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1. Corporate information
The Group\u2019s financial statements for the year ended 31 December 2024 were approved by the Board
of Directors on 27 February 2025 and the Group Balance Sheet was signed on the Board\u2019s behalf by
the Chief Financial Officer, Richard Howell. Primary Health Properties PLC is a public limited company
incorporated in England and Wales and domiciled in the United Kingdom, limited by shares. The Company\u2019s
Ordinary Shares are admitted to the Official List of the UK Listing Authority, a division of the Financial
Conduct Authority, and traded on the London Stock Exchange.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Primary Health Properties PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-284": { "value": "
2. Accounting policies
2.1 Basis of preparation
The consolidated financial statements have been prepared in accordance with UK adopted international
accounting standards in conformity with the requirements of the Companies Act 2006 and with
International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the IASB. The Group\u2019s financial
statements have been prepared on the historical cost basis, except for investment properties, including
investment properties under construction and land, the convertible bond and derivative financial instruments
that have been measured at fair value. The Group\u2019s financial statements are prepared on the going
concern basis (see page 110 for further details) and presented in sterling rounded to the nearest million.
Statement of compliance
The consolidated financial statements for the Group have been prepared in accordance with United
Kingdom-adopted International Accounting Standards and applied in accordance with the Companies Act 2006.
2.2 Standards adopted during the year
The accounting policies adopted are consistent with those of the previous financial year except for the
following new and amended IFRSs effective for the Group as of 1 January 2024.
Amendments to IAS 1 Non-current liabilities with covenants
On 31 October 2022, the IASB issued Non-current liabilities with covenants (Amendments to IAS 1) to
clarify how conditions with which an entity must comply within twelve months after the reporting period
affect the classification of a liability. Under the amendments to the standard, the classification of certain
liabilities as current or non-current may change and companies may need to provide new disclosures for
liabilities subject to covenants.
Amendments to IFRS 16 Lease liability in a sale and leaseback
On 22 September 2022, the IASB issued Lease liability in a sale and leaseback (Amendments to IFRS 16)
with amendments that clarify how a seller-lessee subsequently measures sale and leaseback transactions
that satisfy the requirements in IFRS 15 to be accounted for as a sale.
None of the above have had a significant effect on the consolidated financial statements of the Group.
2.3 Summary of significant accounting policies
Basis of consolidation
The Group\u2019s financial statements consolidate the financial statements of Primary Health Properties PLC
and its wholly owned subsidiary undertakings. Subsidiaries are consolidated from the date of their
acquisition, being the date on which the Group obtained control, and continue to be consolidated until
the date that such control ceases. Control is exercised if and only if an investor has all the following:
power over an investee; exposure, or rights, to variable returns from its involvement with the investee; and
the ability to use its power over the investee to affect the amount of the investor\u2019s returns. The financial
statements of the subsidiary undertakings are prepared for the accounting reference period ending
31 December each year using consistent accounting policies. All intercompany balances and transactions,
including unrealised profits arising from them, are eliminated on consolidation.
The individual financial statements of Primary Health Properties PLC and each of its subsidiary
undertakings will be prepared under FRS 101. The use of IFRSs at Group level does not affect the
distributable reserves available to the Group.
Segmental reporting
The Directors are of the opinion that the Group is engaged in a single segment of business, being
investment property in the United Kingdom and Ireland leased principally to GPs, government healthcare
organisations and other associated healthcare users.
Foreign currency transactions
Each Group company presents its individual financial statements in its functional currency. The functional
currency of all UK subsidiaries (with the exception of PHP Euro Private Placement Limited and MXF
Properties Ireland Limited which operate in euros) is sterling and the functional currency of Primary
Health Properties ICAV and Axis Real Estate Group, our Irish domiciled subsidiaries, is the euro.
Transactions in currencies other than an individual entity\u2019s functional currency (\u201cforeign currencies\u201d) are
recognised at the applicable exchange rate ruling on the transaction date. Exchange differences resulting
from settling these transactions, or from retranslating monetary assets and liabilities denominated in
foreign currencies, are included in the Group Statement of Comprehensive Income.
Foreign operations
In preparing the Group\u2019s consolidated financial statements, the assets and liabilities of foreign entities are
translated into sterling at exchange rates prevailing on the balance sheet date. The income, expenses and cash
flows of a foreign entity are translated at the average exchange rate for the period, unless exchange rates
fluctuate significantly during the period, in which case the exchange rates at the date of transactions are used.
The exchange rates used to translate foreign currency amounts in 2024 are as follows:
\u2022 Group Balance Sheet: \u00a31 = \u20ac1.209 (2023: \u20ac1.15355).
\u2022 Group Statement of Comprehensive Income: \u00a31 = \u20ac1.18153 (2023: \u20ac1.15977).
Investment properties and investment properties under construction
The Group\u2019s investment properties are held for long term investment. Investment properties and those
under construction are initially measured at cost, including transaction costs. Subsequent to initial
recognition, investment properties and investment properties under construction are stated at fair value
based on market data and a professional valuation made as of each reporting date. The fair value of
investment property does not reflect future capital expenditure that will improve or enhance the property
and does not reflect future benefits from this future expenditure.
Gains or losses arising from changes in the fair value of investment properties and investment properties under
construction are included in the Group Statement of Comprehensive Income in the year in which they arise.
Investment properties are recognised on acquisition upon completion of contract, which is when control of
the asset passes to the Group. Investment properties cease to be recognised when control of the property
passes to the purchaser, which is upon completion of the sales contract. Any gains and losses arising are
recognised in the Group Statement of Comprehensive Income in the year of disposal.
All costs associated with the purchase and construction of investment properties under construction
are capitalised including attributable interest and staff costs. Interest is calculated on the expenditure by
reference to the average rate of interest on the Group\u2019s borrowings. When properties under construction
are completed, the capitalisation of costs ceases and they are reclassified as investment properties.
The Group may enter into a forward funding agreement with third-party developers in respect of certain
properties under development. In accordance with these agreements, the Group will make monthly stage
payments to the developer based on certified works on site at that time. Interest is charged to the developer
on all stage payments made during the construction period and on the cost of the land acquired by the
Group at the outset of the development and taken to the Group Statement of Comprehensive Income in
the year in which it accrues.
Property acquisitions and business combinations
Where a property is acquired through the acquisition of corporate interests, the Board considers the
substance of the assets and activities of the acquired entity in determining whether the acquisition
represents the acquisition of a business.
Where properties are acquired through the purchase of a corporate entity but the transaction does not
meet the definition of a business combination under IFRS 3, the purchase is treated as an asset acquisition.
Where the acquisition is considered a business combination, the excess of the consideration transferred
over the fair value of assets and liabilities acquired is held as goodwill, initially recognised at cost with
subsequent impairment assessments completed at least annually. Where the initial calculation of goodwill
arising is negative, this is recognised immediately in the Group Statement of Comprehensive Income.
Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities
of the entity based on their relative fair values on the acquisition date. Accordingly, no goodwill or
additional deferred taxation arises. Where any excess of the purchase price of business combinations over
the fair value of the assets, liabilities and contingent liabilities is acquired, goodwill is recognised. This is
recognised as an asset and is reviewed for impairment at least annually. Any impairment is recognised
immediately in the Group Statement of Comprehensive Income.
Gains on sale of properties
Gains on sale of properties are recognised on the completion of the contract, and are calculated by
reference to the carrying value at the end of the previous reporting period, adjusted for subsequent capital
expenditure and sale costs.
Net rental income Rental income arising from operating leases on investment properties is accounted for on a straight line basis over the lease term. An adjustment to rental income is recognised from the rent review date of each lease in relation to unsettled rent reviews. Such adjustments are accrued at 100% (2023: 100%) of the additional rental income that is expected to result from the review. For leases which contain fixed or minimum deemed uplifts, the rental income is recognised on a straight line basis over the lease term. Incentives for lessees to enter into lease agreements are spread evenly over the lease terms, even if the payments are not made on such a basis. Rental income is measured at the fair value of the consideration receivable, excluding discounts, rebates, VAT and other sales taxes or duty. Net rental income is the rental income receivable in the period after payment of direct property costs. Interest income Interest income is recognised as interest accrues, using the effective interest method (that is, the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset). Financial instruments under IFRS 9 Trade receivables Trade receivables are recognised at their transaction price and carried at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants which are solely the payment of principal and interest. A loss allowance is made based on the expected credit loss model which reflects the Group\u2019s historical credit loss experience over the past three years but also reflects the lifetime expected credit loss. Cash and cash equivalents Cash and cash equivalents are defined as cash and short term deposits, with an original maturity of three months or less, measured at amortised cost. Trade and other payables Trade payables are initially recognised at fair value and subsequently measured at amortised cost inclusive of any VAT that may be applicable. Bank loans and borrowings All loans and borrowings are initially measured at fair value less directly attributable transaction costs. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest method. The interest due and unpaid is accrued at the end of the year and presented as a current liability within trade and other payables. Borrowing costs Borrowing costs that are separately identifiable and directly attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs the Group incurs in connection with the borrowing of funds. Convertible bond The convertible bond is designated as \u201cat fair value through profit or loss\u201d and so is presented on the Group Balance Sheet at fair value with all gains and losses, including the write-off of issuance costs, recognised in the Group Statement of Comprehensive Income. The fair value of the convertible bond is assessed in accordance with level 1 valuation techniques as set out within \u201cFair value measurements\u201d within these accounting policies. The interest charge in respect of the coupon rate on the bond has been recognised within the underlying component of net financing costs on an accruals basis. Refer to Note 14b for further details. The amount of the change in fair value of the financial liability designated at fair value through profit or loss that is attributable to changes in credit risk will be recognised in other comprehensive income. De-recognition of financial assets and liabilities Financial assets A financial asset (or where applicable a part of a financial asset or part of a group of similar financial assets) is de-recognised where: \u2022 the rights to receive cash flows from the asset have expired; or \u2022 the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or \u2022 the Group has transferred its right to receive cash flows from the asset and either: (a) has transferred substantially all the risks and rewards of the asset; or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset; or \u2022 the cash flows are significantly modified. Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Financial liabilities A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a de-recognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. When the exchange or modification of an existing financial liability is not accounted for as an extinguishment, any costs or fees incurred adjust the liability\u2019s carrying amount and are amortised over the modified liability\u2019s remaining term and any difference in the carrying amount after modification is recognised as a modification gain or loss. Hedge accounting At the inception of a transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at inception and on an ongoing basis. For cash flow hedging, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39, having applied the practical expedient on transition, for being described as \u201chighly effective\u201d in offsetting changes in the fair values or cash flows of hedged items. For net investment hedge relationships, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39 for being described as \u201chighly effective\u201d. Derivative financial instruments (the \u201cderivatives\u201d) The Group uses interest rate swaps to help manage its interest rate risk. All interest rate derivatives are initially recognised at fair value at the date the derivative is entered into and are subsequently remeasured at fair value. The fair values of the Group\u2019s interest rate swaps are calculated by Chatham (formally JCRA), an independent specialist which provides treasury management services to the Group. The method of recognising the resulting gain or loss depends on whether the derivative is designated as an effective hedging instrument: \u2022 Where a derivative is designated as a hedge of the variability of a highly probable forecast transaction, such as an interest payment, the element of the gain or loss on the derivative that is an \u201ceffective\u201d hedge is recognised directly in equity. When the forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains or losses that were recognised directly in the cash flow hedging reserve are reclassified into the Group Statement of Comprehensive Income in the same period or periods during which the asset acquired or liability assumed affects the Group Statement of Comprehensive Income, i.e. when interest income or expense is recognised. \u2022 The gain or loss on derivatives that do not meet the strict criteria for being \u201ceffective\u201d and so do not qualify for hedge accounting and the non-qualifying element of derivatives that do qualify for hedge accounting are recognised in the Group Statement of Comprehensive Income immediately. The treatment does not alter the fact that the derivatives are economic hedges of the underlying transaction.
For swaps that have been cancelled which previously qualified for hedge accounting, the remaining value
within the cash flow hedging reserve at the date of cancellation is recycled to the Group Statement of
Comprehensive Income on a straight line basis from the date of cancellation to the original swap expiry
date where the hedged transaction is still expected to occur. If the swaps have been cancelled and the
hedged transaction is no longer expected to occur, the amount accumulated in the hedging reserve is
reclassified to profit and loss immediately.
Tax
Taxation on the profit or loss for the period not exempt under UK REIT regulations comprises current and
deferred tax. Taxation is recognised in the Group Statement of Comprehensive Income except to the extent
that it relates to items recognised as direct movements in equity, in which case it is also recognised as
a direct movement in equity.
Current tax is the expected tax payable on any non-REIT taxable income for the period, using tax rates
enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect
of previous years.
Fair value measurements
The Group measures certain financial instruments, such as derivatives, the Group\u2019s convertible bond and
non-financial assets such as investment property, at fair value at the end of each reporting period. Also,
fair values of financial instruments measured at amortised cost are disclosed in the financial statements.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either:
\u2022 in the principal market for the asset or liability; or
\u2022 in the absence of a principal market, in the most advantageous market for the asset or liability.
The Group must be able to access the principal or the most advantageous market at the
measurement date.
The fair value of an asset or liability is measured using the assumptions that market participants
would use when pricing the asset or liability, assuming that market participants act in their economic
best interest.
A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to
generate economic benefits using the asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
The Group uses valuation techniques at three levels that are appropriate in the circumstances and for
which sufficient data is available to measure fair value, maximising the use of relevant observable inputs
and minimising the use of unobservable inputs significant to the fair value measurement as a whole:
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable.
Level 3: Valuation techniques for which the lowest input that is significant to the fair value measurement
is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group
determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation
at the end of each reporting period.
Leases \u2013 Group as a lessor
The vast majority of the Group\u2019s properties are leased out under operating leases and are included within
investment properties. Rental income, including the effect of lease incentives, is recognised on a straight
line basis over the lease term.
Where the Group transfers substantially all the risks and benefits of ownership of the asset, the
arrangement is classified as a finance lease and a receivable is recognised for the initial direct costs
of the lease and the present value of the minimum lease payments. Finance income is recognised in the
Group Statement of Comprehensive Income so as to achieve a constant rate of return on the remaining
net investment in the lease. Interest income on finance leases is restricted to the amount of interest
actually received.
Employee costs
Defined contribution pension plans
Obligations for contributions to defined contribution pension plans are charged to the Group Statement
of Comprehensive Income as incurred.
Share-based employee remuneration
The fair value of equity-settled share-based payments to employees is determined with reference to the
fair value of the equity instruments at the date of grant and is expensed on a straight line basis over the
vesting period, based on the Group\u2019s estimate of shares or options that will eventually vest. The fair value
of awards is equal to the market value at grant date.
Capitalised salaries
Certain internal staff and associated costs directly attributable to the management of major projects
are capitalised. Internal staff costs are capitalised from the start of the project until the date of
practical completion.
Properties held for sale
Investment property (and disposal groups) classified as held for sale are measured at fair value consistent
with other investment properties.
Investment property and disposal groups are classified as held for sale if their carrying amount will be
recovered through a sale transaction rather than through continuing use. This condition is regarded as met
only when the sale is highly probable, and the asset (or disposal group) is available for immediate sale in
its present condition. Management must be committed to the sale which should be expected to qualify
for recognition as a completed sale within one year from the date of classification.
Capitalised costs
A capitalised cost is an expense added to the cost basis of a fixed asset on the balance sheet. Capitalised
costs are incurred when purchasing fixed assets following the matching principle of accounting to record
expenses in the same period as related revenues or useful life of an asset. The historical costs are
recorded on the balance sheet and depreciated over the useful life of an asset.
Intangible assets
Contract-based intangible assets comprise the value of customer contracts arising on business
combinations. Intangible assets arising on business combinations are initially recognised at fair value.
Intangible assets arising on business combinations are amortised on a straight line basis to the Group
Statement of Comprehensive Income over their expected useful lives, and are carried at amortised
historical cost.
2.4 Significant accounting estimates and judgements
The preparation of the Group financial statements requires management to make a number of estimates
and judgements that affect the reported amounts of assets and liabilities and may differ from future
actual results. The estimates and judgements that are considered most critical and that have a significant
inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are:
a) Estimates
Fair value of investment properties
Investment properties include: (i) completed investment properties; and (ii) investment properties under
construction. Completed investment properties comprise real estate held by the Group or leased by the
Group under a finance lease in order to earn rental income or for capital appreciation, or both. Investment
properties under construction are not material and therefore there is no estimation uncertainty.
The fair market value of a property is deemed by the independent property valuer appointed by the Group
to be the estimated amount for which a property should exchange, on the date of valuation, in an arm\u2019s
length transaction. Properties have been valued on an individual basis, assuming that they will be sold
individually over time. Allowances are made to reflect the purchaser\u2019s costs of professional fees and stamp
duty and tax.
In accordance with RICS Appraisal and Valuation Standards, factors taken into account are current market
conditions, annual rentals, state of repair, ground stability, contamination issues and fire and health and
safety legislation. Refer to Note 10 of the financial statements which includes further information on the
fair value assumptions and sensitivities.
Fair value of derivatives
In accordance with IFRS 9, the Group values its derivative financial instruments at fair value. Fair value is
estimated by Chatham on behalf of the Group, using a number of assumptions based upon market rates
and discounted future cash flows. The derivative financial instruments have been valued by reference to
the mid price of the yield curve prevailing on 31 December 2024. Fair value represents the net present
value of the difference between the cash flows produced by the contracted rate and the valuation rate.
Refer to Note 16 of the financial statements.
b) Judgements
In the process of applying the Group\u2019s accounting policies, which are described above, the Directors do not
consider there to be significant judgements applied with regard to the policies adopted.
2.5 Standards issued but not yet effective
At the date of authorisation of these financial statements, the Group has not applied the following new
and revised IFRSs that have been issued but are not yet effective and in some cases have not yet been
adopted by the UK:
\u2022 amendments to IAS 21 Lack of exchangeability;
\u2022 amendments to SASB standards;
\u2022 amendments to the classification and measurement of financial instruments (amendments to IFRS 9
and IFRS 7); and
\u2022 amendments to IFRS 18 Presentation and disclosures in financial statements.
A number of new standards and amendments to standards and interpretations are effective for annual
periods beginning on or after 1 January 2025, but are not yet applicable to the Group and have not been
applied in preparing these consolidated financial statements. None of these are expected to have a
significant effect on the consolidated financial statements of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-289": { "value": "2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and with International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the IASB. The Group\u2019s financial statements have been prepared on the historical cost basis, except for investment properties, including investment properties under construction and land, the convertible bond and derivative financial instruments that have been measured at fair value. The Group\u2019s financial statements are prepared on the going concern basis (see page 110 for further details) and presented in sterling rounded to the nearest million. Statement of compliance The consolidated financial statements for the Group have been prepared in accordance with United Kingdom-adopted International Accounting Standards and applied in accordance with the Companies Act 2006. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-326": { "value": "Statement of compliance The consolidated financial statements for the Group have been prepared in accordance with United Kingdom-adopted International Accounting Standards and applied in accordance with the Companies Act 2006. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-290": { "value": "2.2 Standards adopted during the year The accounting policies adopted are consistent with those of the previous financial year except for the following new and amended IFRSs effective for the Group as of 1 January 2024. Amendments to IAS 1 Non-current liabilities with covenants On 31 October 2022, the IASB issued Non-current liabilities with covenants (Amendments to IAS 1) to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Under the amendments to the standard, the classification of certain liabilities as current or non-current may change and companies may need to provide new disclosures for liabilities subject to covenants. Amendments to IFRS 16 Lease liability in a sale and leaseback On 22 September 2022, the IASB issued Lease liability in a sale and leaseback (Amendments to IFRS 16) with amendments that clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. None of the above have had a significant effect on the consolidated financial statements of the Group. 2.5 Standards issued but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective and in some cases have not yet been adopted by the UK: \u2022 amendments to IAS 21 Lack of exchangeability; \u2022 amendments to SASB standards; \u2022 amendments to the classification and measurement of financial instruments (amendments to IFRS 9 and IFRS 7); and \u2022 amendments to IFRS 18 Presentation and disclosures in financial statements. A number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2025, but are not yet applicable to the Group and have not been applied in preparing these consolidated financial statements. None of these are expected to have a significant effect on the consolidated financial statements of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-323": { "value": "2.2 Standards adopted during the year The accounting policies adopted are consistent with those of the previous financial year except for the following new and amended IFRSs effective for the Group as of 1 January 2024. Amendments to IAS 1 Non-current liabilities with covenants On 31 October 2022, the IASB issued Non-current liabilities with covenants (Amendments to IAS 1) to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Under the amendments to the standard, the classification of certain liabilities as current or non-current may change and companies may need to provide new disclosures for liabilities subject to covenants. Amendments to IFRS 16 Lease liability in a sale and leaseback On 22 September 2022, the IASB issued Lease liability in a sale and leaseback (Amendments to IFRS 16) with amendments that clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. None of the above have had a significant effect on the consolidated financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-291": { "value": "Basis of consolidation The Group\u2019s financial statements consolidate the financial statements of Primary Health Properties PLC and its wholly owned subsidiary undertakings. Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtained control, and continue to be consolidated until the date that such control ceases. Control is exercised if and only if an investor has all the following: power over an investee; exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect the amount of the investor\u2019s returns. The financial statements of the subsidiary undertakings are prepared for the accounting reference period ending 31 December each year using consistent accounting policies. All intercompany balances and transactions, including unrealised profits arising from them, are eliminated on consolidation. The individual financial statements of Primary Health Properties PLC and each of its subsidiary undertakings will be prepared under FRS 101. The use of IFRSs at Group level does not affect the distributable reserves available to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-325": { "value": "Basis of consolidation The Group\u2019s financial statements consolidate the financial statements of Primary Health Properties PLC and its wholly owned subsidiary undertakings. Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtained control, and continue to be consolidated until the date that such control ceases. Control is exercised if and only if an investor has all the following: power over an investee; exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect the amount of the investor\u2019s returns. The financial statements of the subsidiary undertakings are prepared for the accounting reference period ending 31 December each year using consistent accounting policies. All intercompany balances and transactions, including unrealised profits arising from them, are eliminated on consolidation. The individual financial statements of Primary Health Properties PLC and each of its subsidiary undertakings will be prepared under FRS 101. The use of IFRSs at Group level does not affect the distributable reserves available to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-285": { "value": "Segmental reporting The Directors are of the opinion that the Group is engaged in a single segment of business, being investment property in the United Kingdom and Ireland leased principally to GPs, government healthcare organisations and other associated healthcare users. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-286": { "value": "Foreign currency transactions Each Group company presents its individual financial statements in its functional currency. The functional currency of all UK subsidiaries (with the exception of PHP Euro Private Placement Limited and MXF Properties Ireland Limited which operate in euros) is sterling and the functional currency of Primary Health Properties ICAV and Axis Real Estate Group, our Irish domiciled subsidiaries, is the euro. Transactions in currencies other than an individual entity\u2019s functional currency (\u201cforeign currencies\u201d) are recognised at the applicable exchange rate ruling on the transaction date. Exchange differences resulting from settling these transactions, or from retranslating monetary assets and liabilities denominated in foreign currencies, are included in the Group Statement of Comprehensive Income. Foreign operations In preparing the Group\u2019s consolidated financial statements, the assets and liabilities of foreign entities are translated into sterling at exchange rates prevailing on the balance sheet date. The income, expenses and cash flows of a foreign entity are translated at the average exchange rate for the period, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the date of transactions are used. The exchange rates used to translate foreign currency amounts in 2024 are as follows: \u2022 Group Balance Sheet: \u00a31 = \u20ac1.209 (2023: \u20ac1.15355). \u2022 Group Statement of Comprehensive Income: \u00a31 = \u20ac1.18153 (2023: \u20ac1.15977). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-324": { "value": "Each Group company presents its individual financial statements in its functional currency. The functional currency of all UK subsidiaries (with the exception of PHP Euro Private Placement Limited and MXF Properties Ireland Limited which operate in euros) is sterling and the functional currency of Primary Health Properties ICAV and Axis Real Estate Group, our Irish domiciled subsidiaries, is the euro. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-287": { "value": "Investment properties and investment properties under construction The Group\u2019s investment properties are held for long term investment. Investment properties and those under construction are initially measured at cost, including transaction costs. Subsequent to initial recognition, investment properties and investment properties under construction are stated at fair value based on market data and a professional valuation made as of each reporting date. The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect future benefits from this future expenditure. Gains or losses arising from changes in the fair value of investment properties and investment properties under construction are included in the Group Statement of Comprehensive Income in the year in which they arise. Investment properties are recognised on acquisition upon completion of contract, which is when control of the asset passes to the Group. Investment properties cease to be recognised when control of the property passes to the purchaser, which is upon completion of the sales contract. Any gains and losses arising are recognised in the Group Statement of Comprehensive Income in the year of disposal. All costs associated with the purchase and construction of investment properties under construction are capitalised including attributable interest and staff costs. Interest is calculated on the expenditure by reference to the average rate of interest on the Group\u2019s borrowings. When properties under construction are completed, the capitalisation of costs ceases and they are reclassified as investment properties. The Group may enter into a forward funding agreement with third-party developers in respect of certain properties under development. In accordance with these agreements, the Group will make monthly stage payments to the developer based on certified works on site at that time. Interest is charged to the developer on all stage payments made during the construction period and on the cost of the land acquired by the Group at the outset of the development and taken to the Group Statement of Comprehensive Income in the year in which it accrues. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-292": { "value": "Property acquisitions and business combinations Where a property is acquired through the acquisition of corporate interests, the Board considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business. Where properties are acquired through the purchase of a corporate entity but the transaction does not meet the definition of a business combination under IFRS 3, the purchase is treated as an asset acquisition. Where the acquisition is considered a business combination, the excess of the consideration transferred over the fair value of assets and liabilities acquired is held as goodwill, initially recognised at cost with subsequent impairment assessments completed at least annually. Where the initial calculation of goodwill arising is negative, this is recognised immediately in the Group Statement of Comprehensive Income. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based on their relative fair values on the acquisition date. Accordingly, no goodwill or additional deferred taxation arises. Where any excess of the purchase price of business combinations over the fair value of the assets, liabilities and contingent liabilities is acquired, goodwill is recognised. This is recognised as an asset and is reviewed for impairment at least annually. Any impairment is recognised immediately in the Group Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-293": { "value": "Gains on sale of properties Gains on sale of properties are recognised on the completion of the contract, and are calculated by reference to the carrying value at the end of the previous reporting period, adjusted for subsequent capital expenditure and sale costs. ", "dimensions": { "concept": "phpplc:DescriptionOfAccountingPolicyForGainOnSaleOfProperties", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-294": { "value": "
Net rental income
Rental income arising from operating leases on investment properties is accounted for on a straight line
basis over the lease term. An adjustment to rental income is recognised from the rent review date of each
lease in relation to unsettled rent reviews. Such adjustments are accrued at 100% (2023: 100%) of the
additional rental income that is expected to result from the review. For leases which contain fixed or
minimum deemed uplifts, the rental income is recognised on a straight line basis over the lease term.
