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1. General information
abrdn Property Income Trust Limited (\u201cthe Company\u201d) and its subsidiaries (together \u201cthe Group\u201d) carries on the business of property
investment through a portfolio of freehold and leasehold investment properties located in the United Kingdom. The Company is a limited
liability company incorporated in Guernsey, Channel Islands. The Company has its listing on the London Stock Exchange.
The address of the registered office is PO Box 255, Trafalgar Court, Les Banques, St Peter Port, Guernsey.
These audited Consolidated Financial Statements were approved for issue by the Board of Directors on 29 April 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "abrdn Property Income Trust Limited (\u201cthe Company\u201d) and its subsidiaries (together \u201cthe Group\u201d) carries on the business of property investment through a portfolio of freehold and leasehold investment properties located in the United Kingdom.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "PO Box 255, Trafalgar Court, Les Banques, St Peter Port, Guernsey. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "
2. Accounting policies
2.1 Basis of preparation
The audited Consolidated Financial Statements of the Group have been prepared in accordance with International Financial Reporting
Standards (\u201cIFRS\u201d) as adopted by the European Union and as issued by the International Accounting Standards Board (\u201cIASB\u201d), and all
applicable requirements of The Companies (Guernsey) Law, 2008. The audited Consolidated Financial Statements of the Group have been
prepared under the historical cost convention as modified by the measurement of investment property, land and derivative financial
instruments at fair value. The Consolidated Financial Statements are presented in pounds sterling and all values are not rounded except
when otherwise indicated.
Assessment of Going Concern
During the second half of 2023 the Board undertook a strategic review. This review was prompted by the Board\u2019s concerns, as well as
those of some shareholders about the Group\u2019s size, the lack of liquidity in its shares, the persistent discount to NAV and an uncovered
dividend. The outcome of this review, following interest from other listed REITs, was that the Board recommended to shareholders that
they vote in favour of a proposed merger with Custodian Property Income REIT plc (\u201cCustodian\u201d) for the reasons outlined in various
announcements to shareholders during the first quarter of 2024.
At an EGM on 27 March approximately 60% of shareholders voted in favour of the proposed merger. However, the threshold for approval
of the merger was 75% so the merger did not proceed. The Board explained to shareholders that if the proposed merger was rejected, it
would take the necessary actions to put the Group into a managed and orderly wind-down, selling assets and returning funds to
shareholders as such funds become available. The Board is now, therefore, taking steps to initiate this process and a circular to
shareholders is expected to be issued on 14 May 2024 convening another EGM towards the end of May (\u201cwind-down EGM\u201d) at which
shareholders will be asked to vote in favour of a resolution to change the Group\u2019s investment policy. The resolution (the \u201cWind-Down
Resolution\u201d), which if passed will trigger the wind-down process, requires a simple majority in favour of 50%. The Board will unanimously
recommend that shareholders vote in favour of this resolution.
The Board has sought the advice of the Investment Manager about the likely timing and outcome for a managed wind-down. The
Investment Manager has estimated a period of approximately 24 months within a range of 18-30 months. The Board is satisfied that the
Group will have no material difficulty in meeting its liabilities as they fall due during the wind-down process. In particular, the Board is
satisfied that the requirements of the Group\u2019s lenders can be met.
The Company is listed on the London Stock Exchange and, with a 31 December year end, is required to file its Annual Report and Financial
Statements by 30 April. Therefore, this report is being issued before the outcome of the shareholder vote at the \u201cwind-down EGM\u201d is
known. If the resolution is passed, the Group will need to prepare future financial statements on a basis other than going concern (see
below). However, there can be no certainty of outcome and it is possible that over 50% of shareholders will vote against the resolution.
In that case, the Group will continue to operate as normal and will also continue to prepare its financial statements on the going concern
basis.
At the EGM in March approximately 40% of shareholders voted against the proposed merger with Custodian (comprising 16% of all
shareholders). The Board is aware that a proportion of these shareholders are actively seeking a wind-down of the Company and are
therefore likely to vote in favour of the Wind-Down Resolution. In addition, the Board notes that many shareholders (particularly tracker
funds and some retail shareholders) are likely to vote in accordance with the Board\u2019s recommendations and will therefore also vote in
favour of a managed wind-down. On this basis the Board considers that it is highly probable that the Wind-Down Resolution will be
passed. However, there can be no certainty because of the large proportion of shareholders on the register whose voting intentions
cannot be ascertained and the large proportion of shareholders who did not vote at the EGM on 27 March. If the vote is not suc
cessful,
then the Group would continue in its current form and would follow its current Investment Policy.
The Directors have considered the requirements in the IASB Conceptual Framework para 3.9 and in International Accounting Standards 1
(\u201cIAS1\u201d) para 25 in relation to going concern. Given the considerations above, there is, therefore a material uncertainty related to events
or conditions that may cast significant doubt upon the Group\u2019s ability to continue as a going concern. The Directors note that if shareholders vote in favour of a managed wind down the Group will have an intention to enter liquidation and will have no realistic alternative but to do so even if it is likely that the liquidation itself may not arise for over a year. In those circumstances the Group will not be able to use the going concern basis even though it will be able to meet its liabilities as they fall due over the wind-down period. The Group is currently a going concern, able to meet its liabilities as they fall due over the going concern horizon of 12 months from the date of this report. It is also able to meet its liabilities as they fall due in the event that it enters into a managed wind-down process. The Board therefore considers that it is appropriate to prepare financial statement on the going concern basis disclosing the material uncertainty in relation to going concern arising from the shareholder vote at the wind-down EGM. Changes in accounting policy and disclosure. The following amendments to existing standards and interpretations were effective for the year, but were deemed not applicable to the Group: \u25b8 Amendments to IFRS 17 Insurance Contracts, Amendments to IAS 12 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction, and Amendments to IAS 12 Income Taxes \u2013 International tax Reform. The following amendments to existing standards and interpretations were effective for the year and have been adopted by the Company: \u25b8 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies. The amendments require the disclosure of \u2018material\u2019, rather than \u2018significant\u2019, accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. \u25b8 Amendments to IAS 8 \u2013 Definition of Accounting Estimates. The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are \u201cmonetary amounts in financial statements that are subject to measurement uncertainty\u201d. New and revised IFRS Standards in issue but not yet effective 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. The Group will consider these amendments in due course to see if they will have any impact on the Group. \u25b8 Amendments to IAS 1 Presentation of Financial Statements \u2014 Classification of Liabilities as Current or Non-current \u25b8 Amendments to IAS 1 Presentation of Financial Statements \u2014 Non-current Liabilities with Covenants The amendments change the requirements in IAS 1. \u25b8 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2014 Supplier Finance Arrangements The amendments add a disclosure objective stating that an entity is required to disclose information about its supplier finance arrangements as part of its exposure to concentration of liquidity risk. \u25b8 Amendments to IFRS 16 \u2014 Lease Liability in a Sale and Leaseback The amendments add subsequent measurement requirements for sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. 2.2 Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainties about these assumptions and estimates particularly if a manged wind-down is voted for by shareholders, could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods. The most significant estimates and judgements are set out below. There were no critical accounting judgements. Fair value of investment properties Investment properties are stated at fair value as at the Balance Sheet date. Gains or losses arising from changes in fair values are included in the Consolidated Statement of Comprehensive Income in the year in which they arise. The fair value of investment properties is determined by external real estate valuation experts using recognised valuation techniques. The fair values are determined having regard to any recent real estate transactions where available, with similar characteristics and locations to those of the Group\u2019s assets. In most cases however, the determination of the fair value of investment properties requires the use of valuation models which use a number of judgements and assumptions. The only model used was the income capitalisation method. Under the income capitalisation method, a property\u2019s fair value is judged based on the normalised net operating income generated by the property, which is divided by the capitalisation rate (discounted by the investor\u2019s rate of return). Under the income capitalisation method, over (above market rent) and under-rent situations are separately capitalised (discounted). The sensitivity analysis in note 7 details the decrease in the valuation of investment properties if equivalent yield increases by 50 basis points or rental rates (ERV) decreases by 5%. Fair value of financial instruments When the fair value of financial assets and financial liabilities recorded in the Consolidated Balance Sheet cannot be derived from active markets, they are determined using a variety of valuation techniques that include the use of mathematical models. The input to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair value. The judgements include considerations of liquidity and model inputs such as credit risk (both own and counterparty\u2019s), correlation and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. The models are calibrated regularly and tested for validity using prices from any observable current market transactions in the same instrument (without modification or repackaging) or based on any available observable market data. The valuation of interest rate swaps and caps used in the Balance Sheet is provided by The Royal Bank of Scotland. These values are validated by comparison to internally generated valuations prepared using the fair value principles outlined above. The sensitivity analysis in note 3 details the increase and decrease in the valuation of interest rate swaps and caps if market rate interest rates had been 100 basis points higher and 100 basis points lower. 2.3 Summary of material accounting policies As described in note 2.1, the Group adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practical Statement 2) from 1 January 2023. The amendments require the disclosure of \u2018material\u2019, rather than \u2018significant\u2019, accounting policies. Accounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The Directors have reviewed the accounting policies and are satisfied that the information previously disclosed as part of their \u2018significant\u2019 accounting policies fulfils the definitions of \u2018material\u2019 under the amended standards \u2013 as such there has been no change to the summary of accounting policies below in the current year. A Basis of consolidation The audited Consolidated Financial Statements comprise the financial statements of abrdn Property Income Trust Limited, and its material wholly owned subsidiary undertakings. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with subsidiaries and has the ability to affect those returns through its power over the subsidiary. Specifically, the Group controls a subsidiary if, and only if, it has: Power over the subsidiary (i.e. existing rights that give it the current ability to direct the relevant activities of the subsidiary) Exposure, or rights, to variable returns from its involvement with the subsidiary The ability to use its power over the subsidiary to affect its returns The Group assesses whether or not it controls a subsidiary if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of other comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions and unrealised gains and losses resulting from intra-group transactions are eliminated in full. B Functional and presentation currency 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 (\u201cthe functional currency\u201d). The Consolidated Financial Statements are presented in pound sterling, which is also the Company\u2019s functional currency. C Revenue recognition Revenue is recognised as follows; i) Bank interest Bank interest income is recognised on an accruals basis. ii) Rental income Rental income from operating leases is net of sales taxes and value added tax (\u201cVAT\u201d) recognised on a straight-line basis over the lease term including lease agreements with stepped rent increases. The initial direct costs incurred in negotiating and arranging an operating lease are recognised as an expense over the lease term on the same basis as the lease income. The cost of any lease incentives provided are recognised over the lease term, on a straight-line basis as a reduction of rental income. The resulting asset is reflected as a receivable in the Consolidated Balance Sheet. Contingent rents, being those payments that are not fixed at the inception of the lease, for example increases arising on rent reviews, are recorded as income in periods when they are earned. Rent reviews which remain outstanding at the year-end are recognised as income, based on estimates, when it is reasonable to assume that they will be received. iii) Other income The Group is classified as the principal in its contract with the managing agent. Service charges billed to tenants by the managing agent are therefore recognised gross. iv) Grant Income Government grants that relate to the Group\u2019s assets are accounted for as a reduction in the cost of the asset to which they relate. They are only recognised when there is both reasonable assurance that the Group will comply with all material conditions attached to the grant and that the grant will be received. v) Property disposals Where revenue is obtained by the sale of properties, it is recognised once the sale transaction has been completed, regardless of when contracts have been exchanged. D Expenditure All expenses are accounted for on an accruals basis. The investment management and administration fees, finance and all other revenue expenses are charged through the Consolidated Statement of Comprehensive Income as and when incurred. The Group also incurs capital expenditure which can result in movements in the capital value of the investment properties. E Taxation Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. Current income tax relating to items recognised directly in other comprehensive income or in equity is recognised in other comprehensive income and in equity respectively, and not in the income statement. Positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation, if any, are reviewed periodically and provisions are established where appropriate. The Group recognises liabilities for current taxes based on estimates of whether additional taxes will be due. When the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income and deferred tax provisions in the period in which the determination is made. Deferred income tax is provided using the liability method on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits or tax losses can be utilised. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. In determining the expected manner of realisation of an asset the Directors consider that the Group will recover the value of investment property through sale. Deferred income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss. F Investment property Investment properties comprise completed property and property under construction or re-development that is held to earn rentals or for capital appreciation or both. Property held under a lease is classified as investment property when the definition of an investment property is met. Investment properties are measured initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and initial leasing commissions to bring the property to the condition necessary for it to be capable of operating. The carrying amount also includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met. Subsequent to initial recognition, investment properties are stated at fair value. Fair value is based upon the market valuation of the properties as provided by the external valuers as described in note 2.2. Gains or losses arising from changes in the fair values are included in the Consolidated Statement of Comprehensive Income in the year in which they arise. For the purposes of these financial statements, in order to avoid double counting, the assessed fair value is: i) Reduced by the carrying amount of any accrued income resulting from the spreading of lease incentives and/or minimum lease payments. ii) Increased by the carrying amount of any liability to the superior leaseholder or freeholder (for properties held by the Group under operating leases) that has been recognised in the Balance Sheet as a finance lease obligation. Acquisitions of investment properties are considered to have taken place on exchange of contracts unless there are significant conditions attached. For conditional exchanges acquisitions are recognised when these conditions are satisfied. Investment properties are derecognised when they have been disposed of and no future economic benefit is expected from their disposal. Any gains or losses on the disposal of investment properties are recognised in the Consolidated Statement of Comprehensive Income in the year of retirement or disposal. Gains or losses on the disposal of investment properties are determined as the difference between net disposal proceeds and the carrying value of the asset in the previous full period financial statements. G Investment properties held for sale Non-current assets (and disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value (except for investment property measured using fair value model). Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. H Land The Group\u2019s land is capable of woodland creation and peatland restoration projects which would materially assist the Group\u2019s transition to Net Zero. Land is initially measured at cost including transaction costs. Transaction costs include transfer taxes and professional fees for legal services. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. Land is not depreciated but instead, subsequent to initial recognition, recognised at fair value based upon periodic valuations provided by the external valuers. Gains or losses arising from changes in the fair values are included in the Consolidated Statement of Comprehensive Income in the year in which they arise. I Trade and other receivables Trade receivables are recognised and carried at the lower of their original invoiced value and recoverable amount. Where the time value of money is material, receivables are carried at amortised cost. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through use of an allowance account, and the amount of the expected credit loss is recognised in the Consolidated Statement of Comprehensive Income. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited in the Consolidated Statement of Comprehensive Income. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. A provision for impairment of trade receivables is established where the Property Manager has indicated concerns over the recoverability of arrears based upon their individual assessment of all outstanding balances which incorporates forward looking information. Given this detailed approach, a collective assessment methodology applying a provision matrix to determine expected credit losses is not used. The amount of the provision is recognised in the Consolidated Balance Sheet and any changes in provision recognised in the Statement of Comprehensive Income. J Cash and cash equivalents Cash and cash equivalents are defined as cash in hand, demand deposits, and other short-term highly liquid investments readily convertible within three months or less to known amounts of cash and subject to insignificant risk of changes in value. K Borrowings and interest expense All loans and borrowings are initially recognised at the fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost. Amortised cost is calculated by taking into account any discount or premium on settlement. Borrowing costs are recognised within finance costs in the Consolidated Statement of Comprehensive Income as incurred. L Accounting for derivative financial instruments and hedging activities Interest rate hedges are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedging transactions. The Group also documents its assessment both at hedge inception and on an ongoing basis of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income in the Consolidated Statement of Comprehensive Income. The gains or losses relating to the ineffective portion are recognised in operating profit in the Consolidated Statement of Comprehensive Income. Amounts taken to equity are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expenses are recognised. When a derivative is held as an economic hedge for a period beyond 12 months after the end of the reporting period, the derivative is classified as non-current consistent with the classification of the underlying item. A derivative instrument that is a designated and effective hedging instrument is classified consistent with the classification of the underlying hedged item. M Service charge IFRS15 requires the Group to determine whether it is a principal or an agent when goods or services are transferred to a customer. An entity is a principal if the entity controls the promised good or service before the entity transfers the goods or services to a customer. An entity is an agent if the entity\u2019s performance obligation is to arrange for the provision of goods and services by another party. Any leases entered into between the Group and a tenant require the Group to provide ancillary services to the tenant such as maintenance works etc, therefore these service charge obligations belong to the Group. However, to meet this obligation the Group appoints a managing agent, Jones Lang Lasalle Inc \u201cJLL\u201d and directs it to fulfil the obligation on its behalf. The contract between the Group and the managing agent creates both a right to services and the ability to direct those services. This is a clear indication that the Group operates as a principal and the managing agent operates as an agent. Therefore, it is necessary to recognise the gross service charge revenue and expenditure billed to tenants as opposed to recognising the net amount. N Other financial liabilities Trade and other payables are recognised and carried at invoiced value as they are considered to have payment terms of 30 days or less and are not interest bearing. The balance of trade and other payables are considered to meet the definition of an accrual and have been expensed through the Income Statement or Balance Sheet depending on classification. VAT payable at the Balance Sheet date will be settled within 31 days of the Balance Sheet date with Her Majesty\u2019s Revenue and Customs (\u201cHMRC\u201d) and deferred rental income is rent that has been billed to tenants but relates to the period after the Balance Sheet date. Rent deposits recognised in note 13 as current are those that are due within one year as a result of upcoming tenant expiries.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "2.1 Basis of preparation The audited Consolidated Financial Statements of the Group have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union and as issued by the International Accounting Standards Board (\u201cIASB\u201d), and all applicable requirements of The Companies (Guernsey) Law, 2008. The audited Consolidated Financial Statements of the Group have been prepared under the historical cost convention as modified by the measurement of investment property, land and derivative financial instruments at fair value. The Consolidated Financial Statements are presented in pounds sterling and all values are not rounded except when otherwise indicated. Assessment of Going Concern During the second half of 2023 the Board undertook a strategic review. This review was prompted by the Board\u2019s concerns, as well as those of some shareholders about the Group\u2019s size, the lack of liquidity in its shares, the persistent discount to NAV and an uncovered dividend. The outcome of this review, following interest from other listed REITs, was that the Board recommended to shareholders that they vote in favour of a proposed merger with Custodian Property Income REIT plc (\u201cCustodian\u201d) for the reasons outlined in various announcements to shareholders during the first quarter of 2024. At an EGM on 27 March approximately 60% of shareholders voted in favour of the proposed merger. However, the threshold for approval of the merger was 75% so the merger did not proceed. The Board explained to shareholders that if the proposed merger was rejected, it would take the necessary actions to put the Group into a managed and orderly wind-down, selling assets and returning funds to shareholders as such funds become available. The Board is now, therefore, taking steps to initiate this process and a circular to shareholders is expected to be issued on 14 May 2024 convening another EGM towards the end of May (\u201cwind-down EGM\u201d) at which shareholders will be asked to vote in favour of a resolution to change the Group\u2019s investment policy. The resolution (the \u201cWind-Down Resolution\u201d), which if passed will trigger the wind-down process, requires a simple majority in favour of 50%. The Board will unanimously recommend that shareholders vote in favour of this resolution. The Board has sought the advice of the Investment Manager about the likely timing and outcome for a managed wind-down. The Investment Manager has estimated a period of approximately 24 months within a range of 18-30 months. The Board is satisfied that the Group will have no material difficulty in meeting its liabilities as they fall due during the wind-down process. In particular, the Board is satisfied that the requirements of the Group\u2019s lenders can be met. The Company is listed on the London Stock Exchange and, with a 31 December year end, is required to file its Annual Report and Financial Statements by 30 April. Therefore, this report is being issued before the outcome of the shareholder vote at the \u201cwind-down EGM\u201d is known. If the resolution is passed, the Group will need to prepare future financial statements on a basis other than going concern (see below). However, there can be no certainty of outcome and it is possible that over 50% of shareholders will vote against the resolution. In that case, the Group will continue to operate as normal and will also continue to prepare its financial statements on the going concern basis. At the EGM in March approximately 40% of shareholders voted against the proposed merger with Custodian (comprising 16% of all shareholders). The Board is aware that a proportion of these shareholders are actively seeking a wind-down of the Company and are therefore likely to vote in favour of the Wind-Down Resolution. In addition, the Board notes that many shareholders (particularly tracker funds and some retail shareholders) are likely to vote in accordance with the Board\u2019s recommendations and will therefore also vote in favour of a managed wind-down. On this basis the Board considers that it is highly probable that the Wind-Down Resolution will be passed. However, there can be no certainty because of the large proportion of shareholders on the register whose voting intentions cannot be ascertained and the large proportion of shareholders who did not vote at the EGM on 27 March. If the vote is not suc cessful, then the Group would continue in its current form and would follow its current Investment Policy. The Directors have considered the requirements in the IASB Conceptual Framework para 3.9 and in International Accounting Standards 1 (\u201cIAS1\u201d) para 25 in relation to going concern. Given the considerations above, there is, therefore a material uncertainty related to events or conditions that may cast significant doubt upon the Group\u2019s ability to continue as a going concern. The Directors note that if shareholders vote in favour of a managed wind down the Group will have an intention to enter liquidation and will have no realistic alternative but to do so even if it is likely that the liquidation itself may not arise for over a year. In those circumstances the Group will not be able to use the going concern basis even though it will be able to meet its liabilities as they fall due over the wind-down period. The Group is currently a going concern, able to meet its liabilities as they fall due over the going concern horizon of 12 months from the date of this report. It is also able to meet its liabilities as they fall due in the event that it enters into a managed wind-down process. The Board therefore considers that it is appropriate to prepare financial statement on the going concern basis disclosing the material uncertainty in relation to going concern arising from the shareholder vote at the wind-down EGM. Changes in accounting policy and disclosure. The following amendments to existing standards and interpretations were effective for the year, but were deemed not applicable to the Group: \u25b8 Amendments to IFRS 17 Insurance Contracts, Amendments to IAS 12 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction, and Amendments to IAS 12 Income Taxes \u2013 International tax Reform. The following amendments to existing standards and interpretations were effective for the year and have been adopted by the Company: \u25b8 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies. The amendments require the disclosure of \u2018material\u2019, rather than \u2018significant\u2019, accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. \u25b8 Amendments to IAS 8 \u2013 Definition of Accounting Estimates. The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are \u201cmonetary amounts in financial statements that are subject to measurement uncertainty\u201d. New and revised IFRS Standards in issue but not yet effective 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. The Group will consider these amendments in due course to see if they will have any impact on the Group. \u25b8 Amendments to IAS 1 Presentation of Financial Statements \u2014 Classification of Liabilities as Current or Non-current \u25b8 Amendments to IAS 1 Presentation of Financial Statements \u2014 Non-current Liabilities with Covenants The amendments change the requirements in IAS 1. \u25b8 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2014 Supplier Finance Arrangements The amendments add a disclosure objective stating that an entity is required to disclose information about its supplier finance arrangements as part of its exposure to concentration of liquidity risk. \u25b8 Amendments to IFRS 16 \u2014 Lease Liability in a Sale and Leaseback The amendments add subsequent measurement requirements for sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "The audited Consolidated Financial Statements of the Group have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union and as issued by the International Accounting Standards Board (\u201cIASB\u201d), and all applicable requirements of The Companies (Guernsey) Law, 2008. The audited Consolidated Financial Statements of the Group have been prepared under the historical cost convention as modified by the measurement of investment property, land and derivative financial instruments at fair value. The Consolidated Financial Statements are presented in pounds sterling and all values are not rounded except when otherwise indicated.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "Assessment of Going Concern During the second half of 2023 the Board undertook a strategic review. This review was prompted by the Board\u2019s concerns, as well as those of some shareholders about the Group\u2019s size, the lack of liquidity in its shares, the persistent discount to NAV and an uncovered dividend. The outcome of this review, following interest from other listed REITs, was that the Board recommended to shareholders that they vote in favour of a proposed merger with Custodian Property Income REIT plc (\u201cCustodian\u201d) for the reasons outlined in various announcements to shareholders during the first quarter of 2024. At an EGM on 27 March approximately 60% of shareholders voted in favour of the proposed merger. However, the threshold for approval of the merger was 75% so the merger did not proceed. The Board explained to shareholders that if the proposed merger was rejected, it would take the necessary actions to put the Group into a managed and orderly wind-down, selling assets and returning funds to shareholders as such funds become available. The Board is now, therefore, taking steps to initiate this process and a circular to shareholders is expected to be issued on 14 May 2024 convening another EGM towards the end of May (\u201cwind-down EGM\u201d) at which shareholders will be asked to vote in favour of a resolution to change the Group\u2019s investment policy. The resolution (the \u201cWind-Down Resolution\u201d), which if passed will trigger the wind-down process, requires a simple majority in favour of 50%. The Board will unanimously recommend that shareholders vote in favour of this resolution. The Board has sought the advice of the Investment Manager about the likely timing and outcome for a managed wind-down. The Investment Manager has estimated a period of approximately 24 months within a range of 18-30 months. The Board is satisfied that the Group will have no material difficulty in meeting its liabilities as they fall due during the wind-down process. In particular, the Board is satisfied that the requirements of the Group\u2019s lenders can be met. The Company is listed on the London Stock Exchange and, with a 31 December year end, is required to file its Annual Report and Financial Statements by 30 April. Therefore, this report is being issued before the outcome of the shareholder vote at the \u201cwind-down EGM\u201d is known. If the resolution is passed, the Group will need to prepare future financial statements on a basis other than going concern (see below). However, there can be no certainty of outcome and it is possible that over 50% of shareholders will vote against the resolution. In that case, the Group will continue to operate as normal and will also continue to prepare its financial statements on the going concern basis. At the EGM in March approximately 40% of shareholders voted against the proposed merger with Custodian (comprising 16% of all shareholders). The Board is aware that a proportion of these shareholders are actively seeking a wind-down of the Company and are therefore likely to vote in favour of the Wind-Down Resolution. In addition, the Board notes that many shareholders (particularly tracker funds and some retail shareholders) are likely to vote in accordance with the Board\u2019s recommendations and will therefore also vote in favour of a managed wind-down. On this basis the Board considers that it is highly probable that the Wind-Down Resolution will be passed. However, there can be no certainty because of the large proportion of shareholders on the register whose voting intentions cannot be ascertained and the large proportion of shareholders who did not vote at the EGM on 27 March. If the vote is not suc cessful, then the Group would continue in its current form and would follow its current Investment Policy. The Directors have considered the requirements in the IASB Conceptual Framework para 3.9 and in International Accounting Standards 1 (\u201cIAS1\u201d) para 25 in relation to going concern. Given the considerations above, there is, therefore a material uncertainty related to events
or conditions that may cast significant doubt upon the Group\u2019s ability to continue as a going concern. The Directors note that if
shareholders vote in favour of a managed wind down the Group will have an intention to enter liquidation and will have no realistic
alternative but to do so even if it is likely that the liquidation itself may not arise for over a year. In those circumstances the Group will
not be able to use the going concern basis even though it will be able to meet its liabilities as they fall due over the wind-down period.
The Group is currently a going concern, able to meet its liabilities as they fall due over the going concern horizon of 12 months from the
date of this report. It is also able to meet its liabilities as they fall due in the event that it enters into a managed wind-down process. The
Board therefore considers that it is appropriate to prepare financial statement on the going concern basis disclosing the material
uncertainty in relation to going concern arising from the shareholder vote at the wind-down EGM.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "
Changes in accounting policy and disclosure.
The following amendments to existing standards and interpretations were effective for the year, but were deemed not applicable to the
Group:
\u25b8 Amendments to IFRS 17 Insurance Contracts, Amendments to IAS 12 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities
arising from a Single Transaction, and Amendments to IAS 12 Income Taxes \u2013 International tax Reform.
The following amendments to existing standards and interpretations were effective for the year and have been adopted by the Company:
\u25b8 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies.
The amendments require the disclosure of \u2018material\u2019, rather than \u2018significant\u2019, accounting policies. The amendments also provide
guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific
accounting policy information that users need to understand other information in the financial statements.
\u25b8 Amendments to IAS 8 \u2013 Definition of Accounting Estimates.
The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new
definition, accounting estimates are \u201cmonetary amounts in financial statements that are subject to measurement uncertainty\u201d.
New and revised IFRS Standards in issue but not yet effective
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. The Group will consider these amendments in due course to see if they will
have any impact on the Group.
\u25b8 Amendments to IAS 1 Presentation of Financial Statements \u2014 Classification of Liabilities as Current or Non-current
\u25b8 Amendments to IAS 1 Presentation of Financial Statements \u2014 Non-current Liabilities with Covenants
The amendments change the requirements in IAS 1.
\u25b8 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2014 Supplier Finance Arrangements
The amendments add a disclosure objective stating that an entity is required to disclose information about its supplier finance
arrangements as part of its exposure to concentration of liquidity risk.
\u25b8 Amendments to IFRS 16 \u2014 Lease Liability in a Sale and Leaseback
The amendments add subsequent measurement requirements for sale and leaseback transactions that satisfy the requirements in IFRS
15 to be accounted for as a sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "Changes in accounting policy and disclosure. The following amendments to existing standards and interpretations were effective for the year, but were deemed not applicable to the Group: \u25b8 Amendments to IFRS 17 Insurance Contracts, Amendments to IAS 12 Income Taxes \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction, and Amendments to IAS 12 Income Taxes \u2013 International tax Reform. The following amendments to existing standards and interpretations were effective for the year and have been adopted by the Company: \u25b8 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies. The amendments require the disclosure of \u2018material\u2019, rather than \u2018significant\u2019, accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. \u25b8 Amendments to IAS 8 \u2013 Definition of Accounting Estimates. The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are \u201cmonetary amounts in financial statements that are subject to measurement uncertainty\u201d. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "New and revised IFRS Standards in issue but not yet effective 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. The Group will consider these amendments in due course to see if they will have any impact on the Group. \u25b8 Amendments to IAS 1 Presentation of Financial Statements \u2014 Classification of Liabilities as Current or Non-current \u25b8 Amendments to IAS 1 Presentation of Financial Statements \u2014 Non-current Liabilities with Covenants The amendments change the requirements in IAS 1. \u25b8 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u2014 Supplier Finance Arrangements The amendments add a disclosure objective stating that an entity is required to disclose information about its supplier finance arrangements as part of its exposure to concentration of liquidity risk. \u25b8 Amendments to IFRS 16 \u2014 Lease Liability in a Sale and Leaseback The amendments add subsequent measurement requirements for sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "
2.2 Significant accounting judgements, estimates and assumptions
The preparation of the Group\u2019s Financial Statements requires management to make judgements, estimates and assumptions that affect
the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date.
However, uncertainties about these assumptions and estimates particularly if a manged wind-down is voted for by shareholders, could
result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods.
The most significant estimates and judgements are set out below. There were no critical accounting judgements.
Fair value of investment properties
Investment properties are stated at fair value as at the Balance Sheet date. Gains or losses arising from changes in fair values are included
in the Consolidated Statement of Comprehensive Income in the year in which they arise. The fair value of investment properties is
determined by external real estate valuation experts using recognised valuation techniques. The fair values are determined having regard
to any recent real estate transactions where available, with similar characteristics and locations to those of the Group\u2019s assets.
In most cases however, the determination of the fair value of investment properties requires the use of valuation models which use a
number of judgements and assumptions. The only model used was the income capitalisation method. Under the income capitalisation
method, a property\u2019s fair value is judged based on the normalised net operating income generated by the property, which is divided by
the capitalisation rate (discounted by the investor\u2019s rate of return). Under the income capitalisation method, over (above market rent)
and under-rent situations are separately capitalised (discounted).
The sensitivity analysis in note 7 details the decrease in the valuation of investment properties if equivalent yield increases by 50 basis
points or rental rates (ERV) decreases by 5%.
Fair value of financial instruments
When the fair value of financial assets and financial liabilities recorded in the Consolidated Balance Sheet cannot be derived from active
markets, they are determined using a variety of valuation techniques that include the use of mathematical models. The input to these
models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing
fair value. The judgements include considerations of liquidity and model inputs such as credit risk (both own and counterparty\u2019s),
correlation and volatility.
Changes in assumptions about these factors could affect the reported fair value of financial instruments. The models are calibrated
regularly and tested for validity using prices from any observable current market transactions in the same instrument (without
modification or repackaging) or based on any available observable market data.
The valuation of interest rate swaps and caps used in the Balance Sheet is provided by The Royal Bank of Scotland. These values are
validated by comparison to internally generated valuations prepared using the fair value principles outlined above. The sensitivity analysis
in note 3 details the increase and decrease in the valuation of interest rate swaps and caps if market rate interest rates had been 100
basis points higher and 100 basis points lower.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "
A Basis of consolidation
The audited Consolidated Financial Statements comprise the financial statements of abrdn Property Income Trust Limited, and its material
wholly owned subsidiary undertakings.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with subsidiaries and has the ability
to affect those returns through its power over the subsidiary. Specifically, the Group controls a subsidiary if, and only if, it has:
Power over the subsidiary (i.e. existing rights that give it the current ability to direct the relevant activities of the subsidiary)
Exposure, or rights, to variable returns from its involvement with the subsidiary
The ability to use its power over the subsidiary to affect its returns
The Group assesses whether or not it controls a subsidiary if facts and circumstances indicate that there are changes to one or more of
the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when
the Group loses control of the subsidiary.
Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement
of other comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary.
The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies. All intra-group balances, transactions and unrealised gains and losses resulting from intra-group transactions are
eliminated in full.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "B Functional and presentation currency 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 (\u201cthe functional currency\u201d). The Consolidated Financial Statements are presented in pound sterling, which is also the Company\u2019s functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "
C Revenue recognition
Revenue is recognised as follows;
i) Bank interest
Bank interest income is recognised on an accruals basis.
ii) Rental income
Rental income from operating leases is net of sales taxes and value added tax (\u201cVAT\u201d) recognised on a straight-line basis over the lease
term including lease agreements with stepped rent increases. The initial direct costs incurred in negotiating and arranging an operating
lease are recognised as an expense over the lease term on the same basis as the lease income. The cost of any lease incentives provided
are recognised over the lease term, on a straight-line basis as a reduction of rental income. The resulting asset is reflected as a receivable
in the Consolidated Balance Sheet.
Contingent rents, being those payments that are not fixed at the inception of the lease, for example increases arising on rent reviews, are
recorded as income in periods when they are earned. Rent reviews which remain outstanding at the year-end are recognised as income,
based on estimates, when it is reasonable to assume that they will be received.
iii) Other income
The Group is classified as the principal in its contract with the managing agent. Service charges billed to tenants by the managing agent
are therefore recognised gross.
iv) Grant Income
Government grants that relate to the Group\u2019s assets are accounted for as a reduction in the cost of the asset to which they relate. They
are only recognised when there is both reasonable assurance that the Group will comply with all material conditions attached to the grant
and that the grant will be received.
v) Property disposals
Where revenue is obtained by the sale of properties, it is recognised once the sale transaction has been completed, regardless of when
contracts have been exchanged.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "
D Expenditure
All expenses are accounted for on an accruals basis. The investment management and administration fees, finance and all other revenue
expenses are charged through the Consolidated Statement of Comprehensive Income as and when incurred. The Group also incurs capital
expenditure which can result in movements in the capital value of the investment properties.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "
E Taxation
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The
tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. Current
income tax relating to items recognised directly in other comprehensive income or in equity is recognised in other comprehensive income
and in equity respectively, and not in the income statement. Positions taken in tax returns with respect to situations in which applicable
tax regulations are subject to interpretation, if any, are reviewed periodically and provisions are established where appropriate.
The Group recognises liabilities for current taxes based on estimates of whether additional taxes will be due. When the final tax outcome
of these matters is different from the amounts that were initially recorded, such differences will impact the income and deferred tax
provisions in the period in which the determination is made.
Deferred income tax is provided using the liability method on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits or tax losses can be utilised. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. In determining the expected manner of realisation of an asset the Directors consider that the Group will recover the value of investment property through sale. Deferred income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "E Taxation Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. Current income tax relating to items recognised directly in other comprehensive income or in equity is recognised in other comprehensive income and in equity respectively, and not in the income statement. Positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation, if any, are reviewed periodically and provisions are established where appropriate. The Group recognises liabilities for current taxes based on estimates of whether additional taxes will be due. When the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income and deferred tax provisions in the period in which the determination is made.
Deferred income tax is provided using the liability method on all temporary differences at the reporting date between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax assets are recognised only to the
extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits
or tax losses can be utilised. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the
carrying amount of assets and liabilities. In determining the expected manner of realisation of an asset the Directors consider that the
Group will recover the value of investment property through sale. Deferred income tax relating to items recognised directly in equity is
recognised in equity and not in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "
F Investment property
Investment properties comprise completed property and property under construction or re-development that is held to earn rentals or
for capital appreciation or both. Property held under a lease is classified as investment property when the definition of an investment
property is met.
Investment properties are measured initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees
for legal services and initial leasing commissions to bring the property to the condition necessary for it to be capable of operating. The
carrying amount also includes the cost of replacing part of an existing investment property at the time that cost is incurred if the
recognition criteria are met.
Subsequent to initial recognition, investment properties are stated at fair value. Fair value is based upon the market valuation of the
properties as provided by the external valuers as described in note 2.2. Gains or losses arising from changes in the fair values are included
in the Consolidated Statement of Comprehensive Income in the year in which they arise.
For the purposes of these financial statements, in order to avoid double counting, the assessed fair value is:
i) Reduced by the carrying amount of any accrued income resulting from the spreading of lease incentives and/or minimum lease
payments.
ii) Increased by the carrying amount of any liability to the superior leaseholder or freeholder (for properties held by the Group
under operating leases) that has been recognised in the Balance Sheet as a finance lease obligation.
Acquisitions of investment properties are considered to have taken place on exchange of contracts unless there are significant conditions
attached. For conditional exchanges acquisitions are recognised when these conditions are satisfied. Investment properties are
derecognised when they have been disposed of and no future economic benefit is expected from their disposal. Any gains or losses on
the disposal of investment properties are recognised in the Consolidated Statement of Comprehensive Income in the year of retirement
or disposal.
Gains or losses on the disposal of investment properties are determined as the difference between net disposal proceeds and the
carrying value of the asset in the previous full period financial statements.
G Investment properties held for sale
Non-current assets (and disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value (except
for investment property measured using fair value model).
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction
rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal
group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to
qualify for recognition as a completed sale within one year from the date of classification.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "G Investment properties held for sale Non-current assets (and disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value (except for investment property measured using fair value model). Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "G Investment properties held for sale Non-current assets (and disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value (except for investment property measured using fair value model). Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "
H Land
The Group\u2019s land is capable of woodland creation and peatland restoration projects which would materially assist the Group\u2019s transition
to Net Zero.
Land is initially measured at cost including transaction costs. Transaction costs include transfer taxes and professional fees for legal
services. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure
will flow to the Group. Land is not depreciated but instead, subsequent to initial recognition, recognised at fair value based upon periodic
valuations provided by the external valuers. Gains or losses arising from changes in the fair values are included in the Consolidated
Statement of Comprehensive Income in the year in which they arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "
I Trade and other receivables
Trade receivables are recognised and carried at the lower of their original invoiced value and recoverable amount. Where the time value
of money is material, receivables are carried at amortised cost. A provision for impairment of trade receivables is established when there
is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or
delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable is impaired. The amount of the
provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the
original effective interest rate. The carrying amount of the asset is reduced through use of an allowance account, and the amount of the
expected credit loss is recognised in the Consolidated Statement of Comprehensive Income. When a trade receivable is uncollectible, it is
written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited in
the Consolidated Statement of Comprehensive Income.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for
all trade receivables and contract assets.
A provision for impairment of trade receivables is established where the Property Manager has indicated concerns over the recoverability
of arrears based upon their individual assessment of all outstanding balances which incorporates forward looking information. Given this
detailed approach, a collective assessment methodology applying a provision matrix to determine expected credit losses is not used.
The amount of the provision is recognised in the Consolidated Balance Sheet and any changes in provision recognised in the Statement
of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "
J Cash and cash equivalents
Cash and cash equivalents are defined as cash in hand, demand deposits, and other short-term highly liquid investments readily
convertible within three months or less to known amounts of cash and subject to insignificant risk of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "
K Borrowings and interest expense
All loans and borrowings are initially recognised at the fair value of the consideration received, less issue costs where applicable. After
initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost. Amortised cost is calculated
by taking into account any discount or premium on settlement. Borrowing costs are recognised within finance costs in the Consolidated
Statement of Comprehensive Income as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "K Borrowings and interest expense All loans and borrowings are initially recognised at the fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost. Amortised cost is calculated by taking into account any discount or premium on settlement. Borrowing costs are recognised within finance costs in the Consolidated Statement of Comprehensive Income as incurred. L Accounting for derivative financial instruments and hedging activities Interest rate hedges are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedging transactions. The Group also documents its assessment both at hedge inception and on an ongoing basis of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income in the Consolidated Statement of Comprehensive Income. The gains or losses relating to the ineffective portion are recognised in operating profit in the Consolidated Statement of Comprehensive Income. Amounts taken to equity are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expenses are recognised. When a derivative is held as an economic hedge for a period beyond 12 months after the end of the reporting period, the derivative is classified as non-current consistent with the classification of the underlying item. A derivative instrument that is a designated and effective hedging instrument is classified consistent with the classification of the underlying hedged item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "K Borrowings and interest expense All loans and borrowings are initially recognised at the fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost. Amortised cost is calculated by taking into account any discount or premium on settlement. Borrowing costs are recognised within finance costs in the Consolidated Statement of Comprehensive Income as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "K Borrowings and interest expense All loans and borrowings are initially recognised at the fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost. Amortised cost is calculated by taking into account any discount or premium on settlement. Borrowing costs are recognised within finance costs in the Consolidated Statement of Comprehensive Income as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "
L Accounting for derivative financial instruments and hedging activities
Interest rate hedges are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured
at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging
instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship
between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedging
transactions. The Group also documents its assessment both at hedge inception and on an ongoing basis of whether the derivatives that
are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in other
comprehensive income in the Consolidated Statement of Comprehensive Income. The gains or losses relating to the ineffective portion
are recognised in operating profit in the Consolidated Statement of Comprehensive Income.
Amounts taken to equity are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged
financial income or financial expenses are recognised.
When a derivative is held as an economic hedge for a period beyond 12 months after the end of the reporting period, the derivative is
classified as non-current consistent with the classification of the underlying item. A derivative instrument that is a designated and effective
hedging instrument is classified consistent with the classification of the underlying hedged item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "L Accounting for derivative financial instruments and hedging activities Interest rate hedges are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedging transactions. The Group also documents its assessment both at hedge inception and on an ongoing basis of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income in the Consolidated Statement of Comprehensive Income. The gains or losses relating to the ineffective portion are recognised in operating profit in the Consolidated Statement of Comprehensive Income. Amounts taken to equity are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expenses are recognised. When a derivative is held as an economic hedge for a period beyond 12 months after the end of the reporting period, the derivative is classified as non-current consistent with the classification of the underlying item. A derivative instrument that is a designated and effective hedging instrument is classified consistent with the classification of the underlying hedged item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "L Accounting for derivative financial instruments and hedging activities Interest rate hedges are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedging transactions. The Group also documents its assessment both at hedge inception and on an ongoing basis of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income in the Consolidated Statement of Comprehensive Income. The gains or losses relating to the ineffective portion are recognised in operating profit in the Consolidated Statement of Comprehensive Income. Amounts taken to equity are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expenses are recognised. When a derivative is held as an economic hedge for a period beyond 12 months after the end of the reporting period, the derivative is classified as non-current consistent with the classification of the underlying item. A derivative instrument that is a designated and effective hedging instrument is classified consistent with the classification of the underlying hedged item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "
M Service charge
IFRS15 requires the Group to determine whether it is a principal or an agent when goods or services are transferred to a customer. An
entity is a principal if the entity controls the promised good or service before the entity transfers the goods or services to a customer.
An entity is an agent if the entity\u2019s performance obligation is to arrange for the provision of goods and services by another party.
Any leases entered into between the Group and a tenant require the Group to provide ancillary services to the tenant such as maintenance
works etc, therefore these service charge obligations belong to the Group. However, to meet this obligation the Group appoints a
managing agent, Jones Lang Lasalle Inc \u201cJLL\u201d and directs it to fulfil the obligation on its behalf. The contract between the Group and the
managing agent creates both a right to services and the ability to direct those services. This is a clear indication that the Group operates
as a principal and the managing agent operates as an agent. Therefore, it is necessary to recognise the gross service charge revenue and
expenditure billed to tenants as opposed to recognising the net amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "
N Other financial liabilities
Trade and other payables are recognised and carried at invoiced value as they are considered to have payment terms of 30 days or less
and are not interest bearing. The balance of trade and other payables are considered to meet the definition of an accrual and have been
expensed through the Income Statement or Balance Sheet depending on classification. VAT payable at the Balance Sheet date will be
settled within 31 days of the Balance Sheet date with Her Majesty\u2019s Revenue and Customs (\u201cHMRC\u201d) and deferred rental income is rent
that has been billed to tenants but relates to the period after the Balance Sheet date. Rent deposits recognised in note 13 as current are
those that are due within one year as a result of upcoming tenant expiries.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "N Other financial liabilities Trade and other payables are recognised and carried at invoiced value as they are considered to have payment terms of 30 days or less and are not interest bearing. The balance of trade and other payables are considered to meet the definition of an accrual and have been expensed through the Income Statement or Balance Sheet depending on classification. VAT payable at the Balance Sheet date will be settled within 31 days of the Balance Sheet date with Her Majesty\u2019s Revenue and Customs (\u201cHMRC\u201d) and deferred rental income is rent that has been billed to tenants but relates to the period after the Balance Sheet date. Rent deposits recognised in note 13 as current are those that are due within one year as a result of upcoming tenant expiries.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "
3. Financial Risk Management
The Group\u2019s principal financial liabilities are loans and borrowings. The main purpose of the Group\u2019s loans and borrowings is to finance
the acquisition and development of the Group\u2019s property portfolio. The Group has rent and other receivables, trade and other payables
and cash and short-term deposits that arise directly from its operations.
The Group is exposed to market risk (including interest rate risk and real estate risk), credit risk, liquidity risk and capital risk. The Group
is not exposed to currency risk or price risk. The Group is engaged in a single segment of business, being property investment in one
geographical area, the United Kingdom. Therefore the Group only engages in one form of currency being pound sterling.
The Board of Directors reviews and agrees policies for managing each of these risks which are summarised below.
Market risk
Market risk is the risk that the fair values of financial instruments will fluctuate because of changes in market prices. The financial
instruments held by the Group that are affected by market risk are principally the interest rate swap (which ended 27 April 2023) and
the interest rate cap (which commenced 27 April 2023).
i) Interest Rate risk
As described below the Group invests cash balances with RBS, Citibank and Barclays. These balances expose the Group to cash flow
interest rate risk as the Group\u2019s income and operating cash flows will be affected by movements in the market rate of interest. There is
considered to be no fair value interest rate risk in regard to these balances.
The bank borrowings as described in note 14 also expose the Group to cash flow interest rate risk. The Group\u2019s policy has historically been
to manage its cash flow interest rate risk using interest rate derivatives (see note 15). The Group has floating rate borrowings of
\u00a3141,874,379; \u00a385,000,000 of these borrowings has been fixed via an interest rate cap.
The fair value of the interest rate swap is exposed to changes in the market interest rate as their fair value is calculated as the present
value of the estimated future cash flows under the agreements. The accounting policy for recognising the fair value movements in the
interest rate swaps is described in note 2.3 L.
The Group completed an extension of its debt facilities that were due to expire in April 2023 with new floating rate borrowings of
\u00a385,000,000 commencing on the same day as the existing facility ended. As discussed further in note 15, the Group initially sought to
manage its cash flow interest rate risk using an interest rate swap. Due to subsequent changes in the interest rate environment, the
Group took the decision to break the swap and replace this with an interest rate cap limiting the floating rate exposure to 3.959%.
Trade and other receivables and trade and other payables are interest free and have settlement dates within one year and therefore are
not considered to present a fair value interest rate risk.
The tables below set out the carrying amount of the Company\u2019s financial instruments excluding the amortisation of borrowing costs as outlined in note 14.
As at 31 December 2023
Fixed rate
Variable rate
Interest rate
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
-
6,653,838
0.000%
Bank borrowings
85,000,000
56,874,379
5.459%
As at 31 December 2022
Fixed rate
Variable rate
Interest rate
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
-
15,871,053
0.000%
Bank borrowings
110,000,000
-
2.725%
At 31 December 2023, if market rate interest rates had been 100 basis points higher, which is deemed appropriate given historical movements in interest rates, with all other variables held constant, the profit for the year would have been \u00a366,538 higher (2022: \u00a3158,711 higher) as a result of the higher interest income on cash and cash equivalents. Other Comprehensive Income and the Capital Reserve would have been \u00a31,120,407 higher (2022: \u00a31,753,510 higher) as a result of an increase in the fair value of the derivative designated as a cash flow hedge of floating rate borrowings. At 31 December 2023, if market rate interest rates had been 100 basis points lower with all other variables held constant, the profit for the year would have been \u00a366,538 lower (2022: \u00a3158,711 lower) as a result of the lower interest income on cash and cash equivalents. Other Comprehensive Income and the Capital Reserve would have been \u00a3781,333 lower (2022: \u00a31,404,933 lower) as a result of a decrease in the fair value of the derivative designated as a cash flow hedge of floating rate borrowings. ii) Real estate risk The Group has identified the following risk associated with the real estate portfolio. The risks following, in particular b and c and also credit risk have remained high given the ongoing cost of living crisis and the resultant effect on tenants\u2019 ability to pay rent: a) The cost of any development schemes may increase if there are delays in the planning process given the inflationary environment. The Group uses advisers who are experts in the specific planning requirements in the scheme\u2019s location in order to reduce the risks that may arise in the planning process. b) major tenants may become insolvent causing a significant loss of rental income and a reduction in the value of the associated property (see also credit risk below). To reduce this risk, the Group reviews the financial status of all prospective tenants and decides on the appropriate level of security required via rental deposits or guarantees. c) The exposure of the fair values of the portfolio to market and occupier fundamentals. The Group aims to manage such risks by taking an active approach to asset management (working with tenants to extend leases and minimise voids), capturing profit (selling when the property has delivered a return to the Group that the Group believes has been maximised and the proceeds can be reinvested into more attractive opportunities) and identifying new investments (generally at yields that are accretive to the revenue account and where the Group believes there will be greater investment demand in the medium term). Credit risk Credit risk is the risk that a counterparty will be unable 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 related costs. The Investment Manager regularly reviews reports produced by Dun and Bradstreet and other sources, including the MSCI IRIS report, to be able to assess the credit worthiness of the Group\u2019s tenants and aims to ensure that there are no excessive concentrations of credit risk and that the impact of default by a tenant is minimised. In addition to this, the terms of the Group\u2019s bank borrowings require that the largest tenant accounts for less than 20% of the Group\u2019s total rental income, that the five largest tenants account for less than 50% of the Group\u2019s total rental income and that the ten largest tenants account for less than 75% of the Group\u2019s total rental income. The maximum credit risk from the tenant arrears of the Group at the financial year end was \u00a33,741,772 (2022: \u00a34,713,145) as detailed in note 11. The Investment Manager also has a detailed process to identify the expected credit loss from tenants who are behind with rental payments. This involves a review of every tenant who owes money with the Investment Manager using their own knowledge and communications with the tenant to assess whether a provision should be made. This resulted in the provision for bad debts decreasing to \u00a3832,240 at the year-end (2022: \u00a32,137,972) after write-offs.
With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s
exposure to credit risk arises from default of the counterparty bank with a maximum exposure equal to the carrying value of these
instruments. As at 31 December 2023 \u00a3316,737 (2022: \u00a36,481,061) was placed on deposit with The Royal Bank of Scotland plc (\u201cRBS\u201d),
\u00a3242,900 (2022: \u00a3786,166) was held with Citibank and \u00a36,094,201 (2022: \u00a38,603,826) was held with Barclays.
The credit risk associated with the cash deposits placed with RBS is mitigated by virtue of the Group having a right to off-set the balance
deposited against the amount borrowed from RBS should RBS be unable to return the deposits for any reason. Citibank is rated A-2 Stable
by Standard & Poor\u2019s and P-2 Stable by Moody\u2019s. RBS is rated A-1 Stable by Standard & Poor\u2019s and P-1 Stable by Moody\u2019s. Barclays Bank
UK is rated A-1 Stable by Standard & Poor\u2019s and P-1 Stable by Moody\u2019s.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulties in realising assets or otherwise raising funds to meet financial
commitments. The investment properties in which the Group invests are not traded in an organised public market and may be illiquid. As
a result, the Group may not be able to liquidate its investments in these properties quickly at an amount close to their fair value in order
to meet its liquidity requirements.
The following table summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments.
The disclosed amounts for interest-bearing loans and interest rate swaps in the below table are the estimated net undiscounted cash
flows.
The Group\u2019s liquidity position is regularly monitored by management and is reviewed quarterly by the Board of Directors
Year ended 31 December 2023
On demand
12 months
1 to 5 years
>5 years
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Interest-bearing loans
-
8,442,998
152,428,127
-
160,871,125
Trade and other payables
7,514,629
52,450
209,800
5,140,100
12,916,979
Rental deposits due to tenants
-
299,124
713,058
181,945
1,194,127
7,514,629
8,794,572
153,350,985
5,322,045
174,982,231
Year ended 31 December 2022
On demand
12 months
1 to 5 years
>5 years
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Interest-bearing loans
-
29,462,608
94,425,183
-
123,887,791
Trade and other payables
5,284,559
26,068
104,271
2,580,717
7,995,615
Rental deposits due to tenants
-
257,899
508,736
243,046
1,009,681
5,284,559
29,746,575
95,038,190
2,823,763
132,893,087
Capital Risk
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares, buy back existing shares, increase or decrease borrowings or sell assets to reduce debt.
The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as total borrowings divided by gross assets and has a
limit of 65% set by the Articles of Association of the Company. Gross assets are calculated as non-current and current assets, as shown in
the Consolidated Balance Sheet.
The gearing ratios at 31 December 2023 and at 31 December 2022 were as follows:
2023
2022
\u00a3
\u00a3
Total borrowings (excluding unamortised arrangement fees)
141,874,379
110,000,000
Gross assets
456,053,931
444,943,156
Gearing ratio (must not exceed 65%)
31.11%
24.72%
The Group also monitors the Loan-to-value ratio which is calculated as gross borrowings less cash divided by portfolio valuation. As at
31 December 2023 this was 30.7% (2022: 22.6%).
Fair values
Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the
financial statements at amortised cost.
Carrying amount
Fair Value
2023
2022
2023
2022
Financial Assets
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
6,653,838
15,871,053
6,653,838
15,871,053
Trade and other receivables
6,101,152
7,457,083
6,101,152
7,457,083
Financial liabilities
Bank borrowings
141,251,910
109,123,937
144,957,576
109,580,566
Trade and other payables
8,217,588
6,564,852
8,217,588
6,564,852
In addition to the above, the Group's financial instruments also include an Interest rate swap and Interest rate cap. These have not
been included in the disclosure above as these are already held at fair value. The fair value of trade receivables and payables are
materially equivalent to their amortised cost.
The fair value of the financial assets and liabilities are included at an estimate of the price that would be received to sell a financial asset
or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. The following
methods and assumptions were used to estimate the fair value:
Cash and cash equivalents, trade and other receivables and trade and other payables are the same as fair value due to the short-
term maturities of these instruments. Trade and other receivables/payables are measured in reference to contractual amounts due
to/from the Group. These contractual amounts are directly observable.
The fair value of the Right of use asset/Obligation under finance lease represents the ground rent liability associated with Leasehold
properties. Their fair value is assessed with direct reference to the regular payments made under the ground rent and interest rates
associated with the Group\u2019s debt financing.
The fair value of bank borrowings is estimated by discounting future cash flows using rates currently available for debt on similar
terms and remaining maturities. The fair value approximates their carrying values gross of unamortised transaction costs. This is
considered as being valued at level 2 of the fair value hierarchy and has not changed level since 31 December 2022.
The fair value of rental deposit liabilities is the same as the current value as the monies owed are held in separate bank accounts.
The fair values of the interest rate swap and cap contracts are estimated by discounting expected future cash flows using current
market interest rates and yield curve over the remaining term of the instrument. This is considered as being valued at level 2 of the
fair value hierarchy and has not changed level since 31 December 2022. The definition of the valuation techniques are explained in
the significant accounting judgements, estimates and assumptions on pages 63 to 64.
The table below shows an analysis of the fair values of financial assets and liabilities recognised in the Balance Sheet by the level of the
fair value hierarchy:
Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly
observable.
Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
Year ended 31 December 2023
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
6,101,152
-
6,101,152
Cash and cash equivalents
6,653,838
-
-
6,653,838
Interest rate cap
-
1,408,781
-
1,408,781
Rental deposits held on behalf of tenants
895,003
-
-
895,003
Right of use asset
-
1,810,120
-
1,810,120
7,548,841
9,320,053
-
16,868,894
Financial liabilities
Trade and other payables
-
8,217,588
-
8,217,588
Bank borrowings
-
144,957,576
-
144,957,576
Obligation under finance leases
-
1,810,120
-
1,810,120
Rental deposits held on behalf of tenants
895,003
-
-
895,003
895,003
154,985,284
-
155,880,287
Year ended 31 December 2022
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
7,457,083
-
7,457,083
Cash and cash equivalents
15,871,053
-
-
15,871,053
Interest rate swap
-
1,238,197
-
1,238,197
Interest rate cap
-
2,550,469
-
2,550,469
Rental deposits held on behalf of tenants
751,782
-
-
751,782
Right of use asset
-
899,572
-
899,572
16,622,835
12,145,321
-
28,768,156
Financial liabilities
Trade and other payables
-
6,564,852
-
6,564,852
Bank borrowings
-
109,580,566
-
109,580,566
Obligation under finance leases
-
899,572
-
899,572
Rental deposits held on behalf of tenants
751,782
-
-
751,782
751,782
117,044,990
-
117,796,772
14. Bank borrowings
2023 2022
\u00a3 \u00a3
Loan facility (including Rolling Credit Facility)
165,000,000
165,000,000
Drawn down outstanding balance
141,874,379
110,000,000
On 12 October 2022 the Group entered into an agreement to extend its existing \u00a3165 million debt facility with Royal Bank of Scotland
International (\u201cRBSI\u201d). The previous facility (which expired on 27 April 2023) consisted of a \u00a3110 million term loan payable at 1.375% plus
SONIA and two Revolving Credit Facilities (\u201cRCF\u201d) of \u00a335 million payable at 1.45% plus SONIA and \u00a320 million payable at 1.60% plus SONIA.
The amended and restated agreement is for a three-year term loan of \u00a385 million and a single RCF of \u00a380 million; both payable at 1.5%
plus SONIA. As at 31 December 2023 \u00a356.9m of the RCF was drawn (2022: \u00a3nil).
2023 2022
\u00a3 \u00a3
Opening carrying value of expired facility as at 1 January
109,928,234
109,723,399
Borrowings during the period on expired RCF
25,000,000
17,000,000
Repayment of expired RCF
(25,000,000
(17,000,000)
Repayment of expired facility
(110,000,000)
-
Amortisation arrangement costs
71,766
204,835
Closing carrying value of expired facility
-
109,928,234
Opening carrying value of new facility as at 1 January
(804,297)
-
Borrowings during the period on new RCF
63,000,000
-
Repayment of new RCF
(6,125,621)
-
New term loan facility
85,000,000
-
Arrangement costs of new facility
-
(804,297)
Amortisation arrangement costs
181,828
-
Closing carrying value
141,251,910
(804,297)
Opening carrying value of facilities combined as at 1 January
109,123,937
109,723,399
Closing carrying value of facilities combined
141,251,910
109,123,937
2023
2022
\u00a3
\u00a3
Amortisation of arrangement costs (expired facility)
71,766
204,835
Amortisation of arrangement costs (new facility)
181,828
-
See Note 5
253,594
204,835
Under the terms of the loan facilities there are certain events which would entitle RBSI to terminate the loan facility and demand
repayment of all sums due. Included in these events of default is the financial undertaking relating to the LTV percentage. The loan
agreement notes that the LTV percentage is calculated as the loan amount less the amount of any sterling cash deposited within the
security of RBSI divided by the gross secured property value, and that this percentage should not exceed 60% for the period to and
including 27 April 2021 and should not exceed 55% after 27 April 2021 to maturity. There have been no changes to the covenant
requirements as a result of the extension to the facility noted above.
Analysis of Cash and cash Interest- 2023 Cash and cash Interest- 2022
movement in net equivalents bearing loans Net debt equivalents bearing loans Net debt
debt \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3
Opening balance
15,871,053
(109,123,937)
(93,252,884)
13,818,008
(109,723,399)
(95,905,391)
Cash movement
(9,217,215)
(31,874,379)
(41,091,594)
2,053,045
804,297
2,857,342
Amortisation of
arrangement costs
-
(253,594)
(253,594)
-
(204,835)
(204,835)
Closing balance
6,653,838
(141,251,910)
(134,598,072)
15,871,053
(109,123,937)
(93,252,884)
All loan covenants were met during the year ended December 2023.
2023
2022
\u00a3
\u00a3
Loan amount
141,874,379
110,000,000
Cash
(6,653,838)
(15,871,053)
135,220,541
94,128,947
Investment property valuation
439,185,037
416,175,000
LTV percentage
30.8%
22.6%
Other loan covenants that the Group is obliged to meet include the following:
that the net rental income is not less than 150% of the finance costs for any three month period
that the largest single asset accounts for less than 15% of the Gross Secured Asset Value
that the largest ten assets accounts for less than 75% of the Gross Secured Asset Value
that sector weightings are restricted to 55%, 45% and 75% for the Office, Retail and Industrial sectors respectively..
that the largest tenant accounts for less than 20% of the Company\u2019s annual net rental income
that the five largest tenants account for less than 50% of the Company\u2019s annual net rental income
that the ten largest tenants account for less than 75% of the Company\u2019s annual net rental income
During the year, the Group complied with its obligations and loan covenants under its loan agreement.
The loan facility is secured by fixed and floating charges over the assets of the Company and its wholly owned subsidiaries, abrdn Property
Holdings Limited and abrdn (APIT) Limited Partnership. The switch to the Sterling Overnight Index Average (SONIA) benchmark took effect
from the first interest payment date (20 January 2022) following cessation of LIBOR (1 January 2022).
15. Interest rate Swap and Cap In order to mitigate any interest rate risk linked to their debt facilities, the Group's policy has been to manage its cash flow using hedging instruments. The following hedging instruments were effective during the year: 15a Historic Interest Rate Swap The Group had previously taken out an interest rate swap of a notional amount of \u00a3110,000,000 with RBS as part of a refinancing exercise in April 2016. The interest rate swap effective date was 28 April 2016 and had a maturity date of 27 April 2023. Under the swap the Company agreed to receive a floating interest rate linked to SONIA and pay a fixed interest rate of 1.35%.
2023
2022
\u00a3
\u00a3
Opening fair value of interest rate swaps at 1 January
1,238,197
(568,036)
Reclassification of interest accrual
(335,663)
(247,093)
Valuation (loss)/gain on interest rate swap
(902,534)
1,470,570
Reclassified to Profit & Loss
-
582,756
Closing fair value of interest rate swap at 31 December
-
1,238,197
The spilt of the interest rate swap is listed below:
2023
2022
\u00a3
\u00a3
Current assets/(liabilities)
-
1,238,197
Non-current assets/(liabilities)
-
-
Interest rate swap with a start date of 28 April 2016 maturing on 27 April 2023
-
1,238,197
15b Terminated Interest Rate Swap As disclosed in note 14, on 12 October 2022 the Group announced that it had completed an extension of its debt facilities which included an interest rate swap of a notional amount of \u00a385,000,000 (due to commence 27 April 2023). At the time, there was heightened volatility and swap rates were high, exacerbated by political uncertainty, and the all-in cost of the term loan amounted to 6.97%. In light of the change in interest rate environment subsequent to its completion, the Group decided to break the swap at a cost of \u00a33,562,248 on 12 December 2022. 15c Interest Rate Cap Simultaneously to the breaking of the \u00a385,000,000 swap, the Group agreed an interest rate cap against a notional amount of \u00a385,000,000 (due to commence 27 April 2023) with a cap level (SONIA) set at 3.959%. The cost of purchasing this cap was \u00a32,507,177 and expires in April 2026 at the same time as the loan facility.
2023
2022
\u00a3
\u00a3
Opening fair value of interest rate cap at 1 January
2,550,469
-
Cost of interest rate cap
-
2,507,177
Net Change in fair value
(1,141,688)
43,292
Closing fair value of interest rate cap at 31 December
1,408,781
2,550,469
The change in fair value of the interest rate cap comprises fair value changes and interest received, paid and accrued.
2023
Cost of hedging
Cash flow hedge
Total
\u00a3
\u00a3
\u00a3
Opening fair value
1,779,151
771,318
2,550,469
Valuation (loss)/gain
(1,153,875)
377,860
(776,015)
Interest received
-
(365,673)
(365,673)
Net Change in fair value
(1,153,875)
12,187
(1,141,688)
Closing fair value of interest rate cap at 31 December
625,276
783,505
1,408,781
Less Closing Interest Accrual *
-
(213,260)
(213,260)
Adjusted fair value of interest rate cap at 31 December
625,276
570,245
1,195,521
Opening Adjusted fair value of interest rate cap at 1 January
1,779,151
771,318
2,550,469
Valuation (loss)/gain recognised on Adjusted Valuation
(1,153,875)
(201,073)
(1,354,948)
Net Change in fair value (as above)
(1,153,875)
12,187
(1,141,688)
Less Closing Interest Accrual (as above) *
-
(213,260)
(213,260)
Valuation (loss)/gain recognised on Adjusted Valuation
(1,153,875)
(201,073)
(1,354,948)
2023
Interest Rate Cap Reserves Reconciliation
Cost of hedging
Cash flow Total
reserve hedge reserve
\u00a3
\u00a3
\u00a3
Opening Reserve
(728,026)
771,318
43,292
Valuation (loss)/gain recognised on Adjusted Valuation
(1,153,875)
(201,073)
(1,354,948)
Amortisation of Premium (See Note 5)
565,030
-
565,030
Valuation loss as recognised in Other Comprehensive Income
(588,945)
(201,073)
(789,918)
Closing Reserve
(1,316,871)
570,245
(746,626)
* As the valuation of the interest rate cap includes a valuation attributable to the unsettled interest (due to 21st January) a separat accrual has not been recorded in the balance sheet. Instead, this represents a recycling of the change in Other Comprehensive Incom for the Cash flow hedge to Finance Cost.
2022
Cost of hedging
Cash flow hedge
Total
\u00a3
\u00a3
\u00a3
Opening Value
-
-
-
Cost of Interest rate cap
2,507,177
-
2,507,177
Valuation (loss)/gain
(728,026)
771,318
43,292
Net Change in fair value
(728,026)
771,318
43,292
Closing fair value of interest rate cap at 31 December
1,779,151
771,318
2,550,469
Less Closing Interest Accrual *
-
-
-
Adjusted fair value of interest rate cap at 31 December
1,779,151
771,318
2,550,469
Opening Adjusted fair value of interest rate cap at 1 January
-
-
-
Valuation (loss)/gain recognised on Adjusted Valuation
(728,026)
771,318
43,292
2022
Interest Rate Cap Reserves Reconciliation
Cost of hedging
Cash flow Total
reserve hedge reserve
\u00a3
\u00a3
\u00a3
Opening Reserve
-
-
-
Valuation (loss)/gain recognised on Adjusted Valuation
(728,026)
771,318
43,292
Amortisation of Premium (See Note 5)
-
-
-
Valuation gain as recognised in Other Comprehensive Income
(728,026)
771,318
43,292
Closing Reserve
(728,026)
771,318
43,292
The Interest associated with the cap recognised as an offset against Finance Cost is summarised below:
2023
2022
\u00a3
\u00a3
Interest received
365,673
-
Closing Interest Accrual
213,260
-
Receipt on interest rate caps (see Note 5)
578,933
-
The spilt of the interest rate cap is listed below:
2023
2022
\u00a3
\u00a3
Current assets/(liabilities)
849,110
339,462
Non-current assets/(liabilities)
559,671
2,211,007
Interest rate cap with a start date of 27 April 2023 maturing on 26 April 2026
1,408,781
2,550,459
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "3. Financial Risk Management The Group\u2019s principal financial liabilities are loans and borrowings. The main purpose of the Group\u2019s loans and borrowings is to finance the acquisition and development of the Group\u2019s property portfolio. The Group has rent and other receivables, trade and other payables and cash and short-term deposits that arise directly from its operations. The Group is exposed to market risk (including interest rate risk and real estate risk), credit risk, liquidity risk and capital risk. The Group is not exposed to currency risk or price risk. The Group is engaged in a single segment of business, being property investment in one geographical area, the United Kingdom. Therefore the Group only engages in one form of currency being pound sterling. The Board of Directors reviews and agrees policies for managing each of these risks which are summarised below. Market risk Market risk is the risk that the fair values of financial instruments will fluctuate because of changes in market prices. The financial instruments held by the Group that are affected by market risk are principally the interest rate swap (which ended 27 April 2023) and the interest rate cap (which commenced 27 April 2023). i) Interest Rate risk As described below the Group invests cash balances with RBS, Citibank and Barclays. These balances expose the Group to cash flow interest rate risk as the Group\u2019s income and operating cash flows will be affected by movements in the market rate of interest. There is considered to be no fair value interest rate risk in regard to these balances. The bank borrowings as described in note 14 also expose the Group to cash flow interest rate risk. The Group\u2019s policy has historically been to manage its cash flow interest rate risk using interest rate derivatives (see note 15). The Group has floating rate borrowings of \u00a3141,874,379; \u00a385,000,000 of these borrowings has been fixed via an interest rate cap. The fair value of the interest rate swap is exposed to changes in the market interest rate as their fair value is calculated as the present value of the estimated future cash flows under the agreements. The accounting policy for recognising the fair value movements in the interest rate swaps is described in note 2.3 L. The Group completed an extension of its debt facilities that were due to expire in April 2023 with new floating rate borrowings of \u00a385,000,000 commencing on the same day as the existing facility ended. As discussed further in note 15, the Group initially sought to manage its cash flow interest rate risk using an interest rate swap. Due to subsequent changes in the interest rate environment, the Group took the decision to break the swap and replace this with an interest rate cap limiting the floating rate exposure to 3.959%. Trade and other receivables and trade and other payables are interest free and have settlement dates within one year and therefore are not considered to present a fair value interest rate risk. The tables below set out the carrying amount of the Company\u2019s financial instruments excluding the amortisation of borrowing costs as outlined in note 14.
As at 31 December 2023
Fixed rate
Variable rate
Interest rate
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
-
6,653,838
0.000%
Bank borrowings
85,000,000
56,874,379
5.459%
As at 31 December 2022
Fixed rate
Variable rate
Interest rate
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
-
15,871,053
0.000%
Bank borrowings
110,000,000
-
2.725%
At 31 December 2023, if market rate interest rates had been 100 basis points higher, which is deemed appropriate given historical movements in interest rates, with all other variables held constant, the profit for the year would have been \u00a366,538 higher (2022: \u00a3158,711 higher) as a result of the higher interest income on cash and cash equivalents. Other Comprehensive Income and the Capital Reserve would have been \u00a31,120,407 higher (2022: \u00a31,753,510 higher) as a result of an increase in the fair value of the derivative designated as a cash flow hedge of floating rate borrowings. At 31 December 2023, if market rate interest rates had been 100 basis points lower with all other variables held constant, the profit for the year would have been \u00a366,538 lower (2022: \u00a3158,711 lower) as a result of the lower interest income on cash and cash equivalents. Other Comprehensive Income and the Capital Reserve would have been \u00a3781,333 lower (2022: \u00a31,404,933 lower) as a result of a decrease in the fair value of the derivative designated as a cash flow hedge of floating rate borrowings. ii) Real estate risk The Group has identified the following risk associated with the real estate portfolio. The risks following, in particular b and c and also credit risk have remained high given the ongoing cost of living crisis and the resultant effect on tenants\u2019 ability to pay rent: a) The cost of any development schemes may increase if there are delays in the planning process given the inflationary environment. The Group uses advisers who are experts in the specific planning requirements in the scheme\u2019s location in order to reduce the risks that may arise in the planning process. b) major tenants may become insolvent causing a significant loss of rental income and a reduction in the value of the associated property (see also credit risk below). To reduce this risk, the Group reviews the financial status of all prospective tenants and decides on the appropriate level of security required via rental deposits or guarantees. c) The exposure of the fair values of the portfolio to market and occupier fundamentals. The Group aims to manage such risks by taking an active approach to asset management (working with tenants to extend leases and minimise voids), capturing profit (selling when the property has delivered a return to the Group that the Group believes has been maximised and the proceeds can be reinvested into more attractive opportunities) and identifying new investments (generally at yields that are accretive to the revenue account and where the Group believes there will be greater investment demand in the medium term). Credit risk Credit risk is the risk that a counterparty will be unable 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 related costs. The Investment Manager regularly reviews reports produced by Dun and Bradstreet and other sources, including the MSCI IRIS report, to be able to assess the credit worthiness of the Group\u2019s tenants and aims to ensure that there are no excessive concentrations of credit risk and that the impact of default by a tenant is minimised. In addition to this, the terms of the Group\u2019s bank borrowings require that the largest tenant accounts for less than 20% of the Group\u2019s total rental income, that the five largest tenants account for less than 50% of the Group\u2019s total rental income and that the ten largest tenants account for less than 75% of the Group\u2019s total rental income. The maximum credit risk from the tenant arrears of the Group at the financial year end was \u00a33,741,772 (2022: \u00a34,713,145) as detailed in note 11. The Investment Manager also has a detailed process to identify the expected credit loss from tenants who are behind with rental payments. This involves a review of every tenant who owes money with the Investment Manager using their own knowledge and communications with the tenant to assess whether a provision should be made. This resulted in the provision for bad debts decreasing to \u00a3832,240 at the year-end (2022: \u00a32,137,972) after write-offs. With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty bank with a maximum exposure equal to the carrying value of these instruments. As at 31 December 2023 \u00a3316,737 (2022: \u00a36,481,061) was placed on deposit with The Royal Bank of Scotland plc (\u201cRBS\u201d), \u00a3242,900 (2022: \u00a3786,166) was held with Citibank and \u00a36,094,201 (2022: \u00a38,603,826) was held with Barclays. The credit risk associated with the cash deposits placed with RBS is mitigated by virtue of the Group having a right to off-set the balance deposited against the amount borrowed from RBS should RBS be unable to return the deposits for any reason. Citibank is rated A-2 Stable by Standard & Poor\u2019s and P-2 Stable by Moody\u2019s. RBS is rated A-1 Stable by Standard & Poor\u2019s and P-1 Stable by Moody\u2019s. Barclays Bank UK is rated A-1 Stable by Standard & Poor\u2019s and P-1 Stable by Moody\u2019s. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in realising assets or otherwise raising funds to meet financial commitments. The investment properties in which the Group invests are not traded in an organised public market and may be illiquid. As a result, the Group may not be able to liquidate its investments in these properties quickly at an amount close to their fair value in order to meet its liquidity requirements. The following table summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. The disclosed amounts for interest-bearing loans and interest rate swaps in the below table are the estimated net undiscounted cash flows. The Group\u2019s liquidity position is regularly monitored by management and is reviewed quarterly by the Board of Directors
Year ended 31 December 2023
On demand
12 months
1 to 5 years
>5 years
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Interest-bearing loans
-
8,442,998
152,428,127
-
160,871,125
Trade and other payables
7,514,629
52,450
209,800
5,140,100
12,916,979
Rental deposits due to tenants
-
299,124
713,058
181,945
1,194,127
7,514,629
8,794,572
153,350,985
5,322,045
174,982,231
Year ended 31 December 2022
On demand
12 months
1 to 5 years
>5 years
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Interest-bearing loans
-
29,462,608
94,425,183
-
123,887,791
Trade and other payables
5,284,559
26,068
104,271
2,580,717
7,995,615
Rental deposits due to tenants
-
257,899
508,736
243,046
1,009,681
5,284,559
29,746,575
95,038,190
2,823,763
132,893,087
Capital Risk The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, buy back existing shares, increase or decrease borrowings or sell assets to reduce debt. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as total borrowings divided by gross assets and has a limit of 65% set by the Articles of Association of the Company. Gross assets are calculated as non-current and current assets, as shown in the Consolidated Balance Sheet. The gearing ratios at 31 December 2023 and at 31 December 2022 were as follows:
2023
2022
\u00a3
\u00a3
Total borrowings (excluding unamortised arrangement fees)
141,874,379
110,000,000
Gross assets
456,053,931
444,943,156
Gearing ratio (must not exceed 65%)
31.11%
24.72%
The Group also monitors the Loan-to-value ratio which is calculated as gross borrowings less cash divided by portfolio valuation. As at 31 December 2023 this was 30.7% (2022: 22.6%). Fair values Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements at amortised cost.
Carrying amount
Fair Value
2023
2022
2023
2022
Financial Assets
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
6,653,838
15,871,053
6,653,838
15,871,053
Trade and other receivables
6,101,152
7,457,083
6,101,152
7,457,083
Financial liabilities
Bank borrowings
141,251,910
109,123,937
144,957,576
109,580,566
Trade and other payables
8,217,588
6,564,852
8,217,588
6,564,852
In addition to the above, the Group's financial instruments also include an Interest rate swap and Interest rate cap. These have not been included in the disclosure above as these are already held at fair value. The fair value of trade receivables and payables are materially equivalent to their amortised cost. The fair value of the financial assets and liabilities are included at an estimate of the price that would be received to sell a financial asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair value: Cash and cash equivalents, trade and other receivables and trade and other payables are the same as fair value due to the short- term maturities of these instruments. Trade and other receivables/payables are measured in reference to contractual amounts due to/from the Group. These contractual amounts are directly observable. The fair value of the Right of use asset/Obligation under finance lease represents the ground rent liability associated with Leasehold properties. Their fair value is assessed with direct reference to the regular payments made under the ground rent and interest rates associated with the Group\u2019s debt financing. The fair value of bank borrowings is estimated by discounting future cash flows using rates currently available for debt on similar terms and remaining maturities. The fair value approximates their carrying values gross of unamortised transaction costs. This is considered as being valued at level 2 of the fair value hierarchy and has not changed level since 31 December 2022. The fair value of rental deposit liabilities is the same as the current value as the monies owed are held in separate bank accounts. The fair values of the interest rate swap and cap contracts are estimated by discounting expected future cash flows using current market interest rates and yield curve over the remaining term of the instrument. This is considered as being valued at level 2 of the fair value hierarchy and has not changed level since 31 December 2022. The definition of the valuation techniques are explained in the significant accounting judgements, estimates and assumptions on pages 63 to 64. The table below shows an analysis of the fair values of financial assets and liabilities recognised in the Balance Sheet by the level of the fair value hierarchy: Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
Year ended 31 December 2023
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
6,101,152
-
6,101,152
Cash and cash equivalents
6,653,838
-
-
6,653,838
Interest rate cap
-
1,408,781
-
1,408,781
Rental deposits held on behalf of tenants
895,003
-
-
895,003
Right of use asset
-
1,810,120
-
1,810,120
7,548,841
9,320,053
-
16,868,894
Financial liabilities
Trade and other payables
-
8,217,588
-
8,217,588
Bank borrowings
-
144,957,576
-
144,957,576
Obligation under finance leases
-
1,810,120
-
1,810,120
Rental deposits held on behalf of tenants
895,003
-
-
895,003
895,003
154,985,284
-
155,880,287
Year ended 31 December 2022
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
7,457,083
-
7,457,083
Cash and cash equivalents
15,871,053
-
-
15,871,053
Interest rate swap
-
1,238,197
-
1,238,197
Interest rate cap
-
2,550,469
-
2,550,469
Rental deposits held on behalf of tenants
751,782
-
-
751,782
Right of use asset
-
899,572
-
899,572
16,622,835
12,145,321
-
28,768,156
Financial liabilities
Trade and other payables
-
6,564,852
-
6,564,852
Bank borrowings
-
109,580,566
-
109,580,566
Obligation under finance leases
-
899,572
-
899,572
Rental deposits held on behalf of tenants
751,782
-
-
751,782
751,782
117,044,990
-
117,796,772
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "Market risk Market risk is the risk that the fair values of financial instruments will fluctuate because of changes in market prices. The financial instruments held by the Group that are affected by market risk are principally the interest rate swap (which ended 27 April 2023) and the interest rate cap (which commenced 27 April 2023). i) Interest Rate risk As described below the Group invests cash balances with RBS, Citibank and Barclays. These balances expose the Group to cash flow interest rate risk as the Group\u2019s income and operating cash flows will be affected by movements in the market rate of interest. There is considered to be no fair value interest rate risk in regard to these balances. The bank borrowings as described in note 14 also expose the Group to cash flow interest rate risk. The Group\u2019s policy has historically been to manage its cash flow interest rate risk using interest rate derivatives (see note 15). The Group has floating rate borrowings of \u00a3141,874,379; \u00a385,000,000 of these borrowings has been fixed via an interest rate cap. The fair value of the interest rate swap is exposed to changes in the market interest rate as their fair value is calculated as the present value of the estimated future cash flows under the agreements. The accounting policy for recognising the fair value movements in the interest rate swaps is described in note 2.3 L. The Group completed an extension of its debt facilities that were due to expire in April 2023 with new floating rate borrowings of \u00a385,000,000 commencing on the same day as the existing facility ended. As discussed further in note 15, the Group initially sought to manage its cash flow interest rate risk using an interest rate swap. Due to subsequent changes in the interest rate environment, the Group took the decision to break the swap and replace this with an interest rate cap limiting the floating rate exposure to 3.959%. Trade and other receivables and trade and other payables are interest free and have settlement dates within one year and therefore are not considered to present a fair value interest rate risk.
The tables below set out the carrying amount of the Company\u2019s financial instruments excluding the amortisation of borrowing costs as
outlined in note 14.
As at 31 December 2023
Fixed rate
Variable rate
Interest rate
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
-
6,653,838
0.000%
Bank borrowings
85,000,000
56,874,379
5.459%
As at 31 December 2022
Fixed rate
Variable rate
Interest rate
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
-
15,871,053
0.000%
Bank borrowings
110,000,000
-
2.725%
At 31 December 2023, if market rate interest rates had been 100 basis points higher, which is deemed appropriate given historical
movements in interest rates, with all other variables held constant, the profit for the year would have been \u00a366,538 higher (2022:
\u00a3158,711 higher) as a result of the higher interest income on cash and cash equivalents. Other Comprehensive Income and the Capital
Reserve would have been \u00a31,120,407 higher (2022: \u00a31,753,510 higher) as a result of an increase in the fair value of the derivative
designated as a cash flow hedge of floating rate borrowings.
At 31 December 2023, if market rate interest rates had been 100 basis points lower with all other variables held constant, the profit for
the year would have been \u00a366,538 lower (2022: \u00a3158,711 lower) as a result of the lower interest income on cash and cash equivalents.
Other Comprehensive Income and the Capital Reserve would have been \u00a3781,333 lower (2022: \u00a31,404,933 lower) as a result of a decrease
in the fair value of the derivative designated as a cash flow hedge of floating rate borrowings.
ii) Real estate risk
The Group has identified the following risk associated with the real estate portfolio. The risks following, in particular b and c and also
credit risk have remained high given the ongoing cost of living crisis and the resultant effect on tenants\u2019 ability to pay rent:
a) The cost of any development schemes may increase if there are delays in the planning process given the inflationary environment. The
Group uses advisers who are experts in the specific planning requirements in the scheme\u2019s location in order to reduce the risks that may
arise in the planning process.
b) major tenants may become insolvent causing a significant loss of rental income and a reduction in the value of the associated property
(see also credit risk below). To reduce this risk, the Group reviews the financial status of all prospective tenants and decides on the
appropriate level of security required via rental deposits or guarantees.
c) The exposure of the fair values of the portfolio to market and occupier fundamentals. The Group aims to manage such risks by taking
an active approach to asset management (working with tenants to extend leases and minimise voids), capturing profit (selling when the
property has delivered a return to the Group that the Group believes has been maximised and the proceeds can be reinvested into more
attractive opportunities) and identifying new investments (generally at yields that are accretive to the revenue account and where the
Group believes there will be greater investment demand in the medium term).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "
Credit risk
Credit risk is the risk that a counterparty will be unable 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 related costs. The Investment
Manager regularly reviews reports produced by Dun and Bradstreet and other sources, including the MSCI IRIS report, to be able to assess
the credit worthiness of the Group\u2019s tenants and aims to ensure that there are no excessive concentrations of credit risk and that the
impact of default by a tenant is minimised. In addition to this, the terms of the Group\u2019s bank borrowings require that the largest tenant
accounts for less than 20% of the Group\u2019s total rental income, that the five largest tenants account for less than 50% of the Group\u2019s total
rental income and that the ten largest tenants account for less than 75% of the Group\u2019s total rental income. The maximum credit risk
from the tenant arrears of the Group at the financial year end was \u00a33,741,772 (2022: \u00a34,713,145) as detailed in note 11. The Investment
Manager also has a detailed process to identify the expected credit loss from tenants who are behind with rental payments.
This involves a review of every tenant who owes money with the Investment Manager using their own knowledge and communications
with the tenant to assess whether a provision should be made. This resulted in the provision for bad debts decreasing to \u00a3832,240 at the
year-end (2022: \u00a32,137,972) after write-offs.
With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty bank with a maximum exposure equal to the carrying value of these instruments. As at 31 December 2023 \u00a3316,737 (2022: \u00a36,481,061) was placed on deposit with The Royal Bank of Scotland plc (\u201cRBS\u201d), \u00a3242,900 (2022: \u00a3786,166) was held with Citibank and \u00a36,094,201 (2022: \u00a38,603,826) was held with Barclays. The credit risk associated with the cash deposits placed with RBS is mitigated by virtue of the Group having a right to off-set the balance deposited against the amount borrowed from RBS should RBS be unable to return the deposits for any reason. Citibank is rated A-2 Stable by Standard & Poor\u2019s and P-2 Stable by Moody\u2019s. RBS is rated A-1 Stable by Standard & Poor\u2019s and P-1 Stable by Moody\u2019s. Barclays Bank UK is rated A-1 Stable by Standard & Poor\u2019s and P-1 Stable by Moody\u2019s. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in realising assets or otherwise raising funds to meet financial commitments. The investment properties in which the Group invests are not traded in an organised public market and may be illiquid. As a result, the Group may not be able to liquidate its investments in these properties quickly at an amount close to their fair value in order to meet its liquidity requirements. The following table summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. The disclosed amounts for interest-bearing loans and interest rate swaps in the below table are the estimated net undiscounted cash flows. The Group\u2019s liquidity position is regularly monitored by management and is reviewed quarterly by the Board of Directors
Year ended 31 December 2023
On demand
12 months
1 to 5 years
>5 years
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Interest-bearing loans
-
8,442,998
152,428,127
-
160,871,125
Trade and other payables
7,514,629
52,450
209,800
5,140,100
12,916,979
Rental deposits due to tenants
-
299,124
713,058
181,945
1,194,127
7,514,629
8,794,572
153,350,985
5,322,045
174,982,231
Year ended 31 December 2022
On demand
12 months
1 to 5 years
>5 years
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Interest-bearing loans
-
29,462,608
94,425,183
-
123,887,791
Trade and other payables
5,284,559
26,068
104,271
2,580,717
7,995,615
Rental deposits due to tenants
-
257,899
508,736
243,046
1,009,681
5,284,559
29,746,575
95,038,190
2,823,763
132,893,087
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "Capital Risk The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, buy back existing shares, increase or decrease borrowings or sell assets to reduce debt. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as total borrowings divided by gross assets and has a limit of 65% set by the Articles of Association of the Company. Gross assets are calculated as non-current and current assets, as shown in the Consolidated Balance Sheet. The gearing ratios at 31 December 2023 and at 31 December 2022 were as follows:
2023
2022
\u00a3
\u00a3
Total borrowings (excluding unamortised arrangement fees)
141,874,379
110,000,000
Gross assets
456,053,931
444,943,156
Gearing ratio (must not exceed 65%)
31.11%
24.72%
The Group also monitors the Loan-to-value ratio which is calculated as gross borrowings less cash divided by portfolio valuation. As at 31 December 2023 this was 30.7% (2022: 22.6%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "Fair values Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements at amortised cost.
Carrying amount
Fair Value
2023
2022
2023
2022
Financial Assets
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
6,653,838
15,871,053
6,653,838
15,871,053
Trade and other receivables
6,101,152
7,457,083
6,101,152
7,457,083
Financial liabilities
Bank borrowings
141,251,910
109,123,937
144,957,576
109,580,566
Trade and other payables
8,217,588
6,564,852
8,217,588
6,564,852
In addition to the above, the Group's financial instruments also include an Interest rate swap and Interest rate cap. These have not been included in the disclosure above as these are already held at fair value. The fair value of trade receivables and payables are materially equivalent to their amortised cost. The fair value of the financial assets and liabilities are included at an estimate of the price that would be received to sell a financial asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair value: Cash and cash equivalents, trade and other receivables and trade and other payables are the same as fair value due to the short- term maturities of these instruments. Trade and other receivables/payables are measured in reference to contractual amounts due to/from the Group. These contractual amounts are directly observable. The fair value of the Right of use asset/Obligation under finance lease represents the ground rent liability associated with Leasehold properties. Their fair value is assessed with direct reference to the regular payments made under the ground rent and interest rates associated with the Group\u2019s debt financing. The fair value of bank borrowings is estimated by discounting future cash flows using rates currently available for debt on similar terms and remaining maturities. The fair value approximates their carrying values gross of unamortised transaction costs. This is considered as being valued at level 2 of the fair value hierarchy and has not changed level since 31 December 2022. The fair value of rental deposit liabilities is the same as the current value as the monies owed are held in separate bank accounts. The fair values of the interest rate swap and cap contracts are estimated by discounting expected future cash flows using current market interest rates and yield curve over the remaining term of the instrument. This is considered as being valued at level 2 of the fair value hierarchy and has not changed level since 31 December 2022. The definition of the valuation techniques are explained in the significant accounting judgements, estimates and assumptions on pages 63 to 64. The table below shows an analysis of the fair values of financial assets and liabilities recognised in the Balance Sheet by the level of the fair value hierarchy: Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
Year ended 31 December 2023
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
6,101,152
-
6,101,152
Cash and cash equivalents
6,653,838
-
-
6,653,838
Interest rate cap
-
1,408,781
-
1,408,781
Rental deposits held on behalf of tenants
895,003
-
-
895,003
Right of use asset
-
1,810,120
-
1,810,120
7,548,841
9,320,053
-
16,868,894
Financial liabilities
Trade and other payables
-
8,217,588
-
8,217,588
Bank borrowings
-
144,957,576
-
144,957,576
Obligation under finance leases
-
1,810,120
-
1,810,120
Rental deposits held on behalf of tenants
895,003
-
-
895,003
895,003
154,985,284
-
155,880,287
Year ended 31 December 2022
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
7,457,083
-
7,457,083
Cash and cash equivalents
15,871,053
-
-
15,871,053
Interest rate swap
-
1,238,197
-
1,238,197
Interest rate cap
-
2,550,469
-
2,550,469
Rental deposits held on behalf of tenants
751,782
-
-
751,782
Right of use asset
-
899,572
-
899,572
16,622,835
12,145,321
-
28,768,156
Financial liabilities
Trade and other payables
-
6,564,852
-
6,564,852
Bank borrowings
-
109,580,566
-
109,580,566
Obligation under finance leases
-
899,572
-
899,572
Rental deposits held on behalf of tenants
751,782
-
-
751,782
751,782
117,044,990
-
117,796,772
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "Fair values Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements at amortised cost.
Carrying amount
Fair Value
2023
2022
2023
2022
Financial Assets
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
6,653,838
15,871,053
6,653,838
15,871,053
Trade and other receivables
6,101,152
7,457,083
6,101,152
7,457,083
Financial liabilities
Bank borrowings
141,251,910
109,123,937
144,957,576
109,580,566
Trade and other payables
8,217,588
6,564,852
8,217,588
6,564,852
In addition to the above, the Group's financial instruments also include an Interest rate swap and Interest rate cap. These have not been included in the disclosure above as these are already held at fair value. The fair value of trade receivables and payables are materially equivalent to their amortised cost. The fair value of the financial assets and liabilities are included at an estimate of the price that would be received to sell a financial asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair value: Cash and cash equivalents, trade and other receivables and trade and other payables are the same as fair value due to the short- term maturities of these instruments. Trade and other receivables/payables are measured in reference to contractual amounts due to/from the Group. These contractual amounts are directly observable. The fair value of the Right of use asset/Obligation under finance lease represents the ground rent liability associated with Leasehold properties. Their fair value is assessed with direct reference to the regular payments made under the ground rent and interest rates associated with the Group\u2019s debt financing. The fair value of bank borrowings is estimated by discounting future cash flows using rates currently available for debt on similar terms and remaining maturities. The fair value approximates their carrying values gross of unamortised transaction costs. This is considered as being valued at level 2 of the fair value hierarchy and has not changed level since 31 December 2022. The fair value of rental deposit liabilities is the same as the current value as the monies owed are held in separate bank accounts. The fair values of the interest rate swap and cap contracts are estimated by discounting expected future cash flows using current market interest rates and yield curve over the remaining term of the instrument. This is considered as being valued at level 2 of the fair value hierarchy and has not changed level since 31 December 2022. The definition of the valuation techniques are explained in the significant accounting judgements, estimates and assumptions on pages 63 to 64. The table below shows an analysis of the fair values of financial assets and liabilities recognised in the Balance Sheet by the level of the fair value hierarchy: Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
Year ended 31 December 2023
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
6,101,152
-
6,101,152
Cash and cash equivalents
6,653,838
-
-
6,653,838
Interest rate cap
-
1,408,781
-
1,408,781
Rental deposits held on behalf of tenants
895,003
-
-
895,003
Right of use asset
-
1,810,120
-
1,810,120
7,548,841
9,320,053
-
16,868,894
Financial liabilities
Trade and other payables
-
8,217,588
-
8,217,588
Bank borrowings
-
144,957,576
-
144,957,576
Obligation under finance leases
-
1,810,120
-
1,810,120
Rental deposits held on behalf of tenants
895,003
-
-
895,003
895,003
154,985,284
-
155,880,287
Year ended 31 December 2022
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
7,457,083
-
7,457,083
Cash and cash equivalents
15,871,053
-
-
15,871,053
Interest rate swap
-
1,238,197
-
1,238,197
Interest rate cap
-
2,550,469
-
2,550,469
Rental deposits held on behalf of tenants
751,782
-
-
751,782
Right of use asset
-
899,572
-
899,572
16,622,835
12,145,321
-
28,768,156
Financial liabilities
Trade and other payables
-
6,564,852
-
6,564,852
Bank borrowings
-
109,580,566
-
109,580,566
Obligation under finance leases
-
899,572
-
899,572
Rental deposits held on behalf of tenants
751,782
-
-
751,782
751,782
117,044,990
-
117,796,772
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "Fair values Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements at amortised cost.
Carrying amount
Fair Value
2023
2022
2023
2022
Financial Assets
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
6,653,838
15,871,053
6,653,838
15,871,053
Trade and other receivables
6,101,152
7,457,083
6,101,152
7,457,083
Financial liabilities
Bank borrowings
141,251,910
109,123,937
144,957,576
109,580,566
Trade and other payables
8,217,588
6,564,852
8,217,588
6,564,852
In addition to the above, the Group's financial instruments also include an Interest rate swap and Interest rate cap. These have not been included in the disclosure above as these are already held at fair value. The fair value of trade receivables and payables are materially equivalent to their amortised cost. The fair value of the financial assets and liabilities are included at an estimate of the price that would be received to sell a financial asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair value: Cash and cash equivalents, trade and other receivables and trade and other payables are the same as fair value due to the short- term maturities of these instruments. Trade and other receivables/payables are measured in reference to contractual amounts due to/from the Group. These contractual amounts are directly observable. The fair value of the Right of use asset/Obligation under finance lease represents the ground rent liability associated with Leasehold properties. Their fair value is assessed with direct reference to the regular payments made under the ground rent and interest rates associated with the Group\u2019s debt financing. The fair value of bank borrowings is estimated by discounting future cash flows using rates currently available for debt on similar terms and remaining maturities. The fair value approximates their carrying values gross of unamortised transaction costs. This is considered as being valued at level 2 of the fair value hierarchy and has not changed level since 31 December 2022. The fair value of rental deposit liabilities is the same as the current value as the monies owed are held in separate bank accounts. The fair values of the interest rate swap and cap contracts are estimated by discounting expected future cash flows using current market interest rates and yield curve over the remaining term of the instrument. This is considered as being valued at level 2 of the fair value hierarchy and has not changed level since 31 December 2022. The definition of the valuation techniques are explained in the significant accounting judgements, estimates and assumptions on pages 63 to 64. The table below shows an analysis of the fair values of financial assets and liabilities recognised in the Balance Sheet by the level of the fair value hierarchy: Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
Year ended 31 December 2023
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
6,101,152
-
6,101,152
Cash and cash equivalents
6,653,838
-
-
6,653,838
Interest rate cap
-
1,408,781
-
1,408,781
Rental deposits held on behalf of tenants
895,003
-
-
895,003
Right of use asset
-
1,810,120
-
1,810,120
7,548,841
9,320,053
-
16,868,894
Financial liabilities
Trade and other payables
-
8,217,588
-
8,217,588
Bank borrowings
-
144,957,576
-
144,957,576
Obligation under finance leases
-
1,810,120
-
1,810,120
Rental deposits held on behalf of tenants
895,003
-
-
895,003
895,003
154,985,284
-
155,880,287
Year ended 31 December 2022
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
7,457,083
-
7,457,083
Cash and cash equivalents
15,871,053
-
-
15,871,053
Interest rate swap
-
1,238,197
-
1,238,197
Interest rate cap
-
2,550,469
-
2,550,469
Rental deposits held on behalf of tenants
751,782
-
-
751,782
Right of use asset
-
899,572
-
899,572
16,622,835
12,145,321
-
28,768,156
Financial liabilities
Trade and other payables
-
6,564,852
-
6,564,852
Bank borrowings
-
109,580,566
-
109,580,566
Obligation under finance leases
-
899,572
-
899,572
Rental deposits held on behalf of tenants
751,782
-
-
751,782
751,782
117,044,990
-
117,796,772
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "Fair values Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial instruments that are carried in the financial statements at amortised cost.
Carrying amount
Fair Value
2023
2022
2023
2022
Financial Assets
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
6,653,838
15,871,053
6,653,838
15,871,053
Trade and other receivables
6,101,152
7,457,083
6,101,152
7,457,083
Financial liabilities
Bank borrowings
141,251,910
109,123,937
144,957,576
109,580,566
Trade and other payables
8,217,588
6,564,852
8,217,588
6,564,852
In addition to the above, the Group's financial instruments also include an Interest rate swap and Interest rate cap. These have not been included in the disclosure above as these are already held at fair value. The fair value of trade receivables and payables are materially equivalent to their amortised cost. The fair value of the financial assets and liabilities are included at an estimate of the price that would be received to sell a financial asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair value: Cash and cash equivalents, trade and other receivables and trade and other payables are the same as fair value due to the short- term maturities of these instruments. Trade and other receivables/payables are measured in reference to contractual amounts due to/from the Group. These contractual amounts are directly observable. The fair value of the Right of use asset/Obligation under finance lease represents the ground rent liability associated with Leasehold properties. Their fair value is assessed with direct reference to the regular payments made under the ground rent and interest rates associated with the Group\u2019s debt financing. The fair value of bank borrowings is estimated by discounting future cash flows using rates currently available for debt on similar terms and remaining maturities. The fair value approximates their carrying values gross of unamortised transaction costs. This is considered as being valued at level 2 of the fair value hierarchy and has not changed level since 31 December 2022. The fair value of rental deposit liabilities is the same as the current value as the monies owed are held in separate bank accounts. The fair values of the interest rate swap and cap contracts are estimated by discounting expected future cash flows using current market interest rates and yield curve over the remaining term of the instrument. This is considered as being valued at level 2 of the fair value hierarchy and has not changed level since 31 December 2022. The definition of the valuation techniques are explained in the significant accounting judgements, estimates and assumptions on pages 63 to 64. The table below shows an analysis of the fair values of financial assets and liabilities recognised in the Balance Sheet by the level of the fair value hierarchy: Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
Year ended 31 December 2023
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
6,101,152
-
6,101,152
Cash and cash equivalents
6,653,838
-
-
6,653,838
Interest rate cap
-
1,408,781
-
1,408,781
Rental deposits held on behalf of tenants
895,003
-
-
895,003
Right of use asset
-
1,810,120
-
1,810,120
7,548,841
9,320,053
-
16,868,894
Financial liabilities
Trade and other payables
-
8,217,588
-
8,217,588
Bank borrowings
-
144,957,576
-
144,957,576
Obligation under finance leases
-
1,810,120
-
1,810,120
Rental deposits held on behalf of tenants
895,003
-
-
895,003
895,003
154,985,284
-
155,880,287
Year ended 31 December 2022
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
7,457,083
-
7,457,083
Cash and cash equivalents
15,871,053
-
-
15,871,053
Interest rate swap
-
1,238,197
-
1,238,197
Interest rate cap
-
2,550,469
-
2,550,469
Rental deposits held on behalf of tenants
751,782
-
-
751,782
Right of use asset
-
899,572
-
899,572
16,622,835
12,145,321
-
28,768,156
Financial liabilities
Trade and other payables
-
6,564,852
-
6,564,852
Bank borrowings
-
109,580,566
-
109,580,566
Obligation under finance leases
-
899,572
-
899,572
Rental deposits held on behalf of tenants
751,782
-
-
751,782
751,782
117,044,990
-
117,796,772
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "
4. Administrative and Other Expenses
2023
2022
Notes
\u00a3
\u00a3
Investment management fees
2,632,225
3,480,963
Other direct property expenses
Vacant Costs (excluding void service charge) *
1,217,722
600,561
Repairs and maintenance
418,360
1,740,937
Letting fees
405,684
431,534
Other costs
366,695
237,813
Total Other direct property expenses
2,408,461
3,010,845
Net Impairment gain on trade receivables **
(213,048)
(772,947)
Fees associated with strategic review and aborted merger
1,729,925
-
Other administration expenses
Directors\u2019 fees and subsistence
23
239,436
247,603
Valuer\u2019s fees
75,524
94,256
Auditor\u2019s fees
192,700
131,280
Marketing
222,893
226,782
Other administration costs
406,189
434,998
Total Other administration expenses
1,136,742
1,134,919
Total Administrative and other expenses
7,694,305
6,853,780
* Void Service charge costs for the year amounted to \u00a31,470,241 (2022: \u00a31,164,991). These have been reclassified as Service charge
expenditure as noted below.
** In the prior year, impairment gains/(losses) on trade receivables (2022: gain of \u00a3852,062) were disclosed separately to amounts
written-off in the period (2022: \u00a379,115). The disclosure has been simplified in the current year \u2013 see Note 11 for further information on
amounts written-off in the period.
2023
2022
\u00a3
\u00a3
Total service charge billed to tenants
4,731,793
4,492,780
Service charge due from/(to) tenants
152,564
(80,959)
Service charge income
4,884,357
4,411,821
Total service charge expenditure incurred
4,884,357
4,411,821
Service charge incurred in respect of void units
1,470,241
1,164,991
Service charge expenditure
6,354,598
5,576,812
Investment management fees From 1 July 2019, under the terms of the IMA the Investment Manager was entitled to investment management fees of 0.70% of total assets up to \u00a3500 million; and 0.60% of total assets in excess of \u00a3500 million. The Group agreed a 10bps reduction in the fee effective from 1 January 2023; 0.60% of total assets up to \u00a3500m, and 0.50% of total assets in excess of \u00a3500 million. The total fees charged for the year amounted to \u00a32,632,225 (2022: \u00a33,480,963). The amount due and payable at the year-end amounted to \u00a31,312,401 excluding VAT (2022: \u00a3742,952 excluding VAT). In addition the Company paid the Investment Manager a sum of \u00a3184,750 excluding VAT (2022: \u00a3184,750 excluding VAT) to participate in the Managers marketing programme and Investment Trust share plan. On 12 October 2023, the Board served notice on the Investment Management Agreement. In the event that the Managed Wind-Down is approved by Shareholders, it is proposed that a new agreement (and fee structure) will be signed with the Investment Manager. Administration, secretarial and registrar fees On 19 December 2003 Northern Trust International Fund Administration Services (Guernsey) Limited (\u201cNorthern Trust\u201d) was appointed administrator, secretary and registrar to the Group. Northern Trust is entitled to an annual fee, payable quarterly in arrears, of \u00a365,000. Northern Trust is also entitled to reimbursement of reasonable out of pocket expenses. Total fees and expenses charged for the year amounted to \u00a370,325 (2022: \u00a365,000). The amount due and payable at the year-end amounted to \u00a332,500 (2022: \u00a332,500). Valuers fee Knight Frank LLP (\u201cthe Valuers\u201d), external international real estate consultants, was appointed as valuers in respect of the assets comprising the property portfolio. The total valuation fees charged for the year amounted to \u00a375,524 (2022: \u00a394,256). The total valuation fee comprises a base fee for the ongoing quarterly valuation, and a one-off fee on acquisition of an asset. The amount due and payable at the year-end amounted to \u00a318,665 excluding VAT (2022: \u00a317,687 excluding VAT). The annual fee is equal to 0.017 percent of the aggregate value of property portfolio paid quarterly. Auditor\u2019s fee At the year-end date Deloitte LLP continued as independent auditor of the Group. The audit fees for the year amounted to \u00a3192,700 (2022: \u00a3131,280) and relate to audit services provided for the 2023 financial year. Deloitte LLP did not provide any non-audit services in the year (2022: nil). Fees associated with strategic review and aborted merger As described in more detail in note 2.1, the Board undertook a strategic review during the second half of 2023 after concerns over the Company\u2019s size, liquidity, persistent discount to NAV and dividend cover. The outcome of this review, following interest from other listed REITs, was that the Board recommended to shareholders that they vote in favour of a proposed merger with Custodian REIT. The costs associated with the initial Rule 2.7 announcement (including advisor, due diligence and valuation fees) were \u00a32,041,248 of which \u00a31,729,925 was accrued and unpaid at 31 December 2023 based on levels of work in progress (WIP). These fees do not include any costs associated with the subsequent approach from Urban Logistics or proposed managed and orderly wind-down following the EGM on 27 March 2024 (see note 26). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "4. Administrative and Other Expenses
2023
2022
Notes
\u00a3
\u00a3
Investment management fees
2,632,225
3,480,963
Other direct property expenses
Vacant Costs (excluding void service charge) *
1,217,722
600,561
Repairs and maintenance
418,360
1,740,937
Letting fees
405,684
431,534
Other costs
366,695
237,813
Total Other direct property expenses
2,408,461
3,010,845
Net Impairment gain on trade receivables **
(213,048)
(772,947)
Fees associated with strategic review and aborted merger
1,729,925
-
Other administration expenses
Directors\u2019 fees and subsistence
23
239,436
247,603
Valuer\u2019s fees
75,524
94,256
Auditor\u2019s fees
192,700
131,280
Marketing
222,893
226,782
Other administration costs
406,189
434,998
Total Other administration expenses
1,136,742
1,134,919
Total Administrative and other expenses
7,694,305
6,853,780
* Void Service charge costs for the year amounted to \u00a31,470,241 (2022: \u00a31,164,991). These have been reclassified as Service charge expenditure as noted below. ** In the prior year, impairment gains/(losses) on trade receivables (2022: gain of \u00a3852,062) were disclosed separately to amounts written-off in the period (2022: \u00a379,115). The disclosure has been simplified in the current year \u2013 see Note 11 for further information on amounts written-off in the period.
2023
2022
\u00a3
\u00a3
Total service charge billed to tenants
4,731,793
4,492,780
Service charge due from/(to) tenants
152,564
(80,959)
Service charge income
4,884,357
4,411,821
Total service charge expenditure incurred
4,884,357
4,411,821
Service charge incurred in respect of void units
1,470,241
1,164,991
Service charge expenditure
6,354,598
5,576,812
Investment management fees From 1 July 2019, under the terms of the IMA the Investment Manager was entitled to investment management fees of 0.70% of total assets up to \u00a3500 million; and 0.60% of total assets in excess of \u00a3500 million. The Group agreed a 10bps reduction in the fee effective from 1 January 2023; 0.60% of total assets up to \u00a3500m, and 0.50% of total assets in excess of \u00a3500 million. The total fees charged for the year amounted to \u00a32,632,225 (2022: \u00a33,480,963). The amount due and payable at the year-end amounted to \u00a31,312,401 excluding VAT (2022: \u00a3742,952 excluding VAT). In addition the Company paid the Investment Manager a sum of \u00a3184,750 excluding VAT (2022: \u00a3184,750 excluding VAT) to participate in the Managers marketing programme and Investment Trust share plan. On 12 October 2023, the Board served notice on the Investment Management Agreement. In the event that the Managed Wind-Down is approved by Shareholders, it is proposed that a new agreement (and fee structure) will be signed with the Investment Manager. Administration, secretarial and registrar fees On 19 December 2003 Northern Trust International Fund Administration Services (Guernsey) Limited (\u201cNorthern Trust\u201d) was appointed administrator, secretary and registrar to the Group. Northern Trust is entitled to an annual fee, payable quarterly in arrears, of \u00a365,000. Northern Trust is also entitled to reimbursement of reasonable out of pocket expenses. Total fees and expenses charged for the year amounted to \u00a370,325 (2022: \u00a365,000). The amount due and payable at the year-end amounted to \u00a332,500 (2022: \u00a332,500). Valuers fee Knight Frank LLP (\u201cthe Valuers\u201d), external international real estate consultants, was appointed as valuers in respect of the assets comprising the property portfolio. The total valuation fees charged for the year amounted to \u00a375,524 (2022: \u00a394,256). The total valuation fee comprises a base fee for the ongoing quarterly valuation, and a one-off fee on acquisition of an asset. The amount due and payable at the year-end amounted to \u00a318,665 excluding VAT (2022: \u00a317,687 excluding VAT). The annual fee is equal to 0.017 percent of the aggregate value of property portfolio paid quarterly. Auditor\u2019s fee At the year-end date Deloitte LLP continued as independent auditor of the Group. The audit fees for the year amounted to \u00a3192,700 (2022: \u00a3131,280) and relate to audit services provided for the 2023 financial year. Deloitte LLP did not provide any non-audit services in the year (2022: nil). Fees associated with strategic review and aborted merger As described in more detail in note 2.1, the Board undertook a strategic review during the second half of 2023 after concerns over the Company\u2019s size, liquidity, persistent discount to NAV and dividend cover. The outcome of this review, following interest from other listed REITs, was that the Board recommended to shareholders that they vote in favour of a proposed merger with Custodian REIT. The costs associated with the initial Rule 2.7 announcement (including advisor, due diligence and valuation fees) were \u00a32,041,248 of which \u00a31,729,925 was accrued and unpaid at 31 December 2023 based on levels of work in progress (WIP). These fees do not include any costs associated with the subsequent approach from Urban Logistics or proposed managed and orderly wind-down following the EGM on 27 March 2024 (see note 26). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "
Auditor\u2019s fee
At the year-end date Deloitte LLP continued as independent auditor of the Group. The audit fees for the year amounted to \u00a3192,700
(2022: \u00a3131,280) and relate to audit services provided for the 2023 financial year. Deloitte LLP did not provide any non-audit services in
the year (2022: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "
5. Finance income and costs
2023
2022
\u00a3
\u00a3
Interest income on cash and cash equivalents
92,178
27,543
Finance income
92,178
27,543
Interest expense on bank borrowings
8,119,398
3,251,500
Non-utilisation charges on facilites
198,314
308,582
Receipt on interest rate swap
(911,184)
(116,700)
Receipt on interest rate caps
(578,933)
-
Amortisation of premium paid for interest rate cap
565,030
-
Amortisation of arrangement costs (see note 14)
253,594
204,835
Finance lease interest
49,289
24,468
Finance costs
7,695,508
3,672,685
Of the finance costs above, \u00a31,959,463 of the interest expense on bank borrowings were accruals at 31 December 2023 and included in
Trade and other payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "5. Finance income and costs
2023
2022
\u00a3
\u00a3
Interest income on cash and cash equivalents
92,178
27,543
Finance income
92,178
27,543
Interest expense on bank borrowings
8,119,398
3,251,500
Non-utilisation charges on facilites
198,314
308,582
Receipt on interest rate swap
(911,184)
(116,700)
Receipt on interest rate caps
(578,933)
-
Amortisation of premium paid for interest rate cap
565,030
-
Amortisation of arrangement costs (see note 14)
253,594
204,835
Finance lease interest
49,289
24,468
Finance costs
7,695,508
3,672,685
Of the finance costs above, \u00a31,959,463 of the interest expense on bank borrowings were accruals at 31 December 2023 and included in Trade and other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "5. Finance income and costs
2023
2022
\u00a3
\u00a3
Interest income on cash and cash equivalents
92,178
27,543
Finance income
92,178
27,543
Interest expense on bank borrowings
8,119,398
3,251,500
Non-utilisation charges on facilites
198,314
308,582
Receipt on interest rate swap
(911,184)
(116,700)
Receipt on interest rate caps
(578,933)
-
Amortisation of premium paid for interest rate cap
565,030
-
Amortisation of arrangement costs (see note 14)
253,594
204,835
Finance lease interest
49,289
24,468
Finance costs
7,695,508
3,672,685
Of the finance costs above, \u00a31,959,463 of the interest expense on bank borrowings were accruals at 31 December 2023 and included in Trade and other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "5. Finance income and costs
2023
2022
\u00a3
\u00a3
Interest income on cash and cash equivalents
92,178
27,543
Finance income
92,178
27,543
Interest expense on bank borrowings
8,119,398
3,251,500
Non-utilisation charges on facilites
198,314
308,582
Receipt on interest rate swap
(911,184)
(116,700)
Receipt on interest rate caps
(578,933)
-
Amortisation of premium paid for interest rate cap
565,030
-
Amortisation of arrangement costs (see note 14)
253,594
204,835
Finance lease interest
49,289
24,468
Finance costs
7,695,508
3,672,685
Of the finance costs above, \u00a31,959,463 of the interest expense on bank borrowings were accruals at 31 December 2023 and included in Trade and other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "5. Finance income and costs
2023
2022
\u00a3
\u00a3
Interest income on cash and cash equivalents
92,178
27,543
Finance income
92,178
27,543
Interest expense on bank borrowings
8,119,398
3,251,500
Non-utilisation charges on facilites
198,314
308,582
Receipt on interest rate swap
(911,184)
(116,700)
Receipt on interest rate caps
(578,933)
-
Amortisation of premium paid for interest rate cap
565,030
-
Amortisation of arrangement costs (see note 14)
253,594
204,835
Finance lease interest
49,289
24,468
Finance costs
7,695,508
3,672,685
Of the finance costs above, \u00a31,959,463 of the interest expense on bank borrowings were accruals at 31 December 2023 and included in Trade and other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "5. Finance income and costs
2023
2022
\u00a3
\u00a3
Interest income on cash and cash equivalents
92,178
27,543
Finance income
92,178
27,543
Interest expense on bank borrowings
8,119,398
3,251,500
Non-utilisation charges on facilites
198,314
308,582
Receipt on interest rate swap
(911,184)
(116,700)
Receipt on interest rate caps
(578,933)
-
Amortisation of premium paid for interest rate cap
565,030
-
Amortisation of arrangement costs (see note 14)
253,594
204,835
Finance lease interest
49,289
24,468
Finance costs
7,695,508
3,672,685
Of the finance costs above, \u00a31,959,463 of the interest expense on bank borrowings were accruals at 31 December 2023 and included in Trade and other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "value": "
6. Taxation
UK REIT Status
The Group migrated tax residence to the UK and elected to be treated as a UK REIT with effect from 1 January 2015. As a UK REIT, the
income profits of the Group\u2019s UK property rental business are exempt from corporation tax as are any gains it makes from the disposal of
its properties, provided they are not held for trading or sold within three years of completion of development. The Group is otherwise
subject to UK corporation tax at the prevailing rate.
As the principal company of the REIT, the Company is required to distribute at least 90% of the income profits of the Group\u2019s UK property
rental business. There are a number of other conditions that are also required to be met by the Company and the Group to maintain REIT
tax status. These conditions were met in the period and the Board intends to conduct the Group\u2019s affairs such that these conditions
continue to be met for the foreseeable future.
Accordingly, deferred tax is not recognised on temporary differences relating to the property rental business.
The Company and its Guernsey subsidiary have obtained exempt company status in Guernsey so that they are exempt from Guernsey
taxation on income arising outside Guernsey and bank interest receivable in Guernsey.
A reconciliation between the tax charge and the product of accounting profit multiplied by the applicable tax rate for the year ended 31
December 2023 and 2022 is as follows:
2023
2022
\u00a3
\u00a3
Loss before tax
(8,267,901)
(51,053,487)
Tax calculated at blended UK statutory corporation tax rate of 23.5% (2022: 19%)
(1,942,957)
(9,700,163)
UK REIT exemption on net income
(2,534,334)
(2,179,636)
Valuation loss in respect of Investment properties not subject to tax
4,477,291
11,879,799
Current income tax charge
-
-
* Calculated as a blended average of 23.5% being 3 months at the prevailing 19%, and 9 months at 25%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "value": "
7. Investment Properties
UK
UK
UK
UK
Industrial
Office
Retail
Other
Total
2023
2023
2023
2023
2023
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Market value at 1 January
227,525,000
88,450,000
53,550,000
39,150,000
408,675,000
Purchase of investment properties
4,367,140
-
19,619,261
-
23,986,401
Capital expenditure on investment properties
17,394,611
3,658,739
624,029
1,342
21,678,721
Opening market value of disposed investment
(6,400,000)
-
-
- (6,400,000)
properties
Valuation loss from investment properties
6,062,225
(19,490,769)
(1,360,741)
(3,200,246)
(17,989,531)
Movement in lease incentives
1,121,061
(42,970)
(42,549)
(51,096)
984,446
Market value at 31 December
250,070,037
72,575,000
72,390,000
35,900,000
430,935,037
Investment property recognised as held for sale
(19,750,000)
(15,350,000)
-
-
(35,100,000)
Market value net of held for sale at 31 December
230,320,037
57,225,000
72,390,000
35,900,000
395,835,037
Right of use asset recognised on leasehold
-
1,810,120
-
-
1,810,120
properties
Adjustment for lease incentives
(5,957,199)
(1,943,609)
(846,233)
(559,362)
(9,306,403)
Carrying value at 31 December
224,362,838
57,091,511
71,543,767
35,340,638
388,338,754
The valuations were performed by Knight Frank LLP, acting in the capacity of a valuation adviser to the AIFM, accredited external valuers
with recognised and relevant professional qualifications and recent experience of the location and category of the investment properties
being valued. The valuation model in accordance with Royal Institute of Chartered Surveyors (\u2018RICS\u2019) requirements on disclosure for
Regulated Purpose Valuations has been applied (RICS Valuation - Global Standards, which incorporate the International Valuation
Standards). These valuation models are consistent with the principles in IFRS 13. The market value provided by Knight Frank at the year-
end was \u00a3430,935,037 (2022: \u00a3408,675,000) however an adjustment has been made for lease incentives of \u00a39,248,902 (2022: \u00a38,357,036)
that are already accounted for as an asset. In addition, as required under IFRS 16, a right of use asset of \u00a31,810,120 has been recognised
in respect of the present value of future ground rents. As required under IFRS 16 an amount of \u00a31,810,120 has also been recognised as
an obligation under finance leases in the balance sheet. Valuation gains and losses from investment properties are recognised in the
Consolidated Statement of Comprehensive Income for the period and are attributable to changes in unrealised gains or losses relating to
investment properties held at the end of the reporting period.
UK
UK
UK
UK
Industrial
Office
Retail
Other
Total
2022
2022
2022
2022
2022
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Market value at 1 January
273,565,250
126,275,000
56,525,000
36,050,000
492,415,250
Purchase of investment properties
91,859
-
-
5,409,462
5,501,321
Capital expenditure on investment properties
9,375,227
4,117,846
31,740
-
13,524,813
Opening market value of disposed investment
(20,450,000)
(20,900,000)
-
- (41,350,000)
properties
Valuation gain from investment properties
(35,924,164)
(20,993,533)
(3,087,334)
(2,252,751)
(62,257,782)
Movement in lease incentives
866,828
(49,313)
80,594
(56,711)
841,398
Market value at 31 December
227,525,000
88,450,000
53,550,000
39,150,000
408,675,000
Right of use asset recognised on leasehold
-
899,572
-
-
899,572
properties
Adjustment for lease incentives
(4,871,218)
(1,986,578)
(888,782)
(610,458)
(8,357,036)
Carrying value at 31 December
222,653,782
87,362,994
52,661,218
38,539,542
401,217,536
In the Cash Flow Statement, proceeds from disposal of investment properties comprise:
2023
2022
\u00a3
\u00a3
Opening market value of disposed investment properties
6,400,000
41,350,000
Loss on disposal of investment properties
(279,090)
(207,153)
Net proceeds from disposal of investment properties
6,120,910
41,142,847
Valuation Methodology
The fair value of completed investment properties are determined using the income capitalisation method.
The income capitalisation method is based on capitalising the net income stream at an appropriate yield. In establishing the net income
stream the valuers have reflected the current rent (the gross rent) payable to lease expiry, at which point the valuer has assumed that
each unit will be re-let at their opinion of ERV. The valuers have made allowances for voids where appropriate, as well as deducting non
recoverable costs where applicable. The appropriate yield is selected on the basis of the location of the building, its quality, tenant credit
quality and lease terms amongst other factors.
No properties have changed valuation technique during the year. At the Balance Sheet date the income capitalisation method is
appropriate for valuing all assets.
The Company appoints suitable valuers (such appointment is reviewed on a periodic basis) to undertake a valuation of all the direct real
estate investments on a quarterly basis. The valuation is undertaken in accordance with the then current RICS guidelines and requirements
as mentioned earlier.
The Investment Manager meets with the valuers on a quarterly basis to ensure the valuers are aware of all relevant information for the
valuation and any change in the investment over the quarter. The Investment Manager then reviews and discusses the draft valuations
with the valuers to ensure correct factual assumptions are made.
The management group that determines the Company\u2019s valuation policies and procedures for property valuations is the Property
Valuation Committee. The Committee reviews the quarterly property valuation reports produced by the valuers (or such other person as
may from time to time provide such property valuation services to the Company) before its submission to the Board, focusing in particular
on:
significant adjustments from the previous property valuation report;
reviewing the individual valuations of each property;
compliance with applicable standards and guidelines including those issued by RICS and the FCA Listing Rules;
reviewing the findings and any recommendations or statements made by the valuer;
considering any further matters relating to the valuation of the properties.
The Chair of the Committee makes a brief report of the findings and recommendations of the Committee to the Board after each Committee meeting. The minutes of the Committee meetings are circulated to the Board. The Chair submits an annual report to the Board summarising the Committee\u2019s activities during the year and the related significant results and findings. The table below outlines the valuation techniques and inputs used to derive Level 3 fair values for each class of investment properties. The table includes: The fair value measurements at the end of the reporting period. The level of the fair value hierarchy (e.g. Level 3) within which the fair value measurements are categorised in their entirety. A description of the valuation techniques applied. Fair value measurements, quantitative information about the significant unobservable inputs used in the fair value measurement. The inputs used in the fair value measurement, including the ranges of rent charged to different units within the same building. As noted above, all investment properties listed in the table below are categorised Level 3 and all are valued using the Income Capitalisation method.
Country & UK Industrial UK Office UK Retail UK Other
Class 2023 Level 3 Level 3 Level 3 Level 3
Fair Value
250,070,037
72,575,000
72,390,000
35,900,000
2023 \u00a3
Key
Initial Yield
Initial Yield
Initial Yield
Initial Yield
Unobservable
Reversionary yield
Reversionary yield
Reversionary yield
Reversionary yield
Input 2023
Equivalent Yield
Equivalent Yield
Equivalent Yield
Equivalent Yield
Estimated rental value per Estimated rental value per Estimated rental value per Estimated rental value per
sq ft sq ft sq ft sq ft
Range
0.00% to 8.97% (4.80%)
4.56% to 10.51% (7.57%)
6.03% to 9.12% (6.91%)
5.40% to 9.30% (6.53%)
(weighted
4.74% to 8.79% (6.55%)
7.34% to 12.20% (10.33%)
5.52% to 7.99% (6.22%)
5.81% to 9.40% (6.52%)
average)
5.28% to 8.30% (6.46%)
7.04% to 9.98% (8.89%)
5.76% to 9.91% (7.02%)
5.58% to 9.21% (6.67%)
2023
\u00a34.75 to \u00a310.25 (\u00a37.04)
\u00a315.79 to \u00a345.94 (\u00a327.08)
\u00a30.00 to \u00a330.61 (\u00a311.35)
\u00a36.50 to \u00a320.00 (\u00a314.49)
Country & UK Industrial UK Office UK Retail UK Other
Class 2022 Level 3 Level 3 Level 3 Level 3
Fair Value
227,525,000
88,450,000
53,550,000
39,150,000
2022 \u00a3
Key
Initial Yield
Initial Yield
Initial Yield
Initial Yield
Unobservable
Reversionary yield
Reversionary yield
Reversionary yield
Reversionary yield
Input 2022
Equivalent Yield
Equivalent Yield
Equivalent Yield
Equivalent Yield
Estimated rental value per Estimated rental value per Estimated rental value per Estimated rental value per
sq ft sq ft sq ft sq ft
Range
0.00% to 8.78% (5.20%)
5.10% to 7.90% (6.11%)
4.39% to 8.33% (6.75%)
5.01% to 9.13% (5.98%)
(weighted
5.00% to 8.68% (6.35%)
6.25% to 10.45% (8.76%)
5.49% to 7.99% (6.16%)
4.79% to 9.40% (5.85%)
average)
5.00% to 8.23% (6.26%)
6.15% to 9.25% (8.02%)
5.76% to 9.67% (6.79%)
5.01% to 9.07% (5.87%)
2022
\u00a34.50 to \u00a39.00 (\u00a36.38)
\u00a317.01 to \u00a345.47 (\u00a326.78)
\u00a38.74 to \u00a330.61 (\u00a315.37)
\u00a36.00 to \u00a320.00 (\u00a314.71)
Descriptions and definitions The table above includes the following descriptions and definitions relating to valuation techniques and key observable inputs made in determining the fair values. Estimated rental value (ERV) The rent at which space could be let in the market conditions prevailing at the date of valuation. Equivalent yield The equivalent yield is defined as the internal rate of return of the cash flow from the property, assuming a rise or fall to ERV at the next review or lease termination, but with no further rental change. Initial yield Initial yield is the annualised rents of a property expressed as a percentage of the property value. Reversionary yield Reversionary yield is the anticipated yield to which the initial yield will rise (or fall) once the rent reaches the ERV. The table below shows the ERV per annum, area per square foot, average ERV per square foot, initial yield and reversionary yield as at the Balance Sheet date.
2023
2022
ERV p.a.
\u00a334,189,042
\u00a331,048,945
Area sq.ft.
3,503,840
3,416,291
Average ERV per sq.ft.
\u00a39.76
\u00a39.09
Initial yield
5.8%
5.7%
Reversionary yield
7.1%
7.1%
The table below presents the sensitivity of the valuation to changes in the most significant assumptions underlying the valuation of completed investment property.
2023
2022
\u00a3
\u00a3
Increase in equivalent yield of 50 bps
(31,373,168)
(31,086,535)
Decrease in rental rates of 5% (ERV)
(15,910,176)
(15,879,151)
Below is a list of how the interrelationships in the sensitivity analysis above can be explained. In both cases outlined in the sensitivity table the estimated Fair Value would increase (decrease) if: The ERV is higher (lower) Void periods were shorter (longer) The occupancy rate was higher (lower) Rent free periods were shorter (longer) The capitalisation rates were lower (higher)
9. Investment Properties Held for Sale
As at 31 December 2023, the Group was actively seeking a buyer for several assets including its industrial assets Opus 9 in Warrington,
Unit 5 Monkton Business Park in Hebburn and Kings Business Park in Bristol. In addition, the Group was actively seeking a buyer of its
office asset 15 Basinghall Street in London, and 101 Princess Street in Manchester. As noted further in note 26, the Group exchanged
contracts and completed on several of these.
As at 31 December 2022, the Group was not actively seeking a buyer for any of the Investment Properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "
8. Land
2023
2022
\u00a3
\u00a3
Cost
Balance at the beginning of the year
8,061,872
8,001,550
Additions
2,154,160
60,322
Government Grant Income receivable
(620,477)
-
Balance at the end of the year
9,595,555
8,061,872
Accumulated depreciation and amortisation
Balance at the beginning of the year
(561,872)
(501,550)
Valuation loss from land
(783,683)
(60,322)
Balance at the end of the year
(1,345,555)
(561,872)
Carrying amount as at 31 December
8,250,000
7,500,000
Valuation methodology
The Land is held at fair value and is categorised Level 3.
The Group appoints suitable valuers (such appointment is reviewed on a periodic basis) to undertake a valuation of the land on a quarterly
basis. The valuation is undertaken in accordance with the current RICS guidelines by Knight Frank LLP whose credentials are set out in
note 7.
Additions represent costs associated with the reforestation and peatland restoration at Far Ralia. Grants are receivable from the Scottish
Government for such costs. The conditions of the grant are deemed to be complied with on initial completion of work on the associated
Work Areas identified under the Grant agreement. As at 31 December 2023, no grant income has yet been received however \u00a3620,477
has been recognised in accordance with the Group\u2019s policy for grant recognition (see Note 2.3 C iv).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "8. Land
2023
2022
\u00a3
\u00a3
Cost
Balance at the beginning of the year
8,061,872
8,001,550
Additions
2,154,160
60,322
Government Grant Income receivable
(620,477)
-
Balance at the end of the year
9,595,555
8,061,872
Accumulated depreciation and amortisation
Balance at the beginning of the year
(561,872)
(501,550)
Valuation loss from land
(783,683)
(60,322)
Balance at the end of the year
(1,345,555)
(561,872)
Carrying amount as at 31 December
8,250,000
7,500,000
Valuation methodology The Land is held at fair value and is categorised Level 3. The Group appoints suitable valuers (such appointment is reviewed on a periodic basis) to undertake a valuation of the land on a quarterly basis. The valuation is undertaken in accordance with the current RICS guidelines by Knight Frank LLP whose credentials are set out in note 7. Additions represent costs associated with the reforestation and peatland restoration at Far Ralia. Grants are receivable from the Scottish Government for such costs. The conditions of the grant are deemed to be complied with on initial completion of work on the associated Work Areas identified under the Grant agreement. As at 31 December 2023, no grant income has yet been received however \u00a3620,477 has been recognised in accordance with the Group\u2019s policy for grant recognition (see Note 2.3 C iv). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "9. Investment Properties Held for Sale As at 31 December 2023, the Group was actively seeking a buyer for several assets including its industrial assets Opus 9 in Warrington, Unit 5 Monkton Business Park in Hebburn and Kings Business Park in Bristol. In addition, the Group was actively seeking a buyer of its office asset 15 Basinghall Street in London, and 101 Princess Street in Manchester. As noted further in note 26, the Group exchanged contracts and completed on several of these. As at 31 December 2022, the Group was not actively seeking a buyer for any of the Investment Properties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "9. Investment Properties Held for Sale As at 31 December 2023, the Group was actively seeking a buyer for several assets including its industrial assets Opus 9 in Warrington, Unit 5 Monkton Business Park in Hebburn and Kings Business Park in Bristol. In addition, the Group was actively seeking a buyer of its office asset 15 Basinghall Street in London, and 101 Princess Street in Manchester. As noted further in note 26, the Group exchanged contracts and completed on several of these. As at 31 December 2022, the Group was not actively seeking a buyer for any of the Investment Properties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "value": "
10. Investments in Limited Partnership and Subsidiaries
The Company owns 100 per cent of the issued ordinary share capital of abrdn Property Holdings Limited (formerly known as Standard Life
Investments Property Holdings Limited), a company with limited liability incorporated and domiciled in Guernsey, Channel Islands, whose
principal business is property investment.
In 2015 the Group acquired 100% of the units in Standard Life Investments SLIPIT Unit Trust, (formerly Aviva Investors UK Real Estate
Recovery II Unit Trust) a Jersey Property Unit Trust. The acquisition included the entire issued share capital of a General Partner which
held, through a Limited Partnership, a portfolio of 22 UK real estate assets. The transaction completed on 23 December 2015 and the
Group has treated the acquisition as a Business Combination in accordance with IFRS 3.
abrdn Property Holdings Limited (formerly known as Standard Life Investments Property Holdings Limited), a property investment
company with limited liability incorporated in Guernsey, Channel Islands.
abrdn (APIT) Limited Partnership (formerly known as Standard Life Investments (SLIPIT) Limited Partnership), a property investment
limited partnership established in England.
abrdn APIT (General Partner) Limited, a company with limited liability incorporated in England, whose principal business is property
investment.
abrdn (APIT Nominee) Limited, a company with limited liability incorporated and domiciled in England, whose principal business is
property investment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "10. Investments in Limited Partnership and Subsidiaries The Company owns 100 per cent of the issued ordinary share capital of abrdn Property Holdings Limited (formerly known as Standard Life Investments Property Holdings Limited), a company with limited liability incorporated and domiciled in Guernsey, Channel Islands, whose principal business is property investment. In 2015 the Group acquired 100% of the units in Standard Life Investments SLIPIT Unit Trust, (formerly Aviva Investors UK Real Estate Recovery II Unit Trust) a Jersey Property Unit Trust. The acquisition included the entire issued share capital of a General Partner which held, through a Limited Partnership, a portfolio of 22 UK real estate assets. The transaction completed on 23 December 2015 and the Group has treated the acquisition as a Business Combination in accordance with IFRS 3. abrdn Property Holdings Limited (formerly known as Standard Life Investments Property Holdings Limited), a property investment company with limited liability incorporated in Guernsey, Channel Islands. abrdn (APIT) Limited Partnership (formerly known as Standard Life Investments (SLIPIT) Limited Partnership), a property investment limited partnership established in England. abrdn APIT (General Partner) Limited, a company with limited liability incorporated in England, whose principal business is property investment. abrdn (APIT Nominee) Limited, a company with limited liability incorporated and domiciled in England, whose principal business is property investment.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "10. Investments in Limited Partnership and Subsidiaries The Company owns 100 per cent of the issued ordinary share capital of abrdn Property Holdings Limited (formerly known as Standard Life Investments Property Holdings Limited), a company with limited liability incorporated and domiciled in Guernsey, Channel Islands, whose principal business is property investment. In 2015 the Group acquired 100% of the units in Standard Life Investments SLIPIT Unit Trust, (formerly Aviva Investors UK Real Estate Recovery II Unit Trust) a Jersey Property Unit Trust. The acquisition included the entire issued share capital of a General Partner which held, through a Limited Partnership, a portfolio of 22 UK real estate assets. The transaction completed on 23 December 2015 and the Group has treated the acquisition as a Business Combination in accordance with IFRS 3. abrdn Property Holdings Limited (formerly known as Standard Life Investments Property Holdings Limited), a property investment company with limited liability incorporated in Guernsey, Channel Islands. abrdn (APIT) Limited Partnership (formerly known as Standard Life Investments (SLIPIT) Limited Partnership), a property investment limited partnership established in England. abrdn APIT (General Partner) Limited, a company with limited liability incorporated in England, whose principal business is property investment. abrdn (APIT Nominee) Limited, a company with limited liability incorporated and domiciled in England, whose principal business is property investment.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "
11. Trade and other receivables
2023
2022
\u00a3
\u00a3
Trade receivables
4,574,012
6,851,117
Less: provision for impairment of trade receivables
(832,240)
(2,137,972)
Trade receivables (net)
3,741,772
4,713,145
Rental deposits held on behalf of tenants
299,124
257,899
Accrued Grant Income (see Note 8)
620,477
-
Other receivables
1,439,779
2,486,039
Total trade and other receivables
6,101,152
7,457,083
Reconciliation for changes in the provision for impairment of trade receivables:
2023
2022
\u00a3
\u00a3
Opening balance
(2,137,972)
(2,990,034)
Credit for the year
213,048
772,947
Reversal for amounts written-off
1,092,684
79,115
Closing balance
(832,240)
(2,137,972)
The estimated fair values of receivables are the discounted amount of the estimated future cash flows expected to be received and
approximate their carrying amounts.
The trade receivables above relate to rental income receivable from tenants of the investment properties. When a new lease is agreed
with a tenant the Investment Manager performs various money laundering checks and makes a financial assessment to determine the
tenant\u2019s ability to fulfil its obligations under the lease agreement for the foreseeable future. The majority of tenants are invoiced for rental
income quarterly in advance and are issued with invoices at least 21 days before the relevant quarter starts. Invoices become due on the
first day of the quarter and are considered past due if payment is not received by this date. Other receivables are considered past due
when the given terms of credit expire.
Amounts are considered impaired when it becomes unlikely that the full value of a receivable will be recovered. Movement in the balance considered to be impaired has been included in other direct property costs in the Consolidated Statement of Comprehensive Income. As at 31 December 2023, trade receivables of \u00a3832,240 (2022: \u00a32,137,972) were considered impaired and provided for. The ageing of these receivables is as follows:
2023
2022
\u00a3
\u00a3
0 to 3 months
(37,274)
(8,203)
3 to 6 months
(81,350)
(251,682)
Over 6 months
(713,616)
(1,878,087)
(832,240)
(2,137,972)
If the provision for impairment of trade receivables increased by \u00a31 million then the Company\u2019s earnings and net asset value would decrease by \u00a31 million. If it decreased by \u00a31 million then the Company\u2019s earnings and net asset value would increase by \u00a31 million. As of 31 December 2023, trade receivables of \u00a3500,470 (2022: \u00a33,099,355) were less than 3 months past due but considered not impaired.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "11. Trade and other receivables
2023
2022
\u00a3
\u00a3
Trade receivables
4,574,012
6,851,117
Less: provision for impairment of trade receivables
(832,240)
(2,137,972)
Trade receivables (net)
3,741,772
4,713,145
Rental deposits held on behalf of tenants
299,124
257,899
Accrued Grant Income (see Note 8)
620,477
-
Other receivables
1,439,779
2,486,039
Total trade and other receivables
6,101,152
7,457,083
Reconciliation for changes in the provision for impairment of trade receivables:
2023
2022
\u00a3
\u00a3
Opening balance
(2,137,972)
(2,990,034)
Credit for the year
213,048
772,947
Reversal for amounts written-off
1,092,684
79,115
Closing balance
(832,240)
(2,137,972)
The estimated fair values of receivables are the discounted amount of the estimated future cash flows expected to be received and approximate their carrying amounts. The trade receivables above relate to rental income receivable from tenants of the investment properties. When a new lease is agreed with a tenant the Investment Manager performs various money laundering checks and makes a financial assessment to determine the tenant\u2019s ability to fulfil its obligations under the lease agreement for the foreseeable future. The majority of tenants are invoiced for rental income quarterly in advance and are issued with invoices at least 21 days before the relevant quarter starts. Invoices become due on the first day of the quarter and are considered past due if payment is not received by this date. Other receivables are considered past due when the given terms of credit expire.
Amounts are considered impaired when it becomes unlikely that the full value of a receivable will be recovered. Movement in the balance
considered to be impaired has been included in other direct property costs in the Consolidated Statement of Comprehensive Income. As
at 31 December 2023, trade receivables of \u00a3832,240 (2022: \u00a32,137,972) were considered impaired and provided for.
The ageing of these receivables is as follows:
2023
2022
\u00a3
\u00a3
0 to 3 months
(37,274)
(8,203)
3 to 6 months
(81,350)
(251,682)
Over 6 months
(713,616)
(1,878,087)
(832,240)
(2,137,972)
If the provision for impairment of trade receivables increased by \u00a31 million then the Company\u2019s earnings and net asset value would
decrease by \u00a31 million. If it decreased by \u00a31 million then the Company\u2019s earnings and net asset value would increase by \u00a31 million.
As of 31 December 2023, trade receivables of \u00a3500,470 (2022: \u00a33,099,355) were less than 3 months past due but considered not impaired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "
12. Cash and cash equivalents
2023
2022
\u00a3
\u00a3
Cash held at bank
6,337,101
9,389,992
Cash held on deposit with RBS
316,737
6,481,061
6,653,838
15,871,053
Cash held at banks earns interest at floating rates based on daily bank deposit rates. Deposits are made for varying periods of between
one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the applicable short-term
deposit rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "value": "12. Cash and cash equivalents
2023
2022
\u00a3
\u00a3
Cash held at bank
6,337,101
9,389,992
Cash held on deposit with RBS
316,737
6,481,061
6,653,838
15,871,053
Cash held at banks earns interest at floating rates based on daily bank deposit rates. Deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the applicable short-term deposit rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "
13. Trade and other payables
2023
2022
\u00a3
\u00a3
Trade and other payables
7,023,461
4,655,599
VAT payable
656,894
628,960
Deferred rental income
6,038,976
5,337,852
Rental deposits due to tenants
299,124
257,899
14,018,455
10,880,310
Trade and other payables are recognised at amortised cost. Trade payables are non-interest bearing and normally settled on 30-day
terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "13. Trade and other payables
2023
2022
\u00a3
\u00a3
Trade and other payables
7,023,461
4,655,599
VAT payable
656,894
628,960
Deferred rental income
6,038,976
5,337,852
Rental deposits due to tenants
299,124
257,899
14,018,455
10,880,310
Trade and other payables are recognised at amortised cost. Trade payables are non-interest bearing and normally settled on 30-day terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "14. Bank borrowings
2023 2022
\u00a3 \u00a3
Loan facility (including Rolling Credit Facility)
165,000,000
165,000,000
Drawn down outstanding balance
141,874,379
110,000,000
On 12 October 2022 the Group entered into an agreement to extend its existing \u00a3165 million debt facility with Royal Bank of Scotland International (\u201cRBSI\u201d). The previous facility (which expired on 27 April 2023) consisted of a \u00a3110 million term loan payable at 1.375% plus SONIA and two Revolving Credit Facilities (\u201cRCF\u201d) of \u00a335 million payable at 1.45% plus SONIA and \u00a320 million payable at 1.60% plus SONIA. The amended and restated agreement is for a three-year term loan of \u00a385 million and a single RCF of \u00a380 million; both payable at 1.5% plus SONIA. As at 31 December 2023 \u00a356.9m of the RCF was drawn (2022: \u00a3nil).
2023 2022
\u00a3 \u00a3
Opening carrying value of expired facility as at 1 January
109,928,234
109,723,399
Borrowings during the period on expired RCF
25,000,000
17,000,000
Repayment of expired RCF
(25,000,000
(17,000,000)
Repayment of expired facility
(110,000,000)
-
Amortisation arrangement costs
71,766
204,835
Closing carrying value of expired facility
-
109,928,234
Opening carrying value of new facility as at 1 January
(804,297)
-
Borrowings during the period on new RCF
63,000,000
-
Repayment of new RCF
(6,125,621)
-
New term loan facility
85,000,000
-
Arrangement costs of new facility
-
(804,297)
Amortisation arrangement costs
181,828
-
Closing carrying value
141,251,910
(804,297)
Opening carrying value of facilities combined as at 1 January
109,123,937
109,723,399
Closing carrying value of facilities combined
141,251,910
109,123,937
2023
2022
\u00a3
\u00a3
Amortisation of arrangement costs (expired facility)
71,766
204,835
Amortisation of arrangement costs (new facility)
181,828
-
See Note 5
253,594
204,835
Under the terms of the loan facilities there are certain events which would entitle RBSI to terminate the loan facility and demand repayment of all sums due. Included in these events of default is the financial undertaking relating to the LTV percentage. The loan agreement notes that the LTV percentage is calculated as the loan amount less the amount of any sterling cash deposited within the security of RBSI divided by the gross secured property value, and that this percentage should not exceed 60% for the period to and including 27 April 2021 and should not exceed 55% after 27 April 2021 to maturity. There have been no changes to the covenant requirements as a result of the extension to the facility noted above.
Analysis of Cash and cash Interest- 2023 Cash and cash Interest- 2022
movement in net equivalents bearing loans Net debt equivalents bearing loans Net debt
debt \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3
Opening balance
15,871,053
(109,123,937)
(93,252,884)
13,818,008
(109,723,399)
(95,905,391)
Cash movement
(9,217,215)
(31,874,379)
(41,091,594)
2,053,045
804,297
2,857,342
Amortisation of
arrangement costs
-
(253,594)
(253,594)
-
(204,835)
(204,835)
Closing balance
6,653,838
(141,251,910)
(134,598,072)
15,871,053
(109,123,937)
(93,252,884)
All loan covenants were met during the year ended December 2023.
2023
2022
\u00a3
\u00a3
Loan amount
141,874,379
110,000,000
Cash
(6,653,838)
(15,871,053)
135,220,541
94,128,947
Investment property valuation
439,185,037
416,175,000
LTV percentage
30.8%
22.6%
Other loan covenants that the Group is obliged to meet include the following: that the net rental income is not less than 150% of the finance costs for any three month period that the largest single asset accounts for less than 15% of the Gross Secured Asset Value that the largest ten assets accounts for less than 75% of the Gross Secured Asset Value that sector weightings are restricted to 55%, 45% and 75% for the Office, Retail and Industrial sectors respectively.. that the largest tenant accounts for less than 20% of the Company\u2019s annual net rental income that the five largest tenants account for less than 50% of the Company\u2019s annual net rental income that the ten largest tenants account for less than 75% of the Company\u2019s annual net rental income During the year, the Group complied with its obligations and loan covenants under its loan agreement. The loan facility is secured by fixed and floating charges over the assets of the Company and its wholly owned subsidiaries, abrdn Property Holdings Limited and abrdn (APIT) Limited Partnership. The switch to the Sterling Overnight Index Average (SONIA) benchmark took effect from the first interest payment date (20 January 2022) following cessation of LIBOR (1 January 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "
15. Interest rate Swap and Cap
In order to mitigate any interest rate risk linked to their debt facilities, the Group's policy has been to manage its cash flow using hedging
instruments. The following hedging instruments were effective during the year:
15a Historic Interest Rate Swap
The Group had previously taken out an interest rate swap of a notional amount of \u00a3110,000,000 with RBS as part of a refinancing exercise
in April 2016. The interest rate swap effective date was 28 April 2016 and had a maturity date of 27 April 2023. Under the swap the
Company agreed to receive a floating interest rate linked to SONIA and pay a fixed interest rate of 1.35%.
2023
2022
\u00a3
\u00a3
Opening fair value of interest rate swaps at 1 January
1,238,197
(568,036)
Reclassification of interest accrual
(335,663)
(247,093)
Valuation (loss)/gain on interest rate swap
(902,534)
1,470,570
Reclassified to Profit & Loss
-
582,756
Closing fair value of interest rate swap at 31 December
-
1,238,197
The spilt of the interest rate swap is listed below:
2023
2022
\u00a3
\u00a3
Current assets/(liabilities)
-
1,238,197
Non-current assets/(liabilities)
-
-
Interest rate swap with a start date of 28 April 2016 maturing on 27 April 2023
-
1,238,197
15b Terminated Interest Rate Swap
As disclosed in note 14, on 12 October 2022 the Group announced that it had completed an extension of its debt facilities which included
an interest rate swap of a notional amount of \u00a385,000,000 (due to commence 27 April 2023). At the time, there was heightened volatility
and swap rates were high, exacerbated by political uncertainty, and the all-in cost of the term loan amounted to 6.97%. In light of the
change in interest rate environment subsequent to its completion, the Group decided to break the swap at a cost of \u00a33,562,248 on 12
December 2022.
15c Interest Rate Cap
Simultaneously to the breaking of the \u00a385,000,000 swap, the Group agreed an interest rate cap against a notional amount of \u00a385,000,000
(due to commence 27 April 2023) with a cap level (SONIA) set at 3.959%. The cost of purchasing this cap was \u00a32,507,177 and expires in
April 2026 at the same time as the loan facility.
2023
2022
\u00a3
\u00a3
Opening fair value of interest rate cap at 1 January
2,550,469
-
Cost of interest rate cap
-
2,507,177
Net Change in fair value
(1,141,688)
43,292
Closing fair value of interest rate cap at 31 December
1,408,781
2,550,469
The change in fair value of the interest rate cap comprises fair value changes and interest received, paid and accrued.
2023
Cost of hedging
Cash flow hedge
Total
\u00a3
\u00a3
\u00a3
Opening fair value
1,779,151
771,318
2,550,469
Valuation (loss)/gain
(1,153,875)
377,860
(776,015)
Interest received
-
(365,673)
(365,673)
Net Change in fair value
(1,153,875)
12,187
(1,141,688)
Closing fair value of interest rate cap at 31 December
625,276
783,505
1,408,781
Less Closing Interest Accrual *
-
(213,260)
(213,260)
Adjusted fair value of interest rate cap at 31 December
625,276
570,245
1,195,521
Opening Adjusted fair value of interest rate cap at 1 January
1,779,151
771,318
2,550,469
Valuation (loss)/gain recognised on Adjusted Valuation
(1,153,875)
(201,073)
(1,354,948)
Net Change in fair value (as above)
(1,153,875)
12,187
(1,141,688)
Less Closing Interest Accrual (as above) *
-
(213,260)
(213,260)
Valuation (loss)/gain recognised on Adjusted Valuation
(1,153,875)
(201,073)
(1,354,948)
2023
Interest Rate Cap Reserves Reconciliation
Cost of hedging
Cash flow Total
reserve hedge reserve
\u00a3
\u00a3
\u00a3
Opening Reserve
(728,026)
771,318
43,292
Valuation (loss)/gain recognised on Adjusted Valuation
(1,153,875)
(201,073)
(1,354,948)
Amortisation of Premium (See Note 5)
565,030
-
565,030
Valuation loss as recognised in Other Comprehensive Income
(588,945)
(201,073)
(789,918)
Closing Reserve
(1,316,871)
570,245
(746,626)
* As the valuation of the interest rate cap includes a valuation attributable to the unsettled interest (due to 21st January) a separat accrual has not been recorded in the balance sheet. Instead, this represents a recycling of the change in Other Comprehensive Incom for the Cash flow hedge to Finance Cost.
2022
Cost of hedging
Cash flow hedge
Total
\u00a3
\u00a3
\u00a3
Opening Value
-
-
-
Cost of Interest rate cap
2,507,177
-
2,507,177
Valuation (loss)/gain
(728,026)
771,318
43,292
Net Change in fair value
(728,026)
771,318
43,292
Closing fair value of interest rate cap at 31 December
1,779,151
771,318
2,550,469
Less Closing Interest Accrual *
-
-
-
Adjusted fair value of interest rate cap at 31 December
1,779,151
771,318
2,550,469
Opening Adjusted fair value of interest rate cap at 1 January
-
-
-
Valuation (loss)/gain recognised on Adjusted Valuation
(728,026)
771,318
43,292
2022
Interest Rate Cap Reserves Reconciliation
Cost of hedging
Cash flow Total
reserve hedge reserve
\u00a3
\u00a3
\u00a3
Opening Reserve
-
-
-
Valuation (loss)/gain recognised on Adjusted Valuation
(728,026)
771,318
43,292
Amortisation of Premium (See Note 5)
-
-
-
Valuation gain as recognised in Other Comprehensive Income
(728,026)
771,318
43,292
Closing Reserve
(728,026)
771,318
43,292
The Interest associated with the cap recognised as an offset against Finance Cost is summarised below:
2023
2022
\u00a3
\u00a3
Interest received
365,673
-
Closing Interest Accrual
213,260
-
Receipt on interest rate caps (see Note 5)
578,933
-
The spilt of the interest rate cap is listed below:
2023
2022
\u00a3
\u00a3
Current assets/(liabilities)
849,110
339,462
Non-current assets/(liabilities)
559,671
2,211,007
Interest rate cap with a start date of 27 April 2023 maturing on 26 April 2026
1,408,781
2,550,459
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "15. Interest rate Swap and Cap In order to mitigate any interest rate risk linked to their debt facilities, the Group's policy has been to manage its cash flow using hedging instruments. The following hedging instruments were effective during the year: 15a Historic Interest Rate Swap The Group had previously taken out an interest rate swap of a notional amount of \u00a3110,000,000 with RBS as part of a refinancing exercise in April 2016. The interest rate swap effective date was 28 April 2016 and had a maturity date of 27 April 2023. Under the swap the Company agreed to receive a floating interest rate linked to SONIA and pay a fixed interest rate of 1.35%.
2023
2022
\u00a3
\u00a3
Opening fair value of interest rate swaps at 1 January
1,238,197
(568,036)
Reclassification of interest accrual
(335,663)
(247,093)
Valuation (loss)/gain on interest rate swap
(902,534)
1,470,570
Reclassified to Profit & Loss
-
582,756
Closing fair value of interest rate swap at 31 December
-
1,238,197
The spilt of the interest rate swap is listed below:
2023
2022
\u00a3
\u00a3
Current assets/(liabilities)
-
1,238,197
Non-current assets/(liabilities)
-
-
Interest rate swap with a start date of 28 April 2016 maturing on 27 April 2023
-
1,238,197
15b Terminated Interest Rate Swap As disclosed in note 14, on 12 October 2022 the Group announced that it had completed an extension of its debt facilities which included an interest rate swap of a notional amount of \u00a385,000,000 (due to commence 27 April 2023). At the time, there was heightened volatility and swap rates were high, exacerbated by political uncertainty, and the all-in cost of the term loan amounted to 6.97%. In light of the change in interest rate environment subsequent to its completion, the Group decided to break the swap at a cost of \u00a33,562,248 on 12 December 2022. 15c Interest Rate Cap Simultaneously to the breaking of the \u00a385,000,000 swap, the Group agreed an interest rate cap against a notional amount of \u00a385,000,000 (due to commence 27 April 2023) with a cap level (SONIA) set at 3.959%. The cost of purchasing this cap was \u00a32,507,177 and expires in April 2026 at the same time as the loan facility.
2023
2022
\u00a3
\u00a3
Opening fair value of interest rate cap at 1 January
2,550,469
-
Cost of interest rate cap
-
2,507,177
Net Change in fair value
(1,141,688)
43,292
Closing fair value of interest rate cap at 31 December
1,408,781
2,550,469
The change in fair value of the interest rate cap comprises fair value changes and interest received, paid and accrued.
2023
Cost of hedging
Cash flow hedge
Total
\u00a3
\u00a3
\u00a3
Opening fair value
1,779,151
771,318
2,550,469
Valuation (loss)/gain
(1,153,875)
377,860
(776,015)
Interest received
-
(365,673)
(365,673)
Net Change in fair value
(1,153,875)
12,187
(1,141,688)
Closing fair value of interest rate cap at 31 December
625,276
783,505
1,408,781
Less Closing Interest Accrual *
-
(213,260)
(213,260)
Adjusted fair value of interest rate cap at 31 December
625,276
570,245
1,195,521
Opening Adjusted fair value of interest rate cap at 1 January
1,779,151
771,318
2,550,469
Valuation (loss)/gain recognised on Adjusted Valuation
(1,153,875)
(201,073)
(1,354,948)
Net Change in fair value (as above)
(1,153,875)
12,187
(1,141,688)
Less Closing Interest Accrual (as above) *
-
(213,260)
(213,260)
Valuation (loss)/gain recognised on Adjusted Valuation
(1,153,875)
(201,073)
(1,354,948)
2023
Interest Rate Cap Reserves Reconciliation
Cost of hedging
Cash flow Total
reserve hedge reserve
\u00a3
\u00a3
\u00a3
Opening Reserve
(728,026)
771,318
43,292
Valuation (loss)/gain recognised on Adjusted Valuation
(1,153,875)
(201,073)
(1,354,948)
Amortisation of Premium (See Note 5)
565,030
-
565,030
Valuation loss as recognised in Other Comprehensive Income
(588,945)
(201,073)
(789,918)
Closing Reserve
(1,316,871)
570,245
(746,626)
* As the valuation of the interest rate cap includes a valuation attributable to the unsettled interest (due to 21st January) a separat e accrual has not been recorded in the balance sheet. Instead, this represents a recycling of the change in Other Comprehensive Incom e or the Cash flow hedge to Finance Cost.
2022
Cost of hedging
Cash flow hedge
Total
\u00a3
\u00a3
\u00a3
Opening Value
-
-
-
Cost of Interest rate cap
2,507,177
-
2,507,177
Valuation (loss)/gain
(728,026)
771,318
43,292
Net Change in fair value
(728,026)
771,318
43,292
Closing fair value of interest rate cap at 31 December
1,779,151
771,318
2,550,469
Less Closing Interest Accrual *
-
-
-
Adjusted fair value of interest rate cap at 31 December
1,779,151
771,318
2,550,469
Opening Adjusted fair value of interest rate cap at 1 January
-
-
-
Valuation (loss)/gain recognised on Adjusted Valuation
(728,026)
771,318
43,292
2022
Interest Rate Cap Reserves Reconciliation
Cost of hedging
Cash flow Total
reserve hedge reserve
\u00a3
\u00a3
\u00a3
Opening Reserve
-
-
-
Valuation (loss)/gain recognised on Adjusted Valuation
(728,026)
771,318
43,292
Amortisation of Premium (See Note 5)
-
-
-
Valuation gain as recognised in Other Comprehensive Income
(728,026)
771,318
43,292
Closing Reserve
(728,026)
771,318
43,292
The Interest associated with the cap recognised as an offset against Finance Cost is summarised below:
2023
2022
\u00a3
\u00a3
Interest received
365,673
-
Closing Interest Accrual
213,260
-
Receipt on interest rate caps (see Note 5)
578,933
-
The spilt of the interest rate cap is listed below:
2023
2022
\u00a3
\u00a3
Current assets/(liabilities)
849,110
339,462
Non-current assets/(liabilities)
559,671
2,211,007
Interest rate cap with a start date of 27 April 2023 maturing on 26 April 2026
1,408,781
2,550,459
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "
16. Obligations under Finance Leases
Minimum lease
Interest
Present value of
payments minimum lease
payments
2023
2023
2023
\u00a3
\u00a3
\u00a3
Less than one year
52,450
(49,202)
3,248
Between two and five years
209,800
(195,892)
13,908
More than five years
5,140,100
(3,347,135)
1,792,965
Total
5,402,350
(3,592,229)
1,810,121
Minimum lease
Interest
Present value of
payments minimum lease
payments
2022
2022
2022
\u00a3
\u00a3
\u00a3
Less than one year
26,068
(24,468)
1,600
Between two and five years
104,271
(97,426)
6,845
More than five years
2,580,717
(1,689,590)
891,127
Total
2,711,056
(1,811,484)
899,572
The above table shows the present value of future lease payments in relation to the ground lease payable at Hagley Road, Birmingham
as required under IFRS 16. A corresponding asset has been recognised and is part of Investment properties as shown in note 7.
17. Lease analysis
The Group has granted leases on its property portfolio. This property portfolio as at 31 December 2023 had an average lease expiry of 6
years and 4 months. Leases include clauses to enable periodic upward revision of the rental charge according to prevailing market
conditions. Some leases contain options to break before the end of the lease term.
Future minimum rentals receivable under non-cancellable operating leases as at 31 December are as follows:
2023
2022
\u00a3
\u00a3
Within one year
27,137,392
24,457,032
Between one and two years
22,839,051
21,677,762
Between two and three years
19,036,836
16,236,484
Between three and four years
14,949,198
12,375,936
Between four and five years
12,718,074
8,695,218
More than 5 years
78,172,826
45,075,463
Total
174,853,377
128,517,895
The largest single tenant at the year-end accounts for 5.7% (2022: 6.0%) of the current annual passing rent.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "16. Obligations under Finance Leases
Minimum lease
Interest
Present value of
payments minimum lease
payments
2023
2023
2023
\u00a3
\u00a3
\u00a3
Less than one year
52,450
(49,202)
3,248
Between two and five years
209,800
(195,892)
13,908
More than five years
5,140,100
(3,347,135)
1,792,965
Total
5,402,350
(3,592,229)
1,810,121
Minimum lease
Interest
Present value of
payments minimum lease
payments
2022
2022
2022
\u00a3
\u00a3
\u00a3
Less than one year
26,068
(24,468)
1,600
Between two and five years
104,271
(97,426)
6,845
More than five years
2,580,717
(1,689,590)
891,127
Total
2,711,056
(1,811,484)
899,572
The above table shows the present value of future lease payments in relation to the ground lease payable at Hagley Road, Birmingham as required under IFRS 16. A corresponding asset has been recognised and is part of Investment properties as shown in note 7.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "17. Lease analysis The Group has granted leases on its property portfolio. This property portfolio as at 31 December 2023 had an average lease expiry of 6 years and 4 months. Leases include clauses to enable periodic upward revision of the rental charge according to prevailing market conditions. Some leases contain options to break before the end of the lease term. Future minimum rentals receivable under non-cancellable operating leases as at 31 December are as follows:
2023
2022
\u00a3
\u00a3
Within one year
27,137,392
24,457,032
Between one and two years
22,839,051
21,677,762
Between two and three years
19,036,836
16,236,484
Between three and four years
14,949,198
12,375,936
Between four and five years
12,718,074
8,695,218
More than 5 years
78,172,826
45,075,463
Total
174,853,377
128,517,895
The largest single tenant at the year-end accounts for 5.7% (2022: 6.0%) of the current annual passing rent.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "
18. Share capital
Under the Company\u2019s Articles of Incorporation, the Company may issue an unlimited number of ordinary shares of 1 pence each, subject
to issuance limits set at the AGM each year. As at 31 December 2023 there were 381,218,977 ordinary shares of 1p each in issue (2022:
381,218,977). All ordinary shares rank equally for dividends and distributions and carry one vote each. There are no restrictions concerning
the transfer of ordinary shares in the Company, no special rights with regard to control attached to the ordinary shares, no agreements
between holders of ordinary shares regarding their transfer known to the Company and no agreement which the Company is party to
that affects its control following a takeover bid.
Allotted, called up and fully paid:
2023
2022
\u00a3
\u00a3
Opening balance
228,383,857
228,383,857
Shares issued
-
-
Closing balance
228,383,857
228,383857
Treasury Shares In 2022, the Company undertook a share buyback programme at various levels of discount to the prevailing NAV. In the period to 31 December 2023 no shares had been bought back (2022: 15,703,409) at a cost of \u00a3nil (2022: \u00a312,409,459) and are included in the Treasury share reserve.
2023
2022
\u00a3
\u00a3
Opening balance
18,400,876
5,991,417
Bought back during the year
-
12,409,459
Closing balance
18,400,876
18,400,876
The number of shares in issue as at 31 December 2023/2022 are as follows
2023
2022
Number of Number of
shares shares
Opening balance
381,218,977
396,922,386
Bought back during the year and put into Treasury
-
(15,703,409)
Closing balance
381,218,977
381,218,977
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "18. Share capital Under the Company\u2019s Articles of Incorporation, the Company may issue an unlimited number of ordinary shares of 1 pence each, subject to issuance limits set at the AGM each year. As at 31 December 2023 there were 381,218,977 ordinary shares of 1p each in issue (2022: 381,218,977). All ordinary shares rank equally for dividends and distributions and carry one vote each. There are no restrictions concerning the transfer of ordinary shares in the Company, no special rights with regard to control attached to the ordinary shares, no agreements between holders of ordinary shares regarding their transfer known to the Company and no agreement which the Company is party to that affects its control following a takeover bid.
Allotted, called up and fully paid:
2023
2022
\u00a3
\u00a3
Opening balance
228,383,857
228,383,857
Shares issued
-
-
Closing balance
228,383,857
228,383857
Treasury Shares In 2022, the Company undertook a share buyback programme at various levels of discount to the prevailing NAV. In the period to 31 December 2023 no shares had been bought back (2022: 15,703,409) at a cost of \u00a3nil (2022: \u00a312,409,459) and are included in the Treasury share reserve.
2023
2022
\u00a3
\u00a3
Opening balance
18,400,876
5,991,417
Bought back during the year
-
12,409,459
Closing balance
18,400,876
18,400,876
The number of shares in issue as at 31 December 2023/2022 are as follows
2023
2022
Number of Number of
shares shares
Opening balance
381,218,977
396,922,386
Bought back during the year and put into Treasury
-
(15,703,409)
Closing balance
381,218,977
381,218,977
19. Reserves The detailed movement of the below reserves for the years to 31 December 2023 and 31 December 2022 can be found in the Consolidated Statement of Changes in Equity on page 60. Retained earnings This is a distributable reserve and represents the cumulative revenue earnings of the Group less dividends paid to the Company\u2019s shareholders. Capital reserves This reserve represents realised gains and losses on disposed investment properties and unrealised valuation gains and losses on investment properties and cash flow hedges since the Company\u2019s launch. Other distributable reserves This reserve represents the share premium raised on launch of the Company which was subsequently converted to a distributable reserve by special resolution dated 4 December 2003.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "
Treasury Shares
In 2022, the Company undertook a share buyback programme at various levels of discount to the prevailing NAV. In the period to 31
December 2023 no shares had been bought back (2022: 15,703,409) at a cost of \u00a3nil (2022: \u00a312,409,459) and are included in the Treasury
share reserve.
2023
2022
\u00a3
\u00a3
Opening balance
18,400,876
5,991,417
Bought back during the year
-
12,409,459
Closing balance
18,400,876
18,400,876
The number of shares in issue as at 31 December 2023/2022 are as follows
2023
2022
Number of Number of
shares shares
Opening balance
381,218,977
396,922,386
Bought back during the year and put into Treasury
-
(15,703,409)
Closing balance
381,218,977
381,218,977
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "
19. Reserves
The detailed movement of the below reserves for the years to 31 December 2023 and 31 December 2022 can be found in the
Consolidated Statement of Changes in Equity on page 60.
Retained earnings
This is a distributable reserve and represents the cumulative revenue earnings of the Group less dividends paid to the Company\u2019s
shareholders.
Capital reserves
This reserve represents realised gains and losses on disposed investment properties and unrealised valuation gains and losses on
investment properties and cash flow hedges since the Company\u2019s launch.
Other distributable reserves
This reserve represents the share premium raised on launch of the Company which was subsequently converted to a distributable reserve
by special resolution dated 4 December 2003.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "value": "
20. Earnings per share
Basic earnings per share amounts are calculated by dividing profit for the year net of tax attributable to ordinary equity holders by the
weighted average number of ordinary shares outstanding during the year. As there are no dilutive instruments outstanding, basic and
diluted earnings per share are identical.
The earnings per share for the year is set out in the table below. In addition one of the key metrics the Board considers is dividend cover.
This is calculated by dividing the net revenue earnings in the year (surplus for the year net of tax excluding all capital items and the swaps
breakage costs) divided by the dividends payable in relation to the financial year. For 2023 this equated to a figure of 81% (2022: 97%).
See the Alternative Performance Measures on pages 89 to 90.
The following reflects the income and share data used in the basic and diluted earnings per share computations:
2023
2022
\u00a3
\u00a3
Loss for the year net of tax
(8,267,901)
(51,053,487)
2023
2022
Weighted average number of ordinary shares outstanding during the year
381,218,977
389,565,276
Loss per ordinary share (pence)
(2.17)
(13.11)
Profit for the year excluding capital items (\u00a3)
10,824,203
11,471,770
EPRA earnings per share (pence)
2.83
2.94
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "value": "21. Dividends and Property Income Distributions Gross of Income Tax
Dividends 2023
PID
Non-PID Total PID Non-PID
pence pence Pence \u00a3 \u00a3
Quarter to 31 December of prior year
-
1.0000
1.0000
-
3,812,190
(paid in February)
Quarter to 31 March (paid in May)
1.0000
-
1.0000
3,812,190
-
Quarter to 30 June (paid in August)
1.0000
-
1.0000
3,812,190
-
Quarter to 30 September (paid in
November)
-
1.0000
1.0000
-
3,812,190
Total dividends paid
2.0000
2.0000
4.0000
7,624,380
7,624,380
Quarter to 31 December of current year
0.3980
0.6020
1.0000
1,517,252
2,294,938
(paid after year end)
Prior year dividends (per above)
-
(1.0000)
(1.0000)
-
(3,812,190)
Total dividends paid for the year
2.3980
1.6020
4.0000
9,141,632
6,107,128
On 23 February 2024 a dividend in respect of the quarter to 31 December 2023 of 1.0 pence per share was paid split as 0.398p Property Income Distribution, and 0.602p Non-Property Income Distribution.
Dividends 2022
PID
Non-PID Total PID Non-PID
pence pence Pence \u00a3 \u00a3
Quarter to 31 December of prior year
0.7910
0.2090
1.0000
3,139,656
829,568
(paid in February)
Quarter to 31 March (paid in May)
1.0000
-
1.0000
3,969,224
-
Quarter to 30 June (paid in August)
1.0000
-
1.0000
3,860,190
-
Quarter to 30 September (paid in
November)
0.1806
0.8194
1.0000
688,481
3,123,708
Total dividends paid
2.9716
1.0284
4.0000
11,657,551
3,953,276
Quarter to 31 December of current year
-
1.0000
1.0000
-
3,812,190
(paid after year end)
Prior year dividends (per above)
(0.7910)
(0.2090)
(1.0000)
(3,139,656)
(829,568)
Total dividends paid for the year
2.1806
1.8194
4.0000
8,517,895
6,935,898
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "0.01", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-337": { "value": "
22. Reconciliation of Audited Consolidated NAV to Unaudited Published NAV
The NAV attributable to ordinary shares is published quarterly and is based on the most recent valuation of the investment properties.
2023
2022
Number of ordinary shares at the reporting date
381,218,977
381,218,977
2023
2023
\u00a3
\u00a3
Total equity per audited consolidated financial statements
298,078,443
323,287,555
NAV per share (p)
78.2
84.8
Published NAV per share (p)
78.4
84.8
The variance between the unaudited published NAV and audited consolidated NAV of 0.2p per share represents the recognition of fees
associated with the strategic review and proposed merger, the identification of a backdated rent review post publication but agreed prior
to year-end, and the recognition of accrued grant income not yet received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "
23. Related Party Disclosures
Directors\u2019 remuneration
The Directors of the Company are deemed as key management personnel and received fees for their services. Total fees for the year
were \u00a3239,436 (2022: \u00a3247,603) none of which remained payable at the year-end (2022: nil).
abrdn Fund Managers Limited, as the Manager of the Group from 10 December 2018, (formerly Aberdeen Standard Fund Managers
Limited), received fees for their services as investment managers. Further details are provided in note 4.
2023
2022
\u00a3
\u00a3
Huw Evans
-
17,124
Mike Balfour
41,500
41,500
Mike Bane
37,000
34,059
James Clifton-Brown
50,000
50,000
Jill May
37,000
37,000
Sarah Slater
37,000
37,000
Employers\u2019 national insurance contributions
23,735
22,885
226,235
239,568
Directors\u2019 expenses
13,201
8,035
239,436
247,603
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "23. Related Party Disclosures Directors\u2019 remuneration The Directors of the Company are deemed as key management personnel and received fees for their services. Total fees for the year were \u00a3239,436 (2022: \u00a3247,603) none of which remained payable at the year-end (2022: nil). abrdn Fund Managers Limited, as the Manager of the Group from 10 December 2018, (formerly Aberdeen Standard Fund Managers Limited), received fees for their services as investment managers. Further details are provided in note 4.
2023
2022
\u00a3
\u00a3
Huw Evans
-
17,124
Mike Balfour
41,500
41,500
Mike Bane
37,000
34,059
James Clifton-Brown
50,000
50,000
Jill May
37,000
37,000
Sarah Slater
37,000
37,000
Employers\u2019 national insurance contributions
23,735
22,885
226,235
239,568
Directors\u2019 expenses
13,201
8,035
239,436
247,603
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "Directors\u2019 remuneration The Directors of the Company are deemed as key management personnel and received fees for their services. Total fees for the year were \u00a3239,436 (2022: \u00a3247,603) none of which remained payable at the year-end (2022: nil). abrdn Fund Managers Limited, as the Manager of the Group from 10 December 2018, (formerly Aberdeen Standard Fund Managers Limited), received fees for their services as investment managers. Further details are provided in note 4.
2023
2022
\u00a3
\u00a3
Huw Evans
-
17,124
Mike Balfour
41,500
41,500
Mike Bane
37,000
34,059
James Clifton-Brown
50,000
50,000
Jill May
37,000
37,000
Sarah Slater
37,000
37,000
Employers\u2019 national insurance contributions
23,735
22,885
226,235
239,568
Directors\u2019 expenses
13,201
8,035
239,436
247,603
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "
24. Segmental Information
The Board has considered the requirements of IFRS 8 \u2018operating segments\u2019. The Board is of the view that the Group is engaged in a single
segment of business, being property investment and in one geographical area, the United Kingdom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "
25. Commitments and Contingent Liabilities
The Group had contracted capital commitments as at 31 December 2023 of \u00a32.4 million (31 December 2022: \u00a317.3m). The commitment
is the remaining Capital spend on the industrial developments in St Helens and Knowsley, in addition to large scale project at Washington.
As discussed further in note 4 and note 26 below, following the shareholder vote on the 27 March 2024 the Board is taking steps to put
the Company into a managed and orderly wind-down to be voted upon by shareholders at an upcoming wind-down EGM. If shareholders
vote for a change in Investment Policy, corporate advisors will be entitled to receive \u00a32,129,993. As discussed more fully in note 2.1, the
outcome of this vote is not wholly within the Group\u2019s control and there is no certainty of the outcome due to the large proportion of
shareholders on the register whose voting intentions cannot be ascertained and the large proportion of shareholders who did not vote at
the EGM on 27 March
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "25. Commitments and Contingent Liabilities The Group had contracted capital commitments as at 31 December 2023 of \u00a32.4 million (31 December 2022: \u00a317.3m). The commitment is the remaining Capital spend on the industrial developments in St Helens and Knowsley, in addition to large scale project at Washington. As discussed further in note 4 and note 26 below, following the shareholder vote on the 27 March 2024 the Board is taking steps to put the Company into a managed and orderly wind-down to be voted upon by shareholders at an upcoming wind-down EGM. If shareholders vote for a change in Investment Policy, corporate advisors will be entitled to receive \u00a32,129,993. As discussed more fully in note 2.1, the outcome of this vote is not wholly within the Group\u2019s control and there is no certainty of the outcome due to the large proportion of shareholders on the register whose voting intentions cannot be ascertained and the large proportion of shareholders who did not vote at the EGM on 27 March ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "
26. Events after the balance sheet date
Merger with Custodian
On 19 January 2024, the boards of abrdn Property Income Trust Limited (API) and Custodian Property Income REIT plc (Custodian)
announced that they had reached agreement on the terms and conditions of a recommended all-share merger pursuant to which CREI
would acquire the entire issued and to be issued share capital of API. It was intended that the Merger will be implemented by means of
a Court sanctioned scheme of arrangement under Part VIII of the Companies Law. Shareholder votes were scheduled for the 27
th
(CREI)
and 28
th
(API) February 2024.
On 20
February 2024, Urban Logistics REIT plc (Urban) announced that they were considering a possible offer for API and were ultimately
given a deadline of 5pm on 20 March 2024 to clarify their intentions. As a result, API\u2019s Shareholder Meetings were adjourned to the 27
March 2024.
On 27 March 2024 approximately 60% of shareholders who cast a vote voted in favour of the proposed merger. However, the threshold
for approval of the merger was 75% so the merger did not proceed. The Board explained to shareholders that if the proposed merger was
rejected, it would take the necessary actions to put the Company into a managed and orderly wind-down, selling assets and returning
funds to shareholders as such funds become available. The Board is now, therefore, taking steps to initiate this process and a circular to
shareholders will be issued convening another meeting during May at which shareholders will be asked to vote in favour of a resolution
to change the Company\u2019s investment policy as further explained in note 2.1.
As discussed further in note 4, fees associated with the initial Rule 2.7 announcement (including advisor, due diligence and valuation fees)
were \u00a32,014,248 of which \u00a31,729,925 was accrued as at 31 December 2023 based on levels of WIP. Fees associated with the approach
from Urban (including due diligence) were \u00a3298,300, while fees associated with proposed wind-down are \u00a387,500.
Dividends
On 23 February 2024 a dividend in respect of the quarter to 31 December 2023 of 1.0 pence per share was paid split as 0.398p Property
Income Distribution, and 0.602p Non-Property Income Distribution.
Sales
On 7 March 2024, the Company completed on the sale of its industrial asset Opus 9, Warrington for a headline price of \u00a36.75m. Further
to this, the Company completed on the sale of its office asset 15 Basinghall Street in London for a headline price of \u00a39.8m on 22 March
2024, and its Industrial assets Unit 5 Monkton Business Park in Hebburn (8 April 2024) and Kings Business Park in Bristol (15 April 2024)
for headline prices of \u00a35.3m and \u00a37.9m respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }