{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "greatportlandestatesplc": "http://greatportlandestatesplc.com/xbrl/2025", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://greatportlandestatesplc.com/xbrl/2025/213800JMEDD2Q4N1MC42-2025-03-31.xsd" ] }, "facts": { "fact-335": { "value": "Our purpose is to unlock potential, creating premium sustainable space for London to thrive. In setting our purpose, we believe our role relates not only to our buildings, but also to the people who live and work there and what and how we contribute to the wider public realm, community and environment. The Board sets our strategy and strategic priorities to align with our purpose, which informs our decisions regarding our acquisition, repositioning, operation or sale of properties. Our purpose is underpinned by our values and behaviours, which encapsulate who we are and how we do business. At GPE, everyone is accountable for living by our shared set of behaviours, which form an important part of our workforce policies and remuneration processes.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-336": { "value": "
Executive Directors\u2019 remuneration for the year ended 31 March 2025
Executive Directors\u2019 single figure table*
Base Fixed Annual Variable
salary
1
Benefits
Pension
2
SIP
3
Total
Bonus
4
LTIP
Total
Total
8,9
Executive 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
2025
5
2024
2025
6
2024
7
2025 2024 2025 2024
Directors \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Toby
Courtauld
692
679
20
18
104
102
4
4
820
803
678
653
0
0
678
653
1,498
1,456
Nick
Sanderson
476
467
19
19
71
70
4
4
570
560
462
449
0
0
462
449
1,032
1,009
Dan
Nicholson
2
388
380
10
8
58
57
4
4
460
449
376
363
0
0
376
363
836
812
1. Please refer to the \u2018Salary\u2019 table on page 139 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 in aggregate (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 is deferred into shares for three years under the DSBP. Deferred bonus shares are not subject to any further conditions.
5. The estimated 2025 annual bonus outcome based on information available as at 20 May 2025, with the relative TAR measure to be confirmed following
the publication of results by comparator companies.
6. A nil vesting of the 2022 LTIP awards has been assumed based on the information available as at 20 May 2025.
7. The figures disclosed in the 2024 Annual Report for the 2021 LTIP vesting were based on an estimated nil vesting which was subsequently confirmed.
8. The single figure for the total remuneration due to the Directors for the year ended 31 March 2025.
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 2025
was \u00a34,090,786 (2024: \u00a33,958,000).
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 plan: SIP*
In line with the wider workforce, Executive Directors may participate in the SIP, 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 announced at the half year and year end.
Variable pay:
Executive Directors\u2019 2025 bonus outcome*
The table below sets out the annual bonus performance, targets and achievements for 2024/25.
Threshold Maximum Actual
Key performance performance Actual performance
elements Max. % target target performance level as a %
of strategy
of salary
Measured by
(20% payout) (100% payout) achieved of maximum
Market
30%
GPE Relative TAR
1
(EPRA NTA growth + dividends)
Median
Upper
Below Median
2
0%
2
performance
per share vs FTSE 350 real estate companies
quartile
(estimated)
excluding agencies
\u2020
(20% weighting)
All
Optimising
15%
Rent achieved on market lettings during year
31 March 2024 5% above 10.6% 100%
financial vs ERV (as per CBRE valuation at start of year) \u2013 ERV ERV above ERV
performance
\u2018% beat to market rent\u2019
\u2020
(40% weighting \u2013
15%
Vacancy rate at year end (including completed
7.5%
5.5%
5.9%
84%
10% each)
development/refurbished space during year)
\u2020
1
2
3
4
5
15%
Successful deployment of rights issue proceeds
\u20203
\u00a3115 million
\u00a3230 million
\u00a3242 million
100%
15%
Fully Managed annualised NOI at year end
\u2020
\u00a312 million
\u00a315 million
\u00a316.1 million
100%
Transforming
7.5%
Delivery of on-site developments vs milestones
40% of milestones All milestones All milestones 100%
the business
set for key schemes
\u2020
delivered delivered delivered
and putting
7.5%
Market-leading customer NPS (office and retail)
\u2020
+20 points
>+40 points
+26.1 points
44.4%
customers first
(10% weighting \u2013
5% each)
2
3
4
5
6
Delivering
7.5%
Reduction in energy consumption (targets set
152 kWh/m
2
<144 kWh/m
2
153 kWh/m
2
0%
our Roadmap
each year against Roadmap)
\u2020
to Net Zero
7.5%
All new developments to be net zero or on
40%
100%
100%
100%
(10% weighting \u2013
track to be net zero
\u2020
5% each)
1
5
6
Personal
15%
Personal objectives (reduced from historic
Partial Exceeding See pages Toby Courtauld
and business 15% of opportunity \u2013 22.5% of salary) achievement personal 134 and 135 87%
culture of personal objectives Nick Sanderson
objectives
(20% weighting \u2013 80%
10% for personal Dan Nicholson
objectives, 5% 80%
for each of the
7.5%
Maintaining and nurturing a positive and
Score of 65%
Score of 80%
Score of 80.3%
100%
other two) inclusive culture (measured through employee
All
engagement and inclusion index survey scores)
\u2020
7.5%
Achievement against gender and
Progress made Both targets Progress made 20%
diversity targets
4
against both achieved against both
targets targets
Target
performance (50%
payout) \u2013 one
target achieved
and one improved
\u2020 On a straight-line basis.
1
Denotes strategic priorities for 2024/25 as set out on pages 08 and 09.
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 20 May 2025. The actual outcome will be confirmed in next year\u2019s Annual Report.
3. The deployment target excluded the anticipated capex for Soho Square Estate, W1, acquired prior to the rights issue, since it was not expected
to be committed during the financial year.
4. Targets to be achieved by 31 March 2025: (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.
The table below sets out the total annual bonus receivable by Executive Directors for 2024/25:
Executive Director
Total annual bonus receivable
% of Maximum
(150% of salary)
\u00a3
Toby Courtauld
65.3%
678,250
Nick Sanderson
64.6%
461,641
Dan Nicholson
64.6%
376,059
Key management compensation
The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on
pages 126 to 145. 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:
2025 2024
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
6.4
6.8
Share-based payments
1.9
1.9
Social security costs
1.1
1.1
Other pension costs
0.4
0.5
9.8
10.3
The number of people considered key management totalled 15 (2024: 17). The Group had loans to key management of \u00a3nil
(2024: \u00a32,880) outstanding at 31 March 2025. The Group\u2019s key management, its pension plan and joint ventures are the Group\u2019s
only related parties.
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Approved by the Board on 20 May 2025 and signed on its behalf by:
Toby Courtauld Nick Sanderson
Chief Executive Chief Financial & Operating Officer
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The address of the registered office is given on page 204. 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 2025, 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 2025. 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 severe but plausible downside scenario which included the following key assumptions: \u2013 a 13% decline in the valuation of the property portfolio; and \u2013 a 10% decline in estimated rental values. The severe but plausible downside scenario 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 20% before breach (or 41% from 31 March 2025 values); and \u2013 earnings before interest and tax would need to fall by 68% before breach (or 87% from 31 March 2025 levels). The Directors 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 capital expenditure and sensitising potential disposal proceeds. The Directors also considered the significance of events beyond the 12-month going concern period, including the maturity of the Group\u2019s term loan in September 2026, and are confident of the Group\u2019s ability to refinance the loan or repay the loan in full at maturity after taking mitigating actions. 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 2025. 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 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 8, specifically Operating Segments disclosure following IFRIC agenda decision; \u2013 Amendments to IFRS 16 \u2013 Leases \u2013 lease liability in a sale and leaseback; and \u2013 Amendments to IAS 7 and IFRS 7 \u2013 supplier finance arrangements. 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 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements: \u2013 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial Instruments; \u2013 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures; \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability; 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 still 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 2025. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-396": { "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 204. 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 2025, 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 2025. 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 severe but plausible downside scenario which included the following key assumptions: \u2013 a 13% decline in the valuation of the property portfolio; and \u2013 a 10% decline in estimated rental values. The severe but plausible downside scenario 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 20% before breach (or 41% from 31 March 2025 values); and \u2013 earnings before interest and tax would need to fall by 68% before breach (or 87% from 31 March 2025 levels). The Directors 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 capital expenditure and sensitising potential disposal proceeds. The Directors also considered the significance of events beyond the 12-month going concern period, including the maturity of the Group\u2019s term loan in September 2026, and are confident of the Group\u2019s ability to refinance the loan or repay the loan in full at maturity after taking mitigating actions. 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 2025. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-405": { "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 204. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-338": { "value": "Great Portland Estates plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-340": { "value": "a public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-377": { "value": "United Kingdom (England and Wales)", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-339": { "value": "United Kingdom (England and Wales)", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-341": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-342": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-345": { "value": "The Directors have considered the appropriateness of adopting the going concern basis in preparing the financial statements for the year ended 31 March 2025, 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 2025. 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 severe but plausible downside scenario which included the following key assumptions: \u2013 a 13% decline in the valuation of the property portfolio; and \u2013 a 10% decline in estimated rental values. The severe but plausible downside scenario 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 20% before breach (or 41% from 31 March 2025 values); and \u2013 earnings before interest and tax would need to fall by 68% before breach (or 87% from 31 March 2025 levels). The Directors 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 capital expenditure and sensitising potential disposal proceeds. The Directors also considered the significance of events beyond the 12-month going concern period, including the maturity of the Group\u2019s term loan in September 2026, and are confident of the Group\u2019s ability to refinance the loan or repay the loan in full at maturity after taking mitigating actions. 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 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-343": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-344": { "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 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 8, specifically Operating Segments
disclosure following IFRIC agenda decision;
\u2013 Amendments to IFRS 16 \u2013 Leases \u2013 lease liability in a sale
and leaseback; and
\u2013 Amendments to IAS 7 and IFRS 7 \u2013 supplier
finance arrangements.
At the date of authorisation of these financial statements,
the Group has not applied the following new and revised
IFRSs that have been issued but are not yet effective:
\u2013 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements: \u2013 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial Instruments; \u2013 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures; \u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability; 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 still assessing its potential impact. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-378": { "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 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 8, specifically Operating Segments disclosure following IFRIC agenda decision; \u2013 Amendments to IFRS 16 \u2013 Leases \u2013 lease liability in a sale and leaseback; and \u2013 Amendments to IAS 7 and IFRS 7 \u2013 supplier finance arrangements. At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective:
\u2013 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements:
\u2013 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the
Classification and Measurement of Financial Instruments;
\u2013 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures;
\u2013 Amendments to IAS 21 \u2013 Lack of Exchangeability; 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 still assessing
its potential impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-346": { "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 2025. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-347": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-348": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-349": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-350": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-351": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-352": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-379": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-353": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-380": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-354": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-381": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-355": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-356": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-406": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-397": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-382": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-357": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-383": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-358": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-398": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-384": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-407": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-408": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-409": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-415": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-410": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-416": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-417": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-2": { "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. The Directors have concluded that, based on the level of information provided to the Executive Committee, that its Fully Managed operations is an operating segment as defined by IFRS 8. Furthermore, given the revenue is in excess of 10% of wider Group revenue, the segment should be separately reported from the remainder of the Group\u2019s activities. 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 are 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. 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). Total assets and liabilities are not monitored by segment. Segmental analysis for the year ended 31 March 2025
Fully Managed Group Fully
offices including Joint Managed Remainder Total
joint ventures ventures offices of portfolio 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
20.6
(1.8)
18.8
75.4
94.2
Cost of sales
(11.3)
0.5
(10.8)
(24.3)
(35.1)
Net result
9.3
(1.3)
8.0
51.1
59.1
Group Fully Managed office revenue includes \u00a30.3 million (2024: \u00a3nil) in respect of spreading of lease incentives. Segmental analysis for the year ended 31 March 2024
Fully Managed Group Fully
offices including Joint Managed Remainder Total
joint ventures ventures offices of portfolio 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
13.6
(1.4)
12.2
83.2
95.4
Cost of sales
(8.6)
0.5
(8.1)
(25.2)
(33.3)
Net result
5.0
(0.9)
4.1
58.0
62.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-3": { "value": "3 Revenue
2025 2024
\u00a3m \u00a3m
Gross rental income
69.4
67.2
Spreading of lease incentives
(1.4)
5.7
Service charge income
12.8
14.4
Fully Managed services income
10.9
6.4
Joint venture fee income
2.5
1.7
94.2
95.4
3 Revenue continued The table below sets out the Group\u2019s gross rental income split between types of space provided:
2025 2024
\u00a3m \u00a3m
Ready to Fit
36.4
37.9
Retail
11.8
10.5
Fitted
7.9
6.8
Fully Managed
7.6
5.8
Flex Partnerships
3.0
3.8
Hotel
2.7
2.4
69.4
67.2
The table below sets out the Group\u2019s net rental income, which is an alternative performance measure (see note 9):
2025 2024
\u00a3m \u00a3m
Gross rental income
69.4
67.2
Expected credit loss
(0.1)
(0.2)
Rental income
69.3
67.0
Spreading of lease incentives
(1.4)
5.7
Ground rent
(0.6)
(0.6)
Net rental income
67.3
72.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-399": { "value": "
4 Cost of sales
2025 2024
\u00a3m \u00a3m
Service charge expenses
16.5
17.7
Fully Managed service expenses
10.8
8.1
Other property expenses
7.2
6.9
Ground rent
0.6
0.6
35.1
33.3
The table below sets out the Group\u2019s property costs, which is an alternative performance measure (see note 9):
2025 2024
\u00a3m \u00a3m
Service charge income
(12.8)
(14.4)
Service charge expenses
16.5
17.7
Fully Managed services income
(10.9)
(6.4)
Fully Managed services expenses
10.8
8.1
Other property expenses
7.2
6.9
Expected credit loss/(recovery)
0.1
(0.1)
Property costs
10.9
11.8
5 Administration expenses
2025 2024
\u00a3m \u00a3m
Employee costs
29.7
30.9
Depreciation (see note 12)
1.7
1.6
Other head office costs
8.6
9.8
40.0
42.3
5 Administration expenses continued Included within employee costs is an accounting charge for the Employee Long Term Incentive Plan and deferred bonus shares of \u00a34.2 million (2024: \u00a34.0 million). Employee costs, including those of Directors, comprise the following:
2025 2024
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
24.2
24.4
Share-based payments
4.0
4.1
Social security costs
4.0
3.7
Other pension costs
2.1
2.4
34.3
34.6
Less: recovered through service charges
(2.0)
(1.9)
Less: capitalised into development projects
(2.1)
(1.8)
Less: Fully Managed staff costs
(0.5)
\u2013
29.7
30.9
Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 126 to 145. 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:
2025 2024
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
6.4
6.8
Share-based payments
1.9
1.9
Social security costs
1.1
1.1
Other pension costs
0.4
0.5
9.8
10.3
The number of people considered key management totalled 15 (2024: 17). The Group had loans to key management of \u00a3nil (2024: \u00a32,880) outstanding at 31 March 2025. 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:
2025 2024
Number Number
Head office and property management
158
150
Auditor\u2019s remuneration
2025 2024
\u00a3000 \u00a3000
Audit of the Group and Company\u2019s annual accounts
345
394
Audit of subsidiaries
111
107
456
501
Audit-related assurance services, including the interim review
63
61
Reporting accountant fees \u2013 rights issue and issue of \u00a3250.0 million sustainable sterling bond
308
\u2013
Sustainability assurance
73
68
Auditor\u2019s remuneration
900
630
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-4": { "value": "4 Cost of sales
2025 2024
\u00a3m \u00a3m
Service charge expenses
16.5
17.7
Fully Managed service expenses
10.8
8.1
Other property expenses
7.2
6.9
Ground rent
0.6
0.6
35.1
33.3
The table below sets out the Group\u2019s property costs, which is an alternative performance measure (see note 9):
2025 2024
\u00a3m \u00a3m
Service charge income
(12.8)
(14.4)
Service charge expenses
16.5
17.7
Fully Managed services income
(10.9)
(6.4)
Fully Managed services expenses
10.8
8.1
Other property expenses
7.2
6.9
Expected credit loss/(recovery)
0.1
(0.1)
Property costs
10.9
11.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-5": { "value": "5 Administration expenses
2025 2024
\u00a3m \u00a3m
Employee costs
29.7
30.9
Depreciation (see note 12)
1.7
1.6
Other head office costs
8.6
9.8
40.0
42.3
5 Administration expenses continued Included within employee costs is an accounting charge for the Employee Long Term Incentive Plan and deferred bonus shares of \u00a34.2 million (2024: \u00a34.0 million). Employee costs, including those of Directors, comprise the following:
2025 2024
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
24.2
24.4
Share-based payments
4.0
4.1
Social security costs
4.0
3.7
Other pension costs
2.1
2.4
34.3
34.6
Less: recovered through service charges
(2.0)
(1.9)
Less: capitalised into development projects
(2.1)
(1.8)
Less: Fully Managed staff costs
(0.5)
\u2013
29.7
30.9
Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 126 to 145. 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:
2025 2024
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
6.4
6.8
Share-based payments
1.9
1.9
Social security costs
1.1
1.1
Other pension costs
0.4
0.5
9.8
10.3
The number of people considered key management totalled 15 (2024: 17). The Group had loans to key management of \u00a3nil (2024: \u00a32,880) outstanding at 31 March 2025. 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:
2025 2024
Number Number
Head office and property management
158
150
Auditor\u2019s remuneration
2025 2024
\u00a3000 \u00a3000
Audit of the Group and Company\u2019s annual accounts
345
394
Audit of subsidiaries
111
107
456
501
Audit-related assurance services, including the interim review
63
61
Reporting accountant fees \u2013 rights issue and issue of \u00a3250.0 million sustainable sterling bond
308
\u2013
Sustainability assurance
73
68
Auditor\u2019s remuneration
900
630
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-385": { "value": "Included within employee costs is an accounting charge for the Employee Long Term Incentive Plan and deferred bonus shares of \u00a34.2 million (2024: \u00a34.0 million). Employee costs, including those of Directors, comprise the following:
2025 2024
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
24.2
24.4
Share-based payments
4.0
4.1
Social security costs
4.0
3.7
Other pension costs
2.1
2.4
34.3
34.6
Less: recovered through service charges
(2.0)
(1.9)
Less: capitalised into development projects
(2.1)
(1.8)
Less: Fully Managed staff costs
(0.5)
\u2013
29.7
30.9
Key management compensation The emoluments and pension benefits of the Directors are set out in detail within the Directors\u2019 remuneration report on pages 126 to 145. 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:
2025 2024
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
6.4
6.8
Share-based payments
1.9
1.9
Social security costs
1.1
1.1
Other pension costs
0.4
0.5
9.8
10.3
The number of people considered key management totalled 15 (2024: 17). The Group had loans to key management of \u00a3nil (2024: \u00a32,880) outstanding at 31 March 2025. 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:
2025 2024
Number Number
Head office and property management
158
150
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-411": { "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 126 to 145. 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:
2025 2024
\u00a3m \u00a3m
Wages and salaries (including annual bonuses)
6.4
6.8
Share-based payments
1.9
1.9
Social security costs
1.1
1.1
Other pension costs
0.4
0.5
9.8
10.3
The number of people considered key management totalled 15 (2024: 17). The Group had loans to key management of \u00a3nil (2024: \u00a32,880) outstanding at 31 March 2025. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-359": { "value": "
Auditor\u2019s remuneration
2025 2024
\u00a3000 \u00a3000
Audit of the Group and Company\u2019s annual accounts
345
394
Audit of subsidiaries
111
107
456
501
Audit-related assurance services, including the interim review
63
61
Reporting accountant fees \u2013 rights issue and issue of \u00a3250.0 million sustainable sterling bond
308
\u2013
Sustainability assurance
73
68
Auditor\u2019s remuneration
900
630
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-360": { "value": "
6 Finance income
2025 2024
\u00a3m \u00a3m
Interest income on joint venture balances
5.7
5.8
Interest on cash deposits
1.5
0.3
7.2
6.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-400": { "value": "6 Finance income
2025 2024
\u00a3m \u00a3m
Interest income on joint venture balances
5.7
5.8
Interest on cash deposits
1.5
0.3
7.2
6.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-386": { "value": "6 Finance income
2025 2024
\u00a3m \u00a3m
Interest income on joint venture balances
5.7
5.8
Interest on cash deposits
1.5
0.3
7.2
6.1
7 Finance costs
2025 2024
\u00a3m \u00a3m
Interest on revolving credit facilities
7.3
5.8
Interest on term loan
12.8
8.5
Interest on private placement notes
7.6
11.0
Interest on sustainable sterling bond
7.2
\u2013
Interest on debenture stock
1.2
1.2
Interest on obligations under head leases
3.1
2.4
Other
0.4
0.1
Gross finance costs
39.6
29.0
Less: capitalised interest
(26.5)
(11.3)
13.1
17.7
The Group capitalised interest on certain developments with specific associated borrowings at 6.9% (2024: 6.8%), with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 4.6% (2024: 3.5%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-6": { "value": "6 Finance income
2025 2024
\u00a3m \u00a3m
Interest income on joint venture balances
5.7
5.8
Interest on cash deposits
1.5
0.3
7.2
6.1
7 Finance costs
2025 2024
\u00a3m \u00a3m
Interest on revolving credit facilities
7.3
5.8
Interest on term loan
12.8
8.5
Interest on private placement notes
7.6
11.0
Interest on sustainable sterling bond
7.2
\u2013
Interest on debenture stock
1.2
1.2
Interest on obligations under head leases
3.1
2.4
Other
0.4
0.1
Gross finance costs
39.6
29.0
Less: capitalised interest
(26.5)
(11.3)
13.1
17.7
The Group capitalised interest on certain developments with specific associated borrowings at 6.9% (2024: 6.8%), with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 4.6% (2024: 3.5%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-361": { "value": "
7 Finance costs
2025 2024
\u00a3m \u00a3m
Interest on revolving credit facilities
7.3
5.8
Interest on term loan
12.8
8.5
Interest on private placement notes
7.6
11.0
Interest on sustainable sterling bond
7.2
\u2013
Interest on debenture stock
1.2
1.2
Interest on obligations under head leases
3.1
2.4
Other
0.4
0.1
Gross finance costs
39.6
29.0
Less: capitalised interest
(26.5)
(11.3)
13.1
17.7
The Group capitalised interest on certain developments with specific associated borrowings at 6.9% (2024: 6.8%),
with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 4.6% (2024: 3.5%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-412": { "value": "7 Finance costs
2025 2024
\u00a3m \u00a3m
Interest on revolving credit facilities
7.3
5.8
Interest on term loan
12.8
8.5
Interest on private placement notes
7.6
11.0
Interest on sustainable sterling bond
7.2
\u2013
Interest on debenture stock
1.2
1.2
Interest on obligations under head leases
3.1
2.4
Other
0.4
0.1
Gross finance costs
39.6
29.0
Less: capitalised interest
(26.5)
(11.3)
13.1
17.7
The Group capitalised interest on certain developments with specific associated borrowings at 6.9% (2024: 6.8%), with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 4.6% (2024: 3.5%).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-401": { "value": "7 Finance costs
2025 2024
\u00a3m \u00a3m
Interest on revolving credit facilities
7.3
5.8
Interest on term loan
12.8
8.5
Interest on private placement notes
7.6
11.0
Interest on sustainable sterling bond
7.2
\u2013
Interest on debenture stock
1.2
1.2
Interest on obligations under head leases
3.1
2.4
Other
0.4
0.1
Gross finance costs
39.6
29.0
Less: capitalised interest
(26.5)
(11.3)
13.1
17.7
The Group capitalised interest on certain developments with specific associated borrowings at 6.9% (2024: 6.8%), with the remainder at the Group\u2019s weighted average cost of non-specific borrowings of 4.6% (2024: 3.5%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-7": { "value": "8 Tax
2025 2024
\u00a3m \u00a3m
Current tax
UK corporation tax \u2013 current period
1.6
\u2013
UK corporation tax \u2013 prior periods
\u2013
\u2013
Total current tax
1.6
\u2013
Deferred tax
0.2
\u2013
Tax charge for the year
1.8
\u2013
The effective rate of tax is lower (2024: lower) than the standard rate of tax. The difference arises from the items set out below:
2025 2024
\u00a3m \u00a3m
Profit/(loss) before tax
117.8
(307.8)
Tax charge/(credit) on profit/(loss) at standard rate of 25% (2024: 25%)
29.5
(77.0)
REIT tax exempt rental profits and gains
(7.9)
(7.4)
Changes in fair value of properties not subject to tax
(24.5)
80.5
Other
4.7
3.9
Tax charge for the year
1.8
\u2013
The Group complied with all the requirements necessary to maintain its REIT status throughout the year. If our REIT interest cover is below 1.25x each year, we are subject to corporation tax on the shortfall. During the year, our REIT interest cover was below 1.25x and as a result we incurred a current tax charge of \u00a31.6 million (2024: \u00a3nil). During the year, \u00a30.2 million (2024: \u00a3nil) of deferred tax was credited directly to equity. The Group recognised a net deferred tax asset at 31 March 2025 of \u00a3nil (2024: \u00a3nil). This consists of deferred tax assets of \u00a31.4 million (2024: \u00a31.6 million) and deferred tax liabilities of \u00a31.4 million (2024: \u00a31.6 million). 8 Tax continued Deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Movement in deferred tax
Recognised
At 1 April in the income Recognised
At 31 March
2024 statement
in equity
2025
\u00a3m \u00a3m
\u00a3m
\u00a3m
Net deferred tax (liability)/asset in respect of other temporary differences
\u2013
(0.2)
0.2
\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:
2025 2024
\u00a3m \u00a3m
Revenue losses
32.4
24.6
Share-based payments
7.8
8.4
Other
1.5
1.3
41.7
34.3
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. 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. The Group has assessed the impact of the Pillar Two tax legislation, which came into effect on 1 January 2024. The Group does not meet the minimum thresholds for the legislation to apply for the year ended 31 March 2025 and expects this to remain the case for the foreseeable future. All entities within the Group are UK tax resident.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-362": { "value": "
During the year, \u00a30.2 million (2024: \u00a3nil) of deferred tax was credited directly to equity. The Group recognised a net deferred tax
asset at 31 March 2025 of \u00a3nil (2024: \u00a3nil). This consists of deferred tax assets of \u00a31.4 million (2024: \u00a31.6 million) and deferred tax
liabilities of \u00a31.4 million (2024: \u00a31.6 million).
Deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date.
Movement in deferred tax
Recognised
At 1 April in the income Recognised
At 31 March
2024 statement
in equity
2025
\u00a3m \u00a3m
\u00a3m
\u00a3m
Net deferred tax (liability)/asset in respect of other temporary differences
\u2013
(0.2)
0.2
\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:
2025 2024
\u00a3m \u00a3m
Revenue losses
32.4
24.6
Share-based payments
7.8
8.4
Other
1.5
1.3
41.7
34.3
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.
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.
The Group has assessed the impact of the Pillar Two tax legislation, which came into effect on 1 January 2024. The Group does
not meet the minimum thresholds for the legislation to apply for the year ended 31 March 2025 and expects this to remain the
case for the foreseeable future. All entities within the Group are UK tax resident.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-387": { "value": "
9 Earnings per share, 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 (BPR). 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. During the year, EPRA updated its BPR
guidelines to incorporate changes to EPRA earnings effective for reporting periods starting after 1 October 2024. The Directors
have adopted the revised guidelines early in the current financial year. A summary of our EPRA measures is on page 35.
EPRA capital expenditure and EPRA NIY are included in note 10 and EPRA vacancy is set out on page 201.
In June 2024, the Company issued 152,320,747 new shares through a rights issue (see note 20). To reflect the rights issue, the
comparative number of shares previously used to calculate the basic and diluted per share data has been restated in the below
earnings and net asset value per share calculations. In accordance with IAS 33 \u2013 Earnings per share, an adjustment factor of 1.20
has been applied to the comparative number of shares based on the ratio of the Company\u2019s closing share price of 414.6 pence
per share on 22 May 2024, being the day prior to the announcement of the rights issue (adjusted for the recommended final
dividend for the year ended 31 March 2024) and the theoretical ex-rights price at that date of 345.4 pence per share.
Earnings per share
Weighted average number of ordinary shares
2024
2025 Re-stated
Number of Number of
shares shares
Issued ordinary share capital at 1 April
253,867,911
253,867,911
Rights issue
132,033,365
50,883,840
Investment in own shares
(1,816,870)
(1,064,976)
Weighted average number of ordinary shares at 31 March \u2013 basic
384,084,406
303,686,775
9 Earnings per share, alternative performance measures and EPRA metrics continued Basic and diluted earnings per share (EPS)
Re-stated Re-stated
Profit Number Profit Loss number loss
after tax of shares per share after tax of shares per share
2025 2025 2025 2024 2024 2024
\u00a3m million pence \u00a3m million pence
Basic
116.0
384.1
30.2
(307.8)
303.7
(101.4)
Dilutive effect of LTIP shares
\u2013
0.9
(0.1)
\u2013
\u2013
\u2013
Diluted
116.0
385.0
30.1
(307.8)
303.7
(101.4)
Basic and diluted EPRA EPS
Re-stated
Earnings/ Earnings/ (Loss)/ Re-stated (loss)/
(loss) Number (loss) earnings number earnings
after tax of shares per share after tax of shares per share
2025 2025 2025 2024 2024 2024
\u00a3m million pence \u00a3m million pence
Basic
116.0
384.1
30.2
(307.8)
303.7
(101.4)
(Surplus)/deficit from investment property net of tax (note 10)
(83.2)
\u2013
(21.6)
267.3
\u2013
88.0
(Surplus)/deficit from joint venture investment property
(note 11)
(14.5)
\u2013
(3.7)
56.5
\u2013
18.6
Debt cancellation costs (note 16)
0.7
\u2013
0.2
\u2013
\u2013
\u2013
Deficit on revaluation of derivatives (note 17)
0.4
\u2013
0.1
1.7
\u2013
0.6
Deficit on revaluation of other investments (note 13)
0.4
\u2013
0.1
0.2
\u2013
0.1
Deferred tax in respect of adjustments (note 8)
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
Exceptional item: IT transformation costs
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
Basic EPRA earnings
20.2
384.1
5.3
17.9
303.7
5.9
Dilutive effect of LTIP shares (note 21)
\u2013
0.9
(0.1)
\u2013
0.1
\u2013
Diluted EPRA earnings
20.2
385.0
5.2
17.9
303.8
5.9
During the year, the Group commenced an IT transformation project to replace the Group\u2019s finance and property management system. The cost of this project has been excluded from EPRA EPS in accordance with the EPRA Best Practices Recommendations September 2024. Cash earnings per share
Re-stated Re-stated
Profit Number Earnings Profit number earnings
after tax of shares per share after tax of shares per share
2025 2025 2025 2024 2024 2024
\u00a3m million pence \u00a3m million pence
Diluted EPRA earnings
20.2
385.0
5.2
17.9
303.8
5.9
Capitalised interest
(26.5)
\u2013
(6.9)
(11.3)
\u2013
(3.7)
Spreading of lease incentives
1.0
\u2013
0.3
(5.7)
\u2013
(1.9)
Spreading of lease incentives in joint ventures
2.4
\u2013
0.7
(1.4)
\u2013
(0.4)
Capitalised interest in joint ventures
(0.2)
\u2013
(0.1)
\u2013
\u2013
\u2013
Employee incentive plan charges
4.2
\u2013
1.1
4.0
\u2013
1.3
Cash earnings per share
1.1
385.0
0.3
3.5
303.8
1.2
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. In addition, we have presented a pro forma net assets per share, which re-states the 31 March 2024 balance sheet, to include the net proceeds and new shares issued as a result from the rights issue. We consider the pro forma net assets per share to be a more appropriate metric to benchmark performance over the year, given it is based on balance sheet values rather than share price derived metrics. 9 Earnings per share, alternative performance measures and EPRA metrics continued Number of ordinary shares
2024
2025 Re-stated
Number of number of
shares shares
Issued ordinary share capital
253,867,911
253,867,911
Rights issue
152,320,747
50,883,840
Investment in own shares
(2,893,542)
(1,064,976)
Number of shares \u2013 basic
403,295,116
303,686,775
Dilutive effect of LTIP shares
1,472,577
676,992
Number of shares \u2013 diluted
404,767,693
304,363,767
EPRA net assets per share at 31 March 2025
EPRA EPRA EPRA
IFRS NTA NDV NRV
\u00a3m \u00a3m \u00a3m \u00a3m
IFRS basic and diluted net assets
2,000.7
2,000.7
2,000.7
2,000.7
Fair value of derivative financial instruments
\u2013
\u2013
\u2013
\u2013
Fair value of financial liabilities (note 17)
\u2013
\u2013
46.5
\u2013
Real estate transfer tax
\u2013
\u2013
\u2013
209.3
Net assets used in per share calculations
2,000.7
2,000.7
2,047.2
2,210.0
IFRS EPRA NTA EPRA NDV EPRA NRV
pence pence pence pence
Net assets per share (pence)
496
496
508
548
Diluted net assets per share (pence)
494
494
506
546
EPRA net assets per share at 31 March 2024
EPRA EPRA EPRA
IFRS NTA NDV NRV
\u00a3m \u00a3m \u00a3m \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
Re-stated Re-stated Re-stated Re-stated
IFRS EPRA NTA EPRA NDV EPRA NRV
pence pence pence pence
Net assets per share (pence)
521
521
538
577
Diluted net assets per share (pence)
520
520
537
576
Pro forma net assets per share The prior year\u2019s NTA, adjusted for the impact of the new equity raised as a result of the rights issue is as follows:
31 March 31 March Net
2024 Share 2024 proceeds 31 March
Re-stated as adjustment as from rights 2024
above per IAS 33 disclosed issue Pro forma
EPRA net assets (\u00a3m)
1,582.6
\u2013
1,582.6
335.6
1,918.2
Number of shares (million) \u2013 diluted
304.4
(50.9)
253.5
152.3
405.8
Diluted net assets per share (pence)
520
624
473
9 Earnings per share, alternative performance measures and EPRA metrics continued
Total Accounting Return (TAR)
2025 2024
\u00a3m \u00a3m
Opening EPRA net assets
1,582.6
1,918.6
Adjusted for rights issue
335.6
\u2013
Re-stated opening EPRA net assets (A)
1,918.2
1,918.6
Closing net assets
2,000.7
1,582.6
Increase/(decrease) in net assets
82.5
(336.0)
Ordinary dividends paid in the year
31.8
31.9
Total return (B)
114.3
(304.1)
Total Accounting Return (B/A)
6.0%
(15.9%)
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).