Incentives for lessees to enter into lease agreements are spread evenly over the lease terms, even if the
payments are not made on such a basis. Rental income is measured at the fair value of the consideration
receivable, excluding discounts, rebates, VAT and other sales taxes or duty. Net rental income is the rental
income receivable in the period after payment of direct property costs.
", "dimensions": { "concept": "phpplc:DescriptionOfAccountingPolicyForNetRentalIncome", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-295": { "value": "
Interest income
Interest income is recognised as interest accrues, using the effective interest method (that is, the rate that
exactly discounts estimated future cash receipts through the expected life of the financial instrument to
the net carrying amount of the financial asset).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-331": { "value": "Interest income Interest income is recognised as interest accrues, using the effective interest method (that is, the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-296": { "value": "Financial instruments under IFRS 9 Trade receivables Trade receivables are recognised at their transaction price and carried at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants which are solely the payment of principal and interest. A loss allowance is made based on the expected credit loss model which reflects the Group\u2019s historical credit loss experience over the past three years but also reflects the lifetime expected credit loss. Cash and cash equivalents Cash and cash equivalents are defined as cash and short term deposits, with an original maturity of three months or less, measured at amortised cost. Trade and other payables Trade payables are initially recognised at fair value and subsequently measured at amortised cost inclusive of any VAT that may be applicable. Bank loans and borrowings All loans and borrowings are initially measured at fair value less directly attributable transaction costs. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest method. The interest due and unpaid is accrued at the end of the year and presented as a current liability within trade and other payables. Borrowing costs Borrowing costs that are separately identifiable and directly attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs the Group incurs in connection with the borrowing of funds. Convertible bond The convertible bond is designated as \u201cat fair value through profit or loss\u201d and so is presented on the Group Balance Sheet at fair value with all gains and losses, including the write-off of issuance costs, recognised in the Group Statement of Comprehensive Income. The fair value of the convertible bond is assessed in accordance with level 1 valuation techniques as set out within \u201cFair value measurements\u201d within these accounting policies. The interest charge in respect of the coupon rate on the bond has been recognised within the underlying component of net financing costs on an accruals basis. Refer to Note 14b for further details. The amount of the change in fair value of the financial liability designated at fair value through profit or loss that is attributable to changes in credit risk will be recognised in other comprehensive income. De-recognition of financial assets and liabilities Financial assets A financial asset (or where applicable a part of a financial asset or part of a group of similar financial assets) is de-recognised where: \u2022 the rights to receive cash flows from the asset have expired; or \u2022 the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or \u2022 the Group has transferred its right to receive cash flows from the asset and either: (a) has transferred substantially all the risks and rewards of the asset; or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset; or \u2022 the cash flows are significantly modified. Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Financial liabilities A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a de-recognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss.
When the exchange or modification of an existing financial liability is not accounted for as an
extinguishment, any costs or fees incurred adjust the liability\u2019s carrying amount and are amortised
over the modified liability\u2019s remaining term and any difference in the carrying amount after modification
is recognised as a modification gain or loss.
Hedge accounting
At the inception of a transaction the Group documents the relationship between hedging instruments and
hedged items, as well as its risk management objectives and strategy for undertaking various hedging
transactions. The Group also documents its assessment, both at inception and on an ongoing basis.
For cash flow hedging, the Group monitors the hedging instrument to check it continues to meet the
criteria of IAS 39, having applied the practical expedient on transition, for being described as \u201chighly
effective\u201d in offsetting changes in the fair values or cash flows of hedged items.
For net investment hedge relationships, the Group monitors the hedging instrument to check it continues
to meet the criteria of IAS 39 for being described as \u201chighly effective\u201d.
Derivative financial instruments (the \u201cderivatives\u201d)
The Group uses interest rate swaps to help manage its interest rate risk.
All interest rate derivatives are initially recognised at fair value at the date the derivative is entered into
and are subsequently remeasured at fair value. The fair values of the Group\u2019s interest rate swaps are
calculated by Chatham (formally JCRA), an independent specialist which provides treasury management
services to the Group.
The method of recognising the resulting gain or loss depends on whether the derivative is designated as
an effective hedging instrument:
\u2022 Where a derivative is designated as a hedge of the variability of a highly probable forecast transaction,
such as an interest payment, the element of the gain or loss on the derivative that is an \u201ceffective\u201d
hedge is recognised directly in equity. When the forecast transaction subsequently results in the
recognition of a financial asset or a financial liability, the associated gains or losses that were
recognised directly in the cash flow hedging reserve are reclassified into the Group Statement
of Comprehensive Income in the same period or periods during which the asset acquired or liability
assumed affects the Group Statement of Comprehensive Income, i.e. when interest income or expense
is recognised.
\u2022 The gain or loss on derivatives that do not meet the strict criteria for being \u201ceffective\u201d and so do
not qualify for hedge accounting and the non-qualifying element of derivatives that do qualify for
hedge accounting are recognised in the Group Statement of Comprehensive Income immediately.
The treatment does not alter the fact that the derivatives are economic hedges of the
underlying transaction.
For swaps that have been cancelled which previously qualified for hedge accounting, the remaining value within the cash flow hedging reserve at the date of cancellation is recycled to the Group Statement of Comprehensive Income on a straight line basis from the date of cancellation to the original swap expiry date where the hedged transaction is still expected to occur. If the swaps have been cancelled and the hedged transaction is no longer expected to occur, the amount accumulated in the hedging reserve is reclassified to profit and loss immediately. Tax Taxation on the profit or loss for the period not exempt under UK REIT regulations comprises current and deferred tax. Taxation is recognised in the Group Statement of Comprehensive Income except to the extent that it relates to items recognised as direct movements in equity, in which case it is also recognised as a direct movement in equity. Current tax is the expected tax payable on any non-REIT taxable income for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Fair value measurements The Group measures certain financial instruments, such as derivatives, the Group\u2019s convertible bond and non-financial assets such as investment property, at fair value at the end of each reporting period. Also, fair values of financial instruments measured at amortised cost are disclosed in the financial statements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 in the principal market for the asset or liability; or \u2022 in the absence of a principal market, in the most advantageous market for the asset or liability. The Group must be able to access the principal or the most advantageous market at the measurement date. The fair value of an asset or liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques at three levels that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-332": { "value": "
Trade receivables
Trade receivables are recognised at their transaction price and carried at amortised cost as the Group\u2019s
business model is to collect the contractual cash flows due from tenants which are solely the payment of
principal and interest. A loss allowance is made based on the expected credit loss model which reflects
the Group\u2019s historical credit loss experience over the past three years but also reflects the lifetime
expected credit loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-327": { "value": "
Cash and cash equivalents
Cash and cash equivalents are defined as cash and short term deposits, with an original maturity of three
months or less, measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-328": { "value": "
Trade and other payables
Trade payables are initially recognised at fair value and subsequently measured at amortised cost
inclusive of any VAT that may be applicable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-329": { "value": "
Bank loans and borrowings
All loans and borrowings are initially measured at fair value less directly attributable transaction costs.
After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised
cost, using the effective interest method.
The interest due and unpaid is accrued at the end of the year and presented as a current liability within
trade and other payables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "value": "Bank loans and borrowings All loans and borrowings are initially measured at fair value less directly attributable transaction costs. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest method. The interest due and unpaid is accrued at the end of the year and presented as a current liability within trade and other payables. Borrowing costs Borrowing costs that are separately identifiable and directly attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs the Group incurs in connection with the borrowing of funds. Financial liabilities A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a de-recognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. When the exchange or modification of an existing financial liability is not accounted for as an extinguishment, any costs or fees incurred adjust the liability\u2019s carrying amount and are amortised over the modified liability\u2019s remaining term and any difference in the carrying amount after modification is recognised as a modification gain or loss. Hedge accounting At the inception of a transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at inception and on an ongoing basis. For cash flow hedging, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39, having applied the practical expedient on transition, for being described as \u201chighly effective\u201d in offsetting changes in the fair values or cash flows of hedged items. For net investment hedge relationships, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39 for being described as \u201chighly effective\u201d. Derivative financial instruments (the \u201cderivatives\u201d) The Group uses interest rate swaps to help manage its interest rate risk. All interest rate derivatives are initially recognised at fair value at the date the derivative is entered into and are subsequently remeasured at fair value. The fair values of the Group\u2019s interest rate swaps are calculated by Chatham (formally JCRA), an independent specialist which provides treasury management services to the Group. The method of recognising the resulting gain or loss depends on whether the derivative is designated as an effective hedging instrument: \u2022 Where a derivative is designated as a hedge of the variability of a highly probable forecast transaction, such as an interest payment, the element of the gain or loss on the derivative that is an \u201ceffective\u201d hedge is recognised directly in equity. When the forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains or losses that were recognised directly in the cash flow hedging reserve are reclassified into the Group Statement of Comprehensive Income in the same period or periods during which the asset acquired or liability assumed affects the Group Statement of Comprehensive Income, i.e. when interest income or expense is recognised. \u2022 The gain or loss on derivatives that do not meet the strict criteria for being \u201ceffective\u201d and so do not qualify for hedge accounting and the non-qualifying element of derivatives that do qualify for hedge accounting are recognised in the Group Statement of Comprehensive Income immediately. The treatment does not alter the fact that the derivatives are economic hedges of the underlying transaction. For swaps that have been cancelled which previously qualified for hedge accounting, the remaining value within the cash flow hedging reserve at the date of cancellation is recycled to the Group Statement of Comprehensive Income on a straight line basis from the date of cancellation to the original swap expiry date where the hedged transaction is still expected to occur. If the swaps have been cancelled and the hedged transaction is no longer expected to occur, the amount accumulated in the hedging reserve is reclassified to profit and loss immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-330": { "value": "
Borrowing costs
Borrowing costs that are separately identifiable and directly attributable to the acquisition or construction
of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the
period in which they occur. Borrowing costs consist of interest and other costs the Group incurs in
connection with the borrowing of funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-333": { "value": "
De-recognition of financial assets and liabilities
Financial assets
A financial asset (or where applicable a part of a financial asset or part of a group of similar financial
assets) is de-recognised where:
\u2022 the rights to receive cash flows from the asset have expired; or
\u2022 the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay
them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or
\u2022 the Group has transferred its right to receive cash flows from the asset and either: (a) has transferred
substantially all the risks and rewards of the asset; or (b) has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset; or
\u2022 the cash flows are significantly modified.
Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred
nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the
asset is recognised to the extent of the Group\u2019s continuing involvement in the asset. Continuing involvement
that takes the form of a guarantee over the transferred asset is measured at the lower of the original
carrying amount of the asset and the maximum amount of consideration that the Group could be required
to repay.
Financial liabilities
A financial liability is de-recognised when the obligation under the liability is discharged or cancelled
or expires.
Where an existing financial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modified, such an exchange or modification is
treated as a de-recognition of the original liability and the recognition of a new liability, and the difference
in the respective carrying amounts is recognised in profit or loss.
When the exchange or modification of an existing financial liability is not accounted for as an extinguishment, any costs or fees incurred adjust the liability\u2019s carrying amount and are amortised over the modified liability\u2019s remaining term and any difference in the carrying amount after modification is recognised as a modification gain or loss. Hedge accounting At the inception of a transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at inception and on an ongoing basis. For cash flow hedging, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39, having applied the practical expedient on transition, for being described as \u201chighly effective\u201d in offsetting changes in the fair values or cash flows of hedged items. For net investment hedge relationships, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39 for being described as \u201chighly effective\u201d. Derivative financial instruments (the \u201cderivatives\u201d) The Group uses interest rate swaps to help manage its interest rate risk. All interest rate derivatives are initially recognised at fair value at the date the derivative is entered into and are subsequently remeasured at fair value. The fair values of the Group\u2019s interest rate swaps are calculated by Chatham (formally JCRA), an independent specialist which provides treasury management services to the Group. The method of recognising the resulting gain or loss depends on whether the derivative is designated as an effective hedging instrument: \u2022 Where a derivative is designated as a hedge of the variability of a highly probable forecast transaction, such as an interest payment, the element of the gain or loss on the derivative that is an \u201ceffective\u201d hedge is recognised directly in equity. When the forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains or losses that were recognised directly in the cash flow hedging reserve are reclassified into the Group Statement of Comprehensive Income in the same period or periods during which the asset acquired or liability assumed affects the Group Statement of Comprehensive Income, i.e. when interest income or expense is recognised. \u2022 The gain or loss on derivatives that do not meet the strict criteria for being \u201ceffective\u201d and so do not qualify for hedge accounting and the non-qualifying element of derivatives that do qualify for hedge accounting are recognised in the Group Statement of Comprehensive Income immediately. The treatment does not alter the fact that the derivatives are economic hedges of the underlying transaction. For swaps that have been cancelled which previously qualified for hedge accounting, the remaining value within the cash flow hedging reserve at the date of cancellation is recycled to the Group Statement of Comprehensive Income on a straight line basis from the date of cancellation to the original swap expiry date where the hedged transaction is still expected to occur. If the swaps have been cancelled and the hedged transaction is no longer expected to occur, the amount accumulated in the hedging reserve is reclassified to profit and loss immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-368": { "value": "Financial assets A financial asset (or where applicable a part of a financial asset or part of a group of similar financial assets) is de-recognised where: \u2022 the rights to receive cash flows from the asset have expired; or \u2022 the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or \u2022 the Group has transferred its right to receive cash flows from the asset and either: (a) has transferred substantially all the risks and rewards of the asset; or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset; or \u2022 the cash flows are significantly modified. Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Hedge accounting At the inception of a transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at inception and on an ongoing basis. For cash flow hedging, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39, having applied the practical expedient on transition, for being described as \u201chighly effective\u201d in offsetting changes in the fair values or cash flows of hedged items. For net investment hedge relationships, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39 for being described as \u201chighly effective\u201d. Derivative financial instruments (the \u201cderivatives\u201d) The Group uses interest rate swaps to help manage its interest rate risk. All interest rate derivatives are initially recognised at fair value at the date the derivative is entered into and are subsequently remeasured at fair value. The fair values of the Group\u2019s interest rate swaps are calculated by Chatham (formally JCRA), an independent specialist which provides treasury management services to the Group. The method of recognising the resulting gain or loss depends on whether the derivative is designated as an effective hedging instrument: \u2022 Where a derivative is designated as a hedge of the variability of a highly probable forecast transaction, such as an interest payment, the element of the gain or loss on the derivative that is an \u201ceffective\u201d hedge is recognised directly in equity. When the forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains or losses that were recognised directly in the cash flow hedging reserve are reclassified into the Group Statement of Comprehensive Income in the same period or periods during which the asset acquired or liability assumed affects the Group Statement of Comprehensive Income, i.e. when interest income or expense is recognised. \u2022 The gain or loss on derivatives that do not meet the strict criteria for being \u201ceffective\u201d and so do not qualify for hedge accounting and the non-qualifying element of derivatives that do qualify for hedge accounting are recognised in the Group Statement of Comprehensive Income immediately. The treatment does not alter the fact that the derivatives are economic hedges of the underlying transaction. For swaps that have been cancelled which previously qualified for hedge accounting, the remaining value within the cash flow hedging reserve at the date of cancellation is recycled to the Group Statement of Comprehensive Income on a straight line basis from the date of cancellation to the original swap expiry date where the hedged transaction is still expected to occur. If the swaps have been cancelled and the hedged transaction is no longer expected to occur, the amount accumulated in the hedging reserve is reclassified to profit and loss immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "value": "Hedge accounting At the inception of a transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at inception and on an ongoing basis. For cash flow hedging, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39, having applied the practical expedient on transition, for being described as \u201chighly effective\u201d in offsetting changes in the fair values or cash flows of hedged items. For net investment hedge relationships, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39 for being described as \u201chighly effective\u201d. Derivative financial instruments (the \u201cderivatives\u201d) The Group uses interest rate swaps to help manage its interest rate risk. All interest rate derivatives are initially recognised at fair value at the date the derivative is entered into and are subsequently remeasured at fair value. The fair values of the Group\u2019s interest rate swaps are calculated by Chatham (formally JCRA), an independent specialist which provides treasury management services to the Group. The method of recognising the resulting gain or loss depends on whether the derivative is designated as an effective hedging instrument: \u2022 Where a derivative is designated as a hedge of the variability of a highly probable forecast transaction, such as an interest payment, the element of the gain or loss on the derivative that is an \u201ceffective\u201d hedge is recognised directly in equity. When the forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains or losses that were recognised directly in the cash flow hedging reserve are reclassified into the Group Statement of Comprehensive Income in the same period or periods during which the asset acquired or liability assumed affects the Group Statement of Comprehensive Income, i.e. when interest income or expense is recognised. \u2022 The gain or loss on derivatives that do not meet the strict criteria for being \u201ceffective\u201d and so do not qualify for hedge accounting and the non-qualifying element of derivatives that do qualify for hedge accounting are recognised in the Group Statement of Comprehensive Income immediately. The treatment does not alter the fact that the derivatives are economic hedges of the underlying transaction. For swaps that have been cancelled which previously qualified for hedge accounting, the remaining value within the cash flow hedging reserve at the date of cancellation is recycled to the Group Statement of Comprehensive Income on a straight line basis from the date of cancellation to the original swap expiry date where the hedged transaction is still expected to occur. If the swaps have been cancelled and the hedged transaction is no longer expected to occur, the amount accumulated in the hedging reserve is reclassified to profit and loss immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "value": "Hedge accounting At the inception of a transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at inception and on an ongoing basis. For cash flow hedging, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39, having applied the practical expedient on transition, for being described as \u201chighly effective\u201d in offsetting changes in the fair values or cash flows of hedged items. For net investment hedge relationships, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39 for being described as \u201chighly effective\u201d. Derivative financial instruments (the \u201cderivatives\u201d) The Group uses interest rate swaps to help manage its interest rate risk. All interest rate derivatives are initially recognised at fair value at the date the derivative is entered into and are subsequently remeasured at fair value. The fair values of the Group\u2019s interest rate swaps are calculated by Chatham (formally JCRA), an independent specialist which provides treasury management services to the Group. The method of recognising the resulting gain or loss depends on whether the derivative is designated as an effective hedging instrument: \u2022 Where a derivative is designated as a hedge of the variability of a highly probable forecast transaction, such as an interest payment, the element of the gain or loss on the derivative that is an \u201ceffective\u201d hedge is recognised directly in equity. When the forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains or losses that were recognised directly in the cash flow hedging reserve are reclassified into the Group Statement of Comprehensive Income in the same period or periods during which the asset acquired or liability assumed affects the Group Statement of Comprehensive Income, i.e. when interest income or expense is recognised. \u2022 The gain or loss on derivatives that do not meet the strict criteria for being \u201ceffective\u201d and so do not qualify for hedge accounting and the non-qualifying element of derivatives that do qualify for hedge accounting are recognised in the Group Statement of Comprehensive Income immediately. The treatment does not alter the fact that the derivatives are economic hedges of the underlying transaction. For swaps that have been cancelled which previously qualified for hedge accounting, the remaining value within the cash flow hedging reserve at the date of cancellation is recycled to the Group Statement of Comprehensive Income on a straight line basis from the date of cancellation to the original swap expiry date where the hedged transaction is still expected to occur. If the swaps have been cancelled and the hedged transaction is no longer expected to occur, the amount accumulated in the hedging reserve is reclassified to profit and loss immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "value": "Hedge accounting At the inception of a transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at inception and on an ongoing basis. For cash flow hedging, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39, having applied the practical expedient on transition, for being described as \u201chighly effective\u201d in offsetting changes in the fair values or cash flows of hedged items. For net investment hedge relationships, the Group monitors the hedging instrument to check it continues to meet the criteria of IAS 39 for being described as \u201chighly effective\u201d. Derivative financial instruments (the \u201cderivatives\u201d) The Group uses interest rate swaps to help manage its interest rate risk. All interest rate derivatives are initially recognised at fair value at the date the derivative is entered into and are subsequently remeasured at fair value. The fair values of the Group\u2019s interest rate swaps are calculated by Chatham (formally JCRA), an independent specialist which provides treasury management services to the Group. The method of recognising the resulting gain or loss depends on whether the derivative is designated as an effective hedging instrument: \u2022 Where a derivative is designated as a hedge of the variability of a highly probable forecast transaction, such as an interest payment, the element of the gain or loss on the derivative that is an \u201ceffective\u201d hedge is recognised directly in equity. When the forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains or losses that were recognised directly in the cash flow hedging reserve are reclassified into the Group Statement of Comprehensive Income in the same period or periods during which the asset acquired or liability assumed affects the Group Statement of Comprehensive Income, i.e. when interest income or expense is recognised. \u2022 The gain or loss on derivatives that do not meet the strict criteria for being \u201ceffective\u201d and so do not qualify for hedge accounting and the non-qualifying element of derivatives that do qualify for hedge accounting are recognised in the Group Statement of Comprehensive Income immediately. The treatment does not alter the fact that the derivatives are economic hedges of the underlying transaction. For swaps that have been cancelled which previously qualified for hedge accounting, the remaining value within the cash flow hedging reserve at the date of cancellation is recycled to the Group Statement of Comprehensive Income on a straight line basis from the date of cancellation to the original swap expiry date where the hedged transaction is still expected to occur. If the swaps have been cancelled and the hedged transaction is no longer expected to occur, the amount accumulated in the hedging reserve is reclassified to profit and loss immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-334": { "value": "Tax Taxation on the profit or loss for the period not exempt under UK REIT regulations comprises current and deferred tax. Taxation is recognised in the Group Statement of Comprehensive Income except to the extent that it relates to items recognised as direct movements in equity, in which case it is also recognised as a direct movement in equity. Current tax is the expected tax payable on any non-REIT taxable income for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-335": { "value": "Fair value measurements The Group measures certain financial instruments, such as derivatives, the Group\u2019s convertible bond and non-financial assets such as investment property, at fair value at the end of each reporting period. Also, fair values of financial instruments measured at amortised cost are disclosed in the financial statements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 in the principal market for the asset or liability; or \u2022 in the absence of a principal market, in the most advantageous market for the asset or liability. The Group must be able to access the principal or the most advantageous market at the measurement date. The fair value of an asset or liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques at three levels that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-297": { "value": "Leases \u2013 Group as a lessor The vast majority of the Group\u2019s properties are leased out under operating leases and are included within investment properties. Rental income, including the effect of lease incentives, is recognised on a straight line basis over the lease term. Where the Group transfers substantially all the risks and benefits of ownership of the asset, the arrangement is classified as a finance lease and a receivable is recognised for the initial direct costs of the lease and the present value of the minimum lease payments. Finance income is recognised in the Group Statement of Comprehensive Income so as to achieve a constant rate of return on the remaining net investment in the lease. Interest income on finance leases is restricted to the amount of interest actually received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-298": { "value": "Employee costs Defined contribution pension plans Obligations for contributions to defined contribution pension plans are charged to the Group Statement of Comprehensive Income as incurred. Share-based employee remuneration The fair value of equity-settled share-based payments to employees is determined with reference to the fair value of the equity instruments at the date of grant and is expensed on a straight line basis over the vesting period, based on the Group\u2019s estimate of shares or options that will eventually vest. The fair value of awards is equal to the market value at grant date. Capitalised salaries Certain internal staff and associated costs directly attributable to the management of major projects are capitalised. Internal staff costs are capitalised from the start of the project until the date of practical completion. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-336": { "value": "Share-based employee remuneration The fair value of equity-settled share-based payments to employees is determined with reference to the fair value of the equity instruments at the date of grant and is expensed on a straight line basis over the vesting period, based on the Group\u2019s estimate of shares or options that will eventually vest. The fair value of awards is equal to the market value at grant date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-299": { "value": "Properties held for sale Investment property (and disposal groups) classified as held for sale are measured at fair value consistent with other investment properties. Investment property and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable, and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-300": { "value": "Capitalised costs A capitalised cost is an expense added to the cost basis of a fixed asset on the balance sheet. Capitalised costs are incurred when purchasing fixed assets following the matching principle of accounting to record expenses in the same period as related revenues or useful life of an asset. The historical costs are recorded on the balance sheet and depreciated over the useful life of an asset. ", "dimensions": { "concept": "phpplc:DescriptionOfAccountingPolicyForCapitalisedCosts", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-337": { "value": "Intangible assets Contract-based intangible assets comprise the value of customer contracts arising on business combinations. Intangible assets arising on business combinations are initially recognised at fair value. Intangible assets arising on business combinations are amortised on a straight line basis to the Group Statement of Comprehensive Income over their expected useful lives, and are carried at amortised historical cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-301": { "value": "Intangible assets Contract-based intangible assets comprise the value of customer contracts arising on business combinations. Intangible assets arising on business combinations are initially recognised at fair value. Intangible assets arising on business combinations are amortised on a straight line basis to the Group Statement of Comprehensive Income over their expected useful lives, and are carried at amortised historical cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-338": { "value": "2.4 Significant accounting estimates and judgements The preparation of the Group financial statements requires management to make a number of estimates and judgements that affect the reported amounts of assets and liabilities and may differ from future actual results. The estimates and judgements that are considered most critical and that have a significant inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are: a) Estimates Fair value of investment properties Investment properties include: (i) completed investment properties; and (ii) investment properties under construction. Completed investment properties comprise real estate held by the Group or leased by the Group under a finance lease in order to earn rental income or for capital appreciation, or both. Investment properties under construction are not material and therefore there is no estimation uncertainty. The fair market value of a property is deemed by the independent property valuer appointed by the Group to be the estimated amount for which a property should exchange, on the date of valuation, in an arm\u2019s length transaction. Properties have been valued on an individual basis, assuming that they will be sold individually over time. Allowances are made to reflect the purchaser\u2019s costs of professional fees and stamp duty and tax. In accordance with RICS Appraisal and Valuation Standards, factors taken into account are current market conditions, annual rentals, state of repair, ground stability, contamination issues and fire and health and safety legislation. Refer to Note 10 of the financial statements which includes further information on the fair value assumptions and sensitivities. Fair value of derivatives In accordance with IFRS 9, the Group values its derivative financial instruments at fair value. Fair value is estimated by Chatham on behalf of the Group, using a number of assumptions based upon market rates and discounted future cash flows. The derivative financial instruments have been valued by reference to the mid price of the yield curve prevailing on 31 December 2024. Fair value represents the net present value of the difference between the cash flows produced by the contracted rate and the valuation rate. Refer to Note 16 of the financial statements. b) Judgements In the process of applying the Group\u2019s accounting policies, which are described above, the Directors do not consider there to be significant judgements applied with regard to the policies adopted. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-302": { "value": "2.4 Significant accounting estimates and judgements The preparation of the Group financial statements requires management to make a number of estimates and judgements that affect the reported amounts of assets and liabilities and may differ from future actual results. The estimates and judgements that are considered most critical and that have a significant inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are: a) Estimates Fair value of investment properties Investment properties include: (i) completed investment properties; and (ii) investment properties under construction. Completed investment properties comprise real estate held by the Group or leased by the Group under a finance lease in order to earn rental income or for capital appreciation, or both. Investment properties under construction are not material and therefore there is no estimation uncertainty. The fair market value of a property is deemed by the independent property valuer appointed by the Group to be the estimated amount for which a property should exchange, on the date of valuation, in an arm\u2019s length transaction. Properties have been valued on an individual basis, assuming that they will be sold individually over time. Allowances are made to reflect the purchaser\u2019s costs of professional fees and stamp duty and tax. In accordance with RICS Appraisal and Valuation Standards, factors taken into account are current market conditions, annual rentals, state of repair, ground stability, contamination issues and fire and health and safety legislation. Refer to Note 10 of the financial statements which includes further information on the fair value assumptions and sensitivities. Fair value of derivatives In accordance with IFRS 9, the Group values its derivative financial instruments at fair value. Fair value is estimated by Chatham on behalf of the Group, using a number of assumptions based upon market rates and discounted future cash flows. The derivative financial instruments have been valued by reference to the mid price of the yield curve prevailing on 31 December 2024. Fair value represents the net present value of the difference between the cash flows produced by the contracted rate and the valuation rate. Refer to Note 16 of the financial statements. b) Judgements In the process of applying the Group\u2019s accounting policies, which are described above, the Directors do not consider there to be significant judgements applied with regard to the policies adopted. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-339": { "value": "2.5 Standards issued but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective and in some cases have not yet been adopted by the UK: \u2022 amendments to IAS 21 Lack of exchangeability; \u2022 amendments to SASB standards; \u2022 amendments to the classification and measurement of financial instruments (amendments to IFRS 9 and IFRS 7); and \u2022 amendments to IFRS 18 Presentation and disclosures in financial statements. A number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2025, but are not yet applicable to the Group and have not been applied in preparing these consolidated financial statements. None of these are expected to have a significant effect on the consolidated financial statements of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-303": { "value": "
3. Rental and related income
Revenue comprises rental income receivable on property investments in the UK and Ireland, which is
exclusive of VAT, plus facilities and properties management income. Revenue is derived from one reportable
operating segment, with \u00a3139.8 million and \u00a314.1 million of contracted rent roll derived from the UK and
Ireland respectively. Details of the lease income are given below.
Group as a lessor
a) The future minimum lease payments under non-cancellable operating leases receivable by the Group are
as follows:
Less than One to Two to Three to Four to More than
one year two years three years four years five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
146.3
139.0
131.3
123.8
113.6
773.2
1,427.2
2023
145.0
139.9
135.4
128.0
120.7
862.8
1,531.8
b) The rental income earned on operating leases is recognised on a straight line basis over the lease term.
The Group leases medical centres to GPs, NHS organisations, the HSE in Ireland and other healthcare
users, typically on long term occupational leases which provide for regular reviews of rent on an effectively
upwards-only basis.
", "dimensions": { "concept": "phpplc:DisclosureOfRentalAndRelatedIncome", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-340": { "value": "3. Rental and related income Revenue comprises rental income receivable on property investments in the UK and Ireland, which is exclusive of VAT, plus facilities and properties management income. Revenue is derived from one reportable operating segment, with \u00a3139.8 million and \u00a314.1 million of contracted rent roll derived from the UK and Ireland respectively. Details of the lease income are given below. Group as a lessor a) The future minimum lease payments under non-cancellable operating leases receivable by the Group are as follows:
Less than One to Two to Three to Four to More than
one year two years three years four years five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
146.3
139.0
131.3
123.8
113.6
773.2
1,427.2
2023
145.0
139.9
135.4
128.0
120.7
862.8
1,531.8
b) The rental income earned on operating leases is recognised on a straight line basis over the lease term. The Group leases medical centres to GPs, NHS organisations, the HSE in Ireland and other healthcare users, typically on long term occupational leases which provide for regular reviews of rent on an effectively upwards-only basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-304": { "value": "
4. Group operating profit
Operating profit is stated after charging administrative expense of \u00a313.0 million (31 December 2023: \u00a312.3 million)
and amortisation of intangible assets of \u00a30.9 million (31 December 2023: \u00a30.9 million). Administrative expenses as
a proportion of rental and related income were 7.2% (31 December 2023: 7.2%). The Group\u2019s EPRA cost ratio has
increased to 10.8%, compared to 10.7% for the same period in 2023.
Administrative expenses include staff costs of \u00a37.9 million (31 December 2023: \u00a37.5 million).
In 2023 PHP acquired Axis, an Irish property management business. In the period Axis contributed \u00a311.3 million
(2023: \u00a35.7 million) of related income and incurred direct property expenses of \u00a39.2 million (2023: \u00a33.9 million),
contributing \u00a32.1 million (2023: \u00a31.8 million) of net related income. After the deduction of \u00a30.9 million (2023:
\u00a30.7 million) of administrative expenses Axis generated an operating profit of \u00a31.2 million (2023: \u00a31.1 million).
Group operating profit is stated after charging:
2024 2023
\u00a3m \u00a3m
Administrative expenses including:
Staff costs (Note 4a)
7.9
7.5
Directors\u2019 fees
0.5
0.4
Audit fees
Fees payable to the Company\u2019s auditor and its associates for the audit
of the Company\u2019s annual accounts
0.5
0.5
Fees payable to the Company\u2019s auditor and its associates for the audit
of the Company\u2019s subsidiaries
0.1
0.1
Total audit fees
0.6
0.6
Total audit and assurance services
0.6
0.6
Non-audit fees
Fees payable to the Company\u2019s auditor and its associates for the
interim review
0.1
0.1
Advisory services
\u2014
\u2014
Total non-audit fees
0.1
0.1
Total fees
0.7
0.7
Please refer to page 80 of the Audit Committee Report for analysis of non-audit fees.
a) Staff costs
2024 2023
\u00a3m \u00a3m
Wages and salaries
8.0
7.9
Less staff costs capitalised in respect of development and asset
management projects
(1.7)
(1.5)
Social security costs
0.7
0.7
Pension costs
0.3
0.3
Equity-settled share-based payments
0.6
0.1
7.9
7.5
In addition to the above, there were \u00a30.9 million (31 December 2023: \u00a30.9 million) of direct salaries
recognised within property costs for Axis employees. The Group operates a defined contribution
pension scheme for all employees. The Group contribution to the scheme during the year was \u00a30.3 million
(2023: \u00a30.3 million), which represents the total expense recognised through the Group Statement of
Comprehensive Income. As at 31 December 2024, there were no contributions (2023: \u00a3nil) due in respect
of the reporting period that had not been paid over to the plan.
The average monthly number of Group employees during the year was 60 which included 55 full-time and
five part-time employees (2023: 62 which included 60 full time and two part time), and as at 31 December
2024 was 60 (2023: 58). In addition to this, the average number of employees in the Axis team during the
year was 28 (2023: 27), with 27 (2023: 28) employees as at 31 December 2024.
The Executive Directors and Non-executive Directors are the key management personnel. Full disclosure of
Directors\u2019 emoluments, as required by the Companies Act 2006, can be found in the Remuneration Report
on pages 87 to 107.
The Group\u2019s equity-settled share-based payments comprise the following:
Scheme
Fair value measure
Long Term Incentive Plan (\u201cLTIP\u201d)
Face value at grant date
Save As You Earn (\u201cSAYE\u201d)
Face value at grant date
The Group expenses an estimate of how many shares are likely to vest based on the market price at the
date of grant, taking account of expected performance against the relevant performance targets and
service periods, which are discussed in further detail in the Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "value": "4. Group operating profit Operating profit is stated after charging administrative expense of \u00a313.0 million (31 December 2023: \u00a312.3 million) and amortisation of intangible assets of \u00a30.9 million (31 December 2023: \u00a30.9 million). Administrative expenses as a proportion of rental and related income were 7.2% (31 December 2023: 7.2%). The Group\u2019s EPRA cost ratio has increased to 10.8%, compared to 10.7% for the same period in 2023. Administrative expenses include staff costs of \u00a37.9 million (31 December 2023: \u00a37.5 million). In 2023 PHP acquired Axis, an Irish property management business. In the period Axis contributed \u00a311.3 million (2023: \u00a35.7 million) of related income and incurred direct property expenses of \u00a39.2 million (2023: \u00a33.9 million), contributing \u00a32.1 million (2023: \u00a31.8 million) of net related income. After the deduction of \u00a30.9 million (2023: \u00a30.7 million) of administrative expenses Axis generated an operating profit of \u00a31.2 million (2023: \u00a31.1 million). Group operating profit is stated after charging:
2024 2023
\u00a3m \u00a3m
Administrative expenses including:
Staff costs (Note 4a)
7.9
7.5
Directors\u2019 fees
0.5
0.4
Audit fees
Fees payable to the Company\u2019s auditor and its associates for the audit
of the Company\u2019s annual accounts
0.5
0.5
Fees payable to the Company\u2019s auditor and its associates for the audit
of the Company\u2019s subsidiaries
0.1
0.1
Total audit fees
0.6
0.6
Total audit and assurance services
0.6
0.6
Non-audit fees
Fees payable to the Company\u2019s auditor and its associates for the
interim review
0.1
0.1
Advisory services
\u2014
\u2014
Total non-audit fees
0.1
0.1
Total fees
0.7
0.7
Please refer to page 80 of the Audit Committee Report for analysis of non-audit fees. a) Staff costs
2024 2023
\u00a3m \u00a3m
Wages and salaries
8.0
7.9
Less staff costs capitalised in respect of development and asset
management projects
(1.7)
(1.5)
Social security costs
0.7
0.7
Pension costs
0.3
0.3
Equity-settled share-based payments
0.6
0.1
7.9
7.5
In addition to the above, there were \u00a30.9 million (31 December 2023: \u00a30.9 million) of direct salaries recognised within property costs for Axis employees. The Group operates a defined contribution pension scheme for all employees. The Group contribution to the scheme during the year was \u00a30.3 million (2023: \u00a30.3 million), which represents the total expense recognised through the Group Statement of Comprehensive Income. As at 31 December 2024, there were no contributions (2023: \u00a3nil) due in respect of the reporting period that had not been paid over to the plan. The average monthly number of Group employees during the year was 60 which included 55 full-time and five part-time employees (2023: 62 which included 60 full time and two part time), and as at 31 December 2024 was 60 (2023: 58). In addition to this, the average number of employees in the Axis team during the year was 28 (2023: 27), with 27 (2023: 28) employees as at 31 December 2024. The Executive Directors and Non-executive Directors are the key management personnel. Full disclosure of Directors\u2019 emoluments, as required by the Companies Act 2006, can be found in the Remuneration Report on pages 87 to 107. The Group\u2019s equity-settled share-based payments comprise the following:
Scheme
Fair value measure
Long Term Incentive Plan (\u201cLTIP\u201d)
Face value at grant date
Save As You Earn (\u201cSAYE\u201d)
Face value at grant date
The Group expenses an estimate of how many shares are likely to vest based on the market price at the date of grant, taking account of expected performance against the relevant performance targets and service periods, which are discussed in further detail in the Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-374": { "value": "4. Group operating profit Operating profit is stated after charging administrative expense of \u00a313.0 million (31 December 2023: \u00a312.3 million) and amortisation of intangible assets of \u00a30.9 million (31 December 2023: \u00a30.9 million). Administrative expenses as a proportion of rental and related income were 7.2% (31 December 2023: 7.2%). The Group\u2019s EPRA cost ratio has increased to 10.8%, compared to 10.7% for the same period in 2023. Administrative expenses include staff costs of \u00a37.9 million (31 December 2023: \u00a37.5 million). In 2023 PHP acquired Axis, an Irish property management business. In the period Axis contributed \u00a311.3 million (2023: \u00a35.7 million) of related income and incurred direct property expenses of \u00a39.2 million (2023: \u00a33.9 million), contributing \u00a32.1 million (2023: \u00a31.8 million) of net related income. After the deduction of \u00a30.9 million (2023: \u00a30.7 million) of administrative expenses Axis generated an operating profit of \u00a31.2 million (2023: \u00a31.1 million). Group operating profit is stated after charging:
2024 2023
\u00a3m \u00a3m
Administrative expenses including:
Staff costs (Note 4a)
7.9
7.5
Directors\u2019 fees
0.5
0.4
Audit fees
Fees payable to the Company\u2019s auditor and its associates for the audit
of the Company\u2019s annual accounts
0.5
0.5
Fees payable to the Company\u2019s auditor and its associates for the audit
of the Company\u2019s subsidiaries
0.1
0.1
Total audit fees
0.6
0.6
Total audit and assurance services
0.6
0.6
Non-audit fees
Fees payable to the Company\u2019s auditor and its associates for the
interim review
0.1
0.1
Advisory services
\u2014
\u2014
Total non-audit fees
0.1
0.1
Total fees
0.7
0.7
Please refer to page 80 of the Audit Committee Report for analysis of non-audit fees. a) Staff costs
2024 2023
\u00a3m \u00a3m
Wages and salaries
8.0
7.9
Less staff costs capitalised in respect of development and asset
management projects
(1.7)
(1.5)
Social security costs
0.7
0.7
Pension costs
0.3
0.3
Equity-settled share-based payments
0.6
0.1
7.9
7.5
In addition to the above, there were \u00a30.9 million (31 December 2023: \u00a30.9 million) of direct salaries recognised within property costs for Axis employees. The Group operates a defined contribution pension scheme for all employees. The Group contribution to the scheme during the year was \u00a30.3 million (2023: \u00a30.3 million), which represents the total expense recognised through the Group Statement of Comprehensive Income. As at 31 December 2024, there were no contributions (2023: \u00a3nil) due in respect of the reporting period that had not been paid over to the plan. The average monthly number of Group employees during the year was 60 which included 55 full-time and five part-time employees (2023: 62 which included 60 full time and two part time), and as at 31 December 2024 was 60 (2023: 58). In addition to this, the average number of employees in the Axis team during the year was 28 (2023: 27), with 27 (2023: 28) employees as at 31 December 2024. The Executive Directors and Non-executive Directors are the key management personnel. Full disclosure of Directors\u2019 emoluments, as required by the Companies Act 2006, can be found in the Remuneration Report on pages 87 to 107. The Group\u2019s equity-settled share-based payments comprise the following:
Scheme
Fair value measure
Long Term Incentive Plan (\u201cLTIP\u201d)
Face value at grant date
Save As You Earn (\u201cSAYE\u201d)
Face value at grant date
The Group expenses an estimate of how many shares are likely to vest based on the market price at the date of grant, taking account of expected performance against the relevant performance targets and service periods, which are discussed in further detail in the Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-341": { "value": "4. Group operating profit Operating profit is stated after charging administrative expense of \u00a313.0 million (31 December 2023: \u00a312.3 million) and amortisation of intangible assets of \u00a30.9 million (31 December 2023: \u00a30.9 million). Administrative expenses as a proportion of rental and related income were 7.2% (31 December 2023: 7.2%). The Group\u2019s EPRA cost ratio has increased to 10.8%, compared to 10.7% for the same period in 2023. Administrative expenses include staff costs of \u00a37.9 million (31 December 2023: \u00a37.5 million). In 2023 PHP acquired Axis, an Irish property management business. In the period Axis contributed \u00a311.3 million (2023: \u00a35.7 million) of related income and incurred direct property expenses of \u00a39.2 million (2023: \u00a33.9 million), contributing \u00a32.1 million (2023: \u00a31.8 million) of net related income. After the deduction of \u00a30.9 million (2023: \u00a30.7 million) of administrative expenses Axis generated an operating profit of \u00a31.2 million (2023: \u00a31.1 million). Group operating profit is stated after charging:
2024 2023
\u00a3m \u00a3m
Administrative expenses including:
Staff costs (Note 4a)
7.9
7.5
Directors\u2019 fees
0.5
0.4
Audit fees
Fees payable to the Company\u2019s auditor and its associates for the audit
of the Company\u2019s annual accounts
0.5
0.5
Fees payable to the Company\u2019s auditor and its associates for the audit
of the Company\u2019s subsidiaries
0.1
0.1
Total audit fees
0.6
0.6
Total audit and assurance services
0.6
0.6
Non-audit fees
Fees payable to the Company\u2019s auditor and its associates for the
interim review
0.1
0.1
Advisory services
\u2014
\u2014
Total non-audit fees
0.1
0.1
Total fees
0.7
0.7
Please refer to page 80 of the Audit Committee Report for analysis of non-audit fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "value": "
2024 2023
\u00a3m \u00a3m
Administrative expenses including:
Staff costs (Note 4a)
7.9
7.5
Directors\u2019 fees
0.5
0.4
Audit fees
Fees payable to the Company\u2019s auditor and its associates for the audit
of the Company\u2019s annual accounts
0.5
0.5
Fees payable to the Company\u2019s auditor and its associates for the audit
of the Company\u2019s subsidiaries
0.1
0.1
Total audit fees
0.6
0.6
Total audit and assurance services
0.6
0.6
Non-audit fees
Fees payable to the Company\u2019s auditor and its associates for the
interim review
0.1
0.1
Advisory services
\u2014
\u2014
Total non-audit fees
0.1
0.1
Total fees
0.7
0.7
Please refer to page 80 of the Audit Committee Report for analysis of non-audit fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "value": "a) Staff costs
2024 2023
\u00a3m \u00a3m
Wages and salaries
8.0
7.9
Less staff costs capitalised in respect of development and asset
management projects
(1.7)
(1.5)
Social security costs
0.7
0.7
Pension costs
0.3
0.3
Equity-settled share-based payments
0.6
0.1
7.9
7.5
In addition to the above, there were \u00a30.9 million (31 December 2023: \u00a30.9 million) of direct salaries recognised within property costs for Axis employees. The Group operates a defined contribution pension scheme for all employees. The Group contribution to the scheme during the year was \u00a30.3 million (2023: \u00a30.3 million), which represents the total expense recognised through the Group Statement of Comprehensive Income. As at 31 December 2024, there were no contributions (2023: \u00a3nil) due in respect of the reporting period that had not been paid over to the plan. The average monthly number of Group employees during the year was 60 which included 55 full-time and five part-time employees (2023: 62 which included 60 full time and two part time), and as at 31 December 2024 was 60 (2023: 58). In addition to this, the average number of employees in the Axis team during the year was 28 (2023: 27), with 27 (2023: 28) employees as at 31 December 2024. The Executive Directors and Non-executive Directors are the key management personnel. Full disclosure of Directors\u2019 emoluments, as required by the Companies Act 2006, can be found in the Remuneration Report on pages 87 to 107. The Group\u2019s equity-settled share-based payments comprise the following:
Scheme
Fair value measure
Long Term Incentive Plan (\u201cLTIP\u201d)
Face value at grant date
Save As You Earn (\u201cSAYE\u201d)
Face value at grant date
The Group expenses an estimate of how many shares are likely to vest based on the market price at the date of grant, taking account of expected performance against the relevant performance targets and service periods, which are discussed in further detail in the Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-305": { "value": "
5. Finance income
2024 2023
\u00a3m \u00a3m
Interest income on financial assets
Development loan interest
\u2014
0.2
\u2014
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "value": "5. Finance income
2024 2023
\u00a3m \u00a3m
Interest income on financial assets
Development loan interest
\u2014
0.2
\u2014
0.2
6. Finance costs
2024 2023
\u00a3m \u00a3m
Interest expense and similar charges on financial liabilities
a) Interest
Bank loan interest
29.5
27.4
Swap interest
(5.0)
(4.6)
Bond interest
20.5
20.0
Bank facility non-utilisation fees
2.2
2.2
Bank charges and loan arrangement fees
3.2
3.3
50.4
48.3
Interest capitalised
(0.6)
(0.1)
49.8
48.2
Amortisation of MedicX debt MtM on acquisition
(3.0)
(3.0)
46.8
45.2
2024 2023
\u00a3m \u00a3m
b) Derivatives
Net fair value loss on interest rate swaps
4.5
4.3
Amortisation of cash flow hedging reserve
2.5
4.1
7.0
8.4
The fair value movement on derivatives recognised in the Group Statement of Comprehensive Income has arisen from the interest rate swaps for which hedge accounting does not apply.
2024 2023
\u00a3m \u00a3m
c) Convertible bond
Fair value loss on existing convertible bond
0.6
4.8
0.6
4.8
The fair value movement in the convertible bond is recognised in the Group Statement of Comprehensive Income within profit before taxation and is excluded from the calculation of EPRA earnings and EPRA NTA. Refer to Note 14 for further details about the convertible bonds.
2024 2023
\u00a3m \u00a3m
Net finance costs
Finance income (Note 5)
\u2014
0.2
Finance costs (as per above)
(50.4)
(48.3)
(50.4)
(48.1)
Interest capitalised
0.6
0.1
(49.8)
(48.0)
Amortisation of MedicX debt MtM on acquisition
3.0
3.0
(46.8)
(45.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-342": { "value": "5. Finance income
2024 2023
\u00a3m \u00a3m
Interest income on financial assets
Development loan interest
\u2014
0.2
\u2014
0.2
6. Finance costs
2024 2023
\u00a3m \u00a3m
Interest expense and similar charges on financial liabilities
a) Interest
Bank loan interest
29.5
27.4
Swap interest
(5.0)
(4.6)
Bond interest
20.5
20.0
Bank facility non-utilisation fees
2.2
2.2
Bank charges and loan arrangement fees
3.2
3.3
50.4
48.3
Interest capitalised
(0.6)
(0.1)
49.8
48.2
Amortisation of MedicX debt MtM on acquisition
(3.0)
(3.0)
46.8
45.2
2024 2023
\u00a3m \u00a3m
b) Derivatives
Net fair value loss on interest rate swaps
4.5
4.3
Amortisation of cash flow hedging reserve
2.5
4.1
7.0
8.4
The fair value movement on derivatives recognised in the Group Statement of Comprehensive Income has arisen from the interest rate swaps for which hedge accounting does not apply.
2024 2023
\u00a3m \u00a3m
c) Convertible bond
Fair value loss on existing convertible bond
0.6
4.8
0.6
4.8
The fair value movement in the convertible bond is recognised in the Group Statement of Comprehensive Income within profit before taxation and is excluded from the calculation of EPRA earnings and EPRA NTA. Refer to Note 14 for further details about the convertible bonds.
2024 2023
\u00a3m \u00a3m
Net finance costs
Finance income (Note 5)
\u2014
0.2
Finance costs (as per above)
(50.4)
(48.3)
(50.4)
(48.1)
Interest capitalised
0.6
0.1
(49.8)
(48.0)
Amortisation of MedicX debt MtM on acquisition
3.0
3.0
(46.8)
(45.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-369": { "value": "5. Finance income
2024 2023
\u00a3m \u00a3m
Interest income on financial assets
Development loan interest
\u2014
0.2
\u2014
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-370": { "value": "
6. Finance costs
2024 2023
\u00a3m \u00a3m
Interest expense and similar charges on financial liabilities
a) Interest
Bank loan interest
29.5
27.4
Swap interest
(5.0)
(4.6)
Bond interest
20.5
20.0
Bank facility non-utilisation fees
2.2
2.2
Bank charges and loan arrangement fees
3.2
3.3
50.4
48.3
Interest capitalised
(0.6)
(0.1)
49.8
48.2
Amortisation of MedicX debt MtM on acquisition
(3.0)
(3.0)
46.8
45.2
2024 2023
\u00a3m \u00a3m
b) Derivatives
Net fair value loss on interest rate swaps
4.5
4.3
Amortisation of cash flow hedging reserve
2.5
4.1
7.0
8.4
The fair value movement on derivatives recognised in the Group Statement of Comprehensive Income has
arisen from the interest rate swaps for which hedge accounting does not apply.
2024 2023
\u00a3m \u00a3m
c) Convertible bond
Fair value loss on existing convertible bond
0.6
4.8
0.6
4.8
The fair value movement in the convertible bond is recognised in the Group Statement of Comprehensive Income within profit before taxation and is excluded from the calculation of EPRA earnings and EPRA NTA. Refer to Note 14 for further details about the convertible bonds.
2024 2023
\u00a3m \u00a3m
Net finance costs
Finance income (Note 5)
\u2014
0.2
Finance costs (as per above)
(50.4)
(48.3)
(50.4)
(48.1)
Interest capitalised
0.6
0.1
(49.8)
(48.0)
Amortisation of MedicX debt MtM on acquisition
3.0
3.0
(46.8)
(45.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-307": { "value": "6. Finance costs
2024 2023
\u00a3m \u00a3m
Interest expense and similar charges on financial liabilities
a) Interest
Bank loan interest
29.5
27.4
Swap interest
(5.0)
(4.6)
Bond interest
20.5
20.0
Bank facility non-utilisation fees
2.2
2.2
Bank charges and loan arrangement fees
3.2
3.3
50.4
48.3
Interest capitalised
(0.6)
(0.1)
49.8
48.2
Amortisation of MedicX debt MtM on acquisition
(3.0)
(3.0)
46.8
45.2
2024 2023
\u00a3m \u00a3m
b) Derivatives
Net fair value loss on interest rate swaps
4.5
4.3
Amortisation of cash flow hedging reserve
2.5
4.1
7.0
8.4
The fair value movement on derivatives recognised in the Group Statement of Comprehensive Income has arisen from the interest rate swaps for which hedge accounting does not apply.
2024 2023
\u00a3m \u00a3m
c) Convertible bond
Fair value loss on existing convertible bond
0.6
4.8
0.6
4.8
The fair value movement in the convertible bond is recognised in the Group Statement of Comprehensive
Income within profit before taxation and is excluded from the calculation of EPRA earnings and EPRA NTA.
Refer to Note 14 for further details about the convertible bonds.
2024 2023
\u00a3m \u00a3m
Net finance costs
Finance income (Note 5)
\u2014
0.2
Finance costs (as per above)
(50.4)
(48.3)
(50.4)
(48.1)
Interest capitalised
0.6
0.1
(49.8)
(48.0)
Amortisation of MedicX debt MtM on acquisition
3.0
3.0
(46.8)
(45.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-306": { "value": "
7. Taxation
a) Taxation charge in the Group Statement of Comprehensive Income
The taxation charge is made up as follows:
2024 2023
\u00a3m \u00a3m
Current tax
UK corporation tax
\u2014
\u2014
Irish corporation tax
\u2014
0.1
Deferred tax on Irish activities
5.6
(1.3)
Total tax charge/(credit)
5.6
(1.2)
The UK corporation tax rate of 25% (2023: 25%) and the Irish corporation tax rate of 19% (2023: 19%)
have been applied in the measurement of the Group\u2019s UK and Ireland related activities tax liability at
31 December 2024.
b) Factors affecting the tax charge for the year
The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax
in the UK. The differences are explained below:
2024 2023
\u00a3m \u00a3m
Profit on ordinary activities before taxation
47.0
26.1
Standard tax at UK corporation tax rate of 25% (2023: 23.5%)
11.8
6.1
REIT exempt income
(17.1)
(16.5)
Transfer pricing adjustment
9.0
8.5
Fair value loss on convertible bond
0.1
0.5
Non-taxable items
0.2
0.8
Losses brought forward utilised
0.9
0.1
Difference in Irish tax rates
0.7
(0.7)
Taxation charge/(credit) (Note 7a)
5.6
(1.2)
The UK REIT rules exempt the profits of the Group\u2019s property rental business from corporation tax.
c) Basis of taxation
The Group elected to be treated as a UK REIT with effect from 1 January 2007. The UK REIT rules exempt
the profits of the Group\u2019s property rental business from corporation tax. Gains on properties are also exempt
from tax, provided they are not held for trading or sold in the three years post completion of development.
The corporation tax rate for the Group as at 31 December 2024 was 25% (2023: 25%). The effective rate
during the year was 25% (2023: 23.5%) as the rate for the whole year remained at 25% (2023: 23.5% \u2013
January to April 19%, 1 April 25%).
Acquired companies are effectively converted to UK REIT status from the date on which they become
a member of the Group.
As a UK REIT, the Company is required to pay Property Income Distributions (\u201cPIDs\u201d) equal to at least
90% of the Group\u2019s rental profit calculated by reference to tax rules rather than accounting standards.
To remain as a UK REIT there are a number of conditions to be met in respect of the principal company of
the Group, the Group\u2019s qualifying activities and the balance of its business. The Group remains compliant
as at 31 December 2024.
The Group\u2019s activities in Ireland are conducted via Irish companies, a Guernsey company and an Irish
Collective Asset Vehicle (\u201cICAV\u201d). The Irish companies pay Irish corporation tax on trading activities and
deferred tax is calculated on the increase in capital values. The Guernsey company pays tax on its net
rental income. The ICAV does not pay any Irish corporation tax on its profits but a 20% withholding tax
is paid on distributions to owners.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-308": { "value": "
8. Earnings per share
Performance measures
In the tables below, we present earnings per share and net assets per share calculated in accordance with
IFRSs, together with our own adjusted measure and certain measures defined by the European Public Real
Estate Association (\u201cEPRA\u201d), which have been included to assist comparison between European property
companies. Two of the Group\u2019s key financial performance measures are adjusted earnings per share and
adjusted net tangible assets per share.
Adjusted earnings, which is a tax adjusted measure of revenue profit, is the basis for the calculation
of adjusted earnings per share. We believe adjusted earnings and adjusted earnings per share provide
further insight into the results of the Group\u2019s operational performance to stakeholders as they focus on
the net rental income performance of the business and exclude capital and other items which can vary
significantly from year to year.
Earnings per share
2024
2023
IFRS Adjusted EPRA IFRS Adjusted EPRA
earnings earnings earnings earnings earnings earnings
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Profit after taxation
41.4
41.4
41.4
27. 3
27.3
27.3
Adjustments to remove:
Revaluation deficit
on property portfolio
\u2014
38.4
38.4
\u2014
53.0
53.0
Fair value movement
on derivatives
\u2014
7.0
7.0
\u2014
8.4
8.4
Fair value movement
and issue costs on
convertible bond
\u2014
0.6
0.6
\u2014
4.8
4.8
Taxation charge/(credit)
\u2014
5.6
5.6
\u2014
(1.2 )
(1.2 )
JSE listing fees
\u2014
\u2014
\u2014
\u2014
0.2
0.2
Amortisation of
intangible assets
\u2014
0.9
0.9
\u2014
0.9
0.9
Axis acquisition costs
\u2014
\u2014
\u2014
\u2014
0.3
0.3
Early termination fees on
bonds
\u2014
2.0
2.0
\u2014
\u2014
\u2014
Amortisation of MtM loss
on debt acquired
\u2014
(3 .0 )
\u2014
\u2014
(3 . 0 )
\u2014
Basic earnings
41.4
92.9
95.9
27.3
90.7
93.7
Dilutive effect of
convertible bond
\u2014
4.3
4.3
\u2014
4.3
4.3
Diluted earnings
41.4
97.2
100.2
27. 3
95.0
98.0
Number of shares
2024 weighted average
2023 weighted average
million
million
million
million
million
million
Ordinary Shares
1,336.5
1,336.5
1,336.5
1,336.5
1,336.5
1,336.5
Dilutive effect of
convertible bond
\u2014
119.4
119.4
\u2014
113.9
113.9
Diluted Ordinary Shares
1,336.5
1,455.9
1,455.9
1,336.5
1,450.4
1,450.4
Profit/(loss) per share attributable to shareholders:
2024
2023
IFRS Adjusted EPRA IFRS Adjusted EPRA
pence pence pence pence pence pence
Basic
3.1
7.0
7.2
2.0
6.8
7.0
Diluted
3.1
6.7
6.9
2.0
6.6
6.8
In the years ended 31 December 2024 and 31 December 2023 the effect of the convertible bond has been
excluded from the diluted profit and weighted average diluted number of shares when calculating IFRS
diluted profit per share because they are anti-dilutive.
Net assets per share
31 December 2024
31 December 2023
IFRS Adjusted EPRA IFRS Adjusted EPRA
pence pence pence pence pence pence
Net assets attributable
to shareholders
1,376.0
1,376.0
1,376.0
1,423.9
1,423.9
1,423.9
Derivative interest rate
swaps liability
\u2014
(0 .2 )
(0 .2 )
\u2014
(4 .7 )
(4 .7 )
Deferred tax
\u2014
9.0
9.0
\u2014
3.8
3.8
Intangible assets
\u2014
(5.3 )
(5 .3 )
\u2014
(6 . 2 )
(6 . 2 )
Cumulative convertible
bond fair value movement
\u2014
(1. 7 )
(1.7 )
\u2014
(2 .3 )
(2. 3 )
MtM on MedicX debt net
of amortisation
\u2014
25.4
\u2014
\u2014
28.5
\u2014
Net tangible assets (\u201cNTA\u201d)
1,376.0
1,403.2
1,37
7.8
1,423.9
1,443.0
1,414.5
Intangible assets
\u2014
\u2014
5.3
\u2014
\u2014
6.2
Real estate transfer taxes
\u2014
\u2014
181.4
\u2014
\u2014
184.4
31 December 2024
31 December 2023
IFRS Adjusted EPRA IFRS Adjusted EPRA
pence pence pence pence pence pence
Net reinstatement
value (\u201cNRV\u201d)
1,376.0
1,403.2
1,564.5
1,423.9
1,443.0
1,605.1
Fixed rate debt and swap
MtM value
\u2014
\u2014
149.3
\u2014
\u2014
137.0
Deferred tax
\u2014
\u2014
( 9. 0 )
\u2014
\u2014
(3. 8 )
Cumulative convertible
bond fair value movement
\u2014
\u2014
1.7
\u2014
\u2014
2.3
Real estate transfer taxes
\u2014
\u2014
(181. 4 )
\u2014
\u2014
(184 .4 )
Net disposal value (\u201cNDV\u201d)
1,376.0
1,403.2
1,525.1
1,423.9
1,443.0
1,556.2
Ordinary Shares
31 December 2024
31 December 2023
million
million
million
million
million
million
Issued share capital
1,336.5
1,336.5
1,336.5
1,336.5
1,336.5
1,336.5
Basic net asset value per share
1
31 December 2024
31 December 2023
IFRS Adjusted EPRA IFRS Adjusted EPRA
pence pence pence pence pence pence
Net tangible assets (\u201cNTA\u201d)
103.0
105.0
103.1
106.5
108.0
105.8
Net reinstatement value
(\u201cNRV\u201d)
\u2014
\u2014
117.1
\u2014
\u2014
120.1
Net disposal value (\u201cNDV\u201d)
\u2014
\u2014
114.1
\u2014
\u2014
116.4
1 The above are calculated on a \u201cbasic\u201d basis without the adjustment for the impact of the convertible bond which is shown in
the diluted basis table below.
Diluted net asset value per share
2
31 December 2024 31 December 2023
IFRS Adjusted EPRA IFRS Adjusted EPRA
pence pence pence pence pence pence
Net tangible assets (\u201cNTA\u201d)
104.8
106.7
103.1
108.5
109.8
105.8
Net reinstatement value
(\u201cNRV\u201d)
\u2014
\u2014
117.1
\u2014
\u2014
120.1
Net disposal value (\u201cNDV\u201d)
\u2014
\u2014
114.1
\u2014
\u2014
116.4
2 The Company assesses the dilutive impact of the unsecured convertible bond, issued by the Group on 15 July 2019, on its net
asset value per share with a current exchange price of 125.64 pence (31 December 2023: 131.72 pence). This effect is
anti-dilutive, with both basic and diluted IFRS NTA presented as equal on the balance sheet.
Conversion of the convertible bond would result in the issue of 119.4 million (31 December 2023:
113.9 million)
new Ordinary Shares. The IFRS net asset value and EPRA NDV would increase by \u00a3148.3 million
(31 December 2023:
\u00a3147.7 million) and the EPRA NTA, adjusted NTA and EPRA NRV would increase by
\u00a3150.0 million (31 December 2023: \u00a3150.0 million). The resulting diluted net asset values per share are
anti-dilutive to all measures and are set out in the table above.
In accordance with IAS 33 Earnings per share the Company is required to assess and disclose the dilutive
impact of the contingently issuable shares within the convertible bond. The impact is not recognised where
it is anti-dilutive.
Headline earnings per share
The JSE listing conditions require the calculation of headline earnings (calculated in accordance with
Circular 1/2021 \u2013 Headline Earnings as issued by the South African Institute of Chartered Accountants) and
disclosure of a detailed reconciliation of headline earnings to the earnings numbers used in the calculation
of basic earnings per share in accordance with the requirements of IAS 33 Earnings per share. Disclosure
of headline earnings is not a requirement of IFRS.
2024 2023
Reconciliation of profit for the period to headline earnings \u00a3m \u00a3m
Basic earnings
41.4
27.3
Adjustments to calculate headline earnings:
JSE listing fees and Axis acquisition costs
\u2014
0.5
Amortisation of intangible assets
0.9
0.9
Revaluation deficit
38.4
53.0
Deferred tax on Irish activities
5.6
(1.3)
Headline earnings
86.3
80.4
Corporation tax
\u2014
0.1
Fair value loss on derivative financial instruments and convertible bond
7.6
13.2
Non-recurring items
(1.0)
(3.0)
Adjusted earnings
92.9
90.7
Diluted basic earnings
41.4
27.3
Diluted headline earnings
91.2
89.5
Basic earnings per share
3.1
2.0
Headline earnings per share
6.5
6.0
Adjusted earnings per share
7.0
6.8
Diluted basic earnings per share
3.1
2.0
Diluted headline earnings per share
6.3
6.2
Reconciliation of profit for the period to headline earnings
2024
2023
Number of shares
1,336.5
1,336.5
Weighted average number of Ordinary Shares for headline, basic and
adjusted earnings per share
1,336.5
1,336.5
Weighted average number of Ordinary Shares for diluted basic and
headline earnings per share
1,455.9
1,450.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-343": { "value": "Net assets per share
31 December 2024
31 December 2023
IFRS Adjusted EPRA IFRS Adjusted EPRA
pence pence pence pence pence pence
Net assets attributable
to shareholders
1,376.0
1,376.0
1,376.0
1,423.9
1,423.9
1,423.9
Derivative interest rate
swaps liability
\u2014
(0 .2 )
(0 .2 )
\u2014
(4 .7 )
(4 .7 )
Deferred tax
\u2014
9.0
9.0
\u2014
3.8
3.8
Intangible assets
\u2014
(5.3 )
(5 .3 )
\u2014
(6 . 2 )
(6 . 2 )
Cumulative convertible
bond fair value movement
\u2014
(1. 7 )
(1.7 )
\u2014
(2 .3 )
(2. 3 )
MtM on MedicX debt net
of amortisation
\u2014
25.4
\u2014
\u2014
28.5
\u2014
Net tangible assets (\u201cNTA\u201d)
1,376.0
1,403.2
1,37
7.8
1,423.9
1,443.0
1,414.5
Intangible assets
\u2014
\u2014
5.3
\u2014
\u2014
6.2
Real estate transfer taxes
\u2014
\u2014
181.4
\u2014
\u2014
184.4
31 December 2024
31 December 2023
IFRS Adjusted EPRA IFRS Adjusted EPRA
pence pence pence pence pence pence
Net reinstatement
value (\u201cNRV\u201d)
1,376.0
1,403.2
1,564.5
1,423.9
1,443.0
1,605.1
Fixed rate debt and swap
MtM value
\u2014
\u2014
149.3
\u2014
\u2014
137.0
Deferred tax
\u2014
\u2014
( 9. 0 )
\u2014
\u2014
(3. 8 )
Cumulative convertible
bond fair value movement
\u2014
\u2014
1.7
\u2014
\u2014
2.3
Real estate transfer taxes
\u2014
\u2014
(181. 4 )
\u2014
\u2014
(184 .4 )
Net disposal value (\u201cNDV\u201d)
1,376.0
1,403.2
1,525.1
1,423.9
1,443.0
1,556.2
Ordinary Shares
31 December 2024
31 December 2023
million
million
million
million
million
million
Issued share capital
1,336.5
1,336.5
1,336.5
1,336.5
1,336.5
1,336.5
Basic net asset value per share 1
31 December 2024
31 December 2023
IFRS Adjusted EPRA IFRS Adjusted EPRA
pence pence pence pence pence pence
Net tangible assets (\u201cNTA\u201d)
103.0
105.0
103.1
106.5
108.0
105.8
Net reinstatement value
(\u201cNRV\u201d)
\u2014
\u2014
117.1
\u2014
\u2014
120.1
Net disposal value (\u201cNDV\u201d)
\u2014
\u2014
114.1
\u2014
\u2014
116.4
1 The above are calculated on a \u201cbasic\u201d basis without the adjustment for the impact of the convertible bond which is shown in the diluted basis table below. Diluted net asset value per share 2
31 December 2024 31 December 2023
IFRS Adjusted EPRA IFRS Adjusted EPRA
pence pence pence pence pence pence
Net tangible assets (\u201cNTA\u201d)
104.8
106.7
103.1
108.5
109.8
105.8
Net reinstatement value
(\u201cNRV\u201d)
\u2014
\u2014
117.1
\u2014
\u2014
120.1
Net disposal value (\u201cNDV\u201d)
\u2014
\u2014
114.1
\u2014
\u2014
116.4
2 The Company assesses the dilutive impact of the unsecured convertible bond, issued by the Group on 15 July 2019, on its net asset value per share with a current exchange price of 125.64 pence (31 December 2023: 131.72 pence). This effect is anti-dilutive, with both basic and diluted IFRS NTA presented as equal on the balance sheet. Conversion of the convertible bond would result in the issue of 119.4 million (31 December 2023: 113.9 million) new Ordinary Shares. The IFRS net asset value and EPRA NDV would increase by \u00a3148.3 million (31 December 2023: \u00a3147.7 million) and the EPRA NTA, adjusted NTA and EPRA NRV would increase by \u00a3150.0 million (31 December 2023: \u00a3150.0 million). The resulting diluted net asset values per share are anti-dilutive to all measures and are set out in the table above. In accordance with IAS 33 Earnings per share the Company is required to assess and disclose the dilutive impact of the contingently issuable shares within the convertible bond. The impact is not recognised where it is anti-dilutive. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-309": { "value": "
9. Dividends
Amounts recognised as distributions to equity holders in the year:
2024 2023
\u00a3m \u00a3m
Quarterly interim dividend paid 23 February 2024
23.1
\u2014
Quarterly interim dividend paid 17 May 2024
23.0
\u2014
Quarterly interim dividend paid 16 August 2024
23.0
\u2014
Quarterly interim dividend paid 22 November 2024
23.0
\u2014
Quarterly interim dividend paid 23 February 2023
\u2014
22.4
Quarterly interim dividend paid 19 May 2023
\u2014
22.4
Quarterly interim dividend paid 18 August 2023
\u2014
22.3
Quarterly interim dividend paid 24 November 2023
\u2014
22.4
Total dividends distributed in the year
92.1
89.5
Per share
6.9p
6.7p
On 2 January 2025, the Board declared an interim dividend of 1.775 pence per Ordinary Share with regard
to the year ended 31 December 2024, payable on 21 February 2025. This dividend will consist wholly of an
ordinary dividend of 0.4 pence and Property Income Distribution (\u201cPID\u201d) of 1.375 pence.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-344": { "value": "0.004", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-310": { "value": "
10. Investment properties and investment properties under construction
Properties have been independently valued at fair value by Avison Young (UK) Limited, Jones Lang LaSalle
and CBRE Chartered Surveyors and Valuers, as at the balance sheet date in accordance with accounting
standards. The valuers have confirmed that they have valued the properties in accordance with the
Practice Statements in the RICS Appraisal and Valuation Standards 2024 (the \u201cRed Book\u201d). There were no
changes to the valuation techniques during the year. The valuers are appropriately qualified and have
sufficient market knowledge and relevant experience of the location and category of investment property
and have had full regard to market evidence when determining the values. The properties are 99.1% let
(2023: 99.3%). The valuations reflected a 5.22% (2023: 5.05%) net initial yield and a 5.27% (2023: 5.06%)
true equivalent yield. Where properties have outstanding rent reviews, an estimate is made of the likely
rent on review in line with market expectations and the knowledge of the valuers.
In accordance with IAS 40, investment properties under construction have also been valued at fair value
by the valuers. In determining the fair value, the valuers are required to value development property as if
complete, deduct the costs remaining to be paid to complete the development and consider the significant
risks which are relevant to the development process including, but not limited to, construction and letting
risks and the impact they may have on fair value. In the case of the Group\u2019s portfolio under construction,
where the sites are pre-let and construction risk remains with the builder/developer, the valuers have
deemed that the residual risk to the Group is minimal. As required by the Red Book, the valuers have
deducted the outstanding cost to the Group through to the completion of construction of \u00a32.5 million
(2023: \u00a35.4 million) in arriving at the fair value to be included in the financial statements.
In addition to the above, capital commitments have been entered into amounting to \u00a333.9 million
(2023: \u00a37.1 million) which have not been provided for in the financial statements.
A fair value decrease of \u00a31.2 million (2023: decrease of \u00a34.2 million) in respect of investment property under
construction has been recognised in the Group Statement of Comprehensive Income, as part of the overall
total net valuation loss on the property portfolio in the year of \u00a338.4 million (2023: \u00a353.0 million loss).
Of the \u00a32,750.1 million (2023: \u00a32,776.3 million) valuation, \u00a32,494.8 million (90.7%) (2023: \u00a32,531.7 million)
relates to investment properties in the UK and \u00a3255.3 million (9.3%) (2023: \u00a3244.6 million) relates to
investment properties in Ireland.
In line with accounting policies, the Group assessed whether the acquisitions during the year were asset
purchases or business combinations.
Investment
Investment Investment properties \u2013
properties \u2013 properties \u2013 under
freehold
1
long leasehold construction Total
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2024
2,195.1
583.2
1.0
2,779.3
Property additions
13.7
0.4
7.9
22.0
Impact of lease incentive adjustment
0.3
1.3
\u2014
1.6
Foreign exchange movements
(9.4)
(2.0)
\u2014
(11.4)
Lease ground rent adjustment
\u2014
\u2014
\u2014
\u2014
2,199.7
582.9
8.9
2,791.5
Revaluations for the year
(31.4)
(5.8)
(1.2)
(38.4)
Properties held for sale (reclassified to
current assets)
(3.0)
\u2014
\u2014
(3.0)
As at 31 December 2024
2,165.3
577.1
7. 7
2,750.1
Investment
Investment Investment properties \u2013
properties \u2013 properties \u2013 under
freehold
1
long leasehold construction Total
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2023
2,214.5
57 7. 3
4.5
2,796.3
Property additions
10.3
28.3
1.4
40.0
Reclassification of freehold and leasehold
and land
2.1
(1.4 )
(0. 7 )
\u2014
Impact of lease incentive adjustment
0.4
0.5
\u2014
0.9
Foreign exchange movements
(3 .8 )
( 0 .9 )
\u2014
(4 . 7 )
Lease ground rent adjustment
\u2014
(0 .2 )
\u2014
(0.2 )
2,223.5
603.6
5.2
2,832.3
Revaluations for the year
(28 .4 )
(20.4 )
(4.2 )
(53.0 )
As at 31 December 2023
2,195.1
583.2
1.0
2,779.3
1 Includes development land held at \u00a30.7 million (31 December 2023: \u00a30.7 million).
Bank borrowings, bonds and interest rate swaps are secured on investment properties with a value of
\u00a32,702.8 million (2023: \u00a32,739.3 million).
Right of use assets
In accordance with IFRS 16 Leases, the Group has recognised a \u00a33.0 million head lease liability and an
equal and opposite finance lease asset which is included in non-current assets.
Fair value hierarchy
All of the Group\u2019s properties are level 3, as defined by IFRS 13, in the fair value hierarchy as at
31 December 2024 and 31 December 2023. There were no transfers between levels during the year or
during 2023. Level 3 inputs used in valuing the properties are those which are unobservable, as opposed
to level 1 (inputs from quoted prices) and level 2 (non-quoted observable inputs either directly (i.e. as
prices) or indirectly (i.e. derived from prices)).
Valuation techniques used to derive level 3 fair values
The valuations have been prepared on the basis of fair market value (\u201cFMV\u201d) which is defined in the RICS
Valuation Standards as:
\u201cThe estimated amount for which a property should exchange on the date of valuation between a willing
buyer and a willing seller in an arm\u2019s length transaction after proper marketing wherein the parties had
each acted knowledgeably, prudently and without compulsion.\u201d
Valuation techniques
Under the market comparable approach, a property\u2019s fair value is estimated based on comparable
transactions on an arm\u2019s length basis, using certain unobservable inputs. These inputs are detailed below.
Unobservable input: estimated rental value (\u201cERV\u201d)
The rent at which space could be let in the market conditions prevailing at the date of valuation. ERV is
also used in determining expected rental uplift on outstanding rent reviews.
2024
2023
ERV \u2013 range of the portfolio
\u00a329,000\u2013\u00a31,515,482
\u00a327,500\u2013\u00a31,515,482
per annum per annum
Unobservable input: equivalent yield
The equivalent yield is defined as the internal rate of return of the cash flow from the property, assuming
a rise to ERV at the next review date, but with no further rental growth.
2024
2023
True equivalent yield \u2013 range of the portfolio
2.80%\u201313.43%
2.77%\u201316.10%
Unobservable input: physical condition of the property
The properties are physically inspected by the valuers on a three-year rotating basis.
Unobservable input: net initial yield (\u201cNIY\u201d)
The NIY is the annualised rental income based on the cash rents passing at the balance sheet date, less
non-recoverable property operating expenses, divided by the market value of the property, increased with
(estimated) purchaser\u2019s costs.
Unobservable input: rental growth
The estimated average increase in rent based on both market estimations and contractual situations.
Sensitivity of measurement of significant unobservable inputs
During 2024 the Group experienced a 17bps increase in the portfolio net initial yield, reducing investment
property by \u00a338.4 million (1.4% reduction), before reflecting gains as a result of rental growth and asset
management projects. We have therefore applied the following sensitivities:
\u2022 A decrease in the estimated annual rent will decrease the fair value. A 2% decrease/increase in annual rent
would result in an approximately \u00a355.0 million decrease/increase in the investment property valuation.
\u2022 A decrease in the equivalent yield will increase the fair value. A 25bps shift of equivalent yield would
have an approximately \u00a3124.1 million impact on the investment property valuation, either an increase
or decrease.
\u2022 A deterioration in the physical condition of the property will decrease the fair value.
\u2022 An increase in the net initial yield will decrease fair value. A further 25bps shift in the net initial yield
would have an approximately \u00a3125.6 million impact on the investment property valuation, either an
increase or decrease.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-345": { "value": "Right of use assets In accordance with IFRS 16 Leases, the Group has recognised a \u00a33.0 million head lease liability and an equal and opposite finance lease asset which is included in non-current assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-311": { "value": "
11. Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables (net of loss allowance)
16.6
16.3
Prepayments and accrued income
10.3
7.9
Other debtors
0.8
0.7
27.7
24.9
The expected credit losses are estimated using a provision matrix by reference to past experience and an
analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtor on
the recoverability, general economic conditions of the industry and an assessment of both the current and
the forecast direction of conditions at the reporting date. Payment default is where PHP assesses there
could be a probable failure of a tenant making a contractual payment of rent. The Group has therefore not
recognised a significant loss allowance because historical experience has indicated that the risk profile of
trade receivables is deemed low, and any loss allowance would therefore be insignificant.
The Group\u2019s principal customers are invoiced and pay quarterly in advance, usually on English, Scottish and
Gale quarter days. There is no significant concentration of credit risk with respect to trade receivables, as
the Group has a large number of tenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "value": "11. Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables (net of loss allowance)
16.6
16.3
Prepayments and accrued income
10.3
7.9
Other debtors
0.8
0.7
27.7
24.9
The expected credit losses are estimated using a provision matrix by reference to past experience and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtor on the recoverability, general economic conditions of the industry and an assessment of both the current and the forecast direction of conditions at the reporting date. Payment default is where PHP assesses there could be a probable failure of a tenant making a contractual payment of rent. The Group has therefore not recognised a significant loss allowance because historical experience has indicated that the risk profile of trade receivables is deemed low, and any loss allowance would therefore be insignificant. The Group\u2019s principal customers are invoiced and pay quarterly in advance, usually on English, Scottish and Gale quarter days. There is no significant concentration of credit risk with respect to trade receivables, as the Group has a large number of tenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-346": { "value": "11. Trade and other receivables
2024 2023
\u00a3m \u00a3m
Trade receivables (net of loss allowance)
16.6
16.3
Prepayments and accrued income
10.3
7.9
Other debtors
0.8
0.7
27.7
24.9
The expected credit losses are estimated using a provision matrix by reference to past experience and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtor on the recoverability, general economic conditions of the industry and an assessment of both the current and the forecast direction of conditions at the reporting date. Payment default is where PHP assesses there could be a probable failure of a tenant making a contractual payment of rent. The Group has therefore not recognised a significant loss allowance because historical experience has indicated that the risk profile of trade receivables is deemed low, and any loss allowance would therefore be insignificant. The Group\u2019s principal customers are invoiced and pay quarterly in advance, usually on English, Scottish and Gale quarter days. There is no significant concentration of credit risk with respect to trade receivables, as the Group has a large number of tenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-312": { "value": "
12. Cash and cash equivalents
2024 2023
\u00a3m \u00a3m
Cash held at bank
3.5
3.2
3.5
3.2
Bank interest is earned at floating rates depending upon the bank deposit rate. Short term deposits may be
made for varying periods of between one day and three months, dependent on available cash and
forthcoming cash requirements of the Group. These deposits earn interest at various short term deposit rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-347": { "value": "12. Cash and cash equivalents
2024 2023
\u00a3m \u00a3m
Cash held at bank
3.5
3.2
3.5
3.2
Bank interest is earned at floating rates depending upon the bank deposit rate. Short term deposits may be made for varying periods of between one day and three months, dependent on available cash and forthcoming cash requirements of the Group. These deposits earn interest at various short term deposit rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-313": { "value": "
13. Trade and other payables
2024 2023
\u00a3m \u00a3m
Non-current liabilities
Other payables
3.1
4.1
3.1
4.1
Current liabilities
Trade payables
1.8
2.5
Bank and bond loan interest accrual
7.5
6.5
Other payables
8.4
8.6
VAT
6.8
6.7
Accruals
6.1
7.4
30.6
31.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-371": { "value": "13. Trade and other payables
2024 2023
\u00a3m \u00a3m
Non-current liabilities
Other payables
3.1
4.1
3.1
4.1
Current liabilities
Trade payables
1.8
2.5
Bank and bond loan interest accrual
7.5
6.5
Other payables
8.4
8.6
VAT
6.8
6.7
Accruals
6.1
7.4
30.6
31.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-363": { "value": "13. Trade and other payables
2024 2023
\u00a3m \u00a3m
Non-current liabilities
Other payables
3.1
4.1
3.1
4.1
Current liabilities
Trade payables
1.8
2.5
Bank and bond loan interest accrual
7.5
6.5
Other payables
8.4
8.6
VAT
6.8
6.7
Accruals
6.1
7.4
30.6
31.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-348": { "value": "13. Trade and other payables
2024 2023
\u00a3m \u00a3m
Non-current liabilities
Other payables
3.1
4.1
3.1
4.1
Current liabilities
Trade payables
1.8
2.5
Bank and bond loan interest accrual
7.5
6.5
Other payables
8.4
8.6
VAT
6.8
6.7
Accruals
6.1
7.4
30.6
31.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-314": { "value": "
14. Borrowings
a) Term loans and overdrafts
The table indicates amounts drawn and undrawn from each individual facility as at 31 December:
Facility
Amounts drawn
Undrawn
2024 2023 2024 2023 2024 2023
Expiry date \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current
RBS overdraft
Jun 2025
5.0
5.0
0.9
\u2014
4.1
5.0
Aviva MXF loan
Sep 2033
2.5
2.4
2.5
2.4
\u2014
\u2014
7.5
7.4
3.4
2.4
4.1
5.0
Non-current
Aviva loan
Oct 2036
200.0
200.0
200.0
200.0
0.0
\u2014
Aviva loan
Nov 2028
75.0
75.0
75.0
75.0
0.0
\u2014
Barclays loan
Oct 2027
170.0
100.0
105.0
\u2014
65.0
100.0
HSBC loan
Dec 2027
100.0
100.0
39.0
64.4
61.0
35.6
Lloyds loan
Oct 2027
100.0
100.0
18.5
1.8
81.5
98.2
NatWest loan
Oct 2026
100.0
100.0
33.5
31.8
66.5
68.2
Santander loan
Jan 2026
50.0
50.0
24.4
24.4
25.6
25.6
Aviva MXF loan
Sep 2033
218.0
220.5
218.0
220.5
\u2014
\u2014
Aviva MXF loan
Sep 2028
30.8
30.8
30.8
30.8
\u2014
\u2014
1,043.8
976.3
744.2
648.7
299.6
327.6
Total
1,051.3
983.7
747.6
651.1
303.7
332.6
At 31 December 2024, total facilities of \u00a31,630.4 million (2023: \u00a31,642.5 million) were available to the
Group. This included a \u00a3100.0 million secured bond, a \u00a3150.0 million nominal value convertible bond,
\u00a342.3 million, \u00a357.9 million, \u00a362.0 million and \u00a339.5 million euro denominated bonds, a \u00a350.0 million Ignis
loan note, a \u00a377.5 million Standard Life loan note and a \u00a35.0 million overdraft facility. Of these facilities, as
at 31 December 2024, \u00a31,326.7 million was drawn (2023: \u00a31,309.9 million). On 30 September 2024, the
Group completed a new \u00a3170.0 million facility with Barclays with \u00a370.0 million of the proceeds from the
new facility being used to repay the variable rate bond ahead of maturity in December 2025. The new
facility can be drawn in sterling and euros, and has an interest rate of 1.60% plus SONIA or EURIBOR and a
term of three years with the option to extend by a further two years. The Group has also agreed terms
with Lloyds to extend its \u00a3100.0 million facility for a further three years with an option to extend by a
further two years as well as increase the size to \u00a3125.0 million. The \u00a3100.0 million HSBC facility was also
extended for a further year.
Costs associated with the arrangement and extension of the facilities, including legal advice and loan
arrangement fees, are amortised using the effective interest rate.
Any amounts unamortised as at the period end are offset against amounts drawn on the facilities as
shown in the table below:
2024 2023
\u00a3m \u00a3m
Term loans drawn: due within one year
3.4
2.4
Term loans drawn: due in greater than one year
744.2
648.7
Total term loans drawn
747.6
651.1
Plus: MtM on loans net of amortisation
22.5
24.9
Less: unamortised borrowing costs
(9.5)
(9.1)
Total term loans per the Group Balance Sheet
760.6
666.9
The Group has been in compliance with all of the financial covenants of the above facilities as applicable
through the year. Further details are shown in Note 17e.
The Group has entered into interest rate swaps to manage its exposure to interest rate fluctuations.
These are set out in Note 16.
b) Bonds
2024 2023
\u00a3m \u00a3m
Unsecured:
Convertible bond July 2025 at fair value
148.3
147.7
Less: unamortised costs
\u2014
\u2014
Total unsecured bonds
148.3
147.7
Secured:
Secured bond December 2025
\u2014
70.0
Secured bond March 2027
100.0
100.0
\u20ac51.0 million secured bond (Euro private placement) December 2028\u201330
42.3
44.2
\u20ac70.0 million secured bond (Euro private placement) September 2031
57.9
60.7
\u20ac75.0 million secured bond (Euro private placement) February 2034
62.0
65.0
\u20ac47.8 million secured bond (Euro private placement) December 2033
39.5
41.4
Ignis loan note December 2028
50.0
50.0
Standard Life loan note September 2028
77.5
7 7.5
Less: unamortised bond issue costs
(2.7)
(3.6)
Plus: MtM on loans net of amortisation
2.8
3.5
Total secured bonds
429.3
508.7
Total bonds
577.6
656.4
There were no bond conversions during the year (2023: \u00a3nil).
Secured bonds
On 18 December 2013, PHP successfully listed the floating rate guaranteed secured bonds issued on
4 November 2013 (the \u201csecured bonds\u201d) on the London Stock Exchange. The secured bonds have a nominal
value of \u00a370.0 million and mature on 30 December 2025. The secured bonds incur interest at an annualised
rate of 220bps plus a credit spread adjustment of 28bps above six-month SONIA, payable semi-annually in
arrears. The secured bonds were fully redeemed on 25 September 2024.
On 21 March 2017, a \u00a3100.0 million secured bond was issued for a ten-year term at a fixed coupon of 2.83%
that matures on 21 March 2027. Interest is paid semi-annually in arrears.
On 20 December 2018, senior secured notes for a total of \u20ac51.0 million (\u00a342.3 million) were issued at a
blended fixed rate of 2.4793% and a weighted average maturity of 10.4 years. Interest is paid semi-annually
in arrears. The notes represent PHP\u2019s first euro denominated transaction in the private placement market.
The secured notes were placed with UK and Irish institutional investors in two tranches:
\u2022 \u20ac40.0 million 2.46% senior notes due December 2028; and
\u2022 \u20ac11.0 million 2.633% senior notes due December 2030.
On 16 September 2019, new senior secured notes for a total of \u20ac70.0 million (\u00a357.9 million) were issued at
a fixed rate of 1.509% and a maturity of twelve years. Interest is paid semi-annually in arrears. The secured
notes are guaranteed by the Company and were placed with UK and Irish institutional investors.
On 11 February 2022, the Group issued a new \u20ac75.0 million (\u00a362.0 million) secured private placement loan
note to MetLife for a twelve-year term at a fixed rate of 1.64%. The loan notes have the option to be
increased by a further \u20ac75.0 million to \u20ac150.0 million over the next three years at MetLife\u2019s discretion.
On 19 December 2023, new senior secured notes for a total of \u20ac47.8 million (\u00a339.5 million) were issued
at a fixed rate of 4.195% and a maturity of ten years. Interest is paid semi-annually in arrears. The secured
notes are guaranteed by the Company and were placed with UK and Canadian institutional investors.
Ignis and Standard Life loan notes
On 14 March 2019, the loan notes were added to the portfolio as a part of the MedicX acquisition.
The Ignis loan note of \u00a350.0 million incurs a fixed coupon of 3.99% payable semi-annually in arrears
and matures on 7 December 2028.
The Standard Life loan note matures on 30 September 2028 and is split into two tranches, \u00a350.0 million
and \u00a327.5 million at fixed coupon rates of 3.84% and 3.00% respectively. Interest is payable semi-annually
in arrears.
Convertible bonds
On 15 July 2019, PHP Finance (Jersey No 2) Limited (the \u201cissuer\u201d), a wholly owned subsidiary of the Group,
issued \u00a3150.0 million of 2.875% convertible bonds (the \u201cbonds\u201d) for a six-year term and if not previously
converted, redeemed or purchased and cancelled, the bonds will be redeemed at par on maturity in July
2025. The net proceeds were partially used to repay the Company\u2019s \u00a375.0 million 5.375% senior unsecured
retail bonds at maturity and otherwise for general corporate purposes.
Subject to certain conditions, the bonds will be convertible into fully paid Ordinary Shares of the Company
and the initial exchange price was set at 153.25 pence, a premium of 15% above the volume weighted
average price of the Company\u2019s shares on 18 June 2019, being 133.26 pence. Under the terms of the bonds,
the Company will have the right to elect to settle exercise of any conversion rights entirely in shares or
cash, or with a combination of shares and cash. The exchange price is subject to adjustment if dividends
paid per share exceed 2.8 pence per annum and other certain circumstances and consequently the
exchange price has been adjusted to 125.64 pence as at 31 December 2024 (2023: 131.72 pence).
2024 2023
\u00a3m \u00a3m
Opening balance \u2013 fair value
147.7
142.9
Issued in the year
\u2014
\u2014
Fair value movement in convertible bond
0.6
4.8
Closing balance \u2013 fair value
148.3
147.7
The fair value of the bonds at 31 December 2024 and 31 December 2023 was established by obtaining
quoted market prices. The fair value movement is recognised in the Group Statement of Comprehensive
Income within profit before taxation and is excluded from the calculation of EPRA earnings and EPRA NTA
(replacing EPRA NAV).
c) Total borrowings
2024 2023
\u00a3m \u00a3m
Current liabilities:
Term loans and overdrafts
3.4
2.4
Bonds
150.0
\u2014
MtM on convertible bond
(1.7)
\u2014
Total current liabilities
151.7
2.4
Non-current liabilities:
Term loans
744.2
648.7
MtM on loans net of amortisation
22.5
24.9
Less: unamortised loan issue costs
(9.5)
(9.1)
Total non-current liabilities
757.2
664.5
Bonds
429.2
658.8
MtM on bonds net of amortisation
2.8
3.5
MtM on convertible bond
\u2014
(2.3)
Less: unamortised bond issue costs
(2.7)
(3.6)
Total non-current bonds
429.3
656.4
Total borrowings
1,338.2
1,323.3
2024 2023
\u00a3m \u00a3m
Balance as at 1 January
1,325.1
1,299.1
Changes from financing activities
Proceeds from bond issues
\u2014
41.2
Term bank loan drawdowns
306.6
282.4
New facilities drawn
306.6
323.6
Repayments of mortgage principal
(2.3)
(2.3)
2024 2023
\u00a3m \u00a3m
Repayments of term bank loans
(276.6)
(297.7 )
Repayments of term loan borrowings
(278.9)
(300.0)
Loan and bond interest paid
(50.0)
(47.0)
Swap interest received
6.0
3.9
Non-utilisation fees paid
(2.1)
(2.2)
Purchase of derivative financial instrument
\u2014
(1.9)
Loan arrangement fees & early termination fees
(3.8)
(1.8)
(49.9)
(49.0)
Total changes from financing cash flows
(22.2)
(25.4)
Other non-cash changes
Loan and bond interest expense
50.0
47.4
Swap interest income
(5.0)
(4.6)
Fair value movement on derivatives interest rate swaps
4.5
4.3
Fair value movement on convertible bond
0.6
4.8
MtM on loans net of amortisation
(3.0)
(3.0)
Amortisation of debt issue costs, non-utilisation & early termination fees
6.5
6.6
Exchange gain on translation of foreign balances
(11.0)
(4.1)
Total other changes
42.6
51.4
Balance as at 31 December
1,345.5
1,325.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-372": { "value": "14. Borrowings a) Term loans and overdrafts The table indicates amounts drawn and undrawn from each individual facility as at 31 December:
Facility
Amounts drawn
Undrawn
2024 2023 2024 2023 2024 2023
Expiry date \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current
RBS overdraft
Jun 2025
5.0
5.0
0.9
\u2014
4.1
5.0
Aviva MXF loan
Sep 2033
2.5
2.4
2.5
2.4
\u2014
\u2014
7.5
7.4
3.4
2.4
4.1
5.0
Non-current
Aviva loan
Oct 2036
200.0
200.0
200.0
200.0
0.0
\u2014
Aviva loan
Nov 2028
75.0
75.0
75.0
75.0
0.0
\u2014
Barclays loan
Oct 2027
170.0
100.0
105.0
\u2014
65.0
100.0
HSBC loan
Dec 2027
100.0
100.0
39.0
64.4
61.0
35.6
Lloyds loan
Oct 2027
100.0
100.0
18.5
1.8
81.5
98.2
NatWest loan
Oct 2026
100.0
100.0
33.5
31.8
66.5
68.2
Santander loan
Jan 2026
50.0
50.0
24.4
24.4
25.6
25.6
Aviva MXF loan
Sep 2033
218.0
220.5
218.0
220.5
\u2014
\u2014
Aviva MXF loan
Sep 2028
30.8
30.8
30.8
30.8
\u2014
\u2014
1,043.8
976.3
744.2
648.7
299.6
327.6
Total
1,051.3
983.7
747.6
651.1
303.7
332.6
At 31 December 2024, total facilities of \u00a31,630.4 million (2023: \u00a31,642.5 million) were available to the Group. This included a \u00a3100.0 million secured bond, a \u00a3150.0 million nominal value convertible bond, \u00a342.3 million, \u00a357.9 million, \u00a362.0 million and \u00a339.5 million euro denominated bonds, a \u00a350.0 million Ignis loan note, a \u00a377.5 million Standard Life loan note and a \u00a35.0 million overdraft facility. Of these facilities, as at 31 December 2024, \u00a31,326.7 million was drawn (2023: \u00a31,309.9 million). On 30 September 2024, the Group completed a new \u00a3170.0 million facility with Barclays with \u00a370.0 million of the proceeds from the new facility being used to repay the variable rate bond ahead of maturity in December 2025. The new facility can be drawn in sterling and euros, and has an interest rate of 1.60% plus SONIA or EURIBOR and a term of three years with the option to extend by a further two years. The Group has also agreed terms with Lloyds to extend its \u00a3100.0 million facility for a further three years with an option to extend by a further two years as well as increase the size to \u00a3125.0 million. The \u00a3100.0 million HSBC facility was also extended for a further year. Costs associated with the arrangement and extension of the facilities, including legal advice and loan arrangement fees, are amortised using the effective interest rate. Any amounts unamortised as at the period end are offset against amounts drawn on the facilities as shown in the table below:
2024 2023
\u00a3m \u00a3m
Term loans drawn: due within one year
3.4
2.4
Term loans drawn: due in greater than one year
744.2
648.7
Total term loans drawn
747.6
651.1
Plus: MtM on loans net of amortisation
22.5
24.9
Less: unamortised borrowing costs
(9.5)
(9.1)
Total term loans per the Group Balance Sheet
760.6
666.9
The Group has been in compliance with all of the financial covenants of the above facilities as applicable through the year. Further details are shown in Note 17e. The Group has entered into interest rate swaps to manage its exposure to interest rate fluctuations. These are set out in Note 16. b) Bonds
2024 2023
\u00a3m \u00a3m
Unsecured:
Convertible bond July 2025 at fair value
148.3
147.7
Less: unamortised costs
\u2014
\u2014
Total unsecured bonds
148.3
147.7
Secured:
Secured bond December 2025
\u2014
70.0
Secured bond March 2027
100.0
100.0
\u20ac51.0 million secured bond (Euro private placement) December 2028\u201330
42.3
44.2
\u20ac70.0 million secured bond (Euro private placement) September 2031
57.9
60.7
\u20ac75.0 million secured bond (Euro private placement) February 2034
62.0
65.0
\u20ac47.8 million secured bond (Euro private placement) December 2033
39.5
41.4
Ignis loan note December 2028
50.0
50.0
Standard Life loan note September 2028
77.5
7 7.5
Less: unamortised bond issue costs
(2.7)
(3.6)
Plus: MtM on loans net of amortisation
2.8
3.5
Total secured bonds
429.3
508.7
Total bonds
577.6
656.4
There were no bond conversions during the year (2023: \u00a3nil). Secured bonds On 18 December 2013, PHP successfully listed the floating rate guaranteed secured bonds issued on 4 November 2013 (the \u201csecured bonds\u201d) on the London Stock Exchange. The secured bonds have a nominal value of \u00a370.0 million and mature on 30 December 2025. The secured bonds incur interest at an annualised rate of 220bps plus a credit spread adjustment of 28bps above six-month SONIA, payable semi-annually in arrears. The secured bonds were fully redeemed on 25 September 2024. On 21 March 2017, a \u00a3100.0 million secured bond was issued for a ten-year term at a fixed coupon of 2.83% that matures on 21 March 2027. Interest is paid semi-annually in arrears. On 20 December 2018, senior secured notes for a total of \u20ac51.0 million (\u00a342.3 million) were issued at a blended fixed rate of 2.4793% and a weighted average maturity of 10.4 years. Interest is paid semi-annually in arrears. The notes represent PHP\u2019s first euro denominated transaction in the private placement market. The secured notes were placed with UK and Irish institutional investors in two tranches: \u2022 \u20ac40.0 million 2.46% senior notes due December 2028; and \u2022 \u20ac11.0 million 2.633% senior notes due December 2030. On 16 September 2019, new senior secured notes for a total of \u20ac70.0 million (\u00a357.9 million) were issued at a fixed rate of 1.509% and a maturity of twelve years. Interest is paid semi-annually in arrears. The secured notes are guaranteed by the Company and were placed with UK and Irish institutional investors. On 11 February 2022, the Group issued a new \u20ac75.0 million (\u00a362.0 million) secured private placement loan note to MetLife for a twelve-year term at a fixed rate of 1.64%. The loan notes have the option to be increased by a further \u20ac75.0 million to \u20ac150.0 million over the next three years at MetLife\u2019s discretion. On 19 December 2023, new senior secured notes for a total of \u20ac47.8 million (\u00a339.5 million) were issued at a fixed rate of 4.195% and a maturity of ten years. Interest is paid semi-annually in arrears. The secured notes are guaranteed by the Company and were placed with UK and Canadian institutional investors. Ignis and Standard Life loan notes On 14 March 2019, the loan notes were added to the portfolio as a part of the MedicX acquisition. The Ignis loan note of \u00a350.0 million incurs a fixed coupon of 3.99% payable semi-annually in arrears and matures on 7 December 2028. The Standard Life loan note matures on 30 September 2028 and is split into two tranches, \u00a350.0 million and \u00a327.5 million at fixed coupon rates of 3.84% and 3.00% respectively. Interest is payable semi-annually in arrears. Convertible bonds On 15 July 2019, PHP Finance (Jersey No 2) Limited (the \u201cissuer\u201d), a wholly owned subsidiary of the Group, issued \u00a3150.0 million of 2.875% convertible bonds (the \u201cbonds\u201d) for a six-year term and if not previously converted, redeemed or purchased and cancelled, the bonds will be redeemed at par on maturity in July 2025. The net proceeds were partially used to repay the Company\u2019s \u00a375.0 million 5.375% senior unsecured retail bonds at maturity and otherwise for general corporate purposes. Subject to certain conditions, the bonds will be convertible into fully paid Ordinary Shares of the Company and the initial exchange price was set at 153.25 pence, a premium of 15% above the volume weighted average price of the Company\u2019s shares on 18 June 2019, being 133.26 pence. Under the terms of the bonds, the Company will have the right to elect to settle exercise of any conversion rights entirely in shares or cash, or with a combination of shares and cash. The exchange price is subject to adjustment if dividends paid per share exceed 2.8 pence per annum and other certain circumstances and consequently the exchange price has been adjusted to 125.64 pence as at 31 December 2024 (2023: 131.72 pence).
2024 2023
\u00a3m \u00a3m
Opening balance \u2013 fair value
147.7
142.9
Issued in the year
\u2014
\u2014
Fair value movement in convertible bond
0.6
4.8
Closing balance \u2013 fair value
148.3
147.7
The fair value of the bonds at 31 December 2024 and 31 December 2023 was established by obtaining quoted market prices. The fair value movement is recognised in the Group Statement of Comprehensive Income within profit before taxation and is excluded from the calculation of EPRA earnings and EPRA NTA (replacing EPRA NAV). c) Total borrowings
2024 2023
\u00a3m \u00a3m
Current liabilities:
Term loans and overdrafts
3.4
2.4
Bonds
150.0
\u2014
MtM on convertible bond
(1.7)
\u2014
Total current liabilities
151.7
2.4
Non-current liabilities:
Term loans
744.2
648.7
MtM on loans net of amortisation
22.5
24.9
Less: unamortised loan issue costs
(9.5)
(9.1)
Total non-current liabilities
757.2
664.5
Bonds
429.2
658.8
MtM on bonds net of amortisation
2.8
3.5
MtM on convertible bond
\u2014
(2.3)
Less: unamortised bond issue costs
(2.7)
(3.6)
Total non-current bonds
429.3
656.4
Total borrowings
1,338.2
1,323.3
2024 2023
\u00a3m \u00a3m
Balance as at 1 January
1,325.1
1,299.1
Changes from financing activities
Proceeds from bond issues
\u2014
41.2
Term bank loan drawdowns
306.6
282.4
New facilities drawn
306.6
323.6
Repayments of mortgage principal
(2.3)
(2.3)
2024 2023
\u00a3m \u00a3m
Repayments of term bank loans
(276.6)
(297.7 )
Repayments of term loan borrowings
(278.9)
(300.0)
Loan and bond interest paid
(50.0)
(47.0)
Swap interest received
6.0
3.9
Non-utilisation fees paid
(2.1)
(2.2)
Purchase of derivative financial instrument
\u2014
(1.9)
Loan arrangement fees & early termination fees
(3.8)
(1.8)
(49.9)
(49.0)
Total changes from financing cash flows
(22.2)
(25.4)
Other non-cash changes
Loan and bond interest expense
50.0
47.4
Swap interest income
(5.0)
(4.6)
Fair value movement on derivatives interest rate swaps
4.5
4.3
Fair value movement on convertible bond
0.6
4.8
MtM on loans net of amortisation
(3.0)
(3.0)
Amortisation of debt issue costs, non-utilisation & early termination fees
6.5
6.6
Exchange gain on translation of foreign balances
(11.0)
(4.1)
Total other changes
42.6
51.4
Balance as at 31 December
1,345.5
1,325.1
16. Derivatives and other financial instruments It is Group policy to maintain the proportion of floating rate interest exposure at between 20% and 40% of total debt facilities. The Group uses interest rate swaps to mitigate its remaining exposure to interest rate risk in line with this policy. The fair value of these contracts is recorded in the balance sheet and is determined by discounting future cash flows at the prevailing market rates at the balance sheet date.
2024 2023
\u00a3m \u00a3m
Fair value of interest rate swaps not qualifying as cash flow hedges
under IAS 39:
Current assets
0.2
10.5
Non-current assets
\u2014
0.9
Current liabilities
\u2014
(6.7)
Non-current liabilities
\u2014
\u2014
Total fair value of interest rate swaps
0.2
4.7
Changes in the fair value of the contracts that do not meet the strict IAS 39 criteria to be designated as effective hedging instruments are taken to the Group Statement of Comprehensive Income. For contracts that meet the IAS 39 criteria and are designated as \u201ceffective\u201d cash flow hedges, the change in fair value of the contract is recognised in the Group Statement of Changes in Equity through the cash flow hedging reserve. The result recognised in the Group Statement of Comprehensive Income relates to the amortisation of the cash flow hedging reserve of \u00a32.5 million (2023: \u00a34.1 million). Interest rate swaps and caps with a contract value of \u00a349.6 million (2023: \u00a3152.0 million) were in effect at 31 December 2024. Details of all floating to fixed rate interest rate swap contracts held are as follows:
Fixed interest
Contract value
Product
Start date
Maturity
per annum %
2024
\u20ac20.0 million (\u00a316.5 million)
Euro cap
April 2023
October 2025
2.0000
\u20ac20.0 million (\u00a316.5 million)
Euro cap
April 2023
October 2025
2.0000
\u20ac20.0 million (\u00a316.6 million)
Euro cap
April 2023
October 2025
2.0000
\u00a349.6 million
2023
\u20ac20.0 million (\u00a317.3 million)
Euro cap
April 2023
October 2025
2.0000
\u20ac20.0 million (\u00a317.3 million)
Euro cap
April 2023
October 2025
2.0000
\u20ac20.0 million (\u00a317.4 million)
Euro cap
April 2023
October 2025
2.0000
\u00a3100.0 million
Swap
October 2021
November 2024
0.0699
\u00a3(66.0) million
Reverse swap
October 2021
November 2024
2.5200
\u00a366.0 million
Cap
October 2021
November 2024
1.2500
\u00a3(67.0) million
Reverse swap
October 2021
November 2024
2.5200
\u00a367.0 million
Cap
October 2021
November 2024
1.2500
\u00a3(67.0) million
Reverse swap
October 2021
November 2024
2.5200
\u00a367.0 million
Cap
October 2021
November 2024
1.2500
\u00a3152.0 million
On 28 October 2021 the HSBC \u00a3100.0 million variable leg of the LIBOR swap was converted to SONIA. The term and fixed rate were unchanged at November 2024 expiry and 0.0699%. This expired and was not renewed in the reporting period. On 27 October 2021 three new swap agreements were entered into totalling \u00a3200.0 million. All were effective until 29 November 2024 and received a fixed rate of 2.52%, with variable rates payable. These included a \u00a366.0 million swap agreement with HSBC paying a variable of SONIA + 1.6275%, a \u00a367.0 million swap agreement with Barclays paying a variable of SONIA + 1.575% and a \u00a367.0 million swap agreement with NatWest paying a variable of SONIA + 1.5849%. A one-off payment of \u00a31.8 million across all three new swap agreements was made to cap SONIA at 1.25% for the length of the agreement, equivalent to 0.1 pence per share on an adjusted net tangible asset value basis. Those expired and were not renewed in the reporting period. On 18 April 2023, the Group converted \u20ac60.0 million (\u00a351.6 million) of sterling equivalent denominated debt into euros across its various revolving credit facilities. The Group purchased 2.0% caps on \u20ac60 million nominal value for a period of 2.5 years until October 2025 for an all-in premium of \u20ac2.2 million (\u00a31.9 million). Fair values Set out below is a comparison by class of the carrying amount and fair values of the Group\u2019s financial instruments that are carried in the financial statements.
Book value Fair value Book value Fair value
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
17.5
17.5
17.0
17.0
Ineffective interest rate swaps
0.2
0.2
11.4
11.4
Cash and short term deposits
3.5
3.5
3.2
3.2
Financial liabilities
Interest-bearing loans and borrowings
(1,338.2)
(1,201.3)
(1,323.3)
(1,203.8)
Ineffective interest rate swaps
\u2014
\u2014
(6.7)
(6.7)
Trade and other payables
(25.8)
(25.8)
(27.5)
(27.5)
Lease liabilities
(3.0)
(3.0)
(3.0)
(3.0)
The fair value of the financial assets and liabilities is included as an estimate of the amount at which the instruments could be exchanged in a current transaction between willing parties, other than a forced sale. The following methods and assumptions were used to estimate fair values: \u2022 the fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not materially different from those at which they are carried in the financial statements due to the short term nature of these instruments; \u2022 the fair value of floating rate borrowings is estimated by discounting future cash flows using rates currently available for instruments with similar terms and remaining maturities. The fair value approximates their carrying values, gross of unamortised transaction costs; \u2022 the fair value of fixed rate debt is estimated using the mid yield to maturity on the reporting date. The valuations are on a clean basis, which excludes accrued interest from the previous settlement date to the reporting date; and \u2022 the fair values of the derivative interest rate swap contracts are estimated by discounting expected future cash flows using market interest rates and yield curves over the remaining term of the instrument. Fair value hierarchy The table below analyses financial instruments carried at fair value, by valuation method. The different levels are defined as follows: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. Fair value measurements at 31 December 2024 were as follows:
Level 1 Level 2 Level 3 Total
Recurring fair value measurements \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Derivative interest rate swaps
\u2014
0.2
\u2014
0.2
Financial liabilities
Derivative interest rate swaps
\u2014
\u2014
\u2014
\u2014
Convertible bond
(148.3)
\u2014
\u2014
(148.3)
Fixed rate debt
\u2014
(831.7)
\u2014
(831.7)
Fair value measurements at 31 December 2023 were as follows:
Level 1 Level 2 Level 3 Total
Recurring fair value measurements \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Derivative interest rate swaps
\u2014
11.4
\u2014
11.4
Financial liabilities
Derivative interest rate swaps
\u2014
(6.7)
\u2014
(6.7)
Convertible bond
(147.7 )
\u2014
\u2014
(147.7 )
Fixed rate debt
\u2014
(863.7)
\u2014
(863.7)
The interest rate swaps whose fair values include the use of level 2 inputs are valued by discounting expected future cash flows using market interest rates and yield curves over the remaining term of the instrument. The following inputs are used in arriving at the valuation: \u2022 interest rates; \u2022 yield curves; \u2022 swaption volatility; \u2022 observable credit spreads; \u2022 credit default swap curve; and \u2022 observable market data. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-315": { "value": "
15. Head lease liabilities
The Group holds certain long leasehold properties which are classified as investment properties. The head
leases are accounted for as finance leases. These leases typically have lease terms between 25 years and
perpetuity and fixed rentals.
2024 2023
\u00a3m \u00a3m
Due within one year
0.1
0.1
Due after one year
2.9
2.9
Closing balance \u2013 fair value
3.0
3.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-349": { "value": "15. Head lease liabilities The Group holds certain long leasehold properties which are classified as investment properties. The head leases are accounted for as finance leases. These leases typically have lease terms between 25 years and perpetuity and fixed rentals.
2024 2023
\u00a3m \u00a3m
Due within one year
0.1
0.1
Due after one year
2.9
2.9
Closing balance \u2013 fair value
3.0
3.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-316": { "value": "
16. Derivatives and other financial instruments
It is Group policy to maintain the proportion of floating rate interest exposure at between 20% and 40%
of total debt facilities. The Group uses interest rate swaps to mitigate its remaining exposure to interest
rate risk in line with this policy. The fair value of these contracts is recorded in the balance sheet and is
determined by discounting future cash flows at the prevailing market rates at the balance sheet date.
2024 2023
\u00a3m \u00a3m
Fair value of interest rate swaps not qualifying as cash flow hedges
under IAS 39:
Current assets
0.2
10.5
Non-current assets
\u2014
0.9
Current liabilities
\u2014
(6.7)
Non-current liabilities
\u2014
\u2014
Total fair value of interest rate swaps
0.2
4.7
Changes in the fair value of the contracts that do not meet the strict IAS 39 criteria to be designated as
effective hedging instruments are taken to the Group Statement of Comprehensive Income. For contracts
that meet the IAS 39 criteria and are designated as \u201ceffective\u201d cash flow hedges, the change in fair value
of the contract is recognised in the Group Statement of Changes in Equity through the cash flow hedging
reserve. The result recognised in the Group Statement of Comprehensive Income relates to the amortisation
of the cash flow hedging reserve of \u00a32.5 million (2023: \u00a34.1 million).
Interest rate swaps and caps with a contract value of \u00a349.6 million (2023: \u00a3152.0 million) were in effect at
31 December 2024. Details of all floating to fixed rate interest rate swap contracts held are as follows:
Fixed interest
Contract value
Product
Start date
Maturity
per annum %
2024
\u20ac20.0 million (\u00a316.5 million)
Euro cap
April 2023
October 2025
2.0000
\u20ac20.0 million (\u00a316.5 million)
Euro cap
April 2023
October 2025
2.0000
\u20ac20.0 million (\u00a316.6 million)
Euro cap
April 2023
October 2025
2.0000
\u00a349.6 million
2023
\u20ac20.0 million (\u00a317.3 million)
Euro cap
April 2023
October 2025
2.0000
\u20ac20.0 million (\u00a317.3 million)
Euro cap
April 2023
October 2025
2.0000
\u20ac20.0 million (\u00a317.4 million)
Euro cap
April 2023
October 2025
2.0000
\u00a3100.0 million
Swap
October 2021
November 2024
0.0699
\u00a3(66.0) million
Reverse swap
October 2021
November 2024
2.5200
\u00a366.0 million
Cap
October 2021
November 2024
1.2500
\u00a3(67.0) million
Reverse swap
October 2021
November 2024
2.5200
\u00a367.0 million
Cap
October 2021
November 2024
1.2500
\u00a3(67.0) million
Reverse swap
October 2021
November 2024
2.5200
\u00a367.0 million
Cap
October 2021
November 2024
1.2500
\u00a3152.0 million
On 28 October 2021 the HSBC \u00a3100.0 million variable leg of the LIBOR swap was converted to SONIA.
The term and fixed rate were unchanged at November 2024 expiry and 0.0699%. This expired and was not
renewed in the reporting period.
On 27 October 2021 three new swap agreements were entered into totalling \u00a3200.0 million. All were
effective until 29 November 2024 and received a fixed rate of 2.52%, with variable rates payable. These
included a \u00a366.0 million swap agreement with HSBC paying a variable of SONIA + 1.6275%, a \u00a367.0 million
swap agreement with Barclays paying a variable of SONIA + 1.575% and a \u00a367.0 million swap agreement
with NatWest paying a variable of SONIA + 1.5849%. A one-off payment of \u00a31.8 million across all three
new swap agreements was made to cap SONIA at 1.25% for the length of the agreement, equivalent to
0.1 pence per share on an adjusted net tangible asset value basis. Those expired and were not renewed in
the reporting period.
On 18 April 2023, the Group converted \u20ac60.0 million (\u00a351.6 million) of sterling equivalent denominated debt
into euros across its various revolving credit facilities. The Group purchased 2.0% caps on \u20ac60 million
nominal value for a period of 2.5 years until October 2025 for an all-in premium of \u20ac2.2 million (\u00a31.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-317": { "value": "
17. Financial risk management
In pursuing its investment objectives, the Group is exposed to a variety of risks that could impact net
assets or distributable profits.
The Group\u2019s principal financial liabilities, other than interest rate swaps, are loans and borrowings hedged
by these swaps. The main purpose of the Group\u2019s loans and borrowings is to finance the acquisition and
development of the Group\u2019s property portfolio. The Group has trade and other receivables, trade and other
payables and cash and short term deposits that arise directly from its operations.
A review of the Group\u2019s objectives, policies and processes for managing and monitoring risk is set out
in the Strategic Report. This Note provides further detail on financial risk management and includes
quantitative information on specific financial risks.
Financial risk factors
a) Interest rate risk
Interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates
relates primarily to the Group\u2019s long term debt obligations with floating rates as the Group, generally,
does not hold significant cash balances, with short term borrowings being used when required. To manage
its interest rate risk, the Group enters into interest rate swaps, in which the Group agrees to exchange,
at specified intervals, the difference between fixed and variable rate interest amounts calculated by
reference to an agreed-upon principal amount. Note 16 provides details of interest swap contracts
in effect at the year end.
Interest rate exposure
The analysis of the Group\u2019s exposure to interest rate risk in its debt portfolio as at 31 December 2024
is as follows:
Facilities
Net debt drawn
\u00a3m
%
\u00a3m
%
Fixed rate debt
1,105.4
67.8
1,105.4
83.5
Hedged by fixed rate interest rate swaps
1
200.0
12.3
200.0
15.1
Hedged by fixed to floating rate interest
rate swaps
49.6
3.0
49.6
3.8
Total fixed rate debt
1,355.0
83.1
1,355.0
102.4
Hedged by interest rate caps
\u2014
\u2014
\u2014
\u2014
Floating rate debt \u2013 unhedged
275.4
16.9
(31.8)
(2.4)
Total
1,630.4
100.0
1,323.2
100.0
1 Including the impact of post year-end hedging completed.
The following sensitivity analysis shows the impact on profit before tax and equity of reasonably possible
movements in interest rates with all other variables held constant. It should be noted that the impact of
movement in the interest rate variable is not necessarily linear.
The fair value is arrived at with reference to the difference between the contracted rate of a swap and the
market rate for the remaining duration at the time the valuation is performed. As market rates increase
and this difference reduces, the associated fair value also decreases.
Impact on Total impact
income statement on equity
\u00a3m \u00a3m
2024
Sterling Overnight Index Average Rate
Increase of 50 basis points
(1.0)
(1.0)
Sterling Overnight Index Average Rate
Decrease of 50 basis points
1.0
1.0
2023
Sterling Overnight Index Average Rate
Increase of 50 basis points
(1.0)
(1.0)
Sterling Overnight Index Average Rate
Decrease of 50 basis points
1.0
1.0
b) Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under financial instruments or
customer contracts, leading to a financial loss. The Group is exposed to credit risk from its principal
financial assets, cash and cash equivalents, and trade and other receivables (see Notes 11 and 12).
Trade receivables
Trade receivables, primarily tenant rentals, are recognised and carried at amortised cost and presented
in the balance sheet net of loss allowances and are monitored on a case-by-case basis. Impairment losses
are recognised through the expected credit loss model. Credit risk is primarily managed by requiring
tenants to pay rentals in advance.
The Group has policies in place to ensure that rental contracts are entered into only with lessees with an
appropriate credit history.
Banks and financial institutions
One of the principal credit risks of the Group arises from financial derivative instruments and deposits with
banks and financial institutions. The Board of Directors believes that the credit risk on short term deposits
and interest rate swaps is limited because the counterparties are banks, which are committed lenders to
the Group, with reputable credit ratings assigned by international credit rating agencies.
c) Liquidity risk
The liquidity risk is that the Group will encounter difficulty in meeting obligations associated with its
financial liabilities as the majority of the Group\u2019s assets are property investments and are therefore not
readily realisable. The Group\u2019s objective is to maintain a mixture of available cash and committed bank
facilities that is designed to ensure that the Group has sufficient available funds for its operations and to
fund its committed capital expenditure. This is achieved by continuous monitoring of forecast and actual
cash flows.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual
undiscounted payments including interest.
Less than Three to One to More than
On demand three months twelve months five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Interest-bearing loans
and borrowings
\u2014
12.5
38.5
869.9
657.9
1,578.8
Trade and other payables
3.5
15.6
4.8
0.2
1.7
25.8
Lease liabilities
\u2014
\u2014
0.1
0.6
15.3
16.0
3.5
28.1
43.4
870.7
674.9
1,620.6
2023
Interest-bearing loans
and borrowings
\u2014
12.7
38.6
848.9
688.4
1,588.6
Trade and other payables
2.0
18.3
4.5
1.4
1.3
27.5
Lease liabilities
\u2014
\u2014
0.1
0.6
15.4
16.1
2.0
31.0
43.2
850.9
705.1
1,632.2
The Group\u2019s borrowings have financial covenants which, if breached, could result in the borrowings
becoming repayable immediately. Details of the covenants are given under (e) Capital risk management
and are disclosed to the facility providers on a quarterly basis. There have been no breaches during the
year (2023: none).
d) Market risk
Market risk is the risk that fair values of financial instruments will fluctuate because of changes in market
prices. The Board of Directors has identified two elements of market risk that principally affect the Group
\u2013 interest rate risk and price risk.
Interest rate risk
Interest rate risk is outlined above. The Board assesses the exposure to other price risks when making each
investment decision and monitors the overall level of market risk on the investment portfolio on an ongoing
basis through a discounted cash flow analysis. Details of this analysis can be found in the Strategic Report
and the previous pages.
Price risk
The Group is exposed to price risk in respect of property price risk including property rentals risk. Refer
to Note 2.3 for more information. The Group has no significant exposure to price risk in respect of financial
instruments other than the convertible bond and interest rate derivatives (see also Note 16), as it does not
hold any equity securities or commodities.
Fair values
Set out below is a comparison by class of the carrying amount and fair values of the Group\u2019s financial
instruments that are carried in the financial statements.
Book value Fair value Book value Fair value
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
17.5
17.5
17.0
17.0
Ineffective interest rate swaps
0.2
0.2
11.4
11.4
Cash and short term deposits
3.5
3.5
3.2
3.2
Financial liabilities
Interest-bearing loans and borrowings
(1,338.2)
(1,201.3)
(1,323.3)
(1,203.8)
Ineffective interest rate swaps
\u2014
\u2014
(6.7)
(6.7)
Trade and other payables
(25.8)
(25.8)
(27.5)
(27.5)
Lease liabilities
(3.0)
(3.0)
(3.0)
(3.0)
The fair value of the financial assets and liabilities is included as an estimate of the amount at which the
instruments could be exchanged in a current transaction between willing parties, other than a forced sale.
The following methods and assumptions were used to estimate fair values:
\u2022 the fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not
materially different from those at which they are carried in the financial statements due to the short
term nature of these instruments;
\u2022 the fair value of floating rate borrowings is estimated by discounting future cash flows using rates
currently available for instruments with similar terms and remaining maturities. The fair value
approximates their carrying values, gross of unamortised transaction costs;
\u2022 the fair value of fixed rate debt is estimated using the mid yield to maturity on the reporting date. The
valuations are on a clean basis, which excludes accrued interest from the previous settlement date to
the reporting date; and
\u2022 the fair values of the derivative interest rate swap contracts are estimated by discounting expected
future cash flows using market interest rates and yield curves over the remaining term of the instrument.
Fair value hierarchy
The table below analyses financial instruments carried at fair value, by valuation method. The different
levels are defined as follows:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value
are observable, either directly or indirectly.
Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are
not based on observable market data.
Fair value measurements at 31 December 2024 were as follows:
Level 1 Level 2 Level 3 Total
Recurring fair value measurements \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Derivative interest rate swaps
\u2014
0.2
\u2014
0.2
Financial liabilities
Derivative interest rate swaps
\u2014
\u2014
\u2014
\u2014
Convertible bond
(148.3)
\u2014
\u2014
(148.3)
Fixed rate debt
\u2014
(831.7)
\u2014
(831.7)
Fair value measurements at 31 December 2023 were as follows:
Level 1 Level 2 Level 3 Total
Recurring fair value measurements \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Derivative interest rate swaps
\u2014
11.4
\u2014
11.4
Financial liabilities
Derivative interest rate swaps
\u2014
(6.7)
\u2014
(6.7)
Convertible bond
(147.7 )
\u2014
\u2014
(147.7 )
Fixed rate debt
\u2014
(863.7)
\u2014
(863.7)
The interest rate swaps whose fair values include the use of level 2 inputs are valued by discounting
expected future cash flows using market interest rates and yield curves over the remaining term of the
instrument. The following inputs are used in arriving at the valuation:
\u2022 interest rates;
\u2022 yield curves;
\u2022 swaption volatility;
\u2022 observable credit spreads;
\u2022 credit default swap curve; and
\u2022 observable market data.
e) Capital risk management
The primary objectives of the Group\u2019s capital management are to ensure that it remains a going concern,
operates within its quantitative banking covenants and meets the criteria so as to continue to qualify for
UK REIT status.
The capital structure of the Group consists of shareholders\u2019 equity and net borrowings. The type and
maturity of the Group\u2019s borrowings are analysed further in Notes 14 and 16 and the Group\u2019s equity is
analysed into its various components in the Group Statement of Changes in Equity. The Board monitors
and reviews the Group\u2019s capital so as to promote the long term success of the business, to facilitate
expansion and to maintain sustainable returns for shareholders.
Under several of its debt facilities, the Group is subject to a covenant whereby consolidated Group rental
income must exceed Group borrowing costs by the ratio 1.3:1 (2023: 1.3:1). No debt facility has a Group
loan to value covenant.
Facility-level covenants also operate with regard to specific pools of property assets provided to lenders
to secure individual loan facilities. These range as follows:
\u2022 interest cover
1
: 1.15 to 2.25 (2023: 1.15 to 2.25); and
\u2022 loan to value
1
: 55% to 75% (2023: 55% to 75%).
UK REIT compliance tests include loan to property value and gearing tests. The Group must satisfy these
tests in order to continue trading as a UK REIT. This is also an internal requirement imposed by the Articles
of Association.
During the year the Group has complied with all of the requirements set out above.
1 See Glossary of terms.
2024 2023
Group loan to value ratio \u00a3m \u00a3m
Fair value of completed investment properties
2,739.4
2,775.3
Fair value of development properties
7.7
1.0
Ground rent recognised as finance leases
3.0
3.0
2,750.1
2,779.3
Interest-bearing loans and borrowings (with convertible bond at
nominal value)
1,326.7
1,309.9
Less cash held
(3.5)
(3.2)
Nominal amount of interest-bearing loans and borrowings
1,323.2
1,306.7
Group loan to value ratio
48.1%
47.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "value": "a) Interest rate risk Interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long term debt obligations with floating rates as the Group, generally, does not hold significant cash balances, with short term borrowings being used when required. To manage its interest rate risk, the Group enters into interest rate swaps, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon principal amount. Note 16 provides details of interest swap contracts in effect at the year end. Interest rate exposure The analysis of the Group\u2019s exposure to interest rate risk in its debt portfolio as at 31 December 2024 is as follows:
Facilities
Net debt drawn
\u00a3m
%
\u00a3m
%
Fixed rate debt
1,105.4
67.8
1,105.4
83.5
Hedged by fixed rate interest rate swaps
1
200.0
12.3
200.0
15.1
Hedged by fixed to floating rate interest
rate swaps
49.6
3.0
49.6
3.8
Total fixed rate debt
1,355.0
83.1
1,355.0
102.4
Hedged by interest rate caps
\u2014
\u2014
\u2014
\u2014
Floating rate debt \u2013 unhedged
275.4
16.9
(31.8)
(2.4)
Total
1,630.4
100.0
1,323.2
100.0
1 Including the impact of post year-end hedging completed. The following sensitivity analysis shows the impact on profit before tax and equity of reasonably possible movements in interest rates with all other variables held constant. It should be noted that the impact of movement in the interest rate variable is not necessarily linear. The fair value is arrived at with reference to the difference between the contracted rate of a swap and the market rate for the remaining duration at the time the valuation is performed. As market rates increase and this difference reduces, the associated fair value also decreases.
Impact on Total impact
income statement on equity
\u00a3m \u00a3m
2024
Sterling Overnight Index Average Rate
Increase of 50 basis points
(1.0)
(1.0)
Sterling Overnight Index Average Rate
Decrease of 50 basis points
1.0
1.0
2023
Sterling Overnight Index Average Rate
Increase of 50 basis points
(1.0)
(1.0)
Sterling Overnight Index Average Rate
Decrease of 50 basis points
1.0
1.0
d) Market risk Market risk is the risk that fair values of financial instruments will fluctuate because of changes in market prices. The Board of Directors has identified two elements of market risk that principally affect the Group \u2013 interest rate risk and price risk. Interest rate risk Interest rate risk is outlined above. The Board assesses the exposure to other price risks when making each investment decision and monitors the overall level of market risk on the investment portfolio on an ongoing basis through a discounted cash flow analysis. Details of this analysis can be found in the Strategic Report and the previous pages. Price risk The Group is exposed to price risk in respect of property price risk including property rentals risk. Refer to Note 2.3 for more information. The Group has no significant exposure to price risk in respect of financial instruments other than the convertible bond and interest rate derivatives (see also Note 16), as it does not hold any equity securities or commodities. Fair values Set out below is a comparison by class of the carrying amount and fair values of the Group\u2019s financial instruments that are carried in the financial statements.
Book value Fair value Book value Fair value
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
17.5
17.5
17.0
17.0
Ineffective interest rate swaps
0.2
0.2
11.4
11.4
Cash and short term deposits
3.5
3.5
3.2
3.2
Financial liabilities
Interest-bearing loans and borrowings
(1,338.2)
(1,201.3)
(1,323.3)
(1,203.8)
Ineffective interest rate swaps
\u2014
\u2014
(6.7)
(6.7)
Trade and other payables
(25.8)
(25.8)
(27.5)
(27.5)
Lease liabilities
(3.0)
(3.0)
(3.0)
(3.0)
The fair value of the financial assets and liabilities is included as an estimate of the amount at which the instruments could be exchanged in a current transaction between willing parties, other than a forced sale. The following methods and assumptions were used to estimate fair values: \u2022 the fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not materially different from those at which they are carried in the financial statements due to the short term nature of these instruments; \u2022 the fair value of floating rate borrowings is estimated by discounting future cash flows using rates currently available for instruments with similar terms and remaining maturities. The fair value approximates their carrying values, gross of unamortised transaction costs; \u2022 the fair value of fixed rate debt is estimated using the mid yield to maturity on the reporting date. The valuations are on a clean basis, which excludes accrued interest from the previous settlement date to the reporting date; and \u2022 the fair values of the derivative interest rate swap contracts are estimated by discounting expected future cash flows using market interest rates and yield curves over the remaining term of the instrument. Fair value hierarchy The table below analyses financial instruments carried at fair value, by valuation method. The different levels are defined as follows: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. Fair value measurements at 31 December 2024 were as follows:
Level 1 Level 2 Level 3 Total
Recurring fair value measurements \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Derivative interest rate swaps
\u2014
0.2
\u2014
0.2
Financial liabilities
Derivative interest rate swaps
\u2014
\u2014
\u2014
\u2014
Convertible bond
(148.3)
\u2014
\u2014
(148.3)
Fixed rate debt
\u2014
(831.7)
\u2014
(831.7)
Fair value measurements at 31 December 2023 were as follows:
Level 1 Level 2 Level 3 Total
Recurring fair value measurements \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Derivative interest rate swaps
\u2014
11.4
\u2014
11.4
Financial liabilities
Derivative interest rate swaps
\u2014
(6.7)
\u2014
(6.7)
Convertible bond
(147.7 )
\u2014
\u2014
(147.7 )
Fixed rate debt
\u2014
(863.7)
\u2014
(863.7)
The interest rate swaps whose fair values include the use of level 2 inputs are valued by discounting expected future cash flows using market interest rates and yield curves over the remaining term of the instrument. The following inputs are used in arriving at the valuation: \u2022 interest rates; \u2022 yield curves; \u2022 swaption volatility; \u2022 observable credit spreads; \u2022 credit default swap curve; and \u2022 observable market data. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "value": "b) Credit risk Credit risk is the risk that a counterparty will not meet its obligations under financial instruments or customer contracts, leading to a financial loss. The Group is exposed to credit risk from its principal financial assets, cash and cash equivalents, and trade and other receivables (see Notes 11 and 12). Trade receivables Trade receivables, primarily tenant rentals, are recognised and carried at amortised cost and presented in the balance sheet net of loss allowances and are monitored on a case-by-case basis. Impairment losses are recognised through the expected credit loss model. Credit risk is primarily managed by requiring tenants to pay rentals in advance. The Group has policies in place to ensure that rental contracts are entered into only with lessees with an appropriate credit history. Banks and financial institutions One of the principal credit risks of the Group arises from financial derivative instruments and deposits with banks and financial institutions. The Board of Directors believes that the credit risk on short term deposits and interest rate swaps is limited because the counterparties are banks, which are committed lenders to the Group, with reputable credit ratings assigned by international credit rating agencies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-350": { "value": "b) Credit risk Credit risk is the risk that a counterparty will not meet its obligations under financial instruments or customer contracts, leading to a financial loss. The Group is exposed to credit risk from its principal financial assets, cash and cash equivalents, and trade and other receivables (see Notes 11 and 12). Trade receivables Trade receivables, primarily tenant rentals, are recognised and carried at amortised cost and presented in the balance sheet net of loss allowances and are monitored on a case-by-case basis. Impairment losses are recognised through the expected credit loss model. Credit risk is primarily managed by requiring tenants to pay rentals in advance. The Group has policies in place to ensure that rental contracts are entered into only with lessees with an appropriate credit history. Banks and financial institutions One of the principal credit risks of the Group arises from financial derivative instruments and deposits with banks and financial institutions. The Board of Directors believes that the credit risk on short term deposits and interest rate swaps is limited because the counterparties are banks, which are committed lenders to the Group, with reputable credit ratings assigned by international credit rating agencies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "value": "c) Liquidity risk The liquidity risk is that the Group will encounter difficulty in meeting obligations associated with its financial liabilities as the majority of the Group\u2019s assets are property investments and are therefore not readily realisable. The Group\u2019s objective is to maintain a mixture of available cash and committed bank facilities that is designed to ensure that the Group has sufficient available funds for its operations and to fund its committed capital expenditure. This is achieved by continuous monitoring of forecast and actual cash flows. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments including interest.
Less than Three to One to More than
On demand three months twelve months five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Interest-bearing loans
and borrowings
\u2014
12.5
38.5
869.9
657.9
1,578.8
Trade and other payables
3.5
15.6
4.8
0.2
1.7
25.8
Lease liabilities
\u2014
\u2014
0.1
0.6
15.3
16.0
3.5
28.1
43.4
870.7
674.9
1,620.6
2023
Interest-bearing loans
and borrowings
\u2014
12.7
38.6
848.9
688.4
1,588.6
Trade and other payables
2.0
18.3
4.5
1.4
1.3
27.5
Lease liabilities
\u2014
\u2014
0.1
0.6
15.4
16.1
2.0
31.0
43.2
850.9
705.1
1,632.2
The Group\u2019s borrowings have financial covenants which, if breached, could result in the borrowings becoming repayable immediately. Details of the covenants are given under (e) Capital risk management and are disclosed to the facility providers on a quarterly basis. There have been no breaches during the year (2023: none). ", "dimensions": { "concept": "ifrs-full:DescriptionOfManagingLiquidityRisk", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-351": { "value": "c) Liquidity risk The liquidity risk is that the Group will encounter difficulty in meeting obligations associated with its financial liabilities as the majority of the Group\u2019s assets are property investments and are therefore not readily realisable. The Group\u2019s objective is to maintain a mixture of available cash and committed bank facilities that is designed to ensure that the Group has sufficient available funds for its operations and to fund its committed capital expenditure. This is achieved by continuous monitoring of forecast and actual cash flows. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments including interest.
Less than Three to One to More than
On demand three months twelve months five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Interest-bearing loans
and borrowings
\u2014
12.5
38.5
869.9
657.9
1,578.8
Trade and other payables
3.5
15.6
4.8
0.2
1.7
25.8
Lease liabilities
\u2014
\u2014
0.1
0.6
15.3
16.0
3.5
28.1
43.4
870.7
674.9
1,620.6
2023
Interest-bearing loans
and borrowings
\u2014
12.7
38.6
848.9
688.4
1,588.6
Trade and other payables
2.0
18.3
4.5
1.4
1.3
27.5
Lease liabilities
\u2014
\u2014
0.1
0.6
15.4
16.1
2.0
31.0
43.2
850.9
705.1
1,632.2
The Group\u2019s borrowings have financial covenants which, if breached, could result in the borrowings becoming repayable immediately. Details of the covenants are given under (e) Capital risk management and are disclosed to the facility providers on a quarterly basis. There have been no breaches during the year (2023: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "value": "Fair values Set out below is a comparison by class of the carrying amount and fair values of the Group\u2019s financial instruments that are carried in the financial statements.
Book value Fair value Book value Fair value
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
17.5
17.5
17.0
17.0
Ineffective interest rate swaps
0.2
0.2
11.4
11.4
Cash and short term deposits
3.5
3.5
3.2
3.2
Financial liabilities
Interest-bearing loans and borrowings
(1,338.2)
(1,201.3)
(1,323.3)
(1,203.8)
Ineffective interest rate swaps
\u2014
\u2014
(6.7)
(6.7)
Trade and other payables
(25.8)
(25.8)
(27.5)
(27.5)
Lease liabilities
(3.0)
(3.0)
(3.0)
(3.0)
The fair value of the financial assets and liabilities is included as an estimate of the amount at which the instruments could be exchanged in a current transaction between willing parties, other than a forced sale. The following methods and assumptions were used to estimate fair values: \u2022 the fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not materially different from those at which they are carried in the financial statements due to the short term nature of these instruments; \u2022 the fair value of floating rate borrowings is estimated by discounting future cash flows using rates currently available for instruments with similar terms and remaining maturities. The fair value approximates their carrying values, gross of unamortised transaction costs; \u2022 the fair value of fixed rate debt is estimated using the mid yield to maturity on the reporting date. The valuations are on a clean basis, which excludes accrued interest from the previous settlement date to the reporting date; and \u2022 the fair values of the derivative interest rate swap contracts are estimated by discounting expected future cash flows using market interest rates and yield curves over the remaining term of the instrument. Fair value hierarchy The table below analyses financial instruments carried at fair value, by valuation method. The different levels are defined as follows: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. Fair value measurements at 31 December 2024 were as follows:
Level 1 Level 2 Level 3 Total
Recurring fair value measurements \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Derivative interest rate swaps
\u2014
0.2
\u2014
0.2
Financial liabilities
Derivative interest rate swaps
\u2014
\u2014
\u2014
\u2014
Convertible bond
(148.3)
\u2014
\u2014
(148.3)
Fixed rate debt
\u2014
(831.7)
\u2014
(831.7)
Fair value measurements at 31 December 2023 were as follows:
Level 1 Level 2 Level 3 Total
Recurring fair value measurements \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Derivative interest rate swaps
\u2014
11.4
\u2014
11.4
Financial liabilities
Derivative interest rate swaps
\u2014
(6.7)
\u2014
(6.7)
Convertible bond
(147.7 )
\u2014
\u2014
(147.7 )
Fixed rate debt
\u2014
(863.7)
\u2014
(863.7)
The interest rate swaps whose fair values include the use of level 2 inputs are valued by discounting expected future cash flows using market interest rates and yield curves over the remaining term of the instrument. The following inputs are used in arriving at the valuation: \u2022 interest rates; \u2022 yield curves; \u2022 swaption volatility; \u2022 observable credit spreads; \u2022 credit default swap curve; and \u2022 observable market data. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-352": { "value": "Fair values Set out below is a comparison by class of the carrying amount and fair values of the Group\u2019s financial instruments that are carried in the financial statements.
Book value Fair value Book value Fair value
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade and other receivables
17.5
17.5
17.0
17.0
Ineffective interest rate swaps
0.2
0.2
11.4
11.4
Cash and short term deposits
3.5
3.5
3.2
3.2
Financial liabilities
Interest-bearing loans and borrowings
(1,338.2)
(1,201.3)
(1,323.3)
(1,203.8)
Ineffective interest rate swaps
\u2014
\u2014
(6.7)
(6.7)
Trade and other payables
(25.8)
(25.8)
(27.5)
(27.5)
Lease liabilities
(3.0)
(3.0)
(3.0)
(3.0)
The fair value of the financial assets and liabilities is included as an estimate of the amount at which the instruments could be exchanged in a current transaction between willing parties, other than a forced sale. The following methods and assumptions were used to estimate fair values: \u2022 the fair values of the Group\u2019s cash and cash equivalents and trade payables and receivables are not materially different from those at which they are carried in the financial statements due to the short term nature of these instruments; \u2022 the fair value of floating rate borrowings is estimated by discounting future cash flows using rates currently available for instruments with similar terms and remaining maturities. The fair value approximates their carrying values, gross of unamortised transaction costs; \u2022 the fair value of fixed rate debt is estimated using the mid yield to maturity on the reporting date. The valuations are on a clean basis, which excludes accrued interest from the previous settlement date to the reporting date; and \u2022 the fair values of the derivative interest rate swap contracts are estimated by discounting expected future cash flows using market interest rates and yield curves over the remaining term of the instrument. Fair value hierarchy The table below analyses financial instruments carried at fair value, by valuation method. The different levels are defined as follows: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. Fair value measurements at 31 December 2024 were as follows:
Level 1 Level 2 Level 3 Total
Recurring fair value measurements \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Derivative interest rate swaps
\u2014
0.2
\u2014
0.2
Financial liabilities
Derivative interest rate swaps
\u2014
\u2014
\u2014
\u2014
Convertible bond
(148.3)
\u2014
\u2014
(148.3)
Fixed rate debt
\u2014
(831.7)
\u2014
(831.7)
Fair value measurements at 31 December 2023 were as follows:
Level 1 Level 2 Level 3 Total
Recurring fair value measurements \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Derivative interest rate swaps
\u2014
11.4
\u2014
11.4
Financial liabilities
Derivative interest rate swaps
\u2014
(6.7)
\u2014
(6.7)
Convertible bond
(147.7 )
\u2014
\u2014
(147.7 )
Fixed rate debt
\u2014
(863.7)
\u2014
(863.7)
The interest rate swaps whose fair values include the use of level 2 inputs are valued by discounting expected future cash flows using market interest rates and yield curves over the remaining term of the instrument. The following inputs are used in arriving at the valuation: \u2022 interest rates; \u2022 yield curves; \u2022 swaption volatility; \u2022 observable credit spreads; \u2022 credit default swap curve; and \u2022 observable market data. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "value": "e) Capital risk management The primary objectives of the Group\u2019s capital management are to ensure that it remains a going concern, operates within its quantitative banking covenants and meets the criteria so as to continue to qualify for UK REIT status. The capital structure of the Group consists of shareholders\u2019 equity and net borrowings. The type and maturity of the Group\u2019s borrowings are analysed further in Notes 14 and 16 and the Group\u2019s equity is analysed into its various components in the Group Statement of Changes in Equity. The Board monitors and reviews the Group\u2019s capital so as to promote the long term success of the business, to facilitate expansion and to maintain sustainable returns for shareholders. Under several of its debt facilities, the Group is subject to a covenant whereby consolidated Group rental income must exceed Group borrowing costs by the ratio 1.3:1 (2023: 1.3:1). No debt facility has a Group loan to value covenant. Facility-level covenants also operate with regard to specific pools of property assets provided to lenders to secure individual loan facilities. These range as follows: \u2022 interest cover 1 : 1.15 to 2.25 (2023: 1.15 to 2.25); and \u2022 loan to value 1 : 55% to 75% (2023: 55% to 75%). UK REIT compliance tests include loan to property value and gearing tests. The Group must satisfy these tests in order to continue trading as a UK REIT. This is also an internal requirement imposed by the Articles of Association. During the year the Group has complied with all of the requirements set out above. 1 See Glossary of terms.
2024 2023
Group loan to value ratio \u00a3m \u00a3m
Fair value of completed investment properties
2,739.4
2,775.3
Fair value of development properties
7.7
1.0
Ground rent recognised as finance leases
3.0
3.0
2,750.1
2,779.3
Interest-bearing loans and borrowings (with convertible bond at
nominal value)
1,326.7
1,309.9
Less cash held
(3.5)
(3.2)
Nominal amount of interest-bearing loans and borrowings
1,323.2
1,306.7
Group loan to value ratio
48.1%
47.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-318": { "value": "
18. Share capital
Ordinary Shares issued, authorised and fully paid at 12.5 pence each
2024
2023
Number \u2013 Number \u2013
million
\u00a3m
million
\u00a3m
Balance at 1 January
1,336.5
167.1
1,336.5
167.1
Balance at 31 December
1,336.5
167.1
1,336.5
167.1
19. Share premium
2024 2023
\u00a3m \u00a3m
Balance at 1 January
479.4
479.4
Balance at 31 December
479.4
479.4
20. Merger and other reserves
The merger and other reserves are made up of the capital reserve which is held to finance any proposed
repurchases of Ordinary Shares, following approval of the High Court in 1998, the foreign exchange translation
reserve and the premium on shares issued for the MXF Fund Limited merger and the Nexus merger.
2024 2023
\u00a3m \u00a3m
Capital reserve
Balance at 1 January and 31 December
1.6
1.6
Foreign exchange translation reserve
Balance at 1 January
(0.4)
1.0
Exchange differences on translation of foreign balances
(0.1)
(1.4)
Balance at 31 December
(0.5)
(0.4)
Merger reserve
Balance at 1 January and 31 December
414.1
414.1
Balance of merger and other reserves at 31 December
415.2
415.3
21. Hedging reserve
Information on the Group\u2019s hedging policy and interest rate swaps is provided in Note 16.
The transfer to the Group Statement of Comprehensive Income can be analysed as follows:
2024 2023
\u00a3m \u00a3m
Balance at 1 January
(7.0)
(11.1)
Amortisation of cash flow hedging reserve
2.5
4.1
Balance at 31 December
(4.5)
(7.0)
The balance within the cash flow hedge reserve relating to cancelled swaps will be amortised through the Group
Statement of Comprehensive Income over the remainder of the original contract period (see Note 6b).
22. Retained earnings
2024 2023
\u00a3m \u00a3m
Balance at 1 January
369.1
430.1
Retained profit for the year
41.4
27.3
Dividends paid
(92.1)
(89.5)
Exchange differences on translation of foreign balances
\u2014
1.1
Share-based awards (\u201cLTIP\u201d)
0.4
0.1
Balance at 31 December
318.8
369.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "value": "18. Share capital Ordinary Shares issued, authorised and fully paid at 12.5 pence each
2024
2023
Number \u2013 Number \u2013
million
\u00a3m
million
\u00a3m
Balance at 1 January
1,336.5
167.1
1,336.5
167.1
Balance at 31 December
1,336.5
167.1
1,336.5
167.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-367": { "value": "20. Merger and other reserves The merger and other reserves are made up of the capital reserve which is held to finance any proposed repurchases of Ordinary Shares, following approval of the High Court in 1998, the foreign exchange translation reserve and the premium on shares issued for the MXF Fund Limited merger and the Nexus merger.
2024 2023
\u00a3m \u00a3m
Capital reserve
Balance at 1 January and 31 December
1.6
1.6
Foreign exchange translation reserve
Balance at 1 January
(0.4)
1.0
Exchange differences on translation of foreign balances
(0.1)
(1.4)
Balance at 31 December
(0.5)
(0.4)
Merger reserve
Balance at 1 January and 31 December
414.1
414.1
Balance of merger and other reserves at 31 December
415.2
415.3
21. Hedging reserve Information on the Group\u2019s hedging policy and interest rate swaps is provided in Note 16. The transfer to the Group Statement of Comprehensive Income can be analysed as follows:
2024 2023
\u00a3m \u00a3m
Balance at 1 January
(7.0)
(11.1)
Amortisation of cash flow hedging reserve
2.5
4.1
Balance at 31 December
(4.5)
(7.0)
The balance within the cash flow hedge reserve relating to cancelled swaps will be amortised through the Group Statement of Comprehensive Income over the remainder of the original contract period (see Note 6b). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-319": { "value": "
23. Capital commitments
As at 31 December 2024, the Group has entered into forward funding development agreements with
third parties for the development of primary healthcare properties in the UK and Ireland. The Group
has acquired the land and advances funds to the developers as the construction progresses. Total
consideration of \u00a32.5 million (2023: \u00a35.4 million) remains to be funded with regard to these properties.
Additionally as at 31 December 2024, the Group has capital commitments totalling \u00a333.8 million (2023:
\u00a37.1 million), being the cost to acquire the Laya Healthcare facility in Cork with the cost to complete asset
management projects on site.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-355": { "value": "23. Capital commitments As at 31 December 2024, the Group has entered into forward funding development agreements with third parties for the development of primary healthcare properties in the UK and Ireland. The Group has acquired the land and advances funds to the developers as the construction progresses. Total consideration of \u00a32.5 million (2023: \u00a35.4 million) remains to be funded with regard to these properties. Additionally as at 31 December 2024, the Group has capital commitments totalling \u00a333.8 million (2023: \u00a37.1 million), being the cost to acquire the Laya Healthcare facility in Cork with the cost to complete asset management projects on site. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-320": { "value": "
24. Related party transactions
Harry Hyman, Chair, is a Director and the ultimate beneficial owner of a number of Nexus entities and is
considered to be a related party. Following the acquisition of certain Nexus entities on the internalisation
of management structure on 5 January 2021, the Group continued to share certain operational services
with a Nexus entity, Nexus Central Management Services Limited, until April 2024. Harry Hyman is a current
Director and ultimate controlling party of Nexus Central Management Services Limited.
Amounts paid during the period in relation to shared services totalled \u00a3nil (31 December 2023: \u00a3nil).
As at 31 December 2024, outstanding fees payable to Nexus totalled \u00a3nil (31 December 2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "value": "24. Related party transactions Harry Hyman, Chair, is a Director and the ultimate beneficial owner of a number of Nexus entities and is considered to be a related party. Following the acquisition of certain Nexus entities on the internalisation of management structure on 5 January 2021, the Group continued to share certain operational services with a Nexus entity, Nexus Central Management Services Limited, until April 2024. Harry Hyman is a current Director and ultimate controlling party of Nexus Central Management Services Limited. Amounts paid during the period in relation to shared services totalled \u00a3nil (31 December 2023: \u00a3nil). As at 31 December 2024, outstanding fees payable to Nexus totalled \u00a3nil (31 December 2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-321": { "value": "
25. Subsequent events
Post year end, in January 2025, the Group fixed, for two years, \u00a3200 million of nominal debt at a rate of
3.0% for an all-in premium of \u00a34.5 million. the hedges are effective until 20 January 2027 with a fixed rate
of 3.0% payable across all agreements, receiving variable SONIA. In January 2025, the Group additionally
entered into an FX forward hedge (fixed at 1.1459:\u00a31) for a two-year period to cover approximate euro
denominated net annual income of 10 million per annum.
On 26 February 2025 we acquired the Laya Healthcare facility, Cork, Ireland\u2019s second largest provider
of private health insurance and clinical services for \u20ac22.0 million/\u00a318.2 million excluding purchaser costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-322": { "value": "
26. Audit exemptions taken for subsidiaries
The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the
audit of individual accounts by virtue of Section 479A of the Act.
Name
Companies House registration number
GP Property One Ltd
10801028
PHP SPV Limited
12256431
PHP Primary Properties (Haymarket) Limited
08304612
MXF Properties Bridlington Limited
07763871
PHP Tradeco Holdings Limited
09642987
PHP Health Solutions Limited
06949900
PHP Tradeco Limited
07685933
PHP Property Management Services Limited
02877191
PHP Primary Care Developments Limited
11862233
PHP Croft Limited
13938144
PHP Bond Finance Limited
08684414
PHP St. Johns Limited
08192779
PHIP (Stourbridge) Limited
08155250
PHP (Project Finance) Limited
08188279
PHP Healthcare Investments Limited
07289496
PHP Clinics Limited
08188277
Gracemount Medical Centre Limited (Scotland)
SC262690
PHP AssetCo (2011) Limited
07652728
PHP Medical Properties Limited
04246742
PHP Development Holdings Limited
14158160
", "dimensions": { "concept": "phpplc:DisclosureOfAuditExemptionsTakenForSubsidiaries", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-357": { "value": "26. Audit exemptions taken for subsidiaries The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of the Act.
Name
Companies House registration number
GP Property One Ltd
10801028
PHP SPV Limited
12256431
PHP Primary Properties (Haymarket) Limited
08304612
MXF Properties Bridlington Limited
07763871
PHP Tradeco Holdings Limited
09642987
PHP Health Solutions Limited
06949900
PHP Tradeco Limited
07685933
PHP Property Management Services Limited
02877191
PHP Primary Care Developments Limited
11862233
PHP Croft Limited
13938144
PHP Bond Finance Limited
08684414
PHP St. Johns Limited
08192779
PHIP (Stourbridge) Limited
08155250
PHP (Project Finance) Limited
08188279
PHP Healthcare Investments Limited
07289496
PHP Clinics Limited
08188277
Gracemount Medical Centre Limited (Scotland)
SC262690
PHP AssetCo (2011) Limited
07652728
PHP Medical Properties Limited
04246742
PHP Development Holdings Limited
14158160
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "Primary Health Properties PLC (\u201cPHP\u201d)", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "5th Floor, Burdett House 15\u201316 Buckingham Street London WC2N 6DU", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800Y5CJHXOATK7X11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }