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"value": "1 Significant accounting policies a) General information LondonMetric Property Plc is a company incorporated in the United Kingdom under the Companies Act and is registered in England. The address of the registered office is given on page 232. The principal activities of the Company and its subsidiaries (\u2018the Group\u2019) and the nature of the Group\u2019s operations are set out in the Strategic report on pages 1 to 101. b) Statement of compliance The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the IASB. c) Going concern The Board has continued to pay particular attention to the appropriateness of the going concern basis in preparing these financial statements and its detailed assessment is on page 100. The assessment considers the principal risks and uncertainties facing the Group\u2019s activities, future development and performance, as discussed in detail on pages 82 to 99 of the Strategic report. A key consideration is the Group\u2019s financial position, cash flows and liquidity, including its access to debt facilities and headroom under financial loan covenants, which is discussed in detail in the Financial review on page 46. d) Basis of preparation The financial statements are prepared on a going concern basis, as explained above. The functional and presentational currency of the Group is sterling. The financial statements are prepared on the historical cost basis except that investment and development properties and derivative financial instruments are stated at fair value. The accounting policies have been applied consistently in all material respects except for the adoption of new and revised standards as noted below. i) Significant accounting estimates and judgements The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. If the revision affects both current and future periods, the change is recognised over those periods. The accounting policies subject to significant judgements and estimates are considered by the Audit Committee on page 135 and are as follows: Significant areas of estimation uncertainty Property valuations The valuation of the property portfolio is a critical part of the Group\u2019s performance. The Group carries the property portfolio at fair value in the balance sheet and engages professionally qualified external valuers to undertake six monthly valuations. The determination of the fair value of each property requires, to the extent applicable, the use of estimates and assumptions in relation to factors such as estimated rental value and current market rental yields. In addition, to the extent possible, the valuers make reference to market evidence of transaction prices for similar properties. The fair value of a development property is determined by using the \u2018residual method\u2019, which deducts all estimated costs necessary to complete the development, together with an allowance for development risk, profit and purchasers\u2019 costs, from the fair valuation of the completed property. Note 9(c) to the financial statements includes further information on the valuation techniques, sensitivities and inputs used to determine the fair value of the property portfolio. Significant areas of judgement Significant transactions Some property transactions are large or complex and require management to make judgements when considering the appropriate accounting treatment. These include acquisitions of property through corporate vehicles, which could represent either asset acquisitions or business combinations under IFRS 3. Other complexities include conditionality inherent in transactions and other unusual terms and conditions. There is a risk that an inappropriate approach could lead to a misstatement in the financial statements. Management applied judgement to a corporate acquisition made during the year to 31 March 2023 and determined that it was an asset acquisition rather than a business combination, as minimal assets were acquired other than the property portfolio, and there were no employees or corporate debt balances. ii) Adoption of new and revised standards Standards and interpretations effective in the current period During the year, the following new and revised Standards and interpretations have been adopted and have not had a material impact on the amounts reported in these financial statements. Name Description Amendments to IFRS 3 References to the conceptual framework Amendments to IAS 16 Property, plant and equipment \u2013 proceeds before intended use Amendments to IAS 37 Onerous contracts \u2013 cost of fulfilling a contract Annual improvements to IFRSs: 2018-2020 Amendments to IFRS 1, IFRS 9, IFRS 16, and IAS 41 iii) Standards and interpretations in issue not yet adopted The IASB and the International Financial Reporting Interpretations Committee have issued the following standards and interpretations, as at the date of this report, that are mandatory for later accounting periods and which have not been adopted early. They are not expected to have a material impact on the financial statements. Name Description IFRS 17 Insurance contracts Amendments to IFRS 17 Initial application of IFRS 17 and IFRS 9 \u2013 Comparative Information Amendments to IFRS 16 Covid-related rent concessions beyond 30 June 2021 Lease liability in a sale and leaseback Amendment to IAS 1 Classification of Liabilities as Current or Non Current \u2013 Deferral of Effective Date Disclosure of Accounting Policies Non current liabilities with covenants Amendment to IAS 8 Definition of accounting estimates Amendment to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction Amendment to IFRS 4 Extension of the Temporary Exemption from Applying IFRS 9 e) Basis of consolidation i) Subsidiaries The consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are those entities controlled by the Group. Control is assumed when the Group: \u2022 Has the power over the investee \u2022 Is exposed, or has rights, to variable returns from its involvement with the investee \u2022 Has the ability to use its power to affect its returns In the consolidated balance sheet, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair value at the acquisition date. The results of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Where properties are acquired through corporate acquisitions and there are no significant assets or liabilities other than property, the acquisition is treated as an asset acquisition. Where a business acquisition reflects an integrated set of activities and assets capable of being conducted and managed for the purpose of providing goods or services to customers, the acquisition accounting method is used. Under the acquisition accounting method, the identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at the acquisition date. The consideration transferred is measured at fair value and includes the fair value of any contingent consideration. ii) Joint ventures Joint ventures are those entities over whose activities the Group has joint control. Joint ventures are accounted for under the equity method, whereby the consolidated balance sheet incorporates the Group\u2019s share of the net assets of its joint ventures and the consolidated income statement incorporates the Group\u2019s share of joint venture profits after tax. The Group\u2019s joint ventures adopt the accounting policies of the Group for inclusion in the Group financial statements. Joint venture management fees are recognised as income in the accounting period in which the service is rendered. iii) Non-controlling interest The Group\u2019s non-controlling interest (\u2018NCI\u2019) represents a 31% shareholding in LMP Retail Warehouse JV Holdings Limited, which owns a portfolio of retail assets. The Group consolidates the results and net assets of its subsidiary in these financial statements and reflects the non-controlling interests\u2019 share within equity in the consolidated balance sheet and allocates to the non-controlling interest their share of profit or loss for the period within the consolidated income statement. iv) Alternative performance measures Our portfolio is a combination of properties that are wholly owned by the Group and part owned through joint venture arrangements or where a third party holds a non-controlling interest. Management reviews the performance of the Group\u2019s proportionate share of assets and returns, and considers the presentation of information on this basis helpful to stakeholders as it aggregates the results of all the Group\u2019s property interests which under IFRS are required to be presented across a number of line items in the financial statements. These measures are alternative performance measures as they are not defined under IFRS. Further information on alternative performance measures is included with our performance highlights on page 10 and in the Financial review on page 47. v) Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values of assets and liabilities acquired and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition costs are recognised in the income statement as incurred. Any excess of the purchase price of business combinations over the fair value of the assets, liabilities and contingent liabilities acquired is recognised as goodwill. This is recognised as an asset and is reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement. f) Property portfolio i) Investment properties Investment properties are properties owned or leased by the Group which are held for long term rental income and for capital appreciation. Investment property includes property that is being constructed, developed or redeveloped for future use as an investment property. Investment property is initially recognised at cost, including related transaction costs. It is subsequently carried at each published balance sheet date at fair value on an open market basis as determined by professionally qualified independent external valuers. Changes in fair value are included in the income statement. Where a property held for investment is appropriated to development property, it is transferred at fair value. A property ceases to be treated as a development property on practical completion. In accordance with IAS 40 Investment Properties, no depreciation is provided in respect of investment properties. Investment property is recognised as an asset when: \u2022 It is probable that the future economic benefits that are associated with the investment property will flow to the Group \u2022 The cost of the investment property can be measured reliably All costs directly associated with the purchase and construction of a development property are capitalised. Capital expenditure that is directly attributable to the redevelopment or refurbishment of investment property, up to the point of it being completed for its intended use, is included in the carrying value of the property. ii) Assets held for sale An asset is classified as held for sale if its carrying amount is expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable, the asset is available for sale in its present condition and management are committed to the sale and expect it to complete within one year from the date of classification. Assets classified as held for sale are measured at the lower of carrying amount and the fair value less costs to sell. iii) Tenant leases Leases \u2013 the Group as a lessor Rent receivable is recognised in the income statement on a straight line basis over the term of the lease. In the event that a lease incentive is granted to a lessee, such incentives are recognised as an asset, with the aggregate cost of the incentive recognised as a reduction in rental income on a straight line basis over the term of the lease or to the first break option if earlier. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. Leases \u2013 the Group as lessee Where the Group is a lessee, a right of use asset and lease liability are recognised at the outset of the lease. The lease liability is initially measured at the present value of the lease payments based on the Group\u2019s expectations of the likelihood of the lease term. The lease liability is subsequently adjusted to reflect an imputed finance charge, payments made to the lessor and any lease modifications. The right of use asset is initially measured at cost, which comprises the amount of the lease liability, direct costs incurred, less any lease incentives received by the Group. The Group has two categories of right of use assets: those in respect of head leases related to a small number of leasehold properties and an occupational lease for its head office. Both right of use assets are classified as investment property and added to the carrying value of the leasehold investment property. The right of use asset in respect of its occupational lease is subsequently depreciated over the length of the lease. iv) Net rental income Rental income from investment property leased out under an operating lease is recognised in the profit or loss on a straight line basis over the lease term. Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they are earned. The uplift from rent reviews is recognised when such reviews have been agreed with tenants. Surrender premiums receivable are recognised on completion of the surrender. Where a rent free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. Lease incentives and costs associated with entering into tenant leases are amortised over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. Property operating expenses are expensed as incurred and any property operating expenditure not recovered from tenants through service charges is charged to the income statement. v) Profit and loss on sale of investment properties Profits and losses on sales of investment properties are recognised at the date of legal completion rather than exchange of contracts and calculated by reference to the carrying value at the previous year end valuation date, adjusted for subsequent capital expenditure. g) Financial assets and financial liabilities Financial assets and financial liabilities are recognised in the balance sheet when the Group becomes a party to the contractual terms of the instrument. Financial instruments under IFRS 9 i) Trade receivables Trade receivables are initially recognised at their transaction price and subsequently measured at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. An impairment provision is created based on lifetime expected credit losses, which reflect the Group\u2019s historical credit loss experience and an assessment of current and forecast economic conditions at the reporting date. ii) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less, measured at amortised cost. iii) Trade and other payables Trade payables and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised cost using the effective interest method. iv) Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequently, borrowings are measured at amortised cost with any difference between the proceeds and redemption value being recognised in the income statement over the term of the borrowing using the effective interest method. v) Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate risks. Derivative financial instruments are recognised initially at fair value, which equates to cost and subsequently remeasured at fair value, with changes in fair value being included in the income statement. The Group does not apply hedge accounting under IFRS 9. h) Finance costs and income Net finance costs include interest payable on borrowings, net of interest capitalised and finance costs amortised. Interest is capitalised if it is directly attributable to the acquisition, construction or redevelopment of development properties from the start of the development work until practical completion of the property. Capitalised interest is calculated with reference to the actual interest rate payable on specific borrowings for the purposes of development or, for that part of the borrowings financed out of general funds, with reference to the Group\u2019s cost of borrowings. Finance income includes interest receivable on funds invested at the effective rate and notional interest receivable on forward funded developments at the contractual rate. Finance costs and income are presented in the cash flow statement within financing and investing activities, respectively. i) Tax Tax is included in profit or loss except to the extent that it relates to items recognised directly in equity, in which case the related tax is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, together with any adjustment in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. The amount of deferred tax provided is based on the expected manner or realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. As the Group is a UK REIT there is no provision for deferred tax arising on the revaluation of properties or other temporary differences. The Group must comply with the UK REIT regulation to benefit from the favourable tax regime. j) Share based payments The fair value of equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight line basis over the vesting period based on the Group\u2019s estimate of shares that will eventually vest. k) Shares held in Trust The cost of the Company\u2019s shares held by the Employee Benefit Trust is deducted from equity in the Group balance sheet. Any shares held by the Trust are not included in the calculation of earnings or net tangible assets per share. l) Dividends Dividends on equity shares are recognised when they become legally payable. In the case of interim dividends, this is when paid. In the case of final dividends, this is when approved by the shareholders at the Annual General Meeting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-305": {
"value": "1 Significant accounting policies a) General information LondonMetric Property Plc is a company incorporated in the United Kingdom under the Companies Act and is registered in England. The address of the registered office is given on page 232. The principal activities of the Company and its subsidiaries (\u2018the Group\u2019) and the nature of the Group\u2019s operations are set out in the Strategic report on pages 1 to 101. b) Statement of compliance The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the IASB. c) Going concern The Board has continued to pay particular attention to the appropriateness of the going concern basis in preparing these financial statements and its detailed assessment is on page 100. The assessment considers the principal risks and uncertainties facing the Group\u2019s activities, future development and performance, as discussed in detail on pages 82 to 99 of the Strategic report. A key consideration is the Group\u2019s financial position, cash flows and liquidity, including its access to debt facilities and headroom under financial loan covenants, which is discussed in detail in the Financial review on page 46. d) Basis of preparation The financial statements are prepared on a going concern basis, as explained above. The functional and presentational currency of the Group is sterling. The financial statements are prepared on the historical cost basis except that investment and development properties and derivative financial instruments are stated at fair value. The accounting policies have been applied consistently in all material respects except for the adoption of new and revised standards as noted below. i) Significant accounting estimates and judgements The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. If the revision affects both current and future periods, the change is recognised over those periods. The accounting policies subject to significant judgements and estimates are considered by the Audit Committee on page 135 and are as follows: Significant areas of estimation uncertainty Property valuations The valuation of the property portfolio is a critical part of the Group\u2019s performance. The Group carries the property portfolio at fair value in the balance sheet and engages professionally qualified external valuers to undertake six monthly valuations. The determination of the fair value of each property requires, to the extent applicable, the use of estimates and assumptions in relation to factors such as estimated rental value and current market rental yields. In addition, to the extent possible, the valuers make reference to market evidence of transaction prices for similar properties. The fair value of a development property is determined by using the \u2018residual method\u2019, which deducts all estimated costs necessary to complete the development, together with an allowance for development risk, profit and purchasers\u2019 costs, from the fair valuation of the completed property. Note 9(c) to the financial statements includes further information on the valuation techniques, sensitivities and inputs used to determine the fair value of the property portfolio. Significant areas of judgement Significant transactions Some property transactions are large or complex and require management to make judgements when considering the appropriate accounting treatment. These include acquisitions of property through corporate vehicles, which could represent either asset acquisitions or business combinations under IFRS 3. Other complexities include conditionality inherent in transactions and other unusual terms and conditions. There is a risk that an inappropriate approach could lead to a misstatement in the financial statements. Management applied judgement to a corporate acquisition made during the year to 31 March 2023 and determined that it was an asset acquisition rather than a business combination, as minimal assets were acquired other than the property portfolio, and there were no employees or corporate debt balances. ii) Adoption of new and revised standards Standards and interpretations effective in the current period During the year, the following new and revised Standards and interpretations have been adopted and have not had a material impact on the amounts reported in these financial statements. Notes forming part of the Group financial statements Name Description
Amendments to IFRS 3 References to the conceptual framework
Amendments to IAS 16 Property, plant and equipment \u2013 proceeds before
intended use
Amendments to IAS 37 Onerous contracts \u2013 cost of fulfilling a contract
Annual improvements
to IFRSs: 2018-2020
Amendments to IFRS 1, IFRS 9, IFRS 16, and IAS 41
iii) Standards and interpretations in issue not yet adopted
The IASB and the International Financial Reporting Interpretations Committee
have issued the following standards and interpretations, as at the date of this
report, that are mandatory for later accounting periods and which have not
been adopted early. They are not expected to have a material impact on the
financial statements.
Name Description
IFRS 17 Insurance contracts
Amendments to IFRS 17 Initial application of IFRS 17 and IFRS 9 \u2013 Comparative
Information
Amendments to IFRS 16 Covid-related rent concessions beyond 30 June 2021
Lease liability in a sale and leaseback
Amendment to IAS 1 Classification of Liabilities as Current or Non Current \u2013
Deferral of Effective Date
Disclosure of Accounting Policies
Non current liabilities with covenants
Amendment to IAS 8 Definition of accounting estimates
Amendment to IAS 12 Deferred tax related to assets and liabilities arising from
a single transaction
Amendment to IFRS 4 Extension of the Temporary Exemption from Applying
IFRS 9
e) Basis of consolidation
i) Subsidiaries
The consolidated financial statements include the accounts of the Company and
its subsidiaries. Subsidiaries are those entities controlled by the Group. Control is
assumed when the Group:
\u2022 Has the power over the investee
\u2022 Is exposed, or has rights, to variable returns from its involvement with
the investee
\u2022 Has the ability to use its power to affect its returns
In the consolidated balance sheet, the acquiree\u2019s identifiable assets, liabilities
and contingent liabilities are initially recognised at their fair value at the
acquisition date.
The results of subsidiaries are included in the consolidated financial statements
from the date that control commences until the date that control ceases.
Where properties are acquired through corporate acquisitions and there are no
significant assets or liabilities other than property, the acquisition is treated as an
asset acquisition.
Where a business acquisition reflects an integrated set of activities and assets
capable of being conducted and managed for the purpose of providing goods or
services to customers, the acquisition accounting method is used.
Under the acquisition accounting method, the identifiable assets, liabilities and
contingent liabilities acquired are measured at fair value at the acquisition date.
The consideration transferred is measured at fair value and includes the fair value
of any contingent consideration.
ii) Joint ventures
Joint ventures are those entities over whose activities the Group has joint control.
Joint ventures are accounted for under the equity method, whereby the
consolidated balance sheet incorporates the Group\u2019s share of the net assets of its
joint ventures and the consolidated income statement incorporates the Group\u2019s
share of joint venture profits after tax.
The Group\u2019s joint ventures adopt the accounting policies of the Group for
inclusion in the Group financial statements.
Joint venture management fees are recognised as income in the accounting
period in which the service is rendered.
iii) Non-controlling interest
The Group\u2019s non-controlling interest (\u2018NCI\u2019) represents a 31% shareholding
in LMP Retail Warehouse JV Holdings Limited, which owns a portfolio of
retail assets.
The Group consolidates the results and net assets of its subsidiary in these
financial statements and reflects the non-controlling interests\u2019 share within
equity in the consolidated balance sheet and allocates to the non-controlling
interest their share of profit or loss for the period within the consolidated
income statement.
iv) Alternative performance measures
Our portfolio is a combination of properties that are wholly owned by the Group
and part owned through joint venture arrangements or where a third party holds
a non-controlling interest. Management reviews the performance of the Group\u2019s
proportionate share of assets and returns, and considers the presentation of
information on this basis helpful to stakeholders as it aggregates the results of
all the Group\u2019s property interests which under IFRS are required to be presented
across a number of line items in the financial statements. These measures
are alternative performance measures as they are not defined under IFRS.
Further information on alternative performance measures is included with our
performance highlights on page 10 and in the Financial review on page 47.
v) Business combinations
The acquisition of subsidiaries is accounted for using the acquisition method.
The cost of the acquisition is measured at the aggregate of the fair values of
assets and liabilities acquired and equity instruments issued by the Group in
exchange for control of the acquiree. Acquisition costs are recognised in the
income statement as incurred.
Any excess of the purchase price of business combinations over the fair value of
the assets, liabilities and contingent liabilities acquired is recognised as goodwill.
This is recognised as an asset and is reviewed for impairment at least annually.
Any impairment is recognised immediately in the income statement.
f) Property portfolio
i) Investment properties
Investment properties are properties owned or leased by the Group
which are held for long term rental income and for capital appreciation.
Investment property includes property that is being constructed, developed or
redeveloped for future use as an investment property. Investment property is
initially recognised at cost, including related transaction costs. It is subsequently
carried at each published balance sheet date at fair value on an open market
basis as determined by professionally qualified independent external valuers.
Changes in fair value are included in the income statement.
Where a property held for investment is appropriated to development property,
it is transferred at fair value. A property ceases to be treated as a development
property on practical completion. In accordance with IAS 40 Investment
Properties, no depreciation is provided in respect of investment properties.
Investment property is recognised as an asset when:
\u2022 It is probable that the future economic benefits that are associated with the
investment property will flow to the Group
\u2022 The cost of the investment property can be measured reliably
All costs directly associated with the purchase and construction of a
development property are capitalised. Capital expenditure that is directly
attributable to the redevelopment or refurbishment of investment property, up
to the point of it being completed for its intended use, is included in the carrying
value of the property.
ii) Assets held for sale
An asset is classified as held for sale if its carrying amount is expected to be
recovered through a sale transaction rather than through continuing use.
This condition is regarded as met only when the sale is highly probable, the asset
is available for sale in its present condition and management are committed to
the sale and expect it to complete within one year from the date of classification.
Assets classified as held for sale are measured at the lower of carrying amount
and the fair value less costs to sell.
iii) Tenant leases
Leases \u2013 the Group as a lessor
Rent receivable is recognised in the income statement on a straight line basis
over the term of the lease. In the event that a lease incentive is granted to a
lessee, such incentives are recognised as an asset, with the aggregate cost of
the incentive recognised as a reduction in rental income on a straight line basis
over the term of the lease or to the first break option if earlier. When the Group
is an intermediate lessor, it accounts for the head lease and the sub-lease as two
separate contracts.
Leases \u2013 the Group as lessee
Where the Group is a lessee, a right of use asset and lease liability are
recognised at the outset of the lease. The lease liability is initially measured at
the present value of the lease payments based on the Group\u2019s expectations of
the likelihood of the lease term. The lease liability is subsequently adjusted to
reflect an imputed finance charge, payments made to the lessor and any lease
modifications. The right of use asset is initially measured at cost, which comprises
the amount of the lease liability, direct costs incurred, less any lease incentives
received by the Group. The Group has two categories of right of use assets: those
in respect of head leases related to a small number of leasehold properties and
an occupational lease for its head office. Both right of use assets are classified
as investment property and added to the carrying value of the leasehold
investment property. The right of use asset in respect of its occupational lease is
subsequently depreciated over the length of the lease.
iv) Net rental income
Rental income from investment property leased out under an operating lease is
recognised in the profit or loss on a straight line basis over the lease term.
Contingent rents, such as turnover rents, rent reviews and indexation, are
recorded as income in the periods in which they are earned. The uplift from rent
reviews is recognised when such reviews have been agreed with tenants.
Surrender premiums receivable are recognised on completion of the surrender.
Where a rent free period is included in a lease, the rental income foregone is
allocated evenly over the period from the date of lease commencement to the
earlier of the first break option or the lease termination date.
Lease incentives and costs associated with entering into tenant leases are
amortised over the period from the date of lease commencement to the earlier
of the first break option or the lease termination date.
Property operating expenses are expensed as incurred and any property
operating expenditure not recovered from tenants through service charges is
charged to the income statement.
v) Profit and loss on sale of investment properties
Profits and losses on sales of investment properties are recognised at the date of
legal completion rather than exchange of contracts and calculated by reference
to the carrying value at the previous year end valuation date, adjusted for
subsequent capital expenditure.
g) Financial assets and financial liabilities
Financial assets and financial liabilities are recognised in the balance sheet when
the Group becomes a party to the contractual terms of the instrument.
Financial instruments under IFRS 9
i) Trade receivables
Trade receivables are initially recognised at their transaction price and
subsequently measured at amortised cost as the Group\u2019s business model is to
collect the contractual cash flows due from tenants. An impairment provision
is created based on lifetime expected credit losses, which reflect the Group\u2019s
historical credit loss experience and an assessment of current and forecast
economic conditions at the reporting date.
ii) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks
and other short term highly liquid investments with original maturities of three
months or less, measured at amortised cost.
iii) Trade and other payables
Trade payables and other payables are initially measured at fair value, net of
transaction costs and subsequently measured at amortised cost using the
effective interest method.
iv) Borrowings
Borrowings are recognised initially at fair value less attributable transaction costs.
Subsequently, borrowings are measured at amortised cost with any difference
between the proceeds and redemption value being recognised in the income
statement over the term of the borrowing using the effective interest method.
v) Derivative financial instruments
The Group uses derivative financial instruments to hedge its exposure to interest
rate risks. Derivative financial instruments are recognised initially at fair value,
which equates to cost and subsequently remeasured at fair value, with changes in
fair value being included in the income statement.
The Group does not apply hedge accounting under IFRS 9.
h) Finance costs and income
Net finance costs include interest payable on borrowings, net of interest
capitalised and finance costs amortised.
Interest is capitalised if it is directly attributable to the acquisition, construction or
redevelopment of development properties from the start of the development
work until practical completion of the property. Capitalised interest is calculated
with reference to the actual interest rate payable on specific borrowings for the
purposes of development or, for that part of the borrowings financed out of
general funds, with reference to the Group\u2019s cost of borrowings.
Finance income includes interest receivable on funds invested at the effective
rate and notional interest receivable on forward funded developments at the
contractual rate.
Finance costs and income are presented in the cash flow statement within
financing and investing activities, respectively.
i) Tax
Tax is included in profit or loss except to the extent that it relates to items
recognised directly in equity, in which case the related tax is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using
tax rates enacted or substantively enacted at the balance sheet date, together
with any adjustment in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for
temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and their tax bases. The amount of deferred tax
provided is based on the expected manner or realisation or settlement of the
carrying amount of assets and liabilities, using tax rates enacted or substantively
enacted at the balance sheet date. A deferred tax asset is recognised only to the
extent that it is probable that future taxable profits will be available against which
the asset can be utilised.
As the Group is a UK REIT there is no provision for deferred tax arising on the
revaluation of properties or other temporary differences. The Group must
comply with the UK REIT regulation to benefit from the favourable tax regime.
j) Share based payments
The fair value of equity-settled share based payments to employees is
determined at the date of grant and is expensed on a straight line basis over the
vesting period based on the Group\u2019s estimate of shares that will eventually vest.
k) Shares held in Trust
The cost of the Company\u2019s shares held by the Employee Benefit Trust is
deducted from equity in the Group balance sheet. Any shares held by the Trust
are not included in the calculation of earnings or net tangible assets per share.
l) Dividends
Dividends on equity shares are recognised when they become legally payable.
In the case of interim dividends, this is when paid. In the case of final dividends,
this is when approved by the shareholders at the Annual General Meeting.
2 Segmental information
As at 31 March
Property value
100%
owned
1
\u00a3m
Share
of JV
\u00a3m
NCI
\u00a3m
2023
Total
\u00a3m
100%
owned
\u00a3m
Share
of JV
\u00a3m
NCI
\u00a3m
2022
Total
\u00a3m
Distribution 2,159.9 \u2013 \u2013 2,159.9 2,642.0 \u2013 \u2013 2,642.0
Long income 659.8 70.8 (23.2) 707.4 703.8 96.6 (15.1) 785.3
Retail parks 82.7 \u2013 (12.5) 70.2 70.6 \u2013 \u2013 70.6
Office 21.7 \u2013 \u2013 21.7 27.3 \u2013 \u2013 27.3
Residential 0.9 \u2013 \u2013 0.9 0.9 \u2013 \u2013 0.9
Development 33.7 \u2013 \u2013 33.7 67.8 \u2013 \u2013 67.8
2,958.7 70.8 (35.7) 2,993.8 3,512.4 96.6 (15.1) 3,593.9
Head lease and right of use
assets 7.1 4.5
3,000.9 3,598.4
1 Includes trading property of \u00a31.1 million (2022: \u00a31.1 million) and assets held for sale of \u00a319.8 million (2022: \u00a321.2 million)
For the year to 31 March
Gross rental income
100%
owned
\u00a3m
Share
of JV
\u00a3m
NCI
\u00a3m
2023
Total
\u00a3m
100%
owned
\u00a3m
Share
of JV
\u00a3m
NCI
\u00a3m
2022
Total
\u00a3m
Distribution 100.5 \u2013 \u2013 100.5 88.7 \u2013 \u2013 88.7
Long income 39.4 4.3 (1.3) 42.4 35.9 4.5 (1.3) 39.1
Retail parks 3.9 \u2013 (0.2) 3.7 4.4 \u2013 \u2013 4.4
Office 1.7 \u2013 \u2013 1.7 2.3 \u2013 \u2013 2.3
Residential 0.1 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1
Development \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1
145.6 4.3 (1.5) 148.4 131.5 4.5 (1.3) 134.7
For the year to 31 March
Net rental income
100%
owned
\u00a3m
Share
of JV
\u00a3m
NCI
\u00a3m
2023
Total
\u00a3m
100%
owned
\u00a3m
Share
of JV
\u00a3m
NCI
\u00a3m
2022
Total
\u00a3m
Distribution 99.5 \u2013 \u2013 99.5 87.5 \u2013 \u2013 87.5
Long income 39.2 4.2 (1.3) 42.1 35.8 4.4 (1.3) 38.9
Retail parks 3.8 \u2013 (0.2) 3.6 4.5 \u2013 \u2013 4.5
Office 1.5 \u2013 \u2013 1.5 2.0 \u2013 \u2013 2.0
Residential 0.1 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1
Development \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1
144.1 4.2 (1.5) 146.8 130.0 4.4 (1.3) 133.1
An operating segment is a distinguishable component of the Group that engages in business activities, earns revenue and incurs expenses, whose results are reviewed
by the Group\u2019s Chief Operating Decision Makers (\u2018CODMs\u2019) and for which discrete financial information is available.
Gross rental income represents the Group\u2019s revenues from its tenants and net rental income is the principal profit measure used to determine the performance of
each sector. Total assets and liabilities are not monitored by segment. However, property assets are reviewed on an ongoing basis. The Group operates entirely in the
United Kingdom and no geographical split is provided in information reported to the Board.
Included within the distribution operating segment are the sub-categories of urban logistics, regional distribution and mega distribution as reported on page 37
and throughout the Strategic report, however the sub-category results are not separately reviewed by the CODMs as they are not considered separate operating
segments. Instead the CODMs review the distribution sector as a whole as its own operating segment.
3 Revenue
For the year to 31 March
2023
\u00a3m
2022
\u00a3m
Gross rental income 145.6 131.5
Property management fee income 1.1 1.3
Other income \u2013 0.4
Revenue 146.7 133.2
For the year to 31 March
2023
\u00a3m
2022
\u00a3m
Gross rental income 145.6 131.5
Cost of sales \u2013 property operating expenses (1.5) (1.5)
Net rental income 144.1 130.0
No individual tenant contributed more than 10% of gross rental income in the current or previous year. The contracted rental income of the Group\u2019s top ten occupiers
is shown in Supplementary note xvii.
4 Administrative costs
a) Total administrative costs
For the year to 31 March
2023
\u00a3m
2022
\u00a3m
Staff costs 12.5 12.5
Auditor\u2019s remuneration 0.3 0.3
Depreciation 0.6 0.6
Other administrative costs 3.0 2.6
16.4 16.0
b) Staff costs
For the year to 31 March
2023
\u00a3m
2022
\u00a3m
Employee costs, including those of Directors, comprise the following:
Wages and salaries 10.3 10.5
Less staff costs capitalised in respect of development projects (2.5) (2.5)
7.8 8.0
Social security costs 0.9 0.8
Pension costs 0.2 0.2
Share based payment 3.6 3.5
12.5 12.5
The long term share incentive plan (\u2018LTIP\u2019) allows Executive Directors and eligible employees to receive an award of shares, held in trust, dependent on performance
conditions based on the earnings per share, total shareholder return and total accounting return of the Group over a three year vesting period. The Group expenses
the estimated number of shares likely to vest over the three year period based on the market price at the date of grant. In the current year the charge was \u00a33.6 million
(2022: \u00a33.5 million). The cost of acquiring the shares expected to vest under the LTIP of \u00a35.6 million has been charged to reserves this year (2022: \u00a31.5 million).
Directors\u2019 emoluments are reflected in the table below. Directors received a salary supplement in lieu of pension contributions for the current and previous year.
Details of the Directors\u2019 remuneration awards under the LTIP are given in the Remuneration Committee report on pages 166 to 167.
For the year to 31 March
2023
\u00a3m
2022
\u00a3m
Remuneration for management services 2.9 2.9
Entitlement to pension scheme contributions 0.1 0.1
3.0 3.0
The emoluments and benefits of the key management personnel of the Company, which comprise the Directors and certain members of the Senior Leadership
Team, are set out in aggregate in the table below.
For the year to 31 March
2023
\u00a3m
2022
\u00a3m
Short term employee benefits 7.2 9.0
Share based payments 2.4 1.8
9.6 10.8
No disclosures have been made in accordance with IFRS 2 for share based payments to employees other than those in the Remuneration Committee report on pages
139 on the basis of materiality.
c) Staff numbers
The average number of employees including Executive Directors during the year was:
2023
Number
2022
Number
Property and administration 34 32
d) Auditor\u2019s remuneration
For the year to 31 March
2023
\u00a3000
2022
\u00a3000
Audit services:
Audit of the Group and Company financial statements, pursuant to legislation 252 225
Other fees:
Audit related assurance services 42 38
Total fees for audit and other services 294 263
In addition to the above audit fees, \u00a329,700 (2022: \u00a327,000) was due to the Group\u2019s auditor in respect of its joint venture operations. BDO LLP is responsible for the
audit of other subsidiary entities at a cost to the Group of \u00a342,000 (2022: \u00a338,000).
5 Finance income and costs
a) Finance income
For the year to 31 March
2023
\u00a3m
2022
\u00a3m
Interest received on bank deposits 0.1 \u2013
Interest receivable from interest rate derivatives 0.7 \u2013
Interest receivable from forward funded developments 2.1 0.5
Total finance income 2.9 0.5
b) Finance costs
For the year to 31 March
2023
\u00a3m
2022
\u00a3m
Interest payable on bank loans and related derivatives 33.3 23.1
Unwinding of discount on fixed rate debt acquired (0.2) (0.2)
Debt and hedging early close out costs 0.4 \u2013
Amortisation of loan issue costs 1.6 1.2
Interest on lease liabilities 0.1 0.1
Commitment fees and other finance costs 1.6 1.6
Total borrowing costs 36.8 25.8
Less amounts capitalised on developments (4.0) (1.4)
Net borrowing costs 32.8 24.4
Fair value loss on derivative financial instruments 4.0 \u2013
Total finance costs 36.8 24.4
Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivative financial instruments of \u00a34.0 million
(2022: nil) and early close out costs of \u00a30.4 million (2022: nil).
6 Taxation
For the year to 31 March
2023
\u00a3m
2022
\u00a3m
Current tax
UK tax charge on profit 0.1 0.1
The tax assessed for the year varies from the standard rate of corporation tax in the UK. The differences are explained below:
For the year to 31 March
2023
\u00a3m
2022
\u00a3m
(Loss)/profit before tax (507.5) 738.3
Tax charge at the standard rate of corporation tax in the UK of 19% (2022: 19%) (96.4) 140.3
Effect of items not deductible/(taxable) 94.5 (135.8)
Effect of share of post tax losses/(profits) of joint ventures 2.0 (4.4)
UK tax charge on profit 0.1 0.1
The current tax charge relates to tax arising on income attributable to the Group\u2019s non-controlling interest. The UK corporation tax rate has remained at 19% since
April 2020. The increase of the UK corporation rate to 25% was substantively enacted in May 2021 (effective from 1 April 2023). As the Group is a UK REIT there is no
provision for deferred tax arising on the revaluation of properties or other temporary differences and so there is no impact on the accounts.
7 Dividends
For the year to 31 March
2023
\u00a3m
2022
\u00a3m
Ordinary dividends paid
2021 Third quarterly interim dividend 2.1p per share \u2013 19.0
2021 Fourth quarterly interim dividend 2.35p per share \u2013 21.3
2022 First quarterly interim dividend 2.2p per share \u2013 20.0
2022 Second quarterly interim dividend 2.2p per share \u2013 21.4
2022 Third quarterly interim dividend 2.2p per share 21.5 \u2013
2022 Fourth quarterly interim dividend 2.65p per share 25.9 \u2013
2023 First quarterly interim dividend 2.3p per share 22.5 \u2013
2023 Second quarterly interim dividend 2.3p per share 22.5 \u2013
92.4 81.7
Ordinary dividend payable
2023 Third quarterly interim dividend: 2.3p per share 22.5
2023 Fourth quarterly interim dividend: 2.6p per share 25.5
The Company paid its third quarterly interim dividend in respect of the financial year to 31 March 2023 of 2.3p per share, wholly as a Property Income Distribution
(\u2018PID\u2019), on 12 April 2023 to ordinary shareholders on the register at the close of business on 10 March 2023.
The fourth quarterly interim dividend for 2023 of 2.6p per share, of which 1.5p is payable as a PID, will be payable on 12 July 2023 to shareholders on the register at the
close of business on 2 June 2023. A scrip dividend alternative will be offered to shareholders as it was for the first three quarterly dividend payments.
Neither dividend has been included as a liability in these accounts. Both dividends will be recognised as an appropriation of retained earnings in the year to
31 March 2024.
During the year, the Company issued 4.0 million ordinary shares under the terms of the Scrip Dividend Scheme, which reduced the cash dividend payment by
\u00a39.1 million to \u00a383.3 million.
8 Earnings and net assets per share
Adjusted earnings and net assets per share are calculated in accordance with the Best Practice Recommendations (\u2018BPR\u2019) of the European Public Real Estate
Association (\u2018EPRA\u2019). The EPRA earnings measure highlights the underlying performance of the property rental business.
The basic earnings per share calculation uses the weighted average number of ordinary shares during the year and excludes the average number of shares held by the
Employee Benefit Trust for the year. The basic net asset per share calculation uses the number of shares in issue at the year end and excludes the actual number of
shares held by the Employee Benefit Trust at the year end. The fully diluted calculations assume that new shares are issued in connection with the expected vesting of
the Group\u2019s long term incentive plan.
Further EPRA performance measures are reflected in the Supplementary notes on pages 215 to 221.
a) EPRA earnings
EPRA earnings for the Group and its share of joint ventures are detailed as follows:
For the year to 31 March
100% owned
\u00a3m
JV
\u00a3m
NCI
\u00a3m
2023
\u00a3m
100% owned
\u00a3m
JV
\u00a3m
NCI
\u00a3m
2022
\u00a3m
Gross rental income 145.6 4.3 (1.5) 148.4 131.5 4.5 (1.3) 134.7
Property costs (1.5) (0.1) \u2013 (1.6) (1.5) (0.1) \u2013 (1.6)
Net rental income 144.1 4.2 (1.5) 146.8 130.0 4.4 (1.3) 133.1
Management fees 1.1 (0.5) 0.1 0.7 1.3 (0.5) \u2013 0.8
Other income \u2013 \u2013 \u2013 \u2013 0.4 \u2013 \u2013 0.4
Administrative costs (16.4) (0.1) \u2013 (16.5) (16.0) (0.1) \u2013 (16.1)
Net finance costs\u00b9 (29.5) (0.6) 0.2 (29.9) (23.9) (1.0) 0.2 (24.7)
Tax (0.1) \u2013 0.1 \u2013 (0.1) \u2013 0.1 \u2013
EPRA earnings 99.2 3.0 (1.1) 101.1 91.7 2.8 (1.0) 93.5
1 Group net finance costs reflect net borrowing costs of \u00a332.8 million (2022: \u00a324.4 million) (note 5b) less early close out costs of \u00a30.4 million (2022: nil) and finance income of \u00a32.9 million
(2022: \u00a30.5 million) (note 5a)
The reconciliation of EPRA earnings to IFRS reported loss can be summarised as follows:
For the year to 31 March
100% owned
\u00a3m
JV
\u00a3m
NCI
\u00a3m
2023
\u00a3m
100% owned
\u00a3m
JV
\u00a3m
NCI
\u00a3m
2022
\u00a3m
EPRA earnings 99.2 3.0 (1.1) 101.1 91.7 2.8 (1.0) 93.5
Revaluation of property (577.4) (12.5) 2.4 (587.5) 615.2 19.7 (2.7) 632.2
Fair value of derivatives (4.0) (0.1) \u2013 (4.1) \u2013 0.7 \u2013 0.7
(Loss)/profit on disposal (14.7) (0.7) \u2013 (15.4) 8.0 0.2 \u2013 8.2
Debt/hedging costs (0.4) \u2013 \u2013 (0.4) \u2013 (0.1) \u2013 (0.1)
IFRS reported (loss)/profit (497.3) (10.3) 1.3 (506.3) 714.9 23.3 (3.7) 734.5
b) Earnings per ordinary share attributable to equity shareholders
For the year to 31 March
2023
\u00a3m
2022
\u00a3m
Basic and diluted earnings (506.3) 734.5
EPRA adjustments above 607.4 (641.0)
EPRA earnings 101.1 93.5
For the year to 31 March
2023
Number of
shares
(millions)
2022
Number of
shares
(millions)
Ordinary share capital 981.3 934.2
Shares held in the Employee Benefit Trust (2.8) (2.7)
Weighted average number of ordinary shares \u2013 basic 978.5 931.5
Employee share schemes 4.1 4.8
Weighted average number of ordinary shares \u2013 fully diluted 982.6 936.3
Earnings per share
Basic (51.75)p 78.84p
Diluted (51.75)p 78.44p
EPRA earnings per share
Basic 10.33p 10.04p
Diluted 10.28p 9.99p
c) Net assets per share attributable to equity shareholders
The EPRA best practice recommendations for financial disclosures by public real estate companies include three measures of net asset value: EPRA net tangible assets
(\u2018NTA\u2019), EPRA net reinstatement value (\u2018NRV\u2019) and EPRA net disposal value (\u2018NDV\u2019).
EPRA NTA is considered to be the most relevant measure for the Group and replaces EPRA NAV as the primary measure of net asset value. All three measures are
calculated on a diluted basis, which assumes that new shares are issued in connection with the expected vesting of the Group\u2019s long term incentive plan.
As at 31 March 2023
EPRA net
tangible assets
\u00a3m
EPRA net
disposal value
\u00a3m
EPRA net
reinstatement
value
\u00a3m
Equity shareholders\u2019 funds 1,967.3 1,967.3 1,967.3
Fair value of Group derivatives (11.1) \u2013 (11.1)
Mark to market of fixed rate debt \u2013 59.8 \u2013
Purchasers\u2019 costs\u00b9 \u2013 \u2013 203.8
EPRA net asset value 1,956.2 2,027.1 2,160.0
1 Estimated from the portfolio\u2019s external valuation which is stated net of purchasers\u2019 costs of 6.8%
As at 31 March 2022
EPRA net
tangible assets
\u00a3m
EPRA net
disposal value
\u00a3m
EPRA net
reinstatement
value
\u00a3m
Equity shareholders\u2019 funds 2,559.7 2,559.7 2,559.7
Fair value of joint ventures\u2019 derivatives (0.1) \u2013 (0.1)
Mark to market of fixed rate debt \u2013 11.3 \u2013
Purchasers\u2019 costs \u2013 \u2013 244.7
EPRA net asset value 2,559.6 2,571.0 2,804.3
2023
Number
of shares
(millions)
2022
Number
of shares
(millions)
Ordinary share capital 982.6 978.6
Shares held in Employee Benefit Trust (2.9) (2.7)
Number of ordinary shares \u2013 basic 979.7 975.9
Employee share schemes 3.9 4.5
Number of ordinary shares \u2013 fully diluted 983.6 980.4
IFRS net asset value per share 203.7p 262.3p
EPRA net tangible assets per share 198.9p 261.1p
EPRA net disposal value per share 206.1p 262.2p
EPRA net reinstatement value per share 219.6p 286.0p
9 Investment properties
a) Investment properties
As at 31 March
Completed
\u00a3m
Under
development
\u00a3m
2023
Total
\u00a3m
Completed
\u00a3m
Under
development
\u00a3m
2022
Total
\u00a3m
Opening balance 3,423.4 66.7 3,490.1 2,440.8 58.7 2,499.5
Acquisitions 187.4 70.4 257.8 457.5 43.5 501.0
Capital expenditure 7.7 17.0 24.7 10.4 44.6 55.0
Disposals (247.8) \u2013 (247.8) (60.4) (3.4) (63.8)
Property transfers\u00b9 87.0 (106.8) (19.8) (28.9) (94.3) (123.2)
Revaluation movement (562.7) (14.7) (577.4) 598.4 16.8 615.2
Movement in tenant incentives and rent free uplifts 10.2 \u2013 10.2 5.6 0.8 6.4
Property portfolio 2,905.2 32.6 2,937.8 3,423.4 66.7 3,490.1
Head lease and right of use assets 7.1 \u2013 7.1 4.5 \u2013 4.5
2,912.3 32.6 2,944.9 3,427.9 66.7 3,494.6
1 Properties totalling \u00a319.8 million (2022: \u00a321.2 million) have been transferred to current assets and separately disclosed as assets held for sale as reflected in note 9b
Investment properties are stated at fair value as at 31 March 2023 based on external valuations performed by professionally qualified and independent valuers CBRE
Limited (\u2018CBRE\u2019) and Savills (UK) Limited (\u2018Savills\u2019). The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards 2022 on the basis of
fair value as set out in note 1. There has been no change in the valuation technique in the year. The total fees earned by CBRE and Savills from the Company represent
less than 5% of their total UK revenues. CBRE and Savills have continuously been the signatory of valuations for the Company since October 2007 and September
2010 respectively.
Completed properties include buildings that are occupied or are available for occupation. Properties under development include land under development and
investment property under construction. Internal staff costs of the development team of \u00a32.5 million (2022: \u00a32.5 million) have been capitalised, being directly
attributable to the development projects in progress.
Long term leasehold values included within investment properties amount to \u00a389.3 million (2022: \u00a3169.7 million). All other properties are freehold. The historical cost
of all of the Group\u2019s investment properties at 31 March 2023 was \u00a32,448.7 million (2022: \u00a32,358.4 million).
Included within the investment property valuation is \u00a396.0 million (2022: \u00a385.8 million) in respect of unamortised lease incentives and rent free periods.
The movement in the year reflects lease incentives paid of \u00a32.6 million (2022: \u00a34.2 million) and rent free and amortisation movements of \u00a311.7 million
(2022: \u00a38.9 million), offset by incentives written off on disposal of \u00a34.1 million (2022: \u00a36.7 million).
Capital commitments have been entered into amounting to \u00a320.3 million (2022: \u00a3127.4 million) which have not been provided for in the financial statements.
At 31 March 2023, investment properties included \u00a37.1 million for the head lease right of use assets in accordance with IFRS 16 (2022: \u00a34.5 million).
b) Assets held for sale
2023
\u00a3m
2022
\u00a3m
Opening balance 21.2 \u2013
Disposals (21.2) (102.0)
Property transfers 19.8 123.2
Closing balance 19.8 21.2
The valuation of freehold property held for sale at 31 March 2023 was \u00a319.8 million (2022: \u00a321.2 million), representing \u00a316.0 million distribution and \u00a33.8 million long
income assets which are expected to complete within the next six months. Assets held for sale at 1 April 2021 of \u00a322.4 million were not separately disclosed on the
face of the balance sheet and were classified within investment properties.
c) Valuation technique and quantitative information
Fair value
2023
1
\u00a3m
Valuation
technique
ERV Net initial yield Reversionary yield
Asset type
Weighted
average
(\u00a3 per sq ft)
Range
(\u00a3 per sq ft)
Weighted
average
%
Range
%
Weighted
average
%
Range
%
Distribution 2,159.9 Yield capitalisation 9.32 5.60-32.30 4.2 2.7-12.1 5.4 2.8-11.8
Long income 659.8 Yield capitalisation 14.20 3.20-173.70 4.9 3.2-12.2 4.9 2.9-25.8
Retail parks 82.7 Yield capitalisation 15.39 4.20-31.20 5.4 4.8-16.3 5.0 4.8-9.2
Office 21.7 Yield capitalisation 16.59 10.00-43.00 7.0 3.3-12.0 7.9 6.9-9.8
Development 32.6 Residual 10.71 7.64-20.07 4.6 3.3-6.7 5.7 5.0-6.7
Residential 0.9 Comparison n/a n/a n/a n/a n/a n/a
1 As reflected in note 2 and including assets held for sale of \u00a319.8 million but excluding trading properties classified as development of \u00a31.1 million
ERV Net initial yield Reversionary yield
Asset type
Fair value
2022
\u00a3m
Valuation
technique
Weighted
average
(\u00a3 per sq ft)
Range
(\u00a3 per sq ft)
Weighted
average
%
Range
%
Weighted
average
%
Range
%
Distribution 2,642.0 Yield capitalisation 8.24 4.10-28.80 3.3 2.0-6.0 4.0 3.0-6.8
Long income 703.8 Yield capitalisation 15.00 3.00-173.70 4.5 2.7-11.5 4.4 2.5-22.0
Retail parks 70.6 Yield capitalisation 13.34 5.00-18.80 4.8 4.0-13.3 4.6 4.3-8.1
Office 27.3 Yield capitalisation 16.92 10.00-43.00 6.4 4.4-8.8 6.8 6.0-9.3
Development 66.7 Residual 14.07 7.75-42.09 3.6 3.1-5.8 4.3 3.5-5.8
Residential 0.9 Comparison n/a n/a n/a n/a n/a n/a
All of the Group\u2019s properties are categorised as Level 3 in the fair value hierarchy as defined by IFRS 13 fair value measurement. There have been no transfers of
properties between Levels 1, 2 and 3 during the year ended 31 March 2023. The fair value at 31 March 2023 represents the highest and best use of the properties.
When considering the highest and best use, the valuers will look at its existing and potential uses which are viable.
i) Technique
The valuation techniques described below are consistent with IFRS 13 and use significant \u2018unobservable\u2019 inputs such as Expected Rental Value (\u2018ERV\u2019) and yield.
There have been no changes in valuation techniques since the prior year.
Yield capitalisation \u2013 for commercial investment properties, market rental values are capitalised with a market capitalisation rate. The resulting valuations are cross-
checked against the net initial yields and the fair market values per square foot derived from recent market transactions.
Residual \u2013 for certain investment properties under development, the fair value of the property is calculated by estimating the fair value of the completed property
using the yield capitalisation technique less estimated costs to completion and a risk premium which includes but is not limited to construction and letting risk.
Comparison \u2013 for residential properties the fair value is calculated by using data from recent market transactions.
ii) Sensitivity
A 5% increase or decrease in ERV would increase or decrease the fair value of the Group\u2019s investment properties by \u00a393.0 million or \u00a392.3 million respectively.
An increase or decrease of 25bps to the equivalent yield would decrease or increase the fair value of the Group\u2019s investment properties by \u00a3127.9 million or
\u00a3153.4 million respectively. An increase or decrease of 50bps to the equivalent yield would decrease or increase the fair value of the Group\u2019s investment properties by
\u00a3266.7 million or \u00a3324.6 million respectively.
There are interrelationships between the unobservable inputs as they are determined by market conditions; an increase in more than one input could magnify or
mitigate the impact on the valuation.
iii) Process
The valuation reports produced by CBRE and Savills are based on:
\u2022 Information provided by the Group, such as current rents, lease terms, capital expenditure and comparable sales information, which is derived from the Group\u2019s
financial and property management systems and is subject to the Group\u2019s overall control environment
\u2022 Assumptions applied by the valuers such as ERVs and yields which are based on market observation and their professional judgement
10 Investment in joint ventures
At 31 March 2023, the following principal property interests, being jointly controlled entities, have been equity accounted for in these financial statements:
Country of incorporation
or registration
1
Property sectors Group share
Metric Income Plus Partnership England Long income 50.0%
LSP London Residential Investments Limited Guernsey Residential 40.0%
1 The registered address for entities incorporated in England is One Curzon Street, London, W1J 5HB. The registered address for entities incorporated in Guernsey is Regency Court, Glategny Esplanade,
St Peter Port, Guernsey, GY1 3AP
The principal activity of joint venture interests is property investment in the UK in the sectors noted in the table above, which complements the Group\u2019s operations
and contributes to the achievement of its strategy.
The Metric Income Plus Partnership (\u2018MIPP\u2019), in which the Company has a 50% interest, sold two properties in the year for \u00a326.7 million (Group share: \u00a313.3 million).
Post period end, it has repaid bank debt of \u00a326.9 million in full with existing cash resources and additional funding from its partners of \u00a321.0 million.
At 31 March 2023, the investment properties were externally valued by Royal Institution of Chartered Surveyors (\u2018RICS\u2019) registered valuers, CBRE. There were
no properties held for sale by joint ventures at 31 March 2023 (2022: nil). The movement in the carrying value of joint venture interests in the year is summarised
as follows:
As at 31 March
2023
\u00a3m
2022
\u00a3m
Opening balance 72.6 59.2
Share of (loss)/profit in the year (10.3) 23.3
Distributions received (0.8) (9.9)
61.5 72.6
The Group\u2019s share of the profit after tax and net assets of its joint ventures is as follows:
Summarised income statement
Metric
Income Plus
Partnership
\u00a3m
LSP
London
Residential
Investments
\u00a3m
Total
2023
\u00a3m
Group
share
2023
\u00a3m
Gross rental income 8.6 \u2013 8.6 4.3
Property costs (0.1) \u2013 (0.1) (0.1)
Net rental income 8.5 \u2013 8.5 4.2
Administrative costs (0.1) \u2013 (0.1) (0.1)
Management fees (1.0) \u2013 (1.0) (0.5)
Revaluation (24.9) \u2013 (24.9) (12.5)
Net finance cost (1.3) \u2013 (1.3) (0.6)
Derivative movement (0.2) \u2013 (0.2) (0.1)
Loss on disposal (1.6) \u2013 (1.6) (0.7)
Loss after tax (20.6) \u2013 (20.6) (10.3)
Group share of loss after tax (10.3) \u2013 (10.3)
EPRA adjustments:
Revaluation 24.9 \u2013 24.9 12.5
Derivative movement 0.2 \u2013 0.2 0.1
Loss on disposal 1.6 \u2013 1.6 0.7
EPRA earnings 6.1 \u2013 6.1 3.0
Group share of EPRA earnings 3.0 \u2013 3.0
Summarised balance sheet
Investment properties 141.6 \u2013 141.6 70.8
Other current assets 0.1 \u2013 0.1 0.1
Cash 10.6 0.2 10.8 5.4
Current liabilities (2.5) \u2013 (2.5) (1.3)
Bank debt (26.9) \u2013 (26.9) (13.5)
Net assets 122.9 0.2 123.1 61.5
Group share of net assets 61.4 0.1 61.5
Summarised income statement
Metric
Income Plus
Partnership
\u00a3m
LSP
London
Residential
Investments
\u00a3m
Total
2022
\u00a3m
Group
share
2022
\u00a3m
Gross rental income 8.9 \u2013 8.9 4.5
Property costs (0.2) \u2013 (0.2) (0.1)
Net rental income 8.7 \u2013 8.7 4.4
Administrative costs (0.1) \u2013 (0.1) (0.1)
Management fees (1.0) \u2013 (1.0) (0.5)
Revaluation 39.7 (0.5) 39.2 19.7
Net finance cost (2.1) \u2013 (2.1) (1.1)
Derivative movement 1.3 \u2013 1.3 0.7
Profit/(loss) on disposal 0.5 (0.1) 0.4 0.2
Profit/(loss) after tax 47.0 (0.6) 46.4 23.3
Group share of profit/(loss) after tax 23.5 (0.2) 23.3
EPRA adjustments:
Revaluation (39.7) 0.5 (39.2) (19.7)
Debt and hedging early close out costs 0.2 \u2013 0.2 0.1
Derivative movement (1.3) \u2013 (1.3) (0.7)
Profit/(loss) on disposal (0.5) 0.1 (0.4) (0.2)
EPRA earnings 5.7 \u2013 5.7 2.8
Group share of EPRA earnings 2.8 \u2013 2.8
Summarised balance sheet
Investment properties 193.3 \u2013 193.3 96.6
Other current assets 0.3 \u2013 0.3 0.2
Cash 7.0 0.3 7.3 3.6
Current liabilities (2.9) (0.1) (3.0) (1.5)
Bank debt (53.1) \u2013 (53.1) (26.5)
Unamortised finance costs 0.2 \u2013 0.2 0.1
Derivative financial instruments 0.2 \u2013 0.2 0.1
Net assets 145.0 0.2 145.2 72.6
Group share of net assets 72.5 0.1 72.6
11 Trade and other receivables
As at 31 March
2023
\u00a3m
2022
\u00a3m
Trade receivables 2.5 5.7
Prepayments and accrued income 1.6 6.2
Other receivables 1.7 1.2
5.8 13.1
All amounts fall due for payment in less than one year. Trade receivables comprise rental income which is due on contractual payment days with no credit period.
12 Cash and cash equivalents
Cash and cash equivalents include \u00a38.7 million (2022: \u00a37.4 million) retained in rent and restricted accounts which are not readily available to the Group for day to day
commercial purposes.
13 Trade and other payables
As at 31 March
2023
\u00a3m
2022
\u00a3m
Trade payables 12.9 12.2
Amounts payable on property acquisitions and disposals 1.0 1.0
Rent received in advance 25.3 24.6
Accrued interest 1.5 1.0
Other payables 10.9 7.1
Other accruals and deferred income 14.3 13.5
65.9 59.4
The Group has financial risk management policies in place to ensure that all payables are settled within the required credit timeframe.
14 Borrowings and financial instruments
a) Borrowings
As at 31 March
2023
\u00a3m
2022
\u00a3m
Secured bank loans 62.0 62.2
Unsecured bank loans 955.0 965.0
1,017.0 1,027.2
Unamortised finance costs (7.2) (5.8)
1,009.8 1,021.4
Certain bank loans at 31 March 2023 are secured by fixed charges over Group investment properties with a carrying value of \u00a3232.6 million (2022: \u00a3284.7 million).
Borrowings of \u00a365 million relating to the 2016 Private Placement are repayable within one year.
As at 31 March 2023
Total
facility
\u00a3m
Floating
rate
\u00a3m
Fixed
rate
\u00a3m
Total
debt
\u00a3m
Weighted
average
maturity
(years)
Secured bank loans:
Scottish Widows fixed rate debt 60.0 \u2013 62.0 62.0 8.7
Unsecured bank loans:
Revolving credit facility 2021 (syndicate) 225.0 135.0 \u2013 135.0 2.1
Wells Fargo revolving credit facility 175.0 30.0 \u2013 30.0 4.1
Revolving credit facility 2022 (syndicate) 275.0 130.0 \u2013 130.0 2.6
Private Placement 2016 (syndicate) 130.0 \u2013 130.0 130.0 1.7
Private Placement 2018 (syndicate) 150.0 \u2013 150.0 150.0 7.8
Private Placement 2021(syndicate) 380.0 \u2013 380.0 380.0 9.2
1,395.0 295.0 722.0 1,017.0 6.1
During the year, we completed a new \u00a3275 million revolving credit facility on similar terms and pricing as our existing \u00a3225 million syndicated facility and extended the
term by one year on our other two revolving credit facilities totalling \u00a3400 million.
As at 31 March 2022
Total
facility
\u00a3m
Floating
rate
\u00a3m
Fixed
rate
\u00a3m
Total
debt
\u00a3m
Weighted
average
maturity
(years)
Secured bank loans:
Scottish Widows fixed rate debt 60.0 \u2013 62.2 62.2 9.7
Unsecured bank loans:
Revolving credit facility (syndicate) 225.0 100.0 \u2013 100.0 2.1
Wells Fargo revolving credit facility 175.0 55.0 \u2013 55.0 4.1
Barclays credit facility 150.0 150.0 \u2013 150.0 1.3
Private Placement 2016 (syndicate) 130.0 \u2013 130.0 130.0 2.7
Private Placement 2018 (syndicate) 150.0 \u2013 150.0 150.0 8.8
Private Placement 2021(syndicate) 380.0 \u2013 380.0 380.0 10.2
1,270.0 305.0 722.2 1,027.2 6.6
The third tranche of our private placement loan notes totalling \u00a3380 million includes a \u00a350 million green tranche to fund qualifying expenditure on buildings which
have high sustainability standards. The three revolving credit facilities totalling \u00a3675 million are sustainability-linked loans and incorporate preferential pricing for
compliance with ESG targets linked to EPC ratings, renewable installations and developments meeting a minimum BREEAM Very Good standard. Margin savings have
been added to funds allocated for charitable giving in the year.
b) Financial risk management
Financial risk factors
The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s
financial performance. The Group\u2019s financial risk management objectives are to minimise the effect of risks it is exposed to through its operations and the use of
debt financing.
The principal financial risks to the Group and the policies it has in place to manage these risks are summarised below:
i) Credit risk
Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations.
The Group\u2019s principal financial assets are cash balances and deposits and trade and other receivables. The Group\u2019s credit risk is primarily attributable to its cash
deposits and trade receivables.
The Group mitigates financial loss from tenant defaults by dealing with only creditworthy tenants. Trade receivables are presented at amortised cost less loss
allowance for expected credit losses. The loss allowance balance is low relative to the scale of the balance sheet and therefore the credit risk of trade receivables is
considered to be low. Cash is held in a diverse mix of institutions with investment grade credit ratings. The credit ratings of the banks are monitored and changes are
made where necessary to manage risk.
The credit risk on liquid funds and derivative financial instruments is limited due to the Group\u2019s policy of monitoring counterparty exposures with a maximum
exposure equal to the carrying amount of these instruments. The Group has no significant concentration of credit risk, with exposure spread over a large number
of counterparties.
ii) Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the
Group will encounter difficulty in meeting its financial obligations as they fall due.
The Group actively maintains a mixture of long term and short term committed facilities that are designed to ensure that the Group has sufficient available funds for
operations. The Group\u2019s funding sources are diversified across a range of banks and institutions. Weekly cash flow forecasts are prepared for the Senior Leadership
Team to ensure sufficient resources of cash and undrawn debt facilities are in place to meet liabilities as they fall due.
The Group had cash reserves of \u00a332.6 million (2022: \u00a351.3 million) and available and undrawn bank loan facilities at 31 March 2023 of \u00a3380.0 million
(2022: \u00a3245.0 million).
The following table shows the contractual maturity profile of the Group\u2019s bank loans, interest payments on bank loans and derivative financial instruments on an
undiscounted cash flow basis and assuming settlement on the earliest repayment date. Other financial liabilities as disclosed in note 14c(i) include trade payables and
accrued interest and are repayable within one year. The contractual maturity profile of lease liabilities disclosed in the balance sheet is reflected in note 15.
As at 31 March 2023
Less than
one year
\u00a3m
One to
two years
\u00a3m
Two to
five years
\u00a3m
More than
five years
\u00a3m
Total
\u00a3m
Bank loans 102.6 76.2 356.4 676.6 1,211.8
Derivative financial instruments (3.7) (3.7) (7.8) \u2013 (15.2)
98.9 72.5 348.6 676.6 1,196.6
As at 31 March 2022
Less than
one year
\u00a3m
One to
two years
\u00a3m
Two to
five years
\u00a3m
More than
five years
\u00a3m
Total
\u00a3m
Bank loans 76.4 189.5 249.8 693.4 1,209.1
iii) Market risk \u2013 interest rate risk
The Group is exposed to interest rate risk from the use of debt financing at a variable rate. It is the risk that future cash flows of a financial instrument will fluctuate
because of changes in interest rates. It is Group policy that a reasonable portion of external borrowings are at a fixed interest rate in order to manage this risk.
The Group uses interest rate derivatives and fixed rates to manage its interest rate exposure and hedge future interest rate risk for the term of the bank loan.
Although the Board accepts that this policy neither protects the Group entirely from the risk of paying rates in excess of current market rates nor eliminates fully the
cash flow risk associated with interest payments, it considers that it achieves an appropriate balance of exposure to these risks.
At 31 March 2023, 93% of the Group\u2019s (including share of joint ventures) debt drawn was hedged, through fixed coupon debt arrangements and interest rate swaps.
The average interest rate payable by the Group (including share of joint ventures) on all bank borrowings at 31 March 2023 including the cost of amortising finance
arrangement fees, was 3.4% (2022: 2.6%). A 1% increase or decrease in interest rates during the year would have decreased or increased the Group\u2019s annual profit
before tax by \u00a33.0 million or \u00a32.5 million respectively.
i v) Capital risk management
The Group\u2019s objectives when maintaining capital are to safeguard the entity\u2019s ability to continue as a going concern so that it can provide returns to shareholders and as
such it seeks to maintain an appropriate mix of debt and equity. The capital structure of the Group consists of debt, which includes long term borrowings and undrawn
debt facilities, and equity comprising issued capital, reserves and retained earnings. The Group balances its overall capital structure through the payment of dividends,
new share issues as well as the issue of new debt or the redemption of existing debt.
The Group seeks to maintain an efficient capital structure with a balance of debt and equity as shown in the table below.
As at 31 March
2023
\u00a3m
2022
\u00a3m
Net debt 974.7 975.7
Shareholders\u2019 equity 1,967.3 2,559.7
2,942.0 3,535.4
c) Financial instruments
i) Categories of financial instruments
Measured at amortised cost Measured at fair value
As at 31 March
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Non current assets
Derivative financial instruments (see 14c (iii)) \u2013 \u2013 11.1 \u2013
Current assets
Cash and cash equivalents (note 12) 32.6 51.3 \u2013 \u2013
Trade receivables (note 11) 2.5 5.7 \u2013 \u2013
Other receivables (note 11) 1.7 1.2 \u2013 \u2013
36.8 58.2 11.1 \u2013
Non current liabilities
Borrowings (note 14a) 944.8 1,021.4 \u2013 \u2013
Lease liabilities (note 15) 7.1 4.6 \u2013 \u2013
Current liabilities
Borrowings (note 14a) 65.0 \u2013 \u2013 \u2013
Trade payables (note 13) 12.9 12.2 \u2013 \u2013
Accrued interest (note 13) 1.5 1.0 \u2013 \u2013
1,031.3 1,039.2 \u2013 \u2013
ii) Fair values
To the extent financial assets and liabilities are not carried at fair value in the consolidated balance sheet, the Directors are of the opinion that book value approximates
to fair value at 31 March 2023.
iii) Derivative financial instruments
Details of the fair value of the Group\u2019s derivative financial instruments that were in place at 31 March 2023 are provided below:
As at 31 March Average rate Notional amount Fair value
Interest rate swaps \u2013 expiry
2023
%
2022
%
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Two to five years 2.5 \u2013 225.0 \u2013 11.1 \u2013
All derivative financial instruments are non current interest rate derivatives, and are carried at fair value following a valuation at the period end by Chatham Financial.
In accordance with accounting standards, fair value is estimated by calculating the present value of future cash flows, using appropriate market discount rates. For all
derivative financial instruments this equates to a Level 2 fair value measurement as defined by IFRS 13 Fair Value Measurement.
The valuation therefore does not reflect the cost or gain to the Group of cancelling its interest rate protection at the balance sheet date, which is generally a marginally
higher cost (or smaller gain) than a market valuation.
During the year, the Group acquired \u00a3225 million interest rate swaps at a cost of \u00a315.1 million and at an average rate of 2.52%.
15 Leases
The Group\u2019s minimum lease rentals receivable under non cancellable leases, excluding joint ventures, are as follows:
As at 31 March
2023
\u00a3m
2022
\u00a3m
Less than one year 135.1 135.0
Between one and five years 492.4 485.2
Between six and ten years 477.6 465.6
Between 11 and 15 years 327.2 334.7
Between 16 and 20 years 180.3 192.8
Over 20 years 48.2 68.6
1,660.8 1,681.9
In accordance with IFRS 16, the Group has recognised a right of use asset for its head office lease and other head lease obligations. The Group\u2019s minimum lease
payments are due as follows:
As at 31 March
Undiscounted
minimum lease
payments
\u00a3m
Interest
\u00a3m
Present value of
minimum lease
payments
2023
\u00a3m
Present value of
minimum lease
payments
2022
\u00a3m
Less than one year 0.5 (0.2) 0.3 0.6
Between one and two years 0.9 (0.2) 0.7 0.2
Between three and five years 2.6 (0.4) 2.2 0.1
Over five years 7.4 (3.5) 3.9 3.7
11.4 (4.3) 7.1 4.6
16 Share capital
As at 31 March
2023
Number
2023
\u00a3m
2022
Number
2022
\u00a3m
Issued, called up and fully paid
Ordinary shares of 10p each 982,646,261 98.3 978,607,507 97.9
The movement in the share capital and share premium of the Company during the current and previous year is summarised below.
Share capital issued, called up and fully paid
Ordinary shares
Number
Ordinary shares
\u00a3m
Share premium
\u00a3m
At 31 March 2021 909,643,040 91.0 219.3
Issued under equity placing 67,307,693 6.7 163.5
Issued under scrip share scheme 1,656,774 0.2 4.0
At 31 March 2022 978,607,507 97.9 386.8
Issued under scrip share scheme 4,038,754 0.4 8.7
At 31 March 2023 982,646,261 98.3 395.5
The Company issued 4,038,754 ordinary shares under the terms of its Scrip Dividend Scheme during the year. Post year end in April, the Company issued a further
322,203 ordinary shares under the terms of its Scrip Dividend Scheme.
The movement in the shares held by the Employee Benefit Trust in the current and previous year is summarised in the table below.
Shares held by the Employee Benefit Trust
Ordinary shares
Number
Ordinary shares
\u00a3m
At 31 March 2021 4,390,195 0.4
Shares issued under employee share schemes (2,339,267) (0.2)
Shares acquired by the Employee Benefit Trust 611,693 0.1
At 31 March 2022 2,662,621 0.3
Shares issued under employee share schemes (2,092,512) (0.2)
Shares acquired by the Employee Benefit Trust 2,372,483 0.2
At 31 March 2023 2,942,592 0.3
In June 2022, the Company granted options over 1,853,585 ordinary shares under its Long Term Incentive Plan. In addition, 2,092,512 ordinary shares in the Company
that were granted to certain Directors and employees under the Company\u2019s Long Term Incentive Plan in 2018 vested. The average share price on vesting was 235.9p.
As at 31 March 2023, the Company\u2019s Employee Benefit Trust held 2,942,592 shares in the Company to satisfy awards under the Company\u2019s Long Term Incentive Plan.
17 Reserves
The Group statement of changes in equity is shown on page 184. The nature and purpose of each reserve within equity is described below:
Share capital The nominal value of shares issued.
Share premium The premium paid for new ordinary shares issued above the nominal value.
Capital redemption reserve Amounts transferred from share capital on redemption of issued ordinary shares.
Other reserve A reserve relating to the application of merger relief in the acquisition of LondonMetric Management Limited, Metric Property
Investments Plc and A&J Mucklow Group Plc by the Company and the cost of shares held in trust to provide for the Company\u2019s
future obligations under share award schemes. A breakdown of other reserves is provided for the Group below and for the
Company on page 214.
Retained earnings The cumulative profits and losses after the payment of dividends.
As at 31 March
Merger
reserve
\u00a3m
Employee
Benefit Trust
shares
\u00a3m
2023
Total other
reserves
\u00a3m
Merger
reserve
\u00a3m
Employee
Benefit Trust
shares
\u00a3m
2022
Total other
reserves
\u00a3m
Opening balance 497.4 (6.3) 491.1 497.4 (9.7) 487.7
Employee share schemes:
Purchase of shares \u2013 (5.6) (5.6) \u2013 (1.5) (1.5)
Vesting of shares \u2013 4.8 4.8 \u2013 4.9 4.9
Closing balance 497.4 (7.1) 490.3 497.4 (6.3) 491.1
18 Analysis of movement in net debt
Non cash movements
1 April 2022
\u00a3m
Financing
cash flows
\u00a3m
Other
cash flows
\u00a3m
Impact of issue
and arrangement
costs
\u00a3m
Fair value
movements
and early close
out costs
\u00a3m
Interest charge
and unwinding
of discount
\u00a3m
31 March 2023
\u00a3m
Bank loans 1,027.2 (10.0) \u2013 \u2013 \u2013 (0.2) 1.017.0
Derivative financial instruments \u2013 (15.1) \u2013 \u2013 4.0 \u2013 (11.1)
Unamortised finance costs (5.8) (3.4) \u2013 1.6 0.4 \u2013 (7.2)
Other finance costs \u2013 (1.6) \u2013 1.6 \u2013 \u2013 \u2013
Interest payable and fees 1.0 (32.8) \u2013 \u2013 \u2013 33.3 1.5
Lease liabilities 4.6 (0.8) \u2013 \u2013 3.2 0.1 7.1
Total liabilities from financing activities 1,027.0 (63.7) \u2013 3.2 7.6 33.2 1,007.3
Cash and cash equivalents (51.3) \u2013 18.7 \u2013 \u2013 \u2013 (32.6)
Net debt 975.7 (63.7) 18.7 3.2 7.6 33.2 974.7
Non cash movements
1 April 2021
\u00a3m
Financing
cash flows
\u00a3m
Other
cash flows
\u00a3m
Impact of issue
and arrangement
costs
\u00a3m
Early close out
costs
\u00a3m
Interest charge
and unwinding
of discount
\u00a3m
31 March 2022
\u00a3m
Bank loans and derivatives 839.5 188.0 \u2013 \u2013 \u2013 (0.3) 1,027.2
Unamortised finance costs (2.0) (5.0) \u2013 1.2 \u2013 \u2013 (5.8)
Other finance costs \u2013 (1.6) \u2013 1.6 \u2013 \u2013 \u2013
Interest payable and fees 1.3 (23.5) \u2013 \u2013 \u2013 23.2 1.0
Lease liabilities 5.2 (0.7) \u2013 \u2013 \u2013 0.1 4.6
Total liabilities from financing activities 844.0 157.2 \u2013 2.8 \u2013 23.0 1,027.0
Cash and cash equivalents (51.4) \u2013 0.1 \u2013 \u2013 \u2013 (51.3)
Net debt 792.6 157.2 0.1 2.8 \u2013 23.0 975.7
19 Related party transactions
a) Joint arrangements
Management fees and distributions receivable from the Group\u2019s joint arrangements during the year were as follows:
Management fees Distributions
For the year to 31 March Group interest
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
LSP London Residential Investments 40% \u2013 \u2013 \u2013 2.0
LMP Retail Warehouse JV Holdings Limited 69% 0.3 0.1 \u2013 \u2013
Metric Income Plus Partnership 50% 1.1 1.2 0.8 7.9
1.4 1.3 0.8 9.9
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation.
b) Non-controlling interest
The Group\u2019s non-controlling interest (\u2018NCI\u2019) represents a 31% shareholding in LMP Retail Warehouse JV Holdings Limited, which owns a portfolio of retail assets.
The Group\u2019s interest in LMP Retail Warehouse JV Holdings Limited is 69%, requiring it to consolidate the results and net assets of its subsidiary in these financial
statements and reflect the non-controlling share as a deduction in the consolidated income statement and consolidated balance sheet. As at the year end, LMP Retail
Warehouse JV Holdings Limited owed \u00a328.8 million to the Company, which has been eliminated on consolidation.
During the year, LMP Retail Warehouse JV Holdings Limited acquired a retail park in London for \u00a338 million, funded by way of a share issue to the partners which
reduced the Group's interest from 82% to 69%. The NCI invested \u00a319.5 million into the company and received distributions of \u00a30.4 million. As at the year end, the
NCI's share of losses and net assets was \u00a31.3 million and \u00a327.9 million respectively.
20 Post balance sheet events
Post year end we have exchanged or completed asset sales for \u00a336.9 million, of which \u00a315.3 million had exchanged in the year. Property sales are discussed in detail in
the Property review.
As reported in the Chair's statement, we have today separately announced the terms of a recommended offer to acquire the entire issued share capital of CT Property
Trust Limited by way of a Court-sanctioned scheme of arrangement for \u00a3198.6 million, based on the LondonMetric share price on 23 May 2023 of 188.0p per share.
",
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"fact-307": {
"value": "a) General information LondonMetric Property Plc is a company incorporated in the United Kingdom under the Companies Act and is registered in England. The address of the registered office is given on page 232. The principal activities of the Company and its subsidiaries (\u2018the Group\u2019) and the nature of the Group\u2019s operations are set out in the Strategic report on pages 1 to 101. ",
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"fact-303": {
"value": "LondonMetric Property Plc is a company incorporated in the United Kingdom ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"value": "LondonMetric Property Plc",
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}
},
"fact-304": {
"value": "Plc ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"value": "United Kingdom ",
"dimensions": {
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-308": {
"value": "b) Statement of compliance The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the IASB. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
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}
},
"fact-309": {
"value": "c) Going concern The Board has continued to pay particular attention to the appropriateness of the going concern basis in preparing these financial statements and its detailed assessment is on page 100. The assessment considers the principal risks and uncertainties facing the Group\u2019s activities, future development and performance, as discussed in detail on pages 82 to 99 of the Strategic report. A key consideration is the Group\u2019s financial position, cash flows and liquidity, including its access to debt facilities and headroom under financial loan covenants, which is discussed in detail in the Financial review on page 46. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
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"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-310": {
"value": "d) Basis of preparation The financial statements are prepared on a going concern basis, as explained above. The functional and presentational currency of the Group is sterling. The financial statements are prepared on the historical cost basis except that investment and development properties and derivative financial instruments are stated at fair value. The accounting policies have been applied consistently in all material respects except for the adoption of new and revised standards as noted below. i) Significant accounting estimates and judgements The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. If the revision affects both current and future periods, the change is recognised over those periods. The accounting policies subject to significant judgements and estimates are considered by the Audit Committee on page 135 and are as follows: Significant areas of estimation uncertainty Property valuations The valuation of the property portfolio is a critical part of the Group\u2019s performance. The Group carries the property portfolio at fair value in the balance sheet and engages professionally qualified external valuers to undertake six monthly valuations. The determination of the fair value of each property requires, to the extent applicable, the use of estimates and assumptions in relation to factors such as estimated rental value and current market rental yields. In addition, to the extent possible, the valuers make reference to market evidence of transaction prices for similar properties. The fair value of a development property is determined by using the \u2018residual method\u2019, which deducts all estimated costs necessary to complete the development, together with an allowance for development risk, profit and purchasers\u2019 costs, from the fair valuation of the completed property. Note 9(c) to the financial statements includes further information on the valuation techniques, sensitivities and inputs used to determine the fair value of the property portfolio. Significant areas of judgement Significant transactions Some property transactions are large or complex and require management to make judgements when considering the appropriate accounting treatment. These include acquisitions of property through corporate vehicles, which could represent either asset acquisitions or business combinations under IFRS 3. Other complexities include conditionality inherent in transactions and other unusual terms and conditions. There is a risk that an inappropriate approach could lead to a misstatement in the financial statements. Management applied judgement to a corporate acquisition made during the year to 31 March 2023 and determined that it was an asset acquisition rather than a business combination, as minimal assets were acquired other than the property portfolio, and there were no employees or corporate debt balances. ii) Adoption of new and revised standards Standards and interpretations effective in the current period During the year, the following new and revised Standards and interpretations have been adopted and have not had a material impact on the amounts reported in these financial statements. Name Description Amendments to IFRS 3 References to the conceptual framework Amendments to IAS 16 Property, plant and equipment \u2013 proceeds before intended use Amendments to IAS 37 Onerous contracts \u2013 cost of fulfilling a contract Annual improvements to IFRSs: 2018-2020 Amendments to IFRS 1, IFRS 9, IFRS 16, and IAS 41 iii) Standards and interpretations in issue not yet adopted The IASB and the International Financial Reporting Interpretations Committee have issued the following standards and interpretations, as at the date of this report, that are mandatory for later accounting periods and which have not been adopted early. They are not expected to have a material impact on the financial statements. Name Description IFRS 17 Insurance contracts Amendments to IFRS 17 Initial application of IFRS 17 and IFRS 9 \u2013 Comparative Information Amendments to IFRS 16 Covid-related rent concessions beyond 30 June 2021 Lease liability in a sale and leaseback Amendment to IAS 1 Classification of Liabilities as Current or Non Current \u2013 Deferral of Effective Date Disclosure of Accounting Policies Non current liabilities with covenants Amendment to IAS 8 Definition of accounting estimates Amendment to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction Amendment to IFRS 4 Extension of the Temporary Exemption from Applying IFRS 9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-338": {
"value": "i) Significant accounting estimates and judgements The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. If the revision affects both current and future periods, the change is recognised over those periods. The accounting policies subject to significant judgements and estimates are considered by the Audit Committee on page 135 and are as follows: Significant areas of estimation uncertainty Property valuations The valuation of the property portfolio is a critical part of the Group\u2019s performance. The Group carries the property portfolio at fair value in the balance sheet and engages professionally qualified external valuers to undertake six monthly valuations. The determination of the fair value of each property requires, to the extent applicable, the use of estimates and assumptions in relation to factors such as estimated rental value and current market rental yields. In addition, to the extent possible, the valuers make reference to market evidence of transaction prices for similar properties. The fair value of a development property is determined by using the \u2018residual method\u2019, which deducts all estimated costs necessary to complete the development, together with an allowance for development risk, profit and purchasers\u2019 costs, from the fair valuation of the completed property. Note 9(c) to the financial statements includes further information on the valuation techniques, sensitivities and inputs used to determine the fair value of the property portfolio. Significant areas of judgement Significant transactions Some property transactions are large or complex and require management to make judgements when considering the appropriate accounting treatment. These include acquisitions of property through corporate vehicles, which could represent either asset acquisitions or business combinations under IFRS 3. Other complexities include conditionality inherent in transactions and other unusual terms and conditions. There is a risk that an inappropriate approach could lead to a misstatement in the financial statements. Management applied judgement to a corporate acquisition made during the year to 31 March 2023 and determined that it was an asset acquisition rather than a business combination, as minimal assets were acquired other than the property portfolio, and there were no employees or corporate debt balances. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-339": {
"value": "ii) Adoption of new and revised standards Standards and interpretations effective in the current period During the year, the following new and revised Standards and interpretations have been adopted and have not had a material impact on the amounts reported in these financial statements. Name Description Amendments to IFRS 3 References to the conceptual framework Amendments to IAS 16 Property, plant and equipment \u2013 proceeds before intended use Amendments to IAS 37 Onerous contracts \u2013 cost of fulfilling a contract Annual improvements to IFRSs: 2018-2020 Amendments to IFRS 1, IFRS 9, IFRS 16, and IAS 41 iii) Standards and interpretations in issue not yet adopted The IASB and the International Financial Reporting Interpretations Committee have issued the following standards and interpretations, as at the date of this report, that are mandatory for later accounting periods and which have not been adopted early. They are not expected to have a material impact on the financial statements. Name Description IFRS 17 Insurance contracts Amendments to IFRS 17 Initial application of IFRS 17 and IFRS 9 \u2013 Comparative Information Amendments to IFRS 16 Covid-related rent concessions beyond 30 June 2021 Lease liability in a sale and leaseback Amendment to IAS 1 Classification of Liabilities as Current or Non Current \u2013 Deferral of Effective Date Disclosure of Accounting Policies Non current liabilities with covenants Amendment to IAS 8 Definition of accounting estimates Amendment to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction Amendment to IFRS 4 Extension of the Temporary Exemption from Applying IFRS 9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-355": {
"value": "iii) Standards and interpretations in issue not yet adopted The IASB and the International Financial Reporting Interpretations Committee have issued the following standards and interpretations, as at the date of this report, that are mandatory for later accounting periods and which have not been adopted early. They are not expected to have a material impact on the financial statements. Name Description IFRS 17 Insurance contracts Amendments to IFRS 17 Initial application of IFRS 17 and IFRS 9 \u2013 Comparative Information Amendments to IFRS 16 Covid-related rent concessions beyond 30 June 2021 Lease liability in a sale and leaseback Amendment to IAS 1 Classification of Liabilities as Current or Non Current \u2013 Deferral of Effective Date Disclosure of Accounting Policies Non current liabilities with covenants Amendment to IAS 8 Definition of accounting estimates Amendment to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction Amendment to IFRS 4 Extension of the Temporary Exemption from Applying IFRS 9 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-311": {
"value": "e) Basis of consolidation i) Subsidiaries The consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are those entities controlled by the Group. Control is assumed when the Group: \u2022 Has the power over the investee \u2022 Is exposed, or has rights, to variable returns from its involvement with the investee \u2022 Has the ability to use its power to affect its returns In the consolidated balance sheet, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair value at the acquisition date. The results of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Where properties are acquired through corporate acquisitions and there are no significant assets or liabilities other than property, the acquisition is treated as an asset acquisition. Where a business acquisition reflects an integrated set of activities and assets capable of being conducted and managed for the purpose of providing goods or services to customers, the acquisition accounting method is used. Under the acquisition accounting method, the identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at the acquisition date. The consideration transferred is measured at fair value and includes the fair value of any contingent consideration. ii) Joint ventures Joint ventures are those entities over whose activities the Group has joint control. Joint ventures are accounted for under the equity method, whereby the consolidated balance sheet incorporates the Group\u2019s share of the net assets of its joint ventures and the consolidated income statement incorporates the Group\u2019s share of joint venture profits after tax. The Group\u2019s joint ventures adopt the accounting policies of the Group for inclusion in the Group financial statements. Joint venture management fees are recognised as income in the accounting period in which the service is rendered. iii) Non-controlling interest The Group\u2019s non-controlling interest (\u2018NCI\u2019) represents a 31% shareholding in LMP Retail Warehouse JV Holdings Limited, which owns a portfolio of retail assets. The Group consolidates the results and net assets of its subsidiary in these financial statements and reflects the non-controlling interests\u2019 share within equity in the consolidated balance sheet and allocates to the non-controlling interest their share of profit or loss for the period within the consolidated income statement. iv) Alternative performance measures Our portfolio is a combination of properties that are wholly owned by the Group and part owned through joint venture arrangements or where a third party holds a non-controlling interest. Management reviews the performance of the Group\u2019s proportionate share of assets and returns, and considers the presentation of information on this basis helpful to stakeholders as it aggregates the results of all the Group\u2019s property interests which under IFRS are required to be presented across a number of line items in the financial statements. These measures are alternative performance measures as they are not defined under IFRS. Further information on alternative performance measures is included with our performance highlights on page 10 and in the Financial review on page 47. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-340": {
"value": "i) Subsidiaries The consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are those entities controlled by the Group. Control is assumed when the Group: \u2022 Has the power over the investee \u2022 Is exposed, or has rights, to variable returns from its involvement with the investee \u2022 Has the ability to use its power to affect its returns In the consolidated balance sheet, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair value at the acquisition date. The results of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Where properties are acquired through corporate acquisitions and there are no significant assets or liabilities other than property, the acquisition is treated as an asset acquisition. Where a business acquisition reflects an integrated set of activities and assets capable of being conducted and managed for the purpose of providing goods or services to customers, the acquisition accounting method is used. Under the acquisition accounting method, the identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at the acquisition date. The consideration transferred is measured at fair value and includes the fair value of any contingent consideration. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-341": {
"value": "ii) Joint ventures Joint ventures are those entities over whose activities the Group has joint control. Joint ventures are accounted for under the equity method, whereby the consolidated balance sheet incorporates the Group\u2019s share of the net assets of its joint ventures and the consolidated income statement incorporates the Group\u2019s share of joint venture profits after tax. The Group\u2019s joint ventures adopt the accounting policies of the Group for inclusion in the Group financial statements. Joint venture management fees are recognised as income in the accounting period in which the service is rendered. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-342": {
"value": "iii) Non-controlling interest The Group\u2019s non-controlling interest (\u2018NCI\u2019) represents a 31% shareholding in LMP Retail Warehouse JV Holdings Limited, which owns a portfolio of retail assets. The Group consolidates the results and net assets of its subsidiary in these financial statements and reflects the non-controlling interests\u2019 share within equity in the consolidated balance sheet and allocates to the non-controlling interest their share of profit or loss for the period within the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-344": {
"value": "iv) Alternative performance measures Our portfolio is a combination of properties that are wholly owned by the Group and part owned through joint venture arrangements or where a third party holds a non-controlling interest. Management reviews the performance of the Group\u2019s proportionate share of assets and returns, and considers the presentation of information on this basis helpful to stakeholders as it aggregates the results of all the Group\u2019s property interests which under IFRS are required to be presented across a number of line items in the financial statements. These measures are alternative performance measures as they are not defined under IFRS. Further information on alternative performance measures is included with our performance highlights on page 10 and in the Financial review on page 47. ",
"dimensions": {
"concept": "londonmetric:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-343": {
"value": "v) Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values of assets and liabilities acquired and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition costs are recognised in the income statement as incurred. Any excess of the purchase price of business combinations over the fair value of the assets, liabilities and contingent liabilities acquired is recognised as goodwill. This is recognised as an asset and is reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-312": {
"value": "f) Property portfolio i) Investment properties Investment properties are properties owned or leased by the Group which are held for long term rental income and for capital appreciation. Investment property includes property that is being constructed, developed or redeveloped for future use as an investment property. Investment property is initially recognised at cost, including related transaction costs. It is subsequently carried at each published balance sheet date at fair value on an open market basis as determined by professionally qualified independent external valuers. Changes in fair value are included in the income statement. Where a property held for investment is appropriated to development property, it is transferred at fair value. A property ceases to be treated as a development property on practical completion. In accordance with IAS 40 Investment Properties, no depreciation is provided in respect of investment properties. Investment property is recognised as an asset when: \u2022 It is probable that the future economic benefits that are associated with the investment property will flow to the Group \u2022 The cost of the investment property can be measured reliably All costs directly associated with the purchase and construction of a development property are capitalised. Capital expenditure that is directly attributable to the redevelopment or refurbishment of investment property, up to the point of it being completed for its intended use, is included in the carrying value of the property. ii) Assets held for sale An asset is classified as held for sale if its carrying amount is expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable, the asset is available for sale in its present condition and management are committed to the sale and expect it to complete within one year from the date of classification. Assets classified as held for sale are measured at the lower of carrying amount and the fair value less costs to sell. iii) Tenant leases Leases \u2013 the Group as a lessor Rent receivable is recognised in the income statement on a straight line basis over the term of the lease. In the event that a lease incentive is granted to a lessee, such incentives are recognised as an asset, with the aggregate cost of the incentive recognised as a reduction in rental income on a straight line basis over the term of the lease or to the first break option if earlier. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. Leases \u2013 the Group as lessee Where the Group is a lessee, a right of use asset and lease liability are recognised at the outset of the lease. The lease liability is initially measured at the present value of the lease payments based on the Group\u2019s expectations of the likelihood of the lease term. The lease liability is subsequently adjusted to reflect an imputed finance charge, payments made to the lessor and any lease modifications. The right of use asset is initially measured at cost, which comprises the amount of the lease liability, direct costs incurred, less any lease incentives received by the Group. The Group has two categories of right of use assets: those in respect of head leases related to a small number of leasehold properties and an occupational lease for its head office. Both right of use assets are classified as investment property and added to the carrying value of the leasehold investment property. The right of use asset in respect of its occupational lease is subsequently depreciated over the length of the lease. iv) Net rental income Rental income from investment property leased out under an operating lease is recognised in the profit or loss on a straight line basis over the lease term. Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they are earned. The uplift from rent reviews is recognised when such reviews have been agreed with tenants. Surrender premiums receivable are recognised on completion of the surrender. Where a rent free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. Lease incentives and costs associated with entering into tenant leases are amortised over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. Property operating expenses are expensed as incurred and any property operating expenditure not recovered from tenants through service charges is charged to the income statement. v) Profit and loss on sale of investment properties Profits and losses on sales of investment properties are recognised at the date of legal completion rather than exchange of contracts and calculated by reference to the carrying value at the previous year end valuation date, adjusted for subsequent capital expenditure. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-345": {
"value": "ii) Assets held for sale An asset is classified as held for sale if its carrying amount is expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable, the asset is available for sale in its present condition and management are committed to the sale and expect it to complete within one year from the date of classification. Assets classified as held for sale are measured at the lower of carrying amount and the fair value less costs to sell. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-346": {
"value": "iii) Tenant leases Leases \u2013 the Group as a lessor Rent receivable is recognised in the income statement on a straight line basis over the term of the lease. In the event that a lease incentive is granted to a lessee, such incentives are recognised as an asset, with the aggregate cost of the incentive recognised as a reduction in rental income on a straight line basis over the term of the lease or to the first break option if earlier. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. Leases \u2013 the Group as lessee Where the Group is a lessee, a right of use asset and lease liability are recognised at the outset of the lease. The lease liability is initially measured at the present value of the lease payments based on the Group\u2019s expectations of the likelihood of the lease term. The lease liability is subsequently adjusted to reflect an imputed finance charge, payments made to the lessor and any lease modifications. The right of use asset is initially measured at cost, which comprises the amount of the lease liability, direct costs incurred, less any lease incentives received by the Group. The Group has two categories of right of use assets: those in respect of head leases related to a small number of leasehold properties and an occupational lease for its head office. Both right of use assets are classified as investment property and added to the carrying value of the leasehold investment property. The right of use asset in respect of its occupational lease is subsequently depreciated over the length of the lease. iv) Net rental income Rental income from investment property leased out under an operating lease is recognised in the profit or loss on a straight line basis over the lease term. Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they are earned. The uplift from rent reviews is recognised when such reviews have been agreed with tenants. Surrender premiums receivable are recognised on completion of the surrender. Where a rent free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. Lease incentives and costs associated with entering into tenant leases are amortised over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. Property operating expenses are expensed as incurred and any property operating expenditure not recovered from tenants through service charges is charged to the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-313": {
"value": "g) Financial assets and financial liabilities Financial assets and financial liabilities are recognised in the balance sheet when the Group becomes a party to the contractual terms of the instrument. Financial instruments under IFRS 9 i) Trade receivables Trade receivables are initially recognised at their transaction price and subsequently measured at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. An impairment provision is created based on lifetime expected credit losses, which reflect the Group\u2019s historical credit loss experience and an assessment of current and forecast economic conditions at the reporting date. ii) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less, measured at amortised cost. iii) Trade and other payables Trade payables and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised cost using the effective interest method. iv) Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequently, borrowings are measured at amortised cost with any difference between the proceeds and redemption value being recognised in the income statement over the term of the borrowing using the effective interest method. v) Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate risks. Derivative financial instruments are recognised initially at fair value, which equates to cost and subsequently remeasured at fair value, with changes in fair value being included in the income statement. The Group does not apply hedge accounting under IFRS 9. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-356": {
"value": "g) Financial assets and financial liabilities Financial assets and financial liabilities are recognised in the balance sheet when the Group becomes a party to the contractual terms of the instrument. Financial instruments under IFRS 9 i) Trade receivables Trade receivables are initially recognised at their transaction price and subsequently measured at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. An impairment provision is created based on lifetime expected credit losses, which reflect the Group\u2019s historical credit loss experience and an assessment of current and forecast economic conditions at the reporting date. ii) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less, measured at amortised cost. iii) Trade and other payables Trade payables and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised cost using the effective interest method. iv) Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequently, borrowings are measured at amortised cost with any difference between the proceeds and redemption value being recognised in the income statement over the term of the borrowing using the effective interest method. v) Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate risks. Derivative financial instruments are recognised initially at fair value, which equates to cost and subsequently remeasured at fair value, with changes in fair value being included in the income statement. The Group does not apply hedge accounting under IFRS 9. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-347": {
"value": "Financial instruments under IFRS 9 i) Trade receivables Trade receivables are initially recognised at their transaction price and subsequently measured at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. An impairment provision is created based on lifetime expected credit losses, which reflect the Group\u2019s historical credit loss experience and an assessment of current and forecast economic conditions at the reporting date. ii) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less, measured at amortised cost. iii) Trade and other payables Trade payables and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised cost using the effective interest method. iv) Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequently, borrowings are measured at amortised cost with any difference between the proceeds and redemption value being recognised in the income statement over the term of the borrowing using the effective interest method. v) Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate risks. Derivative financial instruments are recognised initially at fair value, which equates to cost and subsequently remeasured at fair value, with changes in fair value being included in the income statement. The Group does not apply hedge accounting under IFRS 9. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-359": {
"value": "i) Trade receivables Trade receivables are initially recognised at their transaction price and subsequently measured at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. An impairment provision is created based on lifetime expected credit losses, which reflect the Group\u2019s historical credit loss experience and an assessment of current and forecast economic conditions at the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-360": {
"value": "ii) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less, measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-361": {
"value": "iii) Trade and other payables Trade payables and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-362": {
"value": "iv) Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequently, borrowings are measured at amortised cost with any difference between the proceeds and redemption value being recognised in the income statement over the term of the borrowing using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-363": {
"value": "v) Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to interest rate risks. Derivative financial instruments are recognised initially at fair value, which equates to cost and subsequently remeasured at fair value, with changes in fair value being included in the income statement. The Group does not apply hedge accounting under IFRS 9. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-348": {
"value": "h) Finance costs and income Net finance costs include interest payable on borrowings, net of interest capitalised and finance costs amortised. Interest is capitalised if it is directly attributable to the acquisition, construction or redevelopment of development properties from the start of the development work until practical completion of the property. Capitalised interest is calculated with reference to the actual interest rate payable on specific borrowings for the purposes of development or, for that part of the borrowings financed out of general funds, with reference to the Group\u2019s cost of borrowings. Finance income includes interest receivable on funds invested at the effective rate and notional interest receivable on forward funded developments at the contractual rate. Finance costs and income are presented in the cash flow statement within financing and investing activities, respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-314": {
"value": "h) Finance costs and income Net finance costs include interest payable on borrowings, net of interest capitalised and finance costs amortised. Interest is capitalised if it is directly attributable to the acquisition, construction or redevelopment of development properties from the start of the development work until practical completion of the property. Capitalised interest is calculated with reference to the actual interest rate payable on specific borrowings for the purposes of development or, for that part of the borrowings financed out of general funds, with reference to the Group\u2019s cost of borrowings. Finance income includes interest receivable on funds invested at the effective rate and notional interest receivable on forward funded developments at the contractual rate. Finance costs and income are presented in the cash flow statement within financing and investing activities, respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-349": {
"value": "i) Tax Tax is included in profit or loss except to the extent that it relates to items recognised directly in equity, in which case the related tax is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, together with any adjustment in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. The amount of deferred tax provided is based on the expected manner or realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. As the Group is a UK REIT there is no provision for deferred tax arising on the revaluation of properties or other temporary differences. The Group must comply with the UK REIT regulation to benefit from the favourable tax regime. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-315": {
"value": "i) Tax Tax is included in profit or loss except to the extent that it relates to items recognised directly in equity, in which case the related tax is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, together with any adjustment in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. The amount of deferred tax provided is based on the expected manner or realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. As the Group is a UK REIT there is no provision for deferred tax arising on the revaluation of properties or other temporary differences. The Group must comply with the UK REIT regulation to benefit from the favourable tax regime. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-316": {
"value": "j) Share based payments The fair value of equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight line basis over the vesting period based on the Group\u2019s estimate of shares that will eventually vest. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-317": {
"value": "k) Shares held in Trust The cost of the Company\u2019s shares held by the Employee Benefit Trust is deducted from equity in the Group balance sheet. Any shares held by the Trust are not included in the calculation of earnings or net tangible assets per share. ",
"dimensions": {
"concept": "londonmetric:DescriptionOfAccountingPolicyForSharesHeldInTrust",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00"
}
},
"fact-318": {
"value": "l) Dividends Dividends on equity shares are recognised when they become legally payable. In the case of interim dividends, this is when paid. In the case of final dividends, this is when approved by the shareholders at the Annual General Meeting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-319": {
"value": "2 Segmental information As at 31 March Property value 100% owned1 \u00a3m Share of JV \u00a3m NCI \u00a3m 2023 Total \u00a3m 100% owned \u00a3m Share of JV \u00a3m NCI \u00a3m 2022 Total \u00a3m Distribution 2,159.9 \u2013 \u2013 2,159.9 2,642.0 \u2013 \u2013 2,642.0 Long income 659.8 70.8 (23.2) 707.4 703.8 96.6 (15.1) 785.3 Retail parks 82.7 \u2013 (12.5) 70.2 70.6 \u2013 \u2013 70.6 Office 21.7 \u2013 \u2013 21.7 27.3 \u2013 \u2013 27.3 Residential 0.9 \u2013 \u2013 0.9 0.9 \u2013 \u2013 0.9 Development 33.7 \u2013 \u2013 33.7 67.8 \u2013 \u2013 67.8 2,958.7 70.8 (35.7) 2,993.8 3,512.4 96.6 (15.1) 3,593.9 Head lease and right of use assets 7.1 4.5 3,000.9 3,598.4 1 Includes trading property of \u00a31.1 million (2022: \u00a31.1 million) and assets held for sale of \u00a319.8 million (2022: \u00a321.2 million) For the year to 31 March Gross rental income 100% owned \u00a3m Share of JV \u00a3m NCI \u00a3m 2023 Total \u00a3m 100% owned \u00a3m Share of JV \u00a3m NCI \u00a3m 2022 Total \u00a3m Distribution 100.5 \u2013 \u2013 100.5 88.7 \u2013 \u2013 88.7 Long income 39.4 4.3 (1.3) 42.4 35.9 4.5 (1.3) 39.1 Retail parks 3.9 \u2013 (0.2) 3.7 4.4 \u2013 \u2013 4.4 Office 1.7 \u2013 \u2013 1.7 2.3 \u2013 \u2013 2.3 Residential 0.1 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1 Development \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1 145.6 4.3 (1.5) 148.4 131.5 4.5 (1.3) 134.7 For the year to 31 March Net rental income 100% owned \u00a3m Share of JV \u00a3m NCI \u00a3m 2023 Total \u00a3m 100% owned \u00a3m Share of JV \u00a3m NCI \u00a3m 2022 Total \u00a3m Distribution 99.5 \u2013 \u2013 99.5 87.5 \u2013 \u2013 87.5 Long income 39.2 4.2 (1.3) 42.1 35.8 4.4 (1.3) 38.9 Retail parks 3.8 \u2013 (0.2) 3.6 4.5 \u2013 \u2013 4.5 Office 1.5 \u2013 \u2013 1.5 2.0 \u2013 \u2013 2.0 Residential 0.1 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1 Development \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1 144.1 4.2 (1.5) 146.8 130.0 4.4 (1.3) 133.1 An operating segment is a distinguishable component of the Group that engages in business activities, earns revenue and incurs expenses, whose results are reviewed by the Group\u2019s Chief Operating Decision Makers (\u2018CODMs\u2019) and for which discrete financial information is available. Gross rental income represents the Group\u2019s revenues from its tenants and net rental income is the principal profit measure used to determine the performance of each sector. Total assets and liabilities are not monitored by segment. However, property assets are reviewed on an ongoing basis. The Group operates entirely in the United Kingdom and no geographical split is provided in information reported to the Board. Included within the distribution operating segment are the sub-categories of urban logistics, regional distribution and mega distribution as reported on page 37 and throughout the Strategic report, however the sub-category results are not separately reviewed by the CODMs as they are not considered separate operating segments. Instead the CODMs review the distribution sector as a whole as its own operating segment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-320": {
"value": "3 Revenue For the year to 31 March 2023 \u00a3m 2022 \u00a3m Gross rental income 145.6 131.5 Property management fee income 1.1 1.3 Other income \u2013 0.4 Revenue 146.7 133.2 For the year to 31 March 2023 \u00a3m 2022 \u00a3m Gross rental income 145.6 131.5 Cost of sales \u2013 property operating expenses (1.5) (1.5) Net rental income 144.1 130.0 No individual tenant contributed more than 10% of gross rental income in the current or previous year. The contracted rental income of the Group\u2019s top ten occupiers is shown in Supplementary note xvii. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-321": {
"value": "4 Administrative costs a) Total administrative costs For the year to 31 March 2023 \u00a3m 2022 \u00a3m Staff costs 12.5 12.5 Auditor\u2019s remuneration 0.3 0.3 Depreciation 0.6 0.6 Other administrative costs 3.0 2.6 16.4 16.0 b) Staff costs For the year to 31 March 2023 \u00a3m 2022 \u00a3m Employee costs, including those of Directors, comprise the following: Wages and salaries 10.3 10.5 Less staff costs capitalised in respect of development projects (2.5) (2.5) 7.8 8.0 Social security costs 0.9 0.8 Pension costs 0.2 0.2 Share based payment 3.6 3.5 12.5 12.5 The long term share incentive plan (\u2018LTIP\u2019) allows Executive Directors and eligible employees to receive an award of shares, held in trust, dependent on performance conditions based on the earnings per share, total shareholder return and total accounting return of the Group over a three year vesting period. The Group expenses the estimated number of shares likely to vest over the three year period based on the market price at the date of grant. In the current year the charge was \u00a33.6 million (2022: \u00a33.5 million). The cost of acquiring the shares expected to vest under the LTIP of \u00a35.6 million has been charged to reserves this year (2022: \u00a31.5 million). Directors\u2019 emoluments are reflected in the table below. Directors received a salary supplement in lieu of pension contributions for the current and previous year. Details of the Directors\u2019 remuneration awards under the LTIP are given in the Remuneration Committee report on pages 166 to 167. For the year to 31 March 2023 \u00a3m 2022 \u00a3m Remuneration for management services 2.9 2.9 Entitlement to pension scheme contributions 0.1 0.1 3.0 3.0 The emoluments and benefits of the key management personnel of the Company, which comprise the Directors and certain members of the Senior Leadership Team, are set out in aggregate in the table below. For the year to 31 March 2023 \u00a3m 2022 \u00a3m Short term employee benefits 7.2 9.0 Share based payments 2.4 1.8 9.6 10.8 No disclosures have been made in accordance with IFRS 2 for share based payments to employees other than those in the Remuneration Committee report on pages 139 on the basis of materiality. c) Staff numbers The average number of employees including Executive Directors during the year was: 2023 Number 2022 Number Property and administration 34 32 d) Auditor\u2019s remuneration For the year to 31 March 2023 \u00a3000 2022 \u00a3000 Audit services: Audit of the Group and Company financial statements, pursuant to legislation 252 225 Other fees: Audit related assurance services 42 38 Total fees for audit and other services 294 263 In addition to the above audit fees, \u00a329,700 (2022: \u00a327,000) was due to the Group\u2019s auditor in respect of its joint venture operations. BDO LLP is responsible for the audit of other subsidiary entities at a cost to the Group of \u00a342,000 (2022: \u00a338,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-350": {
"value": "b) Staff costs For the year to 31 March 2023 \u00a3m 2022 \u00a3m Employee costs, including those of Directors, comprise the following: Wages and salaries 10.3 10.5 Less staff costs capitalised in respect of development projects (2.5) (2.5) 7.8 8.0 Social security costs 0.9 0.8 Pension costs 0.2 0.2 Share based payment 3.6 3.5 12.5 12.5 The long term share incentive plan (\u2018LTIP\u2019) allows Executive Directors and eligible employees to receive an award of shares, held in trust, dependent on performance conditions based on the earnings per share, total shareholder return and total accounting return of the Group over a three year vesting period. The Group expenses the estimated number of shares likely to vest over the three year period based on the market price at the date of grant. In the current year the charge was \u00a33.6 million (2022: \u00a33.5 million). The cost of acquiring the shares expected to vest under the LTIP of \u00a35.6 million has been charged to reserves this year (2022: \u00a31.5 million). Directors\u2019 emoluments are reflected in the table below. Directors received a salary supplement in lieu of pension contributions for the current and previous year. Details of the Directors\u2019 remuneration awards under the LTIP are given in the Remuneration Committee report on pages 166 to 167. For the year to 31 March 2023 \u00a3m 2022 \u00a3m Remuneration for management services 2.9 2.9 Entitlement to pension scheme contributions 0.1 0.1 3.0 3.0 The emoluments and benefits of the key management personnel of the Company, which comprise the Directors and certain members of the Senior Leadership Team, are set out in aggregate in the table below. For the year to 31 March 2023 \u00a3m 2022 \u00a3m Short term employee benefits 7.2 9.0 Share based payments 2.4 1.8 9.6 10.8 No disclosures have been made in accordance with IFRS 2 for share based payments to employees other than those in the Remuneration Committee report on pages 139 on the basis of materiality. c) Staff numbers The average number of employees including Executive Directors during the year was: 2023 Number 2022 Number Property and administration 34 32 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-351": {
"value": "d) Auditor\u2019s remuneration For the year to 31 March 2023 \u00a3000 2022 \u00a3000 Audit services: Audit of the Group and Company financial statements, pursuant to legislation 252 225 Other fees: Audit related assurance services 42 38 Total fees for audit and other services 294 263 In addition to the above audit fees, \u00a329,700 (2022: \u00a327,000) was due to the Group\u2019s auditor in respect of its joint venture operations. BDO LLP is responsible for the audit of other subsidiary entities at a cost to the Group of \u00a342,000 (2022: \u00a338,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-322": {
"value": "5 Finance income and costs a) Finance income For the year to 31 March 2023 \u00a3m 2022 \u00a3m Interest received on bank deposits 0.1 \u2013 Interest receivable from interest rate derivatives 0.7 \u2013 Interest receivable from forward funded developments 2.1 0.5 Total finance income 2.9 0.5 b) Finance costs For the year to 31 March 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and related derivatives 33.3 23.1 Unwinding of discount on fixed rate debt acquired (0.2) (0.2) Debt and hedging early close out costs 0.4 \u2013 Amortisation of loan issue costs 1.6 1.2 Interest on lease liabilities 0.1 0.1 Commitment fees and other finance costs 1.6 1.6 Total borrowing costs 36.8 25.8 Less amounts capitalised on developments (4.0) (1.4) Net borrowing costs 32.8 24.4 Fair value loss on derivative financial instruments 4.0 \u2013 Total finance costs 36.8 24.4 Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivative financial instruments of \u00a34.0 million (2022: nil) and early close out costs of \u00a30.4 million (2022: nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-352": {
"value": "a) Finance income For the year to 31 March 2023 \u00a3m 2022 \u00a3m Interest received on bank deposits 0.1 \u2013 Interest receivable from interest rate derivatives 0.7 \u2013 Interest receivable from forward funded developments 2.1 0.5 Total finance income 2.9 0.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-353": {
"value": "b) Finance costs For the year to 31 March 2023 \u00a3m 2022 \u00a3m Interest payable on bank loans and related derivatives 33.3 23.1 Unwinding of discount on fixed rate debt acquired (0.2) (0.2) Debt and hedging early close out costs 0.4 \u2013 Amortisation of loan issue costs 1.6 1.2 Interest on lease liabilities 0.1 0.1 Commitment fees and other finance costs 1.6 1.6 Total borrowing costs 36.8 25.8 Less amounts capitalised on developments (4.0) (1.4) Net borrowing costs 32.8 24.4 Fair value loss on derivative financial instruments 4.0 \u2013 Total finance costs 36.8 24.4 Net finance costs deducted from EPRA earnings as disclosed in Supplementary note ii exclude the fair value loss on derivative financial instruments of \u00a34.0 million (2022: nil) and early close out costs of \u00a30.4 million (2022: nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-323": {
"value": "6 Taxation For the year to 31 March 2023 \u00a3m 2022 \u00a3m Current tax UK tax charge on profit 0.1 0.1 The tax assessed for the year varies from the standard rate of corporation tax in the UK. The differences are explained below: For the year to 31 March 2023 \u00a3m 2022 \u00a3m (Loss)/profit before tax (507.5) 738.3 Tax charge at the standard rate of corporation tax in the UK of 19% (2022: 19%) (96.4) 140.3 Effect of items not deductible/(taxable) 94.5 (135.8) Effect of share of post tax losses/(profits) of joint ventures 2.0 (4.4) UK tax charge on profit 0.1 0.1 The current tax charge relates to tax arising on income attributable to the Group\u2019s non-controlling interest. The UK corporation tax rate has remained at 19% since April 2020. The increase of the UK corporation rate to 25% was substantively enacted in May 2021 (effective from 1 April 2023). As the Group is a UK REIT there is no provision for deferred tax arising on the revaluation of properties or other temporary differences and so there is no impact on the accounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-324": {
"value": "7 Dividends For the year to 31 March 2023 \u00a3m 2022 \u00a3m Ordinary dividends paid 2021 Third quarterly interim dividend 2.1p per share \u2013 19.0 2021 Fourth quarterly interim dividend 2.35p per share \u2013 21.3 2022 First quarterly interim dividend 2.2p per share \u2013 20.0 2022 Second quarterly interim dividend 2.2p per share \u2013 21.4 2022 Third quarterly interim dividend 2.2p per share 21.5 \u2013 2022 Fourth quarterly interim dividend 2.65p per share 25.9 \u2013 2023 First quarterly interim dividend 2.3p per share 22.5 \u2013 2023 Second quarterly interim dividend 2.3p per share 22.5 \u2013 92.4 81.7 Ordinary dividend payable 2023 Third quarterly interim dividend: 2.3p per share 22.5 2023 Fourth quarterly interim dividend: 2.6p per share 25.5 The Company paid its third quarterly interim dividend in respect of the financial year to 31 March 2023 of 2.3p per share, wholly as a Property Income Distribution (\u2018PID\u2019), on 12 April 2023 to ordinary shareholders on the register at the close of business on 10 March 2023. The fourth quarterly interim dividend for 2023 of 2.6p per share, of which 1.5p is payable as a PID, will be payable on 12 July 2023 to shareholders on the register at the close of business on 2 June 2023. A scrip dividend alternative will be offered to shareholders as it was for the first three quarterly dividend payments. Neither dividend has been included as a liability in these accounts. Both dividends will be recognised as an appropriation of retained earnings in the year to 31 March 2024. During the year, the Company issued 4.0 million ordinary shares under the terms of the Scrip Dividend Scheme, which reduced the cash dividend payment by \u00a39.1 million to \u00a383.3 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-325": {
"value": "8 Earnings and net assets per share Adjusted earnings and net assets per share are calculated in accordance with the Best Practice Recommendations (\u2018BPR\u2019) of the European Public Real Estate Association (\u2018EPRA\u2019). The EPRA earnings measure highlights the underlying performance of the property rental business. The basic earnings per share calculation uses the weighted average number of ordinary shares during the year and excludes the average number of shares held by the Employee Benefit Trust for the year. The basic net asset per share calculation uses the number of shares in issue at the year end and excludes the actual number of shares held by the Employee Benefit Trust at the year end. The fully diluted calculations assume that new shares are issued in connection with the expected vesting of the Group\u2019s long term incentive plan. Further EPRA performance measures are reflected in the Supplementary notes on pages 215 to 221. a) EPRA earnings EPRA earnings for the Group and its share of joint ventures are detailed as follows: For the year to 31 March 100% owned \u00a3m JV \u00a3m NCI \u00a3m 2023 \u00a3m 100% owned \u00a3m JV \u00a3m NCI \u00a3m 2022 \u00a3m Gross rental income 145.6 4.3 (1.5) 148.4 131.5 4.5 (1.3) 134.7 Property costs (1.5) (0.1) \u2013 (1.6) (1.5) (0.1) \u2013 (1.6) Net rental income 144.1 4.2 (1.5) 146.8 130.0 4.4 (1.3) 133.1 Management fees 1.1 (0.5) 0.1 0.7 1.3 (0.5) \u2013 0.8 Other income \u2013 \u2013 \u2013 \u2013 0.4 \u2013 \u2013 0.4 Administrative costs (16.4) (0.1) \u2013 (16.5) (16.0) (0.1) \u2013 (16.1) Net finance costs\u00b9 (29.5) (0.6) 0.2 (29.9) (23.9) (1.0) 0.2 (24.7) Tax (0.1) \u2013 0.1 \u2013 (0.1) \u2013 0.1 \u2013 EPRA earnings 99.2 3.0 (1.1) 101.1 91.7 2.8 (1.0) 93.5 1 Group net finance costs reflect net borrowing costs of \u00a332.8 million (2022: \u00a324.4 million) (note 5b) less early close out costs of \u00a30.4 million (2022: nil) and finance income of \u00a32.9 million (2022: \u00a30.5 million) (note 5a) The reconciliation of EPRA earnings to IFRS reported loss can be summarised as follows: For the year to 31 March 100% owned \u00a3m JV \u00a3m NCI \u00a3m 2023 \u00a3m 100% owned \u00a3m JV \u00a3m NCI \u00a3m 2022 \u00a3m EPRA earnings 99.2 3.0 (1.1) 101.1 91.7 2.8 (1.0) 93.5 Revaluation of property (577.4) (12.5) 2.4 (587.5) 615.2 19.7 (2.7) 632.2 Fair value of derivatives (4.0) (0.1) \u2013 (4.1) \u2013 0.7 \u2013 0.7 (Loss)/profit on disposal (14.7) (0.7) \u2013 (15.4) 8.0 0.2 \u2013 8.2 Debt/hedging costs (0.4) \u2013 \u2013 (0.4) \u2013 (0.1) \u2013 (0.1) IFRS reported (loss)/profit (497.3) (10.3) 1.3 (506.3) 714.9 23.3 (3.7) 734.5 b) Earnings per ordinary share attributable to equity shareholders For the year to 31 March 2023 \u00a3m 2022 \u00a3m Basic and diluted earnings (506.3) 734.5 EPRA adjustments above 607.4 (641.0) EPRA earnings 101.1 93.5 For the year to 31 March 2023 Number of shares (millions) 2022 Number of shares (millions) Ordinary share capital 981.3 934.2 Shares held in the Employee Benefit Trust (2.8) (2.7) Weighted average number of ordinary shares \u2013 basic 978.5 931.5 Employee share schemes 4.1 4.8 Weighted average number of ordinary shares \u2013 fully diluted 982.6 936.3 Earnings per share Basic (51.75)p 78.84p Diluted (51.75)p 78.44p EPRA earnings per share Basic 10.33p 10.04p Diluted 10.28p 9.99p c) Net assets per share attributable to equity shareholders The EPRA best practice recommendations for financial disclosures by public real estate companies include three measures of net asset value: EPRA net tangible assets (\u2018NTA\u2019), EPRA net reinstatement value (\u2018NRV\u2019) and EPRA net disposal value (\u2018NDV\u2019). EPRA NTA is considered to be the most relevant measure for the Group and replaces EPRA NAV as the primary measure of net asset value. All three measures are calculated on a diluted basis, which assumes that new shares are issued in connection with the expected vesting of the Group\u2019s long term incentive plan. As at 31 March 2023 EPRA net tangible assets \u00a3m EPRA net disposal value \u00a3m EPRA net reinstatement value \u00a3m Equity shareholders\u2019 funds 1,967.3 1,967.3 1,967.3 Fair value of Group derivatives (11.1) \u2013 (11.1) Mark to market of fixed rate debt \u2013 59.8 \u2013 Purchasers\u2019 costs\u00b9 \u2013 \u2013 203.8 EPRA net asset value 1,956.2 2,027.1 2,160.0 1 Estimated from the portfolio\u2019s external valuation which is stated net of purchasers\u2019 costs of 6.8% As at 31 March 2022 EPRA net tangible assets \u00a3m EPRA net disposal value \u00a3m EPRA net reinstatement value \u00a3m Equity shareholders\u2019 funds 2,559.7 2,559.7 2,559.7 Fair value of joint ventures\u2019 derivatives (0.1) \u2013 (0.1) Mark to market of fixed rate debt \u2013 11.3 \u2013 Purchasers\u2019 costs \u2013 \u2013 244.7 EPRA net asset value 2,559.6 2,571.0 2,804.3 As at 31 March 2023 Number of shares (millions) 2022 Number of shares (millions) Ordinary share capital 982.6 978.6 Shares held in Employee Benefit Trust (2.9) (2.7) Number of ordinary shares \u2013 basic 979.7 975.9 Employee share schemes 3.9 4.5 Number of ordinary shares \u2013 fully diluted 983.6 980.4 IFRS net asset value per share 203.7p 262.3p EPRA net tangible assets per share 198.9p 261.1p EPRA net disposal value per share 206.1p 262.2p EPRA net reinstatement value per share 219.6p 286.0p ",
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"fact-326": {
"value": "9 Investment properties a) Investment properties As at 31 March Completed \u00a3m Under development \u00a3m 2023 Total \u00a3m Completed \u00a3m Under development \u00a3m 2022 Total \u00a3m Opening balance 3,423.4 66.7 3,490.1 2,440.8 58.7 2,499.5 Acquisitions 187.4 70.4 257.8 457.5 43.5 501.0 Capital expenditure 7.7 17.0 24.7 10.4 44.6 55.0 Disposals (247.8) \u2013 (247.8) (60.4) (3.4) (63.8) Property transfers\u00b9 87.0 (106.8) (19.8) (28.9) (94.3) (123.2) Revaluation movement (562.7) (14.7) (577.4) 598.4 16.8 615.2 Movement in tenant incentives and rent free uplifts 10.2 \u2013 10.2 5.6 0.8 6.4 Property portfolio 2,905.2 32.6 2,937.8 3,423.4 66.7 3,490.1 Head lease and right of use assets 7.1 \u2013 7.1 4.5 \u2013 4.5 2,912.3 32.6 2,944.9 3,427.9 66.7 3,494.6 1 Properties totalling \u00a319.8 million (2022: \u00a321.2 million) have been transferred to current assets and separately disclosed as assets held for sale as reflected in note 9b Investment properties are stated at fair value as at 31 March 2023 based on external valuations performed by professionally qualified and independent valuers CBRE Limited (\u2018CBRE\u2019) and Savills (UK) Limited (\u2018Savills\u2019). The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards 2022 on the basis of fair value as set out in note 1. There has been no change in the valuation technique in the year. The total fees earned by CBRE and Savills from the Company represent less than 5% of their total UK revenues. CBRE and Savills have continuously been the signatory of valuations for the Company since October 2007 and September 2010 respectively. Completed properties include buildings that are occupied or are available for occupation. Properties under development include land under development and investment property under construction. Internal staff costs of the development team of \u00a32.5 million (2022: \u00a32.5 million) have been capitalised, being directly attributable to the development projects in progress. Long term leasehold values included within investment properties amount to \u00a389.3 million (2022: \u00a3169.7 million). All other properties are freehold. The historical cost of all of the Group\u2019s investment properties at 31 March 2023 was \u00a32,448.7 million (2022: \u00a32,358.4 million). Included within the investment property valuation is \u00a396.0 million (2022: \u00a385.8 million) in respect of unamortised lease incentives and rent free periods. The movement in the year reflects lease incentives paid of \u00a32.6 million (2022: \u00a34.2 million) and rent free and amortisation movements of \u00a311.7 million (2022: \u00a38.9 million), offset by incentives written off on disposal of \u00a34.1 million (2022: \u00a36.7 million). Capital commitments have been entered into amounting to \u00a320.3 million (2022: \u00a3127.4 million) which have not been provided for in the financial statements. At 31 March 2023, investment properties included \u00a37.1 million for the head lease right of use assets in accordance with IFRS 16 (2022: \u00a34.5 million). b) Assets held for sale 2023 \u00a3m 2022 \u00a3m Opening balance 21.2 \u2013 Disposals (21.2) (102.0) Property transfers 19.8 123.2 Closing balance 19.8 21.2 The valuation of freehold property held for sale at 31 March 2023 was \u00a319.8 million (2022: \u00a321.2 million), representing \u00a316.0 million distribution and \u00a33.8 million long income assets which are expected to complete within the next six months. Assets held for sale at 1 April 2021 of \u00a322.4 million were not separately disclosed on the face of the balance sheet and were classified within investment properties. c) Valuation technique and quantitative information Fair value 20231 \u00a3m Valuation technique ERV Net initial yield Reversionary yield Asset type Weighted average (\u00a3 per sq ft) Range (\u00a3 per sq ft) Weighted average % Range % Weighted average % Range % Distribution 2,159.9 Yield capitalisation 9.32 5.60-32.30 4.2 2.7-12.1 5.4 2.8-11.8 Long income 659.8 Yield capitalisation 14.20 3.20-173.70 4.9 3.2-12.2 4.9 2.9-25.8 Retail parks 82.7 Yield capitalisation 15.39 4.20-31.20 5.4 4.8-16.3 5.0 4.8-9.2 Office 21.7 Yield capitalisation 16.59 10.00-43.00 7.0 3.3-12.0 7.9 6.9-9.8 Development 32.6 Residual 10.71 7.64-20.07 4.6 3.3-6.7 5.7 5.0-6.7 Residential 0.9 Comparison n/a n/a n/a n/a n/a n/a 1 As reflected in note 2 and including assets held for sale of \u00a319.8 million but excluding trading properties classified as development of \u00a31.1 million ERV Net initial yield Reversionary yield Asset type Fair value 2022 \u00a3m Valuation technique Weighted average (\u00a3 per sq ft) Range (\u00a3 per sq ft) Weighted average % Range % Weighted average % Range % Distribution 2,642.0 Yield capitalisation 8.24 4.10-28.80 3.3 2.0-6.0 4.0 3.0-6.8 Long income 703.8 Yield capitalisation 15.00 3.00-173.70 4.5 2.7-11.5 4.4 2.5-22.0 Retail parks 70.6 Yield capitalisation 13.34 5.00-18.80 4.8 4.0-13.3 4.6 4.3-8.1 Office 27.3 Yield capitalisation 16.92 10.00-43.00 6.4 4.4-8.8 6.8 6.0-9.3 Development 66.7 Residual 14.07 7.75-42.09 3.6 3.1-5.8 4.3 3.5-5.8 Residential 0.9 Comparison n/a n/a n/a n/a n/a n/a All of the Group\u2019s properties are categorised as Level 3 in the fair value hierarchy as defined by IFRS 13 fair value measurement. There have been no transfers of properties between Levels 1, 2 and 3 during the year ended 31 March 2023. The fair value at 31 March 2023 represents the highest and best use of the properties. When considering the highest and best use, the valuers will look at its existing and potential uses which are viable. i) Technique The valuation techniques described below are consistent with IFRS 13 and use significant \u2018unobservable\u2019 inputs such as Expected Rental Value (\u2018ERV\u2019) and yield. There have been no changes in valuation techniques since the prior year. Yield capitalisation \u2013 for commercial investment properties, market rental values are capitalised with a market capitalisation rate. The resulting valuations are cross- checked against the net initial yields and the fair market values per square foot derived from recent market transactions. Residual \u2013 for certain investment properties under development, the fair value of the property is calculated by estimating the fair value of the completed property using the yield capitalisation technique less estimated costs to completion and a risk premium which includes but is not limited to construction and letting risk. Comparison \u2013 for residential properties the fair value is calculated by using data from recent market transactions. ii) Sensitivity A 5% increase or decrease in ERV would increase or decrease the fair value of the Group\u2019s investment properties by \u00a393.0 million or \u00a392.3 million respectively. An increase or decrease of 25bps to the equivalent yield would decrease or increase the fair value of the Group\u2019s investment properties by \u00a3127.9 million or \u00a3153.4 million respectively. An increase or decrease of 50bps to the equivalent yield would decrease or increase the fair value of the Group\u2019s investment properties by \u00a3266.7 million or \u00a3324.6 million respectively. There are interrelationships between the unobservable inputs as they are determined by market conditions; an increase in more than one input could magnify or mitigate the impact on the valuation. iii) Process The valuation reports produced by CBRE and Savills are based on: \u2022 Information provided by the Group, such as current rents, lease terms, capital expenditure and comparable sales information, which is derived from the Group\u2019s financial and property management systems and is subject to the Group\u2019s overall control environment \u2022 Assumptions applied by the valuers such as ERVs and yields which are based on market observation and their professional judgement ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-327": {
"value": "10 Investment in joint ventures At 31 March 2023, the following principal property interests, being jointly controlled entities, have been equity accounted for in these financial statements: Country of incorporation or registration1 Property sectors Group share Metric Income Plus Partnership England Long income 50.0% LSP London Residential Investments Limited Guernsey Residential 40.0% 1 The registered address for entities incorporated in England is One Curzon Street, London, W1J 5HB. The registered address for entities incorporated in Guernsey is Regency Court, Glategny Esplanade, St Peter Port, Guernsey, GY1 3AP The principal activity of joint venture interests is property investment in the UK in the sectors noted in the table above, which complements the Group\u2019s operations and contributes to the achievement of its strategy. The Metric Income Plus Partnership (\u2018MIPP\u2019), in which the Company has a 50% interest, sold two properties in the year for \u00a326.7 million (Group share: \u00a313.3 million). Post period end, it has repaid bank debt of \u00a326.9 million in full with existing cash resources and additional funding from its partners of \u00a321.0 million. At 31 March 2023, the investment properties were externally valued by Royal Institution of Chartered Surveyors (\u2018RICS\u2019) registered valuers, CBRE. There were no properties held for sale by joint ventures at 31 March 2023 (2022: nil). The movement in the carrying value of joint venture interests in the year is summarised as follows: As at 31 March 2023 \u00a3m 2022 \u00a3m Opening balance 72.6 59.2 Share of (loss)/profit in the year (10.3) 23.3 Distributions received (0.8) (9.9) 61.5 72.6 The Group\u2019s share of the profit after tax and net assets of its joint ventures is as follows: Summarised income statement Metric Income Plus Partnership \u00a3m LSP London Residential Investments \u00a3m Total 2023 \u00a3m Group share 2023 \u00a3m Gross rental income 8.6 \u2013 8.6 4.3 Property costs (0.1) \u2013 (0.1) (0.1) Net rental income 8.5 \u2013 8.5 4.2 Administrative costs (0.1) \u2013 (0.1) (0.1) Management fees (1.0) \u2013 (1.0) (0.5) Revaluation (24.9) \u2013 (24.9) (12.5) Net finance cost (1.3) \u2013 (1.3) (0.6) Derivative movement (0.2) \u2013 (0.2) (0.1) Loss on disposal (1.6) \u2013 (1.6) (0.7) Loss after tax (20.6) \u2013 (20.6) (10.3) Group share of loss after tax (10.3) \u2013 (10.3) EPRA adjustments: Revaluation 24.9 \u2013 24.9 12.5 Derivative movement 0.2 \u2013 0.2 0.1 Loss on disposal 1.6 \u2013 1.6 0.7 EPRA earnings 6.1 \u2013 6.1 3.0 Group share of EPRA earnings 3.0 \u2013 3.0 Summarised balance sheet Investment properties 141.6 \u2013 141.6 70.8 Other current assets 0.1 \u2013 0.1 0.1 Cash 10.6 0.2 10.8 5.4 Current liabilities (2.5) \u2013 (2.5) (1.3) Bank debt (26.9) \u2013 (26.9) (13.5) Net assets 122.9 0.2 123.1 61.5 Group share of net assets 61.4 0.1 61.5 Summarised income statement Metric Income Plus Partnership \u00a3m LSP London Residential Investments \u00a3m Total 2022 \u00a3m Group share 2022 \u00a3m Gross rental income 8.9 \u2013 8.9 4.5 Property costs (0.2) \u2013 (0.2) (0.1) Net rental income 8.7 \u2013 8.7 4.4 Administrative costs (0.1) \u2013 (0.1) (0.1) Management fees (1.0) \u2013 (1.0) (0.5) Revaluation 39.7 (0.5) 39.2 19.7 Net finance cost (2.1) \u2013 (2.1) (1.1) Derivative movement 1.3 \u2013 1.3 0.7 Profit/(loss) on disposal 0.5 (0.1) 0.4 0.2 Profit/(loss) after tax 47.0 (0.6) 46.4 23.3 Group share of profit/(loss) after tax 23.5 (0.2) 23.3 EPRA adjustments: Revaluation (39.7) 0.5 (39.2) (19.7) Debt and hedging early close out costs 0.2 \u2013 0.2 0.1 Derivative movement (1.3) \u2013 (1.3) (0.7) Profit/(loss) on disposal (0.5) 0.1 (0.4) (0.2) EPRA earnings 5.7 \u2013 5.7 2.8 Group share of EPRA earnings 2.8 \u2013 2.8 Summarised balance sheet Investment properties 193.3 \u2013 193.3 96.6 Other current assets 0.3 \u2013 0.3 0.2 Cash 7.0 0.3 7.3 3.6 Current liabilities (2.9) (0.1) (3.0) (1.5) Bank debt (53.1) \u2013 (53.1) (26.5) Unamortised finance costs 0.2 \u2013 0.2 0.1 Derivative financial instruments 0.2 \u2013 0.2 0.1 Net assets 145.0 0.2 145.2 72.6 Group share of net assets 72.5 0.1 72.6 ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-328": {
"value": "11 Trade and other receivables As at 31 March 2023 \u00a3m 2022 \u00a3m Trade receivables 2.5 5.7 Prepayments and accrued income 1.6 6.2 Other receivables 1.7 1.2 5.8 13.1 All amounts fall due for payment in less than one year. Trade receivables comprise rental income which is due on contractual payment days with no credit period. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-329": {
"value": "12 Cash and cash equivalents Cash and cash equivalents include \u00a38.7 million (2022: \u00a37.4 million) retained in rent and restricted accounts which are not readily available to the Group for day to day commercial purposes. ",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-330": {
"value": "13 Trade and other payables As at 31 March 2023 \u00a3m 2022 \u00a3m Trade payables 12.9 12.2 Amounts payable on property acquisitions and disposals 1.0 1.0 Rent received in advance 25.3 24.6 Accrued interest 1.5 1.0 Other payables 10.9 7.1 Other accruals and deferred income 14.3 13.5 65.9 59.4 The Group has financial risk management policies in place to ensure that all payables are settled within the required credit timeframe. ",
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-331": {
"value": "14 Borrowings and financial instruments a) Borrowings As at 31 March 2023 \u00a3m 2022 \u00a3m Secured bank loans 62.0 62.2 Unsecured bank loans 955.0 965.0 1,017.0 1,027.2 Unamortised finance costs (7.2) (5.8) 1,009.8 1,021.4 Certain bank loans at 31 March 2023 are secured by fixed charges over Group investment properties with a carrying value of \u00a3232.6 million (2022: \u00a3284.7 million). Borrowings of \u00a365 million relating to the 2016 Private Placement are repayable within one year. As at 31 March 2023 Total facility \u00a3m Floating rate \u00a3m Fixed rate \u00a3m Total debt \u00a3m Weighted average maturity (years) Secured bank loans: Scottish Widows fixed rate debt 60.0 \u2013 62.0 62.0 8.7 Unsecured bank loans: Revolving credit facility 2021 (syndicate) 225.0 135.0 \u2013 135.0 2.1 Wells Fargo revolving credit facility 175.0 30.0 \u2013 30.0 4.1 Revolving credit facility 2022 (syndicate) 275.0 130.0 \u2013 130.0 2.6 Private Placement 2016 (syndicate) 130.0 \u2013 130.0 130.0 1.7 Private Placement 2018 (syndicate) 150.0 \u2013 150.0 150.0 7.8 Private Placement 2021(syndicate) 380.0 \u2013 380.0 380.0 9.2 1,395.0 295.0 722.0 1,017.0 6.1 During the year, we completed a new \u00a3275 million revolving credit facility on similar terms and pricing as our existing \u00a3225 million syndicated facility and extended the term by one year on our other two revolving credit facilities totalling \u00a3400 million. As at 31 March 2022 Total facility \u00a3m Floating rate \u00a3m Fixed rate \u00a3m Total debt \u00a3m Weighted average maturity (years) Secured bank loans: Scottish Widows fixed rate debt 60.0 \u2013 62.2 62.2 9.7 Unsecured bank loans: Revolving credit facility (syndicate) 225.0 100.0 \u2013 100.0 2.1 Wells Fargo revolving credit facility 175.0 55.0 \u2013 55.0 4.1 Barclays credit facility 150.0 150.0 \u2013 150.0 1.3 Private Placement 2016 (syndicate) 130.0 \u2013 130.0 130.0 2.7 Private Placement 2018 (syndicate) 150.0 \u2013 150.0 150.0 8.8 Private Placement 2021(syndicate) 380.0 \u2013 380.0 380.0 10.2 1,270.0 305.0 722.2 1,027.2 6.6 The third tranche of our private placement loan notes totalling \u00a3380 million includes a \u00a350 million green tranche to fund qualifying expenditure on buildings which have high sustainability standards. The three revolving credit facilities totalling \u00a3675 million are sustainability-linked loans and incorporate preferential pricing for compliance with ESG targets linked to EPC ratings, renewable installations and developments meeting a minimum BREEAM Very Good standard. Margin savings have been added to funds allocated for charitable giving in the year. b) Financial risk management Financial risk factors The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group\u2019s financial risk management objectives are to minimise the effect of risks it is exposed to through its operations and the use of debt financing. The principal financial risks to the Group and the policies it has in place to manage these risks are summarised below: i) Credit risk Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations. The Group\u2019s principal financial assets are cash balances and deposits and trade and other receivables. The Group\u2019s credit risk is primarily attributable to its cash deposits and trade receivables. The Group mitigates financial loss from tenant defaults by dealing with only creditworthy tenants. Trade receivables are presented at amortised cost less loss allowance for expected credit losses. The loss allowance balance is low relative to the scale of the balance sheet and therefore the credit risk of trade receivables is considered to be low. Cash is held in a diverse mix of institutions with investment grade credit ratings. The credit ratings of the banks are monitored and changes are made where necessary to manage risk. The credit risk on liquid funds and derivative financial instruments is limited due to the Group\u2019s policy of monitoring counterparty exposures with a maximum exposure equal to the carrying amount of these instruments. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties. ii) Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group actively maintains a mixture of long term and short term committed facilities that are designed to ensure that the Group has sufficient available funds for operations. The Group\u2019s funding sources are diversified across a range of banks and institutions. Weekly cash flow forecasts are prepared for the Senior Leadership Team to ensure sufficient resources of cash and undrawn debt facilities are in place to meet liabilities as they fall due. The Group had cash reserves of \u00a332.6 million (2022: \u00a351.3 million) and available and undrawn bank loan facilities at 31 March 2023 of \u00a3380.0 million (2022: \u00a3245.0 million). The following table shows the contractual maturity profile of the Group\u2019s bank loans, interest payments on bank loans and derivative financial instruments on an undiscounted cash flow basis and assuming settlement on the earliest repayment date. Other financial liabilities as disclosed in note 14c(i) include trade payables and accrued interest and are repayable within one year. The contractual maturity profile of lease liabilities disclosed in the balance sheet is reflected in note 15. As at 31 March 2023 Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Total \u00a3m Bank loans 102.6 76.2 356.4 676.6 1,211.8 Derivative financial instruments (3.7) (3.7) (7.8) \u2013 (15.2) 98.9 72.5 348.6 676.6 1,196.6 As at 31 March 2022 Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Total \u00a3m Bank loans 76.4 189.5 249.8 693.4 1,209.1 iii) Market risk \u2013 interest rate risk The Group is exposed to interest rate risk from the use of debt financing at a variable rate. It is the risk that future cash flows of a financial instrument will fluctuate because of changes in interest rates. It is Group policy that a reasonable portion of external borrowings are at a fixed interest rate in order to manage this risk. The Group uses interest rate derivatives and fixed rates to manage its interest rate exposure and hedge future interest rate risk for the term of the bank loan. Although the Board accepts that this policy neither protects the Group entirely from the risk of paying rates in excess of current market rates nor eliminates fully the cash flow risk associated with interest payments, it considers that it achieves an appropriate balance of exposure to these risks. At 31 March 2023, 93% of the Group\u2019s (including share of joint ventures) debt drawn was hedged, through fixed coupon debt arrangements and interest rate swaps. The average interest rate payable by the Group (including share of joint ventures) on all bank borrowings at 31 March 2023 including the cost of amortising finance arrangement fees, was 3.4% (2022: 2.6%). A 1% increase or decrease in interest rates during the year would have decreased or increased the Group\u2019s annual profit before tax by \u00a33.0 million or \u00a32.5 million respectively. i v) Capital risk management The Group\u2019s objectives when maintaining capital are to safeguard the entity\u2019s ability to continue as a going concern so that it can provide returns to shareholders and as such it seeks to maintain an appropriate mix of debt and equity. The capital structure of the Group consists of debt, which includes long term borrowings and undrawn debt facilities, and equity comprising issued capital, reserves and retained earnings. The Group balances its overall capital structure through the payment of dividends, new share issues as well as the issue of new debt or the redemption of existing debt. The Group seeks to maintain an efficient capital structure with a balance of debt and equity as shown in the table below. As at 31 March 2023 \u00a3m 2022 \u00a3m Net debt 974.7 975.7 Shareholders\u2019 equity 1,967.3 2,559.7 2,942.0 3,535.4 c) Financial instruments i) Categories of financial instruments Measured at amortised cost Measured at fair value As at 31 March 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Non current assets Derivative financial instruments (see 14c (iii)) \u2013 \u2013 11.1 \u2013 Current assets Cash and cash equivalents (note 12) 32.6 51.3 \u2013 \u2013 Trade receivables (note 11) 2.5 5.7 \u2013 \u2013 Other receivables (note 11) 1.7 1.2 \u2013 \u2013 36.8 58.2 11.1 \u2013 Non current liabilities Borrowings (note 14a) 944.8 1,021.4 \u2013 \u2013 Lease liabilities (note 15) 7.1 4.6 \u2013 \u2013 Current liabilities Borrowings (note 14a) 65.0 \u2013 \u2013 \u2013 Trade payables (note 13) 12.9 12.2 \u2013 \u2013 Accrued interest (note 13) 1.5 1.0 \u2013 \u2013 1,031.3 1,039.2 \u2013 \u2013 ii) Fair values To the extent financial assets and liabilities are not carried at fair value in the consolidated balance sheet, the Directors are of the opinion that book value approximates to fair value at 31 March 2023. iii) Derivative financial instruments Details of the fair value of the Group\u2019s derivative financial instruments that were in place at 31 March 2023 are provided below: As at 31 March Average rate Notional amount Fair value Interest rate swaps \u2013 expiry 2023 % 2022 % 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Two to five years 2.5 \u2013 225.0 \u2013 11.1 \u2013 All derivative financial instruments are non current interest rate derivatives, and are carried at fair value following a valuation at the period end by Chatham Financial. In accordance with accounting standards, fair value is estimated by calculating the present value of future cash flows, using appropriate market discount rates. For all derivative financial instruments this equates to a Level 2 fair value measurement as defined by IFRS 13 Fair Value Measurement. The valuation therefore does not reflect the cost or gain to the Group of cancelling its interest rate protection at the balance sheet date, which is generally a marginally higher cost (or smaller gain) than a market valuation. During the year, the Group acquired \u00a3225 million interest rate swaps at a cost of \u00a315.1 million and at an average rate of 2.52%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-357": {
"value": "b) Financial risk management Financial risk factors The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group\u2019s financial risk management objectives are to minimise the effect of risks it is exposed to through its operations and the use of debt financing. The principal financial risks to the Group and the policies it has in place to manage these risks are summarised below: i) Credit risk Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations. The Group\u2019s principal financial assets are cash balances and deposits and trade and other receivables. The Group\u2019s credit risk is primarily attributable to its cash deposits and trade receivables. The Group mitigates financial loss from tenant defaults by dealing with only creditworthy tenants. Trade receivables are presented at amortised cost less loss allowance for expected credit losses. The loss allowance balance is low relative to the scale of the balance sheet and therefore the credit risk of trade receivables is considered to be low. Cash is held in a diverse mix of institutions with investment grade credit ratings. The credit ratings of the banks are monitored and changes are made where necessary to manage risk. The credit risk on liquid funds and derivative financial instruments is limited due to the Group\u2019s policy of monitoring counterparty exposures with a maximum exposure equal to the carrying amount of these instruments. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties. ii) Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group actively maintains a mixture of long term and short term committed facilities that are designed to ensure that the Group has sufficient available funds for operations. The Group\u2019s funding sources are diversified across a range of banks and institutions. Weekly cash flow forecasts are prepared for the Senior Leadership Team to ensure sufficient resources of cash and undrawn debt facilities are in place to meet liabilities as they fall due. The Group had cash reserves of \u00a332.6 million (2022: \u00a351.3 million) and available and undrawn bank loan facilities at 31 March 2023 of \u00a3380.0 million (2022: \u00a3245.0 million). The following table shows the contractual maturity profile of the Group\u2019s bank loans, interest payments on bank loans and derivative financial instruments on an undiscounted cash flow basis and assuming settlement on the earliest repayment date. Other financial liabilities as disclosed in note 14c(i) include trade payables and accrued interest and are repayable within one year. The contractual maturity profile of lease liabilities disclosed in the balance sheet is reflected in note 15. As at 31 March 2023 Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Total \u00a3m Bank loans 102.6 76.2 356.4 676.6 1,211.8 Derivative financial instruments (3.7) (3.7) (7.8) \u2013 (15.2) 98.9 72.5 348.6 676.6 1,196.6 As at 31 March 2022 Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Total \u00a3m Bank loans 76.4 189.5 249.8 693.4 1,209.1 iii) Market risk \u2013 interest rate risk The Group is exposed to interest rate risk from the use of debt financing at a variable rate. It is the risk that future cash flows of a financial instrument will fluctuate because of changes in interest rates. It is Group policy that a reasonable portion of external borrowings are at a fixed interest rate in order to manage this risk. The Group uses interest rate derivatives and fixed rates to manage its interest rate exposure and hedge future interest rate risk for the term of the bank loan. Although the Board accepts that this policy neither protects the Group entirely from the risk of paying rates in excess of current market rates nor eliminates fully the cash flow risk associated with interest payments, it considers that it achieves an appropriate balance of exposure to these risks. At 31 March 2023, 93% of the Group\u2019s (including share of joint ventures) debt drawn was hedged, through fixed coupon debt arrangements and interest rate swaps. The average interest rate payable by the Group (including share of joint ventures) on all bank borrowings at 31 March 2023 including the cost of amortising finance arrangement fees, was 3.4% (2022: 2.6%). A 1% increase or decrease in interest rates during the year would have decreased or increased the Group\u2019s annual profit before tax by \u00a33.0 million or \u00a32.5 million respectively. i v) Capital risk management The Group\u2019s objectives when maintaining capital are to safeguard the entity\u2019s ability to continue as a going concern so that it can provide returns to shareholders and as such it seeks to maintain an appropriate mix of debt and equity. The capital structure of the Group consists of debt, which includes long term borrowings and undrawn debt facilities, and equity comprising issued capital, reserves and retained earnings. The Group balances its overall capital structure through the payment of dividends, new share issues as well as the issue of new debt or the redemption of existing debt. The Group seeks to maintain an efficient capital structure with a balance of debt and equity as shown in the table below. As at 31 March 2023 \u00a3m 2022 \u00a3m Net debt 974.7 975.7 Shareholders\u2019 equity 1,967.3 2,559.7 2,942.0 3,535.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-364": {
"value": "i) Credit risk Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations. The Group\u2019s principal financial assets are cash balances and deposits and trade and other receivables. The Group\u2019s credit risk is primarily attributable to its cash deposits and trade receivables. The Group mitigates financial loss from tenant defaults by dealing with only creditworthy tenants. Trade receivables are presented at amortised cost less loss allowance for expected credit losses. The loss allowance balance is low relative to the scale of the balance sheet and therefore the credit risk of trade receivables is considered to be low. Cash is held in a diverse mix of institutions with investment grade credit ratings. The credit ratings of the banks are monitored and changes are made where necessary to manage risk. The credit risk on liquid funds and derivative financial instruments is limited due to the Group\u2019s policy of monitoring counterparty exposures with a maximum exposure equal to the carrying amount of these instruments. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-365": {
"value": "ii) Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group actively maintains a mixture of long term and short term committed facilities that are designed to ensure that the Group has sufficient available funds for operations. The Group\u2019s funding sources are diversified across a range of banks and institutions. Weekly cash flow forecasts are prepared for the Senior Leadership Team to ensure sufficient resources of cash and undrawn debt facilities are in place to meet liabilities as they fall due. The Group had cash reserves of \u00a332.6 million (2022: \u00a351.3 million) and available and undrawn bank loan facilities at 31 March 2023 of \u00a3380.0 million (2022: \u00a3245.0 million). The following table shows the contractual maturity profile of the Group\u2019s bank loans, interest payments on bank loans and derivative financial instruments on an undiscounted cash flow basis and assuming settlement on the earliest repayment date. Other financial liabilities as disclosed in note 14c(i) include trade payables and accrued interest and are repayable within one year. The contractual maturity profile of lease liabilities disclosed in the balance sheet is reflected in note 15. As at 31 March 2023 Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Total \u00a3m Bank loans 102.6 76.2 356.4 676.6 1,211.8 Derivative financial instruments (3.7) (3.7) (7.8) \u2013 (15.2) 98.9 72.5 348.6 676.6 1,196.6 As at 31 March 2022 Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m More than five years \u00a3m Total \u00a3m Bank loans 76.4 189.5 249.8 693.4 1,209.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-366": {
"value": "iii) Market risk \u2013 interest rate risk The Group is exposed to interest rate risk from the use of debt financing at a variable rate. It is the risk that future cash flows of a financial instrument will fluctuate because of changes in interest rates. It is Group policy that a reasonable portion of external borrowings are at a fixed interest rate in order to manage this risk. The Group uses interest rate derivatives and fixed rates to manage its interest rate exposure and hedge future interest rate risk for the term of the bank loan. Although the Board accepts that this policy neither protects the Group entirely from the risk of paying rates in excess of current market rates nor eliminates fully the cash flow risk associated with interest payments, it considers that it achieves an appropriate balance of exposure to these risks. At 31 March 2023, 93% of the Group\u2019s (including share of joint ventures) debt drawn was hedged, through fixed coupon debt arrangements and interest rate swaps. The average interest rate payable by the Group (including share of joint ventures) on all bank borrowings at 31 March 2023 including the cost of amortising finance arrangement fees, was 3.4% (2022: 2.6%). A 1% increase or decrease in interest rates during the year would have decreased or increased the Group\u2019s annual profit before tax by \u00a33.0 million or \u00a32.5 million respectively. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-367": {
"value": "v) Capital risk management The Group\u2019s objectives when maintaining capital are to safeguard the entity\u2019s ability to continue as a going concern so that it can provide returns to shareholders and as such it seeks to maintain an appropriate mix of debt and equity. The capital structure of the Group consists of debt, which includes long term borrowings and undrawn debt facilities, and equity comprising issued capital, reserves and retained earnings. The Group balances its overall capital structure through the payment of dividends, new share issues as well as the issue of new debt or the redemption of existing debt. The Group seeks to maintain an efficient capital structure with a balance of debt and equity as shown in the table below. As at 31 March 2023 \u00a3m 2022 \u00a3m Net debt 974.7 975.7 Shareholders\u2019 equity 1,967.3 2,559.7 2,942.0 3,535.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-358": {
"value": "c) Financial instruments i) Categories of financial instruments Measured at amortised cost Measured at fair value As at 31 March 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Non current assets Derivative financial instruments (see 14c (iii)) \u2013 \u2013 11.1 \u2013 Current assets Cash and cash equivalents (note 12) 32.6 51.3 \u2013 \u2013 Trade receivables (note 11) 2.5 5.7 \u2013 \u2013 Other receivables (note 11) 1.7 1.2 \u2013 \u2013 36.8 58.2 11.1 \u2013 Non current liabilities Borrowings (note 14a) 944.8 1,021.4 \u2013 \u2013 Lease liabilities (note 15) 7.1 4.6 \u2013 \u2013 Current liabilities Borrowings (note 14a) 65.0 \u2013 \u2013 \u2013 Trade payables (note 13) 12.9 12.2 \u2013 \u2013 Accrued interest (note 13) 1.5 1.0 \u2013 \u2013 1,031.3 1,039.2 \u2013 \u2013 ii) Fair values To the extent financial assets and liabilities are not carried at fair value in the consolidated balance sheet, the Directors are of the opinion that book value approximates to fair value at 31 March 2023. iii) Derivative financial instruments Details of the fair value of the Group\u2019s derivative financial instruments that were in place at 31 March 2023 are provided below: As at 31 March Average rate Notional amount Fair value Interest rate swaps \u2013 expiry 2023 % 2022 % 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Two to five years 2.5 \u2013 225.0 \u2013 11.1 \u2013 All derivative financial instruments are non current interest rate derivatives, and are carried at fair value following a valuation at the period end by Chatham Financial. In accordance with accounting standards, fair value is estimated by calculating the present value of future cash flows, using appropriate market discount rates. For all derivative financial instruments this equates to a Level 2 fair value measurement as defined by IFRS 13 Fair Value Measurement. The valuation therefore does not reflect the cost or gain to the Group of cancelling its interest rate protection at the balance sheet date, which is generally a marginally higher cost (or smaller gain) than a market valuation. During the year, the Group acquired \u00a3225 million interest rate swaps at a cost of \u00a315.1 million and at an average rate of 2.52%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-354": {
"value": "c) Financial instruments i) Categories of financial instruments Measured at amortised cost Measured at fair value As at 31 March 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Non current assets Derivative financial instruments (see 14c (iii)) \u2013 \u2013 11.1 \u2013 Current assets Cash and cash equivalents (note 12) 32.6 51.3 \u2013 \u2013 Trade receivables (note 11) 2.5 5.7 \u2013 \u2013 Other receivables (note 11) 1.7 1.2 \u2013 \u2013 36.8 58.2 11.1 \u2013 Non current liabilities Borrowings (note 14a) 944.8 1,021.4 \u2013 \u2013 Lease liabilities (note 15) 7.1 4.6 \u2013 \u2013 Current liabilities Borrowings (note 14a) 65.0 \u2013 \u2013 \u2013 Trade payables (note 13) 12.9 12.2 \u2013 \u2013 Accrued interest (note 13) 1.5 1.0 \u2013 \u2013 1,031.3 1,039.2 \u2013 \u2013 ii) Fair values To the extent financial assets and liabilities are not carried at fair value in the consolidated balance sheet, the Directors are of the opinion that book value approximates to fair value at 31 March 2023. iii) Derivative financial instruments Details of the fair value of the Group\u2019s derivative financial instruments that were in place at 31 March 2023 are provided below: As at 31 March Average rate Notional amount Fair value Interest rate swaps \u2013 expiry 2023 % 2022 % 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Two to five years 2.5 \u2013 225.0 \u2013 11.1 \u2013 All derivative financial instruments are non current interest rate derivatives, and are carried at fair value following a valuation at the period end by Chatham Financial. In accordance with accounting standards, fair value is estimated by calculating the present value of future cash flows, using appropriate market discount rates. For all derivative financial instruments this equates to a Level 2 fair value measurement as defined by IFRS 13 Fair Value Measurement. The valuation therefore does not reflect the cost or gain to the Group of cancelling its interest rate protection at the balance sheet date, which is generally a marginally higher cost (or smaller gain) than a market valuation. During the year, the Group acquired \u00a3225 million interest rate swaps at a cost of \u00a315.1 million and at an average rate of 2.52%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-368": {
"value": "iii) Derivative financial instruments Details of the fair value of the Group\u2019s derivative financial instruments that were in place at 31 March 2023 are provided below: As at 31 March Average rate Notional amount Fair value Interest rate swaps \u2013 expiry 2023 % 2022 % 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Two to five years 2.5 \u2013 225.0 \u2013 11.1 \u2013 All derivative financial instruments are non current interest rate derivatives, and are carried at fair value following a valuation at the period end by Chatham Financial. In accordance with accounting standards, fair value is estimated by calculating the present value of future cash flows, using appropriate market discount rates. For all derivative financial instruments this equates to a Level 2 fair value measurement as defined by IFRS 13 Fair Value Measurement. The valuation therefore does not reflect the cost or gain to the Group of cancelling its interest rate protection at the balance sheet date, which is generally a marginally higher cost (or smaller gain) than a market valuation. During the year, the Group acquired \u00a3225 million interest rate swaps at a cost of \u00a315.1 million and at an average rate of 2.52%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-332": {
"value": "15 Leases The Group\u2019s minimum lease rentals receivable under non cancellable leases, excluding joint ventures, are as follows: As at 31 March 2023 \u00a3m 2022 \u00a3m Less than one year 135.1 135.0 Between one and five years 492.4 485.2 Between six and ten years 477.6 465.6 Between 11 and 15 years 327.2 334.7 Between 16 and 20 years 180.3 192.8 Over 20 years 48.2 68.6 1,660.8 1,681.9 In accordance with IFRS 16, the Group has recognised a right of use asset for its head office lease and other head lease obligations. The Group\u2019s minimum lease payments are due as follows: As at 31 March Undiscounted minimum lease payments \u00a3m Interest \u00a3m Present value of minimum lease payments 2023 \u00a3m Present value of minimum lease payments 2022 \u00a3m Less than one year 0.5 (0.2) 0.3 0.6 Between one and two years 0.9 (0.2) 0.7 0.2 Between three and five years 2.6 (0.4) 2.2 0.1 Over five years 7.4 (3.5) 3.9 3.7 11.4 (4.3) 7.1 4.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-333": {
"value": "16 Share capital As at 31 March 2023 Number 2023 \u00a3m 2022 Number 2022 \u00a3m Issued, called up and fully paid Ordinary shares of 10p each 982,646,261 98.3 978,607,507 97.9 The movement in the share capital and share premium of the Company during the current and previous year is summarised below. Share capital issued, called up and fully paid Ordinary shares Number Ordinary shares \u00a3m Share premium \u00a3m At 31 March 2021 909,643,040 91.0 219.3 Issued under equity placing 67,307,693 6.7 163.5 Issued under scrip share scheme 1,656,774 0.2 4.0 At 31 March 2022 978,607,507 97.9 386.8 Issued under scrip share scheme 4,038,754 0.4 8.7 At 31 March 2023 982,646,261 98.3 395.5 The Company issued 4,038,754 ordinary shares under the terms of its Scrip Dividend Scheme during the year. Post year end in April, the Company issued a further 322,203 ordinary shares under the terms of its Scrip Dividend Scheme. The movement in the shares held by the Employee Benefit Trust in the current and previous year is summarised in the table below. Shares held by the Employee Benefit Trust Ordinary shares Number Ordinary shares \u00a3m At 31 March 2021 4,390,195 0.4 Shares issued under employee share schemes (2,339,267) (0.2) Shares acquired by the Employee Benefit Trust 611,693 0.1 At 31 March 2022 2,662,621 0.3 Shares issued under employee share schemes (2,092,512) (0.2) Shares acquired by the Employee Benefit Trust 2,372,483 0.2 At 31 March 2023 2,942,592 0.3 In June 2022, the Company granted options over 1,853,585 ordinary shares under its Long Term Incentive Plan. In addition, 2,092,512 ordinary shares in the Company that were granted to certain Directors and employees under the Company\u2019s Long Term Incentive Plan in 2018 vested. The average share price on vesting was 235.9p. As at 31 March 2023, the Company\u2019s Employee Benefit Trust held 2,942,592 shares in the Company to satisfy awards under the Company\u2019s Long Term Incentive Plan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-334": {
"value": "17 Reserves The Group statement of changes in equity is shown on page 184. The nature and purpose of each reserve within equity is described below: Share capital The nominal value of shares issued. Share premium The premium paid for new ordinary shares issued above the nominal value. Capital redemption reserve Amounts transferred from share capital on redemption of issued ordinary shares. Other reserve A reserve relating to the application of merger relief in the acquisition of LondonMetric Management Limited, Metric Property Investments Plc and A&J Mucklow Group Plc by the Company and the cost of shares held in trust to provide for the Company\u2019s future obligations under share award schemes. A breakdown of other reserves is provided for the Group below and for the Company on page 214. Retained earnings The cumulative profits and losses after the payment of dividends. As at 31 March Merger reserve \u00a3m Employee Benefit Trust shares \u00a3m 2023 Total other reserves \u00a3m Merger reserve \u00a3m Employee Benefit Trust shares \u00a3m 2022 Total other reserves \u00a3m Opening balance 497.4 (6.3) 491.1 497.4 (9.7) 487.7 Employee share schemes: Purchase of shares \u2013 (5.6) (5.6) \u2013 (1.5) (1.5) Vesting of shares \u2013 4.8 4.8 \u2013 4.9 4.9 Closing balance 497.4 (7.1) 490.3 497.4 (6.3) 491.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-335": {
"value": "18 Analysis of movement in net debt Non cash movements 1 April 2022 \u00a3m Financing cash flows \u00a3m Other cash flows \u00a3m Impact of issue and arrangement costs \u00a3m Fair value movements and early close out costs \u00a3m Interest charge and unwinding of discount \u00a3m 31 March 2023 \u00a3m Bank loans 1,027.2 (10.0) \u2013 \u2013 \u2013 (0.2) 1.017.0 Derivative financial instruments \u2013 (15.1) \u2013 \u2013 4.0 \u2013 (11.1) Unamortised finance costs (5.8) (3.4) \u2013 1.6 0.4 \u2013 (7.2) Other finance costs \u2013 (1.6) \u2013 1.6 \u2013 \u2013 \u2013 Interest payable and fees 1.0 (32.8) \u2013 \u2013 \u2013 33.3 1.5 Lease liabilities 4.6 (0.8) \u2013 \u2013 3.2 0.1 7.1 Total liabilities from financing activities 1,027.0 (63.7) \u2013 3.2 7.6 33.2 1,007.3 Cash and cash equivalents (51.3) \u2013 18.7 \u2013 \u2013 \u2013 (32.6) Net debt 975.7 (63.7) 18.7 3.2 7.6 33.2 974.7 Non cash movements 1 April 2021 \u00a3m Financing cash flows \u00a3m Other cash flows \u00a3m Impact of issue and arrangement costs \u00a3m Early close out costs \u00a3m Interest charge and unwinding of discount \u00a3m 31 March 2022 \u00a3m Bank loans and derivatives 839.5 188.0 \u2013 \u2013 \u2013 (0.3) 1,027.2 Unamortised finance costs (2.0) (5.0) \u2013 1.2 \u2013 \u2013 (5.8) Other finance costs \u2013 (1.6) \u2013 1.6 \u2013 \u2013 \u2013 Interest payable and fees 1.3 (23.5) \u2013 \u2013 \u2013 23.2 1.0 Lease liabilities 5.2 (0.7) \u2013 \u2013 \u2013 0.1 4.6 Total liabilities from financing activities 844.0 157.2 \u2013 2.8 \u2013 23.0 1,027.0 Cash and cash equivalents (51.4) \u2013 0.1 \u2013 \u2013 \u2013 (51.3) Net debt 792.6 157.2 0.1 2.8 \u2013 23.0 975.7 ",
"dimensions": {
"concept": "londonmetric:DisclosureOfAnalysisOfMovementInNetDebt",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00"
}
},
"fact-336": {
"value": "19 Related party transactions a) Joint arrangements Management fees and distributions receivable from the Group\u2019s joint arrangements during the year were as follows: Management fees Distributions For the year to 31 March Group interest 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m LSP London Residential Investments 40% \u2013 \u2013 \u2013 2.0 LMP Retail Warehouse JV Holdings Limited 69% 0.3 0.1 \u2013 \u2013 Metric Income Plus Partnership 50% 1.1 1.2 0.8 7.9 1.4 1.3 0.8 9.9 Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation. b) Non-controlling interest The Group\u2019s non-controlling interest (\u2018NCI\u2019) represents a 31% shareholding in LMP Retail Warehouse JV Holdings Limited, which owns a portfolio of retail assets. The Group\u2019s interest in LMP Retail Warehouse JV Holdings Limited is 69%, requiring it to consolidate the results and net assets of its subsidiary in these financial statements and reflect the non-controlling share as a deduction in the consolidated income statement and consolidated balance sheet. As at the year end, LMP Retail Warehouse JV Holdings Limited owed \u00a328.8 million to the Company, which has been eliminated on consolidation. During the year, LMP Retail Warehouse JV Holdings Limited acquired a retail park in London for \u00a338 million, funded by way of a share issue to the partners which reduced the Group's interest from 82% to 69%. The NCI invested \u00a319.5 million into the company and received distributions of \u00a30.4 million. As at the year end, the NCI's share of losses and net assets was \u00a31.3 million and \u00a327.9 million respectively. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-337": {
"value": "20 Post balance sheet events Post year end we have exchanged or completed asset sales for \u00a336.9 million, of which \u00a315.3 million had exchanged in the year. Property sales are discussed in detail in the Property review. As reported in the Chair's statement, we have today separately announced the terms of a recommended offer to acquire the entire issued share capital of CT Property Trust Limited by way of a Court-sanctioned scheme of arrangement for \u00a3198.6 million, based on the LondonMetric share price on 23 May 2023 of 188.0p per share.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-4": {
"value": "One Curzon Street London W1J 5HB United Kingdom",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800OCERWWPQDURL87",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}