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General information abrdn Property Income Trust Limited (\u201cthe Company\u201d) and its former subsidiaries (together \u201cthe Group\u201d) historically carried on the business of property investment through a portfolio of freehold and leasehold investment properties located in the United Kingdom. During the year, the Company disposed of its entire holding in its subsidiaries and is now in the process of winding-down prior to entering liquidation. 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 30 April 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "abrdn Property Income Trust Limited (\u201cthe Company\u201d) and its former subsidiaries (together \u201cthe Group\u201d) historically carried 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-347": { "value": "abrdn Property Income Trust Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "value": "abrdn Property Income Trust Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-348": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-349": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "PO Box 255, Trafalgar Court, Les Banques, St Peter Port, Guernsey", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-350": { "value": "PO Box 255, Trafalgar Court, Les Banques, St Peter Port, Guernsey", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "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. As detailed
more fully in the 2023 Annual Report & Financial Statements, this proposal did not attract sufficient support from shareholders
to be passed at the Extraordinary General Meeting. Following the vote, shareholders were given the opportunity to vote on a
proposed change to the Group\u2019s Investment Policy which if passed would place the Group into a Managed and Orderly Wind-
Down (\u201cwind-down EGM\u201d), selling assets and returning funds to shareholders as such funds become available. On the 28 May
2024, approximately 96% of shareholders who voted cast their votes in favour of this proposal and the resolution passed.
Under the Managed Wind-Down process, the Group and its subsidiaries were managed with the intention of realising all the
assets in its portfolio in an orderly manner, with a view to repaying borrowings and making timely returns of capital to
shareholders whilst aiming to obtain the best achievable value for the assets. As part of this process, the Group successfully
disposed of 6 Investment Properties prior to reaching an agreement with GoldenTree Asset Management LP for the sale of its
wholly owned subsidiary abrdn Property Holdings Limited (aPH). The transaction, which completed on the 29
th
November,
comprised the sale of 39 assets being the Group\u2019s entire investment property portfolio excluding its interest in the land at Far
Ralia (which was subsequently transferred to the Company prior to year end following subsequent Scottish Government
consent).
Following completion of the transaction, Shareholders were given the opportunity to vote on a proposal for the Company to
make an initial return of the proceeds of sale by way of an initial issue and redemption of Redeemable Bonus Shares
repurchased for 52 pence per Redeemable Bonus Share. On 17
th
December 2024, approximately 99.5% of shareholders who
voted cast their votes in favour of this proposal and the funds were returned to shareholders prior to year end.
As at 31
st
December 2024, the Group consists solely of the Company itself which holds the aforementioned interest in the land
at Far Ralia and cash retained from the sales proceeds to cover anticipated costs until fully liquidated. The Board is satisfied
that the Company will have no material difficulty in meeting its liabilities as they fall due during the period until fully liquidated.
However, there now exists a clear intention to enter liquidation once the completion accounts process has been settled with
GoldenTree and the directors are satisfied that there is an appropriate process for realising the remaining assets. As such, in
accordance with IAS1 para 25 and IAS 10 (Events after the Reporting Period) para 14, these financial statements have been
prepared on a basis other than that of a going concern.
As a result of adopting a basis other than that of a going concern, the Board has deemed it appropriate to reduce the fair value of the land by the expected costs of disposal. No other costs of liquidation have been recognised other than those committed or incurred at the balance sheet date. 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 16 \u2013 Lease Liability in a Sale and Leaseback; Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements 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 Classification of Liabilities as Current or Non-current. The amendment clarifies a criterion for recognising a liability as non-current if an entity has the right to defer settlement for at least 12 months after the reporting period. Given the current circumstances of the Company, all liabilities have been deemed current albeit the Board acknowledge that the classification is unaffected by the Company\u2019s intention or expectation whether it will exercise a right to defer. 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 21 Lack of Exchangeability - The Effects of Changes in Foreign Exchange Rates [Effective 1 January 2025] \u25b8 Amendments to IFRS 9 Financial Instruments (Classification and Measurement) [Effective 1 January 2026] \u25b8 Amendments to IFRS 18 Presentation and Disclosure in Financial Statements [Effective 1 January 2027] \u25b8 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures [Effective 1 January 2027] 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, 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 (& presentation) of investment properties and land Investment properties and land have historically been stated at fair value as at the Balance Sheet date. Gains or losses arising from changes in fair values were included in the Consolidated Statement of Comprehensive Income in the year in which they arose. The fair value of investment properties and land was determined by external real estate valuation experts using recognised valuation techniques. The fair values were determined having regard to any recent real estate transactions where available, with similar characteristics and locations to those of the Group\u2019s assets. The directors consider that there is a significantly wider range of estimation uncertainty for land than for investment properties because there are few comparable assets or recent transactions, and the estimates involved (namely Carbon pricing). As detailed further in notes 2.4 and 9, the Directors have also assessed the classification of Land as a current asset considering the current marketing of the site and presentation of these financial statements on a basis other than that of a going concern.
2.3 Summary of material accounting policies
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 have historically comprised 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.
During the year, the Company completed on the disposal of its wholly owned subsidiaries. As such, the Consolidated
Statement of Financial Position represents the Company in isolation (2023: consolidated group), while the Consolidated
Statement of Comprehensive Income includes the pro-rated income and expenditure up to the date of disposal as noted
above.
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 was 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.
As detailed further in note 6, the Group ceased being treated as a UK REIT from 29 November 2024.
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 were 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 required the Group to provide ancillary services to the tenant such
as maintenance works etc, therefore these service charge obligations belonged to the Group. However, to meet this obligation
the Group appointed a managing agent, Jones Lang Lasalle Inc \u201cJLL\u201d and directed it to fulfil the obligation on its behalf. The
contract between the Group and the managing agent created both a right to services and the ability to direct those services.
This was a clear indication that the Group operated as a principal and the managing agent operated as an agent. Therefore,
it was 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.
2.4 Adjustments to going concern basis of accounting
In addition to assessing the Company\u2019s significant and material accounting judgements, estimates and assumptions, the
Board has also considered the following areas where it might be appropriate to apply adjustments to the \u2018normal\u2019 IFRS basis:
1) Measurement of Assets
It is appropriate to consider the need to write down assets to their net realisable value. Investment Properties including Land
are stated at fair value, while other assets including trade receivables are recognised at their recoverable amount already.
The Board has assessed the basis for and measurement of the residual interest in Land and have decided to reduce fair value
by the estimated cost of disposal. Further details can be found in note 25.
2) Liabilities
The Board recognise that it would be appropriate to accrue costs associated with potentially onerous contracts by applying
guidance in IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. However, at the date of approval of the financial
statement, no such contracts exist, and accordingly no provisions have been made.
3) Presentation and disclosure
The Board has assessed the classification of assets and liabilities between current and non-current. Assets that met the criteria
to be classified as held for sale at 31 December 2024 have been classified as current assets. Non-current assets and liabilities
have been reclassified as current as they are expected to be realised in less than 12 months.
After careful consideration, the Board believes that it would not be meaningful to present the results of discontinued operations
as a separate financial statement line item of income or loss (in accordance with IFRS 5) because this would not result in
meaningful information in a situation where all of an entity\u2019s operations will be discontinued.
Finally, the Board has assessed whether adoption of a basis other than that of a going concern would have any material
impact on comparatives and have concluded this not to be the case. As at 31 December 2023, 5 assets valued at \u00a335.1m were
deemed \u2018held for sale\u2019 which would have been impaired by \u00a3579,150 (0.15p per share) if adopting a similar methodology.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "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. As detailed more fully in the 2023 Annual Report & Financial Statements, this proposal did not attract sufficient support from shareholders to be passed at the Extraordinary General Meeting. Following the vote, shareholders were given the opportunity to vote on a proposed change to the Group\u2019s Investment Policy which if passed would place the Group into a Managed and Orderly Wind- Down (\u201cwind-down EGM\u201d), selling assets and returning funds to shareholders as such funds become available. On the 28 May 2024, approximately 96% of shareholders who voted cast their votes in favour of this proposal and the resolution passed. Under the Managed Wind-Down process, the Group and its subsidiaries were managed with the intention of realising all the assets in its portfolio in an orderly manner, with a view to repaying borrowings and making timely returns of capital to shareholders whilst aiming to obtain the best achievable value for the assets. As part of this process, the Group successfully disposed of 6 Investment Properties prior to reaching an agreement with GoldenTree Asset Management LP for the sale of its wholly owned subsidiary abrdn Property Holdings Limited (aPH). The transaction, which completed on the 29th November, comprised the sale of 39 assets being the Group\u2019s entire investment property portfolio excluding its interest in the land at Far Ralia (which was subsequently transferred to the Company prior to year end following subsequent Scottish Government consent). Following completion of the transaction, Shareholders were given the opportunity to vote on a proposal for the Company to make an initial return of the proceeds of sale by way of an initial issue and redemption of Redeemable Bonus Shares repurchased for 52 pence per Redeemable Bonus Share. On 17 th December 2024, approximately 99.5% of shareholders who voted cast their votes in favour of this proposal and the funds were returned to shareholders prior to year end. As at 31 st December 2024, the Group consists solely of the Company itself which holds the aforementioned interest in the land at Far Ralia and cash retained from the sales proceeds to cover anticipated costs until fully liquidated. The Board is satisfied that the Company will have no material difficulty in meeting its liabilities as they fall due during the period until fully liquidated. However, there now exists a clear intention to enter liquidation once the completion accounts process has been settled with GoldenTree and the directors are satisfied that there is an appropriate process for realising the remaining assets. As such, in accordance with IAS1 para 25 and IAS 10 (Events after the Reporting Period) para 14, these financial statements have been prepared on a basis other than that of a going concern.
As a result of adopting a basis other than that of a going concern, the Board has deemed it appropriate to reduce the fair value
of the land by the expected costs of disposal. No other costs of liquidation have been recognised other than those committed
or incurred at the balance sheet date.
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 16 \u2013 Lease Liability in a Sale and Leaseback; Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance
Arrangements
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 Classification of Liabilities as Current or Non-current.
The amendment clarifies a criterion for recognising a liability as non-current if an entity has the right to defer settlement for at
least 12 months after the reporting period. Given the current circumstances of the Company, all liabilities have been deemed
current albeit the Board acknowledge that the classification is unaffected by the Company\u2019s intention or expectation whether
it will exercise a right to defer.
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 21 Lack of Exchangeability - The Effects of Changes in Foreign Exchange Rates [Effective 1 January
2025]
\u25b8 Amendments to IFRS 9 Financial Instruments (Classification and Measurement) [Effective 1 January 2026]
\u25b8 Amendments to IFRS 18 Presentation and Disclosure in Financial Statements [Effective 1 January 2027]
\u25b8 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures [Effective 1 January 2027]
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "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. As detailed more fully in the 2023 Annual Report & Financial Statements, this proposal did not attract sufficient support from shareholders to be passed at the Extraordinary General Meeting. Following the vote, shareholders were given the opportunity to vote on a proposed change to the Group\u2019s Investment Policy which if passed would place the Group into a Managed and Orderly Wind- Down (\u201cwind-down EGM\u201d), selling assets and returning funds to shareholders as such funds become available. On the 28 May 2024, approximately 96% of shareholders who voted cast their votes in favour of this proposal and the resolution passed. Under the Managed Wind-Down process, the Group and its subsidiaries were managed with the intention of realising all the assets in its portfolio in an orderly manner, with a view to repaying borrowings and making timely returns of capital to shareholders whilst aiming to obtain the best achievable value for the assets. As part of this process, the Group successfully disposed of 6 Investment Properties prior to reaching an agreement with GoldenTree Asset Management LP for the sale of its wholly owned subsidiary abrdn Property Holdings Limited (aPH). The transaction, which completed on the 29th November, comprised the sale of 39 assets being the Group\u2019s entire investment property portfolio excluding its interest in the land at Far Ralia (which was subsequently transferred to the Company prior to year end following subsequent Scottish Government consent). Following completion of the transaction, Shareholders were given the opportunity to vote on a proposal for the Company to make an initial return of the proceeds of sale by way of an initial issue and redemption of Redeemable Bonus Shares repurchased for 52 pence per Redeemable Bonus Share. On 17 th December 2024, approximately 99.5% of shareholders who voted cast their votes in favour of this proposal and the funds were returned to shareholders prior to year end. As at 31 st December 2024, the Group consists solely of the Company itself which holds the aforementioned interest in the land at Far Ralia and cash retained from the sales proceeds to cover anticipated costs until fully liquidated. The Board is satisfied that the Company will have no material difficulty in meeting its liabilities as they fall due during the period until fully liquidated. However, there now exists a clear intention to enter liquidation once the completion accounts process has been settled with GoldenTree and the directors are satisfied that there is an appropriate process for realising the remaining assets. As such, in accordance with IAS1 para 25 and IAS 10 (Events after the Reporting Period) para 14, these financial statements have been prepared on a basis other than that of a going concern. As a result of adopting a basis other than that of a going concern, the Board has deemed it appropriate to reduce the fair value of the land by the expected costs of disposal. No other costs of liquidation have been recognised other than those committed or incurred at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "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 16 \u2013 Lease Liability in a Sale and Leaseback; Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements 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 Classification of Liabilities as Current or Non-current. The amendment clarifies a criterion for recognising a liability as non-current if an entity has the right to defer settlement for at least 12 months after the reporting period. Given the current circumstances of the Company, all liabilities have been deemed current albeit the Board acknowledge that the classification is unaffected by the Company\u2019s intention or expectation whether it will exercise a right to defer. 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 21 Lack of Exchangeability - The Effects of Changes in Foreign Exchange Rates [Effective 1 January 2025] \u25b8 Amendments to IFRS 9 Financial Instruments (Classification and Measurement) [Effective 1 January 2026] \u25b8 Amendments to IFRS 18 Presentation and Disclosure in Financial Statements [Effective 1 January 2027] \u25b8 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures [Effective 1 January 2027] ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "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 16 \u2013 Lease Liability in a Sale and Leaseback; Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements 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 Classification of Liabilities as Current or Non-current. The amendment clarifies a criterion for recognising a liability as non-current if an entity has the right to defer settlement for at least 12 months after the reporting period. Given the current circumstances of the Company, all liabilities have been deemed current albeit the Board acknowledge that the classification is unaffected by the Company\u2019s intention or expectation whether it will exercise a right to defer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "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 21 Lack of Exchangeability - The Effects of Changes in Foreign Exchange Rates [Effective 1 January 2025] \u25b8 Amendments to IFRS 9 Financial Instruments (Classification and Measurement) [Effective 1 January 2026] \u25b8 Amendments to IFRS 18 Presentation and Disclosure in Financial Statements [Effective 1 January 2027] \u25b8 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures [Effective 1 January 2027] ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-357": { "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, 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 (& presentation) of investment properties and land
Investment properties and land have historically been stated at fair value as at the Balance Sheet date. Gains or losses arising
from changes in fair values were included in the Consolidated Statement of Comprehensive Income in the year in which they
arose. The fair value of investment properties and land was determined by external real estate valuation experts using
recognised valuation techniques. The fair values were determined having regard to any recent real estate transactions where
available, with similar characteristics and locations to those of the Group\u2019s assets. The directors consider that there is a
significantly wider range of estimation uncertainty for land than for investment properties because there are few comparable
assets or recent transactions, and the estimates involved (namely Carbon pricing). As detailed further in notes 2.4 and 9, the
Directors have also assessed the classification of Land as a current asset considering the current marketing of the site and
presentation of these financial statements on a basis other than that of a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "value": "A Basis of consolidation The audited Consolidated Financial Statements have historically comprised 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. During the year, the Company completed on the disposal of its wholly owned subsidiaries. As such, the Consolidated Statement of Financial Position represents the Company in isolation (2023: consolidated group), while the Consolidated Statement of Comprehensive Income includes the pro-rated income and expenditure up to the date of disposal as noted above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "value": "The audited Consolidated Financial Statements have historically comprised 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. During the year, the Company completed on the disposal of its wholly owned subsidiaries. As such, the Consolidated Statement of Financial Position represents the Company in isolation (2023: consolidated group), while the Consolidated Statement of Comprehensive Income includes the pro-rated income and expenditure up to the date of disposal as noted above. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "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 was 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "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. As detailed further in note 6, the Group ceased being treated as a UK REIT from 29 November 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "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. As detailed further in note 6, the Group ceased being treated as a UK REIT from 29 November 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-363": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "K Borrowings and interest expense All loans and borrowings were 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. 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "K Borrowings and interest expense All loans and borrowings were 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "value": "K Borrowings and interest expense All loans and borrowings were 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-367": { "value": "K Borrowings and interest expense All loans and borrowings were 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-369": { "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 required the Group to provide ancillary services to the tenant such as maintenance works etc, therefore these service charge obligations belonged to the Group. However, to meet this obligation the Group appointed a managing agent, Jones Lang Lasalle Inc \u201cJLL\u201d and directed it to fulfil the obligation on its behalf. The contract between the Group and the managing agent created both a right to services and the ability to direct those services. This was a clear indication that the Group operated as a principal and the managing agent operated as an agent. Therefore, it was 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-370": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-371": { "value": "2.4 Adjustments to going concern basis of accounting In addition to assessing the Company\u2019s significant and material accounting judgements, estimates and assumptions, the Board has also considered the following areas where it might be appropriate to apply adjustments to the \u2018normal\u2019 IFRS basis: 1) Measurement of Assets It is appropriate to consider the need to write down assets to their net realisable value. Investment Properties including Land are stated at fair value, while other assets including trade receivables are recognised at their recoverable amount already. The Board has assessed the basis for and measurement of the residual interest in Land and have decided to reduce fair value by the estimated cost of disposal. Further details can be found in note 25. 2) Liabilities The Board recognise that it would be appropriate to accrue costs associated with potentially onerous contracts by applying guidance in IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. However, at the date of approval of the financial statement, no such contracts exist, and accordingly no provisions have been made. 3) Presentation and disclosure The Board has assessed the classification of assets and liabilities between current and non-current. Assets that met the criteria to be classified as held for sale at 31 December 2024 have been classified as current assets. Non-current assets and liabilities have been reclassified as current as they are expected to be realised in less than 12 months. After careful consideration, the Board believes that it would not be meaningful to present the results of discontinued operations as a separate financial statement line item of income or loss (in accordance with IFRS 5) because this would not result in meaningful information in a situation where all of an entity\u2019s operations will be discontinued. Finally, the Board has assessed whether adoption of a basis other than that of a going concern would have any material impact on comparatives and have concluded this not to be the case. As at 31 December 2023, 5 assets valued at \u00a335.1m were deemed \u2018held for sale\u2019 which would have been impaired by \u00a3579,150 (0.15p per share) if adopting a similar methodology. ", "dimensions": { "concept": "abrdnpropertyincome:AdjustmentsToGoingConcernBasisOfAccounting", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-372": { "value": "
3. Financial Risk Management
The Group\u2019s principal financial liabilities have historically been loans and borrowings. The main purpose of the Group\u2019s loans
and borrowings were to finance the acquisition and development of the Group\u2019s property portfolio. The Group had rent and
other receivables, trade and other payables and cash and short-term deposits that arose 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 were affected by market risk were principally the interest rate swap (which ended
27 April 2023) and the interest rate cap (which commenced 27 April 2023 and ceased to belong to the Group on 29 November
2024).
i) Interest Rate risk
As described below the Group invested cash balances with Citibank, RBS and Barclays; the latter two were only relevant for
the Company\u2019s subsidiaries. In the current year the Company also made an investment in the abrdn Liquidity Fund managed
by Aberdeen PLC with the excess proceeds from the sale of the subsidiaries. These balances expose the Group to cash flow
interest rate risk as the Company\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 historically exposed 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
had floating rate borrowings at the point of sale of the subsidiaries of \u00a3113,300,000; \u00a385,000,000 of these borrowings were fixed
via an interest rate cap limiting the floating rate exposure to 3.959%.
The fair value of the derivative was exposed to changes in the market interest rate as their fair value was 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 derivatives is described in note 2.3 L.
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 2024
Fixed rate
Variable rate
Interest rate
\u00a3
\u00a3
\u00a3
Cash held at bank
-
3,807,736
0.000%
Cash held in abrdn Liquidity fund
-
32,847,430
4.870%
Bank borrowings
-
-
0.000%
As at 31 December 2023
Fixed rate
Variable rate
Interest rate
\u00a3
\u00a3
\u00a3
Cash held at bank
-
6,653,838
0.000%
Bank borrowings
85,000,000
56,874,379
5.459%
At 31 December 2024, if market 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 \u00a3366,552 higher
(2023: \u00a366,538 higher) as a result of the higher interest income on cash and cash equivalents.
At 31 December 2024, if market interest rates had been 100 basis points lower with all other variables held constant, the profit
for the year would have been \u00a3366,552 lower (2023: \u00a366,538 lower) as a result of the lower interest income on cash and cash
equivalents.
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.
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 with a maximum exposure equal to the carrying value
of these instruments. As at 31 December 2024 \u00a3nil (2023 \u00a3316,737) was placed on deposit with The Royal Bank of Scotland plc
(\u201cRBS\u201d), \u00a33,807,736 (2023: \u00a3242,900) was held with Citibank, \u00a3nil (2023: \u00a36,094,201) was held with Barclays, while \u00a332,847,430
was invested in the abrdn Liquidity Fund (Lux) Sterling Fund (2023: \u00a3nil).
The abrdn Liquidity Fund (Lux) Sterling Fund is a money market fund which offers same day liquidity and has obtained an Aaa-
mf money market fund rating from Moody\u2019s. Citibank is rated A-2 Stable by Standard & Poor\u2019s and P-2 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 property in which the Company invests is not traded in an organised public market and is illiquid.
As a result, the Company may not be able to liquidate its investment in that property quickly at an amount close to its fair value
in order to meet the Company\u2019s 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 derivatives in the below table are the estimated net
undiscounted cash flows.
The Company\u2019s liquidity position is regularly monitored by management and is reviewed quarterly by the Board of Directors.
Year ended 31 December 2024
On demand
12 months
1 to 5 years
>5 years
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other payables
18,297,427
-
-
-
18,297,427
18,297,427
-
-
-
18,297,427
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
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
2024
2023
2024
2023
Financial Assets
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
36,655,166
6,653,838
36,655,166
6,653,838
Trade and other receivables
2,171,092
6,101,152
2,171,092
6,101,152
Financial liabilities
Bank borrowings
-
141,251,910
-
144,957,576
Trade and other payables
18,297,427
8,217,588
18,297,427
8,217,588
In addition to the above, the Group's financial instruments in the past also included an Interest rate swap and Interest rate cap.
These have not been included in the disclosure above as these were 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 bank borrowings was estimated by discounting future cash flows using rates currently available for debt
on similar terms and remaining maturities. The fair value approximated their carrying values gross of unamortised
transaction costs. This was considered as being valued at level 2 of the fair value hierarchy.
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 2024
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
2,171,092
-
2,171,092
Cash and cash equivalents
36,655,166
-
-
36,655,166
36,655,166
2,171,092
-
38,826,258
Financial liabilities
Trade and other payables
-
18,297,427
-
18,297,427
-
18,297,427
-
18,297,427
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
14. Bank borrowings
2024 2023
\u00a3 \u00a3
Loan facility (including Rolling Credit Facility)
-
165,000,000
Drawn down outstanding balance
-
141,874,379
The Groups \u00a3165m debt facility with Royal Bank of Scotland International (\u2018RBSI\u2019) was transferred as part of the sale of the
subsidiaries on 29 November 2024. At the time of the disposal, \u00a328.3m of the RCF was drawn (31 December 2023 \u00a356.9m) in
addition to the term loan of \u00a385m.
2024 2023
\u00a3 \u00a3
Opening carrying value of expired facility as at 1 January
-
109,928,234
Borrowings during the period on expired RCF
-
25,000,000
Repayment of expired RCF
-
(25,000,000)
Repayment of expired facility
-
(110,000,000)
Amortisation arrangement costs
-
71,766
Closing carrying value of expired facility
-
-
Opening carrying value of new facility as at 1 January
141,251,190
(804,297)
Borrowings during the period on new RCF
13,300,000
63,000,000
Repayment of new RCF
(41,874,379)
(6,125,621)
New term loan facility
-
85,000,000
Elimination of RCF indebtedness on sale
(28,300,000)
-
Elimination of Term Loan indebtedness on sale
(85,000,000)
-
Eliminate residual unamortised arrangement costs on sale
377,952
-
Amortisation arrangement costs
244,517
181,828
Closing carrying value
-
141,251,910
Opening carrying value of facilities combined as at 1 January
141,251,910
109,123,937
Closing carrying value of facilities combined
-
141,251,910
2024
2023
\u00a3
\u00a3
Amortisation of arrangement costs
(
expired facility
)
-
71,766
Amortisation of arrangement costs (new facility)
244,517
181,828
See Note 5
244.517
253,594
Analysis of Cash and cash Interest- 2024 Cash and cash Interest- 2023
movement in net equivalents bearing loans Net debt equivalents bearing loans Net debt
debt \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3
Opening balance 6,653,838
(
141,251,910
)
(
134,598,072
)
 15,871,053
(
109,123,937
)
(
93,252,884
)
Cash movement
32,851,922
28,574,379
61,426,301
(
9,217,215
)
(
31,874,379
)
(
41,091,594
)
Elimination on sale
(
2,850,594
)
112,922,048
110,071,454
-
-
-
Amortisation of
arrangement
-
(244,517)
(244,517)
-
(253,594)
(253,594)
costs
Closing balance
36,655,166
-
36,655,166
6,653,838
(
141,251,910
)
(
134,598,072
)
All loan covenants were met during the year ended December 2024 and prior to the sale of the subsidiaries, further details
relating to covenants have not been provided as they were complied with during the year and there were no covenants at the
year-end.
2024
2023
\u00a3
\u00a3
Loan amount
-
141,874,379
Cash
-
(
6,653,838
)
-
135,220,541
Investment property valuation/Land
10,000,000
439,185,037
LTV percentage
N/A
30.8%
The loan facility was 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.
15. Interest rate Swap and Cap
In order to mitigate any interest rate risk linked to their debt facilities, the Group's policy was 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%.
2024
2023
\u00a3
\u00a3
Opening fair value of interest rate swaps at 1 January
-
1,238,197
)
Reclassification of interest accrual
-
(
335,663
)
Valuation (loss)/gain on interest rate swap
-
(902,534)
Reclassified to Profit & Loss
-
-
Closing fair value of interest rate swap at 31 December
-
-
15b 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 which would have expired in April 2026 at the same time as the loan facility.
2024
2023
\u00a3
\u00a3
Opening fair value of interest rate cap at 1 January
1,408,781
2,550,469
Net Change in fair value
(794,477)
(1,141,688)
Derecognition of Interest Rate Cap on disposal of subsidiary
(614,304)
-
Closing fair value of interest rate cap at 31 December
-
1,408,781
The change in fair value of the interest rate cap comprises fair value changes and interest received, paid and accrued.
2024
Cost of hedging
Cash flow hedge
Total
\u00a3
\u00a3
\u00a3
Opening fair value
625,276
783,505
1,408,781
Valuation
(
loss
)
/gain
(
625,276
)
871,254
245,978
Interest received
-
(1,040,455)
(1,040,455)
Net Change in fair value
(
625,276
)
(
169,201
)
(
794,477
)
Closing fair value of interest rate cap at 31 December
-
614,304
614,304
Less Closing Interest Accrual *
-
(
82,903
)
(
82,903
)
Adjusted fair value of interest rate cap at 31 December
-
531,401
531,401
Opening Adjusted fair value of interest rate cap at 1 January
625,276
783,505
1,408,781
Valuation
(
loss
)
/gain recognised on Adjusted Valuation
(
625,276
)
(
252,104
)
(
877,380
)
Net Change in fair value (as above)
(625,276)
(169,201)
(794,477)
Less Closing Interest Accrual
(
as above
)
*
-
(
82,903
)
(
82,903
)
Valuation
(
loss
)
/gain recognised on Adjusted Valuation
(
625,276
)
(
252,104
)
(
877,380
)
2024
Interest Rate Cap Reserves Reconciliation
Cost of hedging
Cash flow Total
reserve hedge reserve
\u00a3
\u00a3
\u00a3
Opening Reserve
(
1,316,871
)
 570,245
(
746,626
)
Valuation
(
loss
)
/gain recognised on Adjusted Valuation
(
625,276
)
(
252,104
)
(
877,380
)
Less Prior accrual
-
213,260
213,260
Amortisation of Premium (See Note 5)
762,904
-
762,904
Valuation loss as recognised in Other Comprehensive Income
137,628
(
38,844
)
 98,784
Derecognition of residual premium
1,179,243
-
1,179,243
Derecognition of residual value
-
(
531,401
)
(
531,401
)
Closing Reserve
-
-
-
* As the valuation of the interest rate cap includes a valuation attributable to the unsettled interest (due to 21st January) a
separate accrual has not been recorded in the balance sheet. Instead, this represents a recycling of the change in Other
Comprehensive Income for the Cash flow hedge to Finance Cost.
2023
Cost of hedging
Cash flow hedge
Total
\u00a3
\u00a3
\u00a3
Opening 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 gain as recognised in Other Comprehensive Income
(
588,845
)
(
201,073
)
(
789,918
)
Closing Reserve
(
1,316,871
)
 570,245
(
746,626
)
The Interest associated with the cap recognised as an offset against Finance Cost is summarised below:
2024
2023
\u00a3
\u00a3
Interest received
1,040,455
365,673
Closing Interest Accrual
82,903
213,260
Less Interest Accrued from prior year
(213,260)
-
Receipt on interest rate caps
(
see Note 5
)
910,098
578,933
The spilt of the interest rate cap is listed below:
2024
2023
\u00a3
\u00a3
Current assets/
(
liabilities
)
-
849,110
Non-current assets/(liabilities)
-
559,671
Interest rate cap with a start date of 27 April 2023 maturing on 26 April 2026
-
1,408,781
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "value": "3. Financial Risk Management The Group\u2019s principal financial liabilities have historically been loans and borrowings. The main purpose of the Group\u2019s loans and borrowings were to finance the acquisition and development of the Group\u2019s property portfolio. The Group had rent and other receivables, trade and other payables and cash and short-term deposits that arose 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 were affected by market risk were principally the interest rate swap (which ended 27 April 2023) and the interest rate cap (which commenced 27 April 2023 and ceased to belong to the Group on 29 November 2024). i) Interest Rate risk As described below the Group invested cash balances with Citibank, RBS and Barclays; the latter two were only relevant for the Company\u2019s subsidiaries. In the current year the Company also made an investment in the abrdn Liquidity Fund managed by Aberdeen PLC with the excess proceeds from the sale of the subsidiaries. These balances expose the Group to cash flow interest rate risk as the Company\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 historically exposed 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 had floating rate borrowings at the point of sale of the subsidiaries of \u00a3113,300,000; \u00a385,000,000 of these borrowings were fixed via an interest rate cap limiting the floating rate exposure to 3.959%. The fair value of the derivative was exposed to changes in the market interest rate as their fair value was 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 derivatives is described in note 2.3 L. 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 2024
Fixed rate
Variable rate
Interest rate
\u00a3
\u00a3
\u00a3
Cash held at bank
-
3,807,736
0.000%
Cash held in abrdn Liquidity fund
-
32,847,430
4.870%
Bank borrowings
-
-
0.000%
As at 31 December 2023
Fixed rate
Variable rate
Interest rate
\u00a3
\u00a3
\u00a3
Cash held at bank
-
6,653,838
0.000%
Bank borrowings
85,000,000
56,874,379
5.459%
At 31 December 2024, if market 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 \u00a3366,552 higher (2023: \u00a366,538 higher) as a result of the higher interest income on cash and cash equivalents. At 31 December 2024, if market interest rates had been 100 basis points lower with all other variables held constant, the profit for the year would have been \u00a3366,552 lower (2023: \u00a366,538 lower) as a result of the lower interest income on cash and cash equivalents. 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. 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 with a maximum exposure equal to the carrying value of these instruments. As at 31 December 2024 \u00a3nil (2023 \u00a3316,737) was placed on deposit with The Royal Bank of Scotland plc (\u201cRBS\u201d), \u00a33,807,736 (2023: \u00a3242,900) was held with Citibank, \u00a3nil (2023: \u00a36,094,201) was held with Barclays, while \u00a332,847,430 was invested in the abrdn Liquidity Fund (Lux) Sterling Fund (2023: \u00a3nil). The abrdn Liquidity Fund (Lux) Sterling Fund is a money market fund which offers same day liquidity and has obtained an Aaa- mf money market fund rating from Moody\u2019s. Citibank is rated A-2 Stable by Standard & Poor\u2019s and P-2 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 property in which the Company invests is not traded in an organised public market and is illiquid. As a result, the Company may not be able to liquidate its investment in that property quickly at an amount close to its fair value in order to meet the Company\u2019s 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 derivatives in the below table are the estimated net undiscounted cash flows. The Company\u2019s liquidity position is regularly monitored by management and is reviewed quarterly by the Board of Directors.
Year ended 31 December 2024
On demand
12 months
1 to 5 years
>5 years
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other payables
18,297,427
-
-
-
18,297,427
18,297,427
-
-
-
18,297,427
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
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
2024
2023
2024
2023
Financial Assets
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
36,655,166
6,653,838
36,655,166
6,653,838
Trade and other receivables
2,171,092
6,101,152
2,171,092
6,101,152
Financial liabilities
Bank borrowings
-
141,251,910
-
144,957,576
Trade and other payables
18,297,427
8,217,588
18,297,427
8,217,588
In addition to the above, the Group's financial instruments in the past also included an Interest rate swap and Interest rate cap. These have not been included in the disclosure above as these were 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 bank borrowings was estimated by discounting future cash flows using rates currently available for debt on similar terms and remaining maturities. The fair value approximated their carrying values gross of unamortised transaction costs. This was considered as being valued at level 2 of the fair value hierarchy. 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 2024
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
2,171,092
-
2,171,092
Cash and cash equivalents
36,655,166
-
-
36,655,166
36,655,166
2,171,092
-
38,826,258
Financial liabilities
Trade and other payables
-
18,297,427
-
18,297,427
-
18,297,427
-
18,297,427
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "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 were affected by market risk were principally the interest rate swap (which ended 27 April 2023) and the interest rate cap (which commenced 27 April 2023 and ceased to belong to the Group on 29 November 2024). i) Interest Rate risk As described below the Group invested cash balances with Citibank, RBS and Barclays; the latter two were only relevant for the Company\u2019s subsidiaries. In the current year the Company also made an investment in the abrdn Liquidity Fund managed by Aberdeen PLC with the excess proceeds from the sale of the subsidiaries. These balances expose the Group to cash flow interest rate risk as the Company\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 historically exposed 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 had floating rate borrowings at the point of sale of the subsidiaries of \u00a3113,300,000; \u00a385,000,000 of these borrowings were fixed via an interest rate cap limiting the floating rate exposure to 3.959%. The fair value of the derivative was exposed to changes in the market interest rate as their fair value was 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 derivatives is described in note 2.3 L. 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 2024
Fixed rate
Variable rate
Interest rate
\u00a3
\u00a3
\u00a3
Cash held at bank
-
3,807,736
0.000%
Cash held in abrdn Liquidity fund
-
32,847,430
4.870%
Bank borrowings
-
-
0.000%
As at 31 December 2023
Fixed rate
Variable rate
Interest rate
\u00a3
\u00a3
\u00a3
Cash held at bank
-
6,653,838
0.000%
Bank borrowings
85,000,000
56,874,379
5.459%
At 31 December 2024, if market 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 \u00a3366,552 higher (2023: \u00a366,538 higher) as a result of the higher interest income on cash and cash equivalents. At 31 December 2024, if market interest rates had been 100 basis points lower with all other variables held constant, the profit for the year would have been \u00a3366,552 lower (2023: \u00a366,538 lower) as a result of the lower interest income on cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "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. 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 with a maximum exposure equal to the carrying value of these instruments. As at 31 December 2024 \u00a3nil (2023 \u00a3316,737) was placed on deposit with The Royal Bank of Scotland plc (\u201cRBS\u201d), \u00a33,807,736 (2023: \u00a3242,900) was held with Citibank, \u00a3nil (2023: \u00a36,094,201) was held with Barclays, while \u00a332,847,430 was invested in the abrdn Liquidity Fund (Lux) Sterling Fund (2023: \u00a3nil). The abrdn Liquidity Fund (Lux) Sterling Fund is a money market fund which offers same day liquidity and has obtained an Aaa- mf money market fund rating from Moody\u2019s. Citibank is rated A-2 Stable by Standard & Poor\u2019s and P-2 Stable by Moody\u2019s. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "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 property in which the Company invests is not traded in an organised public market and is illiquid. As a result, the Company may not be able to liquidate its investment in that property quickly at an amount close to its fair value in order to meet the Company\u2019s 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 derivatives in the below table are the estimated net undiscounted cash flows. The Company\u2019s liquidity position is regularly monitored by management and is reviewed quarterly by the Board of Directors.
Year ended 31 December 2024
On demand
12 months
1 to 5 years
>5 years
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other payables
18,297,427
-
-
-
18,297,427
18,297,427
-
-
-
18,297,427
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "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
2024
2023
2024
2023
Financial Assets
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
36,655,166
6,653,838
36,655,166
6,653,838
Trade and other receivables
2,171,092
6,101,152
2,171,092
6,101,152
Financial liabilities
Bank borrowings
-
141,251,910
-
144,957,576
Trade and other payables
18,297,427
8,217,588
18,297,427
8,217,588
In addition to the above, the Group's financial instruments in the past also included an Interest rate swap and Interest rate cap. These have not been included in the disclosure above as these were 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 bank borrowings was estimated by discounting future cash flows using rates currently available for debt on similar terms and remaining maturities. The fair value approximated their carrying values gross of unamortised transaction costs. This was considered as being valued at level 2 of the fair value hierarchy. 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 2024
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
2,171,092
-
2,171,092
Cash and cash equivalents
36,655,166
-
-
36,655,166
36,655,166
2,171,092
-
38,826,258
Financial liabilities
Trade and other payables
-
18,297,427
-
18,297,427
-
18,297,427
-
18,297,427
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "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
2024
2023
2024
2023
Financial Assets
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
36,655,166
6,653,838
36,655,166
6,653,838
Trade and other receivables
2,171,092
6,101,152
2,171,092
6,101,152
Financial liabilities
Bank borrowings
-
141,251,910
-
144,957,576
Trade and other payables
18,297,427
8,217,588
18,297,427
8,217,588
In addition to the above, the Group's financial instruments in the past also included an Interest rate swap and Interest rate cap. These have not been included in the disclosure above as these were 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 bank borrowings was estimated by discounting future cash flows using rates currently available for debt on similar terms and remaining maturities. The fair value approximated their carrying values gross of unamortised transaction costs. This was considered as being valued at level 2 of the fair value hierarchy. 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 2024
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
2,171,092
-
2,171,092
Cash and cash equivalents
36,655,166
-
-
36,655,166
36,655,166
2,171,092
-
38,826,258
Financial liabilities
Trade and other payables
-
18,297,427
-
18,297,427
-
18,297,427
-
18,297,427
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "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
2024
2023
2024
2023
Financial Assets
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
36,655,166
6,653,838
36,655,166
6,653,838
Trade and other receivables
2,171,092
6,101,152
2,171,092
6,101,152
Financial liabilities
Bank borrowings
-
141,251,910
-
144,957,576
Trade and other payables
18,297,427
8,217,588
18,297,427
8,217,588
In addition to the above, the Group's financial instruments in the past also included an Interest rate swap and Interest rate cap. These have not been included in the disclosure above as these were 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 bank borrowings was estimated by discounting future cash flows using rates currently available for debt on similar terms and remaining maturities. The fair value approximated their carrying values gross of unamortised transaction costs. This was considered as being valued at level 2 of the fair value hierarchy. 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 2024
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
2,171,092
-
2,171,092
Cash and cash equivalents
36,655,166
-
-
36,655,166
36,655,166
2,171,092
-
38,826,258
Financial liabilities
Trade and other payables
-
18,297,427
-
18,297,427
-
18,297,427
-
18,297,427
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "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
2024
2023
2024
2023
Financial Assets
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
36,655,166
6,653,838
36,655,166
6,653,838
Trade and other receivables
2,171,092
6,101,152
2,171,092
6,101,152
Financial liabilities
Bank borrowings
-
141,251,910
-
144,957,576
Trade and other payables
18,297,427
8,217,588
18,297,427
8,217,588
In addition to the above, the Group's financial instruments in the past also included an Interest rate swap and Interest rate cap. These have not been included in the disclosure above as these were 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 bank borrowings was estimated by discounting future cash flows using rates currently available for debt on similar terms and remaining maturities. The fair value approximated their carrying values gross of unamortised transaction costs. This was considered as being valued at level 2 of the fair value hierarchy. 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 2024
Level 1
Level 2
Level 3
Total fair value
Financial assets
Trade and other receivables
-
2,171,092
-
2,171,092
Cash and cash equivalents
36,655,166
-
-
36,655,166
36,655,166
2,171,092
-
38,826,258
Financial liabilities
Trade and other payables
-
18,297,427
-
18,297,427
-
18,297,427
-
18,297,427
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "value": "
4. Administrative and Other Expenses
2024
2023
Notes
\u00a3
\u00a3
Investment management fees
4a
1,399,114
2,632,225
Other direct property expenses
Vacant Costs (excluding void service charge) *
1,263,429
1,217,722
Repairs and maintenance
341,480
418,360
Letting fees
377,364
405,684
Other costs
464,747
366,695
Total Other direct property expenses
2,447,020
2,408,461
Net Impairment loss/
(
gain
)
on trade receivables
110,725
(
213,048
)
Fees associated with strategic review and aborted merger
4b
2,800,223
1,729,925
Fees associated with managed wind down and disposal
4b
399,197
-
Other administration expenses
Directors\u2019 fees and subsistence
23
389,757
239,436
Valuer\u2019s fees
4c
57,835
75,524
Auditor\u2019s fees
4d
167,125
192,700
Marketing
4a
118,425
222,893
Other administration costs
4e
772,043
406,189
Total Other administration expenses
1,505,185
1,136,742
Total Administrative and other expenses
8,661,464
7,694,305
* Void Service charge costs for the year amounted to \u00a31,037,936 (2023: \u00a31,470,241). These have been reclassified as Service
charge expenditure as noted below.
2024
2023
\u00a3
\u00a3
Total service charge billed to tenants
4,244,088
4,731,793
Service charge due from/(to) tenants
655,793
152,564
Service charge income
4,899,881
4,884,357
Total service charge expenditure incurred
4,899,881
4,884,357
Service charge incurred in respect of void units
1,037,936
1,470,241
Service charge expenditure
5,937,817
6,354,598
4a. Investment management fees
From 1 January 2023, the Group agreed a 10bps reduction in the fee payable to the Investment Manager under the terms of
the IMA; effective from 1 January 2023 this was 0.60% of total assets up to \u00a3500m, and 0.50% of total assets in excess of \u00a3500
million. Considering the proposed merger (see note 2.1), the Board served notice on the Investment Management Agreement
on 12 October 2023. Following the Shareholder vote to place the Group into a Managed Wind-Down, a new agreement was
signed effective 31 May 2024. Under the novated agreement, the Investment Manager is entitled to a fee of 0.20% per annum
on total assets (with a floor of \u00a350,000 per quarter until there are no properties remaining and \u00a335,000 thereafter). The
Investment Manager is also entitled to a further 0.40% payable based on the Gross Disposal proceeds of the underlying
portfolio \u2013 \u00a31,459,100 has been recognised in accordance with the disposal of the assets to date and is part of the realised loss
on disposal.
As detailed further in Note 26, the Investment Manager receives an \u2018Incentive Fee\u2019 based on the cumulative Gross Disposal
Proceeds relative to valuation of the portfolio as at 31 May 2024, with the fee only being triggered if this is greater than 90% of
said valuation and if all assets are sold prior to November 2025; if Far Ralia is sold at its current valuation, this fee would be
\u00a3187,388 if sold prior to 28 November 2025 and \u00a3374,775 if sold prior to 28 May 2025.
In addition, the Company paid the Investment Manager a sum of \u00a398,688 excluding VAT (2023: \u00a3184,750 excluding VAT) to
participate in the Managers marketing programme and Investment Trust share plan.
4b. Fees associated with strategic review, aborted merger and wind-down
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). Since the end of 2023, further fees and costs of \u00a33,199,420 have been recognised in 2024 of which \u00a3399,197 relates to
the Managed Wind-Down and portfolio disposal. These fees exclude transaction costs which are explained in note 10.
4c.Valuers fee
Knight Frank LLP (\u201cthe Valuers\u201d), external international real estate consultants, were appointed as valuers in respect of the
assets comprising the property portfolio. The total valuation fees charged for the year amounted to \u00a357,835 (2023: \u00a375,524).
Until the sale of the subsidiaries, the total valuation fee comprised a base fee for the ongoing quarterly valuation at an annual
rate of 0.017 percent of the aggregate value of the property portfolio (paid quarterly), and a one-off fee on acquisition of an
asset. Following the conclusion of the sale, the agreement with Knight Frank was novated and fees are now and initial \u00a35,000
(excluding VAT) for the first valuation and \u00a32,500 (excluding VAT) for each subsequent valuation undertaken.
The amount due and payable at the year-end amounted to \u00a35,000 excluding VAT (2023: \u00a318,665 excluding VAT).
4d. Auditor\u2019s fee
At the year-end date Deloitte LLP continued as independent auditor of the Company. The audit fees for the year amounted
to \u00a3167,125 (2023: \u00a3192,700) and relate to audit services provided for the 2024 financial year; including \u00a352,445 pertaining to
the Group\u2019s share of fees relating to the subsidiaries. Deloitte LLP did not provide any non-audit services in the year (2023: nil).
4e. 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. Following increased activity early 2024, a novated agreement
with Northern Trust was agreed on 29 July 2024 \u2013 prior to this, Northern Trust was entitled to an annual fee, payable quarterly
in arrears, of \u00a365,000. From 1 August 2024 to 31 July 2025, Northern Trust are entitled to an annual fee of \u00a395,670 subject to
annual fixed RPI increases of 6.3% effective on the anniversary of 1 August. In addition, they were entitled to a fixed fee of
\u00a325,000 in addition to fees of \u00a33,000 (subject to RPI uplifts) for assistance with each property disposal \u2013 replaced with a fee of
\u00a310,000 if multiple properties are sold in tranches. Finally, Northern Trust is also entitled to reimbursement of reasonable out of
pocket expenses. Total fees and expenses charged for the year amounted to \u00a3136,262 (2023: \u00a370,325). The amount due and
payable at the year-end amounted to \u00a3116,946 (2023: \u00a332,500).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "value": "4. Administrative and Other Expenses
2024
2023
Notes
\u00a3
\u00a3
Investment management fees
4a
1,399,114
2,632,225
Other direct property expenses
Vacant Costs (excluding void service charge) *
1,263,429
1,217,722
Repairs and maintenance
341,480
418,360
Letting fees
377,364
405,684
Other costs
464,747
366,695
Total Other direct property expenses
2,447,020
2,408,461
Net Impairment loss/
(
gain
)
on trade receivables
110,725
(
213,048
)
Fees associated with strategic review and aborted merger
4b
2,800,223
1,729,925
Fees associated with managed wind down and disposal
4b
399,197
-
Other administration expenses
Directors\u2019 fees and subsistence
23
389,757
239,436
Valuer\u2019s fees
4c
57,835
75,524
Auditor\u2019s fees
4d
167,125
192,700
Marketing
4a
118,425
222,893
Other administration costs
4e
772,043
406,189
Total Other administration expenses
1,505,185
1,136,742
Total Administrative and other expenses
8,661,464
7,694,305
* Void Service charge costs for the year amounted to \u00a31,037,936 (2023: \u00a31,470,241). These have been reclassified as Service charge expenditure as noted below.
2024
2023
\u00a3
\u00a3
Total service charge billed to tenants
4,244,088
4,731,793
Service charge due from/(to) tenants
655,793
152,564
Service charge income
4,899,881
4,884,357
Total service charge expenditure incurred
4,899,881
4,884,357
Service charge incurred in respect of void units
1,037,936
1,470,241
Service charge expenditure
5,937,817
6,354,598
4a. Investment management fees From 1 January 2023, the Group agreed a 10bps reduction in the fee payable to the Investment Manager under the terms of the IMA; effective from 1 January 2023 this was 0.60% of total assets up to \u00a3500m, and 0.50% of total assets in excess of \u00a3500 million. Considering the proposed merger (see note 2.1), the Board served notice on the Investment Management Agreement on 12 October 2023. Following the Shareholder vote to place the Group into a Managed Wind-Down, a new agreement was signed effective 31 May 2024. Under the novated agreement, the Investment Manager is entitled to a fee of 0.20% per annum on total assets (with a floor of \u00a350,000 per quarter until there are no properties remaining and \u00a335,000 thereafter). The Investment Manager is also entitled to a further 0.40% payable based on the Gross Disposal proceeds of the underlying portfolio \u2013 \u00a31,459,100 has been recognised in accordance with the disposal of the assets to date and is part of the realised loss on disposal. As detailed further in Note 26, the Investment Manager receives an \u2018Incentive Fee\u2019 based on the cumulative Gross Disposal Proceeds relative to valuation of the portfolio as at 31 May 2024, with the fee only being triggered if this is greater than 90% of said valuation and if all assets are sold prior to November 2025; if Far Ralia is sold at its current valuation, this fee would be \u00a3187,388 if sold prior to 28 November 2025 and \u00a3374,775 if sold prior to 28 May 2025. In addition, the Company paid the Investment Manager a sum of \u00a398,688 excluding VAT (2023: \u00a3184,750 excluding VAT) to participate in the Managers marketing programme and Investment Trust share plan. 4b. Fees associated with strategic review, aborted merger and wind-down 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). Since the end of 2023, further fees and costs of \u00a33,199,420 have been recognised in 2024 of which \u00a3399,197 relates to the Managed Wind-Down and portfolio disposal. These fees exclude transaction costs which are explained in note 10. 4c.Valuers fee Knight Frank LLP (\u201cthe Valuers\u201d), external international real estate consultants, were appointed as valuers in respect of the assets comprising the property portfolio. The total valuation fees charged for the year amounted to \u00a357,835 (2023: \u00a375,524). Until the sale of the subsidiaries, the total valuation fee comprised a base fee for the ongoing quarterly valuation at an annual rate of 0.017 percent of the aggregate value of the property portfolio (paid quarterly), and a one-off fee on acquisition of an asset. Following the conclusion of the sale, the agreement with Knight Frank was novated and fees are now and initial \u00a35,000 (excluding VAT) for the first valuation and \u00a32,500 (excluding VAT) for each subsequent valuation undertaken. The amount due and payable at the year-end amounted to \u00a35,000 excluding VAT (2023: \u00a318,665 excluding VAT). 4d. Auditor\u2019s fee At the year-end date Deloitte LLP continued as independent auditor of the Company. The audit fees for the year amounted to \u00a3167,125 (2023: \u00a3192,700) and relate to audit services provided for the 2024 financial year; including \u00a352,445 pertaining to the Group\u2019s share of fees relating to the subsidiaries. Deloitte LLP did not provide any non-audit services in the year (2023: nil). 4e. 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. Following increased activity early 2024, a novated agreement with Northern Trust was agreed on 29 July 2024 \u2013 prior to this, Northern Trust was entitled to an annual fee, payable quarterly in arrears, of \u00a365,000. From 1 August 2024 to 31 July 2025, Northern Trust are entitled to an annual fee of \u00a395,670 subject to annual fixed RPI increases of 6.3% effective on the anniversary of 1 August. In addition, they were entitled to a fixed fee of \u00a325,000 in addition to fees of \u00a33,000 (subject to RPI uplifts) for assistance with each property disposal \u2013 replaced with a fee of \u00a310,000 if multiple properties are sold in tranches. Finally, Northern Trust is also entitled to reimbursement of reasonable out of pocket expenses. Total fees and expenses charged for the year amounted to \u00a3136,262 (2023: \u00a370,325). The amount due and payable at the year-end amounted to \u00a3116,946 (2023: \u00a332,500). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "value": "4d. Auditor\u2019s fee At the year-end date Deloitte LLP continued as independent auditor of the Company. The audit fees for the year amounted to \u00a3167,125 (2023: \u00a3192,700) and relate to audit services provided for the 2024 financial year; including \u00a352,445 pertaining to the Group\u2019s share of fees relating to the subsidiaries. Deloitte LLP did not provide any non-audit services in the year (2023: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-374": { "value": "
5. Finance income and costs
2024
2023
\u00a3
\u00a3
Interest income on cash and cash equivalents
649,889
92,178
Finance income
649,889
92,178
Interest expense on bank borrowings
7,607,108
8,119,398
Non-utilisation charges on facilites
216,940
198,314
Receipt on interest rate swap
-
(911,184)
Receipt on interest rate caps
(
910,100
)
(
578,933
)
Amortisation of premium paid for interest rate cap
762,904
565,030
Amortisation of arrangement costs
(
see note 14
)
244,517
253,594
Finance lease interest
33,768
49,289
Finance costs
7,955,137
7,695,508
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. No such accruals existed at 31 December 2024 as the debt and associated accrued
interest was settled via the disposal proceeds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "value": "5. Finance income and costs
2024
2023
\u00a3
\u00a3
Interest income on cash and cash equivalents
649,889
92,178
Finance income
649,889
92,178
Interest expense on bank borrowings
7,607,108
8,119,398
Non-utilisation charges on facilites
216,940
198,314
Receipt on interest rate swap
-
(911,184)
Receipt on interest rate caps
(
910,100
)
(
578,933
)
Amortisation of premium paid for interest rate cap
762,904
565,030
Amortisation of arrangement costs
(
see note 14
)
244,517
253,594
Finance lease interest
33,768
49,289
Finance costs
7,955,137
7,695,508
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. No such accruals existed at 31 December 2024 as the debt and associated accrued interest was settled via the disposal proceeds.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "5. Finance income and costs
2024
2023
\u00a3
\u00a3
Interest income on cash and cash equivalents
649,889
92,178
Finance income
649,889
92,178
Interest expense on bank borrowings
7,607,108
8,119,398
Non-utilisation charges on facilites
216,940
198,314
Receipt on interest rate swap
-
(911,184)
Receipt on interest rate caps
(
910,100
)
(
578,933
)
Amortisation of premium paid for interest rate cap
762,904
565,030
Amortisation of arrangement costs
(
see note 14
)
244,517
253,594
Finance lease interest
33,768
49,289
Finance costs
7,955,137
7,695,508
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. No such accruals existed at 31 December 2024 as the debt and associated accrued interest was settled via the disposal proceeds.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "value": "5. Finance income and costs
2024
2023
\u00a3
\u00a3
Interest income on cash and cash equivalents
649,889
92,178
Finance income
649,889
92,178
Interest expense on bank borrowings
7,607,108
8,119,398
Non-utilisation charges on facilites
216,940
198,314
Receipt on interest rate swap
-
(911,184)
Receipt on interest rate caps
(
910,100
)
(
578,933
)
Amortisation of premium paid for interest rate cap
762,904
565,030
Amortisation of arrangement costs
(
see note 14
)
244,517
253,594
Finance lease interest
33,768
49,289
Finance costs
7,955,137
7,695,508
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. No such accruals existed at 31 December 2024 as the debt and associated accrued interest was settled via the disposal proceeds.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "5. Finance income and costs
2024
2023
\u00a3
\u00a3
Interest income on cash and cash equivalents
649,889
92,178
Finance income
649,889
92,178
Interest expense on bank borrowings
7,607,108
8,119,398
Non-utilisation charges on facilites
216,940
198,314
Receipt on interest rate swap
-
(911,184)
Receipt on interest rate caps
(
910,100
)
(
578,933
)
Amortisation of premium paid for interest rate cap
762,904
565,030
Amortisation of arrangement costs
(
see note 14
)
244,517
253,594
Finance lease interest
33,768
49,289
Finance costs
7,955,137
7,695,508
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. No such accruals existed at 31 December 2024 as the debt and associated accrued interest was settled via the disposal proceeds.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "value": "5. Finance income and costs
2024
2023
\u00a3
\u00a3
Interest income on cash and cash equivalents
649,889
92,178
Finance income
649,889
92,178
Interest expense on bank borrowings
7,607,108
8,119,398
Non-utilisation charges on facilites
216,940
198,314
Receipt on interest rate swap
-
(911,184)
Receipt on interest rate caps
(
910,100
)
(
578,933
)
Amortisation of premium paid for interest rate cap
762,904
565,030
Amortisation of arrangement costs
(
see note 14
)
244,517
253,594
Finance lease interest
33,768
49,289
Finance costs
7,955,137
7,695,508
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. No such accruals existed at 31 December 2024 as the debt and associated accrued interest was settled via the disposal proceeds.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "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 were exempt from corporation tax as were any gains it
makes from the disposal of its properties, provided they were not held for trading or sold within three years of completion of
development. The Group was otherwise subject to UK corporation tax at the prevailing rate.
As the principal company of the REIT, the Company was 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 were also required to be met by the Company and
the Group to maintain REIT tax status. These conditions were met in the period up until the Company disposed of its
shareholding in the subsidiaries. Accordingly, deferred tax was not recognised on temporary differences relating to the
property rental business.
Following the sale of the Group\u2019s subsidiaries on 29
th
November 2024 (including the investment property portfolio), the Group
automatically left the UK REIT regime; one of the quantitative requirements for being a member of the UK REIT regime is that
the qualifying property rental business must contain at least three separate properties. Prior to the sale, the Group consulted
with their appointed tax advisors on implications of leaving the REIT regime.
The Company and its former Guernsey subsidiary had obtained exempt company status in Guernsey so that they were
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 2024 and 2023 is as follows:
2024
2023
\u00a3
\u00a3
Loss before tax
(
42,839,090
)
(
8,267,901
)
Tax calculated at UK statutory corporation tax rate of 25% (2023*: blended rate of 23.5%)
(10,709,772)
(1,942,957)
Valuation loss in respect of Investment properties not subject to tax
(
pre-29th Nov
)
3,425,858
4,477,291
UK REIT exemption on net income
(1,711,456)
(2,534,334)
Valuation loss in respect of Lant at Far Ralia post 29
th
Nov
164,562
-
Valuation loss in respect of sale of Subsidiaries
8,885,918
-
Current income tax charge
55,110
-
* 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "value": "
7. Investment Properties
UK
UK
UK
UK
Industrial
Office
Retail
Other
Total
2024
2024
2024
2024
2024
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Market value at 1 January
250,070,037
72,575,000
72,390,000
35,900,000
430,935,037
Purchase of investment properties
-
-
-
-
-
Capital expenditure on investment properties
-
-
-
-
-
Opening market value of disposed investment
(29,700,000)
(15,350,000)
-
- (45,050,000)
properties
Market value prior to sale of subsidiaries
220,370,037
57,225,000
72,390,000
35,900,000
385,885,037
Opening market value of disposed investment
(220,370,037)
(57,225,000)
(72,390,000)
(35,900,000)
(385,885,037)
properties
Market value at 31 December
-
-
-
-
-
Carrying value at 31 December
-
-
-
-
-
Valuations have been 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.
Historically, an adjustment has also been made for lease incentives (2023: \u00a39,248,902) and right of use assets (\u00a31,810,120) in
respect of the present value of future ground rents \u2013 however both are no longer relevant following the sale of the subsidiaries.
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
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
In the Cash Flow Statement, proceeds from disposal of investment properties comprise:
2024
2023
\u00a3
\u00a3
Opening market value of disposed investment properties
45,050,000
6,400,000
Loss on disposal of investment properties
(2,063,652)
(279,090)
Net proceeds from disposal of investment properties
42,986,348
6,120,910
Valuation Methodology
The fair value of completed investment properties were historically 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 reflected the current rent (the gross rent) payable to lease expiry, at which point the valuer
assumed that each unit would be re-let at their opinion of ERV. The valuers made allowances for voids where appropriate, as
well as deducting non recoverable costs where applicable. The appropriate yield was selected on the basis of the location of
the building, its quality, tenant credit quality and lease terms amongst other factors.
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 were 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
)
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.
2024
2023
ERV p.a.
\u00a3nil
\u00a334,189,042
Area sq.ft.
-
3,503,840
Average ERV per sq.ft.
\u00a3nil
\u00a39.76
Initial yield
N/A
5.8%
Reversionary yield
N/A
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.
2024
2023
\u00a3
\u00a3
Increase in equivalent yield of 50 bps
N/A
(31,373,168)
Decrease in rental rates of 5%
(
ERV
)
 N/A
(
15,910,176
)
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
Following the sale of the subsidiaries on the 29 November 2024, the Group no longer held any investment properties baring its
interest in the Land at Far Ralia. The Company is actively seeking a buyer for this site, however, for the purposes of these
Financial Statements it has been elected not to classify these as Held for Sale as the Land has already been reclassified to
Current Assets because the financial statements have been prepared on a basis other than that of a going concern.
As at 31 December 2023, the Group was actively seeking a buyer for several assets including its industrial assets Opus 9 in
Warrington (sold March 2024 for \u00a36.75m), Unit 5 Monkton Business Park in Hebburn (sold April 2024 for \u00a35.3m) and Kings
Business Park in Bristol (sold April 2024 for \u00a37.9m). In addition, the Group was actively seeking a buyer of its office asset 15
Basinghall Street in London (sold March 2024 for \u00a39.8m), and 101 Princess Street in Manchester (sold September 2024 for
\u00a34.3m).
In addition to the sales noted above, the Group also sold its industrial asset Bastion Point in Dover in August 2024 for a headline
price of \u00a39.5m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "value": "
8. Land
2024
2023
\u00a3
\u00a3
Cost
Balance at the beginning of the year
9,595,555
8,061,872
Additions
2,300,154
2,154,160
Government Grant Income receivable
(1,026,030)
(620,477)
Balance at the end of the year
10,869,679
9,595,555
Accumulated depreciation and amortisation
Balance at the beginning of the year
(
1,345,555
)
(
561,872
)
Valuation gain/
(
loss
)
from land
475,876
(
783,683
)
Balance at the end of the year
(
869,679
)
(
1,345,555
)
Projected sales costs (see note 25)
(165,000)
-
Carrying amount as at 31 December
9,835,000
8,250,000
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, but going forward on a half yearly 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 2024, no grant income has yet
been received, however, \u00a31,646,507 (2023: \u00a3620,477) has been recognised in accordance with the Group\u2019s policy for grant
recognition (see Note 2.3 C iv).
As noted in more detail in note 2.1, the current Annual Report & Accounts are not prepared on a going concern basis with the
carrying value reduced by estimated costs of disposal and \u00a3165,000 has been recognised to write down the Land to its
projected net realisable value. Further details are provided in note 25.
The valuation above is sensitive to movements in the underlying inputs \u2013 an increase in the growth rate of Carbon Prices per
T/CO
2
(10% over base assumptions during an initial 26-year period) would result in an increase in valuation of \u00a31.8m. Whereas
a decrease in growth rates (10% during the same period) would result in a decrease in valuation of \u00a31.7m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "value": "8. Land
2024
2023
\u00a3
\u00a3
Cost
Balance at the beginning of the year
9,595,555
8,061,872
Additions
2,300,154
2,154,160
Government Grant Income receivable
(1,026,030)
(620,477)
Balance at the end of the year
10,869,679
9,595,555
Accumulated depreciation and amortisation
Balance at the beginning of the year
(
1,345,555
)
(
561,872
)
Valuation gain/
(
loss
)
from land
475,876
(
783,683
)
Balance at the end of the year
(
869,679
)
(
1,345,555
)
Projected sales costs (see note 25)
(165,000)
-
Carrying amount as at 31 December
9,835,000
8,250,000
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, but going forward on a half yearly 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 2024, no grant income has yet been received, however, \u00a31,646,507 (2023: \u00a3620,477) has been recognised in accordance with the Group\u2019s policy for grant recognition (see Note 2.3 C iv). As noted in more detail in note 2.1, the current Annual Report & Accounts are not prepared on a going concern basis with the carrying value reduced by estimated costs of disposal and \u00a3165,000 has been recognised to write down the Land to its projected net realisable value. Further details are provided in note 25. The valuation above is sensitive to movements in the underlying inputs \u2013 an increase in the growth rate of Carbon Prices per T/CO 2 (10% over base assumptions during an initial 26-year period) would result in an increase in valuation of \u00a31.8m. Whereas a decrease in growth rates (10% during the same period) would result in a decrease in valuation of \u00a31.7m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "value": "9. Investment Properties Held for Sale Following the sale of the subsidiaries on the 29 November 2024, the Group no longer held any investment properties baring its interest in the Land at Far Ralia. The Company is actively seeking a buyer for this site, however, for the purposes of these Financial Statements it has been elected not to classify these as Held for Sale as the Land has already been reclassified to Current Assets because the financial statements have been prepared on a basis other than that of a going concern. As at 31 December 2023, the Group was actively seeking a buyer for several assets including its industrial assets Opus 9 in Warrington (sold March 2024 for \u00a36.75m), Unit 5 Monkton Business Park in Hebburn (sold April 2024 for \u00a35.3m) and Kings Business Park in Bristol (sold April 2024 for \u00a37.9m). In addition, the Group was actively seeking a buyer of its office asset 15 Basinghall Street in London (sold March 2024 for \u00a39.8m), and 101 Princess Street in Manchester (sold September 2024 for \u00a34.3m). In addition to the sales noted above, the Group also sold its industrial asset Bastion Point in Dover in August 2024 for a headline price of \u00a39.5m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "9. Investment Properties Held for Sale Following the sale of the subsidiaries on the 29 November 2024, the Group no longer held any investment properties baring its interest in the Land at Far Ralia. The Company is actively seeking a buyer for this site, however, for the purposes of these Financial Statements it has been elected not to classify these as Held for Sale as the Land has already been reclassified to Current Assets because the financial statements have been prepared on a basis other than that of a going concern. As at 31 December 2023, the Group was actively seeking a buyer for several assets including its industrial assets Opus 9 in Warrington (sold March 2024 for \u00a36.75m), Unit 5 Monkton Business Park in Hebburn (sold April 2024 for \u00a35.3m) and Kings Business Park in Bristol (sold April 2024 for \u00a37.9m). In addition, the Group was actively seeking a buyer of its office asset 15 Basinghall Street in London (sold March 2024 for \u00a39.8m), and 101 Princess Street in Manchester (sold September 2024 for \u00a34.3m). In addition to the sales noted above, the Group also sold its industrial asset Bastion Point in Dover in August 2024 for a headline price of \u00a39.5m.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "value": "
10. Investments in Limited Partnership and Subsidiaries
The Company historically owned 100 per cent of the issued ordinary share capital of abrdn Property Holdings Limited, a
company with limited liability incorporated and domiciled in Guernsey, Channel Islands, whose principal business is property
investment. abrdn Property Holdings Limited, in turn, owned the entire issued share capital of a General Partner which held,
through a Limited Partnership, a portfolio of UK real estate assets.
abrdn Property Holdings Limited, a property investment company with limited liability incorporated in Guernsey, Channel
Islands.
abrdn (APIT) 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.
On 29
th
November, the Company completed on the disposal of 100% of the share capital of abrdn Property Holdings Limited.
The transaction included the disposal of the entire group of subsidiaries listed above. Following subsequent negotiations over
the Completion Accounts, the final price paid by GoldenTree was \u00a3234.3m.
2024
\u00a3
Disposal of abrdn Property Holdings Limited 234,298,743
Less: transaction costs associated with the sale
(
5,237,261
)
Net Proceeds 229,061,482
Net Assets of disposal Group at date of sale
(
post completion account review
)
 276,614,616
Derecognition of Far Ralia (transferred to Company) (10,000,000)
Derecognition of Accrued Grant Income for Far Ralia
(
transferred to Company
)
(
1,646,507
)
Trade and Other Receivables transferred to Company (505,296)
Adjusted Net Assets of disposal Group 264,462,813
Loss on Disposal of Subsidiaries 35,401,331
Reclassification of unrealised losses in Investment Portfolio to Realised Losses 12,751,247
Realised Loss on Disposal of Subsidiaries
48,152,578
Included within the transaction costs associated with the sale, were \u00a31,459,100 payable to the Investment Manager.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "value": "10. Investments in Limited Partnership and Subsidiaries The Company historically owned 100 per cent of the issued ordinary share capital of abrdn Property Holdings Limited, a company with limited liability incorporated and domiciled in Guernsey, Channel Islands, whose principal business is property investment. abrdn Property Holdings Limited, in turn, owned the entire issued share capital of a General Partner which held, through a Limited Partnership, a portfolio of UK real estate assets. abrdn Property Holdings Limited, a property investment company with limited liability incorporated in Guernsey, Channel Islands. abrdn (APIT) 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. On 29 th November, the Company completed on the disposal of 100% of the share capital of abrdn Property Holdings Limited. The transaction included the disposal of the entire group of subsidiaries listed above. Following subsequent negotiations over the Completion Accounts, the final price paid by GoldenTree was \u00a3234.3m.
2024
\u00a3
Disposal of abrdn Property Holdings Limited 234,298,743
Less: transaction costs associated with the sale
(
5,237,261
)
Net Proceeds 229,061,482
Net Assets of disposal Group at date of sale
(
post completion account review
)
 276,614,616
Derecognition of Far Ralia (transferred to Company) (10,000,000)
Derecognition of Accrued Grant Income for Far Ralia
(
transferred to Company
)
(
1,646,507
)
Trade and Other Receivables transferred to Company (505,296)
Adjusted Net Assets of disposal Group 264,462,813
Loss on Disposal of Subsidiaries 35,401,331
Reclassification of unrealised losses in Investment Portfolio to Realised Losses 12,751,247
Realised Loss on Disposal of Subsidiaries
48,152,578
Included within the transaction costs associated with the sale, were \u00a31,459,100 payable to the Investment Manager. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "10. Investments in Limited Partnership and Subsidiaries The Company historically owned 100 per cent of the issued ordinary share capital of abrdn Property Holdings Limited, a company with limited liability incorporated and domiciled in Guernsey, Channel Islands, whose principal business is property investment. abrdn Property Holdings Limited, in turn, owned the entire issued share capital of a General Partner which held, through a Limited Partnership, a portfolio of UK real estate assets. abrdn Property Holdings Limited, a property investment company with limited liability incorporated in Guernsey, Channel Islands. abrdn (APIT) 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. On 29 th November, the Company completed on the disposal of 100% of the share capital of abrdn Property Holdings Limited. The transaction included the disposal of the entire group of subsidiaries listed above. Following subsequent negotiations over the Completion Accounts, the final price paid by GoldenTree was \u00a3234.3m.
2024
\u00a3
Disposal of abrdn Property Holdings Limited 234,298,743
Less: transaction costs associated with the sale
(
5,237,261
)
Net Proceeds 229,061,482
Net Assets of disposal Group at date of sale
(
post completion account review
)
 276,614,616
Derecognition of Far Ralia (transferred to Company) (10,000,000)
Derecognition of Accrued Grant Income for Far Ralia
(
transferred to Company
)
(
1,646,507
)
Trade and Other Receivables transferred to Company (505,296)
Adjusted Net Assets of disposal Group 264,462,813
Loss on Disposal of Subsidiaries 35,401,331
Reclassification of unrealised losses in Investment Portfolio to Realised Losses 12,751,247
Realised Loss on Disposal of Subsidiaries
48,152,578
Included within the transaction costs associated with the sale, were \u00a31,459,100 payable to the Investment Manager. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "value": "
11. Trade and other receivables
2024
2023
\u00a3
\u00a3
Trade receivables
189,460
4,574,012
Less: provision for impairment of trade receivables
(
189,460
)
(
832,240
)
Trade receivables
(
net
)
-
3,741,772
Rental deposits held on behalf of tenants
-
299,124
Accrued Grant Income
(
see Note 8
)
1,646,507
620,477
Other receivables
524,585
1,439,779
Total trade and other receivables
2,171,092
6,101,152
Reconciliation for changes in the provision for impairment of trade receivables:
2024
2023
\u00a3
\u00a3
Opening balance
(
832,240
)
(
2,137,972
)
(Charge)/Credit for the year
(110,725)
213,048
Reversal for amounts written-off
369,386
1,092,684
Derecognition on disposal of subsidiaries
384,119
-
Closing balance
(
189,460
)
(
832,240
)
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.
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 have been included in other direct property costs in the Consolidated Statement of
Comprehensive Income. As at 31 December 2024, trade receivables of \u00a3189,460 (2023: \u00a3832,240) were considered impaired
and provided for.
The ageing of these receivables is as follows:
2024
2023
\u00a3
\u00a3
0 to 3 months
(
9,485
)
(
37,274
)
3 to 6 months
(18,299)
(81,350)
Over 6 months
(
161,676
)
(
713,616
)
(
189,460
)
(
832,240
)
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 2024, trade receivables of \u00a3nil (2023: \u00a3500,470) were less than 3 months past due but considered not
impaired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "value": "11. Trade and other receivables
2024
2023
\u00a3
\u00a3
Trade receivables
189,460
4,574,012
Less: provision for impairment of trade receivables
(
189,460
)
(
832,240
)
Trade receivables
(
net
)
-
3,741,772
Rental deposits held on behalf of tenants
-
299,124
Accrued Grant Income
(
see Note 8
)
1,646,507
620,477
Other receivables
524,585
1,439,779
Total trade and other receivables
2,171,092
6,101,152
Reconciliation for changes in the provision for impairment of trade receivables:
2024
2023
\u00a3
\u00a3
Opening balance
(
832,240
)
(
2,137,972
)
(Charge)/Credit for the year
(110,725)
213,048
Reversal for amounts written-off
369,386
1,092,684
Derecognition on disposal of subsidiaries
384,119
-
Closing balance
(
189,460
)
(
832,240
)
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. 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 have been included in other direct property costs in the Consolidated Statement of Comprehensive Income. As at 31 December 2024, trade receivables of \u00a3189,460 (2023: \u00a3832,240) were considered impaired and provided for. The ageing of these receivables is as follows:
2024
2023
\u00a3
\u00a3
0 to 3 months
(
9,485
)
(
37,274
)
3 to 6 months
(18,299)
(81,350)
Over 6 months
(
161,676
)
(
713,616
)
(
189,460
)
(
832,240
)
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 2024, trade receivables of \u00a3nil (2023: \u00a3500,470) were less than 3 months past due but considered not impaired. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "value": "
12. Cash and cash equivalents
2024
2023
\u00a3
\u00a3
Cash held at bank
3,807,736
6,337,101
Cash held in abrdn Liquidity fund
32,847,430
-
Cash held on deposit with RBS
-
316,737
36,655,166
6,653,838
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. The abrdn Liquidity fund was \u00a318.3bn in size at 31
st
December2024, had a weighted
average maturity of 48 days and provided a Gross 30-day annualised yield of 4.87% in December.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "value": "12. Cash and cash equivalents
2024
2023
\u00a3
\u00a3
Cash held at bank
3,807,736
6,337,101
Cash held in abrdn Liquidity fund
32,847,430
-
Cash held on deposit with RBS
-
316,737
36,655,166
6,653,838
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. The abrdn Liquidity fund was \u00a318.3bn in size at 31 st December2024, had a weighted average maturity of 48 days and provided a Gross 30-day annualised yield of 4.87% in December. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "value": "
13. Trade and other payables
2024
2023
\u00a3
\u00a3
Trade and other payables
6,860,858
7,023,461
VAT payable
-
656,894
Deferred rental income
-
6,038,976
Rental deposits due to tenants
-
299,124
6,860,858
14,018,455
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "value": "13. Trade and other payables
2024
2023
\u00a3
\u00a3
Trade and other payables
6,860,858
7,023,461
VAT payable
-
656,894
Deferred rental income
-
6,038,976
Rental deposits due to tenants
-
299,124
6,860,858
14,018,455
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:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "value": "13. Trade and other payables
2024
2023
\u00a3
\u00a3
Trade and other payables
6,860,858
7,023,461
VAT payable
-
656,894
Deferred rental income
-
6,038,976
Rental deposits due to tenants
-
299,124
6,860,858
14,018,455
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "value": "14. Bank borrowings
2024 2023
\u00a3 \u00a3
Loan facility (including Rolling Credit Facility)
-
165,000,000
Drawn down outstanding balance
-
141,874,379
The Groups \u00a3165m debt facility with Royal Bank of Scotland International (\u2018RBSI\u2019) was transferred as part of the sale of the subsidiaries on 29 November 2024. At the time of the disposal, \u00a328.3m of the RCF was drawn (31 December 2023 \u00a356.9m) in addition to the term loan of \u00a385m.
2024 2023
\u00a3 \u00a3
Opening carrying value of expired facility as at 1 January
-
109,928,234
Borrowings during the period on expired RCF
-
25,000,000
Repayment of expired RCF
-
(25,000,000)
Repayment of expired facility
-
(110,000,000)
Amortisation arrangement costs
-
71,766
Closing carrying value of expired facility
-
-
Opening carrying value of new facility as at 1 January
141,251,190
(804,297)
Borrowings during the period on new RCF
13,300,000
63,000,000
Repayment of new RCF
(41,874,379)
(6,125,621)
New term loan facility
-
85,000,000
Elimination of RCF indebtedness on sale
(28,300,000)
-
Elimination of Term Loan indebtedness on sale
(85,000,000)
-
Eliminate residual unamortised arrangement costs on sale
377,952
-
Amortisation arrangement costs
244,517
181,828
Closing carrying value
-
141,251,910
Opening carrying value of facilities combined as at 1 January
141,251,910
109,123,937
Closing carrying value of facilities combined
-
141,251,910
2024
2023
\u00a3
\u00a3
Amortisation of arrangement costs
(
expired facility
)
-
71,766
Amortisation of arrangement costs (new facility)
244,517
181,828
See Note 5
244.517
253,594
Analysis of Cash and cash Interest- 2024 Cash and cash Interest- 2023
movement in net equivalents bearing loans Net debt equivalents bearing loans Net debt
debt \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 \u00a3
Opening balance 6,653,838
(
141,251,910
)
(
134,598,072
)
 15,871,053
(
109,123,937
)
(
93,252,884
)
Cash movement
32,851,922
28,574,379
61,426,301
(
9,217,215
)
(
31,874,379
)
(
41,091,594
)
Elimination on sale
(
2,850,594
)
112,922,048
110,071,454
-
-
-
Amortisation of
arrangement
-
(244,517)
(244,517)
-
(253,594)
(253,594)
costs
Closing balance
36,655,166
-
36,655,166
6,653,838
(
141,251,910
)
(
134,598,072
)
All loan covenants were met during the year ended December 2024 and prior to the sale of the subsidiaries, further details relating to covenants have not been provided as they were complied with during the year and there were no covenants at the year-end.
2024
2023
\u00a3
\u00a3
Loan amount
-
141,874,379
Cash
-
(
6,653,838
)
-
135,220,541
Investment property valuation/Land
10,000,000
439,185,037
LTV percentage
N/A
30.8%
The loan facility was 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-431": { "value": "15. Interest rate Swap and Cap In order to mitigate any interest rate risk linked to their debt facilities, the Group's policy was 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%.
2024
2023
\u00a3
\u00a3
Opening fair value of interest rate swaps at 1 January
-
1,238,197
)
Reclassification of interest accrual
-
(
335,663
)
Valuation (loss)/gain on interest rate swap
-
(902,534)
Reclassified to Profit & Loss
-
-
Closing fair value of interest rate swap at 31 December
-
-
15b 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 which would have expired in April 2026 at the same time as the loan facility.
2024
2023
\u00a3
\u00a3
Opening fair value of interest rate cap at 1 January
1,408,781
2,550,469
Net Change in fair value
(794,477)
(1,141,688)
Derecognition of Interest Rate Cap on disposal of subsidiary
(614,304)
-
Closing fair value of interest rate cap at 31 December
-
1,408,781
The change in fair value of the interest rate cap comprises fair value changes and interest received, paid and accrued.
2024
Cost of hedging
Cash flow hedge
Total
\u00a3
\u00a3
\u00a3
Opening fair value
625,276
783,505
1,408,781
Valuation
(
loss
)
/gain
(
625,276
)
871,254
245,978
Interest received
-
(1,040,455)
(1,040,455)
Net Change in fair value
(
625,276
)
(
169,201
)
(
794,477
)
Closing fair value of interest rate cap at 31 December
-
614,304
614,304
Less Closing Interest Accrual *
-
(
82,903
)
(
82,903
)
Adjusted fair value of interest rate cap at 31 December
-
531,401
531,401
Opening Adjusted fair value of interest rate cap at 1 January
625,276
783,505
1,408,781
Valuation
(
loss
)
/gain recognised on Adjusted Valuation
(
625,276
)
(
252,104
)
(
877,380
)
Net Change in fair value (as above)
(625,276)
(169,201)
(794,477)
Less Closing Interest Accrual
(
as above
)
*
-
(
82,903
)
(
82,903
)
Valuation
(
loss
)
/gain recognised on Adjusted Valuation
(
625,276
)
(
252,104
)
(
877,380
)
2024
Interest Rate Cap Reserves Reconciliation
Cost of hedging
Cash flow Total
reserve hedge reserve
\u00a3
\u00a3
\u00a3
Opening Reserve
(
1,316,871
)
 570,245
(
746,626
)
Valuation
(
loss
)
/gain recognised on Adjusted Valuation
(
625,276
)
(
252,104
)
(
877,380
)
Less Prior accrual
-
213,260
213,260
Amortisation of Premium (See Note 5)
762,904
-
762,904
Valuation loss as recognised in Other Comprehensive Income
137,628
(
38,844
)
 98,784
Derecognition of residual premium
1,179,243
-
1,179,243
Derecognition of residual value
-
(
531,401
)
(
531,401
)
Closing Reserve
-
-
-
* As the valuation of the interest rate cap includes a valuation attributable to the unsettled interest (due to 21st January) a separate accrual has not been recorded in the balance sheet. Instead, this represents a recycling of the change in Other Comprehensive Income for the Cash flow hedge to Finance Cost.
2023
Cost of hedging
Cash flow hedge
Total
\u00a3
\u00a3
\u00a3
Opening 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 gain as recognised in Other Comprehensive Income
(
588,845
)
(
201,073
)
(
789,918
)
Closing Reserve
(
1,316,871
)
 570,245
(
746,626
)
The Interest associated with the cap recognised as an offset against Finance Cost is summarised below:
2024
2023
\u00a3
\u00a3
Interest received
1,040,455
365,673
Closing Interest Accrual
82,903
213,260
Less Interest Accrued from prior year
(213,260)
-
Receipt on interest rate caps
(
see Note 5
)
910,098
578,933
The spilt of the interest rate cap is listed below:
2024
2023
\u00a3
\u00a3
Current assets/
(
liabilities
)
-
849,110
Non-current assets/(liabilities)
-
559,671
Interest rate cap with a start date of 27 April 2023 maturing on 26 April 2026
-
1,408,781
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "value": "15. Interest rate Swap and Cap In order to mitigate any interest rate risk linked to their debt facilities, the Group's policy was 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%.
2024
2023
\u00a3
\u00a3
Opening fair value of interest rate swaps at 1 January
-
1,238,197
)
Reclassification of interest accrual
-
(
335,663
)
Valuation (loss)/gain on interest rate swap
-
(902,534)
Reclassified to Profit & Loss
-
-
Closing fair value of interest rate swap at 31 December
-
-
15b 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 which would have expired in April 2026 at the same time as the loan facility.
2024
2023
\u00a3
\u00a3
Opening fair value of interest rate cap at 1 January
1,408,781
2,550,469
Net Change in fair value
(794,477)
(1,141,688)
Derecognition of Interest Rate Cap on disposal of subsidiary
(614,304)
-
Closing fair value of interest rate cap at 31 December
-
1,408,781
The change in fair value of the interest rate cap comprises fair value changes and interest received, paid and accrued.
2024
Cost of hedging
Cash flow hedge
Total
\u00a3
\u00a3
\u00a3
Opening fair value
625,276
783,505
1,408,781
Valuation
(
loss
)
/gain
(
625,276
)
871,254
245,978
Interest received
-
(1,040,455)
(1,040,455)
Net Change in fair value
(
625,276
)
(
169,201
)
(
794,477
)
Closing fair value of interest rate cap at 31 December
-
614,304
614,304
Less Closing Interest Accrual *
-
(
82,903
)
(
82,903
)
Adjusted fair value of interest rate cap at 31 December
-
531,401
531,401
Opening Adjusted fair value of interest rate cap at 1 January
625,276
783,505
1,408,781
Valuation
(
loss
)
/gain recognised on Adjusted Valuation
(
625,276
)
(
252,104
)
(
877,380
)
Net Change in fair value (as above)
(625,276)
(169,201)
(794,477)
Less Closing Interest Accrual
(
as above
)
*
-
(
82,903
)
(
82,903
)
Valuation
(
loss
)
/gain recognised on Adjusted Valuation
(
625,276
)
(
252,104
)
(
877,380
)
2024
Interest Rate Cap Reserves Reconciliation
Cost of hedging
Cash flow Total
reserve hedge reserve
\u00a3
\u00a3
\u00a3
Opening Reserve
(
1,316,871
)
 570,245
(
746,626
)
Valuation
(
loss
)
/gain recognised on Adjusted Valuation
(
625,276
)
(
252,104
)
(
877,380
)
Less Prior accrual
-
213,260
213,260
Amortisation of Premium (See Note 5)
762,904
-
762,904
Valuation loss as recognised in Other Comprehensive Income
137,628
(
38,844
)
 98,784
Derecognition of residual premium
1,179,243
-
1,179,243
Derecognition of residual value
-
(
531,401
)
(
531,401
)
Closing Reserve
-
-
-
* As the valuation of the interest rate cap includes a valuation attributable to the unsettled interest (due to 21st January) a separate accrual has not been recorded in the balance sheet. Instead, this represents a recycling of the change in Other Comprehensive Income for the Cash flow hedge to Finance Cost.
2023
Cost of hedging
Cash flow hedge
Total
\u00a3
\u00a3
\u00a3
Opening 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 gain as recognised in Other Comprehensive Income
(
588,845
)
(
201,073
)
(
789,918
)
Closing Reserve
(
1,316,871
)
 570,245
(
746,626
)
The Interest associated with the cap recognised as an offset against Finance Cost is summarised below:
2024
2023
\u00a3
\u00a3
Interest received
1,040,455
365,673
Closing Interest Accrual
82,903
213,260
Less Interest Accrued from prior year
(213,260)
-
Receipt on interest rate caps
(
see Note 5
)
910,098
578,933
The spilt of the interest rate cap is listed below:
2024
2023
\u00a3
\u00a3
Current assets/
(
liabilities
)
-
849,110
Non-current assets/(liabilities)
-
559,671
Interest rate cap with a start date of 27 April 2023 maturing on 26 April 2026
-
1,408,781
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "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
The above table shows the historic present value of future lease payments in relation to the ground lease payable at Hagley
Road, Birmingham as required under IFRS 16. Following the disposal of the subsidiaries on 29 November, this Group is no longer
exposed to ground leases. A corresponding asset was historically recognised and was part of Investment properties as shown
in note 7.
17. Lease analysis
The Group had historically granted leases on its property portfolio. As at 31 December 2024, the Company no longer had
active leases with tenants.
Future minimum rentals receivable under non-cancellable operating leases as at 31 December were as follows:
2024
2023
\u00a3
\u00a3
Within one year
-
27,137,392
Between one and two years
-
22,839,051
Between two and three years
-
19,036,836
Between three and four years
-
14,949,198
Between four and five years
-
12,718,074
More than 5 years
-
78,172,826
Total
-
174,853,377
As at the year-end, the Company had no tenants \u2013 in the prior year, the largest single tenant at the year-end accounted for
5.7% of the annual passing rent prevailing at the time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "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
The above table shows the historic present value of future lease payments in relation to the ground lease payable at Hagley Road, Birmingham as required under IFRS 16. Following the disposal of the subsidiaries on 29 November, this Group is no longer exposed to ground leases. A corresponding asset was historically recognised and was part of Investment properties as shown in note 7. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "value": "17. Lease analysis The Group had historically granted leases on its property portfolio. As at 31 December 2024, the Company no longer had active leases with tenants. Future minimum rentals receivable under non-cancellable operating leases as at 31 December were as follows:
2024
2023
\u00a3
\u00a3
Within one year
-
27,137,392
Between one and two years
-
22,839,051
Between two and three years
-
19,036,836
Between three and four years
-
14,949,198
Between four and five years
-
12,718,074
More than 5 years
-
78,172,826
Total
-
174,853,377
As at the year-end, the Company had no tenants \u2013 in the prior year, the largest single tenant at the year-end accounted for 5.7% of the annual passing rent prevailing at the time.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "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 2024 there were 381,218,977 ordinary shares of
1p each in issue (2023: 381,218,977). All ordinary shares rank equally for dividends and distributions and carry one vote each
(as noted below, these shares no longer carry the right to vote on voluntary winding up of the Company). 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:
2024
2023
\u00a3
\u00a3
Opening balance
228,383,857
228,383,857
Shares issued
-
-
Closing balance
228,383,857
228,383857
Redeemable Bonus Shares
Following the disposal of the Group's subsidiaries on 29 November 2024, the Company issued to Shareholders a
recommended proposal for adoption of a Redeemable Bonus Share Scheme to return capital to Shareholders as efficiently
as possible. The proposal noted that each API Shareholder would receive 1 Redeemable Bonus Share for each API Share they
held, which would then be immediately redeemed for a cash payment equal to the redemption price (noted as 52p). On 17
December 2024, Shareholders voted in favour of this motion and the redemption and cancellation of these shares occurred
on 19 December 2024, with proceeds subsequently being returned to Shareholders on 24 December 2024.
2024
2023
\u00a3
\u00a3
Opening balance
-
-
Shares redeemed during the year
198,233,868
-
Closing balance
198,233,868
-
Winding Up Shares
As previously announced, the Board intends that the Company is placed into voluntary winding up at an appropriate time with
the exact timing of being dependent on a number of factors, which may include progress with the sale of Far Ralia. Placing
the Company into Voluntary Winding Up would normally require the approval of Shareholders at the General Meeting.
However, to prevent the need for a further General Meeting, and because Guernsey law does not allow liquidators to be
appointed on a conditional basis, a proposal was put to Shareholders to amend the Company's Articles of Incorporation to
allow for the creation and issue of a new class of share. The intention was for one such share to be issued at some point in the
future to a director of the Company, with the share given the sole right to vote on the voluntary winding up of the Company;
the proposal noted that the change to the articles would also remove the right of API ordinary shares to vote at such a meeting.
On 17 December 2024, Shareholders voted in favour of this motion however as at 31 December 2024 such a share has not yet
been issued.
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 2024 no shares had been bought back (2023: nil) at a cost of \u00a3nil (2023: \u00a3nil) and are included in the Treasury
share reserve.
2024
2023
\u00a3
\u00a3
Opening balance
18,400,876
18,400,876
Bought back during the year
-
-
Closing balance
18,400,876
18,400,876
The number of shares in issue as at 31 December 2024/2023 are as follows
2024
2023
Number of Number of
shares shares
Opening balance
381,218,977
381,218,977
Issue of Redeemable Bonus Share
381,218,977
-
Redemption / cancellation of Redeemable Bonus Shares
(
381,218,977
)
 -
Closing balance
381,218,977
381,218,977
19. Reserves
The detailed movement of the below reserves for the years to 31 December 2024 and 31 December 2023 can be found in
the Consolidated Statement of Changes in Equity on page 40.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "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 2024 there were 381,218,977 ordinary shares of 1p each in issue (2023: 381,218,977). All ordinary shares rank equally for dividends and distributions and carry one vote each (as noted below, these shares no longer carry the right to vote on voluntary winding up of the Company). 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:
2024
2023
\u00a3
\u00a3
Opening balance
228,383,857
228,383,857
Shares issued
-
-
Closing balance
228,383,857
228,383857
Redeemable Bonus Shares Following the disposal of the Group's subsidiaries on 29 November 2024, the Company issued to Shareholders a recommended proposal for adoption of a Redeemable Bonus Share Scheme to return capital to Shareholders as efficiently as possible. The proposal noted that each API Shareholder would receive 1 Redeemable Bonus Share for each API Share they held, which would then be immediately redeemed for a cash payment equal to the redemption price (noted as 52p). On 17 December 2024, Shareholders voted in favour of this motion and the redemption and cancellation of these shares occurred on 19 December 2024, with proceeds subsequently being returned to Shareholders on 24 December 2024.
2024
2023
\u00a3
\u00a3
Opening balance
-
-
Shares redeemed during the year
198,233,868
-
Closing balance
198,233,868
-
Winding Up Shares As previously announced, the Board intends that the Company is placed into voluntary winding up at an appropriate time with the exact timing of being dependent on a number of factors, which may include progress with the sale of Far Ralia. Placing the Company into Voluntary Winding Up would normally require the approval of Shareholders at the General Meeting. However, to prevent the need for a further General Meeting, and because Guernsey law does not allow liquidators to be appointed on a conditional basis, a proposal was put to Shareholders to amend the Company's Articles of Incorporation to allow for the creation and issue of a new class of share. The intention was for one such share to be issued at some point in the future to a director of the Company, with the share given the sole right to vote on the voluntary winding up of the Company; the proposal noted that the change to the articles would also remove the right of API ordinary shares to vote at such a meeting. On 17 December 2024, Shareholders voted in favour of this motion however as at 31 December 2024 such a share has not yet been issued. 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 2024 no shares had been bought back (2023: nil) at a cost of \u00a3nil (2023: \u00a3nil) and are included in the Treasury share reserve.
2024
2023
\u00a3
\u00a3
Opening balance
18,400,876
18,400,876
Bought back during the year
-
-
Closing balance
18,400,876
18,400,876
The number of shares in issue as at 31 December 2024/2023 are as follows
2024
2023
Number of Number of
shares shares
Opening balance
381,218,977
381,218,977
Issue of Redeemable Bonus Share
381,218,977
-
Redemption / cancellation of Redeemable Bonus Shares
(
381,218,977
)
 -
Closing balance
381,218,977
381,218,977
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "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 2024 no shares had been bought back (2023: nil) at a cost of \u00a3nil (2023: \u00a3nil) and are included in the Treasury share reserve.
2024
2023
\u00a3
\u00a3
Opening balance
18,400,876
18,400,876
Bought back during the year
-
-
Closing balance
18,400,876
18,400,876
The number of shares in issue as at 31 December 2024/2023 are as follows
2024
2023
Number of Number of
shares shares
Opening balance
381,218,977
381,218,977
Issue of Redeemable Bonus Share
381,218,977
-
Redemption / cancellation of Redeemable Bonus Shares
(
381,218,977
)
 -
Closing balance
381,218,977
381,218,977
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-414": { "value": "19. Reserves The detailed movement of the below reserves for the years to 31 December 2024 and 31 December 2023 can be found in the Consolidated Statement of Changes in Equity on page 40. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "value": "
20. Earnings per share
Basic earnings per share amounts are calculated by dividing profit/loss 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.
The following reflects the income and share data used in the basic and diluted earnings per share computations:
2024
2023
\u00a3
\u00a3
Loss for the year net of tax
(
42,894,200
)
(
8,267,901
)
2024
2023
Weighted average number of ordinary shares outstanding during the year
381,218,977
381,218,977
Loss per ordinary share
(
pence
)
(
11.25
)
(
2.17
)
Profit for the year excluding capital items
(
\u00a3
)
7,011,154
10,824,203
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "
21. Dividends and Property Income Distributions Gross of Income Tax
Dividends 2024
PID
Non-PID Total PID Non-PID
pence pence Pence \u00a3 \u00a3
Quarter to 31 December of prior year
0.3980
0.6020
1.0000
1,517,252
2,294,938
(paid in February)
Quarter to 31 March
(
paid in May
)
1.0000
-
1.0000
3,812,190
-
Quarter to 30 June
(
paid in August
)
0.4500
0.5500
1.0000
1,715,485
2,096,705
Quarter to 30 September (paid in
November)
0.3000
0.7000
1.0000
1,143,657
2,668,533
Total dividends paid
2.1480
1.8520
4.0000
8,188,584
7,060,176
Distribution on exiting REIT regime
3.0000
-
3.0000
11,436,569
-
(
paid after year end
)
Prior year dividends (per above)
(0.3980)
(0.6020)
(1.0000)
(1,517,252)
(2,294,938)
Total dividends for the year
4.7500
1.2500
6.0000
18,107,901
4,765,238
On 10 January 2025 a dividend of 3.0 pence per share was paid as a Property Income Distribution. This was in respect of the
Group leaving the UK REIT regime and represented an initial payment to ensure 100% of all historic Property Income was fully
distributed; while a member of the UK REIT regime, the Company was required to distribute at least 90% and this initial payment
was representative of the accumulation of retained Property Income where the Company distributed between 90 and 100%.
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
0.3980
0.6020
1.0000
1,517,252
2,294,938
year (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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "value": "0.03", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-386": { "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.
2024
2023
Number of ordinary shares at the reporting date
381,218,977
381,218,977
2024
2023
\u00a3
\u00a3
Total equity per audited consolidated financial statements
30,363,831
298,078,443
NAV per share
(
p
)
8.0
78.2
Published NAV per share
(
p
)
8.0
78.4
The variance between the unaudited published NAV and audited consolidated NAV recorded in 2023 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "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 \u00a3389,757 (2023: \u00a3239,436) none of which remained payable at the year-end (2023: 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.
2024
2023
\u00a3
\u00a3
Mike Balfour
46,000
41,500
Mike Bane
40,000
37,000
James Clifton-Brown
55,000
50,000
Jill May
42,500
37,000
Sarah Slater
40,000
37,000
One-off fee*
110,000
-
Employers\u2019 national insurance contributions
41,746
23,735
375,246
226,235
Directors\u2019 expenses
14,511
13,201
389,757
239,436
* As noted in the Directors\u2019 Remuneration Report on page 28, each Director received a one-off fee of \u00a320,000 with the
Former Chair receiving \u00a330,000 to partially reflect the additional work performed.
Distributions from Subsidiaries
While part of the Group, the Company received \u00a321.1m by way of distributions from its immediate wholly owned subsidiary
abrdn Property Holdings Limited (2023: \u00a316.3m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "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 \u00a3389,757 (2023: \u00a3239,436) none of which remained payable at the year-end (2023: 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.
2024
2023
\u00a3
\u00a3
Mike Balfour
46,000
41,500
Mike Bane
40,000
37,000
James Clifton-Brown
55,000
50,000
Jill May
42,500
37,000
Sarah Slater
40,000
37,000
One-off fee*
110,000
-
Employers\u2019 national insurance contributions
41,746
23,735
375,246
226,235
Directors\u2019 expenses
14,511
13,201
389,757
239,436
* As noted in the Directors\u2019 Remuneration Report on page 28, each Director received a one-off fee of \u00a320,000 with the Former Chair receiving \u00a330,000 to partially reflect the additional work performed. Distributions from Subsidiaries While part of the Group, the Company received \u00a321.1m by way of distributions from its immediate wholly owned subsidiary abrdn Property Holdings Limited (2023: \u00a316.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "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 \u00a3389,757 (2023: \u00a3239,436) none of which remained payable at the year-end (2023: 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.
2024
2023
\u00a3
\u00a3
Mike Balfour
46,000
41,500
Mike Bane
40,000
37,000
James Clifton-Brown
55,000
50,000
Jill May
42,500
37,000
Sarah Slater
40,000
37,000
One-off fee*
110,000
-
Employers\u2019 national insurance contributions
41,746
23,735
375,246
226,235
Directors\u2019 expenses
14,511
13,201
389,757
239,436
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "value": "
25. Non-Going Concern adjustment for estimated costs of disposal of property portfolio
As explained in note 2 the Group\u2019s financial statements are no longer prepared on a going concern basis. The Board have
assessed the consequences of this and the decision made in May 2024 to realise the Group\u2019s portfolio of assets and return the
proceeds to shareholders. The Board concluded that it was appropriate to accrue for the estimated costs of disposal and
reduce the fair market value of investment property and land by this amount.
Investment Investment
Properties Properties Land Total
Held for Sale
\u00a3
\u00a3
\u00a3
\u00a3
Market Value
-
-
10,000,000
10,000,000
Assumed average sales costs of 1.25%
-
-
(
125,000
)
(
125,000
)
Aberdeen disposal fee
-
-
(
40,000
)
(
40,000
)
Estimated disposal costs
-
-
(
165,000
)
(
165,000
)
Carrying Value
-
-
9,835,000
9,835,000
The assumed rate of 1.25% in the table above represents the best estimate of a reasonable sales cost for Far Ralia. The
Aberdeen disposal fee has been calculated in accordance with the terms of the revised IMA as explained in note 4a. As part
of their consideration of adopting a basis other than that of a going concern, the Board have also considered the potential
impact on comparatives. As noted below, as at 31st December 2023 5 assets valued at \u00a335.1m were deemed 'held for sale'
which would have been impaired by \u00a3579,150 (0.15p per share) if adopting a similar methodology; at the time, the remaining
portfolio and Land were not held for sale.
Investment Investment
Properties Properties Land Total
Held for Sale
\u00a3
\u00a3
\u00a3
\u00a3
Market Value
395,835,037
35,100,000
8,250,000
439,185,037
Assumed average sales costs of 1.25%
(4,947,938)
(438,750)
(103,125)
(5,489,813)
Aberdeen disposal fee
(1,583,340)
(140,400)
(33,000)
(1,756,740)
Estimated disposal costs
(6,531,278)
(579,150)
(136,125)
(7,246,553)
Carrying Value
389,303,759
34,520,850
8,113,875
431,938,484
As detailed in note 2, the Investment portfolio (which consisted of the remaining portfolio following the disposal of 6 assets
during 2024) was sold as a single transaction to GoldenTree Asset Management LP for a gross consideration of \u00a3351m. Due
to the disposal occurring as a single transaction, cost savings were achieved, and the resultant disposal fees (recognised as
part of the realised loss) were \u00a35.2m and were accrued at year end and included within trade and other payables.
", "dimensions": { "concept": "abrdnpropertyincome:DiscosureOfNonGoingConcernAdjustmentForEstimatedCostsOfDisposalOfPropertyPortfolio", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "
26. Commitments and Contingent Liabilities
The Company had no contracted capital commitments as at 31 December 2024 (31 December 2023: \u00a32.4 million).
As discussed in note 4, following the Shareholder vote to place the Group into a Managed Wind-Down, a new agreement with
the Investment Manager was signed effective 31 May 2024. As part of this agreement, the Investment Manager is entitled to
an Incentive Fee payable following the sale of the final investment. This fee is only payable if the Gross Disposal Proceeds are
equivalent to not less than 90% (\u00a3366,651,000) of the May 2024 Portfolio Value (\u00a3407,390,000) and all assets are disposed of
prior to 28 November 2025.
Following the sale of the Group\u2019s subsidiaries on 29
th
November, the cumulative Gross Disposal Proceeds (which excludes Far
Ralia) was \u00a3364,775,000. As such, if Far Ralia is sold prior to 28 November 2025 the Gross Disposal Price needs to be in excess
of \u00a31,876,000 for the Investment Manager to be entitled to a fee of 0.05% of the ultimate Gross Disposal Proceeds \u2013 increasing
to 0.10% if sold prior to 28 May 2025. However, if there are delays in the sale of Far Ralia and the interest in the land is not sold
until after the 28 November 2025 date, the Investment Manager would not receive any additional fee regardless of the value
achieved.
Threshold
Valuation
\u00a3
\u00a3
Cumulative Gross Disposal Proceeds
(
to date
)
364,775,000
364,775,000
Theoretical Gross Disposal Proceeds of Far Ralia
1,876,000
10,000,000
Theoretical Gross Disposal Proceeds of May 2024 Portfolio
366,651,000
374,775,000
Incentive Fee
Incentive Fee
\u00a3
\u00a3
Sold after 28 November 2025
(
0.00%
)
-
-
Sold prior to 28 November 2025
(
0.05%
)
183,326
187,388
Sold prior to 28 May 2025
(
0.10%
)
366,651
374,775
As detailed further in note 4a, the Investment Manager receives a Disposal fee of 0.4% of the Gross Disposal Price.
Given that the fee is dependent on the timing of the future sale of Far Ralia, neither the Disposal nor Incentive Fees have been
accrued in the results as at 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "26. Commitments and Contingent Liabilities The Company had no contracted capital commitments as at 31 December 2024 (31 December 2023: \u00a32.4 million). As discussed in note 4, following the Shareholder vote to place the Group into a Managed Wind-Down, a new agreement with the Investment Manager was signed effective 31 May 2024. As part of this agreement, the Investment Manager is entitled to an Incentive Fee payable following the sale of the final investment. This fee is only payable if the Gross Disposal Proceeds are equivalent to not less than 90% (\u00a3366,651,000) of the May 2024 Portfolio Value (\u00a3407,390,000) and all assets are disposed of prior to 28 November 2025. Following the sale of the Group\u2019s subsidiaries on 29 th November, the cumulative Gross Disposal Proceeds (which excludes Far Ralia) was \u00a3364,775,000. As such, if Far Ralia is sold prior to 28 November 2025 the Gross Disposal Price needs to be in excess of \u00a31,876,000 for the Investment Manager to be entitled to a fee of 0.05% of the ultimate Gross Disposal Proceeds \u2013 increasing to 0.10% if sold prior to 28 May 2025. However, if there are delays in the sale of Far Ralia and the interest in the land is not sold until after the 28 November 2025 date, the Investment Manager would not receive any additional fee regardless of the value achieved.
Threshold
Valuation
\u00a3
\u00a3
Cumulative Gross Disposal Proceeds
(
to date
)
364,775,000
364,775,000
Theoretical Gross Disposal Proceeds of Far Ralia
1,876,000
10,000,000
Theoretical Gross Disposal Proceeds of May 2024 Portfolio
366,651,000
374,775,000
Incentive Fee
Incentive Fee
\u00a3
\u00a3
Sold after 28 November 2025
(
0.00%
)
-
-
Sold prior to 28 November 2025
(
0.05%
)
183,326
187,388
Sold prior to 28 May 2025
(
0.10%
)
366,651
374,775
As detailed further in note 4a, the Investment Manager receives a Disposal fee of 0.4% of the Gross Disposal Price. Given that the fee is dependent on the timing of the future sale of Far Ralia, neither the Disposal nor Incentive Fees have been accrued in the results as at 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "value": "26. Commitments and Contingent Liabilities The Company had no contracted capital commitments as at 31 December 2024 (31 December 2023: \u00a32.4 million). As discussed in note 4, following the Shareholder vote to place the Group into a Managed Wind-Down, a new agreement with the Investment Manager was signed effective 31 May 2024. As part of this agreement, the Investment Manager is entitled to an Incentive Fee payable following the sale of the final investment. This fee is only payable if the Gross Disposal Proceeds are equivalent to not less than 90% (\u00a3366,651,000) of the May 2024 Portfolio Value (\u00a3407,390,000) and all assets are disposed of prior to 28 November 2025. Following the sale of the Group\u2019s subsidiaries on 29 th November, the cumulative Gross Disposal Proceeds (which excludes Far Ralia) was \u00a3364,775,000. As such, if Far Ralia is sold prior to 28 November 2025 the Gross Disposal Price needs to be in excess of \u00a31,876,000 for the Investment Manager to be entitled to a fee of 0.05% of the ultimate Gross Disposal Proceeds \u2013 increasing to 0.10% if sold prior to 28 May 2025. However, if there are delays in the sale of Far Ralia and the interest in the land is not sold until after the 28 November 2025 date, the Investment Manager would not receive any additional fee regardless of the value achieved.
Threshold
Valuation
\u00a3
\u00a3
Cumulative Gross Disposal Proceeds
(
to date
)
364,775,000
364,775,000
Theoretical Gross Disposal Proceeds of Far Ralia
1,876,000
10,000,000
Theoretical Gross Disposal Proceeds of May 2024 Portfolio
366,651,000
374,775,000
Incentive Fee
Incentive Fee
\u00a3
\u00a3
Sold after 28 November 2025
(
0.00%
)
-
-
Sold prior to 28 November 2025
(
0.05%
)
183,326
187,388
Sold prior to 28 May 2025
(
0.10%
)
366,651
374,775
As detailed further in note 4a, the Investment Manager receives a Disposal fee of 0.4% of the Gross Disposal Price. Given that the fee is dependent on the timing of the future sale of Far Ralia, neither the Disposal nor Incentive Fees have been accrued in the results as at 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "value": "
27. Events after the balance sheet date
Dividends
On 10 January 2025 a dividend of 3.0 pence per share was paid as a Property Income Distribution representing the first
payment out of the accumulated undistributed income of the Group\u2019s UK property rental business (\u201cProperty Income\u201d). This
accumulated income has arisen because historic PIDs have been between 90% (as required by REIT rules) and 100% of
Property Income. The amount of the remaining undistributed Property Income is dependent on the completion of negotiations
with GoldenTree and various recoveries from former tenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300HHFBWZRKC7RW84", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }