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"value": "Section 1 \u2013 General This section contains a description of the Group\u2019s significant accounting policies that relate to the financial statements as a whole. A description of accounting policies specific to individual areas (e.g. investment properties) is included within the relevant note to the financial statements. This section also includes a summary of new accounting standards, amendments and interpretations that have been applied in the year and those not yet adopted, and their actual or expected impact on the reported results of the Group. 1 \u203a Basis of preparation and consolidation Basis of preparation These financial statements have been prepared on a going concern basis and in accordance with UK adopted international accounting standards (IFRSs and IFRICs), and as regards the Parent Company financial statements, as applied in accordance with the provisions of the Companies Act 2006. The financial statements have been prepared in Pounds Sterling (rounded to the nearest one million), which is the presentation currency of the Group (Land Securities Group PLC and all its subsidiary undertakings), and under the historical cost convention as modified by the revaluation of investment property, financial assets at fair value through other comprehensive income (without recycling), derivative financial instruments and pension assets. As applied by the Group and the Company, there are no material differences between UK adopted international accounting standards and EU IFRS. The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. Land Securities Group PLC (the Company) has not presented its own statement of comprehensive income (and separate income statement), as permitted by Section 408 of Companies Act 2006. The Merger reserve arose on 6 September 2002 when the Company acquired 100% of the issued share capital of Land Securities PLC. The Merger reserve represents the excess of the cost of acquisition over the nominal value of the shares issued by the Company to acquire Land Securities PLC. The Merger reserve does not represent a realised or distributable profit. Other reserves includes the Capital redemption reserve, which represents the nominal value of cancelled shares, the Share-based payment reserve and Own shares held by the Group. Going concern The impact of international and domestic political and economic events over the course of the year has resulted in the UK facing a prolonged recessionary period and therefore the Directors have continued to place additional focus on the appropriateness of adopting the going concern assumption in preparing the financial statements for the year ended 31 March 2023. The Group\u2019s going concern assessment considers changes in the Group\u2019s principal risks (see pages 56-59) and is dependent on a number of factors, including our financial performance and continued access to borrowing facilities. Access to our borrowing facilities is dependent on our ability to continue to operate the Group\u2019s secured debt structure within its financial covenants, which are described in note 22. In order to satisfy themselves that the Group has adequate resources to continue as a going concern for the foreseeable future, the Directors have reviewed base case, downside and reverse stress test models, as well as a cash flow model which considers the impact of pessimistic assumptions on the Group\u2019s operating environment (the \u2018mitigated downside scenario\u2019). This mitigated downside scenario reflects unfavourable macro-economic conditions, a deterioration in our ability to collect rent and service charge from our customers and removes uncommitted acquisitions, disposals and developments. The Group\u2019s key metrics from the mitigated downside scenario as at the end of the going concern assessment period, which covers the 16 months to 30 September 2024, are shown below alongside the actual position at 31 March 2023. Mitigated downside scenario Key metrics 31 March 2023 30 September 2024 Security Group LTV 33.0% 39.2% Adjusted net debt \u00a33,287m \u00a33,670m EPRA net tangible assets \u00a36,967m \u00a36,021m Available financial headroom \u00a32.4bn \u00a31.6bn Notes to the financial statements for the year ended 31 March 2023 In our mitigated downside scenario, the Group has sufficient cash reserves, with our Security Group LTV ratio remaining less than 65% and
interest cover above 1.45x, for a period of at least 16 months from the date of authorisation of these financial statements. The value of our
assets would need to fall from 31 March 2023 values by approximately a further 50% for LTV to reach 65%. The Directors consider the
likelihood of this occurring over the going concern assessment period to be remote.
The Security Group requires earnings of at least \u00a3150m in the year ending 31 March 2024 for interest cover to remain above 1.45x in the
mitigated downside scenario, which would ensure compliance with the Group\u2019s covenant through to the end of the going concern
assessment period. Security Group earnings are well above the level required to meet the interest cover covenant, and would need to fall
from 31 March 2023 values by over \u00a3300m for interest cover to reach 1.45x. Therefore, the Directors do not anticipate a reduction in Security
Group earnings over the period ending 30 September 2024 to a level that would result in a breach of the interest cover covenant.
The Directors have also considered a reverse stress-test scenario which assumes no further rent will be received, to determine when our
available cash resources would be exhausted. Even under this extreme scenario, although breaching the interest cover covenant, the Group
continues to have sufficient cash reserves to continue in operation throughout the going concern assessment period.
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 have adopted the going concern basis in preparing these financial statements for the year
ended 31 March 2023.
Basis of consolidation
The consolidated financial statements for the year ended 31 March 2023 incorporate the financial statements of the Company and all its
subsidiary undertakings. Subsidiary undertakings are those entities controlled by the Company. Control exists where an entity is exposed
to variable returns and has the ability to affect those returns through its power over the investee.
The results of subsidiaries and joint ventures acquired or disposed of during the year are included from the effective date of acquisition
or to the effective date of disposal. Accounting policies of subsidiaries and joint ventures which differ from Group accounting policies are
adjusted on consolidation.
Where instruments in a subsidiary held by third parties are redeemable at the option of the holder, these interests are classified as a
financial liability, called the redemption liability. The liability is carried at fair value; the value is reassessed at the balance sheet date and
movements are recognised in the income statement.
Where equity in a subsidiary is not attributable, directly or indirectly, to the shareholders of the parent, this is classified as a non-controlling
interest. Total comprehensive income or loss and the total equity of the Group are attributed to the shareholders of the parent and to the
non-controlling interests according to their respective ownership percentages.
Joint arrangements are those entities over whose activities the Group has joint control, established by contractual agreement. Interests in
joint arrangements are accounted for as either a joint venture or a joint operation. A joint arrangement is accounted for as a joint venture
when the Group, along with the other parties that have joint control of the arrangement, have rights to the net assets of the arrangement.
Interests in joint ventures are equity accounted. The equity method requires the Group\u2019s share of the joint venture\u2019s post-tax profit or loss for
the year to be presented separately in the income statement and the Group\u2019s share of the joint venture\u2019s net assets to be presented separately
in the balance sheet. A joint arrangement is accounted for as a joint operation when the Group, along with the parties that have joint control
of the arrangement, have rights to the assets and obligations for the liabilities relating to the arrangement. Joint operations are accounted for
by including the Group\u2019s share of the assets, liabilities, income and expenses on a line-by-line basis.
Intra-group balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing the consolidated
financial statements. Unrealised gains arising from transactions with joint ventures are eliminated to the extent of the Group\u2019s interest in the
joint venture concerned. Unrealised losses are eliminated in the same way, but only to the extent that there is no evidence of impairment.
1 \u203a Basis of preparation and consolidation continued
2 \u203a Significant accounting judgements and estimates The preparation of financial statements in conformity with IFRS requires management to exercise judgement in applying the Group\u2018s accounting policies. The areas where the Group considers the judgements to be most significant involve assumptions or key estimates in respect of future events, where actual results may differ from these estimates. These key estimates are deemed to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Other sources of estimation uncertainties identified below are estimates deemed to have a lower risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Judgements Recognising revenue where property management activities are performed by a third party (note 6) Compliance with the Real Estate Investment Trust (REIT) taxation regime and the recognition of deferred tax assets and liabilities (note 12) Accounting for certain property acquisitions and disposals (note 14) Key estimates Valuation of investment properties (note 14) Other sources of estimation uncertainties Valuation of trading properties (note 15) Impairment of trade receivables (note 27) In preparing the financial statements, the Group has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate related Financial Disclosure. These considerations included the limited exposure in terms of our investment properties, as we fully costed and committed to invest \u00a3135m to achieve our science-based net zero target by 2030 (note this cost will fluctuate year on year to account for changes in inflation). On this basis, the Group has concluded that climate change did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that this is not expected to have a significant impact on the Group\u2019s going concern or viability assessment. 3 \u203a Changes in accounting policies and standards T he accounting policies used in these financial statements are consistent with those applied in the last annual financial statements, as amended where relevant to reflect the adoption of new standards, amendments and interpretations which became effective in the year. Following clarification by IFRIC on the classification of monies held in restricted accounts, monies that are restricted by use only are classified at 31 March 2023 as \u2018Cash and cash equivalents\u2019, whereas monies to which access is restricted remain classified as \u2018Monies held in restricted accounts and deposits\u2019. The comparative balances have been restated where applicable to reflect this change in classification As a result, \u00a318m of monies held in restricted accounts has been reclassified to Cash and cash equivalents in the Group balance sheet as at 31 March 2022 which increased the Cash and cash equivalent from \u00a3128m to \u00a3146m and decreased the restricted accounts from \u00a322m to \u00a34m. Within the Group cash flow statement for the year ended 31 March 2022, this reclassification also resulted in the overall net movement in Cash and cash equivalent from \u00a3128m to \u00a3136m, as well as the movements in monies held in restricted accounts being classified as cash flows from investing activities rather than financing activities as in prior year, based on the nature of the accounts. As at 1 April 2021, the total value of the reclassification is \u00a310m which increased the Cash and cash equivalent from \u00a3nil to \u00a310m and decreased the restricted accounts from \u00a310m to \u00a3nil. This prior year restatement did not have any impact on the reported net assets, net current assets or net profit or loss. Additionally, \u00a32m of monies held in restricted accounts has been reclassified to Cash and cash equivalents in the Company balance sheet as at 31 March 2022 which increased the Cash and cash equivalent from \u00a3nil to \u00a32m and decreased the restricted accounts from \u00a32m to \u00a3nil. Within the Company cash flow statement for the year ended 31 March 2022, this reclassification did not result in a net movement of Cash and cash equivalents. As at 1 April 2021, the total value of the reclassification is \u00a33m which increased the Cash and cash equivalent from \u00a3nil to \u00a33m and decreased the restricted accounts from \u00a33m to \u00a3nil. This prior year restatement did not have any impact on the reported net assets, net current assets or net profit or loss. There has been no material impact on the financial statements of adopting any other new standards, amendments and interpretations. Amendments to IFRS A number of new standards, amendments to standards and interpretations have been issued but are not yet effective for the Group. The application of these new standards, amendments and interpretations are not expected to have a significant impact on the Group\u2019s income statement or balance sheet. Section 2 \u2013 Performance This section focuses on the performance of the Group for the year, including segmental information, earnings per share and net assets per share, together with further details on specific components of the income statement and dividends paid. Our property portfolio is a combination of properties that are wholly owned by the Group, part owned through joint arrangements and properties owned by the Group but where a third party holds a non-controlling interest. Internally, management review the results of the Group on a basis that adjusts for these different forms of ownership to present a proportionate share. The Combined Portfolio, with assets totalling \u00a310.2bn, is an example of this approach, reflecting the economic interest we have in our properties regardless of our ownership structure. The Combined Portfolio comprises the investment properties of the Group\u2019s subsidiaries, on a proportionately consolidated basis when not wholly owned, together with our share of investment properties held in our joint ventures (see note 14). We consider this presentation provides further understanding to stakeholders of the activities and performance of the Group, as it aggregates the results of all of the Group\u2019s property interests which under IFRS are required to be presented across a number of line items in the statutory financial statements. The same principle is applied to many of the other measures we discuss and, accordingly, a number of our financial measures include the results of our joint ventures and subsidiaries on a proportionate basis. Measures that are described as being presented on a proportionate basis include the Group\u2019s share of joint ventures on a line-by-line basis and are adjusted to exclude the non-owned elements of our subsidiaries. This is in contrast to the Group\u2019s statutory financial statements, where the Group\u2019s interest in joint ventures is presented as one line on the income statement and balance sheet, and all subsidiaries are consolidated at 100% with any non-owned element being adjusted as a non-controlling interest or redemption liability, as appropriate. Our joint operations are presented on a proportionate basis in all financial measures. EPRA earnings is an alternative performance measure and is the Group\u2019s alternative measure of the underlying pre-tax profit of the property rental business. EPRA earnings excludes all items of a capital nature, such as valuation movements and profits and losses on the disposal of investment properties, as well as exceptional items. The Group believes that EPRA earnings provides additional understanding of the Group\u2019s operational performance to shareholders and other stakeholder groups. A full definition of EPRA earnings is given in the Glossary. The components of EPRA earnings are presented on a proportionate basis in note 4. Our income statement has two key components: the income we generate from leasing our investment properties net of associated costs (including interest expense), which we refer to as EPRA earnings, and items not directly related to the underlying rental business, principally valuation changes, profits or losses on the disposal of properties, refinancing activity and exceptional items, which we refer to as Capital and other items. Our income statement is presented in a columnar format, split into those items that relate to EPRA earnings and Capital and other items. The total column represents the Group\u2019s results presented in accordance with IFRS; the other columns provide additional information. We believe EPRA earnings provides further understanding of the results of the Group\u2019s operational performance to stakeholders as it focuses on the rental income performance of the business and excludes Capital and other items which can vary significantly from year to year. 4 \u203a Segmental information The Group\u2019s operations are all in the UK and are managed across four operating segments, being Central London, Major retail destinations (Major retail), Mixed-use urban neighbourhoods (Mixed-use urban) and Subscale sectors. The Central London segment includes all assets geographically located within central London. Major retail destinations includes all regional shopping centres and shops outside London and our outlets. The Mixed-use urban segment includes those assets where we see the most potential for capital investment. Subscale sectors mainly includes assets that will not be a focus for capital investment and consists of leisure and hotel assets and retail parks. There has been no change to the classification of these segments during the year to 31 March 2023. Management has determined the Group\u2019s operating segments based on the information reviewed by Senior Management to make strategic decisions. The chief operating decision maker is the Executive Leadership Team (ELT), comprising the Executive Directors and the Managing Directors. The information presented to ELT includes reports from all functions of the business as well as strategy, financial planning, succession planning, organisational development and Group-wide policies. The Group\u2019s primary measure of underlying profit before tax is EPRA earnings. However, Segment net rental income is the lowest level to which the profit arising from the ongoing operations of the Group is analysed between the four segments. The administrative costs, which are predominantly staff costs for centralised functions, are all treated as administrative expenses and are not allocated to individual segments. The Group manages its financing structure, with the exception of joint ventures, on a pooled basis. Individual joint ventures may have specific financing arrangements in place. Debt facilities and finance expenses, including those of joint ventures, are managed centrally and are therefore not attributed to a particular segment. Unallocated income and expenses are items incurred centrally which are not directly attributable to one of the segments. All items in the segmental information note are presented on a proportionate basis. Segmental results EPRA earnings 2023 2022 2 Central London \u00a3m Major retail \u00a3m Mixed-use urban \u00a3m Subscale sectors \u00a3m Total \u00a3m Central London \u00a3m Major retail \u00a3m Mixed-use urban \u00a3m Subscale sectors \u00a3m Total \u00a3m Rental income 313 179 58 107 657 287 167 43 89 586 Finance lease interest \u2013 \u2013 \u2013 2 2 6 \u2013 \u2013 2 8 Gross rental income (before rents payable) 313 179 58 109 659 293 167 43 91 594 Rents payable 1 (3) (8) (1) \u2013 (12) (4) (1) \u2013 2 (8) Gross rental income (after rents payable) 310 171 57 109 647 289 313 43 93 586 Service charge income 46 42 10 \u2013 98 40 39 2 \u2013 86 Service charge expense (47) (50) (12) (1) (110) (41) (45) (9) (3) (98) Net service charge expense (1) (8) (2) (1) (12) (3) (1) (2) (3) (12) Other property related income 15 10 1 1 31 13 11 2 2 28 Direct property expenditure (34) (44) (14) (16) (108) (42) (37) (11) (14) (104) Movement in bad and doubtful debts provisions (1) 1 6 \u2013 1 (3) 13 2 (2) 12 Segment net rental income 289 132 45 95 561 258 142 34 76 510 Other income 1 3 Administrative expense (82) (82) Depreciation (5) (5) EPRA earnings before interest 477 426 Finance income 11 9 Finance expense (84) (70) Joint venture net finance expense (11) (10) EPRA earnings attributable to shareholders of the parent 393 355 1. Included within rents payable is lease interest payable of \u00a32m (2022: \u00a32m) for the Central London segment, \u00a31m for the Mixed-use urban segment (2022: \u00a3nil) and \u00a31m (2022: \u00a32m) for the Subscale segment. 2. A reconciliation from the Group income statement to the information presented in the segmental results table for the year ended 31 March 2022 is included in table 90. The following table reconciles the Group\u2019s income statement to the segmental results. Reconciliation of segmental information note to statutory reporting Year ended 31 March 2023 Group income statement \u00a3m Joint ventures 6 \u00a3m Adjustment for non- wholly owned subsidiaries 2 \u00a3m Total \u00a3m EPRA earnings \u00a3m Capital and other items \u00a3m Rental income 612 53 (8) 657 657 \u2013 Finance lease interest 2 \u2013 \u2013 2 2 \u2013 Gross rental income (before rents payable) 614 53 (8) 659 659 \u2013 Rents payable (10) (2) \u2013 (12) (12) \u2013 Gross rental income (after rents payable) 604 51 (8) 647 647 \u2013 Service charge income 91 10 (3) 98 98 \u2013 Service charge expense (100) (12) 2 (110) (110) \u2013 Net service charge expense (9) (2) (3) (12) (12) \u2013 Other property related income 29 2 \u2013 31 31 \u2013 Direct property expenditure (100) (10) 2 (108) (108) \u2013 Movement in bad and doubtful debts provisions 2 1 \u2013 3 3 \u2013 Segment net rental income 526 42 (7) 561 561 \u2013 Other income 3 \u2013 \u2013 3 3 \u2013 Administrative expenses (80) (2) \u2013 (82) (82) \u2013 Depreciation, including amortisation of software (5) \u2013 \u2013 (5) (5) \u2013 EPRA earnings before interest 444 93 (7) 477 477 \u2013 Share of post-tax loss from joint ventures (3) 1 \u2013 \u2013 \u2013 \u2013 Profit on disposal of trading properties 1 \u2013 \u2013 1 \u2013 1 Loss on disposal of investment properties 3 (144) \u2013 \u2013 (144) \u2013 (144) Net (deficit)/surplus on revaluation of investment properties (827) (30) 9 (848) \u2013 (848) Net development contract expenditure (9) \u2013 \u2013 (9) \u2013 (9) Loss on changes in finance leases (1) \u2013 \u2013 (1) \u2013 (1) Impairment of goodwill (5) \u2013 \u2013 (5) \u2013 (5) Impairment of trading properties (34) \u2013 \u2013 (34) \u2013 (34) Depreciation (3) \u2013 \u2013 (3) \u2013 (3) Operating (loss)/profit (569) 11 2 (556) 477 (1,033) Finance income 34 \u2013 1 35 11 24 Finance expense (87) (11) \u2013 (98) (95) (3) (Loss)/profit before tax (622) \u2013 1 (619) 393 (1,012) Taxation \u2013 \u2013 \u2013 \u2013 (Loss)/profit for the year (622) \u2013 1 (619) 1. Reallocation of the share of post-tax loss from joint ventures reported in the Group income statement to the individual line items reported in the segmental results table. 2. Removal of the non-wholly owned share of results of the Group\u2019s subsidiaries. The non-wholly owned subsidiaries are consolidated at 100% in the Group\u2019s income statement, but only the Group\u2019s share is included in EPRA earnings reported in the segmental results table. The non-owned element of the Group\u2019s subsidiaries are included in the \u2018Capital and other items\u2019 column presented in the Group\u2019s income statement, together with items not directly related to the underlying rental business such as investment properties valuation changes, profits or losses on the disposal of investment properties, the proceeds from, and costs of, the sale of trading properties, income from and costs associated with development contracts, amortisation and impairment of intangibles, and other attributable costs, arising on business combinations. 3. Included in the loss on disposal of investment properties is a \u00a39m charge related to the provision for fire safety remediation works on properties no longer owned by the Group but for which the Group is responsible for remediating under the Building Safety Act 2022. 4 \u203a Segmental information continued 5 \u203a Performance measures In the tables below, we present earnings per share attributable to shareholders of the parent, calculated in accordance with IFRS, and net assets per share attributable to shareholders of the parent together with certain measures defined by the European Public Real Estate Association (EPRA), which have been included to assist comparison between European property companies. Three of the Group\u2019s key financial performance measures are EPRA earnings per share, EPRA Net Tangible Assets per share and total return on equity, which was previously referred to as total accounting return. There has been no change to the calculation of this measure other than the change of name during the year to 31 March 2023. Refer to Table 70 in the Business Analysis section for further details on these alternative performance measures. EPRA earnings, which is a tax adjusted measure of underlying earnings, is the basis for the calculation of EPRA earnings per share. We believe EPRA earnings and EPRA earnings per share provide further insight into the results of the Group\u2019s operational performance to stakeholders as they focus on the rental income performance of the business and exclude Capital and other items which can vary significantly from year to year. Earnings per share Year ended 31 March 2023 Year ended 31 March 2022 Loss for the year \u00a3m EPRA earnings \u00a3m Profit for the year \u00a3m EPRA earnings \u00a3m (Loss)/profit attributable to shareholders of the parent (619) (619) 869 869 Valuation and loss/(profit) on disposals \u2013 1,016 \u2013 (527) Net finance income (excluded from EPRA earnings) \u2013 (21) \u2013 (1 Impairment of goodwill \u2013 5 \u2013 6 Other \u2013 12 \u2013 8 (Loss)/profit used in per share calculation (619) 393 869 355 IFRS EPRA IFRS EPRA Basic (loss)/earnings per share (83.6)p 53.1p 117.4p 48.0p Diluted (loss)/earnings per share 6 (83.6)p 53.1p 117.1p 47.8p 1. In the year ended 31 March 2023, share options are excluded from the weighted average diluted number of shares when calculating IFRS and EPRA diluted (loss)/earnings per share because they are not dilutive. Net assets per share 31 March 2023 31 March 2022 Net assets \u00a3m EPRA NDV \u00a3m EPRA NTA \u00a3m Net assets \u00a3m EPRA NDV \u00a3m EPRA NTA \u00a3m Net assets attributable to shareholders of the parent 7,005 7,005 7,005 7,917 7,917 7,917 Shortfall of fair value over net investment in finance leases book value \u2013 (6) (6) \u2013 (1) (1) Deferred tax liability on intangible asset \u2013 \u2013 6 \u2013 \u2013 1 Goodwill on deferred tax liability \u2013 (1) (1) \u2013 (3) (3) Other intangible asset \u2013 \u2013 (2) \u2013 \u2013 (2) Fair value of interest-rate swaps \u2013 \u2013 (42) \u2013 \u2013 (21) Excess of fair value of trading properties over book value \u2013 12 12 \u2013 \u2013 \u2013 Shortfall/(excess) of fair value of debt over book value (note 22) \u2013 324 \u2013 \u2013 (107) \u2013 Net assets used in per share calculation 7,005 7,334 6,967 7,917 7,803 7,888 IFRS EPRA NDV EPRA NTA IFRS EPRA NDV EPRA NTA Net assets per share 945p n/a n/a 1,070p n/a n/a Diluted net assets per share 942p 986p 936p 1,067p 1,052p 1,063p Number of shares 2023 2022 Weighted average million 31 March million Weighted average million 31 March million Ordinary shares 751 751 751 751 Treasury shares (7) (7) (2) (2) Own shares (9) (3) (4) (4) Number of shares \u2013 basic 740 741 740 740 Dilutive effect of share options 9 1 2 2 Number of shares \u2013 diluted 744 744 742 742 Total return on equity is calculated as the cash dividends per share paid in the year plus the change in EPRA NTA per share, divided by the opening EPRA NTA per share. We consider this to be a useful measure for shareholders as it gives an indication of the total return on equity over the year. Total return on equity based on EPRA NTA Year ended 31 March 2023 pence Year ended 31 March 2022 pence (Decrease)/increase in EPRA NTA per share (127) 78 Dividend paid per share in the year (note 11) 39 25 Total return (a) (88) 103 EPRA NTA per share at the beginning of the year (b) 1,063 985 Total return on equity (a/b) (8.3)% 10.5% 6 \u203a Revenue A Accounting policy Rental income, including fixed rental uplifts, is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives being offered to occupiers to enter into a lease, such as an initial rent-free period or a cash contribution to fit out or similar costs, are an integral part of the net consideration for the use of the property and are therefore recognised on the same straight-line basis. Where the total consideration due under a lease is modified, for example, where a concession is granted to a tenant prior to the date the conceded rent falls due, the revised total amount due under the lease is recognised on a straight-line basis over the remaining term of the lease. Contingent rents, being lease payments that are not fixed at the inception of a lease, for example turnover rents, are variable consideration and are recorded as income in the year in which they are earned. Where a single payment is received from a tenant to cover both rent and service charge, the service charge component is separated and reported as service charge income. The Group\u2019s revenue from contracts with customers, as defined in IFRS 15, includes service charge income, other property related income, trading property sales proceeds and development contract income. Service charge income and management fees are recorded as income over time in the year in which the services are rendered. Revenue is recognised over time because the tenants benefit from the services as soon as they are rendered by the Group. The actual service provided during each reporting period is determined using cost incurred as the input method. Other property related income includes development and asset management fees. These fees are recognised over time, using time elapsed as the input method which measures the benefit simultaneously received and consumed by the customer, over the period the development or asset management services are provided. Proceeds received on the sale of trading properties are recognised when control of the property transfers to the buyer, i.e. the buyer has the ability to direct the use of the property and the right to the cash inflows and outflows generated by it. This generally occurs on unconditional exchange or on completion. If completion is expected to occur significantly after exchange or if the Group has significant outstanding obligations between exchange and completion, the Group assesses whether there are multiple performance obligations in the contract and recognises revenue as each performance obligation is satisfied. 5 \u203a Performance measures continued When property is let under a finance lease, the Group recognises a receivable equal to the net investment in the lease at inception of the lease. Rentals received are accounted for as repayments of principal and finance income as appropriate. Finance income is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining net investment in the finance lease and is recognised within revenue. Revenue on development contracts is recognised over time over the period of the contract as the Group creates or enhances an asset that the customer controls. Progress towards completion of the development, by reference to the value of work completed using the costs incurred to date as a proportion of total costs expected to be incurred over the term of the contract is used as the input method. S Significant accounting judgement For those properties where the property management activities are performed by a third party, the Group considers the third party to be the principal delivering the service. The key factors considered by the Group when making this judgement include the following responsibilities of the third party: selecting suppliers and ensuring all services are delivered establishing prices and seeking efficiencies risk management and compliance In addition, the residual rights residing with the Group are generally protective in nature. All revenue is classified within the \u2018EPRA earnings\u2019 column of the income statement, with the exception of proceeds from the sale of trading properties, income from development contracts and the non-owned element of the Group\u2019s subsidiaries which are presented in the \u2018Capital and other items\u2019 column. 2023 2022 EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m Rental income (excluding adjustment for lease incentives) 606 8 614 552 3 555 Adjustment for lease incentives (2) \u2013 (2) (18) \u2013 (18) Rental income 604 8 612 534 3 537 Service charge income 88 1 91 77 1 78 Trading property sales proceeds \u2013 77 77 \u2013 27 27 Other property related income 29 \u2013 29 25 \u2013 25 Finance lease interest 2 \u2013 2 8 \u2013 8 Development contract income 1 \u2013 32 32 \u2013 1 1 Other income 1 \u2013 1 3 \u2013 3 Revenue per the income statement 726 65 791 647 32 679 1. Development contract income for the year ended 31 March 2023 relates to the income released from the contract liability recorded on the disposal of 21 Moorfields, recognised in line with costs incurred on the development in note 7. The following table reconciles revenue per the income statement to the individual components of revenue presented in note 4. 2023 2022 Group \u00a3m Joint ventures \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Total \u00a3m Group \u00a3m Joint ventures \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Total \u00a3m Rental income 612 53 (8) 657 537 52 (3) 586 Service charge income 91 10 (3) 98 78 9 (3) 86 Other property related income 29 2 \u2013 31 25 3 \u2013 28 Finance lease interest 2 \u2013 \u2013 2 8 \u2013 \u2013 8 Other income 1 \u2013 \u2013 1 3 \u2013 \u2013 3 Revenue in the segmental information note 737 65 (11) 791 651 64 (4) 711 Development contract income 1 32 \u2013 \u2013 32 1 \u2013 \u2013 1 Trading property sales proceeds 77 \u2013 \u2013 77 27 15 \u2013 42 Revenue including Capital and other items 791 65 (11) 845 679 79 (4) 754 1. Development contract income for the year ended 31 March 2023 relates to the income released from the contract liability recorded on the disposal of 21 Moorfields, recognised in line with costs incurred on the development in note 7. 7 \u203a Costs A Accounting policy The carrying amounts of the Group\u2019s non-financial assets, other than investment properties, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised in the income statement whenever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of an asset is the greater of its fair value less costs to sell and its value in use. The value in use is determined as the net present value of the future cash flows expected to be derived from the asset, discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount after the reversal does not exceed the amount that would have been determined, net of applicable depreciation, if no impairment loss had been recognised. Rents payable reflect amounts due under head leases. Where rents payable are variable, and do not depend on an index or rate, the payments are recognised in the income statement as incurred. Where these rents are fixed, or in-substance fixed, at the inception of the agreement, or become fixed or in-substance fixed at some point over the life of the agreement, an asset representing the right to use the underlying land and a corresponding liability for the present value of the minimum future lease payments are recognised on the Group\u2019s balance sheet within Investment properties and borrowings respectively. All costs are classified within the \u2018EPRA earnings\u2019 column of the income statement, with the exception of the cost of sale of trading properties, costs arising on development contracts, amortisation and impairments of intangible assets, and other attributable costs, arising on business combinations and the non-owned element of the Group\u2019s subsidiaries which are presented in the \u2018Capital and other items\u2019 column. 2023 2022 EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m Rents payable 10 \u2013 10 6 \u2013 6 Service charge expense 98 2 100 88 2 90 Direct property expenditure 98 2 100 94 \u2013 94 Administrative expenses 80 \u2013 80 80 \u2013 80 Impairment of trading properties \u2013 19 19 \u2013 6 6 Cost of trading property disposals \u2013 76 76 \u2013 25 25 Development contract expenditure 1 \u2013 41 41 \u2013 1 1 Depreciation, including amortisation of software 5 1 8 5 \u2013 5 Impairment of goodwill \u2013 5 5 \u2013 6 6 Business combination costs \u2013 \u2013 \u2013 \u2013 8 8 Costs \u2013 other per the income statement 291 93 384 273 48 321 Movement in bad and doubtful debts expense \u2013 rent (9) \u2013 (9) (9) \u2013 (9) Movement in bad and doubtful debts expense \u2013 service charge 2 \u2013 2 (4) \u2013 (4 Total costs per the income statement 289 93 382 260 48 308 1. Development contract expenditure for the year ended 31 March 2023 includes expenditure relating to the ongoing development of 21 Moorfields following the sale of the property during the period. The following table reconciles costs per the income statement to the individual components of costs presented in note 4. 2023 2022 Group \u00a3m Joint ventures \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Total \u00a3m Group \u00a3m Joint ventures \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Total \u00a3m Rents payable 10 2 \u2013 12 6 2 \u2013 8 Service charge expense 100 12 (2) 110 90 10 (2) 98 Direct property expenditure 100 10 (2) 108 94 10 \u2013 104 Administrative expenses 80 2 \u2013 82 80 2 \u2013 82 Depreciation, including amortisation of software 5 \u2013 \u2013 5 5 \u2013 \u2013 5 Movement in bad and doubtful debts expense \u2013 rent (9) (1) \u2013 (5) (9) 2 \u2013 (2) Movement in bad and doubtful debts expense \u2013 service charge 2 \u2013 \u2013 2 (4) (3) \u2013 (5 Costs in the segmental information note 293 25 (9) 314 262 25 (2) 285 Impairment of trading properties 19 \u2013 \u2013 19 6 \u2013 \u2013 6 Cost of trading property disposals 76 \u2013 \u2013 76 25 31 \u2013 41 Development contract expenditure 1 41 \u2013 \u2013 41 1 \u2013 \u2013 1 Depreciation 1 \u2013 \u2013 1 \u2013 \u2013 \u2013 \u2013 Impairment of goodwill 5 \u2013 \u2013 5 6 \u2013 \u2013 6 Business combination costs \u2013 \u2013 \u2013 \u2013 8 \u2013 \u2013 8 Costs including Capital and other items 382 25 (9) 403 308 41 (2) 347 1. Development contract expenditure for the year ended 31 March 2023 includes expenditure related to the ongoing development of 21 Moorfields following the sale of the property during the year. The Group\u2019s costs include employee costs for the year of \u00a376m (2022: \u00a378m), of which \u00a35m (2022: \u00a35m) is within service charge expense, \u00a358m (2022: \u00a360m) is within administrative expenses and \u00a313m (2022: \u00a313m) is within direct property expenditure. Employee costs 2023 \u00a3m 2022 \u00a3m Salaries and wages 59 10 Employer payroll taxes 7 8 Other pension costs (note 34) 9 3 Share-based payments (note 35) 6 4 76 78 2023 Number 2022 Number The average monthly number of employees during the year was: Indirect property or contract and administration 385 412 Direct property or contract services: Full-time 180 184 Part-time 12 14 577 610 With the exception of the Executive Directors who are employed by Land Securities Group PLC, all employees are employed by subsidiaries of the Group. The employee costs for Land Securities Group PLC are borne by another Group company. During the year, none (2022: none) of the Executive Directors had retirement benefits accruing under the defined benefit scheme. Information on Directors\u2019 emoluments share options and interests in the Company\u2019s shares is given in the Directors\u2019 Remuneration Report on pages 100 to 113. Details of the employee costs associated with the Group\u2019s key management personnel are included in note 39. 8 \u203a Auditor remuneration 2023 \u00a3m 2022 \u00a3m Services provided by the Group\u2019s auditor Audit fees: Audit of parent company and consolidated financial statements 1.0 0.9 Audit of subsidiary undertakings 0.6 0.7 Audit of joint ventures 0.2 0.2 1.8 1.8 Non-audit fees: Other assurance services 0.4 0.2 2.2 2.0 The Group operates a non-audit services policy that sets out the circumstances and financial limits within which the Group\u2019s auditors may be permitted to provide certain non-audit services. Where appropriate the Group seeks tenders for services. If fees for an assignment are expected to be greater than \u00a325,000, they are pre-approved by the Audit Committee. 9 \u203a External valuers remuneration 2023 \u00a3m 2022 \u00a3m Services provided by the Group\u2019s external valuers Year end and half-yearly valuations \u2013 Group 0.9 0.7 \u2013 Joint ventures 0.1 0.1 Other consultancy and agency services \u2013 CBRE 2.5 0.9 \u2013 JLL 1 0.7 \u2013 4.2 1.7 1. JLL other consultancy and agency services fees are stated for year ended 31 March 2023 only following their appointment in the year as a principal valuer. The comparable fees for the year ended 31 March 2022 would have been \u00a30.7m. CBRE Limited (CBRE) and Jones Lang LaSalle Limited (JLL) are the Group\u2019s principal valuers. The fee arrangements with CBRE and JLL for the valuation of the Group\u2019s properties is fixed, subject to an adjustment for acquisitions and disposals. The fees of both CBRE and JLL have been included in the table above. CBRE and JLL undertake other consultancy and agency work on behalf of the Group. CBRE and JLL have confirmed to us that the total fees paid by the Group represented less than 5% of their total revenues in both the current and prior year. 10 \u203a Net finance expense 2023 2022 EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m Finance income Interest receivable from joint ventures 11 \u2013 11 9 \u2013 9 Fair value movement on interest-rate swaps \u2013 23 23 \u2013 31 31 11 23 34 9 31 25 Finance expense Bond and debenture debt (68) \u2013 (68) (12) \u2013 (12) Bank and other short-term borrowings (38) (2) (40) (34) \u2013 (34) Other interest payable \u2013 (1) (1) (3) (15) (16) (106) (3) (109) (87) (15) (102) Interest capitalised in relation to properties under development 77 \u2013 77 32 \u2013 32 (84) (3) (87) (70) (15) (85) Net finance (expense)/income (73) 20 (53) (61) 1 (60) Joint venture net finance expense (11) (10) Net finance expense included in EPRA earnings (84) (71) Lease interest payable of \u00a34m (2022: \u00a34m) is included within rents payable as detailed in note 4. 11 \u203a Dividends A Accounting policy Interim dividend distributions to shareholders are recognised in the financial statements when paid. Final dividend distributions are recognised as a liability in the period in which they are approved by shareholders. Dividends paid Pence per share Year ended 31 March Payment date PID Non-PID Total 2023 \u00a3m 2022 \u00a3m For the year ended 31 March 2021: Third interim 30 March 2021 6.00 \u2013 6.00 Final 23 July 2021 9.00 \u2013 9.00 11 For the year ended 31 March 2022: First interim 8 October 2021 7.00 \u2013 7.00 52 Second interim 4 January 2022 8.50 \u2013 8.50 10 Third interim 7 April 2022 8.50 \u2013 8.50 63 Final 22 July 2022 13.00 \u2013 13.00 96 For the year ended 31 March 2023: First interim 7 October 2077 8.60 \u2013 8.60 64 Second interim 3 January 2021 9.00 \u2013 9.00 67 Gross dividends 290 181 Dividends in the statement of changes in equity 290 181 Timing difference on payment of withholding tax (1) 9 Dividends in the statement of cash flows 289 190 The third quarterly interim dividend of 9.0p per ordinary share, or \u00a367m in total (2022: 8.5p or \u00a363m in total), was paid on 6 April 2023 as a Property Income Distribution (PID). The Board has recommended a final dividend for the year ended 31 March 2023 of 12.0p per ordinary share (2022: 13.0p) to be paid as a PID. This final dividend will result in a further estimated distribution of \u00a390m (2022: \u00a396m). Subject to shareholders\u2019 approval at the Annual General Meeting, the final dividend will be paid on 21 July 2023 to shareholders registered at the close of business on 16 June 2023. The total dividend paid and recommended in respect of the year ended 31 March 2023 is 38.6p per ordinary share (2022: 37.0p) resulting in a total estimated distribution of \u00a3288m (2022: \u00a3274m). The first quarterly dividend for the year ending 31 March 2024 will be paid in October 2023 and will be announced in due course. A Dividend Reinvestment Plan (DRIP) has been available in respect of all dividends paid during the year. The last day for DRIP elections for the final dividend is close of business on 30 June 2023. 12 \u203a Income tax A Accounting policy Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised, or the liability is settled. No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than on a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. S Significant accounting judgement The Group is a Real Estate Investment Trust (REIT). As a result, the Group does not pay UK corporation tax on its profits and gains from the qualifying rental business in the UK. Non-qualifying profits and gains of the Group continue to be subject to corporation tax as normal. In order to maintain group REIT status, certain ongoing criteria must be met. The main criteria are as follows: at the start of each accounting period, the assets of the tax exempt business must be at least 75% of the total value of the Group\u2019s assets; at least 75% of the Group\u2019s total profits must arise from the tax exempt business; and at least 90% of the notional taxable profit of the property rental business must be distributed. The Directors intend that the Group should continue as a REIT for the foreseeable future, with the result that deferred tax is no longer recognised on temporary differences relating to the property rental business. Deferred tax assets and liabilities require management judgement in determining the amounts, if any, to be recognised. In particular, judgement is required when assessing the extent to which deferred tax assets should be recognised, taking into account the expected timing and level of future taxable income. Deferred tax assets are only recognised when management believes it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. There is no income tax charge in the income statement (2022: none). There is a deferred tax credit of \u00a33m (2022: \u00a35m charge) included within Other comprehensive income. 11 \u203a Dividends continued The tax for the year is lower than the standard rate of corporation tax in the UK of 19%. The differences are explained in the table below. 2023 \u00a3m 2022 \u00a3m (Loss)/profit before tax (622) 875 (Loss)/profit before tax multiplied by the rate of corporation tax in the UK of 19% (118) 166 Adjustment for exempt property rental losses/(profits) and revaluations in the year 130 (154 12 12 Effects of: Timing difference on repurchase of medium term notes (11) (11) Interest rate fair value movements and other temporary differences (3) (3) Non-allowable expenses and non-taxable items 6 1 Movement in unrecognised tax losses 6 1 Total income tax charge in the income statement \u2013 \u2013 2023 \u00a3m 2022 \u00a3m The Group\u2019s deferred tax liability is analysed as follows: Arising on business combination 6 1 Arising on pension surplus 1 6 Total deferred tax liability 9 2 Deferred tax is calculated at the rate substantively enacted at the balance sheet date of 25% (2022: 25%). The movement in the deferred tax liability arising on the re-measurement loss on the defined benefit pension scheme surplus is included within Other comprehensive income in the Statement of comprehensive income. There are unrecognised deferred tax assets on the following items due to the high degree of uncertainty as to their future utilisation by non-REIT qualifying activities. 2023 \u00a3m 2022 \u00a3m Revenue losses 245 220 Capital losses 272 272 Other unrecognised temporary differences 239 313 Total unrecognised items 756 805 The other unrecognised temporary differences relate primarily to the premium paid on the redemption of the Group\u2019s medium term notes. The premium paid was expensed in full in prior years, whereas a tax deduction is taken over the remaining term. 13 \u203a Net cash generated from operations Reconciliation of operating (loss)/profit to net cash generated from operations Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Operating (loss)/profit (569) 935 (26) 90 Adjustments for: Net deficit/(surplus) on revaluation of investment properties 827 (416) \u2013 \u2013 Loss/(gain) on changes in finance leases 6 (1) \u2013 \u2013 Profit on disposal of trading properties (1) (2) \u2013 \u2013 Loss/(profit) on disposal of investment properties 144 (107) \u2013 \u2013 Profit on disposal of investment in joint ventures \u2013 (2) \u2013 \u2013 Share of loss/(profit) from joint ventures and associates 6 (33) \u2013 \u2013 Share-based payment charge 6 4 \u2013 \u2013 Impairment of goodwill 5 6 \u2013 \u2013 Reversal of impairment of investment in subsidiary \u2013 \u2013 (1) (117 Rents payable 10 8 \u2013 \u2013 Depreciation and amortisation 5 5 \u2013 \u2013 Impairment of trading properties 19 6 \u2013 \u2013 Other \u2013 1 \u2013 \u2013 453 399 (27) (27) Changes in working capital: (Increase)/decrease in receivables (17) 28 \u2013 \u2013 (Decrease)/increase in payables and provisions (80) 21 27 27 Net cash generated from operations 356 448 \u2013 \u2013 Reconciliation to adjusted net cash inflow from operating activities Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Net cash inflow from operating activities 342 381 \u2013 \u2013 Joint ventures net cash inflow from operating activities 17 23 \u2013 \u2013 Adjusted net cash inflow from operating activities 1,2 359 404 \u2013 \u2013 1. Adjusted net cash inflow from operating activities is now presented inclusive of cash flows from trading property activities, whereas previously it had excluded these cash flows. The presentation for the year ended 31 March 2022 has been restated to reflect this change. Refer to the Glossary for the definition of Adjusted net cash inflow from operating activities. 2. Includes cash flows relating to the interest in MediaCity which is not owned by the Group, but is consolidated in the Group numbers. Section 3 \u2013 Properties This section focuses on the property assets which form the core of the Group\u2019s business. It includes details of investment properties, investments in joint ventures and trading properties. Our property portfolio is a combination of properties that are wholly owned by the Group, part owned through joint arrangements and properties owned by the Group but where a third party holds a non-controlling interest. In the Group\u2019s IFRS balance sheet, wholly owned properties and properties owned by the Group but where a third party holds a non-controlling interest are presented as either \u2018Investment properties\u2019 or \u2018Trading properties\u2019. The Group applies equity accounting to its investments in joint ventures, which requires the Group\u2019s share of properties held by joint ventures to be presented within \u2018Investments in joint ventures\u2019. Internally, management review the results of the Group on a basis that adjusts for these forms of ownership to present a proportionate share. The Combined Portfolio, with assets totalling \u00a310.2bn, is an example of this proportionate share, reflecting the economic interest we have in our properties regardless of our ownership structure. We consider this presentation provides further insight to stakeholders about the activities and performance of the Group, as it aggregates the results of all of the Group\u2019s property interests which under IFRS are required to be presented across a number of line items in the statutory financial statements. The Group\u2019s investment properties are carried at fair value and trading properties are carried at the lower of cost and net realisable value. Both of these values are determined by the Group\u2019s external valuers. The combined value of the Group\u2019s total investment property portfolio (including the Group\u2019s share of investment properties held through joint ventures) is shown as a reconciliation in note 14. A Accounting policy Investment properties Investment properties are properties, either owned or leased by the Group, that are held either to earn rental income or for capital appreciation, or both. Investment properties are measured initially at cost including related transaction costs, and subsequently at fair value. Fair value is based on market value, as determined by a professional external valuer at each reporting date. The difference between the fair value of an investment property at the reporting date and its carrying amount prior to re-measurement is included in the income statement as a valuation surplus or deficit. Investment properties are presented on the balance sheet within non-current assets. Some of the Group\u2019s investment properties are owned through long-leasehold arrangements, as opposed to the Group owning the freehold. Where the Group is a lessee, a right-of-use asset is recognised at the commencement date of the lease and accounted for as investment property. Initially, the cost of investment properties held under leases includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The investment properties held under leases are subsequently carried at their fair value. A corresponding liability is recorded within borrowings. Each lease payment is allocated between repayment of the liability and a finance charge to achieve a constant interest rate on the outstanding liability. Trading properties Trading properties are those properties held for sale, or those being developed with a view to sell. Trading properties are recorded at the lower of cost and net realisable value. The net realisable value of a trading property is determined by a professional external valuer at each reporting date. If the net realisable value of a trading property is lower than its carrying value, an impairment loss is recorded in the income statement. If, in subsequent periods, the net realisable value of a trading property that was previously impaired increases above its carrying value, the impairment is reversed to align the carrying value of the property with the net realisable value. Trading properties are presented on the balance sheet within current assets. Acquisition of properties Properties are treated as acquired when the Group assumes control of the property. Capital expenditure and capitalisation of borrowing costs Capital expenditure on properties consists of costs of a capital nature, including costs associated with developments and refurbishments. Where a property is being developed or undergoing major refurbishment, interest costs associated with direct expenditure on the property are capitalised. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowings. Interest is capitalised from the commencement of the development work until the date of practical completion. Certain internal staff and associated costs directly attributable to the management of major schemes are also capitalised. The total staff and associated costs are capitalised based on the proportion of time spent on the relevant scheme. Internal staff costs are capitalised from the date the Group determines it is probable that the development will progress until the date of practical completion. Transfers between investment properties and trading properties When the Group begins to redevelop an existing investment property for continued future use as an investment property, the property continues to be held as an investment property. When the Group begins to redevelop an existing investment property with a view to sell, the property is transferred to trading properties and held as a current asset. The property is re-measured to fair value as at the date of the transfer with any gain or loss being taken to the income statement. The re-measured amount becomes the deemed cost at which the property is then carried in trading properties. Disposal of properties Properties are treated as disposed when control of the property is transferred to the buyer. Typically, this will either occur on unconditional exchange or on completion. Where completion is expected to occur significantly after exchange, or where the Group continues to have significant outstanding obligations after exchange, the control will not usually transfer to the buyer until completion. The profit on disposal is determined as the difference between the sales proceeds and the carrying amount of the asset at the beginning of the accounting period plus capital expenditure to the date of disposal. The profit on disposal of investment properties is presented separately on the face of the income statement. Proceeds received on the sale of trading properties are recognised within Revenue, and the carrying value at the date of disposal is recognised within Costs. S Significant accounting judgement Acquisition and disposal of properties Property transactions can be complex in nature and material to the financial statements. To determine when an acquisition or disposal should be recognised, management consider whether the Group assumes or relinquishes control of the property, and the point at which this is obtained or relinquished. Consideration is given to the terms of the acquisition or disposal contracts and any conditions that must be satisfied before the contract is fulfilled. In the case of an acquisition, management must also consider whether the transaction represents an asset acquisition or business combination. Key accounting estimates and other sources of estimation uncertainty Valuation of the Group\u2019s properties The valuation of the Group\u2019s property portfolio has been undertaken by independent valuers in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation \u2013 Global Standards and UK Supplement (together the \u201cRed Book\u201d). Real estate by its nature is a complex asset class with value determined by a range of factors overlaid by interpretation and judgemental assessment of market data; as such it is classified as a \u2018Level 3 asset\u2019 within IFRS. Factors affecting valuation are on an individual property level and include the property type, location, tenure and tenancy characteristics, quality of the asset and prospects for future rental revenue. The Group\u2019s investment property valuation has been undertaken by valuers interpreting market evidence as available in reaching their conclusions on fair value, reflecting asset specific data provided by management, making assumptions that tenure, tenancies, town planning and condition of buildings are as provided. As a result, the valuations the Group places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction volume in the property market. The estimation of the net realisable value of the Group\u2019s trading properties, in particular the development land and infrastructure programmes, is inherently subjective due to a number of factors, including their complexity, unusually large size, the substantial expenditure required and long timescales to completion. In addition, as a result of these timescales to completion, the plans associated with these programmes could be subject to significant market variation over the course of development. As a result, and similar to the valuation of investment properties, the net realisable values of the Group\u2019s trading properties are subject to a degree of uncertainty and are determined on the basis of assumptions which may not prove to be accurate. If the assumptions upon which the external valuer has based its valuations prove to be inaccurate, this may have an impact on the value of the Group\u2019s investment and trading properties, which could in turn have an effect on the Group\u2019s financial position and results. 14 \u203a Investment properties 2023 \u00a3m 2022 \u00a3m Net book value at the beginning of the year 11,207 9,607 Transfer from joint venture 1 23 \u2013 Acquired through acquisition of group of subsidiaries \u2013 619 Acquisitions of investment properties 2 218 247 Capital expenditure 356 343 Capitalised interest 77 32 Net movement in head leases capitalised 3 (16) 62 Disposals 4,5 (1,319) (98) Net (deficit)/surplus on revaluation of investment properties (827) 416 Transfers to trading properties (6) (1) Net book value at the end of the year 9,658 11,207 1. Recognition of property following the change in classification of Wind Farms from a joint venture to a subsidiary during the year. Refer to note 16 for further details. 2. Includes acquisition of the remaining 50% interest in St David\u2019s for cash consideration of \u00a3113m, including the purchase of debt and subsequent purchase of the entire share capital of the other Limited Partner, Intu The Hayes Limited, on 24 March 2023. This has been accounted for as an asset acquisition, with assets and liabilities acquired at the date of acquisition consisting of investment property of \u00a3113m, cash of \u00a311m, trade and other receivables of \u00a34m and trade and other payables of \u00a312m. The acquisition amount in the table above also includes the transfer of the investment property held in the existing 50% interest in St David\u2019s from investment in joint venture to wholly owned subsidiary. 3. See note 22 for details of the amounts payable under head leases and note 4 for details of the rents payable in the income statement. 4. Includes impact of disposals of finance leases. 5. Includes 5766m impact of disposal of 21 Moorfields. Gross proceeds of 5742m (inclusive of development costs to go) were received following adjustments to the headline price of \u00a3809m for rent top up and fit-out contributions. The market value of the Group\u2019s investment properties, as determined by the Group\u2019s external valuers, differs from the net book value presented in the balance sheet due to the Group presenting tenant finance leases, head leases and lease incentives separately. The following table reconciles the net book value of the investment properties to the market value. 2023 2022 Group (excl. joint ventures) \u00a3m Joint ventures 6 \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Combined Portfolio \u00a3m Group (excl. joint ventures) \u00a3m Joint ventures 1 \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Combined Portfolio \u00a3m Market value 9,743 635 (139) 10,239 11,362 800 (145) 12,017 Less: properties treated as finance leases (17) \u2013 \u2013 (17) (11) \u2013 \u2013 (11) Plus: head leases capitalised 107 6 \u2013 108 123 9 \u2013 132 Less: tenant lease incentives (175) (35) \u2013 (210) (212) (38) \u2013 (250 Net book value 9,658 601 (139) 10,120 11,207 771 (145) 11,833 Net (deficit)/surplus on revaluation of investment properties (827) (30) 9 (848) 416 (3) (4) 409 1. Refer to note 14 for a breakdown of this amount by entity. The net book value of leasehold properties where head leases have been capitalised is \u00a31,723m (2022: \u00a32,908m). Investment properties include capitalised interest of \u00a3271m (2022: \u00a3249m). The average rate of interest capitalisation for the year is 3.0% (2022: 2.5%). The gross historical cost of investment properties is \u00a38,280m (2022: \u00a38,604m). Valuation process The fair value of investment properties at 31 March 2023 was determined by the Group\u2019s external valuers, CBRE and JLL. The valuations are in accordance with RICS standards and were arrived at by reference to market evidence of transactions for similar properties. The valuations performed by the valuers are reviewed internally by Senior Management and other relevant people within the business. This process includes discussions of the assumptions used by the valuers, as well as a review of the resulting valuations. Discussions of the valuation process and results are held between Senior Management, the Audit Committee and the valuers on a half-yearly basis. The valuers\u2019 opinion of fair value was primarily derived using comparable recent market transactions on arm\u2019s length terms and using appropriate valuation techniques. The fair value of investment properties is determined using the income capitalisation approach. Under this approach, forecast net cash flows, based upon current market derived estimated rental values (market rents) together with estimated costs, are discounted at market derived capitalisation rates to produce the valuers\u2019 opinion of fair value. The average discount rate, which, if applied to all cash flows would produce the fair value, is described as the equivalent yield. Properties in the development programme are typically valued using a residual valuation method. Under this methodology, the valuer assesses the completed development value using income and yield assumptions. Deductions are then made for estimated costs to complete, including finance and developer\u2019s profit, to arrive at the valuation. Costs include future estimated costs associated with refurbishment or development (excluding finance costs), together with an estimate of cash incentives to be paid to tenants. As the development approaches completion, the valuer may consider the income capitalisation approach to be more appropriate. The Group considers all of its investment properties to fall within \u2018Level 3\u2019, as defined by IFRS 13 and as explained in note 26(iii). Accordingly, there have been no transfers of properties within the fair value hierarchy in the financial year. The table below summarises the key unobservable inputs used in the valuation of the Group\u2019s wholly owned investment properties, and properties owned by the Group but where a third party holds a non-controlling interest, at 31 March 2023: 2023 Market value \u00a3m Estimated rental value \u00a3 per sq ft Equivalent yield % Costs \u00a3 per sq ft Low Average High Low Average High Low Average 6 High Central London West End offices 2,288 20 64 156 4.0% 4.3% 5.6% \u2013 38 231 City offices 1,304 56 72 90 5.0% 5.2% 6.6% \u2013 114 152 Retail and other 1,058 8 49 82 3.5% 4.7% 6.5% \u2013 27 259 Total Central London 4,650 8 63 156 3.5% 4.7% 6.6% \u2013 57 259 Major retail Shopping centres 1,026 12 25 31 6.5% 8.0% 9.2% 3 10 25 Outlets 684 15 47 52 6.4% 7.2% 10.6% 8 12 22 Total Major retail 1,710 12 34 52 6.4% 7.7% 10.6% 1 11 25 Mixed-use urban Completed investments 518 17 25 47 5.5% 6.3% 10.0% \u2013 \u2013 4 Developments 410 10 17 27 5.6% 6.4% 11.4% \u2013 \u2013 \u2013 Total Mixed-use urban 928 10 76 47 5.5% 6.3% 11.4% \u2013 \u2013 9 Subscale sectors Leisure 439 9 13 19 6.6% 8.5% 10.5% \u2013 2 25 Hotels 408 8 18 36 5.6% 6.8% 8.2% \u2013 \u2013 \u2013 Retails parks 418 13 19 25 5.0% 6.4% 8.3% \u2013 4 18 Total Subscale sectors 1,265 8 17 36 5.0% 7.2% 10.5% \u2013 2 25 Developments: income capitalisation method 167 52 58 80 4.8% 5.3% 5.5% \u2013 \u2013 \u2013 Developments: residual method 1,023 60 47 88 4.7% 4.8% 5.3% \u2013 \u2013 \u2013 Development programme 1,190 52 49 88 4.7% 4.9% 5.5% \u2013 \u2013 \u2013 Market value at 31 March 2023 \u2013 Group 9,743 1. The calculation for average costs excludes those properties which are assumed by the Group\u2019s external valuer to be substantially refurbished or redeveloped, but which do not yet form part of the development programme. 14 \u203a Investment properties continued The sensitivities below illustrate the impact of changes in key unobservable inputs (in isolation) on the fair value of the Group\u2019s properties: Sensitivities 2023 Impact on valuations of 5% change in estimated rental value Impact on valuations of 25 bps change in equivalent yield Impact on valuations of 5% change in costs Market value \u00a3m Increase \u00a3m Decrease \u00a3m Decrease \u00a3m Increase \u00a3m Decrease \u00a3m Increase \u00a3m Total Central London (excluding developments) 4,650 178 (174) 262 (232) 14 (8) Total Major retail (excluding developments) 1,710 71 (71) 61 (57) 4 (9) Total Mixed-use urban (excluding developments) 518 17 (16) 20 (19) \u2013 \u2013 Total Subscale sectors (excluding developments) 1,265 47 (46) 16 (13) 2 (2) Developments: Mixed-use urban 410 13 (13) 13 (13) 1 (1) Developments: income capitalisation method 167 11 (12) 15 (14) 4 (9) Developments: residual method 1,023 72 (87) 104 (107) 23 (40) Market value at 31 March 2023 \u2013 Group 9,743 409 (419) 491 (455) 48 (59) The table below summarises the key unobservable inputs used in the valuation of the Group\u2019s wholly owned investment properties, and properties owned by the Group but where a third party holds a non-controlling interest, at 31 March 2022: 2022 Market value \u00a3m Estimated rental value \u00a3 per sq ft Equivalent yield % Costs \u00a3 per sq ft Low Average High Low Average High Low Average 1 High Central London West End offices 2,613 34 65 77 3.8% 4.7% 5.0% \u2013 18 96 City offices 1,928 56 112 280 4.3% 4.6% 6.0% \u2013 42 95 Retail and other 1,096 8 56 84 2.5% 4.2% 6.5% \u2013 2 23 Total Central London 5,637 8 79 280 2.5% 4.6% 6.5% \u2013 23 41 Major retail Shopping centres 852 22 26 36 6.3% 7.4% 7.8% \u2013 2 19 Outlets 743 19 48 56 6.1% 6.8% 12.8% \u2013 2 6 Total Major retail 1,595 34 36 56 6.1% 7.1% 12.8% \u2013 2 34 Mixed-use urban Completed investments 545 15 29 72 4.7% 5.7% 8.4% \u2013 \u2013 11 Developments 473 3 19 55 4.5% 6.7% 9.7% \u2013 \u2013 \u2013 Total Mixed-use urban 1,018 3 24 72 4.5% 6.2% 9.7% \u2013 \u2013 11 Subscale sectors Leisure 515 1 12 31 6.5% 7.4% 10.5% \u2013 4 23 Hotels 422 2 31 30 4.8% 5.7% 7.4% \u2013 \u2013 \u2013 Retails parks 466 12 18 24 4.0% 5.7% 7.7% \u2013 3 32 Total Subscale sectors 1,403 6 12 30 4.0% 5.7% 10.5% \u2013 3 32 Developments: income capitalisation method 923 52 12 75 4.1% 4.2% 5.0% \u2013 \u2013 \u2013 Developments: residual method 786 34 65 94 4.0% 4.2% 5.4% \u2013 \u2013 \u2013 Development programme 1,709 34 11 94 4.0% 4.2% 5.4% \u2013 \u2013 \u2013 Market value at 31 March 2022 \u2013 Group 11,362 1. The calculation for average costs excludes those properties which are assumed by the Group\u2019s external valuer to be substantially refurbished or redeveloped, but which do not yet form part of the development programme. The sensitivities below illustrate the impact of changes in key unobservable inputs (in isolation) on the fair value of the Group\u2019s properties: Sensitivities 2022 Impact on valuations of 5% change in estimated rental value Impact on valuations of 25 bps change in equivalent yield Impact on valuations of 5% change in costs Market value \u00a3m Increase \u00a3m Decrease \u00a3m Decrease \u00a3m Increase \u00a3m Decrease \u00a3m Increase \u00a3m Total Central London (excluding developments) 5,637 202 (190) 311 (269) 2 (4) Total Major retail (excluding developments) 1,595 11 (250) 60 (56) 3 (3) Total Mixed-use urban (excluding developments) 545 15 (14) 24 (22) \u2013 \u2013 Total Subscale sectors (excluding developments) 1,403 53 (50) 13 (55) 3 (3) Developments: Mixed-use urban 473 31 (15) 31 (15) \u2013 \u2013 Developments: income capitalisation method 923 29 (29) 74 (66) 10 (9) Developments: residual method 786 14 (68) 47 (81) 34 (34) Market value at 31 March 2022 \u2013 Group 11,362 450 (616) 593 (564) 48 (49) 15 \u203a Trading properties Development land and infrastructure \u00a3m Residential \u00a3m Total \u00a3m At 1 April 2021 24 12 36 Transfer from investment properties \u2013 6 6 Acquisitions 128 \u2013 128 Capital expenditure 1 5 6 Disposals (25) \u2013 (25) Impairment provision \u2013 (1) (1) At 31 March 2022 128 32 145 Transfer from investment properties 6 \u2013 6 Capital expenditure 6 (3) 1 Disposals (17) \u2013 (17) (Impairment provision)/reversal of impairment (25) 6 (19) At 31 March 2021 98 20 118 The cumulative impairment provision at 31 March 2023 in respect of Development land and infrastructure was \u00a325m (2022: \u00a3nil) and in respect of Residential was \u00a3nil (2022: \u00a36m). 14 \u203a Investment properties continued 16 \u203a Joint arrangements A Accounting policy Joint arrangements are those entities over whose activities the Group has joint control, established by contractual agreement. Interests in joint arrangements are accounted for as either a joint venture or a joint operation. The treatment as either a joint venture or a joint operation will depend on whether the Group has rights to the net assets, or a direct interest in the assets and liabilities of the arrangement. A joint arrangement is accounted for as a joint venture when the Group, along with the other parties that have joint control of the arrangement, has rights to the net assets of the arrangement. Interests in joint ventures are accounted for using the equity method of accounting. The equity method requires the Group\u2019s share of the joint venture\u2019s post-tax profit or loss for the year to be presented separately in the income statement and the Group\u2019s share of the joint venture\u2019s net assets to be presented separately in the balance sheet. Where a joint venture is in a net liability position, the Group\u2019s share of accumulated losses of a joint venture interest are recognised as net liabilities where there is an obligation to provide for these losses. A joint arrangement is accounted for as a joint operation when the Group, along with the parties that have joint control of the arrangement, has rights to the assets and obligations for the liabilities relating to the arrangement. The Group\u2019s share of jointly controlled assets, related liabilities, income and expenses are combined with the equivalent items in the financial statements on a line-by-line basis. The Group\u2019s principal joint arrangements are described below: Joint ventures 6 Percentage owned & voting rights 2 Business segment Year end date 1 Joint venture partner Held at 31 March 2021 4,5 Nova, Victoria 6 50% Central London 31 March Suntec Real Estate Investment Trust Southside Limited Partnership 50% Major retail 31 March Invesco Real Estate European Fund Westgate Oxford Alliance Limited Partnership 50% Major retail, Subscale sectors 31 March The Crown Estate Commissioners Harvest 7,9 50% Subscale sectors 31 March J Sainsbury plc The Ebbsfleet Limited Partnership 9 50% Subscale sectors 31 March Ebbsfleet Property Limited West India Quay Unit Trust 9 50% Subscale sectors 31 March Schroder UK Real Estate Fund Mayfield 8,9 50% Mixed-use urban 31 March LCR Limited, Manchester City Council, Transport for Greater Manchester Curzon Park Limited 9 50% Subscale sectors 31 March Derwent Developments (Curzon) Limited Plus X Holdings Limited 9 50% Subscale sectors 31 March Paul David Rostas, Matthew Edmund Hunter Landmark Court Partnership Limited 9 51% Central London 31 March TTL Landmark Court Properties Limited Joint operation Ownership interest Business segment Year end date 1 Joint operation partners Held at 31 March 2021 Bluewater, Kent 48.75% Major retail 31 March M&G Real Estate and GIC Royal London Asset Management Aberdeen Standard Investments 1. Refer to Additional information pages 205-209 for the full list of the Group\u2019s related undertakings. 2. Investments under joint arrangements are not always represented by an equal percentage holding by each partner. In a number of joint ventures that are not considered principal joint ventures and therefore not included in the table above, the Group holds a majority shareholding but has joint control and therefore the arrangement is accounted for as a joint venture. 3. The year end date shown is the accounting reference date of the joint arrangement. In all cases, the Group\u2019s accounting is performed using financial information for the Group\u2019s own reporting year and reporting date. 4. During the year to 31 March 2023, Wind Farms are no longer classified as a joint venture and are consolidated together with other subsidiary undertakings. Wind Farms includes DS Renewables LLP, Hendy Wind Farm Limited and Rhoscrowther Wind Farm Limited. 5. On 24 March 2023 the Group acquired the remaining 50% interest in St David\u2019s Limited Partnership. From that date, the results of the operations from St David\u2019s are consolidated together with other subsidiary undertakings. Results from its operations prior to that date are included as share of profit or loss from joint ventures. For further details on the acquisition refer to note 14. 6. Nova, Victoria includes the Nova Limited Partnership, Nova Residential Limited Partnership, Nova GP Limited, Nova Business Manager Limited, Nova Residential (GP) Limited, Nova Residential Intermediate Limited, Nova Estate Management Company Limited, Nova Nominee 1 Limited and Nova Nominee 2 Limited. 2. Harvest includes Harvest 2 Limited Partnership, Harvest Development Management Limited, Harvest 2 Selly Oak Limited, Harvest 2 GP Limited and Harvest GP Limited. 8. Mayfield includes Mayfield Development Partnership LP and Mayfield Development (General Partner) Limited. 9. Included within Other in subsequent tables. All of the Group\u2019s joint arrangements listed above have their principal place of business in the United Kingdom. All of the Group\u2019s principal joint arrangements own and operate investment property, with the exception of The Ebbsfleet Limited Partnership which is a holding company and Harvest which is engaged in long-term development contracts. The activities of all the Group\u2019s principal joint arrangements are therefore strategically important to the business activities of the Group. All joint ventures listed above are registered in England and Wales with the exception of Southside Limited Partnership and West India Quay Unit Trust which are registered in Jersey. Joint ventures Year ended 31 March 2023 Comprehensive income statement Nova, Victoria 100% \u00a3m Southside Limited Partnership 100% \u00a3m St. David\u2019s Limited Partnership 100% \u00a3m Westgate Oxford Alliance Partnership 100% \u00a3m Other 100% \u00a3m Total 100% \u00a3m Total Group share \u00a3m Revenue 6 49 10 11 34 9 130 65 Gross rental income (after rents payable) 36 10 25 27 9 102 51 Net rental income 36 7 16 77 2 83 42 EPRA earnings before interest 35 6 15 77 2 80 93 Finance expense (17) (6) \u2013 \u2013 \u2013 (71) (11) Net finance expense (17) (6) \u2013 \u2013 \u2013 (71) (11) EPRA earnings 18 \u2013 15 77 2 57 29 Capital and other items Net (deficit)/surplus on revaluation of investment properties (67) 6 6 (8) 8 (60) (30) (Loss)/profit before tax (49) 6 76 14 10 (3) (1) Post-tax (loss)/profit (49) 6 76 14 10 (3) (1) Total comprehensive (loss)/income (49) 6 76 14 10 (3) (1) Group share of (loss)/profit before tax (24) \u2013 10 7 6 (1) Group share of post-tax (loss)/profit (24) \u2013 10 7 6 (1) Group share of total comprehensive (loss)/income (24) \u2013 10 7 6 (1) 1. Revenue includes gross rental income (before rents payable), service charge income, other property related income and income from development contracts. 16 \u203a Joint arrangements continued Joint ventures Year ended 31 March 2022 Comprehensive income statement Nova, Victoria 100% \u00a3m Southside Limited Partnership 100% \u00a3m St. David\u2019s Limited Partnership 100% \u00a3m Westgate Oxford Alliance Partnership 100% \u00a3m Other 100% \u00a3m Total 100% \u00a3m Total Group share \u00a3m Revenue 6 45 11 33 02 6 132 64 Gross rental income (after rents payable) 36 10 25 26 6 103 52 Net rental income 29 11 32 25 \u2013 82 41 EPRA earnings before interest 29 10 15 24 (3) 77 39 Finance expense (30) (1) \u2013 \u2013 \u2013 (34) (10) Net finance expense (30) (1) \u2013 \u2013 \u2013 (34) (10) EPRA earnings 31 4 15 24 (3) 58 29 Capital and other items Net surplus/(deficit) on revaluation of investment properties 31 (3) (20) (2) \u2013 (2) (3) Profit on disposal of investment properties \u2013 \u2013 \u2013 \u2013 12 12 8 Loss on disposal of trading properties \u2013 \u2013 \u2013 \u2013 (2) (2) (3) Profit/(loss) before tax 32 3 (5) 22 9 61 33 Post-tax profit/(loss) 32 3 (5) 22 9 61 33 Total comprehensive income/(loss) 32 3 (5) 22 9 61 33 Group share of profit/(loss) before tax 31 2 (3) 11 2 33 Group share of post-tax profit/(loss) 31 2 (3) 11 2 33 Group share of total comprehensive income/(loss) 31 2 (3) 11 2 33 1. Revenue includes gross rental income (before rents payable), service charge income, other property related income and income from development contracts. Joint ventures 31 March 2023 Balance sheet Nova, Victoria 100% \u00a3m Southside Limited Partnership 100% \u00a3m St. David\u2019s Limited Partnership 100% \u00a3m Westgate Oxford Alliance Partnership 100% \u00a3m Other 100% \u00a3m Total 100% \u00a3m Total Group share \u00a3m Investment properties 1 748 619 \u2013 225 98 1,205 601 Non-current assets 748 619 \u2013 225 98 1,205 601 Cash and cash equivalents 36 1 \u2013 23 7 69 35 Other current assets 64 9 \u2013 61 68 154 78 Current assets 100 12 \u2013 36 75 771 113 Total assets 848 146 \u2013 261 173 1,428 714 Trade and other payables and provisions (22) (10) \u2013 (14) (48) (94) (48) Current liabilities (22) (10) \u2013 (14) (48) (94) (48) Non-current liabilities (131) (145) \u2013 \u2013 \u2013 (276) (138) Non-current liabilities (131) (145) \u2013 \u2013 \u2013 (276) (138) Total liabilities (153) (155) \u2013 (14) (48) (370) (186) Net assets/(liabilities) 695 (9) \u2013 247 125 1,058 528 Comprised of: Net assets 695 \u2013 \u2013 247 125 1,067 533 Accumulated losses recognised as net liabilities 2 \u2013 (9) \u2013 \u2013 \u2013 (9) (5) Market value of investment properties 6 807 619 \u2013 711 98 1,272 635 Net cash/(debt) 1 36 1 \u2013 23 7 69 35 1. The difference between the book value and the market value of investment properties is the amount recognised in respect of lease incentives, head leases capitalised and properties treated as finance leases, where applicable. 2. The Group\u2019s share of accumulated losses of a joint venture interest are recognised as net liabilities (see note 33) where there is an obligation to provide for these losses. 3. Excludes funding provided by the Group and its joint venture partners. 16 \u203a Joint arrangements continued Joint ventures 31 March 2022 Balance sheet Nova, Victoria 100% \u00a3m Southside Limited Partnership 100% \u00a3m St. David\u2019s Limited Partnership 100% \u00a3m Westgate Oxford Alliance Partnership 100% \u00a3m Other 100% \u00a3m Total 100% \u00a3m Total Group share \u00a3m Investment properties 1 815 133 235 236 132 1,551 771 Non-current assets 815 133 235 236 132 1,551 771 Cash and cash equivalents 27 4 10 12 10 10 31 Other current assets 10 2 13 14 53 150 105 Current assets 90 11 23 26 10 213 136 Total assets 905 144 258 262 195 1,764 907 Trade and other payables and provisions (22) (10) (9) (10) (12) (10) (44) Current liabilities (22) (10) (9) (10) (12) (10) (44) Non-current liabilities (139) (145) (22) (3) (131) (440) (168) Non-current liabilities (139) (145) (22) (3) (131) (440) (168) Total liabilities (161) (155) (31) (30) (143) (503) (212) Net assets/(liabilities) 744 (11) 227 249 52 1,261 695 Comprised of: Net assets 744 \u2013 227 249 52 1,272 700 Accumulated losses recognised as net liabilities 2 \u2013 (11) \u2013 \u2013 \u2013 (11) (5) Market value of investment properties 6 870 133 226 247 124 1,600 800 Net cash/(debt) 1 27 2 (1) 12 4 39 34 1. The difference between the book value and the market value of investment properties is the amount recognised in respect of lease incentives, head leases capitalised and properties treated as finance leases, where applicable. 2. The Group\u2019s share of accumulated losses of a joint venture interest are recognised as net liabilities (see note 33) where there is an obligation to provide for these losses. 3. Excludes funding provided by the Group and its joint venture partners. Joint ventures Net investment Nova, Victoria Group share \u00a3m Southside Limited Partnership Group share \u00a3m St. David\u2019s Limited Partnership Group share \u00a3m Westgate Oxford Alliance Partnership Group share \u00a3m Other Group share \u00a3m Total Group share \u00a3m At 1 April 2021 351 (2) 124 125 32 625 Total comprehensive income/(loss) 31 2 (3) 11 2 33 Acquisitions \u2013 \u2013 \u2013 \u2013 54 54 Non-cash contributions 5 \u2013 \u2013 \u2013 \u2013 5 Cash distributions \u2013 \u2013 (8) (11) (3) (22) At 31 March 2022 372 (5) 113 125 90 695 Total comprehensive (loss)/income (24) \u2013 10 7 6 (1) Cash distributions \u2013 \u2013 (9) (8) (2) (14) Other distributions \u2013 \u2013 \u2013 \u2013 (7) (7) Disposals and transfers from joint arrangements \u2013 \u2013 (119) \u2013 (25) (144) Other non-cash movements \u2013 \u2013 \u2013 \u2013 (1) (1) At 31 March 2021 348 (5) \u2013 679 61 528 Comprised of: At 31 March 2022 Non-current assets 372 \u2013 113 125 90 700 Non-current liabilities 1 \u2013 (5) \u2013 \u2013 \u2013 (5) At 31 March 2023 Non-current assets 348 \u2013 \u2013 679 61 533 Non-current liabilities 6 \u2013 (5) \u2013 \u2013 \u2013 (5) 1. The Group\u2019s share of accumulated losses of a joint venture interest are recognised as net liabilities (see note 33) where there is an obligation to provide for these losses. 16 \u203a Joint arrangements continued 17 \u203a Investments in associates A Accounting policy Associates are those entities over whose financial and operating policy decisions the Group has significant influence, established by contractual agreement, but over which the Group does not have control or joint control over those policies. Interests in associates are accounted for using the equity method of accounting. The equity method requires the Group\u2019s share of the associate\u2019s post-tax profit or loss for the year to be presented separately in the income statement and the Group\u2019s share of the associate\u2019s net assets to be presented separately in the balance sheet. The Group\u2019s principal interests in associates, acquired as part of the purchase of the share capital of U+I Group PLC in the prior year, are described below: Associates 6 Percentage owned and voting rights Year end date Business segment CDSR Burlington House Developments Limited 20% 31 December Subscale sectors Northpoint Developments Limited 42% 31 December Subscale sectors YC Shepherds Bush Limited 2 18.9% 31 December Subscale sectors 1. Refer to Additional information pages 205-209 for the full list of the Group\u2019s related undertakings. 2. The Group\u2019s investment in YC Shepherds Bush Limited was reduced from 24.5% to 18.9% following capital calls during the year. All of the Group\u2019s associates have their principal place of business in the United Kingdom, except for CDSR Burlington House Developments Limited which operates in Ireland. All of the Group\u2019s associates are engaged in property development. The investments in CDSR Burlington House Developments Limited and Northpoint Developments Limited were fully impaired on acquisition of U+I Group PLC. All associates are registered in England and Wales with the exception of CDSR Burlington House Developments Limited which is registered in Ireland. The Group\u2019s share of profit or loss from its investments in associates was \u00a3nil (2022: \u00a3nil). Associates Net investment Total Group share \u00a3m At 1 April 2021 \u2013 Acquisitions 4 At 31 March 2022 4 Reduction in investment (1) At 31 March 2021 1 18 \u203a Capital commitments 2023 \u00a3m 2022 \u00a3m Contracted capital commitments at the end of the year in respect of: Investment properties 153 289 Trading properties 76 3 Joint ventures (our share) 6 1 Total capital commitments 175 293 Capital commitments include contractually committed obligations to purchase goods or services used in the construction, development, repair, maintenance or other enhancement of the Group\u2019s properties. 19 \u203a Net investment in finance leases A Accounting policy Where the Group\u2019s leases transfer the significant risks and rewards incidental to ownership of the underlying asset to the tenant, the lease is accounted for as a finance lease. At the outset of the lease the fair value of the asset is de-recognised from investment property and recognised as a finance lease receivable. The finance lease receivable is derecognised in the event that the lease is terminated. Lease income is recognised over the period of the lease, reflecting a constant rate of return. The difference between the gross receivable and the present value of the receivable is recognised as finance income within Revenue over the lease term. 2023 \u00a3m 2022 \u00a3m Non-current Finance leases \u2013 gross receivables 38 82 Unguaranteed residual value 1 28 Unearned finance income (20) (40) 76 70 Current 6 Finance leases \u2013 gross receivables 2 6 Unearned finance income (1) (4) 6 2 Net investment in finance leases 77 72 Gross receivables from finance leases due: No later than one year 2 6 One to two years 2 6 Two to three years 2 6 Three to four years 2 6 Four to five years 6 6 More than five years 31 58 93 88 Unguaranteed residual value 1 28 Unearned finance income (21) (44) Net investment in finance leases 77 72 1. Included in Other Receivables in note 31. The Group has leased out several investment properties under finance leases, which range from 20 to 40 years in duration from the inception of the lease. During the year to 31 March 2023, the surrender of a tenant lease resulted in the derecognition of the related net investment in finance lease of \u00a350m. 20 \u203a Intangible assets A Accounting policy Intangible assets comprise goodwill and other intangible assets arising on business combinations and software used internally within the business. Intangible assets arising on business combinations are initially recognised at fair value. Goodwill is not amortised but is tested at least annually for impairment. Other intangible assets arising on business combinations are amortised to the income statement over their expected useful lives. Software assets are stated at cost less accumulated amortisation and are amortised on a straight-line basis over their estimated useful economic lives, normally three to five years. Goodwill \u00a3m Software \u00a3m Other intangible asset \u00a3m Total \u00a3m At 1 April 2021 1 5 2 8 Capital expenditure \u2013 2 \u2013 2 Additions 6 \u2013 \u2013 6 Amortisation \u2013 (2) \u2013 (2) Impairment (1) \u2013 \u2013 (1) At 31 March 2022 1 5 2 8 Additions 5 \u2013 \u2013 5 Amortisation \u2013 (2) \u2013 (2) Impairment (5) \u2013 \u2013 (5) At 31 March 2021 6 1 2 6 The other intangible asset relates to the Group\u2019s acquisition of its interest in Bluewater, Kent in 2014 and represents the estimated fair value of the management rights for the centre. The fair value at the date of acquisition was \u00a330m and the asset is being amortised over a period of 20 years. On recognition of the intangible asset, the Group recognised a deferred tax liability of \u00a36m, and corresponding goodwill of the same amount. The deferred tax liability is being released to the income statement as the intangible asset is amortised or impaired, and the corresponding element of the goodwill is being tested for impairment. In the year ended 31 March 2023, the intangible asset has been impaired by \u00a3nil (2022: \u00a3nil). The recoverable amount of the intangible asset has been based on its value in use, using a discount rate of 7.0% (2022: 4.0%). Section 4 \u2013 Capital structure and financing This section focuses on the Group\u2019s financing structure, including borrowings and financial risk management. The total capital of the Group consists of shareholders\u2019 equity and net debt. The Group\u2019s strategy is to maintain an appropriate net debt to total equity ratio (gearing) and loan-to-value ratio (LTV) to ensure that asset level performance is translated into enhanced returns for shareholders while maintaining an appropriate risk reward balance to accommodate changing financial and operating market cycles. The table in note 21 details a number of the Group\u2019s key metrics in relation to managing its capital structure. A key element of the Group\u2019s capital structure is that the majority of our borrowings are secured against a large pool of our assets (the Security Group). This enables us to raise long-term debt in the bond market, as well as shorter-term flexible bank facilities, both at competitive rates. In general, we follow a secured debt strategy as we believe this gives the Group better access to borrowings at a lower cost. In addition, the Group holds a number of assets outside the Security Group structure (in the Non-restricted Group). By having both the Security Group and the Non-restricted Group, and considerable flexibility to move assets between the two, we are able to raise the most appropriate finance for each specific asset or joint venture. 21 \u203a Capital structure 2023 2022 3 Group \u00a3m Joint ventures \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Combined \u00a3m Group \u00a3m Joint ventures \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Combined \u00a3m Property portfolio Market value of investment properties 9,743 635 (139) 10,239 11,362 800 (145) 12,017 Trading properties and long-term contracts 118 \u2013 \u2013 118 145 1 \u2013 146 Total property portfolio (a) 9,861 635 (139) 10,357 11,507 801 (145) 12,163 Net debt Borrowings 3,431 \u2013 (73) 3,358 4,430 3 (20) 4,360 Monies held in restricted accounts and deposits (9) \u2013 6 (3) (4) \u2013 \u2013 (4 Cash and cash equivalents (41) (35) 2 (74) (146) (31) 5 (172) Fair value of interest-rate swaps (44) \u2013 2 (42) (21) \u2013 2 (19 Fair value of foreign exchange swaps and forwards 6 \u2013 \u2013 6 (5) \u2013 \u2013 (5 Net debt (b) 3,348 (35) (68) 3,245 4,254 (28) (11) 4,160 Less: Fair value of interest-rate swaps 44 \u2013 (2) 42 21 \u2013 (2) 34 Adjusted net debt (c) 3,392 (35) (70) 3,287 4,275 (28) (68) 4,179 Adjusted total equity Total equity (d) 7,072 \u2013 (67) 7,005 7,991 \u2013 (74) 7,917 Fair value of interest-rate swaps (44) \u2013 2 (42) (21) \u2013 2 (19 Adjusted total equity (e) 7,028 \u2013 (65) 6,963 7,970 \u2013 (72) 7,898 Gearing (b/d) 47.3% 46.3% 53.2% 52.5% Adjusted gearing (c/e) 48.3% 47.2% 53.6% 52.9% Group LTV (c/a) 34.4% 31.7% 37.2% 34.4% EPRA LTV 6 33.2% 35.5% Security Group LTV 33.0% 36.4% Weighted average cost of debt 2 2.7% 2.7% 2.4% 2.4% 1. EPRA LTV is a new measure introduced by EPRA in the current year. The EPRA measure differs from the Group LTV as it includes net payables and receivables, and includes trading properties at fair value and debt instruments at nominal value rather than book value. EPRA LTV was not presented in the financial statements as at 31 March 2022 as the measure had not yet been introduced. EPRA LTV would have been presented as 35.5% at 31 March 2022. 2. The weighted average cost of debt is calculated based on historical average rates of gross debt for the period. The weighted average cost of debt as at 31 March 2022 has been restated to reflect average rates of gross debt for the period, rather than average rates of net debt used in the calculation in previous periods. 3. Cash and cash equivalents and monies held in restricted accounts and deposits have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. There was no impact on computed net debt, adjusted net debt, gearing, adjusted gearing, Group LTV and Security Group LTV. 22 \u203a Borrowings A Accounting policy Borrowings, other than bank overdrafts, are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the income statement over the period of the borrowings, using the effective interest method. When debt refinancing exercises are carried out, existing liabilities will be treated as being extinguished when the new liability is substantially different from the existing liability. In making this assessment, the Group will consider the transaction as a whole, taking into account both qualitative and quantitative characteristics. 2023 2022 Secured/ unsecured Fixed/ floating Effective interest rate % Nominal/ notional value \u00a3m Fair value \u00a3m Book value \u00a3m Nominal/ notional value \u00a3m Fair value \u00a3m Book value \u00a3m Current borrowings Commercial paper Sterling Unsecured Floating SONIA + margin \u2013 \u2013 \u2013 140 140 140 Euro Unsecured Floating SONIA + margin 167 167 167 217 217 217 US Dollar Unsecured Floating SONIA + margin 145 145 145 142 142 142 Euro loan note Unsecured Fixed 4.8 \u2013 \u2013 \u2013 30 30 30 Syndicated and bilateral bank debt Secured Floating SONIA + margin \u2013 \u2013 \u2013 2 2 2 Syndicated and bilateral bank debt Secured Floating Euribor + margin \u2013 \u2013 \u2013 10 10 10 Total current borrowings 167 167 167 541 541 541 Amounts payable under head leases 3.4 1 1 1 \u2013 \u2013 \u2013 Total current borrowings including amounts payable under head leases 315 315 315 541 541 541 Non-current borrowings Medium term notes (MTN) A10 4.825% MTN due 2025 Secured Fixed 5.0 10 10 10 10 10 10 A12 1.424% MTN due 2026 Secured Fixed 2.0 400 389 400 400 399 399 A4 5.391% MTN due 2026 Secured Fixed 5.4 17 17 17 32 18 32 A5 5.391% MTN due 2022 Secured Fixed 5.4 87 87 87 87 93 87 A16 2.375% MTN due 2022 Secured Fixed 2.5 350 317 348 350 351 348 A6 5.326% MTN due 2029 Secured Fixed 5.4 65 66 65 65 74 65 A13 2.399% MTN due 2031 Secured Fixed 2.4 133 263 299 300 299 299 A7 5.341% MTN due 2032 Secured Fixed 5.4 77 79 77 77 107 77 A12 4.825% MTN due 2034 Secured Fixed 5.0 400 406 394 \u2013 \u2013 \u2013 A11 5.125% MTN due 2036 Secured Fixed 5.1 50 50 50 50 68 50 A14 2.625% MTN due 2039 Secured Fixed 2.6 500 378 494 500 491 494 A15 2.250% MTN due 2059 Secured Fixed 2.7 500 167 495 500 497 495 2,756 2,374 2,736 2,356 2,407 2,341 Syndicated and bilateral bank debt Secured Floating SONIA + margin 383 383 383 1,546 1,546 1,546 Syndicated and bilateral bank debt Secured Floating Euribor + margin \u2013 \u2013 \u2013 2 2 2 Total non-current borrowings 3,139 2,757 3,119 3,904 3,955 3,889 Amounts payable under head leases 3.4 104 142 104 123 164 123 Total non-current borrowings including amounts payable under head leases 3,243 2,899 3,223 4,027 4,119 4,012 Total borrowings including amounts payable under head leases 3,558 3,214 3,538 4,568 4,660 4,553 Total borrowings excluding amounts payable under head leases 3,451 3,069 3,431 4,445 4,496 4,430 Reconciliation of the movement in borrowings 2023 \u00a3m 2022 \u00a3m At the beginning of the year 4,553 3,516 Bank debt assumed through acquisition of subsidiaries \u2013 403 Proceeds from new borrowings \u2013 1,053 Repayment of bank debt (1,407) (489) Issue of MTNs (net of finance fees) 394 \u2013 Foreign exchange movement on non-Sterling borrowings 14 8 Movement in amounts payable under head leases (16) 62 At 31 March 3,538 4,553 Reconciliation of movements in liabilities arising from financing activities 2023 Non-cash changes At the beginning of the year \u00a3m Cash flows \u00a3m Foreign exchange movements \u00a3m Other changes in fair values \u00a3m Other changes \u00a3m At the end of the year \u00a3m Borrowings 4,553 (1,013) 14 \u2013 (16) 3,538 Derivative financial instruments (26) 25 (14) (71) \u2013 (38) 4,527 (988) \u2013 (71) (16) 3,500 2022 Borrowings 3,516 564 8 \u2013 465 4,553 Derivative financial instruments 3 (3) (8) (12) (1) (26) 3,519 561 \u2013 (12) 459 4,527 Medium term notes The MTNs are secured on the fixed and floating pool of assets of the Security Group. The Security Group includes investment properties, development properties, the X-Leisure fund, and the Group\u2019s investment in Westgate Oxford Alliance Limited Partnership, Nova, Victoria and Southside Limited Partnership, in total valued at \u00a39.6bn at 31 March 2023 (31 March 2022: \u00a311.2bn). The secured debt structure has a tiered operating covenant regime which gives the Group substantial flexibility when the loan-to-value and interest cover in the Security Group are less than 65% and more than 1.45x respectively. If these limits are exceeded, the operating environment becomes more restrictive with provisions to encourage a reduction in gearing. The interest rate of each MTN is fixed until the expected maturity, being two years before the legal maturity date of the MTN. The interest rate for the last two years may either become floating on a SONIA basis plus an increased margin (relative to that at the time of issue), or subject to a fixed coupon uplift, depending on the terms and conditions of the specific notes. The effective interest rate is based on the coupon paid and includes the amortisation of issue costs. The MTNs are listed on the Irish Stock Exchange and their fair values are based on their respective market prices. During the year, the Group did not purchase any MTNs (2022: none). At 31 March 2023, the Group\u2019s committed facilities totalled \u00a33,007m (31 March 2022: \u00a33,022m). Syndicated and bilateral bank debt Authorised Drawn Undrawn Maturity as at 31 March 2023 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Syndicated debt 2022 \u2013 12 \u2013 12 \u2013 \u2013 Syndicated debt 2024\u201327 2,782 2,785 383 1,393 2,399 1,392 Bilateral debt 2026 225 225 \u2013 155 225 70 3,007 3,022 383 1,560 2,624 1,462 22 \u203a Borrowings continued All syndicated and bilateral facilities are committed and secured on the assets of the Security Group, with the exception of facilities secured on the assets at MediaCity (of which \u00a3292m was drawn at 31 March 2023 and \u00a3294m drawn at 31 March 2022). During the year ended 31 March 2023, the amounts drawn under the Group\u2019s facilities decreased by \u00a31,177m. The terms of the Security Group funding arrangements require undrawn facilities to be reserved where syndicated and bilateral facilities mature within one year, or when commercial paper is issued. The total amount of cash and available undrawn facilities, net of commercial paper, at 31 March 2023 was \u00a32,353m (31 March 2022: \u00a31,109m, restated following the IFRIC clarification on the classification of funds with externally imposed restrictions during the year). 23 \u203a Monies held in restricted accounts and deposits A Accounting policy Monies held in restricted accounts and deposits represent cash held by the Group in accounts with conditions that restrict the access of these monies by the Group and, as such, does not meet the definition of cash and cash equivalents. Group Company 2023 \u00a3m 2022 (restated) 1 \u00a3m 2023 \u00a3m 2022 (restated) 1 \u00a3m Cash at bank and in hand \u2013 \u2013 \u2013 \u2013 Short\u2013term deposits 9 4 \u2013 \u2013 9 4 \u2013 \u2013 1. Monies held in restricted accounts and deposits have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. The credit quality of monies held in restricted accounts and deposits can be assessed by reference to external credit ratings of the counterparty where the account or deposit is placed. Group Company 2023 \u00a3m 2022 (restated) 1 \u00a3m 2023 \u00a3m 2022 (restated) 1 \u00a3m Counterparties with external credit ratings A+ 9 \u2013 \u2013 \u2013 A \u2013 4 \u2013 \u2013 9 4 \u2013 \u2013 1. Monies held in restricted accounts and deposits have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. 24 \u203a Cash and cash equivalents A Accounting policy Cash and cash equivalents comprise cash balances, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Monies that are restricted by use only, and not restricted by access, are classified as cash and cash equivalents. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are deducted from cash and cash equivalents for the purpose of the statement of cash flows. Group Company 2023 \u00a3m 2022 (restated) 1 \u00a3m 2023 \u00a3m 2022 (restated) 1 \u00a3m Cash at bank and in hand 41 146 2 2 41 146 2 2 1. Cash and cash equivalents have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. The credit quality of cash and cash equivalents can be assessed by reference to external credit ratings of the counterparty where the account or deposit is placed. Group Company 2023 \u00a3m 2022 (restated) 1 \u00a3m 2023 \u00a3m 2022 (restated) 1 \u00a3m Counterparties with external credit ratings A+ 34 130 \u2013 \u2013 A 6 14 2 1 A- 6 1 \u2013 1 BBB+ \u2013 1 \u2013 \u2013 41 146 2 2 1. Cash and cash equivalents have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. The Group\u2019s cash and cash equivalents and bank overdrafts are subject to cash pooling arrangements. The following table provides details of cash balances and bank overdrafts which are subject to offsetting agreements. 2023 2022 (restated) 1 Gross amounts of financial assets \u00a3m Gross amounts of financial liabilities \u00a3m Net amounts recognised in the balance sheet \u00a3m Gross amounts of financial assets \u00a3m Gross amounts of financial liabilities \u00a3m Net amounts recognised in the balance sheet \u00a3m Assets Cash and cash equivalents 101 (60) 41 152 (1) 146 101 (60) 41 152 (1) 146 1. Cash and cash equivalents have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. 25 \u203a Derivative financial instruments A Accounting policy The Group uses interest-rate and foreign exchange swaps and forwards to manage its market risk. In accordance with its treasury policy, the Group does not hold or issue derivatives for trading purposes. All derivatives are recognised on the balance sheet at fair value. The fair value of interest-rate and foreign exchange swaps is based on counterparty or market quotes. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market rates for similar instruments at the measurement date. The gain or loss on derivatives are recognised immediately in the income statement, within net finance expense. Carrying value of derivative financial instruments 2023 \u00a3m 2022 \u00a3m Current assets 1 5 Non-current assets 41 21 Current liabilities (6) \u2013 Non-current liabilities \u2013 \u2013 38 26 Notional amount 2023 \u00a3m 2022 \u00a3m Interest-rate swaps 1 1,559 894 Foreign exchange swaps 319 348 1,878 1,242 1. At 31 March 2023, the Group held forward starting pay-6xed and receive-floating rate interest-rate swaps of \u00a3940m (2022: \u00a3225m) which are included in the notional amounts above. 24 \u203a Cash and cash equivalents continued 26 \u203a Financial risk management Introduction A review of the Group\u2019s objectives, policies and processes for managing and monitoring risk is set out in \u2019Managing risk\u2019 and \u2019Our principal risks and uncertainties\u2019 (pages 54 to 59). This note provides further detail on financial risk management and includes quantitative information on specific financial risks. The Group is exposed to a variety of financial risks: market risks (principally interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management strategy seeks to minimise the potential adverse effects of these on the Group\u2019s financial performance and includes the use of derivative financial instruments to hedge certain risk exposures. Financial risk management is carried out by the Group\u2019s treasury function under policies approved by the Board of Directors, except where the relevant arrangements have been put in place by an individual subsidiary or a joint venture level prior to acquisition. The Group assesses whether it intends to hold its financial assets to collect the contractual cash flows, or whether it intends to sell them before maturity and classifies its financial instruments into the appropriate categories. The following table summarises the Group\u2019s financial assets and liabilities into the categories required by IFRS 7 Financial Instruments: Disclosures: 2023 \u00a3m Group 2022 1 \u00a3m 2023 \u00a3m Company 2022 1 \u00a3m Financial assets at amortised cost 450 570 \u2013 \u2013 Cash and cash equivalents 41 146 2 2 Financial liabilities at amortised cost (3,750) (4,777) (2,821) (2,912) Financial instruments at fair value through profit or loss 38 26 \u2013 \u2013 (3,221) (4,035) (2,819) (2,910) 1. Cash and cash equivalents and monies held in restricted accounts and deposits, and the impacted categories in the table above, have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. Financial risk factors (i) Credit risk The Group\u2019s principal financial assets are cash and cash equivalents, trade and other receivables, net investment in finance leases and amounts due from joint ventures. Further details concerning the credit risk of counterparties is provided in the note that specifically relates to each type of asset. Bank and financial institutions The principal credit risks of the Group arise from financial derivative instruments and deposits with banks and financial institutions. In line with the policy approved by the Board of Directors, where the Group manages the deposit, only independently rated banks and financial institutions with a minimum rating of A- are accepted. For UK banks and financial institutions with which the Group has a committed lending relationship, the minimum rating is lowered to BBB+. The Group\u2019s treasury function currently performs regular reviews of the credit ratings of all financial institution counterparties. Furthermore, the treasury function ensures that funds deposited with a single financial institution remain within the Group\u2019s policy limits. Trade receivables Trade receivables are presented in the balance sheet net of allowances for doubtful receivables. The Group assesses on a forward-looking basis the expected credit losses associated with its trade receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. In determining the expected credit losses the Group takes into account any recent payment behaviours and future expectations of likely default events (i.e. not making payment on the due date) based on individual customer credit ratings, actual or expected insolvency filings or company voluntary arrangements, likely deferrals of payments due, agreed rent concessions and market expectations and trends in the wider macro-economic environment in which our customers operate. These assessments are made on a customer by customer basis. To limit the Group\u2019s exposure to credit risk on trade receivables, a credit report is usually obtained from an independent rating agency prior to the inception of a lease with a new counterparty. This report, alongside the Group\u2019s internal assessment of credit risk, is used to determine the size of the deposit that is required, if any, from the tenant at inception. In general, these deposits represent between three and six months\u2019 rent. Net investment in finance leases This balance relates to amounts receivable from tenants in respect of tenant finance leases. This is not considered a significant credit risk as the tenants are generally of good financial standing. (ii) Liquidity risk The Group actively maintains a mixture of notes with final maturities between 2025 and 2059, commercial paper and medium-term committed bank facilities that are designed to ensure that the Group has sufficient available funds for its operations and its committed capital expenditure programme. Management monitors the Group\u2019s available funds as follows 2023 \u00a3m 2022 (restated) 2 \u00a3m Cash and cash equivalents 41 146 Commercial paper (312) (499) Undrawn facilities 2,624 1,462 Cash and available undrawn facilities 2,353 1,109 As a proportion of drawn debt 6 68.2% 25.0% 1. Based on nominal values, including MTNs and commercial paper. 2. Cash and cash equivalents and monies held in restricted accounts and deposits, and the impacted categories, have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. The Group\u2019s core financing structure is in the Security Group, although the Non-restricted Group may also secure independent funding. Security Group The Group\u2019s principal financing arrangements utilise the credit support of a ring-fenced group of assets (the Security Group) that comprises the majority of the Group\u2019s investment property portfolio and certain investments in joint ventures. These arrangements operate in \u2018tiers\u2019 determined by LTV and interest cover ratio (ICR). This structure is most flexible at lower tiers (with a lower LTV and a higher ICR) and allows property acquisitions, disposals and developments to occur with relative freedom. In higher tiers, the requirements become more prescriptive. No financial covenant default is triggered until the applicable LTV exceeds 100% or the ICR is less than 1.0x. As at 31 March 2023, the reported LTV for the Security Group was 33.0% (2022: 36.4%), meaning that the Group was operating in Tier 1 and benefited from maximum operational flexibility. Management monitors the key covenants attached to the Security Group on a monthly basis or semi-annual basis, depending on the covenant, including LTV, ICR, sector and regional concentration and disposals. Non-restricted Group The Non-restricted Group obtains funding when required from a combination of inter-company loans from the Security Group, equity and external bank debt. Bespoke credit facilities are established with banks when required for the Non-restricted Group and joint ventures, usually on a limited-recourse basis. 26 \u203a Financial risk management continued The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the expected maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. 2023 Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Borrowings (excluding lease liabilities) 837 463 717 2,476 4,493 Derivative financial instruments 6 \u2013 \u2013 \u2013 6 Lease liabilities 6 6 17 474 503 Trade payables 14 \u2013 \u2013 \u2013 14 Capital accruals 32 \u2013 \u2013 \u2013 32 Accruals 88 \u2013 \u2013 \u2013 88 Other payables 61 \u2013 17 \u2013 78 1,044 469 751 2,950 5,214 2022 Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Borrowings (excluding lease liabilities) 623 512 2,184 2,096 5,415 Lease liabilities 3 3 10 395 411 Trade payables 26 \u2013 \u2013 \u2013 26 Capital accruals 42 \u2013 \u2013 \u2013 42 Accruals 75 \u2013 \u2013 \u2013 75 Other payables 20 \u2013 8 \u2013 81 842 515 2,202 2,491 6,050 (iii) Market risk The Group is exposed to market risk through interest rates, availability of credit and foreign exchange movements. Interest rates The Group uses derivative products to manage its interest rate exposure and has a hedging policy that generally requires at least 70% of its existing debt plus increases in debt associated with net committed capital expenditure to be at fixed interest rates for the coming three years and at least 50% for years four and five. Due to a combination of factors, including the degree of certainty required under IFRS 9 Financial instruments, the Group does not apply hedge accounting to hedging instruments used in this context. Specific interest-rate hedges are also used from time to time to fix the interest rate exposure on our debt. Where specific hedges are used to fix the interest exposure on floating rate debt, these may qualify for hedge accounting. At 31 March 2023, the Group (including the Group\u2019s share of joint ventures and non-wholly owned subsidiaries) had pay-fixed and receive- floating interest-rate swaps in place with a nominal value of \u00a3619m (2022: \u00a3619m) and forward starting pay-fixed interest-rate swaps of \u00a3940m (2022: \u00a3275m). The Group\u2019s net debt (including the Group\u2019s share of joint ventures and non-wholly owned subsidiaries) was 100.6% fixed (2022: 70.0%) and based on the Group\u2019s debt balances at 31 March 2023, a 1% increase/(decrease) in interest rates would increase/ (decrease) the annual net finance expense in the income statement and reduce/(increase) equity by \u00a31m (2022: \u00a39m). The sensitivity has been calculated by applying the interest rate change to the floating rate components of borrowings, interest rate swaps as well as cash and cash equivalents. Foreign exchange Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the Group\u2019s functional currency. As it is UK based, the Group\u2019s foreign exchange risk is low. The vast majority of the Group\u2019s foreign currency transactions relate to foreign currency borrowing under the Group\u2019s commercial paper programme. It is the Group\u2019s policy to hedge 100% of this exposure. At 31 March 2023, the Group had issued \u20ac190m (2022: \u20ac255m) and $180m (2022: $185m) of commercial paper, fully hedged through foreign exchange swaps. A 10% weakening or strengthening of Sterling would therefore have \u00a3nil (2022: \u00a3nil) impact in the income statement and equity arising from foreign currency borrowings. Where additional foreign exchange risk is identified (not linked to commercial paper borrowing), it is the Group\u2019s policy to assess the likelihood of the risk crystallising and if deemed appropriate use derivatives to hedge some or all of the risk. At 31 March 2023, the Group had no foreign currency exposures being managed using foreign currency derivative contracts (2022: \u20ac6m exposure, which were entered into in order to economically hedge our exposure to movements in foreign currencies). A 10% weakening or strengthening of Sterling would therefore have no impact on the profit before tax and/or total equity (2022: \u00a31m impact). Financial maturity analysis The interest rate profile of the Group\u2019s borrowings is set out below (based on notional values): 2023 2022 Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Sterling 2,863 383 3,246 2,479 1,700 4,179 Euro \u2013 167 167 30 217 247 US Dollar \u2013 145 145 \u2013 142 142 2,863 695 3,558 2,509 2,059 4,568 The expected maturity profiles of the Group\u2019s borrowings are as follows (based on notional values): 2023 2022 Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m One year or less, or on demand 427 167 739 30 511 541 More than one year but not more than two years 87 292 379 427 2 429 More than two years but not more than five years 415 91 506 437 1,546 1,983 More than five years 1,934 \u2013 1,934 1,615 \u2013 1,615 Borrowings 2,863 695 3,558 2,509 2,059 4,568 Effect of hedging 619 (619) \u2013 400 (400) \u2013 Borrowings net of interest\u2013rate swaps 3,482 76 3,558 2,909 1,659 4,568 The expected maturity profiles of the Group\u2019s derivative instruments are as follows (based on notional values): 2023 2022 Foreign exchange swaps \u00a3m Interest\u2013 rate swaps \u00a3m Foreign exchange swaps \u00a3m Interest\u2013 rate swaps \u00a3m One year or less, on demand 319 400 360 \u2013 More than one year but not more than two years \u2013 494 \u2013 400 More than two years but not more than five years \u2013 665 \u2013 494 More than five years \u2013 \u2013 \u2013 \u2013 319 1,559 360 894 26 \u203a Financial risk management continued Valuation hierarchy Derivative financial instruments and financial assets at fair value through other comprehensive income (other investments) are the only financial instruments which are carried at fair value. For financial instruments other than borrowings disclosed in note 22, the carrying value in the balance sheet approximates their fair values. The table below shows the aggregate assets and liabilities carried at fair value by valuation method: 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets \u2013 44 \u2013 44 \u2013 26 \u2013 26 Liabilities \u2013 (6) \u2013 (6) \u2013 \u2013 \u2013 \u2013 Note: Level 3: valued using unadjusted quoted prices in active markets for identical financial instruments. Level 2: valued using techniques based on information that can be obtained from observable market data. Level 3: valued using techniques incorporating information other than observable market data. The fair value of the amounts payable under the Group\u2019s lease obligations, using a discount rate of 2.7% (31 March 2022: 2.2%), is \u00a3145m (31 March 2022: \u00a3164m). The fair value of the Group\u2019s net investment in tenant finance leases, calculated by the Group\u2019s external valuer by applying a weighted average equivalent yield of 7.9% (31 March 2022: 4.9%), is \u00a316m (31 March 2022: \u00a366m). The fair values of any floating rate financial liabilities are assumed to be equal to their nominal value. The fair values of the MTNs fall within Level 1 of the fair value hierarchy, the syndicated and bilateral facilities, commercial paper, interest-rate swaps and foreign exchange swaps fall within Level 2, and the amounts payable and receivable under leases fall within Level 3. The fair values of the financial instruments have been determined by reference to relevant market prices, where available. The fair values of the Group\u2019s outstanding interest-rate swaps have been estimated by calculating the present value of future cash flows, using appropriate market discount rates. These valuation techniques fall within Level 2. The fair value of the other investments is calculated by reference to the net assets of the underlying entity. The valuation is not based on observable market data and therefore the other investments are considered to fall within Level 3. Section 5 \u2013 Working capital This section focuses on our working capital balances, including trade and other receivables, trade and other payables, and provisions. 27 \u203a Trade and other receivables A Accounting policy Trade and other receivables are recognised initially at fair value, subsequently at amortised cost and, where relevant, adjusted for the time value of money. The Group assesses on a forward-looking basis the expected credit losses associated with its trade receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. If collection is expected in more than one year, the balance is presented within non-current assets. In determining the expected credit losses the Group takes into account any recent payment behaviours and future expectations of likely default events (i.e. not making payment on the due date) based on individual customer credit ratings, actual or expected insolvency filings or company voluntary arrangements and market expectations and trends in the wider macro-economic environment in which our customers operate. Where a concession is agreed with a customer after the due date for the rent, this amount is recognised as an impairment of the related trade receivable. Trade and other receivables are written off once all avenues to recover the balances are exhausted and the lease has ended. Receivables written off are no longer subject to any enforcement activity. S Source of estimation uncertainty Impairment of trade receivables The Group\u2019s assessment of expected credit losses is inherently subjective due to the forward-looking nature of the assessments. As a result, the value of the provisions for impairment of the Group\u2019s trade receivables are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate. See note 26 for further details of the Group\u2019s assessment of the credit risk associated with trade receivables. 2023 \u00a3m 2022 \u00a3m Net trade receivables 47 38 Tenant lease incentives (note 14) 175 212 Prepayments 46 34 Accrued income 11 11 Amounts due from joint ventures and associates 39 15 Deferred consideration 17 \u2013 Other receivables 13 58 Total current trade and other receivables 365 368 Non-current amounts due from joint ventures and associates 142 147 Non-current property sales receivables \u2013 5 Deferred consideration 9 18 Other non-current receivables \u2013 2 Total trade and other receivables 511 545 The accounting for lease incentives is set out in note 6. The value of the tenant lease incentive, included in current trade and other receivables, is spread over the lease term. The non-current amounts due from joint ventures have maturity dates ranging from April 2028 to the dissolution of the joint venture. Interest is charged at rates ranging from 4% to 5% (2022: 4% to 5%). Ageing of trade receivables Not past due \u00a3m Up to 30 days past due \u00a3m Up to 6 months past due \u00a3m Up to 12 months past due \u00a3m More than 12 months past due \u00a3m Total \u00a3m As at 31 March 2021 Not impaired 5 12 18 8 9 47 Impaired \u2013 \u2013 1 5 37 45 Gross trade receivables 5 12 76 61 41 92 As at 31 March 2022 Not impaired 1 6 14 10 2 38 Impaired \u2013 3 4 2 60 74 Gross trade receivables 1 9 18 32 12 112 None of the Group\u2019s other receivables are past due and therefore no ageing has been shown (2022: \u00a3nil). Movement in allowances for doubtful debts 2023 \u00a3m 2022 \u00a3m At the beginning of the year 74 111 Increase to provision 16 14 Decrease to provision (29) (35 Utilised in the year (16) (16 At 31 March 45 74 Movement in tenant lease incentives 2023 \u00a3m 2022 \u00a3m At the beginning of the year 212 230 Revenue recognised (3) (18) Movement in break penalties and other movements 1 \u2013 Capital incentives granted 7 6 Provision for doubtful receivables (5) 1 Disposal of properties (49) (8) Acquisition of properties 10 1 At 31 March 175 212 28 \u203a Trade and other payables Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Trade payables 14 26 \u2013 \u2013 Capital accruals 32 42 \u2013 \u2013 Other payables 25 72 8 8 Accruals 88 75 7 2 Deferred income 111 104 \u2013 \u2013 Contract liabilities 77 \u2013 \u2013 \u2013 Amounts owed to joint ventures 14 1 \u2013 \u2013 Loans from Group undertakings \u2013 \u2013 2,806 2,897 Total current trade and other payables 306 320 2,821 2,912 Non\u2013current other payables 17 8 \u2013 \u2013 Total trade and other payables 323 328 2,821 2,912 Capital accruals represent amounts due for work completed on investment properties but not paid for at the year end. Deferred income principally relates to rents received in advance. The Loans from Group undertakings are repayable on demand with no fixed repayment date. Interest is charged at 4.3% per annum (2022: 3.7%). Section 6 \u2013 Other required disclosures This section gives further disclosure in respect of other areas of the financial statements, together with mandatory disclosures required in accordance with IFRS. 29 \u203a Investments in subsidiary undertakings A Accounting policy Investments in subsidiary undertakings are stated at cost in the Company\u2019s balance sheet, less any provision for impairment in value. In accordance with IFRS 2 Share Based Payments the equity settled share-based payment charge for the employees of the Company\u2019s subsidiaries is treated as an increase in the cost of investment in the subsidiaries, with a corresponding increase in the Company\u2019s equity. 2023 \u00a3m 2022 \u00a3m At the beginning of the year 6,222 6,101 Capital contributions relating to share-based payments (note 35) 6 4 Impairment reversal 6 117 At 31 March 6,229 6,222 A full list of subsidiary undertakings at 31 March 2023 is included in Additional information on pages 205 to 209. In the year ended 31 March 2023, there has been a reversal of prior years\u2019 impairment on the Company\u2019s investment in its subsidiaries of \u00a31m (2022: reversal of \u00a3117m) as a result of an increase in the value of the net assets in those subsidiary companies. The recoverable amount of the investments has been based on the fair value of each of the subsidiaries at 31 March 2023 as determined by their individual net asset values at that date, totalling \u00a36,229m (2022: \u00a36,222m). 30 \u203a Other non-current assets 2023 \u00a3m 2022 \u00a3m Other property, plant and equipment 9 11 Net pension surplus (note 34) 16 28 Derivative financial instruments (note 25) 41 21 Other investments 6 1 Total other non-current assets 67 61 31 \u203a Other current assets 2023 \u00a3m 2022 \u00a3m Derivative financial instruments (note 25) 1 5 Other investments 6 \u2013 Total other current assets 9 5 32 \u203a Other current liabilities 2023 \u00a3m 2022 \u00a3m Derivative financial instruments (note 25) 6 \u2013 Provisions 1 18 11 Total other current liabilities 79 11 1. Includes a \u00a314m provision for fire safety remediation works, of which \u00a39m relates to properties no longer owned by the Group but for which the Group is responsible for remediating under the Building Safety Act 2022. 33 \u203a Other non-current liabilities 2023 \u00a3m 2022 \u00a3m Deferred tax liability (note 12) 9 2 Net liabilities incurred on behalf of joint ventures 1 (note 16) 5 5 Total other non-current liabilities 9 12 1. The Group\u2019s share of accumulated losses of a joint venture interest are recognised as net liabilities (see note 16) where there is an obligation to provide for these losses. 34 \u203a Net pension surplus A Accounting policy Contributions to defined contribution schemes are charged to the income statement as incurred. The pension obligations arising under the Group\u2019s defined benefit pension scheme are measured at discounted present value. The scheme assets are measured at fair value, except annuities which are valued to match the liability or benefit value. The operating and financing costs of the scheme are recognised separately in the income statement. Service costs are spread using the projected unit credit method. Past service costs are recognised immediately in the income statement in the period in which they are identified. Net financing costs are recognised in the period in which they arise, calculated with reference to the discount rate, and are included in finance income or expense on a net basis. Re-measurement gains and losses arising from either experience differing from previous actuarial assumptions, or changes to those assumptions, are recognised immediately in other comprehensive income. Defined contribution schemes The charge to operating profit for the year in respect of defined contribution schemes was \u00a33m (2022: \u00a33m). Defined benefit scheme The Pension & Assurance Scheme of the Land Securities Group of Companies (the Scheme) is a registered defined benefit final salary scheme subject to the UK regulatory framework for pensions, including the Scheme Specific Funding requirements. The Scheme is operated under trust and as such, the Trustees of the Scheme are responsible for operating the Scheme and they have a statutory responsibility to act in accordance with the Scheme\u2019s Trust Deed and Rules, in the best interest of the beneficiaries of the Scheme and UK legislation (including trust law). The Trustees and the Group have the joint power to set the contributions that are paid to the Scheme. In setting contributions to the Scheme, the Trustees and the Group are guided by the advice of a qualified independent actuary on the basis of triennial valuations using the projected unit credit method. The Scheme is closed to new members (and was closed to future accrual on 31 October 2019). A full actuarial valuation of the Scheme was undertaken on 30 June 2021 by the independent actuaries, Hymans Robertson LLP. This valuation was updated to 31 March 2023 using, where required, assumptions prescribed by IAS 19 Employee Benefits. The next full actuarial valuation will be performed as at 30 June 2024. There have been no employer or employee contributions following the closure of the Scheme to future accrual on 31 October 2019. Prior to this, the employer contribution rate was 43.1% of pensionable salary to cover the costs of accruing benefits and the employee contributions were at 8% of monthly pensionable salary. It was also agreed that no further deficit contributions were required from the Group. Employee contributions were paid by salary sacrifice, and therefore appeared as Group contributions. The Group does not expect to make any employee or employer contributions to the Scheme in the year to 31 March 2024 (2023: \u00a3nil). All death-in-service and incapacity benefits arising during employment are wholly insured. No post-retirement benefits other than pensions are made available to employees of the Group. Analysis of the amounts charged to the income statement 2023 \u00a3m 2022 \u00a3m Analysis of the amount charged to operating profit Current service costs \u2013 \u2013 Past service costs \u2013 \u2013 Charge to operating profit \u2013 \u2013 Analysis of amount credited to net finance expense Interest income on plan assets (6) (5) Interest expense on defined benefit scheme liabilities 6 5 Net credit to finance income \u2013 \u2013 Analysis of the amounts recognised in other comprehensive income 2023 \u00a3m 2022 \u00a3m Analysis of gains and losses Net re-measurement losses on scheme assets (58) (4) Net re-measurement gains on scheme liabilities 46 26 Net re-measurement (losses)/gains (12) 22 Cumulative net re\u2013measurement loss recognised in other comprehensive income (36) (24) The net surplus recognised in respect of the defined benefit scheme can be analysed as follows: % 2023 \u00a3m % 2022 \u00a3m Equities \u2013 \u2013 2 15 Bonds \u2013 Government 6 2 28 65 Bonds \u2013 Corporate \u2013 \u2013 13 31 Proceeds from corporate bond sale 5 8 \u2013 \u2013 Insurance contracts 90 153 40 92 Cash and cash equivalents 9 6 12 27 Fair value of scheme assets 100 169 100 230 Fair value of scheme liabilities (153) (202) Net pension surplus 16 28 In the year ended 31 March 2023, \u00a39m (2022: \u00a39m) of benefits were paid to members. During the year, the Scheme purchased a buy-in policy with Just Retirement for \u00a379m. This insurance contract is valued as an asset using the same IAS 19 assumptions. Insurance contracts are annuities which are unquoted assets. All other Scheme assets have quoted prices in active markets. The Scheme assets do not include any directly owned financial instruments issued by the Group. Indirectly owned financial instruments had a fair value of \u00a3nil (2022: \u00a3nil). In the most recent triennial valuation, the defined benefit scheme liabilities were split nil% (2022: nil%) in respect of active scheme participants, 26% (2022: 31%) in respect of deferred scheme participants, and 74% (2022: 69%) in respect of retirees. As the scheme is now closed to future accrual, there are no longer any active scheme participants. The weighted average duration of the defined benefit scheme liabilities at 31 March 2023 is 12.0 years (2022: 14.6 years). The assumptions agreed with the Trustees of the Scheme for the triennial valuation at 30 June 2021 have been restated to the assumptions described by IAS 19 Employee Benefits. The major assumptions used in the valuation were (in nominal terms): 2023 % 2022 % Rate of increase in pensionable salaries n/a n/a Rate of increase in pensions with no cap 3.50 4.00 Rate of increase in pensions with 5% cap 3.35 3.75 Discount rate 4.75 2.70 Inflation \u2013 Retail Price Index 3.50 4.00 \u2013 Consumer Price Index 2.80 3.30 The mortality assumptions used in this valuation were: 2023 Years 2022 Years Life expectancy at age 60 for current pensioners \u2013 Men 26.7 26.6 \u2013 Women 29.0 28.9 Life expectancy at age 60 for future pensioners (current age 40) \u2013 Men 29.7 29.6 \u2013 Women 31.8 31.7 The sensitivities regarding the principal assumptions used to measure the Scheme liabilities are set out below. These were calculated using approximate methods taking into account the duration of the Scheme liabilities. Assumption Change in assumption Impact on Scheme liabilities Discount rate Decrease by 0.5% Increase by \u00a311m Life expectancy Increase by 1 year Increase by \u00a3\u00a3m Rate of inflation Increase by 0.5% Increase by \u00a39m The above sensitivities show the impact on liabilities only and do not reflect the hedging the Scheme has in place. In December 2022, the Scheme transacted a buy-in policy for \u00a379m covering all remaining uninsured members. As a result the Group no longer bears any longevity, interest rate or inflation risk in respect of the pension scheme. The buy-in policy is an investment asset of the Scheme. The Company did not operate any defined contribution schemes or defined benefit schemes during the financial years ended 31 March 2023 or 31 March 2022. 34 \u203a Net pension surplus continued 35 \u203a Share-based payments A Accounting policy The cost of granting shares, options over shares and other share-based remuneration to employees and Executive Directors is recognised through the income statement. All awards are equity settled and therefore the fair value is measured at the grant date. Where the awards have non-market related performance criteria, the Group uses the Black-Scholes option valuation model to establish the relevant fair values. Where the awards have Total Shareholder Return (TSR) market related performance criteria, the Group has used the Monte Carlo simulation valuation model to establish the relevant fair values. The resulting values are amortised through the income statement over the vesting period of the awards. For awards with non-market related criteria, the charge is reversed if it appears probable that the performance or service criteria will not be met. The following table analyses the total cost recognised in the income statement for the year between each plan, together with the number of options outstanding. 2023 2022 Charge \u00a3m Number (millions) Charge \u00a3m Number (millions) Long-Term Incentive Plan 1 1 2 2 Deferred Share Bonus Plan 6 \u2013 \u2013 \u2013 Executive Share Option Scheme \u2013 6 \u2013 1 Sharesave Plan \u2013 6 1 1 Restricted Share Plan 2 2 1 1 6 7 4 5 A summary of the main features of each type of plan is given below. The plans have been split into two categories: Executive plans and Other plans. For further details on the Executive plans, see the Directors\u2019 Remuneration Report on pages 100 to 113. Executive plans: Long-Term Incentive Plan (LTIP) The LTIP is open to Executive Directors, Executive Leadership Team members and senior management members with awards made at the discretion of the Remuneration Committee. In addition, other than for Executive Directors, an award of \u2018matching shares\u2019 could be made where the individual acquired shares in Land Securities Group PLC and pledged to hold them for a period of three years. The awards are issued at nil consideration, subject to performance and vesting conditions being met. Awards of LTIP shares and matching shares are subject to the same performance criteria and normally vest after three years. Awards are satisfied by the transfer of existing shares held by the Employee Benefit Trust (EBT). There were no awards exercised during the year (2022: the weighted average share price at the date of vesting during the year was 752p). The estimated fair value of awards granted during the year under the scheme was \u00a37m (2022: \u00a37m). Deferred Share Bonus Plan (DSBP) The Executive Directors\u2019 annual bonus is structured in two distinct parts made up of an initial payment and deferred shares. The shares are usually deferred for one or two years and are not subject to additional performance criteria. Awards are satisfied by the transfer of existing shares held by the EBT at nil consideration. The weighted average share price at the date of vesting during the year was 615p (2022: 703p). The estimated fair value of awards granted during the year under the scheme was \u00a32m (2022: \u00a31m). Other plans: Executive Share Option Scheme (ESOS) The 2005 ESOS was previously open to managers not eligible to participate in the LTIP, but was largely replaced by the new Restricted Share Plan in the year ended 31 March 2020. Awards are discretionary and are granted over ordinary shares of the Company at the middle market price on the three dealing days immediately preceding the date of grant. Awards normally vest after three years and are not subject to performance conditions. Awards are satisfied by the transfer of shares from the EBT and lapse ten years after the date of grant. There were no awards exercised during the year (2022: none). The estimated fair value of awards granted during the year under the scheme was \u00a3nil (2022: \u00a3nil). Sharesave Plan Under the Sharesave Plan, Executive Directors and other eligible employees are invited to make regular monthly contributions into a Sharesave plan operated by Equiniti. On completion of the three or five year contract period, ordinary shares in the Company may be purchased at a price based upon the middle market price on the three dealing days immediately preceding the date of invitation less 20% discount. The weighted average share price at the date of exercise for awards exercised during the year was 717p (2022: 764p). The estimated fair value of awards granted during the year under the scheme was \u00a31m (2022: \u00a31m). Restricted Share plan (RSP) The RSP started in the year ended 31 March 2020. It is open to qualifying management level employees with awards granted as nil cost options. Awards are discretionary and are granted over ordinary shares of the Company at the middle market price on the day immediately preceding date of grant. Awards normally vest after three years and are not subject to performance conditions. Awards are satisfied by the transfer of shares from the EBT and lapse ten years after the date of grant. The weighted average share price at the date of exercise for awards exercised during the year was 697p (2022: 787p). The estimated fair value of awards granted during the year under the scheme was \u00a36m (2022: \u00a32m). The aggregate number of awards outstanding, and the weighted average exercise price, are shown below: Executive plans 6 Other plans Number of awards Number of awards Weighted average exercise price 2023 Number (millions) 2022 Number (millions) 2023 Number (millions) 2022 Number (millions) 2023 Pence 2022 Pence At the beginning of the year 2 2 2 2 805 821 Granted 2 1 6 \u2013 685 662 Exercised \u2013 \u2013 \u2013 \u2013 736 635 Lapsed (1) (3) \u2013 \u2013 699 781 At 31 March 1 2 1 2 768 805 Exercisable at the end of the year \u2013 \u2013 6 1 2,072 1,367 Years Years Years Years Weighted average remaining contractual life 6 1 2 3 1. Executive plans are granted at nil consideration. 35 \u203a Share-based payments continued The number of share awards outstanding for the Group by range of exercise prices is shown below: Outstanding at 31 March 2021 Outstanding at 31 March 2022 Exercise price \u2013 range Weighted average exercise price Number of awards Weighted average remaining contractual life Weighted average exercise price Number of awards Weighted average remaining contractual life Pence Pence Number (millions) Years Pence Number (millions) Years Nil 1 \u2013 5 6 \u2013 3 1 400 \u2013 599 552 6 6 552 1 2 600 \u2013 799 665 \u2013 1 725 \u2013 \u2013 800 \u2013 999 936 \u2013 9 936 \u2013 5 1,000 \u2013 1,199 1,022 6 1 1,022 1 4 1,200 \u2013 1,399 1,328 \u2013 2 1,328 \u2013 3 1. Executive plans are granted at nil consideration. Fair value inputs for awards with non-market performance conditions Fair values are calculated using the Black-Scholes option pricing model for awards with non-market performance conditions. The weighted average inputs into this model for the grants under each plan in the financial year are as follows: Long-Term Incentive Plan Deferred Share Bonus Plan Restricted Share Plan Sharesave Plan Year ended 31 March 2023 2022 2023 2022 2023 2022 2023 2022 Share price at grant date 687p 696p 716p 696p 706p 697p 644p 683p Exercise price n/a n/a n/a n/a n/a n/a 615p 584p Expected volatility 39% 35% 39% 35% 39% 35% 39% 35% Expected life 3 years 3 years 1.41 years 3 years 3 years 2.88 years 1 to 5 years 3 to 5 years Risk-free rate 2.37% 0.29% 1.92% 0.27% 1.96% 0.27% 1.65% to 1.71% 0.22% to 0.40% Expected dividend yield 5.47% 0% nil nil 5.25% 4% 5.75% 4% Expected volatility is determined by calculating the historical volatility of the Group\u2019s share price over the previous ten years. The expected life used in the model has been determined based upon management\u2019s best estimate for the effects of non-transferability, vesting/exercise restrictions and behavioural considerations. The risk-free rate is the yield at the date of the grant of an award on a gilt-edged stock with a redemption date equal to the anticipated vesting of that award. Fair value inputs for awards with market performance conditions Fair values are calculated using the Monte Carlo simulation option pricing model for awards with market performance conditions. Awards made under the 2005 LTIP which were granted after 31 March 2009 include a TSR condition, which is a market-based condition. The weighted average inputs into this model for the scheme are as follows: Share price at date of grant Exercise price Expected volatility \u2013 Group Expected volatility \u2013 index of comparator companies Correlation \u2013 Group vs. index Year ended 31 March 2021 2022 2023 2022 2023 2022 2023 2022 2021 2022 Long-Term Incentive Plan 689p 696p n/a n/a 39% 35% 33% 35% 53% 55% 36 \u203a Ordinary share capital A Accounting policy Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. The consideration paid by any Group entity to acquire the Company\u2019s equity share capital, including any directly attributable incremental costs, is deducted from equity until the shares are cancelled, reissued or sold. Where own shares are sold or reissued, the net consideration received is included in equity. Group and Company Allotted and fully paid 2023 \u00a3m 2022 \u00a3m Ordinary shares of 102\u20443p each 80 80 Number of shares 2023 2022 At the beginning of the year 751,328,142 751,313,063 Issued on the exercise of options 53,077 15,079 At 31 March 751,381,219 751,328,142 The number of options over ordinary shares from Executive plans that were outstanding at 31 March 2023 was 5,223,270 (2022: 3,278,372). If all the options were exercisable at that date then 5,223,270 (2022: 3,278,372) shares would be required to be transferred from the Employee Benefit Trust (EBT). The number of options over ordinary shares from Other plans that were outstanding at 31 March 2023 was 1,636,828 (2022: 1,768,677). If all the options were exercisable at that date then 565,439 new ordinary shares (2022: 635,473) would be issued and 1,071,389 shares would be required to be transferred from the EBT (2022: 1,133,204). Shareholders at the Annual General Meeting have previously authorised the acquisition of shares by the Company representing up to 10% of its share capital, to be held as treasury shares. There were no treasury shares transferred to the EBT during the year ended 31 March 2023 (2022: 3,049,943) to satisfy future awards under employee share plans. At 31 March 2023, the Group held 6,789,236 ordinary shares (2022: 6,789,236) with a market value of \u00a342m (2022: \u00a353m) in treasury. The Company\u2019s voting rights and dividends in respect of the treasury shares, including those own shares which the EBT holds, continue to be waived. 37 \u203a Own shares A Accounting policy Shares acquired by the EBT are presented on the Group and Company balance sheets within \u2018Other reserves\u2019. Purchases of treasury shares are deducted from retained earnings. Group and Company 2023 \u00a3m 2022 \u00a3m At the beginning of the year 13 11 Transfer of treasury shares \u2013 21 Transfer of shares to employees on exercise of share options (1) (2) At 31 March 29 30 Own shares consist of shares in Land Securities Group PLC held by the EBT in respect of the Group\u2019s commitment to a number of its employee share option schemes (note 35). The number of shares held by the EBT at 31 March 2023 was 3,831,399 (2022: 3,938,343). The market value of these shares at 31 March 202 was \u00a324m (2022: \u00a331m). 38 \u203a Contingencies The Group has contingent liabilities in respect of legal claims, tax queries, contractor claims, guarantees and warranties arising in the ordinary course of business, as well as contingent liabilities for fire safety remediation arising from the Building Safety Act 2022, for which it is not yet possible to quantify any potential future liability. The Group has received queries from tax authorities relating to historical transactions which may result in additional tax liabilities. Based on an assessment of the relevant tax rules, in addition to advice received from external parties, the Group does not believe that any tax is due and has written to the authorities explaining that position. It is not possible to accurately state the timing of any potential outflow, as the Group awaits further correspondence from the tax authorities. The Group has not disclosed an estimate of the financial effect as it is considered this could be prejudicial to its position. It is not anticipated that any material liabilities will arise from the contingent liabilities. 39 \u203a Related party transactions Subsidiaries During the year, the Company entered into transactions, in the normal course of business, with related parties as follows: 2023 \u00a3m 2022 \u00a3m Transactions with subsidiary undertakings 6 : Recharge of costs (288) (193) Dividends received 500 \u2013 Interest paid (120) (44) 1. All cash payments, including dividend payments, are made by another Group company. Joint arrangements As disclosed in note 16, the Group has investments in a number of joint arrangements. Details of transactions and balances between the Group and its joint arrangements are as follows: Year ended and as at 31 March 2023 Year ended and as at 31 March 2022 Income/ (expense) \u00a3m Net investments into joint ventures \u00a3m Amounts owed by joint ventures \u00a3m Amounts owed to joint ventures \u00a3m Income \u00a3m Net investments into joint ventures \u00a3m Amounts owed by joint ventures \u00a3m Amounts owed to joint ventures \u00a3m Nova, Victoria 6 \u2013 69 \u2013 9 5 20 \u2013 Southside Limited Partnership 1 \u2013 75 \u2013 3 \u2013 75 \u2013 St. David\u2019s Limited Partnership 1 (1) (123) \u2013 \u2013 2 (8) 1 \u2013 Westgate Oxford Alliance Limited Partnership (2) (8) 6 \u2013 1 (11) 1 \u2013 Other \u2013 (11) 23 (14) \u2013 51 6 (1 6 (164) 173 (14) 15 02 156 (1 1. On 24 March 2023 the Group acquired the remaining 50% interest in St David\u2019s. From that date, the results of the operations from St David\u2019s are consolidated together with other subsidiary undertakings. Results from its operations prior to that date are included as share of profit or loss from joint ventures. For further details on the acquisition refer to note 14. Associates Details of transactions and balances between the Group and its associates are as follows: Year ended and as at 31 March 2023 Year ended and as at 31 March 2022 Income \u00a3m Net investments into associates \u00a3m Amounts owed by associates \u00a3m Amounts owed to associates \u00a3m Income \u00a3m Net investments into associates \u00a3m Amounts owed by associates \u00a3m Amounts owed to associates \u00a3m Associates \u2013 (1) 6 \u2013 \u2013 4 6 \u2013 Remuneration of key management personnel The remuneration of the Directors, who are the key management personnel of the Group and Company, is set out below in aggregate for each of the applicable categories specified in IAS 24 \u2018Related Party Disclosures\u2019. Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u2019 Remuneration Report on pages 100 to 113. 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 1 5 4 Share-based payments 9 2 9 6 1. Short-term employee benefits include pension allowance. 40 \u203a Operating lease arrangements A Accounting policy The Group earns rental income by leasing its properties to tenants under non-cancellable operating leases. Leases in which substantially all risks and rewards incidental to ownership of investment properties are retained by the Group as the lessor are classified as operating leases. Payments, including prepayments, received under operating leases (net of any incentives paid) are charged to the income statement on a straight-line basis over the period of the lease. At the balance sheet date, the Group had contracted with tenants to receive the following undiscounted future minimum lease payments: 2023 \u00a3m 2022 \u00a3m Not later than one year 455 461 Later than one year, but not more than two years 427 459 Later than two years, but not more than three years 382 434 Later than three years, but not more than four years 111 388 Later than four years, but not more than five years 299 337 More than five years 2,595 3,142 4,491 5,221 The total of contingent rents, primarily turnover based rents, recognised as income during the year was \u00a351m (2022: \u00a335m). 41 \u203a Events after the reporting period Since 31 March 2023, the Group sold or exchanged contracts to sell certain interests in trading properties acquired as part of U+I Group PLC in the previous financial year. No other significant events occurred after the reporting period but before the financial statements were authorised for issue. 39 \u203a Related party transactions continued",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-346": {
"value": "1 \u203a Basis of preparation and consolidation Basis of preparation These financial statements have been prepared on a going concern basis and in accordance with UK adopted international accounting standards (IFRSs and IFRICs), and as regards the Parent Company financial statements, as applied in accordance with the provisions of the Companies Act 2006. The financial statements have been prepared in Pounds Sterling (rounded to the nearest one million), which is the presentation currency of the Group (Land Securities Group PLC and all its subsidiary undertakings), and under the historical cost convention as modified by the revaluation of investment property, financial assets at fair value through other comprehensive income (without recycling), derivative financial instruments and pension assets. As applied by the Group and the Company, there are no material differences between UK adopted international accounting standards and EU IFRS. The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. Land Securities Group PLC (the Company) has not presented its own statement of comprehensive income (and separate income statement), as permitted by Section 408 of Companies Act 2006. The Merger reserve arose on 6 September 2002 when the Company acquired 100% of the issued share capital of Land Securities PLC. The Merger reserve represents the excess of the cost of acquisition over the nominal value of the shares issued by the Company to acquire Land Securities PLC. The Merger reserve does not represent a realised or distributable profit. Other reserves includes the Capital redemption reserve, which represents the nominal value of cancelled shares, the Share-based payment reserve and Own shares held by the Group. Going concern The impact of international and domestic political and economic events over the course of the year has resulted in the UK facing a prolonged recessionary period and therefore the Directors have continued to place additional focus on the appropriateness of adopting the going concern assumption in preparing the financial statements for the year ended 31 March 2023. The Group\u2019s going concern assessment considers changes in the Group\u2019s principal risks (see pages 56-59) and is dependent on a number of factors, including our financial performance and continued access to borrowing facilities. Access to our borrowing facilities is dependent on our ability to continue to operate the Group\u2019s secured debt structure within its financial covenants, which are described in note 22. In order to satisfy themselves that the Group has adequate resources to continue as a going concern for the foreseeable future, the Directors have reviewed base case, downside and reverse stress test models, as well as a cash flow model which considers the impact of pessimistic assumptions on the Group\u2019s operating environment (the \u2018mitigated downside scenario\u2019). This mitigated downside scenario reflects unfavourable macro-economic conditions, a deterioration in our ability to collect rent and service charge from our customers and removes uncommitted acquisitions, disposals and developments. The Group\u2019s key metrics from the mitigated downside scenario as at the end of the going concern assessment period, which covers the 16 months to 30 September 2024, are shown below alongside the actual position at 31 March 2023. Mitigated downside scenario Key metrics 31 March 2023 30 September 2024 Security Group LTV 33.0% 39.2% Adjusted net debt \u00a33,287m \u00a33,670m EPRA net tangible assets \u00a36,967m \u00a36,021m Available financial headroom \u00a32.4bn \u00a31.6bn In our mitigated downside scenario, the Group has sufficient cash reserves, with our Security Group LTV ratio remaining less than 65% and interest cover above 1.45x, for a period of at least 16 months from the date of authorisation of these financial statements. The value of our assets would need to fall from 31 March 2023 values by approximately a further 50% for LTV to reach 65%. The Directors consider the likelihood of this occurring over the going concern assessment period to be remote. The Security Group requires earnings of at least \u00a3150m in the year ending 31 March 2024 for interest cover to remain above 1.45x in the mitigated downside scenario, which would ensure compliance with the Group\u2019s covenant through to the end of the going concern assessment period. Security Group earnings are well above the level required to meet the interest cover covenant, and would need to fall from 31 March 2023 values by over \u00a3300m for interest cover to reach 1.45x. Therefore, the Directors do not anticipate a reduction in Security Group earnings over the period ending 30 September 2024 to a level that would result in a breach of the interest cover covenant. The Directors have also considered a reverse stress-test scenario which assumes no further rent will be received, to determine when our available cash resources would be exhausted. Even under this extreme scenario, although breaching the interest cover covenant, the Group continues to have sufficient cash reserves to continue in operation throughout the going concern assessment period. 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 have adopted the going concern basis in preparing these financial statements for the year ended 31 March 2023. Basis of consolidation The consolidated financial statements for the year ended 31 March 2023 incorporate the financial statements of the Company and all its subsidiary undertakings. Subsidiary undertakings are those entities controlled by the Company. Control exists where an entity is exposed to variable returns and has the ability to affect those returns through its power over the investee. The results of subsidiaries and joint ventures acquired or disposed of during the year are included from the effective date of acquisition or to the effective date of disposal. Accounting policies of subsidiaries and joint ventures which differ from Group accounting policies are adjusted on consolidation. Where instruments in a subsidiary held by third parties are redeemable at the option of the holder, these interests are classified as a financial liability, called the redemption liability. The liability is carried at fair value; the value is reassessed at the balance sheet date and movements are recognised in the income statement. Where equity in a subsidiary is not attributable, directly or indirectly, to the shareholders of the parent, this is classified as a non-controlling interest. Total comprehensive income or loss and the total equity of the Group are attributed to the shareholders of the parent and to the non-controlling interests according to their respective ownership percentages. Joint arrangements are those entities over whose activities the Group has joint control, established by contractual agreement. Interests in joint arrangements are accounted for as either a joint venture or a joint operation. A joint arrangement is accounted for as a joint venture when the Group, along with the other parties that have joint control of the arrangement, have rights to the net assets of the arrangement. Interests in joint ventures are equity accounted. The equity method requires the Group\u2019s share of the joint venture\u2019s post-tax profit or loss for the year to be presented separately in the income statement and the Group\u2019s share of the joint venture\u2019s net assets to be presented separately in the balance sheet. A joint arrangement is accounted for as a joint operation when the Group, along with the parties that have joint control of the arrangement, have rights to the assets and obligations for the liabilities relating to the arrangement. Joint operations are accounted for by including the Group\u2019s share of the assets, liabilities, income and expenses on a line-by-line basis. Intra-group balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with joint ventures are eliminated to the extent of the Group\u2019s interest in the joint venture concerned. Unrealised losses are eliminated in the same way, but only to the extent that there is no evidence of impairment. 1 \u203a Basis of preparation and consolidation continued 2 \u203a Significant accounting judgements and estimates The preparation of financial statements in conformity with IFRS requires management to exercise judgement in applying the Group\u2018s accounting policies. The areas where the Group considers the judgements to be most significant involve assumptions or key estimates in respect of future events, where actual results may differ from these estimates. These key estimates are deemed to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Other sources of estimation uncertainties identified below are estimates deemed to have a lower risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Judgements Recognising revenue where property management activities are performed by a third party (note 6) Compliance with the Real Estate Investment Trust (REIT) taxation regime and the recognition of deferred tax assets and liabilities (note 12) Accounting for certain property acquisitions and disposals (note 14) Key estimates Valuation of investment properties (note 14) Other sources of estimation uncertainties Valuation of trading properties (note 15) Impairment of trade receivables (note 27) In preparing the financial statements, the Group has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate related Financial Disclosure. These considerations included the limited exposure in terms of our investment properties, as we fully costed and committed to invest \u00a3135m to achieve our science-based net zero target by 2030 (note this cost will fluctuate year on year to account for changes in inflation). On this basis, the Group has concluded that climate change did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that this is not expected to have a significant impact on the Group\u2019s going concern or viability assessment. 3 \u203a Changes in accounting policies and standards T he accounting policies used in these financial statements are consistent with those applied in the last annual financial statements, as amended where relevant to reflect the adoption of new standards, amendments and interpretations which became effective in the year. Following clarification by IFRIC on the classification of monies held in restricted accounts, monies that are restricted by use only are classified at 31 March 2023 as \u2018Cash and cash equivalents\u2019, whereas monies to which access is restricted remain classified as \u2018Monies held in restricted accounts and deposits\u2019. The comparative balances have been restated where applicable to reflect this change in classification As a result, \u00a318m of monies held in restricted accounts has been reclassified to Cash and cash equivalents in the Group balance sheet as at 31 March 2022 which increased the Cash and cash equivalent from \u00a3128m to \u00a3146m and decreased the restricted accounts from \u00a322m to \u00a34m. Within the Group cash flow statement for the year ended 31 March 2022, this reclassification also resulted in the overall net movement in Cash and cash equivalent from \u00a3128m to \u00a3136m, as well as the movements in monies held in restricted accounts being classified as cash flows from investing activities rather than financing activities as in prior year, based on the nature of the accounts. As at 1 April 2021, the total value of the reclassification is \u00a310m which increased the Cash and cash equivalent from \u00a3nil to \u00a310m and decreased the restricted accounts from \u00a310m to \u00a3nil. This prior year restatement did not have any impact on the reported net assets, net current assets or net profit or loss. Additionally, \u00a32m of monies held in restricted accounts has been reclassified to Cash and cash equivalents in the Company balance sheet as at 31 March 2022 which increased the Cash and cash equivalent from \u00a3nil to \u00a32m and decreased the restricted accounts from \u00a32m to \u00a3nil. Within the Company cash flow statement for the year ended 31 March 2022, this reclassification did not result in a net movement of Cash and cash equivalents. As at 1 April 2021, the total value of the reclassification is \u00a33m which increased the Cash and cash equivalent from \u00a3nil to \u00a33m and decreased the restricted accounts from \u00a33m to \u00a3nil. This prior year restatement did not have any impact on the reported net assets, net current assets or net profit or loss. There has been no material impact on the financial statements of adopting any other new standards, amendments and interpretations. Amendments to IFRS A number of new standards, amendments to standards and interpretations have been issued but are not yet effective for the Group. The application of these new standards, amendments and interpretations are not expected to have a significant impact on the Group\u2019s income statement or balance sheet. A Accounting policy Rental income, including fixed rental uplifts, is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives being offered to occupiers to enter into a lease, such as an initial rent-free period or a cash contribution to fit out or similar costs, are an integral part of the net consideration for the use of the property and are therefore recognised on the same straight-line basis. Where the total consideration due under a lease is modified, for example, where a concession is granted to a tenant prior to the date the conceded rent falls due, the revised total amount due under the lease is recognised on a straight-line basis over the remaining term of the lease. Contingent rents, being lease payments that are not fixed at the inception of a lease, for example turnover rents, are variable consideration and are recorded as income in the year in which they are earned. Where a single payment is received from a tenant to cover both rent and service charge, the service charge component is separated and reported as service charge income. The Group\u2019s revenue from contracts with customers, as defined in IFRS 15, includes service charge income, other property related income, trading property sales proceeds and development contract income. Service charge income and management fees are recorded as income over time in the year in which the services are rendered. Revenue is recognised over time because the tenants benefit from the services as soon as they are rendered by the Group. The actual service provided during each reporting period is determined using cost incurred as the input method. Other property related income includes development and asset management fees. These fees are recognised over time, using time elapsed as the input method which measures the benefit simultaneously received and consumed by the customer, over the period the development or asset management services are provided. Proceeds received on the sale of trading properties are recognised when control of the property transfers to the buyer, i.e. the buyer has the ability to direct the use of the property and the right to the cash inflows and outflows generated by it. This generally occurs on unconditional exchange or on completion. If completion is expected to occur significantly after exchange or if the Group has significant outstanding obligations between exchange and completion, the Group assesses whether there are multiple performance obligations in the contract and recognises revenue as each performance obligation is satisfied. When property is let under a finance lease, the Group recognises a receivable equal to the net investment in the lease at inception of the lease. Rentals received are accounted for as repayments of principal and finance income as appropriate. Finance income is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining net investment in the finance lease and is recognised within revenue. Revenue on development contracts is recognised over time over the period of the contract as the Group creates or enhances an asset that the customer controls. Progress towards completion of the development, by reference to the value of work completed using the costs incurred to date as a proportion of total costs expected to be incurred over the term of the contract is used as the input method. A Accounting policy The carrying amounts of the Group\u2019s non-financial assets, other than investment properties, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised in the income statement whenever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of an asset is the greater of its fair value less costs to sell and its value in use. The value in use is determined as the net present value of the future cash flows expected to be derived from the asset, discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount after the reversal does not exceed the amount that would have been determined, net of applicable depreciation, if no impairment loss had been recognised. Rents payable reflect amounts due under head leases. Where rents payable are variable, and do not depend on an index or rate, the payments are recognised in the income statement as incurred. Where these rents are fixed, or in-substance fixed, at the inception of the agreement, or become fixed or in-substance fixed at some point over the life of the agreement, an asset representing the right to use the underlying land and a corresponding liability for the present value of the minimum future lease payments are recognised on the Group\u2019s balance sheet within Investment properties and borrowings respectively. All costs are classified within the \u2018EPRA earnings\u2019 column of the income statement, with the exception of the cost of sale of trading properties, costs arising on development contracts, amortisation and impairments of intangible assets, and other attributable costs, arising on business combinations and the non-owned element of the Group\u2019s subsidiaries which are presented in the \u2018Capital and other items\u2019 column. A Accounting policy Interim dividend distributions to shareholders are recognised in the financial statements when paid. Final dividend distributions are recognised as a liability in the period in which they are approved by shareholders. A Accounting policy Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised, or the liability is settled. No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than on a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. A Accounting policy Investment properties Investment properties are properties, either owned or leased by the Group, that are held either to earn rental income or for capital appreciation, or both. Investment properties are measured initially at cost including related transaction costs, and subsequently at fair value. Fair value is based on market value, as determined by a professional external valuer at each reporting date. The difference between the fair value of an investment property at the reporting date and its carrying amount prior to re-measurement is included in the income statement as a valuation surplus or deficit. Investment properties are presented on the balance sheet within non-current assets. Some of the Group\u2019s investment properties are owned through long-leasehold arrangements, as opposed to the Group owning the freehold. Where the Group is a lessee, a right-of-use asset is recognised at the commencement date of the lease and accounted for as investment property. Initially, the cost of investment properties held under leases includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The investment properties held under leases are subsequently carried at their fair value. A corresponding liability is recorded within borrowings. Each lease payment is allocated between repayment of the liability and a finance charge to achieve a constant interest rate on the outstanding liability. Trading properties Trading properties are those properties held for sale, or those being developed with a view to sell. Trading properties are recorded at the lower of cost and net realisable value. The net realisable value of a trading property is determined by a professional external valuer at each reporting date. If the net realisable value of a trading property is lower than its carrying value, an impairment loss is recorded in the income statement. If, in subsequent periods, the net realisable value of a trading property that was previously impaired increases above its carrying value, the impairment is reversed to align the carrying value of the property with the net realisable value. Trading properties are presented on the balance sheet within current assets. Acquisition of properties Properties are treated as acquired when the Group assumes control of the property. Capital expenditure and capitalisation of borrowing costs Capital expenditure on properties consists of costs of a capital nature, including costs associated with developments and refurbishments. Where a property is being developed or undergoing major refurbishment, interest costs associated with direct expenditure on the property are capitalised. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowings. Interest is capitalised from the commencement of the development work until the date of practical completion. Certain internal staff and associated costs directly attributable to the management of major schemes are also capitalised. The total staff and associated costs are capitalised based on the proportion of time spent on the relevant scheme. Internal staff costs are capitalised from the date the Group determines it is probable that the development will progress until the date of practical completion. Transfers between investment properties and trading properties When the Group begins to redevelop an existing investment property for continued future use as an investment property, the property continues to be held as an investment property. When the Group begins to redevelop an existing investment property with a view to sell, the property is transferred to trading properties and held as a current asset. The property is re-measured to fair value as at the date of the transfer with any gain or loss being taken to the income statement. The re-measured amount becomes the deemed cost at which the property is then carried in trading properties. Disposal of properties Properties are treated as disposed when control of the property is transferred to the buyer. Typically, this will either occur on unconditional exchange or on completion. Where completion is expected to occur significantly after exchange, or where the Group continues to have significant outstanding obligations after exchange, the control will not usually transfer to the buyer until completion. The profit on disposal is determined as the difference between the sales proceeds and the carrying amount of the asset at the beginning of the accounting period plus capital expenditure to the date of disposal. The profit on disposal of investment properties is presented separately on the face of the income statement. Proceeds received on the sale of trading properties are recognised within Revenue, and the carrying value at the date of disposal is recognised within Costs. A Accounting policy Joint arrangements are those entities over whose activities the Group has joint control, established by contractual agreement. Interests in joint arrangements are accounted for as either a joint venture or a joint operation. The treatment as either a joint venture or a joint operation will depend on whether the Group has rights to the net assets, or a direct interest in the assets and liabilities of the arrangement. A joint arrangement is accounted for as a joint venture when the Group, along with the other parties that have joint control of the arrangement, has rights to the net assets of the arrangement. Interests in joint ventures are accounted for using the equity method of accounting. The equity method requires the Group\u2019s share of the joint venture\u2019s post-tax profit or loss for the year to be presented separately in the income statement and the Group\u2019s share of the joint venture\u2019s net assets to be presented separately in the balance sheet. Where a joint venture is in a net liability position, the Group\u2019s share of accumulated losses of a joint venture interest are recognised as net liabilities where there is an obligation to provide for these losses. A joint arrangement is accounted for as a joint operation when the Group, along with the parties that have joint control of the arrangement, has rights to the assets and obligations for the liabilities relating to the arrangement. The Group\u2019s share of jointly controlled assets, related liabilities, income and expenses are combined with the equivalent items in the financial statements on a line-by-line basis. A Accounting policy Associates are those entities over whose financial and operating policy decisions the Group has significant influence, established by contractual agreement, but over which the Group does not have control or joint control over those policies. Interests in associates are accounted for using the equity method of accounting. The equity method requires the Group\u2019s share of the associate\u2019s post-tax profit or loss for the year to be presented separately in the income statement and the Group\u2019s share of the associate\u2019s net assets to be presented separately in the balance sheet. A Accounting policy Where the Group\u2019s leases transfer the significant risks and rewards incidental to ownership of the underlying asset to the tenant, the lease is accounted for as a finance lease. At the outset of the lease the fair value of the asset is de-recognised from investment property and recognised as a finance lease receivable. The finance lease receivable is derecognised in the event that the lease is terminated. Lease income is recognised over the period of the lease, reflecting a constant rate of return. The difference between the gross receivable and the present value of the receivable is recognised as finance income within Revenue over the lease term. A Accounting policy Intangible assets comprise goodwill and other intangible assets arising on business combinations and software used internally within the business. Intangible assets arising on business combinations are initially recognised at fair value. Goodwill is not amortised but is tested at least annually for impairment. Other intangible assets arising on business combinations are amortised to the income statement over their expected useful lives. Software assets are stated at cost less accumulated amortisation and are amortised on a straight-line basis over their estimated useful economic lives, normally three to five years. A Accounting policy Borrowings, other than bank overdrafts, are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the income statement over the period of the borrowings, using the effective interest method. When debt refinancing exercises are carried out, existing liabilities will be treated as being extinguished when the new liability is substantially different from the existing liability. In making this assessment, the Group will consider the transaction as a whole, taking into account both qualitative and quantitative characteristics. A Accounting policy Monies held in restricted accounts and deposits represent cash held by the Group in accounts with conditions that restrict the access of these monies by the Group and, as such, does not meet the definition of cash and cash equivalents. A Accounting policy Cash and cash equivalents comprise cash balances, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Monies that are restricted by use only, and not restricted by access, are classified as cash and cash equivalents. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are deducted from cash and cash equivalents for the purpose of the statement of cash flows. A Accounting policy The Group uses interest-rate and foreign exchange swaps and forwards to manage its market risk. In accordance with its treasury policy, the Group does not hold or issue derivatives for trading purposes. All derivatives are recognised on the balance sheet at fair value. The fair value of interest-rate and foreign exchange swaps is based on counterparty or market quotes. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market rates for similar instruments at the measurement date. The gain or loss on derivatives are recognised immediately in the income statement, within net finance expense. A Accounting policy Trade and other receivables are recognised initially at fair value, subsequently at amortised cost and, where relevant, adjusted for the time value of money. The Group assesses on a forward-looking basis the expected credit losses associated with its trade receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. If collection is expected in more than one year, the balance is presented within non-current assets. In determining the expected credit losses the Group takes into account any recent payment behaviours and future expectations of likely default events (i.e. not making payment on the due date) based on individual customer credit ratings, actual or expected insolvency filings or company voluntary arrangements and market expectations and trends in the wider macro-economic environment in which our customers operate. Where a concession is agreed with a customer after the due date for the rent, this amount is recognised as an impairment of the related trade receivable. Trade and other receivables are written off once all avenues to recover the balances are exhausted and the lease has ended. Receivables written off are no longer subject to any enforcement activity. A Accounting policy Investments in subsidiary undertakings are stated at cost in the Company\u2019s balance sheet, less any provision for impairment in value. In accordance with IFRS 2 Share Based Payments the equity settled share-based payment charge for the employees of the Company\u2019s subsidiaries is treated as an increase in the cost of investment in the subsidiaries, with a corresponding increase in the Company\u2019s equity. A Accounting policy Contributions to defined contribution schemes are charged to the income statement as incurred. The pension obligations arising under the Group\u2019s defined benefit pension scheme are measured at discounted present value. The scheme assets are measured at fair value, except annuities which are valued to match the liability or benefit value. The operating and financing costs of the scheme are recognised separately in the income statement. Service costs are spread using the projected unit credit method. Past service costs are recognised immediately in the income statement in the period in which they are identified. Net financing costs are recognised in the period in which they arise, calculated with reference to the discount rate, and are included in finance income or expense on a net basis. Re-measurement gains and losses arising from either experience differing from previous actuarial assumptions, or changes to those assumptions, are recognised immediately in other comprehensive income. A Accounting policy The cost of granting shares, options over shares and other share-based remuneration to employees and Executive Directors is recognised through the income statement. All awards are equity settled and therefore the fair value is measured at the grant date. Where the awards have non-market related performance criteria, the Group uses the Black-Scholes option valuation model to establish the relevant fair values. Where the awards have Total Shareholder Return (TSR) market related performance criteria, the Group has used the Monte Carlo simulation valuation model to establish the relevant fair values. The resulting values are amortised through the income statement over the vesting period of the awards. For awards with non-market related criteria, the charge is reversed if it appears probable that the performance or service criteria will not be met. A Accounting policy Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. The consideration paid by any Group entity to acquire the Company\u2019s equity share capital, including any directly attributable incremental costs, is deducted from equity until the shares are cancelled, reissued or sold. Where own shares are sold or reissued, the net consideration received is included in equity. A Accounting policy Shares acquired by the EBT are presented on the Group and Company balance sheets within \u2018Other reserves\u2019. Purchases of treasury shares are deducted from retained earnings. A Accounting policy The Group earns rental income by leasing its properties to tenants under non-cancellable operating leases. Leases in which substantially all risks and rewards incidental to ownership of investment properties are retained by the Group as the lessor are classified as operating leases. Payments, including prepayments, received under operating leases (net of any incentives paid) are charged to the income statement on a straight-line basis over the period of the lease. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-347": {
"value": "Basis of preparation These financial statements have been prepared on a going concern basis and in accordance with UK adopted international accounting standards (IFRSs and IFRICs), and as regards the Parent Company financial statements, as applied in accordance with the provisions of the Companies Act 2006. The financial statements have been prepared in Pounds Sterling (rounded to the nearest one million), which is the presentation currency of the Group (Land Securities Group PLC and all its subsidiary undertakings), and under the historical cost convention as modified by the revaluation of investment property, financial assets at fair value through other comprehensive income (without recycling), derivative financial instruments and pension assets. As applied by the Group and the Company, there are no material differences between UK adopted international accounting standards and EU IFRS. The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. Land Securities Group PLC (the Company) has not presented its own statement of comprehensive income (and separate income statement), as permitted by Section 408 of Companies Act 2006. The Merger reserve arose on 6 September 2002 when the Company acquired 100% of the issued share capital of Land Securities PLC. The Merger reserve represents the excess of the cost of acquisition over the nominal value of the shares issued by the Company to acquire Land Securities PLC. The Merger reserve does not represent a realised or distributable profit. Other reserves includes the Capital redemption reserve, which represents the nominal value of cancelled shares, the Share-based payment reserve and Own shares held by the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-348": {
"value": "These financial statements have been prepared on a going concern basis and in accordance with UK adopted international accounting standards (IFRSs and IFRICs), and as regards the Parent Company financial statements, as applied in accordance with the provisions of the Companies Act 2006. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-349": {
"value": "The financial statements have been prepared in Pounds Sterling (rounded to the nearest one million), which is the presentation currency of the Group (Land Securities Group PLC and all its subsidiary undertakings), and under the historical cost convention as modified by the revaluation of investment property, financial assets at fair value through other comprehensive income (without recycling), derivative financial instruments and pension assets. As applied by the Group and the Company, there are no material differences between UK adopted international accounting standards and EU IFRS. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-350": {
"value": "Going concern The impact of international and domestic political and economic events over the course of the year has resulted in the UK facing a prolonged recessionary period and therefore the Directors have continued to place additional focus on the appropriateness of adopting the going concern assumption in preparing the financial statements for the year ended 31 March 2023. The Group\u2019s going concern assessment considers changes in the Group\u2019s principal risks (see pages 56-59) and is dependent on a number of factors, including our financial performance and continued access to borrowing facilities. Access to our borrowing facilities is dependent on our ability to continue to operate the Group\u2019s secured debt structure within its financial covenants, which are described in note 22. In order to satisfy themselves that the Group has adequate resources to continue as a going concern for the foreseeable future, the Directors have reviewed base case, downside and reverse stress test models, as well as a cash flow model which considers the impact of pessimistic assumptions on the Group\u2019s operating environment (the \u2018mitigated downside scenario\u2019). This mitigated downside scenario reflects unfavourable macro-economic conditions, a deterioration in our ability to collect rent and service charge from our customers and removes uncommitted acquisitions, disposals and developments. The Group\u2019s key metrics from the mitigated downside scenario as at the end of the going concern assessment period, which covers the 16 months to 30 September 2024, are shown below alongside the actual position at 31 March 2023. Mitigated downside scenario Key metrics 31 March 2023 30 September 2024 Security Group LTV 33.0% 39.2% Adjusted net debt \u00a33,287m \u00a33,670m EPRA net tangible assets \u00a36,967m \u00a36,021m Available financial headroom \u00a32.4bn \u00a31.6bn In our mitigated downside scenario, the Group has sufficient cash reserves, with our Security Group LTV ratio remaining less than 65% and interest cover above 1.45x, for a period of at least 16 months from the date of authorisation of these financial statements. The value of our assets would need to fall from 31 March 2023 values by approximately a further 50% for LTV to reach 65%. The Directors consider the likelihood of this occurring over the going concern assessment period to be remote. The Security Group requires earnings of at least \u00a3150m in the year ending 31 March 2024 for interest cover to remain above 1.45x in the mitigated downside scenario, which would ensure compliance with the Group\u2019s covenant through to the end of the going concern assessment period. Security Group earnings are well above the level required to meet the interest cover covenant, and would need to fall from 31 March 2023 values by over \u00a3300m for interest cover to reach 1.45x. Therefore, the Directors do not anticipate a reduction in Security Group earnings over the period ending 30 September 2024 to a level that would result in a breach of the interest cover covenant. The Directors have also considered a reverse stress-test scenario which assumes no further rent will be received, to determine when our available cash resources would be exhausted. Even under this extreme scenario, although breaching the interest cover covenant, the Group continues to have sufficient cash reserves to continue in operation throughout the going concern assessment period. 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 have adopted the going concern basis in preparing these financial statements for the year ended 31 March 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-351": {
"value": "Basis of consolidation The consolidated financial statements for the year ended 31 March 2023 incorporate the financial statements of the Company and all its subsidiary undertakings. Subsidiary undertakings are those entities controlled by the Company. Control exists where an entity is exposed to variable returns and has the ability to affect those returns through its power over the investee. The results of subsidiaries and joint ventures acquired or disposed of during the year are included from the effective date of acquisition or to the effective date of disposal. Accounting policies of subsidiaries and joint ventures which differ from Group accounting policies are adjusted on consolidation. Where instruments in a subsidiary held by third parties are redeemable at the option of the holder, these interests are classified as a financial liability, called the redemption liability. The liability is carried at fair value; the value is reassessed at the balance sheet date and movements are recognised in the income statement. Where equity in a subsidiary is not attributable, directly or indirectly, to the shareholders of the parent, this is classified as a non-controlling interest. Total comprehensive income or loss and the total equity of the Group are attributed to the shareholders of the parent and to the non-controlling interests according to their respective ownership percentages. Joint arrangements are those entities over whose activities the Group has joint control, established by contractual agreement. Interests in joint arrangements are accounted for as either a joint venture or a joint operation. A joint arrangement is accounted for as a joint venture when the Group, along with the other parties that have joint control of the arrangement, have rights to the net assets of the arrangement. Interests in joint ventures are equity accounted. The equity method requires the Group\u2019s share of the joint venture\u2019s post-tax profit or loss for the year to be presented separately in the income statement and the Group\u2019s share of the joint venture\u2019s net assets to be presented separately in the balance sheet. A joint arrangement is accounted for as a joint operation when the Group, along with the parties that have joint control of the arrangement, have rights to the assets and obligations for the liabilities relating to the arrangement. Joint operations are accounted for by including the Group\u2019s share of the assets, liabilities, income and expenses on a line-by-line basis. Intra-group balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with joint ventures are eliminated to the extent of the Group\u2019s interest in the joint venture concerned. Unrealised losses are eliminated in the same way, but only to the extent that there is no evidence of impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-352": {
"value": "2 \u203a Significant accounting judgements and estimates The preparation of financial statements in conformity with IFRS requires management to exercise judgement in applying the Group\u2018s accounting policies. The areas where the Group considers the judgements to be most significant involve assumptions or key estimates in respect of future events, where actual results may differ from these estimates. These key estimates are deemed to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Other sources of estimation uncertainties identified below are estimates deemed to have a lower risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Judgements \u2022 Recognising revenue where property management activities are performed by a third party (note 6) \u2022 Compliance with the Real Estate Investment Trust (REIT) taxation regime and the recognition of deferred tax assets and liabilities (note 12) \u2022 Accounting for certain property acquisitions and disposals (note 14) Key estimates \u2022 Valuation of investment properties (note 14) Other sources of estimation uncertainties \u2022 Valuation of trading properties (note 15) \u2022 Impairment of trade receivables (note 27) In preparing the financial statements, the Group has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate related Financial Disclosure. These considerations included the limited exposure in terms of our investment properties, as we fully costed and committed to invest \u00a3135m to achieve our science-based net zero target by 2030 (note this cost will fluctuate year on year to account for changes in inflation). On this basis, the Group has concluded that climate change did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that this is not expected to have a significant impact on the Group\u2019s going concern or viability assessment. S Significant accounting judgement For those properties where the property management activities are performed by a third party, the Group considers the third party to be the principal delivering the service. The key factors considered by the Group when making this judgement include the following responsibilities of the third party: \u2022 selecting suppliers and ensuring all services are delivered \u2022 establishing prices and seeking efficiencies \u2022 risk management and compliance In addition, the residual rights residing with the Group are generally protective in nature. All revenue is classified within the \u2018EPRA earnings\u2019 column of the income statement, with the exception of proceeds from the sale of trading properties, income from development contracts and the non-owned element of the Group\u2019s subsidiaries which are presented in the \u2018Capital and other items\u2019 column. S Significant accounting judgement The Group is a Real Estate Investment Trust (REIT). As a result, the Group does not pay UK corporation tax on its profits and gains from the qualifying rental business in the UK. Non-qualifying profits and gains of the Group continue to be subject to corporation tax as normal. In order to maintain group REIT status, certain ongoing criteria must be met. The main criteria are as follows: \u2022 at the start of each accounting period, the assets of the tax exempt business must be at least 75% of the total value of the Group\u2019s assets; \u2022 at least 75% of the Group\u2019s total profits must arise from the tax exempt business; and \u2022 at least 90% of the notional taxable profit of the property rental business must be distributed. The Directors intend that the Group should continue as a REIT for the foreseeable future, with the result that deferred tax is no longer recognised on temporary differences relating to the property rental business. Deferred tax assets and liabilities require management judgement in determining the amounts, if any, to be recognised. In particular, judgement is required when assessing the extent to which deferred tax assets should be recognised, taking into account the expected timing and level of future taxable income. Deferred tax assets are only recognised when management believes it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. There is no income tax charge in the income statement (2022: none). There is a deferred tax credit of \u00a33m (2022: \u00a35m charge) included within Other comprehensive income. S Significant accounting judgement Acquisition and disposal of properties Property transactions can be complex in nature and material to the financial statements. To determine when an acquisition or disposal should be recognised, management consider whether the Group assumes or relinquishes control of the property, and the point at which this is obtained or relinquished. Consideration is given to the terms of the acquisition or disposal contracts and any conditions that must be satisfied before the contract is fulfilled. In the case of an acquisition, management must also consider whether the transaction represents an asset acquisition or business combination. Key accounting estimates and other sources of estimation uncertainty Valuation of the Group\u2019s properties The valuation of the Group\u2019s property portfolio has been undertaken by independent valuers in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation \u2013 Global Standards and UK Supplement (together the \u201cRed Book\u201d). Real estate by its nature is a complex asset class with value determined by a range of factors overlaid by interpretation and judgemental assessment of market data; as such it is classified as a \u2018Level 3 asset\u2019 within IFRS. Factors affecting valuation are on an individual property level and include the property type, location, tenure and tenancy characteristics, quality of the asset and prospects for future rental revenue. The Group\u2019s investment property valuation has been undertaken by valuers interpreting market evidence as available in reaching their conclusions on fair value, reflecting asset specific data provided by management, making assumptions that tenure, tenancies, town planning and condition of buildings are as provided. As a result, the valuations the Group places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction volume in the property market. The estimation of the net realisable value of the Group\u2019s trading properties, in particular the development land and infrastructure programmes, is inherently subjective due to a number of factors, including their complexity, unusually large size, the substantial expenditure required and long timescales to completion. In addition, as a result of these timescales to completion, the plans associated with these programmes could be subject to significant market variation over the course of development. As a result, and similar to the valuation of investment properties, the net realisable values of the Group\u2019s trading properties are subject to a degree of uncertainty and are determined on the basis of assumptions which may not prove to be accurate. If the assumptions upon which the external valuer has based its valuations prove to be inaccurate, this may have an impact on the value of the Group\u2019s investment and trading properties, which could in turn have an effect on the Group\u2019s financial position and results. S Source of estimation uncertainty Impairment of trade receivables The Group\u2019s assessment of expected credit losses is inherently subjective due to the forward-looking nature of the assessments. As a result, the value of the provisions for impairment of the Group\u2019s trade receivables are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate. See note 26 for further details of the Group\u2019s assessment of the credit risk associated with trade receivables. ",
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"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-353": {
"value": "3 \u203a Changes in accounting policies and standards T he accounting policies used in these financial statements are consistent with those applied in the last annual financial statements, as amended where relevant to reflect the adoption of new standards, amendments and interpretations which became effective in the year. Following clarification by IFRIC on the classification of monies held in restricted accounts, monies that are restricted by use only are classified at 31 March 2023 as \u2018Cash and cash equivalents\u2019, whereas monies to which access is restricted remain classified as \u2018Monies held in restricted accounts and deposits\u2019. The comparative balances have been restated where applicable to reflect this change in classification . As a result, \u00a318m of monies held in restricted accounts has been reclassified to Cash and cash equivalents in the Group balance sheet as at 31 March 2022 which increased the Cash and cash equivalent from \u00a3128m to \u00a3146m and decreased the restricted accounts from \u00a322m to \u00a34m. Within the Group cash flow statement for the year ended 31 March 2022, this reclassification also resulted in the overall net movement in Cash and cash equivalent from \u00a3128m to \u00a3136m, as well as the movements in monies held in restricted accounts being classified as cash flows from investing activities rather than financing activities as in prior year, based on the nature of the accounts. As at 1 April 2021, the total value of the reclassification is \u00a310m which increased the Cash and cash equivalent from \u00a3nil to \u00a310m and decreased the restricted accounts from \u00a310m to \u00a3nil. This prior year restatement did not have any impact on the reported net assets, net current assets or net profit or loss. Additionally, \u00a32m of monies held in restricted accounts has been reclassified to Cash and cash equivalents in the Company balance sheet as at 31 March 2022 which increased the Cash and cash equivalent from \u00a3nil to \u00a32m and decreased the restricted accounts from \u00a32m to \u00a3nil. Within the Company cash flow statement for the year ended 31 March 2022, this reclassification did not result in a net movement of Cash and cash equivalents. As at 1 April 2021, the total value of the reclassification is \u00a33m which increased the Cash and cash equivalent from \u00a3nil to \u00a33m and decreased the restricted accounts from \u00a33m to \u00a3nil. This prior year restatement did not have any impact on the reported net assets, net current assets or net profit or loss. There has been no material impact on the financial statements of adopting any other new standards, amendments and interpretations. Amendments to IFRS A number of new standards, amendments to standards and interpretations have been issued but are not yet effective for the Group. The application of these new standards, amendments and interpretations are not expected to have a significant impact on the Group\u2019s income statement or balance sheet. ",
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"fact-354": {
"value": "he accounting policies used in these financial statements are consistent with those applied in the last annual financial statements, as amended where relevant to reflect the adoption of new standards, amendments and interpretations which became effective in the year. Following clarification by IFRIC on the classification of monies held in restricted accounts, monies that are restricted by use only are classified at 31 March 2023 as \u2018Cash and cash equivalents\u2019, whereas monies to which access is restricted remain classified as \u2018Monies held in restricted accounts and deposits\u2019. The comparative balances have been restated where applicable to reflect this change in classification . As a result, \u00a318m of monies held in restricted accounts has been reclassified to Cash and cash equivalents in the Group balance sheet as at 31 March 2022 which increased the Cash and cash equivalent from \u00a3128m to \u00a3146m and decreased the restricted accounts from \u00a322m to \u00a34m. Within the Group cash flow statement for the year ended 31 March 2022, this reclassification also resulted in the overall net movement in Cash and cash equivalent from \u00a3128m to \u00a3136m, as well as the movements in monies held in restricted accounts being classified as cash flows from investing activities rather than financing activities as in prior year, based on the nature of the accounts. As at 1 April 2021, the total value of the reclassification is \u00a310m which increased the Cash and cash equivalent from \u00a3nil to \u00a310m and decreased the restricted accounts from \u00a310m to \u00a3nil. This prior year restatement did not have any impact on the reported net assets, net current assets or net profit or loss. Additionally, \u00a32m of monies held in restricted accounts has been reclassified to Cash and cash equivalents in the Company balance sheet as at 31 March 2022 which increased the Cash and cash equivalent from \u00a3nil to \u00a32m and decreased the restricted accounts from \u00a32m to \u00a3nil. Within the Company cash flow statement for the year ended 31 March 2022, this reclassification did not result in a net movement of Cash and cash equivalents. As at 1 April 2021, the total value of the reclassification is \u00a33m which increased the Cash and cash equivalent from \u00a3nil to \u00a33m and decreased the restricted accounts from \u00a33m to \u00a3nil. This prior year restatement did not have any impact on the reported net assets, net current assets or net profit or loss. There has been no material impact on the financial statements of adopting any other new standards, amendments and interpretations. ",
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"value": "Amendments to IFRS A number of new standards, amendments to standards and interpretations have been issued but are not yet effective for the Group. The application of these new standards, amendments and interpretations are not expected to have a significant impact on the Group\u2019s income statement or balance sheet. ",
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"fact-356": {
"value": "4 \u203a Segmental information The Group\u2019s operations are all in the UK and are managed across four operating segments, being Central London, Major retail destinations (Major retail), Mixed-use urban neighbourhoods (Mixed-use urban) and Subscale sectors. The Central London segment includes all assets geographically located within central London. Major retail destinations includes all regional shopping centres and shops outside London and our outlets. The Mixed-use urban segment includes those assets where we see the most potential for capital investment. Subscale sectors mainly includes assets that will not be a focus for capital investment and consists of leisure and hotel assets and retail parks. There has been no change to the classification of these segments during the year to 31 March 2023. Management has determined the Group\u2019s operating segments based on the information reviewed by Senior Management to make strategic decisions. The chief operating decision maker is the Executive Leadership Team (ELT), comprising the Executive Directors and the Managing Directors. The information presented to ELT includes reports from all functions of the business as well as strategy, financial planning, succession planning, organisational development and Group-wide policies. The Group\u2019s primary measure of underlying profit before tax is EPRA earnings. However, Segment net rental income is the lowest level to which the profit arising from the ongoing operations of the Group is analysed between the four segments. The administrative costs, which are predominantly staff costs for centralised functions, are all treated as administrative expenses and are not allocated to individual segments. The Group manages its financing structure, with the exception of joint ventures, on a pooled basis. Individual joint ventures may have specific financing arrangements in place. Debt facilities and finance expenses, including those of joint ventures, are managed centrally and are therefore not attributed to a particular segment. Unallocated income and expenses are items incurred centrally which are not directly attributable to one of the segments. All items in the segmental information note are presented on a proportionate basis. Segmental results EPRA earnings 2023 2022 2 Central London \u00a3m Major retail \u00a3m Mixed-use urban \u00a3m Subscale sectors \u00a3m Total \u00a3m Central London \u00a3m Major retail \u00a3m Mixed-use urban \u00a3m Subscale sectors \u00a3m Total \u00a3m Rental income 313 179 58 107 657 287 167 43 89 586 Finance lease interest \u2013 \u2013 \u2013 2 2 6 \u2013 \u2013 2 8 Gross rental income (before rents payable) 313 179 58 109 659 293 167 43 91 594 Rents payable 1 (3) (8) (1) \u2013 (12) (4) (1) \u2013 2 (8) Gross rental income (after rents payable) 310 171 57 109 647 289 313 43 93 586 Service charge income 46 42 10 \u2013 98 40 39 2 \u2013 86 Service charge expense (47) (50) (12) (1) (110) (41) (45) (9) (3) (98) Net service charge expense (1) (8) (2) (1) (12) (3) (1) (2) (3) (12) Other property related income 15 10 1 1 31 13 11 2 2 28 Direct property expenditure (34) (44) (14) (16) (108) (42) (37) (11) (14) (104) Movement in bad and doubtful debts provisions (1) 1 6 \u2013 1 (3) 13 2 (2) 12 Segment net rental income 289 132 45 95 561 258 142 34 76 510 Other income 1 3 Administrative expense (82) (82) Depreciation (5) (5) EPRA earnings before interest 477 426 Finance income 11 9 Finance expense (84) (70) Joint venture net finance expense (11) (10) EPRA earnings attributable to shareholders of the parent 393 355 1. Included within rents payable is lease interest payable of \u00a32m (2022: \u00a32m) for the Central London segment, \u00a31m for the Mixed-use urban segment (2022: \u00a3nil) and \u00a31m (2022: \u00a32m) for the Subscale segment. 2. A reconciliation from the Group income statement to the information presented in the segmental results table for the year ended 31 March 2022 is included in table 90. The following table reconciles the Group\u2019s income statement to the segmental results. Reconciliation of segmental information note to statutory reporting Year ended 31 March 2023 Group income statement \u00a3m Joint ventures 6 \u00a3m Adjustment for non- wholly owned subsidiaries 2 \u00a3m Total \u00a3m EPRA earnings \u00a3m Capital and other items \u00a3m Rental income 612 53 (8) 657 657 \u2013 Finance lease interest 2 \u2013 \u2013 2 2 \u2013 Gross rental income (before rents payable) 614 53 (8) 659 659 \u2013 Rents payable (10) (2) \u2013 (12) (12) \u2013 Gross rental income (after rents payable) 604 51 (8) 647 647 \u2013 Service charge income 91 10 (3) 98 98 \u2013 Service charge expense (100) (12) 2 (110) (110) \u2013 Net service charge expense (9) (2) (3) (12) (12) \u2013 Other property related income 29 2 \u2013 31 31 \u2013 Direct property expenditure (100) (10) 2 (108) (108) \u2013 Movement in bad and doubtful debts provisions 2 1 \u2013 3 3 \u2013 Segment net rental income 526 42 (7) 561 561 \u2013 Other income 3 \u2013 \u2013 3 3 \u2013 Administrative expenses (80) (2) \u2013 (82) (82) \u2013 Depreciation, including amortisation of software (5) \u2013 \u2013 (5) (5) \u2013 EPRA earnings before interest 444 93 (7) 477 477 \u2013 Share of post-tax loss from joint ventures (3) 1 \u2013 \u2013 \u2013 \u2013 Profit on disposal of trading properties 1 \u2013 \u2013 1 \u2013 1 Loss on disposal of investment properties 3 (144) \u2013 \u2013 (144) \u2013 (144) Net (deficit)/surplus on revaluation of investment properties (827) (30) 9 (848) \u2013 (848) Net development contract expenditure (9) \u2013 \u2013 (9) \u2013 (9) Loss on changes in finance leases (1) \u2013 \u2013 (1) \u2013 (1) Impairment of goodwill (5) \u2013 \u2013 (5) \u2013 (5) Impairment of trading properties (34) \u2013 \u2013 (34) \u2013 (34) Depreciation (3) \u2013 \u2013 (3) \u2013 (3) Operating (loss)/profit (569) 11 2 (556) 477 (1,033) Finance income 34 \u2013 1 35 11 24 Finance expense (87) (11) \u2013 (98) (95) (3) (Loss)/profit before tax (622) \u2013 1 (619) 393 (1,012) Taxation \u2013 \u2013 \u2013 \u2013 (Loss)/profit for the year (622) \u2013 1 (619) 1. Reallocation of the share of post-tax loss from joint ventures reported in the Group income statement to the individual line items reported in the segmental results table. 2. Removal of the non-wholly owned share of results of the Group\u2019s subsidiaries. The non-wholly owned subsidiaries are consolidated at 100% in the Group\u2019s income statement, but only the Group\u2019s share is included in EPRA earnings reported in the segmental results table. The non-owned element of the Group\u2019s subsidiaries are included in the \u2018Capital and other items\u2019 column presented in the Group\u2019s income statement, together with items not directly related to the underlying rental business such as investment properties valuation changes, profits or losses on the disposal of investment properties, the proceeds from, and costs of, the sale of trading properties, income from and costs associated with development contracts, amortisation and impairment of intangibles, and other attributable costs, arising on business combinations. 3. Included in the loss on disposal of investment properties is a \u00a39m charge related to the provision for fire safety remediation works on properties no longer owned by the Group but for which the Group is responsible for remediating under the Building Safety Act 2022. ",
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"value": "5 \u203a Performance measures In the tables below, we present earnings per share attributable to shareholders of the parent, calculated in accordance with IFRS, and net assets per share attributable to shareholders of the parent together with certain measures defined by the European Public Real Estate Association (EPRA), which have been included to assist comparison between European property companies. Three of the Group\u2019s key financial performance measures are EPRA earnings per share, EPRA Net Tangible Assets per share and total return on equity, which was previously referred to as total accounting return. There has been no change to the calculation of this measure other than the change of name during the year to 31 March 2023. Refer to Table 70 in the Business Analysis section for further details on these alternative performance measures. EPRA earnings, which is a tax adjusted measure of underlying earnings, is the basis for the calculation of EPRA earnings per share. We believe EPRA earnings and EPRA earnings per share provide further insight into the results of the Group\u2019s operational performance to stakeholders as they focus on the rental income performance of the business and exclude Capital and other items which can vary significantly from year to year. Earnings per share Year ended 31 March 2023 Year ended 31 March 2022 Loss for the year \u00a3m EPRA earnings \u00a3m Profit for the year \u00a3m EPRA earnings \u00a3m (Loss)/profit attributable to shareholders of the parent (619) (619) 869 869 Valuation and loss/(profit) on disposals \u2013 1,016 \u2013 (527) Net finance income (excluded from EPRA earnings) \u2013 (21) \u2013 (1 ) Impairment of goodwill \u2013 5 \u2013 6 Other \u2013 12 \u2013 8 (Loss)/profit used in per share calculation (619) 393 869 355 IFRS EPRA IFRS EPRA Basic (loss)/earnings per share (83.6)p 53.1p 117.4p 48.0p Diluted (loss)/earnings per share 6 (83.6)p 53.1p 117.1p 47.8p 1. In the year ended 31 March 2023, share options are excluded from the weighted average diluted number of shares when calculating IFRS and EPRA diluted (loss)/earnings per share because they are not dilutive. Net assets per share 31 March 2023 31 March 2022 Net assets \u00a3m EPRA NDV \u00a3m EPRA NTA \u00a3m Net assets \u00a3m EPRA NDV \u00a3m EPRA NTA \u00a3m Net assets attributable to shareholders of the parent 7,005 7,005 7,005 7,917 7,917 7,917 Shortfall of fair value over net investment in finance leases book value \u2013 (6) (6) \u2013 (1) (1) Deferred tax liability on intangible asset \u2013 \u2013 6 \u2013 \u2013 1 Goodwill on deferred tax liability \u2013 (1) (1) \u2013 (3) (3) Other intangible asset \u2013 \u2013 (2) \u2013 \u2013 (2) Fair value of interest-rate swaps \u2013 \u2013 (42) \u2013 \u2013 (21) Excess of fair value of trading properties over book value \u2013 12 12 \u2013 \u2013 \u2013 Shortfall/(excess) of fair value of debt over book value (note 22) \u2013 324 \u2013 \u2013 (107) \u2013 Net assets used in per share calculation 7,005 7,334 6,967 7,917 7,803 7,888 IFRS EPRA NDV EPRA NTA IFRS EPRA NDV EPRA NTA Net assets per share 945p n/a n/a 1,070p n/a n/a Diluted net assets per share 942p 986p 936p 1,067p 1,052p 1,063p Number of shares 2023 2022 Weighted average million 31 March million Weighted average million 31 March million Ordinary shares 751 751 751 751 Treasury shares (7) (7) (2) (2) Own shares (9) (3) (4) (4) Number of shares \u2013 basic 740 741 740 740 Dilutive effect of share options 9 1 2 2 Number of shares \u2013 diluted 744 744 742 742 Total return on equity is calculated as the cash dividends per share paid in the year plus the change in EPRA NTA per share, divided by the opening EPRA NTA per share. We consider this to be a useful measure for shareholders as it gives an indication of the total return on equity over the year. Total return on equity based on EPRA NTA Year ended 31 March 2023 pence Year ended 31 March 2022 pence (Decrease)/increase in EPRA NTA per share (127) 78 Dividend paid per share in the year (note 11) 39 25 Total return (a) (88) 103 EPRA NTA per share at the beginning of the year (b) 1,063 985 Total return on equity (a/b) (8.3)% 10.5% ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-358": {
"value": "5 \u203a Performance measures In the tables below, we present earnings per share attributable to shareholders of the parent, calculated in accordance with IFRS, and net assets per share attributable to shareholders of the parent together with certain measures defined by the European Public Real Estate Association (EPRA), which have been included to assist comparison between European property companies. Three of the Group\u2019s key financial performance measures are EPRA earnings per share, EPRA Net Tangible Assets per share and total return on equity, which was previously referred to as total accounting return. There has been no change to the calculation of this measure other than the change of name during the year to 31 March 2023. Refer to Table 70 in the Business Analysis section for further details on these alternative performance measures. EPRA earnings, which is a tax adjusted measure of underlying earnings, is the basis for the calculation of EPRA earnings per share. We believe EPRA earnings and EPRA earnings per share provide further insight into the results of the Group\u2019s operational performance to stakeholders as they focus on the rental income performance of the business and exclude Capital and other items which can vary significantly from year to year. Earnings per share Year ended 31 March 2023 Year ended 31 March 2022 Loss for the year \u00a3m EPRA earnings \u00a3m Profit for the year \u00a3m EPRA earnings \u00a3m (Loss)/profit attributable to shareholders of the parent (619) (619) 869 869 Valuation and loss/(profit) on disposals \u2013 1,016 \u2013 (527) Net finance income (excluded from EPRA earnings) \u2013 (21) \u2013 (1 ) Impairment of goodwill \u2013 5 \u2013 6 Other \u2013 12 \u2013 8 (Loss)/profit used in per share calculation (619) 393 869 355 IFRS EPRA IFRS EPRA Basic (loss)/earnings per share (83.6)p 53.1p 117.4p 48.0p Diluted (loss)/earnings per share 6 (83.6)p 53.1p 117.1p 47.8p 1. In the year ended 31 March 2023, share options are excluded from the weighted average diluted number of shares when calculating IFRS and EPRA diluted (loss)/earnings per share because they are not dilutive. Net assets per share 31 March 2023 31 March 2022 Net assets \u00a3m EPRA NDV \u00a3m EPRA NTA \u00a3m Net assets \u00a3m EPRA NDV \u00a3m EPRA NTA \u00a3m Net assets attributable to shareholders of the parent 7,005 7,005 7,005 7,917 7,917 7,917 Shortfall of fair value over net investment in finance leases book value \u2013 (6) (6) \u2013 (1) (1) Deferred tax liability on intangible asset \u2013 \u2013 6 \u2013 \u2013 1 Goodwill on deferred tax liability \u2013 (1) (1) \u2013 (3) (3) Other intangible asset \u2013 \u2013 (2) \u2013 \u2013 (2) Fair value of interest-rate swaps \u2013 \u2013 (42) \u2013 \u2013 (21) Excess of fair value of trading properties over book value \u2013 12 12 \u2013 \u2013 \u2013 Shortfall/(excess) of fair value of debt over book value (note 22) \u2013 324 \u2013 \u2013 (107) \u2013 Net assets used in per share calculation 7,005 7,334 6,967 7,917 7,803 7,888 IFRS EPRA NDV EPRA NTA IFRS EPRA NDV EPRA NTA Net assets per share 945p n/a n/a 1,070p n/a n/a Diluted net assets per share 942p 986p 936p 1,067p 1,052p 1,063p Number of shares 2023 2022 Weighted average million 31 March million Weighted average million 31 March million Ordinary shares 751 751 751 751 Treasury shares (7) (7) (2) (2) Own shares (9) (3) (4) (4) Number of shares \u2013 basic 740 741 740 740 Dilutive effect of share options 9 1 2 2 Number of shares \u2013 diluted 744 744 742 742 Total return on equity is calculated as the cash dividends per share paid in the year plus the change in EPRA NTA per share, divided by the opening EPRA NTA per share. We consider this to be a useful measure for shareholders as it gives an indication of the total return on equity over the year. Total return on equity based on EPRA NTA Year ended 31 March 2023 pence Year ended 31 March 2022 pence (Decrease)/increase in EPRA NTA per share (127) 78 Dividend paid per share in the year (note 11) 39 25 Total return (a) (88) 103 EPRA NTA per share at the beginning of the year (b) 1,063 985 Total return on equity (a/b) (8.3)% 10.5% ",
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"value": "6 \u203a Revenue A Accounting policy Rental income, including fixed rental uplifts, is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives being offered to occupiers to enter into a lease, such as an initial rent-free period or a cash contribution to fit out or similar costs, are an integral part of the net consideration for the use of the property and are therefore recognised on the same straight-line basis. Where the total consideration due under a lease is modified, for example, where a concession is granted to a tenant prior to the date the conceded rent falls due, the revised total amount due under the lease is recognised on a straight-line basis over the remaining term of the lease. Contingent rents, being lease payments that are not fixed at the inception of a lease, for example turnover rents, are variable consideration and are recorded as income in the year in which they are earned. Where a single payment is received from a tenant to cover both rent and service charge, the service charge component is separated and reported as service charge income. The Group\u2019s revenue from contracts with customers, as defined in IFRS 15, includes service charge income, other property related income, trading property sales proceeds and development contract income. Service charge income and management fees are recorded as income over time in the year in which the services are rendered. Revenue is recognised over time because the tenants benefit from the services as soon as they are rendered by the Group. The actual service provided during each reporting period is determined using cost incurred as the input method. Other property related income includes development and asset management fees. These fees are recognised over time, using time elapsed as the input method which measures the benefit simultaneously received and consumed by the customer, over the period the development or asset management services are provided. Proceeds received on the sale of trading properties are recognised when control of the property transfers to the buyer, i.e. the buyer has the ability to direct the use of the property and the right to the cash inflows and outflows generated by it. This generally occurs on unconditional exchange or on completion. If completion is expected to occur significantly after exchange or if the Group has significant outstanding obligations between exchange and completion, the Group assesses whether there are multiple performance obligations in the contract and recognises revenue as each performance obligation is satisfied. When property is let under a finance lease, the Group recognises a receivable equal to the net investment in the lease at inception of the lease. Rentals received are accounted for as repayments of principal and finance income as appropriate. Finance income is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining net investment in the finance lease and is recognised within revenue. Revenue on development contracts is recognised over time over the period of the contract as the Group creates or enhances an asset that the customer controls. Progress towards completion of the development, by reference to the value of work completed using the costs incurred to date as a proportion of total costs expected to be incurred over the term of the contract is used as the input method. S Significant accounting judgement For those properties where the property management activities are performed by a third party, the Group considers the third party to be the principal delivering the service. The key factors considered by the Group when making this judgement include the following responsibilities of the third party: \u2022 selecting suppliers and ensuring all services are delivered \u2022 establishing prices and seeking efficiencies \u2022 risk management and compliance In addition, the residual rights residing with the Group are generally protective in nature. All revenue is classified within the \u2018EPRA earnings\u2019 column of the income statement, with the exception of proceeds from the sale of trading properties, income from development contracts and the non-owned element of the Group\u2019s subsidiaries which are presented in the \u2018Capital and other items\u2019 column. 2023 2022 EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m Rental income (excluding adjustment for lease incentives) 606 8 614 552 3 555 Adjustment for lease incentives (2) \u2013 (2) (18) \u2013 (18) Rental income 604 8 612 534 3 537 Service charge income 88 1 91 77 1 78 Trading property sales proceeds \u2013 77 77 \u2013 27 27 Other property related income 29 \u2013 29 25 \u2013 25 Finance lease interest 2 \u2013 2 8 \u2013 8 Development contract income 1 \u2013 32 32 \u2013 1 1 Other income 1 \u2013 1 3 \u2013 3 Revenue per the income statement 726 65 791 647 32 679 1. Development contract income for the year ended 31 March 2023 relates to the income released from the contract liability recorded on the disposal of 21 Moorfields, recognised in line with costs incurred on the development in note 7. The following table reconciles revenue per the income statement to the individual components of revenue presented in note 4. 2023 2022 Group \u00a3m Joint ventures \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Total \u00a3m Group \u00a3m Joint ventures \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Total \u00a3m Rental income 612 53 (8) 657 537 52 (3) 586 Service charge income 91 10 (3) 98 78 9 (3) 86 Other property related income 29 2 \u2013 31 25 3 \u2013 28 Finance lease interest 2 \u2013 \u2013 2 8 \u2013 \u2013 8 Other income 1 \u2013 \u2013 1 3 \u2013 \u2013 3 Revenue in the segmental information note 737 65 (11) 791 651 64 (4) 711 Development contract income 1 32 \u2013 \u2013 32 1 \u2013 \u2013 1 Trading property sales proceeds 77 \u2013 \u2013 77 27 15 \u2013 42 Revenue including Capital and other items 791 65 (11) 845 679 79 (4) 754 1. Development contract income for the year ended 31 March 2023 relates to the income released from the contract liability recorded on the disposal of 21 Moorfields, recognised in line with costs incurred on the development in note 7. ",
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},
"fact-360": {
"value": "Rental income, including fixed rental uplifts, is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives being offered to occupiers to enter into a lease, such as an initial rent-free period or a cash contribution to fit out or similar costs, are an integral part of the net consideration for the use of the property and are therefore recognised on the same straight-line basis. Where the total consideration due under a lease is modified, for example, where a concession is granted to a tenant prior to the date the conceded rent falls due, the revised total amount due under the lease is recognised on a straight-line basis over the remaining term of the lease. Contingent rents, being lease payments that are not fixed at the inception of a lease, for example turnover rents, are variable consideration and are recorded as income in the year in which they are earned. Where a single payment is received from a tenant to cover both rent and service charge, the service charge component is separated and reported as service charge income. The Group\u2019s revenue from contracts with customers, as defined in IFRS 15, includes service charge income, other property related income, trading property sales proceeds and development contract income. Service charge income and management fees are recorded as income over time in the year in which the services are rendered. Revenue is recognised over time because the tenants benefit from the services as soon as they are rendered by the Group. The actual service provided during each reporting period is determined using cost incurred as the input method. Other property related income includes development and asset management fees. These fees are recognised over time, using time elapsed as the input method which measures the benefit simultaneously received and consumed by the customer, over the period the development or asset management services are provided. Proceeds received on the sale of trading properties are recognised when control of the property transfers to the buyer, i.e. the buyer has the ability to direct the use of the property and the right to the cash inflows and outflows generated by it. This generally occurs on unconditional exchange or on completion. If completion is expected to occur significantly after exchange or if the Group has significant outstanding obligations between exchange and completion, the Group assesses whether there are multiple performance obligations in the contract and recognises revenue as each performance obligation is satisfied. When property is let under a finance lease, the Group recognises a receivable equal to the net investment in the lease at inception of the lease. Rentals received are accounted for as repayments of principal and finance income as appropriate. Finance income is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining net investment in the finance lease and is recognised within revenue. Revenue on development contracts is recognised over time over the period of the contract as the Group creates or enhances an asset that the customer controls. Progress towards completion of the development, by reference to the value of work completed using the costs incurred to date as a proportion of total costs expected to be incurred over the term of the contract is used as the input method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-361": {
"value": "7 \u203a Costs A Accounting policy The carrying amounts of the Group\u2019s non-financial assets, other than investment properties, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised in the income statement whenever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of an asset is the greater of its fair value less costs to sell and its value in use. The value in use is determined as the net present value of the future cash flows expected to be derived from the asset, discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount after the reversal does not exceed the amount that would have been determined, net of applicable depreciation, if no impairment loss had been recognised. Rents payable reflect amounts due under head leases. Where rents payable are variable, and do not depend on an index or rate, the payments are recognised in the income statement as incurred. Where these rents are fixed, or in-substance fixed, at the inception of the agreement, or become fixed or in-substance fixed at some point over the life of the agreement, an asset representing the right to use the underlying land and a corresponding liability for the present value of the minimum future lease payments are recognised on the Group\u2019s balance sheet within Investment properties and borrowings respectively. All costs are classified within the \u2018EPRA earnings\u2019 column of the income statement, with the exception of the cost of sale of trading properties, costs arising on development contracts, amortisation and impairments of intangible assets, and other attributable costs, arising on business combinations and the non-owned element of the Group\u2019s subsidiaries which are presented in the \u2018Capital and other items\u2019 column. 2023 2022 EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m Rents payable 10 \u2013 10 6 \u2013 6 Service charge expense 98 2 100 88 2 90 Direct property expenditure 98 2 100 94 \u2013 94 Administrative expenses 80 \u2013 80 80 \u2013 80 Impairment of trading properties \u2013 19 19 \u2013 6 6 Cost of trading property disposals \u2013 76 76 \u2013 25 25 Development contract expenditure 1 \u2013 41 41 \u2013 1 1 Depreciation, including amortisation of software 5 1 8 5 \u2013 5 Impairment of goodwill \u2013 5 5 \u2013 6 6 Business combination costs \u2013 \u2013 \u2013 \u2013 8 8 Costs \u2013 other per the income statement 291 93 384 273 48 321 Movement in bad and doubtful debts expense \u2013 rent (9) \u2013 (9) (9) \u2013 (9) Movement in bad and doubtful debts expense \u2013 service charge 2 \u2013 2 (4) \u2013 (4 ) Total costs per the income statement 289 93 382 260 48 308 1. Development contract expenditure for the year ended 31 March 2023 includes expenditure relating to the ongoing development of 21 Moorfields following the sale of the property during the period. The following table reconciles costs per the income statement to the individual components of costs presented in note 4. 2023 2022 Group \u00a3m Joint ventures \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Total \u00a3m Group \u00a3m Joint ventures \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Total \u00a3m Rents payable 10 2 \u2013 12 6 2 \u2013 8 Service charge expense 100 12 (2) 110 90 10 (2) 98 Direct property expenditure 100 10 (2) 108 94 10 \u2013 104 Administrative expenses 80 2 \u2013 82 80 2 \u2013 82 Depreciation, including amortisation of software 5 \u2013 \u2013 5 5 \u2013 \u2013 5 Movement in bad and doubtful debts expense \u2013 rent (9) (1) \u2013 (5) (9) 2 \u2013 (2) Movement in bad and doubtful debts expense \u2013 service charge 2 \u2013 \u2013 2 (4) (3) \u2013 (5 ) Costs in the segmental information note 293 25 (9) 314 262 25 (2) 285 Impairment of trading properties 19 \u2013 \u2013 19 6 \u2013 \u2013 6 Cost of trading property disposals 76 \u2013 \u2013 76 25 31 \u2013 41 Development contract expenditure 1 41 \u2013 \u2013 41 1 \u2013 \u2013 1 Depreciation 1 \u2013 \u2013 1 \u2013 \u2013 \u2013 \u2013 Impairment of goodwill 5 \u2013 \u2013 5 6 \u2013 \u2013 6 Business combination costs \u2013 \u2013 \u2013 \u2013 8 \u2013 \u2013 8 Costs including Capital and other items 382 25 (9) 403 308 41 (2) 347 1. Development contract expenditure for the year ended 31 March 2023 includes expenditure related to the ongoing development of 21 Moorfields following the sale of the property during the year. The Group\u2019s costs include employee costs for the year of \u00a376m (2022: \u00a378m), of which \u00a35m (2022: \u00a35m) is within service charge expense, \u00a358m (2022: \u00a360m) is within administrative expenses and \u00a313m (2022: \u00a313m) is within direct property expenditure. Employee costs 2023 \u00a3m 2022 \u00a3m Salaries and wages 59 10 Employer payroll taxes 7 8 Other pension costs (note 34) 9 3 Share-based payments (note 35) 6 4 76 78 2023 Number 2022 Number The average monthly number of employees during the year was: Indirect property or contract and administration 385 412 Direct property or contract services: Full-time 180 184 Part-time 12 14 577 610 With the exception of the Executive Directors who are employed by Land Securities Group PLC, all employees are employed by subsidiaries of the Group. The employee costs for Land Securities Group PLC are borne by another Group company. During the year, none (2022: none) of the Executive Directors had retirement benefits accruing under the defined benefit scheme. Information on Directors\u2019 emoluments share options and interests in the Company\u2019s shares is given in the Directors\u2019 Remuneration Report on pages 100 to 113. Details of the employee costs associated with the Group\u2019s key management personnel are included in note 39. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-362": {
"value": "The carrying amounts of the Group\u2019s non-financial assets, other than investment properties, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised in the income statement whenever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of an asset is the greater of its fair value less costs to sell and its value in use. The value in use is determined as the net present value of the future cash flows expected to be derived from the asset, discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount after the reversal does not exceed the amount that would have been determined, net of applicable depreciation, if no impairment loss had been recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-363": {
"value": "Rents payable reflect amounts due under head leases. Where rents payable are variable, and do not depend on an index or rate, the payments are recognised in the income statement as incurred. Where these rents are fixed, or in-substance fixed, at the inception of the agreement, or become fixed or in-substance fixed at some point over the life of the agreement, an asset representing the right to use the underlying land and a corresponding liability for the present value of the minimum future lease payments are recognised on the Group\u2019s balance sheet within Investment properties and borrowings respectively. Where the Group\u2019s leases transfer the significant risks and rewards incidental to ownership of the underlying asset to the tenant, the lease is accounted for as a finance lease. At the outset of the lease the fair value of the asset is de-recognised from investment property and recognised as a finance lease receivable. The finance lease receivable is derecognised in the event that the lease is terminated. Lease income is recognised over the period of the lease, reflecting a constant rate of return. The difference between the gross receivable and the present value of the receivable is recognised as finance income within Revenue over the lease term. The Group earns rental income by leasing its properties to tenants under non-cancellable operating leases. Leases in which substantially all risks and rewards incidental to ownership of investment properties are retained by the Group as the lessor are classified as operating leases. Payments, including prepayments, received under operating leases (net of any incentives paid) are charged to the income statement on a straight-line basis over the period of the lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-364": {
"value": "The Group\u2019s costs include employee costs for the year of \u00a376m (2022: \u00a378m), of which \u00a35m (2022: \u00a35m) is within service charge expense, \u00a358m (2022: \u00a360m) is within administrative expenses and \u00a313m (2022: \u00a313m) is within direct property expenditure. Employee costs 2023 \u00a3m 2022 \u00a3m Salaries and wages 59 10 Employer payroll taxes 7 8 Other pension costs (note 34) 9 3 Share-based payments (note 35) 6 4 76 78 2023 Number 2022 Number The average monthly number of employees during the year was: Indirect property or contract and administration 385 412 Direct property or contract services: Full-time 180 184 Part-time 12 14 577 610 With the exception of the Executive Directors who are employed by Land Securities Group PLC, all employees are employed by subsidiaries of the Group. The employee costs for Land Securities Group PLC are borne by another Group company. During the year, none (2022: none) of the Executive Directors had retirement benefits accruing under the defined benefit scheme. Information on Directors\u2019 emoluments share options and interests in the Company\u2019s shares is given in the Directors\u2019 Remuneration Report on pages 100 to 113. Details of the employee costs associated with the Group\u2019s key management personnel are included in note 39. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-365": {
"value": "8 \u203a Auditor remuneration 2023 \u00a3m 2022 \u00a3m Services provided by the Group\u2019s auditor Audit fees: Audit of parent company and consolidated financial statements 1.0 0.9 Audit of subsidiary undertakings 0.6 0.7 Audit of joint ventures 0.2 0.2 1.8 1.8 Non-audit fees: Other assurance services 0.4 0.2 2.2 2.0 The Group operates a non-audit services policy that sets out the circumstances and financial limits within which the Group\u2019s auditors may be permitted to provide certain non-audit services. Where appropriate the Group seeks tenders for services. If fees for an assignment are expected to be greater than \u00a325,000, they are pre-approved by the Audit Committee. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-366": {
"value": "9 \u203a External valuers remuneration 2023 \u00a3m 2022 \u00a3m Services provided by the Group\u2019s external valuers Year end and half-yearly valuations \u2013 Group 0.9 0.7 \u2013 Joint ventures 0.1 0.1 Other consultancy and agency services \u2013 CBRE 2.5 0.9 \u2013 JLL 1 0.7 \u2013 4.2 1.7 1. JLL other consultancy and agency services fees are stated for year ended 31 March 2023 only following their appointment in the year as a principal valuer. The comparable fees for the year ended 31 March 2022 would have been \u00a30.7m. CBRE Limited (CBRE) and Jones Lang LaSalle Limited (JLL) are the Group\u2019s principal valuers. The fee arrangements with CBRE and JLL for the valuation of the Group\u2019s properties is fixed, subject to an adjustment for acquisitions and disposals. The fees of both CBRE and JLL have been included in the table above. CBRE and JLL undertake other consultancy and agency work on behalf of the Group. CBRE and JLL have confirmed to us that the total fees paid by the Group represented less than 5% of their total revenues in both the current and prior year. ",
"dimensions": {
"concept": "landsec:DisclosureOfExternalValuersRemuneration",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-367": {
"value": "10 \u203a Net finance expense 2023 2022 EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m Finance income Interest receivable from joint ventures 11 \u2013 11 9 \u2013 9 Fair value movement on interest-rate swaps \u2013 23 23 \u2013 31 31 11 23 34 9 31 25 Finance expense Bond and debenture debt (68) \u2013 (68) (12) \u2013 (12) Bank and other short-term borrowings (38) (2) (40) (34) \u2013 (34) Other interest payable \u2013 (1) (1) (3) (15) (16) (106) (3) (109) (87) (15) (102) Interest capitalised in relation to properties under development 77 \u2013 77 32 \u2013 32 (84) (3) (87) (70) (15) (85) Net finance (expense)/income (73) 20 (53) (61) 1 (60) Joint venture net finance expense (11) (10) Net finance expense included in EPRA earnings (84) (71) Lease interest payable of \u00a34m (2022: \u00a34m) is included within rents payable as detailed in note 4. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-368": {
"value": "10 \u203a Net finance expense 2023 2022 EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m Finance income Interest receivable from joint ventures 11 \u2013 11 9 \u2013 9 Fair value movement on interest-rate swaps \u2013 23 23 \u2013 31 31 11 23 34 9 31 25 Finance expense Bond and debenture debt (68) \u2013 (68) (12) \u2013 (12) Bank and other short-term borrowings (38) (2) (40) (34) \u2013 (34) Other interest payable \u2013 (1) (1) (3) (15) (16) (106) (3) (109) (87) (15) (102) Interest capitalised in relation to properties under development 77 \u2013 77 32 \u2013 32 (84) (3) (87) (70) (15) (85) Net finance (expense)/income (73) 20 (53) (61) 1 (60) Joint venture net finance expense (11) (10) Net finance expense included in EPRA earnings (84) (71) Lease interest payable of \u00a34m (2022: \u00a34m) is included within rents payable as detailed in note 4. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-369": {
"value": "10 \u203a Net finance expense 2023 2022 EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m EPRA earnings \u00a3m Capital and other items \u00a3m Total \u00a3m Finance income Interest receivable from joint ventures 11 \u2013 11 9 \u2013 9 Fair value movement on interest-rate swaps \u2013 23 23 \u2013 31 31 11 23 34 9 31 25 Finance expense Bond and debenture debt (68) \u2013 (68) (12) \u2013 (12) Bank and other short-term borrowings (38) (2) (40) (34) \u2013 (34) Other interest payable \u2013 (1) (1) (3) (15) (16) (106) (3) (109) (87) (15) (102) Interest capitalised in relation to properties under development 77 \u2013 77 32 \u2013 32 (84) (3) (87) (70) (15) (85) Net finance (expense)/income (73) 20 (53) (61) 1 (60) Joint venture net finance expense (11) (10) Net finance expense included in EPRA earnings (84) (71) Lease interest payable of \u00a34m (2022: \u00a34m) is included within rents payable as detailed in note 4. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-370": {
"value": "11 \u203a Dividends A Accounting policy Interim dividend distributions to shareholders are recognised in the financial statements when paid. Final dividend distributions are recognised as a liability in the period in which they are approved by shareholders. Dividends paid Pence per share Year ended 31 March Payment date PID Non-PID Total 2023 \u00a3m 2022 \u00a3m For the year ended 31 March 2021: Third interim 30 March 2021 6.00 \u2013 6.00 Final 23 July 2021 9.00 \u2013 9.00 11 For the year ended 31 March 2022: First interim 8 October 2021 7.00 \u2013 7.00 52 Second interim 4 January 2022 8.50 \u2013 8.50 10 Third interim 7 April 2022 8.50 \u2013 8.50 63 Final 22 July 2022 13.00 \u2013 13.00 96 For the year ended 31 March 2023: First interim 7 October 2077 8.60 \u2013 8.60 64 Second interim 3 January 2021 9.00 \u2013 9.00 67 Gross dividends 290 181 Dividends in the statement of changes in equity 290 181 Timing difference on payment of withholding tax (1) 9 Dividends in the statement of cash flows 289 190 The third quarterly interim dividend of 9.0p per ordinary share, or \u00a367m in total (2022: 8.5p or \u00a363m in total), was paid on 6 April 2023 as a Property Income Distribution (PID). The Board has recommended a final dividend for the year ended 31 March 2023 of 12.0p per ordinary share (2022: 13.0p) to be paid as a PID. This final dividend will result in a further estimated distribution of \u00a390m (2022: \u00a396m). Subject to shareholders\u2019 approval at the Annual General Meeting, the final dividend will be paid on 21 July 2023 to shareholders registered at the close of business on 16 June 2023. The total dividend paid and recommended in respect of the year ended 31 March 2023 is 38.6p per ordinary share (2022: 37.0p) resulting in a total estimated distribution of \u00a3288m (2022: \u00a3274m). The first quarterly dividend for the year ending 31 March 2024 will be paid in October 2023 and will be announced in due course. A Dividend Reinvestment Plan (DRIP) has been available in respect of all dividends paid during the year. The last day for DRIP elections for the final dividend is close of business on 30 June 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-371": {
"value": "Interim dividend distributions to shareholders are recognised in the financial statements when paid. Final dividend distributions are recognised as a liability in the period in which they are approved by shareholders. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-372": {
"value": "12 \u203a Income tax A Accounting policy Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised, or the liability is settled. No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than on a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. S Significant accounting judgement The Group is a Real Estate Investment Trust (REIT). As a result, the Group does not pay UK corporation tax on its profits and gains from the qualifying rental business in the UK. Non-qualifying profits and gains of the Group continue to be subject to corporation tax as normal. In order to maintain group REIT status, certain ongoing criteria must be met. The main criteria are as follows: \u2022 at the start of each accounting period, the assets of the tax exempt business must be at least 75% of the total value of the Group\u2019s assets; \u2022 at least 75% of the Group\u2019s total profits must arise from the tax exempt business; and \u2022 at least 90% of the notional taxable profit of the property rental business must be distributed. The Directors intend that the Group should continue as a REIT for the foreseeable future, with the result that deferred tax is no longer recognised on temporary differences relating to the property rental business. Deferred tax assets and liabilities require management judgement in determining the amounts, if any, to be recognised. In particular, judgement is required when assessing the extent to which deferred tax assets should be recognised, taking into account the expected timing and level of future taxable income. Deferred tax assets are only recognised when management believes it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. There is no income tax charge in the income statement (2022: none). There is a deferred tax credit of \u00a33m (2022: \u00a35m charge) included within Other comprehensive income. The tax for the year is lower than the standard rate of corporation tax in the UK of 19%. The differences are explained in the table below. 2023 \u00a3m 2022 \u00a3m (Loss)/profit before tax (622) 875 (Loss)/profit before tax multiplied by the rate of corporation tax in the UK of 19% (118) 166 Adjustment for exempt property rental losses/(profits) and revaluations in the year 130 (154 ) 12 12 Effects of: Timing difference on repurchase of medium term notes (11) (11) Interest rate fair value movements and other temporary differences (3) (3) Non-allowable expenses and non-taxable items 6 1 Movement in unrecognised tax losses 6 1 Total income tax charge in the income statement \u2013 \u2013 2023 \u00a3m 2022 \u00a3m The Group\u2019s deferred tax liability is analysed as follows: Arising on business combination 6 1 Arising on pension surplus 1 6 Total deferred tax liability 9 2 Deferred tax is calculated at the rate substantively enacted at the balance sheet date of 25% (2022: 25%). The movement in the deferred tax liability arising on the re-measurement loss on the defined benefit pension scheme surplus is included within Other comprehensive income in the Statement of comprehensive income. There are unrecognised deferred tax assets on the following items due to the high degree of uncertainty as to their future utilisation by non-REIT qualifying activities. 2023 \u00a3m 2022 \u00a3m Revenue losses 245 220 Capital losses 272 272 Other unrecognised temporary differences 239 313 Total unrecognised items 756 805 The other unrecognised temporary differences relate primarily to the premium paid on the redemption of the Group\u2019s medium term notes. The premium paid was expensed in full in prior years, whereas a tax deduction is taken over the remaining term. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-373": {
"value": "12 \u203a Income tax A Accounting policy Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised, or the liability is settled. No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than on a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. S Significant accounting judgement The Group is a Real Estate Investment Trust (REIT). As a result, the Group does not pay UK corporation tax on its profits and gains from the qualifying rental business in the UK. Non-qualifying profits and gains of the Group continue to be subject to corporation tax as normal. In order to maintain group REIT status, certain ongoing criteria must be met. The main criteria are as follows: \u2022 at the start of each accounting period, the assets of the tax exempt business must be at least 75% of the total value of the Group\u2019s assets; \u2022 at least 75% of the Group\u2019s total profits must arise from the tax exempt business; and \u2022 at least 90% of the notional taxable profit of the property rental business must be distributed. The Directors intend that the Group should continue as a REIT for the foreseeable future, with the result that deferred tax is no longer recognised on temporary differences relating to the property rental business. Deferred tax assets and liabilities require management judgement in determining the amounts, if any, to be recognised. In particular, judgement is required when assessing the extent to which deferred tax assets should be recognised, taking into account the expected timing and level of future taxable income. Deferred tax assets are only recognised when management believes it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. There is no income tax charge in the income statement (2022: none). There is a deferred tax credit of \u00a33m (2022: \u00a35m charge) included within Other comprehensive income. The tax for the year is lower than the standard rate of corporation tax in the UK of 19%. The differences are explained in the table below. 2023 \u00a3m 2022 \u00a3m (Loss)/profit before tax (622) 875 (Loss)/profit before tax multiplied by the rate of corporation tax in the UK of 19% (118) 166 Adjustment for exempt property rental losses/(profits) and revaluations in the year 130 (154 ) 12 12 Effects of: Timing difference on repurchase of medium term notes (11) (11) Interest rate fair value movements and other temporary differences (3) (3) Non-allowable expenses and non-taxable items 6 1 Movement in unrecognised tax losses 6 1 Total income tax charge in the income statement \u2013 \u2013 2023 \u00a3m 2022 \u00a3m The Group\u2019s deferred tax liability is analysed as follows: Arising on business combination 6 1 Arising on pension surplus 1 6 Total deferred tax liability 9 2 Deferred tax is calculated at the rate substantively enacted at the balance sheet date of 25% (2022: 25%). The movement in the deferred tax liability arising on the re-measurement loss on the defined benefit pension scheme surplus is included within Other comprehensive income in the Statement of comprehensive income. There are unrecognised deferred tax assets on the following items due to the high degree of uncertainty as to their future utilisation by non-REIT qualifying activities. 2023 \u00a3m 2022 \u00a3m Revenue losses 245 220 Capital losses 272 272 Other unrecognised temporary differences 239 313 Total unrecognised items 756 805 The other unrecognised temporary differences relate primarily to the premium paid on the redemption of the Group\u2019s medium term notes. The premium paid was expensed in full in prior years, whereas a tax deduction is taken over the remaining term. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-374": {
"value": "Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised, or the liability is settled. No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than on a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-375": {
"value": "Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised, or the liability is settled. No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than on a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-376": {
"value": "13 \u203a Net cash generated from operations Reconciliation of operating (loss)/profit to net cash generated from operations Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Operating (loss)/profit (569) 935 (26) 90 Adjustments for: Net deficit/(surplus) on revaluation of investment properties 827 (416) \u2013 \u2013 Loss/(gain) on changes in finance leases 6 (1) \u2013 \u2013 Profit on disposal of trading properties (1) (2) \u2013 \u2013 Loss/(profit) on disposal of investment properties 144 (107) \u2013 \u2013 Profit on disposal of investment in joint ventures \u2013 (2) \u2013 \u2013 Share of loss/(profit) from joint ventures and associates 6 (33) \u2013 \u2013 Share-based payment charge 6 4 \u2013 \u2013 Impairment of goodwill 5 6 \u2013 \u2013 Reversal of impairment of investment in subsidiary \u2013 \u2013 (1) (117 ) Rents payable 10 8 \u2013 \u2013 Depreciation and amortisation 5 5 \u2013 \u2013 Impairment of trading properties 19 6 \u2013 \u2013 Other \u2013 1 \u2013 \u2013 453 399 (27) (27) Changes in working capital: (Increase)/decrease in receivables (17) 28 \u2013 \u2013 (Decrease)/increase in payables and provisions (80) 21 27 27 Net cash generated from operations 356 448 \u2013 \u2013 Reconciliation to adjusted net cash inflow from operating activities Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Net cash inflow from operating activities 342 381 \u2013 \u2013 Joint ventures net cash inflow from operating activities 17 23 \u2013 \u2013 Adjusted net cash inflow from operating activities 1,2 359 404 \u2013 \u2013 1. Adjusted net cash inflow from operating activities is now presented inclusive of cash flows from trading property activities, whereas previously it had excluded these cash flows. The presentation for the year ended 31 March 2022 has been restated to reflect this change. Refer to the Glossary for the definition of Adjusted net cash inflow from operating activities. 2. Includes cash flows relating to the interest in MediaCity which is not owned by the Group, but is consolidated in the Group numbers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-377": {
"value": "Investment properties Investment properties are properties, either owned or leased by the Group, that are held either to earn rental income or for capital appreciation, or both. Investment properties are measured initially at cost including related transaction costs, and subsequently at fair value. Fair value is based on market value, as determined by a professional external valuer at each reporting date. The difference between the fair value of an investment property at the reporting date and its carrying amount prior to re-measurement is included in the income statement as a valuation surplus or deficit. Investment properties are presented on the balance sheet within non-current assets. Some of the Group\u2019s investment properties are owned through long-leasehold arrangements, as opposed to the Group owning the freehold. Where the Group is a lessee, a right-of-use asset is recognised at the commencement date of the lease and accounted for as investment property. Initially, the cost of investment properties held under leases includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The investment properties held under leases are subsequently carried at their fair value. A corresponding liability is recorded within borrowings. Each lease payment is allocated between repayment of the liability and a finance charge to achieve a constant interest rate on the outstanding liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-378": {
"value": "Trading properties Trading properties are those properties held for sale, or those being developed with a view to sell. Trading properties are recorded at the lower of cost and net realisable value. The net realisable value of a trading property is determined by a professional external valuer at each reporting date. If the net realisable value of a trading property is lower than its carrying value, an impairment loss is recorded in the income statement. If, in subsequent periods, the net realisable value of a trading property that was previously impaired increases above its carrying value, the impairment is reversed to align the carrying value of the property with the net realisable value. Trading properties are presented on the balance sheet within current assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-379": {
"value": "Acquisition of properties Properties are treated as acquired when the Group assumes control of the property. ",
"dimensions": {
"concept": "landsec:DescriptionOfAccountingPolicyForAcquisitionOfProperties",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-380": {
"value": "Capital expenditure and capitalisation of borrowing costs Capital expenditure on properties consists of costs of a capital nature, including costs associated with developments and refurbishments. Where a property is being developed or undergoing major refurbishment, interest costs associated with direct expenditure on the property are capitalised. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowings. Interest is capitalised from the commencement of the development work until the date of practical completion. Certain internal staff and associated costs directly attributable to the management of major schemes are also capitalised. The total staff and associated costs are capitalised based on the proportion of time spent on the relevant scheme. Internal staff costs are capitalised from the date the Group determines it is probable that the development will progress until the date of practical completion. ",
"dimensions": {
"concept": "landsec:DescriptionOfAccountingPolicyForCapitalExpenditureAndCapitalisationOfBorrowingCosts",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-381": {
"value": "Transfers between investment properties and trading properties When the Group begins to redevelop an existing investment property for continued future use as an investment property, the property continues to be held as an investment property. When the Group begins to redevelop an existing investment property with a view to sell, the property is transferred to trading properties and held as a current asset. The property is re-measured to fair value as at the date of the transfer with any gain or loss being taken to the income statement. The re-measured amount becomes the deemed cost at which the property is then carried in trading properties. ",
"dimensions": {
"concept": "landsec:DescriptionOfAccountingPolicyForTransfersBetweenInvestmentPropertiesAndTradingProperties",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-382": {
"value": "Disposal of properties Properties are treated as disposed when control of the property is transferred to the buyer. Typically, this will either occur on unconditional exchange or on completion. Where completion is expected to occur significantly after exchange, or where the Group continues to have significant outstanding obligations after exchange, the control will not usually transfer to the buyer until completion. The profit on disposal is determined as the difference between the sales proceeds and the carrying amount of the asset at the beginning of the accounting period plus capital expenditure to the date of disposal. The profit on disposal of investment properties is presented separately on the face of the income statement. Proceeds received on the sale of trading properties are recognised within Revenue, and the carrying value at the date of disposal is recognised within Costs. ",
"dimensions": {
"concept": "landsec:DescriptionOfAccountingPolicyForDisposalOfProperties",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-383": {
"value": "14 \u203a Investment properties 2023 \u00a3m 2022 \u00a3m Net book value at the beginning of the year 11,207 9,607 Transfer from joint venture 1 23 \u2013 Acquired through acquisition of group of subsidiaries \u2013 619 Acquisitions of investment properties 2 218 247 Capital expenditure 356 343 Capitalised interest 77 32 Net movement in head leases capitalised 3 (16) 62 Disposals 4,5 (1,319) (98) Net (deficit)/surplus on revaluation of investment properties (827) 416 Transfers to trading properties (6) (1) Net book value at the end of the year 9,658 11,207 1. Recognition of property following the change in classification of Wind Farms from a joint venture to a subsidiary during the year. Refer to note 16 for further details. 2. Includes acquisition of the remaining 50% interest in St David\u2019s for cash consideration of \u00a3113m, including the purchase of debt and subsequent purchase of the entire share capital of the other Limited Partner, Intu The Hayes Limited, on 24 March 2023. This has been accounted for as an asset acquisition, with assets and liabilities acquired at the date of acquisition consisting of investment property of \u00a3113m, cash of \u00a311m, trade and other receivables of \u00a34m and trade and other payables of \u00a312m. The acquisition amount in the table above also includes the transfer of the investment property held in the existing 50% interest in St David\u2019s from investment in joint venture to wholly owned subsidiary. 3. See note 22 for details of the amounts payable under head leases and note 4 for details of the rents payable in the income statement. 4. Includes impact of disposals of finance leases. 5. Includes 5766m impact of disposal of 21 Moorfields. Gross proceeds of 5742m (inclusive of development costs to go) were received following adjustments to the headline price of \u00a3809m for rent top up and fit-out contributions. The market value of the Group\u2019s investment properties, as determined by the Group\u2019s external valuers, differs from the net book value presented in the balance sheet due to the Group presenting tenant finance leases, head leases and lease incentives separately. The following table reconciles the net book value of the investment properties to the market value. 2023 2022 Group (excl. joint ventures) \u00a3m Joint ventures 6 \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Combined Portfolio \u00a3m Group (excl. joint ventures) \u00a3m Joint ventures 1 \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Combined Portfolio \u00a3m Market value 9,743 635 (139) 10,239 11,362 800 (145) 12,017 Less: properties treated as finance leases (17) \u2013 \u2013 (17) (11) \u2013 \u2013 (11) Plus: head leases capitalised 107 6 \u2013 108 123 9 \u2013 132 Less: tenant lease incentives (175) (35) \u2013 (210) (212) (38) \u2013 (250 ) Net book value 9,658 601 (139) 10,120 11,207 771 (145) 11,833 Net (deficit)/surplus on revaluation of investment properties (827) (30) 9 (848) 416 (3) (4) 409 1. Refer to note 14 for a breakdown of this amount by entity. The net book value of leasehold properties where head leases have been capitalised is \u00a31,723m (2022: \u00a32,908m). Investment properties include capitalised interest of \u00a3271m (2022: \u00a3249m). The average rate of interest capitalisation for the year is 3.0% (2022: 2.5%). The gross historical cost of investment properties is \u00a38,280m (2022: \u00a38,604m). Valuation process The fair value of investment properties at 31 March 2023 was determined by the Group\u2019s external valuers, CBRE and JLL. The valuations are in accordance with RICS standards and were arrived at by reference to market evidence of transactions for similar properties. The valuations performed by the valuers are reviewed internally by Senior Management and other relevant people within the business. This process includes discussions of the assumptions used by the valuers, as well as a review of the resulting valuations. Discussions of the valuation process and results are held between Senior Management, the Audit Committee and the valuers on a half-yearly basis. The valuers\u2019 opinion of fair value was primarily derived using comparable recent market transactions on arm\u2019s length terms and using appropriate valuation techniques. The fair value of investment properties is determined using the income capitalisation approach. Under this approach, forecast net cash flows, based upon current market derived estimated rental values (market rents) together with estimated costs, are discounted at market derived capitalisation rates to produce the valuers\u2019 opinion of fair value. The average discount rate, which, if applied to all cash flows would produce the fair value, is described as the equivalent yield. Properties in the development programme are typically valued using a residual valuation method. Under this methodology, the valuer assesses the completed development value using income and yield assumptions. Deductions are then made for estimated costs to complete, including finance and developer\u2019s profit, to arrive at the valuation. Costs include future estimated costs associated with refurbishment or development (excluding finance costs), together with an estimate of cash incentives to be paid to tenants. As the development approaches completion, the valuer may consider the income capitalisation approach to be more appropriate. The Group considers all of its investment properties to fall within \u2018Level 3\u2019, as defined by IFRS 13 and as explained in note 26(iii). Accordingly, there have been no transfers of properties within the fair value hierarchy in the financial year. The table below summarises the key unobservable inputs used in the valuation of the Group\u2019s wholly owned investment properties, and properties owned by the Group but where a third party holds a non-controlling interest, at 31 March 2023: 2023 Market value \u00a3m Estimated rental value \u00a3 per sq ft Equivalent yield % Costs \u00a3 per sq ft Low Average High Low Average High Low Average 6 High Central London West End offices 2,288 20 64 156 4.0% 4.3% 5.6% \u2013 38 231 City offices 1,304 56 72 90 5.0% 5.2% 6.6% \u2013 114 152 Retail and other 1,058 8 49 82 3.5% 4.7% 6.5% \u2013 27 259 Total Central London 4,650 8 63 156 3.5% 4.7% 6.6% \u2013 57 259 Major retail Shopping centres 1,026 12 25 31 6.5% 8.0% 9.2% 3 10 25 Outlets 684 15 47 52 6.4% 7.2% 10.6% 8 12 22 Total Major retail 1,710 12 34 52 6.4% 7.7% 10.6% 1 11 25 Mixed-use urban Completed investments 518 17 25 47 5.5% 6.3% 10.0% \u2013 \u2013 4 Developments 410 10 17 27 5.6% 6.4% 11.4% \u2013 \u2013 \u2013 Total Mixed-use urban 928 10 76 47 5.5% 6.3% 11.4% \u2013 \u2013 9 Subscale sectors Leisure 439 9 13 19 6.6% 8.5% 10.5% \u2013 2 25 Hotels 408 8 18 36 5.6% 6.8% 8.2% \u2013 \u2013 \u2013 Retails parks 418 13 19 25 5.0% 6.4% 8.3% \u2013 4 18 Total Subscale sectors 1,265 8 17 36 5.0% 7.2% 10.5% \u2013 2 25 Developments: income capitalisation method 167 52 58 80 4.8% 5.3% 5.5% \u2013 \u2013 \u2013 Developments: residual method 1,023 60 47 88 4.7% 4.8% 5.3% \u2013 \u2013 \u2013 Development programme 1,190 52 49 88 4.7% 4.9% 5.5% \u2013 \u2013 \u2013 Market value at 31 March 2023 \u2013 Group 9,743 1. The calculation for average costs excludes those properties which are assumed by the Group\u2019s external valuer to be substantially refurbished or redeveloped, but which do not yet form part of the development programme. The sensitivities below illustrate the impact of changes in key unobservable inputs (in isolation) on the fair value of the Group\u2019s properties: Sensitivities 2023 Impact on valuations of 5% change in estimated rental value Impact on valuations of 25 bps change in equivalent yield Impact on valuations of 5% change in costs Market value \u00a3m Increase \u00a3m Decrease \u00a3m Decrease \u00a3m Increase \u00a3m Decrease \u00a3m Increase \u00a3m Total Central London (excluding developments) 4,650 178 (174) 262 (232) 14 (8) Total Major retail (excluding developments) 1,710 71 (71) 61 (57) 4 (9) Total Mixed-use urban (excluding developments) 518 17 (16) 20 (19) \u2013 \u2013 Total Subscale sectors (excluding developments) 1,265 47 (46) 16 (13) 2 (2) Developments: Mixed-use urban 410 13 (13) 13 (13) 1 (1) Developments: income capitalisation method 167 11 (12) 15 (14) 4 (9) Developments: residual method 1,023 72 (87) 104 (107) 23 (40) Market value at 31 March 2023 \u2013 Group 9,743 409 (419) 491 (455) 48 (59) The table below summarises the key unobservable inputs used in the valuation of the Group\u2019s wholly owned investment properties, and properties owned by the Group but where a third party holds a non-controlling interest, at 31 March 2022: 2022 Market value \u00a3m Estimated rental value \u00a3 per sq ft Equivalent yield % Costs \u00a3 per sq ft Low Average High Low Average High Low Average 1 High Central London West End offices 2,613 34 65 77 3.8% 4.7% 5.0% \u2013 18 96 City offices 1,928 56 112 280 4.3% 4.6% 6.0% \u2013 42 95 Retail and other 1,096 8 56 84 2.5% 4.2% 6.5% \u2013 2 23 Total Central London 5,637 8 79 280 2.5% 4.6% 6.5% \u2013 23 41 Major retail Shopping centres 852 22 26 36 6.3% 7.4% 7.8% \u2013 2 19 Outlets 743 19 48 56 6.1% 6.8% 12.8% \u2013 2 6 Total Major retail 1,595 34 36 56 6.1% 7.1% 12.8% \u2013 2 34 Mixed-use urban Completed investments 545 15 29 72 4.7% 5.7% 8.4% \u2013 \u2013 11 Developments 473 3 19 55 4.5% 6.7% 9.7% \u2013 \u2013 \u2013 Total Mixed-use urban 1,018 3 24 72 4.5% 6.2% 9.7% \u2013 \u2013 11 Subscale sectors Leisure 515 1 12 31 6.5% 7.4% 10.5% \u2013 4 23 Hotels 422 2 31 30 4.8% 5.7% 7.4% \u2013 \u2013 \u2013 Retails parks 466 12 18 24 4.0% 5.7% 7.7% \u2013 3 32 Total Subscale sectors 1,403 6 12 30 4.0% 5.7% 10.5% \u2013 3 32 Developments: income capitalisation method 923 52 12 75 4.1% 4.2% 5.0% \u2013 \u2013 \u2013 Developments: residual method 786 34 65 94 4.0% 4.2% 5.4% \u2013 \u2013 \u2013 Development programme 1,709 34 11 94 4.0% 4.2% 5.4% \u2013 \u2013 \u2013 Market value at 31 March 2022 \u2013 Group 11,362 1. The calculation for average costs excludes those properties which are assumed by the Group\u2019s external valuer to be substantially refurbished or redeveloped, but which do not yet form part of the development programme. The sensitivities below illustrate the impact of changes in key unobservable inputs (in isolation) on the fair value of the Group\u2019s properties: Sensitivities 2022 Impact on valuations of 5% change in estimated rental value Impact on valuations of 25 bps change in equivalent yield Impact on valuations of 5% change in costs Market value \u00a3m Increase \u00a3m Decrease \u00a3m Decrease \u00a3m Increase \u00a3m Decrease \u00a3m Increase \u00a3m Total Central London (excluding developments) 5,637 202 (190) 311 (269) 2 (4) Total Major retail (excluding developments) 1,595 11 (250) 60 (56) 3 (3) Total Mixed-use urban (excluding developments) 545 15 (14) 24 (22) \u2013 \u2013 Total Subscale sectors (excluding developments) 1,403 53 (50) 13 (55) 3 (3) Developments: Mixed-use urban 473 31 (15) 31 (15) \u2013 \u2013 Developments: income capitalisation method 923 29 (29) 74 (66) 10 (9) Developments: residual method 786 14 (68) 47 (81) 34 (34) Market value at 31 March 2022 \u2013 Group 11,362 450 (616) 593 (564) 48 (49) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-384": {
"value": "15 \u203a Trading properties Development land and infrastructure \u00a3m Residential \u00a3m Total \u00a3m At 1 April 2021 24 12 36 Transfer from investment properties \u2013 6 6 Acquisitions 128 \u2013 128 Capital expenditure 1 5 6 Disposals (25) \u2013 (25) Impairment provision \u2013 (1) (1) At 31 March 2022 128 32 145 Transfer from investment properties 6 \u2013 6 Capital expenditure 6 (3) 1 Disposals (17) \u2013 (17) (Impairment provision)/reversal of impairment (25) 6 (19) At 31 March 2021 98 20 118 The cumulative impairment provision at 31 March 2023 in respect of Development land and infrastructure was \u00a325m (2022: \u00a3nil) and in respect of Residential was \u00a3nil (2022: \u00a36m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-385": {
"value": "16 \u203a Joint arrangements A Accounting policy Joint arrangements are those entities over whose activities the Group has joint control, established by contractual agreement. Interests in joint arrangements are accounted for as either a joint venture or a joint operation. The treatment as either a joint venture or a joint operation will depend on whether the Group has rights to the net assets, or a direct interest in the assets and liabilities of the arrangement. A joint arrangement is accounted for as a joint venture when the Group, along with the other parties that have joint control of the arrangement, has rights to the net assets of the arrangement. Interests in joint ventures are accounted for using the equity method of accounting. The equity method requires the Group\u2019s share of the joint venture\u2019s post-tax profit or loss for the year to be presented separately in the income statement and the Group\u2019s share of the joint venture\u2019s net assets to be presented separately in the balance sheet. Where a joint venture is in a net liability position, the Group\u2019s share of accumulated losses of a joint venture interest are recognised as net liabilities where there is an obligation to provide for these losses. A joint arrangement is accounted for as a joint operation when the Group, along with the parties that have joint control of the arrangement, has rights to the assets and obligations for the liabilities relating to the arrangement. The Group\u2019s share of jointly controlled assets, related liabilities, income and expenses are combined with the equivalent items in the financial statements on a line-by-line basis. The Group\u2019s principal joint arrangements are described below: Joint ventures 6 Percentage owned & voting rights 2 Business segment Year end date 1 Joint venture partner Held at 31 March 2021 4,5 Nova, Victoria 6 50% Central London 31 March Suntec Real Estate Investment Trust Southside Limited Partnership 50% Major retail 31 March Invesco Real Estate European Fund Westgate Oxford Alliance Limited Partnership 50% Major retail, Subscale sectors 31 March The Crown Estate Commissioners Harvest 7,9 50% Subscale sectors 31 March J Sainsbury plc The Ebbsfleet Limited Partnership 9 50% Subscale sectors 31 March Ebbsfleet Property Limited West India Quay Unit Trust 9 50% Subscale sectors 31 March Schroder UK Real Estate Fund Mayfield 8,9 50% Mixed-use urban 31 March LCR Limited, Manchester City Council, Transport for Greater Manchester Curzon Park Limited 9 50% Subscale sectors 31 March Derwent Developments (Curzon) Limited Plus X Holdings Limited 9 50% Subscale sectors 31 March Paul David Rostas, Matthew Edmund Hunter Landmark Court Partnership Limited 9 51% Central London 31 March TTL Landmark Court Properties Limited Joint operation Ownership interest Business segment Year end date 1 Joint operation partners Held at 31 March 2021 Bluewater, Kent 48.75% Major retail 31 March M&G Real Estate and GIC Royal London Asset Management Aberdeen Standard Investments 1. Refer to Additional information pages 205-209 for the full list of the Group\u2019s related undertakings. 2. Investments under joint arrangements are not always represented by an equal percentage holding by each partner. In a number of joint ventures that are not considered principal joint ventures and therefore not included in the table above, the Group holds a majority shareholding but has joint control and therefore the arrangement is accounted for as a joint venture. 3. The year end date shown is the accounting reference date of the joint arrangement. In all cases, the Group\u2019s accounting is performed using financial information for the Group\u2019s own reporting year and reporting date. 4. During the year to 31 March 2023, Wind Farms are no longer classified as a joint venture and are consolidated together with other subsidiary undertakings. Wind Farms includes DS Renewables LLP, Hendy Wind Farm Limited and Rhoscrowther Wind Farm Limited. 5. On 24 March 2023 the Group acquired the remaining 50% interest in St David\u2019s Limited Partnership. From that date, the results of the operations from St David\u2019s are consolidated together with other subsidiary undertakings. Results from its operations prior to that date are included as share of profit or loss from joint ventures. For further details on the acquisition refer to note 14. 6. Nova, Victoria includes the Nova Limited Partnership, Nova Residential Limited Partnership, Nova GP Limited, Nova Business Manager Limited, Nova Residential (GP) Limited, Nova Residential Intermediate Limited, Nova Estate Management Company Limited, Nova Nominee 1 Limited and Nova Nominee 2 Limited. 2. Harvest includes Harvest 2 Limited Partnership, Harvest Development Management Limited, Harvest 2 Selly Oak Limited, Harvest 2 GP Limited and Harvest GP Limited. 8. Mayfield includes Mayfield Development Partnership LP and Mayfield Development (General Partner) Limited. 9. Included within Other in subsequent tables. All of the Group\u2019s joint arrangements listed above have their principal place of business in the United Kingdom. All of the Group\u2019s principal
joint arrangements own and operate investment property, with the exception of The Ebbsfleet Limited Partnership which is a holding
company and Harvest which is engaged in long-term development contracts. The activities of all the Group\u2019s principal joint arrangements
are therefore strategically important to the business activities of the Group.
All joint ventures listed above are registered in England and Wales with the exception of Southside Limited Partnership and West India Quay
Unit Trust which are registered in Jersey.
Joint ventures Year ended 31 March 2023
Comprehensive income statement
Nova,
Victoria
100%
\u00a3m
Southside
Limited
Partnership
100%
\u00a3m
St. David\u2019s
Limited
Partnership
100%
\u00a3m
Westgate
Oxford
Alliance
Partnership
100%
\u00a3m
Other
100%
\u00a3m
Total
100%
\u00a3m
Total
Group share
\u00a3m
Revenue
6
49 10 11 34 9 130 65
Gross rental income (after rents payable) 36 10 25 27 9 102 51
Net rental income 36 7 16 77 2 83 42
EPRA earnings before interest 35 6 15 77 2 80 93
Finance expense (17) (6) \u2013 \u2013 \u2013 (71) (11)
Net finance expense (17) (6) \u2013 \u2013 \u2013 (71) (11)
EPRA earnings 18 \u2013 15 77 2 57 29
Capital and other items
Net (deficit)/surplus on revaluation of investment
properties
(67) 6 6 (8) 8 (60) (30)
(Loss)/profit before tax (49) 6 76 14 10 (3) (1)
Post-tax (loss)/profit (49) 6 76 14 10 (3) (1)
Total comprehensive (loss)/income (49) 6 76 14 10 (3) (1)
Group share of (loss)/profit before tax (24) \u2013 10 7 6 (1)
Group share of post-tax (loss)/profit (24) \u2013 10 7 6 (1)
Group share of total comprehensive (loss)/income (24) \u2013 10 7 6 (1)
1. Revenue includes gross rental income (before rents payable), service charge income, other property related income and income from development contracts.
Joint ventures Year ended 31 March 2022
Comprehensive income statement
Nova,
Victoria
100%
\u00a3m
Southside
Limited
Partnership
100%
\u00a3m
St. David\u2019s
Limited
Partnership
100%
\u00a3m
Westgate
Oxford
Alliance
Partnership
100%
\u00a3m
Other
100%
\u00a3m
Total
100%
\u00a3m
Total
Group share
\u00a3m
Revenue
6
45 11 33 02 6 132 64
Gross rental income (after rents payable) 36 10 25 26 6 103 52
Net rental income 29 11 32 25 \u2013 82 41
EPRA earnings before interest 29 10 15 24 (3) 77 39
Finance expense (30) (1) \u2013 \u2013 \u2013 (34) (10)
Net finance expense (30) (1) \u2013 \u2013 \u2013 (34) (10)
EPRA earnings 31 4 15 24 (3) 58 29
Capital and other items
Net surplus/(deficit) on revaluation of investment
properties
31 (3) (20) (2) \u2013 (2) (3)
Profit on disposal of investment properties \u2013 \u2013 \u2013 \u2013 12 12 8
Loss on disposal of trading properties \u2013 \u2013 \u2013 \u2013 (2) (2) (3)
Profit/(loss) before tax 32 3 (5) 22 9 61 33
Post-tax profit/(loss) 32 3 (5) 22 9 61 33
Total comprehensive income/(loss) 32 3 (5) 22 9 61 33
Group share of profit/(loss) before tax 31 2 (3) 11 2 33
Group share of post-tax profit/(loss) 31 2 (3) 11 2 33
Group share of total comprehensive income/(loss) 31 2 (3) 11 2 33
1. Revenue includes gross rental income (before rents payable), service charge income, other property related income and income from development contracts.
Joint ventures 31 March 2023
Balance sheet
Nova,
Victoria
100%
\u00a3m
Southside
Limited
Partnership
100%
\u00a3m
St. David\u2019s
Limited
Partnership
100%
\u00a3m
Westgate
Oxford
Alliance
Partnership
100%
\u00a3m
Other
100%
\u00a3m
Total
100%
\u00a3m
Total
Group share
\u00a3m
Investment properties
1
748 619 \u2013 225 98 1,205 601
Non-current assets 748 619 \u2013 225 98 1,205 601
Cash and cash equivalents 36 1 \u2013 23 7 69 35
Other current assets 64 9 \u2013 61 68 154 78
Current assets 100 12 \u2013 36 75 771 113
Total assets 848 146 \u2013 261 173 1,428 714
Trade and other payables and provisions (22) (10) \u2013 (14) (48) (94) (48)
Current liabilities (22) (10) \u2013 (14) (48) (94) (48)
Non-current liabilities (131) (145) \u2013 \u2013 \u2013 (276) (138)
Non-current liabilities (131) (145) \u2013 \u2013 \u2013 (276) (138)
Total liabilities (153) (155) \u2013 (14) (48) (370) (186)
Net assets/(liabilities) 695 (9) \u2013 247 125 1,058 528
Comprised of:
Net assets 695 \u2013 \u2013 247 125 1,067 533
Accumulated losses recognised as net liabilities
2
\u2013 (9) \u2013 \u2013 \u2013 (9) (5)
Market value of investment properties
6
807 619 \u2013 711 98 1,272 635
Net cash/(debt)
1
36 1 \u2013 23 7 69 35
1. The difference between the book value and the market value of investment properties is the amount recognised in respect of lease incentives, head leases capitalised and
properties treated as finance leases, where applicable.
2. The Group\u2019s share of accumulated losses of a joint venture interest are recognised as net liabilities (see note 33) where there is an obligation to provide for these losses.
3. Excludes funding provided by the Group and its joint venture partners.
Joint ventures 31 March 2022
Balance sheet
Nova,
Victoria
100%
\u00a3m
Southside
Limited
Partnership
100%
\u00a3m
St. David\u2019s
Limited
Partnership
100%
\u00a3m
Westgate
Oxford
Alliance
Partnership
100%
\u00a3m
Other
100%
\u00a3m
Total
100%
\u00a3m
Total
Group share
\u00a3m
Investment properties
1
815 133 235 236 132 1,551 771
Non-current assets 815 133 235 236 132 1,551 771
Cash and cash equivalents 27 4 10 12 10 10 31
Other current assets 10 2 13 14 53 150 105
Current assets 90 11 23 26 10 213 136
Total assets 905 144 258 262 195 1,764 907
Trade and other payables and provisions (22) (10) (9) (10) (12) (10) (44)
Current liabilities (22) (10) (9) (10) (12) (10) (44)
Non-current liabilities (139) (145) (22) (3) (131) (440) (168)
Non-current liabilities (139) (145) (22) (3) (131) (440) (168)
Total liabilities (161) (155) (31) (30) (143) (503) (212)
Net assets/(liabilities) 744 (11) 227 249 52 1,261 695
Comprised of:
Net assets 744 \u2013 227 249 52 1,272 700
Accumulated losses recognised as net liabilities
2
\u2013 (11) \u2013 \u2013 \u2013 (11) (5)
Market value of investment properties
6
870 133 226 247 124 1,600 800
Net cash/(debt)
1
27 2 (1) 12 4 39 34
1. The difference between the book value and the market value of investment properties is the amount recognised in respect of lease incentives, head leases capitalised and
properties treated as finance leases, where applicable.
2. The Group\u2019s share of accumulated losses of a joint venture interest are recognised as net liabilities (see note 33) where there is an obligation to provide for these losses.
3. Excludes funding provided by the Group and its joint venture partners.
Joint ventures
Net investment
Nova,
Victoria
Group share
\u00a3m
Southside
Limited
Partnership
Group share
\u00a3m
St. David\u2019s
Limited
Partnership
Group share
\u00a3m
Westgate
Oxford
Alliance
Partnership
Group share
\u00a3m
Other
Group share
\u00a3m
Total
Group share
\u00a3m
At 1 April 2021 351 (2) 124 125 32 625
Total comprehensive income/(loss) 31 2 (3) 11 2 33
Acquisitions \u2013 \u2013 \u2013 \u2013 54 54
Non-cash contributions 5 \u2013 \u2013 \u2013 \u2013 5
Cash distributions \u2013 \u2013 (8) (11) (3) (22)
At 31 March 2022 372 (5) 113 125 90 695
Total comprehensive (loss)/income (24) \u2013 10 7 6 (1)
Cash distributions \u2013 \u2013 (9) (8) (2) (14)
Other distributions \u2013 \u2013 \u2013 \u2013 (7) (7)
Disposals and transfers from joint arrangements \u2013 \u2013 (119) \u2013 (25) (144)
Other non-cash movements \u2013 \u2013 \u2013 \u2013 (1) (1)
At 31 March 2021 348 (5) \u2013 679 61 528
Comprised of:
At 31 March 2022
Non-current assets 372 \u2013 113 125 90 700
Non-current liabilities
1
\u2013 (5) \u2013 \u2013 \u2013 (5)
At 31 March 2023
Non-current assets 348 \u2013 \u2013 679 61 533
Non-current liabilities
6
\u2013 (5) \u2013 \u2013 \u2013 (5)
1. The Group\u2019s share of accumulated losses of a joint venture interest are recognised as net liabilities (see note 33) where there is an obligation to provide for these losses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-386": {
"value": "Joint arrangements are those entities over whose activities the Group has joint control, established by contractual agreement. Interests in joint arrangements are accounted for as either a joint venture or a joint operation. The treatment as either a joint venture or a joint operation will depend on whether the Group has rights to the net assets, or a direct interest in the assets and liabilities of the arrangement. A joint arrangement is accounted for as a joint venture when the Group, along with the other parties that have joint control of the arrangement, has rights to the net assets of the arrangement. Interests in joint ventures are accounted for using the equity method of accounting. The equity method requires the Group\u2019s share of the joint venture\u2019s post-tax profit or loss for the year to be presented separately in the income statement and the Group\u2019s share of the joint venture\u2019s net assets to be presented separately in the balance sheet. Where a joint venture is in a net liability position, the Group\u2019s share of accumulated losses of a joint venture interest are recognised as net liabilities where there is an obligation to provide for these losses. A joint arrangement is accounted for as a joint operation when the Group, along with the parties that have joint control of the arrangement, has rights to the assets and obligations for the liabilities relating to the arrangement. The Group\u2019s share of jointly controlled assets, related liabilities, income and expenses are combined with the equivalent items in the financial statements on a line-by-line basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-387": {
"value": "17 \u203a Investments in associates A Accounting policy Associates are those entities over whose financial and operating policy decisions the Group has significant influence, established by contractual agreement, but over which the Group does not have control or joint control over those policies. Interests in associates are accounted for using the equity method of accounting. The equity method requires the Group\u2019s share of the associate\u2019s post-tax profit or loss for the year to be presented separately in the income statement and the Group\u2019s share of the associate\u2019s net assets to be presented separately in the balance sheet. The Group\u2019s principal interests in associates, acquired as part of the purchase of the share capital of U+I Group PLC in the prior year, are described below: Associates 6 Percentage owned and voting rights Year end date Business segment CDSR Burlington House Developments Limited 20% 31 December Subscale sectors Northpoint Developments Limited 42% 31 December Subscale sectors YC Shepherds Bush Limited 2 18.9% 31 December Subscale sectors 1. Refer to Additional information pages 205-209 for the full list of the Group\u2019s related undertakings. 2. The Group\u2019s investment in YC Shepherds Bush Limited was reduced from 24.5% to 18.9% following capital calls during the year. All of the Group\u2019s associates have their principal place of business in the United Kingdom, except for CDSR Burlington House Developments Limited which operates in Ireland. All of the Group\u2019s associates are engaged in property development. The investments in CDSR Burlington House Developments Limited and Northpoint Developments Limited were fully impaired on acquisition of U+I Group PLC. All associates are registered in England and Wales with the exception of CDSR Burlington House Developments Limited which is registered in Ireland. The Group\u2019s share of profit or loss from its investments in associates was \u00a3nil (2022: \u00a3nil). Associates Net investment Total Group share \u00a3m At 1 April 2021 \u2013 Acquisitions 4 At 31 March 2022 4 Reduction in investment (1) At 31 March 2021 1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-388": {
"value": "Associates are those entities over whose financial and operating policy decisions the Group has significant influence, established by contractual agreement, but over which the Group does not have control or joint control over those policies. Interests in associates are accounted for using the equity method of accounting. The equity method requires the Group\u2019s share of the associate\u2019s post-tax profit or loss for the year to be presented separately in the income statement and the Group\u2019s share of the associate\u2019s net assets to be presented separately in the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-389": {
"value": "18 \u203a Capital commitments 2023 \u00a3m 2022 \u00a3m Contracted capital commitments at the end of the year in respect of: Investment properties 153 289 Trading properties 76 3 Joint ventures (our share) 6 1 Total capital commitments 175 293 Capital commitments include contractually committed obligations to purchase goods or services used in the construction, development, repair, maintenance or other enhancement of the Group\u2019s properties. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-390": {
"value": "19 \u203a Net investment in finance leases A Accounting policy Where the Group\u2019s leases transfer the significant risks and rewards incidental to ownership of the underlying asset to the tenant, the lease is accounted for as a finance lease. At the outset of the lease the fair value of the asset is de-recognised from investment property and recognised as a finance lease receivable. The finance lease receivable is derecognised in the event that the lease is terminated. Lease income is recognised over the period of the lease, reflecting a constant rate of return. The difference between the gross receivable and the present value of the receivable is recognised as finance income within Revenue over the lease term. 2023 \u00a3m 2022 \u00a3m Non-current Finance leases \u2013 gross receivables 38 82 Unguaranteed residual value 1 28 Unearned finance income (20) (40) 76 70 Current 6 Finance leases \u2013 gross receivables 2 6 Unearned finance income (1) (4) 6 2 Net investment in finance leases 77 72 Gross receivables from finance leases due: No later than one year 2 6 One to two years 2 6 Two to three years 2 6 Three to four years 2 6 Four to five years 6 6 More than five years 31 58 93 88 Unguaranteed residual value 1 28 Unearned finance income (21) (44) Net investment in finance leases 77 72 1. Included in Other Receivables in note 31. The Group has leased out several investment properties under finance leases, which range from 20 to 40 years in duration from the inception of the lease. During the year to 31 March 2023, the surrender of a tenant lease resulted in the derecognition of the related net investment in finance lease of \u00a350m. 40 \u203a Operating lease arrangements A Accounting policy The Group earns rental income by leasing its properties to tenants under non-cancellable operating leases. Leases in which substantially all risks and rewards incidental to ownership of investment properties are retained by the Group as the lessor are classified as operating leases. Payments, including prepayments, received under operating leases (net of any incentives paid) are charged to the income statement on a straight-line basis over the period of the lease. At the balance sheet date, the Group had contracted with tenants to receive the following undiscounted future minimum lease payments: 2023 \u00a3m 2022 \u00a3m Not later than one year 455 461 Later than one year, but not more than two years 427 459 Later than two years, but not more than three years 382 434 Later than three years, but not more than four years 111 388 Later than four years, but not more than five years 299 337 More than five years 2,595 3,142 4,491 5,221 The total of contingent rents, primarily turnover based rents, recognised as income during the year was \u00a351m (2022: \u00a335m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-391": {
"value": "19 \u203a Net investment in finance leases A Accounting policy Where the Group\u2019s leases transfer the significant risks and rewards incidental to ownership of the underlying asset to the tenant, the lease is accounted for as a finance lease. At the outset of the lease the fair value of the asset is de-recognised from investment property and recognised as a finance lease receivable. The finance lease receivable is derecognised in the event that the lease is terminated. Lease income is recognised over the period of the lease, reflecting a constant rate of return. The difference between the gross receivable and the present value of the receivable is recognised as finance income within Revenue over the lease term. 2023 \u00a3m 2022 \u00a3m Non-current Finance leases \u2013 gross receivables 38 82 Unguaranteed residual value 1 28 Unearned finance income (20) (40) 76 70 Current 6 Finance leases \u2013 gross receivables 2 6 Unearned finance income (1) (4) 6 2 Net investment in finance leases 77 72 Gross receivables from finance leases due: No later than one year 2 6 One to two years 2 6 Two to three years 2 6 Three to four years 2 6 Four to five years 6 6 More than five years 31 58 93 88 Unguaranteed residual value 1 28 Unearned finance income (21) (44) Net investment in finance leases 77 72 1. Included in Other Receivables in note 31. The Group has leased out several investment properties under finance leases, which range from 20 to 40 years in duration from the inception of the lease. During the year to 31 March 2023, the surrender of a tenant lease resulted in the derecognition of the related net investment in finance lease of \u00a350m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-392": {
"value": "20 \u203a Intangible assets A Accounting policy Intangible assets comprise goodwill and other intangible assets arising on business combinations and software used internally within the business. Intangible assets arising on business combinations are initially recognised at fair value. Goodwill is not amortised but is tested at least annually for impairment. Other intangible assets arising on business combinations are amortised to the income statement over their expected useful lives. Software assets are stated at cost less accumulated amortisation and are amortised on a straight-line basis over their estimated useful economic lives, normally three to five years. Goodwill \u00a3m Software \u00a3m Other intangible asset \u00a3m Total \u00a3m At 1 April 2021 1 5 2 8 Capital expenditure \u2013 2 \u2013 2 Additions 6 \u2013 \u2013 6 Amortisation \u2013 (2) \u2013 (2) Impairment (1) \u2013 \u2013 (1) At 31 March 2022 1 5 2 8 Additions 5 \u2013 \u2013 5 Amortisation \u2013 (2) \u2013 (2) Impairment (5) \u2013 \u2013 (5) At 31 March 2021 6 1 2 6 The other intangible asset relates to the Group\u2019s acquisition of its interest in Bluewater, Kent in 2014 and represents the estimated fair value of the management rights for the centre. The fair value at the date of acquisition was \u00a330m and the asset is being amortised over a period of 20 years. On recognition of the intangible asset, the Group recognised a deferred tax liability of \u00a36m, and corresponding goodwill of the same amount. The deferred tax liability is being released to the income statement as the intangible asset is amortised or impaired, and the corresponding element of the goodwill is being tested for impairment. In the year ended 31 March 2023, the intangible asset has been impaired by \u00a3nil (2022: \u00a3nil). The recoverable amount of the intangible asset has been based on its value in use, using a discount rate of 7.0% (2022: 4.0%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-393": {
"value": "20 \u203a Intangible assets A Accounting policy Intangible assets comprise goodwill and other intangible assets arising on business combinations and software used internally within the business. Intangible assets arising on business combinations are initially recognised at fair value. Goodwill is not amortised but is tested at least annually for impairment. Other intangible assets arising on business combinations are amortised to the income statement over their expected useful lives. Software assets are stated at cost less accumulated amortisation and are amortised on a straight-line basis over their estimated useful economic lives, normally three to five years. Goodwill \u00a3m Software \u00a3m Other intangible asset \u00a3m Total \u00a3m At 1 April 2021 1 5 2 8 Capital expenditure \u2013 2 \u2013 2 Additions 6 \u2013 \u2013 6 Amortisation \u2013 (2) \u2013 (2) Impairment (1) \u2013 \u2013 (1) At 31 March 2022 1 5 2 8 Additions 5 \u2013 \u2013 5 Amortisation \u2013 (2) \u2013 (2) Impairment (5) \u2013 \u2013 (5) At 31 March 2021 6 1 2 6 The other intangible asset relates to the Group\u2019s acquisition of its interest in Bluewater, Kent in 2014 and represents the estimated fair value of the management rights for the centre. The fair value at the date of acquisition was \u00a330m and the asset is being amortised over a period of 20 years. On recognition of the intangible asset, the Group recognised a deferred tax liability of \u00a36m, and corresponding goodwill of the same amount. The deferred tax liability is being released to the income statement as the intangible asset is amortised or impaired, and the corresponding element of the goodwill is being tested for impairment. In the year ended 31 March 2023, the intangible asset has been impaired by \u00a3nil (2022: \u00a3nil). The recoverable amount of the intangible asset has been based on its value in use, using a discount rate of 7.0% (2022: 4.0%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-394": {
"value": "20 \u203a Intangible assets A Accounting policy Intangible assets comprise goodwill and other intangible assets arising on business combinations and software used internally within the business. Intangible assets arising on business combinations are initially recognised at fair value. Goodwill is not amortised but is tested at least annually for impairment. Other intangible assets arising on business combinations are amortised to the income statement over their expected useful lives. Software assets are stated at cost less accumulated amortisation and are amortised on a straight-line basis over their estimated useful economic lives, normally three to five years. Goodwill \u00a3m Software \u00a3m Other intangible asset \u00a3m Total \u00a3m At 1 April 2021 1 5 2 8 Capital expenditure \u2013 2 \u2013 2 Additions 6 \u2013 \u2013 6 Amortisation \u2013 (2) \u2013 (2) Impairment (1) \u2013 \u2013 (1) At 31 March 2022 1 5 2 8 Additions 5 \u2013 \u2013 5 Amortisation \u2013 (2) \u2013 (2) Impairment (5) \u2013 \u2013 (5) At 31 March 2021 6 1 2 6 The other intangible asset relates to the Group\u2019s acquisition of its interest in Bluewater, Kent in 2014 and represents the estimated fair value of the management rights for the centre. The fair value at the date of acquisition was \u00a330m and the asset is being amortised over a period of 20 years. On recognition of the intangible asset, the Group recognised a deferred tax liability of \u00a36m, and corresponding goodwill of the same amount. The deferred tax liability is being released to the income statement as the intangible asset is amortised or impaired, and the corresponding element of the goodwill is being tested for impairment. In the year ended 31 March 2023, the intangible asset has been impaired by \u00a3nil (2022: \u00a3nil). The recoverable amount of the intangible asset has been based on its value in use, using a discount rate of 7.0% (2022: 4.0%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-395": {
"value": "Intangible assets comprise goodwill and other intangible assets arising on business combinations and software used internally within the business. Intangible assets arising on business combinations are initially recognised at fair value. Goodwill is not amortised but is tested at least annually for impairment. Other intangible assets arising on business combinations are amortised to the income statement over their expected useful lives. Software assets are stated at cost less accumulated amortisation and are amortised on a straight-line basis over their estimated useful economic lives, normally three to five years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-396": {
"value": "Intangible assets comprise goodwill and other intangible assets arising on business combinations and software used internally within the business. Intangible assets arising on business combinations are initially recognised at fair value. Goodwill is not amortised but is tested at least annually for impairment. Other intangible assets arising on business combinations are amortised to the income statement over their expected useful lives. Software assets are stated at cost less accumulated amortisation and are amortised on a straight-line basis over their estimated useful economic lives, normally three to five years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-397": {
"value": "Intangible assets comprise goodwill and other intangible assets arising on business combinations and software used internally within the business. Intangible assets arising on business combinations are initially recognised at fair value. Goodwill is not amortised but is tested at least annually for impairment. Other intangible assets arising on business combinations are amortised to the income statement over their expected useful lives. Software assets are stated at cost less accumulated amortisation and are amortised on a straight-line basis over their estimated useful economic lives, normally three to five years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-398": {
"value": "21 \u203a Capital structure 2023 2022 3 Group \u00a3m Joint ventures \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Combined \u00a3m Group \u00a3m Joint ventures \u00a3m Adjustment for non-wholly owned subsidiaries \u00a3m Combined \u00a3m Property portfolio Market value of investment properties 9,743 635 (139) 10,239 11,362 800 (145) 12,017 Trading properties and long-term contracts 118 \u2013 \u2013 118 145 1 \u2013 146 Total property portfolio (a) 9,861 635 (139) 10,357 11,507 801 (145) 12,163 Net debt Borrowings 3,431 \u2013 (73) 3,358 4,430 3 (20) 4,360 Monies held in restricted accounts and deposits (9) \u2013 6 (3) (4) \u2013 \u2013 (4 ) Cash and cash equivalents (41) (35) 2 (74) (146) (31) 5 (172) Fair value of interest-rate swaps (44) \u2013 2 (42) (21) \u2013 2 (19 ) Fair value of foreign exchange swaps and forwards 6 \u2013 \u2013 6 (5) \u2013 \u2013 (5 ) Net debt (b) 3,348 (35) (68) 3,245 4,254 (28) (11) 4,160 Less: Fair value of interest-rate swaps 44 \u2013 (2) 42 21 \u2013 (2) 34 Adjusted net debt (c) 3,392 (35) (70) 3,287 4,275 (28) (68) 4,179 Adjusted total equity Total equity (d) 7,072 \u2013 (67) 7,005 7,991 \u2013 (74) 7,917 Fair value of interest-rate swaps (44) \u2013 2 (42) (21) \u2013 2 (19 ) Adjusted total equity (e) 7,028 \u2013 (65) 6,963 7,970 \u2013 (72) 7,898 Gearing (b/d) 47.3% 46.3% 53.2% 52.5% Adjusted gearing (c/e) 48.3% 47.2% 53.6% 52.9% Group LTV (c/a) 34.4% 31.7% 37.2% 34.4% EPRA LTV 6 33.2% 35.5% Security Group LTV 33.0% 36.4% Weighted average cost of debt 2 2.7% 2.7% 2.4% 2.4% 1. EPRA LTV is a new measure introduced by EPRA in the current year. The EPRA measure differs from the Group LTV as it includes net payables and receivables, and includes trading properties at fair value and debt instruments at nominal value rather than book value. EPRA LTV was not presented in the financial statements as at 31 March 2022 as the measure had not yet been introduced. EPRA LTV would have been presented as 35.5% at 31 March 2022. 2. The weighted average cost of debt is calculated based on historical average rates of gross debt for the period. The weighted average cost of debt as at 31 March 2022 has been restated to reflect average rates of gross debt for the period, rather than average rates of net debt used in the calculation in previous periods. 3. Cash and cash equivalents and monies held in restricted accounts and deposits have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. There was no impact on computed net debt, adjusted net debt, gearing, adjusted gearing, Group LTV and Security Group LTV. ",
"dimensions": {
"concept": "landsec:DisclosureOfCapitalStructure",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-399": {
"value": "22 \u203a Borrowings A Accounting policy Borrowings, other than bank overdrafts, are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the income statement over the period of the borrowings, using the effective interest method. When debt refinancing exercises are carried out, existing liabilities will be treated as being extinguished when the new liability is substantially different from the existing liability. In making this assessment, the Group will consider the transaction as a whole, taking into account both qualitative and quantitative characteristics. 2023 2022 Secured/ unsecured Fixed/ floating Effective interest rate % Nominal/ notional value \u00a3m Fair value \u00a3m Book value \u00a3m Nominal/ notional value \u00a3m Fair value \u00a3m Book value \u00a3m Current borrowings Commercial paper Sterling Unsecured Floating SONIA + margin \u2013 \u2013 \u2013 140 140 140 Euro Unsecured Floating SONIA + margin 167 167 167 217 217 217 US Dollar Unsecured Floating SONIA + margin 145 145 145 142 142 142 Euro loan note Unsecured Fixed 4.8 \u2013 \u2013 \u2013 30 30 30 Syndicated and bilateral bank debt Secured Floating SONIA + margin \u2013 \u2013 \u2013 2 2 2 Syndicated and bilateral bank debt Secured Floating Euribor + margin \u2013 \u2013 \u2013 10 10 10 Total current borrowings 167 167 167 541 541 541 Amounts payable under head leases 3.4 1 1 1 \u2013 \u2013 \u2013 Total current borrowings including amounts payable under head leases 315 315 315 541 541 541 Non-current borrowings Medium term notes (MTN) A10 4.825% MTN due 2025 Secured Fixed 5.0 10 10 10 10 10 10 A12 1.424% MTN due 2026 Secured Fixed 2.0 400 389 400 400 399 399 A4 5.391% MTN due 2026 Secured Fixed 5.4 17 17 17 32 18 32 A5 5.391% MTN due 2022 Secured Fixed 5.4 87 87 87 87 93 87 A16 2.375% MTN due 2022 Secured Fixed 2.5 350 317 348 350 351 348 A6 5.326% MTN due 2029 Secured Fixed 5.4 65 66 65 65 74 65 A13 2.399% MTN due 2031 Secured Fixed 2.4 133 263 299 300 299 299 A7 5.341% MTN due 2032 Secured Fixed 5.4 77 79 77 77 107 77 A12 4.825% MTN due 2034 Secured Fixed 5.0 400 406 394 \u2013 \u2013 \u2013 A11 5.125% MTN due 2036 Secured Fixed 5.1 50 50 50 50 68 50 A14 2.625% MTN due 2039 Secured Fixed 2.6 500 378 494 500 491 494 A15 2.250% MTN due 2059 Secured Fixed 2.7 500 167 495 500 497 495 2,756 2,374 2,736 2,356 2,407 2,341 Syndicated and bilateral bank debt Secured Floating SONIA + margin 383 383 383 1,546 1,546 1,546 Syndicated and bilateral bank debt Secured Floating Euribor + margin \u2013 \u2013 \u2013 2 2 2 Total non-current borrowings 3,139 2,757 3,119 3,904 3,955 3,889 Amounts payable under head leases 3.4 104 142 104 123 164 123 Total non-current borrowings including amounts payable under head leases 3,243 2,899 3,223 4,027 4,119 4,012 Total borrowings including amounts payable under head leases 3,558 3,214 3,538 4,568 4,660 4,553 Total borrowings excluding amounts payable under head leases 3,451 3,069 3,431 4,445 4,496 4,430 Reconciliation of the movement in borrowings 2023 \u00a3m 2022 \u00a3m At the beginning of the year 4,553 3,516 Bank debt assumed through acquisition of subsidiaries \u2013 403 Proceeds from new borrowings \u2013 1,053 Repayment of bank debt (1,407) (489) Issue of MTNs (net of finance fees) 394 \u2013 Foreign exchange movement on non-Sterling borrowings 14 8 Movement in amounts payable under head leases (16) 62 At 31 March 3,538 4,553 Reconciliation of movements in liabilities arising from financing activities 2023 Non-cash changes At the beginning of the year \u00a3m Cash flows \u00a3m Foreign exchange movements \u00a3m Other changes in fair values \u00a3m Other changes \u00a3m At the end of the year \u00a3m Borrowings 4,553 (1,013) 14 \u2013 (16) 3,538 Derivative financial instruments (26) 25 (14) (71) \u2013 (38) 4,527 (988) \u2013 (71) (16) 3,500 2022 Borrowings 3,516 564 8 \u2013 465 4,553 Derivative financial instruments 3 (3) (8) (12) (1) (26) 3,519 561 \u2013 (12) 459 4,527 Medium term notes The MTNs are secured on the fixed and floating pool of assets of the Security Group. The Security Group includes investment properties, development properties, the X-Leisure fund, and the Group\u2019s investment in Westgate Oxford Alliance Limited Partnership, Nova, Victoria and Southside Limited Partnership, in total valued at \u00a39.6bn at 31 March 2023 (31 March 2022: \u00a311.2bn). The secured debt structure has a tiered operating covenant regime which gives the Group substantial flexibility when the loan-to-value and interest cover in the Security Group are less than 65% and more than 1.45x respectively. If these limits are exceeded, the operating environment becomes more restrictive with provisions to encourage a reduction in gearing. The interest rate of each MTN is fixed until the expected maturity, being two years before the legal maturity date of the MTN. The interest rate for the last two years may either become floating on a SONIA basis plus an increased margin (relative to that at the time of issue), or subject to a fixed coupon uplift, depending on the terms and conditions of the specific notes. The effective interest rate is based on the coupon paid and includes the amortisation of issue costs. The MTNs are listed on the Irish Stock Exchange and their fair values are based on their respective market prices. During the year, the Group did not purchase any MTNs (2022: none). At 31 March 2023, the Group\u2019s committed facilities totalled \u00a33,007m (31 March 2022: \u00a33,022m). Syndicated and bilateral bank debt Authorised Drawn Undrawn Maturity as at 31 March 2023 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Syndicated debt 2022 \u2013 12 \u2013 12 \u2013 \u2013 Syndicated debt 2024\u201327 2,782 2,785 383 1,393 2,399 1,392 Bilateral debt 2026 225 225 \u2013 155 225 70 3,007 3,022 383 1,560 2,624 1,462 All syndicated and bilateral facilities are committed and secured on the assets of the Security Group, with the exception of facilities secured on the assets at MediaCity (of which \u00a3292m was drawn at 31 March 2023 and \u00a3294m drawn at 31 March 2022). During the year ended 31 March 2023, the amounts drawn under the Group\u2019s facilities decreased by \u00a31,177m. The terms of the Security Group funding arrangements require undrawn facilities to be reserved where syndicated and bilateral facilities mature within one year, or when commercial paper is issued. The total amount of cash and available undrawn facilities, net of commercial paper, at 31 March 2023 was \u00a32,353m (31 March 2022: \u00a31,109m, restated following the IFRIC clarification on the classification of funds with externally imposed restrictions during the year). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-400": {
"value": "Borrowings, other than bank overdrafts, are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the income statement over the period of the borrowings, using the effective interest method. When debt refinancing exercises are carried out, existing liabilities will be treated as being extinguished when the new liability is substantially different from the existing liability. In making this assessment, the Group will consider the transaction as a whole, taking into account both qualitative and quantitative characteristics. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-401": {
"value": "23 \u203a Monies held in restricted accounts and deposits A Accounting policy Monies held in restricted accounts and deposits represent cash held by the Group in accounts with conditions that restrict the access of these monies by the Group and, as such, does not meet the definition of cash and cash equivalents. Group Company 2023 \u00a3m 2022 (restated) 1 \u00a3m 2023 \u00a3m 2022 (restated) 1 \u00a3m Cash at bank and in hand \u2013 \u2013 \u2013 \u2013 Short\u2013term deposits 9 4 \u2013 \u2013 9 4 \u2013 \u2013 1. Monies held in restricted accounts and deposits have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. The credit quality of monies held in restricted accounts and deposits can be assessed by reference to external credit ratings of the counterparty where the account or deposit is placed. Group Company 2023 \u00a3m 2022 (restated) 1 \u00a3m 2023 \u00a3m 2022 (restated) 1 \u00a3m Counterparties with external credit ratings A+ 9 \u2013 \u2013 \u2013 A \u2013 4 \u2013 \u2013 9 4 \u2013 \u2013 1. Monies held in restricted accounts and deposits have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-402": {
"value": "Monies held in restricted accounts and deposits represent cash held by the Group in accounts with conditions that restrict the access of these monies by the Group and, as such, does not meet the definition of cash and cash equivalents. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-403": {
"value": "24 \u203a Cash and cash equivalents A Accounting policy Cash and cash equivalents comprise cash balances, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Monies that are restricted by use only, and not restricted by access, are classified as cash and cash equivalents. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are deducted from cash and cash equivalents for the purpose of the statement of cash flows. Group Company 2023 \u00a3m 2022 (restated) 1 \u00a3m 2023 \u00a3m 2022 (restated) 1 \u00a3m Cash at bank and in hand 41 146 2 2 41 146 2 2 1. Cash and cash equivalents have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. The credit quality of cash and cash equivalents can be assessed by reference to external credit ratings of the counterparty where the account or deposit is placed. Group Company 2023 \u00a3m 2022 (restated) 1 \u00a3m 2023 \u00a3m 2022 (restated) 1 \u00a3m Counterparties with external credit ratings A+ 34 130 \u2013 \u2013 A 6 14 2 1 A- 6 1 \u2013 1 BBB+ \u2013 1 \u2013 \u2013 41 146 2 2 1. Cash and cash equivalents have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. The Group\u2019s cash and cash equivalents and bank overdrafts are subject to cash pooling arrangements. The following table provides details of cash balances and bank overdrafts which are subject to offsetting agreements. 2023 2022 (restated) 1 Gross amounts of financial assets \u00a3m Gross amounts of financial liabilities \u00a3m Net amounts recognised in the balance sheet \u00a3m Gross amounts of financial assets \u00a3m Gross amounts of financial liabilities \u00a3m Net amounts recognised in the balance sheet \u00a3m Assets Cash and cash equivalents 101 (60) 41 152 (1) 146 101 (60) 41 152 (1) 146 1. Cash and cash equivalents have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-404": {
"value": "Cash and cash equivalents comprise cash balances, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Monies that are restricted by use only, and not restricted by access, are classified as cash and cash equivalents. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are deducted from cash and cash equivalents for the purpose of the statement of cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-405": {
"value": "25 \u203a Derivative financial instruments A Accounting policy The Group uses interest-rate and foreign exchange swaps and forwards to manage its market risk. In accordance with its treasury policy, the Group does not hold or issue derivatives for trading purposes. All derivatives are recognised on the balance sheet at fair value. The fair value of interest-rate and foreign exchange swaps is based on counterparty or market quotes. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market rates for similar instruments at the measurement date. The gain or loss on derivatives are recognised immediately in the income statement, within net finance expense. Carrying value of derivative financial instruments 2023 \u00a3m 2022 \u00a3m Current assets 1 5 Non-current assets 41 21 Current liabilities (6) \u2013 Non-current liabilities \u2013 \u2013 38 26 Notional amount 2023 \u00a3m 2022 \u00a3m Interest-rate swaps 1 1,559 894 Foreign exchange swaps 319 348 1,878 1,242 1. At 31 March 2023, the Group held forward starting pay-6xed and receive-floating rate interest-rate swaps of \u00a3940m (2022: \u00a3225m) which are included in the notional amounts above. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-406": {
"value": "The Group uses interest-rate and foreign exchange swaps and forwards to manage its market risk. In accordance with its treasury policy, the Group does not hold or issue derivatives for trading purposes. All derivatives are recognised on the balance sheet at fair value. The fair value of interest-rate and foreign exchange swaps is based on counterparty or market quotes. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market rates for similar instruments at the measurement date. The gain or loss on derivatives are recognised immediately in the income statement, within net finance expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-407": {
"value": "26 \u203a Financial risk management Introduction A review of the Group\u2019s objectives, policies and processes for managing and monitoring risk is set out in \u2019Managing risk\u2019 and \u2019Our principal risks and uncertainties\u2019 (pages 54 to 59). This note provides further detail on financial risk management and includes quantitative information on specific financial risks. The Group is exposed to a variety of financial risks: market risks (principally interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management strategy seeks to minimise the potential adverse effects of these on the Group\u2019s financial performance and includes the use of derivative financial instruments to hedge certain risk exposures. Financial risk management is carried out by the Group\u2019s treasury function under policies approved by the Board of Directors, except where the relevant arrangements have been put in place by an individual subsidiary or a joint venture level prior to acquisition. The Group assesses whether it intends to hold its financial assets to collect the contractual cash flows, or whether it intends to sell them before maturity and classifies its financial instruments into the appropriate categories. The following table summarises the Group\u2019s financial assets and liabilities into the categories required by IFRS 7 Financial Instruments: Disclosures: 2023 \u00a3m Group 2022 1 \u00a3m 2023 \u00a3m Company 2022 1 \u00a3m Financial assets at amortised cost 450 570 \u2013 \u2013 Cash and cash equivalents 41 146 2 2 Financial liabilities at amortised cost (3,750) (4,777) (2,821) (2,912) Financial instruments at fair value through profit or loss 38 26 \u2013 \u2013 (3,221) (4,035) (2,819) (2,910) 1. Cash and cash equivalents and monies held in restricted accounts and deposits, and the impacted categories in the table above, have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. Financial risk factors (i) Credit risk The Group\u2019s principal financial assets are cash and cash equivalents, trade and other receivables, net investment in finance leases and amounts due from joint ventures. Further details concerning the credit risk of counterparties is provided in the note that specifically relates to each type of asset. Bank and financial institutions The principal credit risks of the Group arise from financial derivative instruments and deposits with banks and financial institutions. In line with the policy approved by the Board of Directors, where the Group manages the deposit, only independently rated banks and financial institutions with a minimum rating of A- are accepted. For UK banks and financial institutions with which the Group has a committed lending relationship, the minimum rating is lowered to BBB+. The Group\u2019s treasury function currently performs regular reviews of the credit ratings of all financial institution counterparties. Furthermore, the treasury function ensures that funds deposited with a single financial institution remain within the Group\u2019s policy limits. Trade receivables Trade receivables are presented in the balance sheet net of allowances for doubtful receivables. The Group assesses on a forward-looking basis the expected credit losses associated with its trade receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. In determining the expected credit losses the Group takes into account any recent payment behaviours and future expectations of likely default events (i.e. not making payment on the due date) based on individual customer credit ratings, actual or expected insolvency filings or company voluntary arrangements, likely deferrals of payments due, agreed rent concessions and market expectations and trends in the wider macro-economic environment in which our customers operate. These assessments are made on a customer by customer basis. To limit the Group\u2019s exposure to credit risk on trade receivables, a credit report is usually obtained from an independent rating agency prior to the inception of a lease with a new counterparty. This report, alongside the Group\u2019s internal assessment of credit risk, is used to determine the size of the deposit that is required, if any, from the tenant at inception. In general, these deposits represent between three and six months\u2019 rent. Net investment in finance leases This balance relates to amounts receivable from tenants in respect of tenant finance leases. This is not considered a significant credit risk as the tenants are generally of good financial standing. (ii) Liquidity risk The Group actively maintains a mixture of notes with final maturities between 2025 and 2059, commercial paper and medium-term committed bank facilities that are designed to ensure that the Group has sufficient available funds for its operations and its committed capital expenditure programme. Management monitors the Group\u2019s available funds as follows 2023 \u00a3m 2022 (restated) 2 \u00a3m Cash and cash equivalents 41 146 Commercial paper (312) (499) Undrawn facilities 2,624 1,462 Cash and available undrawn facilities 2,353 1,109 As a proportion of drawn debt 6 68.2% 25.0% 1. Based on nominal values, including MTNs and commercial paper. 2. Cash and cash equivalents and monies held in restricted accounts and deposits, and the impacted categories, have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. The Group\u2019s core financing structure is in the Security Group, although the Non-restricted Group may also secure independent funding. Security Group The Group\u2019s principal financing arrangements utilise the credit support of a ring-fenced group of assets (the Security Group) that comprises the majority of the Group\u2019s investment property portfolio and certain investments in joint ventures. These arrangements operate in \u2018tiers\u2019 determined by LTV and interest cover ratio (ICR). This structure is most flexible at lower tiers (with a lower LTV and a higher ICR) and allows property acquisitions, disposals and developments to occur with relative freedom. In higher tiers, the requirements become more prescriptive. No financial covenant default is triggered until the applicable LTV exceeds 100% or the ICR is less than 1.0x. As at 31 March 2023, the reported LTV for the Security Group was 33.0% (2022: 36.4%), meaning that the Group was operating in Tier 1 and benefited from maximum operational flexibility. Management monitors the key covenants attached to the Security Group on a monthly basis or semi-annual basis, depending on the covenant, including LTV, ICR, sector and regional concentration and disposals. Non-restricted Group The Non-restricted Group obtains funding when required from a combination of inter-company loans from the Security Group, equity and external bank debt. Bespoke credit facilities are established with banks when required for the Non-restricted Group and joint ventures, usually on a limited-recourse basis. The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the expected maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. 2023 Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Borrowings (excluding lease liabilities) 837 463 717 2,476 4,493 Derivative financial instruments 6 \u2013 \u2013 \u2013 6 Lease liabilities 6 6 17 474 503 Trade payables 14 \u2013 \u2013 \u2013 14 Capital accruals 32 \u2013 \u2013 \u2013 32 Accruals 88 \u2013 \u2013 \u2013 88 Other payables 61 \u2013 17 \u2013 78 1,044 469 751 2,950 5,214 2022 Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Borrowings (excluding lease liabilities) 623 512 2,184 2,096 5,415 Lease liabilities 3 3 10 395 411 Trade payables 26 \u2013 \u2013 \u2013 26 Capital accruals 42 \u2013 \u2013 \u2013 42 Accruals 75 \u2013 \u2013 \u2013 75 Other payables 20 \u2013 8 \u2013 81 842 515 2,202 2,491 6,050 (iii) Market risk The Group is exposed to market risk through interest rates, availability of credit and foreign exchange movements. Interest rates The Group uses derivative products to manage its interest rate exposure and has a hedging policy that generally requires at least 70% of its existing debt plus increases in debt associated with net committed capital expenditure to be at fixed interest rates for the coming three years and at least 50% for years four and five. Due to a combination of factors, including the degree of certainty required under IFRS 9 Financial instruments, the Group does not apply hedge accounting to hedging instruments used in this context. Specific interest-rate hedges are also used from time to time to fix the interest rate exposure on our debt. Where specific hedges are used to fix the interest exposure on floating rate debt, these may qualify for hedge accounting. At 31 March 2023, the Group (including the Group\u2019s share of joint ventures and non-wholly owned subsidiaries) had pay-fixed and receive- floating interest-rate swaps in place with a nominal value of \u00a3619m (2022: \u00a3619m) and forward starting pay-fixed interest-rate swaps of \u00a3940m (2022: \u00a3275m). The Group\u2019s net debt (including the Group\u2019s share of joint ventures and non-wholly owned subsidiaries) was 100.6% fixed (2022: 70.0%) and based on the Group\u2019s debt balances at 31 March 2023, a 1% increase/(decrease) in interest rates would increase/ (decrease) the annual net finance expense in the income statement and reduce/(increase) equity by \u00a31m (2022: \u00a39m). The sensitivity has been calculated by applying the interest rate change to the floating rate components of borrowings, interest rate swaps as well as cash and cash equivalents. Foreign exchange Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the Group\u2019s functional currency. As it is UK based, the Group\u2019s foreign exchange risk is low. The vast majority of the Group\u2019s foreign currency transactions relate to foreign currency borrowing under the Group\u2019s commercial paper programme. It is the Group\u2019s policy to hedge 100% of this exposure. At 31 March 2023, the Group had issued \u20ac190m (2022: \u20ac255m) and $180m (2022: $185m) of commercial paper, fully hedged through foreign exchange swaps. A 10% weakening or strengthening of Sterling would therefore have \u00a3nil (2022: \u00a3nil) impact in the income statement and equity arising from foreign currency borrowings. Where additional foreign exchange risk is identified (not linked to commercial paper borrowing), it is the Group\u2019s policy to assess the likelihood of the risk crystallising and if deemed appropriate use derivatives to hedge some or all of the risk. At 31 March 2023, the Group had no foreign currency exposures being managed using foreign currency derivative contracts (2022: \u20ac6m exposure, which were entered into in order to economically hedge our exposure to movements in foreign currencies). A 10% weakening or strengthening of Sterling would therefore have no impact on the profit before tax and/or total equity (2022: \u00a31m impact). Financial maturity analysis The interest rate profile of the Group\u2019s borrowings is set out below (based on notional values): 2023 2022 Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Sterling 2,863 383 3,246 2,479 1,700 4,179 Euro \u2013 167 167 30 217 247 US Dollar \u2013 145 145 \u2013 142 142 2,863 695 3,558 2,509 2,059 4,568 The expected maturity profiles of the Group\u2019s borrowings are as follows (based on notional values): 2023 2022 Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m One year or less, or on demand 427 167 739 30 511 541 More than one year but not more than two years 87 292 379 427 2 429 More than two years but not more than five years 415 91 506 437 1,546 1,983 More than five years 1,934 \u2013 1,934 1,615 \u2013 1,615 Borrowings 2,863 695 3,558 2,509 2,059 4,568 Effect of hedging 619 (619) \u2013 400 (400) \u2013 Borrowings net of interest\u2013rate swaps 3,482 76 3,558 2,909 1,659 4,568 The expected maturity profiles of the Group\u2019s derivative instruments are as follows (based on notional values): 2023 2022 Foreign exchange swaps \u00a3m Interest\u2013 rate swaps \u00a3m Foreign exchange swaps \u00a3m Interest\u2013 rate swaps \u00a3m One year or less, on demand 319 400 360 \u2013 More than one year but not more than two years \u2013 494 \u2013 400 More than two years but not more than five years \u2013 665 \u2013 494 More than five years \u2013 \u2013 \u2013 \u2013 319 1,559 360 894 Valuation hierarchy Derivative financial instruments and financial assets at fair value through other comprehensive income (other investments) are the only financial instruments which are carried at fair value. For financial instruments other than borrowings disclosed in note 22, the carrying value in the balance sheet approximates their fair values. The table below shows the aggregate assets and liabilities carried at fair value by valuation method: 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets \u2013 44 \u2013 44 \u2013 26 \u2013 26 Liabilities \u2013 (6) \u2013 (6) \u2013 \u2013 \u2013 \u2013 Note: Level 3: valued using unadjusted quoted prices in active markets for identical financial instruments. Level 2: valued using techniques based on information that can be obtained from observable market data. Level 3: valued using techniques incorporating information other than observable market data. The fair value of the amounts payable under the Group\u2019s lease obligations, using a discount rate of 2.7% (31 March 2022: 2.2%), is \u00a3145m (31 March 2022: \u00a3164m). The fair value of the Group\u2019s net investment in tenant finance leases, calculated by the Group\u2019s external valuer by applying a weighted average equivalent yield of 7.9% (31 March 2022: 4.9%), is \u00a316m (31 March 2022: \u00a366m). The fair values of any floating rate financial liabilities are assumed to be equal to their nominal value. The fair values of the MTNs fall within Level 1 of the fair value hierarchy, the syndicated and bilateral facilities, commercial paper, interest-rate swaps and foreign exchange swaps fall within Level 2, and the amounts payable and receivable under leases fall within Level 3. The fair values of the financial instruments have been determined by reference to relevant market prices, where available. The fair values of the Group\u2019s outstanding interest-rate swaps have been estimated by calculating the present value of future cash flows, using appropriate market discount rates. These valuation techniques fall within Level 2. The fair value of the other investments is calculated by reference to the net assets of the underlying entity. The valuation is not based on observable market data and therefore the other investments are considered to fall within Level 3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-408": {
"value": "(i) Credit risk The Group\u2019s principal financial assets are cash and cash equivalents, trade and other receivables, net investment in finance leases and amounts due from joint ventures. Further details concerning the credit risk of counterparties is provided in the note that specifically relates to each type of asset. Bank and financial institutions The principal credit risks of the Group arise from financial derivative instruments and deposits with banks and financial institutions. In line with the policy approved by the Board of Directors, where the Group manages the deposit, only independently rated banks and financial institutions with a minimum rating of A- are accepted. For UK banks and financial institutions with which the Group has a committed lending relationship, the minimum rating is lowered to BBB+. The Group\u2019s treasury function currently performs regular reviews of the credit ratings of all financial institution counterparties. Furthermore, the treasury function ensures that funds deposited with a single financial institution remain within the Group\u2019s policy limits. Trade receivables Trade receivables are presented in the balance sheet net of allowances for doubtful receivables. The Group assesses on a forward-looking basis the expected credit losses associated with its trade receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. In determining the expected credit losses the Group takes into account any recent payment behaviours and future expectations of likely default events (i.e. not making payment on the due date) based on individual customer credit ratings, actual or expected insolvency filings or company voluntary arrangements, likely deferrals of payments due, agreed rent concessions and market expectations and trends in the wider macro-economic environment in which our customers operate. These assessments are made on a customer by customer basis. To limit the Group\u2019s exposure to credit risk on trade receivables, a credit report is usually obtained from an independent rating agency prior to the inception of a lease with a new counterparty. This report, alongside the Group\u2019s internal assessment of credit risk, is used to determine the size of the deposit that is required, if any, from the tenant at inception. In general, these deposits represent between three and six months\u2019 rent. Net investment in finance leases This balance relates to amounts receivable from tenants in respect of tenant finance leases. This is not considered a significant credit risk as the tenants are generally of good financial standing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-409": {
"value": "(ii) Liquidity risk The Group actively maintains a mixture of notes with final maturities between 2025 and 2059, commercial paper and medium-term committed bank facilities that are designed to ensure that the Group has sufficient available funds for its operations and its committed capital expenditure programme. Management monitors the Group\u2019s available funds as follows 2023 \u00a3m 2022 (restated) 2 \u00a3m Cash and cash equivalents 41 146 Commercial paper (312) (499) Undrawn facilities 2,624 1,462 Cash and available undrawn facilities 2,353 1,109 As a proportion of drawn debt 6 68.2% 25.0% 1. Based on nominal values, including MTNs and commercial paper. 2. Cash and cash equivalents and monies held in restricted accounts and deposits, and the impacted categories, have been restated as at 31 March 2022 following a clarification by IFRIC on classification of funds with externally imposed restrictions. The Group\u2019s core financing structure is in the Security Group, although the Non-restricted Group may also secure independent funding. Security Group The Group\u2019s principal financing arrangements utilise the credit support of a ring-fenced group of assets (the Security Group) that comprises the majority of the Group\u2019s investment property portfolio and certain investments in joint ventures. These arrangements operate in \u2018tiers\u2019 determined by LTV and interest cover ratio (ICR). This structure is most flexible at lower tiers (with a lower LTV and a higher ICR) and allows property acquisitions, disposals and developments to occur with relative freedom. In higher tiers, the requirements become more prescriptive. No financial covenant default is triggered until the applicable LTV exceeds 100% or the ICR is less than 1.0x. As at 31 March 2023, the reported LTV for the Security Group was 33.0% (2022: 36.4%), meaning that the Group was operating in Tier 1 and benefited from maximum operational flexibility. Management monitors the key covenants attached to the Security Group on a monthly basis or semi-annual basis, depending on the covenant, including LTV, ICR, sector and regional concentration and disposals. Non-restricted Group The Non-restricted Group obtains funding when required from a combination of inter-company loans from the Security Group, equity and external bank debt. Bespoke credit facilities are established with banks when required for the Non-restricted Group and joint ventures, usually on a limited-recourse basis. The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the expected maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. 2023 Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Borrowings (excluding lease liabilities) 837 463 717 2,476 4,493 Derivative financial instruments 6 \u2013 \u2013 \u2013 6 Lease liabilities 6 6 17 474 503 Trade payables 14 \u2013 \u2013 \u2013 14 Capital accruals 32 \u2013 \u2013 \u2013 32 Accruals 88 \u2013 \u2013 \u2013 88 Other payables 61 \u2013 17 \u2013 78 1,044 469 751 2,950 5,214 2022 Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Borrowings (excluding lease liabilities) 623 512 2,184 2,096 5,415 Lease liabilities 3 3 10 395 411 Trade payables 26 \u2013 \u2013 \u2013 26 Capital accruals 42 \u2013 \u2013 \u2013 42 Accruals 75 \u2013 \u2013 \u2013 75 Other payables 20 \u2013 8 \u2013 81 842 515 2,202 2,491 6,050 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-410": {
"value": "(iii) Market risk The Group is exposed to market risk through interest rates, availability of credit and foreign exchange movements. Interest rates The Group uses derivative products to manage its interest rate exposure and has a hedging policy that generally requires at least 70% of its existing debt plus increases in debt associated with net committed capital expenditure to be at fixed interest rates for the coming three years and at least 50% for years four and five. Due to a combination of factors, including the degree of certainty required under IFRS 9 Financial instruments, the Group does not apply hedge accounting to hedging instruments used in this context. Specific interest-rate hedges are also used from time to time to fix the interest rate exposure on our debt. Where specific hedges are used to fix the interest exposure on floating rate debt, these may qualify for hedge accounting. At 31 March 2023, the Group (including the Group\u2019s share of joint ventures and non-wholly owned subsidiaries) had pay-fixed and receive- floating interest-rate swaps in place with a nominal value of \u00a3619m (2022: \u00a3619m) and forward starting pay-fixed interest-rate swaps of \u00a3940m (2022: \u00a3275m). The Group\u2019s net debt (including the Group\u2019s share of joint ventures and non-wholly owned subsidiaries) was 100.6% fixed (2022: 70.0%) and based on the Group\u2019s debt balances at 31 March 2023, a 1% increase/(decrease) in interest rates would increase/ (decrease) the annual net finance expense in the income statement and reduce/(increase) equity by \u00a31m (2022: \u00a39m). The sensitivity has been calculated by applying the interest rate change to the floating rate components of borrowings, interest rate swaps as well as cash and cash equivalents. Foreign exchange Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the Group\u2019s functional currency. As it is UK based, the Group\u2019s foreign exchange risk is low. The vast majority of the Group\u2019s foreign currency transactions relate to foreign currency borrowing under the Group\u2019s commercial paper programme. It is the Group\u2019s policy to hedge 100% of this exposure. At 31 March 2023, the Group had issued \u20ac190m (2022: \u20ac255m) and $180m (2022: $185m) of commercial paper, fully hedged through foreign exchange swaps. A 10% weakening or strengthening of Sterling would therefore have \u00a3nil (2022: \u00a3nil) impact in the income statement and equity arising from foreign currency borrowings. Where additional foreign exchange risk is identified (not linked to commercial paper borrowing), it is the Group\u2019s policy to assess the likelihood of the risk crystallising and if deemed appropriate use derivatives to hedge some or all of the risk. At 31 March 2023, the Group had no foreign currency exposures being managed using foreign currency derivative contracts (2022: \u20ac6m exposure, which were entered into in order to economically hedge our exposure to movements in foreign currencies). A 10% weakening or strengthening of Sterling would therefore have no impact on the profit before tax and/or total equity (2022: \u00a31m impact). Financial maturity analysis The interest rate profile of the Group\u2019s borrowings is set out below (based on notional values): 2023 2022 Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Sterling 2,863 383 3,246 2,479 1,700 4,179 Euro \u2013 167 167 30 217 247 US Dollar \u2013 145 145 \u2013 142 142 2,863 695 3,558 2,509 2,059 4,568 The expected maturity profiles of the Group\u2019s borrowings are as follows (based on notional values): 2023 2022 Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Total \u00a3m One year or less, or on demand 427 167 739 30 511 541 More than one year but not more than two years 87 292 379 427 2 429 More than two years but not more than five years 415 91 506 437 1,546 1,983 More than five years 1,934 \u2013 1,934 1,615 \u2013 1,615 Borrowings 2,863 695 3,558 2,509 2,059 4,568 Effect of hedging 619 (619) \u2013 400 (400) \u2013 Borrowings net of interest\u2013rate swaps 3,482 76 3,558 2,909 1,659 4,568 The expected maturity profiles of the Group\u2019s derivative instruments are as follows (based on notional values): 2023 2022 Foreign exchange swaps \u00a3m Interest\u2013 rate swaps \u00a3m Foreign exchange swaps \u00a3m Interest\u2013 rate swaps \u00a3m One year or less, on demand 319 400 360 \u2013 More than one year but not more than two years \u2013 494 \u2013 400 More than two years but not more than five years \u2013 665 \u2013 494 More than five years \u2013 \u2013 \u2013 \u2013 319 1,559 360 894 Valuation hierarchy Derivative financial instruments and financial assets at fair value through other comprehensive income (other investments) are the only financial instruments which are carried at fair value. For financial instruments other than borrowings disclosed in note 22, the carrying value in the balance sheet approximates their fair values. The table below shows the aggregate assets and liabilities carried at fair value by valuation method: 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets \u2013 44 \u2013 44 \u2013 26 \u2013 26 Liabilities \u2013 (6) \u2013 (6) \u2013 \u2013 \u2013 \u2013 Note: Level 3: valued using unadjusted quoted prices in active markets for identical financial instruments. Level 2: valued using techniques based on information that can be obtained from observable market data. Level 3: valued using techniques incorporating information other than observable market data. The fair value of the amounts payable under the Group\u2019s lease obligations, using a discount rate of 2.7% (31 March 2022: 2.2%), is \u00a3145m (31 March 2022: \u00a3164m). The fair value of the Group\u2019s net investment in tenant finance leases, calculated by the Group\u2019s external valuer by applying a weighted average equivalent yield of 7.9% (31 March 2022: 4.9%), is \u00a316m (31 March 2022: \u00a366m). The fair values of any floating rate financial liabilities are assumed to be equal to their nominal value. The fair values of the MTNs fall within Level 1 of the fair value hierarchy, the syndicated and bilateral facilities, commercial paper, interest-rate swaps and foreign exchange swaps fall within Level 2, and the amounts payable and receivable under leases fall within Level 3. The fair values of the financial instruments have been determined by reference to relevant market prices, where available. The fair values of the Group\u2019s outstanding interest-rate swaps have been estimated by calculating the present value of future cash flows, using appropriate market discount rates. These valuation techniques fall within Level 2. The fair value of the other investments is calculated by reference to the net assets of the underlying entity. The valuation is not based on observable market data and therefore the other investments are considered to fall within Level 3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-411": {
"value": "Valuation hierarchy Derivative financial instruments and financial assets at fair value through other comprehensive income (other investments) are the only financial instruments which are carried at fair value. For financial instruments other than borrowings disclosed in note 22, the carrying value in the balance sheet approximates their fair values. The table below shows the aggregate assets and liabilities carried at fair value by valuation method: 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets \u2013 44 \u2013 44 \u2013 26 \u2013 26 Liabilities \u2013 (6) \u2013 (6) \u2013 \u2013 \u2013 \u2013 Note: Level 3: valued using unadjusted quoted prices in active markets for identical financial instruments. Level 2: valued using techniques based on information that can be obtained from observable market data. Level 3: valued using techniques incorporating information other than observable market data. The fair value of the amounts payable under the Group\u2019s lease obligations, using a discount rate of 2.7% (31 March 2022: 2.2%), is \u00a3145m (31 March 2022: \u00a3164m). The fair value of the Group\u2019s net investment in tenant finance leases, calculated by the Group\u2019s external valuer by applying a weighted average equivalent yield of 7.9% (31 March 2022: 4.9%), is \u00a316m (31 March 2022: \u00a366m). The fair values of any floating rate financial liabilities are assumed to be equal to their nominal value. The fair values of the MTNs fall within Level 1 of the fair value hierarchy, the syndicated and bilateral facilities, commercial paper, interest-rate swaps and foreign exchange swaps fall within Level 2, and the amounts payable and receivable under leases fall within Level 3. The fair values of the financial instruments have been determined by reference to relevant market prices, where available. The fair values of the Group\u2019s outstanding interest-rate swaps have been estimated by calculating the present value of future cash flows, using appropriate market discount rates. These valuation techniques fall within Level 2. The fair value of the other investments is calculated by reference to the net assets of the underlying entity. The valuation is not based on observable market data and therefore the other investments are considered to fall within Level 3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-412": {
"value": "27 \u203a Trade and other receivables A Accounting policy Trade and other receivables are recognised initially at fair value, subsequently at amortised cost and, where relevant, adjusted for the time value of money. The Group assesses on a forward-looking basis the expected credit losses associated with its trade receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. If collection is expected in more than one year, the balance is presented within non-current assets. In determining the expected credit losses the Group takes into account any recent payment behaviours and future expectations of likely default events (i.e. not making payment on the due date) based on individual customer credit ratings, actual or expected insolvency filings or company voluntary arrangements and market expectations and trends in the wider macro-economic environment in which our customers operate. Where a concession is agreed with a customer after the due date for the rent, this amount is recognised as an impairment of the related trade receivable. Trade and other receivables are written off once all avenues to recover the balances are exhausted and the lease has ended. Receivables written off are no longer subject to any enforcement activity. S Source of estimation uncertainty Impairment of trade receivables The Group\u2019s assessment of expected credit losses is inherently subjective due to the forward-looking nature of the assessments. As a result, the value of the provisions for impairment of the Group\u2019s trade receivables are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate. See note 26 for further details of the Group\u2019s assessment of the credit risk associated with trade receivables. 2023 \u00a3m 2022 \u00a3m Net trade receivables 47 38 Tenant lease incentives (note 14) 175 212 Prepayments 46 34 Accrued income 11 11 Amounts due from joint ventures and associates 39 15 Deferred consideration 17 \u2013 Other receivables 13 58 Total current trade and other receivables 365 368 Non-current amounts due from joint ventures and associates 142 147 Non-current property sales receivables \u2013 5 Deferred consideration 9 18 Other non-current receivables \u2013 2 Total trade and other receivables 511 545 The accounting for lease incentives is set out in note 6. The value of the tenant lease incentive, included in current trade and other receivables, is spread over the lease term. The non-current amounts due from joint ventures have maturity dates ranging from April 2028 to the dissolution of the joint venture. Interest is charged at rates ranging from 4% to 5% (2022: 4% to 5%). Ageing of trade receivables Not past due \u00a3m Up to 30 days past due \u00a3m Up to 6 months past due \u00a3m Up to 12 months past due \u00a3m More than 12 months past due \u00a3m Total \u00a3m As at 31 March 2021 Not impaired 5 12 18 8 9 47 Impaired \u2013 \u2013 1 5 37 45 Gross trade receivables 5 12 76 61 41 92 As at 31 March 2022 Not impaired 1 6 14 10 2 38 Impaired \u2013 3 4 2 60 74 Gross trade receivables 1 9 18 32 12 112 None of the Group\u2019s other receivables are past due and therefore no ageing has been shown (2022: \u00a3nil). Movement in allowances for doubtful debts 2023 \u00a3m 2022 \u00a3m At the beginning of the year 74 111 Increase to provision 16 14 Decrease to provision (29) (35 ) Utilised in the year (16) (16 ) At 31 March 45 74 Movement in tenant lease incentives 2023 \u00a3m 2022 \u00a3m At the beginning of the year 212 230 Revenue recognised (3) (18) Movement in break penalties and other movements 1 \u2013 Capital incentives granted 7 6 Provision for doubtful receivables (5) 1 Disposal of properties (49) (8) Acquisition of properties 10 1 At 31 March 175 212 ",
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"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-413": {
"value": "Trade and other receivables are recognised initially at fair value, subsequently at amortised cost and, where relevant, adjusted for the time value of money. The Group assesses on a forward-looking basis the expected credit losses associated with its trade receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. If collection is expected in more than one year, the balance is presented within non-current assets. In determining the expected credit losses the Group takes into account any recent payment behaviours and future expectations of likely default events (i.e. not making payment on the due date) based on individual customer credit ratings, actual or expected insolvency filings or company voluntary arrangements and market expectations and trends in the wider macro-economic environment in which our customers operate. Where a concession is agreed with a customer after the due date for the rent, this amount is recognised as an impairment of the related trade receivable. Trade and other receivables are written off once all avenues to recover the balances are exhausted and the lease has ended. Receivables written off are no longer subject to any enforcement activity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-414": {
"value": "28 \u203a Trade and other payables Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Trade payables 14 26 \u2013 \u2013 Capital accruals 32 42 \u2013 \u2013 Other payables 25 72 8 8 Accruals 88 75 7 2 Deferred income 111 104 \u2013 \u2013 Contract liabilities 77 \u2013 \u2013 \u2013 Amounts owed to joint ventures 14 1 \u2013 \u2013 Loans from Group undertakings \u2013 \u2013 2,806 2,897 Total current trade and other payables 306 320 2,821 2,912 Non\u2013current other payables 17 8 \u2013 \u2013 Total trade and other payables 323 328 2,821 2,912 Capital accruals represent amounts due for work completed on investment properties but not paid for at the year end. Deferred income principally relates to rents received in advance. The Loans from Group undertakings are repayable on demand with no fixed repayment date. Interest is charged at 4.3% per annum (2022: 3.7%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-415": {
"value": "29 \u203a Investments in subsidiary undertakings A Accounting policy Investments in subsidiary undertakings are stated at cost in the Company\u2019s balance sheet, less any provision for impairment in value. In accordance with IFRS 2 Share Based Payments the equity settled share-based payment charge for the employees of the Company\u2019s subsidiaries is treated as an increase in the cost of investment in the subsidiaries, with a corresponding increase in the Company\u2019s equity. 2023 \u00a3m 2022 \u00a3m At the beginning of the year 6,222 6,101 Capital contributions relating to share-based payments (note 35) 6 4 Impairment reversal 6 117 At 31 March 6,229 6,222 A full list of subsidiary undertakings at 31 March 2023 is included in Additional information on pages 205 to 209. In the year ended 31 March 2023, there has been a reversal of prior years\u2019 impairment on the Company\u2019s investment in its subsidiaries of \u00a31m (2022: reversal of \u00a3117m) as a result of an increase in the value of the net assets in those subsidiary companies. The recoverable amount of the investments has been based on the fair value of each of the subsidiaries at 31 March 2023 as determined by their individual net asset values at that date, totalling \u00a36,229m (2022: \u00a36,222m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-416": {
"value": "Investments in subsidiary undertakings are stated at cost in the Company\u2019s balance sheet, less any provision for impairment in value. In accordance with IFRS 2 Share Based Payments the equity settled share-based payment charge for the employees of the Company\u2019s subsidiaries is treated as an increase in the cost of investment in the subsidiaries, with a corresponding increase in the Company\u2019s equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-417": {
"value": "30 \u203a Other non-current assets 2023 \u00a3m 2022 \u00a3m Other property, plant and equipment 9 11 Net pension surplus (note 34) 16 28 Derivative financial instruments (note 25) 41 21 Other investments 6 1 Total other non-current assets 67 61 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-418": {
"value": "31 \u203a Other current assets 2023 \u00a3m 2022 \u00a3m Derivative financial instruments (note 25) 1 5 Other investments 6 \u2013 Total other current assets 9 5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-419": {
"value": "32 \u203a Other current liabilities 2023 \u00a3m 2022 \u00a3m Derivative financial instruments (note 25) 6 \u2013 Provisions 1 18 11 Total other current liabilities 79 11 1. Includes a \u00a314m provision for fire safety remediation works, of which \u00a39m relates to properties no longer owned by the Group but for which the Group is responsible for remediating under the Building Safety Act 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-420": {
"value": "33 \u203a Other non-current liabilities 2023 \u00a3m 2022 \u00a3m Deferred tax liability (note 12) 9 2 Net liabilities incurred on behalf of joint ventures 1 (note 16) 5 5 Total other non-current liabilities 9 12 1. The Group\u2019s share of accumulated losses of a joint venture interest are recognised as net liabilities (see note 16) where there is an obligation to provide for these losses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-421": {
"value": "34 \u203a Net pension surplus A Accounting policy Contributions to defined contribution schemes are charged to the income statement as incurred. The pension obligations arising under the Group\u2019s defined benefit pension scheme are measured at discounted present value. The scheme assets are measured at fair value, except annuities which are valued to match the liability or benefit value. The operating and financing costs of the scheme are recognised separately in the income statement. Service costs are spread using the projected unit credit method. Past service costs are recognised immediately in the income statement in the period in which they are identified. Net financing costs are recognised in the period in which they arise, calculated with reference to the discount rate, and are included in finance income or expense on a net basis. Re-measurement gains and losses arising from either experience differing from previous actuarial assumptions, or changes to those assumptions, are recognised immediately in other comprehensive income. Defined contribution schemes The charge to operating profit for the year in respect of defined contribution schemes was \u00a33m (2022: \u00a33m). Defined benefit scheme The Pension & Assurance Scheme of the Land Securities Group of Companies (the Scheme) is a registered defined benefit final salary scheme subject to the UK regulatory framework for pensions, including the Scheme Specific Funding requirements. The Scheme is operated under trust and as such, the Trustees of the Scheme are responsible for operating the Scheme and they have a statutory responsibility to act in accordance with the Scheme\u2019s Trust Deed and Rules, in the best interest of the beneficiaries of the Scheme and UK legislation (including trust law). The Trustees and the Group have the joint power to set the contributions that are paid to the Scheme. In setting contributions to the Scheme, the Trustees and the Group are guided by the advice of a qualified independent actuary on the basis of triennial valuations using the projected unit credit method. The Scheme is closed to new members (and was closed to future accrual on 31 October 2019). A full actuarial valuation of the Scheme was undertaken on 30 June 2021 by the independent actuaries, Hymans Robertson LLP. This valuation was updated to 31 March 2023 using, where required, assumptions prescribed by IAS 19 Employee Benefits. The next full actuarial valuation will be performed as at 30 June 2024. There have been no employer or employee contributions following the closure of the Scheme to future accrual on 31 October 2019. Prior to this, the employer contribution rate was 43.1% of pensionable salary to cover the costs of accruing benefits and the employee contributions were at 8% of monthly pensionable salary. It was also agreed that no further deficit contributions were required from the Group. Employee contributions were paid by salary sacrifice, and therefore appeared as Group contributions. The Group does not expect to make any employee or employer contributions to the Scheme in the year to 31 March 2024 (2023: \u00a3nil). All death-in-service and incapacity benefits arising during employment are wholly insured. No post-retirement benefits other than pensions are made available to employees of the Group. Analysis of the amounts charged to the income statement 2023 \u00a3m 2022 \u00a3m Analysis of the amount charged to operating profit Current service costs \u2013 \u2013 Past service costs \u2013 \u2013 Charge to operating profit \u2013 \u2013 Analysis of amount credited to net finance expense Interest income on plan assets (6) (5) Interest expense on defined benefit scheme liabilities 6 5 Net credit to finance income \u2013 \u2013 Analysis of the amounts recognised in other comprehensive income 2023 \u00a3m 2022 \u00a3m Analysis of gains and losses Net re-measurement losses on scheme assets (58) (4) Net re-measurement gains on scheme liabilities 46 26 Net re-measurement (losses)/gains (12) 22 Cumulative net re\u2013measurement loss recognised in other comprehensive income (36) (24) The net surplus recognised in respect of the defined benefit scheme can be analysed as follows: % 2023 \u00a3m % 2022 \u00a3m Equities \u2013 \u2013 2 15 Bonds \u2013 Government 6 2 28 65 Bonds \u2013 Corporate \u2013 \u2013 13 31 Proceeds from corporate bond sale 5 8 \u2013 \u2013 Insurance contracts 90 153 40 92 Cash and cash equivalents 9 6 12 27 Fair value of scheme assets 100 169 100 230 Fair value of scheme liabilities (153) (202) Net pension surplus 16 28 In the year ended 31 March 2023, \u00a39m (2022: \u00a39m) of benefits were paid to members. During the year, the Scheme purchased a buy-in policy with Just Retirement for \u00a379m. This insurance contract is valued as an asset using the same IAS 19 assumptions. Insurance contracts are annuities which are unquoted assets. All other Scheme assets have quoted prices in active markets. The Scheme assets do not include any directly owned financial instruments issued by the Group. Indirectly owned financial instruments had a fair value of \u00a3nil (2022: \u00a3nil). In the most recent triennial valuation, the defined benefit scheme liabilities were split nil% (2022: nil%) in respect of active scheme participants, 26% (2022: 31%) in respect of deferred scheme participants, and 74% (2022: 69%) in respect of retirees. As the scheme is now closed to future accrual, there are no longer any active scheme participants. The weighted average duration of the defined benefit scheme liabilities at 31 March 2023 is 12.0 years (2022: 14.6 years). The assumptions agreed with the Trustees of the Scheme for the triennial valuation at 30 June 2021 have been restated to the assumptions
described by IAS 19 Employee Benefits. The major assumptions used in the valuation were (in nominal terms):
2023
%
2022
%
Rate of increase in pensionable salaries n/a n/a
Rate of increase in pensions with no cap 3.50 4.00
Rate of increase in pensions with 5% cap 3.35 3.75
Discount rate 4.75 2.70
Inflation \u2013 Retail Price Index 3.50 4.00
\u2013 Consumer Price Index 2.80 3.30
The mortality assumptions used in this valuation were:
2023
Years
2022
Years
Life expectancy at age 60 for current pensioners \u2013 Men 26.7 26.6
\u2013 Women 29.0 28.9
Life expectancy at age 60 for future pensioners (current age 40) \u2013 Men 29.7 29.6
\u2013 Women 31.8 31.7
The sensitivities regarding the principal assumptions used to measure the Scheme liabilities are set out below. These were calculated using
approximate methods taking into account the duration of the Scheme liabilities.
Assumption Change in assumption Impact on Scheme liabilities
Discount rate Decrease by 0.5% Increase by \u00a311m
Life expectancy Increase by 1 year Increase by \u00a3\u00a3m
Rate of inflation Increase by 0.5% Increase by \u00a39m
The above sensitivities show the impact on liabilities only and do not reflect the hedging the Scheme has in place. In December 2022,
the Scheme transacted a buy-in policy for \u00a379m covering all remaining uninsured members. As a result the Group no longer bears any
longevity, interest rate or inflation risk in respect of the pension scheme. The buy-in policy is an investment asset of the Scheme.
The Company did not operate any defined contribution schemes or defined benefit schemes during the financial years ended 31 March 2023
or 31 March 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-422": {
"value": "Contributions to defined contribution schemes are charged to the income statement as incurred. The pension obligations arising under the Group\u2019s defined benefit pension scheme are measured at discounted present value. The scheme assets are measured at fair value, except annuities which are valued to match the liability or benefit value. The operating and financing costs of the scheme are recognised separately in the income statement. Service costs are spread using the projected unit credit method. Past service costs are recognised immediately in the income statement in the period in which they are identified. Net financing costs are recognised in the period in which they arise, calculated with reference to the discount rate, and are included in finance income or expense on a net basis. Re-measurement gains and losses arising from either experience differing from previous actuarial assumptions, or changes to those assumptions, are recognised immediately in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-423": {
"value": "Defined contribution schemes The charge to operating profit for the year in respect of defined contribution schemes was \u00a33m (2022: \u00a33m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-424": {
"value": "Defined benefit scheme
The Pension & Assurance Scheme of the Land Securities Group of Companies (the Scheme) is a registered defined benefit final salary
scheme subject to the UK regulatory framework for pensions, including the Scheme Specific Funding requirements. The Scheme is operated
under trust and as such, the Trustees of the Scheme are responsible for operating the Scheme and they have a statutory responsibility to
act in accordance with the Scheme\u2019s Trust Deed and Rules, in the best interest of the beneficiaries of the Scheme and UK legislation
(including trust law). The Trustees and the Group have the joint power to set the contributions that are paid to the Scheme.
In setting contributions to the Scheme, the Trustees and the Group are guided by the advice of a qualified independent actuary on the
basis of triennial valuations using the projected unit credit method. The Scheme is closed to new members (and was closed to future
accrual on 31 October 2019). A full actuarial valuation of the Scheme was undertaken on 30 June 2021 by the independent actuaries,
Hymans Robertson LLP. This valuation was updated to 31 March 2023 using, where required, assumptions prescribed by IAS 19 Employee
Benefits. The next full actuarial valuation will be performed as at 30 June 2024.
There have been no employer or employee contributions following the closure of the Scheme to future accrual on 31 October 2019. Prior to
this, the employer contribution rate was 43.1% of pensionable salary to cover the costs of accruing benefits and the employee contributions
were at 8% of monthly pensionable salary. It was also agreed that no further deficit contributions were required from the Group. Employee
contributions were paid by salary sacrifice, and therefore appeared as Group contributions. The Group does not expect to make any
employee or employer contributions to the Scheme in the year to 31 March 2024 (2023: \u00a3nil).
All death-in-service and incapacity benefits arising during employment are wholly insured. No post-retirement benefits other than pensions
are made available to employees of the Group.
Analysis of the amounts charged to the income statement
2023
\u00a3m
2022
\u00a3m
Analysis of the amount charged to operating profit
Current service costs \u2013 \u2013
Past service costs \u2013 \u2013
Charge to operating profit \u2013 \u2013
Analysis of amount credited to net finance expense
Interest income on plan assets (6) (5)
Interest expense on defined benefit scheme liabilities 6 5
Net credit to finance income \u2013 \u2013
Analysis of the amounts recognised in other comprehensive income
2023
\u00a3m
2022
\u00a3m
Analysis of gains and losses
Net re-measurement losses on scheme assets (58) (4)
Net re-measurement gains on scheme liabilities 46 26
Net re-measurement (losses)/gains (12) 22
Cumulative net re\u2013measurement loss recognised in other comprehensive income (36) (24)
The net surplus recognised in respect of the defined benefit scheme can be analysed as follows:
%
2023
\u00a3m %
2022
\u00a3m
Equities \u2013 \u2013 2 15
Bonds \u2013 Government 6 2 28 65
Bonds \u2013 Corporate \u2013 \u2013 13 31
Proceeds from corporate bond sale 5 8 \u2013 \u2013
Insurance contracts 90 153 40 92
Cash and cash equivalents 9 6 12 27
Fair value of scheme assets 100 169 100 230
Fair value of scheme liabilities (153) (202)
Net pension surplus 16 28
In the year ended 31 March 2023, \u00a39m (2022: \u00a39m) of benefits were paid to members.
During the year, the Scheme purchased a buy-in policy with Just Retirement for \u00a379m. This insurance contract is valued as an asset using
the same IAS 19 assumptions. Insurance contracts are annuities which are unquoted assets. All other Scheme assets have quoted prices in
active markets. The Scheme assets do not include any directly owned financial instruments issued by the Group. Indirectly owned financial
instruments had a fair value of \u00a3nil (2022: \u00a3nil).
In the most recent triennial valuation, the defined benefit scheme liabilities were split nil% (2022: nil%) in respect of active scheme
participants, 26% (2022: 31%) in respect of deferred scheme participants, and 74% (2022: 69%) in respect of retirees. As the scheme is now
closed to future accrual, there are no longer any active scheme participants. The weighted average duration of the defined benefit scheme
liabilities at 31 March 2023 is 12.0 years (2022: 14.6 years).
The assumptions agreed with the Trustees of the Scheme for the triennial valuation at 30 June 2021 have been restated to the assumptions described by IAS 19 Employee Benefits. The major assumptions used in the valuation were (in nominal terms): 2023 % 2022 % Rate of increase in pensionable salaries n/a n/a Rate of increase in pensions with no cap 3.50 4.00 Rate of increase in pensions with 5% cap 3.35 3.75 Discount rate 4.75 2.70 Inflation \u2013 Retail Price Index 3.50 4.00 \u2013 Consumer Price Index 2.80 3.30 The mortality assumptions used in this valuation were: 2023 Years 2022 Years Life expectancy at age 60 for current pensioners \u2013 Men 26.7 26.6 \u2013 Women 29.0 28.9 Life expectancy at age 60 for future pensioners (current age 40) \u2013 Men 29.7 29.6 \u2013 Women 31.8 31.7 The sensitivities regarding the principal assumptions used to measure the Scheme liabilities are set out below. These were calculated using approximate methods taking into account the duration of the Scheme liabilities. Assumption Change in assumption Impact on Scheme liabilities Discount rate Decrease by 0.5% Increase by \u00a311m Life expectancy Increase by 1 year Increase by \u00a3\u00a3m Rate of inflation Increase by 0.5% Increase by \u00a39m The above sensitivities show the impact on liabilities only and do not reflect the hedging the Scheme has in place. In December 2022, the Scheme transacted a buy-in policy for \u00a379m covering all remaining uninsured members. As a result the Group no longer bears any longevity, interest rate or inflation risk in respect of the pension scheme. The buy-in policy is an investment asset of the Scheme. The Company did not operate any defined contribution schemes or defined benefit schemes during the financial years ended 31 March 2023 or 31 March 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-425": {
"value": "35 \u203a Share-based payments A Accounting policy The cost of granting shares, options over shares and other share-based remuneration to employees and Executive Directors is recognised through the income statement. All awards are equity settled and therefore the fair value is measured at the grant date. Where the awards have non-market related performance criteria, the Group uses the Black-Scholes option valuation model to establish the relevant fair values. Where the awards have Total Shareholder Return (TSR) market related performance criteria, the Group has used the Monte Carlo simulation valuation model to establish the relevant fair values. The resulting values are amortised through the income statement over the vesting period of the awards. For awards with non-market related criteria, the charge is reversed if it appears probable that the performance or service criteria will not be met. The following table analyses the total cost recognised in the income statement for the year between each plan, together with the number of options outstanding. 2023 2022 Charge \u00a3m Number (millions) Charge \u00a3m Number (millions) Long-Term Incentive Plan 1 1 2 2 Deferred Share Bonus Plan 6 \u2013 \u2013 \u2013 Executive Share Option Scheme \u2013 6 \u2013 1 Sharesave Plan \u2013 6 1 1 Restricted Share Plan 2 2 1 1 6 7 4 5 A summary of the main features of each type of plan is given below. The plans have been split into two categories: Executive plans and Other plans. For further details on the Executive plans, see the Directors\u2019 Remuneration Report on pages 100 to 113. Executive plans: Long-Term Incentive Plan (LTIP) The LTIP is open to Executive Directors, Executive Leadership Team members and senior management members with awards made at the discretion of the Remuneration Committee. In addition, other than for Executive Directors, an award of \u2018matching shares\u2019 could be made where the individual acquired shares in Land Securities Group PLC and pledged to hold them for a period of three years. The awards are issued at nil consideration, subject to performance and vesting conditions being met. Awards of LTIP shares and matching shares are subject to the same performance criteria and normally vest after three years. Awards are satisfied by the transfer of existing shares held by the Employee Benefit Trust (EBT). There were no awards exercised during the year (2022: the weighted average share price at the date of vesting during the year was 752p). The estimated fair value of awards granted during the year under the scheme was \u00a37m (2022: \u00a37m). Deferred Share Bonus Plan (DSBP) The Executive Directors\u2019 annual bonus is structured in two distinct parts made up of an initial payment and deferred shares. The shares are usually deferred for one or two years and are not subject to additional performance criteria. Awards are satisfied by the transfer of existing shares held by the EBT at nil consideration. The weighted average share price at the date of vesting during the year was 615p (2022: 703p). The estimated fair value of awards granted during the year under the scheme was \u00a32m (2022: \u00a31m). Other plans: Executive Share Option Scheme (ESOS) The 2005 ESOS was previously open to managers not eligible to participate in the LTIP, but was largely replaced by the new Restricted Share Plan in the year ended 31 March 2020. Awards are discretionary and are granted over ordinary shares of the Company at the middle market price on the three dealing days immediately preceding the date of grant. Awards normally vest after three years and are not subject to performance conditions. Awards are satisfied by the transfer of shares from the EBT and lapse ten years after the date of grant. There were no awards exercised during the year (2022: none). The estimated fair value of awards granted during the year under the scheme was \u00a3nil (2022: \u00a3nil). Sharesave Plan Under the Sharesave Plan, Executive Directors and other eligible employees are invited to make regular monthly contributions into a Sharesave plan operated by Equiniti. On completion of the three or five year contract period, ordinary shares in the Company may be purchased at a price based upon the middle market price on the three dealing days immediately preceding the date of invitation less 20% discount. The weighted average share price at the date of exercise for awards exercised during the year was 717p (2022: 764p). The estimated fair value of awards granted during the year under the scheme was \u00a31m (2022: \u00a31m). Restricted Share plan (RSP) The RSP started in the year ended 31 March 2020. It is open to qualifying management level employees with awards granted as nil cost options. Awards are discretionary and are granted over ordinary shares of the Company at the middle market price on the day immediately preceding date of grant. Awards normally vest after three years and are not subject to performance conditions. Awards are satisfied by the transfer of shares from the EBT and lapse ten years after the date of grant. The weighted average share price at the date of exercise for awards exercised during the year was 697p (2022: 787p). The estimated fair value of awards granted during the year under the scheme was \u00a36m (2022: \u00a32m). The aggregate number of awards outstanding, and the weighted average exercise price, are shown below: Executive plans 6 Other plans Number of awards Number of awards Weighted average exercise price 2023 Number (millions) 2022 Number (millions) 2023 Number (millions) 2022 Number (millions) 2023 Pence 2022 Pence At the beginning of the year 2 2 2 2 805 821 Granted 2 1 6 \u2013 685 662 Exercised \u2013 \u2013 \u2013 \u2013 736 635 Lapsed (1) (3) \u2013 \u2013 699 781 At 31 March 1 2 1 2 768 805 Exercisable at the end of the year \u2013 \u2013 6 1 2,072 1,367 Years Years Years Years Weighted average remaining contractual life 6 1 2 3 1. Executive plans are granted at nil consideration. The number of share awards outstanding for the Group by range of exercise prices is shown below: Outstanding at 31 March 2021 Outstanding at 31 March 2022 Exercise price \u2013 range Weighted average exercise price Number of awards Weighted average remaining contractual life Weighted average exercise price Number of awards Weighted average remaining contractual life Pence Pence Number (millions) Years Pence Number (millions) Years Nil 1 \u2013 5 6 \u2013 3 1 400 \u2013 599 552 6 6 552 1 2 600 \u2013 799 665 \u2013 1 725 \u2013 \u2013 800 \u2013 999 936 \u2013 9 936 \u2013 5 1,000 \u2013 1,199 1,022 6 1 1,022 1 4 1,200 \u2013 1,399 1,328 \u2013 2 1,328 \u2013 3 1. Executive plans are granted at nil consideration. Fair value inputs for awards with non-market performance conditions Fair values are calculated using the Black-Scholes option pricing model for awards with non-market performance conditions. The weighted average inputs into this model for the grants under each plan in the financial year are as follows: Long-Term Incentive Plan Deferred Share Bonus Plan Restricted Share Plan Sharesave Plan Year ended 31 March 2023 2022 2023 2022 2023 2022 2023 2022 Share price at grant date 687p 696p 716p 696p 706p 697p 644p 683p Exercise price n/a n/a n/a n/a n/a n/a 615p 584p Expected volatility 39% 35% 39% 35% 39% 35% 39% 35% Expected life 3 years 3 years 1.41 years 3 years 3 years 2.88 years 1 to 5 years 3 to 5 years Risk-free rate 2.37% 0.29% 1.92% 0.27% 1.96% 0.27% 1.65% to 1.71% 0.22% to 0.40% Expected dividend yield 5.47% 0% nil nil 5.25% 4% 5.75% 4% Expected volatility is determined by calculating the historical volatility of the Group\u2019s share price over the previous ten years. The expected life used in the model has been determined based upon management\u2019s best estimate for the effects of non-transferability, vesting/exercise restrictions and behavioural considerations. The risk-free rate is the yield at the date of the grant of an award on a gilt-edged stock with a redemption date equal to the anticipated vesting of that award. Fair value inputs for awards with market performance conditions Fair values are calculated using the Monte Carlo simulation option pricing model for awards with market performance conditions. Awards made under the 2005 LTIP which were granted after 31 March 2009 include a TSR condition, which is a market-based condition. The weighted average inputs into this model for the scheme are as follows: Share price at date of grant Exercise price Expected volatility \u2013 Group Expected volatility \u2013 index of comparator companies Correlation \u2013 Group vs. index Year ended 31 March 2021 2022 2023 2022 2023 2022 2023 2022 2021 2022 Long-Term Incentive Plan 689p 696p n/a n/a 39% 35% 33% 35% 53% 55% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-426": {
"value": "The cost of granting shares, options over shares and other share-based remuneration to employees and Executive Directors is recognised through the income statement. All awards are equity settled and therefore the fair value is measured at the grant date. Where the awards have non-market related performance criteria, the Group uses the Black-Scholes option valuation model to establish the relevant fair values. Where the awards have Total Shareholder Return (TSR) market related performance criteria, the Group has used the Monte Carlo simulation valuation model to establish the relevant fair values. The resulting values are amortised through the income statement over the vesting period of the awards. For awards with non-market related criteria, the charge is reversed if it appears probable that the performance or service criteria will not be met. The following table analyses the total cost recognised in the income statement for the year between each plan, together with the number of options outstanding. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-427": {
"value": "36 \u203a Ordinary share capital A Accounting policy Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. The consideration paid by any Group entity to acquire the Company\u2019s equity share capital, including any directly attributable incremental costs, is deducted from equity until the shares are cancelled, reissued or sold. Where own shares are sold or reissued, the net consideration received is included in equity. Group and Company Allotted and fully paid 2023 \u00a3m 2022 \u00a3m Ordinary shares of 102\u20443p each 80 80 Number of shares 2023 2022 At the beginning of the year 751,328,142 751,313,063 Issued on the exercise of options 53,077 15,079 At 31 March 751,381,219 751,328,142 The number of options over ordinary shares from Executive plans that were outstanding at 31 March 2023 was 5,223,270 (2022: 3,278,372). If all the options were exercisable at that date then 5,223,270 (2022: 3,278,372) shares would be required to be transferred from the Employee Benefit Trust (EBT). The number of options over ordinary shares from Other plans that were outstanding at 31 March 2023 was 1,636,828 (2022: 1,768,677). If all the options were exercisable at that date then 565,439 new ordinary shares (2022: 635,473) would be issued and 1,071,389 shares would be required to be transferred from the EBT (2022: 1,133,204). Shareholders at the Annual General Meeting have previously authorised the acquisition of shares by the Company representing up to 10% of its share capital, to be held as treasury shares. There were no treasury shares transferred to the EBT during the year ended 31 March 2023 (2022: 3,049,943) to satisfy future awards under employee share plans. At 31 March 2023, the Group held 6,789,236 ordinary shares (2022: 6,789,236) with a market value of \u00a342m (2022: \u00a353m) in treasury. The Company\u2019s voting rights and dividends in respect of the treasury shares, including those own shares which the EBT holds, continue to be waived. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-428": {
"value": "Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. The consideration paid by any Group entity to acquire the Company\u2019s equity share capital, including any directly attributable incremental costs, is deducted from equity until the shares are cancelled, reissued or sold. Where own shares are sold or reissued, the net consideration received is included in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-429": {
"value": "37 \u203a Own shares A Accounting policy Shares acquired by the EBT are presented on the Group and Company balance sheets within \u2018Other reserves\u2019. Purchases of treasury shares are deducted from retained earnings. Group and Company 2023 \u00a3m 2022 \u00a3m At the beginning of the year 13 11 Transfer of treasury shares \u2013 21 Transfer of shares to employees on exercise of share options (1) (2) At 31 March 29 30 Own shares consist of shares in Land Securities Group PLC held by the EBT in respect of the Group\u2019s commitment to a number of its employee share option schemes (note 35). The number of shares held by the EBT at 31 March 2023 was 3,831,399 (2022: 3,938,343). The market value of these shares at 31 March 202 3 was \u00a324m (2022: \u00a331m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-430": {
"value": "Shares acquired by the EBT are presented on the Group and Company balance sheets within \u2018Other reserves\u2019. Purchases of treasury shares are deducted from retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-431": {
"value": "38 \u203a Contingencies The Group has contingent liabilities in respect of legal claims, tax queries, contractor claims, guarantees and warranties arising in the ordinary course of business, as well as contingent liabilities for fire safety remediation arising from the Building Safety Act 2022, for which it is not yet possible to quantify any potential future liability. The Group has received queries from tax authorities relating to historical transactions which may result in additional tax liabilities. Based on an assessment of the relevant tax rules, in addition to advice received from external parties, the Group does not believe that any tax is due and has written to the authorities explaining that position. It is not possible to accurately state the timing of any potential outflow, as the Group awaits further correspondence from the tax authorities. The Group has not disclosed an estimate of the financial effect as it is considered this could be prejudicial to its position. It is not anticipated that any material liabilities will arise from the contingent liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-432": {
"value": "39 \u203a Related party transactions Subsidiaries During the year, the Company entered into transactions, in the normal course of business, with related parties as follows: 2023 \u00a3m 2022 \u00a3m Transactions with subsidiary undertakings 6 : Recharge of costs (288) (193) Dividends received 500 \u2013 Interest paid (120) (44) 1. All cash payments, including dividend payments, are made by another Group company. Joint arrangements As disclosed in note 16, the Group has investments in a number of joint arrangements. Details of transactions and balances between the Group and its joint arrangements are as follows: Year ended and as at 31 March 2023 Year ended and as at 31 March 2022 Income/ (expense) \u00a3m Net investments into joint ventures \u00a3m Amounts owed by joint ventures \u00a3m Amounts owed to joint ventures \u00a3m Income \u00a3m Net investments into joint ventures \u00a3m Amounts owed by joint ventures \u00a3m Amounts owed to joint ventures \u00a3m Nova, Victoria 6 \u2013 69 \u2013 9 5 20 \u2013 Southside Limited Partnership 1 \u2013 75 \u2013 3 \u2013 75 \u2013 St. David\u2019s Limited Partnership 1 (1) (123) \u2013 \u2013 2 (8) 1 \u2013 Westgate Oxford Alliance Limited Partnership (2) (8) 6 \u2013 1 (11) 1 \u2013 Other \u2013 (11) 23 (14) \u2013 51 6 (1 ) 6 (164) 173 (14) 15 02 156 (1 ) 1. On 24 March 2023 the Group acquired the remaining 50% interest in St David\u2019s. From that date, the results of the operations from St David\u2019s are consolidated together with other subsidiary undertakings. Results from its operations prior to that date are included as share of profit or loss from joint ventures. For further details on the acquisition refer to note 14. Associates Details of transactions and balances between the Group and its associates are as follows: Year ended and as at 31 March 2023 Year ended and as at 31 March 2022 Income \u00a3m Net investments into associates \u00a3m Amounts owed by associates \u00a3m Amounts owed to associates \u00a3m Income \u00a3m Net investments into associates \u00a3m Amounts owed by associates \u00a3m Amounts owed to associates \u00a3m Associates \u2013 (1) 6 \u2013 \u2013 4 6 \u2013 Remuneration of key management personnel The remuneration of the Directors, who are the key management personnel of the Group and Company, is set out below in aggregate for each of the applicable categories specified in IAS 24 \u2018Related Party Disclosures\u2019. Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u2019 Remuneration Report on pages 100 to 113. 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 1 5 4 Share-based payments 9 2 9 6 1. Short-term employee benefits include pension allowance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-433": {
"value": "39 \u203a Related party transactions Subsidiaries During the year, the Company entered into transactions, in the normal course of business, with related parties as follows: 2023 \u00a3m 2022 \u00a3m Transactions with subsidiary undertakings 6 : Recharge of costs (288) (193) Dividends received 500 \u2013 Interest paid (120) (44) 1. All cash payments, including dividend payments, are made by another Group company. Joint arrangements As disclosed in note 16, the Group has investments in a number of joint arrangements. Details of transactions and balances between the Group and its joint arrangements are as follows: Year ended and as at 31 March 2023 Year ended and as at 31 March 2022 Income/ (expense) \u00a3m Net investments into joint ventures \u00a3m Amounts owed by joint ventures \u00a3m Amounts owed to joint ventures \u00a3m Income \u00a3m Net investments into joint ventures \u00a3m Amounts owed by joint ventures \u00a3m Amounts owed to joint ventures \u00a3m Nova, Victoria 6 \u2013 69 \u2013 9 5 20 \u2013 Southside Limited Partnership 1 \u2013 75 \u2013 3 \u2013 75 \u2013 St. David\u2019s Limited Partnership 1 (1) (123) \u2013 \u2013 2 (8) 1 \u2013 Westgate Oxford Alliance Limited Partnership (2) (8) 6 \u2013 1 (11) 1 \u2013 Other \u2013 (11) 23 (14) \u2013 51 6 (1 ) 6 (164) 173 (14) 15 02 156 (1 ) 1. On 24 March 2023 the Group acquired the remaining 50% interest in St David\u2019s. From that date, the results of the operations from St David\u2019s are consolidated together with other subsidiary undertakings. Results from its operations prior to that date are included as share of profit or loss from joint ventures. For further details on the acquisition refer to note 14. Associates Details of transactions and balances between the Group and its associates are as follows: Year ended and as at 31 March 2023 Year ended and as at 31 March 2022 Income \u00a3m Net investments into associates \u00a3m Amounts owed by associates \u00a3m Amounts owed to associates \u00a3m Income \u00a3m Net investments into associates \u00a3m Amounts owed by associates \u00a3m Amounts owed to associates \u00a3m Associates \u2013 (1) 6 \u2013 \u2013 4 6 \u2013 Remuneration of key management personnel The remuneration of the Directors, who are the key management personnel of the Group and Company, is set out below in aggregate for each of the applicable categories specified in IAS 24 \u2018Related Party Disclosures\u2019. Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u2019 Remuneration Report on pages 100 to 113. 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 1 5 4 Share-based payments 9 2 9 6 1. Short-term employee benefits include pension allowance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-434": {
"value": "Remuneration of key management personnel The remuneration of the Directors, who are the key management personnel of the Group and Company, is set out below in aggregate for each of the applicable categories specified in IAS 24 \u2018Related Party Disclosures\u2019. Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u2019 Remuneration Report on pages 100 to 113. 2023 \u00a3m 2022 \u00a3m Short-term employee benefits 1 5 4 Share-based payments 9 2 9 6 1. Short-term employee benefits include pension allowance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-435": {
"value": "40 \u203a Operating lease arrangements A Accounting policy The Group earns rental income by leasing its properties to tenants under non-cancellable operating leases. Leases in which substantially all risks and rewards incidental to ownership of investment properties are retained by the Group as the lessor are classified as operating leases. Payments, including prepayments, received under operating leases (net of any incentives paid) are charged to the income statement on a straight-line basis over the period of the lease. At the balance sheet date, the Group had contracted with tenants to receive the following undiscounted future minimum lease payments: 2023 \u00a3m 2022 \u00a3m Not later than one year 455 461 Later than one year, but not more than two years 427 459 Later than two years, but not more than three years 382 434 Later than three years, but not more than four years 111 388 Later than four years, but not more than five years 299 337 More than five years 2,595 3,142 4,491 5,221 The total of contingent rents, primarily turnover based rents, recognised as income during the year was \u00a351m (2022: \u00a335m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-436": {
"value": "41 \u203a Events after the reporting period Since 31 March 2023, the Group sold or exchanged contracts to sell certain interests in trading properties acquired as part of U+I Group PLC in the previous financial year. No other significant events occurred after the reporting period but before the financial statements were authorised for issue. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-437": {
"value": "100 Victoria Street London SW1E 5JL",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800V8IAVKS37D6B88",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}