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"concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-291": { "value": "70900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-292": { "value": "36200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-293": { "value": "47400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-310": { "value": "
1. Corporate information
The consolidated financial statements of the Group for the year ended 31 December 2023 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 2024. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "Tritax Big Box REIT plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "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 2022.
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 uncertain macroeconomic backdrop present throughout the course of the year, 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, and assumptions made around upcoming lease expiries. 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
2023. 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 2023, the Group had an aggregate \u00a3531 million of undrawn commitments under its senior debt facilities, as well as
\u00a336.2 million of cash held at bank, of which \u00a3128.1 million was committed under various development contracts as well as exchanging on
an asset purchase for \u00a347.7million. The Group\u2019s loan to value ratio stood at 31.6%, with the debt portfolio having an average maturity term
of approximately 5.2 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% and interest cover covenants at 1.5 times 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
2023, 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 2025.
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.
3.1. 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, drawing down of land, managing the building
of an asset and arranging for lease completion. Certain performance obligations, such as achieving a pre-let or letting and the drawing
down of land, 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 were 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 was, until the point of extinguishment, 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 had 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 were 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 were to be settled 25% was assumed 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 were based on
the Adjusted NAV of the underlying business of Tritax Symmetry Limited. The Directors endeavoured 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 was 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.
During the year, early settlement of the B and C Shares was agreed. The B and C Non-Hurdle Shares were acquired for total consideration of
\u00a365 million. In addition, the C Hurdle Shares were acquired for \u00a31.6 million. The consideration of cash and newly issued shares.
Following the settlement, the full quota of B and C Shares (equivalent to the 13% equity interest) will be fully extinguished, and the Group will
own 100% of TSHL. As a result of the settlement, an accelerated charge is chargeable to the Group Statement of Comprehensive income.
3.2. 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. Material accounting policies 4.1. 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. 4.2. 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 4.11.1. 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, 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.
4.3. 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.
4.3.1. 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. It also comprises of non-controlling minority interest equity investments; the Group has voluntarily
classified these assets to be held at fair value through profit and 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.
4.3.2. 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.
4.4. 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.
4.5. 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.
4.6. 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.
4.7. 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.
4.8. 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.
4.9. 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. 4.10. Share-based payments The Company 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 had a present obligation to settle the amounts in cash, either through its stated intention or past practice, the Company accounted for the amounts as cash settled share-based payments. The fair value of the cash settled obligation was recognised over the vesting period and presented as a liability in the Group Statement of Financial Position. The liability was remeasured at each reporting date with the charge to the profit or loss updated over the vesting period. 4.11. Property income 4.11.1. Re ntal income 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. 4.11.2. 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. 4.12. 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. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "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 2022. 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 uncertain macroeconomic backdrop present throughout the course of the year, 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, and assumptions made around upcoming lease expiries. 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 2023. 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 2023, the Group had an aggregate \u00a3531 million of undrawn commitments under its senior debt facilities, as well as \u00a336.2 million of cash held at bank, of which \u00a3128.1 million was committed under various development contracts as well as exchanging on an asset purchase for \u00a347.7million. The Group\u2019s loan to value ratio stood at 31.6%, with the debt portfolio having an average maturity term of approximately 5.2 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% and interest cover covenants at 1.5 times 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 2023, 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 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "2.1. Going concern Given the uncertain macroeconomic backdrop present throughout the course of the year, 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, and assumptions made around upcoming lease expiries. 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 2023. 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 2023, the Group had an aggregate \u00a3531 million of undrawn commitments under its senior debt facilities, as well as \u00a336.2 million of cash held at bank, of which \u00a3128.1 million was committed under various development contracts as well as exchanging on an asset purchase for \u00a347.7million. The Group\u2019s loan to value ratio stood at 31.6%, with the debt portfolio having an average maturity term of approximately 5.2 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% and interest cover covenants at 1.5 times 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 2023, 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 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "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. 3.1. 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, drawing down of land, managing the building of an asset and arranging for lease completion. Certain performance obligations, such as achieving a pre-let or letting and the drawing down of land, 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 were 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 was, until the point of extinguishment, 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 had 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 were 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 were to be settled 25% was assumed 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 were based on the Adjusted NAV of the underlying business of Tritax Symmetry Limited. The Directors endeavoured 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 was 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. During the year, early settlement of the B and C Shares was agreed. The B and C Non-Hurdle Shares were acquired for total consideration of \u00a365 million. In addition, the C Hurdle Shares were acquired for \u00a31.6 million. The consideration of cash and newly issued shares. Following the settlement, the full quota of B and C Shares (equivalent to the 13% equity interest) will be fully extinguished, and the Group will own 100% of TSHL. As a result of the settlement, an accelerated charge is chargeable to the Group Statement of Comprehensive income. 3.2. 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:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "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. 3.1. 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, drawing down of land, managing the building of an asset and arranging for lease completion. Certain performance obligations, such as achieving a pre-let or letting and the drawing down of land, 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 were 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 was, until the point of extinguishment, 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 had 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 were 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 were to be settled 25% was assumed 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 were based on the Adjusted NAV of the underlying business of Tritax Symmetry Limited. The Directors endeavoured 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 was 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. During the year, early settlement of the B and C Shares was agreed. The B and C Non-Hurdle Shares were acquired for total consideration of \u00a365 million. In addition, the C Hurdle Shares were acquired for \u00a31.6 million. The consideration of cash and newly issued shares. Following the settlement, the full quota of B and C Shares (equivalent to the 13% equity interest) will be fully extinguished, and the Group will own 100% of TSHL. As a result of the settlement, an accelerated charge is chargeable to the Group Statement of Comprehensive income.
3.2. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "
4.1. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "
4.2. 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 4.11.1.
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, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "4.3. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "4.3. 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. 4.3.1. 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. It also comprises of non-controlling minority interest equity investments; the Group has voluntarily classified these assets to be held at fair value through profit and 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. 4.3.2. 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "4.3.1. 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. It also comprises of non-controlling minority interest equity investments; the Group has voluntarily classified these assets to be held at fair value through profit and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "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. It also comprises of non-controlling minority interest equity investments; the Group has voluntarily classified these assets to be held at fair value through profit and loss. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "4.3.2. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "4.4. 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:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "4.4. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "4.5. 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. 4.6. 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:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "4.5. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "4.6. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "4.7. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "4.8. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "
4.9. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "4.9. 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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "
4.10. Share-based payments
The Company 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 had a present
obligation to settle the amounts in cash, either through its stated intention or past practice, the Company accounted for the amounts as cash
settled share-based payments. The fair value of the cash settled obligation was recognised over the vesting period and presented as a liability
in the Group Statement of Financial Position. The liability was 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "
4.11. Property income
4.11.1. Re ntal income
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.
4.11.2. 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": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "
4.12. 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. A deferred tax asset is recognised only to the extent that it is
probable that future taxable profits will be available against which the asset can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "value": "
5. New standards issued
5.1. New standard issued and effective from 1 January 2023
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:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "5.1. New standard issued and effective from 1 January 2023 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "
6. Total property income
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Rental income \u2013 freehold property
175.3
162.3
Rental income \u2013 long leasehold property
30.5
32.6
Spreading of tenant incentives and guaranteed rental uplifts
16.2
11.1
Other income
0.2
0.2
Gross rental income
222.2
206.2
Property insurance recoverable
4.5
4.2
Service charges recoverable
1.7
2.1
Total property insurance and service charge income
6.2
6.3
Total property income
228.4
212.5
There was one individual tenant representing more than 10% of gross rental income, constituting \u00a332.6 million of rental income in 2023
(2022: \u00a332.2 million).
There was \u00a3nil of other operating income recognised during the year. Included in the prior year other operating income of \u00a39.3 million, was
a charge of \u00a31.7 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "value": "
7. Service charge expenses
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Property insurance expense
4.6
4.3
Service charge expense
1.7
2.2
Total property expenses
6.3
6.5
8. Administrative and other expenses
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Investment management fees
22.0
26.0
Directors\u2019 remuneration (note 9)
0.5
0.5
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
1.0
Corporate administration fees
0.6
0.5
Regulatory fees
0.2
0.1
Legal and professional fees
1.6
1.9
Marketing and promotional fees
0.6
0.5
Other costs
1.8
1.1
Total administrative and other expenses
28.9
32.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "8. Administrative and other expenses
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Investment management fees
22.0
26.0
Directors\u2019 remuneration (note 9)
0.5
0.5
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
1.0
Corporate administration fees
0.6
0.5
Regulatory fees
0.2
0.1
Legal and professional fees
1.6
1.9
Marketing and promotional fees
0.6
0.5
Other costs
1.8
1.1
Total administrative and other expenses
28.9
32.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "8. Administrative and other expenses
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Investment management fees
22.0
26.0
Directors\u2019 remuneration (note 9)
0.5
0.5
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
1.0
Corporate administration fees
0.6
0.5
Regulatory fees
0.2
0.1
Legal and professional fees
1.6
1.9
Marketing and promotional fees
0.6
0.5
Other costs
1.8
1.1
Total administrative and other expenses
28.9
32.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "
9. Directors\u2019 remuneration
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Directors\u2019 fees
0.4
0.4
Employer\u2019s National Insurance
0.1
0.1
0.5
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "value": "
10. Finance income
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Interest received on bank deposits
0.2
0.1
Interest received on swaps and other derivatives
10.2
1.5
10.4
1.6
11. Finance expense
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Interest payable on bank borrowings
23.7
9.3
Interest payable on loan notes
29.7
29.8
Commitment fees payable on bank borrowings
2.0
1.7
Swap interest payable
\u2014
0.1
Unwinding of deferred consideration
0.1
\u2014
Amortisation of loan arrangement fees
4.4
3.2
59.9
44.1
Borrowing costs capitalised against development properties
(4.6)
(4.7)
55.3
39.4
The rate at which interest is 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "10. Finance income
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Interest received on bank deposits
0.2
0.1
Interest received on swaps and other derivatives
10.2
1.5
10.4
1.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "10. Finance income
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Interest received on bank deposits
0.2
0.1
Interest received on swaps and other derivatives
10.2
1.5
10.4
1.6
11. Finance expense
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Interest payable on bank borrowings
23.7
9.3
Interest payable on loan notes
29.7
29.8
Commitment fees payable on bank borrowings
2.0
1.7
Swap interest payable
\u2014
0.1
Unwinding of deferred consideration
0.1
\u2014
Amortisation of loan arrangement fees
4.4
3.2
59.9
44.1
Borrowing costs capitalised against development properties
(4.6)
(4.7)
55.3
39.4
The rate at which interest is capitalised rate is the Group\u2019s weighted average cost of debt as detailed in note 25.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "10. Finance income
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Interest received on bank deposits
0.2
0.1
Interest received on swaps and other derivatives
10.2
1.5
10.4
1.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "11. Finance expense
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Interest payable on bank borrowings
23.7
9.3
Interest payable on loan notes
29.7
29.8
Commitment fees payable on bank borrowings
2.0
1.7
Swap interest payable
\u2014
0.1
Unwinding of deferred consideration
0.1
\u2014
Amortisation of loan arrangement fees
4.4
3.2
59.9
44.1
Borrowing costs capitalised against development properties
(4.6)
(4.7)
55.3
39.4
The rate at which interest is capitalised rate is the Group\u2019s weighted average cost of debt as detailed in note 25.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "11. Finance expense
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Interest payable on bank borrowings
23.7
9.3
Interest payable on loan notes
29.7
29.8
Commitment fees payable on bank borrowings
2.0
1.7
Swap interest payable
\u2014
0.1
Unwinding of deferred consideration
0.1
\u2014
Amortisation of loan arrangement fees
4.4
3.2
59.9
44.1
Borrowing costs capitalised against development properties
(4.6)
(4.7)
55.3
39.4
The rate at which interest is 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "
12. Taxation
a) Tax charge in the Group Statement of Comprehensive Income
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Tax (charge)/credit
(0.6)
1.6
The UK corporation tax rate for the financial year is 19% to 5 April 2023 and 25% from 6 April 2023. Accordingly, a blended rate of 23.5%
has been applied in the measurement of the Group\u2019s tax liability at 31 December 2023.
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 Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Profit/(loss) on ordinary activities before taxation
70.6
(601.0)
Theoretical tax at UK corporation tax rate of 23.5% (31 December 2022: 19.0%)
16.6
(114.2)
REIT exempt income
(37.3)
(25.0)
Non-taxable items
15.6
141.5
Residual losses
5.7
(3.9)
Total tax charge/(credit)
0.6
(1.6)
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 \u00a32.2 million (2022: \u00a31.1 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.
A deferred tax asset is not recognised for UK revenue losses or capital losses where their future utilisation is uncertain. At 31 December 2023,
the total of such losses was \u00a341.0 million (2022: \u00a334.1 million) and the potential tax effect of these was \u00a310.3 million (2022: \u00a38.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "value": "
13. Earnings per share
Earnings per share \u201cEPS\u201d 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. . In the prior year there was a dilutive instruments outstanding and
therefore basic and diluted earnings per share are shown below.
The dilutive shares to be issued in respect of the B and C Shares is only applicable to 2022 following their settlement in 2023. The Directors had
indicated an intention to settle these 100% in cash. The calculation of basic and diluted earnings per share is based on the following:
Weighted
Net profit/(loss) average
attributable to number of
Ordinary Ordinary Earnings
Shareholders
Shares
1
per share
For the year ended 31 December 2023 \u00a3m \u2019000 pence
Basic EPS
70.0
1,881,931
3.72p
Diluted EPS
70.0
1,881,931
3.72p
Adjustments to remove:
Changes in fair value of investment property
38.1
Changes in fair value of interest rate derivatives
11.2
Finance income received on interest rate derivatives (10.2)
Share of profit from joint ventures
(0.4)
Loss on disposal of investment properties
1.6
Share of profit from joint ventures
2.3
Changes in fair value of financial asset
0.1
Impairment of intangible contract and other property assets
0.4
EPRA EPS and EPRA diluted EPS
113.1
1,881,931
6.01p
Adjustments to include:
Share-based payment charge
2.9
Fair value movement in contingent consideration
0.4
Extinguishment of B & C share liabilities 21.1
Fixed rental uplift adjustments
(6.2)
Amortisation of loan arrangement fees and intangibles (see note 11)
4.4
Finance income received on interest rate derivatives 10.2
Adjusted EPS and adjusted diluted EPS
145.9
1,881,931
7.75p
3
2
4
3
2
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.
3. Prior to 2023 there was minimal impact on earnings from Group\u2019s interest rate hedges. However, due to the change of interest rates in the current year this
resulted in a large receipt from these hedging instruments. In accordance with the EPRA guidance it has been taken out of EPRA earnings however it has been
added back into adjusted earnings as this gives a better reflection of the Group\u2019s net interest expense which is supported by cashflows.
4. This is a once-off charge in the current year relating to the B&C settlement (please refer to note 24 for further details).
Weighted
Net (loss)/profit average
attributable to number of
Ordinary Ordinary Earnings
Shareholders
Shares
1
per share
For the year ended 31 December 2022 \u00a3m \u2019000 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
\u2014
8,775
EPRA diluted EPS
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 charge
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
\u2014
8,775
Adjusted diluted EPS
142.5
1,891,453
7.54
2
2
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.
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.
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, amortisation of loan arrangement fees and also for one-off items such as the early extinguishment of the liability to the B&C
shareholders. EPRA guidance requires the removal of cash received from interest rate hedges, but it has been added back into adjusted
earnings as this gives a better reflection of the Group\u2019s net interest expense which is supported by cashflows.
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 and C Share equity holding in Tritax Symmetry Limited. It is therefore removed from Adjusted earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "
14. Dividends paid
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Fourth interim dividend in respect of period ended 31 December 2022 at 1.975 pence per Ordinary Share
(fourth interim for 31 December 2021 at 1.900 pence per Ordinary Share)
36.9
35.5
First interim dividend in respect of year ended 31 December 2023 at 1.750 pence per Ordinary Share
(31\ue01fDecember 2022: 1.675 pence)
32.7
31.3
Second interim dividend in respect of year ended 31 December 2023 at 1.750 pence per Ordinary Share
(31\ue01fDecember 2022: 1.675 pence)
32.7
31.3
Third interim dividend in respect of year ended 31 December 2023 at 1.750 pence per Ordinary Share
(31\ue01fDecember 2022: 1.675 pence)
33.3
31.3
Total dividends paid
135.6
129.4
Total dividends paid for the year (per share)
5.250p
5.025p
Total dividends unpaid but declared for the year (per share)
2.050p
1.975p
Total dividends declared for the year (per share)
7.300p
7.000p
On 29 February 2024, the Company approved the fourth interim dividend for declaration in respect of the year ended 31 December
2023 of 2.05 pence per share payable on 2 April 2024. The total dividends declared for the year of 7.30 pence are all property income
distribution (\u201cPID\u201d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "2.05", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-8": { "value": "1.975", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-6": { "value": "7.3", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-7": { "value": "7", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800L6X88MIYPVR714", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-333": { "value": "
15. Investment property
In accordance with IAS 40, investment property is stated at fair value as at 31 December 2023. 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 valuers of the Group\u2019s property portfolio have a working knowledge of the various ways that sustainability and Environmental, Social
and Governance factors can impact value and have considered these, and how market participants are reflecting these in their pricing, in
arriving at their Opinion of Value and resulting valuations as at the balance sheet date. Currently assets with the highest standards of ESG are
commanding higher rental levels, have lower future capital expenditure requirements, and are transacting at lower yields.
The valuations are the ultimate responsibility of the Directors. Accordingly, the critical assumptions used in establishing the independent
valuation are reviewed by the Board.
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 Investment Investment
property property property under
freehold long leasehold construction Total
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2023
3,811.2
637.2
398.9
4,847.3
Property additions
109.1
0.1
195.8
305.0
Fixed rental uplift and tenant lease incentives
20.3
0.7
\u2014
21.0
Disposals
(256.2)
(52.2)
\u2014
(308.4)
Transfer of completed property to investment property
357.2
\u2014
(357.2)
\u2014
Transfer from land options
\u2014
\u2014
16.8
16.8
Change in fair value during the year
(37.3)
(4.9)
4.1
(38.1)
As at 31 December 2023
4,004.3
580.9
258.4
4,843.6
1
Investment Investment Investment
property property property under
freehold long leasehold construction Total
\u00a3m \u00a3m \u00a3m \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
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
1
1. Included within the carrying value of investment property is \u00a386.8 million (2022: \u00a370.6 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 changes the carrying value of the property against which
revaluations are measured. Also see note 6.
31 December 31 December
2023 2022
\u00a3m \u00a3m
Investment property at fair value per Group Statement of Financial Position
4,843.6
4,847.3
Assets held for sale at fair value
\u2014
25.1
Total investment property valuation
4,843.6
4,872.4
The Group has other capital commitments which represent commitments made in respect of direct construction, asset management initiatives
and development land. The Group had also exchange to purchase an investment asset at year end (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.
Fees payable under the DMA totalling \u00a3nil million (2022: \u00a32.3 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, 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.
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
Net Initial Net Initial
ERV range ERV average Yield range Yield average
31 December 2023 \u00a3 psf \u00a3 psf % %
South East
5.46 \u2013 16.81
10.2
3.86 \u2013 5.82
4.77
South West
6.50 \u2013 6.50
6.5
4.75 \u2013 4.75
4.75
East Midlands
6.39 \u2013 11.25
7.9
3.75 \u2013 5.82
4.72
West Midlands
6.82 \u2013 9.96
8.1
3.27 \u2013 6.00
4.54
Yorkshire and the Humber
6.20 \u2013 8.00
7.0
4.32 \u2013 6.00
4.96
North East
3.91 \u2013 4.25
4.1
4.75 \u2013 4.83
4.79
North West
5.00 \u2013 11.25
7.9
4.23 \u2013 5.75
4.90
Unobservable Inputs
Net Initial Net Initial
ERV range ERV average Yield range Yield average
31 December 2022 \u00a3 psf \u00a3 psf % %
South East
5.46 \u2013 15.12
10.2
3.65 \u2013 5.66
4.55
South West
6.50 \u2013 7.00
6.8
4.00 \u2013 4.85
4.43
East Midlands
5.75 \u2013 11.25
7.3
3.60 \u2013 5.82
4.52
West Midlands
6.33 \u2013 8.54
7.1
4.10 \u2013 6.00
4.78
Yorkshire and the Humber
5.96 \u2013 7.25
6.6
4.30 \u2013 5.25
4.68
North East
3.91 \u2013 4.25
4.1
4.63 \u2013 4.80
4.72
North West
4.95 \u2013 11.25
7.0
4.05 \u2013 6.31
4.84
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 +5% in +0.25% -0.25%
passing rent passing rent Net Initial Yield Net Initial Yield
\u00a3m \u00a3m \u00a3m \u00a3m
(Decrease)/increase in the fair value of investment properties
as at 31 December 2023
(229.3)
229.3
(238.2)
265.9
(Decrease)/increase in the fair value of investment properties as at
31 December 2022
(226.7)
226.7
(243.6)
273.0
The above includes data from the standing portfolio and does not include data from investment properties under construction. No reasonable
change in unobservable input in relation to Investment properties under construction would have a material impact on the carrying value of
investment properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "The above includes data from the standing portfolio and does not include data from investment properties under construction. No reasonable change in unobservable input in relation to Investment properties under construction would have a material impact on the carrying value of investment properties. 16. Investment in land options
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Opening balance
157.4
201.5
Costs capitalised in the year
16.8
13.0
Transferred to investment property
(16.8)
(57.1)
Closing balance
157.4
157.4
The average maturity date across land options held is approximately eight years (2022: eight years) term remaining. Fees payable under the DMA totalling \u00a35.9 million (2022: \u00a33.4 million) have been capitalised in the year, being directly attributable to the ongoing development projects.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "16. Investment in land options
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Opening balance
157.4
201.5
Costs capitalised in the year
16.8
13.0
Transferred to investment property
(16.8)
(57.1)
Closing balance
157.4
157.4
The average maturity date across land options held is approximately eight years (2022: eight years) term remaining. Fees payable under the DMA totalling \u00a35.9 million (2022: \u00a33.4 million) have been capitalised in the year, being directly attributable to the ongoing development projects.", "dimensions": { "concept": "tritax:InvestmentsInLandOptions", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "value": "
17. Investment in joint ventures
As at 31 December 2023 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 2023:
Country of
Principal activity
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.
31 December 2023
31 December 2022
Total 100% Group\u2019s share Total 100% Group\u2019s share
Net investment \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2023
54.4
27.2
51.2
25.6
Total comprehensive income
0.8
0.4
1.0
0.5
Impairment of JV asset
(4.6)
(2.3)
(2.4)
(1.2)
Capital repaid
(1.6)
(0.8)
(1.0)
(0.5)
Cash contributed
0.6
0.3
5.6
2.8
As at 31 December 2023
49.6
24.8
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
31 December 2023
31 December 2022
Total 100% Group\u2019s share Total 100% Group\u2019s share
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Net income
0.8
0.4
1.0
0.5
Administrative expenses
\u2014
\u2014
\u2014
\u2014
Profit before taxation
0.8
0.4
1.0
0.5
Taxation
\u2014
\u2014
\u2014
\u2014
Total comprehensive profit
0.8
0.4
1.0
0.5
Statement of Financial Position
31 December 2023 31 December 2022
Total 100% Group\u2019s share Total 100% Group\u2019s share
As at 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Investment property
4.8
2.4
4.8
2.4
Options to acquire land
43.2
21.6
52.8
26.4
Non-current assets
48.0
24.0
57.6
28.8
Other receivables
\u2014
\u2014
0.4
0.2
Cash
1.9
1.0
0.2
0.1
Current assets
1.9
1.0
0.6
0.3
Trade and other payables
(0.3)
(0.2)
(3.8)
(1.9)
Current liabilities
(0.3)
(0.2)
(3.8)
(1.9)
Net Assets
49.6
24.8
54.4
27.2
19. Investments
The Group comprises a number of Special Purpose Vehicle \u201cSPV\u201d subsidiaries. All SPV subsidiaries that form these financial statements are
noted within the Company financial statements in note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "17. Investment in joint ventures As at 31 December 2023 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 2023:
Country of
Principal activity
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.
31 December 2023
31 December 2022
Total 100% Group\u2019s share Total 100% Group\u2019s share
Net investment \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2023
54.4
27.2
51.2
25.6
Total comprehensive income
0.8
0.4
1.0
0.5
Impairment of JV asset
(4.6)
(2.3)
(2.4)
(1.2)
Capital repaid
(1.6)
(0.8)
(1.0)
(0.5)
Cash contributed
0.6
0.3
5.6
2.8
As at 31 December 2023
49.6
24.8
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
31 December 2023
31 December 2022
Total 100% Group\u2019s share Total 100% Group\u2019s share
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Net income
0.8
0.4
1.0
0.5
Administrative expenses
\u2014
\u2014
\u2014
\u2014
Profit before taxation
0.8
0.4
1.0
0.5
Taxation
\u2014
\u2014
\u2014
\u2014
Total comprehensive profit
0.8
0.4
1.0
0.5
Statement of Financial Position
31 December 2023 31 December 2022
Total 100% Group\u2019s share Total 100% Group\u2019s share
As at 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Investment property
4.8
2.4
4.8
2.4
Options to acquire land
43.2
21.6
52.8
26.4
Non-current assets
48.0
24.0
57.6
28.8
Other receivables
\u2014
\u2014
0.4
0.2
Cash
1.9
1.0
0.2
0.1
Current assets
1.9
1.0
0.6
0.3
Trade and other payables
(0.3)
(0.2)
(3.8)
(1.9)
Current liabilities
(0.3)
(0.2)
(3.8)
(1.9)
Net Assets
49.6
24.8
54.4
27.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "value": "
18. Assets held for sale
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Assets held for sale
\u2014
25.1
Assets held for sale in the prior year related 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. These assets were disposed of on 18 January 2023. There are no assets currently
been held for sale at 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "18. Assets held for sale
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Assets held for sale
\u2014
25.1
Assets held for sale in the prior year related 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. These assets were disposed of on 18 January 2023. There are no assets currently been held for sale at 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "19. Investments The Group comprises a number of Special Purpose Vehicle \u201cSPV\u201d subsidiaries. All SPV subsidiaries that form these financial statements are noted within the Company financial statements in note 5.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "value": "
20. Trade and other receivables
Year ended Year ended
31 December 31 December
2023 2022
Non-current trade and other receivables \u00a3m \u00a3m
Cash in public institutions
1.0
2.0
The cash in public institutions is a deposit of \u00a31.0 million paid by certain tenants to the Company, as part of their lease agreements.
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Trade receivables
9.4
16.4
Prepayments, accrued income and other receivables
7.4
2.9
VAT
5.2
5.6
22.0
24.9
The carrying value of trade and other receivables classified at amortised cost approximates fair value. The decrease in trade receivables in the
period was due to a decrease in receivables relating to DMA projects.
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 2023 was \u00a30.3 million (31 December 2022: \u00a30.3 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "20. Trade and other receivables
Year ended Year ended
31 December 31 December
2023 2022
Non-current trade and other receivables \u00a3m \u00a3m
Cash in public institutions
1.0
2.0
The cash in public institutions is a deposit of \u00a31.0 million paid by certain tenants to the Company, as part of their lease agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "20. Trade and other receivables
Year ended Year ended
31 December 31 December
2023 2022
Non-current trade and other receivables \u00a3m \u00a3m
Cash in public institutions
1.0
2.0
The cash in public institutions is a deposit of \u00a31.0 million paid by certain tenants to the Company, as part of their lease agreements.
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Trade receivables
9.4
16.4
Prepayments, accrued income and other receivables
7.4
2.9
VAT
5.2
5.6
22.0
24.9
The carrying value of trade and other receivables classified at amortised cost approximates fair value. The decrease in trade receivables in the period was due to a decrease in receivables relating to DMA projects. 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 2023 was \u00a30.3 million (31 December 2022: \u00a30.3 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:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "
21. Cash held at bank
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Cash and cash equivalents to agree with cash flow
36.2
47.4
Restricted cash
0.2
0.2
36.4
47.6
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 \u00a336.2 million (2022: \u00a347.4 million) as at the year
end, which excludes long-term restricted and ring-fenced cash deposits totalling \u00a30.2 million (2022: \u00a30.2 million). Total cash held at bank
as reported in the Group Statement of Financial Position is \u00a336.4 million (2022: \u00a347.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "
22. Trade and other payables
Year ended Year ended
31 December 31 December
2023 2022
Non-current trade and other payables \u00a3m \u00a3m
Other payables
1.0
2.0
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Trade and other payables
57.4
75.0
Bank loan interest payable
9.3
6.5
Deferred consideration
4.8
\u2014
Accruals
35.4
29.7
106.9
111.2
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "22. Trade and other payables
Year ended Year ended
31 December 31 December
2023 2022
Non-current trade and other payables \u00a3m \u00a3m
Other payables
1.0
2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "22. Trade and other payables
Year ended Year ended
31 December 31 December
2023 2022
Non-current trade and other payables \u00a3m \u00a3m
Other payables
1.0
2.0
Year ended Year ended
31 December 31 December
2023 2022
\u00a3m \u00a3m
Trade and other payables
57.4
75.0
Bank loan interest payable
9.3
6.5
Deferred consideration
4.8
\u2014
Accruals
35.4
29.7
106.9
111.2
The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "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 were 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 was 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 was not 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.
In August 2023, the Group completed the early buy-back of the 13% non-controlling interest in Tritax Symmetry. The Group paid \u00a366.6 million
for this interest, via a combination of cash and shares, thus settling the B and C liability which was carried on the Statement of Financial
Position at \u00a345.5 million, therefore incurring an accelerated early extinguishment charge of \u00a321.1 million (see note 24 below).
The early buyback of the 13% non-controlling interest means that the full future value created within the Symmetry portfolio will now accrue to
the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "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:
Contingent Share-based
consideration payment Extinguishment Fair value
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Opening balance
25.6
16.6
\u2014
42.2
Fair value movement recognised
0.4
\u2014
\u2014
0.4
Share-based payment charge
\u2014
2.9
\u2014
2.9
Extinguishment of B and C share liabilities
\u2014
\u2014
21.1
21.1
Settlement of liabilities
(26.0)
(19.5)
(21.1)
(66.6)
Closing balance
\u2014
\u2014
\u2014
\u2014
Contingent Share-based
consideration payment Extinguishment Fair value
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Opening balance
26.7
14.7
\u2014
41.4
Fair value movement recognised
(1.1)
\u2014
\u2014
(1.1)
Share-based payment charge
\u2014
1.9
\u2014
1.9
Closing balance
25.6
16.6
\u2014
42.2
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 vested 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 was 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 and 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.
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 2023, \u00a32.9 million (2022: \u00a31.9 million) was charged in the Group profit or loss for the share-based payment.
3. Extinguishment of B and C Shares
In August 2023, the Group completed the acquisition of the 13% Symmetry Management Shareholders\u2019 equity interest in Tritax Symmetry
Holdings Limited \u201cTSHL\u201d, which formed part of the contingent consideration following its acquisition in February 2019.
The B and C Non-Hurdle Shares in TSHL, were acquired for a total consideration of \u00a365.0 million, and were settled through a combination
of cash and the issue of new Ordinary Shares in the Company, upon which meant the founding Directors (excluding Andrew Dickman) fully
stepped away from the business.
In conjunction, the Group also purchased the remaining C Hurdle Shares in TSHL, awarded under the previous arrangements, valued at \u00a31.6
million as at 30 June 2023, also for a combination of cash and the issue of new Ordinary Shares.
The total consideration paid was \u00a366.6 million. Subsequently \u00a349.6 million was invested into 34.9 million new Ordinary Shares issued at a
price of 142 pence per share.
Under the previous arrangement, the Company had an ability to buyback the remaining B and C Shares post December 2026, therefore
this, was in part, an acceleration of the charge to EPRA NTA that would have been expected to be charged during the period June 2023 to
December 2026.
Following the acquisition, the full quota of B and C Shares (equivalent to the 13% equity interest) were extinguished and the Company
now owns 100% of TSHL and the full economic rights to all future value created from the Symmetry development portfolio. The B and C
Share liability recognised within the Statement of Financial Position, as at 30 June 2023, was \u00a345.1 million and therefore a resultant early
extinguishment charge has been recognised in the Statement of Comprehensive Income of \u00a321.1 million during the year.
The charge expected to EPRA NTA resulting from the early settlement, including the issue of the new Ordinary Shares amounts to
approximately 1.8 pence, or 1.0% of EPRA NTA.
", "dimensions": { "concept": "tritax:DisclosureOfAmountsDueToBAndCSharesholders", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "
25. Borrowings
The Group has a \u00a3300 million unsecured revolving credit facility (\u201cRCF\u201d) with a syndicate of relationship lenders formed of large multi-national
banks which terminates on 14 June 2026.
In October 2023, the Group agreed a new \u00a3500 million revolving credit facility (\u201cNew RCF\u201d) which terminates on 12 October 2028. The new
RCF is available for general corporate purposes and was used to refinance the Group\u2019s previous \u00a3450 million revolving credit facility.
The new RCF may be extended to a maximum seven-year term, subject to the lender\u2019s consent. The new RCF also contains an uncommitted
\u00a3200 million accordion option. The new RCF incorporates four sustainability linked performance KPIs which align with our updated ESG
targets and sustainability strategy.
As the \u00a3450 million RCF facility was discharged and new RCF was opened with new lenders and different terms the change was not deemed
to be a modification under IFRS 9, but rather an extinguishment of the old facility and the recognition of a new facility at fair value.
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 2023, 61% (2022: 62%) of the Group\u2019s debt facility commitments are fixed term, with 39% floating term (2022: 38%). When
including interest rate hedging the Group has fixed term or hedged facilities totalling 96% of drawn debt (see note 26).
As at 31 December 2023, the weighted average cost of debt was 2.93% (2022: 2.57%). As at the same date the Group had undrawn debt
commitments of \u00a3531.0 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.
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. The only exception is the interest on the new \u00a3500 million RCF is calculated at a rate of the borrowing
margin plus SONIA. A summary of the drawn and undrawn bank borrowings in the year is shown below:
Bank borrowings
Bank borrowings Bank borrowings
drawn undrawn Total
\u00a3m \u00a3m \u00a3m
As at 1 January 2023
479.9
483.0
962.9
Bank borrowings drawn in the year under existing facilities
215.0
(215.0)
\u2014
Bank borrowings repaid in the year under existing facilities
(260.0)
260.0
\u2014
Cancellation of bank borrowing facility
(147.0)
(303.0)
(450.0)
New bank borrowing facility
194.0
306.0
500.0
As at 31 December 2023
481.9
531.0
1,012.9
Bank borrowings Bank borrowings
drawn undrawn Total
\u00a3m \u00a3m \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
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 31 December
2023 2022
\u00a3m \u00a3m
Bank borrowings drawn: due in more than one year
481.9
479.9
Less: unamortised costs on bank borrowings
(7.2)
(5.1)
474.7
474.8
Loan notes
31 December 31 December
2023 2022
Bonds \u00a3m \u00a3m
2.625% Bonds 2026
249.7
249.6
3.125% Bonds 2031
248.0
247.8
2.860% USPP 2028
250.0
250.0
2.980% USPP 2030
150.0
150.0
1.500% Green Bonds 2033
247.1
246.7
Less: unamortised costs on loan notes
(4.3)
(5.0)
1,140.5
1,139.1
The weighted average term to maturity of the Group\u2019s debt as at the year end is 5.2 years (31 December 2022: 5.4 years).
Maturity of borrowings
31 December 31 December
2023 2022
\u00a3m \u00a3m
Repayable between one and two years
\u2014
164.0
Repayable between two and five years
909.9
443.0
Repayable in over five years
722.0
1,022.9
1,631.9
1,629.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "25. Borrowings The Group has a \u00a3300 million unsecured revolving credit facility (\u201cRCF\u201d) with a syndicate of relationship lenders formed of large multi-national banks which terminates on 14 June 2026. In October 2023, the Group agreed a new \u00a3500 million revolving credit facility (\u201cNew RCF\u201d) which terminates on 12 October 2028. The new RCF is available for general corporate purposes and was used to refinance the Group\u2019s previous \u00a3450 million revolving credit facility. The new RCF may be extended to a maximum seven-year term, subject to the lender\u2019s consent. The new RCF also contains an uncommitted \u00a3200 million accordion option. The new RCF incorporates four sustainability linked performance KPIs which align with our updated ESG targets and sustainability strategy. As the \u00a3450 million RCF facility was discharged and new RCF was opened with new lenders and different terms the change was not deemed to be a modification under IFRS 9, but rather an extinguishment of the old facility and the recognition of a new facility at fair value. 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 2023, 61% (2022: 62%) of the Group\u2019s debt facility commitments are fixed term, with 39% floating term (2022: 38%). When including interest rate hedging the Group has fixed term or hedged facilities totalling 96% of drawn debt (see note 26). As at 31 December 2023, the weighted average cost of debt was 2.93% (2022: 2.57%). As at the same date the Group had undrawn debt commitments of \u00a3531.0 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. 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. The only exception is the interest on the new \u00a3500 million RCF is calculated at a rate of the borrowing margin plus SONIA. A summary of the drawn and undrawn bank borrowings in the year is shown below: Bank borrowings
Bank borrowings Bank borrowings
drawn undrawn Total
\u00a3m \u00a3m \u00a3m
As at 1 January 2023
479.9
483.0
962.9
Bank borrowings drawn in the year under existing facilities
215.0
(215.0)
\u2014
Bank borrowings repaid in the year under existing facilities
(260.0)
260.0
\u2014
Cancellation of bank borrowing facility
(147.0)
(303.0)
(450.0)
New bank borrowing facility
194.0
306.0
500.0
As at 31 December 2023
481.9
531.0
1,012.9
Bank borrowings Bank borrowings
drawn undrawn Total
\u00a3m \u00a3m \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
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 31 December
2023 2022
\u00a3m \u00a3m
Bank borrowings drawn: due in more than one year
481.9
479.9
Less: unamortised costs on bank borrowings
(7.2)
(5.1)
474.7
474.8
Loan notes
31 December 31 December
2023 2022
Bonds \u00a3m \u00a3m
2.625% Bonds 2026
249.7
249.6
3.125% Bonds 2031
248.0
247.8
2.860% USPP 2028
250.0
250.0
2.980% USPP 2030
150.0
150.0
1.500% Green Bonds 2033
247.1
246.7
Less: unamortised costs on loan notes
(4.3)
(5.0)
1,140.5
1,139.1
The weighted average term to maturity of the Group\u2019s debt as at the year end is 5.2 years (31 December 2022: 5.4 years). Maturity of borrowings
31 December 31 December
2023 2022
\u00a3m \u00a3m
Repayable between one and two years
\u2014
164.0
Repayable between two and five years
909.9
443.0
Repayable in over five years
722.0
1,022.9
1,631.9
1,629.9
26. Financial instruments and fair values
26.1. Financial assets
31 December 31 December
2023 2022
\u00a3m \u00a3m
Non-current assets: financial asset
2.3
\u2014
On 31 March 2023, the Group purchased a 4% interest after the disposal of certain investment properties. The asset is valued using Level 2 observable inputs.
31 December 31 December
2023 2022
\u00a3m \u00a3m
Financial asset valuation brought forward
\u2014
\u2014
Additions
2.4
\u2014
Changes in fair value of financial asset
(0.1)
\u2014
2.3
\u2014
26.2 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 2.43% (2022: 1.19%), which effectively caps the level to which SONIA can rise to \u00a3249.3 million (2022: \u00a3299.3 million) 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 96% of the Group\u2019s drawn borrowings at the year end have an all-inclusive interest rate payable of 2.93% (2022: 2.57%). The total premium payable in the year towards securing the interest rate caps was \u00a32.4 million (2022: \u00a33.2 million). It is the Group\u2019s target to hedge at least 90% of the total drawn 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 95.7%, as shown below:
31 December 31 December
2023 2022
\u00a3m \u00a3m
Non-current assets: financial asset
11.1
19.9
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 31 December
2023 2022
\u00a3m \u00a3m
Interest rate derivative valuation brought forward
19.9
1.8
Premium paid
2.4
3.2
Changes in fair value of interest rate derivatives
(11.2)
14.9
11.1
19.9
31 December 31 December
2023 2022
Drawn \u00a3m Drawn \u00a3m
Total borrowings drawn (note 25)
1,631.9
1,629.9
Notional value of effective interest rate derivatives and fixed-rates loans
1,561.4
1,612.9
Proportion of hedged debt
95.7%
99.0%
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 Fair value Book value Fair value
31 December 31 December 31 December 31 December
2023 2023 2022 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Interest rate derivatives
11.1
11.1
19.9
19.9
Trade and other receivables
9.4
9.4
17.2
17.2
Cash held at bank
36.4
36.4
47.6
47.6
Financial liabilities
Trade and other payables
90.1
90.1
87.3
87.3
Amounts due to B and C Shareholders
\u2014
\u2014
42.2
42.2
Borrowings
1,626.7
1,485.3
1,624.0
1,402.8
1
2
1. Excludes certain VAT, prepayments and other debtors.
2. Excludes tax and VAT liabilities.
Financial assets, 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.
Quoted prices in Significant Significant
active markets observable inputs unobservable
Total (Level 1) (Level 2) inputs (Level 3)
Date of valuation \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
31 December 2023
1,165.4
1,012.1
153.3
\u2014
Borrowings
31 December 2022
1,084.9
941.1
143.8
\u2014
The Group has two fixed-rate loans totalling \u00a3162.0 million, provided by PGIM (\u00a390.0 million) and Canada Life (\u00a372.0 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.
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 \u00a31,012.1 million (2022: \u00a3941.1 million) and the financial liabilities at
Level 2 fair value measure were \u00a3153.3 million (2022: \u00a3143.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "26. Financial instruments and fair values 26.1. Financial assets
31 December 31 December
2023 2022
\u00a3m \u00a3m
Non-current assets: financial asset
2.3
\u2014
On 31 March 2023, the Group purchased a 4% interest after the disposal of certain investment properties. The asset is valued using Level 2
observable inputs.
31 December 31 December
2023 2022
\u00a3m \u00a3m
Financial asset valuation brought forward
\u2014
\u2014
Additions
2.4
\u2014
Changes in fair value of financial asset
(0.1)
\u2014
2.3
\u2014
26.2 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 2.43% (2022: 1.19%), which effectively
caps the level to which SONIA can rise to \u00a3249.3 million (2022: \u00a3299.3 million) 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 96% of the Group\u2019s drawn borrowings at the
year end have an all-inclusive interest rate payable of 2.93% (2022: 2.57%). The total premium payable in the year towards securing the interest
rate caps was \u00a32.4 million (2022: \u00a33.2 million).
It is the Group\u2019s target to hedge at least 90% of the total drawn 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 95.7%, as shown below:
31 December 31 December
2023 2022
\u00a3m \u00a3m
Non-current assets: financial asset
11.1
19.9
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 31 December
2023 2022
\u00a3m \u00a3m
Interest rate derivative valuation brought forward
19.9
1.8
Premium paid
2.4
3.2
Changes in fair value of interest rate derivatives
(11.2)
14.9
11.1
19.9
31 December 31 December
2023 2022
Drawn \u00a3m Drawn \u00a3m
Total borrowings drawn (note 25)
1,631.9
1,629.9
Notional value of effective interest rate derivatives and fixed-rates loans
1,561.4
1,612.9
Proportion of hedged debt
95.7%
99.0%
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "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:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "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:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "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 Fair value Book value Fair value
31 December 31 December 31 December 31 December
2023 2023 2022 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Interest rate derivatives
11.1
11.1
19.9
19.9
Trade and other receivables
9.4
9.4
17.2
17.2
Cash held at bank
36.4
36.4
47.6
47.6
Financial liabilities
Trade and other payables
90.1
90.1
87.3
87.3
Amounts due to B and C Shareholders
\u2014
\u2014
42.2
42.2
Borrowings
1,626.7
1,485.3
1,624.0
1,402.8
1 2 1. Excludes certain VAT, prepayments and other debtors. 2. Excludes tax and VAT liabilities. Financial assets, 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.
Quoted prices in Significant Significant
active markets observable inputs unobservable
Total (Level 1) (Level 2) inputs (Level 3)
Date of valuation \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
31 December 2023
1,165.4
1,012.1
153.3
\u2014
Borrowings
31 December 2022
1,084.9
941.1
143.8
\u2014
The Group has two fixed-rate loans totalling \u00a3162.0 million, provided by PGIM (\u00a390.0 million) and Canada Life (\u00a372.0 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. 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 \u00a31,012.1 million (2022: \u00a3941.1 million) and the financial liabilities at Level 2 fair value measure were \u00a3153.3 million (2022: \u00a3143.8 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 and 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 (2022: \u00a33.2 million) or a decrease of \u00a33.2 million (2022: \u00a33.2 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. 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, which 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:
Between Between More than
<3 months 3-12 months 1-2 years 2-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
31 December 2023
Borrowings
13.7
41.0
54.6
1,033.8
832.1
1,975.2
Amounts due to B and C Shareholders
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Trade and other payables
106.9
\u2014
\u2014
\u2014
1.0
107.9
120.6
41.0
54.6
1,033.8
833.1
2,083.1
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
Included within the contracted payments is \u00a3343.2 million (2022: \u00a3280.2 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "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 and 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 (2022: \u00a33.2 million) or a decrease of \u00a33.2 million (2022: \u00a33.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "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.
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, which 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "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:
Between Between More than
<3 months 3-12 months 1-2 years 2-5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
31 December 2023
Borrowings
13.7
41.0
54.6
1,033.8
832.1
1,975.2
Amounts due to B and C Shareholders
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Trade and other payables
106.9
\u2014
\u2014
\u2014
1.0
107.9
120.6
41.0
54.6
1,033.8
833.1
2,083.1
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
Included within the contracted payments is \u00a3343.2 million (2022: \u00a3280.2 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "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%\u201335% 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 31.6% (2022: 31.2%) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "
29. Equity reserves
Share capital
The share capital relates to amounts subscribed for share capital at its nominal value:
31 December 31 December 31 December 31 December
2023 2023 2022 2022
Issued and fully paid at 1 pence each Number \u00a3m Number \u00a3m
Balance at beginning of year \u2013 \u00a30.01 Ordinary Shares
1,868,826,992
18.7
1,867,781,310
18.7
Shares issued in relation to extinguishment of share based payments
34,911,333
0.3
\u2014
\u2014
Shares issued in relation to management contract
\u2014
\u2014
1,045,682
\u2014
Balance at end of year
1,903,738,325
19.0
1,868,826,992
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, 2018 and 2023, 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 these cancellations, \u00a3422.6 million, \u00a3932.4 million and \u00a3764.4 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "29. Equity reserves Share capital The share capital relates to amounts subscribed for share capital at its nominal value:
31 December 31 December 31 December 31 December
2023 2023 2022 2022
Issued and fully paid at 1 pence each Number \u00a3m Number \u00a3m
Balance at beginning of year \u2013 \u00a30.01 Ordinary Shares
1,868,826,992
18.7
1,867,781,310
18.7
Shares issued in relation to extinguishment of share based payments
34,911,333
0.3
\u2014
\u2014
Shares issued in relation to management contract
\u2014
\u2014
1,045,682
\u2014
Balance at end of year
1,903,738,325
19.0
1,868,826,992
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, 2018 and 2023, 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 these cancellations, \u00a3422.6 million, \u00a3932.4 million and \u00a3764.4 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "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 31 December
2023 2022
\u00a3m \u00a3m
Net assets per Group Statement of Financial Position
3,334.0
3,350.0
EPRA NTA
3,372.5
3,370.8
Ordinary Shares:
Issued share capital (number)
1,903,738,325
1,868,826,992
Basic and dilutive net asset value per share
175.13p
179.25p
31 December 2023
31 December 2022
EPRA NTA EPRA NRV EPRA NDV EPRA NTA EPRA NRV EPRA NDV
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NAV attributable to Shareholders
3,334.0
3,334.0
3,334.0
3,350.0
3,350.0
3,350.0
Revaluation of land options
26.5
26.5
26.5
20.4
20.4
20.4
Mark-to-market adjustments of
derivatives
13.1
13.1
\u2014
1.8
1.8
\u2014
Intangibles
(1.1)
\u2014
\u2014
(1.4)
\u2014
\u2014
Fair value of debt
\u2014
\u2014
141.4
\u2014
\u2014
221.1
Real estate transfer tax
\u2014
342.3
\u2014
\u2014
387.4
\u2014
NAV
3,372.5
3,715.9
3,501.9
3,370.8
3,759.6
3,591.5
NAV and Dilutive NAV per share
177.15p
195.19p
183.95p
180.37p
201.17p
192.17p
1
1. EPRA NTA and EPRA NDV reflect IFRS values which are net of real estate transfer tax \u201cRETT\u201d. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "
31. Operating leases
The future minimum lease payments under non-cancellable operating leases receivable by the Group are as follows:
Less than Between Between Between Between More than
1 year 1 and 2 years 2 and 3 years 3 and 4 years 4 and 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
31 December 2023
201.9
204.5
199.3
195.1
179.6
1,808.5
2,788.9
31 December 2022
197.3
195.3
191.0
183.3
179.7
1,836.1
2,782.7
The majority of the Group\u2019s investment properties are leased to single tenants, some 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 11.4 years (2022: 12.6 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "
32. Transactions with related parties
For the year ended 31 December 2023, 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 \u00a35.6 million (2022: \u00a36.7 million).
The total expense recognised in the Group profit or loss relating to share-based payments under the Investment Management Agreement
was \u00a34.5 million (2022: \u00a35.3 million), of which \u00a32.3 million (2022: \u00a32.7 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.
During the year the six Members of the Manager included 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: \u00a317,340 (2022: \u00a316,240), Alastair Hughes: \u00a33,358 (2022: \u00a33,001), Richard Laing: \u00a33,613 (2022: \u00a33,463), Karen Whitworth: \u00a32,218 (2022: \u00a32,126), Wu Gang: \u00a3188 (2022: \u00a387) and Elizabeth Brown: \u00a31,255 (2022: \u00a3469). 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: \u00a3196,830 (2022: \u00a3174,834), James Dunlop: \u00a3194,074 (2022: \u00a3170,516), Henry Franklin: \u00a3144,283 (2022: \u00a3127,643), Petrina Austin: \u00a325,334 (2022: \u00a321,777), Bjorn Hobart: \u00a329,198 (2022: \u00a324,623) and Frankie Whitehead: \u00a313,766 (2022: \u00a310,470). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "32. Transactions with related parties For the year ended 31 December 2023, 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 \u00a35.6 million (2022: \u00a36.7 million). The total expense recognised in the Group profit or loss relating to share-based payments under the Investment Management Agreement was \u00a34.5 million (2022: \u00a35.3 million), of which \u00a32.3 million (2022: \u00a32.7 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.
During the year the six Members of the Manager included 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: \u00a317,340 (2022: \u00a316,240), Alastair
Hughes: \u00a33,358 (2022: \u00a33,001), Richard Laing: \u00a33,613 (2022: \u00a33,463), Karen Whitworth: \u00a32,218 (2022: \u00a32,126), Wu Gang: \u00a3188 (2022: \u00a387)
and Elizabeth Brown: \u00a31,255 (2022: \u00a3469). 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: \u00a3196,830 (2022: \u00a3174,834), James Dunlop:
\u00a3194,074 (2022: \u00a3170,516), Henry Franklin: \u00a3144,283 (2022: \u00a3127,643), Petrina Austin: \u00a325,334 (2022: \u00a321,777), Bjorn Hobart: \u00a329,198
(2022: \u00a324,623) and Frankie Whitehead: \u00a313,766 (2022: \u00a310,470).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "
33. Reconciliation of liabilities to cash flows from financing activities
Derivative
financial
Borrowings instruments Loan notes Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance on 1 January 2023
474.8
(19.9)
1,139.1
1,594.0
Cash flows from financing activities:
Bank borrowings advanced
409.0
\u2014
\u2014
409.0
Bank borrowings repaid
(407.0)
\u2014
\u2014
(407.0)
Interest rate cap premium paid
\u2014
(2.4)
\u2014
\u2014
Loan arrangement fees paid
(5.1)
\u2014
\u2014
(5.1)
Non-cash movements:
Change in creditors for loan arrangement fees payable
0.1
\u2014
\u2014
0.1
Amortisation of loan arrangement fees
2.9
\u2014
1.4
4.3
Fair value movement
\u2014
11.2
\u2014
11.2
Balance on 31 December 2023
474.7
(11.1)
1,140.5
1,604.1
In addition to the above cash flow movements in borrowings, interest was also paid of \u00a347.9 million (2022: \u00a335.8 million); this is included in the
movement in accruals.
Derivative
financial
Borrowings instruments Loan notes Total
\u00a3m \u00a3m \u00a3m \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "
34. Capital commitments
The Group had capital commitments of \u00a3128.1 million in relation to its development activity, asset management initiatives and commitments
under development land, outstanding as at 31 December 2023 (31 December 2022: \u00a399.9 million). All commitments fall due within one year
from the date of this report.
As at 31 December 2023 the Group had exchanged on the purchase of an asset for the value of \u00a347.7 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "34. Capital commitments The Group had capital commitments of \u00a3128.1 million in relation to its development activity, asset management initiatives and commitments under development land, outstanding as at 31 December 2023 (31 December 2022: \u00a399.9 million). All commitments fall due within one year from the date of this report. As at 31 December 2023 the Group had exchanged on the purchase of an asset for the value of \u00a347.7 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "
35. Subsequent events
The Group has completed the purchase of an asset to the value of \u00a347.7 million on 9 January 2024.
On 12 February 2024 the Group announced that it had reached agreement on the key terms of a possible all-share offer for the entire issued
and to be issued share capital of UK Commercial Property REIT Limited(UKCM). In accordance with Rule 2.6(a) of the Code, the Group will
have until 5.00 pm on 8 March 2024, to either announce a firm intention to make an offer for UKCM in accordance with Rule 2.7 of the Code
or announce that it does not intend to make such an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of
the Code applies.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "72 Broadwick Street London W1F 9QZ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800L6X88MIYPVR714", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }