00a3m Current service cost (0.2) (0.3) Net interest income 0.3 \u2013 0.1 (0.3) 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: 2024 \u00a3m 2023 \u00a3m Cash 0.1 0.1 Equities 1.6 11.9 Bonds 27.6 19.0 Derivatives 1.5 \u2013 30.8 31.0 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. 26 Employee benefits continued 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: 2024 \u00a3m 2023 \u00a3m Discount rate -0.25% 26.9 27.9 Discount rate +0.25% 25.1 26.0 RPI inflation -0.25% 25.6 26.5 RPI inflation +0.25% 26.3 27.4 Post-retirement mortality assumption \u2013 one year age rating 26.9 27.9 Given the Plan surplus, the Group has agreed to pause contributions to the Plan. Accordingly, the Group expects to contribute \u00a3nil (2023: \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 \u00a31.1 million per annum over the next five years. A total of c.\u00a36.6 million is expected to be paid over the subsequent five year period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-338": {
"value": "27 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:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"fact-28": {
"value": "33 Cavendish Square, London W1G 0PW",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800JMEDD2Q4N1MC42",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
}
}
}