2025 2024
\u00a3m \u00a3m
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029
21.9
21.9
\u00a3450.0 million revolving credit facility
150.0
47.0
\u00a3150.0 million revolving credit facility
107.0
\u2013
\u00a375.0 million term loan 2026 (2024: \u00a3250.0 million)
75.0
250.0
\u00a3250.0 million 5.375% sustainable sterling bond 2031
250.0
\u2013
Private placement notes
250.0
425.0
Less: cash and cash equivalents
(36.9)
(22.9)
Group net debt
817.0
721.0
Net payables (including customer rent deposits)
72.4
54.6
Group net debt including net payables
889.4
775.6
Joint venture net payables (at share)
9.5
10.5
Less: joint venture cash and cash equivalents (at share)
(15.9)
(25.7)
Net debt including joint ventures (A)
883.0
760.4
Group properties at market value
2,368.5
1,855.1
Joint venture properties at market value (at share)
500.8
476.1
Property portfolio at market value including joint ventures (B)
2,869.3
2,331.2
EPRA loan-to-property value (A/B)
30.8%
32.6%
Group cash and cash equivalents includes customer rent deposits held in separate designated bank accounts of \u00a318.7 million
(2024: \u00a317.0 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 Earnings per share, alternative performance measures and EPRA metrics continued
EPRA cost ratio (including share of joint ventures)
2025 2024
\u00a3m \u00a3m
Administration expenses
40.0
42.3
Net property costs (excluding Fully Managed services income and costs)
11.0
10.1
Joint venture management fee income (excluding Fully Managed services income and costs, note 3)
(2.5)
(1.7)
Joint venture property and administration costs (note 11)
3.1
3.6
EPRA costs (including direct vacancy costs) (A)
51.6
54.3
Direct vacancy costs
(6.9)
(5.1)
Joint venture direct vacancy cost
(1.3)
(2.2)
EPRA costs (excluding direct vacancy costs) (B)
43.4
47.0
Net rental income (note 3)
67.3
72.1
Joint venture net rental income (note 11)
15.9
19.4
Gross rental income (C)
83.2
91.5
Portfolio at fair value including joint ventures (D)
2,869.3
2,331.2
Cost ratio (including direct vacancy costs) (A/C)
62.0%
59.3%
Cost ratio (excluding direct vacancy costs) (B/C)
52.1%
51.4%
Cost ratio (by portfolio value) (A/D)
1.8%
2.3%
Net gearing
2025 2024
\u00a3m \u00a3m
Nominal value of interest-bearing loans and borrowings (see note 16)
853.9
743.9
Obligations under occupational leases (note 19)
\u2013
1.0
Less: cash and cash equivalents (unrestricted) (note 22)
(18.2)
(5.9)
Adjusted net debt (A)
835.7
739.0
Net assets
2,000.7
1,583.0
Pension scheme asset (note 26)
(4.8)
(4.9)
Adjusted net equity (B)
1,995.9
1,578.1
Net gearing (A/B)
41.9%
46.8%
", "dimensions": { "concept": "greatportlandestatesplc:DisclosureOfEarningsPerShareAlternativePerformanceMeasuresAndEPRAMetricsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-8": { "value": "9 Earnings per share, 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 (BPR). 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. During the year, EPRA updated its BPR guidelines to incorporate changes to EPRA earnings effective for reporting periods starting after 1 October 2024. The Directors have adopted the revised guidelines early in the current financial year. A summary of our EPRA measures is on page 35. EPRA capital expenditure and EPRA NIY are included in note 10 and EPRA vacancy is set out on page 201. In June 2024, the Company issued 152,320,747 new shares through a rights issue (see note 20). To reflect the rights issue, the comparative number of shares previously used to calculate the basic and diluted per share data has been restated in the below earnings and net asset value per share calculations. In accordance with IAS 33 \u2013 Earnings per share, an adjustment factor of 1.20 has been applied to the comparative number of shares based on the ratio of the Company\u2019s closing share price of 414.6 pence per share on 22 May 2024, being the day prior to the announcement of the rights issue (adjusted for the recommended final dividend for the year ended 31 March 2024) and the theoretical ex-rights price at that date of 345.4 pence per share. Earnings per share Weighted average number of ordinary shares
2024
2025 Re-stated
Number of Number of
shares shares
Issued ordinary share capital at 1 April
253,867,911
253,867,911
Rights issue
132,033,365
50,883,840
Investment in own shares
(1,816,870)
(1,064,976)
Weighted average number of ordinary shares at 31 March \u2013 basic
384,084,406
303,686,775
9 Earnings per share, alternative performance measures and EPRA metrics continued Basic and diluted earnings per share (EPS)
Re-stated Re-stated
Profit Number Profit Loss number loss
after tax of shares per share after tax of shares per share
2025 2025 2025 2024 2024 2024
\u00a3m million pence \u00a3m million pence
Basic
116.0
384.1
30.2
(307.8)
303.7
(101.4)
Dilutive effect of LTIP shares
\u2013
0.9
(0.1)
\u2013
\u2013
\u2013
Diluted
116.0
385.0
30.1
(307.8)
303.7
(101.4)
Basic and diluted EPRA EPS
Re-stated
Earnings/ Earnings/ (Loss)/ Re-stated (loss)/
(loss) Number (loss) earnings number earnings
after tax of shares per share after tax of shares per share
2025 2025 2025 2024 2024 2024
\u00a3m million pence \u00a3m million pence
Basic
116.0
384.1
30.2
(307.8)
303.7
(101.4)
(Surplus)/deficit from investment property net of tax (note 10)
(83.2)
\u2013
(21.6)
267.3
\u2013
88.0
(Surplus)/deficit from joint venture investment property
(note 11)
(14.5)
\u2013
(3.7)
56.5
\u2013
18.6
Debt cancellation costs (note 16)
0.7
\u2013
0.2
\u2013
\u2013
\u2013
Deficit on revaluation of derivatives (note 17)
0.4
\u2013
0.1
1.7
\u2013
0.6
Deficit on revaluation of other investments (note 13)
0.4
\u2013
0.1
0.2
\u2013
0.1
Deferred tax in respect of adjustments (note 8)
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
Exceptional item: IT transformation costs
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
Basic EPRA earnings
20.2
384.1
5.3
17.9
303.7
5.9
Dilutive effect of LTIP shares (note 21)
\u2013
0.9
(0.1)
\u2013
0.1
\u2013
Diluted EPRA earnings
20.2
385.0
5.2
17.9
303.8
5.9
During the year, the Group commenced an IT transformation project to replace the Group\u2019s finance and property management system. The cost of this project has been excluded from EPRA EPS in accordance with the EPRA Best Practices Recommendations September 2024. Cash earnings per share
Re-stated Re-stated
Profit Number Earnings Profit number earnings
after tax of shares per share after tax of shares per share
2025 2025 2025 2024 2024 2024
\u00a3m million pence \u00a3m million pence
Diluted EPRA earnings
20.2
385.0
5.2
17.9
303.8
5.9
Capitalised interest
(26.5)
\u2013
(6.9)
(11.3)
\u2013
(3.7)
Spreading of lease incentives
1.0
\u2013
0.3
(5.7)
\u2013
(1.9)
Spreading of lease incentives in joint ventures
2.4
\u2013
0.7
(1.4)
\u2013
(0.4)
Capitalised interest in joint ventures
(0.2)
\u2013
(0.1)
\u2013
\u2013
\u2013
Employee incentive plan charges
4.2
\u2013
1.1
4.0
\u2013
1.3
Cash earnings per share
1.1
385.0
0.3
3.5
303.8
1.2
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. In addition, we have presented a pro forma net assets per share, which re-states the 31 March 2024 balance sheet, to include the net proceeds and new shares issued as a result from the rights issue. We consider the pro forma net assets per share to be a more appropriate metric to benchmark performance over the year, given it is based on balance sheet values rather than share price derived metrics. 9 Earnings per share, alternative performance measures and EPRA metrics continued Number of ordinary shares
2024
2025 Re-stated
Number of number of
shares shares
Issued ordinary share capital
253,867,911
253,867,911
Rights issue
152,320,747
50,883,840
Investment in own shares
(2,893,542)
(1,064,976)
Number of shares \u2013 basic
403,295,116
303,686,775
Dilutive effect of LTIP shares
1,472,577
676,992
Number of shares \u2013 diluted
404,767,693
304,363,767
EPRA net assets per share at 31 March 2025
EPRA EPRA EPRA
IFRS NTA NDV NRV
\u00a3m \u00a3m \u00a3m \u00a3m
IFRS basic and diluted net assets
2,000.7
2,000.7
2,000.7
2,000.7
Fair value of derivative financial instruments
\u2013
\u2013
\u2013
\u2013
Fair value of financial liabilities (note 17)
\u2013
\u2013
46.5
\u2013
Real estate transfer tax
\u2013
\u2013
\u2013
209.3
Net assets used in per share calculations
2,000.7
2,000.7
2,047.2
2,210.0
IFRS EPRA NTA EPRA NDV EPRA NRV
pence pence pence pence
Net assets per share (pence)
496
496
508
548
Diluted net assets per share (pence)
494
494
506
546
EPRA net assets per share at 31 March 2024
EPRA EPRA EPRA
IFRS NTA NDV NRV
\u00a3m \u00a3m \u00a3m \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
Re-stated Re-stated Re-stated Re-stated
IFRS EPRA NTA EPRA NDV EPRA NRV
pence pence pence pence
Net assets per share (pence)
521
521
538
577
Diluted net assets per share (pence)
520
520
537
576
Pro forma net assets per share The prior year\u2019s NTA, adjusted for the impact of the new equity raised as a result of the rights issue is as follows:
31 March 31 March Net
2024 Share 2024 proceeds 31 March
Re-stated as adjustment as from rights 2024
above per IAS 33 disclosed issue Pro forma
EPRA net assets (\u00a3m)
1,582.6
\u2013
1,582.6
335.6
1,918.2
Number of shares (million) \u2013 diluted
304.4
(50.9)
253.5
152.3
405.8
Diluted net assets per share (pence)
520
624
473
9 Earnings per share, alternative performance measures and EPRA metrics continued Total Accounting Return (TAR)
2025 2024
\u00a3m \u00a3m
Opening EPRA net assets
1,582.6
1,918.6
Adjusted for rights issue
335.6
\u2013
Re-stated opening EPRA net assets (A)
1,918.2
1,918.6
Closing net assets
2,000.7
1,582.6
Increase/(decrease) in net assets
82.5
(336.0)
Ordinary dividends paid in the year
31.8
31.9
Total return (B)
114.3
(304.1)
Total Accounting Return (B/A)
6.0%
(15.9%)
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).
2025 2024
\u00a3m \u00a3m
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029
21.9
21.9
\u00a3450.0 million revolving credit facility
150.0
47.0
\u00a3150.0 million revolving credit facility
107.0
\u2013
\u00a375.0 million term loan 2026 (2024: \u00a3250.0 million)
75.0
250.0
\u00a3250.0 million 5.375% sustainable sterling bond 2031
250.0
\u2013
Private placement notes
250.0
425.0
Less: cash and cash equivalents
(36.9)
(22.9)
Group net debt
817.0
721.0
Net payables (including customer rent deposits)
72.4
54.6
Group net debt including net payables
889.4
775.6
Joint venture net payables (at share)
9.5
10.5
Less: joint venture cash and cash equivalents (at share)
(15.9)
(25.7)
Net debt including joint ventures (A)
883.0
760.4
Group properties at market value
2,368.5
1,855.1
Joint venture properties at market value (at share)
500.8
476.1
Property portfolio at market value including joint ventures (B)
2,869.3
2,331.2
EPRA loan-to-property value (A/B)
30.8%
32.6%
Group cash and cash equivalents includes customer rent deposits held in separate designated bank accounts of \u00a318.7 million (2024: \u00a317.0 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 Earnings per share, alternative performance measures and EPRA metrics continued EPRA cost ratio (including share of joint ventures)
2025 2024
\u00a3m \u00a3m
Administration expenses
40.0
42.3
Net property costs (excluding Fully Managed services income and costs)
11.0
10.1
Joint venture management fee income (excluding Fully Managed services income and costs, note 3)
(2.5)
(1.7)
Joint venture property and administration costs (note 11)
3.1
3.6
EPRA costs (including direct vacancy costs) (A)
51.6
54.3
Direct vacancy costs
(6.9)
(5.1)
Joint venture direct vacancy cost
(1.3)
(2.2)
EPRA costs (excluding direct vacancy costs) (B)
43.4
47.0
Net rental income (note 3)
67.3
72.1
Joint venture net rental income (note 11)
15.9
19.4
Gross rental income (C)
83.2
91.5
Portfolio at fair value including joint ventures (D)
2,869.3
2,331.2
Cost ratio (including direct vacancy costs) (A/C)
62.0%
59.3%
Cost ratio (excluding direct vacancy costs) (B/C)
52.1%
51.4%
Cost ratio (by portfolio value) (A/D)
1.8%
2.3%
Net gearing
2025 2024
\u00a3m \u00a3m
Nominal value of interest-bearing loans and borrowings (see note 16)
853.9
743.9
Obligations under occupational leases (note 19)
\u2013
1.0
Less: cash and cash equivalents (unrestricted) (note 22)
(18.2)
(5.9)
Adjusted net debt (A)
835.7
739.0
Net assets
2,000.7
1,583.0
Pension scheme asset (note 26)
(4.8)
(4.9)
Adjusted net equity (B)
1,995.9
1,578.1
Net gearing (A/B)
41.9%
46.8%
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-363": { "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.
In addition, we have presented a pro forma net assets per share, which re-states the 31 March 2024 balance sheet, to include
the net proceeds and new shares issued as a result from the rights issue. We consider the pro forma net assets per share to be
a more appropriate metric to benchmark performance over the year, given it is based on balance sheet values rather than
share price derived metrics.
Number of ordinary shares
2024
2025 Re-stated
Number of number of
shares shares
Issued ordinary share capital
253,867,911
253,867,911
Rights issue
152,320,747
50,883,840
Investment in own shares
(2,893,542)
(1,064,976)
Number of shares \u2013 basic
403,295,116
303,686,775
Dilutive effect of LTIP shares
1,472,577
676,992
Number of shares \u2013 diluted
404,767,693
304,363,767
EPRA net assets per share at 31 March 2025
EPRA EPRA EPRA
IFRS NTA NDV NRV
\u00a3m \u00a3m \u00a3m \u00a3m
IFRS basic and diluted net assets
2,000.7
2,000.7
2,000.7
2,000.7
Fair value of derivative financial instruments
\u2013
\u2013
\u2013
\u2013
Fair value of financial liabilities (note 17)
\u2013
\u2013
46.5
\u2013
Real estate transfer tax
\u2013
\u2013
\u2013
209.3
Net assets used in per share calculations
2,000.7
2,000.7
2,047.2
2,210.0
IFRS EPRA NTA EPRA NDV EPRA NRV
pence pence pence pence
Net assets per share (pence)
496
496
508
548
Diluted net assets per share (pence)
494
494
506
546
EPRA net assets per share at 31 March 2024
EPRA EPRA EPRA
IFRS NTA NDV NRV
\u00a3m \u00a3m \u00a3m \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
Re-stated Re-stated Re-stated Re-stated
IFRS EPRA NTA EPRA NDV EPRA NRV
pence pence pence pence
Net assets per share (pence)
521
521
538
577
Diluted net assets per share (pence)
520
520
537
576
Pro forma net assets per share
The prior year\u2019s NTA, adjusted for the impact of the new equity raised as a result of the rights issue is as follows:
31 March 31 March Net
2024 Share 2024 proceeds 31 March
Re-stated as adjustment as from rights 2024
above per IAS 33 disclosed issue Pro forma
EPRA net assets (\u00a3m)
1,582.6
\u2013
1,582.6
335.6
1,918.2
Number of shares (million) \u2013 diluted
304.4
(50.9)
253.5
152.3
405.8
Diluted net assets per share (pence)
520
624
473
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-9": { "value": "10 Investment property Investment property
Freehold Leasehold Total
\u00a3m \u00a3m \u00a3m
Book value at 1 April 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
885.1
792.3
1,677.4
Costs capitalised
55.3
53.5
108.8
Movement in lease incentives
0.3
(0.9)
(0.6)
Interest capitalised
2.4
3.5
5.9
Acquisitions
57.3
122.9
180.2
Disposals
\u2013
(0.5)
(0.5)
Net valuation surplus on investment property
36.7
42.5
79.2
Book value at 31 March 2025 (A)
1,037.1
1,013.3
2,050.4
Investment property under development
Freehold Leasehold Total
\u00a3m \u00a3m \u00a3m
Book value at 1 April 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
50.1
183.5
233.6
Costs capitalised
23.6
123.0
146.6
Interest capitalised
4.7
15.9
20.6
Net valuation (deficit)/surplus on investment property under development
(8.3)
12.6
4.3
Book value at 31 March 2025 (B)
70.1
335.0
405.1
Book value of investment property & investment property under development (A+B)
1,107.2
1,348.3
2,455.5
Investment property held for sale
Freehold Leasehold Total
\u00a3m \u00a3m \u00a3m
Book value at 1 April 2023 and 31 March 2024
\u2013
18.2
18.2
Disposals
\u2013
(18.2)
(18.2)
Book value of investment property held for sale at 31 March 2025 (C)
\u2013
\u2013
\u2013
Book value of total investment property at 31 March 2025 (A+B+C)
1,107.2
1,348.3
2,455.5
The book value of investment property includes \u00a387.0 million (2024: \u00a374.1 million) in respect of the present value of future ground rents. The market value of the portfolio (excluding these amounts) is \u00a32,368.5 million. The total portfolio value including joint venture properties of \u00a3500.8 million (see note 11) was \u00a32,869.3 million. At 31 March 2025, property with a carrying value of \u00a3114.8 million (2024: \u00a3107.0 million) was secured under the first mortgage debenture stock (see note 16). 10 Investment property continued Surplus from investment property
2025 2024
\u00a3m \u00a3m
Net valuation surplus/(deficit) on investment property
83.5
(265.7)
Loss on sale of investment properties
(0.3)
(1.6)
83.2
(267.3)
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 2025. 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. In accordance with the updated RICS UK supplement of its \u2018Red Book\u2019, which introduces a mandatory rotation cycle for its valuers, CBRE will rotate off following their final valuation of the portfolio at 31 March 2026. A process is underway to select their successor. 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. 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. An increase of 10% on the capital expenditure on the Group\u2019s three HQ development schemes and four Fully Managed conversion schemes, which the Directors believe is a reasonable variance to budgeted costs based on industry experience, would reduce the valuation by \u00a335.7 million (31 March 2024: \u00a349.8 million), with a decrease of 10% increasing the valuation by \u00a335.7 million (31 March 2024: \u00a349.8 million). A decrease in the capitalisation yield by 25 basis points would result in an increase in the fair value of the Group\u2019s investment property by \u00a3112.1 million (\u00a3137.4 million including a share of joint ventures) compared to a \u00a3203.2 million based on a 50 basis point movement at 31 March 2024. A 25 basis point increase would reduce the fair value by \u00a3102.4 million (\u00a3125.4 million including a share of joint ventures) compared to a \u00a3166.7 million based on a 50 basis point movement at 31 March 2024. A movement of 12 basis points was shown across the portfolio over the last 12 months and a 25 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. 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 (\u00a310 million including share of joint ventures (2024: \u00a310 million and \u00a310 million respectively)), over and above specific refurbishment and development assumptions included in the valuation. During the year, the Group capitalised \u00a32.1 million (2024: \u00a31.8 million) of employee costs in respect of its development team into investment properties under development. At 31 March 2025, the Group had capital commitments of \u00a3359.7 million (2024: \u00a3502.3 million). 10 Investment property continued Key inputs to the valuation (by building and location) at 31 March 2025
ERV
True equivalent yield
Average Range Average Range
\u00a3 per sq ft \u00a3 per sq ft % %
North of Oxford Street
Office
117
56 \u2013 221
5.6
4.9 \u2013 7.7
Retail
67
34 \u2013 150
5.3
4.6 \u2013 10.6
Rest of West End
Office
162
70 \u2013 267
5.2
4.5 \u2013 7.6
Retail
109
15 \u2013 323
4.9
4.5\u2013 6.8
City, Midtown and Southwark
Office
89
35 \u2013 197
5.8
5.0 \u2013 7.3
Retail
30
26 \u2013 36
5.6
5.0 \u2013 6.5
Key inputs to the valuation (by building and location) at 31 March 2024
ERV
True equivalent yield
Average Range Average Range
\u00a3 per sq ft \u00a3 per sq ft % %
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
25 \u2013 36
5.9
5.5 \u2013 6.7
EPRA capital expenditure (alternative performance measure)
2025 2024
\u00a3m \u00a3m
Group
Acquisitions (note 10)
180.2
128.3
Developments (note 10)
146.6
54.6
Interest capitalised (note 7)
26.5
11.3
Investment properties: incremental lettable space
\u2013
\u2013
Investment properties: no incremental lettable space (note 10)
108.8
85.3
Movement in lease incentives (note 10)
(0.6)
7.4
Group total
461.5
286.9
Joint ventures (at share, note 10)
Developments
\u2013
\u2013
Interest capitalised (note 9)
0.2
\u2013
Investment properties: incremental lettable space
\u2013
\u2013
Investment properties: no incremental lettable space
11.5
5.7
Movement in lease incentives
(1.5)
2.4
Total capital expenditure
471.7
295.0
Conversion from accrual to cash basis
(7.7)
(12.0)
Total capital expenditure on a cash basis
464.0
283.0
10 Investment property continued EPRA net initial yield (NIY) and topped-up NIY (alternative performance measure)
2025 2024
\u00a3m \u00a3m
Properties at fair value including joint ventures
2,869.3
2,331.2
Less: properties under development including joint ventures
(372.9)
(201.5)
Less: residential properties
(6.8)
(4.7)
Like-for-like investment property portfolio, proposed and completed developments
2,489.6
2,125.0
Plus: estimated purchasers\u2019 costs
181.6
155.0
Grossed-up completed property portfolio valuation (B)
2,671.2
2,280.0
Annualised cash passing rental income
1
84.7
85.9
Net service charge expense including joint ventures
(4.9)
(5.1)
Other irrecoverable property costs including joint ventures
(8.9)
(7.9)
Annualised net rents (A)
70.9
72.9
Plus: rent-free periods and other lease incentives including joint ventures
16.0
3.9
Topped-up annualised net rents (C)
86.9
76.8
EPRA net initial yield (A/B)
2.7%
3.2%
EPRA topped-up initial yield (C/B)
3.3%
3.4%
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-364": { "value": "
Investment property held for sale
Freehold Leasehold Total
\u00a3m \u00a3m \u00a3m
Book value at 1 April 2023 and 31 March 2024
\u2013
18.2
18.2
Disposals
\u2013
(18.2)
(18.2)
Book value of investment property held for sale at 31 March 2025 (C)
\u2013
\u2013
\u2013
Book value of total investment property at 31 March 2025 (A+B+C)
1,107.2
1,348.3
2,455.5
The book value of investment property includes \u00a387.0 million (2024: \u00a374.1 million) in respect of the present value of future
ground rents. The market value of the portfolio (excluding these amounts) is \u00a32,368.5 million. The total portfolio value including
joint venture properties of \u00a3500.8 million (see note 11) was \u00a32,869.3 million. At 31 March 2025, property with a carrying value
of \u00a3114.8 million (2024: \u00a3107.0 million) was secured under the first mortgage debenture stock (see note 16).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-388": { "value": "Investment property held for sale
Freehold Leasehold Total
\u00a3m \u00a3m \u00a3m
Book value at 1 April 2023 and 31 March 2024
\u2013
18.2
18.2
Disposals
\u2013
(18.2)
(18.2)
Book value of investment property held for sale at 31 March 2025 (C)
\u2013
\u2013
\u2013
Book value of total investment property at 31 March 2025 (A+B+C)
1,107.2
1,348.3
2,455.5
The book value of investment property includes \u00a387.0 million (2024: \u00a374.1 million) in respect of the present value of future ground rents. The market value of the portfolio (excluding these amounts) is \u00a32,368.5 million. The total portfolio value including joint venture properties of \u00a3500.8 million (see note 11) was \u00a32,869.3 million. At 31 March 2025, property with a carrying value of \u00a3114.8 million (2024: \u00a3107.0 million) was secured under the first mortgage debenture stock (see note 16). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-365": { "value": "
During the year, the Group capitalised \u00a32.1 million (2024: \u00a31.8 million) of employee costs in respect of its development team
into investment properties under development. At 31 March 2025, the Group had capital commitments of \u00a3359.7 million
(2024: \u00a3502.3 million).
At 31 March 2025, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2024: \u00a3nil). At 31 March 2025, the Group
had capital commitments in respect of its joint ventures of \u00a3nil (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-389": { "value": "During the year, the Group capitalised \u00a32.1 million (2024: \u00a31.8 million) of employee costs in respect of its development team into investment properties under development. At 31 March 2025, the Group had capital commitments of \u00a3359.7 million (2024: \u00a3502.3 million). At 31 March 2025, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2024: \u00a3nil). At 31 March 2025, the Group had capital commitments in respect of its joint ventures of \u00a3nil (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-413": { "value": "
11 Investment in joint ventures
The Group has the following investments in joint ventures:
Balances
with 2025 2024
Equity partners Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
277.8
213.5
491.3
538.8
Movement on joint venture balances
\u2013
(5.9)
(5.9)
(0.9)
Additions
\u2013
\u2013
\u2013
0.1
Share of profit of joint ventures
7.3
\u2013
7.3
9.8
Share of revaluation surplus/(deficit) of joint ventures
14.5
\u2013
14.5
(56.5)
Share of results of joint ventures
21.8
\u2013
21.8
(46.7)
Distributions
\u2013
\u2013
\u2013
\u2013
At 31 March
299.6
207.6
507.2
491.3
All of the Group\u2019s joint ventures operate solely in the United Kingdom and comprise the following:
2025 2024
Country of registration ownership 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 The Great The Great
Limited Ropemaker Victoria 2025 2025 2024
Partnership Partnership Partnerships Total At share At share
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance sheets
Investment property
670.6
259.3
82.0
1,011.9
505.9
481.2
Current assets
0.3
3.8
0.2
4.3
2.1
2.7
Cash and cash equivalents
14.6
3.7
13.4
31.7
15.9
25.7
Balances from partners
(207.7)
(134.5)
(73.1)
(415.3)
(207.6)
(213.5)
Current liabilities
(11.7)
(11.4)
(0.1)
(23.2)
(11.6)
(13.2)
Obligations under head leases
\u2013
(10.2)
\u2013
(10.2)
(5.1)
(5.1)
Net assets
466.1
110.7
22.4
599.2
299.6
277.8
The GHS The Great The Great
Limited Ropemaker Victoria 2025 2025 2024
Partnership Partnership Partnerships Total At share At share
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Income statements
Revenue
24.5
17.6
4.6
46.7
23.4
26.5
Net rental income
19.6
10.2
1.9
31.7
15.9
19.4
Property and administration costs
(0.5)
(4.5)
(1.8)
(6.8)
(3.4)
(3.6)
Net finance costs
(8.2)
(2.4)
0.3
(10.3)
(5.2)
(6.0)
Share of profit from joint ventures
10.9
3.3
0.4
14.6
7.3
9.8
Revaluation of investment property
32.0
(6.3)
3.3
29.0
14.5
(56.5)
Results of joint ventures
42.9
(3.0)
3.7
43.6
21.8
(46.7)
At 31 March 2025 and 31 March 2024, 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:
2025 2024
\u00a3m \u00a3m
Movement on joint venture balances during the year
5.9
0.9
Balances receivable at the year end from joint ventures
(207.6)
(213.5)
Interest on balances with partners (see note 6)
5.7
5.8
Distributions
\u2013
\u2013
Joint venture fees paid (see note 3)
2.5
1.7
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 (2024: \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 \u00a3500.8 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 2025, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2024: \u00a3nil). At 31 March 2025, the Group had capital commitments in respect of its joint ventures of \u00a3nil (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-10": { "value": "11 Investment in joint ventures The Group has the following investments in joint ventures:
Balances
with 2025 2024
Equity partners Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
277.8
213.5
491.3
538.8
Movement on joint venture balances
\u2013
(5.9)
(5.9)
(0.9)
Additions
\u2013
\u2013
\u2013
0.1
Share of profit of joint ventures
7.3
\u2013
7.3
9.8
Share of revaluation surplus/(deficit) of joint ventures
14.5
\u2013
14.5
(56.5)
Share of results of joint ventures
21.8
\u2013
21.8
(46.7)
Distributions
\u2013
\u2013
\u2013
\u2013
At 31 March
299.6
207.6
507.2
491.3
All of the Group\u2019s joint ventures operate solely in the United Kingdom and comprise the following:
2025 2024
Country of registration ownership 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 The Great The Great
Limited Ropemaker Victoria 2025 2025 2024
Partnership Partnership Partnerships Total At share At share
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance sheets
Investment property
670.6
259.3
82.0
1,011.9
505.9
481.2
Current assets
0.3
3.8
0.2
4.3
2.1
2.7
Cash and cash equivalents
14.6
3.7
13.4
31.7
15.9
25.7
Balances from partners
(207.7)
(134.5)
(73.1)
(415.3)
(207.6)
(213.5)
Current liabilities
(11.7)
(11.4)
(0.1)
(23.2)
(11.6)
(13.2)
Obligations under head leases
\u2013
(10.2)
\u2013
(10.2)
(5.1)
(5.1)
Net assets
466.1
110.7
22.4
599.2
299.6
277.8
The GHS The Great The Great
Limited Ropemaker Victoria 2025 2025 2024
Partnership Partnership Partnerships Total At share At share
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Income statements
Revenue
24.5
17.6
4.6
46.7
23.4
26.5
Net rental income
19.6
10.2
1.9
31.7
15.9
19.4
Property and administration costs
(0.5)
(4.5)
(1.8)
(6.8)
(3.4)
(3.6)
Net finance costs
(8.2)
(2.4)
0.3
(10.3)
(5.2)
(6.0)
Share of profit from joint ventures
10.9
3.3
0.4
14.6
7.3
9.8
Revaluation of investment property
32.0
(6.3)
3.3
29.0
14.5
(56.5)
Results of joint ventures
42.9
(3.0)
3.7
43.6
21.8
(46.7)
At 31 March 2025 and 31 March 2024, 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:
2025 2024
\u00a3m \u00a3m
Movement on joint venture balances during the year
5.9
0.9
Balances receivable at the year end from joint ventures
(207.6)
(213.5)
Interest on balances with partners (see note 6)
5.7
5.8
Distributions
\u2013
\u2013
Joint venture fees paid (see note 3)
2.5
1.7
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 (2024: \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 \u00a3500.8 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 2025, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2024: \u00a3nil). At 31 March 2025, the Group had capital commitments in respect of its joint ventures of \u00a3nil (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-402": { "value": "At 31 March 2025, the Group had \u00a3nil contingent liabilities arising in its joint ventures (2024: \u00a3nil). At 31 March 2025, the Group had capital commitments in respect of its joint ventures of \u00a3nil (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-366": { "value": "
12 Property, plant and equipment
Right of use
asset for Fixtures and
occupational Leasehold fittings/
leases improvements other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 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
Costs capitalised
\u2013
0.2
0.4
0.6
At 31 March 2025
4.9
5.8
2.6
13.3
Depreciation
At 1 April 2024
4.1
4.5
2.1
10.7
Charge for the year
0.8
0.7
0.2
1.7
At 31 March 2025
4.9
5.2
2.3
12.4
Carrying amount at 31 March 2024
0.8
1.1
0.1
2.0
Carrying amount at 31 March 2025
\u2013
0.6
0.3
0.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-11": { "value": "12 Property, plant and equipment
Right of use
asset for Fixtures and
occupational Leasehold fittings/
leases improvements other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 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
Costs capitalised
\u2013
0.2
0.4
0.6
At 31 March 2025
4.9
5.8
2.6
13.3
Depreciation
At 1 April 2024
4.1
4.5
2.1
10.7
Charge for the year
0.8
0.7
0.2
1.7
At 31 March 2025
4.9
5.2
2.3
12.4
Carrying amount at 31 March 2024
0.8
1.1
0.1
2.0
Carrying amount at 31 March 2025
\u2013
0.6
0.3
0.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-12": { "value": "13 Other investments
2025 2024
\u00a3m \u00a3m
At 1 April
2.4
1.8
Acquisitions
0.8
0.8
Deficit on revaluation
(0.4)
(0.2)
At 31 March
2.8
2.4
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 2025, the Group had made net investments of \u00a33.3 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-13": { "value": "14 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Trade receivables
3.8
6.7
Expected credit loss allowance
(0.1)
(0.3)
3.7
6.4
Prepayments
0.1
0.2
Other taxes
8.4
5.9
Other receivables
8.5
12.4
20.7
24.9
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. 14 Trade and other receivables continued Of the gross trade receivables of \u00a33.8 million, \u00a31.6 million (2024: \u00a34.4 million) was past due, of which \u00a31.2 million was over 30 days (2024: \u00a31.2 million).
2025 2024
\u00a3m \u00a3m
Movements in expected credit loss allowance
Balance at the beginning of the year
(0.3)
(1.7)
Expected credit loss allowance during the year
(0.2)
(0.3)
Amounts written-off as uncollectable
0.4
1.7
(0.1)
(0.3)
The expected credit loss for the year represents 3% (2024: 5%) of the net trade receivables balance at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-367": { "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 \u00a33.8 million, \u00a31.6 million (2024: \u00a34.4 million) was past due, of which \u00a31.2 million was over 30 days
(2024: \u00a31.2 million).
2025 2024
\u00a3m \u00a3m
Movements in expected credit loss allowance
Balance at the beginning of the year
(0.3)
(1.7)
Expected credit loss allowance during the year
(0.2)
(0.3)
Amounts written-off as uncollectable
0.4
1.7
(0.1)
(0.3)
The expected credit loss for the year represents 3% (2024: 5%) of the net trade receivables balance at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-390": { "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 \u00a33.8 million, \u00a31.6 million (2024: \u00a34.4 million) was past due, of which \u00a31.2 million was over 30 days (2024: \u00a31.2 million).
2025 2024
\u00a3m \u00a3m
Movements in expected credit loss allowance
Balance at the beginning of the year
(0.3)
(1.7)
Expected credit loss allowance during the year
(0.2)
(0.3)
Amounts written-off as uncollectable
0.4
1.7
(0.1)
(0.3)
The expected credit loss for the year represents 3% (2024: 5%) of the net trade receivables balance at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-14": { "value": "15 Trade and other payables
2025 2024
\u00a3m \u00a3m
Rents received in advance
15.9
16.4
Accrued capital expenditure
26.0
18.1
Payables in respect of customer rent deposits
18.7
17.0
Other accruals
20.7
23.3
Other payables
4.2
1.4
85.5
76.2
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-15": { "value": "16 Interest-bearing loans and borrowings
2025 2024
\u00a3m \u00a3m
Current liabilities at amortised cost
Unsecured
\u00a3175.0 million 2.15% private placement notes 2024
\u2013
175.0
Non-current liabilities at amortised cost
Secured
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029
21.9
22.0
Unsecured
\u00a3450.0 million revolving credit facility
149.4
46.1
\u00a3150.0 million revolving credit facility
106.4
\u2013
\u00a375.0 million term loan 2026 (2024: \u00a3250.0 million)
74.7
248.3
\u00a3250.0 million 5.375% sustainable sterling bond 2031
246.5
\u2013
\u00a340.0 million 2.70% private placement notes 2028
40.0
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
124.4
Non-current interest-bearing loans and borrowings
848.0
565.4
Total interest-bearing loans and borrowings
848.0
740.4
16 Interest-bearing loans and borrowings continued The Group\u2019s \u00a3450 million unsecured revolving credit facility (RCF) is unsecured, attracts a floating rate based on a headline margin of 90.0 basis points over SONIA (plus or minus 2.5 basis points subject to a number of ESG-linked targets) and matures in January 2027. In October 2024, the Group signed a new \u00a3150 million ESG-linked RCF at a headline margin of 90 basis points over SONIA. The facility has an initial three-year term which may be extended to a maximum of five years at GPE\u2019s request, subject to bank consent. At 31 March 2025, the Group had \u00a3343.0 million (2024: \u00a3603.0 million) of undrawn committed credit facilities. The Group\u2019s \u00a3250 million unsecured term loan has a headline margin of 175 basis points over SONIA. 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 has a \u00a3200 million interest rate cap to protect against any further increases in rates whilst preserving the benefit of any reductions. The interest rate cap expires in October 2025. In November 2024, \u00a3175 million of the Group\u2019s \u00a3250 million term loan was repaid. In September 2024, the Group issued a sterling denominated senior unsecured sustainable \u00a3250 million bond. The bond has a term of seven years, bears interest at a rate of 5.375% and is rated Baa2 by Moody\u2019s Investor Services Ltd. The Group\u2019s \u00a3175 million 2.15% private placement notes 2024 were repaid on 22 May 2024. The Group had a \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 was undrawn and cancelled on 30 May 2024. At 31 March 2025, the Group has committed cash and undrawn credit facilities of \u00a3361.2 million (31 March 2024: \u00a3633.4 million). At 31 March 2025, properties with a carrying value of \u00a3114.8 million (31 March 2024: \u00a3107.0 million) were secured under the Group\u2019s debenture stock. At 31 March 2025, the nominal value of the Group\u2019s interest-bearing loans and borrowing was \u00a3853.9 million (2024: \u00a3743.9 million) and the Group had \u00a3343.0 million (2024: \u00a3603.0 million) of undrawn credit facilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-16": { "value": "17 Financial instruments
Amounts Amounts
recognised in recognised in
Carrying income Gain/(loss) Carrying income Gain/(loss)
amount statement to equity amount statement to equity
2025 2025 2025 2024 2024 2024
Categories of financial instrument \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Other investments
2.8
(0.4)
\u2013
2.4
(0.2)
\u2013
Interest rate cap
\u2013
(0.4)
\u2013
0.4
(1.7)
\u2013
Assets at fair value
2.8
(0.8)
\u2013
2.8
(1.9)
\u2013
Balances with joint ventures
207.6
5.7
\u2013
213.5
5.8
\u2013
Trade receivables
20.6
(0.2)
\u2013
24.7
(0.1)
\u2013
Cash and cash equivalents
36.9
1.5
\u2013
22.9
0.3
\u2013
Assets at amortised cost
265.1
7.0
\u2013
261.1
6.0
\u2013
Trade and other payables
(4.2)
\u2013
\u2013
(1.4)
\u2013
\u2013
Payables in respect of customer rent deposits
(18.7)
\u2013
\u2013
(17.0)
\u2013
\u2013
Interest-bearing loans and borrowings
(848.0)
(9.6)
\u2013
(740.4)
(15.2)
\u2013
Obligations under occupational leases
\u2013
\u2013
\u2013
(1.0)
\u2013
\u2013
Obligations under finance leases
(87.0)
(3.1)
\u2013
(74.1)
(2.4)
\u2013
Liabilities at amortised cost
(957.9)
(12.7)
\u2013
(833.9)
(17.6)
\u2013
Total financial instruments
(690.0)
(6.5)
\u2013
(570.0)
(13.5)
\u2013
17 Financial instruments continued 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 9). 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 to mitigate 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 two revolving credit facilities. The availability of these facilities 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:
March 2025
Key covenants
Covenant
actuals
Group
Net gearing (see note 9)
<125%
41.9%
Inner borrowing (unencumbered asset value/unsecured borrowings)
>1.66x
2.71x
Interest cover
>1.35x
10.9x
The interest rate payable on the Group\u2019s revolving credit facilities can vary dependent on its performance against a number of ESG covenants. These covenants and performance against them are set out on page 49 of this report. The Group has undrawn credit facilities of \u00a3343.0 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. Under the requirements of IAS 1, given this substantial headroom on all its key covenants, the Directors consider none of the non-current liabilities are at risk of being repayable in the next 12 months from the result of a covenant breach. 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:
Carrying Contractual Less than One to Two to More than
amount cash flows one year two years five years five years
At 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029
21.9
26.6
1.2
1.2
24.2
\u2013
\u00a3450.0 million revolving credit facility
149.4
166.5
9.0
157.5
\u2013
\u2013
\u00a3150.0 million revolving credit facility
106.4
122.2
5.9
5.9
110.4
\u2013
\u00a375.0 million term loan 2026
74.7
82.0
4.7
77.3
\u2013
\u2013
\u00a3250.0 million 5.375% sterling bond 2031
246.5
323.7
13.4
13.4
40.3
256.6
Private placement notes
249.1
307.2
7.0
7.0
58.9
234.3
Derivative financial instruments
Interest rate cap
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
848.0
1,028.2
41.2
262.3
233.8
490.9
17 Financial instruments continued
Carrying Contractual Less than One to two Two to five More than
amount cash flows one year years years five years
At 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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 2026
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
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 2025, 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 2025 was outstanding for the whole year:
Impact on profit/(loss)
Impact on equity
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Increase of 50 basis points
(1.7)
(0.5)
(1.7)
(0.5)
Increase of 25 basis points
(0.8)
(0.2)
(0.8)
(0.2)
Decrease of 25 basis points
0.8
0.7
0.8
0.7
Decrease of 50 basis points
1.7
1.5
1.7
1.5
Fair value of interest-bearing loans and borrowings
Book value Fair value Book value Fair value
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Items carried at fair value
Interest rate cap (asset)
\u2013
\u2013
(0.4)
(0.4)
Items not carried at fair value
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029
21.9
21.8
22.0
22.0
\u00a3450.0 million revolving credit facility
149.4
149.4
46.1
46.1
\u00a3150.0 million revolving credit facility
106.4
106.4
\u2013
\u2013
\u00a375.0 million term loan 2026 (2024: \u00a3250.0 million)
74.7
74.7
248.3
248.3
\u00a3250.0 million 5.375% sustainable sterling bond 2031
246.5
244.5
\u2013
\u2013
Private placement notes
249.1
204.7
424.0
373.3
848.0
801.5
740.0
689.3
17 Financial instruments continued 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 Notional
fixed interest rate
principal amount
Fair value asset
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Cash flow hedges
Interest rate cap
5.094%
5.094%
200.0
200.0
\u2013
0.4
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-368": { "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 9).
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 to mitigate 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 two revolving credit facilities.
The availability of these facilities 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:
March 2025
Key covenants
Covenant
actuals
Group
Net gearing (see note 9)
<125%
41.9%
Inner borrowing (unencumbered asset value/unsecured borrowings)
>1.66x
2.71x
Interest cover
>1.35x
10.9x
The interest rate payable on the Group\u2019s revolving credit facilities can vary dependent on its performance against a number
of ESG covenants. These covenants and performance against them are set out on page 49 of this report.
The Group has undrawn credit facilities of \u00a3343.0 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. Under the
requirements of IAS 1, given this substantial headroom on all its key covenants, the Directors consider none of the non-current
liabilities are at risk of being repayable in the next 12 months from the result of a covenant breach.
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:
Carrying Contractual Less than One to Two to More than
amount cash flows one year two years five years five years
At 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029
21.9
26.6
1.2
1.2
24.2
\u2013
\u00a3450.0 million revolving credit facility
149.4
166.5
9.0
157.5
\u2013
\u2013
\u00a3150.0 million revolving credit facility
106.4
122.2
5.9
5.9
110.4
\u2013
\u00a375.0 million term loan 2026
74.7
82.0
4.7
77.3
\u2013
\u2013
\u00a3250.0 million 5.375% sterling bond 2031
246.5
323.7
13.4
13.4
40.3
256.6
Private placement notes
249.1
307.2
7.0
7.0
58.9
234.3
Derivative financial instruments
Interest rate cap
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
848.0
1,028.2
41.2
262.3
233.8
490.9
Carrying Contractual Less than One to two Two to five More than
amount cash flows one year years years five years
At 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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 2026
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
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 2025, 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 2025 was outstanding for the whole year:
Impact on profit/(loss)
Impact on equity
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Increase of 50 basis points
(1.7)
(0.5)
(1.7)
(0.5)
Increase of 25 basis points
(0.8)
(0.2)
(0.8)
(0.2)
Decrease of 25 basis points
0.8
0.7
0.8
0.7
Decrease of 50 basis points
1.7
1.5
1.7
1.5
Fair value of interest-bearing loans and borrowings
Book value Fair value Book value Fair value
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Items carried at fair value
Interest rate cap (asset)
\u2013
\u2013
(0.4)
(0.4)
Items not carried at fair value
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029
21.9
21.8
22.0
22.0
\u00a3450.0 million revolving credit facility
149.4
149.4
46.1
46.1
\u00a3150.0 million revolving credit facility
106.4
106.4
\u2013
\u2013
\u00a375.0 million term loan 2026 (2024: \u00a3250.0 million)
74.7
74.7
248.3
248.3
\u00a3250.0 million 5.375% sustainable sterling bond 2031
246.5
244.5
\u2013
\u2013
Private placement notes
249.1
204.7
424.0
373.3
848.0
801.5
740.0
689.3
The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using
the contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements
as defined by IFRS 13 \u2013 Fair Value Measurement. The fair values of the Group\u2019s 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 Notional
fixed interest rate
principal amount
Fair value asset
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Cash flow hedges
Interest rate cap
5.094%
5.094%
200.0
200.0
\u2013
0.4
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-391": { "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 9). 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-392": { "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 to mitigate 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-393": { "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 two revolving credit facilities. The availability of these facilities 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:
March 2025
Key covenants
Covenant
actuals
Group
Net gearing (see note 9)
<125%
41.9%
Inner borrowing (unencumbered asset value/unsecured borrowings)
>1.66x
2.71x
Interest cover
>1.35x
10.9x
The interest rate payable on the Group\u2019s revolving credit facilities can vary dependent on its performance against a number of ESG covenants. These covenants and performance against them are set out on page 49 of this report. The Group has undrawn credit facilities of \u00a3343.0 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. Under the requirements of IAS 1, given this substantial headroom on all its key covenants, the Directors consider none of the non-current liabilities are at risk of being repayable in the next 12 months from the result of a covenant breach. 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:
Carrying Contractual Less than One to Two to More than
amount cash flows one year two years five years five years
At 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029
21.9
26.6
1.2
1.2
24.2
\u2013
\u00a3450.0 million revolving credit facility
149.4
166.5
9.0
157.5
\u2013
\u2013
\u00a3150.0 million revolving credit facility
106.4
122.2
5.9
5.9
110.4
\u2013
\u00a375.0 million term loan 2026
74.7
82.0
4.7
77.3
\u2013
\u2013
\u00a3250.0 million 5.375% sterling bond 2031
246.5
323.7
13.4
13.4
40.3
256.6
Private placement notes
249.1
307.2
7.0
7.0
58.9
234.3
Derivative financial instruments
Interest rate cap
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
848.0
1,028.2
41.2
262.3
233.8
490.9
Carrying Contractual Less than One to two Two to five More than
amount cash flows one year years years five years
At 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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 2026
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
The maturity of lease obligations is set out in notes 18 and 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-394": { "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 2025, 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 2025 was outstanding for the whole year:
Impact on profit/(loss)
Impact on equity
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Increase of 50 basis points
(1.7)
(0.5)
(1.7)
(0.5)
Increase of 25 basis points
(0.8)
(0.2)
(0.8)
(0.2)
Decrease of 25 basis points
0.8
0.7
0.8
0.7
Decrease of 50 basis points
1.7
1.5
1.7
1.5
Fair value of interest-bearing loans and borrowings
Book value Fair value Book value Fair value
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Items carried at fair value
Interest rate cap (asset)
\u2013
\u2013
(0.4)
(0.4)
Items not carried at fair value
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029
21.9
21.8
22.0
22.0
\u00a3450.0 million revolving credit facility
149.4
149.4
46.1
46.1
\u00a3150.0 million revolving credit facility
106.4
106.4
\u2013
\u2013
\u00a375.0 million term loan 2026 (2024: \u00a3250.0 million)
74.7
74.7
248.3
248.3
\u00a3250.0 million 5.375% sustainable sterling bond 2031
246.5
244.5
\u2013
\u2013
Private placement notes
249.1
204.7
424.0
373.3
848.0
801.5
740.0
689.3
The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using the contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements as defined by IFRS 13 \u2013 Fair Value Measurement. The fair values of the Group\u2019s 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 Notional
fixed interest rate
principal amount
Fair value asset
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Cash flow hedges
Interest rate cap
5.094%
5.094%
200.0
200.0
\u2013
0.4
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-414": { "value": "Fair value of interest-bearing loans and borrowings
Book value Fair value Book value Fair value
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Items carried at fair value
Interest rate cap (asset)
\u2013
\u2013
(0.4)
(0.4)
Items not carried at fair value
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029
21.9
21.8
22.0
22.0
\u00a3450.0 million revolving credit facility
149.4
149.4
46.1
46.1
\u00a3150.0 million revolving credit facility
106.4
106.4
\u2013
\u2013
\u00a375.0 million term loan 2026 (2024: \u00a3250.0 million)
74.7
74.7
248.3
248.3
\u00a3250.0 million 5.375% sustainable sterling bond 2031
246.5
244.5
\u2013
\u2013
Private placement notes
249.1
204.7
424.0
373.3
848.0
801.5
740.0
689.3
The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using the contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements as defined by IFRS 13 \u2013 Fair Value Measurement. The fair values of the Group\u2019s 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-403": { "value": "Fair value of interest-bearing loans and borrowings
Book value Fair value Book value Fair value
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Items carried at fair value
Interest rate cap (asset)
\u2013
\u2013
(0.4)
(0.4)
Items not carried at fair value
\u00a321.9 million 5
5
\u2044
8
% debenture stock 2029
21.9
21.8
22.0
22.0
\u00a3450.0 million revolving credit facility
149.4
149.4
46.1
46.1
\u00a3150.0 million revolving credit facility
106.4
106.4
\u2013
\u2013
\u00a375.0 million term loan 2026 (2024: \u00a3250.0 million)
74.7
74.7
248.3
248.3
\u00a3250.0 million 5.375% sustainable sterling bond 2031
246.5
244.5
\u2013
\u2013
Private placement notes
249.1
204.7
424.0
373.3
848.0
801.5
740.0
689.3
The fair values of the Group\u2019s private placement notes were determined by comparing the discounted future cash flows using the contracted yields with those of the reference gilts plus the implied margins, representing Level 2 fair value measurements as defined by IFRS 13 \u2013 Fair Value Measurement. The fair values of the Group\u2019s 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-404": { "value": "The following table details the principal amounts and remaining terms of interest rate derivatives outstanding:
Average contracted Notional
fixed interest rate
principal amount
Fair value asset
2025 2024 2025 2024 2025 2024
% % \u00a3m \u00a3m \u00a3m \u00a3m
Cash flow hedges
Interest rate cap
5.094%
5.094%
200.0
200.0
\u2013
0.4
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-17": { "value": "18 Head lease obligations Head lease obligations in respect of the Group\u2019s leasehold properties are payable as follows:
Minimum Minimum
lease Principal lease Principal
payments Interest payments payments Interest payments
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
3.5
(3.5)
\u2013
2.9
(2.9)
\u2013
Between one and five years
14.2
(14.0)
0.2
11.5
(11.3)
0.2
More than five years
427.4
(340.6)
86.8
358.0
(284.1)
73.9
445.1
(358.1)
87.0
372.4
(298.3)
74.1
19 Occupational lease obligations Obligations in respect of the Group\u2019s occupational leases for its head office are payable as follows:
Minimum Minimum
lease Principal lease Principal
payments Interest payments payments Interest payments
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Less than one year
\u2013
\u2013
\u2013
1.0
\u2013
1.0
Between one and five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.0
\u2013
1.0
25 Lease receivables Future aggregate minimum rentals receivable under non-cancellable leases are:
2025 2024
\u00a3m \u00a3m
The Group as a lessor
Less than one year
76.6
66.0
Between two and five years
147.1
141.0
More than five years
65.8
62.9
289.5
269.9
The Group leases its investment properties under operating leases. The weighted average length of lease at 31 March 2025 was 3.0 years (2024: 3.4 years). All investment properties, except those under development, generated rental income, and \u00a3nil contingent rents were recognised in the year (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-369": { "value": "
20 Share capital
2025 2025 2024 2024
Number \u00a3m Number \u00a3m
Allotted, called up and fully paid ordinary shares of 15
5
\u2044
19
pence
At 1 April
253,867,911
38.7
253,867,911
38.7
Issue of ordinary shares \u2013 rights issue
152,320,747
23.3
\u2013
\u2013
31 March
406,188,658
62.0
253,867,911
38.7
In June 2024, the Company raised gross proceeds of \u00a3350.3 million (\u00a3335.6 million net proceeds) by issuing 152,320,747 new
ordinary shares through a three for five rights issue.
At 31 March 2025, the Company had 406,188,658 ordinary shares with a nominal value of 15
5
\u2044
19
pence each.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-18": { "value": "20 Share capital
2025 2025 2024 2024
Number \u00a3m Number \u00a3m
Allotted, called up and fully paid ordinary shares of 15
5
\u2044
19
pence
At 1 April
253,867,911
38.7
253,867,911
38.7
Issue of ordinary shares \u2013 rights issue
152,320,747
23.3
\u2013
\u2013
31 March
406,188,658
62.0
253,867,911
38.7
In June 2024, the Company raised gross proceeds of \u00a3350.3 million (\u00a3335.6 million net proceeds) by issuing 152,320,747 new ordinary shares through a three for five rights issue. At 31 March 2025, the Company had 406,188,658 ordinary shares with a nominal value of 15 5 \u2044 19 pence each. 21 Investment in own shares
2025 2024
\u00a3m \u00a3m
At 1 April
(5.6)
(2.8)
Employee share-based incentive charges
(4.2)
(4.0)
Shares purchased in year
5.7
\u2013
Transfer to retained earnings
2.3
1.2
At 31 March
(1.8)
(5.6)
The investment in the Company\u2019s own shares is held at cost and comprises 2,893,542 shares (2024: 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, 25,912 shares (2024: no shares) vested to the Directors in respect of the 2021 annual bonus share plan and 2,032,295 additional shares were acquired by the Trust (2024: no shares). The fair value of shares awarded and outstanding at 31 March 2025 was \u00a312.0 million (2024: \u00a39.8 million). Details of the outstanding Long Term Incentive Plan and Restricted Share Plans are set out below:
Lapsed/ At 31 March
At 1 April 2024 Granted Rights issue Vested forfeit 2025
Date of Grant/Fair value (pence) No. of shares No. of shares No. of shares No. of shares No. of shares
No. of shares
Vesting dates
Long Term Incentive Plan
7 June 2021/733p
1,339,435
\u2013
\u2013
\u2013
(1,339,435)
\u2013
6 June 2024
27 May 2022/645p
1,799,690
\u2013
370,832
\u2013
(11,769)
2,158,753
26 May 2025
Restricted Share Plan
7 July 2023/422p
1,101,310
\u2013
226,924
\u2013
(14,290)
1,313,944
6 July 2026
24 November 2023/408p
10,283
\u2013
2,118
\u2013
\u2013
12,401
23 Nov 2026
20 June 2024/341p
\u2013
1,403,461
\u2013
\u2013
(19,786)
1,383,675
19 June 2027
4,250,718
1,403,461
599,874
\u2013
(1,385,280)
4,868,773
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-370": { "value": "
21 Investment in own shares
2025 2024
\u00a3m \u00a3m
At 1 April
(5.6)
(2.8)
Employee share-based incentive charges
(4.2)
(4.0)
Shares purchased in year
5.7
\u2013
Transfer to retained earnings
2.3
1.2
At 31 March
(1.8)
(5.6)
The investment in the Company\u2019s own shares is held at cost and comprises 2,893,542 shares (2024: 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, 25,912 shares (2024: no shares) vested to the Directors in respect of the 2021 annual bonus
share plan and 2,032,295 additional shares were acquired by the Trust (2024: no shares). The fair value of shares awarded
and outstanding at 31 March 2025 was \u00a312.0 million (2024: \u00a39.8 million).
Details of the outstanding Long Term Incentive Plan and Restricted Share Plans are set out below:
Lapsed/ At 31 March
At 1 April 2024 Granted Rights issue Vested forfeit 2025
Date of Grant/Fair value (pence) No. of shares No. of shares No. of shares No. of shares No. of shares
No. of shares
Vesting dates
Long Term Incentive Plan
7 June 2021/733p
1,339,435
\u2013
\u2013
\u2013
(1,339,435)
\u2013
6 June 2024
27 May 2022/645p
1,799,690
\u2013
370,832
\u2013
(11,769)
2,158,753
26 May 2025
Restricted Share Plan
7 July 2023/422p
1,101,310
\u2013
226,924
\u2013
(14,290)
1,313,944
6 July 2026
24 November 2023/408p
10,283
\u2013
2,118
\u2013
\u2013
12,401
23 Nov 2026
20 June 2024/341p
\u2013
1,403,461
\u2013
\u2013
(19,786)
1,383,675
19 June 2027
4,250,718
1,403,461
599,874
\u2013
(1,385,280)
4,868,773
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-395": { "value": "21 Investment in own shares
2025 2024
\u00a3m \u00a3m
At 1 April
(5.6)
(2.8)
Employee share-based incentive charges
(4.2)
(4.0)
Shares purchased in year
5.7
\u2013
Transfer to retained earnings
2.3
1.2
At 31 March
(1.8)
(5.6)
The investment in the Company\u2019s own shares is held at cost and comprises 2,893,542 shares (2024: 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, 25,912 shares (2024: no shares) vested to the Directors in respect of the 2021 annual bonus share plan and 2,032,295 additional shares were acquired by the Trust (2024: no shares). The fair value of shares awarded and outstanding at 31 March 2025 was \u00a312.0 million (2024: \u00a39.8 million). Details of the outstanding Long Term Incentive Plan and Restricted Share Plans are set out below:
Lapsed/ At 31 March
At 1 April 2024 Granted Rights issue Vested forfeit 2025
Date of Grant/Fair value (pence) No. of shares No. of shares No. of shares No. of shares No. of shares
No. of shares
Vesting dates
Long Term Incentive Plan
7 June 2021/733p
1,339,435
\u2013
\u2013
\u2013
(1,339,435)
\u2013
6 June 2024
27 May 2022/645p
1,799,690
\u2013
370,832
\u2013
(11,769)
2,158,753
26 May 2025
Restricted Share Plan
7 July 2023/422p
1,101,310
\u2013
226,924
\u2013
(14,290)
1,313,944
6 July 2026
24 November 2023/408p
10,283
\u2013
2,118
\u2013
\u2013
12,401
23 Nov 2026
20 June 2024/341p
\u2013
1,403,461
\u2013
\u2013
(19,786)
1,383,675
19 June 2027
4,250,718
1,403,461
599,874
\u2013
(1,385,280)
4,868,773
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-371": { "value": "
22 Cash and cash equivalents
2025 2024
\u00a3m \u00a3m
Cash held at bank (unrestricted)
18.2
5.9
Amounts held in respect of customer rent deposits (restricted)
18.7
17.0
36.9
22.9
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-19": { "value": "22 Cash and cash equivalents
2025 2024
\u00a3m \u00a3m
Cash held at bank (unrestricted)
18.2
5.9
Amounts held in respect of customer rent deposits (restricted)
18.7
17.0
36.9
22.9
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-20": { "value": "23 Notes to the Group statement of cash flows Reconciliation of financing liabilities
Other
1 April New Inflows/ non-cash 31 March
2024 obligations (outflows) movements 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Long-term interest-bearing loans and borrowings
565.4
455.5
(175.0)
2.1
848.0
Short-term interest-bearing loans and borrowings
175.0
\u2013
(175.0)
\u2013
\u2013
Obligations under leases
75.1
12.9
(3.1)
2.1
87.0
815.5
468.4
(353.1)
4.2
935.0
23 Notes to the Group statement of cash flows continued
Other
1 April New Inflows/ non-cash 31 March
2023 obligations (outflows) movements 2024
\u00a3m \u00a3m \u00a3m \u00a3m \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
Adjustment for non-cash items Adjustments for non-cash items used in the reconciliation of cash generated from/(used in) operations in the Group statement of cash flows\u2019 is disclosed below:
2025 2024
\u00a3m \u00a3m
(Surplus)/deficit from investment property
(83.2)
267.3
Deficit on revaluation of other investments
0.4
0.2
Employee share-based incentive charge
4.2
4.0
Spreading of lease incentives
1.0
(5.7)
Share of results of joint ventures
(21.8)
46.7
Depreciation
1.7
1.6
Other
(0.7)
(0.7)
Adjustments for non-cash items
(98.4)
313.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-21": { "value": "24 Dividends
2025 2024
\u00a3m \u00a3m
Dividends paid
Interim dividend for the year ended 31 March 2025 of 2.9 pence per share
11.8
\u2013
Final dividend for the year ended 31 March 2024 of 7.9 pence per share
20.0
\u2013
Interim dividend for the year ended 31 March 2024 of 4.7 pence per share
\u2013
11.9
Final dividend for the year ended 31 March 2023 of 7.9 pence per share
\u2013
20.0
31.8
31.9
A final dividend of 5 .0 pence per share was approved by the Board on 20 May 2025 and, subject to shareholder approval, will be paid on 7 July 2025 to shareholders on the register on 30 May 2025. The dividend is not recognised as a liability at 31 March 2025. The 2024 final dividend and the 2024 interim dividend are included within the Group statement of changes in equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-373": { "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-374": { "value": "20000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-372": { "value": "0.05", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-22": { "value": "26 Employee benefits The Group operates a UK-funded approved defined contribution plan. The Group\u2019s contribution for the year was \u00a32.0 million (2024: \u00a31.8 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, and will close to further accrual from 1 April 2025. The duration of the Plan is 14 years. 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:
2025 2024
% %
Discount rate
5.80
4.90
Expected rate of salary increases
4.10
4.10
RPI inflation
3.10
3.10
Rate of future pension increases
2.90
2.90
Life expectancy assumptions at age 65:
2025 2024
Years Years
Retiring today age 65 \u2013 male:female
23:25
23:25
Retiring in 25 years (age 40 today) \u2013 male:female
25:27
25:27
Changes in the present value of the pension obligation are as follows:
2025 2024
\u00a3m \u00a3m
Defined benefit obligation at 1 April
25.9
26.9
Service cost
0.2
0.2
Past service cost
(0.4)
\u2013
Interest cost
1.2
1.2
Effect of changes in demographic assumptions
0.5
(1.9)
Effect of changes in financial assumptions
(2.7)
(0.5)
Effect of experience adjustments
\u2013
1.3
Benefits paid
(1.1)
(1.3)
Present value of defined benefit obligation at 31 March
23.6
25.9
Changes to the fair value of the Plan assets are as follows:
2025 2024
\u00a3m \u00a3m
Fair value of the Plan assets at 1 April
30.8
31.0
Interest income
1.5
1.5
Actuarial loss
(3.1)
(1.0)
Employer contributions
0.3
0.6
Benefits paid
(1.1)
(1.3)
Fair value of the Plan assets at 31 March
28.4
30.8
Net pension asset
4.8
4.9
The loss recognised immediately in the Group statement of comprehensive income was \u00a30.8 million (2024: \u00a30.1 million gain). The amount recognised in the balance sheet in respect of the Plan is as follows:
2025 2024
\u00a3m \u00a3m
Present value of unfunded obligations
(23.6)
(25.9)
Fair value of the Plan assets
28.4
30.8
Pension asset
4.8
4.9
26 Employee benefits continued Amounts recognised as administration expenses in the income statement are as follows:
2025 2024
\u00a3m \u00a3m
Service cost
(0.2)
(0.2)
Past service cost
0.4
\u2013
Net interest income
0.3
0.3
0.5
0.1
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:
2025 2024
\u00a3m \u00a3m
Cash
0.1
0.1
Equities
1.2
1.6
Bonds
25.8
27.6
Derivatives
1.3
1.5
28.4
30.8
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. Details on two of the more specific risks are below: Changes in bond yields Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in corporate and government bonds offers a degree of matching, i.e. the movement in assets arising from changes in bond yields partially matches the movement in the funding or accounting liabilities. In this way, the exposure to movements in bond yields is reduced. Life expectancy The majority of the obligations are to provide a pension for the life of the member on retirement, so increases in life expectancy will result in an increase in the liabilities. The inflation-linked nature of the majority of benefit payments increases the sensitivity of the liabilities to changes in life expectancy. The effect on the defined benefit obligation of changing the key assumptions, calculated using approximate methods based on historical trends, is set out below:
2025 2024
\u00a3m \u00a3m
Discount rate -0.50%
25.2
26.9
Discount rate +0.50%
22.3
25.1
RPI inflation -0.25%
23.4
25.6
RPI inflation +0.25%
24.0
26.3
Post-retirement mortality assumption \u2013 one year age rating
24.6
26.9
Given the Plan surplus, the Group has agreed to pause contributions to the Plan. Accordingly, the Group expects to contribute \u00a3nil (2024: \u00a3nil) to the Plan in the year ending 31 March 2026. The expected total benefit payments for the year ending 31 March 2026 is \u00a31.0 million, rising to around \u00a31.2 million per annum over the next five years. A total of around \u00a36.9 million is expected to be paid over the subsequent five-year period.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-375": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-376": { "value": "33 Cavendish Square, London W1G 0PW ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800JMEDD2Q4N1MC42", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }