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"value": "3484000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20241004171518615_xbrl_20231010180513279_xbrl_20221003231922158_xbrl_20220929171944038_xbrl_20220526023256544": { "value": "3148000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2025-07-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20241004171518615_xbrl_20231010180513279_xbrl_20221003231922158_xbrl_20220929171944038_xbrl_20220526023234556": { "value": "3292000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00", "unit": "iso4217:GBP" } }, "Fxbrl_20251007012339907": { "value": "Alternative Income REIT PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007012447620": { "value": "Alternative Income REIT PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007012506051": { "value": "Alternative Income REIT PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007012400427": { "value": "public limited company and a closed ended Real Estate Investment Trust", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007012518780": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007012545188": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007012603083": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007124425319": { "value": "The Scalpel, 18th Floor,\n 52 Lime Street, London, United Kingdom, EC3M 7AF.\n ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007013024571": { "value": "\n 2. Accounting policies \n \n 2.1 Basis of preparation These consolidated \ufb01nancial statements (the \u2018\ufb01nancial statements\u2019) are prepared and approved by the directors in accordance with UK adopted International Accounting Standards (\u2018IFRS\u2019) and in accordance with the Companies Act 2006 as applicable to companies reporting under those standards and Article 4 of the UK adopted International Accounting Standards (\u2018IAS\u2019) Regulations. These \ufb01nancial statements have been prepared under the historical cost convention, except for investment properties that have been measured at fair value. The \ufb01nancial statements are presented in Sterling and all values are rounded to the nearest thousand pounds (\u00a3\u2019000), except where otherwise indicated.\n \n \n Basis of consolidation The \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and its subsidiaries (the \u2018Group\u2019). Subsidiaries are the entities controlled by the Company, being Alternative Income Limited and Alternative Income REIT Holdco Limited.\n New standards, amendments and interpretations, and forthcoming requirements The Group has applied the following new standards and amendments in this set of condensed consolidated \ufb01nancial statements: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates (Effective 1 January 2025) The new standards and amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to signi\ufb01cantly affect the current or future periods. Certain new accounting standards and interpretations have been published that are not mandatory for annual periods beginning after 1 July 2025 and early application is permitted; however the Group has not early adopted the new or amended standards in preparing these consolidated \ufb01nancial statements: \u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) (effective date deferred inde\ufb01nitely) \u2022 Presentation and Disclosure in Financial Statements \u2013 IFRS 18 (effective 1 January 2027) \u2022 Subsidiaries without Public Accountability: Disclosures \u2013 IFRS 19 (effective 1 January 2027) The new standards and amendments listed above are not expected to signi\ufb01cantly affect the current or future periods. \n \n 2.2 Signi\ufb01cant accounting judgements and estimates In the application of the Group\u2019s accounting policies the directors are required to make judgements, estimates and assumptions that affect the reported amounts recognised in the \ufb01nancial statements. 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 in the future. The estimates and associated assumptions that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year are outlined below: Valuation of investment properties The fair value of investment properties is determined by external property valuation experts to be the estimated amount for which a property should exchange on the date of the valuation in an arm\u2019s length transaction. The Group\u2019s properties have been valued on an individual basis. The valuation experts use recognised valuation techniques, applying the principles of both IAS 40 and IFRS 13. The valuations have been prepared in accordance with the Royal Institution of Chartered Surveyors (\u2018RICS\u2019) Valuation. Factors include current market conditions, annual rentals, the contractual terms of the leases and their lengths and location. The signi\ufb01cant methods and assumptions used by valuers in estimating the fair value of investment properties are set out in Note 10\n .\n \n \n
\n Provision for expected credit losses (\u2018ECL\u2019) of trade receivables Rent collection rates since the start of the Group are in the region of 100%. As a result, the Group does not have the data to establish historical loss rates for the expected credit loss analysis. In determining the provision on a tenant by tenant basis, the Group considers both recent payment history and future expectations of the tenant\u2019s ability to pay or possible default, in order to recognise an expected credit loss allowance. The Group also considers the risk factors associated by sector in which the tenant operates and the nature of the debt. Based on sector and rent receivable type a provision is provided in addition to full provision for maximum risk tenants or known issues. Principal versus agent considerations \u2013 services to tenants The Group arranges for certain services to be provided to tenants. These arrangements are included in the contract the Group enters into as a lessor. The Group has determined that it controls the services before they are transferred to tenants, because it has the ability to direct the use of these services and obtain the bene\ufb01ts from them. The Group has determined that it is primarily responsible for ful\ufb01lling these services as it directly deals with tenants\u2019 complaints and is primarily responsible for the quality or sustainability of the services. In addition, the Group has discretion in establishing the price that it charges to the tenants for the speci\ufb01ed services. Therefore, the Group has concluded that it is the principal in these contracts. In addition, the Group has concluded that it transfers control of these services over time, as services are rendered by the third-party service providers, because this is when tenants receive and, at the same time, consume the bene\ufb01ts from these services. REIT status The Group is a REIT and does not pay tax on its property income or gains on property sales, provided that at least 90% of the Group\u2019s property income is distributed as a dividend to shareholders, which becomes taxable in their hands. In addition, the Group has to meet certain conditions such as ensuring the property rental business represents more than 75% of total pro\ufb01ts and assets. Any potential or proposed changes to the REIT legislation are monitored and discussed with HMRC. It is the Board\u2019s intention that the Group will continue as a REIT for the foreseeable future.\n
\n \n \n 2.3 Segmental information Each property held by the Group is reported to the chief operating decision maker. In the case of the Group, the chief operating decision maker is considered to be the Board of Directors. The review process for segmental information includes the monitoring of key performance indicators applicable across all properties. These key performance indicators include Net Asset Value, Earnings per Share and valuation of properties. All asset cost and rental allocations are also reported by property. The internal \ufb01nancial reports received by the directors cover the Group and all its properties and do not differ from amounts reported in the \ufb01nancial statements. The directors have considered that each property has similar economic characteristics and have therefore aggregated the portfolio into one reportable segment under the provisions of IFRS 8. \n \n \n 2.4 Going concern The \ufb01nancial statements have been prepared on a going concern basis. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The robust \ufb01nancial position of the Group, its net asset and current asset positions, its cash \ufb02ows, liquidity position and borrowing facilities are described in the \ufb01nancial statements and the accompanying notes. The \ufb01nancial statements also include the Group\u2019s objectives, policies and processes for managing its capital, its \ufb01nancial risk management objective and its exposures to market price risk, real estate risk, credit risk and liquidity risk. The Investment Adviser on behalf of the Board has projected the Group\u2019s cash \ufb02ows for the period up to 30 September 2026, challenging and sensitising inputs and assumptions to ensure that the cash forecast re\ufb02ects a realistic outcome given the uncertainties associated with the current economic environment. A longer-term projection had also been carried out up to 30 June 2029. The scenarios applied were designed to be severe but plausible, and to take account of the availability of mitigating actions that could be taken to avoid or reduce the impact or probability of the underlying risks. The Group\u2019s debt of \u00a341 million matures on 20 October 2025 and the Group has reported full compliance with its loan covenants to date. Based on cash \ufb02ow projections, the directors expect the Group to continue to remain compliant. The headroom of the loan to value covenant is signi\ufb01cant and any reduction in property values that would cause a breach would be signi\ufb01cantly more than any reduction currently envisaged. The Board has been working, in conjunction with its debt advisers, to re\ufb01nance the Group\u2019s existing borrowings and subsequent to the year end the Board announced that it has secured long-term debt facilities with HSBC UK Bank plc. The New HSBC Bank Facilities consist of both a \ufb01xed term loan of \u00a331 million and a \u00a310 million revolving credit facility, both on \ufb02oating rates and on a \ufb01xed term of \ufb01ve years with an option to extend by two years if mutually acceptable. Details of the new debt facilities are contained in both the Chairman\u2019s Statement and Note 20 \u2013 Events after the reporting date. The latter includes covenant details, all of which will be carefully monitored in accordance with the Group\u2019s risk management procedures and policies. Based on the above, the Board believes that the Group has the ability and resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of the \ufb01nancial statements.\n \n \n 2.5 Summary of signi\ufb01cant accounting policies The principal accounting policies applied in the preparation of these \ufb01nancial statements are set out below. \n \n a) Functional and presentational currency These \ufb01nancial statements are presented in Pound Sterling, which is the functional and presentational currency of the Group and its subsidiary undertakings. The functional currency of the Group and its subsidiaries is principally determined by the primary economic environment in which it operates. The Group did not enter into any transactions in foreign currencies during the period. \n \n \n b) Revenue recognition i) Rental income Rental income under operating leases is recognised on a straight-line basis over the term of the lease, except for contingent rental income, which is recognised when it arises. For leases, which contain \ufb01xed or minimum uplifts, the rental income arising from such uplifts is recognised on a straight-line basis over the lease term. Incentives for lessees to enter into lease agreements are spread evenly over the lease term, even if the payments are not made on such a basis. 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. Lease modi\ufb01cations, such as lease extensions and rent reductions, are accounted for either as a separate lease or not as a separate lease. A modi\ufb01cation will only be treated as a separate lease if it involves the addition of one or more underlying assets at a price that is commensurate with the standalone price of the increase in scope. All other modi\ufb01cations are not treated as a separate lease. If a modi\ufb01cation is a separate lease, a lessee applies the requirements of IFRS 16 to the newly added asset, due as a result of the modi\ufb01cation, independently of the original lease. The accounting for the original lease continues unchanged. If a modi\ufb01cation is not a separate lease, the accounting re\ufb02ects that there is a linkage between the original lease and the modi\ufb01ed lease. The existing lease liability is remeasured with a corresponding adjustment to the right-of-use asset on the effective date of the modi\ufb01cation. ii) Service charges and direct recharges Revenue from service charges is recognised in the accounting period in which the service is rendered. For certain service contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the bene\ufb01ts simultaneously. iii) Deferred income Deferred income is rental income received in respect of future accounting periods. (iv) Dilapidation and lease surrender premium Amounts received from tenants to terminate leases or to compensate for dilapidations are recognised in the Consolidated Statement of Comprehensive Income when the right to receive them arises.\n \n \n \n c) Financing income and expenses Financing income comprises interest receivable on funds invested. Financing expenses comprise interest and other costs incurred in connection with the borrowing of funds. Interest income and interest payable are recognised in pro\ufb01t or loss as they accrue, using the effective interest method which is signi\ufb01cantly the same as the contracted interest.\n \n \n \n d) Investment property Property is classi\ufb01ed as investment property when it is held to earn rentals or for capital appreciation or both. Investment property is measured initially at cost including transaction costs. Transaction costs include transfer taxes and professional fees to bring the property to the condition necessary for it to be capable of operating. The carrying amount also includes the cost of replacing part of an existing investment property at the time that cost is incurred if the replacement of that part will prolong or improve the life of the asset. Subsequent to initial recognition, investment property is stated at fair value. Gains or losses arising from changes in the fair values are included in pro\ufb01t or loss, included as part of operating pro\ufb01t under change in fair value of investment properties. Additions to properties include costs of a capital nature only. Expenditure is classi\ufb01ed as capital when it results in identi\ufb01able future economic bene\ufb01ts, which are expected to accrue to the Group. All other property expenditure is expensed in the Group pro\ufb01t or loss as incurred. Investment properties are valued by the external valuer. Any valuation of investment properties by the external valuer must be undertaken in accordance with the current issue of RICS Valuation \u2013 Professional Standards (the \u2018Red Book\u2019). The determination of the fair value of investment property requires the use of estimates such as future cash \ufb02ows from assets (such as lettings, tenants\u2019 pro\ufb01les, future revenue streams, capital values of \ufb01xtures and \ufb01ttings, plant and machinery, any environmental matters and the overall repair and condition of the property) and yield applicable to those cash \ufb02ows. For the purposes of the \ufb01nancial statements, the assessed fair value is: \u2022 reduced by the carrying amount of any accrued income resulting from the spreading of lease incentives; and \u2022 increased by the carrying amount of leasehold obligations. Investment property is derecognised when it has been disposed of or permanently withdrawn from use and no future economic bene\ufb01t is expected after its disposal or withdrawal. The pro\ufb01t on disposal is determined as the difference between the net sales proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period. Any gains or losses on the retirement or disposal of investment property are recognised in pro\ufb01t or loss in the year of retirement or disposal.\n \n \n \n e) Cash and cash equivalents Cash and short-term deposits in the Consolidated Statement of Financial Position comprise cash at bank and short-term deposits with an original maturity of three months or less. \n \n \n f) Receivables and prepayments Rent and other receivables are initially recognised at fair value and subsequently at amortised cost. Impairment provisions are recognised based on the process as described in Note 2.2. Any adjustment is recognised in pro\ufb01t or loss as an impairment gain or loss.\n \n \n g) Other payables and accrued expenses Other payables and accrued expenses are initially recognised at fair value and subsequently held at amortised cost. \n \n \n h) Interest bearing loans and borrowings All loans and borrowings are initially recognised at fair value less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Borrowing costs are amortised over the lifetime of the facilities through pro\ufb01t or loss.\n \n \n i) Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and is probable that an out\ufb02ow of economic bene\ufb01ts will be required to settle the obligation. Provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate that re\ufb02ects risks speci\ufb01c to the liability.\n \n \n j) Dividend payable to shareholders Dividends due to the Company\u2019s Shareholders are recognised when they become legally payable, as a reduction in the Consolidated Statement of Changes in Equity. Interim equity dividends are recognised when paid. Final equity dividends will be recognised when approved by Shareholders at an AGM. The Directors consider the aggregate of distributable reserves in considering the recommendation and payment of a dividend. \n \n \n k) Share issue costs The costs of issuing or reacquiring equity instruments (other than in a business combination) are accounted for as a deduction from equity.\n \n \n l) Lease obligations Lease obligations relate to the head rent of investment property and are capitalised at the lease commencement, at the lower of fair value of the property and present value of the minimum lease payments and held as a liability within the Consolidated Statement of Financial Position. The lease payments are discounted using the interest rate implicit in the lease. Where the Group is exposed to potential future increases in variable lease payments based on an index or rate, these are not included in the lease liability until they take effect. Lease payments are allocated between principal and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.\n \n \n m) Taxes Corporation tax is recognised in pro\ufb01t or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. As a REIT, the Group is exempt from corporation tax on the pro\ufb01ts and gains from its investments, provided it continues to meet certain conditions as per REIT regulations. Taxation on the pro\ufb01t or loss for the period which is not exempted under UK REIT regulations comprises current and deferred tax. Current tax is expected tax payable on any non-REIT taxable income for the year, using tax rates applicable in the year. \n \n Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax that is provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the period end date. \n \n \n \n n) Non-current assets held for sale Non-current assets are classi\ufb01ed as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. Investment properties classi\ufb01ed as such are measured at fair value.\n o) European Public Real Estate Association (\u2018EPRA\u2019) The Group has adopted the EPRA best practice recommendations, which it expects to broaden the range of potential institutional investors able to invest in the Company\u2019s Ordinary Shares. For the year ended 30 June 2025, audited EPS and NAV calculations under EPRA\u2019s methodology are included in Note 8 and further unaudited measures are included following the \ufb01nancial statements. \n \n p) Capital and reserves Share capital Share capital is the nominal amount of the Company\u2019s ordinary shares in issue and is non-distributable. Capital reserve The capital reserve represents the cancelled share premium less dividends paid from this reserve. It is a distributable reserve. The share premium account was cancelled in 2017 by Court Order and distributions can be made from this reserve in accordance with the Companies Act 2006, including by way of dividends or share buy backs. Retained earnings Retained earnings represent the cumulative net gains and losses recognised in the Consolidated Statement of Comprehensive Income less dividends paid from this reserve. This reserve is distributable, except for any unrealised gains on investment properties.\n \n \n \n 2.6 Fair value measurement The Group measures \ufb01nancial and non-\ufb01nancial assets such as investment properties at fair value at each reporting date. A number of the Group\u2019s accounting policies and disclosures require the determination of fair value, for both \ufb01nancial and non-\ufb01nancial assets and liabilities. Fair value is de\ufb01ned in IFRS 13 Fair Value Measurement as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values have been determined for measurement and/or disclosure purposes based on methods described below. Where applicable, further information about the assumptions made in determining fair values is disclosed in the notes speci\ufb01c to that asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which suf\ufb01cient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs signi\ufb01cant to fair value measurement as a whole: Fair value hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). For assets and liabilities that are recognised in the \ufb01nancial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is signi\ufb01cant to the fair value measurement as a whole) at the end of each reporting period. There were no transfers between any of the levels during the year. \n \n Investment property The valuation of investment property by valuers engaged by the Group who are independently appointed and have the relevant professional quali\ufb01cations and with recent experience in the location and category of the investment property being valued. Further information in relation to the valuers is provided in Note 10. Property valuations are inherently subjective as they are made on the basis of assumptions made by the valuer which may not prove to be accurate. For these reasons, and consistent with EPRA\u2019s guidance, the valuations of the property portfolio have been classi\ufb01ed as Level 3 as de\ufb01ned by IFRS 13. The inputs to the valuations are de\ufb01ned as \u2018unobservable\u2019 by IFRS 13 and these are analysed in Note 10.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007013154571": { "value": "\n 2.1 Basis of preparation These consolidated \ufb01nancial statements (the \u2018\ufb01nancial statements\u2019) are prepared and approved by the directors in accordance with UK adopted International Accounting Standards (\u2018IFRS\u2019) and in accordance with the Companies Act 2006 as applicable to companies reporting under those standards and Article 4 of the UK adopted International Accounting Standards (\u2018IAS\u2019) Regulations. These \ufb01nancial statements have been prepared under the historical cost convention, except for investment properties that have been measured at fair value. The \ufb01nancial statements are presented in Sterling and all values are rounded to the nearest thousand pounds (\u00a3\u2019000), except where otherwise indicated.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007014353651": { "value": "\n Basis of consolidation The \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and its subsidiaries (the \u2018Group\u2019). Subsidiaries are the entities controlled by the Company, being Alternative Income Limited and Alternative Income REIT Holdco Limited.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007033946822": { "value": "\n 2.2 Signi\ufb01cant accounting judgements and estimates In the application of the Group\u2019s accounting policies the directors are required to make judgements, estimates and assumptions that affect the reported amounts recognised in the \ufb01nancial statements. 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 in the future. The estimates and associated assumptions that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year are outlined below: Valuation of investment properties The fair value of investment properties is determined by external property valuation experts to be the estimated amount for which a property should exchange on the date of the valuation in an arm\u2019s length transaction. The Group\u2019s properties have been valued on an individual basis. The valuation experts use recognised valuation techniques, applying the principles of both IAS 40 and IFRS 13. The valuations have been prepared in accordance with the Royal Institution of Chartered Surveyors (\u2018RICS\u2019) Valuation. Factors include current market conditions, annual rentals, the contractual terms of the leases and their lengths and location. The signi\ufb01cant methods and assumptions used by valuers in estimating the fair value of investment properties are set out in Note 10\n \n
\n Provision for expected credit losses (\u2018ECL\u2019) of trade receivables Rent collection rates since the start of the Group are in the region of 100%. As a result, the Group does not have the data to establish historical loss rates for the expected credit loss analysis. In determining the provision on a tenant by tenant basis, the Group considers both recent payment history and future expectations of the tenant\u2019s ability to pay or possible default, in order to recognise an expected credit loss allowance. The Group also considers the risk factors associated by sector in which the tenant operates and the nature of the debt. Based on sector and rent receivable type a provision is provided in addition to full provision for maximum risk tenants or known issues. Principal versus agent considerations \u2013 services to tenants The Group arranges for certain services to be provided to tenants. These arrangements are included in the contract the Group enters into as a lessor. The Group has determined that it controls the services before they are transferred to tenants, because it has the ability to direct the use of these services and obtain the bene\ufb01ts from them. The Group has determined that it is primarily responsible for ful\ufb01lling these services as it directly deals with tenants\u2019 complaints and is primarily responsible for the quality or sustainability of the services. In addition, the Group has discretion in establishing the price that it charges to the tenants for the speci\ufb01ed services. Therefore, the Group has concluded that it is the principal in these contracts. In addition, the Group has concluded that it transfers control of these services over time, as services are rendered by the third-party service providers, because this is when tenants receive and, at the same time, consume the bene\ufb01ts from these services. REIT status The Group is a REIT and does not pay tax on its property income or gains on property sales, provided that at least 90% of the Group\u2019s property income is distributed as a dividend to shareholders, which becomes taxable in their hands. In addition, the Group has to meet certain conditions such as ensuring the property rental business represents more than 75% of total pro\ufb01ts and assets. Any potential or proposed changes to the REIT legislation are monitored and discussed with HMRC. It is the Board\u2019s intention that the Group will continue as a REIT for the foreseeable future.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007014511107": { "value": "\n 2.3 Segmental information Each property held by the Group is reported to the chief operating decision maker. In the case of the Group, the chief operating decision maker is considered to be the Board of Directors. The review process for segmental information includes the monitoring of key performance indicators applicable across all properties. These key performance indicators include Net Asset Value, Earnings per Share and valuation of properties. All asset cost and rental allocations are also reported by property. The internal \ufb01nancial reports received by the directors cover the Group and all its properties and do not differ from amounts reported in the \ufb01nancial statements. The directors have considered that each property has similar economic characteristics and have therefore aggregated the portfolio into one reportable segment under the provisions of IFRS 8. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007014528747": { "value": "\n 2.4 Going concern The \ufb01nancial statements have been prepared on a going concern basis. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The robust \ufb01nancial position of the Group, its net asset and current asset positions, its cash \ufb02ows, liquidity position and borrowing facilities are described in the \ufb01nancial statements and the accompanying notes. The \ufb01nancial statements also include the Group\u2019s objectives, policies and processes for managing its capital, its \ufb01nancial risk management objective and its exposures to market price risk, real estate risk, credit risk and liquidity risk. The Investment Adviser on behalf of the Board has projected the Group\u2019s cash \ufb02ows for the period up to 30 September 2026, challenging and sensitising inputs and assumptions to ensure that the cash forecast re\ufb02ects a realistic outcome given the uncertainties associated with the current economic environment. A longer-term projection had also been carried out up to 30 June 2029. The scenarios applied were designed to be severe but plausible, and to take account of the availability of mitigating actions that could be taken to avoid or reduce the impact or probability of the underlying risks. The Group\u2019s debt of \u00a341 million matures on 20 October 2025 and the Group has reported full compliance with its loan covenants to date. Based on cash \ufb02ow projections, the directors expect the Group to continue to remain compliant. The headroom of the loan to value covenant is signi\ufb01cant and any reduction in property values that would cause a breach would be signi\ufb01cantly more than any reduction currently envisaged. The Board has been working, in conjunction with its debt advisers, to re\ufb01nance the Group\u2019s existing borrowings and subsequent to the year end the Board announced that it has secured long-term debt facilities with HSBC UK Bank plc. The New HSBC Bank Facilities consist of both a \ufb01xed term loan of \u00a331 million and a \u00a310 million revolving credit facility, both on \ufb02oating rates and on a \ufb01xed term of \ufb01ve years with an option to extend by two years if mutually acceptable. Details of the new debt facilities are contained in both the Chairman\u2019s Statement and Note 20 \u2013 Events after the reporting date. The latter includes covenant details, all of which will be carefully monitored in accordance with the Group\u2019s risk management procedures and policies. Based on the above, the Board believes that the Group has the ability and resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of the \ufb01nancial statements.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007014610987": { "value": "\n a) Functional and presentational currency These \ufb01nancial statements are presented in Pound Sterling, which is the functional and presentational currency of the Group and its subsidiary undertakings. The functional currency of the Group and its subsidiaries is principally determined by the primary economic environment in which it operates. The Group did not enter into any transactions in foreign currencies during the period. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007014620687": { "value": "\n b) Revenue recognition i) Rental income Rental income under operating leases is recognised on a straight-line basis over the term of the lease, except for contingent rental income, which is recognised when it arises. For leases, which contain \ufb01xed or minimum uplifts, the rental income arising from such uplifts is recognised on a straight-line basis over the lease term. Incentives for lessees to enter into lease agreements are spread evenly over the lease term, even if the payments are not made on such a basis. 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. Lease modi\ufb01cations, such as lease extensions and rent reductions, are accounted for either as a separate lease or not as a separate lease. A modi\ufb01cation will only be treated as a separate lease if it involves the addition of one or more underlying assets at a price that is commensurate with the standalone price of the increase in scope. All other modi\ufb01cations are not treated as a separate lease. If a modi\ufb01cation is a separate lease, a lessee applies the requirements of IFRS 16 to the newly added asset, due as a result of the modi\ufb01cation, independently of the original lease. The accounting for the original lease continues unchanged. If a modi\ufb01cation is not a separate lease, the accounting re\ufb02ects that there is a linkage between the original lease and the modi\ufb01ed lease. The existing lease liability is remeasured with a corresponding adjustment to the right-of-use asset on the effective date of the modi\ufb01cation. ii) Service charges and direct recharges Revenue from service charges is recognised in the accounting period in which the service is rendered. For certain service contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the bene\ufb01ts simultaneously. iii) Deferred income Deferred income is rental income received in respect of future accounting periods. (iv) Dilapidation and lease surrender premium Amounts received from tenants to terminate leases or to compensate for dilapidations are recognised in the Consolidated Statement of Comprehensive Income when the right to receive them arises.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007014645739": { "value": "\n \n c) Financing income and expenses Financing income comprises interest receivable on funds invested. Financing expenses comprise interest and other costs incurred in connection with the borrowing of funds. Interest income and interest payable are recognised in pro\ufb01t or loss as they accrue, using the effective interest method which is signi\ufb01cantly the same as the contracted interest.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007014713547": { "value": "\n c) Financing income and expenses Financing income comprises interest receivable on funds invested. Financing expenses comprise interest and other costs incurred in connection with the borrowing of funds. Interest income and interest payable are recognised in pro\ufb01t or loss as they accrue, using the effective interest method which is signi\ufb01cantly the same as the contracted interest.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007014650491": { "value": "\n d) Investment property Property is classi\ufb01ed as investment property when it is held to earn rentals or for capital appreciation or both. Investment property is measured initially at cost including transaction costs. Transaction costs include transfer taxes and professional fees to bring the property to the condition necessary for it to be capable of operating. The carrying amount also includes the cost of replacing part of an existing investment property at the time that cost is incurred if the replacement of that part will prolong or improve the life of the asset. Subsequent to initial recognition, investment property is stated at fair value. Gains or losses arising from changes in the fair values are included in pro\ufb01t or loss, included as part of operating pro\ufb01t under change in fair value of investment properties. Additions to properties include costs of a capital nature only. Expenditure is classi\ufb01ed as capital when it results in identi\ufb01able future economic bene\ufb01ts, which are expected to accrue to the Group. All other property expenditure is expensed in the Group pro\ufb01t or loss as incurred. Investment properties are valued by the external valuer. Any valuation of investment properties by the external valuer must be undertaken in accordance with the current issue of RICS Valuation \u2013 Professional Standards (the \u2018Red Book\u2019). The determination of the fair value of investment property requires the use of estimates such as future cash \ufb02ows from assets (such as lettings, tenants\u2019 pro\ufb01les, future revenue streams, capital values of \ufb01xtures and \ufb01ttings, plant and machinery, any environmental matters and the overall repair and condition of the property) and yield applicable to those cash \ufb02ows. For the purposes of the \ufb01nancial statements, the assessed fair value is: \u2022 reduced by the carrying amount of any accrued income resulting from the spreading of lease incentives; and \u2022 increased by the carrying amount of leasehold obligations. Investment property is derecognised when it has been disposed of or permanently withdrawn from use and no future economic bene\ufb01t is expected after its disposal or withdrawal. The pro\ufb01t on disposal is determined as the difference between the net sales proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period. Any gains or losses on the retirement or disposal of investment property are recognised in pro\ufb01t or loss in the year of retirement or disposal.\n \n Investment property The valuation of investment property by valuers engaged by the Group who are independently appointed and have the relevant professional quali\ufb01cations and with recent experience in the location and category of the investment property being valued. Further information in relation to the valuers is provided in Note 10. Property valuations are inherently subjective as they are made on the basis of assumptions made by the valuer which may not prove to be accurate. For these reasons, and consistent with EPRA\u2019s guidance, the valuations of the property portfolio have been classi\ufb01ed as Level 3 as de\ufb01ned by IFRS 13. The inputs to the valuations are de\ufb01ned as \u2018unobservable\u2019 by IFRS 13 and these are analysed in Note 10.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015025660": { "value": "\n e) Cash and cash equivalents Cash and short-term deposits in the Consolidated Statement of Financial Position comprise cash at bank and short-term deposits with an original maturity of three months or less. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015045363": { "value": "\n f) Receivables and prepayments Rent and other receivables are initially recognised at fair value and subsequently at amortised cost. Impairment provisions are recognised based on the process as described in Note 2.2. Any adjustment is recognised in pro\ufb01t or loss as an impairment gain or loss.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015100715": { "value": "\n g) Other payables and accrued expenses Other payables and accrued expenses are initially recognised at fair value and subsequently held at amortised cost. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015207251": { "value": "\n h) Interest bearing loans and borrowings All loans and borrowings are initially recognised at fair value less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Borrowing costs are amortised over the lifetime of the facilities through pro\ufb01t or loss.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015310079": { "value": "\n i) Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured and is probable that an out\ufb02ow of economic bene\ufb01ts will be required to settle the obligation. Provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate that re\ufb02ects risks speci\ufb01c to the liability.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015345564": { "value": "\n j) Dividend payable to shareholders Dividends due to the Company\u2019s Shareholders are recognised when they become legally payable, as a reduction in the Consolidated Statement of Changes in Equity. Interim equity dividends are recognised when paid. Final equity dividends will be recognised when approved by Shareholders at an AGM. The Directors consider the aggregate of distributable reserves in considering the recommendation and payment of a dividend. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015351291": { "value": "\n k) Share issue costs The costs of issuing or reacquiring equity instruments (other than in a business combination) are accounted for as a deduction from equity.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015409259": { "value": "\n l) Lease obligations Lease obligations relate to the head rent of investment property and are capitalised at the lease commencement, at the lower of fair value of the property and present value of the minimum lease payments and held as a liability within the Consolidated Statement of Financial Position. The lease payments are discounted using the interest rate implicit in the lease. Where the Group is exposed to potential future increases in variable lease payments based on an index or rate, these are not included in the lease liability until they take effect. Lease payments are allocated between principal and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015429923": { "value": "\n m) Taxes Corporation tax is recognised in pro\ufb01t or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. As a REIT, the Group is exempt from corporation tax on the pro\ufb01ts and gains from its investments, provided it continues to meet certain conditions as per REIT regulations. Taxation on the pro\ufb01t or loss for the period which is not exempted under UK REIT regulations comprises current and deferred tax. Current tax is expected tax payable on any non-REIT taxable income for the year, using tax rates applicable in the year. \n \n Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax that is provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the period end date. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015457756": { "value": "\n Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax that is provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the period end date. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015821172": { "value": "\n n) Non-current assets held for sale Non-current assets are classi\ufb01ed as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. Investment properties classi\ufb01ed as such are measured at fair value.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015841163": { "value": "\n p) Capital and reserves Share capital Share capital is the nominal amount of the Company\u2019s ordinary shares in issue and is non-distributable. Capital reserve The capital reserve represents the cancelled share premium less dividends paid from this reserve. It is a distributable reserve. The share premium account was cancelled in 2017 by Court Order and distributions can be made from this reserve in accordance with the Companies Act 2006, including by way of dividends or share buy backs. Retained earnings Retained earnings represent the cumulative net gains and losses recognised in the Consolidated Statement of Comprehensive Income less dividends paid from this reserve. This reserve is distributable, except for any unrealised gains on investment properties.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007015909987": { "value": "\n 2.6 Fair value measurement The Group measures \ufb01nancial and non-\ufb01nancial assets such as investment properties at fair value at each reporting date. A number of the Group\u2019s accounting policies and disclosures require the determination of fair value, for both \ufb01nancial and non-\ufb01nancial assets and liabilities. Fair value is de\ufb01ned in IFRS 13 Fair Value Measurement as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values have been determined for measurement and/or disclosure purposes based on methods described below. Where applicable, further information about the assumptions made in determining fair values is disclosed in the notes speci\ufb01c to that asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which suf\ufb01cient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs signi\ufb01cant to fair value measurement as a whole: Fair value hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). For assets and liabilities that are recognised in the \ufb01nancial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is signi\ufb01cant to the fair value measurement as a whole) at the end of each reporting period. There were no transfers between any of the levels during the year. \n \n Investment property The valuation of investment property by valuers engaged by the Group who are independently appointed and have the relevant professional quali\ufb01cations and with recent experience in the location and category of the investment property being valued. Further information in relation to the valuers is provided in Note 10. Property valuations are inherently subjective as they are made on the basis of assumptions made by the valuer which may not prove to be accurate. For these reasons, and consistent with EPRA\u2019s guidance, the valuations of the property portfolio have been classi\ufb01ed as Level 3 as de\ufb01ned by IFRS 13. The inputs to the valuations are de\ufb01ned as \u2018unobservable\u2019 by IFRS 13 and these are analysed in Note 10.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007020508092": { "value": "\n 3. Rental and other income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Gross rental income 7,916 7,331
Spreading of minimum contracted future rent \u2013 indexation 220 74
Spreading of tenant incentives \u2013 rent free periods (214) (49)
Other property income \u2013 2
Gross rental income (adjusted) 7,922 7,358
Service charges and direct recharges (see Note 4) 648 542
Total rental and other income 8,570 7,900
\n All rental, service charges, direct recharges and other income are derived from the United Kingdom. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007020546405": { "value": "\n \n 4. Expenses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Property operating expenses 133 138
Service charges and direct recharges (see Note 3) 648 542
Property operating expenses 781 680
Investment Adviser fee 360 360
Auditor\u2019s remuneration 104 85
Operating costs* 484 508
Directors' remuneration (Note 5) 118 113
Other operating expenses 1,066 1,066
Total operating expenses 1,847 1,746
Total operating expenses (excluding service charges and direct recharges) 1,199 1,204
\n * Included in the Operating Costs were abortive costs of \u00a32,000 (2024: \u00a361,500). \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Audit
Statutory audit of Annual Report and Accounts 84 73
Statutory audit of Subsidiary Accounts 13 12
Statutory audit of Annual Report and Accounts (additional fee on data migration) 7 \u2013
Total fees due to auditor 104 85
\n \n \n \n \n 6. Finance expenses \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest payable on loan (Note 13) 1,307 1,304
Amortisation of \ufb01nance costs (Note 13) 128 104
Other \ufb01nance costs \u2013 4
Total 1,435 1,412
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007020626429": { "value": "\n 4. Expenses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Property operating expenses 133 138
Service charges and direct recharges (see Note 3) 648 542
Property operating expenses 781 680
Investment Adviser fee 360 360
Auditor\u2019s remuneration 104 85
Operating costs* 484 508
Directors' remuneration (Note 5) 118 113
Other operating expenses 1,066 1,066
Total operating expenses 1,847 1,746
Total operating expenses (excluding service charges and direct recharges) 1,199 1,204
\n * Included in the Operating Costs were abortive costs of \u00a32,000 (2024: \u00a361,500). \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Audit
Statutory audit of Annual Report and Accounts 84 73
Statutory audit of Subsidiary Accounts 13 12
Statutory audit of Annual Report and Accounts (additional fee on data migration) 7 \u2013
Total fees due to auditor 104 85
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007020658004": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Audit
Statutory audit of Annual Report and Accounts 84 73
Statutory audit of Subsidiary Accounts 13 12
Statutory audit of Annual Report and Accounts (additional fee on data migration) 7 \u2013
Total fees due to auditor 104 85
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007020722604": { "value": "\n 5. Directors\u2019 remuneration \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Directors\u2019 fees 105 102
Tax and social security 13 11
Total fees 118 113
\n A summary of the director\u2019s remuneration is set out in the Directors\u2019 Remuneration Report in the Annual Report. \n \n The Group had no employees during the year.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007020755020": { "value": "\n The Group had no employees during the year.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007020817413": { "value": "\n 6. Finance expenses \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest payable on loan (Note 13) 1,307 1,304
Amortisation of \ufb01nance costs (Note 13) 128 104
Other \ufb01nance costs \u2013 4
Total 1,435 1,412
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007020852691": { "value": "\n 7. Taxation \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Tax charge comprises:
Analysis of tax charge in the year
Pro\ufb01t before tax 7,258 2,357
Theoretical tax charge at UK corporation tax standard rate of 25.00% (2024: 25.00%) 1,815 589
Effects of tax-exempt items under the REIT regime (1,815) (589)
Total \u2013 \u2013
\n\n \n The Group maintained its REIT status and as such, no deferred tax asset or liability has been recognised in the current year. Factors that may affect future tax charges Due to the Group\u2019s status as a REIT and the intention to continue meeting the conditions required to retain approval as a REIT in the foreseeable future, the Group has not provided deferred tax on any capital gains or losses arising on the revaluation or disposal of investments.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007020915054": { "value": "\n The Group maintained its REIT status and as such, no deferred tax asset or liability has been recognised in the current year. Factors that may affect future tax charges Due to the Group\u2019s status as a REIT and the intention to continue meeting the conditions required to retain approval as a REIT in the foreseeable future, the Group has not provided deferred tax on any capital gains or losses arising on the revaluation or disposal of investments.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007020930739": { "value": "\n \n 8. Earnings per share (\u2018EPS\u2019)and Net Asset Value (\u2018NAV\u2019) per share \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
EPS:
Total comprehensive income (\u00a3\u2019000) 7,258 2,357
Weighted average number of shares (number) 80,500,000 80,500,000
EPS (basic and diluted) 9.02p 2.93p
EPRA EPS:
Total comprehensive income (\u00a3\u2019000) 7,258 2,357
Adjustment to total comprehensive income (\u00a3\u2019000):
Change in fair value of investment properties (1,970) 2,983
Gain on disposal of investment property \u2013 (598)
EPRA earnings (basic and diluted) (\u00a3\u2019000) 5,288 4,742
EPRA EPS (basic and diluted) 6.57p 5.89p
Adjusted EPS:
EPRA earnings (basic and diluted) (\u00a3\u2019000) \u2013 as above 5,288 4,742
Adjustments (\u00a3'000):
Rental income recognised in respect of guaranteed \ufb01xed rental uplifts (Note 3) (220) (74)
Rental income recognised in respect of rent free periods (Note 3) 214 49
Amortisation of loan \ufb01nance costs (Note 6) 128 104
Adjusted earnings (basic and diluted) (\u00a3\u2019000) 5,410 4,821
Adjusted EPS (basic and diluted)* 6.72p 5.99p
\n * Adjusted EPS is a measure used by the Board to assess the level of the Group\u2019s dividend payments. This metric adjusts EPRA earnings for non-cash items in arriving at an adjusted EPS as supported by cash \ufb02ows. \n \n \n \n Earnings per share are calculated by dividing pro\ufb01t/(loss) for the year attributable to ordinary equity holders of the Company by the weighted average number of Ordinary Shares in issue during the year. As at 30 June 2025 and 2024, there are no dilutive or potentially dilutive equity arrangements in existence. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
NAV per share:
Net assets (\u00a3'000) 67,327 65,121
Ordinary Shares (Number) 80,500,000 80,500,000
NAV per share 83.64p 80.90p
\n EPRA Net Reinvestment Value (\u2018NRV\u2019), EPRA Net Tangible Assets (\u2018NTA\u2019) and EPRA Net Disposal Value (\u2018NDV\u2019) \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
EPRA NTA and
EPRA NRV EPRA NDV
At 30 June 2025
Net assets value (\u00a3'000) 67,327 67,327
Estimated purchasers' cost (\u00a3'000) 6,978 \u2013
74,305 67,327
Ordinary Shares (Number) 80,500,000 80,500,000
Per share measure 92.30p 83.64p
At 30 June 2024
Net assets value (\u00a3'000) 65,121 65,121
Estimated purchasers' cost (\u00a3'000) 6,672 \u2013
71,793 65,121
Ordinary Shares (Number) 80,500,000 80,500,000
Per share measure 89.18p 80.90p
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021012429": { "value": "\n 8. Earnings per share (\u2018EPS\u2019)and Net Asset Value (\u2018NAV\u2019) per share \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
EPS:
Total comprehensive income (\u00a3\u2019000) 7,258 2,357
Weighted average number of shares (number) 80,500,000 80,500,000
EPS (basic and diluted) 9.02p 2.93p
EPRA EPS:
Total comprehensive income (\u00a3\u2019000) 7,258 2,357
Adjustment to total comprehensive income (\u00a3\u2019000):
Change in fair value of investment properties (1,970) 2,983
Gain on disposal of investment property \u2013 (598)
EPRA earnings (basic and diluted) (\u00a3\u2019000) 5,288 4,742
EPRA EPS (basic and diluted) 6.57p 5.89p
Adjusted EPS:
EPRA earnings (basic and diluted) (\u00a3\u2019000) \u2013 as above 5,288 4,742
Adjustments (\u00a3'000):
Rental income recognised in respect of guaranteed \ufb01xed rental uplifts (Note 3) (220) (74)
Rental income recognised in respect of rent free periods (Note 3) 214 49
Amortisation of loan \ufb01nance costs (Note 6) 128 104
Adjusted earnings (basic and diluted) (\u00a3\u2019000) 5,410 4,821
Adjusted EPS (basic and diluted)* 6.72p 5.99p
\n * Adjusted EPS is a measure used by the Board to assess the level of the Group\u2019s dividend payments. This metric adjusts EPRA earnings for non-cash items in arriving at an adjusted EPS as supported by cash \ufb02ows. \n \n Earnings per share are calculated by dividing pro\ufb01t/(loss) for the year attributable to ordinary equity holders of the Company by the weighted average number of Ordinary Shares in issue during the year. As at 30 June 2025 and 2024, there are no dilutive or potentially dilutive equity arrangements in existence. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
NAV per share:
Net assets (\u00a3'000) 67,327 65,121
Ordinary Shares (Number) 80,500,000 80,500,000
NAV per share 83.64p 80.90p
\n EPRA Net Reinvestment Value (\u2018NRV\u2019), EPRA Net Tangible Assets (\u2018NTA\u2019) and EPRA Net Disposal Value (\u2018NDV\u2019) \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
EPRA NTA and
EPRA NRV EPRA NDV
At 30 June 2025
Net assets value (\u00a3'000) 67,327 67,327
Estimated purchasers' cost (\u00a3'000) 6,978 \u2013
74,305 67,327
Ordinary Shares (Number) 80,500,000 80,500,000
Per share measure 92.30p 83.64p
At 30 June 2024
Net assets value (\u00a3'000) 65,121 65,121
Estimated purchasers' cost (\u00a3'000) 6,672 \u2013
71,793 65,121
Ordinary Shares (Number) 80,500,000 80,500,000
Per share measure 89.18p 80.90p
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021047431": { "value": "\n 9. Dividends \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
All dividends were paid as PIDs Quarter Ended Rate 2025 \u00a3\u2019000 2024 \u00a3\u2019000
Dividends in respect of year ended 30 June 2023
4th dividend 30-Jun-23 1.920p \u2013 1,545
Dividends in respect of year ended 30 June 2024
1st dividend 30-Sep-23 1.425p \u2013 1,147
2nd dividend 31-Dec-23 1.425p \u2013 1,147
3rd dividend 31-Mar-24 1.425p \u2013 1,147
4th dividend 30-Jun-24 1.625p 1,308 \u2013
Dividends in respect of year ended 30 June 2025
1st dividend 30-Sep-24 1.550p 1,248 \u2013
2nd dividend 31-Dec-24 1.550p 1,248 \u2013
3rd dividend 31-Mar-25 1.550p 1,248 \u2013
Total dividends paid 5,052 4,986
4th dividend* 30-Jun-23 1.920p \u2013 (1,545)
4th dividend* 30-Jun-24 1.625p (1,308) 1,308
4th dividend* 30-Jun-25 1.550p 1,248 \u2013
Total dividends payable in respect of the year 4,992 4,749
Total dividends payable per share in respect of the year 6.20p 5.90p
\n * Dividends declared after the year end are not included in the \ufb01nancial statements as a liability.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021115627": { "value": "\n 10. Investment properties \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Freehold Investment properties \u00a3\u2019000 Leasehold Investment properties \u00a3\u2019000 Total \u00a3\u2019000 Total \u00a3\u2019000
At the beginning of the year 71,050 31,600 102,650 107,025
Acquisition during the year 2,724 \u2013 2,724 5,304
Disposal during the year \u2013 \u2013 \u2013 (6,784)
Change in value of investment properties 1,476 500 1,976 (2,895)
Valuation provided by Knight Frank LLP 75,250 32,100 107,350 102,650
Adjustment to fair value for minimum rent indexation of lease income (Note 11) (3,573) (3,567)
Total investment properties 103,777 99,083
Change in fair value of investment properties
Change in fair value before adjustments for lease incentives and lease obligations 1,976 (2,895)
Movement in lease obligations \u2013 (63)
Adjustment to spreading of contracted future rent indexation and tenant incentives (6) (25)
1,970 (2,983)
\n Disposal and acquisition of investment property On 2 December 2024, the Group completed the acquisition of Champneys Beauty College in Tring for a total cost of \u00a32.7 million, including acquisition costs. The Mercure Hotel in Glasgow was disposed on 8 August 2023 for \u00a37.5 million. The gain on disposal was recognised in the Consolidated Statement of Comprehensive Income in 2024. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Gross proceeds on disposal \u2013 7,500
Selling costs \u2013 (118)
Net proceeds on disposal \u2013 7,382
Carrying value \u2013 (6,784)
Gain on disposal of investment property \u2013 598
\n Valuation of investment properties Valuation of investment properties is performed by Knight Frank LLP, an accredited external valuer with recognised and relevant professional quali\ufb01cations and recent experience of the location and category of the investment property being valued. The valuation of the Group\u2019s investment properties at fair value is determined by the external valuer on the basis of market value in accordance with the internationally accepted RICS Valuation \u2013 Professional Standards (incorporating the International Valuation Standards). The determination of the fair value of investment properties requires the use of estimates such as future cash \ufb02ows from assets (such as lettings, tenants\u2019 pro\ufb01les, future revenue streams, capital values of \ufb01xtures and \ufb01ttings, plant and machinery, any environmental matters and the overall repair and condition of the property) and yield applicable to those cash \ufb02ows. The right of use asset is valued at future lease payments discounted using the net equivalent yield on the relevant asset. Sensitivity analysis to signi\ufb01cant changes in unobservable inputs within Level 3 of the fair value hierarchy The signi\ufb01cant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy of the entity\u2019s portfolios of investment properties are: 1. Estimated Rental Value (\u2018ERV\u2019) 2. Net Initial Yield Increases/(decreases) in the ERV (per sq. ft. per annum) in isolation would result in a higher/(lower) fair value measurement. Increases/(decreases) in the yield in isolation would result in a lower/(higher) fair value measurement.\n \n The signi\ufb01cant unobservable inputs used in the fair value measurement, categorised within Level 3 of the fair value hierarchy of the portfolio of investment property and investments are: Class \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Fair value \u00a3\u2019000 Valuation technique Signi\ufb01cant unobservable inputs Range
30 June 2025
Investment Properties* 107,350 Income capitalisation ERV Net Initial yield \u00a34.00 \u2013 \u00a321.96 4.87% \u2013 8.70%**
30 June 2024
Investment Properties* 102,650 Income capitalisation ERV Net Initial yield \u00a34.50 \u2013 \u00a321.96 3.59% \u2013 8.64%**
\n * Valuation per Knight Frank LLP ** Hotels, petrol stations, residential and healthcare are excluded from this range Sensitivity analysis below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025
Change in ERV Change in net initial yield
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Sensitivity Analysis +10% -10% +10% -10%
Resulting fair value of investment properties 109,634 104,628 100,661 115,042
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024
Change in ERV Change in net initial yield
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Sensitivity Analysis +10% -10% +10% -10%
Resulting fair value of investment properties 105,152 100,042 97,041 109,391
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021156652": { "value": "\n \n 11. Trade and other receivables \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Receivables
Trade debtor 290 252
Less: Provision for impairment of trade debtors (2) (2)
Other debtors* 192 2,428
480 2,678
Spreading of minimum contracted future rent indexation 3,426 3,205
Spreading of tenant incentives \u2013 rent free periods 147 362
3,573 3,567
Tenant deposit asset (Note 12) 118 118
Other prepayments 65 101
183 219
Trade and other receivables 4,236 6,464
\n * Other debtors at 30 June 2025 includes \u00a3nil (2024: \u00a32,155,000) of net proceeds from the sale of properties. This was held by the external lender, Canada Life Investments.\n \n \n \n The aged debtor analysis of receivables which are past due but not impaired is as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Less than three months due 476 2,672
Between three and six months months due 4 6
480 2,678
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021324292": { "value": "\n 11. Trade and other receivables \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Receivables
Trade debtor 290 252
Less: Provision for impairment of trade debtors (2) (2)
Other debtors* 192 2,428
480 2,678
Spreading of minimum contracted future rent indexation 3,426 3,205
Spreading of tenant incentives \u2013 rent free periods 147 362
3,573 3,567
Tenant deposit asset (Note 12) 118 118
Other prepayments 65 101
183 219
Trade and other receivables 4,236 6,464
\n * Other debtors at 30 June 2025 includes \u00a3nil (2024: \u00a32,155,000) of net proceeds from the sale of properties. This was held by the external lender, Canada Life Investments.\n \n The aged debtor analysis of receivables which are past due but not impaired is as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Less than three months due 476 2,672
Between three and six months months due 4 6
480 2,678
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021230067": { "value": "\n \n 12. Trade and other payables \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Deferred income 1,654 1,665
Trade creditors 55 21
Accruals 439 401
Tenant deposit liability (Note 11) 118 118
Loan interest payable (Note 13) 256 256
Other creditors 356 429
Total trade and other payables 2,878 2,890
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021353966": { "value": "\n 12. Trade and other payables \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Deferred income 1,654 1,665
Trade creditors 55 21
Accruals 439 401
Tenant deposit liability (Note 11) 118 118
Loan interest payable (Note 13) 256 256
Other creditors 356 429
Total trade and other payables 2,878 2,890
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021250940": { "value": "\n 13. Interest bearing loans and borrowings \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Facility drawn 41,000 41,000
Unamortised \ufb01nance costs brought forward (172) (276)
Amortisation of \ufb01nance costs (Note 6) 128 104
At end of year 40,956 40,828
Repayable less than one year 41,000 \u2013
Repayable between one and two years \u2013 41,000
Total at end of the year 41,000 41,000
\n At the year end, the Group had utilised all of its \u00a341 million \ufb01xed interest loan facility with Canada Life Investments and was geared at a loan to GAV of 36.9% (2024: 37.7%). The weighted average interest cost of the Group\u2019s facility is 3.19% and the facility is repayable on 20 October 2025. Interest expense incurred during the year amounted to \u00a31.31 million (2024: \u00a31.31 million), \u00a30.26 million of which is accrued at the year end (2024: \u00a30.26 million). The Group has secured a new long-term facility with HSBC UK Bank plc which is described in Note 20. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Reconciliation to cash \ufb02ows from \ufb01nancing activities
At beginning of the year 40,828 40,724
Non-cash changes
Amortisation of loan issue costs 128 104
Total at end of the year 40,956 40,828
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021509028": { "value": "\n \n 14. Commitments 14.1. Operating lease commitments \u2013 as lessor The Group has 20 commercial properties with 34 units in its investment property portfolio. These non-cancellable leases have a remaining term of between 21 months and 109 years (2024: 10 months to 110 years), excluding ground leases. Future minimum rentals receivable under non-cancellable operating leases as at the year end are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Within one year 8,878 6,839
After one year, but not more than two years 6,182 6,528
After two years, but not more than three years 5,938 6,331
After three years, but not more than four years 6,017 5,746
After four years, but not more than \ufb01ve years 6,060 5,826
After \ufb01ve years, but not more than ten years 26,703 27,129
After ten years, but not more than \ufb01fteen years 20,668 20,398
More than \ufb01fteen years 44,326 47,712
124,772 126,509
\n During the year ended 30 June 2025 there were no material contingent rents recognised as income (2024: nil). 14.2. Capital and \ufb01nancial commitments There were no capital or \ufb01nancial commitments at the year end (2024: nil).\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021530916": { "value": "\n 14. Commitments 14.1. Operating lease commitments \u2013 as lessor The Group has 20 commercial properties with 34 units in its investment property portfolio. These non-cancellable leases have a remaining term of between 21 months and 109 years (2024: 10 months to 110 years), excluding ground leases. Future minimum rentals receivable under non-cancellable operating leases as at the year end are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Within one year 8,878 6,839
After one year, but not more than two years 6,182 6,528
After two years, but not more than three years 5,938 6,331
After three years, but not more than four years 6,017 5,746
After four years, but not more than \ufb01ve years 6,060 5,826
After \ufb01ve years, but not more than ten years 26,703 27,129
After ten years, but not more than \ufb01fteen years 20,668 20,398
More than \ufb01fteen years 44,326 47,712
124,772 126,509
\n During the year ended 30 June 2025 there were no material contingent rents recognised as income (2024: nil). 14.2. Capital and \ufb01nancial commitments There were no capital or \ufb01nancial commitments at the year end (2024: nil).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021550028": { "value": "\n 15. Investments in subsidiaries The Company has two wholly owned subsidiaries as disclosed below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Name and company number Country of registration and incorporation Date of incorporation Principal activity Ordinary Shares held
Alternative Income REIT Holdco Limited (Company number 11052186) England and Wales 7 Nov 2017 Real Estate Company 73,158,502*
Alternative Income Limited (Company number 10754641) England and Wales 4 May 2017 Real Estate Company 73,158,501*
\n * Ordinary shares of \u00a31.00 each. Alternative Income REIT PLC owns 100% of Alternative Income REIT Holdco Limited. Alternative Income REIT Holdco Limited owns 100% of Alternative Income Limited. Both Alternative Income REIT Holdco Limited and Alternative Income Limited are registered at The Scalpel, 18th Floor, 52 Lime Street, London, United Kingdom, EC3M 7AF\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021612692": { "value": "\n 16. Issued share capital and reserves \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 Number of Ordinary Shares \u00a3\u2019000 Number of Ordinary Shares
Ordinary Shares of \u00a30.01 each issued and fully paid
At the beginning and end of the year 805 80,500,000 805 80,500,000
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021647348": { "value": "\n 17. Financial risk management and policies The Group\u2019s activities expose it to a variety of \ufb01nancial risks: market risk, credit risk, liquidity risk and further risks inherent to investing in investment property. The Group has limited exposure to foreign currency risk as most of its transaction is in Sterling. The Group\u2019s objective in managing risk is the creation and protection of shareholder value. Risk is inherent in the Group\u2019s activities, but it is managed through a process of ongoing identi\ufb01cation, measurement and monitoring, subject to risk limits and other controls. The principal risks facing the Group in the management of its portfolio follows. \n \n 17.1 Market price risk Market price risk is the risk that future values of investments in property will \ufb02uctuate due to changes in market prices. To manage market price risk, the Group diversi\ufb01es its portfolio geographically in the UK and across property sectors. The disciplined approach to the purchase, sale and asset management ensures that the value is maintained to its maximum potential. Prior to any property acquisition or sale, detailed research is undertaken to assess expected future cash \ufb02ow. The Board and the Investment Adviser meet regularly and are responsible for recommending investment purchases or sales to the AIFM which makes the ultimate decision. In order to monitor property valuation \ufb02uctuations, the Investment Adviser meets with the independent external valuer on a regular basis. The valuer provides a property portfolio valuation quarterly, so any movements in the value can be accounted for in a timely manner and re\ufb02ected in the NAV every quarter. \n 17.2 Real estate risk Property investments are illiquid assets and can be dif\ufb01cult to sell, especially if local market conditions are poor. Illiquidity may also result from the absence of an established market for investments, as well as legal or contractual restrictions on resale of such investments. There can be no certainty regarding the future performance of any of the properties acquired for the Group. The value of any property can go down as well as up. Real property investments are subject to varying degrees of risk. The yields available from investments in real estate depend on the amount of income generated and expenses incurred from such investments. There are additional risks in vacant, part vacant, redevelopment and refurbishment situations, although these are not prospective investments for the Group. These aspects, and their effect on the Group from a going concern perspective are discussed in more detail in the Going Concern policy note. \n \n 17.3 Credit risk Credit risk is the risk that the counterparty (to a \ufb01nancial instrument) or tenant (of a property) will cause a \ufb01nancial loss to the Group by failing to meet a commitment it has entered into with the Group. It is the Group\u2019s policy to enter into \ufb01nancial instruments with reputable counterparties. All cash deposits are placed with an approved counterparty, Barclays International. In respect of property investments, in the event of a default by a tenant, the Group will suffer a rental shortfall and additional costs concerning re-letting the property. The Investment Adviser monitors tenant arrears in order to anticipate and minimise the impact of defaults by occupational tenants. The table below shows the Group\u2019s exposure to credit risk: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Debtors 482 2,680
Cash and cash equivalents 3,148 3,292
Total 3,630 5,972
\n \n \n \n 17.4 Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital and the \ufb01nance charges and principal repayments on its borrowings. It is the risk the Group will encounter dif\ufb01culty in meeting its \ufb01nancial obligations as they fall due as the majority of the Group\u2019s assets are investment properties and therefore not readily realisable. The Group\u2019s objective is to ensure it has suf\ufb01cient available funds for its operations and to fund its capital expenditure. This is achieved by quarterly review/monitoring of forecast and actual cash \ufb02ows by the Investment Adviser and Board. The below table summarises the maturity pro\ufb01le of the Group\u2019s \ufb01nancial liabilities based on contractual undiscounted payments. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 On demand \u00a3\u2019000 < 3 months \u00a3\u2019000 3 - 12 months \u00a3\u2019000 1 - 5 years \u00a3\u2019000 Total \u00a3\u2019000
Interest bearing loans and borrowings \u2013 \u2013 41,000 \u2013 41,000
Interest payable \u2013 327 327 \u2013 654
Payables and accured expenses 55 727 \u2013 \u2013 782
Total 55 1,054 41,327 \u2013 42,436
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024 On demand \u00a3\u2019000 < 3 months \u00a3\u2019000 3 - 12 months \u00a3\u2019000 1 - 5 years \u00a3\u2019000 Total \u00a3\u2019000
Interest bearing loans and borrowings \u2013 \u2013 \u2013 41,000 41,000
Interest payable \u2013 327 980 652 1,959
Payables and accured expenses 21 676 \u2013 \u2013 697
Total 21 1,003 980 41,652 43,656
\n \n \n 17.5 Fair value of \ufb01nancial instruments There is no material difference between the carrying amount and fair value of the Group\u2019s \ufb01nancial instruments.\n 17.6 Interest rate risk Interest rate risk is the risk that future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates is minimal because the Group\u2019s loan is at a \ufb01xed rate of 3.19% (Note 13). The Group has secured a new long-term facility with HSBC UK Bank plc which is described in Note 20. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021721165": { "value": "\n 17.1 Market price risk Market price risk is the risk that future values of investments in property will \ufb02uctuate due to changes in market prices. To manage market price risk, the Group diversi\ufb01es its portfolio geographically in the UK and across property sectors. The disciplined approach to the purchase, sale and asset management ensures that the value is maintained to its maximum potential. Prior to any property acquisition or sale, detailed research is undertaken to assess expected future cash \ufb02ow. The Board and the Investment Adviser meet regularly and are responsible for recommending investment purchases or sales to the AIFM which makes the ultimate decision. In order to monitor property valuation \ufb02uctuations, the Investment Adviser meets with the independent external valuer on a regular basis. The valuer provides a property portfolio valuation quarterly, so any movements in the value can be accounted for in a timely manner and re\ufb02ected in the NAV every quarter. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021739028": { "value": "\n 17.3 Credit risk Credit risk is the risk that the counterparty (to a \ufb01nancial instrument) or tenant (of a property) will cause a \ufb01nancial loss to the Group by failing to meet a commitment it has entered into with the Group. It is the Group\u2019s policy to enter into \ufb01nancial instruments with reputable counterparties. All cash deposits are placed with an approved counterparty, Barclays International. In respect of property investments, in the event of a default by a tenant, the Group will suffer a rental shortfall and additional costs concerning re-letting the property. The Investment Adviser monitors tenant arrears in order to anticipate and minimise the impact of defaults by occupational tenants. The table below shows the Group\u2019s exposure to credit risk: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Debtors 482 2,680
Cash and cash equivalents 3,148 3,292
Total 3,630 5,972
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021851348": { "value": "\n 17.4 Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital and the \ufb01nance charges and principal repayments on its borrowings. It is the risk the Group will encounter dif\ufb01culty in meeting its \ufb01nancial obligations as they fall due as the majority of the Group\u2019s assets are investment properties and therefore not readily realisable. The Group\u2019s objective is to ensure it has suf\ufb01cient available funds for its operations and to fund its capital expenditure. This is achieved by quarterly review/monitoring of forecast and actual cash \ufb02ows by the Investment Adviser and Board. The below table summarises the maturity pro\ufb01le of the Group\u2019s \ufb01nancial liabilities based on contractual undiscounted payments. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 On demand \u00a3\u2019000 < 3 months \u00a3\u2019000 3 - 12 months \u00a3\u2019000 1 - 5 years \u00a3\u2019000 Total \u00a3\u2019000
Interest bearing loans and borrowings \u2013 \u2013 41,000 \u2013 41,000
Interest payable \u2013 327 327 \u2013 654
Payables and accured expenses 55 727 \u2013 \u2013 782
Total 55 1,054 41,327 \u2013 42,436
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024 On demand \u00a3\u2019000 < 3 months \u00a3\u2019000 3 - 12 months \u00a3\u2019000 1 - 5 years \u00a3\u2019000 Total \u00a3\u2019000
Interest bearing loans and borrowings \u2013 \u2013 \u2013 41,000 41,000
Interest payable \u2013 327 980 652 1,959
Payables and accured expenses 21 676 \u2013 \u2013 697
Total 21 1,003 980 41,652 43,656
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007021918269": { "value": "\n 17.5 Fair value of \ufb01nancial instruments There is no material difference between the carrying amount and fair value of the Group\u2019s \ufb01nancial instruments.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007022152469": { "value": "\n 18. Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. To enhance returns over the medium term, the Group utilises borrowings on a limited recourse basis for each investment or all or part of the total portfolio. The Group\u2019s policy is to borrow up to a maximum of 40% loan to GAV (measured at drawdown). Alongside the Group\u2019s borrowing policy, the directors intend, at all times, to conduct the affairs of the Group so as to enable the Group to qualify as a REIT for the purposes of Part 12 of the Corporation Tax Act 2010 (and the regulations made thereunder). The REIT status compliance requirements include 90% distribution test, interest cover ratio, 75% assets test and the substantial shareholder rule, all of which the Group remained compliant in both this and the prior year. The monitoring of the Group\u2019s level of borrowing is performed primarily using a Loan to GAV ratio. The Loan to GAV ratio is an alternative performance measure and its calculation is shown below. The Group Loan to GAV ratio at the year-end was 36.9% (2024: 37.7%). Breaches in meeting the \ufb01nancial covenants would permit the lender to immediately call loans and borrowings. During the year, the Group did not breach any of its loan covenants, nor did it default on any other of its obligations under its loan agreements.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007022216756": { "value": "\n 19. Transactions with related parties and the Investment Adviser Parties are considered to be related if one party has the ability to control the other party or exercise signi\ufb01cant in\ufb02uence over the other party in making \ufb01nancial or operational decisions. Directors Directors are considered to be related parties. Their fees and interests in shares are disclosed in the Remuneration Report in the Annual Report. Investment Adviser The Group\u2019s Investment Adviser was changed on 15 March 2024 from M7 Real Estate Limited (\u2018M7\u2019) to Martley Capital Real Estate Investment Management Ltd (\u2018Martley Capital\u2019). The appointment of Martley Capital was by way of a deed of novation of the Group\u2019s Interim Investment Advisory agreement dated 14 March 2020 (as amended with Deed of Variation dated 21 February 2021) with minor changes thereto but leaving the parties on substantially the same terms and at an unchanged fee. The annual management fee is calculated at a rate equivalent of 0.50% per annum of NAV (subject to a minimum fee of \u00a390,000 per quarter), payable quarterly in advance. During the year the Group incurred \u00a3360,000 in respect of investment advisory fees to Martley Capital (2024: a total of \u00a3360,000 with \u00a3253,000 to M7 and the rest to Martley Capital). No amounts were accrued at the year end (2024: \u00a3nil).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "Fxbrl_20251007022309995": { "value": "\n 20. Events after the reporting date As announced on 3 September 2025, the Group has secured long term debt facilities with HSBC UK Bank plc. The facilities consist of both a \ufb01xed term loan of \u00a331 million and a \u00a310 million RCF collectively known as the \u2018New HSBC Bank Facilities\u2019. The term of the New HSBC Bank Facilities is a \ufb01xed term of \ufb01ve years from the date of drawdown, being 20 October 2025. The New HSBC Facilities can be extended on request by a further two years, should this be mutually acceptable to both parties. The Group intends to take advantage of the lower interest rates on AIRE\u2019s existing debt facilities until these facilities are due for repayment on 20 October 2025. The Group will use the amount drawn down under its New HSBC Bank Facilities to simultaneously repay its existing debt facilities in full. The margin on the New HSBC Bank Facilities is 170 basis points (1.7% per annum) over SONIA (Sterling overnight index average rate). The loan covenant tests in the New HSBC Facilities are more favourable than those in the current Canada Life facility. The LTV covenant is not to exceed 60% (the current Canada Life loan should not exceed 50%) and the ICR to be greater than 160% (ICR to be greater than 330% under the current Canada Life loan). Whilst there is no present intention, AIRE has the right, through an accordion mechanism, to request an increase in the size of the RCF by up to a further \u00a310 million (subject to HSBC credit committee approval), over the course of the facility.,\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800MPBIJS12Q88F71", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } } } }