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"pp-value-6-1": {
"value": "1. Accounting policiesThe principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all of the years presented, unless otherwise stated.General informationThe consolidated financial statements for the year ended 31 December 2022 consolidate the results of the Company and its subsidiaries (together referred to as the \u2018Group\u2019).accordance with the provisions of the Companies Act 2006. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment properties and financial assets and liabilities at fair value through profit or loss.The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report in the Annual Report and the financial statements and notes. The Directors believe that the Group is well placed to manage its business risks successfully. The principal risks that may impact the Group\u2019s performance and their mitigation are outlined in the Principal Risks & Uncertainties statement starting on page 36. After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to fund its operations for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the annual financial statements.Basis of preparationThe Consolidated and Company financial statements of Harworth Group plc have been prepared on the going concern basis and inGoing-concern basisThese financial statements are prepared on the basis that the Group is a going concern. In forming its opinion as to going concern, the Company prepares cash flow and banking covenant forecasts based upon its assumptions with particular consideration to the key risks and uncertainties and the current macro-economic environment as well as taking into account available borrowing facilities. The going concern period assessed is until June 2024 which has been selected as it can be projected with a good degree of expected accuracy and covers a complete period of reporting under the Group\u2019s RCF.A key focus of the assessment of going concern is the management of liquidity and compliance with borrowing facilities for the period to June 2024. During the year; a new five year \u00a3200m RCF was agreed with HSBC joining as a new lender in addition to current lenders NatWest and Santander. The new RCF is aligned to the Group\u2019s strategy and provides significant additional liquidity and flexibility to enable it to pursue its strategic objectives. The new facility is subject to financial covenants, including minimum interest cover, maximum infrastructure debt as a percentage of property value and gearing, all of which are tested through the going concern assessment undertaken. Available liquidity, including cash and cash equivalents and bank facility headroom was \u00a3175.6m as at 31 December 2022.The Group benefits from diversification across its Capital Growth and Income Generation businesses including its industrial and renewable energy property portfolio. Taking into account the independent valuation by BNP Paribas and Savills, the Group net loan-to-portfolio value remains low at 6.6%, within the Board\u2019s target range and with headroom to allow for falls in property values. Rent collection remained strong, with 99% collected to date for 2022.In addition to the base forecast, a sensitised forecast was produced that reflected a number of severe but plausible downsides. This downside included: 1) a severe reduction in sales to the housebuilding sector as well as lower investment property sales; 2) notwithstanding strong rent collection to date in line with previous quarters, a prudent material increase in bad debts across the portfolio over the majority of the going concern assessment period; 3) a material decline in the value of land and investment property values as a result of macro-economic conditions; and 4) a significant increase in interest rates, impacting the cost of the Group\u2019s borrowings.A scenario has also been run which demonstrates that very severe loss of revenue, valuation reductions and interest cost increases would be required to breach cashflow and banking covenants. A scenario with consideration of potential climate change and related transition impacts was also examined as part of the Group\u2019s focus on climate-related risks and opportunities.Even in the downside scenarios, for the going concern period to June 2024, the Group expects to continue to have sufficient cash reserves to continue to operate with headroom on lending facilities and associated covenants and has additional mitigation measures within management\u2019s control, for example reducing development and acquisition expenditure and reducing operating costs, that could be deployed to create further cash and covenant headroom.Based on these considerations, together with available market information and the Directors\u2019 knowledge and experience of the Group\u2019s property portfolio and markets, the Directors considered it appropriate to adopt a going concern basis of accounting in the preparation of the Group\u2019s and Company\u2019s financial statements.Changes in accounting policy and disclosures(a) New standards, amendments and interpretationsA number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2022 and have not been applied in preparing these financial statements. None of these would have a significant effect on the financial statements of the Group.(b) New standards, amendments and interpretations not yet adoptedA number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2023 and have not been applied in preparing these financial statements. None of these are expected to have a significant effect on the financial statements of the Group.Revenue recognitionRevenue comprises rental and other land-related income arising on investment properties, income from construction contracts, planning promotion agreements, promote fees and overages, the sale of coal fines and the sale of development properties.Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Group and the revenue can be reliably measured. All such revenue is reported net of discounts, and value added and other sales taxes.Rental incomeUnder IFRS 16 \u2018Leases\u2019, rental and other land related income is recognised on a straight-line basis over the term of the lease. Lease incentives, including rent-free periods and payments to tenants, are allocated to the consolidated income statement on a straight-line basis over the lease term as a deduction from rental and other land-related income.Revenue from contracts with customersUnder IFRS 15 \u2018Revenue from Contracts with Customers\u2019, revenue is measured based on the consideration specified in a contract with a customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control over a product or service to a customer.Income from construction contracts is recognised in line with the accounting policy for construction contracts. Revenue is recognised when the Group is acting as a principal under a contract with primary responsibility for the contract.Revenue from planning promotion agreements, promote fees and overages are recognised at the point in time when the associated performance obligations contained within the agreements are satisfied.Royalty income relates to revenue paid by customers who extract natural resources from some of the Group\u2019s property and is recognised at the transaction prices set out in the customer contracts in line with the volumes or values of resources extracted as determined by individual contracts.Revenue from the sale of coal fines is recognised at the point of despatch.Service charge income is recognised as revenue in the period to which it relates.The sale of development properties, including land parcels sold to housebuilders for residential development, usually have performance obligations such as transferring legal title that are satisfied at a point in time. Revenue is recognised when control of the property passes to the buyer on completion of contracts. Any variable consideration including overages is estimated at the point of sale, taking into consideration the time to recover overage amounts as well as other factors which may give rise to variability. Revenue is only recognised to the extent that it is highly probable that there will not be a significant reversal in the future. Any deferred consideration is discounted to present value with the discount being unwound to the consolidated income statement as finance income.Construction contractsContracts for the construction of substantial assets are accounted for as construction contracts. Revenue on construction contracts is recognised over time, as the performance obligations are satisfied. Revenue is recognised over time if the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created. Otherwise, the revenue is recognised at a point in time. The revenue is reported in Other Property Activities within Note 3. Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion. The assessment of the stage of completion is dependent on the nature of the contracts but will generally be based on the estimated proportion of the total contract costs which have been incurred to date. If a contract is expected to be loss making, a provision is recognised when the contract is, or has become, onerous in accordance with IAS 37.Interest income and expenseInterest income and expense are recognised within \u2018finance income\u2019 and \u2018finance costs\u2019 in the income statement using the effective interest rate method.The effective interest rate method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability.InventoriesInventories comprise development properties, land held for development, options to purchase land, planning promotion agreements and coal fines that have been processed and are ready for sale.Development properties are included in the consolidated balance sheet at the lower of cost and net realisable value. Net realisable value is the expected net sales proceeds of the developed property in the ordinary course of business less estimated costs to complete and anticipated selling costs. Properties re-categorised to development properties from investment properties are transferred at deemed cost, being the fair value at the date of re-categorisation. Properties are re-categorised as development properties once planning is secured and where development with a view to sale has commenced.Where individual parcels of land held for development are disposed of out of a larger overall development site, costs are apportioned based on an acreage, or other specific allocation where appropriate, after taking into account the cost or net realisable value of any remaining residual land which may not form part of the overall development site or which may not be available for development. Where the Group retains obligations attached to the development site as a whole, accruals are made relating to these disposals on the same allocation basis.Land held for development is land that has planning permission and is being developed for onward sale.Options to purchase land are agreements that the Group has entered into with landowners whereby the Group has the option to purchase their land within a limited timeframe. The landowners are not generally permitted to sell to any other party during this period, unless agreed by the Group. All costs, including the cost of entering into the option, are capitalised. At each reporting date, recoverability of the costs is considered by management and where required provisions are made such that the agreements are held at the lower of cost and net realisable value.Planning promotion agreements are agreements that the Group has entered into with landowners whereby the Group provides planning and promotion services in exchange for a fixed fee and/or a set percentage of the proceeds or profit of the eventual sale of the land that is the subject of the agreement. The Group promotes the land through the planning process at its own expense. If the land is sold, the Group receives a fee for its services.The Group incurs various costs in promoting land held under promotion planning agreements, in some instances the agreements allow for the Group to be reimbursed certain expenditure following the conclusion of a successful sale. These costs are held in inventory at the lower of cost and net realisable value. Coal fines that have been processed and are ready for sale are stated at the lower of cost and estimated net realisable value. Inventories comprise all of the direct costs incurred in bringing the coal fines to their present state.Investments in subsidiariesInvestments held by the Company in subsidiary undertakings are carried at cost less impairments to write them down to their recoverable\ue61famount.Investments in joint venturesJoint ventures are those entities over whose activities the Group has joint control established by contractual agreement. Interests in joint ventures through which the Group carries on its business are classified as jointly controlled entities and accounted for using the equity method. This involves recording the investment initially at cost to the Group and then, in subsequent years, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the joint venture\u2019s results less any impairment in carrying value and any other changes to the joint venture\u2019s net assets such as dividends. Impairments in subsidiariesInvestments in subsidiaries are reviewed for impairment if there is any indication that the carrying amount may not be recoverable.When a review for impairment is conducted, the recoverable amount is assessed by reference to the higher of \u2018value in use\u2019 (being the present value of expected future cash flows of the relevant cash-generating unit) or \u2018fair value less costs to sell\u2019. Where there is no binding sale agreement or active market, fair value less costs to sell is based on the best information available to reflect the amount the Company could receive for the cash-generating unit in an arm\u2019s length transaction.Impairment testing is carried out under the principles described in IAS 36 \u2018Impairment of assets\u2019 which includes a number of restrictions on the future cash flows that can be recognised in respect of restructurings and improvements related to capital expenditure.Investment propertiesInvestment properties are those properties which are not occupied by the Group and which are held for long-term rental yields, capital appreciation or both. Investment properties also include property that is being developed or constructed for future use as investment property by the Group. Investment properties comprise freehold land and buildings and are measured at fair value. At the end of a financial year the fair values are determined by obtaining an independent valuation prepared in accordance with the current edition of the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors. External, independent valuation firms having appropriate, recognised professional qualifications and recent experience in the location and category of property being valued are used. A transfer to the fair value reserve is made for all fair value gains in the year from retained earnings. Where there have been previous fair value gains transferred to the fair value reserve and fair value losses have been incurred in the year then a transfer is made to retained earnings to offset as much of the fair value losses as possible.Investment properties are re-categorised as development properties and moved to inventory once planning is secured and where development with a view to sale has commenced.A transfer from the fair value reserve to retained earnings is made if any net realisable value provision is required on any development property where gains had previously been recorded as an investment property.At each subsequent reporting date, investment properties are re-measured to their fair value. Movements in fair value are included in the income statement.Where specific investment properties have been identified as being for sale within the next 12 months, a sale is considered highly probable and the property is immediately available for sale, their fair value is shown under assets held for sale (AHFS) within current assets, measured in accordance with the provisions of IAS 40 \u2018Investment Property\u2019.Profit or loss on disposal of investment propertiesDisposals are accounted for when control of the investment property is passed to a customer, typically at the point of legal completion and when title passes. Profits or losses on disposal arise from deducting the asset\u2019s net carrying value, selling costs and where appropriate a proportion of future costs attributable to the development of the overall land area from the net proceeds (being net purchase consideration less any clawback liability arising on disposal) is recognised in the income statement. Net carrying value includes valuation in the case of investment properties.In the case of investment properties, any fair value reserve for the property disposed of is treated as realised on disposal of the property and transferred to retained earnings.Investment properties in the course of constructionDirectly attributable costs incurred in the course of constructing a property, not including interest, are capitalised as part of the cost of the property. Any resultant change in value is therefore recognised through the next revaluation.Government grantsGovernment grants are recognised when there is reasonable assurance that the conditions associated with the grants have been complied with and the grants will be received. Grants related to the development of Investment Property and Development Property are deducted from the cost of the related asset. Grants for the reimbursement of operating expenditure are deducted from the related category of costs in the income statement. Once a government grant is recognised, any related deferred income is treated in accordance with IAS 20 \u2018Accounting for Government Grants and Disclosure of Government Assistance\u2019.Financial assetsA financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.Financial assets include cash received from the sale of certain development properties but held in separate bank accounts over which third party infrastructure loan providers have a charge.Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the income statement. Financial assets are assessed for their recoverability under the Expected Credit Loss model on a periodic basis with a provision being made if required under this model. Financial assets are de-recognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.Gains or losses arising from changes in the fair value of financial assets are presented in the income statement within \u2018other gains\u2019 in the year in which they arise.Interest income is recognised on financial assets by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.Financial liabilitiesLiabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss or as other liabilities, as appropriate. A financial liability is de-recognised when the obligation under the liability is discharged, cancelled or expires.All loans and borrowings are classified as other liabilities. Initial recognition is at fair value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.Financial liabilities included in trade and other payables are recognised initially at fair value and subsequently at amortised cost. The fair value of a non interest bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted.Share-based paymentsEquity-settled share-based payments to employees of the Company and its subsidiary undertakings are measured at the fair value of the equity instruments at the date of grant and are expensed on a straight-line basis over the vesting period in the consolidated income statement. The fair value of the equity instruments is determined at the date of grant taking into account any market-based vesting conditions attached to the award. Non-market based vesting conditions are taken into account in estimating the number of awards likely to vest. The estimate of the number of awards likely to vest is reviewed regularly and the expense charge adjusted accordingly.Pension obligationsThe Group contributes to defined contribution schemes for its current employees. The cost is charged to the consolidated income statement as incurred.Blenkinsopp pensionFollowing the 2012 Restructuring, the Group\u2019s only defined benefit pension liability was in respect of the Blenkinsopp Section of the Industry-Wide Mineworkers Pension Scheme.During the years to 31 December 2022 and 31 December 2021 all contributions have been paid to this scheme by the Company.In the Company balance sheet, a net liability equal to the IAS 19 (revised) liability is recognised, and an equal amount within non-current assets, due to its ability to call upon an indemnity from Harworth Estates Mines Property Limited for this liability if required. Harworth Estates Mines Property Limited is a wholly owned subsidiary of the Group.Operating segmentsManagement has determined the operating segments based upon the operating reports reviewed by the Investment Committee that are used to assess both performance and strategic decisions. Management has identified that the Investment Committee is the Chief Operating Decision Maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019.The Group is organised into two operating segments: Income Generation and Capital Growth. Group costs are not a reportable segment. However, information about them is considered by the Investment Committee in conjunction with the reportable segments.The Income Generation segment focuses on generating rental returns from the investment portfolio, rental returns and royalties from energy generation, environmental technologies and the agricultural portfolio, and generating income from recycled aggregates and secondary coal products. The Capital Growth segment focuses on delivering value by developing the underlying investment and development property portfolios, and includes planning and development activity, value engineering, proactive asset management and strategic land acquisition.All operations are carried out in the United Kingdom.ConsolidationSubsidiariesSubsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired, and liabilities and contingent liabilities, assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets.Costs related to acquisitions, other than those associated with the issue of debt or equity securities, are expensed as incurred.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss.Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated.Share capital and reservesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where shares are issued in direct consideration for acquiring shares in another company, and following which the Group holds at least 90% of the nominal share capital of that company, any premium on the shares issued as consideration is included in a merger reserve rather than share premium.The merger reserve reflects the premium on the shares issued to the Pension Protection Fund as part of the consideration for the purchase of 75.1% of the issued share capital of Harworth Estates Property Group Limited in 2016.The fair value reserve reflects the accumulation of fair value adjustments as detailed in the investment property and property, plant and equipment accounting policies.Property, plant and equipmentLand and buildings relate to Group-occupied properties. These properties are stated at their fair value, based on market values, less any subsequent accumulated depreciation or accumulated impairment loss. Depreciation is provided where it is considered significant having regard to the estimated remaining useful lives and residual values of individual properties. Surpluses on revaluations are recorded in other comprehensive income and credited to the fair value reserve. However, to the extent that it reverses a revaluation deficit of the same asset previously recognised in profit or loss, the increase is recognised in profit or loss. Deficits on revaluations are charged against the fair value reserve to the extent that there are available surpluses relating to the same asset and are otherwise charged to profit or loss. Office equipment is stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged on these assets so as to write off the cost or valuation of assets over their estimated useful lives of three to four years, using the straight-line method.Derivatives and hedgingDerivative financial instruments such as interest rate swaps are entered into in order to manage interest rate risks. Such derivative instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting, and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedge item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument\u2019s effectiveness in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedge risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they are designated.The effective portion of the gain or loss on the hedging instrument is recognised through other comprehensive income, while any ineffective portion is recognised immediately in profit or loss, such as when the hedged financial income or financial expense is recognised or when a forecast sale of the hedged item occurs.If the forecast transaction or firm commitment is no longer expected to occur, amounts previously recognised in equity are transferred to profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised in equity remain in equity until the forecast transaction or firm commitment occurs.When a derivative is held as an economic hedge for a period beyond 12 months after the end of the reporting period, the derivative is classified as non-current (or separated into current and non-current portions) consistent with the classification of the underlying item. A derivative instrument that is a designated and effective hedging instrument is classified consistent with the classification of the underlying hedged item. The derivative instrument is separated into a current portion and non-current portion only if: 1) a reliable allocation can be made; and 2) it is applied to all designated and effective hedging instruments.TaxCurrent taxThe charge or credit for current tax is based on the results for the year adjusted for items that are either not subject to taxation or for expenditure which cannot be deducted in computing the tax charge or credit. The tax charge or credit is calculated using taxation rates that have been enacted or substantively enacted at the balance sheet date.Deferred taxDeferred tax is recognised using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax is recognised in respect of all taxable temporary timing differences, with certain limited exceptions:\u2022 Deferred tax is not provided on the initial recognition of an asset or liability in a transaction that does not affect accounting profit or taxable profit and is not a business combination; and\u2022 Deferred tax assets are only recognised if it is probable that there will be sufficient profits from which the future reversal of the underlying timing differences can be deducted. In deciding whether future reversal is probable, the Directors review the Group\u2019s forecasts and make an estimate of the aggregate deferred tax asset that should be recognised. This aggregate deferred tax asset is then allocated into the different categories of deferred tax.Deferred tax is calculated at the tax rates that are expected to apply in the years in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited to the income statement, except where it applies to items credited or charged to other comprehensive income or equity in which case the deferred tax is also dealt with in other comprehensive income or equity.The carrying value of the Group\u2019s investment properties is assumed to be realised by sale at the end of use. The capital gains tax rate applied is that which would apply on a direct sale of the property recorded in the Balance Sheet regardless of whether the Group would structure the sale via the disposal of the subsidiary holding the asset, to which a different tax rate may apply. The deferred tax is then calculated based on the respective temporary differences and tax consequences arising from recovery through sale.Critical accounting estimates and judgementsThe preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these financial statements, the significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty are as follows:Estimation of fair value of investment propertiesThe fair value of investment property reflects, amongst other things, rental income from current leases, assumptions about rental income from future leases and the possible outcome of planning applications, in the light of current market conditions. The valuation has been arrived at primarily after consideration of market evidence for similar property, although in the case of those properties where fair value is based on their ultimate redevelopment potential, development appraisals have been undertaken to estimate the residual value of the landholding after due regard to the cost of, and revenue from, the development of the property.In determining fair value measurement, the impact of potential climate-related matters, including legislation, which may affect the fair value measurement of investment property has been considered.The values reported are based on significant assumptions and a change in fair values could have a material impact on the Group\u2019s results. This is due to the sensitivity of fair value to the assumptions made as regards to variances in development costs compared to management`s own estimates.Investment properties are disclosed in Note 14.Estimation of valuation of development propertiesFor the purposes of calculating net realisable value for both EPRA reporting and ensuring that development properties are stated at the lower of cost and net realisable value, the Group obtains an independent valuation of these properties, prepared in accordance with the current edition of the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors.If the net realisable value of the property is lower than cost, a provision is made to reduce the value of the property.2. Alternative Performance Measures (\u201cAPMs\u201d)IntroductionThe Group has applied the December 2019 European Securities and Markets Authority (\u201cESMA\u201d) guidance on APMs and the November 2017 Financial Reporting Council (\u201cFRC\u201d) corporate thematic review of APMs in these results. An APM is a financial measure of historical or future financial performance, position or cash flows of the Group which is not a measure defined or specified in IFRS.Overview of our use of APMsThe Directors believe that APMs assist in providing additional useful information on the underlying trends, performance and position of the Group. APMs assist our stakeholder users of the accounts, particularly equity and debt investors, through the comparability of information. APMs are used by the Directors and management, both internally and externally, for performance analysis, strategic planning, reporting and incentive-setting purposes.APMs are not defined by IFRS and therefore may not be directly comparable with other companies\u2019 APMs, including peers in the real estate industry. APMs should be considered in addition to, and are not intended to be a substitute for, or superior to, IFRS measurements.The derivations of our APMs and their purposeThe primary differences between IFRS statutory amounts and the APMs that we use are as follows:1. Capturing all sources of value creation \u2013 Under IFRS, the revaluation movement in development properties and AHFS which are held in inventory, is not included in the balance sheet. Also, overages are not recognised in the balance sheet until they are highly probable. These movements, which are verified by BNP Paribas and Savills (independent external property valuers), are included within our APMs;2. Recategorising income statement amounts \u2013 Under IFRS, the grouping of amounts, particularly within gross profit and other gains, does not clearly allow Harworth to demonstrate the value creation through its business model. In particular, the statutory grouping does not distinguish value gains (being realised profits from the sales of properties and unrealised profits from property value movements) from the ongoing profitability of the business which is less susceptible to movements in the property cycle. Finally, the Group includes profits from joint ventures within our APMs as our joint ventures conduct similar operations to Harworth, albeit in different ownership structures; and3. Comparability with industry peers \u2013 Harworth discloses some APMs which are European Public Real Estate Association (\u201cEPRA\u201d) measures as these are a set of standard disclosures for the property industry and thus aid comparability for our stakeholder users.Our key APMsThe key APMs that the Group focuses on are as follows:\u2022 Total Return \u2013 The movement in EPRA NDV plus dividends per share paid in the year expressed as a percentage of opening EPRA NDV per share\u2022 EPRA NDV per share \u2013 EPRA NDV divided by the number of shares in issue less shares held by the Employee Benefit Trust and Equiniti Share Plan Trustees Limited to satisfy Long Term Incentive Plan and Share Incentive Plan awards\u2022 Value gains \u2013 These are the realised profits from the sales of properties and unrealised profits from property value movements including joint ventures and the mark to market movement on development properties, AHFS and overages\u2022 Net loan to portfolio value (Net LTV) \u2013 Group debt net of cash held expressed as a percentage of portfolio valueProfit excluding value gains (PEVG) has not been included as a key APM from 2021 as it forms part of the EPRA NDV per share and Total Return key APMs but is a non-material component of these measures. PEVG is defined as property net rental, royalty and fee income, net of running costs of the business (adjusted operating profit). It represents the underlying profitability of the business not reliant on property value gains or profits from the sales of properties.Set out below is a reconciliation of the APMs used in these results to the statutory measures.EPRA Net Asset MeasuresEPRA introduced a new set of Net Asset Value metrics in 2020: EPRA Net Reinstatement Value (\u201cNRV\u201d), EPRA Net Tangible Assets (\u201cNTA\u201d) and EPRA NDV. While the Group uses only EPRA NDV as a key APM, the EPRA Best Practices Recommendations guidelines require companies to report all three EPRA NAV metrics and reconcile them to IFRS. These disclosures are provided below.31 December 2022EPRA NDV EPRA NTA EPRA NRV \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Net assets 602,664 602,664 602,664 Cumulative unrealised gains on development properties 33,852 33,852 33,852 Cumulative unrealised gains on AHFS \u2013 \u2013 \u2013 Cumulative unrealised gains on overages 7,500 7,500 7,500Deferred tax liabilities (IFRS) \u2013 24,141 24,141 Notional deferred tax on unrealised gains (10,171) \u2013 \u2013 Deferred tax liabilities @ 50% \u2013 (17,156) \u2013 Mark to market valuation of financial instruments \u2013 \u2013 \u2013 Purchaser costs \u2013 \u2013 46,307 \ue61f 633,845 651,001 714,464 Number of shares used for per share calculations 322,612,685 322,612,685 322,612,685Per share 196.5 201.8 221.531 December 2021EPRA NDV EPRA NTA EPRA NRV \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Net assets 577,984 577,984 577,984Cumulative unrealised gains on development properties 72,452 72,452 72,452Cumulative unrealised gains on AHFS \u2013 \u2013 \u2013Cumulative unrealised gains on overages 3,500 3,500 3,500Deferred tax liabilities (IFRS) \u2013 42,647 42,647Notional deferred tax on unrealised gains (16,483) \u2013 \u2013Deferred tax liabilities @ 50% \u2013 (29,565) \u2013Mark to market valuation of financial instruments \u2013 156 156Purchaser costs \u2013 \u2013 51,105\ue61f 637,453 667,174 747,844 Number of shares used for per share calculations 322,539,284 322,539,284 322,539,284Per share 197.6 206.9 231.91) Reconciliation to statutory measures Year ended Year ended 31 December 31 December 2022 2021 a. Revaluation (losses)/gains \ue61fNote\u00a3\u2019000 \u00a3\u2019000 (Decrease)/increase in fair value of investment properties 3 (19,725) 83,961(Decrease)/increase in fair value of AHFS 3 (199) 1,078Share of (loss)/profit of joint ventures 3 (7,487) 9,225Net realisable value provision on development properties 3 (7,074) (1,574)Reversal of previous net realisable value provision on development properties \ue61f3 5,030 4,393Amounts derived from statutory reporting (29,455) 97,083Unrealised gains on development properties 10,493 50,437Unrealised losses on AHFS \u2013 (15)Unrealised gains on overages \ue61f 4,003 500Revaluation (losses)/gains \ue61f (14,959) 148,005b. Profit on saleProfit on sale of investment properties 3 923 1,824Profit on sale of AHFS 3 2,071 5,625Profit on sale of development properties 3 57,252 11,223Release of net realisable value provision on disposal of development properties 3 1,649 2,367Profit on sale of overages 3 169 \u2013Amounts derived from statutory reporting \ue61f 62,064 21,039Less previously unrealised gains on development properties released on sale (49,093) (7,833)Less previously unrealised gains on AHFS released on sale \ue61f \u2013 (760)Profit on sale \ue61f 12,971 12,446c. Value (losses)/gainsRevaluation (losses)/gains (14,959) 148,005Profit on sale 12,971 12,446Value (losses)/gains \ue61f (1,988) 160,451d. Total property salesRevenue 166,685 109,884Less revenue from other property activities 3 (10,478) (14,799)Less revenue from income generation activities 3 (31,251) (28,773)Add proceeds from sales of investment properties, AHFS and overages \ue61f 13,550 41,956Total property sales \ue61f 138,506 108,268e. Operating profit contributing to growth in EPRA NDVOperating profit 44,486 121,927Share of (loss)/profit of joint ventures 15 (7,487) 9,225Unrealised gains on development properties 10,493 50,437Unrealised losses on AHFS \u2013 (15)Unrealised gains on overages 4,003 500Less previously unrealised gains on development properties released on sale (49,093) (7,833)Less previously unrealised gains on AHFS released on sale \u2013 (760)Operating profit contributing to growth in EPRA NDV \ue61f 2,402 173,481 As at As at 31 December 31 December 2022 2021 f. Portfolio Value Note\ue61f\u00a3\u2019000 \u00a3\u2019000 Land and buildings (included within property, plant and equipment) 500 635Investment properties 14 400,363 478,355Investments in joint ventures 15 29,828 36,131AHFS 18 59,790 1,925Development properties (included within inventories) 16 204,952 172,701Amounts derived from statutory reporting \ue61f 695,433 689,747Cumulative unrealised gains on development properties as at year end 33,852 72,452Cumulative unrealised gains on overages as at year end \ue61f 7,500 3,500Portfolio value \ue61f 736,785 765,699g. Net debtGross borrowings 20 (59,978) (37,781)Cash \ue61f 11,583 12,037Net debt \ue61f (48,395) (25,744)h. Net loan to portfolio value (%)Net debt (48,395) (25,744)Portfolio value \ue61f 736,785 765,699Net loan to portfolio value (%) \ue61f 6.6% 3.4%i. Net loan to core income generation portfolio value (%)Net debt (48,395) (25,744)Core income generation portfolio value (investment portfolio and natural resources) \ue61f14 230,133 290,277Net loan to core income generation portfolio value (%) \ue61f 21.0% 8.9%j. Gross loan to portfolio value (%)Gross borrowings 20 (59,978) (37,781)Portfolio value 736,785 765,699Gross loan to portfolio value (%) \ue61f 8.1% 4.9%k. Gross loan to core income generation portfolio value (%)Gross borrowings 20 (59,978) (37,781)Core income generation portfolio value (investment portfolio and natural resources) \ue61f14 230,133 290,277Gross loan to core income generation portfolio value (%) \ue61f 26.1% 13.0%l. Number of shares used for per share calculationsNumber of shares in issue 26 323,051,124 322,724,566Less Employee Benefit Trust and Equiniti Share Plan Trustees Limited held shares (own shares) \ue61f26 (438,439) (185,282)Number of shares used for per share calculations \ue61f26 322,612,685 322,539,284 m. Net Asset Value (NAV) per shareNAV \u00a3\u2019000 602,664 577,984Number of shares used for per share calculations \ue61f26 322,612,685 322,539,284NAV per share (p) \ue61f 186.8 179.22) Reconciliation to EPRA measures As at As at 31 December 31 December 2022 2021 \ue61fa. EPRA NDV \ue61fNote\u00a3\u2019000 \u00a3\u2019000 Net assets 602,664 577,984Cumulative unrealised gains on development properties 33,852 72,452Cumulative unrealised gains on overages 7,500 3,500Notional deferred tax on unrealised gains (10,171) (16,483)EPRA NDV 633,845 637,453b. EPRA NDV per share (p)EPRA NDV \u00a3\u2019000 633,845 637,453Number of shares used for per share calculations 26 322,612,685 322,539,284EPRA NDV per share (p) 196.5 197.6c. EPRA NDV growth and total returnOpening EPRA NDV/share (p) 197.6 160.0Closing EPRA NDV/share (p) 196.5 197.6Movement in the year (p) (1.1) 37.6EPRA NDV growth (0.6%) 23.5%Dividends paid per share (p) 1.2 1.8Total return per share (p) 0.1 39.4Total return as a percentage of opening EPRA NDV 0.1% 24.6%d. Net loan to EPRA NDVNet debt (48,395) (25,744)EPRA NDV 633,845 637,453Net loan to EPRA NDV 7.6% 4.0%3. Segmental InformationSegmental Income Statement31 December 2022 Capital Growth Sale of Other Development Property Income Properties Activities Generation Central Total \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 (1)Revenue124,956 10,478 31,251 \u2013 166,685Cost of sales (68,099) (6,305) (8,888) \u2013 (83,292) (2)Gross profit56,857 4,173 22,363 \u2013 83,393Administrative expenses \u2013 (4,123) (1,877) (16,090) (22,090) (3)Other gains/(losses)\u2013 17,788 (34,549) \u2013 (16,761)Other operating expense \u2013 \u2013 \u2013 (56) (56)Operating profit/(loss) 56,857 17,838 (14,063) (16,146) 44,486Finance costs \u2013 (168) \u2013 (6,199) (6,367)Finance income \u2013 227 \u2013 \u2013 227Share of loss of joint ventures \u2013 (4,317) (3,170) \u2013 (7,487)Profit/(loss) before tax 56,857 13,580 (17,233) (22,345) 30,859(1) Revenue Revenue is analysed as follows:Sale of development properties 124,956 \u2013 \u2013 \u2013 124,956Revenue from PPAs \u2013 5,810 \u2013 \u2013 5,810Build-to-suit development revenue \u2013 4,215 \u2013 \u2013 4,215Rent, service charge and royalties revenue \u2013 426 28,151 \u2013 28,577Revenue from coal fines \u2013 \u2013 2,113 \u2013 2,113Other revenue \u2013 27 987 \u2013 1,014124,956 10,478 31,251 \u2013 166,685(2) Gross profit \ue61f \ue61f \ue61f \ue61f \ue61fGross profit is analysed as follows: \ue61fGross profit excluding sales of development properties \u2013 4,173 22,363 \u2013 26,536Gross profit on sale of development properties 57,252 \u2013 \u2013 \u2013 57,252Net realisable value provision on development properties (7,074) \u2013 \u2013 \u2013 (7,074)Reversal of previous net realisable value provision on development properties 5,030 \u2013 \u2013 \u2013 5,030Release of previous net realisable value provision on disposal of development properties 1,649 \u2013 \u2013 \u2013 1,649\ue61f 56,857 4,173 22,363 \u2013 83,393(3) Other gains/(losses) \ue61f \ue61f \ue61f \ue61f \ue61fOther gains/(losses) are analysed as follows: \ue61fIncrease/(decrease) in fair value of investment properties \u2013 17,958 (37,683) \u2013 (19,725)Decrease in the fair value of AHFS \u2013 (199) \u2013 \u2013 (199)Profit on sale of investment properties \u2013 76 847 \u2013 923(Loss)/profit on sale of AHFS \u2013 (216) 2,287 \u2013 2,071Profit on sale of overages \u2013 169 \u2013 \u2013 169\ue61f \u2013 17,788 (34,549) \u2013 (16,761)Segmental Balance Sheet31 December 2022Capital Income Growth Generation Central Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current assetsProperty, plant and equipment \u2013 \u2013 600 600Right of use assets \u2013 \u2013 254 254Other receivables 4,013 \u2013 \u2013 4,013Investment properties 164,533 235,830 \u2013 400,363Investments in joint ventures 16,462 13,366 \u2013 29,828\ue61f 185,008 249,196 854 435,058Current assetsInventories 216,393 \u2013 \u2013 216,393Trade and other receivables 41,287 14,913 458 56,658AHFS 2,627 57,163 \u2013 59,790Cash and cash equivalents \u2013 \u2013 11,583 11,583\ue61f 260,307 72,076 12,041 344,424Total assets 445,315 321,272 12,895 779,482Financial liabilities and derivative financial instruments are not allocated to the reporting segments as they are managed and measured at a Group level.Segmental Income Statement31 December 2021 Capital Growth Sale of OtherDevelopment Property Income Properties ActivitiesGeneration Central Total\ue61f\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 (1)Revenue66,312 14,799 28,773 \u2013 109,884Cost of sales (49,903) (3,169) (8,113) \u2013 (61,185) (2)Gross profit16,409 11,630 20,660 \u2013 48,699Administrative expenses \u2013 (3,365) (2,130) (13,707) (19,202)(3)Other gains/losses \u2013 57,483 35,005 \u2013 92,488Other operating expense \u2013 \u2013 \u2013 (58) (58)Operating profit/(loss) 16,409 65,748 53,535 (13,765) 121,927Finance costs \u2013 \u2013 \u2013 (4,100) (4,100)Finance income \u2013 172 \u2013 10 182Share of profit of joint ventures \u2013 4,524 4,701 \u2013 9,225Profit/(loss) before tax 16,409 70,444 58,236 (17,855) 127,234(1) Revenue Revenue is analysed as follows:Sale of development properties 66,312 \u2013 \u2013 \u2013 66,312Build-to-suit development revenue \u2013 2,544 \u2013 \u2013 2,544Rent, service charge and royalties revenue \u2013 242 26,383 \u2013 26,625Revenue from coal fines \u2013 \u2013 622 \u2013 622Other revenue \u2013 12,013 1,768 \u2013 13,78166,312 14,799 28,773 \u2013 109,884(2) Gross profit \ue61f \ue61f \ue61f \ue61f \ue61fGross profit is analysed as follows: \ue61fGross profit excluding sales of development properties \u2013 11,630 20,660 \u2013 32,290Gross profit on sale of development properties 11,223 \u2013 \u2013 \u2013 11,223Net realisable value provision on development properties (1,574) \u2013 \u2013 \u2013 (1,574)Reversal of previous net realisable value provision on development properties 4,393 \u2013 \u2013 \u2013 4,393Release of previous net realisable value provision on disposal of development properties 2,367 \u2013 \u2013 \u2013 2,367\ue61f 16,409 11,630 20,660 \u2013 48,699(3) Other gains/(losses)\ue61f \ue61f \ue61f \ue61f \ue61fOther gains/(losses) are analysed as follows:\ue61fIncrease in fair value of investment properties \u2013 55,220 28,741 \u2013 83,961Increase in fair value of AHFS \u2013 364 714 \u2013 1,078Profit/(loss) on sale of investment properties \u2013 1,871 (47) \u2013 1,824Profit on sale of AHFS \u2013 28 5,597 \u2013 5,625\ue61f \u2013 57,483 35,005 \u2013 92,488Segmental Balance Sheet31 December 2021CapitalIncomeGrowthGenerationCentralTotal\ue61f\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Non-current assetsProperty, plant and equipment \u2013 \u2013 681 681Right of use assets \u2013 \u2013 94 94Other receivables 4,285 1,084 \u2013 5,369Investment properties 182,666 295,689 \u2013 478,355Investments in joint ventures 18,929 17,202 \u2013 36,131\ue61f 205,880 313,975 775 520,630Current assetsInventories 177,720 102 \u2013 177,822Trade and other receivables 35,737 13,665 353 49,755AHFS 1,925 \u2013 \u2013 1,925Cash and cash equivalents \u2013 \u2013 12,037 12,037\ue61f 215,382 13,767 12,390 241,539Total assets 421,262 327,742 13,165 762,169Financial liabilities and derivative financial instruments are not allocated to the reporting segments as they are managed and measured at a Group level.4. Operating profit Year ended Year ended 31 December 31 December 2022 2021 \ue61f \ue61fNote\u00a3\u2019000 \u00a3\u2019000 Operating profit before tax is stated after charging/(crediting):Net realisable value provision on development properties 16 395 (5,186)Staff costs 5 13,690 11,626Depreciation of property, plant and equipment and right of use assets 12, 13 152 2345. Employee informationThe monthly average number of persons (excluding Non-Executive Directors) employed by the Group during the year was: Group Company Year ended Year ended Year ended Year ended 31 December 31 December 31 December 31 December 2022 2021 2022 2021 \ue61fNumber Number Number Number Management and administration 107 85 3 3Remuneration details of these persons were as follows: Group Company Year ended Year ended Year ended Year ended 31 December 31 December 31 December 31 December 2022 2021 2022 2021 \ue61f\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Wages and salaries 10,825 9,741 1,399 2,357Share-based payment expense 703 546 157 116Social security costs 1,383 800 278 95Other pension costs 779 539 50 41\ue61f 13,690 11,626 1,884 2,609Key management remuneration relates to the members of the Investment Committee: Group Year ended Year ended 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000 \u00a3\u2019000 Short term employee benefits 4,514 4,278Post employment benefits 213 153Share-based payments 490 463\ue61f 5,217 4,894Detailed information relating to Directors\u2019 remuneration is disclosed in the Directors\u2019 remuneration report on pages 115 to 133 and forms part of these financial statements.6. Finance costs and finance incomeYear endedYear ended31 December31 December20222021\u00a3\u2019000\u00a3\u2019000Total finance income 227 182Finance costs\u2013 Bank interest (2,206) (2,795)\u2013 Facility fees (1,791) (745)\u2013 Amortisation of up-front fees (685) (362)\u2013 Acceleration of amortisation of up-front fees following extinguishment of Facility (599) \u2013\u2013 Other interest (1,086) (198)Total finance costs (6,367) (4,100)Net finance costs (6,140) (3,918)During the year no interest has been capitalised in investment or development properties (2021: \u00a3nil).In March 2022 the Group entered into a new revolving credit facility replacing the existing facility under different lending terms. This transaction met the definition of a loan extinguishment and led to an acceleration of amortisation on the up-front fees of the old facility.7. Auditors\u2019 remuneration Year ended Year ended 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000 \u00a3\u2019000 Fees payable to the Company\u2019s auditors and its associates for the audit of the Company and the consolidated financial statements 330 315Fees payable to the Company auditors and its associates for other services:\u2013 The audit of the Company\u2019s subsidiaries pursuant to legislation 42 30\ue61f 372 3458. Tax Year ended Year ended 31 December 31 December 2022 2021 Analysis of tax (charge)/credit in the year \u00a3\u2019000 \u00a3\u2019000 Current tax Current year (21,650) (6,747)Adjustment in respect of prior periods (118) 372Total current tax charge (21,768) (6,375)Deferred tax Current year 13,504 (15,974)Adjustment in respect of prior periods 409 (162)Difference between current tax rate and rate of deferred tax 4,834 (10,733)Total deferred tax credit/(charge) 18,747 (26,869)Tax charge (3,021) (33,244)Other comprehensive income items \ue61f \ue61fDeferred tax \u2013 current year (101) (137)Total (101) (137)The tax charge for the year is lower (2021: higher) than the standard rate of corporation tax in the UK of 19% (2021: 19%). The differences are explained below: Year ended Year ended 31 December 31 December 2022 2021 \u00a3\u2019000 \u00a3\u2019000 Profit before tax \ue61f30,859 127,234Profit before tax multiplied by rate of corporation tax in the UK of 19% (2021: 19%) (5,863) (24,174)Effects of:Adjustments in respect of prior periods - deferred taxation 409 (162)Adjustments in respect of prior periods - current taxation (118) 372Expenses not deducted for tax purposes (127) (291)Revaluation (losses)/gains (755) 68Share of (loss)/profit of joint ventures (1,423) 1,753Difference between current tax rate and rate of deferred tax 4,834 (10,733)Share options 22 (77)Total tax charge (3,021) (33,244)The difference between current tax rate and rate of deferred tax of \u00a34.8m (2021: \u00a310.7m) relates to the unwind of balances previously recognised at 25% and the reduction of the deferred tax liabilities recognised at 25% as a result of in year movements. The 2021 reconciling item of \u00a310.7m is reflective of the enacted rate change from 19% to 25%.At 31 December 2022, the Group had a current tax liability of \u00a37.0m (2021: \u00a32.9m).The Company has recognised a current tax asset in 2022 of \u00a30.5m (2021: \u00a3nil).Deferred taxThe following is the analysis of deferred tax liabilities presented in the consolidated balance sheet:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000 \u00a3\u2019000 Deferred tax liabilities (25,980) (46,988)Deferred tax assets 1,839 4,341\ue61f (24,141) (42,647)The movements on the deferred income tax account were as follows: Other Investment Tax Temporary Properties Losses Differences Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 At 1 January 2021 (23,159) 5,774 1,618 (15,767)Recognised in the consolidated income statement (23,829) (3,216) 176 (26,869)Recognised in the consolidated statement of comprehensive income \u2013 \u2013 (137) (137)Recognised in the consolidated statement of equity \u2013 \u2013 126 126At 31 December 2021 and 1 January 2022 (46,988) 2,558 1,783 (42,647)Recognised in the consolidated income statement 21,008 (2,558) 297 18,747Recognised in the consolidated statement of comprehensive income \u2013 \u2013 (101) (101)Recognised in the consolidated statement of equity \u2013 \u2013 (140) (140)At 31 December 2022 (25,980) \u2013 1,839 (24,141)There is deferred tax on UK corporation tax losses carried forward of \u00a3nil (2021: \u00a32.6m). In the Spring Budget 2021, the Government announced an increase in the corporation tax rate from 19% to 25% from 1 April 2023. The rate was substantively enacted on 24 May 2021 and as such the deferred tax balances have been calculated in full on temporary differences under the liability method using the rate expected to apply at the time of the reversal of the balance. As such, the deferred tax assets and liabilities have been calculated using a mixture of 25% or a blended rate (2021: mixture of 19%, 25% and a blended rate) as appropriate. Deferred tax assets and liabilities are offset when there is a legally enforced right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same fiscal authority. Deferred tax assets of \u00a38.1m at 31 December 2022 (2021: \u00a35.3m) have not been recognised owing to the uncertainty as to their recoverability. The Company has recognised a deferred tax asset in 2022 of \u00a30.1m (2021: \u00a30.2m).9. Result of the parent entityAs permitted by section 408 of the Companies Act 2006, the Company\u2019s income statement and statement of comprehensive income have not been included separately in these financial statements. The loss for the financial year was \u00a36.4m (2021: \u00a38.4m) and the total comprehensive expense for the financial year was \u00a36.2m (2021: \u00a38.2m). The distributable reserves of the Company are \u00a3101.6m (2021:\ue61f\u00a3111.1m). 10. Dividends Year ended Year ended 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000 \u00a3\u2019000 Interim dividend of 0.404p per share for the six months ended 30 June 2022 1,305 \u2013Final dividend of 0.845p per share for the year ended 31 December 2021 2,727 \u2013Interim dividend of 0.367p per share for the six months ended 30 June 2021 \u2013 1,184Final dividend of 1.466p per share for the year ended 31 December 2020 \u2013 4,729\ue61f 4,032 5,913In addition to the interim dividend of 0.404p, the Board has determined that it is appropriate for a final dividend of 0.929p (2021: 0.845p) to be paid per share, bringing the total dividend for the year to 1.333p (2021: 1.212p). The recommended 2022 final dividend and 2022 total dividend represent a 10% increase in line with the Group\u2019s policy. The 2020 final dividend was increased to reflect the cancelled final 2019 dividend excluding which, the 2020 dividend totalled 1.102p per share.There is no change to the current dividend policy to continue to grow dividends by 10% each year.11. Earnings per shareEarnings per share has been calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of shares in issue and ranking for dividend during the year. Year ended Year ended 31 December 31 December \ue61f20222021Profit from continuing operations attributable to owners of the Company (\u00a3\u2019000) 27,838 93,990Weighted average number of shares used for basic earnings per share calculation 322,571,783 322,493,443Basic earnings per share (pence) 8.6 29.1Weighted average number of shares used for diluted per share calculation 326,317,353 325,059,137Diluted earnings per share (pence) 8.5 28.9 The difference between the weighted average number of shares used for the basic and diluted earnings per share calculation is due to the effect of share options that are dilutive.12. Property, plant and equipment Land and Office Group Buildings Equipment Total Cost or fair value \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2021 835 493 1,328 Additions \u2013 32 32 Decrease in fair value (200) \u2013 (200) As at 31 December 2021 and 1 January 2022 635 525 1,160 Additions \u2013 110 110 Decrease in fair value (133) \u2013 (133) As at 31 December 2022 502 635 1,137 Depreciation \ue61f \ue61f \ue61f As at 1 January 2021 \u2013 (321) (321) Depreciation charge \u2013 (158) (158) As at 31 December 2021 and 1 January 2022 \u2013 (479) (479) Depreciation charge \u2013 (58) (58) As at 31 December 2022 \u2013 (537) (537) Net book value \ue61f \ue61f \ue61f Net book value at 31 December 2022 502 98 600 Net book value at 31 December 2021 635 46 681At 31 December 2022, the Group had not entered into any contractual commitments for the acquisitions of property, plant and equipment (2021: \u00a3nil).13. Right of use assets Year ended Year ended 31 December 31 December Group 2022 2021 Right of use assets \u00a3\u2019000 \u00a3\u2019000 Buildings 229 74Vehicles 25 20\ue61f 254 94Lease liabilitiesCurrent 82 42Non-current 172 52\ue61f 254 94Additions to right of use assets during 2022 were \u00a30.2m (2021: \u00a3nil). Year ended Year ended 31 December 31 December Group 2022 2021 Depreciation charge of right of use assets\u00a3\u2019000 \u00a3\u2019000 Buildings 77 44Vehicles 17 32\ue61f 94 76The total cash outflow for leases in 2022 was \u00a30.1m (2021: \u00a30.1m).The Group leases a number of offices and vehicles. Rental contracts are typically made for fixed periods of three to five years but may have extension options.Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.However, for leases of real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component.Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Lease assets may not be used as security for borrowing purposes.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable\u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement dateLease payments to be made under reasonably certain extension options are also included in the measurement of the liability.14. Investment propertiesInvestment properties at 31 December 2022 and 31 December 2021 have been measured at fair value. The Group holds five categories of investment property, being Agricultural Land, Natural Resources, the Investment Portfolio, Major Developments and Strategic Land in the UK, which sit within the operating segments of Income Generation and Capital Growth. Income Generation Capital Growth Agricultural Natural Investment Major StrategicLandResourcesPortfolioDevelopmentsLandTotal\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000At 1 January 2021 6,135 33,098 214,906 27,550 91,390 373,079Direct acquisitions \u2013 \u2013 13,502 \u2013 14,274 27,776Subsequent expenditure 12 239 1,988 8,956 6,877 18,072Disposals \u2013 \u2013 (2,497) (11,207) (986) (14,690)(Decrease)/increase in fair value (151) (1,912) 30,804 21,609 33,611 83,961Transfers between divisions 115 \u2013 6,101 (6,626) 410 \u2013Net transfers from development properties \u2013 \u2013 \u2013 5,711 (5,000) 711Net transfer to AHFS (699) (874) (5,078) (509) (3,394) (10,554)At 31 December 2021 5,412 30,551 259,726 45,483 137,183 478,355Direct acquisitions \u2013 \u2013 \u2013 \u2013 11,863 11,863Subsequent expenditure \u2013 12 2,822 40,928 9,344 53,106Disposals \u2013 (860) \u2013 \u2013 \u2013 (860)(Decrease)/Increase in fair value 282 (163) (37,802) (5,357) 23,315 (19,725)Transfers between divisions \u2013 \u2013 42,250 (42,250) \u2013 \u2013Transfers from/(to) development properties \u2013 \u2013 \u2013 5,440 (60,513) (55,073)Transfer to AHFS \u2013 (9,814) (56,589) \u2013 (900) (67,303)At 31 December 2022 5,694 19,726 210,407 44,244 120,292 400,363Subsequent expenditure is recorded net of government grant receipts of \u00a30.9m (2021: \u00a3nil).Included within investment properties (agricultural land) is a provision of \u00a30.2m (2021: \u00a30.3m) relating to the restoration liability on sites formerly rented to mining tenants. This provision is treated as a reduction of the individual property valuations.During the year \u00a35.4m (2021: \u00a35.7m) of development property was re-categorised as investment property to reflect a change in use. During the year \u00a360.5m of investment property was re-categorised to development properties (2021: \u00a35.0m). Properties that have obtained planning permission and where development with a view to sale has commenced are now held as development properties in inventories. Until sites receive planning permission and the future use has been determined, our view is that the land is held for a currently undetermined future use and should thus be held as investment property. Where there is a subsequent change in use, typically in properties and land that have received planning permission and where development with a view to sale has commenced, these are re-categorised as development properties in inventories.Investment property is transferred between divisions to reflect a change in the activity arising from the asset.The fair value disclosures for investment properties are presented on a combined basis along with those properties in AHFS as summarised in the following table: Income Generation Capital Growth Agricultural Natural Investment MajorStrategicLandResourcesPortfolioDevelopmentsLandTotal\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000Investment properties 5,694 19,726 210,407 44,244 120,292 400,363Properties included within AHFS (Note 18) \u2013 574 56,589 \u2013 2,627 59,790Total properties (excluding development properties) 5,694 20,300 266,996 44,244 122,919 460,153 Year ended Year ended 31 December 31 December 2022 2021 \u00a3\u2019000 \u00a3\u2019000 Market value as estimated by the external valuer 470,150 486,433Capital incentives and rent-free periods included within other receivables (5,853) (4,820)Contingent interest in adjoining land included within external valuations (3,848) (2,687)Other adjustments (296) (571)Fair value for financial purposes 460,153 478,355Valuation processThe properties were valued in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation \u2013 Professional Standards (the \u2018Red Book\u2019) by BNP Paribas Real Estate and Savills. Both are independent firms acting in the capacity of external valuers with relevant experience of valuations of this nature. The valuations are on the basis of Market Value as defined by the Red Book, which RICS considers meets the criteria for assessing Fair Value under IFRS. The valuations are based on what is determined to be the highest and best use. When considering the highest and best use a valuer will consider, on a property by property basis, its actual and potential uses which are physically, legally and financially viable. Where the highest and best use differs from the existing use, the valuer will consider the cost and the likelihood of achieving and implementing this change in arriving at its valuation. Most of the Group\u2019s properties have been valued on the basis of their development potential which differs from their existing use.At each financial year end, management:\u2022 verifies all major inputs to the independent valuation report;\u2022 assesses property valuation movements when compared to the prior year valuation report; and\u2022 holds discussions with the independent valuer.The different valuation levels are defined as:Level 1: valuation based on quoted market prices traded in active markets.Level 2: valuation based on inputs other than quoted prices included within Level 1 that maximise the use of observable data either directly or from market prices or indirectly derived from market prices.Level 3: where one or more inputs to valuation are not based on observable market data.The Directors determine the applicable hierarchy that each investment property falls into by assessing the level of significant unobservable inputs used in the valuation technique. As a result of the specific nature of each investment property, valuation inputs are not based on directly observable market data and therefore all investment properties were determined to fall into Level 3.The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as at the date of the event or change in circumstance that caused the transfer. There were no transfers between hierarchy levels in the year ended 31 December 2022 (2021: none).Valuation techniques underlying management\u2019s estimation of fair value are as follows:Agricultural landMost of the agricultural land is valued using the market comparison basis, with an adjustment made for the length of the remaining term on any tenancy and the estimated cost to bring the land to its highest and best use. Where the asset is subject to a secure letting, it is valued on a yield basis, based upon sales of similar types of investment.Natural resourcesNatural resource sites in the portfolio are valued based on a discounted cash flow for the operating life of the asset with regard to the residual land value.Investment PortfolioThe industrial & logistics investment properties are valued on the basis of market comparison with direct reference to observable market evidence including current rent and estimated rental value (ERV), yields and capital values and adjusted where required for the estimated cost to bring the property to its highest and best use. The evidence is adjusted to reflect the quality of the property assets, the quality of the covenant profile of the tenants and the reliability/volatility of cash flows. The Group\u2019s portfolio has a spread of yields. New income acquisitions are generally acquired at high yields where value can be added. Subject to market backdrop, properties that are newly built by Harworth typically have lower yields. As assets are enhanced and improved, these would also be expected to be valued at lower yields.ERV and reversionary rental yields are considered to be significant unobservable inputs. Details of the aggregate ERV and weighted average reversionary rental yields used for the Investment Portfolio properties are provided in the following table:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Market value (\u00a3\u2019000) 272,850 264,547Aggregate ERV (\u00a3\u2019000) 20,388 16,794Equivalent rental yield % 7.8 6.8All other factors being equal, a higher equivalent yield would lead to a decrease in the valuation of an asset and an increase in the current or estimated future rental stream, or market demand for the asset, would have the effect of increasing the capital value, and vice versa. However, there are inter-relationships between the significant unobservable inputs which are partially determined by market conditions, which would impact on these changes.The table below sets out a sensitivity analysis for the key sources of estimation uncertainty with the resulting increase/(decrease) in the fair value of Investment Portfolio assets at 31 December 2022:2022 2021Increase in Decrease in Increase in Decrease in Sensitivity Sensitivity Sensitivity Sensitivity Value Value Value Value \ue61f\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Change in net income by 5% 13,568 (13,568) 13,260 (13,260)Change in portfolio net initial yield by 50 basis points (24,934) 25,980 (23,206) 25,880 The property rental income earned by the Group from its occupied investment property, all of which is leased out under operating leases amounted to \u00a319.9m (2021: \u00a319.5m). Direct operating expenses arising on investment property generating rental income in the year amounted to \u00a36.4m (2021: \u00a36.6m).The bank and other loans are secured by way of fixed equitable charges over investment and development properties.Major developmentsMajor development sites are generally valued using residual development appraisals, a form of discounted cash flow which estimates the current site value from future cash flows measured by current land and/or completed built development values, observable or estimated development costs, and observable or estimated development returns.Where possible development sites are valued by direct comparison to observable market evidence with appropriate adjustment for the quality and location of the property asset, although this is generally only a reliable method of measurement for smaller development sites.The discounted cash flows utilise gross development value, which takes account of the future expectations of sales over time, less costs, as at today\u2019s value, to complete remediation and provide the necessary site infrastructure to bring the site forward. Sales prices, build costs and profit margins are considered to be significant unobservable inputs for sites valued using residual development appraisals and details of these are provided below:As at 31 December 2022 As at 31 December 2021Market ProfitMarket ProfitvalueSales priceBuild costMarginvalueSales priceBuild costMargin(\u00a3\u2019000)per sq. ftper sq. ft%(\u00a3\u2019000)per sq. ftper sq. ft%Major developments 43,941 \u00a3125\u2013\u00a3138 \u00a367\u2013\u00a393 15% 44,590 \u00a3122\u2013\u00a3127 \u00a358\u2013\u00a372 15%All other factors being equal, a higher land value reflecting future expectations on sales would lead to an increase in the valuation of an asset, an increase in costs would lead to a decrease in the valuation of an asset. However, there are inter-relationships between the significant unobservable inputs which are partially determined by market conditions, which would impact on these changes.The table below sets out a sensitivity analysis for the key sources of estimation uncertainty with the resulting increase/(decrease) in the fair value of Major Development investment properties at 31 December 2022:2022 2021Increase in Decrease in Increase in Decrease in Sensitivity Sensitivity Sensitivity Sensitivity Value Value Value Value \ue61f\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Change in sales price of 5% 7,999 (6,439) 5,967 (5,967)Change in build cost of 5% (4,266) 5,826 (4,550) 4,611Strategic landStrategic land is valued on the basis of discounted cash flows, with future cash flows measured by current land values adjusted to reflect the quality of the development opportunity, the potential development costs estimated by reference to observable development costs on comparable sites, and the likelihood of securing planning consent. Valuations are then benchmarked against observable land values reflecting the current existing use of the land, which is generally agricultural and, where available, observable strategic land values. The land value per acre is considered to be a significant unobservable input and details of the ranges used are provided below:As at 31 December 2022 As at 31 December 2021AgriculturalNaturalStrategicAgriculturalNaturalStrategicLandResourcesLandLandResourcesLand\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Market value 5,845 20,706 126,808 5,560 31,705 140,031Weighted Average Land value per acre 3 21 68 3 20 81All things being equal, a higher value per acre would lead to an increase in the valuation of an asset and vice versa. The table below sets out a sensitivity analysis for the key source of estimation uncertainty with the resulting increase/(decrease) in the fair value at 31 December 2022:2022 2021Increase in Decrease in Increase in Decrease in Sensitivity Sensitivity Sensitivity Sensitivity Value Value Value Value Change in land value per acre by 5%\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Agricultural Land 292 (292) 278 (278)Natural Resources 1,035 (1,035) 1,585 (1,585)Strategic Land 6,340 (6,340) 7,002 (7,002)15. InvestmentsInvestment in subsidiaries (Company balance sheet)As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000 Cost and net book amount: At 1 January 209,300 208,974 Grant of equity instruments to employees of subsidiaries 564 326 At 31 December 209,864 209,300Investments in subsidiaries are stated at cost less provision for impairment. As permitted by section 616 of the Companies Act 2006, wherethe relief afforded under section 612 of the Companies Act 2006 applies, cost is the aggregate of the nominal value of the relevant numberof the Company\u2019s shares and the fair value of any other consideration given to acquire the share capital of the subsidiary undertakings.The Company holds investments in the following subsidiaries as at 31 December 2022:Proportion of nominal value of issued share Held directly capital or indirectly Description of held by the by the Company name Activityshares heldCompany %CompanyHarworth Estates Property Group Limited Trading Ordinary 100 DirectCadley Park Management Company Limited Trading Ordinary 100 IndirectCutacre Country Park Management Company Limited Trading Ordinary 100 IndirectEOS Inc Limited Trading Ordinary 100 IndirectHarworth Estates (Agricultural Land) Limited Trading Ordinary 100 IndirectHarworth Estates (Waverley Prince) Limited Trading Ordinary 100 IndirectHarworth Estates Curtilage Limited Trading Ordinary 100 IndirectHarworth Estates Investments Limited Trading Ordinary 100 IndirectHarworth Estates Limited Trading Ordinary 100 IndirectHarworth Estates Mines Property Limited Trading Ordinary 100 IndirectHarworth Estates Overage Limited Trading Ordinary 100 IndirectHarworth Estates Residential Development Limited Trading Ordinary 100 IndirectHarworth Estates Warwickshire Limited Trading Ordinary 100 IndirectHarworth Surface Water Management (Bardon) Limited Trading Ordinary 100 IndirectHarworth Surface Water Management (North West) Limited Trading Ordinary 100 IndirectHarworth TRR Limited Trading Ordinary 100 IndirectLogistics North MC Limited Trading Ordinary 10.86 IndirectThoresby Vale Management Company Limited Trading Ordinary 100 IndirectFlass Lane Management Company Limited Trading Limited by guarantee 100 IndirectMapplewell Management Company Limited Trading Limited by guarantee 100 IndirectPOW Management Company Limited Trading Limited by guarantee 100 IndirectRiverdale Park Management Company Limited Trading Limited by guarantee 100 IndirectRossington Community Management Company Limited Trading Limited by guarantee 100 IndirectSimpson Park Management Company Limited Trading Limited by guarantee 100 IndirectSouth East Coalville Management Company Limited Trading Limited by guarantee 100 IndirectWaverley Community Management Company Limited Trading Limited by guarantee 100 IndirectAnsty Development Vehicle LLP Trading Partnership 100 IndirectHarworth PV Limited Dormant Ordinary 100 IndirectHarworth Regeneration Limited Dormant Ordinary 100 IndirectHarworth Services Limited Dormant Ordinary 100 IndirectHarworth Estates No 2 Limited Dormant Ordinary 100 IndirectHarworth No 1 Limited Dormant Ordinary 100 IndirectBenthall Grange (Ironbridge) Management Company Limited Dormant Limited by guarantee 100 IndirectMoss Nook (St Helens) Management Company Limited Dormant Limited by guarantee 100 IndirectCoalfield Estates Limited Liquidation Ordinary 100 DirectProportion of nominal value of issued share Held directly capital or indirectly Description of held by the by the Company name Activityshares heldCompany %CompanyHarworth Estates Group Limited Liquidation Ordinary 100 IndirectHarworth No.3 Limited Liquidation Ordinary 100 IndirectWaverley Square Limited Liquidation Ordinary 100 IndirectHarworth Guarantee Co. Limited Liquidation Limited by guarantee 100 DirectExcept for those in liquidation, all of the above companies are incorporated in England and Wales and have a registered address of Advantage House, Poplar Way, Rotherham, South Yorkshire, S60 5TR. Control of Logistics North MC Limited is via ownership of voting rights equal to 75% or more and the right to appoint and remove directors.The following entities were incorporated during the year:\u2022 Harworth Estates Residential Development Limited on 25 May 2022\u2022 Harworth Surface Water Management (Bardon) Limited on 9 June 2022\u2022 Harworth No 1 Limited on 12 October 2022\u2022 Benthall Grange (Ironbridge) Management Company Limited on 20 October 2022Konect Management Company Limited was disposed of on 9 September 2022.The following entities were in the process of liquidation during the year, and were fully dissolved in January 2023: Coalfield Estates LimitedHarworth Guarantee Co. Limited Harworth Estates Group LimitedHarworth No.3 LimitedInvestment in joint venturesYear ended Year ended 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000 At 1 January 36,131 25,316 Investments in joint ventures 1,849 1,624 Distributions from joint ventures (665) (34) Share of (losses)/profits of joint ventures (7,487) 9,853 Impairment \u2013 (628) At 31 December 29,828 36,131The Group holds investments in the following joint ventures as at 31 December 2022:Proportion of nominal value of issued share capital Description held by the Company name Activityof shares heldGroup %Multiply Logistics North Holdings Limited Trading Ordinary 20Multiply Logistics North LP Trading Partnership 20Crimea Land Mansfield LLP Trading Partnership 50Northern Gateway Development Vehicle LLP Trading Partnership 50The Aire Valley Land LLP Trading Partnership 50All of the above companies are incorporated in England and Wales and, have a registered address of Advantage House, Poplar Way, Rotherham, South Yorkshire, S60 5TR. Multiply Logistics North Holdings Limited and Multiply Logistics North LP are joint ventures as a consequence of equal voting rights.Aggregate information of the Group\u2019s share of assets, liabilities and results of joint ventures, that are individually material are:The Aire Valley Land LLPAs at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Investment property 26,350 35,000Current assets 306 248Total assets 26,656 35,248Current liabilities (180) (164)Equity 26,476 35,084Group\u2019s share in equity (50%) 13,238 17,542Group\u2019s carrying amount of the investment 13,238 17,542Included within current assets are cash and cash equivalents of \u00a30.2m (2021: \u00a30.2m)Multiply Logistics North LPAs at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Investment property 62,840 83,955Current assets 5,495 3,600Total assets 68,335 87,555Current liabilities (1,505) (1,545)Equity 66,830 86,010Group\u2019s share in equity (20%) 13,366 17,202Group\u2019s carrying amount of the investment 13,366 17,202Included within current assets are cash and cash equivalents of \u00a32.0m (2021: \u00a32.3m). Included within current liabilities are accruals and deferred income of \u00a30.9m (2021: \u00a31.0m) and other taxes payable of \u00a30.5m (2021: \u00a30.2m)The Aire Valley Land LLPYear ended Year ended 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Revenue 60 \u2013 Cost of sales (7) (58)Gross profit/(loss) 53 (58)Administrative expenses (11) (32)Other (losses)/gains (8,650) 9,184 Finance costs \u2013 (2)(Loss)/profit for the year (8,608) 9,092 Group\u2019s share of (loss)/profit for the year (50%) (4,304) 4,546Multiply Logistics North LPYear ended Year ended 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Revenue 3,880 2,405 Cost of sales (125) (170)Gross profit 3,755 2,235 Administrative expenses (160) (760)Other (losses)/gains (19,450) 25,155 (Loss)/profit for the year (15,855) 26,630 Group\u2019s share of (loss)/profit for the year (20%) (3,171) 5,326Aggregate information of the Group\u2019s share of assets, liabilities and results of joint ventures, that are not individually material are:As at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Investment property \u2013 750 Current assets 7,088 2,142 Total assets 7,088 2,892 Current liabilities (640) (118)Equity 6,448 2,774 Group share in equity (50%) 3,224 1,387 Group\u2019s carrying amount of the investment 3,224 1,387 Loss for the year (23) (38)Group\u2019s share of losses for the year (50%) (12) (19)The risks associated with these investments are as follows:\u2022 Decline in the availability, and/or an increase in the cost, of credit for residential and commercial buyers; and\u2022 Decline in market conditions and values.16. InventoriesAs at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Development properties 204,952 172,701Planning promotion agreements 2,994 3,865Options 8,447 1,154Finished goods \u2013 102\ue61f 216,393 177,822The total cost of inventory recognised as an expense within cost of sales in the year is \u00a368.4m (2021: \u00a350.3m) and comprised of: \u00a367.7m (2021: \u00a354.9m) relating to the sale of development properties; a charge of \u00a30.4m (2021: \u00a35.2m credit) net realisable value provision against development properties; a charge of \u00a30.1m (2021: \u00a30.1m) in relation to planning promotion agreements; and a charge of \u00a30.2m (2021: \u00a30.5m) relating to finished goods stocks. Finished goods are stated after a provision of \u00a3nil (2021: \u00a30.5m).The movement in development properties is as follows:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000At 1 January 172,701 177,712Acquisitions \u2013 40Subsequent expenditure 35,430 29,482Disposals (57,857) (39,008)Net realisable value (charge)/release (395) 5,186Transfers from/(to) investment properties 55,073 (711)At 31 December 204,952 172,701Subsequent expenditure is recorded net of government grant receipts of \u00a32.7m (2021: \u00a31.9m).The movement in net realisable value provision is as follows:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000At 1 January 12,154 17,340Charge for the year 7,074 1,574Released on disposals (5,030) (2,367)Reversal of previous net realisable provision (1,649) (4,393)Released on transfer to investment property (2,773) \u2013At 31 December 9,776 12,154The reversal of previous net realisable value provision occurs where development properties have an increase in net realisable value which offsets a previous net realisable value charge.17. Trade and other receivables Group CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2022 2021 2022 2021 Current\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Trade receivables 31,566 24,078 \u2013 \u2013Less: provision for impairment of trade receivables (28) (27) \u2013 \u2013Net trade receivables 31,538 24,051 \u2013 \u2013Other receivables 22,379 23,672 144 9Prepayments 1,062 1,012 43 7Accrued income 1,679 1,020 \u2013 \u2013Amounts owed by subsidiary undertakings (Note 30) \u2013 \u2013 110 27,735\ue61f 56,658 49,755 297 27,751Non-currentTrade receivables 3,119 4,285 \u2013 \u2013Other receivables 894 1,084 \u2013 \u2013Amounts owed by subsidiary undertakings (Note 30) \u2013 \u2013 28,647 \u2013\ue61f 4,013 5,369 28,647 \u2013The carrying amount of trade and other receivables approximates to their fair value due to the short time frame over which the assets are realised. All of the Group and Company receivables are denominated in sterling.Included within trade receivables is \u00a331.4m (2021: \u00a322.9m) of deferred consideration on the sale of investment and development property.The non-current trade receivable of \u00a33.1m (2021: \u00a34.3m) relates to deferred consideration on the sale of development properties due in more than one year. Other receivables include debtors from agent managed properties of \u00a37.3m (2021: \u00a37.1m), customer retentions of \u00a34.1m (2021: \u00a36.1m) and rent-free and capital incentives of \u00a35.9m (2021: \u00a34.8m).The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables as disclosed in Note 22. The Group and Company do not hold any collateral as security.The amounts owed to the Company by subsidiary undertakings are repayable on demand. Interest is payable at SONIA + 2% (2021: SONIA + 2%).GroupMovements on the Group provisions for impairment of trade receivables are as follows:As at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000At the beginning of the year (27) (308)(Provided for)/released in the year (1) 281At the end of the year (28) (27)Trade receivables can be analysed as follows:As at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Amounts receivable not past due 31,489 21,914Amounts receivable past due but not impaired 49 2,137Amounts receivable impaired (gross) 28 27Less impairment (28) (27)\ue61f 31,538 24,051Ageing of past due but not impaired trade receivables:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u201900031\u2013 60 days 3 \u201361\u2013 90 days \u2013 2,05491\u2013 120 days 46 83\ue61f 49 2,137Ageing of impaired trade receivables:As at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u201900091\u2013 120 days 28 16120+ days \u2013 11\ue61f 28 2718. Assets Held For SaleAHFS relate to investment properties identified as being for sale within 12 months, where a sale is considered highly probable and the property is immediately available for sale.As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000At 1 January 1,925 7,594Transferred to/from investment properties 67,303 10,554Subsequent expenditure 1 1(Decrease)/increase in fair value (199) 1,078Disposals (9,240) (17,302)At 31 December 59,790 1,92519. CashGroup CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2022 2021 2022 2021 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Cash 11,583 12,037 1,433 2,90920. BorrowingsAs at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Current:Secured \u2013 other loans (3,067) \u2013\ue61f (3,067) \u2013 Non-current:Secured \u2013 bank loans (34,558) (33,318)Secured \u2013 infrastructure and direct development loans (22,353) (4,463)\ue61f (56,911) (37,781)Total borrowings (59,978) (37,781)Loans are stated after deduction of unamortised borrowing costs of \u00a32.0m (2021: \u00a31.2m).\ue61fAs at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Infrastructure Loans Scrudf Limited Partnership Rockingham (1,413) \u2013 Merseyside Pension Fund Bardon Hill (20,940) (1,572) North West Evergreen Limited Partnership Plot H Logistics North, Bolton (3,067) (2,891)Total infrastructure loans (25,420) (4,463)Bank loan (34,558) (33,318)Total borrowings (59,978) (37,781)In March 2022, the Group entered into a new five year \u00a3200m RCF, with a \u00a340m uncommitted accordion option, which replaced the previous RCF which had been in place since 2015. NatWest and Santander continue to provide bank borrowings in this new RCF and have been joined by HSBC.The RCF is subject to financial and other covenants. The bank borrowings are secured by way of a floating debenture over assets not otherwise used as security under specific infrastructure loans. Proceeds from and repayments of bank loans are reflected gross in the Consolidated Statement of Cash Flows and reflect timing of utilisation of the RCF.The infrastructure loans are provided by public bodies in order to promote the development of major sites. The loans are drawn as work on the respective sites is progressed and they are repaid on agreed dates or when disposals are made from the sites.21. Trade and other payables Group CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2022 2021 2022 2021 Current\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Trade payables 2,361 2,104 28 54Amounts owed to subsidiary undertakings (Note 30) \u2013 \u2013 34,481 24,205Taxation and social security 513 14,394 98 190Other creditors 6,611 4,102 187 26Accruals 65,338 63,166 1,553 1,812Deferred income 7,676 10,550 \u2013 \u2013\ue61f 82,499 94,316 36,347 26,287The amounts owed by the Company to subsidiary undertakings are repayable on demand. Interest is payable at SONIA + 2% (2021: SONIA + 2%). Group CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2022 2021 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Amounts in accruals relating to parcels of land that have been sold but where infrastructure costs are yet to be incurred 48,595 48,781 \u2013 \u2013Deferred income includes \u00a34.3m (2021: \u00a34.1m) in relation to rental income.Non-current liabilities Group CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2022 2021 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Other creditors 1,925 4,540 \u2013 \u2013Deferred income 894 1,146 \u2013 \u2013 2,819 5,686 \u2013 \u201322. Financial Instruments and derivativesThroughout 2021 and until March 2022, the Group was party to a \u00a345m fixed rate interest swap at an all-in cost of 1.235% (including fees) on top of the existing 2.35% margin under the previous RCF. The all-in cost changed to 1.184% from 31 December 2021 as part of the transition from LIBOR to SONIA. The interest rate swap was ended when the Group entered into the new RCF.The fair value of the interest rate swap at 31 December 2022 was \u00a3nil (2021: a liability of \u00a30.2m).During the year the following gain was recognised in the other comprehensive income statement in relation to the interest rate swap:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Gain on interest rate swap - cash flow hedge 156 670The Group\u2019s principal financial instruments include trade and other receivables, cash, interest bearing borrowings and trade and other payables.Other financial assets and liabilities\ue61fAs at 31 December 2022 As at 31 December 2021Book value Fair value Book value Fair value Group\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets held at amortised costCash 11,583 11,583 12,037 12,037 Trade and other receivables 57,930 57,930 53,092 53,092 Financial liabilities held at amortised costBank and other borrowings 59,978 59,978 37,781 37,781 Trade and other payables 76,235 76,235 85,608 85,608 \ue61fAs at 31 December 2022 As at 31 December 2021Book value Fair value Book value Fair value Company\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets held at amortised costCash 1,433 1,433 2,909 2,909 Trade and other receivables 28,901 28,901 27,744 27,744 Financial liabilities held at amortised costTrade and other payables 36,249 36,249 26,097 26,097 The Group classifies the assets and liabilities in the analysis above as \u2018loans and receivables\u2019 and \u2018other financial liabilities\u2019, respectively.The fair value of bank and other borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are within Level 2 of the fair value hierarchy.Changes in liabilities arising from financing activitiesYear endedYear ended31 December31 December20222021\u00a3\u2019000\u00a3\u2019000Borrowings at start of year 37,781 83,882Repayments (152,000) (95,425)Drawdowns 173,850 49,900Interest expense 3,392 2,992Interest paid (2,206) (2,795)Borrowing costs (2,022) (1,134)Amortisation of capitalised borrowing costs 1,283 361Borrowings at end of year 59,978 37,781Year endedYear ended31 December31 December20222021\u00a3\u2019000\u00a3\u2019000Leases at start of year 94 179Additions 251 \u2013Payments in respect of leases (91) (85)Leases at end of year 254 9423. Financial risk managementThe Group\u2019s overall risk management programme focuses on credit and liquidity risks to minimise potential adverse effects on the Group\u2019s financial performance.Risk management is carried out centrally under policies approved by the Board of Directors. The Board discusses and agrees courses of action to cover material risk management areas, including credit risk and investment of excess liquidity.Credit riskThe Group is subject to credit risk arising from outstanding receivables and committed cash and cash equivalents and deposits with banks and financial institutions. The Group\u2019s policy is to manage credit exposure to trading counterparties within defined trading limits.The Group is exposed to counterparty credit risk on cash and cash equivalent balances. The Group and Company hold all of their cash deposits with their principal bankers.Interest rate riskThe Group\u2019s interest rate risk arises from external borrowings, the details of which are set out in Note 22. The Group also has three (2021: two) infrastructure loans with an all in funding rate of between 2.2% and 5.9% (2021: between 3.0% and 5.9%), of these one loan (2021: one) has a fixed rate of interest. Based on the drawdown amounts at 31 December 2022, if the variable interest rate changed by 50bps, the annual interest cost would increase or decrease by \u00a30.2m.Liquidity riskThe Group is subject to the risk that it will not have sufficient liquid resources to fund its on-going business. The Group manages its liquidity requirements with the use of operating cash flows, cash balances and drawdowns under its RCF.The Group had net debt at 31 December 2022 of \u00a348.4m (2021:\ue61f\u00a325.7m). The Group used cash from operating activities and investing activities for the year of \u00a316.2m (2021:\ue61fcash generated of \u00a351.9m).The table below analyses the Group\u2019s financial liabilities which will be settled on a net basis into relevant maturity groupings based on the remaining period at the Balance sheet date to the contractual maturity date. The amounts disclosed in the table are the gross contractual undiscounted cash flows.Less thanBetweenBetweenOver1 year1 and 2 years2 and 5 years5 years\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 31 December 2022Trade and other payables 74,310 1,925 \u2013 \u2013Lease liability 82 63 109 \u2013Bank and other borrowings including interest payable 3,067 22,353 34,558 \u2013At 31 December 2021Trade and other payables 83,766 3,456 1,084 \u2013Lease liability 42 28 24 \u2013Bank and other borrowings including interest payable \u2013 \u2013 37,781 \u2013Capital risk managementThe Group is subject to the risk that its capital structure will not be sufficient to support the growth of the business. The Group\u2019s objectives when managing capital are:\u2022 to safeguard the Group\u2019s ability to continue as a going concern and have the resources to provide returns for Shareholders and benefits for other Stakeholders; \u2022 to maximise returns to Shareholders by allocating capital across the business based upon the expected level of return and risk; and\u2022 to maintain an optimal capital structure to reduce the cost of capital. The Group manages and monitors its cash balances to ensure it has sufficient capital to manage and maintain its business activities. Cash balances are disclosed in Note 19. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of net debt to equity. Net debt is total debt less cash and at 31\ue61fDecember 2022 this was \u00a348.4m (2021:\ue61f\u00a325.7m).The Group has in place a \u00a3200.0m revolving credit facility (\u201cRCF\u201d), with a \u00a340m accordion (2021 \u00a3150.0m) as discussed in Note 20.The facility is provided by Natwest, Santander and HSBC. The RCF is repayable in February 2027 (five year term) on a non-amortising basis.The facility is subject to financial covenants including minimum interest cover, maximum infrastructure debts as a percentage of propertyvalue and gearing. The bank borrowings are secured by fixed equitable charges over development and investment properties.24. Retirement benefit obligationsDefined contribution pension schemesThe Group pays defined contribution payments to pension insurance plans. Contributions to defined contribution schemes in the year amounted to \u00a30.8m (2021:\ue61f\u00a30.5m) . The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an expense when they are due.Defined benefit obligationsThe Group and Company have defined benefit obligations in respect of the Blenkinsopp Section of the Industry-Wide Mineworkers\u2019 Pension Scheme (the Blenkinsopp scheme). This scheme is closed to new members.The Balance sheet liability in respect of retirement benefit obligations is:Group CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2022 2021 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Relating to continuing activitiesBlenkinsopp 114 558 114 558Contributions to the Blenkinsopp scheme of \u00a30.2m were made by the Group during 2022 (2021: \u00a30.2m). It is expected that contributions of a similar amount will be paid in 2023. At December 2022, no contributions remained unpaid (2021:\ue61f\u00a3nil).The pension scheme is valued annually by a qualified independent actuary for the purposes of IAS 19 (revised) and the preparation of financial statements. The assumptions which usually have the most significant effect on the results of the valuation are the discount rate, which is based on corporate bond yields, and the rates of increase in pensions. There are no active members of this scheme. The main assumptions underlying the valuation of the Blenkinsopp scheme were:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Discount rate 4.90% p.a. 1.90% p.a.Rate of pension increases 2.60% p.a. 2.70% p.a.Rate of price inflation (RPI) 3.15% p.a. 3.35% p.a.Rate of price inflation (CPI) 2.60% p.a. 2.75% p.a.Rate of cash commutation 25.00% of 25.00% of pension at pension at a a rate of rate of \u00a39:\u00a31\u00a39:\u00a31As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Life expectancy at age 65 for current pensioners (years) Male 19.2 19.3Female 22.5 22.6Life expectancy at age 65 for future pensioners currently aged 45 (years) Male 20.5 20.7Female 24.2 24.2The assumed pension increases depend on the period of service accrual (before April 1997:\ue61fno increases, after 1997:\ue61fin line with statutory minimum increases based on consumer price inflation).Defined benefit obligationsThe amounts recognised in the Balance sheet are:2022 2021 2020 2019 2018 \ue61f \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000Fair value of plan assets 1,989 2,747 2,537 2,313 2,249Present value of funding obligations (2,103) (3,305) (3,505) (3,084) (2,711)Net liability recognised in the Balance sheet (114) (558) (968) (771) (462)The Blenkinsopp scheme does not own any shares in the Company.The amounts recognised in the Consolidated Income Statement are:Year ended Year ended 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Expenses (50) (48)Interest cost (9) (12)\ue61f (59) (60)A further credit of \u00a30.3m (2021:\ue61f\u00a30.3m) has been reflected in the Statement of Comprehensive Income in the year. This represents the net effect of experience, and actuarial gains and losses on the scheme in the year.As at As at 31 December 31 December 2022 2021 Change in assets\u00a3\u2019000\u00a3\u2019000Fair value of plan assets at the start of the year 2,747 2,537Interest income 53 33Actual (loss)/return on scheme assets excluding interest income (883) 126Employer contributions 208 208Expenses (86) (48)Benefits paid (50) (109)Fair value of plan assets at the end of the year 1,989 2,747Plan assets, which are all quoted investments, are comprised as follows:As at As at 31 December 31 December 2022 2021 Analysis of plan assets (which are all quoted investments)\u00a3\u2019000\u00a3\u2019000Gilts 1,284 1,781Delegated solutions 663 926Sterling liquidity fund \u2013 15Other 42 25Total 1,989 2,747As at As at 31 December 31 December 2022 2021 Change in defined benefit obligations\u00a3\u2019000\u00a3\u2019000Present value of defined benefit obligations at the start of the year (3,305) (3,505)Interest cost (62) (45)Remeasurements:\u2013 Gain arising from changes in demographic assumptions 16 10\u2013 Loss arising from changes in experience (1) (12)\u2013 Gain arising from changes in financial assumptions 1,163 138Benefits paid 86 109Present value of defined benefit obligation at the end of the year (2,103) (3,305)As at As at 31 December 31 December 2022 2021 Analysis of the movement of the Balance Sheet liability\u00a3\u2019000\u00a3\u2019000At the start of the year (558) (968)Total amounts recognised in the income statement (59) (60)Employer contributions 208 208 Net actuarial gain recognised in the year 295 262 At the end of the year (114) (558)The duration of the defined benefit obligation is c.16 years (2021: c.17 years).As at As at 31 December 31 December 2022 2021 Cumulative actuarial gains and losses recognised in equity\u00a3\u2019000\u00a3\u2019000At the start of the year (687) (949)Net actuarial gain in the year 295 262At the end of the year (392) (687)Year ended Year ended 31 December 31 December 2022 2021 Experience gains and losses\u00a3\u2019000\u00a3\u2019000Actual (loss)/return on scheme assets excluding interest income (883) 126Remeasurements:\u2013 Loss arising from changes in experience (1) (12)\u2013 Gains arising from changes in financial assumptions 1,163 138\u2013 Gains arising from changes in demographic assumptions 16 10Net actuarial gain 295 262Contributions are determined by a qualified actuary on the basis of a triennial valuation, using the projected credit unit method. The\ue61fmost recent valuation for the purpose of determining contributions was at 31 December 2018, which was agreed in March 2020 This showed an estimated past service deficit of \u00a31.2m.The sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Change in discount rate by 0.5% (2021: 0.1%) (115) 56Change in price inflation (and associated assumptions) by 0.5% (2021: 0.1%) 115 49Increase in life expectancy by 1 year 75 150The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice some of the assumptions may be correlated. Due to a greater level of market volatility, the sensitivity of the change in discount rate and price inflation has been calculated at 50bps for the current year in order to better reflect how markets could move over the short term. No other changes have been made to the method and types of assumptions from those in the previous year.The Scheme exposes the Group to actuarial risks such as: investment risk, interest rate risk and longevity risk.\u2022 Investment risk: the present value of the defined benefit obligation is calculated using a discount rate determined by reference to high quality corporate bond yields; if the return on Scheme assets is below this rate, it will create a deficit. The majority of the Scheme investments are held within index-linked government bonds, cash/liquidity funds and delegated solutions.\u2022 Interest rate risk: a decrease in the corporate bond interest rate will increase the liability but this would likely be partially offset by an increase in the return on the Scheme\u2019s debt investments.\u2022 Longevity risk: the present value of the defined benefit obligation is calculated by reference to the best estimate of the mortality of Scheme participants both during and after retirement. An increase in the life expectancy of the participants will increase the Scheme\u2019s liability.25. Share-based paymentsDuring the year, there were five classes of equity-settled share incentive plans outstanding:\u2022 Deferred Share Bonus Plan (DSBP). Under this scheme share options with a nil-cost exercise price are granted to eligible employees. Vesting of the share options is subject to the achievement of a performance condition relating to Total Return and continued employment.\u2022 Long Term Incentive Plan (LTIP). Under this scheme share options with a nil-cost exercise price are granted to eligible employees. Vesting of the share options is subject to the achievement of performance conditions relating to Total Return and Relative Total Shareholder Return and continued employment. This scheme was discontinued in 2021.\u2022 Restricted Share Plan (RSP). Under this scheme share options with a nil-cost exercise price are granted to eligible employees. Vesting of the share options is subject to continued employment and the satisfaction of underpin conditions relating to Financial Health, Underlying performance and Corporate Governance as detailed on page 129 of the Directors\u2019 Remuneration Report.\u2022 Save As You Earn (SAYE). Under this scheme eligible employees enter into a savings contract for a period of three years. Share options are granted on commencement of the savings contract and are exercisable using the amount saved under the contract at the time it terminates. Share options are granted at a discount of up to 20% of the market value of the shares at the time of invitation. The exercise of the share options is subject to continued employment only. \u2022 Share Incentive Plan (SIP). Under this scheme eligible employees are granted free shares which vest after three years subject to continued employment only.Share options granted under the DSBP, LTIP and RSP are exercisable no later than the tenth anniversary of the grant date. Share options granted under the SAYE are exercisable for a six month period after the end of the three year savings period.The movements in the number of share options outstanding and their weighted average exercise prices are as follows:Weighted average Number of sharesexercise priceDSBP 2022 2021 2022 2021Outstanding at beginning of the year 1,067 151,800 \u00a30.00 \u00a30.00Granted during the year \u2013 \u2013 n/a n/aForfeited during the year (124) (136,469) \u00a30.00 \u00a30.00Exercised during the year \u2013 (14,264) n/a \u00a30.00Outstanding at end of the year 943 1,067 \u00a30.00 \u00a30.00Exercisable at end of the year 943 1,067 \u00a30.00 \u00a30.00Weighted average remaining contractual life 5.26 years 6.26 yearsWeighted average Number of sharesexercise priceLTIP 2022 2021 2022 2021Outstanding at beginning of the year \u2013 456,101 \u00a30.00 \u00a30.00Granted during the year \u2013 \u2013 n/a n/aForfeited during the year \u2013 (406,638) n/a \u00a30.00Exercised during the year \u2013 (49,463) n/a \u00a30.00Outstanding at end of the year \u2013 \u2013 n/a n/aExercisable at end of the year \u2013 \u2013 n/a n/aWeighted average remaining contractual life \u2013 \u2013 Weighted average Number of sharesexercise priceRSP 2022 2021 2022 2021Outstanding at beginning of the year 1,502,883 921,769 \u00a30.00 \u00a30.00Granted during the year 1,096,516 664,339 n/a n/aForfeited during the year (186,650) (83,225) \u00a30.00 \u00a30.00Exercised during the year \u2013 \u2013 n/a n/aOutstanding at end of the year 2,412,749 1,502,883 n/a n/aExercisable at end of the year \u2013 \u2013 n/a n/aWeighted average remaining contractual life 8.43 years 8.66 years \ue61f \ue61fWeighted average Number of sharesexercise priceSAYE 2022 2021 2022 2021Outstanding at beginning of the year 877,530 865,055 \u00a30.82 \u00a30.81Granted during the year 161,916 175,063 \u00a31.40 \u00a31.02Forfeited during the year (80,357) (109,377) \u00a30.82 \u00a30.79Exercised during the year (64,707) (53,211) \u00a31.04 \u00a30.86Outstanding at end of the year 894,382 877,530 \u00a30.91 \u00a30.82Exercisable at end of year \u2013 \u2013 n/a n/aWeighted average remaining contractual life 1.48 years 2.03 years \ue61f \ue61fWeighted average Number of sharesexercise priceSIP 2022 2021 2022 2021Outstanding at beginning of the year 147,845 101,310 \u00a30.00 \u00a30.00Granted during the year 286,138 63,852 \u00a30.00 \u00a30.00Forfeited during the year (1,214) (14,425) \u00a30.00 \u00a30.00Exercised during the year \u2013 (2,892) n/a n/aOutstanding at end of the year 432,769 147,845 \u00a30.00 \u00a30.00The fair values of the share options granted under the RSP and SAYE during the year were determined using Black-Scholes valuation methodology. The significant inputs to the valuation models were as follows:\ue61f RSP SAYEShare price at date of grant \u00a31.61 \u00a31.65Exercise price \u00a30.00 \u00a31.40Dividend yield 0.01% 0.01%Expected volatility 0.34% 0.35%Risk free interest rate n/a 0.02%Expected term 4.73 years 3.33 yearsWeighted average fair value \u00a31.38 \u00a30.50The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. Awards under the 2019 SAYE Scheme were exercised in the year with a weighted average share price on exercise of \u00a31.54. The total charge for the year relating to employee share-based payment plans was \u00a30.7m (2021: \u00a30.5m), all of which related to equity-settled share-based payment transactions.26. Share capitalIssued, authorised and fully paidAs at As at 31 December 31 December 2022 2021 Group and Company\u00a3\u2019000\u00a3\u2019000At 1 January 32,272 32,253Shares issued 33 19At 31 December 32,305 32,272Issued, authorised and fully paid \u2013 number of sharesAs at As at 31 December 31 December Group and Company 20222021At 1 January 322,724,566 322,530,807Shares issued 326,558 193,759At 31 December 323,051,124 322,724,566Own shares held (438,439) (185,282)At 31 December 322,612,685 322,539,284There is only one class of share in issue: ordinary shares of 10 pence each. All shares carry equal rights to dividends, voting and return of capital on a winding up of the Company, as set out in the Company\u2019s Articles of Association.The own shares held represent the number of shares held by the Employee Benefit Trust and Equiniti Share Plan Trustees Limited to satisfy Deferred Share Bonus Plan, Restricted Share Plan and Share Incentive plan awards for Executive Directors, Senior Executives and employees. For this purpose both Employee Benefit Trust and Equiniti Share Plan Trustees Limited are treated as an extension of the Company.27. Share premium accountAs at As at 31 December 31 December 2022 2021 Group and Company \u00a3\u2019000\u00a3\u2019000 At 1 January 24,627 24,567 Premium on shares issued 61 60 At 31 December 24,688 24,62728. CommitmentsAt 31 December 2022 the Group had contractual commitments due under construction contracts of \u00a30.6m (2021: \u00a35.6m). Capital commitments for the acquisition of property, plant and equipment are disclosed in Note 12. Future expenditure required to bring our investment and development properties to their highest and best use are not considered to be capital commitments, however such build costs for our investment properties are disclosed as a significant unobservable input in the valuation of Major Development properties as set out in Note 14.29. Operating leasesFuture minimum lease receiptsAt 31 December 2022 the Group had contracted with tenants for the following future minimum lease payments:\ue61fGroupAs at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Less than one year 17,733 17,220Between one and two years 17,426 14,689Between two and three years 15,057 13,100Between three and four years 14,059 11,033Between four and five years 12,861 10,200More than five years 124,992 122,303\ue61f 202,128 188,545As set out in Note 14 property rental income earned during the year was \u00a319.9m (2021: \u00a319.5m)30. Related party transactionsGroupThe Group carried out the following transactions with related parties during 2022. The following entities are related parties as a consequence of shareholdings, joint venture arrangements and partners of such and/or common Directorships. All related party transactions are clearly justified and beneficial to the Group, are undertaken on an arm\u2019s-length basis on fully commercial terms and in the normal course of business.Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Peel Group\u00a3000\u00a3000SalesDisposal proceeds at Logistics North \u2013 2,019AdditionsReimbursement of technical due diligence \u2013 91 ReceivablesDeferred consideration for land at Logistics North \u2013 200 Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Multiply Logistics North Holdings Limited & Multiply Logistics North Lp\u00a3000\u00a3000SalesRecharges of costs \u2013 136Asset management fee 145 271Water charges 113 107 ReceivablesTrade receivables \u2013 66Year Year ended/ended/as at as at 31 31 December December 2022 2021 Genuit Group (formerly Polypipe)\u00a3000\u00a3000SalesRent 20 25ReceivablesTrade receivables 6 6Year Year ended/as at ended/as at 31 December 31 December 2022 2021 The Aire Valley Land LLP\u00a3000\u00a3000Receivable 26 26Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Crimea Land Mansfield LLP\u00a3000\u00a3000Partner loan repayment \u2013 (30)Receivable 9 \u2013 Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Northern Gateway Development Vehicle LLP\u00a3000\u00a3000Investment in the year 1,849 1,003 Receivable \u2013 25 Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Investment Property Forum\u00a3000\u00a3000Purchases 1 \u2013 Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Banks Group*\u00a3000\u00a3000SalesAnnual option sums \u2013 5Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Bates Regeneration Limited*\u00a3000\u00a3000Shareholder loan repayment \u2013 (4)* Banks Group and Bates Regeneration Limited ceased to be related parties in October 2021.CompanyThe Company carried out the following transactions with subsidiary undertakings.Details of the Company\u2019s intercompany balances and interest at 31 December 2022 are set out below:Year ended/as at Year ended/as at 31 December 202231 December 2021Net interest Net interest receivable/ receivable/ (payable) Net amounts (payable) Net amounts in the year due from/(to) in the year due from/(to) \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000EOS Inc. Limited 657 19,891 411 19,238Harworth Estates Limited (219) (7,967) (64) (4,655)Harworth Estates (Agricultural Land) Limited (62) (1,841) (33) (1,824)Harworth Estates Investments Limited (366) (13,802) (166) (10,283)Harworth Guarantee Co. Limited \u2013 \u2013 \u2013 \u2013Harworth Estates Overages Limited \u2013 1 \u2013 2Harworth Estates Mines Property Limited 213 6,464 \u2013 6,256Harworth Estates Curtilage Limited 75 2,290 45 2,216Harworth Estates Waverley Prince Limited (9) (336) (6) (265)Harworth Estates Property Group Limited (290) (9,749) (108) (6,662)Harworth Surface Water Management (North West) Limited (17) (529) (10) (510)Coalfield Estates Limited \u2013 \u2013 \u2013 \u2013Harworth Estates Warwickshire Limited \u2013 1 \u2013 2Harworth TRR Ltd (2) (249) \u2013 13Logistics North MC Limited \u2013 1 \u2013 2POW Management Company Limited \u2013 (2) \u2013 (1)Rossington Community Management Company Limited \u2013 (1) \u2013 (1)Flass Lane Management Company Limited \u2013 (1) \u2013 (1)Mapplewell Management Company Limited \u2013 (1) \u2013 (1)Cadley Park Management Company Limited \u2013 (2) \u2013 (1)Simpson Park Management Company Limited \u2013 (1) \u2013 (1)Ansty Development Vehicle LLP 3 107 \u2013 6Harworth Surface Water Management (Bardon) Limited \u2013 2 \u2013 \u2013\ue61f (17) (5,724) 69 3,530Dividends receivedDuring the year the Company received dividends of \u00a3nil (2021: \u00a3nil) from subsidiary undertakings.31. Post balance sheet eventsThere are no post balance sheet events to disclose that have not been disclosed publicly by a regulatory news announcement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-6-2": {
"value": "1. Accounting policiesThe principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all of the years presented, unless otherwise stated.General informationThe consolidated financial statements for the year ended 31 December 2022 consolidate the results of the Company and its subsidiaries (together referred to as the \u2018Group\u2019).Revenue recognitionRevenue comprises rental and other land-related income arising on investment properties, income from construction contracts, planning promotion agreements, promote fees and overages, the sale of coal fines and the sale of development properties.Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Group and the revenue can be reliably measured. All such revenue is reported net of discounts, and value added and other sales taxes.Rental incomeUnder IFRS 16 \u2018Leases\u2019, rental and other land related income is recognised on a straight-line basis over the term of the lease. Lease incentives, including rent-free periods and payments to tenants, are allocated to the consolidated income statement on a straight-line basis over the lease term as a deduction from rental and other land-related income.Revenue from contracts with customersUnder IFRS 15 \u2018Revenue from Contracts with Customers\u2019, revenue is measured based on the consideration specified in a contract with a customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control over a product or service to a customer.Income from construction contracts is recognised in line with the accounting policy for construction contracts. Revenue is recognised when the Group is acting as a principal under a contract with primary responsibility for the contract.Revenue from planning promotion agreements, promote fees and overages are recognised at the point in time when the associated performance obligations contained within the agreements are satisfied.Royalty income relates to revenue paid by customers who extract natural resources from some of the Group\u2019s property and is recognised at the transaction prices set out in the customer contracts in line with the volumes or values of resources extracted as determined by individual contracts.Revenue from the sale of coal fines is recognised at the point of despatch.Service charge income is recognised as revenue in the period to which it relates.The sale of development properties, including land parcels sold to housebuilders for residential development, usually have performance obligations such as transferring legal title that are satisfied at a point in time. Revenue is recognised when control of the property passes to the buyer on completion of contracts. Any variable consideration including overages is estimated at the point of sale, taking into consideration the time to recover overage amounts as well as other factors which may give rise to variability. Revenue is only recognised to the extent that it is highly probable that there will not be a significant reversal in the future. Any deferred consideration is discounted to present value with the discount being unwound to the consolidated income statement as finance income.Construction contractsContracts for the construction of substantial assets are accounted for as construction contracts. Revenue on construction contracts is recognised over time, as the performance obligations are satisfied. Revenue is recognised over time if the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created. Otherwise, the revenue is recognised at a point in time. The revenue is reported in Other Property Activities within Note 3. Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion. The assessment of the stage of completion is dependent on the nature of the contracts but will generally be based on the estimated proportion of the total contract costs which have been incurred to date. If a contract is expected to be loss making, a provision is recognised when the contract is, or has become, onerous in accordance with IAS 37.Interest income and expenseInterest income and expense are recognised within \u2018finance income\u2019 and \u2018finance costs\u2019 in the income statement using the effective interest rate method.The effective interest rate method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability.InventoriesInventories comprise development properties, land held for development, options to purchase land, planning promotion agreements and coal fines that have been processed and are ready for sale.Development properties are included in the consolidated balance sheet at the lower of cost and net realisable value. Net realisable value is the expected net sales proceeds of the developed property in the ordinary course of business less estimated costs to complete and anticipated selling costs. Properties re-categorised to development properties from investment properties are transferred at deemed cost, being the fair value at the date of re-categorisation. Properties are re-categorised as development properties once planning is secured and where development with a view to sale has commenced.Where individual parcels of land held for development are disposed of out of a larger overall development site, costs are apportioned based on an acreage, or other specific allocation where appropriate, after taking into account the cost or net realisable value of any remaining residual land which may not form part of the overall development site or which may not be available for development. Where the Group retains obligations attached to the development site as a whole, accruals are made relating to these disposals on the same allocation basis.Land held for development is land that has planning permission and is being developed for onward sale.Options to purchase land are agreements that the Group has entered into with landowners whereby the Group has the option to purchase their land within a limited timeframe. The landowners are not generally permitted to sell to any other party during this period, unless agreed by the Group. All costs, including the cost of entering into the option, are capitalised. At each reporting date, recoverability of the costs is considered by management and where required provisions are made such that the agreements are held at the lower of cost and net realisable value.Planning promotion agreements are agreements that the Group has entered into with landowners whereby the Group provides planning and promotion services in exchange for a fixed fee and/or a set percentage of the proceeds or profit of the eventual sale of the land that is the subject of the agreement. The Group promotes the land through the planning process at its own expense. If the land is sold, the Group receives a fee for its services.The Group incurs various costs in promoting land held under promotion planning agreements, in some instances the agreements allow for the Group to be reimbursed certain expenditure following the conclusion of a successful sale. These costs are held in inventory at the lower of cost and net realisable value. Coal fines that have been processed and are ready for sale are stated at the lower of cost and estimated net realisable value. Inventories comprise all of the direct costs incurred in bringing the coal fines to their present state.Investments in subsidiariesInvestments held by the Company in subsidiary undertakings are carried at cost less impairments to write them down to their recoverable\ue61famount.Investments in joint venturesJoint ventures are those entities over whose activities the Group has joint control established by contractual agreement. Interests in joint ventures through which the Group carries on its business are classified as jointly controlled entities and accounted for using the equity method. This involves recording the investment initially at cost to the Group and then, in subsequent years, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the joint venture\u2019s results less any impairment in carrying value and any other changes to the joint venture\u2019s net assets such as dividends. Impairments in subsidiariesInvestments in subsidiaries are reviewed for impairment if there is any indication that the carrying amount may not be recoverable.When a review for impairment is conducted, the recoverable amount is assessed by reference to the higher of \u2018value in use\u2019 (being the present value of expected future cash flows of the relevant cash-generating unit) or \u2018fair value less costs to sell\u2019. Where there is no binding sale agreement or active market, fair value less costs to sell is based on the best information available to reflect the amount the Company could receive for the cash-generating unit in an arm\u2019s length transaction.Impairment testing is carried out under the principles described in IAS 36 \u2018Impairment of assets\u2019 which includes a number of restrictions on the future cash flows that can be recognised in respect of restructurings and improvements related to capital expenditure.Investment propertiesInvestment properties are those properties which are not occupied by the Group and which are held for long-term rental yields, capital appreciation or both. Investment properties also include property that is being developed or constructed for future use as investment property by the Group. Investment properties comprise freehold land and buildings and are measured at fair value. At the end of a financial year the fair values are determined by obtaining an independent valuation prepared in accordance with the current edition of the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors. External, independent valuation firms having appropriate, recognised professional qualifications and recent experience in the location and category of property being valued are used. A transfer to the fair value reserve is made for all fair value gains in the year from retained earnings. Where there have been previous fair value gains transferred to the fair value reserve and fair value losses have been incurred in the year then a transfer is made to retained earnings to offset as much of the fair value losses as possible.Investment properties are re-categorised as development properties and moved to inventory once planning is secured and where development with a view to sale has commenced.A transfer from the fair value reserve to retained earnings is made if any net realisable value provision is required on any development property where gains had previously been recorded as an investment property.At each subsequent reporting date, investment properties are re-measured to their fair value. Movements in fair value are included in the income statement.Where specific investment properties have been identified as being for sale within the next 12 months, a sale is considered highly probable and the property is immediately available for sale, their fair value is shown under assets held for sale (AHFS) within current assets, measured in accordance with the provisions of IAS 40 \u2018Investment Property\u2019.Profit or loss on disposal of investment propertiesDisposals are accounted for when control of the investment property is passed to a customer, typically at the point of legal completion and when title passes. Profits or losses on disposal arise from deducting the asset\u2019s net carrying value, selling costs and where appropriate a proportion of future costs attributable to the development of the overall land area from the net proceeds (being net purchase consideration less any clawback liability arising on disposal) is recognised in the income statement. Net carrying value includes valuation in the case of investment properties.In the case of investment properties, any fair value reserve for the property disposed of is treated as realised on disposal of the property and transferred to retained earnings.Investment properties in the course of constructionDirectly attributable costs incurred in the course of constructing a property, not including interest, are capitalised as part of the cost of the property. Any resultant change in value is therefore recognised through the next revaluation.Government grantsGovernment grants are recognised when there is reasonable assurance that the conditions associated with the grants have been complied with and the grants will be received. Grants related to the development of Investment Property and Development Property are deducted from the cost of the related asset. Grants for the reimbursement of operating expenditure are deducted from the related category of costs in the income statement. Once a government grant is recognised, any related deferred income is treated in accordance with IAS 20 \u2018Accounting for Government Grants and Disclosure of Government Assistance\u2019.Financial assetsA financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.Financial assets include cash received from the sale of certain development properties but held in separate bank accounts over which third party infrastructure loan providers have a charge.Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the income statement. Financial assets are assessed for their recoverability under the Expected Credit Loss model on a periodic basis with a provision being made if required under this model. Financial assets are de-recognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.Gains or losses arising from changes in the fair value of financial assets are presented in the income statement within \u2018other gains\u2019 in the year in which they arise.Interest income is recognised on financial assets by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.Financial liabilitiesLiabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss or as other liabilities, as appropriate. A financial liability is de-recognised when the obligation under the liability is discharged, cancelled or expires.All loans and borrowings are classified as other liabilities. Initial recognition is at fair value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.Financial liabilities included in trade and other payables are recognised initially at fair value and subsequently at amortised cost. The fair value of a non interest bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted.Share-based paymentsEquity-settled share-based payments to employees of the Company and its subsidiary undertakings are measured at the fair value of the equity instruments at the date of grant and are expensed on a straight-line basis over the vesting period in the consolidated income statement. The fair value of the equity instruments is determined at the date of grant taking into account any market-based vesting conditions attached to the award. Non-market based vesting conditions are taken into account in estimating the number of awards likely to vest. The estimate of the number of awards likely to vest is reviewed regularly and the expense charge adjusted accordingly.Pension obligationsThe Group contributes to defined contribution schemes for its current employees. The cost is charged to the consolidated income statement as incurred.Blenkinsopp pensionFollowing the 2012 Restructuring, the Group\u2019s only defined benefit pension liability was in respect of the Blenkinsopp Section of the Industry-Wide Mineworkers Pension Scheme.During the years to 31 December 2022 and 31 December 2021 all contributions have been paid to this scheme by the Company.In the Company balance sheet, a net liability equal to the IAS 19 (revised) liability is recognised, and an equal amount within non-current assets, due to its ability to call upon an indemnity from Harworth Estates Mines Property Limited for this liability if required. Harworth Estates Mines Property Limited is a wholly owned subsidiary of the Group.Operating segmentsManagement has determined the operating segments based upon the operating reports reviewed by the Investment Committee that are used to assess both performance and strategic decisions. Management has identified that the Investment Committee is the Chief Operating Decision Maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019.The Group is organised into two operating segments: Income Generation and Capital Growth. Group costs are not a reportable segment. However, information about them is considered by the Investment Committee in conjunction with the reportable segments.The Income Generation segment focuses on generating rental returns from the investment portfolio, rental returns and royalties from energy generation, environmental technologies and the agricultural portfolio, and generating income from recycled aggregates and secondary coal products. The Capital Growth segment focuses on delivering value by developing the underlying investment and development property portfolios, and includes planning and development activity, value engineering, proactive asset management and strategic land acquisition.All operations are carried out in the United Kingdom.ConsolidationSubsidiariesSubsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired, and liabilities and contingent liabilities, assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets.Costs related to acquisitions, other than those associated with the issue of debt or equity securities, are expensed as incurred.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss.Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated.Share capital and reservesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where shares are issued in direct consideration for acquiring shares in another company, and following which the Group holds at least 90% of the nominal share capital of that company, any premium on the shares issued as consideration is included in a merger reserve rather than share premium.The merger reserve reflects the premium on the shares issued to the Pension Protection Fund as part of the consideration for the purchase of 75.1% of the issued share capital of Harworth Estates Property Group Limited in 2016.The fair value reserve reflects the accumulation of fair value adjustments as detailed in the investment property and property, plant and equipment accounting policies.Property, plant and equipmentLand and buildings relate to Group-occupied properties. These properties are stated at their fair value, based on market values, less any subsequent accumulated depreciation or accumulated impairment loss. Depreciation is provided where it is considered significant having regard to the estimated remaining useful lives and residual values of individual properties. Surpluses on revaluations are recorded in other comprehensive income and credited to the fair value reserve. However, to the extent that it reverses a revaluation deficit of the same asset previously recognised in profit or loss, the increase is recognised in profit or loss. Deficits on revaluations are charged against the fair value reserve to the extent that there are available surpluses relating to the same asset and are otherwise charged to profit or loss. Office equipment is stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged on these assets so as to write off the cost or valuation of assets over their estimated useful lives of three to four years, using the straight-line method.Derivatives and hedgingDerivative financial instruments such as interest rate swaps are entered into in order to manage interest rate risks. Such derivative instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting, and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedge item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument\u2019s effectiveness in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedge risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they are designated.The effective portion of the gain or loss on the hedging instrument is recognised through other comprehensive income, while any ineffective portion is recognised immediately in profit or loss, such as when the hedged financial income or financial expense is recognised or when a forecast sale of the hedged item occurs.If the forecast transaction or firm commitment is no longer expected to occur, amounts previously recognised in equity are transferred to profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised in equity remain in equity until the forecast transaction or firm commitment occurs.When a derivative is held as an economic hedge for a period beyond 12 months after the end of the reporting period, the derivative is classified as non-current (or separated into current and non-current portions) consistent with the classification of the underlying item. A derivative instrument that is a designated and effective hedging instrument is classified consistent with the classification of the underlying hedged item. The derivative instrument is separated into a current portion and non-current portion only if: 1) a reliable allocation can be made; and 2) it is applied to all designated and effective hedging instruments.TaxCurrent taxThe charge or credit for current tax is based on the results for the year adjusted for items that are either not subject to taxation or for expenditure which cannot be deducted in computing the tax charge or credit. The tax charge or credit is calculated using taxation rates that have been enacted or substantively enacted at the balance sheet date.Deferred taxDeferred tax is recognised using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax is recognised in respect of all taxable temporary timing differences, with certain limited exceptions:\u2022 Deferred tax is not provided on the initial recognition of an asset or liability in a transaction that does not affect accounting profit or taxable profit and is not a business combination; and\u2022 Deferred tax assets are only recognised if it is probable that there will be sufficient profits from which the future reversal of the underlying timing differences can be deducted. In deciding whether future reversal is probable, the Directors review the Group\u2019s forecasts and make an estimate of the aggregate deferred tax asset that should be recognised. This aggregate deferred tax asset is then allocated into the different categories of deferred tax.Deferred tax is calculated at the tax rates that are expected to apply in the years in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited to the income statement, except where it applies to items credited or charged to other comprehensive income or equity in which case the deferred tax is also dealt with in other comprehensive income or equity.The carrying value of the Group\u2019s investment properties is assumed to be realised by sale at the end of use. The capital gains tax rate applied is that which would apply on a direct sale of the property recorded in the Balance Sheet regardless of whether the Group would structure the sale via the disposal of the subsidiary holding the asset, to which a different tax rate may apply. The deferred tax is then calculated based on the respective temporary differences and tax consequences arising from recovery through sale.",
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"f30152": {
"value": "Harworth Group plc, company number 02649340, (the \u2018Company\u2019) is a company limited by shares, incorporated and domiciled in the",
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"f30153": {
"value": "Harworth Group plc, company number 02649340, (the \u2018Company\u2019) is a company limited by shares, incorporated and domiciled in the",
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"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
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"f30158": {
"value": "United Kingdom",
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"concept": "ifrs-full:DomicileOfEntity",
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"entity": "scheme:213800R8JSSGK2KPFG21",
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"f30159": {
"value": "The address of its registered office is Advantage House, Poplar Way, Catcliffe, Rotherham, South Yorkshire, S60 5TR.",
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"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
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"f30165": {
"value": "The Company is a public company listed on the London Stock Exchange.",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f30183": {
"value": "accordance with UK adopted International Accounting Standards (\u2018IFRS\u2019) and, as regards the company financial statements, as applied in",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-9-2": {
"value": "accordance with the provisions of the Companies Act 2006. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment properties and financial assets and liabilities at fair value through profit or loss.The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report in the Annual Report and the financial statements and notes. The Directors believe that the Group is well placed to manage its business risks successfully. The principal risks that may impact the Group\u2019s performance and their mitigation are outlined in the Principal Risks & Uncertainties statement starting on page 36. After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to fund its operations for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the annual financial statements.Basis of preparationThe Consolidated and Company financial statements of Harworth Group plc have been prepared on the going concern basis and in",
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"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-11-2": {
"value": "Going-concern basisThese financial statements are prepared on the basis that the Group is a going concern. In forming its opinion as to going concern, the Company prepares cash flow and banking covenant forecasts based upon its assumptions with particular consideration to the key risks and uncertainties and the current macro-economic environment as well as taking into account available borrowing facilities. The going concern period assessed is until June 2024 which has been selected as it can be projected with a good degree of expected accuracy and covers a complete period of reporting under the Group\u2019s RCF.A key focus of the assessment of going concern is the management of liquidity and compliance with borrowing facilities for the period to June 2024. During the year; a new five year \u00a3200m RCF was agreed with HSBC joining as a new lender in addition to current lenders NatWest and Santander. The new RCF is aligned to the Group\u2019s strategy and provides significant additional liquidity and flexibility to enable it to pursue its strategic objectives. The new facility is subject to financial covenants, including minimum interest cover, maximum infrastructure debt as a percentage of property value and gearing, all of which are tested through the going concern assessment undertaken. Available liquidity, including cash and cash equivalents and bank facility headroom was \u00a3175.6m as at 31 December 2022.The Group benefits from diversification across its Capital Growth and Income Generation businesses including its industrial and renewable energy property portfolio. Taking into account the independent valuation by BNP Paribas and Savills, the Group net loan-to-portfolio value remains low at 6.6%, within the Board\u2019s target range and with headroom to allow for falls in property values. Rent collection remained strong, with 99% collected to date for 2022.In addition to the base forecast, a sensitised forecast was produced that reflected a number of severe but plausible downsides. This downside included: 1) a severe reduction in sales to the housebuilding sector as well as lower investment property sales; 2) notwithstanding strong rent collection to date in line with previous quarters, a prudent material increase in bad debts across the portfolio over the majority of the going concern assessment period; 3) a material decline in the value of land and investment property values as a result of macro-economic conditions; and 4) a significant increase in interest rates, impacting the cost of the Group\u2019s borrowings.A scenario has also been run which demonstrates that very severe loss of revenue, valuation reductions and interest cost increases would be required to breach cashflow and banking covenants. A scenario with consideration of potential climate change and related transition impacts was also examined as part of the Group\u2019s focus on climate-related risks and opportunities.Even in the downside scenarios, for the going concern period to June 2024, the Group expects to continue to have sufficient cash reserves to continue to operate with headroom on lending facilities and associated covenants and has additional mitigation measures within management\u2019s control, for example reducing development and acquisition expenditure and reducing operating costs, that could be deployed to create further cash and covenant headroom.Based on these considerations, together with available market information and the Directors\u2019 knowledge and experience of the Group\u2019s property portfolio and markets, the Directors considered it appropriate to adopt a going concern basis of accounting in the preparation of the Group\u2019s and Company\u2019s financial statements.",
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"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-13-2": {
"value": "Changes in accounting policy and disclosures(a) New standards, amendments and interpretationsA number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2022 and have not been applied in preparing these financial statements. None of these would have a significant effect on the financial statements of the Group.(b) New standards, amendments and interpretations not yet adoptedA number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2023 and have not been applied in preparing these financial statements. None of these are expected to have a significant effect on the financial statements of the Group.",
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"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-3": {
"value": "Changes in accounting policy and disclosures(a) New standards, amendments and interpretationsA number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2022 and have not been applied in preparing these financial statements. None of these would have a significant effect on the financial statements of the Group.(b) New standards, amendments and interpretations not yet adoptedA number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2023 and have not been applied in preparing these financial statements. None of these are expected to have a significant effect on the financial statements of the Group.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-14-3": {
"value": "Revenue recognitionRevenue comprises rental and other land-related income arising on investment properties, income from construction contracts, planning promotion agreements, promote fees and overages, the sale of coal fines and the sale of development properties.Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Group and the revenue can be reliably measured. All such revenue is reported net of discounts, and value added and other sales taxes.Rental incomeUnder IFRS 16 \u2018Leases\u2019, rental and other land related income is recognised on a straight-line basis over the term of the lease. Lease incentives, including rent-free periods and payments to tenants, are allocated to the consolidated income statement on a straight-line basis over the lease term as a deduction from rental and other land-related income.Revenue from contracts with customersUnder IFRS 15 \u2018Revenue from Contracts with Customers\u2019, revenue is measured based on the consideration specified in a contract with a customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control over a product or service to a customer.Income from construction contracts is recognised in line with the accounting policy for construction contracts. Revenue is recognised when the Group is acting as a principal under a contract with primary responsibility for the contract.Revenue from planning promotion agreements, promote fees and overages are recognised at the point in time when the associated performance obligations contained within the agreements are satisfied.Royalty income relates to revenue paid by customers who extract natural resources from some of the Group\u2019s property and is recognised at the transaction prices set out in the customer contracts in line with the volumes or values of resources extracted as determined by individual contracts.Revenue from the sale of coal fines is recognised at the point of despatch.Service charge income is recognised as revenue in the period to which it relates.The sale of development properties, including land parcels sold to housebuilders for residential development, usually have performance obligations such as transferring legal title that are satisfied at a point in time. Revenue is recognised when control of the property passes to the buyer on completion of contracts. Any variable consideration including overages is estimated at the point of sale, taking into consideration the time to recover overage amounts as well as other factors which may give rise to variability. Revenue is only recognised to the extent that it is highly probable that there will not be a significant reversal in the future. Any deferred consideration is discounted to present value with the discount being unwound to the consolidated income statement as finance income.",
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"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-15-3": {
"value": "Construction contractsContracts for the construction of substantial assets are accounted for as construction contracts. Revenue on construction contracts is recognised over time, as the performance obligations are satisfied. Revenue is recognised over time if the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created. Otherwise, the revenue is recognised at a point in time. The revenue is reported in Other Property Activities within Note 3. Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion. The assessment of the stage of completion is dependent on the nature of the contracts but will generally be based on the estimated proportion of the total contract costs which have been incurred to date. If a contract is expected to be loss making, a provision is recognised when the contract is, or has become, onerous in accordance with IAS 37.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-3": {
"value": "Interest income and expenseInterest income and expense are recognised within \u2018finance income\u2019 and \u2018finance costs\u2019 in the income statement using the effective interest rate method.The effective interest rate method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-17-3": {
"value": "InventoriesInventories comprise development properties, land held for development, options to purchase land, planning promotion agreements and coal fines that have been processed and are ready for sale.Development properties are included in the consolidated balance sheet at the lower of cost and net realisable value. Net realisable value is the expected net sales proceeds of the developed property in the ordinary course of business less estimated costs to complete and anticipated selling costs. Properties re-categorised to development properties from investment properties are transferred at deemed cost, being the fair value at the date of re-categorisation. Properties are re-categorised as development properties once planning is secured and where development with a view to sale has commenced.Where individual parcels of land held for development are disposed of out of a larger overall development site, costs are apportioned based on an acreage, or other specific allocation where appropriate, after taking into account the cost or net realisable value of any remaining residual land which may not form part of the overall development site or which may not be available for development. Where the Group retains obligations attached to the development site as a whole, accruals are made relating to these disposals on the same allocation basis.Land held for development is land that has planning permission and is being developed for onward sale.Options to purchase land are agreements that the Group has entered into with landowners whereby the Group has the option to purchase their land within a limited timeframe. The landowners are not generally permitted to sell to any other party during this period, unless agreed by the Group. All costs, including the cost of entering into the option, are capitalised. At each reporting date, recoverability of the costs is considered by management and where required provisions are made such that the agreements are held at the lower of cost and net realisable value.Planning promotion agreements are agreements that the Group has entered into with landowners whereby the Group provides planning and promotion services in exchange for a fixed fee and/or a set percentage of the proceeds or profit of the eventual sale of the land that is the subject of the agreement. The Group promotes the land through the planning process at its own expense. If the land is sold, the Group receives a fee for its services.The Group incurs various costs in promoting land held under promotion planning agreements, in some instances the agreements allow for the Group to be reimbursed certain expenditure following the conclusion of a successful sale. These costs are held in inventory at the lower of cost and net realisable value. Coal fines that have been processed and are ready for sale are stated at the lower of cost and estimated net realisable value. Inventories comprise all of the direct costs incurred in bringing the coal fines to their present state.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-18-3": {
"value": "Investments in subsidiariesInvestments held by the Company in subsidiary undertakings are carried at cost less impairments to write them down to their recoverable\ue61famount.ConsolidationSubsidiariesSubsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired, and liabilities and contingent liabilities, assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets.Costs related to acquisitions, other than those associated with the issue of debt or equity securities, are expensed as incurred.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss.Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "Investments in joint venturesJoint ventures are those entities over whose activities the Group has joint control established by contractual agreement. Interests in joint ventures through which the Group carries on its business are classified as jointly controlled entities and accounted for using the equity method. This involves recording the investment initially at cost to the Group and then, in subsequent years, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the joint venture\u2019s results less any impairment in carrying value and any other changes to the joint venture\u2019s net assets such as dividends. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-4": {
"value": "Investments in joint venturesJoint ventures are those entities over whose activities the Group has joint control established by contractual agreement. Interests in joint ventures through which the Group carries on its business are classified as jointly controlled entities and accounted for using the equity method. This involves recording the investment initially at cost to the Group and then, in subsequent years, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the joint venture\u2019s results less any impairment in carrying value and any other changes to the joint venture\u2019s net assets such as dividends. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-20-3": {
"value": "Impairments in subsidiariesInvestments in subsidiaries are reviewed for impairment if there is any indication that the carrying amount may not be recoverable.When a review for impairment is conducted, the recoverable amount is assessed by reference to the higher of \u2018value in use\u2019 (being the present value of expected future cash flows of the relevant cash-generating unit) or \u2018fair value less costs to sell\u2019. Where there is no binding sale agreement or active market, fair value less costs to sell is based on the best information available to reflect the amount the Company could receive for the cash-generating unit in an arm\u2019s length transaction.Impairment testing is carried out under the principles described in IAS 36 \u2018Impairment of assets\u2019 which includes a number of restrictions on the future cash flows that can be recognised in respect of restructurings and improvements related to capital expenditure.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-3": {
"value": "Investment propertiesInvestment properties are those properties which are not occupied by the Group and which are held for long-term rental yields, capital appreciation or both. Investment properties also include property that is being developed or constructed for future use as investment property by the Group. Investment properties comprise freehold land and buildings and are measured at fair value. At the end of a financial year the fair values are determined by obtaining an independent valuation prepared in accordance with the current edition of the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors. External, independent valuation firms having appropriate, recognised professional qualifications and recent experience in the location and category of property being valued are used. A transfer to the fair value reserve is made for all fair value gains in the year from retained earnings. Where there have been previous fair value gains transferred to the fair value reserve and fair value losses have been incurred in the year then a transfer is made to retained earnings to offset as much of the fair value losses as possible.Investment properties are re-categorised as development properties and moved to inventory once planning is secured and where development with a view to sale has commenced.A transfer from the fair value reserve to retained earnings is made if any net realisable value provision is required on any development property where gains had previously been recorded as an investment property.At each subsequent reporting date, investment properties are re-measured to their fair value. Movements in fair value are included in the income statement.Where specific investment properties have been identified as being for sale within the next 12 months, a sale is considered highly probable and the property is immediately available for sale, their fair value is shown under assets held for sale (AHFS) within current assets, measured in accordance with the provisions of IAS 40 \u2018Investment Property\u2019.Profit or loss on disposal of investment propertiesDisposals are accounted for when control of the investment property is passed to a customer, typically at the point of legal completion and when title passes. Profits or losses on disposal arise from deducting the asset\u2019s net carrying value, selling costs and where appropriate a proportion of future costs attributable to the development of the overall land area from the net proceeds (being net purchase consideration less any clawback liability arising on disposal) is recognised in the income statement. Net carrying value includes valuation in the case of investment properties.In the case of investment properties, any fair value reserve for the property disposed of is treated as realised on disposal of the property and transferred to retained earnings.Investment properties in the course of constructionDirectly attributable costs incurred in the course of constructing a property, not including interest, are capitalised as part of the cost of the property. Any resultant change in value is therefore recognised through the next revaluation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "Government grantsGovernment grants are recognised when there is reasonable assurance that the conditions associated with the grants have been complied with and the grants will be received. Grants related to the development of Investment Property and Development Property are deducted from the cost of the related asset. Grants for the reimbursement of operating expenditure are deducted from the related category of costs in the income statement. Once a government grant is recognised, any related deferred income is treated in accordance with IAS 20 \u2018Accounting for Government Grants and Disclosure of Government Assistance\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-23-3": {
"value": "Financial assetsA financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.Financial assets include cash received from the sale of certain development properties but held in separate bank accounts over which third party infrastructure loan providers have a charge.Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the income statement. Financial assets are assessed for their recoverability under the Expected Credit Loss model on a periodic basis with a provision being made if required under this model. Financial assets are de-recognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.Gains or losses arising from changes in the fair value of financial assets are presented in the income statement within \u2018other gains\u2019 in the year in which they arise.Interest income is recognised on financial assets by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-3": {
"value": "Financial liabilitiesLiabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss or as other liabilities, as appropriate. A financial liability is de-recognised when the obligation under the liability is discharged, cancelled or expires.All loans and borrowings are classified as other liabilities. Initial recognition is at fair value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.Financial liabilities included in trade and other payables are recognised initially at fair value and subsequently at amortised cost. The fair value of a non interest bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "Share-based paymentsEquity-settled share-based payments to employees of the Company and its subsidiary undertakings are measured at the fair value of the equity instruments at the date of grant and are expensed on a straight-line basis over the vesting period in the consolidated income statement. The fair value of the equity instruments is determined at the date of grant taking into account any market-based vesting conditions attached to the award. Non-market based vesting conditions are taken into account in estimating the number of awards likely to vest. The estimate of the number of awards likely to vest is reviewed regularly and the expense charge adjusted accordingly.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "Operating segmentsManagement has determined the operating segments based upon the operating reports reviewed by the Investment Committee that are used to assess both performance and strategic decisions. Management has identified that the Investment Committee is the Chief Operating Decision Maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019.The Group is organised into two operating segments: Income Generation and Capital Growth. Group costs are not a reportable segment. However, information about them is considered by the Investment Committee in conjunction with the reportable segments.The Income Generation segment focuses on generating rental returns from the investment portfolio, rental returns and royalties from energy generation, environmental technologies and the agricultural portfolio, and generating income from recycled aggregates and secondary coal products. The Capital Growth segment focuses on delivering value by developing the underlying investment and development property portfolios, and includes planning and development activity, value engineering, proactive asset management and strategic land acquisition.All operations are carried out in the United Kingdom.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-3": {
"value": "Property, plant and equipmentLand and buildings relate to Group-occupied properties. These properties are stated at their fair value, based on market values, less any subsequent accumulated depreciation or accumulated impairment loss. Depreciation is provided where it is considered significant having regard to the estimated remaining useful lives and residual values of individual properties. Surpluses on revaluations are recorded in other comprehensive income and credited to the fair value reserve. However, to the extent that it reverses a revaluation deficit of the same asset previously recognised in profit or loss, the increase is recognised in profit or loss. Deficits on revaluations are charged against the fair value reserve to the extent that there are available surpluses relating to the same asset and are otherwise charged to profit or loss. Office equipment is stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged on these assets so as to write off the cost or valuation of assets over their estimated useful lives of three to four years, using the straight-line method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "Derivatives and hedgingDerivative financial instruments such as interest rate swaps are entered into in order to manage interest rate risks. Such derivative instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting, and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedge item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument\u2019s effectiveness in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedge risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they are designated.The effective portion of the gain or loss on the hedging instrument is recognised through other comprehensive income, while any ineffective portion is recognised immediately in profit or loss, such as when the hedged financial income or financial expense is recognised or when a forecast sale of the hedged item occurs.If the forecast transaction or firm commitment is no longer expected to occur, amounts previously recognised in equity are transferred to profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised in equity remain in equity until the forecast transaction or firm commitment occurs.When a derivative is held as an economic hedge for a period beyond 12 months after the end of the reporting period, the derivative is classified as non-current (or separated into current and non-current portions) consistent with the classification of the underlying item. A derivative instrument that is a designated and effective hedging instrument is classified consistent with the classification of the underlying hedged item. The derivative instrument is separated into a current portion and non-current portion only if: 1) a reliable allocation can be made; and 2) it is applied to all designated and effective hedging instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": "TaxCurrent taxThe charge or credit for current tax is based on the results for the year adjusted for items that are either not subject to taxation or for expenditure which cannot be deducted in computing the tax charge or credit. The tax charge or credit is calculated using taxation rates that have been enacted or substantively enacted at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-3": {
"value": "Deferred taxDeferred tax is recognised using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax is recognised in respect of all taxable temporary timing differences, with certain limited exceptions:\u2022 Deferred tax is not provided on the initial recognition of an asset or liability in a transaction that does not affect accounting profit or taxable profit and is not a business combination; and\u2022 Deferred tax assets are only recognised if it is probable that there will be sufficient profits from which the future reversal of the underlying timing differences can be deducted. In deciding whether future reversal is probable, the Directors review the Group\u2019s forecasts and make an estimate of the aggregate deferred tax asset that should be recognised. This aggregate deferred tax asset is then allocated into the different categories of deferred tax.Deferred tax is calculated at the tax rates that are expected to apply in the years in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited to the income statement, except where it applies to items credited or charged to other comprehensive income or equity in which case the deferred tax is also dealt with in other comprehensive income or equity.The carrying value of the Group\u2019s investment properties is assumed to be realised by sale at the end of use. The capital gains tax rate applied is that which would apply on a direct sale of the property recorded in the Balance Sheet regardless of whether the Group would structure the sale via the disposal of the subsidiary holding the asset, to which a different tax rate may apply. The deferred tax is then calculated based on the respective temporary differences and tax consequences arising from recovery through sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-2": {
"value": "Critical accounting estimates and judgementsThe preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these financial statements, the significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty are as follows:Estimation of fair value of investment propertiesThe fair value of investment property reflects, amongst other things, rental income from current leases, assumptions about rental income from future leases and the possible outcome of planning applications, in the light of current market conditions. The valuation has been arrived at primarily after consideration of market evidence for similar property, although in the case of those properties where fair value is based on their ultimate redevelopment potential, development appraisals have been undertaken to estimate the residual value of the landholding after due regard to the cost of, and revenue from, the development of the property.In determining fair value measurement, the impact of potential climate-related matters, including legislation, which may affect the fair value measurement of investment property has been considered.The values reported are based on significant assumptions and a change in fair values could have a material impact on the Group\u2019s results. This is due to the sensitivity of fair value to the assumptions made as regards to variances in development costs compared to management`s own estimates.Investment properties are disclosed in Note 14.Estimation of valuation of development propertiesFor the purposes of calculating net realisable value for both EPRA reporting and ensuring that development properties are stated at the lower of cost and net realisable value, the Group obtains an independent valuation of these properties, prepared in accordance with the current edition of the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors.If the net realisable value of the property is lower than cost, a provision is made to reduce the value of the property.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-2": {
"value": "3. Segmental InformationSegmental Income Statement31 December 2022 Capital Growth Sale of Other Development Property Income Properties Activities Generation Central Total \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 (1)Revenue124,956 10,478 31,251 \u2013 166,685Cost of sales (68,099) (6,305) (8,888) \u2013 (83,292) (2)Gross profit56,857 4,173 22,363 \u2013 83,393Administrative expenses \u2013 (4,123) (1,877) (16,090) (22,090) (3)Other gains/(losses)\u2013 17,788 (34,549) \u2013 (16,761)Other operating expense \u2013 \u2013 \u2013 (56) (56)Operating profit/(loss) 56,857 17,838 (14,063) (16,146) 44,486Finance costs \u2013 (168) \u2013 (6,199) (6,367)Finance income \u2013 227 \u2013 \u2013 227Share of loss of joint ventures \u2013 (4,317) (3,170) \u2013 (7,487)Profit/(loss) before tax 56,857 13,580 (17,233) (22,345) 30,859(1) Revenue Revenue is analysed as follows:Sale of development properties 124,956 \u2013 \u2013 \u2013 124,956Revenue from PPAs \u2013 5,810 \u2013 \u2013 5,810Build-to-suit development revenue \u2013 4,215 \u2013 \u2013 4,215Rent, service charge and royalties revenue \u2013 426 28,151 \u2013 28,577Revenue from coal fines \u2013 \u2013 2,113 \u2013 2,113Other revenue \u2013 27 987 \u2013 1,014124,956 10,478 31,251 \u2013 166,685(2) Gross profit \ue61f \ue61f \ue61f \ue61f \ue61fGross profit is analysed as follows: \ue61fGross profit excluding sales of development properties \u2013 4,173 22,363 \u2013 26,536Gross profit on sale of development properties 57,252 \u2013 \u2013 \u2013 57,252Net realisable value provision on development properties (7,074) \u2013 \u2013 \u2013 (7,074)Reversal of previous net realisable value provision on development properties 5,030 \u2013 \u2013 \u2013 5,030Release of previous net realisable value provision on disposal of development properties 1,649 \u2013 \u2013 \u2013 1,649\ue61f 56,857 4,173 22,363 \u2013 83,393(3) Other gains/(losses) \ue61f \ue61f \ue61f \ue61f \ue61fOther gains/(losses) are analysed as follows: \ue61fIncrease/(decrease) in fair value of investment properties \u2013 17,958 (37,683) \u2013 (19,725)Decrease in the fair value of AHFS \u2013 (199) \u2013 \u2013 (199)Profit on sale of investment properties \u2013 76 847 \u2013 923(Loss)/profit on sale of AHFS \u2013 (216) 2,287 \u2013 2,071Profit on sale of overages \u2013 169 \u2013 \u2013 169\ue61f \u2013 17,788 (34,549) \u2013 (16,761)Segmental Balance Sheet31 December 2022Capital Income Growth Generation Central Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current assetsProperty, plant and equipment \u2013 \u2013 600 600Right of use assets \u2013 \u2013 254 254Other receivables 4,013 \u2013 \u2013 4,013Investment properties 164,533 235,830 \u2013 400,363Investments in joint ventures 16,462 13,366 \u2013 29,828\ue61f 185,008 249,196 854 435,058Current assetsInventories 216,393 \u2013 \u2013 216,393Trade and other receivables 41,287 14,913 458 56,658AHFS 2,627 57,163 \u2013 59,790Cash and cash equivalents \u2013 \u2013 11,583 11,583\ue61f 260,307 72,076 12,041 344,424Total assets 445,315 321,272 12,895 779,482Financial liabilities and derivative financial instruments are not allocated to the reporting segments as they are managed and measured at a Group level.Segmental Income Statement31 December 2021 Capital Growth Sale of OtherDevelopment Property Income Properties ActivitiesGeneration Central Total\ue61f\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 (1)Revenue66,312 14,799 28,773 \u2013 109,884Cost of sales (49,903) (3,169) (8,113) \u2013 (61,185) (2)Gross profit16,409 11,630 20,660 \u2013 48,699Administrative expenses \u2013 (3,365) (2,130) (13,707) (19,202)(3)Other gains/losses \u2013 57,483 35,005 \u2013 92,488Other operating expense \u2013 \u2013 \u2013 (58) (58)Operating profit/(loss) 16,409 65,748 53,535 (13,765) 121,927Finance costs \u2013 \u2013 \u2013 (4,100) (4,100)Finance income \u2013 172 \u2013 10 182Share of profit of joint ventures \u2013 4,524 4,701 \u2013 9,225Profit/(loss) before tax 16,409 70,444 58,236 (17,855) 127,234(1) Revenue Revenue is analysed as follows:Sale of development properties 66,312 \u2013 \u2013 \u2013 66,312Build-to-suit development revenue \u2013 2,544 \u2013 \u2013 2,544Rent, service charge and royalties revenue \u2013 242 26,383 \u2013 26,625Revenue from coal fines \u2013 \u2013 622 \u2013 622Other revenue \u2013 12,013 1,768 \u2013 13,78166,312 14,799 28,773 \u2013 109,884(2) Gross profit \ue61f \ue61f \ue61f \ue61f \ue61fGross profit is analysed as follows: \ue61fGross profit excluding sales of development properties \u2013 11,630 20,660 \u2013 32,290Gross profit on sale of development properties 11,223 \u2013 \u2013 \u2013 11,223Net realisable value provision on development properties (1,574) \u2013 \u2013 \u2013 (1,574)Reversal of previous net realisable value provision on development properties 4,393 \u2013 \u2013 \u2013 4,393Release of previous net realisable value provision on disposal of development properties 2,367 \u2013 \u2013 \u2013 2,367\ue61f 16,409 11,630 20,660 \u2013 48,699(3) Other gains/(losses)\ue61f \ue61f \ue61f \ue61f \ue61fOther gains/(losses) are analysed as follows:\ue61fIncrease in fair value of investment properties \u2013 55,220 28,741 \u2013 83,961Increase in fair value of AHFS \u2013 364 714 \u2013 1,078Profit/(loss) on sale of investment properties \u2013 1,871 (47) \u2013 1,824Profit on sale of AHFS \u2013 28 5,597 \u2013 5,625\ue61f \u2013 57,483 35,005 \u2013 92,488Segmental Balance Sheet31 December 2021CapitalIncomeGrowthGenerationCentralTotal\ue61f\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Non-current assetsProperty, plant and equipment \u2013 \u2013 681 681Right of use assets \u2013 \u2013 94 94Other receivables 4,285 1,084 \u2013 5,369Investment properties 182,666 295,689 \u2013 478,355Investments in joint ventures 18,929 17,202 \u2013 36,131\ue61f 205,880 313,975 775 520,630Current assetsInventories 177,720 102 \u2013 177,822Trade and other receivables 35,737 13,665 353 49,755AHFS 1,925 \u2013 \u2013 1,925Cash and cash equivalents \u2013 \u2013 12,037 12,037\ue61f 215,382 13,767 12,390 241,539Total assets 421,262 327,742 13,165 762,169Financial liabilities and derivative financial instruments are not allocated to the reporting segments as they are managed and measured at a Group level.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-46-2": {
"value": "4. Operating profit Year ended Year ended 31 December 31 December 2022 2021 \ue61f \ue61fNote\u00a3\u2019000 \u00a3\u2019000 Operating profit before tax is stated after charging/(crediting):Net realisable value provision on development properties 16 395 (5,186)Staff costs 5 13,690 11,626Depreciation of property, plant and equipment and right of use assets 12, 13 152 234",
"dimensions": {
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"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-47-2": {
"value": "5. Employee informationThe monthly average number of persons (excluding Non-Executive Directors) employed by the Group during the year was: Group Company Year ended Year ended Year ended Year ended 31 December 31 December 31 December 31 December 2022 2021 2022 2021 \ue61fNumber Number Number Number Management and administration 107 85 3 3Remuneration details of these persons were as follows: Group Company Year ended Year ended Year ended Year ended 31 December 31 December 31 December 31 December 2022 2021 2022 2021 \ue61f\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Wages and salaries 10,825 9,741 1,399 2,357Share-based payment expense 703 546 157 116Social security costs 1,383 800 278 95Other pension costs 779 539 50 41\ue61f 13,690 11,626 1,884 2,609",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-2": {
"value": "Key management remuneration relates to the members of the Investment Committee: Group Year ended Year ended 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000 \u00a3\u2019000 Short term employee benefits 4,514 4,278Post employment benefits 213 153Share-based payments 490 463\ue61f 5,217 4,894Detailed information relating to Directors\u2019 remuneration is disclosed in the Directors\u2019 remuneration report on pages 115 to 133 and forms part of these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-49-2": {
"value": "6. Finance costs and finance incomeYear endedYear ended31 December31 December20222021\u00a3\u2019000\u00a3\u2019000Total finance income 227 182Finance costs\u2013 Bank interest (2,206) (2,795)\u2013 Facility fees (1,791) (745)\u2013 Amortisation of up-front fees (685) (362)\u2013 Acceleration of amortisation of up-front fees following extinguishment of Facility (599) \u2013\u2013 Other interest (1,086) (198)Total finance costs (6,367) (4,100)Net finance costs (6,140) (3,918)During the year no interest has been capitalised in investment or development properties (2021: \u00a3nil).In March 2022 the Group entered into a new revolving credit facility replacing the existing facility under different lending terms. This transaction met the definition of a loan extinguishment and led to an acceleration of amortisation on the up-front fees of the old facility.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-49-3": {
"value": "6. Finance costs and finance incomeYear endedYear ended31 December31 December20222021\u00a3\u2019000\u00a3\u2019000Total finance income 227 182",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-50-3": {
"value": "Finance costs\u2013 Bank interest (2,206) (2,795)\u2013 Facility fees (1,791) (745)\u2013 Amortisation of up-front fees (685) (362)\u2013 Acceleration of amortisation of up-front fees following extinguishment of Facility (599) \u2013\u2013 Other interest (1,086) (198)Total finance costs (6,367) (4,100)Net finance costs (6,140) (3,918)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-2": {
"value": "7. Auditors\u2019 remuneration Year ended Year ended 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000 \u00a3\u2019000 Fees payable to the Company\u2019s auditors and its associates for the audit of the Company and the consolidated financial statements 330 315Fees payable to the Company auditors and its associates for other services:\u2013 The audit of the Company\u2019s subsidiaries pursuant to legislation 42 30\ue61f 372 345",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-2": {
"value": "8. Tax Year ended Year ended 31 December 31 December 2022 2021 Analysis of tax (charge)/credit in the year \u00a3\u2019000 \u00a3\u2019000 Current tax Current year (21,650) (6,747)Adjustment in respect of prior periods (118) 372Total current tax charge (21,768) (6,375)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-2": {
"value": "Deferred tax Current year 13,504 (15,974)Adjustment in respect of prior periods 409 (162)Difference between current tax rate and rate of deferred tax 4,834 (10,733)Total deferred tax credit/(charge) 18,747 (26,869)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-58-2": {
"value": "10. Dividends Year ended Year ended 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000 \u00a3\u2019000 Interim dividend of 0.404p per share for the six months ended 30 June 2022 1,305 \u2013Final dividend of 0.845p per share for the year ended 31 December 2021 2,727 \u2013Interim dividend of 0.367p per share for the six months ended 30 June 2021 \u2013 1,184Final dividend of 1.466p per share for the year ended 31 December 2020 \u2013 4,729\ue61f 4,032 5,913In addition to the interim dividend of 0.404p, the Board has determined that it is appropriate for a final dividend of 0.929p (2021: 0.845p) to be paid per share, bringing the total dividend for the year to 1.333p (2021: 1.212p). The recommended 2022 final dividend and 2022 total dividend represent a 10% increase in line with the Group\u2019s policy. The 2020 final dividend was increased to reflect the cancelled final 2019 dividend excluding which, the 2020 dividend totalled 1.102p per share.There is no change to the current dividend policy to continue to grow dividends by 10% each year.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-59-2": {
"value": "11. Earnings per shareEarnings per share has been calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of shares in issue and ranking for dividend during the year. Year ended Year ended 31 December 31 December \ue61f20222021Profit from continuing operations attributable to owners of the Company (\u00a3\u2019000) 27,838 93,990Weighted average number of shares used for basic earnings per share calculation 322,571,783 322,493,443Basic earnings per share (pence) 8.6 29.1Weighted average number of shares used for diluted per share calculation 326,317,353 325,059,137Diluted earnings per share (pence) 8.5 28.9 The difference between the weighted average number of shares used for the basic and diluted earnings per share calculation is due to the effect of share options that are dilutive.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-60-2": {
"value": "12. Property, plant and equipment Land and Office Group Buildings Equipment Total Cost or fair value \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2021 835 493 1,328 Additions \u2013 32 32 Decrease in fair value (200) \u2013 (200) As at 31 December 2021 and 1 January 2022 635 525 1,160 Additions \u2013 110 110 Decrease in fair value (133) \u2013 (133) As at 31 December 2022 502 635 1,137 Depreciation \ue61f \ue61f \ue61f As at 1 January 2021 \u2013 (321) (321) Depreciation charge \u2013 (158) (158) As at 31 December 2021 and 1 January 2022 \u2013 (479) (479) Depreciation charge \u2013 (58) (58) As at 31 December 2022 \u2013 (537) (537) Net book value \ue61f \ue61f \ue61f Net book value at 31 December 2022 502 98 600 Net book value at 31 December 2021 635 46 681At 31 December 2022, the Group had not entered into any contractual commitments for the acquisitions of property, plant and equipment (2021: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-61-2": {
"value": "13. Right of use assets Year ended Year ended 31 December 31 December Group 2022 2021 Right of use assets \u00a3\u2019000 \u00a3\u2019000 Buildings 229 74Vehicles 25 20\ue61f 254 94Lease liabilitiesCurrent 82 42Non-current 172 52\ue61f 254 94Additions to right of use assets during 2022 were \u00a30.2m (2021: \u00a3nil). Year ended Year ended 31 December 31 December Group 2022 2021 Depreciation charge of right of use assets\u00a3\u2019000 \u00a3\u2019000 Buildings 77 44Vehicles 17 32\ue61f 94 76The total cash outflow for leases in 2022 was \u00a30.1m (2021: \u00a30.1m).The Group leases a number of offices and vehicles. Rental contracts are typically made for fixed periods of three to five years but may have extension options.Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.However, for leases of real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component.Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Lease assets may not be used as security for borrowing purposes.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable\u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement dateLease payments to be made under reasonably certain extension options are also included in the measurement of the liability.29. Operating leasesFuture minimum lease receiptsAt 31 December 2022 the Group had contracted with tenants for the following future minimum lease payments:\ue61fGroupAs at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Less than one year 17,733 17,220Between one and two years 17,426 14,689Between two and three years 15,057 13,100Between three and four years 14,059 11,033Between four and five years 12,861 10,200More than five years 124,992 122,303\ue61f 202,128 188,545As set out in Note 14 property rental income earned during the year was \u00a319.9m (2021: \u00a319.5m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-62-2": {
"value": "14. Investment propertiesInvestment properties at 31 December 2022 and 31 December 2021 have been measured at fair value. The Group holds five categories of investment property, being Agricultural Land, Natural Resources, the Investment Portfolio, Major Developments and Strategic Land in the UK, which sit within the operating segments of Income Generation and Capital Growth. Income Generation Capital Growth Agricultural Natural Investment Major StrategicLandResourcesPortfolioDevelopmentsLandTotal\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000At 1 January 2021 6,135 33,098 214,906 27,550 91,390 373,079Direct acquisitions \u2013 \u2013 13,502 \u2013 14,274 27,776Subsequent expenditure 12 239 1,988 8,956 6,877 18,072Disposals \u2013 \u2013 (2,497) (11,207) (986) (14,690)(Decrease)/increase in fair value (151) (1,912) 30,804 21,609 33,611 83,961Transfers between divisions 115 \u2013 6,101 (6,626) 410 \u2013Net transfers from development properties \u2013 \u2013 \u2013 5,711 (5,000) 711Net transfer to AHFS (699) (874) (5,078) (509) (3,394) (10,554)At 31 December 2021 5,412 30,551 259,726 45,483 137,183 478,355Direct acquisitions \u2013 \u2013 \u2013 \u2013 11,863 11,863Subsequent expenditure \u2013 12 2,822 40,928 9,344 53,106Disposals \u2013 (860) \u2013 \u2013 \u2013 (860)(Decrease)/Increase in fair value 282 (163) (37,802) (5,357) 23,315 (19,725)Transfers between divisions \u2013 \u2013 42,250 (42,250) \u2013 \u2013Transfers from/(to) development properties \u2013 \u2013 \u2013 5,440 (60,513) (55,073)Transfer to AHFS \u2013 (9,814) (56,589) \u2013 (900) (67,303)At 31 December 2022 5,694 19,726 210,407 44,244 120,292 400,363Subsequent expenditure is recorded net of government grant receipts of \u00a30.9m (2021: \u00a3nil).Included within investment properties (agricultural land) is a provision of \u00a30.2m (2021: \u00a30.3m) relating to the restoration liability on sites formerly rented to mining tenants. This provision is treated as a reduction of the individual property valuations.During the year \u00a35.4m (2021: \u00a35.7m) of development property was re-categorised as investment property to reflect a change in use. During the year \u00a360.5m of investment property was re-categorised to development properties (2021: \u00a35.0m). Properties that have obtained planning permission and where development with a view to sale has commenced are now held as development properties in inventories. Until sites receive planning permission and the future use has been determined, our view is that the land is held for a currently undetermined future use and should thus be held as investment property. Where there is a subsequent change in use, typically in properties and land that have received planning permission and where development with a view to sale has commenced, these are re-categorised as development properties in inventories.Investment property is transferred between divisions to reflect a change in the activity arising from the asset.The fair value disclosures for investment properties are presented on a combined basis along with those properties in AHFS as summarised in the following table: Income Generation Capital Growth Agricultural Natural Investment MajorStrategicLandResourcesPortfolioDevelopmentsLandTotal\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000Investment properties 5,694 19,726 210,407 44,244 120,292 400,363Properties included within AHFS (Note 18) \u2013 574 56,589 \u2013 2,627 59,790Total properties (excluding development properties) 5,694 20,300 266,996 44,244 122,919 460,153 Year ended Year ended 31 December 31 December 2022 2021 \u00a3\u2019000 \u00a3\u2019000 Market value as estimated by the external valuer 470,150 486,433Capital incentives and rent-free periods included within other receivables (5,853) (4,820)Contingent interest in adjoining land included within external valuations (3,848) (2,687)Other adjustments (296) (571)Fair value for financial purposes 460,153 478,355Valuation processThe properties were valued in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation \u2013 Professional Standards (the \u2018Red Book\u2019) by BNP Paribas Real Estate and Savills. Both are independent firms acting in the capacity of external valuers with relevant experience of valuations of this nature. The valuations are on the basis of Market Value as defined by the Red Book, which RICS considers meets the criteria for assessing Fair Value under IFRS. The valuations are based on what is determined to be the highest and best use. When considering the highest and best use a valuer will consider, on a property by property basis, its actual and potential uses which are physically, legally and financially viable. Where the highest and best use differs from the existing use, the valuer will consider the cost and the likelihood of achieving and implementing this change in arriving at its valuation. Most of the Group\u2019s properties have been valued on the basis of their development potential which differs from their existing use.At each financial year end, management:\u2022 verifies all major inputs to the independent valuation report;\u2022 assesses property valuation movements when compared to the prior year valuation report; and\u2022 holds discussions with the independent valuer.The different valuation levels are defined as:Level 1: valuation based on quoted market prices traded in active markets.Level 2: valuation based on inputs other than quoted prices included within Level 1 that maximise the use of observable data either directly or from market prices or indirectly derived from market prices.Level 3: where one or more inputs to valuation are not based on observable market data.The Directors determine the applicable hierarchy that each investment property falls into by assessing the level of significant unobservable inputs used in the valuation technique. As a result of the specific nature of each investment property, valuation inputs are not based on directly observable market data and therefore all investment properties were determined to fall into Level 3.The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as at the date of the event or change in circumstance that caused the transfer. There were no transfers between hierarchy levels in the year ended 31 December 2022 (2021: none).Valuation techniques underlying management\u2019s estimation of fair value are as follows:Agricultural landMost of the agricultural land is valued using the market comparison basis, with an adjustment made for the length of the remaining term on any tenancy and the estimated cost to bring the land to its highest and best use. Where the asset is subject to a secure letting, it is valued on a yield basis, based upon sales of similar types of investment.Natural resourcesNatural resource sites in the portfolio are valued based on a discounted cash flow for the operating life of the asset with regard to the residual land value.Investment PortfolioThe industrial & logistics investment properties are valued on the basis of market comparison with direct reference to observable market evidence including current rent and estimated rental value (ERV), yields and capital values and adjusted where required for the estimated cost to bring the property to its highest and best use. The evidence is adjusted to reflect the quality of the property assets, the quality of the covenant profile of the tenants and the reliability/volatility of cash flows. The Group\u2019s portfolio has a spread of yields. New income acquisitions are generally acquired at high yields where value can be added. Subject to market backdrop, properties that are newly built by Harworth typically have lower yields. As assets are enhanced and improved, these would also be expected to be valued at lower yields.ERV and reversionary rental yields are considered to be significant unobservable inputs. Details of the aggregate ERV and weighted average reversionary rental yields used for the Investment Portfolio properties are provided in the following table:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Market value (\u00a3\u2019000) 272,850 264,547Aggregate ERV (\u00a3\u2019000) 20,388 16,794Equivalent rental yield % 7.8 6.8All other factors being equal, a higher equivalent yield would lead to a decrease in the valuation of an asset and an increase in the current or estimated future rental stream, or market demand for the asset, would have the effect of increasing the capital value, and vice versa. However, there are inter-relationships between the significant unobservable inputs which are partially determined by market conditions, which would impact on these changes.The table below sets out a sensitivity analysis for the key sources of estimation uncertainty with the resulting increase/(decrease) in the fair value of Investment Portfolio assets at 31 December 2022:2022 2021Increase in Decrease in Increase in Decrease in Sensitivity Sensitivity Sensitivity Sensitivity Value Value Value Value \ue61f\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Change in net income by 5% 13,568 (13,568) 13,260 (13,260)Change in portfolio net initial yield by 50 basis points (24,934) 25,980 (23,206) 25,880 The property rental income earned by the Group from its occupied investment property, all of which is leased out under operating leases amounted to \u00a319.9m (2021: \u00a319.5m). Direct operating expenses arising on investment property generating rental income in the year amounted to \u00a36.4m (2021: \u00a36.6m).The bank and other loans are secured by way of fixed equitable charges over investment and development properties.Major developmentsMajor development sites are generally valued using residual development appraisals, a form of discounted cash flow which estimates the current site value from future cash flows measured by current land and/or completed built development values, observable or estimated development costs, and observable or estimated development returns.Where possible development sites are valued by direct comparison to observable market evidence with appropriate adjustment for the quality and location of the property asset, although this is generally only a reliable method of measurement for smaller development sites.The discounted cash flows utilise gross development value, which takes account of the future expectations of sales over time, less costs, as at today\u2019s value, to complete remediation and provide the necessary site infrastructure to bring the site forward. Sales prices, build costs and profit margins are considered to be significant unobservable inputs for sites valued using residual development appraisals and details of these are provided below:As at 31 December 2022 As at 31 December 2021Market ProfitMarket ProfitvalueSales priceBuild costMarginvalueSales priceBuild costMargin(\u00a3\u2019000)per sq. ftper sq. ft%(\u00a3\u2019000)per sq. ftper sq. ft%Major developments 43,941 \u00a3125\u2013\u00a3138 \u00a367\u2013\u00a393 15% 44,590 \u00a3122\u2013\u00a3127 \u00a358\u2013\u00a372 15%All other factors being equal, a higher land value reflecting future expectations on sales would lead to an increase in the valuation of an asset, an increase in costs would lead to a decrease in the valuation of an asset. However, there are inter-relationships between the significant unobservable inputs which are partially determined by market conditions, which would impact on these changes.The table below sets out a sensitivity analysis for the key sources of estimation uncertainty with the resulting increase/(decrease) in the fair value of Major Development investment properties at 31 December 2022:2022 2021Increase in Decrease in Increase in Decrease in Sensitivity Sensitivity Sensitivity Sensitivity Value Value Value Value \ue61f\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Change in sales price of 5% 7,999 (6,439) 5,967 (5,967)Change in build cost of 5% (4,266) 5,826 (4,550) 4,611Strategic landStrategic land is valued on the basis of discounted cash flows, with future cash flows measured by current land values adjusted to reflect the quality of the development opportunity, the potential development costs estimated by reference to observable development costs on comparable sites, and the likelihood of securing planning consent. Valuations are then benchmarked against observable land values reflecting the current existing use of the land, which is generally agricultural and, where available, observable strategic land values. The land value per acre is considered to be a significant unobservable input and details of the ranges used are provided below:As at 31 December 2022 As at 31 December 2021AgriculturalNaturalStrategicAgriculturalNaturalStrategicLandResourcesLandLandResourcesLand\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Market value 5,845 20,706 126,808 5,560 31,705 140,031Weighted Average Land value per acre 3 21 68 3 20 81All things being equal, a higher value per acre would lead to an increase in the valuation of an asset and vice versa. The table below sets out a sensitivity analysis for the key source of estimation uncertainty with the resulting increase/(decrease) in the fair value at 31 December 2022:2022 2021Increase in Decrease in Increase in Decrease in Sensitivity Sensitivity Sensitivity Sensitivity Value Value Value Value Change in land value per acre by 5%\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Agricultural Land 292 (292) 278 (278)Natural Resources 1,035 (1,035) 1,585 (1,585)Strategic Land 6,340 (6,340) 7,002 (7,002)",
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"pp-value-66-2": {
"value": "15. InvestmentsInvestment in subsidiaries (Company balance sheet)As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000 Cost and net book amount: At 1 January 209,300 208,974 Grant of equity instruments to employees of subsidiaries 564 326 At 31 December 209,864 209,300Investments in subsidiaries are stated at cost less provision for impairment. As permitted by section 616 of the Companies Act 2006, wherethe relief afforded under section 612 of the Companies Act 2006 applies, cost is the aggregate of the nominal value of the relevant numberof the Company\u2019s shares and the fair value of any other consideration given to acquire the share capital of the subsidiary undertakings.The Company holds investments in the following subsidiaries as at 31 December 2022:Proportion of nominal value of issued share Held directly capital or indirectly Description of held by the by the Company name Activityshares heldCompany %CompanyHarworth Estates Property Group Limited Trading Ordinary 100 DirectCadley Park Management Company Limited Trading Ordinary 100 IndirectCutacre Country Park Management Company Limited Trading Ordinary 100 IndirectEOS Inc Limited Trading Ordinary 100 IndirectHarworth Estates (Agricultural Land) Limited Trading Ordinary 100 IndirectHarworth Estates (Waverley Prince) Limited Trading Ordinary 100 IndirectHarworth Estates Curtilage Limited Trading Ordinary 100 IndirectHarworth Estates Investments Limited Trading Ordinary 100 IndirectHarworth Estates Limited Trading Ordinary 100 IndirectHarworth Estates Mines Property Limited Trading Ordinary 100 IndirectHarworth Estates Overage Limited Trading Ordinary 100 IndirectHarworth Estates Residential Development Limited Trading Ordinary 100 IndirectHarworth Estates Warwickshire Limited Trading Ordinary 100 IndirectHarworth Surface Water Management (Bardon) Limited Trading Ordinary 100 IndirectHarworth Surface Water Management (North West) Limited Trading Ordinary 100 IndirectHarworth TRR Limited Trading Ordinary 100 IndirectLogistics North MC Limited Trading Ordinary 10.86 IndirectThoresby Vale Management Company Limited Trading Ordinary 100 IndirectFlass Lane Management Company Limited Trading Limited by guarantee 100 IndirectMapplewell Management Company Limited Trading Limited by guarantee 100 IndirectPOW Management Company Limited Trading Limited by guarantee 100 IndirectRiverdale Park Management Company Limited Trading Limited by guarantee 100 IndirectRossington Community Management Company Limited Trading Limited by guarantee 100 IndirectSimpson Park Management Company Limited Trading Limited by guarantee 100 IndirectSouth East Coalville Management Company Limited Trading Limited by guarantee 100 IndirectWaverley Community Management Company Limited Trading Limited by guarantee 100 IndirectAnsty Development Vehicle LLP Trading Partnership 100 IndirectHarworth PV Limited Dormant Ordinary 100 IndirectHarworth Regeneration Limited Dormant Ordinary 100 IndirectHarworth Services Limited Dormant Ordinary 100 IndirectHarworth Estates No 2 Limited Dormant Ordinary 100 IndirectHarworth No 1 Limited Dormant Ordinary 100 IndirectBenthall Grange (Ironbridge) Management Company Limited Dormant Limited by guarantee 100 IndirectMoss Nook (St Helens) Management Company Limited Dormant Limited by guarantee 100 IndirectCoalfield Estates Limited Liquidation Ordinary 100 DirectProportion of nominal value of issued share Held directly capital or indirectly Description of held by the by the Company name Activityshares heldCompany %CompanyHarworth Estates Group Limited Liquidation Ordinary 100 IndirectHarworth No.3 Limited Liquidation Ordinary 100 IndirectWaverley Square Limited Liquidation Ordinary 100 IndirectHarworth Guarantee Co. Limited Liquidation Limited by guarantee 100 DirectExcept for those in liquidation, all of the above companies are incorporated in England and Wales and have a registered address of Advantage House, Poplar Way, Rotherham, South Yorkshire, S60 5TR. Control of Logistics North MC Limited is via ownership of voting rights equal to 75% or more and the right to appoint and remove directors.The following entities were incorporated during the year:\u2022 Harworth Estates Residential Development Limited on 25 May 2022\u2022 Harworth Surface Water Management (Bardon) Limited on 9 June 2022\u2022 Harworth No 1 Limited on 12 October 2022\u2022 Benthall Grange (Ironbridge) Management Company Limited on 20 October 2022Konect Management Company Limited was disposed of on 9 September 2022.The following entities were in the process of liquidation during the year, and were fully dissolved in January 2023: Coalfield Estates LimitedHarworth Guarantee Co. Limited Harworth Estates Group LimitedHarworth No.3 Limited",
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"pp-value-68-2": {
"value": "Investment in joint venturesYear ended Year ended 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000 At 1 January 36,131 25,316 Investments in joint ventures 1,849 1,624 Distributions from joint ventures (665) (34) Share of (losses)/profits of joint ventures (7,487) 9,853 Impairment \u2013 (628) At 31 December 29,828 36,131The Group holds investments in the following joint ventures as at 31 December 2022:Proportion of nominal value of issued share capital Description held by the Company name Activityof shares heldGroup %Multiply Logistics North Holdings Limited Trading Ordinary 20Multiply Logistics North LP Trading Partnership 20Crimea Land Mansfield LLP Trading Partnership 50Northern Gateway Development Vehicle LLP Trading Partnership 50The Aire Valley Land LLP Trading Partnership 50All of the above companies are incorporated in England and Wales and, have a registered address of Advantage House, Poplar Way, Rotherham, South Yorkshire, S60 5TR. Multiply Logistics North Holdings Limited and Multiply Logistics North LP are joint ventures as a consequence of equal voting rights.Aggregate information of the Group\u2019s share of assets, liabilities and results of joint ventures, that are individually material are:The Aire Valley Land LLPAs at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Investment property 26,350 35,000Current assets 306 248Total assets 26,656 35,248Current liabilities (180) (164)Equity 26,476 35,084Group\u2019s share in equity (50%) 13,238 17,542Group\u2019s carrying amount of the investment 13,238 17,542Included within current assets are cash and cash equivalents of \u00a30.2m (2021: \u00a30.2m)Multiply Logistics North LPAs at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Investment property 62,840 83,955Current assets 5,495 3,600Total assets 68,335 87,555Current liabilities (1,505) (1,545)Equity 66,830 86,010Group\u2019s share in equity (20%) 13,366 17,202Group\u2019s carrying amount of the investment 13,366 17,202Included within current assets are cash and cash equivalents of \u00a32.0m (2021: \u00a32.3m). Included within current liabilities are accruals and deferred income of \u00a30.9m (2021: \u00a31.0m) and other taxes payable of \u00a30.5m (2021: \u00a30.2m)The Aire Valley Land LLPYear ended Year ended 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Revenue 60 \u2013 Cost of sales (7) (58)Gross profit/(loss) 53 (58)Administrative expenses (11) (32)Other (losses)/gains (8,650) 9,184 Finance costs \u2013 (2)(Loss)/profit for the year (8,608) 9,092 Group\u2019s share of (loss)/profit for the year (50%) (4,304) 4,546Multiply Logistics North LPYear ended Year ended 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Revenue 3,880 2,405 Cost of sales (125) (170)Gross profit 3,755 2,235 Administrative expenses (160) (760)Other (losses)/gains (19,450) 25,155 (Loss)/profit for the year (15,855) 26,630 Group\u2019s share of (loss)/profit for the year (20%) (3,171) 5,326Aggregate information of the Group\u2019s share of assets, liabilities and results of joint ventures, that are not individually material are:As at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Investment property \u2013 750 Current assets 7,088 2,142 Total assets 7,088 2,892 Current liabilities (640) (118)Equity 6,448 2,774 Group share in equity (50%) 3,224 1,387 Group\u2019s carrying amount of the investment 3,224 1,387 Loss for the year (23) (38)Group\u2019s share of losses for the year (50%) (12) (19)The risks associated with these investments are as follows:\u2022 Decline in the availability, and/or an increase in the cost, of credit for residential and commercial buyers; and\u2022 Decline in market conditions and values.",
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"pp-value-71-2": {
"value": "16. InventoriesAs at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Development properties 204,952 172,701Planning promotion agreements 2,994 3,865Options 8,447 1,154Finished goods \u2013 102\ue61f 216,393 177,822The total cost of inventory recognised as an expense within cost of sales in the year is \u00a368.4m (2021: \u00a350.3m) and comprised of: \u00a367.7m (2021: \u00a354.9m) relating to the sale of development properties; a charge of \u00a30.4m (2021: \u00a35.2m credit) net realisable value provision against development properties; a charge of \u00a30.1m (2021: \u00a30.1m) in relation to planning promotion agreements; and a charge of \u00a30.2m (2021: \u00a30.5m) relating to finished goods stocks. Finished goods are stated after a provision of \u00a3nil (2021: \u00a30.5m).The movement in development properties is as follows:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000At 1 January 172,701 177,712Acquisitions \u2013 40Subsequent expenditure 35,430 29,482Disposals (57,857) (39,008)Net realisable value (charge)/release (395) 5,186Transfers from/(to) investment properties 55,073 (711)At 31 December 204,952 172,701Subsequent expenditure is recorded net of government grant receipts of \u00a32.7m (2021: \u00a31.9m).The movement in net realisable value provision is as follows:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000At 1 January 12,154 17,340Charge for the year 7,074 1,574Released on disposals (5,030) (2,367)Reversal of previous net realisable provision (1,649) (4,393)Released on transfer to investment property (2,773) \u2013At 31 December 9,776 12,154The reversal of previous net realisable value provision occurs where development properties have an increase in net realisable value which offsets a previous net realisable value charge.",
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"pp-value-73-2": {
"value": "17. Trade and other receivables Group CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2022 2021 2022 2021 Current\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Trade receivables 31,566 24,078 \u2013 \u2013Less: provision for impairment of trade receivables (28) (27) \u2013 \u2013Net trade receivables 31,538 24,051 \u2013 \u2013Other receivables 22,379 23,672 144 9Prepayments 1,062 1,012 43 7Accrued income 1,679 1,020 \u2013 \u2013Amounts owed by subsidiary undertakings (Note 30) \u2013 \u2013 110 27,735\ue61f 56,658 49,755 297 27,751Non-currentTrade receivables 3,119 4,285 \u2013 \u2013Other receivables 894 1,084 \u2013 \u2013Amounts owed by subsidiary undertakings (Note 30) \u2013 \u2013 28,647 \u2013\ue61f 4,013 5,369 28,647 \u2013The carrying amount of trade and other receivables approximates to their fair value due to the short time frame over which the assets are realised. All of the Group and Company receivables are denominated in sterling.Included within trade receivables is \u00a331.4m (2021: \u00a322.9m) of deferred consideration on the sale of investment and development property.The non-current trade receivable of \u00a33.1m (2021: \u00a34.3m) relates to deferred consideration on the sale of development properties due in more than one year. Other receivables include debtors from agent managed properties of \u00a37.3m (2021: \u00a37.1m), customer retentions of \u00a34.1m (2021: \u00a36.1m) and rent-free and capital incentives of \u00a35.9m (2021: \u00a34.8m).The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables as disclosed in Note 22. The Group and Company do not hold any collateral as security.The amounts owed to the Company by subsidiary undertakings are repayable on demand. Interest is payable at SONIA + 2% (2021: SONIA + 2%).GroupMovements on the Group provisions for impairment of trade receivables are as follows:As at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000At the beginning of the year (27) (308)(Provided for)/released in the year (1) 281At the end of the year (28) (27)Trade receivables can be analysed as follows:As at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Amounts receivable not past due 31,489 21,914Amounts receivable past due but not impaired 49 2,137Amounts receivable impaired (gross) 28 27Less impairment (28) (27)\ue61f 31,538 24,051Ageing of past due but not impaired trade receivables:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u201900031\u2013 60 days 3 \u201361\u2013 90 days \u2013 2,05491\u2013 120 days 46 83\ue61f 49 2,137Ageing of impaired trade receivables:As at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u201900091\u2013 120 days 28 16120+ days \u2013 11\ue61f 28 27",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "19. CashGroup CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2022 2021 2022 2021 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Cash 11,583 12,037 1,433 2,909",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-77-2": {
"value": "20. BorrowingsAs at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Current:Secured \u2013 other loans (3,067) \u2013\ue61f (3,067) \u2013 Non-current:Secured \u2013 bank loans (34,558) (33,318)Secured \u2013 infrastructure and direct development loans (22,353) (4,463)\ue61f (56,911) (37,781)Total borrowings (59,978) (37,781)Loans are stated after deduction of unamortised borrowing costs of \u00a32.0m (2021: \u00a31.2m).\ue61fAs at As at 31 December 31 December 2022 2021 \u00a3\u2019000\u00a3\u2019000Infrastructure Loans Scrudf Limited Partnership Rockingham (1,413) \u2013 Merseyside Pension Fund Bardon Hill (20,940) (1,572) North West Evergreen Limited Partnership Plot H Logistics North, Bolton (3,067) (2,891)Total infrastructure loans (25,420) (4,463)Bank loan (34,558) (33,318)Total borrowings (59,978) (37,781)In March 2022, the Group entered into a new five year \u00a3200m RCF, with a \u00a340m uncommitted accordion option, which replaced the previous RCF which had been in place since 2015. NatWest and Santander continue to provide bank borrowings in this new RCF and have been joined by HSBC.The RCF is subject to financial and other covenants. The bank borrowings are secured by way of a floating debenture over assets not otherwise used as security under specific infrastructure loans. Proceeds from and repayments of bank loans are reflected gross in the Consolidated Statement of Cash Flows and reflect timing of utilisation of the RCF.The infrastructure loans are provided by public bodies in order to promote the development of major sites. The loans are drawn as work on the respective sites is progressed and they are repaid on agreed dates or when disposals are made from the sites.",
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"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-78-2": {
"value": "21. Trade and other payables Group CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2022 2021 2022 2021 Current\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Trade payables 2,361 2,104 28 54Amounts owed to subsidiary undertakings (Note 30) \u2013 \u2013 34,481 24,205Taxation and social security 513 14,394 98 190Other creditors 6,611 4,102 187 26Accruals 65,338 63,166 1,553 1,812Deferred income 7,676 10,550 \u2013 \u2013\ue61f 82,499 94,316 36,347 26,287The amounts owed by the Company to subsidiary undertakings are repayable on demand. Interest is payable at SONIA + 2% (2021: SONIA + 2%). Group CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2022 2021 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Amounts in accruals relating to parcels of land that have been sold but where infrastructure costs are yet to be incurred 48,595 48,781 \u2013 \u2013Deferred income includes \u00a34.3m (2021: \u00a34.1m) in relation to rental income.Non-current liabilities Group CompanyAs at As at As at As at 31 December 31 December 31 December 31 December 2022 2021 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Other creditors 1,925 4,540 \u2013 \u2013Deferred income 894 1,146 \u2013 \u2013 2,819 5,686 \u2013 \u2013",
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"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-79-2": {
"value": "22. Financial Instruments and derivativesThroughout 2021 and until March 2022, the Group was party to a \u00a345m fixed rate interest swap at an all-in cost of 1.235% (including fees) on top of the existing 2.35% margin under the previous RCF. The all-in cost changed to 1.184% from 31 December 2021 as part of the transition from LIBOR to SONIA. The interest rate swap was ended when the Group entered into the new RCF.The fair value of the interest rate swap at 31 December 2022 was \u00a3nil (2021: a liability of \u00a30.2m).During the year the following gain was recognised in the other comprehensive income statement in relation to the interest rate swap:As at As at 31 December 31 December 2022 2021 \ue61f\u00a3\u2019000\u00a3\u2019000Gain on interest rate swap - cash flow hedge 156 670The Group\u2019s principal financial instruments include trade and other receivables, cash, interest bearing borrowings and trade and other payables.",
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"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-80-2": {
"value": "Other financial assets and liabilities\ue61fAs at 31 December 2022 As at 31 December 2021Book value Fair value Book value Fair value Group\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets held at amortised costCash 11,583 11,583 12,037 12,037 Trade and other receivables 57,930 57,930 53,092 53,092 Financial liabilities held at amortised costBank and other borrowings 59,978 59,978 37,781 37,781 Trade and other payables 76,235 76,235 85,608 85,608 \ue61fAs at 31 December 2022 As at 31 December 2021Book value Fair value Book value Fair value Company\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial assets held at amortised costCash 1,433 1,433 2,909 2,909 Trade and other receivables 28,901 28,901 27,744 27,744 Financial liabilities held at amortised costTrade and other payables 36,249 36,249 26,097 26,097 The Group classifies the assets and liabilities in the analysis above as \u2018loans and receivables\u2019 and \u2018other financial liabilities\u2019, respectively.The fair value of bank and other borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are within Level 2 of the fair value hierarchy.Changes in liabilities arising from financing activitiesYear endedYear ended31 December31 December20222021\u00a3\u2019000\u00a3\u2019000Borrowings at start of year 37,781 83,882Repayments (152,000) (95,425)Drawdowns 173,850 49,900Interest expense 3,392 2,992Interest paid (2,206) (2,795)Borrowing costs (2,022) (1,134)Amortisation of capitalised borrowing costs 1,283 361Borrowings at end of year 59,978 37,781Year endedYear ended31 December31 December20222021\u00a3\u2019000\u00a3\u2019000Leases at start of year 94 179Additions 251 \u2013Payments in respect of leases (91) (85)Leases at end of year 254 94",
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"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-81-2": {
"value": "23. Financial risk managementThe Group\u2019s overall risk management programme focuses on credit and liquidity risks to minimise potential adverse effects on the Group\u2019s financial performance.Risk management is carried out centrally under policies approved by the Board of Directors. The Board discusses and agrees courses of action to cover material risk management areas, including credit risk and investment of excess liquidity.Credit riskThe Group is subject to credit risk arising from outstanding receivables and committed cash and cash equivalents and deposits with banks and financial institutions. The Group\u2019s policy is to manage credit exposure to trading counterparties within defined trading limits.The Group is exposed to counterparty credit risk on cash and cash equivalent balances. The Group and Company hold all of their cash deposits with their principal bankers.Interest rate riskThe Group\u2019s interest rate risk arises from external borrowings, the details of which are set out in Note 22. The Group also has three (2021: two) infrastructure loans with an all in funding rate of between 2.2% and 5.9% (2021: between 3.0% and 5.9%), of these one loan (2021: one) has a fixed rate of interest. Based on the drawdown amounts at 31 December 2022, if the variable interest rate changed by 50bps, the annual interest cost would increase or decrease by \u00a30.2m.Liquidity riskThe Group is subject to the risk that it will not have sufficient liquid resources to fund its on-going business. The Group manages its liquidity requirements with the use of operating cash flows, cash balances and drawdowns under its RCF.The Group had net debt at 31 December 2022 of \u00a348.4m (2021:\ue61f\u00a325.7m). The Group used cash from operating activities and investing activities for the year of \u00a316.2m (2021:\ue61fcash generated of \u00a351.9m).The table below analyses the Group\u2019s financial liabilities which will be settled on a net basis into relevant maturity groupings based on the remaining period at the Balance sheet date to the contractual maturity date. The amounts disclosed in the table are the gross contractual undiscounted cash flows.Less thanBetweenBetweenOver1 year1 and 2 years2 and 5 years5 years\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 31 December 2022Trade and other payables 74,310 1,925 \u2013 \u2013Lease liability 82 63 109 \u2013Bank and other borrowings including interest payable 3,067 22,353 34,558 \u2013At 31 December 2021Trade and other payables 83,766 3,456 1,084 \u2013Lease liability 42 28 24 \u2013Bank and other borrowings including interest payable \u2013 \u2013 37,781 \u2013Capital risk managementThe Group is subject to the risk that its capital structure will not be sufficient to support the growth of the business. The Group\u2019s objectives when managing capital are:\u2022 to safeguard the Group\u2019s ability to continue as a going concern and have the resources to provide returns for Shareholders and benefits for other Stakeholders; \u2022 to maximise returns to Shareholders by allocating capital across the business based upon the expected level of return and risk; and\u2022 to maintain an optimal capital structure to reduce the cost of capital. The Group manages and monitors its cash balances to ensure it has sufficient capital to manage and maintain its business activities. Cash balances are disclosed in Note 19. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of net debt to equity. Net debt is total debt less cash and at 31\ue61fDecember 2022 this was \u00a348.4m (2021:\ue61f\u00a325.7m).The Group has in place a \u00a3200.0m revolving credit facility (\u201cRCF\u201d), with a \u00a340m accordion (2021 \u00a3150.0m) as discussed in Note 20.The facility is provided by Natwest, Santander and HSBC. The RCF is repayable in February 2027 (five year term) on a non-amortising basis.The facility is subject to financial covenants including minimum interest cover, maximum infrastructure debts as a percentage of propertyvalue and gearing. The bank borrowings are secured by fixed equitable charges over development and investment properties.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-87-2": {
"value": "25. Share-based paymentsDuring the year, there were five classes of equity-settled share incentive plans outstanding:\u2022 Deferred Share Bonus Plan (DSBP). Under this scheme share options with a nil-cost exercise price are granted to eligible employees. Vesting of the share options is subject to the achievement of a performance condition relating to Total Return and continued employment.\u2022 Long Term Incentive Plan (LTIP). Under this scheme share options with a nil-cost exercise price are granted to eligible employees. Vesting of the share options is subject to the achievement of performance conditions relating to Total Return and Relative Total Shareholder Return and continued employment. This scheme was discontinued in 2021.\u2022 Restricted Share Plan (RSP). Under this scheme share options with a nil-cost exercise price are granted to eligible employees. Vesting of the share options is subject to continued employment and the satisfaction of underpin conditions relating to Financial Health, Underlying performance and Corporate Governance as detailed on page 129 of the Directors\u2019 Remuneration Report.\u2022 Save As You Earn (SAYE). Under this scheme eligible employees enter into a savings contract for a period of three years. Share options are granted on commencement of the savings contract and are exercisable using the amount saved under the contract at the time it terminates. Share options are granted at a discount of up to 20% of the market value of the shares at the time of invitation. The exercise of the share options is subject to continued employment only. \u2022 Share Incentive Plan (SIP). Under this scheme eligible employees are granted free shares which vest after three years subject to continued employment only.Share options granted under the DSBP, LTIP and RSP are exercisable no later than the tenth anniversary of the grant date. Share options granted under the SAYE are exercisable for a six month period after the end of the three year savings period.The movements in the number of share options outstanding and their weighted average exercise prices are as follows:Weighted average Number of sharesexercise priceDSBP 2022 2021 2022 2021Outstanding at beginning of the year 1,067 151,800 \u00a30.00 \u00a30.00Granted during the year \u2013 \u2013 n/a n/aForfeited during the year (124) (136,469) \u00a30.00 \u00a30.00Exercised during the year \u2013 (14,264) n/a \u00a30.00Outstanding at end of the year 943 1,067 \u00a30.00 \u00a30.00Exercisable at end of the year 943 1,067 \u00a30.00 \u00a30.00Weighted average remaining contractual life 5.26 years 6.26 yearsWeighted average Number of sharesexercise priceLTIP 2022 2021 2022 2021Outstanding at beginning of the year \u2013 456,101 \u00a30.00 \u00a30.00Granted during the year \u2013 \u2013 n/a n/aForfeited during the year \u2013 (406,638) n/a \u00a30.00Exercised during the year \u2013 (49,463) n/a \u00a30.00Outstanding at end of the year \u2013 \u2013 n/a n/aExercisable at end of the year \u2013 \u2013 n/a n/aWeighted average remaining contractual life \u2013 \u2013 Weighted average Number of sharesexercise priceRSP 2022 2021 2022 2021Outstanding at beginning of the year 1,502,883 921,769 \u00a30.00 \u00a30.00Granted during the year 1,096,516 664,339 n/a n/aForfeited during the year (186,650) (83,225) \u00a30.00 \u00a30.00Exercised during the year \u2013 \u2013 n/a n/aOutstanding at end of the year 2,412,749 1,502,883 n/a n/aExercisable at end of the year \u2013 \u2013 n/a n/aWeighted average remaining contractual life 8.43 years 8.66 years \ue61f \ue61fWeighted average Number of sharesexercise priceSAYE 2022 2021 2022 2021Outstanding at beginning of the year 877,530 865,055 \u00a30.82 \u00a30.81Granted during the year 161,916 175,063 \u00a31.40 \u00a31.02Forfeited during the year (80,357) (109,377) \u00a30.82 \u00a30.79Exercised during the year (64,707) (53,211) \u00a31.04 \u00a30.86Outstanding at end of the year 894,382 877,530 \u00a30.91 \u00a30.82Exercisable at end of year \u2013 \u2013 n/a n/aWeighted average remaining contractual life 1.48 years 2.03 years \ue61f \ue61fWeighted average Number of sharesexercise priceSIP 2022 2021 2022 2021Outstanding at beginning of the year 147,845 101,310 \u00a30.00 \u00a30.00Granted during the year 286,138 63,852 \u00a30.00 \u00a30.00Forfeited during the year (1,214) (14,425) \u00a30.00 \u00a30.00Exercised during the year \u2013 (2,892) n/a n/aOutstanding at end of the year 432,769 147,845 \u00a30.00 \u00a30.00The fair values of the share options granted under the RSP and SAYE during the year were determined using Black-Scholes valuation methodology. The significant inputs to the valuation models were as follows:\ue61f RSP SAYEShare price at date of grant \u00a31.61 \u00a31.65Exercise price \u00a30.00 \u00a31.40Dividend yield 0.01% 0.01%Expected volatility 0.34% 0.35%Risk free interest rate n/a 0.02%Expected term 4.73 years 3.33 yearsWeighted average fair value \u00a31.38 \u00a30.50The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. Awards under the 2019 SAYE Scheme were exercised in the year with a weighted average share price on exercise of \u00a31.54. The total charge for the year relating to employee share-based payment plans was \u00a30.7m (2021: \u00a30.5m), all of which related to equity-settled share-based payment transactions.",
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"pp-value-90-2": {
"value": "26. Share capitalIssued, authorised and fully paidAs at As at 31 December 31 December 2022 2021 Group and Company\u00a3\u2019000\u00a3\u2019000At 1 January 32,272 32,253Shares issued 33 19At 31 December 32,305 32,272Issued, authorised and fully paid \u2013 number of sharesAs at As at 31 December 31 December Group and Company 20222021At 1 January 322,724,566 322,530,807Shares issued 326,558 193,759At 31 December 323,051,124 322,724,566Own shares held (438,439) (185,282)At 31 December 322,612,685 322,539,284There is only one class of share in issue: ordinary shares of 10 pence each. All shares carry equal rights to dividends, voting and return of capital on a winding up of the Company, as set out in the Company\u2019s Articles of Association.The own shares held represent the number of shares held by the Employee Benefit Trust and Equiniti Share Plan Trustees Limited to satisfy Deferred Share Bonus Plan, Restricted Share Plan and Share Incentive plan awards for Executive Directors, Senior Executives and employees. For this purpose both Employee Benefit Trust and Equiniti Share Plan Trustees Limited are treated as an extension of the Company.27. Share premium accountAs at As at 31 December 31 December 2022 2021 Group and Company \u00a3\u2019000\u00a3\u2019000 At 1 January 24,627 24,567 Premium on shares issued 61 60 At 31 December 24,688 24,627",
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"language": "en",
"entity": "scheme:213800R8JSSGK2KPFG21",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-91-2": {
"value": "28. CommitmentsAt 31 December 2022 the Group had contractual commitments due under construction contracts of \u00a30.6m (2021: \u00a35.6m). Capital commitments for the acquisition of property, plant and equipment are disclosed in Note 12. Future expenditure required to bring our investment and development properties to their highest and best use are not considered to be capital commitments, however such build costs for our investment properties are disclosed as a significant unobservable input in the valuation of Major Development properties as set out in Note 14.",
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"pp-value-91-3": {
"value": "28. CommitmentsAt 31 December 2022 the Group had contractual commitments due under construction contracts of \u00a30.6m (2021: \u00a35.6m). Capital commitments for the acquisition of property, plant and equipment are disclosed in Note 12. Future expenditure required to bring our investment and development properties to their highest and best use are not considered to be capital commitments, however such build costs for our investment properties are disclosed as a significant unobservable input in the valuation of Major Development properties as set out in Note 14.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-93-2": {
"value": "30. Related party transactionsGroupThe Group carried out the following transactions with related parties during 2022. The following entities are related parties as a consequence of shareholdings, joint venture arrangements and partners of such and/or common Directorships. All related party transactions are clearly justified and beneficial to the Group, are undertaken on an arm\u2019s-length basis on fully commercial terms and in the normal course of business.Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Peel Group\u00a3000\u00a3000SalesDisposal proceeds at Logistics North \u2013 2,019AdditionsReimbursement of technical due diligence \u2013 91 ReceivablesDeferred consideration for land at Logistics North \u2013 200 Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Multiply Logistics North Holdings Limited & Multiply Logistics North Lp\u00a3000\u00a3000SalesRecharges of costs \u2013 136Asset management fee 145 271Water charges 113 107 ReceivablesTrade receivables \u2013 66Year Year ended/ended/as at as at 31 31 December December 2022 2021 Genuit Group (formerly Polypipe)\u00a3000\u00a3000SalesRent 20 25ReceivablesTrade receivables 6 6Year Year ended/as at ended/as at 31 December 31 December 2022 2021 The Aire Valley Land LLP\u00a3000\u00a3000Receivable 26 26Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Crimea Land Mansfield LLP\u00a3000\u00a3000Partner loan repayment \u2013 (30)Receivable 9 \u2013 Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Northern Gateway Development Vehicle LLP\u00a3000\u00a3000Investment in the year 1,849 1,003 Receivable \u2013 25 Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Investment Property Forum\u00a3000\u00a3000Purchases 1 \u2013 Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Banks Group*\u00a3000\u00a3000SalesAnnual option sums \u2013 5Year Year ended/as at ended/as at 31 December 31 December 2022 2021 Bates Regeneration Limited*\u00a3000\u00a3000Shareholder loan repayment \u2013 (4)* Banks Group and Bates Regeneration Limited ceased to be related parties in October 2021.CompanyThe Company carried out the following transactions with subsidiary undertakings.Details of the Company\u2019s intercompany balances and interest at 31 December 2022 are set out below:Year ended/as at Year ended/as at 31 December 202231 December 2021Net interest Net interest receivable/ receivable/ (payable) Net amounts (payable) Net amounts in the year due from/(to) in the year due from/(to) \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000EOS Inc. Limited 657 19,891 411 19,238Harworth Estates Limited (219) (7,967) (64) (4,655)Harworth Estates (Agricultural Land) Limited (62) (1,841) (33) (1,824)Harworth Estates Investments Limited (366) (13,802) (166) (10,283)Harworth Guarantee Co. Limited \u2013 \u2013 \u2013 \u2013Harworth Estates Overages Limited \u2013 1 \u2013 2Harworth Estates Mines Property Limited 213 6,464 \u2013 6,256Harworth Estates Curtilage Limited 75 2,290 45 2,216Harworth Estates Waverley Prince Limited (9) (336) (6) (265)Harworth Estates Property Group Limited (290) (9,749) (108) (6,662)Harworth Surface Water Management (North West) Limited (17) (529) (10) (510)Coalfield Estates Limited \u2013 \u2013 \u2013 \u2013Harworth Estates Warwickshire Limited \u2013 1 \u2013 2Harworth TRR Ltd (2) (249) \u2013 13Logistics North MC Limited \u2013 1 \u2013 2POW Management Company Limited \u2013 (2) \u2013 (1)Rossington Community Management Company Limited \u2013 (1) \u2013 (1)Flass Lane Management Company Limited \u2013 (1) \u2013 (1)Mapplewell Management Company Limited \u2013 (1) \u2013 (1)Cadley Park Management Company Limited \u2013 (2) \u2013 (1)Simpson Park Management Company Limited \u2013 (1) \u2013 (1)Ansty Development Vehicle LLP 3 107 \u2013 6Harworth Surface Water Management (Bardon) Limited \u2013 2 \u2013 \u2013\ue61f (17) (5,724) 69 3,530Dividends receivedDuring the year the Company received dividends of \u00a3nil (2021: \u00a3nil) from subsidiary undertakings.",
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"pp-value-96-2": {
"value": "31. Post balance sheet eventsThere are no post balance sheet events to disclose that have not been disclosed publicly by a regulatory news announcement.",
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