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Fees paid to Directors
During the year ended 30 September 2025, the Chairman of the Board was paid a fee of \u00a350,000, the Chairman of
the Audit, Valuation and Risk Committee was paid \u00a345,000 and the other members of the Board were each paid a fee
The following amounts were paid by the Company to the Directors for services as Non-Executive Directors in respect
of the year ended 30 September 2025 and the previous financial year. The euro equivalent of the Director\u2019s fees is
disclosed in note 9 on page 78.
Fees
Taxable benefits
1
Annual Total Annual Annual Annual
percentage percentage percentage
2025 2024 2025 2024 2025 2024 change change change
Director
\u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 2025 (%) 2024 (%)
2023 (%)
Sir Julian Berney Bt.
50,000
50,000
951
896
50,951
50,896
0.1
0.9
(2.7)
\u2013
20,827
\u2013
\u2013
\u2013
20,827
\u2013
(53.8)
6.1
Mark Patterson
18,359
40,000
947
282
19,306
40,282
(52.1)
(0.9)
0.7
Elizabeth Edwards
40,000
40,000
590
351
40,590
40,351
0.6
(0.5)
0.8
Mark Beddy
45,000
32,692
610
465
45,610
33,157
37.6
\u2013
\u2013
Total
153,359
183,519
3,098
1,994
156,457
185,513
1 Comprises amounts reimbursed for expenses incurred in carrying out business for the Company.
3 Retired as a Director on 17 March 2025.
The information in the above table has been audited (see the Independent Auditor\u2019s Report on pages 55 to 64).
Consideration of matters relating to Directors\u2019 remuneration
Directors\u2019 remuneration was last reviewed by the Board and the Nomination and Remuneration Committee in
September 2025. The members of the Board and the Nomination and Remuneration Committee at the time that
remuneration levels were considered were as set out on pages 39 and 40. Although no external advice was sought
by Schroders and peer group companies provided by the Investment Manager and corporate broker was taken
Following this review, the Board agreed that with effect from 1 October 2025, the fee paid to the Chairman would
increase to \u00a352,000 per annum, the fee paid to the Audit, Valuation and Risk Committee Chairman would increase to
\u00a346,500 and the fee paid to Directors would increase to \u00a341,500 per annum. Directors\u2019 fees were last increased with
effect from 1 October 2021.
Expenditure by the Company on remuneration and distributions to shareholders
The table below compares the expenditure by the Company on remuneration to distributions made to shareholders
during the year under review and the prior financial year.
Year ended Year ended
30 September 30 September
2025 2024 Change
(\u00a3\u2019000) (\u00a3\u2019000) (%)
Remuneration payable to Directors
153.3
183.5
(16.46)
Remuneration payable to part-time employee
20
21
(4.76)
Dividends paid to shareholders
6,881
6,789
1.36
The information in the above table has been audited.
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Directors\u2019 and officers\u2019 insurance premium
12
14
12
14
Bank charges
81
71
9
9
Regulatory costs
111
73
89
51
Marketing
46
83
46
83
Other expenses
449
299
240
261
699
540
396
418
Directors are the only officers of the Company and there are no other key personnel. The Group has one employee; for further details see note 28. The Directors\u2019 annual remuneration for services to the Group was \u20ac153,000 (2024: \u20ac215,000), as set out in the Directors\u2019 Remuneration Report on pages 50 to 52. The total charge for Directors\u2019 fees was \u20ac204,000 (2024: \u20ac239,000), which included employer\u2019s National Insurance contributions. Other expenses include items such as domiciliation fees and registrar fees. 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The financial statements on pages 66 to 69 were approved at a meeting of the Board of Directors held on 4 December
2025 and signed on its behalf by:
Sir Julian Berney Bt.
Chairman
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Significant accounting policies Schroder European Real Estate Investment Trust plc (the \u2018Company\u2019) is a closed-ended investment company incorporated in the United Kingdom. The consolidated financial statements of the Company for the year ended 30 September 2025 comprise those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The Group holds a portfolio of investment properties in continental Europe. The shares of the Company are listed on the London Stock Exchange (primary listing) and Johannesburg Stock Exchange Limited (secondary listing). The registered office of the Company is 1 London Wall Place, London, England EC2Y 5AU. Statement of compliance The consolidated financial statements of the Group and Company financial statements have been prepared under the UK-adopted \u2018International Accounting Standards in accordance with the Companies Act 2006\u2019. The financial statements give a true and fair view and are in compliance with applicable legal and regulatory requirements and the Listing Rules of the UK and JSE Listing Authority. Basis of preparation Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group and the Company financial statements in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. The financial statements are presented in euros, rounded to the nearest thousand. They are prepared on a going concern basis, applying the historical cost convention, except for the measurement of investment property and derivative financial instruments that have been measured at fair value. The accounting policies have been consistently applied to the results, assets, liabilities and cash flows of the entities included in the consolidated financial statements. Going concern The Directors have examined significant areas of possible financial risk including: cash held and the liquidity of the Group\u2019s assets; forward-looking compliance with third-party debt covenants, in particular the loan to value (\u2018LTV\u2019) covenant and interest cover ratios; the likelihood of any payment of contingent tax liabilities; potential falls in property valuations; the non-collection of rent and service charges; and the existing, and future, anticipated cash requirements of the Group. Furthermore, ongoing geopolitical developments, and macroeconomic variables such as projected interest rates and inflation, have also been considered regarding the Group\u2019s property investments in France, Germany and the Netherlands. Cash flow forecasts, based on deemed plausible downside scenarios, have led the Board to conclude that the Group will have sufficient cash reserves to continue in operation for twelve months from the date of the signing of the annual report. The Group has five loans secured by individual assets, with no cross-collateralisation. All loans are in compliance with their debt covenants. More details of the individual loans, and headroom on the LTV and net income default covenants, is provided on page 19. The Group has one loan, a Deutsche Pfandbriefbank facility secured against the Berlin property, maturing in June 2026, which falls within the 12-month going concern assessment period. The Directors have considered this upcoming maturity in their assessment and expect to either refinance or source new financing arrangements prior to maturity. Accordingly, the Directors do not consider this to give rise to a material uncertainty regarding the Group\u2019s ability to continue as a going concern. After due consideration, the Directors have not identified any material uncertainties which would cast significant doubt on the Group\u2019s ability to continue as a going concern for a period of not less than 12 months from the date of the approval of the consolidated annual report and financial statements, which would be 31 December 2026. The Directors have satisfied themselves that the Group has adequate resources to continue in operational existence for the foreseeable future. Use of estimates and judgements The preparation of financial statements under the UK-adopted international accounting standards, in conformity with the Companies Act 2006, requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The most significant estimates made in preparing these financial statements relate to the carrying value of investment properties, as disclosed in note 13, which are stated at fair value. The fair value of investment property is inherently subjective because, in the absence of readily-observable market data, the valuer has to make professional judgements on valuation inputs. The Group uses an external professional valuer to determine the relevant amounts. The following are other areas of estimates and judgements: \u2013 Tax provisioning and disclosure: Management uses external tax advisers to monitor changes in tax laws in countries where the Group has operations. New tax laws that have been substantively enacted are recognised in the Group\u2019s and Company\u2019s financial statements. The Group is also subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business. Where changes to tax laws or challenges by local tax authorities give rise to a potential contingent liability, the Group discloses the estimated amounts appropriately within the notes to the financial statements (further details are disclosed in note 10). \u2013 IFRS 9 expected credit losses: All receivables, inter-company loans are financial assets and must therefore be assessed for impairment using the forward-looking expected credit loss model. Where an impairment is identified, appropriate recognition is required in the consolidated statement of comprehensive income, together with appropriate disclosure and sensitivity analysis in the notes to the financial statements. These judgements were also considered within the impairment in the investments held in subsidiaries for the parent Company. Basis of consolidation Subsidiaries The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries drawn up to 30 September each year. Subsidiaries are those entities, including special purpose entities, controlled by the Company. Control exists when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Where properties are acquired by the Group through corporate acquisitions, but the acquisition does not meet the definition of a business combination, the acquisition is treated as an asset acquisition. Transactions eliminated on consolidation Intra-group balances, and any gains and losses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Gains arising from transactions with joint ventures are eliminated to the extent of the Group\u2019s interest in the entity. Losses are eliminated in the same way as gains but only to the extent that there is no evidence of impairment. Investment property Investment property comprises land and buildings held to earn rental income together with the potential for capital growth. Acquisitions and disposals are recognised on an unconditional exchange of contracts. Acquisitions are initially recognised at cost, being the fair value of the consideration including any transaction costs associated with the investment property. After initial recognition, investment properties are measured at fair value with unrealised gains and losses recognised in profit or loss. Realised gains and losses on the disposal of properties are recognised in profit or loss in relation to the carrying value at the beginning of the accounting period. Fair value is based on the market valuations of the properties as provided by a firm of independent chartered surveyors at the reporting date. Market valuations are carried out on a quarterly basis. 1. Significant accounting policies continued As disclosed in note 24, the Group leases out all owned properties on operating leases which are classified and accounted for as an investment property where the Group holds it to earn rentals, capital appreciation, or both. Any such property leased under an operating lease is classified as an investment property and carried at fair value. Please refer to note 13 for disclosure of key inputs, assumptions and sensitivities with respect to the fair valuation of investment properties. Prepayments Prepayments are carried at cost and released to the statement of comprehensive income on a straight-line basis. Leases Leases in which a significant portion of the risks and rewards of ownership are retained by another party, the lessor, are classified as operating leases. Rental income, including prepayments, received under operating leases (net of any incentives granted by the lessor) are recognised in the statement of comprehensive income on a straight-line basis over the period of the lease. Properties leased out under operating leases are included as investment properties in the consolidated statement of financial position (note 13). Financial assets and liabilities Non-derivative financial assets and liabilities Non-derivative financial assets are measured at amortised cost less impairment whereas financial liabilities are measured at amortised cost. The Group calculates impairment provisions for non-derivative financial assets based on lifetime expected credit losses under IFRS 9. Cash and cash equivalents Cash at bank, and short-term deposits that are held to maturity, are carried at amortised cost. Cash and cash equivalents are defined as cash in hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value. For the purposes of the statement of cash flows, cash and cash equivalents comprise of cash in hand and short-term deposits at banks with an original term of three months or less. The cash and cash equivalents are freely available unless otherwise disclosed. Restricted cash Cash balances that are not available for general use by the Group are classified as restricted cash. These balances typically relate to amounts held in escrow, debt service reserve accounts, or other arrangements required under loan agreements or regulatory obligations. Restricted cash is carried at amortised cost and excluded from the definition of cash and cash equivalents in the statement of cash flows. Loans and borrowings Borrowings are recognised initially at the fair value of the consideration received less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the profit or loss over the period of the borrowings on an effective interest basis. Borrowing costs such as arrangement fees are capitalised and amortised over the loan term. Derivative financial assets and liabilities Derivative financial assets and liabilities comprise interest rate caps for hedging purposes (economic hedge). These are recognised at fair value, with the revaluation gains or losses immediately recorded in the statement of comprehensive income. Share capital Ordinary shares, including treasury shares, are classified as equity when there is no obligation to transfer cash or other assets. The Company\u2019s accounting policy is to fix the share capital at the spot rate at the date of issue. The Company does not retranslate its share capital at the end of each reporting period. Share premium Share premium represents the excess of proceeds received over the nominal value of new shares issued. The Company\u2019s accounting policy is to fix the share premium at the spot rate at the date of issue. The Company does not retranslate its share premium at the end of each reporting period. Share buyback Shares purchased are recognised on the trade date and debited to the treasury share reserve in the Statement of Changes in Equity. Any broker\u2019s fees relating to the share buyback are debited to other expenses. Other reserves Other reserves consist of a share premium reduction reserve arising from the conversion of share premium into a distributable reserve. Dividends Final dividends to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid. Impairment Investments The carrying amounts of the Group\u2019s and Company\u2019s investments, other than investment property but including joint ventures and investments held in subsidiaries, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to that asset. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the profit or loss. Revenue Rental income Rental income from operating leases is recognised on a straight-line basis over the lease term. When the Group provides incentives to its tenants, the cost of incentives is recognised over the lease term, on a straight-line basis, as a reduction of rental income. Where a rent incentive fits the definition of a lease modification under IFRS 16, the cost of incentives is recognised over the remaining lease term starting from the effective date of the lease modification, on a straight-line basis, as a reduction of rental income. Service charges These include income in relation to service charges, directly recoverable expenditure and management fees. Revenue from services is recognised over time, as the services are rendered, reflecting the ongoing transfer of control, including where services are delivered by third-party service providers. Finance income and costs Finance income comprises interest income on funds invested that are recognised in the statement of comprehensive income. Finance income is recognised on an accruals basis. Finance costs comprise interest expenses on borrowings that are recognised in the statement of comprehensive income. Attributable transaction costs incurred in establishing the Group\u2019s credit facilities are deducted from the fair value of borrowings on initial recognition and are amortised over the lifetime of the facilities through profit or loss. Finance expenses are accounted for on an effective interest basis. Expenses All expenses are accounted for on an accruals basis. They are recognised in the statement of comprehensive income in the year in which they are incurred on an accruals basis. 1. Significant accounting policies continued Taxation The Company and its subsidiaries are subject to income tax on any income arising on investment properties after deduction of debt financing costs and other allowable expenses. Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted, or substantially enacted, by the date of the statement of financial position and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Segmental reporting The Directors are of the opinion that the Group is engaged in a single segment of business, being property investment, and in one geographical area, continental Europe. The chief operating decision-maker is considered to be the Board of Directors who are provided with consolidated IFRS information on a quarterly basis. Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u2018functional currency\u2019). The functional currency of all the entities in the Group is the euro, as this is the currency in which the majority of investment takes place and in which the majority of income and expenses are incurred. The financial statements are also presented in euros. Foreign currency transactions are translated into euros using the exchange rate prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in profit or loss in the statement of comprehensive income. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into the presentational currency using the exchange rate prevailing at that date. Foreign exchange differences arising on translation to the presentation currency are taken to the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-321": { "value": "
Schroder European Real Estate Investment Trust plc (the \u2018Company\u2019) is a closed-ended investment company
incorporated in the United Kingdom. The consolidated financial statements of the Company for the year ended
30 September 2025 comprise those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The
Group holds a portfolio of investment properties in continental Europe. The shares of the Company are listed on the
London Stock Exchange (primary listing) and Johannesburg Stock Exchange Limited (secondary listing). The
registered office of the Company is 1 London Wall Place, London, England EC2Y 5AU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-266": { "value": "Schroder European Real Estate Investment Trust plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-307": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-267": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-268": { "value": "1 London Wall Place, London, England EC2Y 5AU", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-269": { "value": "
Statement of compliance
The consolidated financial statements of the Group and Company financial statements have been prepared under the
UK-adopted \u2018International Accounting Standards in accordance with the Companies Act 2006\u2019.
The financial statements give a true and fair view and are in compliance with applicable legal and regulatory
requirements and the Listing Rules of the UK and JSE Listing Authority.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-270": { "value": "
Basis of preparation
Company law requires the Directors to prepare financial statements for each financial year. Under that law the
Directors have prepared the Group and the Company financial statements in accordance with UK-adopted
International Accounting Standards and with the requirements of the Companies Act 2006.
The financial statements are presented in euros, rounded to the nearest thousand. They are prepared on a going
concern basis, applying the historical cost convention, except for the measurement of investment property and
derivative financial instruments that have been measured at fair value.
The accounting policies have been consistently applied to the results, assets, liabilities and cash flows of the entities
included in the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-308": { "value": "The financial statements are presented in euros, rounded to the nearest thousand. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-271": { "value": "
Going concern
The Directors have examined significant areas of possible financial risk including: cash held and the liquidity of the
Group\u2019s assets; forward-looking compliance with third-party debt covenants, in particular the loan to value (\u2018LTV\u2019)
covenant and interest cover ratios; the likelihood of any payment of contingent tax liabilities; potential falls in property
valuations; the non-collection of rent and service charges; and the existing, and future, anticipated cash requirements
of the Group.
Furthermore, ongoing geopolitical developments, and macroeconomic variables such as projected interest rates and
inflation, have also been considered regarding the Group\u2019s property investments in France, Germany and the
Netherlands.
Cash flow forecasts, based on deemed plausible downside scenarios, have led the Board to conclude that the Group
will have sufficient cash reserves to continue in operation for twelve months from the date of the signing of the annual
report.
The Group has five loans secured by individual assets, with no cross-collateralisation. All loans are in compliance with
their debt covenants. More details of the individual loans, and headroom on the LTV and net income default covenants,
is provided on page 19.
The Group has one loan, a Deutsche Pfandbriefbank facility secured against the Berlin property, maturing in June
2026, which falls within the 12-month going concern assessment period. The Directors have considered this upcoming
maturity in their assessment and expect to either refinance or source new financing arrangements prior to maturity.
Accordingly, the Directors do not consider this to give rise to a material uncertainty regarding the Group\u2019s ability to
continue as a going concern.
After due consideration, the Directors have not identified any material uncertainties which would cast significant
doubt on the Group\u2019s ability to continue as a going concern for a period of not less than 12 months from the date of the
approval of the consolidated annual report and financial statements, which would be 31 December 2026. The
Directors have satisfied themselves that the Group has adequate resources to continue in operational existence for the
foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-309": { "value": "Going concern The Directors have examined significant areas of possible financial risk including: cash held and the liquidity of the Group\u2019s assets; forward-looking compliance with third-party debt covenants, in particular the loan to value (\u2018LTV\u2019) covenant and interest cover ratios; the likelihood of any payment of contingent tax liabilities; potential falls in property valuations; the non-collection of rent and service charges; and the existing, and future, anticipated cash requirements of the Group. Furthermore, ongoing geopolitical developments, and macroeconomic variables such as projected interest rates and inflation, have also been considered regarding the Group\u2019s property investments in France, Germany and the Netherlands. Cash flow forecasts, based on deemed plausible downside scenarios, have led the Board to conclude that the Group will have sufficient cash reserves to continue in operation for twelve months from the date of the signing of the annual report. The Group has five loans secured by individual assets, with no cross-collateralisation. All loans are in compliance with their debt covenants. More details of the individual loans, and headroom on the LTV and net income default covenants, is provided on page 19. The Group has one loan, a Deutsche Pfandbriefbank facility secured against the Berlin property, maturing in June 2026, which falls within the 12-month going concern assessment period. The Directors have considered this upcoming maturity in their assessment and expect to either refinance or source new financing arrangements prior to maturity. Accordingly, the Directors do not consider this to give rise to a material uncertainty regarding the Group\u2019s ability to continue as a going concern. After due consideration, the Directors have not identified any material uncertainties which would cast significant doubt on the Group\u2019s ability to continue as a going concern for a period of not less than 12 months from the date of the approval of the consolidated annual report and financial statements, which would be 31 December 2026. The Directors have satisfied themselves that the Group has adequate resources to continue in operational existence for the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-272": { "value": "
Use of estimates and judgements
The preparation of financial statements under the UK-adopted international accounting standards, in conformity with
the Companies Act 2006, requires management to make judgements, estimates and assumptions that affect the
application of policies and the reported amounts of assets and liabilities, income and expenses. These estimates and
associated assumptions are based on historical experience and various other factors that are believed to be reasonable
under the circumstances, the results of which form the basis of making judgements about the carrying values of assets
and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The
estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised and in any future periods affected.
The most significant estimates made in preparing these financial statements relate to the carrying value of investment
properties, as disclosed in note 13, which are stated at fair value. The fair value of investment property is inherently
subjective because, in the absence of readily-observable market data, the valuer has to make professional judgements
on valuation inputs. The Group uses an external professional valuer to determine the relevant amounts.
The following are other areas of estimates and judgements:
\u2013 Tax provisioning and disclosure: Management uses external tax advisers to monitor changes in tax laws in countries
where the Group has operations. New tax laws that have been substantively enacted are recognised in the Group\u2019s
and Company\u2019s financial statements. The Group is also subject to periodic challenges by local tax authorities on a
range of tax matters during the normal course of business. Where changes to tax laws or challenges by local tax
authorities give rise to a potential contingent liability, the Group discloses the estimated amounts appropriately
within the notes to the financial statements (further details are disclosed in note 10).
\u2013 IFRS 9 expected credit losses: All receivables, inter-company loans are financial assets and must therefore be
assessed for impairment using the forward-looking expected credit loss model. Where an impairment is identified,
appropriate recognition is required in the consolidated statement of comprehensive income, together with
appropriate disclosure and sensitivity analysis in the notes to the financial statements. These judgements were also
considered within the impairment in the investments held in subsidiaries for the parent Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-273": { "value": "
Basis of consolidation
Subsidiaries
The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries
drawn up to 30 September each year. Subsidiaries are those entities, including special purpose entities, controlled by
the Company. Control exists when the Company is exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The
financial statements of subsidiaries are included in the consolidated financial statements from the date that control
commences until the date that control ceases. Where properties are acquired by the Group through corporate
acquisitions, but the acquisition does not meet the definition of a business combination, the acquisition is treated as an
asset acquisition.
Transactions eliminated on consolidation
Intra-group balances, and any gains and losses arising from intra-group transactions, are eliminated in preparing the
consolidated financial statements. Gains arising from transactions with joint ventures are eliminated to the extent of
the Group\u2019s interest in the entity. Losses are eliminated in the same way as gains but only to the extent that there is no
evidence of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-310": { "value": "Subsidiaries The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries drawn up to 30 September each year. Subsidiaries are those entities, including special purpose entities, controlled by the Company. Control exists when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Where properties are acquired by the Group through corporate acquisitions, but the acquisition does not meet the definition of a business combination, the acquisition is treated as an asset acquisition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-274": { "value": "
Investment property
Investment property comprises land and buildings held to earn rental income together with the potential for capital
growth.
Acquisitions and disposals are recognised on an unconditional exchange of contracts. Acquisitions are initially
recognised at cost, being the fair value of the consideration including any transaction costs associated with the
investment property.
After initial recognition, investment properties are measured at fair value with unrealised gains and losses recognised
in profit or loss. Realised gains and losses on the disposal of properties are recognised in profit or loss in relation to the
carrying value at the beginning of the accounting period. Fair value is based on the market valuations of the properties
as provided by a firm of independent chartered surveyors at the reporting date. Market valuations are carried out on a
quarterly basis.
As disclosed in note 24, the Group leases out all owned properties on operating leases which are classified and
accounted for as an investment property where the Group holds it to earn rentals, capital appreciation, or both. Any
such property leased under an operating lease is classified as an investment property and carried at fair value.
Please refer to note 13 for disclosure of key inputs, assumptions and sensitivities with respect to the fair valuation of
investment properties.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-275": { "value": "
Prepayments
Prepayments are carried at cost and released to the statement of comprehensive income on a straight-line basis.
", "dimensions": { "concept": "schroderereiplc:DescriptionOfAccountingPolicyForPrepayments", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-276": { "value": "
Leases
Leases in which a significant portion of the risks and rewards of ownership are retained by another party, the lessor, are
classified as operating leases. Rental income, including prepayments, received under operating leases (net of any
incentives granted by the lessor) are recognised in the statement of comprehensive income on a straight-line basis
over the period of the lease. Properties leased out under operating leases are included as investment properties in the
consolidated statement of financial position (note 13).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-277": { "value": "
Financial assets and liabilities
Non-derivative financial assets and liabilities
Non-derivative financial assets are measured at amortised cost less impairment whereas financial liabilities are
measured at amortised cost. The Group calculates impairment provisions for non-derivative financial assets based on
lifetime expected credit losses under IFRS 9.
Cash and cash equivalents
Cash at bank, and short-term deposits that are held to maturity, are carried at amortised cost. Cash and cash
equivalents are defined as cash in hand, demand deposits and short-term, highly liquid investments readily convertible
to known amounts of cash and subject to insignificant risk of changes in value. For the purposes of the statement of
cash flows, cash and cash equivalents comprise of cash in hand and short-term deposits at banks with an original term
of three months or less.
The cash and cash equivalents are freely available unless otherwise disclosed.
Restricted cash
Cash balances that are not available for general use by the Group are classified as restricted cash. These balances
typically relate to amounts held in escrow, debt service reserve accounts, or other arrangements required under loan
agreements or regulatory obligations. Restricted cash is carried at amortised cost and excluded from the definition of
cash and cash equivalents in the statement of cash flows.
Loans and borrowings
Borrowings are recognised initially at the fair value of the consideration received less attributable transaction costs.
Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference
between cost and redemption value being recognised in the profit or loss over the period of the borrowings on an
effective interest basis.
Borrowing costs such as arrangement fees are capitalised and amortised over the loan term.
Derivative financial assets and liabilities
Derivative financial assets and liabilities comprise interest rate caps for hedging purposes (economic hedge). These are
recognised at fair value, with the revaluation gains or losses immediately recorded in the statement of comprehensive
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-322": { "value": "Financial assets and liabilities Non-derivative financial assets and liabilities Non-derivative financial assets are measured at amortised cost less impairment whereas financial liabilities are measured at amortised cost. The Group calculates impairment provisions for non-derivative financial assets based on lifetime expected credit losses under IFRS 9. Cash and cash equivalents Cash at bank, and short-term deposits that are held to maturity, are carried at amortised cost. Cash and cash equivalents are defined as cash in hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value. For the purposes of the statement of cash flows, cash and cash equivalents comprise of cash in hand and short-term deposits at banks with an original term of three months or less. The cash and cash equivalents are freely available unless otherwise disclosed. Restricted cash Cash balances that are not available for general use by the Group are classified as restricted cash. These balances typically relate to amounts held in escrow, debt service reserve accounts, or other arrangements required under loan agreements or regulatory obligations. Restricted cash is carried at amortised cost and excluded from the definition of cash and cash equivalents in the statement of cash flows. Loans and borrowings Borrowings are recognised initially at the fair value of the consideration received less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the profit or loss over the period of the borrowings on an effective interest basis. Borrowing costs such as arrangement fees are capitalised and amortised over the loan term. Derivative financial assets and liabilities Derivative financial assets and liabilities comprise interest rate caps for hedging purposes (economic hedge). These are recognised at fair value, with the revaluation gains or losses immediately recorded in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-311": { "value": "Financial assets and liabilities Non-derivative financial assets and liabilities Non-derivative financial assets are measured at amortised cost less impairment whereas financial liabilities are measured at amortised cost. The Group calculates impairment provisions for non-derivative financial assets based on lifetime expected credit losses under IFRS 9. Cash and cash equivalents Cash at bank, and short-term deposits that are held to maturity, are carried at amortised cost. Cash and cash equivalents are defined as cash in hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value. For the purposes of the statement of cash flows, cash and cash equivalents comprise of cash in hand and short-term deposits at banks with an original term of three months or less. The cash and cash equivalents are freely available unless otherwise disclosed. Restricted cash Cash balances that are not available for general use by the Group are classified as restricted cash. These balances typically relate to amounts held in escrow, debt service reserve accounts, or other arrangements required under loan agreements or regulatory obligations. Restricted cash is carried at amortised cost and excluded from the definition of cash and cash equivalents in the statement of cash flows. Loans and borrowings Borrowings are recognised initially at the fair value of the consideration received less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the profit or loss over the period of the borrowings on an effective interest basis. Borrowing costs such as arrangement fees are capitalised and amortised over the loan term. Derivative financial assets and liabilities Derivative financial assets and liabilities comprise interest rate caps for hedging purposes (economic hedge). These are recognised at fair value, with the revaluation gains or losses immediately recorded in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-330": { "value": "Cash and cash equivalents Cash at bank, and short-term deposits that are held to maturity, are carried at amortised cost. Cash and cash equivalents are defined as cash in hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value. For the purposes of the statement of cash flows, cash and cash equivalents comprise of cash in hand and short-term deposits at banks with an original term of three months or less. The cash and cash equivalents are freely available unless otherwise disclosed. Restricted cash Cash balances that are not available for general use by the Group are classified as restricted cash. These balances typically relate to amounts held in escrow, debt service reserve accounts, or other arrangements required under loan agreements or regulatory obligations. Restricted cash is carried at amortised cost and excluded from the definition of cash and cash equivalents in the statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-333": { "value": "Restricted cash Cash balances that are not available for general use by the Group are classified as restricted cash. These balances typically relate to amounts held in escrow, debt service reserve accounts, or other arrangements required under loan agreements or regulatory obligations. Restricted cash is carried at amortised cost and excluded from the definition of cash and cash equivalents in the statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-331": { "value": "Loans and borrowings Borrowings are recognised initially at the fair value of the consideration received less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the profit or loss over the period of the borrowings on an effective interest basis. Borrowing costs such as arrangement fees are capitalised and amortised over the loan term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-334": { "value": "Borrowing costs such as arrangement fees are capitalised and amortised over the loan term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-335": { "value": "Derivative financial assets and liabilities Derivative financial assets and liabilities comprise interest rate caps for hedging purposes (economic hedge). These are recognised at fair value, with the revaluation gains or losses immediately recorded in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-332": { "value": "Derivative financial assets and liabilities Derivative financial assets and liabilities comprise interest rate caps for hedging purposes (economic hedge). These are recognised at fair value, with the revaluation gains or losses immediately recorded in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-329": { "value": "Derivative financial assets and liabilities Derivative financial assets and liabilities comprise interest rate caps for hedging purposes (economic hedge). These are recognised at fair value, with the revaluation gains or losses immediately recorded in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-278": { "value": "
Share capital
Ordinary shares, including treasury shares, are classified as equity when there is no obligation to transfer cash or other
assets. The Company\u2019s accounting policy is to fix the share capital at the spot rate at the date of issue. The Company
does not retranslate its share capital at the end of each reporting period.
Share premium
Share premium represents the excess of proceeds received over the nominal value of new shares issued. The
Company\u2019s accounting policy is to fix the share premium at the spot rate at the date of issue. The Company does not
retranslate its share premium at the end of each reporting period.
Share buyback
Shares purchased are recognised on the trade date and debited to the treasury share reserve in the Statement of
Changes in Equity. Any broker\u2019s fees relating to the share buyback are debited to other expenses.
Other reserves
Other reserves consist of a share premium reduction reserve arising from the conversion of share premium into a
distributable reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-312": { "value": "Share premium Share premium represents the excess of proceeds received over the nominal value of new shares issued. The Company\u2019s accounting policy is to fix the share premium at the spot rate at the date of issue. The Company does not retranslate its share premium at the end of each reporting period. Share buyback Shares purchased are recognised on the trade date and debited to the treasury share reserve in the Statement of Changes in Equity. Any broker\u2019s fees relating to the share buyback are debited to other expenses. Other reserves Other reserves consist of a share premium reduction reserve arising from the conversion of share premium into a distributable reserve. ", "dimensions": { "concept": "schroderereiplc:DescriptionOfAccountingPolicyForReservesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-279": { "value": "
Dividends
Final dividends to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the
period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when
paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-280": { "value": "
Impairment
Investments
The carrying amounts of the Group\u2019s and Company\u2019s investments, other than investment property but including joint
ventures and investments held in subsidiaries, are reviewed at each reporting date to determine whether there is any
indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs
to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to that asset.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated
recoverable amount. Impairment losses are recognised in the profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-313": { "value": "Impairment Investments The carrying amounts of the Group\u2019s and Company\u2019s investments, other than investment property but including joint ventures and investments held in subsidiaries, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to that asset. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-281": { "value": "
Revenue
Rental income
Rental income from operating leases is recognised on a straight-line basis over the lease term. When the Group
provides incentives to its tenants, the cost of incentives is recognised over the lease term, on a straight-line basis, as a
reduction of rental income.
Where a rent incentive fits the definition of a lease modification under IFRS 16, the cost of incentives is recognised
over the remaining lease term starting from the effective date of the lease modification, on a straight-line basis, as a
reduction of rental income.
Service charges
These include income in relation to service charges, directly recoverable expenditure and management fees. Revenue
from services is recognised over time, as the services are rendered, reflecting the ongoing transfer of control,
including where services are delivered by third-party service providers.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-282": { "value": "
Finance income and costs
Finance income comprises interest income on funds invested that are recognised in the statement of comprehensive
income. Finance income is recognised on an accruals basis.
Finance costs comprise interest expenses on borrowings that are recognised in the statement of comprehensive
income. Attributable transaction costs incurred in establishing the Group\u2019s credit facilities are deducted from the fair
value of borrowings on initial recognition and are amortised over the lifetime of the facilities through profit or loss.
Finance expenses are accounted for on an effective interest basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-323": { "value": "Finance income and costs Finance income comprises interest income on funds invested that are recognised in the statement of comprehensive income. Finance income is recognised on an accruals basis. Finance costs comprise interest expenses on borrowings that are recognised in the statement of comprehensive income. Attributable transaction costs incurred in establishing the Group\u2019s credit facilities are deducted from the fair value of borrowings on initial recognition and are amortised over the lifetime of the facilities through profit or loss. Finance expenses are accounted for on an effective interest basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-314": { "value": "Finance costs comprise interest expenses on borrowings that are recognised in the statement of comprehensive income. Attributable transaction costs incurred in establishing the Group\u2019s credit facilities are deducted from the fair value of borrowings on initial recognition and are amortised over the lifetime of the facilities through profit or loss. Finance expenses are accounted for on an effective interest basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-283": { "value": "
Expenses
All expenses are accounted for on an accruals basis. They are recognised in the statement of comprehensive income in
the year in which they are incurred on an accruals basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-284": { "value": "
Taxation
The Company and its subsidiaries are subject to income tax on any income arising on investment properties after
deduction of debt financing costs and other allowable expenses.
Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the expected tax
payable on the taxable income for the year, using tax rates enacted or substantially enacted at the reporting date, and
any adjustment to tax payable in respect of previous periods.
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined
using tax rates (and laws) that have been enacted, or substantially enacted, by the date of the statement of financial
position and are expected to apply when the related deferred income tax asset is realised or the deferred income tax
liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-315": { "value": "Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted, or substantially enacted, by the date of the statement of financial position and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-285": { "value": "
Segmental reporting
The Directors are of the opinion that the Group is engaged in a single segment of business, being property investment,
and in one geographical area, continental Europe. The chief operating decision-maker is considered to be the Board of
Directors who are provided with consolidated IFRS information on a quarterly basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-286": { "value": "
Foreign currency translation
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the
primary economic environment in which the entity operates (the \u2018functional currency\u2019).
The functional currency of all the entities in the Group is the euro, as this is the currency in which the majority of
investment takes place and in which the majority of income and expenses are incurred. The financial statements are
also presented in euros.
Foreign currency transactions are translated into euros using the exchange rate prevailing at the date of the
transaction. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in
profit or loss in the statement of comprehensive income.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into the
presentational currency using the exchange rate prevailing at that date. Foreign exchange differences arising on
translation to the presentation currency are taken to the consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-287": { "value": "
2. New standards and interpretations
New standards and interpretations adopted by the Group
In the current year, the Group has applied one new standard and amendment to IFRS Accounting Standards issued by
the International Accounting Standards Board (\u2018IASB\u2019) which is mandatorily effective for an accounting period that
begins on or after 1 October 2024. The adoption has not had any material impact on the disclosures or on the amounts
reported in these financial statements.
These new standards and amendments are listed below:
\u2013 Amendments to IAS 21 \u2013 Lack of exchangeability
At the date of authorisation of these financial statements, the Group has not applied the following new and revised
IFRS Accounting Standards that have been issued but are not yet effective:
\u2013 IFRS 18 \u2013 Presentation and Disclosures in the Financial Statements
\u2013 IFRS 19 \u2013 Subsidiaries without Public Accountability disclosures
\u2013 Amendments to IFRS 9 and IFRS 7 on Classification and Measurement of Financial Instruments
\u2013 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity
\u2013 Annual Improvements to IFRS - Volume 11
The Directors do not expect that the adoption of the standards listed above will have a material impact on the financial
statements of the Group in future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-3": { "value": "2. New standards and interpretations New standards and interpretations adopted by the Group In the current year, the Group has applied one new standard and amendment to IFRS Accounting Standards issued by the International Accounting Standards Board (\u2018IASB\u2019) which is mandatorily effective for an accounting period that begins on or after 1 October 2024. The adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. These new standards and amendments are listed below: \u2013 Amendments to IAS 21 \u2013 Lack of exchangeability At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective: \u2013 IFRS 18 \u2013 Presentation and Disclosures in the Financial Statements \u2013 IFRS 19 \u2013 Subsidiaries without Public Accountability disclosures \u2013 Amendments to IFRS 9 and IFRS 7 on Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity \u2013 Annual Improvements to IFRS - Volume 11 The Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group in future periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-324": { "value": "New standards and interpretations adopted by the Group In the current year, the Group has applied one new standard and amendment to IFRS Accounting Standards issued by the International Accounting Standards Board (\u2018IASB\u2019) which is mandatorily effective for an accounting period that begins on or after 1 October 2024. The adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. These new standards and amendments are listed below: \u2013 Amendments to IAS 21 \u2013 Lack of exchangeability At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective: \u2013 IFRS 18 \u2013 Presentation and Disclosures in the Financial Statements \u2013 IFRS 19 \u2013 Subsidiaries without Public Accountability disclosures \u2013 Amendments to IFRS 9 and IFRS 7 on Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity \u2013 Annual Improvements to IFRS - Volume 11 The Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-316": { "value": "New standards and interpretations adopted by the Group In the current year, the Group has applied one new standard and amendment to IFRS Accounting Standards issued by the International Accounting Standards Board (\u2018IASB\u2019) which is mandatorily effective for an accounting period that begins on or after 1 October 2024. The adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. These new standards and amendments are listed below: \u2013 Amendments to IAS 21 \u2013 Lack of exchangeability At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective: \u2013 IFRS 18 \u2013 Presentation and Disclosures in the Financial Statements \u2013 IFRS 19 \u2013 Subsidiaries without Public Accountability disclosures \u2013 Amendments to IFRS 9 and IFRS 7 on Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity \u2013 Annual Improvements to IFRS - Volume 11 The Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-4": { "value": "3. Rental and service charge income
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Rental income
16,007
16,385
\u2013
\u2013
Service charge income
4,144
4,262
\u2013
\u2013
20,151
20,647
\u2013
\u2013
Service charge income is charged in addition to rent payments to cover the landlord\u2019s costs. Factors such as the size of the asset, number of occupants, occupancy rates and purpose of the asset can affect the amount and timing of revenue and cash flows. The Group has concluded that it transfers control of these services over time, as services are rendered by the third party service providers, because this is when tenants receive and, at the same time, consume the benefits from these services. The service charge receivable amounts to \u20ac3,272,000 (2024: \u20ac3,972,000). Payment of service charge income from tenants is impacted by the timing of service charge reconciliations by property managers. 14. Recognition of development revenue and profit During the financial year ended 30 September 2021, the Group transferred legal title of its office asset in Boulogne- Billancourt, Paris, to a purchaser under a forward-funded sale agreement. The arrangement comprised two performance obligations: the sale of the asset and the completion of refurbishment works on behalf of the purchaser over an initially planned period of 18 months. The development revenue is variable and recognised over time based on the achievement of contractual milestones, the stage of completion and consideration of associated development risks. The total development revenue expected under the contract is \u20ac30.4 million (2023: \u20ac30.4 million). During the year the Group incurred costs of \u20ac17,900 (2024: expense \u20ac695,000), which cumulatively to date, represents 99.6% of the total project expenditure and a sum of \u20ac231,000 (2024: \u20ac1.5 million) of development revenue has been recognised following consideration of the factors identified above. Total development revenue from this contract recognised since inception is \u20ac29.8 million, which represents 98% of total development revenue. The cash received in the year was \u20ac850,000. The remaining development revenue is expected to be recognised in the year ending 30 September 2026. The lag between development revenue and development cost represents the inherent development risk that can be evident in such projects. The total amount of the contract asset recognised by the Group that is due from the purchaser thereby totalled \u20ac200,000 (2024: \u20ac1.3 million) at the end of the financial year and is included in trade and other receivables. The below sensitivity table presents the change in the total development revenue expected from the purchaser if the variable consideration increases or decreases by 10%. Note that the maximum amount of variable revenue remaining that could be recognised is \u20ac600,000. This is also the expected amount of revenue to be received, therefore no +10% analysis is performed.
2025
-10%
0%
+10%
Variable development revenue expected from the purchaser (\u20acm)
0.5
0.6
0.6
2024
-10%
0%
+10%
Variable development revenue expected from the purchaser (\u20acm)
0.7
0.8
0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-288": { "value": "
4. Property operating expenses
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Repairs and maintenance
2,655
2,750
\u2013
\u2013
Service charge, insurance and utilities on vacant units
1,445
670
\u2013
\u2013
Real estate taxes
1,383
1,474
\u2013
\u2013
Property management fees
320
375
\u2013
\u2013
Other
469
333
\u2013
\u2013
6,272
5,602
\u2013
\u2013
All the above amounts relate to either service charge or property operating expenses recoverable from tenants, except
for \u20ac2,128,000 (2024: \u20ac1,340,000) attributable to non-recoverable landlord expenses. The increase in 2025 is due to
non-recoverable costs exceeding expectations, primarily arising from the completion of service charge reconciliations
carried out subsequent to year end for prior periods.
9. Other expenses
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Directors\u2019 and officers\u2019 insurance premium
12
14
12
14
Bank charges
81
71
9
9
Regulatory costs
111
73
89
51
Marketing
46
83
46
83
Other expenses
449
299
240
261
699
540
396
418
Directors are the only officers of the Company and there are no other key personnel. The Group has one employee; for
further details see note 28. The Directors\u2019 annual remuneration for services to the Group was \u20ac153,000 (2024:
\u20ac215,000), as set out in the Directors\u2019 Remuneration Report on pages 50 to 52. The total charge for Directors\u2019 fees
was \u20ac204,000 (2024: \u20ac239,000), which included employer\u2019s National Insurance contributions. Other expenses
include items such as domiciliation fees and registrar fees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-317": { "value": "4. Property operating expenses
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Repairs and maintenance
2,655
2,750
\u2013
\u2013
Service charge, insurance and utilities on vacant units
1,445
670
\u2013
\u2013
Real estate taxes
1,383
1,474
\u2013
\u2013
Property management fees
320
375
\u2013
\u2013
Other
469
333
\u2013
\u2013
6,272
5,602
\u2013
\u2013
All the above amounts relate to either service charge or property operating expenses recoverable from tenants, except for \u20ac2,128,000 (2024: \u20ac1,340,000) attributable to non-recoverable landlord expenses. The increase in 2025 is due to non-recoverable costs exceeding expectations, primarily arising from the completion of service charge reconciliations carried out subsequent to year end for prior periods. 9. Other expenses
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Directors\u2019 and officers\u2019 insurance premium
12
14
12
14
Bank charges
81
71
9
9
Regulatory costs
111
73
89
51
Marketing
46
83
46
83
Other expenses
449
299
240
261
699
540
396
418
Directors are the only officers of the Company and there are no other key personnel. The Group has one employee; for further details see note 28. The Directors\u2019 annual remuneration for services to the Group was \u20ac153,000 (2024: \u20ac215,000), as set out in the Directors\u2019 Remuneration Report on pages 50 to 52. The total charge for Directors\u2019 fees was \u20ac204,000 (2024: \u20ac239,000), which included employer\u2019s National Insurance contributions. Other expenses include items such as domiciliation fees and registrar fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-5": { "value": "4. Property operating expenses
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Repairs and maintenance
2,655
2,750
\u2013
\u2013
Service charge, insurance and utilities on vacant units
1,445
670
\u2013
\u2013
Real estate taxes
1,383
1,474
\u2013
\u2013
Property management fees
320
375
\u2013
\u2013
Other
469
333
\u2013
\u2013
6,272
5,602
\u2013
\u2013
All the above amounts relate to either service charge or property operating expenses recoverable from tenants, except for \u20ac2,128,000 (2024: \u20ac1,340,000) attributable to non-recoverable landlord expenses. The increase in 2025 is due to non-recoverable costs exceeding expectations, primarily arising from the completion of service charge reconciliations carried out subsequent to year end for prior periods. 9. Other expenses
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Directors\u2019 and officers\u2019 insurance premium
12
14
12
14
Bank charges
81
71
9
9
Regulatory costs
111
73
89
51
Marketing
46
83
46
83
Other expenses
449
299
240
261
699
540
396
418
Directors are the only officers of the Company and there are no other key personnel. The Group has one employee; for further details see note 28. The Directors\u2019 annual remuneration for services to the Group was \u20ac153,000 (2024: \u20ac215,000), as set out in the Directors\u2019 Remuneration Report on pages 50 to 52. The total charge for Directors\u2019 fees was \u20ac204,000 (2024: \u20ac239,000), which included employer\u2019s National Insurance contributions. Other expenses include items such as domiciliation fees and registrar fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-6": { "value": "5. Material agreements Schroder Real Estate Investment Management Limited (\u2018SREIM\u2019) is the Investment Manager to the Company. The Investment Manager is entitled to a fee together with reasonable expenses incurred in the performance of its duties. The fee is payable monthly in arrears and shall be an amount equal to one 12th of the aggregate of 1.1% of the EPRA NAV of the Group. The Investment Management Agreement can be terminated by either party on not less than 12 months\u2019 written notice, such notice not to expire earlier than the third anniversary of admission, or on immediate notice in the event of certain breaches of its terms or the insolvency of either party. The total charge to profit or loss during the year was \u20ac1,803,000 (2024: \u20ac1,899,000). At the year end \u20ac579,000 (2024: \u20ac140,000) was outstanding. SREIM charges accounting services to the Company with a minimum contracted annual charge of \u20ac81,000 (\u00a370,000). The total charge to the Company was \u20ac112,000 (2024: \u20ac102,000). At the year end \u20ac30,000 (2024: \u20ac8,000) was outstanding. SREIM also charged accounting services to the subsidiaries registered in Luxembourg at a contracted annual charge of \u20ac135,000 up until 10 March 2024. These fees were included in administrator\u2019s and accounting fees in the Consolidated Statement of Comprehensive Income. Effective 11 March 2024, CBRE Investment Accounting & Reporting Solutions (IA&R) was formally engaged to provide accounting services to the Luxembourg subsidiaries, and their fees are included within administrators\u2019 and accounting fees. SREIM provides administrative and company secretarial services to the Group with a contracted annual charge of \u20ac58,000 (\u00a350,000). The total charge to the Group was \u20ac58,000 (2024: \u20ac58,000). These are included in administrator\u2019s and accounting fees in the consolidated statement of comprehensive income. At the year end \u20ac19,000 (2024: \u20ac5,000) was outstanding. Details of Directors\u2019 fees are disclosed in note 9. 5. Material agreements continued The Company received management fees of \u20ac1,393,000 (2024: \u20ac1,410,000) from subsidiary companies during the year. The amounts recharged to subsidiaries and outstanding are provided in the following table.
Fees recharged in the year to Fees outstanding as at
30 September 30 September
\u20ac\u2019000 \u20ac\u2019000
Subsidiary
2025
2024
2025
2024
SCI SEREIT Rumilly
67
48
19
12
SAS Clarity Developpement
103
375
2
189
SEREIT Berlin DIY S\u00e0rl
170
134
47
34
SEREIT Hamburg S\u00e0rl
127
109
34
55
SEREIT Stuttgart S\u00e0rl
112
89
31
22
SEREIT Frankfurt S\u00e0rl
40
56
\u2013
14
SCI SEREIT Directoire
231
182
62
46
SEREIT Apeldoorn S\u00e0rl
78
70
21
17
SEREIT UV S\u00e0rl
172
121
47
31
SEREIT Alkmaar S\u00e0rl
60
54
19
13
SCI SEREIT Pleudihen
136
91
33
46
SCI SEREIT Nantes
39
29
11
15
SCI LC Invest
40
34
12
17
SEREIT Holdings S\u00e0rl
18
18
5
5
Total
1,393
1,410
343
516
", "dimensions": { "concept": "schroderereiplc:DisclosureOfMaterialAgreementsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-318": { "value": "
The Company received management fees of \u20ac1,393,000 (2024: \u20ac1,410,000) from subsidiary companies during the
year. The amounts recharged to subsidiaries and outstanding are provided in the following table.
Fees recharged in the year to Fees outstanding as at
30 September 30 September
\u20ac\u2019000 \u20ac\u2019000
Subsidiary
2025
2024
2025
2024
SCI SEREIT Rumilly
67
48
19
12
SAS Clarity Developpement
103
375
2
189
SEREIT Berlin DIY S\u00e0rl
170
134
47
34
SEREIT Hamburg S\u00e0rl
127
109
34
55
SEREIT Stuttgart S\u00e0rl
112
89
31
22
SEREIT Frankfurt S\u00e0rl
40
56
\u2013
14
SCI SEREIT Directoire
231
182
62
46
SEREIT Apeldoorn S\u00e0rl
78
70
21
17
SEREIT UV S\u00e0rl
172
121
47
31
SEREIT Alkmaar S\u00e0rl
60
54
19
13
SCI SEREIT Pleudihen
136
91
33
46
SCI SEREIT Nantes
39
29
11
15
SCI LC Invest
40
34
12
17
SEREIT Holdings S\u00e0rl
18
18
5
5
Total
1,393
1,410
343
516
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-289": { "value": "
6. Provision of loan made to Seville joint venture
The Seville entity, which owned a shopping centre in Seville, was sold for \u20ac1 on 30 January 2025. The Group
previously owned 50% of the Metromar entity through a joint venture and had advanced \u20ac10.0 million as a loan and
was owed interest of \u20ac2.5 million (30 September 2024: \u20ac2.4 million). The loan carried a fixed interest rate of 4.37%
per annum payable quarterly. The loan had previously been fully impaired and was written off on the sale of the Seville
entity. No gain or loss has been recognised.
16. Investment in joint venture
On 30 January 2025, the Group disposed of its 50% interest in Metromar Retail, held through Urban SEREIT Holdings
Spain S.L., for a consideration of \u20ac1. Following this disposal, the Group no longer has any interest in the joint venture as
at 30 September 2025. Prior to the sale, the investment was held at a carrying value of nil (2024: nil), as it had been
fully impaired in prior periods
As at 30 September 2025, the Group held no interest in the joint venture, Urban SEREIT Holdings Spain S.L. This
followed the sale of Urban SEREIT Holding\u2019s interest in Metromar Retail, the entity owning a shopping centre in Seville,
for \u20ac1 on 30 January 2025. Concurrently, on 30 January 2025, the Group divested its 50% holding in the Metromar
joint venture. The joint venture\u2019s primary business address was Calle Vel\u00e1zquez 3, 4th Madrid 28001, Spain.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-7": { "value": "6. Provision of loan made to Seville joint venture The Seville entity, which owned a shopping centre in Seville, was sold for \u20ac1 on 30 January 2025. The Group previously owned 50% of the Metromar entity through a joint venture and had advanced \u20ac10.0 million as a loan and was owed interest of \u20ac2.5 million (30 September 2024: \u20ac2.4 million). The loan carried a fixed interest rate of 4.37% per annum payable quarterly. The loan had previously been fully impaired and was written off on the sale of the Seville entity. No gain or loss has been recognised. 16. Investment in joint venture On 30 January 2025, the Group disposed of its 50% interest in Metromar Retail, held through Urban SEREIT Holdings Spain S.L., for a consideration of \u20ac1. Following this disposal, the Group no longer has any interest in the joint venture as at 30 September 2025. Prior to the sale, the investment was held at a carrying value of nil (2024: nil), as it had been fully impaired in prior periods As at 30 September 2025, the Group held no interest in the joint venture, Urban SEREIT Holdings Spain S.L. This followed the sale of Urban SEREIT Holding\u2019s interest in Metromar Retail, the entity owning a shopping centre in Seville, for \u20ac1 on 30 January 2025. Concurrently, on 30 January 2025, the Group divested its 50% holding in the Metromar joint venture. The joint venture\u2019s primary business address was Calle Vel\u00e1zquez 3, 4th Madrid 28001, Spain.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-8": { "value": "7. Auditor\u2019s remuneration and assurance fees The Group\u2019s total audit fees for the year are \u20ac344,000 (2024: \u20ac347,000) which includes the Group audit and the individual statutory audits. The Company\u2019s total audit fees for the year were \u20ac301,000 (2024: \u20ac244,000) which only covers the Group audit. The interim review fee was \u20ac51,700 (2024: \u20ac52,100) which is an assurance related non-audit service and is included in the total auditor\u2019s remuneration for the year. The auditor did not perform any other non-audit services for the Group during the year (2024: \u20acNil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-290": { "value": "
8. Dividends received
During the year the Group did not receive any dividends from its joint venture operation Urban SEREIT Holdings Spain
S.L. (2024: \u20acNil) (see note 16).
During the year the Company received dividends from its subsidiary undertakings. \u20ac1,265,000 (2024: \u20ac722,000) was
received from OPPCI SEREIT France, \u20acNil (2024: \u20acNil) was received from SEREIT Holdings France and \u20acNil (2024:
\u20ac1,600,000) was received from SAS Clarity Development.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-9": { "value": "8. Dividends received During the year the Group did not receive any dividends from its joint venture operation Urban SEREIT Holdings Spain S.L. (2024: \u20acNil) (see note 16). During the year the Company received dividends from its subsidiary undertakings. \u20ac1,265,000 (2024: \u20ac722,000) was received from OPPCI SEREIT France, \u20acNil (2024: \u20acNil) was received from SEREIT Holdings France and \u20acNil (2024: \u20ac1,600,000) was received from SAS Clarity Development. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-325": { "value": "
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Directors\u2019 and officers\u2019 insurance premium
12
14
12
14
Bank charges
81
71
9
9
Regulatory costs
111
73
89
51
Marketing
46
83
46
83
Other expenses
449
299
240
261
699
540
396
418
Directors are the only officers of the Company and there are no other key personnel. The Group has one employee; for further details see note 28. The Directors\u2019 annual remuneration for services to the Group was \u20ac153,000 (2024: \u20ac215,000), as set out in the Directors\u2019 Remuneration Report on pages 50 to 52. The total charge for Directors\u2019 fees was \u20ac204,000 (2024: \u20ac239,000), which included employer\u2019s National Insurance contributions. Other expenses include items such as domiciliation fees and registrar fees.
28. Employees
The Group has one employee who is appointed by the French branch of the Company. The total charge for the
employee during the year was \u20ac23,000 (2024: \u20ac22,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-291": { "value": "
10. Taxation
30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000
Current tax charge
1,340
1,017
Current tax adjustment in respect of prior periods
464
(182)
Deferred tax (credit)/charge
115
(62)
Tax expense/(credit) in year
1,919
773
Reconciliation of effective tax rate
Profit before taxation
4,148
1,348
Effect of:
Tax charge at weighted average corporation tax rate of 23.90% (2024: 23.40%)
1,166
468
Tax exempt income or non-deductible losses
(224)
185
Tax adjustment on net revaluation loss
299
543
Capital gains tax
361
\u2013
Minimum Luxembourg tax charges
38
84
Current year losses for which no deferred tax is recognised
61
\u2013
Tax effect of property depreciation
(396)
(468)
Tax adjustment in respect of prior periods
464
(182)
Tax effect on disallowable expense
162
\u2013
Other permanent differences
(12)
143
Total tax expense in the year
1,919
773
The effective tax rate is a weighted average of the applicable tax rates in the countries the Group has operations. As at
30 September 2025, the deferred tax liability is \u20ac4,278,000 (2024: \u20ac4,163,000). A potential deferred tax asset of
\u20ac3,052,000 (2024: \u20ac1,741,000) arose on tax losses which has not been provided for.
SEREIT plc has elected to be treated as a soci\u00e9t\u00e9 d\u2019investissement immobilier cot\u00e9e (\u2018SIIC\u2019) for French tax purposes.
Provided that SEREIT plc meets certain requirements, the SIIC should be exempt from French CIT on net rental
income and gains arising from interests in property. Management intends that the Group will continue to comply with
the SIIC regulations for the foreseeable future.
The Group operates in a number of jurisdictions and is subject to periodic challenges by local tax authorities on a range
of tax matters during the normal course of business. The tax impact can be uncertain until a conclusion is reached with
the relevant tax authority. The Group addresses this uncertainty by closely monitoring tax developments, seeking
independent advice and maintaining transparency with the authorities it deals with as and when any enquiries are
made.
10. Taxation continued
The French tax authorities commenced a tax audit in previous years, requesting information on tax filings made in
relation to the Group\u2019s SIIC structure. The potential exposure was estimated as \u20ac12.2 million excluding interest and
penalties (2024: \u20ac12.6 million). In September 2025, the French tax authorities demanded this amount be paid or
secured by a guarantee. Post year end, the group arranged a bank guarantee in response to this demand, and on
10 November 2025 \u20ac12,143,735 was transferred to a pledged account with Credit Agricole in accordance with the
cash pledge agreement supporting that guarantee. As a result, this cash is restricted until future reporting periods. The
Group maintains its position that the amount is not payable and has formally appealed the decision. The appeal,
submitted to the French Tax Authority, is expected to be reviewed within six-months. If the claim is dismissed, the
Group would escalate the matter to a formal court process, which could take up to two years to resolve. Having taken
professional advice, the Board remains of the opinion that the Group\u2019s position is ultimately more likely than not to
prevail, such that a net outflow is not probable, and accordingly no tax provision has been recognised. We will continue
to provide market updates as appropriate.
However, the position will remain uncertain until a conclusion is reached.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-10": { "value": "10. Taxation
30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000
Current tax charge
1,340
1,017
Current tax adjustment in respect of prior periods
464
(182)
Deferred tax (credit)/charge
115
(62)
Tax expense/(credit) in year
1,919
773
Reconciliation of effective tax rate
Profit before taxation
4,148
1,348
Effect of:
Tax charge at weighted average corporation tax rate of 23.90% (2024: 23.40%)
1,166
468
Tax exempt income or non-deductible losses
(224)
185
Tax adjustment on net revaluation loss
299
543
Capital gains tax
361
\u2013
Minimum Luxembourg tax charges
38
84
Current year losses for which no deferred tax is recognised
61
\u2013
Tax effect of property depreciation
(396)
(468)
Tax adjustment in respect of prior periods
464
(182)
Tax effect on disallowable expense
162
\u2013
Other permanent differences
(12)
143
Total tax expense in the year
1,919
773
The effective tax rate is a weighted average of the applicable tax rates in the countries the Group has operations. As at 30 September 2025, the deferred tax liability is \u20ac4,278,000 (2024: \u20ac4,163,000). A potential deferred tax asset of \u20ac3,052,000 (2024: \u20ac1,741,000) arose on tax losses which has not been provided for. SEREIT plc has elected to be treated as a soci\u00e9t\u00e9 d\u2019investissement immobilier cot\u00e9e (\u2018SIIC\u2019) for French tax purposes. Provided that SEREIT plc meets certain requirements, the SIIC should be exempt from French CIT on net rental income and gains arising from interests in property. Management intends that the Group will continue to comply with the SIIC regulations for the foreseeable future. The Group operates in a number of jurisdictions and is subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business. The tax impact can be uncertain until a conclusion is reached with the relevant tax authority. The Group addresses this uncertainty by closely monitoring tax developments, seeking independent advice and maintaining transparency with the authorities it deals with as and when any enquiries are made. 10. Taxation continued The French tax authorities commenced a tax audit in previous years, requesting information on tax filings made in relation to the Group\u2019s SIIC structure. The potential exposure was estimated as \u20ac12.2 million excluding interest and penalties (2024: \u20ac12.6 million). In September 2025, the French tax authorities demanded this amount be paid or secured by a guarantee. Post year end, the group arranged a bank guarantee in response to this demand, and on 10 November 2025 \u20ac12,143,735 was transferred to a pledged account with Credit Agricole in accordance with the cash pledge agreement supporting that guarantee. As a result, this cash is restricted until future reporting periods. The Group maintains its position that the amount is not payable and has formally appealed the decision. The appeal, submitted to the French Tax Authority, is expected to be reviewed within six-months. If the claim is dismissed, the Group would escalate the matter to a formal court process, which could take up to two years to resolve. Having taken professional advice, the Board remains of the opinion that the Group\u2019s position is ultimately more likely than not to prevail, such that a net outflow is not probable, and accordingly no tax provision has been recognised. We will continue to provide market updates as appropriate. However, the position will remain uncertain until a conclusion is reached.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-11": { "value": "11. Earnings per share Basic earnings per share The basic earnings per share for the Group is calculated by dividing the net profit after tax attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares in issue during the year.
30/09/2025
30/09/2024
Total comprehensive income for the year
\u20ac2,229,000
\u20ac575,000
Weighted average number of ordinary shares in issue
132,082,196
133,734,686
Basic IFRS earnings per share (cents per share)
1.7
0.4
Diluted earnings per share The Group has no dilutive potential ordinary shares and hence the diluted earnings per share is the same as the basic earnings per share in both 2024 and 2025. Headline earnings per share The headline earnings and diluted headline earnings for the Group is 4.9 euro cents per share (2024: 6.1 euro cents per share) as detailed on page 97.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-12": { "value": "12. Dividends paid Interim dividends of \u20ac7,856,000 (2024: \u20ac7,917,000) were paid to the shareholders of SEREIT plc during the year as follows:
Ordinary Rate 30/09/2025
In respect of shares (cents) \u20ac\u2019000
Interim dividend paid on 1 November 2024
133,734,686
1.48
1,979
Interim dividend paid on 31 January 2025
133,734,686
1.48
1,979
Interim dividend paid on 15 May 2025
131 ,817,486
1.48
1,952
Interim dividend paid on 15 August 2025
131,509,386
1.48
1,946
Total interim dividends paid
7,856
Ordinary Rate 30/09/2024
In respect of shares (cents) \u20ac\u2019000
Interim dividend paid on 17 November 2023
133,734,686
1.48
1,980
Interim dividend paid on 25 January 2024
133,734,686
1.48
1,979
Interim dividend paid on 10 May 2024
133,734,686
1.48
1,979
Interim dividend paid on 12 August 2024
133,734,686
1.48
1,979
Total interim dividends paid
7,917
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-13": { "value": "13. Investment property
Group
\u20ac\u2019000
Fair value as at 1 October 2023
213,098
Acquisitions
\u2013
Acquisition costs
\u2013
Disposals
\u2013
Additions
1,164
Net loss from fair value adjustment on investment property
(7,74 0)
Fair value as at 30 September 2024
206,522
Acquisitions
\u2013
Acquisition costs
\u2013
Additions
605
Disposals
(11,600)
Net loss from fair value adjustment on investment property
(3,013)
Fair value as at 30 September 2025
192,514
In 2024 and 2025, the Group held one leasehold property. The value of the respective sectors held were as follows:
2025 2024
Sector \u20ac\u2019000 \u20ac\u2019000
Industrial
81,520
77,921
Retail (including retail warehousing)
27,130
39,328
Offices
83,864
89,273
Total
192,514
206,522
The investment property in Frankfurt was sold on 30 April 2025 for \u20ac11,800,000. The fair value of the investment property was \u20ac11,600,000 resulting in a loss on disposal after disposal costs of \u20ac27,425. The proceeds from the sale were utilised to partially repay the loan balance with Deutsche Pfandbriefbank AG and cure the loan covenants. See note 20 for further details. The fair value of investment properties, as determined by the valuer, totals \u20ac194,040,000 (2024: \u20ac208,050,000) with the valuation amount relating to a 100% ownership share for all the assets in the portfolio. None of this amount is attributable to trade or other receivables in connection with lease incentives. The fair value of investment properties per the consolidated financial statements of \u20ac192,514,000 (2024: \u20ac206,522,000) includes a tenant incentive adjustment of \u20ac1,526,000 (2024: \u20ac1,528,000). The net valuation loss on investment property of (\u20ac3,013,000) (2024: loss of \u20ac7,740,000) consists of net property revaluation losses of \u20ac3,011,000 (2024: losses of \u20ac7,239,000) and a movement of the above-mentioned tenant incentive adjustment of \u20ac2,000 (2024: \u20ac501,000). The fair value of investment property has been determined by Savills (UK) Limited (2024: Knight Frank LLP), a firm of independent chartered surveyors, who are registered independent appraisers. The valuation has been undertaken in accordance with the RICS Valuation \u2013 Global Standards November 2021, incorporating the International Valuations Standards, and RICS Professional Standards UK, November 2018 (effective January 2019). The properties have been valued on the basis of \u2018fair value\u2019 in accordance with the RICS Valuation \u2013 Professional Standards VPS4(1.5) Fair Value and VPGA1 Valuations for Inclusion in Financial Statements which adopt the definition of fair value used by the International Accounting Standards Board. The valuation has been undertaken using an appropriate valuation methodology and the valuer\u2019s professional judgement. The valuer\u2019s opinion of fair value was primarily derived using recent comparable market transactions on arm\u2019s length terms, where available, and appropriate valuation techniques (The Investment Method). The properties have been valued individually and not as part of a portfolio. 13. Investment property continued The Group has incorporated Environmental, Social and Governance (\u2018ESG\u2019) objectives into its core investment strategy and at every stage of the investment process. It has clearly defined its social and environmental targets into distinct categories, for which each has clear and measurable impact objectives. The valuers take into account environmental considerations in their assessment of ERV, discount rate and capital expenditure assumptions for each asset. Some examples include: Hamburg office (c.\u20ac0.6m provisioned) for future rooftop terrace works, utility monitoring and management and tenant wellbeing measures in order to continue to keep the asset relevant for occupiers; Stuttgart (c.\u20ac0.5m); Paris Saint-Cloud (c.\u20ac2.3m) and Rumilly (c.\u20ac0.6m) which includes fire sprinklers and replacement of gas boilers to heat pumps relating to fire security enhancements and co-ownership works which will improve ESG ratings in line with Tertiary Decree requirements. A provision or contingent liability would only be recognised in the consolidated financial statements if the ESG factors led to a constructive or legal obligation for the Group. None of the above amounts have been provided for in the 30 September 2025 annual accounts as there is no legal or constructive obligation to perform these works at the reporting date. The Group\u2019s total valuation fees for the year are \u20ac68,000 (2024: \u20ac73,000). During the year, the Group changed valuers resulting in fees of \u20ac44,000 payable to Savills (UK) Limited and fees of \u20ac22,000 payable to Knight Frank LLP. The fees payable to Savills (UK) Limited and Knight Frank LLP are less than 5% of its total revenue in any year. All investment properties are categorised within Level 3 of the fair value hierarchy, as they use significant unobservable inputs. There have not been any transfers between levels during the year. Investment properties have been classed according to their real estate sector. Information on these significant unobservable inputs per class of investment property is disclosed below: Quantitative information about fair value measurement using unobservable inputs (Level 3) as at 30 September 2025:
Retail
(incl. retail
2025
Industrial
warehouse)
Office
Total
Fair value (\u20ac\u2019000)
74,300
27,400
92,340
194,040
Area (\u2019000 sqm)
89,991
16,800
58,736
165,527
Net passing rent \u20ac per
sqm per annum
Weighted average
1
60.79
100.00
157.52
99.10
Gross ERV \u20ac per sqm
per annum
Weighted average
1
63.36
101.24
146.81
96.81
Net initial yield
2
(%)
Weighted average
1
4.98 - 8.94
5.54
4.62 - 22.09
4.62 - 22.09
1 Weighted by market value. 2 Yields based on rents receivable after deduction of head rents and non-recoverables.
Retail
(incl. retail
2024
Industrial
warehouse)
Office
Total
Fair value (\u20ac\u2019000)
7 7,950
39,500
90,600
208,050
Area (\u2019000 sqm)
95.030
21.326
54.580
170.936
Net passing rent \u20ac per Range 33.23\u2013118.05 56.85\u2013108.12 120.65\u2013163.59 33.23\u2013163.59
sqm per annum
Weighted average
1
64.98 92.80 138.14 102.12
Gross ERV \u20ac per sqm per Range 44.00\u2013115.36 101.58\u2013163.33 79.93\u2013233.70 44.00\u2013233.70
annum
Weighted average
1
64.78 120.03 185.21 127.71
Range 5.43\u20139.61 1.99\u20135.94 4.39\u201319.94 1.99\u201319.94
Net initial yield
2
(%)
Weighted average
1
6.62 6.15 7.02 6.44
1 Weighted by market value. 2 Yields based on rents receivable after deduction of head rents and non-recoverables. Sensitivity of measurement to variations in the significant unobservable inputs The significant unobservable inputs used in the fair value measurement (categorised within Level 3 of the fair value hierarchy) of the Group\u2019s property portfolio, together with the impact of significant movements in these inputs on the fair value measurement, are shown below:
Impact on fair value measurement Impact on fair value measurement
Unobservable input of significant increase in input of significant decrease in input
Passing rent
Increase
Decrease
Gross ERV
Increase
Decrease
Net initial yield
Decrease
Increase
Equivalent yield
Decrease
Increase
There are interrelationships between the yields and rental values as they are partially determined by market rate conditions. The sensitivity of the valuation to changes in the most significant inputs per class of investment property are shown below:
Estimated movement in fair value of investment properties Industrial Retail Office Total
at 30 September 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Increase in ERV by 10%
5,840
1,700
7,200
14,740
Decrease in ERV by 10%
(5,840)
(1,800)
(6,900)
(14,540)
Increase in net initial yield by 0.5%
(5,480)
(2,270)
(6,510)
(14,260)
Decrease in net initial yield by 0.5%
6,460
2,260
7,7 20
16,940
Estimated movement in fair value of investment properties Industrial Retail Office Total
at 30 September 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Increase in ERV by 10%
1,500
3,350
6,350
11,200
Decrease in ERV by 10%
(1,500)
(3,350)
(6,300)
(11,150)
Increase in net initial yield by 0.5%
(2,300)
(3,400)
(6,750)
(12,450)
Decrease in net initial yield by 0.5%
2,600
4,150
8,200
14,950
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-292": { "value": "
All investment properties are categorised within Level 3 of the fair value hierarchy, as they use significant unobservable
inputs. There have not been any transfers between levels during the year. Investment properties have been classed
according to their real estate sector. Information on these significant unobservable inputs per class of investment
property is disclosed below:
Quantitative information about fair value measurement using unobservable inputs (Level 3) as at
30 September 2025:
Retail
(incl. retail
2025
Industrial
warehouse)
Office
Total
Fair value (\u20ac\u2019000)
74,300
27,400
92,340
194,040
Area (\u2019000 sqm)
89,991
16,800
58,736
165,527
Net passing rent \u20ac per
sqm per annum
Weighted average
1
60.79
100.00
157.52
99.10
Gross ERV \u20ac per sqm
per annum
Weighted average
1
63.36
101.24
146.81
96.81
Net initial yield
2
(%)
Weighted average
1
4.98 - 8.94
5.54
4.62 - 22.09
4.62 - 22.09
1 Weighted by market value.
2 Yields based on rents receivable after deduction of head rents and non-recoverables.
Retail
(incl. retail
2024
Industrial
warehouse)
Office
Total
Fair value (\u20ac\u2019000)
7 7,950
39,500
90,600
208,050
Area (\u2019000 sqm)
95.030
21.326
54.580
170.936
Net passing rent \u20ac per Range 33.23\u2013118.05 56.85\u2013108.12 120.65\u2013163.59 33.23\u2013163.59
sqm per annum
Weighted average
1
64.98 92.80 138.14 102.12
Gross ERV \u20ac per sqm per Range 44.00\u2013115.36 101.58\u2013163.33 79.93\u2013233.70 44.00\u2013233.70
annum
Weighted average
1
64.78 120.03 185.21 127.71
Range 5.43\u20139.61 1.99\u20135.94 4.39\u201319.94 1.99\u201319.94
Net initial yield
2
(%)
Weighted average
1
6.62 6.15 7.02 6.44
1 Weighted by market value.
2 Yields based on rents receivable after deduction of head rents and non-recoverables.
Sensitivity of measurement to variations in the significant unobservable inputs
The significant unobservable inputs used in the fair value measurement (categorised within Level 3 of the fair value
hierarchy) of the Group\u2019s property portfolio, together with the impact of significant movements in these inputs on the
fair value measurement, are shown below:
Impact on fair value measurement Impact on fair value measurement
Unobservable input of significant increase in input of significant decrease in input
Passing rent
Increase
Decrease
Gross ERV
Increase
Decrease
Net initial yield
Decrease
Increase
Equivalent yield
Decrease
Increase
There are interrelationships between the yields and rental values as they are partially determined by market rate
conditions. The sensitivity of the valuation to changes in the most significant inputs per class of investment property
are shown below:
Estimated movement in fair value of investment properties Industrial Retail Office Total
at 30 September 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Increase in ERV by 10%
5,840
1,700
7,200
14,740
Decrease in ERV by 10%
(5,840)
(1,800)
(6,900)
(14,540)
Increase in net initial yield by 0.5%
(5,480)
(2,270)
(6,510)
(14,260)
Decrease in net initial yield by 0.5%
6,460
2,260
7,7 20
16,940
Estimated movement in fair value of investment properties Industrial Retail Office Total
at 30 September 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Increase in ERV by 10%
1,500
3,350
6,350
11,200
Decrease in ERV by 10%
(1,500)
(3,350)
(6,300)
(11,150)
Increase in net initial yield by 0.5%
(2,300)
(3,400)
(6,750)
(12,450)
Decrease in net initial yield by 0.5%
2,600
4,150
8,200
14,950
Fair values
The fair values of financial assets and liabilities approximate their carrying values in the financial statements.
The fair value hierarchy levels are as follows:
\u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities;
\u2013 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices); and
\u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (unobservable inputs).
There have been no transfers between Levels 1, 2 and 3 during the year (2024: none).
The following summarises the main methods and assumptions used in estimating the fair values of financial
instruments and investment property (which is a non-financial asset).
Investment property \u2013 Level 3
Fair value is based on valuations provided by an independent firm of chartered surveyors and registered appraisers.
These values were determined after having taken into consideration recent market transactions for similar properties
in similar locations to the investment properties held by the Group. The fair value hierarchy of investment property is
Level 3. See note 13 for further details.
Interest-bearing loans and borrowings \u2013 Level 2
Fair values are based on the present value of future cash flows discounted at a market rate of interest. Issue costs are
amortised over the period of the borrowings.
Trade and other receivables/payables
All receivables and payables are deemed to be due within one year and as such the carrying value approximates the
fair value.
Derivatives \u2013 Level 2
Fair values of derivatives are based on current market conditions such as the current EURIBOR rate compared to the
terms of the derivative agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-14": { "value": "15. Investment in subsidiaries Company
Company Company
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Balance as at 1 October
69,921
69,921
Additions
25
50
Provision of investment made in subsidiaries
\u2013
(50)
Balance as at 30 September
69,946
69,921
During the year to 30 September 2025, SEREIT plc invested \u20ac25,000 into SEREIT (Jersey) Limited through an inter-company loan converted to equity. SEREIT Finance S\u00e0rl was dissolved on 15 September 2025. The subsidiary companies listed below are those which were part of the Group as at 30 September 2025. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group and the proportion of ownership of interests held equals the voting rights held by the Group.
Undertaking
Country of incorporation
Group ownership
Registered office address
SEREIT (Jersey) Limited
Jersey
100%
22 Grenville Street, Jersey, JE4 8PX
SEREIT Holdings S\u00e0rl
Luxembourg
100%
404, Route d\u2019Esch, Luxembourg, 1471
OPPCI SEREIT France
France
100%
153
Rue Saint Honor\u00e9, 75001 Paris
SCI SEREIT Rumilly
France
100%
8\u201310 Rue Lamennais, 75008 Paris
SEREIT Berlin DIY S\u00e0rl
Luxembourg
100%
404, Route d\u2019Esch, Luxembourg, 1471
SEREIT Hamburg S\u00e0rl
Luxembourg
100%
404, Route d\u2019Esch, Luxembourg, 1471
SEREIT Stuttgart S\u00e0rl
Luxembourg
100%
404, Route d\u2019Esch, Luxembourg, 1471
SEREIT Frankfurt S\u00e0rl
Luxembourg
100%
404, Route d\u2019Esch, Luxembourg, 1471
SCI SEREIT Directoire
France
100%
8\u201310 Rue Lamennais, 75008 Paris
SEREIT Apeldoorn S\u00e0rl
Luxembourg
100%
404, Route d\u2019Esch, Luxembourg, 1471
SEREIT UV S\u00e0rl
Luxembourg
100%
404, Route d\u2019Esch, Luxembourg, 1471
SEREIT Alkmaar S\u00e0rl
Luxembourg
100%
404, Route d\u2019Esch, Luxembourg, 1471
SEREIT Holdings France SAS
France
100%
8\u201310 Rue Lamennais, 75008 Paris
SCI SEREIT Pleudihen
France
100%
8\u201310 Rue Lamennais, 75008 Paris
SAS Clarity Development
France
100%
8\u201310 Rue Lamennais, 75008 Paris
SEREIT France Invest SAS
France
100%
8\u201310 Rue Lamennais, 75008 Paris
SCI SEREIT Nantes
France
100%
8\u201310 Rue Lamennais, 75008 Paris
SCI LC Invest
France
100%
8\u201310 Rue Lamennais, 75008 Paris
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-294": { "value": "
17. Trade and other receivables
Group Group Company Company
2025 2024 2025 2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Rent and service charges receivable
4,740
5,091
\u2013
\u2013
Amounts due from subsidiary undertakings
\u2013
\u2013
983
836
VAT receivable
421
322
14
11
Rental and security deposits
1,430
1,401
\u2013
\u2013
Proceeds receivable from development
1
213
1,338
\u2013
\u2013
Withholding tax receivable
497
\u2013
\u2013
\u2013
Other debtors and prepayments
3,576
1,874
768
62
10,877
10,026
1,765
909
1 Refer to note 14 for proceeds due from the development of Boulogne-Billancourt in Paris.
Other debtors and prepayments includes tenant incentives of \u20ac1,526,000 (2024: \u20ac1,528,000). IFRS 9 requires an
impairment review to be made for certain financial assets including rent and service charge receivable, using a
forward-looking expected credit loss model. Rent and service charge receivables includes a provision of \u20ac3,000
(2024: \u20ac51,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-15": { "value": "17. Trade and other receivables
Group Group Company Company
2025 2024 2025 2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Rent and service charges receivable
4,740
5,091
\u2013
\u2013
Amounts due from subsidiary undertakings
\u2013
\u2013
983
836
VAT receivable
421
322
14
11
Rental and security deposits
1,430
1,401
\u2013
\u2013
Proceeds receivable from development
1
213
1,338
\u2013
\u2013
Withholding tax receivable
497
\u2013
\u2013
\u2013
Other debtors and prepayments
3,576
1,874
768
62
10,877
10,026
1,765
909
1 Refer to note 14 for proceeds due from the development of Boulogne-Billancourt in Paris. Other debtors and prepayments includes tenant incentives of \u20ac1,526,000 (2024: \u20ac1,528,000). IFRS 9 requires an impairment review to be made for certain financial assets including rent and service charge receivable, using a forward-looking expected credit loss model. Rent and service charge receivables includes a provision of \u20ac3,000 (2024: \u20ac51,000). 18. Cash and cash equivalents
Group Group Company Company
2025 2024 2025 2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cash at bank and in hand
26,524
27,362
12,070
18,165
Restricted cash
1,838
\u2013
\u2013
\u2013
28,362
27,362
12,070
18,165
Restricted cash of \u20ac1,837,500 represents cash put on deposit to cure the LTV covenant in line with the Deutsche Pfandfbriefbank AG bank loan agreement and following the sale of the Group\u2019s Frankfurt asset. See note 20 for further details. Post year end, on 10 November 2025 \u20ac12,143,735 was transferred to a pledged account with Credit Agricole in line with the cash pledge agreement as requested by the French Tax Authority for the arrangement of the guarantee related to the French tax audit .", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-293": { "value": "18. Cash and cash equivalents
Group Group Company Company
2025 2024 2025 2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cash at bank and in hand
26,524
27,362
12,070
18,165
Restricted cash
1,838
\u2013
\u2013
\u2013
28,362
27,362
12,070
18,165
Restricted cash of \u20ac1,837,500 represents cash put on deposit to cure the LTV covenant in line with the Deutsche Pfandfbriefbank AG bank loan agreement and following the sale of the Group\u2019s Frankfurt asset. See note 20 for further details. Post year end, on 10 November 2025 \u20ac12,143,735 was transferred to a pledged account with Credit Agricole in line with the cash pledge agreement as requested by the French Tax Authority for the arrangement of the guarantee related to the French tax audit ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-295": { "value": "
19. Share capital and share premium
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Ordinary share capital
17,966
17,966
17,966
17,96 6
Share premium
43,005
43,005
43,005
43,005
As at 30 September 2025, the share capital of the Company was represented by 131,407,986 ordinary shares (2024:
133,734,686 ordinary shares) with a par value of 10.00 pence.
Issued share capital
As at 30 September 2025, the Company had 131,407,986 ordinary shares in issue (2024: 133,734,686), after
deducting 2,326,700 shared held in treasury. Accordingly, the total number of voting rights at 30 September 2025
was 131,407,986 (2024: 133,734,686).
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of
tax, from the proceeds.
Treasury capital
As at 30 September 2025, the Company had 2,326,700 ordinary shares (2024: nil) held in treasury.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-319": { "value": "19. Share capital and share premium
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Ordinary share capital
17,966
17,966
17,966
17,96 6
Share premium
43,005
43,005
43,005
43,005
As at 30 September 2025, the share capital of the Company was represented by 131,407,986 ordinary shares (2024: 133,734,686 ordinary shares) with a par value of 10.00 pence. Issued share capital As at 30 September 2025, the Company had 131,407,986 ordinary shares in issue (2024: 133,734,686), after deducting 2,326,700 shared held in treasury. Accordingly, the total number of voting rights at 30 September 2025 was 131,407,986 (2024: 133,734,686). Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Treasury capital As at 30 September 2025, the Company had 2,326,700 ordinary shares (2024: nil) held in treasury.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-16": { "value": "19. Share capital and share premium
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Ordinary share capital
17,966
17,966
17,966
17,96 6
Share premium
43,005
43,005
43,005
43,005
As at 30 September 2025, the share capital of the Company was represented by 131,407,986 ordinary shares (2024: 133,734,686 ordinary shares) with a par value of 10.00 pence. Issued share capital As at 30 September 2025, the Company had 131,407,986 ordinary shares in issue (2024: 133,734,686), after deducting 2,326,700 shared held in treasury. Accordingly, the total number of voting rights at 30 September 2025 was 131,407,986 (2024: 133,734,686). Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Treasury capital As at 30 September 2025, the Company had 2,326,700 ordinary shares (2024: nil) held in treasury.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-326": { "value": "Treasury capital As at 30 September 2025, the Company had 2,326,700 ordinary shares (2024: nil) held in treasury.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-17": { "value": "20. Interest-bearing loans and borrowings This note provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings. For more information about the Group\u2019s exposure to interest rate risk, see note 23.
Group Group Company Company
2025 2024 2025 2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
As at 1 October
70,471
73,623
\u2013
\u2013
Drawdown of new loans
\u2013
\u2013
\u2013
\u2013
Repayment of loans
(6,563)
(3,000)
\u2013
\u2013
Capitalisation of finance costs
\u2013
(322)
\u2013
\u2013
Amortisation of finance costs
111
170
\u2013
\u2013
As at 30 September
64,019
70,471
\u2013
\u2013
Borrowings are removed from the statement of financial position when the obligation specified in the contract is discharged, cancelled or expired. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Bank loan \u2013 ABN AMRO The Group entered into a facility of \u20ac13.76 million with ABN AMRO during the year ended 30 September 2023. The loan was fully drawn down on 28 September 2023 and matures on 27 September 2028. It carries an interest rate of 5.3% which is payable quarterly. The debt has an LTV covenant of 62.5%, with a cash trap of 55% which reduces by 1% each year from 1 September 2024 and the debt to yield ratio should be above 12.5%. The lender has a charge over property owned by the Group with a value of \u20ac38.44 million. A pledge of all shares in the borrowing Group company is in place. Bank loan \u2013 BRED Banque Populaire The Group entered into a loan facility totalling \u20ac13.0 million with BRED Banque Populaire during the year ended 30 September 2018. The total amount was fully drawn and was initially due to mature on 15 December 2024. The loan carries an interest rate which is the aggregate of the applicable Euribor three-month rate and a margin of 1.30% per annum, payable quarterly. The facility was subject to an arrangement fee of \u20ac70,000 which is being amortised over the period of the loan. The debt has an LTV covenant of 60% and the interest cover ratio (\u2018ICR\u2019) should be above 400%. The Group has purchased an interest rate cap to have risk coverage on the variation of the interest rate. During the year ended 30 September 2020, the Group received a further \u20ac4.0 million of debt into SCI Directoire under its existing loan facility with BRED Banque Populaire. The additional loan amount carries an interest rate of 1.45% and was subject to a \u20ac30,000 arrangement fee which will be amortised over the period of the loan. On 15 December 2023, the Group completed an early refinancing of the loan, extending the term by three years from 15 December 2024 to 15 December 2027, with an option of a further year. The principal of the loan was also reduced by \u20ac3.0 million from \u20ac17.0 million to \u20ac14.0 million. Following the refinancing, the loan now carries an interest rate which is the aggregate of the applicable Euribor 3 months rate and a margin of 1.90% per annum, payable quarterly. The lender has a charge over property owned by the Group with a value of \u20ac35.6 million. A pledge of all shares in the borrowing Group company is in place. Bank loan \u2013 Deutsche Pfandbriefbank AG The Group had two loan facilities totalling \u20ac30.50 million with Deutsche Pfandbriefbank AG which were entered into during the year ended 30 September 2016. One of the loan facilities totalling \u20ac14.0 million was repaid in March 2023 and carried a fixed interest rate of 0.85% per annum payable quarterly. The remaining loan totalling \u20ac9.94 million matures on 30 June 2026 and carries a fixed interest rate of 1.31% per annum. An additional fixed fee of 0.30% per annum was payable until certain conditions relating to the Frankfurt property were fulfilled on 30 December 2016. The facility was subject to a 0.35% arrangement fee which is being amortised over the period of the loan. The debt has a LTV covenant of 65% and the debt yield must be at least 8%. On 29 April 2025, the Group repaid \u20ac6.6 million of the loan following the disposal of the property in Frankfurt. To ensure continued compliance with the WAULT and LTV covenants, \u20ac2.5 million was placed on deposit in agreement with the lender. The WAULT covenant test was subsequently satisfied following a lease regear, allowing \u20ac0.7 million to be released back to the Group on 1 October 2025. No covenant breach occurred during the year to 30 September 2025. The lender has a charge over property owned by the Group with a value of \u20ac27.4 million. A pledge of all shares in the borrowing Group companies is in place. Bank loan \u2013 Westerwald Bank eG The Group entered into a facility of \u20ac18.0 million with Westerwald bank on 31 March 2023. The loan has been fully drawn and matures on 31 December 2027. It carries an interest rate of 3.8% which is payable quarterly. The lender has a charge over property owned by the Group with a value of \u20ac37.7 million. Bank loan \u2013 Landesbank Saar The Group entered into a loan facility of \u20ac8.6 million with Landesbank Saar on 27 March 2019. The loan was initially due to mature on 28 March 2024 and carried an interest rate of 1.40% plus Euribor three-month per annum, payable quarterly. An additional 25bps was applied to the margin if the LTV was between 56% and 60%, or 50bps if the LTV was above 60%. The facility was subject to a \u20ac56,000 arrangement fee which was amortised over the period of the loan. The debt had an LTV covenant of 64% and the interest cover was required to be above 220%. A pledge of all shares in the borrowing Group company is in place. On 26 March 2024, the Group refinanced the loan, the loan now matures on 26 March 2029 and attracts interest at a fixed rate of 4.3%. As a result of the refinancing, the covenants were amended. An additional 25bps is now applied to the interest rate if the LTV is between 50% and 53%, or 50bps if the LTV is between 53% and 55%. The debt now has an LTV covenant of 55% and the interest cover should be above 200%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-296": { "value": "
21. Trade and other payables
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Rent received in advance
1,530
1,001
\u2013
\u2013
Rental deposits
1,439
1,411
\u2013
\u2013
Interest payable
394
486
\u2013
\u2013
Retention payable
\u2013
\u2013
\u2013
\u2013
Amounts due to subsidiary undertakings
\u2013
\u2013
180
58
Accruals
2,311
1,699
924
424
Trade payables
166
358
51
47
5,840
4,955
1,155
529
All trade and other payables are interest free and payable within one year. Included within the Group\u2019s accruals are
amounts relating to management fees of \u20ac579,000 (2024: \u20ac140,000) and property expenses of \u20ac172,000 (2024:
\u20ac626,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-18": { "value": "21. Trade and other payables
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Rent received in advance
1,530
1,001
\u2013
\u2013
Rental deposits
1,439
1,411
\u2013
\u2013
Interest payable
394
486
\u2013
\u2013
Retention payable
\u2013
\u2013
\u2013
\u2013
Amounts due to subsidiary undertakings
\u2013
\u2013
180
58
Accruals
2,311
1,699
924
424
Trade payables
166
358
51
47
5,840
4,955
1,155
529
All trade and other payables are interest free and payable within one year. Included within the Group\u2019s accruals are amounts relating to management fees of \u20ac579,000 (2024: \u20ac140,000) and property expenses of \u20ac172,000 (2024: \u20ac626,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-19": { "value": "22. Net asset value per ordinary share and share buyback Between the 20 January 2025 to 30 September 2025, the Company repurchased 2,326,700 shares for a sum of \u00a31,527,485 (\u20ac1,814,942) million at an average price of 0.66 pence per share. As a result of the buyback, the number of ordinary shares in issue reduced from 133,734,686 to 131,407,986 during the reporting period. The NAV per ordinary share of 119.2 euro cents per share (2024: 122.7 euro cents per share) is based on the net assets attributable to ordinary shareholders of the Group of \u20ac156,655,000 (2024: \u20ac164,097,000), and 131,407,986 ordinary shares in issue at 30 September 2025 (2024: 133,734,686 ordinary shares).", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-320": { "value": "
23. Financial instruments, properties and associated risks
Financial risk factors
The Group holds cash and liquid resources as well as having debtors and creditors that arise directly from its
operations. The Group uses interest rate caps when required to limit exposure to interest rate risks, but does not have
any other derivative instruments. The financial risk profile of the Group has been heightened, in part due to ongoing
geopolitical developments, together with macroeconomic uncertainty.
The main risks arising from the Group\u2019s financial instruments and properties are market price risk, currency risk, credit
risk, liquidity risk and interest rate risk. The Board regularly reviews and agrees policies for managing each of these
risks and these are summarised below:
Market price risk
Rental income and the market value for properties are generally affected by overall conditions in the economy, such as
changes in gross domestic product, employment trends, inflation and changes in interest rates. Changes in gross
domestic product may also impact employment levels, which in turn may impact the demand for premises.
Furthermore, movements in interest rates may also affect the cost of financing for real estate companies.
The Group\u2019s investments comprise of continental European commercial property. Property and property-related
assets are inherently difficult to value due to the individual nature of each property. As a result, valuations are subject
to substantial uncertainty. There is no assurance that the estimates resulting from the valuation process will reflect the
actual sale\u2019s price even where such sales occur shortly after the valuation date.
Both rental income and property values may also be affected by other factors specific to the real estate market, such
as competition from other property owners; the perceptions of prospective tenants of the attractiveness, convenience
and safety of properties; the inability to collect rents because of bankruptcy or the insolvency of tenants; the periodic
need to renovate, repair and re-lease space and the costs thereof; the costs of maintenance and insurance, and
increased operating costs.
The Board monitors the market value of investment properties by having independent valuations carried out quarterly
by a firm of independent chartered surveyors. See note 13.
At the date of signing this report, the conflict in Ukraine continues to have societal and economic impact. The Group
does not have a material direct exposure to Russia or Ukraine, but continues to monitor the situation closely.
Currency risk
The Group\u2019s policy is for Group entities to settle liabilities denominated in their functional currency with the cash
generated from their own operations in that currency. Where Group entities have liabilities in a currency other than
their functional currency (and have insufficient reserves of that currency to settle them), cash already in that currency
will, where possible, be transferred from elsewhere within the Group. The functional currency of all entities in the
Group is the euro. Currency risk sensitivity has not been shown due to the small values of non-euro transactions. The
table below details the Group\u2019s exposure to foreign currencies at the year end:
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
Net assets \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Euros
156,488
163,912
135,407
143,788
Sterling
78
28
78
28
Rand
89
157
89
157
156,655
164,097
135,574
143,973
Interest rate risk
Exposure to market risk for changes in interest rates relates primarily to the Group\u2019s long-term debt obligations and to
interest earned on cash balances. As interest on the Group\u2019s long-term debt obligations is payable on a fixed-rate
basis, or is capped, the Group has limited exposure to downside interest rate risk, but is exposed to changes in fair
value of long-term debt obligations such as derivatives which are driven by interest rate movements. As at
30 September 2025, the total carrying value of the Group\u2019s loans was \u20ac64.3 million (2024: \u20ac70.9 million). Although
held at carrying value in the financial statements, the Group has its fixed-rate debt fair valued, and as at 30 September
2025, the fair value of the Group\u2019s fixed rate debt was \u20ac51.58 million (2024: \u20ac56.51 million). The carrying value for the
fixed-rate debt was \u20ac50.30 million (2024: \u20ac56.86 million). The Group does not fair value variable rate debt. The
carrying value of the variable rate debt, which is \u20ac14.0 million (2024: \u20ac14.0 million), is deemed to approximate the fair
value. A 1% increase or decrease in short-term interest rates would decrease or increase the annual income and equity
by \u20ac0.1 million (2024: \u20ac0.1 million) based on the net of cash and variable debt balances as at 30 September 2025. 1%
has been chosen as the sensitivity rate to demonstrate the linear relationship to interest rate changes.
Credit risk
Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered
into with the Group. In the event of default by an occupational tenant, the Group will suffer a rental income shortfall
and incur additional costs, including legal expenses, in maintaining, insuring and re-letting the property.
On initial recognition the Group calculates the expected credit loss for rent and service charge receivables based on
the lifetime expected credit losses under the IFRS 9 simplified approach.
The Investment Manager reviews reports prepared by Dun & Bradstreet or other sources, to assess the credit quality
of the Group\u2019s tenants and aims to ensure there is no excessive concentration of risk and that the impact of any default
by a tenant is minimised.
In respect of credit risk arising from other financial assets, which comprises of cash and cash equivalents, exposure to
credit risk arises from default of the counterparty with a maximum exposure equal to the carrying amounts of these
instruments. In order to mitigate such risks, cash is maintained with major international financial institutions with
high-quality credit ratings.
The table below shows the balance of cash and cash equivalents held with various financial institutions at the end of
the reporting year.
Company
Group balance balance at
Ratings as at at 30/09/2025 30/09/2025
Bank 30/09/2025 \u20ac\u2019000 \u20ac\u2019000
HSBC Bank plc
AA-
479
404
ING Bank N.V.
AA-
6,827
\u2013
BNP Paribas
A+
596
\u2013
BRED Banque Populaire
A+
817
\u2013
Santander
A+
159
0
Societe Generale SA
A-
3,638
300
Commerzbank AG
A
1,570
\u2013
FirstRand Bank Limited
BB-
89
89
Royal Bank of Scotland International
AA-
11,277
11,277
ABN AMRO Bank
A
1,072
\u2013
Deutsche Pfandfbriefbank - restricted cash due to LTV reserve
A-
1,838
\u2013
28,362
12,070
23. Financial instruments, properties and associated risks continued
Company
Group balance balance at
Ratings as at at 30/09/2024 30/09/2024
Bank 30/09/2024 \u20ac\u2019000 \u20ac\u2019000
HSBC Bank plc
AA-
5,907
5,707
ING Bank N.V.
AA-
2,876
\u2013
BNP Paribas
A+
883
\u2013
BRED Banque Populaire
A
278
\u2013
Santander
A-
529
496
Societe Generale SA
A-
4,594
1,935
Commerzbank AG
A
1,466
\u2013
FirstRand Bank Limited
BB-
157
157
Royal Bank of Scotland International
A
9,870
9,870
ABN AMRO Bank
A
802
\u2013
27,362
18,165
The maximum exposure to credit risk for rent and service charge receivables at the reporting date by type of sector was:
30/09/2025 30/09/2024
Carrying Carrying
amount amount
\u20ac\u2019000 \u20ac\u2019000
Office
4,022
4,157
Retail (including retail warehousing)
10
239
Industrial
708
695
4,740
5,091
Rent and service charges receivables which are past their due date, but which were not impaired at the reporting date, were:
30/09/2025 30/09/2024
Carrying Carrying
amount amount
\u20ac\u2019000 \u20ac\u2019000
0\u201330 days
741
276
31\u201360 days
211
61
61\u201390 days
4
2
91 days plus
176
346
1,132
685
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in meeting its financial obligations. Investments in property are relatively illiquid. However, the Group has tried to mitigate this risk by investing in properties that it considers to be good quality. In certain circumstances, the terms of the Group\u2019s debt facilities entitle the lender to require early repayment and in such circumstances the Group\u2019s ability to maintain dividend levels and the net asset value could be adversely affected. There is an additional liquidity risk at this year end, as the loan secured on the Berlin property is due to mature in June 2026, and the Group is actively progressing refinancing options to mitigate this. The Group continues to monitor refinancing requirements closely and engages with lenders well in advance of facility maturities to manage upcoming obligations. The Investment Manager prepares cash flows on a rolling basis to ensure the Group can meet future liabilities as and when they fall due. The following table indicates the undiscounted maturity analysis of the financial liabilities.
Carrying Expected 6 months 6 months More than
amount cash flows or less to 2 years 2\u20135 years 5 years
As at 30 September 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial liabilities
Interest-bearing loans and
borrowings and interest
64,297
70,644
1,231
13,483
55,930
\u2013
Trade and other payables
5,840
4,839
4,839
\u2013
\u2013
\u2013
Total financial liabilities
70,137
75,483
6,070
13,483
55,930
\u2013
Carrying Expected 6 months 6 months More than
amount cash flows or less to 2 years 2\u20135 years 5 years
As at 30 September 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial liabilities
Interest-bearing loans and
borrowings and interest
70,860
80,368
1,358
20,536
58,474
\u2013
Trade and other payables
4,955
3,954
3,954
\u2013
\u2013
\u2013
Total financial liabilities
75,815
84,322
5,312
20,536
58,474
\u2013
Fair values The fair values of financial assets and liabilities approximate their carrying values in the financial statements. The fair value hierarchy levels are as follows: \u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities; \u2013 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (unobservable inputs). There have been no transfers between Levels 1, 2 and 3 during the year (2024: none). The following summarises the main methods and assumptions used in estimating the fair values of financial instruments and investment property (which is a non-financial asset). Investment property \u2013 Level 3 Fair value is based on valuations provided by an independent firm of chartered surveyors and registered appraisers. These values were determined after having taken into consideration recent market transactions for similar properties in similar locations to the investment properties held by the Group. The fair value hierarchy of investment property is Level 3. See note 13 for further details. Interest-bearing loans and borrowings \u2013 Level 2 Fair values are based on the present value of future cash flows discounted at a market rate of interest. Issue costs are amortised over the period of the borrowings. Trade and other receivables/payables All receivables and payables are deemed to be due within one year and as such the carrying value approximates the fair value. Derivatives \u2013 Level 2 Fair values of derivatives are based on current market conditions such as the current EURIBOR rate compared to the terms of the derivative agreements. Capital management The Board\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence, and to sustain future development of the business. The objective is to ensure that it will continue as a going concern and to maximise return to its equity shareholders through an appropriate level of gearing.
23. Financial instruments, properties and associated risks continued
The Group\u2019s debt and capital structure comprises the following:
30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000
Debt
Loan facilities and accrued interest
64,692
70,806
Equity
Called-up share capital and share premium
60,971
60,971
Retained earnings and other reserves
95,684
103,126
Total equity
156,655
164,097
Total debt and equity
221,347
234,903
There were no changes in the Group\u2019s approach to capital management during the year.
The Company\u2019s capital structure is comprised of equity only.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-20": { "value": "23. Financial instruments, properties and associated risks Financial risk factors The Group holds cash and liquid resources as well as having debtors and creditors that arise directly from its operations. The Group uses interest rate caps when required to limit exposure to interest rate risks, but does not have any other derivative instruments. The financial risk profile of the Group has been heightened, in part due to ongoing geopolitical developments, together with macroeconomic uncertainty. The main risks arising from the Group\u2019s financial instruments and properties are market price risk, currency risk, credit risk, liquidity risk and interest rate risk. The Board regularly reviews and agrees policies for managing each of these risks and these are summarised below: Market price risk Rental income and the market value for properties are generally affected by overall conditions in the economy, such as changes in gross domestic product, employment trends, inflation and changes in interest rates. Changes in gross domestic product may also impact employment levels, which in turn may impact the demand for premises. Furthermore, movements in interest rates may also affect the cost of financing for real estate companies. The Group\u2019s investments comprise of continental European commercial property. Property and property-related assets are inherently difficult to value due to the individual nature of each property. As a result, valuations are subject to substantial uncertainty. There is no assurance that the estimates resulting from the valuation process will reflect the actual sale\u2019s price even where such sales occur shortly after the valuation date. Both rental income and property values may also be affected by other factors specific to the real estate market, such as competition from other property owners; the perceptions of prospective tenants of the attractiveness, convenience and safety of properties; the inability to collect rents because of bankruptcy or the insolvency of tenants; the periodic need to renovate, repair and re-lease space and the costs thereof; the costs of maintenance and insurance, and increased operating costs. The Board monitors the market value of investment properties by having independent valuations carried out quarterly by a firm of independent chartered surveyors. See note 13. At the date of signing this report, the conflict in Ukraine continues to have societal and economic impact. The Group does not have a material direct exposure to Russia or Ukraine, but continues to monitor the situation closely. Currency risk The Group\u2019s policy is for Group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. Where Group entities have liabilities in a currency other than their functional currency (and have insufficient reserves of that currency to settle them), cash already in that currency will, where possible, be transferred from elsewhere within the Group. The functional currency of all entities in the Group is the euro. Currency risk sensitivity has not been shown due to the small values of non-euro transactions. The table below details the Group\u2019s exposure to foreign currencies at the year end:
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
Net assets \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Euros
156,488
163,912
135,407
143,788
Sterling
78
28
78
28
Rand
89
157
89
157
156,655
164,097
135,574
143,973
Interest rate risk Exposure to market risk for changes in interest rates relates primarily to the Group\u2019s long-term debt obligations and to interest earned on cash balances. As interest on the Group\u2019s long-term debt obligations is payable on a fixed-rate basis, or is capped, the Group has limited exposure to downside interest rate risk, but is exposed to changes in fair value of long-term debt obligations such as derivatives which are driven by interest rate movements. As at 30 September 2025, the total carrying value of the Group\u2019s loans was \u20ac64.3 million (2024: \u20ac70.9 million). Although held at carrying value in the financial statements, the Group has its fixed-rate debt fair valued, and as at 30 September 2025, the fair value of the Group\u2019s fixed rate debt was \u20ac51.58 million (2024: \u20ac56.51 million). The carrying value for the fixed-rate debt was \u20ac50.30 million (2024: \u20ac56.86 million). The Group does not fair value variable rate debt. The carrying value of the variable rate debt, which is \u20ac14.0 million (2024: \u20ac14.0 million), is deemed to approximate the fair value. A 1% increase or decrease in short-term interest rates would decrease or increase the annual income and equity by \u20ac0.1 million (2024: \u20ac0.1 million) based on the net of cash and variable debt balances as at 30 September 2025. 1% has been chosen as the sensitivity rate to demonstrate the linear relationship to interest rate changes. Credit risk Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the Group. In the event of default by an occupational tenant, the Group will suffer a rental income shortfall and incur additional costs, including legal expenses, in maintaining, insuring and re-letting the property. On initial recognition the Group calculates the expected credit loss for rent and service charge receivables based on the lifetime expected credit losses under the IFRS 9 simplified approach. The Investment Manager reviews reports prepared by Dun & Bradstreet or other sources, to assess the credit quality of the Group\u2019s tenants and aims to ensure there is no excessive concentration of risk and that the impact of any default by a tenant is minimised. In respect of credit risk arising from other financial assets, which comprises of cash and cash equivalents, exposure to credit risk arises from default of the counterparty with a maximum exposure equal to the carrying amounts of these instruments. In order to mitigate such risks, cash is maintained with major international financial institutions with high-quality credit ratings. The table below shows the balance of cash and cash equivalents held with various financial institutions at the end of the reporting year.
Company
Group balance balance at
Ratings as at at 30/09/2025 30/09/2025
Bank 30/09/2025 \u20ac\u2019000 \u20ac\u2019000
HSBC Bank plc
AA-
479
404
ING Bank N.V.
AA-
6,827
\u2013
BNP Paribas
A+
596
\u2013
BRED Banque Populaire
A+
817
\u2013
Santander
A+
159
0
Societe Generale SA
A-
3,638
300
Commerzbank AG
A
1,570
\u2013
FirstRand Bank Limited
BB-
89
89
Royal Bank of Scotland International
AA-
11,277
11,277
ABN AMRO Bank
A
1,072
\u2013
Deutsche Pfandfbriefbank - restricted cash due to LTV reserve
A-
1,838
\u2013
28,362
12,070
23. Financial instruments, properties and associated risks continued
Company
Group balance balance at
Ratings as at at 30/09/2024 30/09/2024
Bank 30/09/2024 \u20ac\u2019000 \u20ac\u2019000
HSBC Bank plc
AA-
5,907
5,707
ING Bank N.V.
AA-
2,876
\u2013
BNP Paribas
A+
883
\u2013
BRED Banque Populaire
A
278
\u2013
Santander
A-
529
496
Societe Generale SA
A-
4,594
1,935
Commerzbank AG
A
1,466
\u2013
FirstRand Bank Limited
BB-
157
157
Royal Bank of Scotland International
A
9,870
9,870
ABN AMRO Bank
A
802
\u2013
27,362
18,165
The maximum exposure to credit risk for rent and service charge receivables at the reporting date by type of sector was:
30/09/2025 30/09/2024
Carrying Carrying
amount amount
\u20ac\u2019000 \u20ac\u2019000
Office
4,022
4,157
Retail (including retail warehousing)
10
239
Industrial
708
695
4,740
5,091
Rent and service charges receivables which are past their due date, but which were not impaired at the reporting date, were:
30/09/2025 30/09/2024
Carrying Carrying
amount amount
\u20ac\u2019000 \u20ac\u2019000
0\u201330 days
741
276
31\u201360 days
211
61
61\u201390 days
4
2
91 days plus
176
346
1,132
685
Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in meeting its financial obligations. Investments in property are relatively illiquid. However, the Group has tried to mitigate this risk by investing in properties that it considers to be good quality. In certain circumstances, the terms of the Group\u2019s debt facilities entitle the lender to require early repayment and in such circumstances the Group\u2019s ability to maintain dividend levels and the net asset value could be adversely affected. There is an additional liquidity risk at this year end, as the loan secured on the Berlin property is due to mature in June 2026, and the Group is actively progressing refinancing options to mitigate this. The Group continues to monitor refinancing requirements closely and engages with lenders well in advance of facility maturities to manage upcoming obligations. The Investment Manager prepares cash flows on a rolling basis to ensure the Group can meet future liabilities as and when they fall due. The following table indicates the undiscounted maturity analysis of the financial liabilities.
Carrying Expected 6 months 6 months More than
amount cash flows or less to 2 years 2\u20135 years 5 years
As at 30 September 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial liabilities
Interest-bearing loans and
borrowings and interest
64,297
70,644
1,231
13,483
55,930
\u2013
Trade and other payables
5,840
4,839
4,839
\u2013
\u2013
\u2013
Total financial liabilities
70,137
75,483
6,070
13,483
55,930
\u2013
Carrying Expected 6 months 6 months More than
amount cash flows or less to 2 years 2\u20135 years 5 years
As at 30 September 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial liabilities
Interest-bearing loans and
borrowings and interest
70,860
80,368
1,358
20,536
58,474
\u2013
Trade and other payables
4,955
3,954
3,954
\u2013
\u2013
\u2013
Total financial liabilities
75,815
84,322
5,312
20,536
58,474
\u2013
Fair values The fair values of financial assets and liabilities approximate their carrying values in the financial statements. The fair value hierarchy levels are as follows: \u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities; \u2013 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (unobservable inputs). There have been no transfers between Levels 1, 2 and 3 during the year (2024: none). The following summarises the main methods and assumptions used in estimating the fair values of financial instruments and investment property (which is a non-financial asset). Investment property \u2013 Level 3 Fair value is based on valuations provided by an independent firm of chartered surveyors and registered appraisers. These values were determined after having taken into consideration recent market transactions for similar properties in similar locations to the investment properties held by the Group. The fair value hierarchy of investment property is Level 3. See note 13 for further details. Interest-bearing loans and borrowings \u2013 Level 2 Fair values are based on the present value of future cash flows discounted at a market rate of interest. Issue costs are amortised over the period of the borrowings. Trade and other receivables/payables All receivables and payables are deemed to be due within one year and as such the carrying value approximates the fair value. Derivatives \u2013 Level 2 Fair values of derivatives are based on current market conditions such as the current EURIBOR rate compared to the terms of the derivative agreements. Capital management The Board\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence, and to sustain future development of the business. The objective is to ensure that it will continue as a going concern and to maximise return to its equity shareholders through an appropriate level of gearing. 23. Financial instruments, properties and associated risks continued The Group\u2019s debt and capital structure comprises the following:
30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000
Debt
Loan facilities and accrued interest
64,692
70,806
Equity
Called-up share capital and share premium
60,971
60,971
Retained earnings and other reserves
95,684
103,126
Total equity
156,655
164,097
Total debt and equity
221,347
234,903
There were no changes in the Group\u2019s approach to capital management during the year. The Company\u2019s capital structure is comprised of equity only.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-297": { "value": "Market price risk Rental income and the market value for properties are generally affected by overall conditions in the economy, such as changes in gross domestic product, employment trends, inflation and changes in interest rates. Changes in gross domestic product may also impact employment levels, which in turn may impact the demand for premises. Furthermore, movements in interest rates may also affect the cost of financing for real estate companies. The Group\u2019s investments comprise of continental European commercial property. Property and property-related assets are inherently difficult to value due to the individual nature of each property. As a result, valuations are subject to substantial uncertainty. There is no assurance that the estimates resulting from the valuation process will reflect the actual sale\u2019s price even where such sales occur shortly after the valuation date. Both rental income and property values may also be affected by other factors specific to the real estate market, such as competition from other property owners; the perceptions of prospective tenants of the attractiveness, convenience and safety of properties; the inability to collect rents because of bankruptcy or the insolvency of tenants; the periodic need to renovate, repair and re-lease space and the costs thereof; the costs of maintenance and insurance, and increased operating costs. The Board monitors the market value of investment properties by having independent valuations carried out quarterly by a firm of independent chartered surveyors. See note 13. At the date of signing this report, the conflict in Ukraine continues to have societal and economic impact. The Group does not have a material direct exposure to Russia or Ukraine, but continues to monitor the situation closely. Currency risk The Group\u2019s policy is for Group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. Where Group entities have liabilities in a currency other than their functional currency (and have insufficient reserves of that currency to settle them), cash already in that currency will, where possible, be transferred from elsewhere within the Group. The functional currency of all entities in the Group is the euro. Currency risk sensitivity has not been shown due to the small values of non-euro transactions. The table below details the Group\u2019s exposure to foreign currencies at the year end:
Group Group Company Company
30/09/2025 30/09/2024 30/09/2025 30/09/2024
Net assets \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Euros
156,488
163,912
135,407
143,788
Sterling
78
28
78
28
Rand
89
157
89
157
156,655
164,097
135,574
143,973
Interest rate risk Exposure to market risk for changes in interest rates relates primarily to the Group\u2019s long-term debt obligations and to interest earned on cash balances. As interest on the Group\u2019s long-term debt obligations is payable on a fixed-rate basis, or is capped, the Group has limited exposure to downside interest rate risk, but is exposed to changes in fair value of long-term debt obligations such as derivatives which are driven by interest rate movements. As at 30 September 2025, the total carrying value of the Group\u2019s loans was \u20ac64.3 million (2024: \u20ac70.9 million). Although held at carrying value in the financial statements, the Group has its fixed-rate debt fair valued, and as at 30 September 2025, the fair value of the Group\u2019s fixed rate debt was \u20ac51.58 million (2024: \u20ac56.51 million). The carrying value for the fixed-rate debt was \u20ac50.30 million (2024: \u20ac56.86 million). The Group does not fair value variable rate debt. The carrying value of the variable rate debt, which is \u20ac14.0 million (2024: \u20ac14.0 million), is deemed to approximate the fair value. A 1% increase or decrease in short-term interest rates would decrease or increase the annual income and equity by \u20ac0.1 million (2024: \u20ac0.1 million) based on the net of cash and variable debt balances as at 30 September 2025. 1% has been chosen as the sensitivity rate to demonstrate the linear relationship to interest rate changes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-298": { "value": "Credit risk Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the Group. In the event of default by an occupational tenant, the Group will suffer a rental income shortfall and incur additional costs, including legal expenses, in maintaining, insuring and re-letting the property. On initial recognition the Group calculates the expected credit loss for rent and service charge receivables based on the lifetime expected credit losses under the IFRS 9 simplified approach. The Investment Manager reviews reports prepared by Dun & Bradstreet or other sources, to assess the credit quality of the Group\u2019s tenants and aims to ensure there is no excessive concentration of risk and that the impact of any default by a tenant is minimised. In respect of credit risk arising from other financial assets, which comprises of cash and cash equivalents, exposure to credit risk arises from default of the counterparty with a maximum exposure equal to the carrying amounts of these instruments. In order to mitigate such risks, cash is maintained with major international financial institutions with high-quality credit ratings. The table below shows the balance of cash and cash equivalents held with various financial institutions at the end of the reporting year.
Company
Group balance balance at
Ratings as at at 30/09/2025 30/09/2025
Bank 30/09/2025 \u20ac\u2019000 \u20ac\u2019000
HSBC Bank plc
AA-
479
404
ING Bank N.V.
AA-
6,827
\u2013
BNP Paribas
A+
596
\u2013
BRED Banque Populaire
A+
817
\u2013
Santander
A+
159
0
Societe Generale SA
A-
3,638
300
Commerzbank AG
A
1,570
\u2013
FirstRand Bank Limited
BB-
89
89
Royal Bank of Scotland International
AA-
11,277
11,277
ABN AMRO Bank
A
1,072
\u2013
Deutsche Pfandfbriefbank - restricted cash due to LTV reserve
A-
1,838
\u2013
28,362
12,070
Company
Group balance balance at
Ratings as at at 30/09/2024 30/09/2024
Bank 30/09/2024 \u20ac\u2019000 \u20ac\u2019000
HSBC Bank plc
AA-
5,907
5,707
ING Bank N.V.
AA-
2,876
\u2013
BNP Paribas
A+
883
\u2013
BRED Banque Populaire
A
278
\u2013
Santander
A-
529
496
Societe Generale SA
A-
4,594
1,935
Commerzbank AG
A
1,466
\u2013
FirstRand Bank Limited
BB-
157
157
Royal Bank of Scotland International
A
9,870
9,870
ABN AMRO Bank
A
802
\u2013
27,362
18,165
The maximum exposure to credit risk for rent and service charge receivables at the reporting date by type of
sector was:
30/09/2025 30/09/2024
Carrying Carrying
amount amount
\u20ac\u2019000 \u20ac\u2019000
Office
4,022
4,157
Retail (including retail warehousing)
10
239
Industrial
708
695
4,740
5,091
Rent and service charges receivables which are past their due date, but which were not impaired at the reporting date,
were:
30/09/2025 30/09/2024
Carrying Carrying
amount amount
\u20ac\u2019000 \u20ac\u2019000
0\u201330 days
741
276
31\u201360 days
211
61
61\u201390 days
4
2
91 days plus
176
346
1,132
685
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-299": { "value": "Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in meeting its financial obligations. Investments in property are relatively illiquid. However, the Group has tried to mitigate this risk by investing in properties that it considers to be good quality. In certain circumstances, the terms of the Group\u2019s debt facilities entitle the lender to require early repayment and in such circumstances the Group\u2019s ability to maintain dividend levels and the net asset value could be adversely affected. There is an additional liquidity risk at this year end, as the loan secured on the Berlin property is due to mature in June 2026, and the Group is actively progressing refinancing options to mitigate this. The Group continues to monitor refinancing requirements closely and engages with lenders well in advance of facility maturities to manage upcoming obligations. The Investment Manager prepares cash flows on a rolling basis to ensure the Group can meet future liabilities as and when they fall due. The following table indicates the undiscounted maturity analysis of the financial liabilities.
Carrying Expected 6 months 6 months More than
amount cash flows or less to 2 years 2\u20135 years 5 years
As at 30 September 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial liabilities
Interest-bearing loans and
borrowings and interest
64,297
70,644
1,231
13,483
55,930
\u2013
Trade and other payables
5,840
4,839
4,839
\u2013
\u2013
\u2013
Total financial liabilities
70,137
75,483
6,070
13,483
55,930
\u2013
Carrying Expected 6 months 6 months More than
amount cash flows or less to 2 years 2\u20135 years 5 years
As at 30 September 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial liabilities
Interest-bearing loans and
borrowings and interest
70,860
80,368
1,358
20,536
58,474
\u2013
Trade and other payables
4,955
3,954
3,954
\u2013
\u2013
\u2013
Total financial liabilities
75,815
84,322
5,312
20,536
58,474
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-327": { "value": "Fair values The fair values of financial assets and liabilities approximate their carrying values in the financial statements. The fair value hierarchy levels are as follows: \u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities; \u2013 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (unobservable inputs). There have been no transfers between Levels 1, 2 and 3 during the year (2024: none). The following summarises the main methods and assumptions used in estimating the fair values of financial instruments and investment property (which is a non-financial asset). Investment property \u2013 Level 3 Fair value is based on valuations provided by an independent firm of chartered surveyors and registered appraisers. These values were determined after having taken into consideration recent market transactions for similar properties in similar locations to the investment properties held by the Group. The fair value hierarchy of investment property is Level 3. See note 13 for further details. Interest-bearing loans and borrowings \u2013 Level 2 Fair values are based on the present value of future cash flows discounted at a market rate of interest. Issue costs are amortised over the period of the borrowings. Trade and other receivables/payables All receivables and payables are deemed to be due within one year and as such the carrying value approximates the fair value. Derivatives \u2013 Level 2 Fair values of derivatives are based on current market conditions such as the current EURIBOR rate compared to the terms of the derivative agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-300": { "value": "Capital management The Board\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence, and to sustain future development of the business. The objective is to ensure that it will continue as a going concern and to maximise return to its equity shareholders through an appropriate level of gearing. The Group\u2019s debt and capital structure comprises the following:
30/09/2025 30/09/2024
\u20ac\u2019000 \u20ac\u2019000
Debt
Loan facilities and accrued interest
64,692
70,806
Equity
Called-up share capital and share premium
60,971
60,971
Retained earnings and other reserves
95,684
103,126
Total equity
156,655
164,097
Total debt and equity
221,347
234,903
There were no changes in the Group\u2019s approach to capital management during the year. The Company\u2019s capital structure is comprised of equity only.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-21": { "value": "24. Operating leases The Group leases out its investment property under operating leases. At 30 September 2025, the future minimum lease receipts under non-cancellable leases are as follows:
30/09/2025 30/09/2024
The Group as a lessor \u20ac\u2019000 \u20ac\u2019000
Less than one year
14,074
16,023
Between one and two years
11,146
12,675
Between two and three years
9,590
8,610
Between three and four years
8,350
6,445
Between four and five years
7,031
5,061
More than five years
27,47 7
14,463
77,668
63,277
The total above comprises the total contracted rent as at 30 September 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-301": { "value": "
25. Related party transactions
Material agreements are disclosed in note 5 and Directors\u2019 emoluments are disclosed in note 9. Loans to related
parties are disclosed in the consolidated and company statements of financial position and other amounts due from
related parties are disclosed in note 17.
Details of dividends received from the joint venture are disclosed in note 16.
Interest receivable from the joint venture was impaired during the year; refer to note 6 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-22": { "value": "25. Related party transactions Material agreements are disclosed in note 5 and Directors\u2019 emoluments are disclosed in note 9. Loans to related parties are disclosed in the consolidated and company statements of financial position and other amounts due from related parties are disclosed in note 17. Details of dividends received from the joint venture are disclosed in note 16. Interest receivable from the joint venture was impaired during the year; refer to note 6 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-302": { "value": "
26. Contingent liability
There are no contingent liabilities other than those disclosed in note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-23": { "value": "26. Contingent liability There are no contingent liabilities other than those disclosed in note 10. 27. Capital commitments At 30 September 2025 the Group has only de minimus remaining costs to be incurred in relation to Paris BB.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-303": { "value": "
27. Capital commitments
At 30 September 2025 the Group has only de minimus remaining costs to be incurred in relation to Paris BB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-24": { "value": "29. Post balance sheet events There were no significant events occurring after the balance sheet date other than those disclosed in note 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300BHT1Z8NI4RLD52", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } } } }