{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"tritax": "http://tritax.com/xbrl/2022",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://tritax.com/xbrl/2022/tritax-2022-12-31.xsd"
]
},
"facts": {
"fact-1": {
"value": "Our purpose Our purpose is to deliver sustainable, long-term logistics solutions that create compelling opportunities for our stakeholders and provide our customers with the space they need to succeed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "206200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RentalIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-6": {
"value": "184700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RentalIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-7": {
"value": "6300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyServiceChargeIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-8": {
"value": "5100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyServiceChargeIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-9": {
"value": "6500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyServiceChargeExpense",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-10": {
"value": "5200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyServiceChargeExpense",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-11": {
"value": "206000000",
"decimals": -5,
"dimensions": {
"concept": "tritax:NetRentalIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-12": {
"value": "184600000",
"decimals": -5,
"dimensions": {
"concept": "tritax:NetRentalIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-13": {
"value": "18300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-14": {
"value": "24700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-15": {
"value": "9000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-16": {
"value": "5800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-17": {
"value": "9300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherOperatingIncomeExpense",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-18": {
"value": "18900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherOperatingIncomeExpense",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-19": {
"value": "32200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-20": {
"value": "25500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-21": {
"value": "183100000",
"decimals": -5,
"dimensions": {
"concept": "tritax:OperatingProfitBeforeChangesInFairValueAndOtherAdjustments",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-22": {
"value": "178000000",
"decimals": -5,
"dimensions": {
"concept": "tritax:OperatingProfitBeforeChangesInFairValueAndOtherAdjustments",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-23": {
"value": "-759500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-24": {
"value": "840900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-25": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestmentProperties",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-26": {
"value": "2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestmentProperties",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-27": {
"value": "500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-28": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-29": {
"value": "1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-30": {
"value": "2900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-31": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-32": {
"value": "5500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-33": {
"value": "1100000",
"decimals": -5,
"dimensions": {
"concept": "tritax:ChangesInFairValueOfContingentConsiderationPayable",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-34": {
"value": "-4200000",
"decimals": -5,
"dimensions": {
"concept": "tritax:ChangesInFairValueOfContingentConsiderationPayable",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-35": {
"value": "-578100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-36": {
"value": "1008400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-37": {
"value": "1600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-38": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-39": {
"value": "39400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-40": {
"value": "40100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-41": {
"value": "14900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-42": {
"value": "2800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-43": {
"value": "-601000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-44": {
"value": "971100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-45": {
"value": "-1600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-46": {
"value": "-1500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-47": {
"value": "-599400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-290": {
"value": "-599400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-48": {
"value": "972600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-291": {
"value": "972600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-49": {
"value": "-0.3208",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-50": {
"value": "0.5539",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-51": {
"value": "-0.3208",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-52": {
"value": "0.5531",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-53": {
"value": "1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-54": {
"value": "1700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-55": {
"value": "4847300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentProperty",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-56": {
"value": "5249100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentProperty",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-57": {
"value": "157400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Land",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-58": {
"value": "201500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Land",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-59": {
"value": "27200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-60": {
"value": "25600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-61": {
"value": "2300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherPropertyPlantAndEquipment",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-62": {
"value": "4000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherPropertyPlantAndEquipment",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-63": {
"value": "2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentReceivables",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-64": {
"value": "2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentReceivables",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-65": {
"value": "19900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-66": {
"value": "1800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-67": {
"value": "5057500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-68": {
"value": "5485700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-69": {
"value": "24900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-70": {
"value": "37100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-71": {
"value": "25100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-72": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-73": {
"value": "47600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Cash",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-74": {
"value": "71100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Cash",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-75": {
"value": "97600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-76": {
"value": "108200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-77": {
"value": "5155100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-78": {
"value": "5593900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-79": {
"value": "34700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-80": {
"value": "38600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-81": {
"value": "111200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-82": {
"value": "85900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-83": {
"value": "1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-84": {
"value": "4300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-85": {
"value": "147000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-86": {
"value": "128800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-87": {
"value": "2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentPayables",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-88": {
"value": "2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentPayables",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-89": {
"value": "474800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-90": {
"value": "207600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-91": {
"value": "1139100000",
"decimals": -5,
"dimensions": {
"concept": "tritax:LoanNotes",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-92": {
"value": "1137600000",
"decimals": -5,
"dimensions": {
"concept": "tritax:LoanNotes",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-93": {
"value": "42200000",
"decimals": -5,
"dimensions": {
"concept": "tritax:AmountsDueToBAndCShareholders",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-94": {
"value": "41400000",
"decimals": -5,
"dimensions": {
"concept": "tritax:AmountsDueToBAndCShareholders",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-95": {
"value": "1658100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-96": {
"value": "1388600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-97": {
"value": "1805100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-98": {
"value": "1517400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-99": {
"value": "3350000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-100": {
"value": "4076500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-101": {
"value": "18700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-102": {
"value": "18700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-103": {
"value": "764300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-104": {
"value": "762000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-105": {
"value": "835100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CapitalRedemptionReserve",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-106": {
"value": "964500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CapitalRedemptionReserve",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-107": {
"value": "1731900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-108": {
"value": "2331300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-109": {
"value": "3350000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-110": {
"value": "4076500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-111": {
"value": "1.7925",
"decimals": 4,
"dimensions": {
"concept": "tritax:NetAssetValuePerShareBasic",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-112": {
"value": "2.1826",
"decimals": 4,
"dimensions": {
"concept": "tritax:NetAssetValuePerShareBasic",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-113": {
"value": "1.7925",
"decimals": 4,
"dimensions": {
"concept": "tritax:NetAssetValuePerShareDiluted",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-114": {
"value": "2.1818",
"decimals": 4,
"dimensions": {
"concept": "tritax:NetAssetValuePerShareDiluted",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-115": {
"value": "1.8037",
"decimals": 4,
"dimensions": {
"concept": "tritax:EPRANetTangibleAssetPerShareBasic",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-116": {
"value": "2.226",
"decimals": 4,
"dimensions": {
"concept": "tritax:EPRANetTangibleAssetPerShareBasic",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-117": {
"value": "1.8037",
"decimals": 4,
"dimensions": {
"concept": "tritax:EPRANetTangibleAssetPerShareDiluted",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-118": {
"value": "2.2252",
"decimals": 4,
"dimensions": {
"concept": "tritax:EPRANetTangibleAssetPerShareDiluted",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-119": {
"value": "18700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-120": {
"value": "762000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-121": {
"value": "964500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-122": {
"value": "2331300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-123": {
"value": "4076500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-124": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-292": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-125": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-293": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-126": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-294": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-127": {
"value": "-599400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-295": {
"value": "-599400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-128": {
"value": "-599400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-296": {
"value": "-599400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-129": {
"value": "18700000",
"decimals": -5,
"dimensions": {
"concept": "tritax:EquityAndProfitLossComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-130": {
"value": "762000000",
"decimals": -5,
"dimensions": {
"concept": "tritax:EquityAndProfitLossComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-131": {
"value": "964500000",
"decimals": -5,
"dimensions": {
"concept": "tritax:EquityAndProfitLossComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-132": {
"value": "1731900000",
"decimals": -5,
"dimensions": {
"concept": "tritax:EquityAndProfitLossComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-133": {
"value": "3477100000",
"decimals": -5,
"dimensions": {
"concept": "tritax:EquityAndProfitLossComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-134": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssuedInRelationToManagementContract",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-135": {
"value": "2300000",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssuedInRelationToManagementContract",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-136": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssuedInRelationToManagementContract",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-137": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssuedInRelationToManagementContract",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-138": {
"value": "2300000",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssuedInRelationToManagementContract",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-139": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-140": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-141": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-142": {
"value": "5300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-143": {
"value": "5300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-144": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "tritax:TransferOfSharebasedPaymentsToLiabilitiesToReflectSettlement",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-145": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "tritax:TransferOfSharebasedPaymentsToLiabilitiesToReflectSettlement",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-146": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "tritax:TransferOfSharebasedPaymentsToLiabilitiesToReflectSettlement",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-147": {
"value": "5300000",
"decimals": -5,
"dimensions": {
"concept": "tritax:TransferOfSharebasedPaymentsToLiabilitiesToReflectSettlement",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-148": {
"value": "5300000",
"decimals": -5,
"dimensions": {
"concept": "tritax:TransferOfSharebasedPaymentsToLiabilitiesToReflectSettlement",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-149": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-150": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-151": {
"value": "129400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-152": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-153": {
"value": "129400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-154": {
"value": "18700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-155": {
"value": "764300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-156": {
"value": "835100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-157": {
"value": "1731900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-158": {
"value": "3350000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-159": {
"value": "17200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-160": {
"value": "466500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-161": {
"value": "1078900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-162": {
"value": "1358700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-163": {
"value": "2921300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-164": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-297": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-165": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-298": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-166": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-299": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-167": {
"value": "972600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-300": {
"value": "972600000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-168": {
"value": "972600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-301": {
"value": "972600000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-169": {
"value": "17200000",
"decimals": -5,
"dimensions": {
"concept": "tritax:EquityAndProfitLossComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-170": {
"value": "466500000",
"decimals": -5,
"dimensions": {
"concept": "tritax:EquityAndProfitLossComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-171": {
"value": "1078900000",
"decimals": -5,
"dimensions": {
"concept": "tritax:EquityAndProfitLossComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-172": {
"value": "2331300000",
"decimals": -5,
"dimensions": {
"concept": "tritax:EquityAndProfitLossComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-173": {
"value": "3893900000",
"decimals": -5,
"dimensions": {
"concept": "tritax:EquityAndProfitLossComprehensiveIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-174": {
"value": "1400000",
"decimals": -5,
"dimensions": {
"concept": "tritax:SharesIssuedInRelationToEquityIssue",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-175": {
"value": "298500000",
"decimals": -5,
"dimensions": {
"concept": "tritax:SharesIssuedInRelationToEquityIssue",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-176": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "tritax:SharesIssuedInRelationToEquityIssue",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-177": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "tritax:SharesIssuedInRelationToEquityIssue",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-178": {
"value": "299900000",
"decimals": -5,
"dimensions": {
"concept": "tritax:SharesIssuedInRelationToEquityIssue",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-179": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssueCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-180": {
"value": "5800000",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssueCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-181": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssueCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-182": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssueCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-183": {
"value": "5800000",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssueCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-184": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssuedInRelationToManagementContract",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-185": {
"value": "2800000",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssuedInRelationToManagementContract",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-186": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssuedInRelationToManagementContract",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-187": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssuedInRelationToManagementContract",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-188": {
"value": "2900000",
"decimals": -5,
"dimensions": {
"concept": "tritax:ShareIssuedInRelationToManagementContract",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-189": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-190": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-191": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-192": {
"value": "2700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-193": {
"value": "2700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-194": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "tritax:TransferOfSharebasedPaymentsToLiabilitiesToReflectSettlement",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-195": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "tritax:TransferOfSharebasedPaymentsToLiabilitiesToReflectSettlement",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-196": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "tritax:TransferOfSharebasedPaymentsToLiabilitiesToReflectSettlement",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-197": {
"value": "2700000",
"decimals": -5,
"dimensions": {
"concept": "tritax:TransferOfSharebasedPaymentsToLiabilitiesToReflectSettlement",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-198": {
"value": "2700000",
"decimals": -5,
"dimensions": {
"concept": "tritax:TransferOfSharebasedPaymentsToLiabilitiesToReflectSettlement",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-199": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-200": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-201": {
"value": "114400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-202": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-203": {
"value": "114400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-204": {
"value": "18700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-205": {
"value": "762000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-206": {
"value": "964500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-207": {
"value": "2331300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-208": {
"value": "4076500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-209": {
"value": "-599400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-210": {
"value": "972600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-211": {
"value": "-1600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-212": {
"value": "-1500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-213": {
"value": "-1100000",
"decimals": -5,
"dimensions": {
"concept": "tritax:AdjustmentsForChangesInFairValueOfContingentConsiderationPayable",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-214": {
"value": "4200000",
"decimals": -5,
"dimensions": {
"concept": "tritax:AdjustmentsForChangesInFairValueOfContingentConsiderationPayable",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-215": {
"value": "39400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-216": {
"value": "40100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-217": {
"value": "14900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-218": {
"value": "2800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-219": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-220": {
"value": "5500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-221": {
"value": "1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-222": {
"value": "2900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-223": {
"value": "1700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForAmortisationExpense",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-224": {
"value": "5400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForAmortisationExpense",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-225": {
"value": "500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-226": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-227": {
"value": "-759500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnFairValueAdjustmentInvestmentProperty",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-228": {
"value": "840900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnFairValueAdjustmentInvestmentProperty",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-229": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "tritax:AdjustmentsForGainOnDisposalOfInvestmentProperties",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-230": {
"value": "2000000",
"decimals": -5,
"dimensions": {
"concept": "tritax:AdjustmentsForGainOnDisposalOfInvestmentProperties",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-231": {
"value": "1600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-232": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncome",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-233": {
"value": "11100000",
"decimals": -5,
"dimensions": {
"concept": "tritax:AdjustmentsForAccretionOfTenantLeaseIncentive",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-234": {
"value": "7200000",
"decimals": -5,
"dimensions": {
"concept": "tritax:AdjustmentsForAccretionOfTenantLeaseIncentive",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-235": {
"value": "12100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-236": {
"value": "-12000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-237": {
"value": "-3900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInDeferredIncomeOtherThanContractLiabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-238": {
"value": "1700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInDeferredIncomeOtherThanContractLiabilities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-239": {
"value": "-2900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-240": {
"value": "26200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-241": {
"value": "179000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-242": {
"value": "192100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-243": {
"value": "1600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-244": {
"value": "-4000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-245": {
"value": "177400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-246": {
"value": "196100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-247": {
"value": "286800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInvestmentProperty",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-248": {
"value": "316900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInvestmentProperty",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-249": {
"value": "13100000",
"decimals": -5,
"dimensions": {
"concept": "tritax:AdditionsToLandOptionsClassifiedAsInvestingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-250": {
"value": "15000000",
"decimals": -5,
"dimensions": {
"concept": "tritax:AdditionsToLandOptionsClassifiedAsInvestingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-251": {
"value": "2800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-252": {
"value": "500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-253": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-254": {
"value": "4200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-255": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "tritax:LicenceFeesReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-256": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "tritax:LicenceFeesReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-257": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-258": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-259": {
"value": "500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-260": {
"value": "900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-261": {
"value": "-302100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-262": {
"value": "-327300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-263": {
"value": "2300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-264": {
"value": "302800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-265": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsForShareIssueCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-266": {
"value": "5800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsForShareIssueCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-267": {
"value": "319000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-268": {
"value": "245500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-269": {
"value": "52000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-270": {
"value": "245500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-271": {
"value": "1500000",
"decimals": -5,
"dimensions": {
"concept": "tritax:InterestDerivativesReceivedClassifiedAsFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-272": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "tritax:InterestDerivativesReceivedClassifiedAsFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-273": {
"value": "1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsForDebtIssueCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-274": {
"value": "700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsForDebtIssueCosts",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-275": {
"value": "35800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-276": {
"value": "37500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-277": {
"value": "3200000",
"decimals": -5,
"dimensions": {
"concept": "tritax:InterestCapPremiumPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-278": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "tritax:InterestCapPremiumPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-279": {
"value": "129200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-280": {
"value": "114300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-281": {
"value": "101200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-282": {
"value": "144500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-283": {
"value": "-23500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-284": {
"value": "13300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-285": {
"value": "70900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-286": {
"value": "57600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-287": {
"value": "47400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-288": {
"value": "70900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-302": {
"value": "FINANCIAL 1. Corporate information The consolidated financial statements of the Group for the year ended 31 December 2022 comprise the results of Tritax Big Box REIT plc (the \u201cCompany\u201d) and its subsidiaries (together, the \u201cGroup\u201d) and were approved by the Board for issue on 1 March 2023. The Company is a public limited Company incorporated and domiciled in England and Wales. The Company\u2019s Ordinary Shares are admitted to the official list of the UK Listing Authority, a division of the Financial Conduct Authority, and traded on the London Stock Exchange. The registered address of the Company is disclosed in the Company Information. The nature of the Group\u2019s operations and its principal activities are set out in the Strategic Report. Accounting policies 2. Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The comparative information disclosed relates to the year ended 31 December 2021. The Group\u2019s financial statements have been prepared on a historical cost basis, other than as explained in the accounting policies below. The consolidated financial statements are presented in Sterling, which is also the Company\u2019s functional currency, and all values are rounded to the nearest \u00a30.1 million, except where otherwise indicated. The Group has chosen to adopt European Public Real Estate Association (\u201cEPRA\u201d) best practice guidelines for calculating key metrics such as net asset value and earnings per share (www.epra.com/finance/financial-reporting/guidelines). 2.1. Going concern Given the changing economic landscape during 2022, in particular the impact this has had on the value of the Group\u2019s portfolio, the Board has paid particular attention to the appropriateness of the going concern basis in preparing these financial statements. Any going concern assessment considers the Group\u2019s financial position, cash flows, liquidity and capital commitments including its continued access to its debt facilities and headroom under financial loan covenants. The Directors have considered the cash flow forecasts for the Group for a period of 12 months from the date of approval of these financial statements. These forecasts include the Directors\u2019 assessment of the impact of the future performance of the Group, taking into account any relevant information and include various levels of stress testing of financial forecasts with consideration over downside scenarios. The Directors have reviewed the current and projected financial position of the Group, making varying assumptions about its future trading performance. Various forms of sensitivity analysis have been performed having a particular regard to the current financial performance of the Group\u2019s customers, taking into account any discussions held with the customer surrounding their rental obligations. The analysis also included sensitivities over the following; portfolio valuation movements due to market volatility, rates of rent collection, the risk around any customer default, future levels of inflation across the business and future interest rate movements. The Group has a strong track record with regards to rent collection and has continued to receive 100% of all rent falling due in respect of 2022. The Directors have also considered the arrears position in light of IFRS 9, expected credit loss model; see note 20 for further details. As at 31 December 2022, the Group had an aggregate \u00a3483 million of undrawn commitments under its senior debt facilities, as well as \u00a347.6 million of cash held at bank, of which \u00a399.9 million was committed under various pre-let development contracts. The Group\u2019s loan to value ratio stood at 31.2%, with the debt portfolio having an average maturity term of approximately 5.4 years. As at the date of approval of this report, the Group has substantial headroom within its financial loan covenants, which include loan to value covenants at 60% on its tightest loans. The Group\u2019s financial covenants have also been complied with for all loans throughout the year and up to the date of approval of these financial statements. As at 31 December 2022, property values would have to fall by more than 45% before loan covenants at the corporate level are breached. The Directors have assessed the Group\u2019s ability to continue as a going concern and are not aware of any material uncertainties that may cast significant doubt upon the Group\u2019s ability to continue as a going concern. Therefore the Directors are satisfied that the Group has the resources to continue in business until at least 31 March 2024 . 3. Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. Notes to the Consolidated Accounts 118 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 3. Significant accounting judgements, estimates and assumptions continued 3.1. Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: Other operating income Other operating income is receivable from development management agreements in place with third parties. Development management income is recognised in the accounting period in which the services are rendered and a significant reversal is not expected in future periods. Judgement is exercised in identifying performance obligations including achieving a pre-let, managing the building of an asset and arranging for lease completion. Certain performance obligations, such as achieving a pre-let or letting, are recognised at a point in time and others, such as managing the construction of an asset, are recognised over time based on the actual service provided to the end of the reporting period as a proportion of the total services. Management determines the stage of completion of an asset by assessing the total costs incurred on a project, as a proportion of the total costs expected to be incurred. A judgement is formed over the level of other operating income to be recognised in any accounting period, which also takes into account any associated costs borne under the corresponding development management agreements. Land options Measurement Land options, and other non-financial assets, are initially capitalised at cost and considered for any impairment indication annually. The impairment review includes consideration of the resale value of the option, likelihood of achieving planning consent and current recoverable value as determined by an independent valuer. In the calculation of the resale value or recoverable value of land options, several estimates are required which includes the expected size of the development, expected rental and capitalisation rates, estimated build costs, the time to complete the development and anticipated progress with achieving planning consent, as well as the associated risks of achieving the above. B and C Shares As part of the acquisition of Tritax Symmetry which completed on 19 February 2019, shares were issued in Tritax Symmetry Limited to the management Shareholders of Tritax Symmetry (\u201cSymmetry Management Shareholders\u201d) in the form of B and C shares (the \u201cB and C Shares\u201d). The terms of these shares are complex and as a result the Directors have had to make a number of judgements in order to conclude on the appropriate accounting treatment. The significant judgements applied in relation to the B and C Shares were as follows: 1. Subject to remaining in continued employment these shares entitle the holders to 13% of the Adjusted NAV of Tritax Symmetry Limited. Were an individual to leave employment and be deemed a bad leaver, the amount payable is the lower of the value of the shares on the completion date and 50% of Adjusted NAV. The Directors have therefore concluded that the unconditional amount payable to the B and C Shareholders, being 50% of the value of the B and C Shares on acquisition, should be treated as contingent consideration in accordance with IFRS 3. The fair value of the contingent consideration is remeasured at each reporting date. Any additional amounts paid to the B and C Shareholders as a result of their continued service is accounted for as payment for the provision of post-combination services. 2. The B and C Shares have put options in place at various points in time over an eight-year period to February 2027, along with a put and call option at February 2027. The B and C Shares are not considered to represent a present ownership interest in the Group as an element of the amount due to the B and C Shareholders is dependent on them continuing to remain in employment and provide services to the Group. Therefore, the Directors have concluded that the B and C Shares do not represent a non-controlling interest and the amounts owed to the B and C Shareholders should instead be presented as a financial liability. 3. When settled the B and C Shares are settled 25% in cash with the remaining 75% settled in either cash or shares at the discretion of the Company. Both elements are considered to represent share-based payments as the amounts due are based on the Adjusted NAV of the underlying business of Tritax Symmetry Limited. The Directors will endeavour to settle all of the B and C Shares in cash, subject to sufficient funds being available to the Group at the time of settlement without adversely impacting the operations of the Group. In accordance with IFRS 2 this is accounted for as a cash settled share-based payment. In conformity with the requirements of IFRS 2 for cash settled share-based payments, the share-based payment charge is the fair value of the settlement value of the B and C Shares in Tritax Symmetry Limited, established by a Monte Carlo simulation model and reassessed at each reporting date. Business combinations The Group acquires subsidiaries that own property and other property interests. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination where an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Where such acquisitions are not judged to be the acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based upon their relative fair values at the acquisition date. Accordingly, no goodwill or deferred tax arises. The fair value of assets and liabilities are established using industry-leading third-party professionals, instructed by the Company. 119Tritax Big Box REIT plc Annual Report 2022
FINANCIAL STATEMENTS
3. Significant accounting judgements, estimates and assumptions continued
3.1. Judgements continued
Estimates
Fair valuation of investment property
The market value of investment property is determined by an independent property valuation expert (see note 15) to be the estimated amount
for which a property should exchange on the date of the valuation in an arm\u2019s-length transaction. Properties have been valued on an individual
basis. The valuation expert uses recognised valuation techniques and the principles of both IAS 40 and IFRS 13.
The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards July 2017 (the \u201cRed Book\u201d). Factors reflected
comprise current market conditions including net initial yield applied, annual rents and estimated rental values, lease lengths, location and building
specification which would include climate-related considerations. The net initial yield, being the most significant estimate, is subject to changes
depending on the market conditions which are assessed on a periodic basis. The significant methods and assumptions used by the valuers in
estimating the fair value of investment property, together with the sensitivity analysis on the most subjective inputs, are set out in note 15.
4. Summary of significant accounting policies
4.1. Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries, as at the year-end date.
4.2. Subsidiaries
Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following
elements are present: power over the investee, exposure to variable returns from the investee and the ability of the investor to use its power to
affect those variable returns. Control is reassessed wherever facts and circumstances indicate that there may be a change in any of these
elements of control.
4.3. Segmental information
The Directors are of the opinion that the Group is engaged in a single segment business, being the investment in UK logistics assets and land
options with a view to developing logistics and holding these for investment purposes. The Directors consider that these properties have
similar economic characteristics in nature and as a result they have been reported as a single reportable operating business. All of the Group\u2019s
revenue and assets are based in the United Kingdom.
4.4. Investment property and investment property under construction
Investment property comprises completed property that is held to earn rentals or for capital appreciation, or both. Property held under a lease
is classified as investment property when it is held to earn rentals or for capital appreciation or both, rather than for sale in the ordinary course
of business or for use in production or administrative functions.
The corresponding entry upon recognising lease incentives or fixed/minimum rental uplifts is made to investment property. For further details
see Accounting Policy note 4.16.1.
Investment property is recognised once practical completion is achieved and is measured initially at cost including transaction costs. Transaction
costs include transfer taxes, professional fees for legal services and other costs incurred in order to bring the property to the condition necessary
for it to be capable of operating. Subsequent to initial recognition, investment property is stated at fair value. Gains or losses arising from
changes in the fair values are included in the Group profit or loss in the year in which they arise under IAS 40 \u201cInvestment Property\u201d.
Long leaseholds are accounted for as investment property as they meet the criteria for right of use assets.
Investment properties under construction are financed by the Group where the Group enters into contracts to forward fund the development
of a pre-let property. All such contracts specify a fixed amount of consideration. The Group also directly enters into construction contracts to
develop logistics assets, in the form of pre-let development and with an allowance of up to 5% of GAV in speculative development (with no
pre-let secured). Investment properties under construction are initially measured at cost (including the transaction costs), which reflect the
Group\u2019s investment in the assets. Subsequently, the assets are remeasured to fair value at each reporting date. The fair value of investment
properties under construction is estimated as the fair value of the completed asset less any costs still payable in order to complete the asset,
which include an appropriate developer\u2019s margin.
Additions to properties include costs of a capital nature only. Expenditure is classified as capital when it results in identifiable future economic
benefits, which are expected to accrue to the Group. Capitalised expenditure also includes finance costs incurred on qualifying assets under
construction. All other property expenditure is expensed in the Group profit or loss as incurred.
Investment properties cease to be recognised when they have been disposed of or withdrawn permanently from use and no future economic
benefit is expected from disposal. The difference between the net disposal proceeds and the carrying amount of the asset would result in
either gains or losses at the retirement or disposal of investment property. Any gains or losses are recognised in the Group profit or loss in the
year of retirement or disposal.
4.5. Assets held for sale
An asset will be classified as held for sale in line with IFRS \u201c5 Non-Current Assets Held for Sale and Discontinued Operations\u201d if its carrying
value is expected to be recovered though a sale transaction rather than continuing use. An asset will be classified in this way only when a sale
is highly probable, management are committed to selling the asset at the year-end date, the asset is available for immediate sale in its current
condition and the asset is expected to be disposed of within 12 months after the date of the Consolidated Statement of Financial Position.
120 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 4. Summary of significant accounting policies continued 4.6. Financial instruments Fair value hierarchy Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period . 4.6.1. Financial assets The Group classifies its financial assets into one of the categories discussed below. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group profit or loss in the finance income or expense line. Other than derivative financial instruments which are not designated as hedging instruments, the Group does not have any assets held for trading nor does it voluntarily classify any financial assets as being at fair value through profit or loss. Amortised cost These assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost being the effective interest rate method, less provision for impairment. Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from tenant default (being the failure of a tenant to timely pay rent due) to determine the lifetime expected credit loss for the trade receivables. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the Group Statement of Financial Position. Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less . 4.6.2. Financial liabilities The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value; and the amounts due to B and C Shareholders. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group profit or loss. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss. Other financial liabilities Other financial liabilities include the following items: Bank borrowings and the Group\u2019s loan notes are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the Group Statement of Financial Position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payment while the liability is outstanding. Debt modification Debt modifications are subject to a qualitative and quantitative test to determine if a substantial modification has occurred. The outcome of the tests will determine if the modification should be treated as a substantial modification under extinguishment accounting or an adjustment to the existing liability under modification accounting. 4.7. Forward funded pre-let investments The Group enters into forward funding development agreements for pre-let investment property. The Group will enter into a forward funding agreement with a developer and simultaneously enter into an agreement for lease with a prospective tenant willing to occupy the building once complete. 4.7.1. Licence fees receivable During the period between initial investment in a forward funded agreement and the rent commencement date under the lease, the Group receives licence fee income on certain property transactions. This is payable by the developer to the Group throughout this period and typically reflects the approximate level of rental income that is expected to be payable under the lease, as and when practical completion is reached. IAS 40.20 states that investment property should be recognised initially at cost, being the consideration paid to acquire the asset, therefore such licence fees are deducted from the cost of investment property and are initially recognised as a receivable. 121Tritax Big Box REIT plc Annual Report 2022 FINANCIAL STATEMENTS 4. Summary of significant accounting policies continued 4.7. Forward funded pre-let investments continued 4.7.1. Licence fees receivable continued Any economic benefit of the licence fee is reflected within the Group profit or loss as a movement in the fair value of investment property and not within gross rental income. Licence fees received are treated as gross receipts within the Group Cash Flow Statement. In addition, IAS 16.21 indicates that income and expenses from operations that are not to bring an asset to the location and condition necessary for it to be capable of operating in the manner intended, should be recognised in profit or loss. 4.8. Joint arrangements The Group is a party to a joint arrangement when there is a contractual arrangement that confers joint control over the relevant activities of the arrangement to the Group and at least one other party. Joint control is assessed under the same principles as control over subsidiaries. The Group classifies its interests in joint arrangements as either: \u2022 joint ventures: where the Group has rights to only the net assets of the joint arrangement; or \u2022 joint operations: where the Group has both the rights to assets and obligations for the liabilities of the joint arrangement. In assessing the classification of interests in joint arrangements, the Group considers: \u2022 the structure of the joint arrangement; \u2022 the legal form of joint arrangements structured through a separate vehicle; \u2022 the contractual terms of the joint arrangement agreement; and \u2022 any other facts and circumstances (including any other contractual arrangements). The Group does not have any joint operations. Joint ventures are initially recognised in the Group Statement of Financial Position at cost. Subsequently joint ventures are accounted for using the equity method, where the Group\u2019s share of post-acquisition profits and losses and other comprehensive income is recognised in the Group profit or loss. Profits and losses arising on transactions between the Group and its joint ventures are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the joint venture\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the joint venture. Any premium paid for an investment in a joint venture above the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the investment in joint venture. Provision for impairment in value is made where there is objective evidence that the investment in a joint venture has been impaired. 4.9. Goodwill Goodwill is capitalised as an intangible asset, with any impairment in carrying value being charged to the Group profit or loss. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Group profit or loss on the acquisition date as a gain on bargain purchase or negative goodwill. 4.10. Intangible assets As a result of the acquisition of Tritax Symmetry, the DMA between the Company and Tritax Symmetry Management Limited is assessed as a favourable contract. It is recognised as an intangible asset on the Group Statement of Financial Position and is amortised over the original eight year term of the DMA. The favourable element of the DMA was assessed with reference to a reasonable mark-up that may be expected for these services if the agreement were set up at arm\u2019s length, discounted over the eight-year period. 4.11. Land options Land options are classified as non-financial assets as they are non-liquid assets with no active market and they cannot be readily converted into cash. The options are exercisable at a future date subject to receiving planning consent. They are initially carried at cost and are tested for impairment annually and whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (the higher of value in use and fair value less costs to sell), the option is written down accordingly as a charge to the Group profit or loss. Once the options are exercised and the land is drawn down, they are transferred into investment property. 4.12. Impairment of assets Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the financial year end. Other non-financial assets including intangible assets, investment in joint ventures and land options are subject to annual impairment tests, or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (the higher of value in use and fair value less costs to sell), the asset is impaired accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows, its cash-generating units (\u201cCGUs\u201d). Goodwill is allocated on initial recognition to each of the Group\u2019s CGUs that are expected to benefit from a business combination that gives rise to the goodwill. Impairment charges are included in Group profit or loss. An impairment loss recognised for goodwill is not reversed. 122 Tritax Big Box REIT plc Annual Report 2022
Notes to the Consolidated Accounts continued
4. Summary of significant accounting policies continued
4.13. Business combination
The Group acquires subsidiaries that own investment properties. At the time of acquisition, the Group considers whether each acquisition
represents the acquisition of a business or the acquisition of an asset. Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness
Combinations\u201d), to be considered a business an acquired set of activities and assets must include, at a minimum, an input and a substantive
process that together significantly contribute to the ability to create outputs. The optional \u201cconcentration test\u201d is also applied; where
substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired
would not represent a business. Therefore the Group accounts for an acquisition as a business combination where an integrated set of
activities is acquired in addition to the property.
Where an acquisition is considered to be a business combination the consolidated financial statements incorporate the results of business
combinations using the acquisition method. In the Group Statement of Financial Position, the acquiree\u2019s identifiable assets, liabilities and
contingent liabilities are initially recognised at their fair values at the acquisition date. Any excess of the cost of a business combination over
the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired is treated as goodwill. Where the fair
value of identifiable assets, liabilities and contingent liabilities acquired exceeds the fair value of the purchase consideration, the difference is
treated as gain on bargain purchase and credited to the Group profit or loss. The results of acquired operations are included in the Group
profit or loss from the date on which control is obtained until the date on which control ceases.
Where such acquisitions are not judged to be the acquisition of a business, they are not treated as business combinations. Rather, the cost
to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based upon their relative fair values at the
acquisition date. Accordingly, no goodwill or additional deferred tax arises.
Where amounts payable for the acquisition of a business are subject to a contingent consideration arrangement in which the payments are
automatically forfeited if employment terminates, the amounts are treated as remuneration for post-combination services rather than
consideration for the acquisition of a business .
4.14. Share-based payments
The Company has entered into an agreement with the Symmetry Management Shareholders where future amounts payable are based on the
Adjusted NAV of Tritax Symmetry Limited and subject to certain provisions around continuing employment. 25% of the amounts payable are
to be settled in cash with the remaining 75% settled in cash or shares at the discretion of the Company. Where the Company has a present
obligation to settle the amounts in cash, either through its stated intention or past practice, the Company accounts for the amounts as cash
settled share-based payments. The fair value of the cash settled obligation is recognised over the vesting period and presented as a liability in
the Group Statement of Financial Position. The liability is remeasured at each reporting date with the charge to the profit or loss updated over
the vesting period.
4.15. Dividends payable to Shareholders
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends
are recognised when approved by the Shareholders at an Annual General Meeting.
4.16. Property income
4.16.1. Ren ta l in co me
Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease term and is
included in gross rental income in the Group profit or loss. A rental adjustment is recognised from the rent review date in relation to unsettled
rent reviews, where the Directors are reasonably certain that the rental uplift will be agreed. Initial direct costs incurred in negotiating and
arranging an operating lease are recognised as an expense over the lease term on the same basis as the lease income. Rental income is
invoiced, either monthly or quarterly in advance, and for all rental income that relates to a future period this is deferred and appears within
current liabilities on the Group Statement of Financial Position.
For leases, which contain fixed or minimum uplifts, the rental income arising from such uplifts is recognised on a straight-line basis over the
lease term.
Tenant lease incentives are recognised as a reduction of gross rental income on a straight-line basis over the term of the lease. The lease term
is the non cancellable period of the lease together with any further term for which the tenant has the option to continue the lease where, at the
inception of the lease, the Directors are reasonably certain that the tenant will exercise that option.
When the Group enters into a forward funded transaction, the future tenant signs an agreement for lease. No rental income is recognised
under the agreement for lease, but once practical completion has taken place the formal lease is signed, at which point rental income
commences to be recognised in the Group profit or loss from the rent commencement date.
4.16.2. Other operating income
The other operating income is generated through the Group providing development management services to third parties. It is recognised on
an accruals basis in the period in which the services have been rendered, performance obligations have been satisfied and a significant
reversal is not expected in future periods.
4.17. Finance income
Finance income is recognised as interest accrues on cash balances held by the Group. Interest charged to a tenant on any overdue rental
income is also recognised within finance income.
4.18. Finance costs
Finance costs consist of interest and other costs that an entity incurs in connection with bank and other borrowings. Any finance costs that
are separately identifiable and directly attributable to the acquisition or construction of an asset that takes a period of time to complete are
capitalised as part of the cost of the asset. All other finance costs are expensed to the Group profit or loss in the period in which they occur.
123Tritax Big Box REIT plc Annual Report 2022 FINANCIAL STATEMENTS 4. Summary of significant accounting policies continued 4.19. Ta xation Taxation on the profit or loss for the period not exempt under UK REIT regulations comprises current and deferred tax. Current tax is expected tax payable on any profit not relating to the property rental business for the year, using tax rates enacted or substantively enacted at the year-end date, including any adjustment to tax payable in respect of previous years . 5. New standards issued 5.1. New standard issued and effective from 1 January 2022 There was no material effect from the adoption of other amendments to IFRS effective in the year. They have no significant impact to the Group significantly as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s current accounting policies. 5.2. New standards issued but not yet effective Amendments to IAS 1 on Classification of liabilities as Current or Non-Current are effective for the financial years commencing on or after 1 January 2024 and are to be applied retrospectively. The amendments are not expected to have an impact on the presentation and classification of liabilities in the Group Statement of Financial Position based on rights that are in existence at the end of the reporting period. There are no other standards that are not yet effective that would be expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions. 6. Total property income Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Rental income \u2013 freehold property 162.3 146.5 Rental income \u2013 long leasehold property 32.6 30.9 Spreading of tenant incentives and guaranteed rental uplifts 11.1 7.2 Other income 0.2 0.1 Gross rental income 206.2 184.7 Property insurance recoverable 4.2 3.9 Service charges recoverable 2.1 1.2 Total property insurance and service charge income 6.3 5.1 Total property income 212.5 189.8 There was one individual tenant representing more than 10% of gross rental income, constituting \u00a332.2 million of rental income in 2022 (2021: \u00a325.0 million) Included in the \u00a39.3 million of other operating income, was a charge of \u00a31.7 million (2021: \u00a35.4 million) being amortisation of other property assets. The other operating income is generated through the Group providing development management services to third parties. 7. Service charge expenses Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Property insurance expense 4.3 4.0 Service charge expense 2.2 1.2 Total property expenses 6.5 5.2 124 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 8. Administrative and other expenses Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Investment management fees 26.0 20.7 Directors\u2019 remuneration (note 9) 0.5 0.4 Auditor\u2019s fees Fees payable for the audit of the Company\u2019s annual accounts 0.4 0.4 Fees payable for the review of the Company\u2019s interim accounts 0.1 0.1 Fees payable for the audit of the Company\u2019s subsidiaries 0.1 0.1 Total Auditor\u2019s fee 0.6 0.6 Development management fees 1.0 0.8 Corporate administration fees 0.5 0.5 Regulatory fees 0.1 0.1 Legal and professional fees 1.9 1.3 Marketing and promotional fees 0.5 0.5 Other costs 1.1 0.6 Total administrative and other expenses 32.2 25.5 9. Directors\u2019 remuneration Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Directors\u2019 fees 0.4 0.3 Employer\u2019s National Insurance 0.1 0.1 0.5 0.4 A summary of the Directors\u2019 emoluments, including the disclosures required by the Companies Act 2006, is set out in the Directors\u2019 Remuneration Report. 10. Finance income Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Interest received on bank deposits 0.1 \u2014 Interest received on swaps and other derivatives 1.5 \u2014 Total tax charge 1.6 \u2014 11. Finance expense Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Interest payable on bank borrowings 9.3 6.1 Interest payable on loan notes 29.8 29.8 Commitment fees payable on bank borrowings 1.7 2.0 Swap interest payable 0.1 0.4 Amortisation of loan arrangement fees 3.2 2.5 44.1 40.8 Borrowing costs capitalised against development properties (4.7) (0.7) Total tax charge 39.4 40.1 The interest capitalised rate is the Group\u2019s weighted average cost of debt as detailed in note 25. 125Tritax Big Box REIT plc Annual Report 2022 FINANCIAL STATEMENTS 12. Taxation a) Tax charge in the Group Statement of Comprehensive Income Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m UK corporation tax credit/(charge) 1.6 (2.4) Appropriation tax refund \u2014 3.9 Tax credit 1.6 1.5 The UK corporation tax rate for the financial year is 19%. Accordingly, this rate has been applied in the measurement of the Group\u2019s tax liability at 31 December 2022. b) Factors affecting the tax charge for the year The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The differences are explained below: Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Profit/(loss) on ordinary activities before taxation (601.0) 971.1 Theoretical tax at UK corporation tax rate of 19.0% (31 December 2021: 19.0%) (114.2) 184.5 REIT exempt income (25.0) (23.8) Non-taxable items 141.5 (160.7) Permanent differences/tax losses not recognised \u2014 \u2014 Tax refund \u2014 (3.9) Residual losses (3.9) 6.3 Total tax (credit)/charge (1.6) 2.4 Non-taxable items include income and gains that are derived from the property rental business and are therefore exempt from UK corporation tax in accordance with Part 12 of CTA 2010. REIT exempt income includes property rental income that is exempt from UK corporation tax in accordance with Part 12 of CTA 2010. The current year tax liability of \u00a31.1 million (2021: \u00a34.3 million) relates to tax payable on non-property profits arising in the year and appropriation tax charges in relation to the business combination which occurred in 2019. 126 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 13. Earnings per share Earnings per share (EPS) are calculated by dividing profit for the period attributable to ordinary equity holders of the Company by the weighted average number of Ordinary Shares in issue during the period. As there are dilutive instruments outstanding, basic and diluted earnings per share are shown below. In relation to the dilutive shares to be issued in respect of the B and C Shares, the Directors have indicated a current intention to settle these 100% in cash. The calculation of basic and diluted earnings per share is based on the following: For the year ended 31 December 2022 Net profit/(loss) attributable to Ordinary Shareholders \u00a3m Weighted average number of Ordinary Shares 1 \u2018000 Earnings per share pence Basic EPS (599.4) 1,868,638 (32.08) Diluted EPS (599.4) 1,868,638 (32.08) Adjustments to remove: Changes in fair value of investment property 759.5 Changes in fair value of interest rate derivatives (14.9) Amortisation of other property assets 1.7 Share of profit from joint ventures (0.5) Impairment of intangible contract and other property assets 1.5 EPRA EPS 147.9 1,868,638 7.92 Dilutive shared based payment charge (2.0) Fair value movement in contingent consideration (1.1) 14,040 Dilutive shares in respect of B and C Shareholders 8,775 EPRA diluted EPS 2 144.8 1,891,453 7.66 Adjustments to include: Share based payment charge 2.0 Fair value movement in contingent consideration 1.1 Fixed rental uplift adjustments (6.1) Share-based payments charges 1.9 Changes in fair value of contingent consideration payable (1.1) Amortisation of loan arrangement fees and intangibles (see note 11) 3.0 Adjusted EPS 145.6 1,868,638 7.79 Dilutive shared based payment charge (2.0) Fair value movement in contingent consideration (1.1) 14,040 Dilutive shares in respect of B and C Shareholders 8,775 Adjusted diluted EPS 2 142.5 1,891,453 7.54 1. Based on the weighted average number of Ordinary Shares in issue throughout the year. 2. Based on the weighted average number of Ordinary Shares in issue throughout the year, plus potentially issuable dilutive shares (see below). 3. Relates to dilutive shares in respect of contingent consideration. This being the 75% of the amounts due to the B and C Shareholders that could potentially be settled as equity. The share-based payments charges are dilutive to EPRA and Adjusted EPS only at year end . 127Tritax Big Box REIT plc Annual Report 2022 FINANCIAL STATEMENTS 13. Earnings per share continued For the year ended 31 December 2021 Net profit attributable to Ordinary Shareholders \u00a3m Weighted average number of Ordinary Shares 1 \u2018000 Earnings per share pence Basic EPS 972.6 1,755,927 55.39 Add: Shares to be issued on outstanding investment manager\u2019s fees 668 Add back: Dilutive share based payment charge 1.7 Add back: Fair value movement in contingent consideration 4.2 8,017 Add back: Dilutive shares in respect of B and C Shareholders 4,462 Diluted EPS 2 978.5 1,769,074 55.31 Adjustments to remove: Dilutive share based payment charge (1.7) Changes in fair value of contingent consideration payable (4.2) Changes in fair value of investment property (840.9) Changes in fair value of interest rate derivatives (2.8) Gain on disposal of investment properties (2.0) Amortisation of other property assets 5.4 Refund of corporation tax (3.9) Share of profit from joint ventures (0.1) Impairment of intangible contract and other property assets 2.9 EPRA EPS 131.2 1,755,927 7.47 Add: Shares to be issued on outstanding investment manager\u2019s fees 668 EPRA diluted EPS 2 131.2 1,756,595 7.47 Adjustments to include: Licence fee receivable on Forward Funded Developments 7.3 Fixed rental uplift adjustments (6.2) Share-based payments charges 5.5 Changes in fair value of contingent consideration payable 4.2 Amortisation of loan arrangement fees and intangibles (see note 11) 2.5 Adjusted EPS 4 144.5 1,755,927 8.23 Add back: Shares to be issued on outstanding investment manager\u2019s fees 668 Adjusted diluted EPS 144.5 1,756,595 8.22 1. Based on the weighted average number of Ordinary Shares in issue throughout the year. 2. Based on the weighted average number of Ordinary Shares in issue throughout the year, plus potentially issuable dilutive shares (see below). 3. Relates to dilutive shares in respect of contingent consideration. This being the 75% of the amounts due to the B and C Shareholders that could potentially be settled as equity. The share-based payments charges are dilutive to basic EPS only at year end. 4. Relates to dilutive effect of shares to be issued on outstanding investment manager\u2019s fees. Adjusted earnings is a performance measure used by the Board to assess the Group\u2019s dividend payments. The metric reduces EPRA earnings by other non-cash items credited or charged to the Group Statement of Comprehensive Income, such as fixed rental uplift adjustments and amortisation of loan arrangement fees. Licence fees received during the period are added to earnings on the basis noted below as the Board sees these cash flows as supportive of dividend payments. The Board compares the Adjusted earnings to the available distributable reserves when considering the level of dividend to pay. The adjustment for licence fees receivable is calculated by reference to the proportion of the total period of completed construction during the year, multiplied by the total licence fee receivable on a given forward funded asset. Licence fees will convert into rental income once practical completion has occurred and therefore rental income will flow into EPRA and Adjusted earnings from this point. Fixed rental uplift adjustments relate to adjustments to net rental income on leases with fixed or minimum uplifts embedded within their review profiles. The total minimum income recognised over the lease term is recognised on a straight-line basis and therefore not fully supported by cash flows during the early term of the lease, but this reverses towards the end of the lease. Share-based payment charges relate to the B and C Shareholders. Whilst impacting on earnings, this value is considered capital in nature from the perspective it relates to a B&C share holding in Tritax Symmetry Limited. It is therefore removed from Adjusted earnings. 128 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 14. Dividends paid Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Fourth interim dividend in respect of period ended 31 December 2021 at 1.900 pence per Ordinary Share (fourth interim for 31 December 2020 at 1.7125 pence per Ordinary Share) 35.5 29.5 First interim dividend in respect of year ended 31 December 2022 at 1.675 pence per Ordinary Share (31 December 2021: 1.600 pence) 31.3 27.5 Second interim dividend in respect of year ended 31 December 2022 at 1.675 pence per Ordinary Share (31 December 2021: 1.600 pence) 31.3 27.5 Third interim dividend in respect of year ended 31 December 2022 at 1.675 pence per Ordinary Share (31 December 2021: 1.600 pence) 31.3 29.9 Total dividends paid 129.4 114.4 Total dividends paid for the year 5.025p 4.80p Total dividends unpaid but declared for the year 1.975p 1.90p Total dividends declared for the year 7.00p 6.70p On 1 March 2023, the Company approved the fourth interim dividend for declaration in respect of the year ended 31 December 2022 of 1.975 pence per share payable on 30 March 2023. The total dividends declared for the year of 7.00 pence were made up by 6.775 pence paid as a property income distribution (\u201cPID\u201d) and 0.225 pence paid as an ordinary dividend (\u201cNon-PID\u201d). 15. Investment property In accordance with IAS 40, investment property are stated at fair value as at 31 December 2022. The investment property has been independently valued by CBRE Limited (\u201cCBRE\u201d) and Colliers International Valuation UK LLP (\u201cColliers\u201d), both accredited independent valuers with recognised and relevant professional qualifications and with recent experience in the locations and categories of the investment properties being valued. CBRE values all investment property with leases attached or assets under construction. Colliers values all land holdings and land options. The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards July 2017 (the \u201cRed Book\u201d) and incorporate the recommendations of the International Valuation Standards and the RICS Valuation \u2013 Professional Standards UK January 2014 (Revised April 2015) which are consistent with the principles set out in IFRS 13. The valuer, in forming its opinion, makes a series of assumptions, which are market related, such as net initial yields and expected rental values, and are based on the valuer\u2019s professional judgement. The valuer has sufficient current local and national knowledge of the particular property markets involved and has the skills and understanding to undertake the valuations competently. There have been no changes to the assumptions made in the year as a result of a range of factors including the macro economic environment, availability of debt finance and physical and transition risks relating to climate change. The valuations are the ultimate responsibility of the Directors. Accordingly, the critical assumptions used in establishing the independent valuation are reviewed by the Board. It is the view of the Company that ESG factors will increasingly play a part in asset valuations in the future. For example, assets with the highest standards of ESG (such as higher EPC ratings and renewable energy sources) are likely to command the highest rental levels and have the least future capex requirements with regards to meeting ESG standards. All corporate acquisitions during the year and prior year have been treated as asset purchases rather than business combinations because they are considered to be acquisitions of properties rather than businesses. Investment property freehold \u00a3m Investment property long leasehold \u00a3m Investment property under construction \u00a3m Total \u00a3m As at 1 January 2022 4,208.7 812.5 227.9 5,249.1 Property additions 4.9 0.1 366.7 371.7 Fixed rental uplift and tenant lease incentives 1 10.4 0.7 \u2014 11.1 Assets transferred to held for sale \u2014 \u2014 (25.1) (25.1) Transfer of completed property to investment property 200.4 \u2014 (200.4) \u2014 Change in fair value during the year (613.2) (176.1) 29.8 (759.5) As at 31 December 2022 3,811.2 637.2 398.9 4,847.3 129Tritax Big Box REIT plc Annual Report 2022 FINANCIAL STATEMENTS 15. Investment property continued Investment property freehold \u00a3m Investment property long leasehold \u00a3m Investment property under construction \u00a3m Total \u00a3m As at 1 January 2021 2,885.3 696.1 472.1 4,053.5 Property additions 89.6 \u2014 260.0 349.6 Property disposed in the year \u2014 \u2014 (2.1) (2.1) Fixed rental uplift and tenant lease incentives 1 6.5 0.7 \u2014 7.2 Transfer of completed property to investment property 681.1 \u2014 (681.1) \u2014 Change in fair value during the year 546.2 115.7 179.0 840.9 As at 31 December 2021 4,208.7 812.5 227.9 5,249.1 1. Included within the carrying value of investment property is \u00a370.6 million (2021: \u00a359.5 million) in respect of accrued contracted rental uplift income. This balance arises as a result of the IFRS treatment of leases with fixed or minimum rental uplifts and rent-free periods, which requires the recognition of rental income on a straight-line basis over the lease term. The difference between this and cash receipts change the carrying value of the property against which revaluations are measured. Also see note 6. 31 December 2022 \u00a3m 31 December 2021 \u00a3m Investment property at fair value per Group Statement of Financial Position 4,847.3 5,249.1 Capital commitments under forward funded development and other contracts \u2014 9.2 Assets held for sale at fair value 25.1 \u2014 Total investment property valuation* 4,872.4 5,258.3 * Including costs to complete under forward funded development and other contracts. Costs committed under other contracts of \u00a3nil (2021: \u00a39.2 million) have been provided for in the Group Statement of Financial Position in 2022. The Group has other capital commitments which represent commitments made in respect of direct construction, asset management initiatives and development land (refer to note 34). Cash received in respect of future rent-free periods represents amounts that were topped up by the vendor on acquisition of the property to cover future rent-free periods on the lease. The valuation assumes the property to be income generating throughout the lease and therefore includes this cash in the value. Licence fees that have been billed but not received from the developer in relation to the property are included within trade and other receivables. The valuation assumes the property to be income generating and therefore includes this receivable in the value. Fees payable under the DMA totalling \u00a32.3 million (2021: \u00a31.0 million) have been capitalised in the year being directly attributable to completed development projects during the year. The valuation summary is set out in the Strategic Report. Fair value hierarchy The Group considers that all of its investment properties fall within Level 3 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1 and Level 2 during any of the periods, nor have there been any transfers between Level 2 and Level 3 during any of the periods. The valuations have been prepared on the basis of Market Value (\u201cMV\u201d), which is defined in the RICS Valuation Standards, as: \u201cThe estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm\u2019s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.\u201d Market Value as defined in the RICS Valuation Standards is the equivalent of fair value under IFRS. The following descriptions and definitions relating to valuation techniques and key unobservable inputs made in determining fair values are as follows: Valuation techniques The yield methodology approach is used when valuing the Group\u2019s properties which uses market rental values capitalised with a market capitalisation rate. This is sense-checked against the market comparable method (or market comparable approach) where a property\u2019s fair value is estimated based on comparable transactions in the market. For investment property under construction and the majority of land held for development, properties are valued using a residual method approach. Under this approach, the valuer initially assesses the investment value (using the above methodology for completed properties). Then, the total estimated costs to complete (including notional finance costs and developer\u2019s profit) are deducted from the value to take into account the hypothetical purchaser\u2019s management of the remaining development process and their perception of risk with regard to construction and the property market (such as the potential cost overruns and letting risks). Land values are sense-checked against the rate per acre derived from actual market transactions. 130 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 15. Investment property continued Valuation techniques continued The key unobservable inputs made in determining fair values are as follows: Unobservable input: estimated rental value (\u201cERV\u201d) The rent per square foot at which space could be let in the market conditions prevailing at the date of valuation. Passing rents are dependent upon a number of variables in relation to the Group\u2019s property. These include: size, location, tenant covenant strength and terms of the lease. Unobservable input: net initial yield The net initial yield is defined as the initial gross income as a percentage of the market value (or purchase price as appropriate) plus standard costs of purchase. Unobservable Inputs 31 December 2022 ERV range \u00a3 psf Net initial yield range % South East 5.46 \u2013 15.12 3.65 \u2013 5.66 South West 6.50 \u2013 7.00 4.00 \u2013 4.85 East Midlands 5.75 \u2013 11.25 3.60 \u2013 5.82 West Midlands 6.33 \u2013 8.54 4.10 \u2013 6.00 Yorkshire and the Humber 5.96 \u2013 7.25 4.30 \u2013 5.25 North East 3.91 \u2013 4.25 4.63 \u2013 4.80 North West 4.95 \u2013 11.25 4.05 \u2013 6.31 Unobservable Inputs 31 December 2021 1 ERV range \u00a3 psf Net initial yield range % South East 5.30 \u2013 13.75 2.67 \u2013 5.00 South West 6.25 \u2013 6.50 3.50 \u2013 4.10 East Midlands 5.75 \u2013 7.00 3.24 \u2013 6.00 West Midlands 5.50 \u2013 7.25 3.10 \u2013 5.75 Yorkshire and the Humber 5.75 \u2013 6.50 2.95 \u2013 5.13 North East 3.91 \u2013 4.25 3.40 \u2013 3.40 North West 4.25 \u2013 10.00 3.20 \u2013 6.31 1. The unobservable input data for 2021 was not previously reported and has been provided for comparability purposes. Sensitivities of measurement of significant unobservable inputs As set out within significant accounting estimates and judgements above, the Group\u2019s property portfolio valuation is open to judgements and is inherently subjective by nature. As a result the following sensitivity analysis has been prepared: -5% in passing rent \u00a3m +5% in passing rent \u00a3m +0.25% net initial yield \u00a3m -0.25% net initial yield \u00a3m (Decrease)/increase in the fair value of investment properties as at 31 December 2022 (226.7) 226.7 (243.6) 273.0 (Decrease)/increase in the fair value of investment properties as at 31 December 2021 (251.1) 251.1 (321.3) 368.5 16. Investment in land options Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Opening balance 201.5 228.1 Costs capitalised in the year 13.0 15.0 Transferred to investment property (57.1) (41.6) Closing balance 157.4 201.5 The average maturity date across land options held is approximately eight years (2021: seven years) term remaining. Fees payable under the DMA totalling \u00a33.4 million (2021: \u00a33.4 million) have been capitalised in the year being directly attributable to the ongoing development projects. 131Tritax Big Box REIT plc Annual Report 2022 FINANCIAL STATEMENTS 17. Investment in joint ventures As at 31 December 2022 the Group has two joint ventures which have been equity accounted for. There were no equity accounted joint ventures prior to the acquisition of Tritax Symmetry in February 2019. The Group has the following joint ventures as at 31 December 2022: Principal activity Country of incorporation Ownership Joint venture partner HBB (J16) LLP Property development UK 50% HB Midway Limited Magnitude Land LLP Property investment UK 50% Pochin Midpoint Limited The registered office for the above joint ventures is: Unit B, Grange Park Court, Roman Way, Northampton, England NN4 5EA. Net investment Total 100% \u00a3m Group\u2019s share \u00a3m At beginning of year 51.2 25.6 Total comprehensive income 1.0 0.5 Impairment of JV asset (2.4) (1.2) Capital repaid (1.0) (0.5) Cash contributed 5.6 2.8 As at 31 December 2022 54.4 27.2 The joint ventures have a 31 December year end. The aggregate amounts recognised in the Group Statement of Financial Position and Statement of Comprehensive Income are as follows: Comprehensive Income Statement Year ended 31 December 2022 Total 100% \u00a3m Group\u2019s share \u00a3m Income 1.0 0.5 Administrative expenses \u2014 \u2014 Profit before taxation 1.0 0.5 Taxation \u2014 \u2014 Total comprehensive profit 1.0 0.5 Statement of Financial Position As at 31 December 2022 Total 100% \u00a3m Group\u2019s share \u00a3m Investment property 4.8 2.4 Options to acquire land 52.8 26.4 Non-current assets 57.6 28.8 Other receivables 0.4 0.2 Cash 0.2 0.1 Current assets 0.6 0.3 Trade and other payables (3.8) (1.9) Current liabilities (3.8) (1.9) Net assets 54.4 27.2 The Group\u2019s share of contingent liabilities in the joint ventures is \u00a3nil (December 2021: \u00a3nil). 18. Assets held for sale Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Assets held for sale 25.1 \u2014 Assets held for sale relate to investment property for which there was Board approval to dispose of at the year end date and the intention is to dispose of these assets within 12 months. Two properties are classified as held for sale at the year end for which contracts have been exchanged to sell. 132 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 19. Investments The Group comprises a number of Special Purpose Vehicle (SPV) subsidiaries. All SPV subsidiaries that form these financial statements are noted within the Company financial statement in note 5. 20. Trade and other receivables Non-current trade and other receivables Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Cash in public institutions 2.0 2.0 The cash in public institutions is a deposit of \u00a32.0 million paid by certain tenants to the Company, as part of their lease agreements. Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Trade receivables 16.4 7.1 Prepayments, accrued income and other receivables 2.9 25.7 VAT 5.6 4.3 24.9 37.1 The carrying value of trade and other receivables classified at amortised cost approximates fair value. The increase in trade receivables in the period was due to an increase in receivable relating to a single DMA project totalling \u00a37.1 million (2021: \u00a3nil). The decrease in accrued income, again relates to two DMA projects where accrued income totaled \u00a31.4 million (2021: 24.1 million). The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the year end. The historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the Group\u2019s customers. The expected credit loss provision as at 31 December 2022 was \u00a30.3 million (31 December 2021: \u00a30.1 million). No reasonably possible changes in the assumptions underpinning the expected credit loss provision would give rise to a material expected credit loss. 21. Cash held at bank Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Cash and cash equivalents to agree with cash flow 47.4 70.9 Restricted cash 0.2 0.2 47.6 71.1 Restricted cash is cash where there is a legal restriction to specify its type of use, i.e. this may be where there is a joint arrangement with a tenant under an asset management initiative. Cash and cash equivalents reported in the Consolidated Statement of Cash Flows totalled \u00a347.4 million (2021: \u00a370.9 million) as at the year end, which excludes long-term restricted and ring-fenced cash deposits totalling \u00a30.2 million (2021: \u00a30.2 million). Total cash held at bank as reported in the Group Statement of Financial Position is \u00a347.6 million (2021: \u00a371.1 million). 22. Trade and other payables Non-current trade and other payables Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Other payables 2.0 2.0 Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Trade and other payables 75.0 66.6 Bank loan interest payable 6.5 6.0 Accruals 29.7 13.3 111.2 85.9 The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value. 133Tritax Big Box REIT plc Annual Report 2022 FINANCIAL STATEMENTS 23. Business combination The Group acquired an 87% economic interest in Tritax Symmetry on 19 February 2019, a development group with ownership of a combination of land and land options. The B and C Shares issued to Symmetry Management Shareholders are treated as a combination of both contingent consideration for the acquisition of a 13% economic interest in the Symmetry Portfolio and a 13% economic right held to their share of future performance of the Tritax Symmetry Development assets. This is as a result of certain vesting conditions attached to the B and C Shares over the first five years of the contract (see note 24 below). A non-controlling interest has not been recognised at the acquisition date for the 13% economic interest held by the Symmetry Management Shareholders due to the put and call options attached to the shares issued, which are expected to be exercised on or around the eighth anniversary of the acquisition at the latest. The Symmetry Management Shareholders have a put option, on the third to eighth anniversary of the acquisition allowing them to sell 1.5% of their 13% economic interest to the Company at each date subject to satisfying a performance hurdle. The Company has a call option, to buy any remaining economic interest still due to the Symmetry Management Shareholders on the eighth anniversary. During the year, other property assets were amortised by a charge of \u00a31.7 million (2021: \u00a35.3 million) resulting in a net position on the Group Statement of Financial Position of \u00a32.3 million (2021: \u00a34.0 million). 24. Amounts due to B and C shareholders Amounts due to B and C Shareholders comprise the fair value of the contingent consideration element of B and C Shares along with the fair value of the obligation under the cash settled share-based payment element of B and C Shares. Amounts due to B and C Shareholders are detailed in the table below: 31 December 2022 Contingent consideration \u00a3m Share-based payment \u00a3m Fair value \u00a3m Opening balance 26.7 14.7 41.4 Fair value movement recognised (1.1) \u2014 (1.1) Share-based payment charge \u2014 1.9 1.9 Closing balance 25.6 16.6 42.2 31 December 2021 Contingent consideration \u00a3m Share-based payment \u00a3m Fair value \u00a3m Opening balance 22.5 9.2 31.7 Fair value movement recognised 4.2 \u2014 4.2 Share-based payment charge \u2014 5.5 5.5 Closing balance 26.7 14.7 41.4 The Group considers that the amounts due to the B and C Shareholders fall within Level 3 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1 and Level 2 during any of the periods, nor have there been any transfers between Level 2 and Level 3 during any of the periods. 1. Contingent consideration The B and C Shares vest over a five-year period and require the Symmetry Management Shareholders to, amongst other things, remain in the employment of the Symmetry ManCo for the vesting period. The value of the amount due (subject to certain vesting conditions) is the lower of 50% of the adjusted NAV of Tritax Symmetry at the relevant future point in time and the value of the B and C Shares at the original completion date. Based on the above, the range of possible outcome is between \u00a3nil to \u00a338 million. In accordance with IFRS 3 \u201cBusiness Combinations\u201d the unconditional amount due under Shareholders agreement is accounted for as contingent consideration. The adjusted NAV of Tritax Symmetry is the NAV of Tritax Symmetry at the reporting date, adjusted for various matters impacting on the fair value of those land options where planning permission has been obtained but the land has not been acquired along with the elimination of profits created from the Tritax Symmetry investment assets. 2. Share-based payment In accordance with IFRS 3 \u201cBusiness Combinations\u201d the requirement to remain in continued employment in order to realise the full value of the B and C Shares has resulted in the excess value (over and above the amount recognised as contingent consideration) being accounted for as payments for post combination services which reflect the 13% economic right held to their share of future performance of the Tritax Symmetry Development assets over and above the completion NAV. The amount due to Symmetry Management Shareholders is based on the adjusted NAV of Tritax Symmetry and is settled in cash to the value of 25% with the balance settled in either cash and/or shares in the Company, at the sole discretion of the Company. The fair value of the B and C Shares has been calculated using a Monte Carlo simulation model, for the cash settled element of the liability. This approach has the benefits of being flexible, not reliant on a single case scenario and removes the inherent difficulties with determining discount rate to assign to a particular class of share as the risk would change every time the NAV moved. The change in volatility assumptions does not lead to a significant change in the resulting fair values of the B and C Shares because there are limited hurdles attached to them and it is assumed that all will be exercised at some point over the eight year horizon. The key unobservable inputs for the Monte Carlo simulation purposes are the net initial yield of completed developments, future costs of debt and the timing of the completion of the developments. 134 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 24. Amounts due to B and C Shareholders continued 2. Share-based payment continued The Company has the legal option of settling the share-based payment either via cash or equity, with a minimum of 25% being settled in cash. The Directors have a current intention to maximise the cash element of the settlement as they believe this would minimise dilution to existing Shareholders. The Directors will endeavour to settle all of the B and C Shares in cash, subject to sufficient funds being available to the Group at the time of settlement without adversely impacting the operations of the Group. Amounts due to B and C Shareholders are shown as a liability at fair value in the Group Statement of Financial Position. The liability is fair valued at each reporting date with a corresponding charge recognised in the Group profit or loss over the vesting period. For the year ended 31 December 2022, \u00a31.9 million (2021: \u00a35.5 million) was charged in the Group profit or loss for the share-based payment. 25. Borrowings The Group has a \u00a3300 million unsecured revolving credit facility (\u201cRCF\u201d) with a syndicate of relationship lenders comprising Banco Santander S.A. London Branch, Barclays Bank plc, BNP Paribas London Branch, J.P.Morgan Chase Bank N.A., London Branch, The Royal Bank of Scotland International Limited London Branch, Wells Fargo Bank N.A. London Branch and SMBC Bank International. In June 2022, the termination date in respect of \u00a310 million of the \u00a3300 million RCF was extended from 14 June 2025 to 14 June 2026 so all \u00a3300 million terminates on 14 June 2026. In December 2022, the Company increased the size of the facility, from \u00a3200 million to \u00a3300 million via use of its accordion option. The Group also has a second RCF of \u00a3450 million which provides the Group with a significant level of operational flexibility. The syndicate for the \u00a3450 million unsecured RCF comprises Barclays Bank plc, BNP Paribas London Branch, J.P.Morgan Chase Bank N.A., London Branch, Sumitomo Mitsui Trust Bank, The Royal Bank of Scotland plc, Santander UK plc, Wells Fargo Bank N.A. London Branch and Bank of China. In May 2022, the termination date in respect of \u00a350 million of the \u00a3350 million RCF was extended from 10 December 2023 to 10 December 2024 so all \u00a3450 million terminates on 10 December 2024. In December 2022, the Company increased the size of the facility, from \u00a3350 million to \u00a3450 million via use of its accordion option. The increase in the RCF was not deemed to be a substantial modification under IFRS 9 because there has not been a significant change in the terms and conditions and the net present value of the cash flows under the new terms discounted at the original effective interest rate (EIR) is less than 10% different from the carrying amount of the original debt. The Group, as per the Group\u2019s Green Finance Framework, has a \u00a3250 million unsecured green bond, maturing on 27 November 2033. The notes have an interest rate of 1.5%. An amount equivalent to the net proceeds of each Green Finance Transaction (\u201cGFT\u201d) has been used to acquire, finance or refinance, in whole or in part, new or existing Eligible Green Projects (\u201cEGPs\u201d) that met the Eligibility Criteria. The Group had published a Green Finance Report in 2021 that detailed the allocation of net proceeds of Green Finance Transactions and associated impact metrics during the year. As at 31 December 2022, 62% (2021: 69%) of the Group\u2019s debt facility commitments are fixed term, with 38% floating term (2021: 31%). When including interest rate hedging the Group has fixed term or hedged facilities totalling 99% of drawn debt (see note 26). As at 31 December 2022, the weighted average cost of debt was 2.57% (2021: 2.26%). As at the same date the Group had undrawn debt commitments of \u00a3483.0 million. The Group has been in compliance with all of the financial covenants across the Group\u2019s bank facilities as applicable throughout the period covered by these financial statements. The London Interbank Offered Rate (LIBOR) was phased out from the end of 2021 and has been replaced by various alternative risk-free-rates (RFRs) across the Global Financial Markets. The cessation of LIBOR took effect from 31 December 2021, this is an industry-wide change driven by the regulators. Financial regulatory authorities had expressed their concern that the interbank lending market which LIBOR is intended to reflect is no longer sufficiently active or liquid. As a result and during the prior year, the Company transitioned all of its borrowings subject to a variable rate of interest from LIBOR to SONIA (Sterling Overnight Index Average). SONIA is an overnight rate, whereas LIBOR was a term rate. SONIA is close to a risk-free measure of borrowing costs. It is compounded over a lending period to produce a backward-looking term interest rate. From 1 January 2022, all borrowings under these agreements attract an interest rate of the borrowing margin, plus SONIA, plus a credit adjustment spread equal to 11.93 bps. It is expected that this change in risk-free rate will not lead to a material change in overall borrowing costs. A summary of the drawn and undrawn bank borrowings in the year is shown below: Bank borrowings Bank borrowings drawn \u00a3m Bank borrowings undrawn \u00a3m Total \u00a3m As at 1 January 2022 212.9 550.0 762.9 Bank borrowings drawn in the year under existing facilities 319.0 (319.0) \u2014 Bank borrowings repaid in the year under existing facilities (52.0) 52.0 \u2014 Extension of existing facilities \u2014 200.0 200.0 As at 31 December 2022 479.9 483.0 962.9 Bank borrowings drawn \u00a3m Bank borrowings undrawn \u00a3m Total \u00a3m As at 1 January 2021 212.9 550.0 762.9 Bank borrowings drawn in the year under existing facilities 245.5 (245.5) \u2014 Bank borrowings repaid in the year under existing facilities (245.5) 245.5 \u2014 As at 31 December 2021 212.9 550.0 762.9 135Tritax Big Box REIT plc Annual Report 2022 FINANCIAL STATEMENTS 25. Borrowings continued Bank borrowings continued Any associated fees in arranging the bank borrowings and loan notes that are unamortised as at the year end are offset against amounts drawn on the facilities as shown in the table below: Bank borrowings drawn 31 December 2022 \u00a3m 31 December 2021 \u00a3m Bank borrowings drawn: due in more than one year 479.9 212.9 Less: unamortised costs on bank borrowings (5.1) (5.3) 474.8 207.6 Loan notes Bonds 31 December 2022 \u00a3m 31 December 2021 \u00a3m 2.625% Bonds 2026 249.6 249.5 3.125% Bonds 2031 247.8 247.5 2.860% USPP 2028 250.0 250.0 2.980% USPP 2030 150.0 150.0 1.500% Green Bonds 2033 246.7 246.4 Less: unamortised costs on loan notes (5.0) (5.8) 1,139.1 1,137.6 The weighted average term to maturity of the Group\u2019s debt as at the year end is 5.4 years (31 December 2021: 6.5 years). Maturity of borrowings 31 December 2022 \u00a3m 31 December 2021 \u00a3m Repayable between one and two years 164.0 \u2014 Repayable between two and five years 443.0 300.3 Repayable in over five years 1,022.9 1,056.0 1,629.9 1,356.3 26. Interest rate derivatives To mitigate the interest rate risk that arises as a result of entering into variable rate loans, the Group has entered into a number of interest rate derivatives. A number of interest rate caps and one interest rate swap have been taken out in respect of the Group\u2019s variable rate debt to fix or cap the rate to which compounded SONIA can rise. These run coterminous to the initial term of the respective loans. With effect from 1 January 2022, the interest rate derivatives have been transitioned to SONIA, as this is the risk-free rate now adopted by the Group\u2019s variable rate loan facilities. The weighted average capped rate, excluding any margin payable, for the Group as at the year end was 1.19% (2021: 1.20%), which effectively caps the level to which SONIA can rise to on \u00a3299.3m of notional hedged debt, therefore limiting any effect on the Group of an interest rate rise across this notional amount. The interest rate derivatives mean that 99% of the Group\u2019s drawn borrowings at the year end have an all-inclusive interest rate payable of 2.57% (2021: 2.26%). The total premium payable in the year towards securing the interest rate caps was \u00a33.2m (2021: nil). 31 December 2022 \u00a3m 31 December 2021 \u00a3m Non-current assets: interest rate derivatives 19.9 1.8 Non-current liabilities: interest rate derivatives \u2014 \u2014 The interest rate derivatives are valued by the relevant counterparty banks on a quarterly basis in accordance with IFRS 9. Any movement in the mark-to-market values of the derivatives are taken to the Group profit or loss. 31 December 2022 \u00a3m 31 December 2021 \u00a3m Interest rate derivative valuation brought forward 1.8 (1.0) Premium paid 3.2 \u2014 Changes in fair value of interest rate derivatives 14.9 2.8 19.9 1.8 136 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 26. Interest rate derivatives continued It is the Group\u2019s target to hedge at least 90% of the total debt portfolio either using interest rate derivatives or entering fixed-rate loan arrangements. As at the year-end date the total proportion of drawn debt either hedged via interest rate derivatives or subject to fixed-rate loan agreements equated to 99.0%, as shown below: 31 December 2022 Drawn \u00a3m 31 December 2021 Drawn \u00a3m Total borrowings drawn (note 25) 1,629.9 1,356.3 Notional value of effective interest rate derivatives and fixed-rate loans 1,612.9 1,356.3 Proportion of hedged debt 99.00% 100.00% Fair value hierarchy The fair value of Group\u2019s interest rate derivatives is recorded in the Group Statement of Financial Position and is determined by forming an expectation that interest rates will exceed strike rates and discounting these future cash flows at the prevailing market rates as at the year end. This valuation technique falls within Level 2 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1 and Level 2 during any of the years, nor have there been any transfers between Level 2 and Level 3 during any of the years. 27. Financial risk management Financial instruments The Group\u2019s principal financial assets and liabilities are those that arise directly from its operations: trade and other receivables, trade and other payables and cash held at bank. The Group\u2019s other principal financial assets and liabilities are amounts due to B and C Shareholders, bank borrowings and interest rate derivatives. The main purpose of bank borrowings and derivatives is to finance the acquisition and development of the Group\u2019s investment property portfolio and hedge against the interest rate risk arising. Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements: Book value 31 December 2022 \u00a3m Fair value 31 December 2022 \u00a3m Book value 31 December 2021 \u00a3m Fair value 31 December 2021 \u00a3m Financial assets Interest rate derivatives 19.9 19.9 1.8 1.8 Trade and other receivables 1 17.2 17.2 31.3 31.3 Cash held at bank 47.6 47.6 71.1 71.1 Financial liabilities Interest rate derivatives \u2014 \u2014 \u2014 \u2014 Trade and other payables 2 87.3 87.3 85.9 85.9 Amounts due to B and C Shareholders 42.2 42.2 41.4 41.4 Borrowings 1,624.0 1,402.8 1,356.3 1,405.3 1. Excludes certain VAT, prepayments and other debtors. 2. Excludes tax and VAT liabilities. Interest rate derivatives and amounts due to B and C Shareholders are the only financial instruments measured at fair value through profit and loss. All other financial assets and all financial liabilities are measured at amortised cost. All financial instruments were designated in their current categories upon initial recognition. The following table sets out the fair value of those financial liabilities measured at amortised cost where there is a difference between book value and fair value. Date of valuation Total \u00a3m Quoted prices in active markets (Level 1) \u00a3m Significant observable inputs (Level 2) \u00a3m Significant unobservable inputs (Level 3) \u00a3m Borrowings 31 December 2022 1,084.9 941.1 143.8 \u2014 Borrowings 31 December 2021 1,352.5 1,187.3 165.2 \u2014 The Group has two fixed-rate loans totalling \u00a3162 million, provided by PGIM (\u00a390 million) and Canada Life (\u00a372 million). The fair value is determined by comparing the discounted future cash flows using the contracted yields with the reference gilts plus the margin implied. The reference gilts used were the Treasury 1.25% 2027 Gilt and Treasury 4.75% 2030 Gilt respectively, with an implied margin that is unchanged since the date of fixing. The loans are considered to be a Level 2 fair value measurement. For all other bank loans there is considered no other difference between fair value and carrying value. 137Tritax Big Box REIT plc Annual Report 2022 FINANCIAL STATEMENTS 27. Financial risk management continued Financial instruments continued The fair value of financial liabilities traded on active liquid markets, including the 2.625% Bonds 2026, 3.125% Bonds 2031, 1.5% Bonds 2033, 2.860% USPP 2028 and 2.980% USPP 2030, is determined with reference to the quoted market prices. These financial liabilities are considered to be a Level 1 fair value measure. The fair value of the financial liabilities at Level 1 fair value measure were \u00a3941.1 million (2021: \u00a31,187.3 million) and the financial liabilities at Level 2 fair value measure were \u00a3143.8 million (2021: \u00a3165.2 million). Risk management The Group is exposed to market risk (including interest rate risk), credit risk and liquidity risk. The Board of Directors oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks that are summarised below. Market risk Market risk is the risk that the fair values of financial instruments will fluctuate because of changes in market prices. The financial instruments held by the Group that are affected by market risk are principally the Group\u2019s cash balances, bank borrowings along with a number of interest rate derivatives entered into to mitigate interest rate risk. The Group monitors its interest rate exposure on a regular basis. A sensitivity analysis performed to ascertain the impact on the Group profit or loss and net assets of a 100 basis point shift in interest rates would result in an increase of \u00a33.2 million (2021: \u00a30.3 million) or a decrease of \u00a33.2 million (2021: \u00a30.3 million). Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risks from both its leasing activities and financing activities, including deposits with banks and financial institutions. Credit risk is mitigated by tenants being required to pay rentals in advance under their lease obligations. The credit quality of the tenant is assessed based on an extensive credit rating scorecard at the time of entering into a lease agreement. Outstanding trade receivables are regularly monitored. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. We conduct ongoing covenant analysis of our customers and strengthened our team to support this work during the period. The analysis combines publicly available financial and trading information with our own observations and customer conversations as well as the opinions of third-party professionals to form a view over the credit risk of counter-parties under our leases. Trade receivables Trade receivables, primarily tenant rentals, are presented in the Group Statement of Financial Position net of allowances for doubtful receivables and are monitored on a case by case basis. Credit risk is primarily managed by requiring tenants to pay rentals in advance and performing tests around strength of covenant prior to acquisition and on an ongoing annual basis. A small number of tenants had entered into payment plans during the prior year which continued for part of the current year, as a result of the impact of Covid-19. All payments have currently been received in line with the payment plans and there are no payment plans continuing. Therefore we do not currently foresee any issues with the recoverability of the remaining payment plan balances. Credit risk related to financial instruments and cash deposits One of the principal credit risks of the Group arises with the banks and financial institutions. The Board of Directors believes that the credit risk on short-term deposits and current account cash balances is limited because the counterparties are banks, who are committed lenders to the Group, with high credit ratings assigned by international credit-rating agencies. Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital, the finance charges, principal repayments on its borrowings and its commitments under forward funded development arrangements. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due, as the majority of the Group\u2019s assets are property investments and are therefore not readily realisable. The Group\u2019s objective is to ensure it has sufficient available funds for its operations and to fund its capital expenditure. This is achieved by continuous monitoring of forecast and actual cash flows by management, ensuring it has appropriate levels of cash and available drawings to meet liabilities as they fall due. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments: <3 months \u00a3m 3-12 months \u00a3m Between 1-2 years \u00a3m Between 2-5 years \u00a3m More than 5 years \u00a3m Total \u00a3m 31 December 2022 Borrowings 12.3 36.7 212.6 469.7 1,178.8 1,910.1 Amounts due to B and C Shareholders \u2014 \u2014 \u2014 42.2 \u2014 42.2 Trade and other payables 111.2 \u2014 \u2014 \u2014 2.0 113.2 123.5 36.7 212.6 511.9 1,180.8 2,065.5 31 December 2021 Borrowings 8.7 26.2 34.9 404.3 1,153.9 1,628.0 Amounts due to B and C Shareholders \u2014 \u2014 \u2014 \u2014 41.4 41.4 Trade and other payables 85.9 \u2014 \u2014 \u2014 2.0 87.9 94.6 26.2 34.9 404.3 1,197.5 1,757.3 Included within the contracted payments is \u00a3280.2 million (2021: \u00a3265.1 million) of loan interest payable up to the point of maturity across the facilities. 138 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 28. Capital management The Board, with the assistance of the Investment Manager, monitors and reviews the Group\u2019s capital so as to promote the long-term success of the business, facilitate expansion and to maintain sustainable returns for Shareholders. The Group considers proceeds from share issuances, bank borrowings and retained earnings as capital. The Group\u2019s policy on borrowings is as set out below: The level of borrowing will be on a prudent basis for the asset class, and will seek to achieve a low cost of funds, while maintaining flexibility in the underlying security requirements, and the structure of both the portfolio and the REIT Group. The Directors intend that the Group will maintain a conservative level of aggregate borrowings with a medium-term target of 30% - 35% of the Group\u2019s gross assets. The Group has complied with all covenants on its borrowings up to the date of this report. All of the targets mentioned above sit comfortably within the Group\u2019s covenant levels, which include loan to value (\u201cLTV\u201d), interest cover ratio and loan to projected project cost ratio. The Group LTV at the year end was 31.2% (2021: 23.5%) and there is substantial headroom within existing covenants. Debt is drawn at the asset and corporate level, subject to the assessment of the optimal financing structure for the Group and having consideration to key metrics including lender diversity, debt type and maturity profiles. 29. Equity reserves Share capital The share capital relates to amounts subscribed for share capital at its nominal value: Issued and fully paid at 1 pence each 31 December 2022 Number 31 December 2022 \u00a3m 31 December 2021 Number 31 December 2021 \u00a3m Balance at beginning of year \u2013 \u00a30.01 Ordinary Shares 1,867,781,310 18.7 1,719,141,878 17.2 Shares issued in relation to further Equity issuance \u2014 \u2014 147,058,823 1.4 Shares issued in relation to management contract 1,045,682 \u2014 1,580,609 0.1 Balance at end of year 1,868,826,992 18.7 1,867,781,310 18.7 Share premium The share premium relates to amounts subscribed for share capital in excess of its nominal value. Capital reduction reserve In 2015 and 2018, the Company by way of Special Resolution cancelled the then value of its share premium account, by an Order of the High Court of Justice, Chancery Division. As a result of this cancellation, \u00a3422.6 million and \u00a3932.4 million respectively were transferred from the share premium account into the capital reduction reserve account. The capital reduction reserve account is classed as a distributable reserve. Movements in the current year relate to dividends paid. Retained earnings Retained earnings relates to all net gains and losses not recognised elsewhere. 30. Net asset value (\u201cNAV\u201d) per share Basic NAV per share is calculated by dividing net assets in the Group Statement of Financial Position attributable to ordinary equity holders of the Parent by the number of Ordinary Shares outstanding at the end of the year. As there are dilutive instruments outstanding, both basic and diluted NAV per share are shown below. 31 December 2022 \u00a3m 31 December 2021 \u00a3m Net assets per Group Statement of Financial Position 3,350.0 4,076.5 EPRA NTA 3,370.8 4,157.6 Ordinary Shares: Issued share capital (number) 1,868,826,992 1,867,781,310 Basic net asset value per share 179.25p 218.26p Dilutive shares in issue (number) \u2014 668,309 Diluted net asset value per share 179.25p 218.18p 139Tritax Big Box REIT plc Annual Report 2022 FINANCIAL STATEMENTS 30. Net asset value (\u201cNAV\u201d) per share continued 31 December 2022 31 December 2021 EPRA NTA \u00a3m EPRA NRV \u00a3m EPRA NDV \u00a3m EPRA NTA \u00a3m EPRA NRV \u00a3m EPRA NDV \u00a3m NAV attributable to Shareholders 3,350.0 3,350.0 3,350.0 4,076.5 4,076.5 4,076.5 Revaluation of land options 20.4 20.4 20.4 66.0 66.0 66.0 Mark-to-market adjustments of derivatives 1.8 1.8 \u2014 16.9 16.9 \u2014 Intangibles (1.4) \u2014 \u2014 (1.7) \u2014 \u2014 Fair value of debt \u2014 \u2014 221.1 \u2014 \u2014 (47.0) Real estate transfer tax 1 \u2014 387.4 \u2014 \u2014 376.3 \u2014 NAV 3,370.8 3,759.6 3,591.5 4,157.7 4,535.7 4,095.5 NAV per share 180.37p 201.17p 192.17p 222.60p 242.84p 219.27p Dilutive NAV per share 180.37p 201.17p 192.17p 222.52p 242.75p 219.19p 1. EPRA NTA and EPRA NDV reflect IFRS values which are net of RETT (real estate transfer tax). RETT are added back when calculating EPRA NRV. See Notes to EPRA NAV calculations for further details. 31. Operating leases The future minimum lease payments under non-cancellable operating leases receivable by the Group are as follows: Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 3 years \u00a3m Between 3 and 4 years \u00a3m Between 4 and 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m 31 December 2022 197.3 195.3 191.0 183.3 179.7 1,836.1 2,782.7 31 December 2021 191.5 190.3 182.8 177.3 169.4 1,825.6 2,736.9 The Group\u2019s investment properties are leased to single tenants, with the exception of one asset which is leased to two separate tenants, som e of which have guarantees attached, under the terms of a commercial property lease. Each has upward-only rent reviews that are linked to either RPI/CPI, open market or with fixed uplifts. The weighted average unexpired lease term is 12.6 years (2021: 13.0 years). 32. Transactions with related parties For the year ended 31 December 2022, all Directors and some of the Members of the Manager are considered key management personnel. The terms and conditions of the Investment Management Agreement are described in the Management Engagement Committee Report. Details of the amount paid for services provided by Tritax Management LLP (\u201cthe Manager\u201d) are provided in note 8. The total amount outstanding at the year end relating to the Investment Management Agreement was \u00a36.7 million (2021: \u00a35.7 million). The total expense recognised in the Group profit or loss relating to share-based payments under the Investment Management Agreement was \u00a35.3 million (2021: \u00a32.7 million), of which \u00a32.7 million (2021: \u00a31.5 million) was outstanding at the year end. Details of amounts paid to Directors for their services can be found within the Directors\u2019 Remuneration Report. On 1 February 2021, Alasdair Evans and Philip Redding were appointed as new Members of the Manager. The other six Members of the Manager were Colin Godfrey, James Dunlop, Henry Franklin, Petrina Austin, Bjorn Hobart and Frankie Whitehead. During the year the Directors who served during the year received the following dividends Aubrey Adams: \u00a316,240 (2021: \u00a313,345), Alastair Hughes: \u00a33,001 (2021: \u00a32,279), Richard Laing: \u00a33,463 (2021: \u00a33,051), Karen Whitworth \u00a32,126 (2021: \u00a31,277) Wu Gang \u00a387 (2021: \u00a3nil) and Elizabeth Brown \u00a3469 (2021: \u00a3nil) . See note 9 and Directors\u2019 Remuneration Report for further details. During the year the Members of the Manager received the following dividends: Colin Godfrey: \u00a3174,834 (2021: \u00a3149,570), James Dunlop: \u00a3170,516 (2021: \u00a3145,509), Henry Franklin: \u00a3127,643 (2021: \u00a3107,003), Petrina Austin: \u00a321,777 (2021: \u00a318,004), Bjorn Hobart: \u00a324,623 (2021: \u00a320,349) and Frankie Whitehead \u00a310,470 (2021: \u00a37,888). Notes to the Consolidated Accounts continued 33. Reconciliation of liabilities to cash flows from financing activities Borrowings \u00a3m Derivative financial instruments \u00a3m Loan notes \u00a3m Total \u00a3m Balance on 1 January 2022 207.6 (1.8) 1,137.6 1,343.4 Cash flows from financing activities: Bank borrowings advanced 319.0 \u2014 \u2014 319.0 Bank borrowings repaid (52.0) \u2014 \u2014 (52.0) Interest rate cap premium paid \u2014 (3.2) \u2014 (3.2) Loan arrangement fees paid (1.5) \u2014 0.1 (1.4) Non-cash movements: Change in creditors for loan arrangement fees payable \u2014 \u2014 0.1 0.1 Amortisation of loan arrangement fees 1.7 \u2014 1.3 3.0 Fair value movement \u2014 (14.9) \u2014 (14.9) Balance on 31 December 2022 474.8 (19.9) 1,139.1 1,594.0 In addition to the above cash flow movements in borrowings, interest was also paid of \u00a335.8m (2021: \u00a337.5m), this is included in the movement in accruals. Borrowings \u00a3m Derivative financial instruments \u00a3m Loan notes \u00a3m Total \u00a3m Balance on 1 January 2021 206.8 1.0 1,136.5 1,344.3 Cash flows from financing activities: Bank borrowings advanced 245.5 \u2014 \u2014 245.5 Bank borrowings repaid (245.5) \u2014 \u2014 (245.5) Amounts received on the issue of loan notes \u2014 \u2014 \u2014 \u2014 Loan arrangement fees paid (0.4) \u2014 (0.5) (0.9) Non-cash movements: Change in creditors for loan arrangement fees payable 0.1 \u2014 0.2 0.3 Amortisation of loan arrangement fees 1.1 \u2014 1.4 2.5 Fair value movement \u2014 (2.8) \u2014 (2.8) Balance on 31 December 2021 207.6 (1.8) 1,137.6 1,343.4 34. Capital commitments The Group had capital commitments of \u00a399.9 million in relation to its development activity, asset management initiatives and commitments under development land, outstanding as at 31 December 2022 (31 December 2021: \u00a365.4 million). All commitments fall due within one yea r from the date of this report. 35. Subsequent events On 18 January 2023, the Group completed the sale of two newly-developed and vacant non-core assets at Littlebrook for a total consideration of \u00a325 million. On 1 March 2023, the Group successfully exchanged on the sale of three assets for a total consideration of \u00a3125 million, in line with their respective 31st December 2022 valuations, to a leading global investor in real estate. There were no other significant events occurring after the reporting period, but before the financial statements were authorised for issue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-304": {
"value": "1. Corporate information The consolidated financial statements of the Group for the year ended 31 December 2022 comprise the results of Tritax Big Box REIT plc (the \u201cCompany\u201d) and its subsidiaries (together, the \u201cGroup\u201d) and were approved by the Board for issue on 1 March 2023. The Company is a public limited Company incorporated and domiciled in England and Wales. The Company\u2019s Ordinary Shares are admitted to the official list of the UK Listing Authority, a division of the Financial Conduct Authority, and traded on the London Stock Exchange. The registered address of the Company is disclosed in the Company Information. The nature of the Group\u2019s operations and its principal activities are set out in the Strategic Report",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-2": {
"value": "Tritax Big Box REIT plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": "public limited Company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-4": {
"value": "England and Wales.",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-289": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-303": {
"value": "Accounting policies 2. Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The comparative information disclosed relates to the year ended 31 December 2021. The Group\u2019s financial statements have been prepared on a historical cost basis, other than as explained in the accounting policies below. The consolidated financial statements are presented in Sterling, which is also the Company\u2019s functional currency, and all values are rounded to the nearest \u00a30.1 million, except where otherwise indicated. The Group has chosen to adopt European Public Real Estate Association (\u201cEPRA\u201d) best practice guidelines for calculating key metrics such as net asset value and earnings per share (www.epra.com/finance/financial-reporting/guidelines). 2.1. Going concern Given the changing economic landscape during 2022, in particular the impact this has had on the value of the Group\u2019s portfolio, the Board has paid particular attention to the appropriateness of the going concern basis in preparing these financial statements. Any going concern assessment considers the Group\u2019s financial position, cash flows, liquidity and capital commitments including its continued access to its debt facilities and headroom under financial loan covenants. The Directors have considered the cash flow forecasts for the Group for a period of 12 months from the date of approval of these financial statements. These forecasts include the Directors\u2019 assessment of the impact of the future performance of the Group, taking into account any relevant information and include various levels of stress testing of financial forecasts with consideration over downside scenarios. The Directors have reviewed the current and projected financial position of the Group, making varying assumptions about its future trading performance. Various forms of sensitivity analysis have been performed having a particular regard to the current financial performance of the Group\u2019s customers, taking into account any discussions held with the customer surrounding their rental obligations. The analysis also included sensitivities over the following; portfolio valuation movements due to market volatility, rates of rent collection, the risk around any customer default, future levels of inflation across the business and future interest rate movements. The Group has a strong track record with regards to rent collection and has continued to receive 100% of all rent falling due in respect of 2022. The Directors have also considered the arrears position in light of IFRS 9, expected credit loss model; see note 20 for further details. As at 31 December 2022, the Group had an aggregate \u00a3483 million of undrawn commitments under its senior debt facilities, as well as \u00a347.6 million of cash held at bank, of which \u00a399.9 million was committed under various pre-let development contracts. The Group\u2019s loan to value ratio stood at 31.2%, with the debt portfolio having an average maturity term of approximately 5.4 years. As at the date of approval of this report, the Group has substantial headroom within its financial loan covenants, which include loan to value covenants at 60% on its tightest loans. The Group\u2019s financial covenants have also been complied with for all loans throughout the year and up to the date of approval of these financial statements. As at 31 December 2022, property values would have to fall by more than 45% before loan covenants at the corporate level are breached. The Directors have assessed the Group\u2019s ability to continue as a going concern and are not aware of any material uncertainties that may cast significant doubt upon the Group\u2019s ability to continue as a going concern. Therefore the Directors are satisfied that the Group has the resources to continue in business until at least 31 March 2024 . 3. Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. 118 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 3. Significant accounting judgements, estimates and assumptions continued 3.1. Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: Other operating income Other operating income is receivable from development management agreements in place with third parties. Development management income is recognised in the accounting period in which the services are rendered and a significant reversal is not expected in future periods. Judgement is exercised in identifying performance obligations including achieving a pre-let, managing the building of an asset and arranging for lease completion. Certain performance obligations, such as achieving a pre-let or letting, are recognised at a point in time and others, such as managing the construction of an asset, are recognised over time based on the actual service provided to the end of the reporting period as a proportion of the total services. Management determines the stage of completion of an asset by assessing the total costs incurred on a project, as a proportion of the total costs expected to be incurred. A judgement is formed over the level of other operating income to be recognised in any accounting period, which also takes into account any associated costs borne under the corresponding development management agreements. Land options Measurement Land options, and other non-financial assets, are initially capitalised at cost and considered for any impairment indication annually. The impairment review includes consideration of the resale value of the option, likelihood of achieving planning consent and current recoverable value as determined by an independent valuer. In the calculation of the resale value or recoverable value of land options, several estimates are required which includes the expected size of the development, expected rental and capitalisation rates, estimated build costs, the time to complete the development and anticipated progress with achieving planning consent, as well as the associated risks of achieving the above. B and C Shares As part of the acquisition of Tritax Symmetry which completed on 19 February 2019, shares were issued in Tritax Symmetry Limited to the management Shareholders of Tritax Symmetry (\u201cSymmetry Management Shareholders\u201d) in the form of B and C shares (the \u201cB and C Shares\u201d). The terms of these shares are complex and as a result the Directors have had to make a number of judgements in order to conclude on the appropriate accounting treatment. The significant judgements applied in relation to the B and C Shares were as follows: 1. Subject to remaining in continued employment these shares entitle the holders to 13% of the Adjusted NAV of Tritax Symmetry Limited. Were an individual to leave employment and be deemed a bad leaver, the amount payable is the lower of the value of the shares on the completion date and 50% of Adjusted NAV. The Directors have therefore concluded that the unconditional amount payable to the B and C Shareholders, being 50% of the value of the B and C Shares on acquisition, should be treated as contingent consideration in accordance with IFRS 3. The fair value of the contingent consideration is remeasured at each reporting date. Any additional amounts paid to the B and C Shareholders as a result of their continued service is accounted for as payment for the provision of post-combination services. 2. The B and C Shares have put options in place at various points in time over an eight-year period to February 2027, along with a put and call option at February 2027. The B and C Shares are not considered to represent a present ownership interest in the Group as an element of the amount due to the B and C Shareholders is dependent on them continuing to remain in employment and provide services to the Group. Therefore, the Directors have concluded that the B and C Shares do not represent a non-controlling interest and the amounts owed to the B and C Shareholders should instead be presented as a financial liability. 3. When settled the B and C Shares are settled 25% in cash with the remaining 75% settled in either cash or shares at the discretion of the Company. Both elements are considered to represent share-based payments as the amounts due are based on the Adjusted NAV of the underlying business of Tritax Symmetry Limited. The Directors will endeavour to settle all of the B and C Shares in cash, subject to sufficient funds being available to the Group at the time of settlement without adversely impacting the operations of the Group. In accordance with IFRS 2 this is accounted for as a cash settled share-based payment. In conformity with the requirements of IFRS 2 for cash settled share-based payments, the share-based payment charge is the fair value of the settlement value of the B and C Shares in Tritax Symmetry Limited, established by a Monte Carlo simulation model and reassessed at each reporting date. Business combinations The Group acquires subsidiaries that own property and other property interests. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination where an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Where such acquisitions are not judged to be the acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based upon their relative fair values at the acquisition date. Accordingly, no goodwill or deferred tax arises. The fair value of assets and liabilities are established using industry-leading third-party professionals, instructed by the Company. 119Tritax Big Box REIT plc Annual Report 2022 FINANCIAL STATEMENTS 3. Significant accounting judgements, estimates and assumptions continued 3.1. Judgements continued Estimates Fair valuation of investment property The market value of investment property is determined by an independent property valuation expert (see note 15) to be the estimated amount for which a property should exchange on the date of the valuation in an arm\u2019s-length transaction. Properties have been valued on an individual basis. The valuation expert uses recognised valuation techniques and the principles of both IAS 40 and IFRS 13. The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards July 2017 (the \u201cRed Book\u201d). Factors reflected comprise current market conditions including net initial yield applied, annual rents and estimated rental values, lease lengths, location and building specification which would include climate-related considerations. The net initial yield, being the most significant estimate, is subject to changes depending on the market conditions which are assessed on a periodic basis. The significant methods and assumptions used by the valuers in estimating the fair value of investment property, together with the sensitivity analysis on the most subjective inputs, are set out in note 15. 4. Summary of significant accounting policies 4.1. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries, as at the year-end date. 4.2. Subsidiaries Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee and the ability of the investor to use its power to affect those variable returns. Control is reassessed wherever facts and circumstances indicate that there may be a change in any of these elements of control. 4.3. Segmental information The Directors are of the opinion that the Group is engaged in a single segment business, being the investment in UK logistics assets and land options with a view to developing logistics and holding these for investment purposes. The Directors consider that these properties have similar economic characteristics in nature and as a result they have been reported as a single reportable operating business. All of the Group\u2019s revenue and assets are based in the United Kingdom. 4.4. Investment property and investment property under construction Investment property comprises completed property that is held to earn rentals or for capital appreciation, or both. Property held under a lease is classified as investment property when it is held to earn rentals or for capital appreciation or both, rather than for sale in the ordinary course of business or for use in production or administrative functions. The corresponding entry upon recognising lease incentives or fixed/minimum rental uplifts is made to investment property. For further details see Accounting Policy note 4.16.1. Investment property is recognised once practical completion is achieved and is measured initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and other costs incurred in order to bring the property to the condition necessary for it to be capable of operating. Subsequent to initial recognition, investment property is stated at fair value. Gains or losses arising from changes in the fair values are included in the Group profit or loss in the year in which they arise under IAS 40 \u201cInvestment Property\u201d. Long leaseholds are accounted for as investment property as they meet the criteria for right of use assets. Investment properties under construction are financed by the Group where the Group enters into contracts to forward fund the development of a pre-let property. All such contracts specify a fixed amount of consideration. The Group also directly enters into construction contracts to develop logistics assets, in the form of pre-let development and with an allowance of up to 5% of GAV in speculative development (with no pre-let secured). Investment properties under construction are initially measured at cost (including the transaction costs), which reflect the Group\u2019s investment in the assets. Subsequently, the assets are remeasured to fair value at each reporting date. The fair value of investment properties under construction is estimated as the fair value of the completed asset less any costs still payable in order to complete the asset, which include an appropriate developer\u2019s margin. Additions to properties include costs of a capital nature only. Expenditure is classified as capital when it results in identifiable future economic benefits, which are expected to accrue to the Group. Capitalised expenditure also includes finance costs incurred on qualifying assets under construction. All other property expenditure is expensed in the Group profit or loss as incurred. Investment properties cease to be recognised when they have been disposed of or withdrawn permanently from use and no future economic benefit is expected from disposal. The difference between the net disposal proceeds and the carrying amount of the asset would result in either gains or losses at the retirement or disposal of investment property. Any gains or losses are recognised in the Group profit or loss in the year of retirement or disposal. 4.5. Assets held for sale An asset will be classified as held for sale in line with IFRS \u201c5 Non-Current Assets Held for Sale and Discontinued Operations\u201d if its carrying value is expected to be recovered though a sale transaction rather than continuing use. An asset will be classified in this way only when a sale is highly probable, management are committed to selling the asset at the year-end date, the asset is available for immediate sale in its current condition and the asset is expected to be disposed of within 12 months after the date of the Consolidated Statement of Financial Position120 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 4. Summary of significant accounting policies continued 4.6. Financial instruments Fair value hierarchy Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period . 4.6.1. Financial assets The Group classifies its financial assets into one of the categories discussed below. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group profit or loss in the finance income or expense line. Other than derivative financial instruments which are not designated as hedging instruments, the Group does not have any assets held for trading nor does it voluntarily classify any financial assets as being at fair value through profit or loss. Amortised cost These assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost being the effective interest rate method, less provision for impairment. Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from tenant default (being the failure of a tenant to timely pay rent due) to determine the lifetime expected credit loss for the trade receivables. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the Group Statement of Financial Position. Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less . 4.6.2. Financial liabilities The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value; and the amounts due to B and C Shareholders. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group profit or loss. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss. Other financial liabilities Other financial liabilities include the following items: Bank borrowings and the Group\u2019s loan notes are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the Group Statement of Financial Position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payment while the liability is outstanding. Debt modification Debt modifications are subject to a qualitative and quantitative test to determine if a substantial modification has occurred. The outcome of the tests will determine if the modification should be treated as a substantial modification under extinguishment accounting or an adjustment to the existing liability under modification accounting. 4.7. Forward funded pre-let investments The Group enters into forward funding development agreements for pre-let investment property. The Group will enter into a forward funding agreement with a developer and simultaneously enter into an agreement for lease with a prospective tenant willing to occupy the building once complete. 4.7.1. Licence fees receivable During the period between initial investment in a forward funded agreement and the rent commencement date under the lease, the Group receives licence fee income on certain property transactions. This is payable by the developer to the Group throughout this period and typically reflects the approximate level of rental income that is expected to be payable under the lease, as and when practical completion is reached. IAS 40.20 states that investment property should be recognised initially at cost, being the consideration paid to acquire the asset, therefore such licence fees are deducted from the cost of investment property and are initially recognised as a receivable. 121Tritax Big Box REIT plc Annual Report 2022 FINANCIAL STATEMENTS 4. Summary of significant accounting policies continued 4.7. Forward funded pre-let investments continued 4.7.1. Licence fees receivable continued Any economic benefit of the licence fee is reflected within the Group profit or loss as a movement in the fair value of investment property and not within gross rental income. Licence fees received are treated as gross receipts within the Group Cash Flow Statement. In addition, IAS 16.21 indicates that income and expenses from operations that are not to bring an asset to the location and condition necessary for it to be capable of operating in the manner intended, should be recognised in profit or loss. 4.8. Joint arrangements The Group is a party to a joint arrangement when there is a contractual arrangement that confers joint control over the relevant activities of the arrangement to the Group and at least one other party. Joint control is assessed under the same principles as control over subsidiaries. The Group classifies its interests in joint arrangements as either: \u2022 joint ventures: where the Group has rights to only the net assets of the joint arrangement; or \u2022 joint operations: where the Group has both the rights to assets and obligations for the liabilities of the joint arrangement. In assessing the classification of interests in joint arrangements, the Group considers: \u2022 the structure of the joint arrangement; \u2022 the legal form of joint arrangements structured through a separate vehicle; \u2022 the contractual terms of the joint arrangement agreement; and \u2022 any other facts and circumstances (including any other contractual arrangements). The Group does not have any joint operations. Joint ventures are initially recognised in the Group Statement of Financial Position at cost. Subsequently joint ventures are accounted for using the equity method, where the Group\u2019s share of post-acquisition profits and losses and other comprehensive income is recognised in the Group profit or loss. Profits and losses arising on transactions between the Group and its joint ventures are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the joint venture\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the joint venture. Any premium paid for an investment in a joint venture above the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the investment in joint venture. Provision for impairment in value is made where there is objective evidence that the investment in a joint venture has been impaired. 4.9. Goodwill Goodwill is capitalised as an intangible asset, with any impairment in carrying value being charged to the Group profit or loss. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Group profit or loss on the acquisition date as a gain on bargain purchase or negative goodwill. 4.10. Intangible assets As a result of the acquisition of Tritax Symmetry, the DMA between the Company and Tritax Symmetry Management Limited is assessed as a favourable contract. It is recognised as an intangible asset on the Group Statement of Financial Position and is amortised over the original eight year term of the DMA. The favourable element of the DMA was assessed with reference to a reasonable mark-up that may be expected for these services if the agreement were set up at arm\u2019s length, discounted over the eight-year period. 4.11. Land options Land options are classified as non-financial assets as they are non-liquid assets with no active market and they cannot be readily converted into cash. The options are exercisable at a future date subject to receiving planning consent. They are initially carried at cost and are tested for impairment annually and whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (the higher of value in use and fair value less costs to sell), the option is written down accordingly as a charge to the Group profit or loss. Once the options are exercised and the land is drawn down, they are transferred into investment property. 4.12. Impairment of assets Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the financial year end. Other non-financial assets including intangible assets, investment in joint ventures and land options are subject to annual impairment tests, or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (the higher of value in use and fair value less costs to sell), the asset is impaired accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows, its cash-generating units (\u201cCGUs\u201d). Goodwill is allocated on initial recognition to each of the Group\u2019s CGUs that are expected to benefit from a business combination that gives rise to the goodwill. Impairment charges are included in Group profit or loss. An impairment loss recognised for goodwill is not reversed. 122 Tritax Big Box REIT plc Annual Report 2022 Notes to the Consolidated Accounts continued 4. Summary of significant accounting policies continued 4.13. Business combination The Group acquires subsidiaries that own investment properties. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness Combinations\u201d), to be considered a business an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional \u201cconcentration test\u201d is also applied; where substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. Therefore the Group accounts for an acquisition as a business combination where an integrated set of activities is acquired in addition to the property. Where an acquisition is considered to be a business combination the consolidated financial statements incorporate the results of business combinations using the acquisition method. In the Group Statement of Financial Position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. Any excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired is treated as goodwill. Where the fair value of identifiable assets, liabilities and contingent liabilities acquired exceeds the fair value of the purchase consideration, the difference is treated as gain on bargain purchase and credited to the Group profit or loss. The results of acquired operations are included in the Group profit or loss from the date on which control is obtained until the date on which control ceases. Where such acquisitions are not judged to be the acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based upon their relative fair values at the acquisition date. Accordingly, no goodwill or additional deferred tax arises. Where amounts payable for the acquisition of a business are subject to a contingent consideration arrangement in which the payments are automatically forfeited if employment terminates, the amounts are treated as remuneration for post-combination services rather than consideration for the acquisition of a business . 4.14. Share-based payments The Company has entered into an agreement with the Symmetry Management Shareholders where future amounts payable are based on the Adjusted NAV of Tritax Symmetry Limited and subject to certain provisions around continuing employment. 25% of the amounts payable are to be settled in cash with the remaining 75% settled in cash or shares at the discretion of the Company. Where the Company has a present obligation to settle the amounts in cash, either through its stated intention or past practice, the Company accounts for the amounts as cash settled share-based payments. The fair value of the cash settled obligation is recognised over the vesting period and presented as a liability in the Group Statement of Financial Position. The liability is remeasured at each reporting date with the charge to the profit or loss updated over the vesting period. 4.15. Dividends payable to Shareholders Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the Shareholders at an Annual General Meeting. 4.16. Property income 4.16.1. Ren ta l in co me Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease term and is included in gross rental income in the Group profit or loss. A rental adjustment is recognised from the rent review date in relation to unsettled rent reviews, where the Directors are reasonably certain that the rental uplift will be agreed. Initial direct costs incurred in negotiating and arranging an operating lease are recognised as an expense over the lease term on the same basis as the lease income. Rental income is invoiced, either monthly or quarterly in advance, and for all rental income that relates to a future period this is deferred and appears within current liabilities on the Group Statement of Financial Position. For leases, which contain fixed or minimum uplifts, the rental income arising from such uplifts is recognised on a straight-line basis over the lease term. Tenant lease incentives are recognised as a reduction of gross rental income on a straight-line basis over the term of the lease. The lease term is the non cancellable period of the lease together with any further term for which the tenant has the option to continue the lease where, at the inception of the lease, the Directors are reasonably certain that the tenant will exercise that option. When the Group enters into a forward funded transaction, the future tenant signs an agreement for lease. No rental income is recognised under the agreement for lease, but once practical completion has taken place the formal lease is signed, at which point rental income commences to be recognised in the Group profit or loss from the rent commencement date. 4.16.2. Other operating income The other operating income is generated through the Group providing development management services to third parties. It is recognised on an accruals basis in the period in which the services have been rendered, performance obligations have been satisfied and a significant reversal is not expected in future periods. 4.17. Finance income Finance income is recognised as interest accrues on cash balances held by the Group. Interest charged to a tenant on any overdue rental income is also recognised within finance income. 4.18. Finance costs Finance costs consist of interest and other costs that an entity incurs in connection with bank and other borrowings. Any finance costs that are separately identifiable and directly attributable to the acquisition or construction of an asset that takes a period of time to complete are capitalised as part of the cost of the asset. All other finance costs are expensed to the Group profit or loss in the period in which they occur. 4. Summary of significant accounting policies continued 4.19. Ta xation Taxation on the profit or loss for the period not exempt under UK REIT regulations comprises current and deferred tax. Current tax is expected tax payable on any profit not relating to the property rental business for the year, using tax rates enacted or substantively enacted at the year-end date, including any adjustment to tax payable in respect of previous years . 5. New standards issued 5.1. New standard issued and effective from 1 January 2022 There was no material effect from the adoption of other amendments to IFRS effective in the year. They have no significant impact to the Group significantly as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s current accounting policies. 5.2. New standards issued but not yet effective Amendments to IAS 1 on Classification of liabilities as Current or Non-Current are effective for the financial years commencing on or after 1 January 2024 and are to be applied retrospectively. The amendments are not expected to have an impact on the presentation and classification of liabilities in the Group Statement of Financial Position based on rights that are in existence at the end of the reporting period. There are no other standards that are not yet effective that would be expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-305": {
"value": "2. Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The comparative information disclosed relates to the year ended 31 December 2021. The Group\u2019s financial statements have been prepared on a historical cost basis, other than as explained in the accounting policies below. The consolidated financial statements are presented in Sterling, which is also the Company\u2019s functional currency, and all values are rounded to the nearest \u00a30.1 million, except where otherwise indicated. The Group has chosen to adopt European Public Real Estate Association (\u201cEPRA\u201d) best practice guidelines for calculating key metrics such as net asset value and earnings per share (www.epra.com/finance/financial-reporting/guidelines). 2.1. Going concern Given the changing economic landscape during 2022, in particular the impact this has had on the value of the Group\u2019s portfolio, the Board has paid particular attention to the appropriateness of the going concern basis in preparing these financial statements. Any going concern assessment considers the Group\u2019s financial position, cash flows, liquidity and capital commitments including its continued access to its debt facilities and headroom under financial loan covenants. The Directors have considered the cash flow forecasts for the Group for a period of 12 months from the date of approval of these financial statements. These forecasts include the Directors\u2019 assessment of the impact of the future performance of the Group, taking into account any relevant information and include various levels of stress testing of financial forecasts with consideration over downside scenarios. The Directors have reviewed the current and projected financial position of the Group, making varying assumptions about its future trading performance. Various forms of sensitivity analysis have been performed having a particular regard to the current financial performance of the Group\u2019s customers, taking into account any discussions held with the customer surrounding their rental obligations. The analysis also included sensitivities over the following; portfolio valuation movements due to market volatility, rates of rent collection, the risk around any customer default, future levels of inflation across the business and future interest rate movements. The Group has a strong track record with regards to rent collection and has continued to receive 100% of all rent falling due in respect of 2022. The Directors have also considered the arrears position in light of IFRS 9, expected credit loss model; see note 20 for further details. As at 31 December 2022, the Group had an aggregate \u00a3483 million of undrawn commitments under its senior debt facilities, as well as \u00a347.6 million of cash held at bank, of which \u00a399.9 million was committed under various pre-let development contracts. The Group\u2019s loan to value ratio stood at 31.2%, with the debt portfolio having an average maturity term of approximately 5.4 years. As at the date of approval of this report, the Group has substantial headroom within its financial loan covenants, which include loan to value covenants at 60% on its tightest loans. The Group\u2019s financial covenants have also been complied with for all loans throughout the year and up to the date of approval of these financial statements. As at 31 December 2022, property values would have to fall by more than 45% before loan covenants at the corporate level are breached. The Directors have assessed the Group\u2019s ability to continue as a going concern and are not aware of any material uncertainties that may cast significant doubt upon the Group\u2019s ability to continue as a going concern. Therefore the Directors are satisfied that the Group has the resources to continue in business until at least 31 March 2024 . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-357": {
"value": "2.1. Going concern Given the changing economic landscape during 2022, in particular the impact this has had on the value of the Group\u2019s portfolio, the Board has paid particular attention to the appropriateness of the going concern basis in preparing these financial statements. Any going concern assessment considers the Group\u2019s financial position, cash flows, liquidity and capital commitments including its continued access to its debt facilities and headroom under financial loan covenants. The Directors have considered the cash flow forecasts for the Group for a period of 12 months from the date of approval of these financial statements. These forecasts include the Directors\u2019 assessment of the impact of the future performance of the Group, taking into account any relevant information and include various levels of stress testing of financial forecasts with consideration over downside scenarios. The Directors have reviewed the current and projected financial position of the Group, making varying assumptions about its future trading performance. Various forms of sensitivity analysis have been performed having a particular regard to the current financial performance of the Group\u2019s customers, taking into account any discussions held with the customer surrounding their rental obligations. The analysis also included sensitivities over the following; portfolio valuation movements due to market volatility, rates of rent collection, the risk around any customer default, future levels of inflation across the business and future interest rate movements. The Group has a strong track record with regards to rent collection and has continued to receive 100% of all rent falling due in respect of 2022. The Directors have also considered the arrears position in light of IFRS 9, expected credit loss model; see note 20 for further details. As at 31 December 2022, the Group had an aggregate \u00a3483 million of undrawn commitments under its senior debt facilities, as well as \u00a347.6 million of cash held at bank, of which \u00a399.9 million was committed under various pre-let development contracts. The Group\u2019s loan to value ratio stood at 31.2%, with the debt portfolio having an average maturity term of approximately 5.4 years. As at the date of approval of this report, the Group has substantial headroom within its financial loan covenants, which include loan to value covenants at 60% on its tightest loans. The Group\u2019s financial covenants have also been complied with for all loans throughout the year and up to the date of approval of these financial statements. As at 31 December 2022, property values would have to fall by more than 45% before loan covenants at the corporate level are breached. The Directors have assessed the Group\u2019s ability to continue as a going concern and are not aware of any material uncertainties that may cast significant doubt upon the Group\u2019s ability to continue as a going concern. Therefore the Directors are satisfied that the Group has the resources to continue in business until at least 31 March 2024 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-306": {
"value": "3. Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. 3. Significant accounting judgements, estimates and assumptions continued 3.1. Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: Other operating income Other operating income is receivable from development management agreements in place with third parties. Development management income is recognised in the accounting period in which the services are rendered and a significant reversal is not expected in future periods. Judgement is exercised in identifying performance obligations including achieving a pre-let, managing the building of an asset and arranging for lease completion. Certain performance obligations, such as achieving a pre-let or letting, are recognised at a point in time and others, such as managing the construction of an asset, are recognised over time based on the actual service provided to the end of the reporting period as a proportion of the total services. Management determines the stage of completion of an asset by assessing the total costs incurred on a project, as a proportion of the total costs expected to be incurred. A judgement is formed over the level of other operating income to be recognised in any accounting period, which also takes into account any associated costs borne under the corresponding development management agreements. Land options Measurement Land options, and other non-financial assets, are initially capitalised at cost and considered for any impairment indication annually. The impairment review includes consideration of the resale value of the option, likelihood of achieving planning consent and current recoverable value as determined by an independent valuer. In the calculation of the resale value or recoverable value of land options, several estimates are required which includes the expected size of the development, expected rental and capitalisation rates, estimated build costs, the time to complete the development and anticipated progress with achieving planning consent, as well as the associated risks of achieving the above. B and C Shares As part of the acquisition of Tritax Symmetry which completed on 19 February 2019, shares were issued in Tritax Symmetry Limited to the management Shareholders of Tritax Symmetry (\u201cSymmetry Management Shareholders\u201d) in the form of B and C shares (the \u201cB and C Shares\u201d). The terms of these shares are complex and as a result the Directors have had to make a number of judgements in order to conclude on the appropriate accounting treatment. The significant judgements applied in relation to the B and C Shares were as follows: 1. Subject to remaining in continued employment these shares entitle the holders to 13% of the Adjusted NAV of Tritax Symmetry Limited. Were an individual to leave employment and be deemed a bad leaver, the amount payable is the lower of the value of the shares on the completion date and 50% of Adjusted NAV. The Directors have therefore concluded that the unconditional amount payable to the B and C Shareholders, being 50% of the value of the B and C Shares on acquisition, should be treated as contingent consideration in accordance with IFRS 3. The fair value of the contingent consideration is remeasured at each reporting date. Any additional amounts paid to the B and C Shareholders as a result of their continued service is accounted for as payment for the provision of post-combination services. 2. The B and C Shares have put options in place at various points in time over an eight-year period to February 2027, along with a put and call option at February 2027. The B and C Shares are not considered to represent a present ownership interest in the Group as an element of the amount due to the B and C Shareholders is dependent on them continuing to remain in employment and provide services to the Group. Therefore, the Directors have concluded that the B and C Shares do not represent a non-controlling interest and the amounts owed to the B and C Shareholders should instead be presented as a financial liability. 3. When settled the B and C Shares are settled 25% in cash with the remaining 75% settled in either cash or shares at the discretion of the Company. Both elements are considered to represent share-based payments as the amounts due are based on the Adjusted NAV of the underlying business of Tritax Symmetry Limited. The Directors will endeavour to settle all of the B and C Shares in cash, subject to sufficient funds being available to the Group at the time of settlement without adversely impacting the operations of the Group. In accordance with IFRS 2 this is accounted for as a cash settled share-based payment. In conformity with the requirements of IFRS 2 for cash settled share-based payments, the share-based payment charge is the fair value of the settlement value of the B and C Shares in Tritax Symmetry Limited, established by a Monte Carlo simulation model and reassessed at each reporting date. Business combinations The Group acquires subsidiaries that own property and other property interests. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination where an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Where such acquisitions are not judged to be the acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based upon their relative fair values at the acquisition date. Accordingly, no goodwill or deferred tax arises. The fair value of assets and liabilities are established using industry-leading third-party professionals, instructed by the Company. 3. Significant accounting judgements, estimates and assumptions continued 3.1. Judgements continued Estimates Fair valuation of investment property The market value of investment property is determined by an independent property valuation expert (see note 15) to be the estimated amount for which a property should exchange on the date of the valuation in an arm\u2019s-length transaction. Properties have been valued on an individual basis. The valuation expert uses recognised valuation techniques and the principles of both IAS 40 and IFRS 13. The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards July 2017 (the \u201cRed Book\u201d). Factors reflected comprise current market conditions including net initial yield applied, annual rents and estimated rental values, lease lengths, location and building specification which would include climate-related considerations. The net initial yield, being the most significant estimate, is subject to changes depending on the market conditions which are assessed on a periodic basis. The significant methods and assumptions used by the valuers in estimating the fair value of investment property, together with the sensitivity analysis on the most subjective inputs, are set out in note 15. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-307": {
"value": "4.1. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries, as at the year-end date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-308": {
"value": "4.2. Subsidiaries Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee and the ability of the investor to use its power to affect those variable returns. Control is reassessed wherever facts and circumstances indicate that there may be a change in any of these elements of control. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-309": {
"value": "4.3. Segmental information The Directors are of the opinion that the Group is engaged in a single segment business, being the investment in UK logistics assets and land options with a view to developing logistics and holding these for investment purposes. The Directors consider that these properties have similar economic characteristics in nature and as a result they have been reported as a single reportable operating business. All of the Group\u2019s revenue and assets are based in the United Kingdom. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-310": {
"value": "4.4. Investment property and investment property under construction Investment property comprises completed property that is held to earn rentals or for capital appreciation, or both. Property held under a lease is classified as investment property when it is held to earn rentals or for capital appreciation or both, rather than for sale in the ordinary course of business or for use in production or administrative functions. The corresponding entry upon recognising lease incentives or fixed/minimum rental uplifts is made to investment property. For further details see Accounting Policy note 4.16.1. Investment property is recognised once practical completion is achieved and is measured initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and other costs incurred in order to bring the property to the condition necessary for it to be capable of operating. Subsequent to initial recognition, investment property is stated at fair value. Gains or losses arising from changes in the fair values are included in the Group profit or loss in the year in which they arise under IAS 40 \u201cInvestment Property\u201d. Long leaseholds are accounted for as investment property as they meet the criteria for right of use assets. Investment properties under construction are financed by the Group where the Group enters into contracts to forward fund the development of a pre-let property. All such contracts specify a fixed amount of consideration. The Group also directly enters into construction contracts to develop logistics assets, in the form of pre-let development and with an allowance of up to 5% of GAV in speculative development (with no pre-let secured). Investment properties under construction are initially measured at cost (including the transaction costs), which reflect the Group\u2019s investment in the assets. Subsequently, the assets are remeasured to fair value at each reporting date. The fair value of investment properties under construction is estimated as the fair value of the completed asset less any costs still payable in order to complete the asset, which include an appropriate developer\u2019s margin. Additions to properties include costs of a capital nature only. Expenditure is classified as capital when it results in identifiable future economic benefits, which are expected to accrue to the Group. Capitalised expenditure also includes finance costs incurred on qualifying assets under construction. All other property expenditure is expensed in the Group profit or loss as incurred. Investment properties cease to be recognised when they have been disposed of or withdrawn permanently from use and no future economic benefit is expected from disposal. The difference between the net disposal proceeds and the carrying amount of the asset would result in either gains or losses at the retirement or disposal of investment property. Any gains or losses are recognised in the Group profit or loss in the year of retirement or disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-311": {
"value": "4.5. Assets held for sale An asset will be classified as held for sale in line with IFRS \u201c5 Non-Current Assets Held for Sale and Discontinued Operations\u201d if its carrying value is expected to be recovered though a sale transaction rather than continuing use. An asset will be classified in this way only when a sale is highly probable, management are committed to selling the asset at the year-end date, the asset is available for immediate sale in its current condition and the asset is expected to be disposed of within 12 months after the date of the Consolidated Statement of Financial Position",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-358": {
"value": "4.6. Financial instruments Fair value hierarchy Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-312": {
"value": "4.6. Financial instruments Fair value hierarchy Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period . 4.6.1. Financial assets The Group classifies its financial assets into one of the categories discussed below. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group profit or loss in the finance income or expense line. Other than derivative financial instruments which are not designated as hedging instruments, the Group does not have any assets held for trading nor does it voluntarily classify any financial assets as being at fair value through profit or loss. Amortised cost These assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost being the effective interest rate method, less provision for impairment. Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from tenant default (being the failure of a tenant to timely pay rent due) to determine the lifetime expected credit loss for the trade receivables. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the Group Statement of Financial Position. Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less . 4.6.2. Financial liabilities The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value; and the amounts due to B and C Shareholders. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group profit or loss. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss. Other financial liabilities Other financial liabilities include the following items: Bank borrowings and the Group\u2019s loan notes are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the Group Statement of Financial Position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payment while the liability is outstanding. Debt modification Debt modifications are subject to a qualitative and quantitative test to determine if a substantial modification has occurred. The outcome of the tests will determine if the modification should be treated as a substantial modification under extinguishment accounting or an adjustment to the existing liability under modification accounting. 4.7. Forward funded pre-let investments The Group enters into forward funding development agreements for pre-let investment property. The Group will enter into a forward funding agreement with a developer and simultaneously enter into an agreement for lease with a prospective tenant willing to occupy the building once complete. 4.7.1. Licence fees receivable During the period between initial investment in a forward funded agreement and the rent commencement date under the lease, the Group receives licence fee income on certain property transactions. This is payable by the developer to the Group throughout this period and typically reflects the approximate level of rental income that is expected to be payable under the lease, as and when practical completion is reached. IAS 40.20 states that investment property should be recognised initially at cost, being the consideration paid to acquire the asset, therefore such licence fees are deducted from the cost of investment property and are initially recognised as a receivable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-359": {
"value": "4.6.1. Financial assets The Group classifies its financial assets into one of the categories discussed below. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic value. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group profit or loss in the finance income or expense line. Other than derivative financial instruments which are not designated as hedging instruments, the Group does not have any assets held for trading nor does it voluntarily classify any financial assets as being at fair value through profit or loss. Amortised cost These assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost being the effective interest rate method, less provision for impairment. Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from tenant default (being the failure of a tenant to timely pay rent due) to determine the lifetime expected credit loss for the trade receivables. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the Group Statement of Financial Position. Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-360": {
"value": "4.6.2. Financial liabilities The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value; and the amounts due to B and C Shareholders. They are carried in the Group Statement of Financial Position at fair value with changes in fair value recognised in the Group profit or loss. Other than these derivative financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss. Other financial liabilities Other financial liabilities include the following items: Bank borrowings and the Group\u2019s loan notes are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the Group Statement of Financial Position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payment while the liability is outstanding. Debt modification Debt modifications are subject to a qualitative and quantitative test to determine if a substantial modification has occurred. The outcome of the tests will determine if the modification should be treated as a substantial modification under extinguishment accounting or an adjustment to the existing liability under modification accounting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-313": {
"value": "4.7. Forward funded pre-let investments continued 4.7.1. Licence fees receivable continued Any economic benefit of the licence fee is reflected within the Group profit or loss as a movement in the fair value of investment property and not within gross rental income. Licence fees received are treated as gross receipts within the Group Cash Flow Statement. In addition, IAS 16.21 indicates that income and expenses from operations that are not to bring an asset to the location and condition necessary for it to be capable of operating in the manner intended, should be recognised in profit or loss. ",
"dimensions": {
"concept": "tritax:DescriptionOfAccountingPolicyForFowardFundedPreJetInvestments",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-314": {
"value": "4.8. Joint arrangements The Group is a party to a joint arrangement when there is a contractual arrangement that confers joint control over the relevant activities of the arrangement to the Group and at least one other party. Joint control is assessed under the same principles as control over subsidiaries. The Group classifies its interests in joint arrangements as either: \u2022 joint ventures: where the Group has rights to only the net assets of the joint arrangement; or \u2022 joint operations: where the Group has both the rights to assets and obligations for the liabilities of the joint arrangement. In assessing the classification of interests in joint arrangements, the Group considers: \u2022 the structure of the joint arrangement; \u2022 the legal form of joint arrangements structured through a separate vehicle; \u2022 the contractual terms of the joint arrangement agreement; and \u2022 any other facts and circumstances (including any other contractual arrangements). The Group does not have any joint operations. Joint ventures are initially recognised in the Group Statement of Financial Position at cost. Subsequently joint ventures are accounted for using the equity method, where the Group\u2019s share of post-acquisition profits and losses and other comprehensive income is recognised in the Group profit or loss. Profits and losses arising on transactions between the Group and its joint ventures are recognised only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the joint venture\u2019s profits and losses resulting from these transactions is eliminated against the carrying value of the joint venture. Any premium paid for an investment in a joint venture above the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired is capitalised and included in the carrying amount of the investment in joint venture. Provision for impairment in value is made where there is objective evidence that the investment in a joint venture has been impaired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-315": {
"value": "4.9. Goodwill Goodwill is capitalised as an intangible asset, with any impairment in carrying value being charged to the Group profit or loss. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Group profit or loss on the acquisition date as a gain on bargain purchase or negative goodwill. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-316": {
"value": "4.10. Intangible assets As a result of the acquisition of Tritax Symmetry, the DMA between the Company and Tritax Symmetry Management Limited is assessed as a favourable contract. It is recognised as an intangible asset on the Group Statement of Financial Position and is amortised over the original eight year term of the DMA. The favourable element of the DMA was assessed with reference to a reasonable mark-up that may be expected for these services if the agreement were set up at arm\u2019s length, discounted over the eight-year period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-317": {
"value": "4.11. Land options Land options are classified as non-financial assets as they are non-liquid assets with no active market and they cannot be readily converted into cash. The options are exercisable at a future date subject to receiving planning consent. They are initially carried at cost and are tested for impairment annually and whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (the higher of value in use and fair value less costs to sell), the option is written down accordingly as a charge to the Group profit or loss. Once the options are exercised and the land is drawn down, they are transferred into investment property. ",
"dimensions": {
"concept": "tritax:DescriptionOfAccountingPolicyForLandOptions",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-318": {
"value": "4.12. Impairment of assets Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the financial year end. Other non-financial assets including intangible assets, investment in joint ventures and land options are subject to annual impairment tests, or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (the higher of value in use and fair value less costs to sell), the asset is impaired accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows, its cash-generating units (\u201cCGUs\u201d). Goodwill is allocated on initial recognition to each of the Group\u2019s CGUs that are expected to benefit from a business combination that gives rise to the goodwill. Impairment charges are included in Group profit or loss. An impairment loss recognised for goodwill is not reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-319": {
"value": "4.13. Business combination The Group acquires subsidiaries that own investment properties. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. Under the Definition of a Business (Amendments to IFRS 3 \u201cBusiness Combinations\u201d), to be considered a business an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional \u201cconcentration test\u201d is also applied; where substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. Therefore the Group accounts for an acquisition as a business combination where an integrated set of activities is acquired in addition to the property. Where an acquisition is considered to be a business combination the consolidated financial statements incorporate the results of business combinations using the acquisition method. In the Group Statement of Financial Position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. Any excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired is treated as goodwill. Where the fair value of identifiable assets, liabilities and contingent liabilities acquired exceeds the fair value of the purchase consideration, the difference is treated as gain on bargain purchase and credited to the Group profit or loss. The results of acquired operations are included in the Group profit or loss from the date on which control is obtained until the date on which control ceases. Where such acquisitions are not judged to be the acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based upon their relative fair values at the acquisition date. Accordingly, no goodwill or additional deferred tax arises. Where amounts payable for the acquisition of a business are subject to a contingent consideration arrangement in which the payments are automatically forfeited if employment terminates, the amounts are treated as remuneration for post-combination services rather than consideration for the acquisition of a business ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-320": {
"value": "4.14. Share-based payments The Company has entered into an agreement with the Symmetry Management Shareholders where future amounts payable are based on the Adjusted NAV of Tritax Symmetry Limited and subject to certain provisions around continuing employment. 25% of the amounts payable are to be settled in cash with the remaining 75% settled in cash or shares at the discretion of the Company. Where the Company has a present obligation to settle the amounts in cash, either through its stated intention or past practice, the Company accounts for the amounts as cash settled share-based payments. The fair value of the cash settled obligation is recognised over the vesting period and presented as a liability in the Group Statement of Financial Position. The liability is remeasured at each reporting date with the charge to the profit or loss updated over the vesting period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-321": {
"value": "4.15. Dividends payable to Shareholders Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the Shareholders at an Annual General Meeting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-322": {
"value": "4.16. Property income 4.16.1. Ren ta l in co me Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease term and is included in gross rental income in the Group profit or loss. A rental adjustment is recognised from the rent review date in relation to unsettled rent reviews, where the Directors are reasonably certain that the rental uplift will be agreed. Initial direct costs incurred in negotiating and arranging an operating lease are recognised as an expense over the lease term on the same basis as the lease income. Rental income is invoiced, either monthly or quarterly in advance, and for all rental income that relates to a future period this is deferred and appears within current liabilities on the Group Statement of Financial Position. For leases, which contain fixed or minimum uplifts, the rental income arising from such uplifts is recognised on a straight-line basis over the lease term. Tenant lease incentives are recognised as a reduction of gross rental income on a straight-line basis over the term of the lease. The lease term is the non cancellable period of the lease together with any further term for which the tenant has the option to continue the lease where, at the inception of the lease, the Directors are reasonably certain that the tenant will exercise that option. When the Group enters into a forward funded transaction, the future tenant signs an agreement for lease. No rental income is recognised under the agreement for lease, but once practical completion has taken place the formal lease is signed, at which point rental income commences to be recognised in the Group profit or loss from the rent commencement date. 4.16.2. Other operating income The other operating income is generated through the Group providing development management services to third parties. It is recognised on an accruals basis in the period in which the services have been rendered, performance obligations have been satisfied and a significant reversal is not expected in future periods. ",
"dimensions": {
"concept": "tritax:DescriptionOfAccountingPolicyForPropertyIncome",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-323": {
"value": "4.17. Finance income Finance income is recognised as interest accrues on cash balances held by the Group. Interest charged to a tenant on any overdue rental income is also recognised within finance income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-324": {
"value": "4.18. Finance costs Finance costs consist of interest and other costs that an entity incurs in connection with bank and other borrowings. Any finance costs that are separately identifiable and directly attributable to the acquisition or construction of an asset that takes a period of time to complete are capitalised as part of the cost of the asset. All other finance costs are expensed to the Group profit or loss in the period in which they occur. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-325": {
"value": "4.19. Ta xation Taxation on the profit or loss for the period not exempt under UK REIT regulations comprises current and deferred tax. Current tax is expected tax payable on any profit not relating to the property rental business for the year, using tax rates enacted or substantively enacted at the year-end date, including any adjustment to tax payable in respect of previous years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-326": {
"value": "5. New standards issued 5.1. New standard issued and effective from 1 January 2022 There was no material effect from the adoption of other amendments to IFRS effective in the year. They have no significant impact to the Group significantly as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s current accounting policies. 5.2. New standards issued but not yet effective Amendments to IAS 1 on Classification of liabilities as Current or Non-Current are effective for the financial years commencing on or after 1 January 2024 and are to be applied retrospectively. The amendments are not expected to have an impact on the presentation and classification of liabilities in the Group Statement of Financial Position based on rights that are in existence at the end of the reporting period. There are no other standards that are not yet effective that would be expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-327": {
"value": "6. Total property income Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Rental income \u2013 freehold property 162.3 146.5 Rental income \u2013 long leasehold property 32.6 30.9 Spreading of tenant incentives and guaranteed rental uplifts 11.1 7.2 Other income 0.2 0.1 Gross rental income 206.2 184.7 Property insurance recoverable 4.2 3.9 Service charges recoverable 2.1 1.2 Total property insurance and service charge income 6.3 5.1 Total property income 212.5 189.8 There was one individual tenant representing more than 10% of gross rental income, constituting \u00a332.2 million of rental income in 2022 (2021: \u00a325.0 million) Included in the \u00a39.3 million of other operating income, was a charge of \u00a31.7 million (2021: \u00a35.4 million) being amortisation of other property assets. The other operating income is generated through the Group providing development management services to third parties",
"dimensions": {
"concept": "tritax:DisclosureOfPropertyIncome",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-328": {
"value": "7. Service charge expenses Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Property insurance expense 4.3 4.0 Service charge expense 2.2 1.2 Total property expenses 6.5 5.2 ",
"dimensions": {
"concept": "tritax:DisclosureOfServiceChargeExpenses",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-329": {
"value": "8. Administrative and other expenses Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Investment management fees 26.0 20.7 Directors\u2019 remuneration (note 9) 0.5 0.4 Auditor\u2019s fees Fees payable for the audit of the Company\u2019s annual accounts 0.4 0.4 Fees payable for the review of the Company\u2019s interim accounts 0.1 0.1 Fees payable for the audit of the Company\u2019s subsidiaries 0.1 0.1 Total Auditor\u2019s fee 0.6 0.6 Development management fees 1.0 0.8 Corporate administration fees 0.5 0.5 Regulatory fees 0.1 0.1 Legal and professional fees 1.9 1.3 Marketing and promotional fees 0.5 0.5 Other costs 1.1 0.6 Total administrative and other expenses 32.2 25.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-330": {
"value": "9. Directors\u2019 remuneration Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Directors\u2019 fees 0.4 0.3 Employer\u2019s National Insurance 0.1 0.1 0.5 0.4 A summary of the Directors\u2019 emoluments, including the disclosures required by the Companies Act 2006, is set out in the Directors\u2019 Remuneration Report",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-331": {
"value": "10. Finance income Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Interest received on bank deposits 0.1 \u2014 Interest received on swaps and other derivatives 1.5 \u2014 Total tax charge 1.6 \u2014 11. Finance expense Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Interest payable on bank borrowings 9.3 6.1 Interest payable on loan notes 29.8 29.8 Commitment fees payable on bank borrowings 1.7 2.0 Swap interest payable 0.1 0.4 Amortisation of loan arrangement fees 3.2 2.5 44.1 40.8 Borrowing costs capitalised against development properties (4.7) (0.7) Total tax charge 39.4 40.1 The interest capitalised rate is the Group\u2019s weighted average cost of debt as detailed in note 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-361": {
"value": "10. Finance income Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Interest received on bank deposits 0.1 \u2014 Interest received on swaps and other derivatives 1.5 \u2014 Total tax charge 1.6 \u2014 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-362": {
"value": "11. Finance expense Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Interest payable on bank borrowings 9.3 6.1 Interest payable on loan notes 29.8 29.8 Commitment fees payable on bank borrowings 1.7 2.0 Swap interest payable 0.1 0.4 Amortisation of loan arrangement fees 3.2 2.5 44.1 40.8 Borrowing costs capitalised against development properties (4.7) (0.7) Total tax charge 39.4 40.1 The interest capitalised rate is the Group\u2019s weighted average cost of debt as detailed in note 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-332": {
"value": "12. Taxation a) Tax charge in the Group Statement of Comprehensive Income Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m UK corporation tax credit/(charge) 1.6 (2.4) Appropriation tax refund \u2014 3.9 Tax credit 1.6 1.5 The UK corporation tax rate for the financial year is 19%. Accordingly, this rate has been applied in the measurement of the Group\u2019s tax liability at 31 December 2022. b) Factors affecting the tax charge for the year The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The differences are explained below: Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Profit/(loss) on ordinary activities before taxation (601.0) 971.1 Theoretical tax at UK corporation tax rate of 19.0% (31 December 2021: 19.0%) (114.2) 184.5 REIT exempt income (25.0) (23.8) Non-taxable items 141.5 (160.7) Permanent differences/tax losses not recognised \u2014 \u2014 Tax refund \u2014 (3.9) Residual losses (3.9) 6.3 Total tax (credit)/charge (1.6) 2.4 Non-taxable items include income and gains that are derived from the property rental business and are therefore exempt from UK corporation tax in accordance with Part 12 of CTA 2010. REIT exempt income includes property rental income that is exempt from UK corporation tax in accordance with Part 12 of CTA 2010. The current year tax liability of \u00a31.1 million (2021: \u00a34.3 million) relates to tax payable on non-property profits arising in the year and appropriation tax charges in relation to the business combination which occurred in 2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-333": {
"value": "13. Earnings per share Earnings per share (EPS) are calculated by dividing profit for the period attributable to ordinary equity holders of the Company by the weighted average number of Ordinary Shares in issue during the period. As there are dilutive instruments outstanding, basic and diluted earnings per share are shown below. In relation to the dilutive shares to be issued in respect of the B and C Shares, the Directors have indicated a current intention to settle these 100% in cash. The calculation of basic and diluted earnings per share is based on the following: For the year ended 31 December 2022 Net profit/(loss) attributable to Ordinary Shareholders \u00a3m Weighted average number of Ordinary Shares 1 \u2018000 Earnings per share pence Basic EPS (599.4) 1,868,638 (32.08) Diluted EPS (599.4) 1,868,638 (32.08) Adjustments to remove: Changes in fair value of investment property 759.5 Changes in fair value of interest rate derivatives (14.9) Amortisation of other property assets 1.7 Share of profit from joint ventures (0.5) Impairment of intangible contract and other property assets 1.5 EPRA EPS 147.9 1,868,638 7.92 Dilutive shared based payment charge (2.0) Fair value movement in contingent consideration (1.1) 14,040 Dilutive shares in respect of B and C Shareholders 8,775 EPRA diluted EPS 2 144.8 1,891,453 7.66 Adjustments to include: Share based payment charge 2.0 Fair value movement in contingent consideration 1.1 Fixed rental uplift adjustments (6.1) Share-based payments charges 1.9 Changes in fair value of contingent consideration payable (1.1) Amortisation of loan arrangement fees and intangibles (see note 11) 3.0 Adjusted EPS 145.6 1,868,638 7.79 Dilutive shared based payment charge (2.0) Fair value movement in contingent consideration (1.1) 14,040 Dilutive shares in respect of B and C Shareholders 8,775 Adjusted diluted EPS 2 142.5 1,891,453 7.54 1. Based on the weighted average number of Ordinary Shares in issue throughout the year. 2. Based on the weighted average number of Ordinary Shares in issue throughout the year, plus potentially issuable dilutive shares (see below). 3. Relates to dilutive shares in respect of contingent consideration. This being the 75% of the amounts due to the B and C Shareholders that could potentially be settled as equity. The share-based payments charges are dilutive to EPRA and Adjusted EPS only at year end 13. Earnings per share continued For the year ended 31 December 2021 Net profit attributable to Ordinary Shareholders \u00a3m Weighted average number of Ordinary Shares 1 \u2018000 Earnings per share pence Basic EPS 972.6 1,755,927 55.39 Add: Shares to be issued on outstanding investment manager\u2019s fees 668 Add back: Dilutive share based payment charge 1.7 Add back: Fair value movement in contingent consideration 4.2 8,017 Add back: Dilutive shares in respect of B and C Shareholders 4,462 Diluted EPS 2 978.5 1,769,074 55.31 Adjustments to remove: Dilutive share based payment charge (1.7) Changes in fair value of contingent consideration payable (4.2) Changes in fair value of investment property (840.9) Changes in fair value of interest rate derivatives (2.8) Gain on disposal of investment properties (2.0) Amortisation of other property assets 5.4 Refund of corporation tax (3.9) Share of profit from joint ventures (0.1) Impairment of intangible contract and other property assets 2.9 EPRA EPS 131.2 1,755,927 7.47 Add: Shares to be issued on outstanding investment manager\u2019s fees 668 EPRA diluted EPS 2 131.2 1,756,595 7.47 Adjustments to include: Licence fee receivable on Forward Funded Developments 7.3 Fixed rental uplift adjustments (6.2) Share-based payments charges 5.5 Changes in fair value of contingent consideration payable 4.2 Amortisation of loan arrangement fees and intangibles (see note 11) 2.5 Adjusted EPS 4 144.5 1,755,927 8.23 Add back: Shares to be issued on outstanding investment manager\u2019s fees 668 Adjusted diluted EPS 144.5 1,756,595 8.22 1. Based on the weighted average number of Ordinary Shares in issue throughout the year. 2. Based on the weighted average number of Ordinary Shares in issue throughout the year, plus potentially issuable dilutive shares (see below). 3. Relates to dilutive shares in respect of contingent consideration. This being the 75% of the amounts due to the B and C Shareholders that could potentially be settled as equity. The share-based payments charges are dilutive to basic EPS only at year end. 4. Relates to dilutive effect of shares to be issued on outstanding investment manager\u2019s fees. Adjusted earnings is a performance measure used by the Board to assess the Group\u2019s dividend payments. The metric reduces EPRA earnings by other non-cash items credited or charged to the Group Statement of Comprehensive Income, such as fixed rental uplift adjustments and amortisation of loan arrangement fees. Licence fees received during the period are added to earnings on the basis noted below as the Board sees these cash flows as supportive of dividend payments. The Board compares the Adjusted earnings to the available distributable reserves when considering the level of dividend to pay. The adjustment for licence fees receivable is calculated by reference to the proportion of the total period of completed construction during the year, multiplied by the total licence fee receivable on a given forward funded asset. Licence fees will convert into rental income once practical completion has occurred and therefore rental income will flow into EPRA and Adjusted earnings from this point. Fixed rental uplift adjustments relate to adjustments to net rental income on leases with fixed or minimum uplifts embedded within their review profiles. The total minimum income recognised over the lease term is recognised on a straight-line basis and therefore not fully supported by cash flows during the early term of the lease, but this reverses towards the end of the lease. Share-based payment charges relate to the B and C Shareholders. Whilst impacting on earnings, this value is considered capital in nature from the perspective it relates to a B&C share holding in Tritax Symmetry Limited. It is therefore removed from Adjusted earnings",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-334": {
"value": "14. Dividends paid Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Fourth interim dividend in respect of period ended 31 December 2021 at 1.900 pence per Ordinary Share (fourth interim for 31 December 2020 at 1.7125 pence per Ordinary Share) 35.5 29.5 First interim dividend in respect of year ended 31 December 2022 at 1.675 pence per Ordinary Share (31 December 2021: 1.600 pence) 31.3 27.5 Second interim dividend in respect of year ended 31 December 2022 at 1.675 pence per Ordinary Share (31 December 2021: 1.600 pence) 31.3 27.5 Third interim dividend in respect of year ended 31 December 2022 at 1.675 pence per Ordinary Share (31 December 2021: 1.600 pence) 31.3 29.9 Total dividends paid 129.4 114.4 Total dividends paid for the year 5.025p 4.80p Total dividends unpaid but declared for the year 1.975p 1.90p Total dividends declared for the year 7.00p 6.70p On 1 March 2023, the Company approved the fourth interim dividend for declaration in respect of the year ended 31 December 2022 of 1.975 pence per share payable on 30 March 2023. The total dividends declared for the year of 7.00 pence were made up by 6.775 pence paid as a property income distribution (\u201cPID\u201d) and 0.225 pence paid as an ordinary dividend (\u201cNon-PID\u201d). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-335": {
"value": "15. Investment property In accordance with IAS 40, investment property are stated at fair value as at 31 December 2022. The investment property has been independently valued by CBRE Limited (\u201cCBRE\u201d) and Colliers International Valuation UK LLP (\u201cColliers\u201d), both accredited independent valuers with recognised and relevant professional qualifications and with recent experience in the locations and categories of the investment properties being valued. CBRE values all investment property with leases attached or assets under construction. Colliers values all land holdings and land options. The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards July 2017 (the \u201cRed Book\u201d) and incorporate the recommendations of the International Valuation Standards and the RICS Valuation \u2013 Professional Standards UK January 2014 (Revised April 2015) which are consistent with the principles set out in IFRS 13. The valuer, in forming its opinion, makes a series of assumptions, which are market related, such as net initial yields and expected rental values, and are based on the valuer\u2019s professional judgement. The valuer has sufficient current local and national knowledge of the particular property markets involved and has the skills and understanding to undertake the valuations competently. There have been no changes to the assumptions made in the year as a result of a range of factors including the macro economic environment, availability of debt finance and physical and transition risks relating to climate change. The valuations are the ultimate responsibility of the Directors. Accordingly, the critical assumptions used in establishing the independent valuation are reviewed by the Board. It is the view of the Company that ESG factors will increasingly play a part in asset valuations in the future. For example, assets with the highest standards of ESG (such as higher EPC ratings and renewable energy sources) are likely to command the highest rental levels and have the least future capex requirements with regards to meeting ESG standards. All corporate acquisitions during the year and prior year have been treated as asset purchases rather than business combinations because they are considered to be acquisitions of properties rather than businesses. Investment property freehold \u00a3m Investment property long leasehold \u00a3m Investment property under construction \u00a3m Total \u00a3m As at 1 January 2022 4,208.7 812.5 227.9 5,249.1 Property additions 4.9 0.1 366.7 371.7 Fixed rental uplift and tenant lease incentives 1 10.4 0.7 \u2014 11.1 Assets transferred to held for sale \u2014 \u2014 (25.1) (25.1) Transfer of completed property to investment property 200.4 \u2014 (200.4) \u2014 Change in fair value during the year (613.2) (176.1) 29.8 (759.5) As at 31 December 2022 3,811.2 637.2 398.9 4,847.3 15. Investment property continued Investment property freehold \u00a3m Investment property long leasehold \u00a3m Investment property under construction \u00a3m Total \u00a3m As at 1 January 2021 2,885.3 696.1 472.1 4,053.5 Property additions 89.6 \u2014 260.0 349.6 Property disposed in the year \u2014 \u2014 (2.1) (2.1) Fixed rental uplift and tenant lease incentives 1 6.5 0.7 \u2014 7.2 Transfer of completed property to investment property 681.1 \u2014 (681.1) \u2014 Change in fair value during the year 546.2 115.7 179.0 840.9 As at 31 December 2021 4,208.7 812.5 227.9 5,249.1 1. Included within the carrying value of investment property is \u00a370.6 million (2021: \u00a359.5 million) in respect of accrued contracted rental uplift income. This balance arises as a result of the IFRS treatment of leases with fixed or minimum rental uplifts and rent-free periods, which requires the recognition of rental income on a straight-line basis over the lease term. The difference between this and cash receipts change the carrying value of the property against which revaluations are measured. Also see note 6. 31 December 2022 \u00a3m 31 December 2021 \u00a3m Investment property at fair value per Group Statement of Financial Position 4,847.3 5,249.1 Capital commitments under forward funded development and other contracts \u2014 9.2 Assets held for sale at fair value 25.1 \u2014 Total investment property valuation* 4,872.4 5,258.3 * Including costs to complete under forward funded development and other contracts. Costs committed under other contracts of \u00a3nil (2021: \u00a39.2 million) have been provided for in the Group Statement of Financial Position in 2022. The Group has other capital commitments which represent commitments made in respect of direct construction, asset management initiatives and development land (refer to note 34). Cash received in respect of future rent-free periods represents amounts that were topped up by the vendor on acquisition of the property to cover future rent-free periods on the lease. The valuation assumes the property to be income generating throughout the lease and therefore includes this cash in the value. Licence fees that have been billed but not received from the developer in relation to the property are included within trade and other receivables. The valuation assumes the property to be income generating and therefore includes this receivable in the value. Fees payable under the DMA totalling \u00a32.3 million (2021: \u00a31.0 million) have been capitalised in the year being directly attributable to completed development projects during the year. The valuation summary is set out in the Strategic Report. Fair value hierarchy The Group considers that all of its investment properties fall within Level 3 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1 and Level 2 during any of the periods, nor have there been any transfers between Level 2 and Level 3 during any of the periods. The valuations have been prepared on the basis of Market Value (\u201cMV\u201d), which is defined in the RICS Valuation Standards, as: \u201cThe estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm\u2019s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.\u201d Market Value as defined in the RICS Valuation Standards is the equivalent of fair value under IFRS. The following descriptions and definitions relating to valuation techniques and key unobservable inputs made in determining fair values are as follows: Valuation techniques The yield methodology approach is used when valuing the Group\u2019s properties which uses market rental values capitalised with a market capitalisation rate. This is sense-checked against the market comparable method (or market comparable approach) where a property\u2019s fair value is estimated based on comparable transactions in the market. For investment property under construction and the majority of land held for development, properties are valued using a residual method approach. Under this approach, the valuer initially assesses the investment value (using the above methodology for completed properties). Then, the total estimated costs to complete (including notional finance costs and developer\u2019s profit) are deducted from the value to take into account the hypothetical purchaser\u2019s management of the remaining development process and their perception of risk with regard to construction and the property market (such as the potential cost overruns and letting risks). Land values are sense-checked against the rate per acre derived from actual market transactions. 15. Investment property continued Valuation techniques continued The key unobservable inputs made in determining fair values are as follows: Unobservable input: estimated rental value (\u201cERV\u201d) The rent per square foot at which space could be let in the market conditions prevailing at the date of valuation. Passing rents are dependent upon a number of variables in relation to the Group\u2019s property. These include: size, location, tenant covenant strength and terms of the lease. Unobservable input: net initial yield The net initial yield is defined as the initial gross income as a percentage of the market value (or purchase price as appropriate) plus standard costs of purchase. Unobservable Inputs 31 December 2022 ERV range \u00a3 psf Net initial yield range % South East 5.46 \u2013 15.12 3.65 \u2013 5.66 South West 6.50 \u2013 7.00 4.00 \u2013 4.85 East Midlands 5.75 \u2013 11.25 3.60 \u2013 5.82 West Midlands 6.33 \u2013 8.54 4.10 \u2013 6.00 Yorkshire and the Humber 5.96 \u2013 7.25 4.30 \u2013 5.25 North East 3.91 \u2013 4.25 4.63 \u2013 4.80 North West 4.95 \u2013 11.25 4.05 \u2013 6.31 Unobservable Inputs 31 December 2021 1 ERV range \u00a3 psf Net initial yield range % South East 5.30 \u2013 13.75 2.67 \u2013 5.00 South West 6.25 \u2013 6.50 3.50 \u2013 4.10 East Midlands 5.75 \u2013 7.00 3.24 \u2013 6.00 West Midlands 5.50 \u2013 7.25 3.10 \u2013 5.75 Yorkshire and the Humber 5.75 \u2013 6.50 2.95 \u2013 5.13 North East 3.91 \u2013 4.25 3.40 \u2013 3.40 North West 4.25 \u2013 10.00 3.20 \u2013 6.31 1. The unobservable input data for 2021 was not previously reported and has been provided for comparability purposes. Sensitivities of measurement of significant unobservable inputs As set out within significant accounting estimates and judgements above, the Group\u2019s property portfolio valuation is open to judgements and is inherently subjective by nature. As a result the following sensitivity analysis has been prepared: -5% in passing rent \u00a3m +5% in passing rent \u00a3m +0.25% net initial yield \u00a3m -0.25% net initial yield \u00a3m (Decrease)/increase in the fair value of investment properties as at 31 December 2022 (226.7) 226.7 (243.6) 273.0 (Decrease)/increase in the fair value of investment properties as at 31 December 2021 (251.1) 251.1 (321.3) 368.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-336": {
"value": "16. Investment in land options Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Opening balance 201.5 228.1 Costs capitalised in the year 13.0 15.0 Transferred to investment property (57.1) (41.6) Closing balance 157.4 201.5 The average maturity date across land options held is approximately eight years (2021: seven years) term remaining. Fees payable under the DMA totalling \u00a33.4 million (2021: \u00a33.4 million) have been capitalised in the year being directly attributable to the ongoing development projects. ",
"dimensions": {
"concept": "tritax:DisclosureOfInvestmentInLandOptions",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-337": {
"value": "17. Investment in joint ventures As at 31 December 2022 the Group has two joint ventures which have been equity accounted for. There were no equity accounted joint ventures prior to the acquisition of Tritax Symmetry in February 2019. The Group has the following joint ventures as at 31 December 2022: Principal activity Country of incorporation Ownership Joint venture partner HBB (J16) LLP Property development UK 50% HB Midway Limited Magnitude Land LLP Property investment UK 50% Pochin Midpoint Limited The registered office for the above joint ventures is: Unit B, Grange Park Court, Roman Way, Northampton, England NN4 5EA. Net investment Total 100% \u00a3m Group\u2019s share \u00a3m At beginning of year 51.2 25.6 Total comprehensive income 1.0 0.5 Impairment of JV asset (2.4) (1.2) Capital repaid (1.0) (0.5) Cash contributed 5.6 2.8 As at 31 December 2022 54.4 27.2 The joint ventures have a 31 December year end. The aggregate amounts recognised in the Group Statement of Financial Position and Statement of Comprehensive Income are as follows: Comprehensive Income Statement Year ended 31 December 2022 Total 100% \u00a3m Group\u2019s share \u00a3m Income 1.0 0.5 Administrative expenses \u2014 \u2014 Profit before taxation 1.0 0.5 Taxation \u2014 \u2014 Total comprehensive profit 1.0 0.5 Statement of Financial Position As at 31 December 2022 Total 100% \u00a3m Group\u2019s share \u00a3m Investment property 4.8 2.4 Options to acquire land 52.8 26.4 Non-current assets 57.6 28.8 Other receivables 0.4 0.2 Cash 0.2 0.1 Current assets 0.6 0.3 Trade and other payables (3.8) (1.9) Current liabilities (3.8) (1.9) Net assets 54.4 27.2 The Group\u2019s share of contingent liabilities in the joint ventures is \u00a3nil (December 2021: \u00a3nil)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-338": {
"value": "18. Assets held for sale Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Assets held for sale 25.1 \u2014 Assets held for sale relate to investment property for which there was Board approval to dispose of at the year end date and the intention is to dispose of these assets within 12 months. Two properties are classified as held for sale at the year end for which contracts have been exchanged to sell. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-339": {
"value": "19. Investments The Group comprises a number of Special Purpose Vehicle (SPV) subsidiaries. All SPV subsidiaries that form these financial statements are noted within the Company financial statement in note 5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-340": {
"value": "20. Trade and other receivables Non-current trade and other receivables Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Cash in public institutions 2.0 2.0 The cash in public institutions is a deposit of \u00a32.0 million paid by certain tenants to the Company, as part of their lease agreements. Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Trade receivables 16.4 7.1 Prepayments, accrued income and other receivables 2.9 25.7 VAT 5.6 4.3 24.9 37.1 The carrying value of trade and other receivables classified at amortised cost approximates fair value. The increase in trade receivables in the period was due to an increase in receivable relating to a single DMA project totalling \u00a37.1 million (2021: \u00a3nil). The decrease in accrued income, again relates to two DMA projects where accrued income totaled \u00a31.4 million (2021: 24.1 million). The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the year end. The historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the Group\u2019s customers. The expected credit loss provision as at 31 December 2022 was \u00a30.3 million (31 December 2021: \u00a30.1 million). No reasonably possible changes in the assumptions underpinning the expected credit loss provision would give rise to a material expected credit loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-341": {
"value": "21. Cash held at bank Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Cash and cash equivalents to agree with cash flow 47.4 70.9 Restricted cash 0.2 0.2 47.6 71.1 Restricted cash is cash where there is a legal restriction to specify its type of use, i.e. this may be where there is a joint arrangement with a tenant under an asset management initiative. Cash and cash equivalents reported in the Consolidated Statement of Cash Flows totalled \u00a347.4 million (2021: \u00a370.9 million) as at the year end, which excludes long-term restricted and ring-fenced cash deposits totalling \u00a30.2 million (2021: \u00a30.2 million). Total cash held at bank as reported in the Group Statement of Financial Position is \u00a347.6 million (2021: \u00a371.1 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-342": {
"value": "22. Trade and other payables Non-current trade and other payables Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Other payables 2.0 2.0 Year ended 31 December 2022 \u00a3m Year ended 31 December 2021 \u00a3m Trade and other payables 75.0 66.6 Bank loan interest payable 6.5 6.0 Accruals 29.7 13.3 111.2 85.9 The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-343": {
"value": "23. Business combination The Group acquired an 87% economic interest in Tritax Symmetry on 19 February 2019, a development group with ownership of a combination of land and land options. The B and C Shares issued to Symmetry Management Shareholders are treated as a combination of both contingent consideration for the acquisition of a 13% economic interest in the Symmetry Portfolio and a 13% economic right held to their share of future performance of the Tritax Symmetry Development assets. This is as a result of certain vesting conditions attached to the B and C Shares over the first five years of the contract (see note 24 below). A non-controlling interest has not been recognised at the acquisition date for the 13% economic interest held by the Symmetry Management Shareholders due to the put and call options attached to the shares issued, which are expected to be exercised on or around the eighth anniversary of the acquisition at the latest. The Symmetry Management Shareholders have a put option, on the third to eighth anniversary of the acquisition allowing them to sell 1.5% of their 13% economic interest to the Company at each date subject to satisfying a performance hurdle. The Company has a call option, to buy any remaining economic interest still due to the Symmetry Management Shareholders on the eighth anniversary. During the year, other property assets were amortised by a charge of \u00a31.7 million (2021: \u00a35.3 million) resulting in a net position on the Group Statement of Financial Position of \u00a32.3 million (2021: \u00a34.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-344": {
"value": "24. Amounts due to B and C shareholders Amounts due to B and C Shareholders comprise the fair value of the contingent consideration element of B and C Shares along with the fair value of the obligation under the cash settled share-based payment element of B and C Shares. Amounts due to B and C Shareholders are detailed in the table below: 31 December 2022 Contingent consideration \u00a3m Share-based payment \u00a3m Fair value \u00a3m Opening balance 26.7 14.7 41.4 Fair value movement recognised (1.1) \u2014 (1.1) Share-based payment charge \u2014 1.9 1.9 Closing balance 25.6 16.6 42.2 31 December 2021 Contingent consideration \u00a3m Share-based payment \u00a3m Fair value \u00a3m Opening balance 22.5 9.2 31.7 Fair value movement recognised 4.2 \u2014 4.2 Share-based payment charge \u2014 5.5 5.5 Closing balance 26.7 14.7 41.4 The Group considers that the amounts due to the B and C Shareholders fall within Level 3 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1 and Level 2 during any of the periods, nor have there been any transfers between Level 2 and Level 3 during any of the periods. 1. Contingent consideration The B and C Shares vest over a five-year period and require the Symmetry Management Shareholders to, amongst other things, remain in the employment of the Symmetry ManCo for the vesting period. The value of the amount due (subject to certain vesting conditions) is the lower of 50% of the adjusted NAV of Tritax Symmetry at the relevant future point in time and the value of the B and C Shares at the original completion date. Based on the above, the range of possible outcome is between \u00a3nil to \u00a338 million. In accordance with IFRS 3 \u201cBusiness Combinations\u201d the unconditional amount due under Shareholders agreement is accounted for as contingent consideration. The adjusted NAV of Tritax Symmetry is the NAV of Tritax Symmetry at the reporting date, adjusted for various matters impacting on the fair value of those land options where planning permission has been obtained but the land has not been acquired along with the elimination of profits created from the Tritax Symmetry investment assets. 2. Share-based payment In accordance with IFRS 3 \u201cBusiness Combinations\u201d the requirement to remain in continued employment in order to realise the full value of the B and C Shares has resulted in the excess value (over and above the amount recognised as contingent consideration) being accounted for as payments for post combination services which reflect the 13% economic right held to their share of future performance of the Tritax Symmetry Development assets over and above the completion NAV. The amount due to Symmetry Management Shareholders is based on the adjusted NAV of Tritax Symmetry and is settled in cash to the value of 25% with the balance settled in either cash and/or shares in the Company, at the sole discretion of the Company. The fair value of the B and C Shares has been calculated using a Monte Carlo simulation model, for the cash settled element of the liability. This approach has the benefits of being flexible, not reliant on a single case scenario and removes the inherent difficulties with determining discount rate to assign to a particular class of share as the risk would change every time the NAV moved. The change in volatility assumptions does not lead to a significant change in the resulting fair values of the B and C Shares because there are limited hurdles attached to them and it is assumed that all will be exercised at some point over the eight year horizon. The key unobservable inputs for the Monte Carlo simulation purposes are the net initial yield of completed developments, future costs of debt and the timing of the completion of the developments. 24. Amounts due to B and C Shareholders continued 2. Share-based payment continued The Company has the legal option of settling the share-based payment either via cash or equity, with a minimum of 25% being settled in cash. The Directors have a current intention to maximise the cash element of the settlement as they believe this would minimise dilution to existing Shareholders. The Directors will endeavour to settle all of the B and C Shares in cash, subject to sufficient funds being available to the Group at the time of settlement without adversely impacting the operations of the Group. Amounts due to B and C Shareholders are shown as a liability at fair value in the Group Statement of Financial Position. The liability is fair valued at each reporting date with a corresponding charge recognised in the Group profit or loss over the vesting period. For the year ended 31 December 2022, \u00a31.9 million (2021: \u00a35.5 million) was charged in the Group profit or loss for the share-based payment. ",
"dimensions": {
"concept": "tritax:DisclosureOfAmountsDueToBAndCSharesholders",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-345": {
"value": "25. Borrowings The Group has a \u00a3300 million unsecured revolving credit facility (\u201cRCF\u201d) with a syndicate of relationship lenders comprising Banco Santander S.A. London Branch, Barclays Bank plc, BNP Paribas London Branch, J.P.Morgan Chase Bank N.A., London Branch, The Royal Bank of Scotland International Limited London Branch, Wells Fargo Bank N.A. London Branch and SMBC Bank International. In June 2022, the termination date in respect of \u00a310 million of the \u00a3300 million RCF was extended from 14 June 2025 to 14 June 2026 so all \u00a3300 million terminates on 14 June 2026. In December 2022, the Company increased the size of the facility, from \u00a3200 million to \u00a3300 million via use of its accordion option. The Group also has a second RCF of \u00a3450 million which provides the Group with a significant level of operational flexibility. The syndicate for the \u00a3450 million unsecured RCF comprises Barclays Bank plc, BNP Paribas London Branch, J.P.Morgan Chase Bank N.A., London Branch, Sumitomo Mitsui Trust Bank, The Royal Bank of Scotland plc, Santander UK plc, Wells Fargo Bank N.A. London Branch and Bank of China. In May 2022, the termination date in respect of \u00a350 million of the \u00a3350 million RCF was extended from 10 December 2023 to 10 December 2024 so all \u00a3450 million terminates on 10 December 2024. In December 2022, the Company increased the size of the facility, from \u00a3350 million to \u00a3450 million via use of its accordion option. The increase in the RCF was not deemed to be a substantial modification under IFRS 9 because there has not been a significant change in the terms and conditions and the net present value of the cash flows under the new terms discounted at the original effective interest rate (EIR) is less than 10% different from the carrying amount of the original debt. The Group, as per the Group\u2019s Green Finance Framework, has a \u00a3250 million unsecured green bond, maturing on 27 November 2033. The notes have an interest rate of 1.5%. An amount equivalent to the net proceeds of each Green Finance Transaction (\u201cGFT\u201d) has been used to acquire, finance or refinance, in whole or in part, new or existing Eligible Green Projects (\u201cEGPs\u201d) that met the Eligibility Criteria. The Group had published a Green Finance Report in 2021 that detailed the allocation of net proceeds of Green Finance Transactions and associated impact metrics during the year. As at 31 December 2022, 62% (2021: 69%) of the Group\u2019s debt facility commitments are fixed term, with 38% floating term (2021: 31%). When including interest rate hedging the Group has fixed term or hedged facilities totalling 99% of drawn debt (see note 26). As at 31 December 2022, the weighted average cost of debt was 2.57% (2021: 2.26%). As at the same date the Group had undrawn debt commitments of \u00a3483.0 million. The Group has been in compliance with all of the financial covenants across the Group\u2019s bank facilities as applicable throughout the period covered by these financial statements. The London Interbank Offered Rate (LIBOR) was phased out from the end of 2021 and has been replaced by various alternative risk-free-rates (RFRs) across the Global Financial Markets. The cessation of LIBOR took effect from 31 December 2021, this is an industry-wide change driven by the regulators. Financial regulatory authorities had expressed their concern that the interbank lending market which LIBOR is intended to reflect is no longer sufficiently active or liquid. As a result and during the prior year, the Company transitioned all of its borrowings subject to a variable rate of interest from LIBOR to SONIA (Sterling Overnight Index Average). SONIA is an overnight rate, whereas LIBOR was a term rate. SONIA is close to a risk-free measure of borrowing costs. It is compounded over a lending period to produce a backward-looking term interest rate. From 1 January 2022, all borrowings under these agreements attract an interest rate of the borrowing margin, plus SONIA, plus a credit adjustment spread equal to 11.93 bps. It is expected that this change in risk-free rate will not lead to a material change in overall borrowing costs. A summary of the drawn and undrawn bank borrowings in the year is shown below: Bank borrowings Bank borrowings drawn \u00a3m Bank borrowings undrawn \u00a3m Total \u00a3m As at 1 January 2022 212.9 550.0 762.9 Bank borrowings drawn in the year under existing facilities 319.0 (319.0) \u2014 Bank borrowings repaid in the year under existing facilities (52.0) 52.0 \u2014 Extension of existing facilities \u2014 200.0 200.0 As at 31 December 2022 479.9 483.0 962.9 Bank borrowings drawn \u00a3m Bank borrowings undrawn \u00a3m Total \u00a3m As at 1 January 2021 212.9 550.0 762.9 Bank borrowings drawn in the year under existing facilities 245.5 (245.5) \u2014 Bank borrowings repaid in the year under existing facilities (245.5) 245.5 \u2014 As at 31 December 2021 212.9 550.0 762.9 25. Borrowings continued Bank borrowings continued Any associated fees in arranging the bank borrowings and loan notes that are unamortised as at the year end are offset against amounts drawn on the facilities as shown in the table below: Bank borrowings drawn 31 December 2022 \u00a3m 31 December 2021 \u00a3m Bank borrowings drawn: due in more than one year 479.9 212.9 Less: unamortised costs on bank borrowings (5.1) (5.3 474.8 207.6 Loan notes Bonds 31 December 2022 \u00a3m 31 December 2021 \u00a3m 2.625% Bonds 2026 249.6 249.5 3.125% Bonds 2031 247.8 247.5 2.860% USPP 2028 250.0 250.0 2.980% USPP 2030 150.0 150.0 1.500% Green Bonds 2033 246.7 246.4 Less: unamortised costs on loan notes (5.0) (5.8) 1,139.1 1,137.6 The weighted average term to maturity of the Group\u2019s debt as at the year end is 5.4 years (31 December 2021: 6.5 years). Maturity of borrowings 31 December 2022 \u00a3m 31 December 2021 \u00a3m Repayable between one and two years 164.0 \u2014 Repayable between two and five years 443.0 300.3 Repayable in over five years 1,022.9 1,056.0 1,629.9 1,356.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-346": {
"value": "26. Interest rate derivatives To mitigate the interest rate risk that arises as a result of entering into variable rate loans, the Group has entered into a number of interest rate derivatives. A number of interest rate caps and one interest rate swap have been taken out in respect of the Group\u2019s variable rate debt to fix or cap the rate to which compounded SONIA can rise. These run coterminous to the initial term of the respective loans. With effect from 1 January 2022, the interest rate derivatives have been transitioned to SONIA, as this is the risk-free rate now adopted by the Group\u2019s variable rate loan facilities. The weighted average capped rate, excluding any margin payable, for the Group as at the year end was 1.19% (2021: 1.20%), which effectively caps the level to which SONIA can rise to on \u00a3299.3m of notional hedged debt, therefore limiting any effect on the Group of an interest rate rise across this notional amount. The interest rate derivatives mean that 99% of the Group\u2019s drawn borrowings at the year end have an all-inclusive interest rate payable of 2.57% (2021: 2.26%). The total premium payable in the year towards securing the interest rate caps was \u00a33.2m (2021: nil). 31 December 2022 \u00a3m 31 December 2021 \u00a3m Non-current assets: interest rate derivatives 19.9 1.8 Non-current liabilities: interest rate derivatives \u2014 \u2014 The interest rate derivatives are valued by the relevant counterparty banks on a quarterly basis in accordance with IFRS 9. Any movement in the mark-to-market values of the derivatives are taken to the Group profit or loss. 31 December 2022 \u00a3m 31 December 2021 \u00a3m Interest rate derivative valuation brought forward 1.8 (1.0) Premium paid 3.2 \u2014 Changes in fair value of interest rate derivatives 14.9 2.8 19.9 1.8 26. Interest rate derivatives continued It is the Group\u2019s target to hedge at least 90% of the total debt portfolio either using interest rate derivatives or entering fixed-rate loan arrangements. As at the year-end date the total proportion of drawn debt either hedged via interest rate derivatives or subject to fixed-rate loan agreements equated to 99.0%, as shown below: 31 December 2022 Drawn \u00a3m 31 December 2021 Drawn \u00a3m Total borrowings drawn (note 25) 1,629.9 1,356.3 Notional value of effective interest rate derivatives and fixed-rate loans 1,612.9 1,356.3 Proportion of hedged debt 99.00% 100.00% Fair value hierarchy The fair value of Group\u2019s interest rate derivatives is recorded in the Group Statement of Financial Position and is determined by forming an expectation that interest rates will exceed strike rates and discounting these future cash flows at the prevailing market rates as at the year end. This valuation technique falls within Level 2 of the fair value hierarchy as defined by IFRS 13. There have been no transfers between Level 1 and Level 2 during any of the years, nor have there been any transfers between Level 2 and Level 3 during any of the years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-347": {
"value": "27. Financial risk management Financial instruments The Group\u2019s principal financial assets and liabilities are those that arise directly from its operations: trade and other receivables, trade and other payables and cash held at bank. The Group\u2019s other principal financial assets and liabilities are amounts due to B and C Shareholders, bank borrowings and interest rate derivatives. The main purpose of bank borrowings and derivatives is to finance the acquisition and development of the Group\u2019s investment property portfolio and hedge against the interest rate risk arising. Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements: Book value 31 December 2022 \u00a3m Fair value 31 December 2022 \u00a3m Book value 31 December 2021 \u00a3m Fair value 31 December 2021 \u00a3m Financial assets Interest rate derivatives 19.9 19.9 1.8 1.8 Trade and other receivables 1 17.2 17.2 31.3 31.3 Cash held at bank 47.6 47.6 71.1 71.1 Financial liabilities Interest rate derivatives \u2014 \u2014 \u2014 \u2014 Trade and other payables 2 87.3 87.3 85.9 85.9 Amounts due to B and C Shareholders 42.2 42.2 41.4 41.4 Borrowings 1,624.0 1,402.8 1,356.3 1,405.3 1. Excludes certain VAT, prepayments and other debtors. 2. Excludes tax and VAT liabilities. Interest rate derivatives and amounts due to B and C Shareholders are the only financial instruments measured at fair value through profit and loss. All other financial assets and all financial liabilities are measured at amortised cost. All financial instruments were designated in their current categories upon initial recognition. The following table sets out the fair value of those financial liabilities measured at amortised cost where there is a difference between book value and fair value. Date of valuation Total \u00a3m Quoted prices in active markets (Level 1) \u00a3m Significant observable inputs (Level 2) \u00a3m Significant unobservable inputs (Level 3) \u00a3m Borrowings 31 December 2022 1,084.9 941.1 143.8 \u2014 Borrowings 31 December 2021 1,352.5 1,187.3 165.2 \u2014 The Group has two fixed-rate loans totalling \u00a3162 million, provided by PGIM (\u00a390 million) and Canada Life (\u00a372 million). The fair value is determined by comparing the discounted future cash flows using the contracted yields with the reference gilts plus the margin implied. The reference gilts used were the Treasury 1.25% 2027 Gilt and Treasury 4.75% 2030 Gilt respectively, with an implied margin that is unchanged since the date of fixing. The loans are considered to be a Level 2 fair value measurement. For all other bank loans there is considered no other difference between fair value and carrying value. FINANCIAL 27. Financial risk management continued Financial instruments continued The fair value of financial liabilities traded on active liquid markets, including the 2.625% Bonds 2026, 3.125% Bonds 2031, 1.5% Bonds 2033, 2.860% USPP 2028 and 2.980% USPP 2030, is determined with reference to the quoted market prices. These financial liabilities are considered to be a Level 1 fair value measure. The fair value of the financial liabilities at Level 1 fair value measure were \u00a3941.1 million (2021: \u00a31,187.3 million) and the financial liabilities at Level 2 fair value measure were \u00a3143.8 million (2021: \u00a3165.2 million). Risk management The Group is exposed to market risk (including interest rate risk), credit risk and liquidity risk. The Board of Directors oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks that are summarised below. Market risk Market risk is the risk that the fair values of financial instruments will fluctuate because of changes in market prices. The financial instruments held by the Group that are affected by market risk are principally the Group\u2019s cash balances, bank borrowings along with a number of interest rate derivatives entered into to mitigate interest rate risk. The Group monitors its interest rate exposure on a regular basis. A sensitivity analysis performed to ascertain the impact on the Group profit or loss and net assets of a 100 basis point shift in interest rates would result in an increase of \u00a33.2 million (2021: \u00a30.3 million) or a decrease of \u00a33.2 million (2021: \u00a30.3 million). Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risks from both its leasing activities and financing activities, including deposits with banks and financial institutions. Credit risk is mitigated by tenants being required to pay rentals in advance under their lease obligations. The credit quality of the tenant is assessed based on an extensive credit rating scorecard at the time of entering into a lease agreement. Outstanding trade receivables are regularly monitored. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. We conduct ongoing covenant analysis of our customers and strengthened our team to support this work during the period. The analysis combines publicly available financial and trading information with our own observations and customer conversations as well as the opinions of third-party professionals to form a view over the credit risk of counter-parties under our leases. Trade receivables Trade receivables, primarily tenant rentals, are presented in the Group Statement of Financial Position net of allowances for doubtful receivables and are monitored on a case by case basis. Credit risk is primarily managed by requiring tenants to pay rentals in advance and performing tests around strength of covenant prior to acquisition and on an ongoing annual basis. A small number of tenants had entered into payment plans during the prior year which continued for part of the current year, as a result of the impact of Covid-19. All payments have currently been received in line with the payment plans and there are no payment plans continuing. Therefore we do not currently foresee any issues with the recoverability of the remaining payment plan balances. Credit risk related to financial instruments and cash deposits One of the principal credit risks of the Group arises with the banks and financial institutions. The Board of Directors believes that the credit risk on short-term deposits and current account cash balances is limited because the counterparties are banks, who are committed lenders to the Group, with high credit ratings assigned by international credit-rating agencies. Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital, the finance charges, principal repayments on its borrowings and its commitments under forward funded development arrangements. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due, as the majority of the Group\u2019s assets are property investments and are therefore not readily realisable. The Group\u2019s objective is to ensure it has sufficient available funds for its operations and to fund its capital expenditure. This is achieved by continuous monitoring of forecast and actual cash flows by management, ensuring it has appropriate levels of cash and available drawings to meet liabilities as they fall due. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments: <3 months \u00a3m 3-12 months \u00a3m Between 1-2 years \u00a3m Between 2-5 years \u00a3m More than 5 years \u00a3m Total \u00a3m 31 December 2022 Borrowings 12.3 36.7 212.6 469.7 1,178.8 1,910.1 Amounts due to B and C Shareholders \u2014 \u2014 \u2014 42.2 \u2014 42.2 Trade and other payables 111.2 \u2014 \u2014 \u2014 2.0 113.2 123.5 36.7 212.6 511.9 1,180.8 2,065.5 31 December 2021 Borrowings 8.7 26.2 34.9 404.3 1,153.9 1,628.0 Amounts due to B and C Shareholders \u2014 \u2014 \u2014 \u2014 41.4 41.4 Trade and other payables 85.9 \u2014 \u2014 \u2014 2.0 87.9 94.6 26.2 34.9 404.3 1,197.5 1,757.3 Included within the contracted payments is \u00a3280.2 million (2021: \u00a3265.1 million) of loan interest payable up to the point of maturity across the facilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-363": {
"value": "Financial instruments The Group\u2019s principal financial assets and liabilities are those that arise directly from its operations: trade and other receivables, trade and other payables and cash held at bank. The Group\u2019s other principal financial assets and liabilities are amounts due to B and C Shareholders, bank borrowings and interest rate derivatives. The main purpose of bank borrowings and derivatives is to finance the acquisition and development of the Group\u2019s investment property portfolio and hedge against the interest rate risk arising. Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements: Book value 31 December 2022 \u00a3m Fair value 31 December 2022 \u00a3m Book value 31 December 2021 \u00a3m Fair value 31 December 2021 \u00a3m Financial assets Interest rate derivatives 19.9 19.9 1.8 1.8 Trade and other receivables 1 17.2 17.2 31.3 31.3 Cash held at bank 47.6 47.6 71.1 71.1 Financial liabilities Interest rate derivatives \u2014 \u2014 \u2014 \u2014 Trade and other payables 2 87.3 87.3 85.9 85.9 Amounts due to B and C Shareholders 42.2 42.2 41.4 41.4 Borrowings 1,624.0 1,402.8 1,356.3 1,405.3 1. Excludes certain VAT, prepayments and other debtors. 2. Excludes tax and VAT liabilities. Interest rate derivatives and amounts due to B and C Shareholders are the only financial instruments measured at fair value through profit and loss. All other financial assets and all financial liabilities are measured at amortised cost. All financial instruments were designated in their current categories upon initial recognition. The following table sets out the fair value of those financial liabilities measured at amortised cost where there is a difference between book value and fair value. Date of valuation Total \u00a3m Quoted prices in active markets (Level 1) \u00a3m Significant observable inputs (Level 2) \u00a3m Significant unobservable inputs (Level 3) \u00a3m Borrowings 31 December 2022 1,084.9 941.1 143.8 \u2014 Borrowings 31 December 2021 1,352.5 1,187.3 165.2 \u2014 The Group has two fixed-rate loans totalling \u00a3162 million, provided by PGIM (\u00a390 million) and Canada Life (\u00a372 million). The fair value is determined by comparing the discounted future cash flows using the contracted yields with the reference gilts plus the margin implied. The reference gilts used were the Treasury 1.25% 2027 Gilt and Treasury 4.75% 2030 Gilt respectively, with an implied margin that is unchanged since the date of fixing. The loans are considered to be a Level 2 fair value measurement. For all other bank loans there is considered no other difference between fair value and carrying value. 27. Financial risk management continued Financial instruments continued The fair value of financial liabilities traded on active liquid markets, including the 2.625% Bonds 2026, 3.125% Bonds 2031, 1.5% Bonds 2033, 2.860% USPP 2028 and 2.980% USPP 2030, is determined with reference to the quoted market prices. These financial liabilities are considered to be a Level 1 fair value measure. The fair value of the financial liabilities at Level 1 fair value measure were \u00a3941.1 million (2021: \u00a31,187.3 million) and the financial liabilities at Level 2 fair value measure were \u00a3143.8 million (2021: \u00a3165.2 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-364": {
"value": "Market risk Market risk is the risk that the fair values of financial instruments will fluctuate because of changes in market prices. The financial instruments held by the Group that are affected by market risk are principally the Group\u2019s cash balances, bank borrowings along with a number of interest rate derivatives entered into to mitigate interest rate risk. The Group monitors its interest rate exposure on a regular basis. A sensitivity analysis performed to ascertain the impact on the Group profit or loss and net assets of a 100 basis point shift in interest rates would result in an increase of \u00a33.2 million (2021: \u00a30.3 million) or a decrease of \u00a33.2 million (2021: \u00a30.3 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-365": {
"value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risks from both its leasing activities and financing activities, including deposits with banks and financial institutions. Credit risk is mitigated by tenants being required to pay rentals in advance under their lease obligations. The credit quality of the tenant is assessed based on an extensive credit rating scorecard at the time of entering into a lease agreement. Outstanding trade receivables are regularly monitored. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. We conduct ongoing covenant analysis of our customers and strengthened our team to support this work during the period. The analysis combines publicly available financial and trading information with our own observations and customer conversations as well as the opinions of third-party professionals to form a view over the credit risk of counter-parties under our leases. Trade receivables Trade receivables, primarily tenant rentals, are presented in the Group Statement of Financial Position net of allowances for doubtful receivables and are monitored on a case by case basis. Credit risk is primarily managed by requiring tenants to pay rentals in advance and performing tests around strength of covenant prior to acquisition and on an ongoing annual basis. A small number of tenants had entered into payment plans during the prior year which continued for part of the current year, as a result of the impact of Covid-19. All payments have currently been received in line with the payment plans and there are no payment plans continuing. Therefore we do not currently foresee any issues with the recoverability of the remaining payment plan balances. Credit risk related to financial instruments and cash deposits One of the principal credit risks of the Group arises with the banks and financial institutions. The Board of Directors believes that the credit risk on short-term deposits and current account cash balances is limited because the counterparties are banks, who are committed lenders to the Group, with high credit ratings assigned by international credit-rating agencies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-366": {
"value": "Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital, the finance charges, principal repayments on its borrowings and its
commitments under forward funded development arrangements. It is the risk that the Group will encounter difficulty in meeting its financial
obligations as they fall due, as the majority of the Group\u2019s assets are property investments and are therefore not readily realisable. The Group\u2019s
objective is to ensure it has sufficient available funds for its operations and to fund its capital expenditure. This is achieved by continuous monitoring
of forecast and actual cash flows by management, ensuring it has appropriate levels of cash and available drawings to meet liabilities as they fall due.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:
<3 months
\u00a3m
3-12 months
\u00a3m
Between
1-2 years
\u00a3m
Between
2-5 years
\u00a3m
More than
5 years
\u00a3m
Total
\u00a3m
31 December 2022
Borrowings 12.3 36.7 212.6 469.7 1,178.8 1,910.1
Amounts due to B and C Shareholders \u2014 \u2014 \u2014 42.2 \u2014 42.2
Trade and other payables 111.2 \u2014 \u2014 \u2014 2.0 113.2
123.5 36.7 212.6 511.9 1,180.8 2,065.5
31 December 2021
Borrowings 8.7 26.2 34.9 404.3 1,153.9 1,628.0
Amounts due to B and C Shareholders \u2014 \u2014 \u2014 \u2014 41.4 41.4
Trade and other payables 85.9 \u2014 \u2014 \u2014 2.0 87.9
94.6 26.2 34.9 404.3 1,197.5 1,757.3
Included within the contracted payments is \u00a3280.2 million (2021: \u00a3265.1 million) of loan interest payable up to the point of maturity across
the facilities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-348": {
"value": "28. Capital management The Board, with the assistance of the Investment Manager, monitors and reviews the Group\u2019s capital so as to promote the long-term success of the business, facilitate expansion and to maintain sustainable returns for Shareholders. The Group considers proceeds from share issuances, bank borrowings and retained earnings as capital. The Group\u2019s policy on borrowings is as set out below: The level of borrowing will be on a prudent basis for the asset class, and will seek to achieve a low cost of funds, while maintaining flexibility in the underlying security requirements, and the structure of both the portfolio and the REIT Group. The Directors intend that the Group will maintain a conservative level of aggregate borrowings with a medium-term target of 30% - 35% of the Group\u2019s gross assets. The Group has complied with all covenants on its borrowings up to the date of this report. All of the targets mentioned above sit comfortably within the Group\u2019s covenant levels, which include loan to value (\u201cLTV\u201d), interest cover ratio and loan to projected project cost ratio. The Group LTV at the year end was 31.2% (2021: 23.5%) and there is substantial headroom within existing covenants. Debt is drawn at the asset and corporate level, subject to the assessment of the optimal financing structure for the Group and having consideration to key metrics including lender diversity, debt type and maturity profiles. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-367": {
"value": "29. Equity reserves Share capital The share capital relates to amounts subscribed for share capital at its nominal value: Issued and fully paid at 1 pence each 31 December 2022 Number 31 December 2022 \u00a3m 31 December 2021 Number 31 December 2021 \u00a3m Balance at beginning of year \u2013 \u00a30.01 Ordinary Shares 1,867,781,310 18.7 1,719,141,878 17.2 Shares issued in relation to further Equity issuance \u2014 \u2014 147,058,823 1.4 Shares issued in relation to management contract 1,045,682 \u2014 1,580,609 0.1 Balance at end of year 1,868,826,992 18.7 1,867,781,310 18.7 Share premium The share premium relates to amounts subscribed for share capital in excess of its nominal value. Capital reduction reserve In 2015 and 2018, the Company by way of Special Resolution cancelled the then value of its share premium account, by an Order of the High Court of Justice, Chancery Division. As a result of this cancellation, \u00a3422.6 million and \u00a3932.4 million respectively were transferred from the share premium account into the capital reduction reserve account. The capital reduction reserve account is classed as a distributable reserve. Movements in the current year relate to dividends paid. Retained earnings Retained earnings relates to all net gains and losses not recognised elsewhere. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-349": {
"value": "29. Equity reserves Share capital The share capital relates to amounts subscribed for share capital at its nominal value: Issued and fully paid at 1 pence each 31 December 2022 Number 31 December 2022 \u00a3m 31 December 2021 Number 31 December 2021 \u00a3m Balance at beginning of year \u2013 \u00a30.01 Ordinary Shares 1,867,781,310 18.7 1,719,141,878 17.2 Shares issued in relation to further Equity issuance \u2014 \u2014 147,058,823 1.4 Shares issued in relation to management contract 1,045,682 \u2014 1,580,609 0.1 Balance at end of year 1,868,826,992 18.7 1,867,781,310 18.7 Share premium The share premium relates to amounts subscribed for share capital in excess of its nominal value. Capital reduction reserve In 2015 and 2018, the Company by way of Special Resolution cancelled the then value of its share premium account, by an Order of the High Court of Justice, Chancery Division. As a result of this cancellation, \u00a3422.6 million and \u00a3932.4 million respectively were transferred from the share premium account into the capital reduction reserve account. The capital reduction reserve account is classed as a distributable reserve. Movements in the current year relate to dividends paid. Retained earnings Retained earnings relates to all net gains and losses not recognised elsewhere. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-350": {
"value": "30. Net asset value (\u201cNAV\u201d) per share Basic NAV per share is calculated by dividing net assets in the Group Statement of Financial Position attributable to ordinary equity holders of the Parent by the number of Ordinary Shares outstanding at the end of the year. As there are dilutive instruments outstanding, both basic and diluted NAV per share are shown below. 31 December 2022 \u00a3m 31 December 2021 \u00a3m Net assets per Group Statement of Financial Position 3,350.0 4,076.5 EPRA NTA 3,370.8 4,157.6 Ordinary Shares: Issued share capital (number) 1,868,826,992 1,867,781,310 Basic net asset value per share 179.25p 218.26p Dilutive shares in issue (number) \u2014 668,309 Diluted net asset value per share 179.25p 218.18p 30. Net asset value (\u201cNAV\u201d) per share continued 31 December 2022 31 December 2021 EPRA NTA \u00a3m EPRA NRV \u00a3m EPRA NDV \u00a3m EPRA NTA \u00a3m EPRA NRV \u00a3m EPRA NDV \u00a3m NAV attributable to Shareholders 3,350.0 3,350.0 3,350.0 4,076.5 4,076.5 4,076.5 Revaluation of land options 20.4 20.4 20.4 66.0 66.0 66.0 Mark-to-market adjustments of derivatives 1.8 1.8 \u2014 16.9 16.9 \u2014 Intangibles (1.4) \u2014 \u2014 (1.7) \u2014 \u2014 Fair value of debt \u2014 \u2014 221.1 \u2014 \u2014 (47.0) Real estate transfer tax 1 \u2014 387.4 \u2014 \u2014 376.3 \u2014 NAV 3,370.8 3,759.6 3,591.5 4,157.7 4,535.7 4,095.5 NAV per share 180.37p 201.17p 192.17p 222.60p 242.84p 219.27p Dilutive NAV per share 180.37p 201.17p 192.17p 222.52p 242.75p 219.19p 1. EPRA NTA and EPRA NDV reflect IFRS values which are net of RETT (real estate transfer tax). RETT are added back when calculating EPRA NRV. See Notes to EPRA NAV calculations for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-351": {
"value": "31. Operating leases The future minimum lease payments under non-cancellable operating leases receivable by the Group are as follows: Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 3 years \u00a3m Between 3 and 4 years \u00a3m Between 4 and 5 years \u00a3m More than 5 years \u00a3m Total \u00a3m 31 December 2022 197.3 195.3 191.0 183.3 179.7 1,836.1 2,782.7 31 December 2021 191.5 190.3 182.8 177.3 169.4 1,825.6 2,736.9 The Group\u2019s investment properties are leased to single tenants, with the exception of one asset which is leased to two separate tenants, som of which have guarantees attached, under the terms of a commercial property lease. Each has upward-only rent reviews that are linked to either RPI/CPI, open market or with fixed uplifts. The weighted average unexpired lease term is 12.6 years (2021: 13.0 years). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-352": {
"value": "32. Transactions with related parties For the year ended 31 December 2022, all Directors and some of the Members of the Manager are considered key management personnel. The terms and conditions of the Investment Management Agreement are described in the Management Engagement Committee Report. Details of the amount paid for services provided by Tritax Management LLP (\u201cthe Manager\u201d) are provided in note 8. The total amount outstanding at the year end relating to the Investment Management Agreement was \u00a36.7 million (2021: \u00a35.7 million). The total expense recognised in the Group profit or loss relating to share-based payments under the Investment Management Agreement was \u00a35.3 million (2021: \u00a32.7 million), of which \u00a32.7 million (2021: \u00a31.5 million) was outstanding at the year end. Details of amounts paid to Directors for their services can be found within the Directors\u2019 Remuneration Report. On 1 February 2021, Alasdair Evans and Philip Redding were appointed as new Members of the Manager. The other six Members of the Manager were Colin Godfrey, James Dunlop, Henry Franklin, Petrina Austin, Bjorn Hobart and Frankie Whitehead. During the year the Directors who served during the year received the following dividends Aubrey Adams: \u00a316,240 (2021: \u00a313,345), Alastair Hughes: \u00a33,001 (2021: \u00a32,279), Richard Laing: \u00a33,463 (2021: \u00a33,051), Karen Whitworth \u00a32,126 (2021: \u00a31,277) Wu Gang \u00a387 (2021: \u00a3nil) and Elizabeth Brown \u00a3469 (2021: \u00a3nil) . See note 9 and Directors\u2019 Remuneration Report for further details. During the year the Members of the Manager received the following dividends: Colin Godfrey: \u00a3174,834 (2021: \u00a3149,570), James Dunlop: \u00a3170,516 (2021: \u00a3145,509), Henry Franklin: \u00a3127,643 (2021: \u00a3107,003), Petrina Austin: \u00a321,777 (2021: \u00a318,004), Bjorn Hobart: \u00a324,623 (2021: \u00a320,349) and Frankie Whitehead \u00a310,470 (2021: \u00a37,888). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-353": {
"value": "33. Reconciliation of liabilities to cash flows from financing activities Borrowings \u00a3m Derivative financial instruments \u00a3m Loan notes \u00a3m Total \u00a3m Balance on 1 January 2022 207.6 (1.8) 1,137.6 1,343.4 Cash flows from financing activities: Bank borrowings advanced 319.0 \u2014 \u2014 319.0 Bank borrowings repaid (52.0) \u2014 \u2014 (52.0) Interest rate cap premium paid \u2014 (3.2) \u2014 (3.2) Loan arrangement fees paid (1.5) \u2014 0.1 (1.4) Non-cash movements: Change in creditors for loan arrangement fees payable \u2014 \u2014 0.1 0.1 Amortisation of loan arrangement fees 1.7 \u2014 1.3 3.0 Fair value movement \u2014 (14.9) \u2014 (14.9) Balance on 31 December 2022 474.8 (19.9) 1,139.1 1,594.0 In addition to the above cash flow movements in borrowings, interest was also paid of \u00a335.8m (2021: \u00a337.5m), this is included in the movement in accruals. Borrowings \u00a3m Derivative financial instruments \u00a3m Loan notes \u00a3m Total \u00a3m Balance on 1 January 2021 206.8 1.0 1,136.5 1,344.3 Cash flows from financing activities: Bank borrowings advanced 245.5 \u2014 \u2014 245.5 Bank borrowings repaid (245.5) \u2014 \u2014 (245.5) Amounts received on the issue of loan notes \u2014 \u2014 \u2014 \u2014 Loan arrangement fees paid (0.4) \u2014 (0.5) (0.9) Non-cash movements: Change in creditors for loan arrangement fees payable 0.1 \u2014 0.2 0.3 Amortisation of loan arrangement fees 1.1 \u2014 1.4 2.5 Fair value movement \u2014 (2.8) \u2014 (2.8) Balance on 31 December 2021 207.6 (1.8) 1,137.6 1,343.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-354": {
"value": "34. Capital commitments The Group had capital commitments of \u00a399.9 million in relation to its development activity, asset management initiatives and commitments under development land, outstanding as at 31 December 2022 (31 December 2021: \u00a365.4 million). All commitments fall due within one yea from the date of this report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-355": {
"value": "35. Subsequent events On 18 January 2023, the Group completed the sale of two newly-developed and vacant non-core assets at Littlebrook for a total consideration of \u00a325 million. On 1 March 2023, the Group successfully exchanged on the sale of three assets for a total consideration of \u00a3125 million, in line with their respective 31st December 2022 valuations, to a leading global investor in real estate. There were no other significant events occurring after the reporting period, but before the financial statements were authorised for issue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-356": {
"value": "3rd Floor 6 Duke Street St James\u2019s London SW1Y 6BN",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800L6X88MIYPVR714",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}