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"value": "Notes to the accounts for the year ended 31 December 2022 1 Principal accounting policies General information Capital & Counties Properties PLC (the \u201cCompany\u201d) was incorporated and registered in England and Wales and domiciled in the United Kingdom on 3 February 2010 under the Companies Act 2006 as a public company limited by shares, registration number 7145051. The registered office of the Company is Regal House, 14 James Street, London, WC2E 8BU, United Kingdom. The principal activity of the Company is to act as the ultimate parent company of Capital & Counties Properties PLC Group (the \u201cGroup\u201d), whose principal activity is the investment, development and management of property. The Group\u2019s assets principally comprise investment and development property at Covent Garden. Basis of preparation The Group\u2019s consolidated financial statements are prepared in accordance with United Kingdom-adopted international accounting standards (\u201cUK-adopted IFRS\u201d or \u201cIFRS\u201d), and the applicable legal requirements of the Companies Act 2006. The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified for the revaluation of property, derivative financial instruments and equity investments held at fair value through profit or loss. All income, expenses and cash flows are generated from continuing operations. The Directors have taken advantage of the exemption offered by section 408 of the Companies Act 2006 not to present a separate income statement or statement of comprehensive income for the Company. The financial statements of the Company are set out on pages 194 to 200. In the current year, the Group has applied the below amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board that are effective for annual periods that begin on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these consolidated financial statements. Amendments to References to the Conceptual Framework in IFRS Standards: \u2013 IFRS 3 \u2018Business Combinations\u2019 (amendment) (Reference to the Conceptual Framework) \u2013 IAS 16 \u2018Property, Plant and Equipment\u2019 (amendment) (Proceeds before intended use) \u2013 IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 (amendment) (Onerous Contracts \u2013 Cost of Fulfilling a Contract) \u2013 Amendments to IFRS (Annual improvements cycle 2018-2020) At the date of approval of the consolidated financial statements the following standards and interpretations which have not been applied in these consolidated financial statements were in issue but not effective, and in some cases have not been adopted for use under UK-adopted international accounting standards: \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendment) (Classification of Liabilities as Current and Non-Current) \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 (amendment) (Disclosure of Accounting Policies) \u2013 IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates, and Errors\u2019 (amendment) (Definition of Accounting Estimates) \u2013 IAS 12 \u2018Income Taxes\u2019 (amendment) (Deferred Tax related to Assets and Liabilities arising from a Single Transaction) The Group has assessed the impact of these new standards and interpretations and does not anticipate any material impact on the consolidated financial statements. A summary of the Group\u2019s principal accounting policies, which have been applied consistently across the Group, is set out on the following pages. Changes in accounting policies Rent concessions During 2022, IFRIC finalised an agenda decision in regards to how a lessor should account for the forgiveness of lease payments under IFRS 9 \u2018Financial Instruments\u2019 (\u201cIFRS 9\u201d) and IFRS 16 \u2018Leases\u2019 (\u201cIFRS 16\u201d). The decision concluded that for any forgiveness of past due rent receivables, the lessor should apply the expected credit loss model under IFRS 9 and account for the forgiveness as an impairment in the consolidated statement of comprehensive income. Any directly attributable costs, including surrender premia and letting fees previously paid, continue to be held on balance sheet and are amortised over the life of the lease. On the other hand, any forgiveness of future rent receivables met the definition of a lease modification under IFRS 16, with the resulting impact accounted for by straight-lining the forgiveness over the remaining lease term in accordance with IFRS 16. On entering into a lease modification any directly attributable costs were derecognised. The Group had previously concluded that under IFRS there had been a policy choice to account for rent forgiveness of past due rent receivables either under IFRS 9 or IFRS 16. The Group elected to account for rent forgiveness of past due rent receivables as a lease modification under IFRS 16 and in addition the directly attributable costs associated with the leases were derecognised as non-underlying costs. The Group had applied this treatment since 2020 on the commencement of COVID-19 support measures. www.capitalandcounties.com 145 Notes to the accounts continued 1 Principal accounting policies continued Changes in accounting policies continued The agenda decision issued by IFRIC has required the Group to retrospectively reverse the accounting treatment followed under IFRS 16 and adopt the accounting treatment required under IFRS 9. This change in accounting policy has been applied retrospectively and comparative information in this Annual Report, including the opening retained earnings to reflect the impact of the 2020 rent forgiveness granted, has been restated. Overall impact of the restatement Gross profit has reduced by \u00a36.2 million in 2021. This included an additional \u00a37.6 million of expected credit loss, representing \u00a37.1 million rent forgiveness provided during the year as well as an additional \u00a30.5 million expected credit loss on the 31 December 2021 rent receivable balance. Retained earnings have increased by \u00a30.4 million as at 31 December 2021 based on the additional \u00a35.1 million loss in 2020 and \u00a35.5 million profit in 2021. For the year ended 31 December 2021, underlying earnings have been reduced by \u00a33.4 million (0.4 pence per share), to \u00a30.7 million (0.1 pence per share). The adjustment for lease modification expenses, impairment of tenant lease incentives and (loss)/gain on revaluation and sale of investment and development property are excluded from the underlying earnings calculation. Further details of the underlying earnings calculation is shown in note 3 \u2018Underlying earnings\u2019. As at 31 December 2021 tenant lease incentives, accounted for through prepayments and accrued income, have reduced by \u00a310.3 million cumulatively. The carrying value of investment property and the loss on revaluation of investment and development property as a result of the adjustment to tenant lease incentives, excluding letting fees, has been increased by \u00a311.1 million as at 31 December 2021. The impact on the consolidated balance sheet has been reflected on page 142 where the 31 December 2021 and 1 January 2021 restated position has been shown. The restated EPRA NTA as at 31 December 2021 is \u00a31,814.5 million (213.0 pence per share). The restatement adjustments are all non-cash and therefore there is no impact on the consolidated statement of cash flows. Impact on profit or loss Due to the materiality of the restatement in 2020 and 2021, reflecting the period during which COVID-19 concessions were provided, the impact of the restatement on the consolidated statement of comprehensive income for the each of the years ended 31 December 2020 and 2021 has been presented below: 31 December 2021 31 December 2020 Consolidated statement of comprehensive income Reported \u00a3m Adjustment \u00a3m Restated \u00a3m Reported \u00a3m Adjustment \u00a3m Restated \u00a3m Revenue 68.0 4.3 72.3 73.9 0.1 74.0 Costs (21.8) (10.5) (32.3) (58.0) (4.6) (62.6) Gross profit 46.2 (6.2) 40.0 15.9 (4.5) 11.4 Other income/(costs) 3.0 \u2013 3.0 (1.0) \u2013 (1.0) Administration expenses (22.8) \u2013 (22.8) (31.0) \u2013 (31.0) (Loss)/gain on revaluation and sale of investment and development property (15.8) 11.7 (4.1) (693.1) (0.6) (693.7) Change in value of investments and other receivables 11.6 \u2013 11.6 (28.2) \u2013 (28.2) Fair value gain on financial assets at fair value through profit or loss 44.6 \u2013 44.6 50.9 \u2013 50.9 Operating profit/(loss) 66.8 5.5 72.3 (686.5) (5.1) (691.6) Net finance costs (36.8) \u2013 (36.8) (18.2) \u2013 (18.2) Profit/(loss) before tax 30.0 5.5 35.5 (704.7) (5.1) (709.8) Taxation (0.7) \u2013 (0.7) 1.0 \u2013 1.0 Profit/(loss) for the year 29.3 5.5 34.8 (703.7) (5.1) (708.8) Basic and diluted earnings/(loss) per share (pence) 3.4 0.7 4.1 (82.6) (0.6) (83.2) W eighted average number of shares 851.3m 851.3m 852.2m 852.2m Underlying earnings/(loss) 4.1 (3.4) 0.7 (6.2) (12.5) (18.7) Underlying earnings/(loss) per share (pence) 0.5 (0.4) 0.1 (0.7) (1.5) (2.2) 146 Capco Annual Report 2022 Financial Statements 1 Principal accounting policies continued Changes in accounting policies continued The gross profit note has been provided to further show the impact of the change in accounting policy: 31 December 2021 31 December 2020 Reported \u00a3m Adjustment \u00a3m Restated \u00a3m Reported \u00a3m Adjustment \u00a3m Restated \u00a3m Rent receivable 55.6 6.9 62.5 59.1 6.5 65.6 Straight-lining of tenant lease incentives 1 7.1 (2.6) 4.5 9.7 (6.4) 3.3 Service charge income 5.3 \u2013 5.3 5.1 \u2013 5.1 Revenue 68.0 4.3 72.3 73.9 0.1 74.0 Expected credit loss 2 \u2013 (7.6) (7.6) (14.0) (12.9) (26.9) Property expenses (10.6) (0.1) (10.7) (11.1) (0.1) (11.2) Service charge expenses (5.3) \u2013 (5.3) (5.1) \u2013 (5.1) Lease modification expenses 3 (2.6) (3.8) (6.4) (16.7) 8.4 (8.3) Impairment of tenant lease incentives 4 (3.3) 1.0 (2.3) (11.1) \u2013 (11.1) Costs (21.8) (10.5) (32.3) (58.0) (4.6) (62.6) Gross profit 46.2 (6.2) 40.0 15.9 (4.5) 11.4 1. The adjustment to straight-lining of tenant lease incentives of \u00a32.6 million includes a reversal of the 2021 lease incentive income recorded for lease modifications, offset by an unwind of the 2020 lease modification incentives that have been reversed. 2. A reversal of the rent forgiveness accounted for as lease modifications by reversing the income and asset position and accounting for the forgiveness as an expected credit loss in costs. This resulted in an additional expected credit loss for 2020 and 2021 of \u00a320.5 million. 3. For transactions where a modification has no longer occurred, a cumulative reversal of \u00a34.6 million of lease modification expenses to the balance sheet to be amortised over the remaining life of the lease. 4. Where tenant lease incentives related to lease modifications as a result of rent forgiveness had been impaired, a reversal of the impairment and subsequent adjustment to expected credit loss of \u00a31.0 million was recognised in costs during 2021. www.capitalandcounties.com 147 Notes to the accounts continued 1 Principal accounting policies continued Change in accounting policy continued Impact on balance sheet The below summary of trade and other receivables show the main impact on the consolidated balance sheet resulting from the adjustment to the expect credit loss provision and tenant lease incentives. Tenant lease incentives are included within non-current and current prepayments and accrued income. As at 31 December 2021 tenant lease incentives have reduced by \u00a310.3 million which reflects the cumulative reduction in rent free assets of \u00a313.3 million, offset by the write back of \u00a33.0 million of surrender premia and letting fees. The write back of surrender premia and letting fees reflect the directly attributable costs adjusted for when a lease modification has not occurred. The reduction in the tenant lease incentives balance is reflective of the reduction in lease incentive adjustments to revenue and the increased expected credit loss. 31 December 2021 31 December 2020 Reported \u00a3m Rent concession adjustment \u00a3m Tenant deposit adjustment \u00a3m Restated \u00a3m Reported \u00a3m Rent concession adjustment \u00a3m Tenant deposit adjustment \u00a3m Restated \u00a3m Non-current Other receivables \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1 Prepayments and accrued income 37.9 (12.0) \u2013 25.9 33.1 0.8 \u2013 33.9 Amounts receivable from joint ventures 82.9 \u2013 \u2013 82.9 85.0 \u2013 \u2013 85.0 Trade and other receivables 120.8 (12.0) \u2013 108.8 118.2 0.8 \u2013 119.0 Current Rent receivable 10.5 (0.5) \u2013 10.0 22.3 (6.1) \u2013 16.2 Other receivables 14.2 0.1 (12.1) 2.2 30.4 (0.1) (13.4) 16.9 Prepayments and accrued income 11.1 1.7 \u2013 12.8 12.4 0.8 \u2013 13.2 Amounts receivable from joint ventures 23.4 \u2013 \u2013 23.4 0.6 \u2013 \u2013 0.6 Trade and other receivables 59.2 1.3 (12.1) 48.4 65.7 (5.4) (13.4) 46.9 Total trade and other receivables 180.0 (10.7) (12.1) 157.2 183.9 (4.6) (13.4) 165.9 Tenant deposit adjustment The above summary also includes an adjustment to other receivables to reclassify tenant deposits totalling \u00a312.1 million in 2021 (2020: \u00a313.4 million) from other receivables to cash and cash equivalents. The Group previously disclosed tenant deposits as other receivables in the consolidated financial statements. Following the IFRIC agenda decision regarding Demand Deposits with Restrictions on Use arising from a Contract with a Third Party in April 2022, the Group has adopted the treatment set out in the IFRIC agenda decision, which concluded that the contractual restrictions on the use of the amounts held in the demand deposit do not change the nature of the deposit and that the Group can access those amounts on demand, therefore, the demand deposit should be included as a component of cash and cash equivalents in its consolidated statement of cash flows. This change in accounting treatment has been applied retrospectively and comparative information has been restated in the consolidated balance sheet and consolidated statement of cash flows. From an alternative performance measure perspective tenant deposits have been excluded from cash and available facilities and net debt calculations as it does not represent liquidity of the Group. Changes in fair value of derivative financial instruments Changes in the fair value of interest rate derivatives are split into interest (calculated as the accrued and realised cash flows) and other changes in fair value. Previously the Group\u2019s policy had been to present both the interest and the fair value components as change in fair value of derivative financial instruments under net finance income or costs in the consolidated statement of changes in comprehensive income. During the year the Group reviewed this presentation and in order to better reflect the Group\u2019s rationale for entering into interest rate hedging arrangements in accordance with the Group\u2019s risk management strategy, a change in accounting policy was made to re-present the interest from change in fair value of derivative financial instruments to other finance costs and income. As a result of the change in accounting policy comparative information has been re-presented and interest costs of \u00a33.4 million in the prior year were re-presented from change in fair value of derivative financial instruments to other finance costs. These costs were excluded from EPRA and underlying earnings in the prior year as they related to an early close out of interest rate derivatives during the COVID-19 pandemic. 148 Capco Annual Report 2022 Financial Statements 1 Principal accounting policies continued Going concern The Directors have considered the appropriateness of adopting the going concern basis in preparing the Company and consolidated financial statements. The Group\u2019s going concern assessment covers the period to 30 June 2024 (the \u201cgoing concern period\u201d), being at least 12 months from the date of authorisation of these consolidated financial statements. During 2022, there has been continued improvement in operational activity at Covent Garden. Trading remains resilient with strong recovery in footfall and customer sales in aggregate being ahead of 2019 levels. There is strong leasing demand across all uses delivering rental growth, vacancy remains low and rent collection patterns have normalised. There are, however, significant macroeconomic and political headwinds including the rising interest rate and inflationary environment, domestic political uncertainty, geopolitical risks, supply chain and labour market disruption. The West End and our unique portfolio of prime investments are not completely insulated, however they have demonstrated remarkable resilience. In preparing the assessment of going concern, the Board has considered projections of the Group\u2019s liquidity, committed capital expenditure, income, costs, cash flows and debt covenants. The Group has assessed a \u201csevere but plausible\u201d downside scenario which analyses the impact of deterioration in rent collection, vacancy levels and rental growth as well as increased costs and yield expansion over the going concern period. This includes the following key assumptions: \u2013 Substantial reduction in forecast net rental income due to a combination of extended voids and tenant failures focusing particularly on the retail, F&B and leisure sectors; \u2013 Declines in rental values along with a widening of valuation yields, resulting in reduced asset values The impact of climate change risk is expected to be very limited within the going concern period. Interruptions to trade from severe weather events are possible but would be consistent with the impact considered in the severe but plausible downside scenario. The Group\u2019s financial resources are expected to be sufficient to cover forecast property operating costs, administrative expenses, finance and other costs over the going concern period including in the severe but plausible downside scenario. The Covent Garden debt facilities have two principal financial covenants, being a loan to value ratio of up to 60 per cent and interest cover of at least 120 per cent. Each of these is tested as at or in respect of the six months ending 30 June and the 12 months ending 31 December. As at the year end, the Covent Garden Group had net debt of \u00a3366.1 million and a loan to value ratio of 21 per cent, which compares with a debt covenant level of 60 per cent. The interest cover ratio in relation to the Covent Garden debt for 2022 was 3.9 times, comfortably ahead of the covenant level of 1.2 times. The Covent Garden debt matures between August 2024 and 2037, with the revolving credit facility currently undrawn. The Group is projected to have sufficient cash reserves and undrawn facilities to meet debt maturities during the going concern period. All of the current drawn debt is at fixed rates and the \u00a3300 million revolving credit facility was undrawn at year end. The revolving credit facility has a maturity of September 2025 with a one-year extension option to September 2026 subject to lender consent. It is anticipated that the extension will be exercised or a similar form of financing will be put in place. \u00a395 million of private placement debt matures in the second half of 2024 and is expected to be funded through cash and undrawn facilities. The independent property valuation of Covent Garden could withstand a substantial valuation decline (approximately 50 per cent) during the going concern period before a breach of the loan to value covenant, before taking into account any mitigating actions which may be taken. There is projected to be significant headroom against the interest cover covenants under the severe but plausible downside scenario, with the ability to withstand a decline in net rental income of over 75 per cent during the going concern period before a breach of the interest cover covenant, without taking any mitigating actions. Based on their analysis, the Directors are satisfied that there is a reasonable expectation that each of the Company and Group will be able to meet its ongoing and future commitments for at least 12 months from the date of approval of the consolidated financial statements and have therefore resolved that the Company and Group\u2019s consolidated financial statements be prepared on a going concern basis. www.capitalandcounties.com 149 Notes to the accounts continued 1 Principal accounting policies continued Going concern continued Impact of the proposed merger On 16 June 2022, Capco announced its intention to merge with Shaftesbury PLC (\u201cShaftesbury\u201d) and the shareholder approval conditions were satisfied on 29 July 2022. Completion of the merger is subject to the satisfaction of a number of other conditions and it is expected that the transaction will be completed on 6 March 2023. It is intended that the merger will be effected by means of a court-sanctioned scheme of arrangement which will result in Capco owning 100 per cent of the issued share capital of Shaftesbury. The going concern assessment has therefore also been undertaken on the basis of the combined group assuming merger completion. Capco has also entered into a loan facility agreement of \u00a3576 million to cover potential repayment of Shaftesbury bonds on merger completion. This is currently undrawn. Under the terms of the Shaftesbury financing arrangements, holders of its secured mortgage bonds totalling \u00a3575 million have the ability to require payment in full or part following the change of control of Shaftesbury taking place. Shaftesbury\u2019s secured term loans totalling \u00a3385 million will remain in place. In preparing its assessment of going concern, using an approach consistent with that set out above, the Board reviewed a forecast of liquidity, cash flow and covenant compliance of the combined group. Under the severe-but-plausible downside scenario, the interest cover test has been assessed against SONIA rates in excess of current market expectations. Absent any mitigating actions which may be taken, the combined group has significant headroom against its financial covenants and estimates that the combined group could withstand a decrease in valuations from 31 December 2022 of over 40 per cent, and a decline in net rental income of approximately 50 per cent before breaching its loan-to-value and interest cover covenants. Having considered the debt facilities that the Group has put in place, the Board is satisfied that there is sufficient liquidity to fund potential debt repayments and for the combined group to remain compliant with its financing arrangements and meet its financial obligations as they fall due over the going concern period. The combined group anticipates retaining significant liquidity and that debt covenants will be satisfied, however in the severe but plausible downside scenario the interest cover covenant on one of the Shaftesbury term loans could be subject to a marginal breach. For this loan, throughout the going concern period the combined group has the ability to cure income shortfalls using cash deposits or additional assets with sufficient contractual income from its pool of unsecured properties. The Group has sufficient liquidity to satisfy this requirement. Based on their analysis in relation to the combined group assuming that the merger is completed, the Directors are satisfied that there is a reasonable expectation that the Group will be able to meet its ongoing and future commitments for at least 12 months from the date of approval of the consolidated financial statements and have therefore resolved that the consolidated financial statements be prepared on a going concern basis. Basis of consolidation These consolidated financial statements include the consolidation of the following limited partnerships: Capital & Counties CGP, Capco CGP 2012 LP (up until dissolution on 30 June 2021), CG Investments 2016 LP (up until dissolution on 30 June 2021) and Innova Investment Group Holdings LP. The members of these qualifying partnerships have taken advantage of exemptions available in Statutory Instrument 2008/569 and therefore will not produce consolidated financial statements at the partnership level or submit such annual reports to Companies House. The consolidated financial statements are prepared in British pounds sterling, which is also determined to be the functional currency of the Company. Subsidiaries Subsidiaries are fully consolidated from the date on which the Group has control, is exposed, or has rights to variable returns from its involvement with an entity and has the ability to affect those returns through its power over an entity. Subsidiaries cease to be consolidated from the date this control is lost. 150 Capco Annual Report 2022 Financial Statements 1 Principal accounting policies continued Critical accounting judgements and key sources of estimation and uncertainty The preparation of consolidated financial statements in accordance with IFRS requires the Directors to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, income and expenses from sources not readily apparent. Although these estimates and assumptions are based on management\u2019s best knowledge of the amount, historical experiences and other factors, actual results ultimately may differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. The significant areas of estimation and uncertainty are: Property valuation: The most significant area of estimation uncertainty in the consolidated financial statements is in respect of the valuation of the property portfolio, where external valuations are obtained. The fair value of the Group\u2019s investment, development and trading property at 31 December 2022 was determined by independent, appropriately qualified external valuers CBRE for the Covent Garden estate and JLL for Lillie Square. The valuations conform to the Royal Institution of Chartered Surveyors (\u201cRICS\u201d) Valuation Professional Standards. As various inputs used in the valuation calculations are based on assumptions, property valuations are inherently subjective and subject to a degree of uncertainty. The Group\u2019s external valuers have made a number of assumptions as outlined within note 14 \u2018Property Portfolio\u2019 in forming their opinion on the valuation of the Group\u2019s investment, development and trading properties and although these assumptions are in accordance with the RICS Valuation Professional Standards, if any prove to be incorrect, it may mean that the value of the Group\u2019s properties differs from their valuation reported in the consolidated financial statements, which could have a material effect on the Group\u2019s financial position. The key unobservable inputs used in the valuation models and a sensitivity analysis for each are disclosed on page 171. Other areas of estimation and uncertainty include the impairment of trade receivables. In the prior year, this was considered a critical estimate, however, based on strong operational performance, evidenced by rent collection rates of 99 per cent for the year and conclusion of tenant support measures implemented during the pandemic period, the Group no longer considers the estimation of expected credit loss a key area of estimation uncertainty. As at 31 December 2022 the rent receivables balance prior to impairment was \u00a312.0 million compared to \u00a321.4 million as at 31 December 2021. \u00a34.0 million (2021: \u00a311.4 million) has been provided against this balance as at 31 December 2022, which includes all arrears over one year and arrears under one year at a calculated expected credit loss. All tenants with significant financial issues are provided for in full. The Directors did not make any significant judgements in the preparation of these consolidated financial statements. Other less significant areas of judgement include REIT compliance, provisions, share-based payments, contingent liabilities and assessing the degree of control or influence the Group exercises over its investments, including its 25.2 per cent shareholding in Shaftesbury. Although the Group holds more than 20 per cent of the voting power, it has concluded that it does not exercise significant influence over Shaftesbury as it does not have representation on the Shaftesbury board, nor have there been any other areas where the Group has exercised significant influence, such as an exchange of managerial personnel. The Group has not provided any guarantees of indebtedness, nor extended any credit to Shaftesbury. On 16 June 2022, Capco announced its intention to merge with Shaftesbury and the shareholder approval conditions were satisfied on 29 July 2022 with clearance from the Competition and Markets Authority gained on 22 February 2023. Due to the restrictions imposed by the merger process there has been no additional control gained and as such the investment continues to be accounted for at fair value through profit and loss in accordance with IFRS 9. Operating segments Management has determined the operating segments with reference to reports on divisional financial performance and position that are regularly reviewed by the Executive Directors, who are deemed to be the chief operating decision makers. www.capitalandcounties.com 151 Notes to the accounts continued 1 Principal accounting policies continued Revenue recognition Rental income is recognised as revenue on a straight-line basis over the lease term. Tenant lease incentive payments, and in certain instances surrender premium payments which are directly linked to new leases, are amortised on a straight-line basis over the lease term as a reduction in net rental income. Surrender premiums received for early termination of leases are reflected in net rental income. A lease modification occurs when an existing lease is renegotiated for future rental periods. Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. On entering into a lease modification any initial direct costs associated with the lease, including surrender premia previously paid, are derecognised through costs in the year. When a concession is provided for rent receivables past due the concession is accounted for as an impairment through the expected credit loss model in accordance with IFRS 9. Contingent rents, being those lease payments that are not fixed at the inception of a lease, for example increases arising on rent reviews and turnover rent, are recorded as income in the periods in which they are earned. Service charge income in the ordinary course of business is recorded as income over time in the year in which the services are provided. Where revenue is obtained by the sale of property, it is recognised when the buyer obtains control of the property. This will normally take place on legal completion. Other income Other income includes management fees charged to joint ventures for services associated with the management of properties and other general expenses as defined by management agreements. These fees are recognised over time, using time elapsed as the input method which measures the benefit simultaneously received and consumed by the customer, over the period the services are provided. Dividend income is included in other income in the consolidated statement of comprehensive income and recognised when the right to receive payment is established. Income taxes Current tax is the amount payable on the taxable income for the year and any adjustment in respect of prior years. It is calculated using rates that have been enacted or substantially enacted by the balance sheet date. In accordance with IAS 12 \u2018Income Taxes\u2019, deferred tax is provided for using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax bases of those assets and liabilities. However, temporary differences are not recognised to the extent that they arise from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting nor taxable profit or loss; or are associated with investments in subsidiaries, joint ventures and associates where the timing of the reversal of the temporary difference can be controlled by the parent, venture or investor, respectively, and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that management believes it is probable that future taxable profit will be available against which the deferred tax assets can be recovered. Deferred tax assets and liabilities are only offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on either the same taxable group or different taxable entities where there is an intention to settle balances on a net basis. Tax is included in the consolidated statement of comprehensive income except when it relates to items recognised directly in equity, in which case the related tax is also recognised directly in equity. 152 Capco Annual Report 2022 Financial Statements 1 Principal accounting policies continued Share-based payment The cost of granting share options and other share-based remuneration to employees and Directors is recognised through the consolidated statement of comprehensive income with reference to the fair value of the instrument at the date of grant. The consolidated statement of comprehensive income is charged over the vesting period of the options with a corresponding increase in equity. An option pricing model is used applying assumptions around expected yields, forfeiture rates, exercise price and volatility. Upon eventual exercise, a reserves transfer occurs with no further charge reflected in the consolidated statement of comprehensive income. Own shares held in connection with employee share plans and other share-based payment arrangements are treated as treasury shares and deducted from equity. Investment and development property Investment and development property is owned or leased by the Group and held for long-term rental income and capital appreciation. The Group has chosen to use the fair value model. Property and any related obligations are initially recognised when the significant risks and rewards attached to the property have transferred to the Group. Payments made in respect of the future acquisition of investment and development property are initially recognised as prepayments until the recognition criteria outlined above have been met. Investment and development property is recorded at cost and subsequently revalued at the balance sheet date to fair value as determined by professionally qualified external valuers on the basis of market value. The fair value of property is arrived at by adjusting the market value as above for directly attributable tenant lease incentives and fixed head leases. Property held under leases is stated gross of the recognised lease liability. The valuation is based upon assumptions as outlined within the property portfolio note. These assumptions conform to the RICS Valuation Professional Standards. The cost of properties includes capitalised interest and other directly attributable outgoings, with the exception of properties and land where no development is imminent in which case no interest is included. Interest is capitalised (before tax relief) on the basis of the weighted average cost of debt outstanding until the date of practical completion. When the Group redevelops a property for continued future use, that property is classified as investment and development property during the redevelopment period and continues to be measured at fair value. Gains or losses arising from changes in the fair value of investment and development property are recognised in the consolidated statement of comprehensive income in the period in which they arise. Depreciation is not provided in respect of investment property including plant and equipment integral to such investment property. Investment and development properties cease to be recognised as investment and development property when they have been disposed of or when they cease to be held for the purpose of generating rental income or for capital appreciation. Disposals are recognised on completion. Gains or losses arising are recognised in the consolidated statement of comprehensive income. The gain on disposal is determined as the difference between the net sales proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period. A property ceases to be recognised as investment and development property and is transferred at its fair value to trading property when in the Directors\u2019 judgement, development commences with the intention of sale. Criteria considered in this assessment include the Board\u2019s stated intention, contractual commitments and physical, legal and financial viability. When the use of a property changes from trading property to investment and development property, the property is transferred at fair value with any resulting gain or loss recognised in the consolidated statement of comprehensive income. Trading property Trading property comprises those properties that in the Directors\u2019 view are not held for long-term rental income or capital appreciation and are expected to be disposed of within one year of the balance sheet date or to be developed with the intention to sell. Such property is constructed, acquired, or if transferred from investment and development property, transferred at fair value which is deemed to represent cost. Subsequently trading property is carried at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling costs. This approximates market value as determined by professionally qualified external valuers at the balance sheet date. Details of the valuation methodology are set out in note 14 \u2018Property Portfolio\u2019. The amount of any write down of trading property to market value is recognised as an expense in the period the write down occurs. Should a valuation uplift occur in a subsequent period, the amount of any reversal shall be recognised as a reduction in the previous write down in the period in which the uplift occurs. This may not exceed the property\u2019s cost. The sale of trading property is recognised as revenue when the buyer obtains control of the property. Total costs incurred in respect of trading property are recognised simultaneously as an expense. www.capitalandcounties.com 153 Notes to the accounts continued 1 Principal accounting policies continued Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. As a lessee the Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. As a lessor the Group classifies its leases as either operating or finance leases. A lease is classified as a finance lease if it transfers substantially all the risk and rewards incidental to ownership of the underlying asset, and classified as an operating lease if it does not. The Group accounts for a modification to an operating lease as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. Investment in joint ventures Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Investments in joint ventures are accounted for using the equity method. On initial recognition the investment is recognised at cost, and the carrying amount is subsequently increased or decreased to recognise the Group\u2019s share of the profit or loss of the joint venture after the date of acquisition. The Group\u2019s investment in joint ventures is presented separately on the balance sheet and the Group\u2019s share of the joint venture\u2019s post-tax profit or loss for the period is also presented separately in the consolidated statement of comprehensive income. Where there is an indication that the Group\u2019s investment in joint ventures may be impaired the Group evaluates the recoverable amount of its investment, being the higher of the joint venture\u2019s fair value less costs to sell and value in use. If the recoverable amount is lower than the carrying value an impairment loss is recognised in the consolidated statement of comprehensive income. If the Group\u2019s share of losses in a joint venture equals or exceeds its investment in the joint venture, the Group does not recognise further losses, unless it has legal or constructive obligations to make payments on behalf of the joint venture. Investments and other financial assets On initial recognition, a financial asset is classified as measured at amortised cost, fair value through other comprehensive income, or fair value through profit or loss. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. For assets measured at fair value through profit or loss, gains and losses will be recorded in profit or loss. Purchases and sales of financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the consolidated statement of comprehensive income. Financial assets at fair value through profit or loss comprise listed equity investments and include the Group\u2019s investment in Shaftesbury. The Group subsequently measures all equity investments at fair value. Changes in the fair value of financial assets at fair value through profit or loss are recognised in other gains or losses in the consolidated statement of comprehensive income. Financial assets at amortised costs include amounts receivable from joint ventures. Derivative financial instruments The Group uses non-traded derivative financial instruments to manage exposure to interest rate risk. They are initially recognised on the trade date at fair value and subsequently remeasured at fair value based on market price. 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. Instruments that have not been designated as qualifying for hedge accounting are classified as fair value through profit and loss. Changes in the fair value of these instruments are split into interest (calculated as the accrued and realised cash flows) and other changes in fair value. Interest is recognised in finance income or costs and changes in fair value are recognised in change in fair value of financial instruments in the consolidated statement of comprehensive income. 154 Capco Annual Report 2022 Financial Statements 1 Principal accounting policies continued Trade and other receivables Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost. The methodology for assessment of impairment is defined in the following paragraph. Impairment of financial assets The Group applies the IFRS 9 expected credit loss model in order to calculate a lifetime expected loss allowance for all financial assets. To measure the expected credit loss, receivables are reviewed on an individual contract basis. The expected loss rates are based on forward-looking information as well as historical evidence of collection. For rent receivables, all tenants are allocated a risk rating, as determined by management, and provided a rating of maximum, high, medium and low risk. The classification is developed by taking into consideration information on the tenant\u2019s credit rating, current financial position, historical trading performance, historical default rate and the operational performance of the business. In assessing the provision the Group identifies risk factors associated by sector (food and beverage, retail, office, leisure and residential) and the type of rent receivable outstanding (rent arrears, service charge, other). In determining the provision on a tenant by tenant basis, the Group considers both recent payment history and future expectations of the tenant\u2019s ability to pay or possible default in order to recognise an expected credit loss allowance. Based on sector and rent receivable type a provision is provided in addition to a full provision for maximum risk tenants or tenants with significant financial issues. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the original impairment was recognised, the impairment reversal is recognised in the consolidated statement of comprehensive income on a basis consistent with the original charge. Tenant lease incentives are impaired based on an assessment of tenant affordability. For amounts receivable from joint ventures, impairment is assessed by comparing the carrying amount of the loans and receivables to the discounted present value of the estimated future cash flows from the joint ventures. Cash and cash equivalents Cash and cash equivalents are recognised at fair value. Cash and cash equivalents comprise cash on hand, deposits held at call with financial institutions, and other short-term highly liquid investments with original maturities of three months or less. Following a decision by the IFRIC \u2018Demand Deposits with Restrictions on Use arising from a Contract with a Third Party\u2019, tenant deposits have been reclassified from other receivables to cash and cash equivalents. Details are set out in note 1 \u2018Changes in accounting policies\u2019. Comparatives have been restated to reflect this change. Trade and other payables Trade payables are obligations for goods or services acquired in the ordinary course of business. Trade and other payables are recognised at fair value and subsequently measured at amortised cost until settled. Borrowings Borrowings comprise bank loans (revolving credit facility and standby loan facility), loan notes (Private Placement loan notes) and compound financial instruments (exchangeable bonds). Bank loans and loan notes are ordinarily recognised initially at their net proceeds as an approximation of fair value. If the transaction price is not an approximation of fair value at initial recognition, the Group determines the fair value as evidenced by a quoted price in an active market for an identical instrument or based on a valuation technique that uses data from observable markets. Bank loans and loan notes are subsequently carried at amortised cost. Any transaction costs, premiums or discounts are capitalised and recognised over the contractual life of the loan using the effective interest rate method, or on a straight-line basis where it is impractical to do so. In the event of early repayment, transaction costs, premia or discounts paid or unamortised costs are recognised immediately in the consolidated statement of comprehensive income. Compound financial instruments issued by the Group comprise exchangeable bonds that are convertible into shares of another entity. The exchangeable bonds are bifurcated into a liability and embedded derivative option component on initial recognition. The carrying value of the liability at initial recognition is the difference between the fair value of the entire instrument as a whole and the embedded derivative\u2019s fair value. Any directly attributable transaction costs are allocated to each component in proportion to their initial carrying amounts. The issue costs apportioned to the embedded derivative are recognised immediately in the consolidated statement of comprehensive income. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. Any transaction costs apportioned to the liability are included in the carrying amount and recognised over the contractual life of the liability using the effective interest rate method. Interest related to the financial liability is recognised in the consolidated statement of comprehensive income. The embedded derivative is measured at fair value with the fair value adjustment accounted for in the consolidated statement of comprehensive income. www.capitalandcounties.com 155 Notes to the accounts continued 1 Principal accounting policies continued Pensions The costs of the defined contribution scheme and the Group\u2019s personal pension plans are charged against profits or losses in the year in which they are incurred. Contingent liabilities and capital commitments Contingent liabilities are disclosed where there are present or possible obligations arising from past events, but the economic impact is uncertain in timing, occurrence or amount. A description of the nature and, where possible, an estimate of the financial effect of contingent liabilities are disclosed. Capital commitments are disclosed when the Group has a contractual future obligation which has not been provided for at the balance sheet date. Amounts are only provided for where such obligations are onerous. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. 156 Capco Annual Report 2022 Financial Statements 2 Segmental reporting Management has determined the operating segments based on reports reviewed by the Executive Directors, who are deemed to be the chief operating decision makers. The principal performance measures have been identified as net rental income, underlying earnings per share and net asset value. For management and reporting purposes the Group is organised into the following divisions: \u2013 Covent Garden; \u2013 Other, which comprises the Shaftesbury investment, the Group interest in Innova and GCP and other head office companies and investments; \u2013 Lillie Square which represents the Group\u2019s interests in the Lillie Square joint venture and a number of smaller properties in the adjacent area. Management information is reported to the chief operating decision makers on a Group share basis. Outlined below is the Group share by segment: Segment Group share Covent Garden 100% Other Investment in Shaftesbury 100% Innova 50% GCP 1 0% Other 100% Lillie Square Lillie Square joint venture 50% Lillie Square Holding Group 100% 1. GCP represented the Group\u2019s 50% interest in The Great Capital Partnership up until being dissolved on 6 April 2022. Subsequent to this the Group\u2019s ownership share in GCP is nil. Segmental reporting has been presented in line with management information and therefore consolidation adjustments are presented to reconcile segmental performance and position to the IFRS total. The Group\u2019s operating segments derive their revenue primarily from rental income from lessees and dividend income from investments. Unallocated expenses consist primarily of costs incurred centrally which are neither directly nor meaningfully attributable to individual segments. Segmental assets and segmental liabilities exclude loans between and investments in Group undertakings. Unallocated assets represents Group cash held outside of the Covent Garden group. The Group operates a central treasury function which manages and monitors the Group\u2019s finance income and costs and a portion of the Group\u2019s cash balances. www.capitalandcounties.com 157 Notes to the accounts continued 2 Segmental reporting continued Reportable segments 2022 Covent Garden \u00a3m Other \u00a3m Lillie Square \u00a3m Group total \u00a3m Consolidation adjustments \u00a3m IFRS total \u00a3m Rental income 74.1 \u2013 1.4 75.5 (1.4) 74.1 Proceeds from sale of trading property \u2013 \u2013 3.3 3.3 (3.3) \u2013 Revenue 74.1 \u2013 4.7 78.8 (4.7) 74.1 Rent receivable 61.5 \u2013 0.2 61.7 (0.2) 61.5 Straight-lining of tenant lease incentives 6.3 \u2013 \u2013 6.3 \u2013 6.3 Service charge income 6.3 \u2013 1.2 7.5 (1.2) 6.3 Rental income 74.1 \u2013 1.4 75.5 (1.4) 74.1 Property and service charge expenses (16.5) \u2013 (1.5) (18.0) 1.5 (16.5) Reversal of expected credit loss 1.6 \u2013 \u2013 1.6 \u2013 1.6 Impairment of tenant lease incentives (1.9) \u2013 \u2013 (1.9) \u2013 (1.9) Underlying net rental income/(expense) 57.3 \u2013 (0.1) 57.2 0.1 57.3 Gross profit/(loss) 57.3 \u2013 (0.1) 57.2 0.1 57.3 Other income \u2013 13.5 \u2013 13.5 \u2013 13.5 Profit on sale of trading property \u2013 \u2013 0.9 0.9 (0.9) \u2013 Write down of trading property \u2013 \u2013 (12.4) (12.4) 12.4 \u2013 Loss on revaluation and sale of investment and development property (0.8) \u2013 \u2013 (0.8) \u2013 (0.8) Change in value of investments and other receivables \u2013 \u2013 0.1 0.1 (8.0) (7.9) Change in fair value of financial assets at fair value through profit or loss \u2013 (239.5) \u2013 (239.5) \u2013 (239.5) Segment profit/(loss) 56.5 (226.0) (11.5) (181.0) 3.6 (177.4) Unallocated costs: Administration expenses (40.7) 0.1 (40.6) Operating loss (221.7) 3.7 (218.0) Net finance costs (24.6) \u2013 (24.6) Net other finance costs (6.5) 3.5 (3.0) Change in fair value of derivative financial instruments 39.8 \u2013 39.8 Loss before tax (213.0) 7.2 (205.8) Taxation (6.0) \u2013 (6.0) Loss for the year (219.0) 7.2 (211.8) Summary balance sheet Total segment assets 1,903.7 359.6 87.0 2,350.3 (0.8) 2,349.5 Total segment liabilities (513.3) (276.2) (0.9) (790.4) 0.8 (789.6) Segmental net assets 1,390.4 83.4 86.1 1,559.9 \u2013 1,559.9 Unallocated assets 1.7 \u2013 1.7 Net assets 1,561.6 \u2013 1,561.6 158 Capco Annual Report 2022 Financial Statements 2 Segmental reporting continued Reportable segments Restated 2021 Covent Garden \u00a3m Other \u00a3m Lillie Square \u00a3m Group total \u00a3m Consolidation adjustments \u00a3m IFRS total \u00a3m Rental income 72.3 \u2013 2.0 74.3 (2.0) 72.3 Proceeds from sale of trading property \u2013 \u2013 24.7 24.7 (24.7) \u2013 Revenue 72.3 \u2013 26.7 99.0 (26.7) 72.3 Rent receivable 62.5 \u2013 0.2 62.7 (0.2) 62.5 Straight-lining of tenant lease incentives 4.5 \u2013 \u2013 4.5 \u2013 4.5 Service charge income 5.3 \u2013 1.8 7.1 (1.8) 5.3 Rental income 72.3 \u2013 2.0 74.3 (2.0) 72.3 Property and service charge expenses (16.0) \u2013 (1.8) (17.8) 1.8 (16.0) Provision for expected credit loss (7.6) \u2013 \u2013 (7.6) \u2013 (7.6) Underlying net rental income 48.7 \u2013 0.2 48.9 (0.2) 48.7 Lease modification and impairment of tenant lease incentives (8.7) \u2013 \u2013 (8.7) \u2013 (8.7) Gross profit 40.0 \u2013 0.2 40.2 (0.2) 40.0 Other income \u2013 2.7 \u2013 2.7 0.3 3.0 Profit on sale of trading property \u2013 \u2013 5.6 5.6 (5.6) \u2013 Write down of trading property \u2013 \u2013 (12.0) (12.0) 12.0 \u2013 Loss on revaluation and sale of investment and development property (4.0) \u2013 (0.1) (4.1) \u2013 (4.1) Change in value of investments and other receivables \u2013 (56.1) (0.5) (56.6) 68.2 11.6 Change in fair value of financial assets at fair value through profit or loss \u2013 44.6 \u2013 44.6 \u2013 44.6 Segment profit/(loss) 36.0 (8.8) (6.8) 20.4 74.7 95.1 Unallocated costs: Administration expenses (22.7) (0.1) (22.8) Operating (loss)/profit (2.3) 74.6 72.3 Net finance costs (31.4) 0.2 (31.2) Net other finance costs (4.5) 7.4 2.9 Change in fair value of derivative financial instruments (8.5) \u2013 (8.5) (Loss)/profit before tax (46.7) 82.2 35.5 Taxation (0.7) \u2013 (0.7) Loss for the year (47.4) 82.2 (34.8) Summary balance sheet Total segment assets 2,067.0 601.5 121.1 2,789.6 (9.6) 2,780.0 Total segment liabilities (585.6) (426.5) (2.3) (1,014.4) 2.3 (1,012.1) Segmental net assets 1,481.4 175.0 118.8 1,775.2 (7.3) 1,767.9 Unallocated assets 18.9 \u2013 18.9 Net assets 1,794.1 (7.3) 1,786.8 www.capitalandcounties.com 159 Notes to the accounts continued 3 Underlying earnings The Group has applied the European Securities and Markets Authority guidelines on alternative performance measures (\u201cAPMs\u201d) in these annual results. An APM is a financial measure of historical or future financial performance, position or cash flow of the Group which is not a measure defined or specified in IFRS. One of the key performance measures the Group uses is underlying earnings. The measure aligns with the main principles of the European Public Real Estate Association (\u201cEPRA\u201d) best practices recommendations for EPRA earnings which provides a measure of recurring income on a transparent and consistent basis to enable comparison between European property companies. Certain Group adjustments, such as adjusting for non-recurring costs, which are not removed from EPRA earnings, are made in order to calculate the Group underlying earnings. The Group considers the presentation of underlying earnings to be useful supplementary information as it represents the recurring, underlying performance of the business. Underlying earnings removes unrealised gains/losses and non-recurring items. Unrealised gains and losses that are excluded are net valuation gains/losses (including profits/losses on disposals), fair value changes and impairment charges. Non-recurring items that are excluded include net refinancing charges, costs of termination of derivative financial instruments and non-recurring income and costs including the proposed merger transaction costs. Taxation charges in relation to these items, which include tax adjustments relating to non-REIT group losses, are excluded. Net rental income as a component of underlying earnings remains an important alternative performance measure of the Group. Lease modification expenses and impairment of tenant lease incentives resulting from the Group providing rental support to its tenants during the COVID-19 pandemic were excluded from underlying earnings during the prior year. Given the scale of the rental support provided to tenants as a result of the COVID-19 pandemic, these non-cash expenses were material and at levels not experienced in the past nor expected to be incurred once tenant support measures required as a result of COVID-19 conclude. These costs recorded in rental expenses were excluded from underlying profit on that basis, as disclosed in the Group\u2019s APM policy. Tenant support measures required as a result of the COVID-19 pandemic have now been concluded and as such future impairments of tenant lease incentives have been included in underlying earnings with effect for 2022. Details of all APMs used by the Group are set out in the APM section on page 201. Internally, the Board focuses on and reviews information and reports prepared on a Group share basis, which includes the Group\u2019s share of joint ventures. Underlying earnings is reported on a Group share basis. 160 Capco Annual Report 2022 Financial Statements 3 Underlying earnings continued The calculation of underlying earnings per share, reconciled to the IFRS (loss)/profit for the year, is set out below: Note 2022 \u00a3m Restated 2021 \u00a3m Rental income 75.5 74.3 Property and service charge expenses (18.0) (17.8) Impairment of tenant lease incentives 1 4 (1.9) \u2013 Reversal of/(provision for) expected credit loss 1.6 (7.6) Underlying net rental income 57.2 48.9 Other income 13.5 2.7 Underlying administration costs (26.1) (19.9) Underlying operating profit 44.6 31.7 Finance costs (27.2) (31.8) Finance income 2.6 0.4 Underlying net finance costs (24.6) (31.4) Underlying profit before tax 20.0 0.3 Taxation (1.4) 0.4 Underlying earnings 18.6 0.7 Underlying earnings per share (pence) 2.2 0.1 W eighted average number of shares in issue 13 851.3m 851.3m Underlying earnings 18.6 0.7 Reconciliation to IFRS: Lease modification expenses 4 \u2013 (6.4) Impairment of tenant lease incentives 1 4 \u2013 (2.3) Loss on revaluation and sale of investment and development property 7 (0.8) (4.1) Change in value of investments and other receivables 8 (7.9) 11.6 Non-underlying administration expenses 6 (14.6) (2.8) Other finance income 9 3.5 8.1 Other finance costs 10 (6.5) (5.2) Change in fair value of derivative financial instruments 17 39.8 (8.5) Change in fair value of financial assets at fair value through profit or loss 16 (239.5) 44.6 Taxation (4.6) (1.1) Other 0.2 0.2 (Loss)/profit for the year (211.8) 34.8 1. Due to the impact of COVID-19, lease modification expenses and impairment of tenant lease incentives of \u00a38.7 million have been excluded from underlying earnings for 2021. Tenant support measures required as a result of the COVID-19 pandemic have now been concluded and as such impairments of tenant lease incentives have been included in underlying earnings for 2022 onwards. www.capitalandcounties.com 161 Notes to the accounts continued 4 Gross profit 2022 \u00a3m Restated 2021 \u00a3m Rental receivable 61.5 62.5 Straight-lining of tenant lease incentives 6.3 4.5 Service charge income 6.3 5.3 Revenue 74.1 72.3 Reversal of/(provision for) expected credit loss 1.6 (7.6) Property expenses (10.2) (10.7) Service charge expenses (6.3) (5.3) Lease modification expenses \u2013 (6.4) Impairment of tenant lease incentives (1.9) (2.3) Costs (16.8) (32.3) Gross profit 57.3 40.0 All revenue has been generated from operations within the United Kingdom. 5 Other income 2022 \u00a3m 2021 \u00a3m Dividend income 1 13.5 2.3 Management fee income 2 \u2013 0.7 Other income 13.5 3.0 1. Dividend income earned from the Group\u2019s investment in Shaftesbury. 2. Management fees charged to joint ventures for services associated with the management of properties and other general expenses as defined by management agreements. 6 Administration expenses Included within administration expenses in the consolidated statement of comprehensive income are: 2022 \u00a3m 2021 \u00a3m Depreciation 0.2 0.2 Other administration expenses 25.8 19.8 Non-underlying administration expenses 1 14.6 2.8 Total administration expenses 40.6 22.8 1. Non-underlying administration expenses totalled \u00a314.6 million (2021: \u00a32.8 million). Current period costs relate to transaction fees and expenses in respect of the proposed all- share merger with Shaftesbury. Prior period costs included \u00a31.8 million lease assignment costs in respect of the office building previously occupied by the Group, while the remainder of the costs related to legal and other costs incurred in respect of group restructurings and transactions. These costs have been classified as non-underlying as they do not represent the recurring, underlying performance of the Group. 162 Capco Annual Report 2022 Financial Statements 6 Administration expenses continued (a) Employee costs 2022 \u00a3m 2021 \u00a3m Wages and salaries 12.4 9.3 Social security costs 2.0 1.1 Other pension costs 0.9 0.8 Share-based payment 1 31 2.4 1.6 Total employee costs 17.7 12.8 1. Includes \u00a30.1 million (2021: \u00a30.1 million) for national insurance on share options are due to changes in vesting and forfeiture assumptions. (b) Employee numbers A verage monthly number of people (including Executive Directors) employed 2022 2021 Total average headcount 67 69 The details of individual Directors\u2019 remuneration and pension benefits as set out in the tables contained in the Directors\u2019 Remuneration Report on pages 105 to 127 form part of these consolidated financial statements. Share-based payment charges are calculated based on the expected fair value of share awards as calculated using the Black-Scholes option pricing model. The Group recharges corporate head office costs based primarily on asset value to its operations. (c) Auditors\u2019 remuneration 2022 \u00a3m 2021 \u00a3m Remuneration to the principal auditors in respect of audit fees: Company and Group consolidated financial statements 0.5 0.3 Audit of the financial statements of the Company\u2019s subsidiaries 0.2 0.1 Fees related to the audit of the Company and its subsidiaries 0.7 0.4 Audit related assurance services including interim review 0.1 0.1 Total fees for audit and audit related services 0.8 0.5 The Group\u2019s auditors, PricewaterhouseCoopers LLP, are engaged on assignments in addition to their audit engagement duties where their expertise and experience of the Group are important. 2022 non-audit fees, including the interim review and agreed upon procedures, represented 11.0 per cent of the total fee (2021: 18.0 per cent). Further details on the Audit Committee\u2019s non-audit services policy can be found on page 101. 7 Loss on revaluation and sale of investment and development property 2022 \u00a3m Restated 2021 \u00a3m (Loss)/gain on revaluation of investment and development property (0.8) 1.8 Loss on sale of investment and development property \u2013 (5.9) Loss on revaluation and sale of investment and development property (0.8) (4.1) 8 Change in value of investments and other receivables 2022 \u00a3m 2021 \u00a3m (Impairment)/write-back of investments and other receivables (7.9) 67.7 Waiver of joint venture loan \u2013 (56.1) Change in value of investments and other receivables (7.9) 11.6 www.capitalandcounties.com 163 Notes to the accounts continued 8 Change in value of investments and other receivables continued The change in value of investments and other receivables relates to amounts receivable from the Lillie Square joint venture. The investment and other receivables in Lillie Square consist of the equity investment, interest bearing loans issued by the joint venture and a working capital facility. Due to the joint venture being in a net liability position, and incurring losses in the year, the equity investment is held at nil (2021: nil). As at the balance sheet date, prior to impairment, the Group held an interest bearing loan at \u00a386.4 million (2021: \u00a383.0 million) and working capital facility of \u00a328.2 million (2021: \u00a345.5 million). The reduction in working capital facility in the year reflects a repayment from the joint venture of \u00a317.5 million to each partner following property sales at the end of 2021. As required by IFRS 9, an impairment assessment was performed comparing the carrying amount of the interest bearing loans and working capital facility to the present value of the estimated future cash flows from the joint venture. The key assumptions made in the impairment assessment were the cash flows to be generated over the project life and the timing thereof. In terms of IFRS 9 requirements the Group applied a discount rate of 4.25 per cent (being the effective interest rate on the loan to the joint venture) to the cash flows which are in line with the strategic plan of the joint venture. As a result, the Group has booked an impairment of \u00a37.9 million during 2022 leading to a cumulative impairment of \u00a330.6 million (2021: \u00a322.7 million cumulative impairment). The cumulative impairment takes into consideration the losses from the joint venture. Factoring in the impairment, the interest bearing loan is held at a net book value of \u00a384.0 million (2021: \u00a382.9 million) and working capital facility at nil (2021: \u00a322.8 million). The balances are included within Trade and other receivables at the balance sheet date. Further details are set out in note 18 \u2018Trade and other receivables\u2019. In August 2021, deep discount bonds, with a nominal value of \u00a3276.1 million, which were issued by the joint venture to the Group and KFI in August 2012, were due to mature. Ahead of the bonds maturing, the Group and KFI waived a portion of the bonds and reduced the nominal redemption value to \u00a3163.0 million (Capco share \u00a381.5 million) which resulted in a write back of \u00a350.3 million of the previously impaired balance and the crystallisation of a debt waiver loss of \u00a356.1 million recognised in the prior year. 9 Finance income 2022 \u00a3m 2021 \u00a3m Finance income: On deposits and other 1.4 0.5 On interest rate derivatives 1 1.2 \u2013 Finance income 2.6 0.5 Other finance income: On loan to joint venture 2 3.5 1.4 On deep discount bonds 2 \u2013 6.6 On deferred consideration \u2013 0.1 Other finance income 3.5 8.1 1. The Group earned interest on interest rate derivatives entered into to manage its exposure to interest rate risk. 2. The Group earned interest on the deep discount bonds issued by the Lillie Square joint venture up to their redemption on 31 July 2021. In the prior year, the Group and KFI each provided an interest bearing loan to the joint venture that was used to redeem the bonds. The interest earned on both these instruments are excluded from the calculation of underlying earnings as deep discount bonds and loans to joint ventures eliminate on a Group share basis due to the Lillie Square joint venture having the corresponding finance cost. 164 Capco Annual Report 2022 Financial Statements 10 Finance costs 2022 \u00a3m Restated 2021 \u00a3m On bank facilities and loan notes 18.2 22.8 On exchangeable bonds 1 8.3 8.2 On obligations under lease liabilities 0.7 0.7 Finance costs 27.2 31.7 Other finance costs: Non-underlying finance charges 2 6.5 5.2 Other finance costs 6.5 5.2 1. On 30 November 2020 the Group issued \u00a3275 million of secured exchangeable bonds maturing in March 2026. The net proceeds received from the issue of the exchangeable bonds have been split between the financial liability element and an option component. The debt component is accounted for at amortised cost and, after taking into account transaction costs, accrues interest at an effective interest rate of 3.1 per cent, of which 2 per cent (\u00a35.5 million) represent the cash coupon on the bond. 2. Non-underlying finance charges have been excluded from the calculation of underlying earnings as the charges relate to non-recurring costs in connection with the early repayment of \u00a375 million of private placement notes, the repayment of the \u00a3125 million secured loan and the cost of entering into the standby loan facility during the current period. Prior year costs related to non-recurring costs in connection with the re-financing of the Revolving Credit Facility, early settlement of interest rate derivatives and costs associated with debt covenant waivers. 11 Taxation 2022 \u00a3m 2021 \u00a3m Deferred income tax: On accelerated capital allowances 0.1 0.1 On fair value of derivative financial instruments \u2013 2.2 On Group losses 4.7 (1.1) On other temporary differences 1.2 (0.5) Deferred tax on losses 6.0 0.7 Total taxation charge in the consolidated statement of comprehensive income 1 6.0 0.7 Factors affecting the tax charge for the year The tax charge for the year is \u00a36.0 million (2021: \u00a30.7 million) against a loss before tax of \u00a3205.8 million (2021: \u00a335.5 million profit). A reconciliation against the standard rate of corporation tax in the United Kingdom (\u201cUK\u201d) is set out below: 2022 \u00a3m Restated 2021 \u00a3m (Loss)/profit before tax (205.8) 35.5 (Loss)/profit on ordinary activities multiplied by the standard rate in the UK of 19% (2021: 19%) (39.1) 6.7 Revaluation losses/(profits) attributable to REIT business 45.6 (8.8) Expenses disallowed 2.4 3.1 Non-taxable items (0.2) (0.5) REIT tax-exempt rental profits (8.3) 0.6 Other temporary differences not provided 0.9 0.7 Unwind deferred tax on prior period group losses 4.7 \u2013 Restatement of deferred income tax following change in corporation tax rate \u2013 (1.1) Total taxation charge in the consolidated statement of comprehensive income 1 6.0 0.7 1. Refer to note 25 \u2018Deferred tax\u2019 for further detail on deferred tax amount unwound for the year ended 31 December 2022. As a UK REIT, the Group is exempt from UK corporation tax on income and gains from qualifying activities. Non-qualifying activities are subject to UK corporation tax. As a UK REIT, Capco must distribute at least 90 per cent of the Group\u2019s income profits from its tax-exempt property rental business (calculated by reference to tax rather than accounting rules), and 100 per cent of the Group\u2019s UK REIT investment profits, by way of a dividend, which is known as a Property Income Distribution (\u201cPID\u201d). A corporation tax charge will arise for the Group at 19 per cent if the minimum PID requirement is not met within 12 months of the end of the period. Further details regarding the PID is set out in note 12 \u2018Dividends\u2019. The UK Budget announced on 3 March 2021 confirmed an increase in the main corporation tax rate from 19 to 25 per cent with effect from 1 April 2023. This change was substantively enacted on 24 May 2021 and no further amendments to the corporation tax rate have been enacted to date. www.capitalandcounties.com 165 Notes to the accounts continued 12 Dividends Group and Company 2022 \u00a3m 2021 \u00a3m Ordinary shares Prior year final dividend of 1.0 pence per share (2021: nil pence) 8.5 \u2013 Interim dividend of 0.8 pence per share (2021: 0.5 pence) 6.8 4.3 Dividend expense 15.3 4.3 Bonus issue in lieu of cash dividends 1 \u2013 (0.3) Cash dividends paid 15.3 4.0 Second interim dividend of 1.7 pence per share (2021: 1.0 pence) 14.5 8.5 1. Adjustments for bonus issue arise from those shareholders who elect to receive their dividends in scrip form prior to the declaration of dividend which occurs at the Company\u2019s Annual General Meeting and shareholders who elect to receive their shares on an evergreen basis. These shares are treated as a bonus issue and allotted at nominal value. As a UK REIT, Capco must distribute at least 90 per cent of the Group\u2019s income profits from its tax-exempt property rental business, and 100 per cent of the Group\u2019s UK REIT investment profits, by way of a PID. These distributions can be subject to withholding tax at 20 per cent. Dividends from profits of the Group\u2019s taxable residual business are ordinary dividend and will be taxed as an ordinary dividend. A corporation tax charge would arise for the Group if the minimum PID requirement is not met within 12 months of the end of the period. On 8 July 2022, the Group paid a final dividend for 2021 of 1.0 pence per ordinary share split equally between a PID and non-PID. On 19 September 2022 for shares registered in South Africa and 20 September 2022 for shares registered in the UK, the Group paid an interim dividend for 2022 of 0.8 pence per ordinary share. The interim dividend was paid wholly as a PID. Together, these dividend payments fully settled the Group\u2019s PID requirement for the year ended 31 December 2021. On 30 January 2023, the Directors declared a second interim dividend of 1.7 pence per ordinary share (of which 0.7 pence per ordinary share will be paid as a PID and 1.0 pence per ordinary share as a non-PID), bringing the total dividend for 2022 to 2.5 pence per ordinary share. The second interim dividend will be paid on 20 March 2023 to all shareholders on the register on 3 March 2023. The payment will settle the PID requirement for the year ended 31 December 2022. 166 Capco Annual Report 2022 Financial Statements 13 Earnings per share and net assets per share (a) Weighted average number of ordinary shares 2022 m 2021 m Weighted average number of ordinary shares in issue 851.3 851.3 Adjustments: Dilutive effect of contingently issuable share option awards 1 0.8 0.5 Dilutive effect of contingently issuable deferred share awards 1 \u2013 0.1 A djusted, diluted weighted average number of ordinary shares in issue 852.1 851.9 1. The dilutive effect of contingently issuable share option awards were not included in the calculation of diluted earnings per share for the year ended 31 December 2022 because they are anti-dilutive. These options could potentially dilute basic earnings per share in the future. (b) Basic and diluted (loss)/earnings per share 2022 \u00a3m Restated 2021 \u00a3m (Loss)/earnings used for calculation of basic and diluted loss per share (211.8) 34.8 Basic and diluted (loss)/earnings per share (pence) (24.9) 4.1 EPRA Earnings per share is disclosed in table 1of the EPRA measures on page 203. (c) Headline (loss)/earnings per share Headline earnings per share is calculated in accordance with Circular 1/2021 issued by the South African Institute of Chartered Accountants, a requirement of the Group\u2019s Johannesburg Stock Exchange secondary listing. This measure is not a requirement of IFRS. 2022 Restated 2021 Loss \u00a3m Shares million Loss per share (pence) Earnings \u00a3m Shares million Earnings per share (pence) Basic (loss)/earnings (211.8) 851.3 (24.9) 34.8 851.3 4.1 Group adjustments: Loss on revaluation and sale of investment and development property 0.8 4.1 Headline (loss)/earnings (211.0) 851.3 (24.8) 38.9 851.3 4.6 Dilutive effect of contingently issuable share option awards 1 \u2013 0.8 \u2013 0.5 Dilutive effect of contingently issuable deferred share awards 1 \u2013 \u2013 \u2013 0.1 Diluted headline (loss)/earnings (211.0) 852.1 (24.8) 38.9 851.9 4.6 1. Further information on these potential ordinary shares can be found in note 31 \u2018Share-based payments\u2019. www.capitalandcounties.com 167 Notes to the accounts continued 13 Earnings per share and net assets per share continued (d) Closing number of ordinary shares 2022 m 2021 m Number of ordinary shares in issue 851.5 851.3 Adjustments: Dilutive effect of contingently issuable share option awards 0.8 0.5 Dilutive effect of contingently issuable deferred share awards \u2013 0.1 A djusted, diluted number of ordinary shares in issue 852.3 851.9 (e) Net assets per share EPRA NRV, NTA and NDV are alternative performance measures that are calculated in accordance with the Best Practices Recommendations of the EPRA to provide a transparent and consistent basis to enable comparison between European property companies. See Alternative Performance Measures and EPRA measures on pages 201 to 206 for further information. 2022 Restated 2021 EPRA NRV \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m EPRA NRV \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m IFRS total equity 1 1,561.6 1,561.6 1,561.6 1,786.8 1,786.8 1,786.8 Diluted NAV 1,561.6 1,561.6 1,561.6 1,786.8 1,786.8 1,786.8 Group adjustments: Revaluation of other non-current assets 2 \u2013 \u2013 \u2013 7.3 7.3 7.3 Unrecognised surplus on trading property \u2013 joint venture 7.1 7.1 7.1 0.1 0.1 0.1 Diluted NAV at Fair Value 1,568.7 1,568.7 1,568.7 1,794.2 1,794.2 1,794.2 Fair value of derivative financial instruments 3 (12.1) (12.1) \u2013 (1.1) (1.1) \u2013 Fair value adjustment of exchangeable bond 4 (4.8) (4.8) \u2013 21.2 21.2 \u2013 Real Estate Transfer Tax 116.0 \u2013 \u2013 115.9 \u2013 \u2013 Excess fair value of debt over carrying value 5 \u2013 \u2013 (121.4) \u2013 \u2013 6.5 Deferred tax adjustments 0.4 0.4 \u2013 0.2 0.2 \u2013 NAV 1,668.2 1,552.2 1,447.3 1,930.4 1,814.5 1,800.7 Diluted number of shares 852.3 852.3 852.3 851.9 851.9 851.9 NAV per share (pence) 195.7 182.1 169.8 226.6 213.0 211.4 1. IFRS total equity of 183.2 pence per share (2021: 209.7 pence per share). 2. This relates to the impairment under IFRS 9 of amounts receivable from joint ventures compared to the Group\u2019s share of losses in the joint venture. 3. This relates to the fair value of interest rate derivatives. Further details are disclosed within note 17 \u2018Derivative financial instruments\u2019. 4. Adjustment to remove the exchangeable bond option fair value and include the exchangeable bond liability at nominal value of \u00a3275 million. 5. Excludes fair value of exchangeable bond option component included under derivative liabilities as disclosed in note 17 \u2018Derivative financial instruments\u2019. 168 Capco Annual Report 2022 Financial Statements 14 Property portfolio (a) Investment and development property Property portfolio Tenure Covent Garden \u00a3m Other \u00a3m Total \u00a3m Freehold \u00a3m Leasehold \u00a3m Restated balance at 1 January 2021 1,793.1 2.1 1,795.2 1,035.1 760.1 Additions from subsequent expenditure 6.8 \u2013 6.8 5.2 1.6 Disposals (98.2) \u2013 (98.2) (93.4) (4.8) Gain/(loss) on revaluation 1.8 \u2013 1.8 4.8 (3.0) Restated balance at 31 December 2021 1, 703.5 2.1 1,705.6 951.7 753.9 Additions from subsequent expenditure 10.3 \u2013 10.3 5.5 4.8 Loss on revaluation (0.8) \u2013 (0.8) 2.6 (3.4) A t 31 December 2022 1,713.0 2.1 1,715.1 959.8 755.3 (b) Market value reconciliation of total property Covent Garden \u00a3m Other \u00a3m Total \u00a3m Carrying value of investment and development property at 31 December 2022 1,713.0 2.1 1,715.1 Adjustment in respect of fixed head leases (6.1) \u2013 (6.1) Adjustment in respect of tenant lease incentives 34.7 \u2013 34.7 Market value of investment and development property at 31 December 2022 1,741.6 2.1 1,743.7 Joint venture: Group share of carrying value of joint venture investment, development and trading property at 31 December 2022 \u2013 69.9 69.9 Group share of unrecognised surplus on joint venture trading property 1 \u2013 7.1 7.1 Market value of investment, development and trading property on a Group share basis at 31 December 2022 1,741.6 79.1 1,820.7 Covent Garden \u00a3m Other \u00a3m Total \u00a3m Carrying value of investment and development property at 31 December 2021 (restated) 1,703.5 2.1 1,705.6 Adjustment in respect of fixed head leases (6.1) \u2013 (6.1) Adjustment in respect of tenant lease incentives (restated) 31.1 \u2013 31.1 Market value of investment and development property at 31 December 2021 1,728.5 2.1 1,730.6 Joint venture: Group share of carrying value of joint venture investment, development and trading property at 31 December 2021 \u2013 84.0 84.0 Group share of unrecognised surplus on joint venture trading property 1 \u2013 0.1 0.1 Market value of investment, development and trading property on a Group share basis at 31 December 2021 1,728.5 86.2 1,814.7 1. The unrecognised surplus on trading property is shown for informational purposes only and is not a requirement of IFRS. Trading property continues to be measured at the lower of cost and net realisable value in the consolidated financial statements. www.capitalandcounties.com 169 Notes to the accounts continued 14 Property portfolio continued The fair value of the Group\u2019s investment, development and trading property at 31 December 2022 was determined by independent, appropriately qualified external valuers, CBRE for the Covent Garden estate and JLL for Lillie Square. The valuations conform to the Royal Institution of Chartered Surveyors (\u201cRICS\u201d) Valuation Professional Standards. Fees paid to valuers are based on fixed price contracts. Each year the Company appoints the external valuers. The valuers are selected based upon their knowledge, independence and reputation for valuing assets such as those held by the Group. Valuations are performed bi-annually and are performed consistently across all properties in the Group\u2019s portfolio. At each reporting date appropriately qualified employees of the Group verify all significant inputs and review computational outputs. Valuers submit and present summary reports to the Group\u2019s Audit Committee, with the Executive Directors reporting to the Board on the outcome of each valuation round. Valuations take into account tenure, lease terms and structural condition. The inputs underlying the valuations include market rent or business profitability, likely incentives offered to tenants, forecast growth rates, yields, discount rates, construction costs including any site specific costs (for example Section 106), professional fees, planning fees, developer\u2019s profit including contingencies, planning and construction timelines, lease re-gear costs, planning risk and sales prices based on known market transactions for similar properties or properties similar to those contemplated for development. As at 31 December 2022 all Covent Garden properties are valued under the income capitalisation technique. As highlighted within the Group\u2019s Net Zero Carbon Pathway published in December 2021, developments and refurbishments form a key element of the Group\u2019s 2030 Net Zero Carbon Commitment. During the year the Group\u2019s additions from subsequent expenditure was \u00a310.3 million (2021: \u00a36.8 million). This sum included both capital works which enhanced the environmental performance of assets, and design stage work to deliver environmental enhancements. While new ground up development forms a limited part of the Group activity, the design stage on refitting and refurbishment, particularly of heritage buildings, is equally important to deliver Whole Life Carbon efficiency. For further details, refer to the Responsibility section of the Strategic Report on pages 63 to 83. Valuations are based on what is determined to be the highest and best use. When considering the highest and best use a valuer will consider, on a property by property basis, its actual and potential uses which are physically, legally and financially viable. Where the highest and best use differs from the existing use, the valuer will consider the cost and the likelihood of achieving and implementing this change in arriving at its valuation. A number of the Group\u2019s properties, held within the Lillie Square joint venture, have been valued on the basis of their development potential. In respect of development valuations, the valuer ordinarily considers the gross development value of the completed scheme based upon assumptions of capital values, rental values and yields of the properties which would be created through the implementation of the development. Deductions are then made for anticipated costs, including an allowance for developer\u2019s profit, before arriving at a valuation. At 31 December 2022, the Group was contractually committed to \u00a31.7 million (2021: \u00a34.1 million) of future expenditure for the purchase, construction, development and enhancement of investment, development and trading property. Refer to note 27 \u2018Capital commitments\u2019 for further information on capital commitments. Non-financial assets carried at fair value, as is the case for investment and development property held by the Group, are required to be analysed by level depending on the valuation method adopted under IFRS 13 \u2018Fair Value Measurement\u2019 (\u201cIFRS 13\u201d). Trading property is exempt from IFRS 13 disclosure requirements. The different valuation levels are defined as: Level 1: valuation based on quoted market prices traded in active markets; Level 2: valuation based on inputs other than quoted prices included within Level 1 that maximise the use of observable data either directly or from market prices or indirectly derived from market prices; and Level 3: where one or more inputs to valuation are not based on observable market data. Valuations at this level are more subjective and therefore more closely managed, including sensitivity analysis of inputs to valuation models. When the degree of subjectivity or nature of the measurement inputs changes, consideration is given as to whether a transfer between fair value levels is deemed to have occurred. Unobservable data becoming observable market data would determine a transfer from Level 3 to Level 2. All investment and development properties held by the Group are classified as Level 3 in the current and prior year. 170 Capco Annual Report 2022 Financial Statements 14 Property portfolio continued The following table sets out the valuation techniques used in the determination of market value of investment and development property on a property by property basis, as well as the key unobservable inputs used in the valuation models. Property portfolio Market value 2022 \u00a3m Market value 2021 \u00a3m Valuation technique Key unobservable inputs Range (weighted average) 2022 Range (weighted average) 2021 Covent Garden 1,741.6 1,728.5 Income capitalisation Estimated rental value per sq ft 1 per annum (\u201cp.a.\u201d) \u00a318-\u00a3250 (\u00a381) \u00a315\u2013\u00a3214 (\u00a376) Equivalent yield 1.9%-6.2% (4.1%) 1.8%\u20136.0% (3.9%) Other 2.1 2.1 Income capitalisation Estimated rental value per sq ft 1 p.a. \u00a330-\u00a338 (\u00a333) \u00a330\u2013\u00a338 (\u00a331) Equivalent yield 2.8%-3.7% (3.4%) 2.8%\u20133.7% (3.3%) A t 31 December 1,743.7 1,730.6 1. Estimated rental value and capital value are expressed per square foot on a net internal area basis. Sensitivity to changes in key assumptions Covent Garden properties are valued under the income capitalisation method and if all other factors remained equal, an increase in estimated rental value of five per cent would result in an increased asset valuation of \u00a373.0 million (2021: \u00a371.9 million). A decrease in the estimated rental value of five per cent would result in a decreased asset value of \u00a371.7 million (2021: \u00a371.0 million). Conversely, an increased equivalent yield of 25 basis points would result in a decreased asset valuation of \u00a3102.2 million (2021: \u00a3105.2 million). A decreased equivalent yield of 25 basis points would result in an increased asset valuation of \u00a3115.3 million (2021: \u00a3119.8 million). For Other properties valued under the income capitalisation method and if all other factors remained equal, an increase in estimated rental value of five per cent would result in an increased asset valuation of \u00a30.1 million (2021: \u00a30.1 million). A decrease in the estimated rental value of five per cent would result in a decreased asset value of \u00a30.1 million (2021: \u00a30.1 million). Conversely, an increased equivalent yield of 25 basis points would result in a decreased asset valuation of \u00a30.2 million (2021: \u00a30.2 million). A decreased equivalent yield of 25 basis points would result in an increased asset valuation of \u00a30.2 million (2021: \u00a30.2 million). These key unobservable inputs are interdependent, partially determined by market conditions. All other factors being equal, a higher equivalent yield would lead to a decrease in the valuation, and an increase in estimated rental value would increase the capital value, and vice versa. However, there are interrelationships between the key unobservable inputs which are partially determined by market conditions, which would impact these changes. www.capitalandcounties.com 171 Notes to the accounts continued 15 Investment in joint ventures Investment in joint ventures is measured using the equity method. All joint ventures are held with other joint venture investors on a 50:50 basis. At 31 December 2022, joint ventures comprise the Lillie Square joint venture (\u201cLSJV\u201d) and Innova Investment (\u201cInnova\u201d). On 6 April 2022 The Great Capital Partnership (\u201cGCP\u201d) was dissolved. LSJV LSJV was established as a joint venture arrangement with the Kwok Family Interests (\u201cKFI\u201d) in August 2012. The joint venture was established to own, manage and develop land interests at Lillie Square. LSJV comprises Lillie Square LP, Lillie Square GP Limited, acting as general partner to the partnership, and its subsidiaries. All major decisions regarding LSJV are taken by the Board of Lillie Square GP Limited, through which the Group shares strategic control. The summarised statement of comprehensive income and balance sheet of LSJV are presented below. LSJV 2022 \u00a3m 2021 \u00a3m Summarised statement of comprehensive income Revenue 6.8 49.6 Net rental (expense)/income (0.3) 0.3 Proceeds from the sale of trading property 6.6 49.3 Profit on transfer of trading property to investment property 0.6 \u2013 Cost of sale of trading property (5.3) (37.8) Agent, selling and marketing fees (0.1) (0.1) Write down of trading property (24.7) (24.0) Administration expenses (0.2) (0.5) Net finance costs 1 (7.0) (11.3) Loss for the year after taxation (30.4) (24.1) 1. Net finance costs include \u00a37.0 million (2021: \u00a32.9 million) interest payable on the interest bearing loans issued to the joint venture by the Group and KFI. The prior year finance costs also included \u00a38.4 million of amortisation of deep discount bonds up to their redemption on 31 July 2021. Finance income receivable by the Group from LSJV of \u00a33.5 million (2021: \u00a38.0 million) is recognised in the consolidated statement of comprehensive income within other finance income. LSJV 2022 \u00a3m 2021 \u00a3m Summarised balance sheet Investment and development property 8.8 3.3 Trading property 131.0 164.8 Cash and cash equivalents 1 11.8 44.6 Other non-current assets 5.5 5.0 Other current assets 1.9 1.1 Amounts payable to joint venture partners 2 (217.5) (246.0) Other current liabilities (3.1) (4.0) Net liabilities (61.6) (31.2) Capital commitments 1.6 2.6 Carrying value of investment, development and trading property 139.8 168.0 Unrecognised surplus on trading property 3 14.2 0.1 Market value of investment, development and trading property 3 154.0 168.1 1. Prior year cash and cash equivalents included restricted cash of \u00a30.5 million relating to amounts received as property deposits that had not been available for use by LSJV until completion of building work. There was a corresponding liability of \u00a30.5 million within other current liabilities. 2. Amounts payable to joint venture partners include working capital facilities advanced by the Group and KFI of \u00a328.2 million (2021: \u00a345.5 million) and a \u00a3163.0 million loan advanced by the Group and KFI to the joint venture. The carrying value of the loan, including accrued interest was \u00a3172.9 million (2021: \u00a3165.9 million). Recoverable amounts receivable by the Group, net of impairments, are recognised on the consolidated balance sheet within non-current trade and other receivables. 3. The unrecognised surplus on trading property and the market value of LSJV\u2019s property portfolio are shown for informational purposes only and are not a requirement of IFRS. Trading property continues to be measured at the lower of cost and net realisable value. 172 Capco Annual Report 2022 Financial Statements 15 Investment in joint ventures continued Innova On 29 June 2015, the Group acquired a 50 per cent interest in Innova, a joint venture arrangement with Network Rail Infrastructure Limited. The joint venture will explore opportunities for future redevelopments on and around significant railway station sites in London. Innova comprises Innova Investment Limited Partnership and Innova Investment GP Limited, acting as general partner to the partnership. All major decisions regarding Innova are taken by the Board of Innova Investment GP Limited, through which the Group shares strategic control. The summarised balance sheet of Innova is presented below. There was no movement through the statement of comprehensive income during the year. Innova 2022 \u00a3m 2021 \u00a3m Summarised balance sheet Cash and cash equivalents 0.4 0.9 Other current liabilities \u2013 (0.5) Net assets 0.4 0.4 Reconciliation of summarised financial information The table below reconciles the summarised joint venture financial information previously presented to the carrying value of investment in joint ventures as presented on the consolidated balance sheet. GCP \u00a3m LSJV \u00a3m Innova \u00a3m Total \u00a3m Net assets/(liabilities) of joint ventures at 31 December 2021 0.1 (31.2) 0.4 (30.7) Elimination of joint venture partners\u2019 interest \u2013 15.6 (0.2) 15.4 Cumulative losses restricted 1 \u2013 15.6 \u2013 15.6 Carrying value at 31 December 2021 0.1 \u2013 0.2 0.3 Net assets/(liabilities) of joint ventures at 31 December 2022 0.1 (61.6) 0.4 (61.1) Elimination of joint venture partners\u2019 interest \u2013 30.8 (0.2) 30.6 Cumulative losses restricted 1 \u2013 30.8 \u2013 30.8 Unwind of joint venture (0.1) \u2013 \u2013 (0.1) Carrying value at 31 December 2022 \u2013 \u2013 0.2 0.2 1. Cumulative losses restricted represent the Group\u2019s share of losses in LSJV which exceed the Group\u2019s investment in the joint venture. As a result the carrying value of the investment in LSJV is nil (2021: nil) in accordance with the requirements of IAS 28. Reconciliation of investment in joint ventures The table below reconciles the opening to closing carrying value of investment in joint ventures as presented on the consolidated balance sheet. Investment in joint ventures GCP \u00a3m LSJV \u00a3m Innova \u00a3m Total \u00a3m At 1 January 2021 0.1 \u2013 0.2 0.3 At 31 December 2021 0.1 \u2013 0.2 0.3 Loss for the year 1 \u2013 (15.2) \u2013 (15.2) Loss restricted 1 \u2013 15.2 \u2013 15.2 Unwind of joint venture (0.1) \u2013 \u2013 (0.1) A t 31 December 2022 \u2013 \u2013 0.2 0.2 1. The share of post-tax loss from joint ventures in the consolidated statement of comprehensive income of nil (2021: nil) comprises the loss for the year of \u00a315.2 million (2021: \u00a312.0 million) and loss restricted totalling \u00a315.2 million (2021: \u00a312.0 million). www.capitalandcounties.com 173 Notes to the accounts continued 16 Financial assets at fair value through profit or loss Financial assets mandatorily measured at fair value through profit or loss include the following: Non-current assets 2022 \u00a3m 2021 \u00a3m Listed equity securities 1 356.9 596.4 1. Listed e quity securities comp rise 97.0 million shares in Shaftesbury held at the 31 December 2022 closing share price of 368 pence per share (2021: 615 pence per share). During the year, the following was recognised in the consolidated statement of comprehensive income: Profit or loss 2022 \u00a3m 2021 \u00a3m Fair value (loss)/gain on financial assets at fair value through profit or loss (239.5) 44.6 17 Derivative financial instruments Derivative financial assets 2022 \u00a3m 2021 \u00a3m Non-current Interest rate derivatives 12.1 1.1 Derivative financial assets 12.1 1.1 Derivative financial liabilities 2022 \u00a3m 2021 \u00a3m Non-current Derivative liability \u2013 exchangeable bonds 1 3.3 32.1 Derivative financial liabilities 3.3 32.1 1. On 30 November 2020 the Group issued \u00a3275 million of secured exchangeable bonds maturing in March 2026. The notes are exchangeable into cash or ordinary shares of Shaftesbury. The net proceeds received from the issue of the exchangeable bonds have been split between the financial liability element and an option component, representing the fair value of the embedded option to convert the financial liability into equity of Shaftesbury. The debt component is accounted for at amortised cost at the effective interest rate method and the derivative liability is accounted for at fair value through profit or loss. During the year, the following movements on derivative financial instruments were recognised in profit or loss: Profit or loss 2022 \u00a3m Restated 2021 \u00a3m Fair value gain on interest rate derivatives 11.0 8.3 Fair value gain/(loss) on derivative liability \u2013 exchangeable bonds 28.8 (16.8) Change in fair value of derivative financial instruments 39.8 (8.5) 174 Capco Annual Report 2022 Financial Statements 18 Trade and other receivables 2022 \u00a3m Restated 2021 \u00a3m Non-current Prepayments and accrued income 1 31.6 25.9 Amounts receivable from joint ventures 2 84.0 82.9 Trade and other receivables 115.6 108.8 Current Rent receivable 3 8.0 10.0 Other receivables 2.6 2.2 Prepayments and accrued income 1 10.2 12.8 Amounts receivable from joint ventures 2 \u2013 23.4 Trade and other receivables 20.8 48.4 1. Includes tenant lease incentives, comprising surrender premia paid and incentives offered to tenants, of \u00a334.7 million (2021: \u00a331.1 million). 2. Non-current amounts receivable from joint ventures of \u00a384.0 million (2021: \u00a382.9 million) relate to an interest bearing loan of \u00a386.4 million (2021: \u00a382.9 million) that the Group and KFI provided to the joint venture. The loan has been impaired by \u00a32.4 million (2021: nil). The loan bears interest at 4.25 per cent per annum and is repayable on demand, however it is not the intention of the Group to call on the loan in the next 12 months and therefore it has been presented as non-current. Current amounts receivable from joint ventures include working capital funding advanced to Lillie Square joint venture from the Group of \u00a328.2 million (2021: \u00a345.5 million) which has been impaired by \u00a328.2 million (2021: \u00a322.7 million). 3. Rent receivable is shown net of expected credit loss provision of \u00a34.0 million (2021: \u00a311.4 million). 19 Cash and cash equivalents 2022 \u00a3m Restated 2021 \u00a3m Cash at hand 2.1 1.9 Cash on short-term deposits 114.4 317.1 Cash 116.5 319.0 Tenant deposits 1 13.4 12.1 Cash and cash equivalents 129.9 331.1 1. Tenant deposits included above and in the consolidated statement of cash flows relate to cash held on deposit as security against tenant rent payments which are subject to certain restrictions and therefore not available for general use by the Group. Cash and cash equivalents have been restated as at 31 December 2021 to include tenant deposits previously included in Trade and other receivables following clarification by IFRIC \u2018Demand Deposits with Restrictions on Use arising from a Contract with a Third Party\u2019. Details of the restatement are set out in note 1 \u2018Changes in accounting policies\u2019. 20 Trade and other payables 2022 \u00a3m 2021 \u00a3m Rent in advance 15.4 13.6 Accruals 10.4 9.3 Other payables 14.7 13.6 Other taxes and social security 1.4 2.5 Trade and other payables 41.9 39.0 www.capitalandcounties.com 175 Notes to the accounts continued 21 Borrowings, including lease liabilities 2022 Carrying value \u00a3m Secured \u00a3m Unsecured \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Fair value \u00a3m Nominal value \u00a3m Current Lease liability obligations 0.7 0.7 \u2013 0.7 \u2013 0.7 0.7 Borrowings, including lease liabilities 0.7 0.7 \u2013 0.7 \u2013 0.7 0.7 Non-current Bank loans (2.5) \u2013 (2.5) \u2013 (2.5) \u2013 \u2013 Loan notes 473.9 \u2013 473.9 473.9 \u2013 393.4 475.0 Exchangeable bonds 266.9 266.9 \u2013 266.9 \u2013 228.9 275.0 Borrowings 738.3 266.9 471.4 740.8 (2.5) 622.3 750.0 Lease liability obligations 5.4 5.4 \u2013 5.4 \u2013 5.4 5.4 Borrowings, including lease liabilities 743.7 272.3 471.4 746.2 (2.5) 627.7 755.4 Total borrowings, including lease liabilities 744.4 2021 Carrying value \u00a3m Secured \u00a3m Unsecured \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Fair value \u00a3m Nominal value \u00a3m Current Lease liability obligations 0.7 0.7 \u2013 0.7 \u2013 0.7 0.7 Borrowings, including lease liabilities 0.7 0.7 \u2013 0.7 \u2013 0.7 0.7 Non-current Bank loans 122.4 124.0 (1.6) \u2013 122.4 125.0 125.0 Loan notes 548.4 \u2013 548.4 548.4 \u2013 554.1 550.0 Exchangeable bonds 264.1 264.1 \u2013 264.1 \u2013 259.1 275.0 Borrowings 934.9 388.1 546.8 812.5 122.4 938.2 950.0 Lease liability obligations 5.4 5.4 \u2013 5.4 \u2013 5.4 5.4 Borrowings, including lease liabilities 940.3 393.5 546.8 817.9 122.4 943.6 955.4 Total borrowings, including lease liabilities 941.0 On 28 February 2022, the Group prepaid \u00a375 million of private placement loan notes, consisting of \u00a337.5 million loan notes that were set to mature on 16 December 2024 with an interest rate of 3.63 per cent and \u00a337.5 million loan notes that were set to mature on 16 December 2026 with an interest rate of 3.68 per cent. On 20 June 2022, the Group repaid the \u00a3125 million secured loan. The Group holds a \u00a3300 million revolving credit facility, which is undrawn at 31 December 2022. The facility had an initial three year term, which was extended for a further one year period to September 2025. The facility has a further one year option to extend, subject to lender consent. On 16 June 2022, the Group entered into a \u00a3576 million standby loan facility in connection with the proposed merger with Shaftesbury. Shaftesbury has two secured mortgage bonds totalling \u00a3575 million, each of which contain change of control provisions which will be triggered by the merger. The Group has entered into the new facility to provide funding certainty in the event that the Shaftesbury mortgage bond holders exercise their redemption right in respect of the bonds following completion of the merger. The facility remains undrawn as at 31 December 2022. The term of the \u00a3576 million loan facility is 24 months, which may be extended for a further six months at the option of the Group, subject to the satisfaction of the extension requirements as outlined in the facility. There is subsequently a further six month extension option available which requires lender approval. The market value of investment and development property secured as collateral against borrowings at 31 December 2022 was nil (2021: nil). Undrawn facilities and cash attributable to the Group, excluding tenant deposits, at 31 December 2022 were \u00a3416.5 million (2021: \u00a3619.0 million). The fair value of the Group\u2019s borrowings have been estimated using the market value for floating rate borrowings, which approximates nominal value, and discounted cash flow approach for fixed rate borrowings, representing Level 2 fair value measurements as defined by IFRS 13. The different valuation levels are defined in note 14 \u2018Property portfolio\u2019.The lease liability obligations are in respect of leasehold interests in investment and development property. Details of these leases are set out in note 22 \u2018Lease liabilities\u2019. 176 Capco Annual Report 2022 Financial Statements 21 Borrowings, including lease liabilities continued 2022 Current borrowings \u00a3m Non-current borrowings \u00a3m Analysis of movement in borrowings, including lease liabilities Balance at 1 January 0.7 940.3 Borrowings repaid \u2013 (200.0) Other net cash movements \u2013 (7.1) Other non-cash movements \u2013 10.5 Balance at 31 December 0.7 743.7 2021 Current borrowings \u00a3m Non-current borrowings \u00a3m Analysis of movement in borrowings, including lease liabilities Balance at 1 January 1.6 1,079.0 Borrowings repaid \u2013 (140.0) Other net cash movements (0.2) (8.4) Other non-cash movements (0.7) 9.7 Balance at 31 December 0.7 940.3 The maturity profile of gross debt (excluding lease liabilities) is as follows: 2022 \u00a3m 2021 \u00a3m Wholly repayable in more than one year but not more than two years \u2013 125.0 Wholly repayable in more than two years but not more than five years 582.5 607.5 Wholly repayable in more than five years 167.5 217.5 750.0 950.0 Certain borrowing agreements contain financial and other covenants that, if contravened, could alter the repayment profile. Details of financial covenants are included in the Other Information section on page 209. www.capitalandcounties.com 177 Notes to the accounts continued 22 Lease liabilities Lease liabilities included within investment and development property (a) Minimum lease payments under lease obligations 2022 \u00a3m 2021 \u00a3m Not later than one year 0.7 0.7 Later than one year and not later than five years 2.9 2.9 Later than five years 18.0 18.0 21.6 21.6 Future finance charges on lease liabilities (15.5) (15.5) Present value of lease liability 6.1 6.1 (b) Present value of minimum lease obligations 2022 \u00a3m 2021 \u00a3m Not later than one year 0.7 0.7 Later than one year and not later than five years 2.3 2.3 Later than five years 3.1 3.1 6.1 6.1 Lease liabilities included under investment and development property are in respect of leasehold interests in investment and development property. Certain leases provide for payment of contingent rent, usually a proportion of rental income in addition to the minimum lease payments above. \u00a30.3 million contingent rent has been paid during the year (2021: \u00a30.5 million). These lease liabilities are effectively secured obligations, as the rights to the leased asset revert to the lessor in the event of default. 23 Operating leases The Group earns rental income by leasing its investment property to tenants under operating leases. In the United Kingdom standard commercial leases vary considerably between markets and locations but typically are for a term of five to fifteen years at market rent with provisions to review every five years. The Group is exposed to changes in the residual value of properties at the end of the current leases. This residual value risk is mitigated through the implementation of active asset management initiatives which aim to ensure the Group enters into new leasing deals prior to the expiry of current leases. The Group also offers lease incentives to encourage high quality tenants to remain in properties for longer lease terms. Expectations about the future residual values are reflected in the fair value of the properties. The future minimum lease amounts receivable under non-cancellable operating leases are as follows: 2022 \u00a3m 2021 \u00a3m Not later than one year 57.0 53.7 Later than one year and not later than five years 176.3 174.0 Later than five years 212.0 233.1 445.3 460.8 The consolidated statement of comprehensive income includes nil (2021: \u00a30.1 million) recognised in respect of expected increased rent resulting from outstanding reviews where the actual rent will only be determined on settlement of the rent review. 178 Capco Annual Report 2022 Financial Statements 24 Financial risk management The Group\u2019s financial risk management strategy seeks to set financial limits for treasury activity to ensure they are in line with the risk appetite of the Group. The Group is exposed to a variety of risks arising from the Group\u2019s operations: market risk (including interest rate risk and price risk), liquidity risk and credit risk. The following table sets out each class of financial asset and financial liability as at 31 December: Categories of financial instruments 2022 Restated 2021 Note Carrying value \u00a3m Gain/(loss) to profit or loss \u00a3m Carrying value \u00a3m Gain/(loss) to profit or loss \u00a3m Derivative financial assets 17 12.1 11.0 1.1 8.3 Total held for trading assets 12.1 11.0 1.1 8.3 Cash and cash equivalents 19 129.9 331.1 Other financial assets 1 94.6 118.5 Total cash and other financial assets 224.5 449.6 Investment held at fair value through profit or loss 16 356.9 (239.5) 596.4 44.6 Total investment held at fair value through profit or loss 356.9 (239.5) 596.4 44.6 Derivative financial liabilities 17 (3.3) 28.8 (32.1) (16.8) Total held for trading liabilities (3.3) 28.8 (32.1) (16.8) Borrowings, including lease liability 21 (744.4) (941.0) Other financial liabilities 2 (26.5) (25.4) Total borrowings and other financial liabilities (770.9) (966.4) 1. Includes rent receivable, amounts due from joint ventures, tax assets and other receivables. 2. Includes trade and other payables (excluding rents in advance). www.capitalandcounties.com 179 Notes to the accounts continued 24 Financial risk management continued The majority of the Group\u2019s financial risk management is carried out by the Group\u2019s treasury function under policies approved by the Board of Directors. The policies for managing each of these risks and the principal effects of these policies on the results for the year are summarised below. Market risk Interest rate risk Interest rate risk comprises both cash flow and fair value risks. Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Fair value risk is the risk that the fair value of financial instruments will fluctuate as a result of changes in market interest rates. The Group\u2019s interest rate risk arises from borrowings issued at variable rates that expose the Group to cash flow interest rate risk, whereas borrowings issued at fixed interest rates expose the Group to fair value interest rate risk. It is Group policy, and often a requirement of our lenders, to eliminate substantially all short and medium-term exposure to interest rate fluctuations in order to establish certainty over medium-term cash flows by using fixed interest rate derivatives. Interest rate swaps have the economic effect of converting borrowings from floating to fixed rates. Interest rate caps protect the Group by capping the maximum interest rate payable at the caps ceiling. Interest rate collars protect the Group by capping the maximum interest rate payable at the collar\u2019s ceiling but sacrifice the profitability of interest rate falls below a certain floor. The table below shows the effects of derivative contracts on the drawn external borrowings profile of the Group. The table is calculated on a Group share basis in line with the reporting of this information internally to management. Fixed/Capped 2022 \u00a3m Floating 2022 \u00a3m Fixed/Capped 2021 \u00a3m Floating 2021 \u00a3m Nominal value of Group borrowings excluding lease liability 750.0 \u2013 825.0 125.0 Derivative impact (nominal value of derivative contracts) \u2013 \u2013 125.0 (125.0) Borrowings profile net of derivative impact 750.0 \u2013 950.0 \u2013 Interest rate protection 100% 100% Group policy is to ensure that interest rate protection on Group external debt is greater than 25 per cent. During 2021, the Group replaced LIBOR with SONIA as the pricing benchmark on the secured bank loan, RCF and hedging arrangements. The Group has entered into various non-traded derivative instruments to manage its exposure to interest rate risk. These derivatives have not been designated as hedging instruments and therefore they are classified as financial derivatives at fair value through profit or loss. Interest rate derivatives are currently in place for \u00a3200 million of notional value through to December 2024 capped at 1.23 per cent. The sensitivity analysis below illustrates the impact of a 100 basis point (\u201cbps\u201d) shift, upwards and downwards, in the level of interest rates on the movement in fair value of interest rate derivatives entered into by the Group. Increase in interest rates by 100 bps 2022 \u00a3m Decrease in interest rates by 100 bps 2022 \u00a3m Increase in interest rates by 50 bps 2021 \u00a3m Decrease in interest rates by 50 bps 2021 \u00a3m Effect on profit before tax (change in fair value of derivative financial instruments): Increase/(decrease) 3.5 (3.5) 2.1 (2.1) The sensitivity analysis above is a reasonable illustration of the possible effect from the changes in slope and shifts in the yield curve that may actually occur and represents management\u2019s assessment of possible changes in interest rates. 100 bps has been used in 2022 (2021: 50 bps) to reflect current macroeconomic conditions of increasing costs. The fixed rate derivative financial instruments are matched by floating rate debt, therefore such a movement would have a very limited effect on Group cash flow overall. 180 Capco Annual Report 2022 Financial Statements 24 Financial risk management continued Price risk The Group is exposed to price risk in respect of its investment in listed property securities. The Group limits its exposure to equity price risk by only investing in securities that are listed on a recognised stock exchange and where the Directors are satisfied with the overall strategies implemented by such companies. The primary goal of the Group\u2019s investment in equity securities is to hold the investments for the long-term. Management is assisted by external advisers in this regard. Certain investments are designated as at fair value through profit or loss because their performance is actively monitored and they are managed on a fair value basis. The effect of a one per cent change to the share price of the listed investments will have the following impact on the 31 December consolidated statement of comprehensive income: Change in fair value of financial assets at fair value through profit or loss 1% increase in share price 2022 \u00a3m 1% decrease in share price 2022 \u00a3m 1% increase in share price 2021 \u00a3m 1% decrease in share price 2021 \u00a3m Effect on profit before tax: Increase/(decrease) 3.6 (3.6) 6.0 (6.0) Liquidity risk Liquidity risk is managed to ensure that the Group is able to meet future payment obligations when financial liabilities fall due. The Group\u2019s policy is to seek to minimise its exposure to liquidity risk by managing its exposure to interest rate risk and to refinancing risk. The Group seeks to achieve an appropriate balance between a number of factors, including tenor and costs. Liquidity analysis is intended to provide sufficient headroom to meet the Group\u2019s operational requirements and investment commitments. The Group\u2019s policy also includes maintaining adequate cash, as well as maintaining adequate committed and undrawn facilities. A key factor in ensuring existing facilities remain available to the Group is the borrowing entity\u2019s ability to meet the relevant facility\u2019s financial covenants. The Group has a process to monitor regularly both current and projected compliance with the financial covenants. The Group regularly reviews the maturity profile of its financial liabilities and will seek to avoid concentrations of maturities through the regular replacement of facilities and by staggering maturity dates. Refinancing risk may be reduced by reborrowing prior to the contracted maturity date, effectively switching liquidity risk for market risk. This is subject to credit facilities being available at the time of the desired refinancing. The tables below set out the maturity analysis of the Group\u2019s financial liabilities based on the undiscounted contractual obligations to make payments of interest and to repay principal. The RCF and standby loan facility are not included for 2022 as these facilities are undrawn as at 31 December 2022. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve. Group 2022 Carrying value 1 yr Between 1-2 yrs Between 2-5 yrs Over 5 yrs Total \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Loan notes 473.9 13.0 \u2013 13.0 95.0 26.5 212.5 18.1 167.5 70.6 475.0 Exchangeable bonds 266.9 5.5 \u2013 5.5 \u2013 8.2 275.0 \u2013 \u2013 19.2 275.0 Lease liabilities 6.1 \u2013 0.7 \u2013 \u2013 \u2013 2.3 \u2013 3.1 \u2013 6.1 Other payables 26.5 \u2013 26.5 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 26.5 773.4 18.5 27.2 18.5 95.0 34.7 489.8 18.1 170.6 89.8 782.6 www.capitalandcounties.com 181 Notes to the accounts continued 24 Financial risk management continued Liquidity risk continued Group 2021 Carrying value 1 yr Between 1-2 yrs Between 2-5 yrs Over 5 yrs Total \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Bank loans 122.4 5.6 \u2013 6.1 125.0 1.2 \u2013 \u2013 \u2013 12.9 125.0 Loan notes 548.4 15.7 \u2013 15.7 \u2013 38.9 332.5 24.1 217.5 94.4 550.0 Exchangeable bonds 264.1 5.5 \u2013 5.5 \u2013 13.8 275.0 \u2013 \u2013 24.8 275.0 Lease liabilities 6.1 \u2013 0.7 \u2013 \u2013 \u2013 2.3 \u2013 3.1 \u2013 6.1 Other payables 25.4 \u2013 25.4 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 25.4 966.4 26.8 26.1 27.3 125.0 53.9 609.8 24.1 220.6 132.1 981.5 Contractual maturities reflect the expected maturities of financial instruments. As disclosed in note 21 \u2018Borrowings\u2019, the Group has an unsecured revolving credit facility, loan notes and a standby loan facility that contain loan covenants. A future breach of covenant may require the Group to repay the facilities earlier than indicated in the above table. Details of the non- recourse loan covenants are set out on page 209 \u2018Financial covenants\u2019. Under the various debt agreements, covenants are monitored on a regular basis and regularly reviewed by management to ensure compliance with the agreement. The interest payments on variable interest rate loans and bonds issued in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on derivative instruments may be different from the amount in the above table as interest rates change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts based on the current drawn facility balances. Credit risk The Group\u2019s principal financial assets are trade and other receivables, amounts receivable from joint ventures, listed equity investments and cash and cash equivalents. Credit risk is the risk of financial loss if a tenant or counterparty fails to meet an obligation under a contract. Credit risk arises primarily from trade receivables relating to tenants but also from the Group\u2019s undrawn commitments and holdings of assets such as cash deposits and loans with counterparties. The carrying value of financial assets recorded in the consolidated financial statements represents the Group\u2019s maximum exposure to credit risk without taking into account the value of any deposits or guarantees obtained. Trade and other receivables: Credit risk associated with trade receivables is actively managed; tenants are managed individually by asset managers, who continuously monitor and work with tenants, anticipating and wherever possible identifying and addressing risks prior to default. Tenants are managed through a large and diverse tenant base to reduce the credit risk to the Group. Trade receivables are less than one per cent of total assets at 31 December 2022 (2021: less than one per cent) and have reduced to \u00a312.0 million as at 31 December 2022 (2021: \u00a321.4 million). Prospective tenants are assessed through an internally conducted review process, by obtaining credit ratings and reviewing financial information. As a result, deposits or guarantees may be obtained. The amount of deposits held as collateral at 31 December 2022 was \u00a313.4 million (2021: \u00a312.1 million). During the year tenant default risk, and as such credit risk, has reduced due to improved trading conditions. All COVID-19 support, provided on a case-by-case basis, concluded with no further support expected. Rent receivable balances are provided against by applying the IFRS 9 expected credit loss model which uses a lifetime expected loss allowance. In assessing the provision the Group identifies risk factors associated by sector and the type of rent receivable outstanding (rent arrears, service charge, other). In determining the provision on a tenant by tenant basis, the Group considers both recent payment history and future expectations of the tenant\u2019s ability to pay or possible default in order to recognise an expected credit loss allowance. Trade receivable balances are written off when there is no reasonable expectation of recovery or when a rent concession is provided for past due rent. Indicators that there is no reasonable recovery include the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. The amounts of trade receivables presented in the balance sheet are net of impairment for doubtful receivables. 182 Capco Annual Report 2022 Financial Statements 24 Financial risk management continued Credit risk continued Ageing of gross trade receivables and loss allowances were as follows: 2022 \u00a3m Restated 2021 \u00a3m Gross carrying amount Loss allowance Gross carrying amount Loss allowance Not yet due 0.4 (0.1) 0.6 (0.3) 0-90 days 6.1 (0.6) 6.5 (1.4) 91-180 days 0.6 (0.3) 5.1 (0.7) Over 180 days 4.9 (3.0) 9.2 (9.0) Trade receivables 12.0 (4.0) 21.4 (11.4) As at 31 December 2022 there is a provision for trade receivables of \u00a34.0 million (2021: \u00a311.4 million). The total credit for the year is \u00a31.6 million (2021: a charge of \u00a37.6 million), as shown in note 4 \u2018Gross Profit\u2019, reflecting impairments during the year and movement in the provision. As the Group operates predominantly in central London, it is subject to some geographical concentration risk. However, this is mitigated by the extensive range of tenants from varying business sectors and the credit review process as noted above. Amounts receivable from joint ventures: Included within receivables, net of impairment is \u00a3nil (2021: \u00a322.8 million) working capital facility advanced to the Lillie Square joint venture and an interest bearing loan of \u00a384.0 million (2021: \u00a382.9 million). The carrying value of the investment in the joint venture is nil (2021: nil) as the Group\u2019s share of losses exceeds the cost of its investment. Total funding advanced to the joint venture, including the working capital facility and an interest bearing loan has been impaired by \u00a330.6 million cumulatively. Details of the impairment are set out in note 8 \u2018Change in value of investments and other receivables\u2019. The Lillie Square joint venture is in a net liability position due to carrying trading property at the lower of cost and net realisable value and the amortisation of the previously issued deep discount bonds. However, based on a market valuation undertaken by the Group\u2019s valuers JLL, there is an unrecognised surplus of \u00a37.1 million (Group share) as at 31 December 2022. This surplus will only be evidenced on sale of trading property when significant risks and rewards have transferred to the buyer. Therefore, while Lillie Square demonstrates positive pricing evidence commercially and funding provided is not deemed to be at risk of default, for reporting purposes the Group is required to allocate losses against amounts advanced to the joint venture, to the extent that losses do not exceed the investment, until the unrecognised surplus on trading property is realised through sale. Cash, deposits and derivative financial instruments: The credit risk relating to cash, deposits and derivative financial instruments is actively managed by the Group\u2019s treasury fucntion. Relationships are maintained with a number of institutional counterparties, ensuring compliance with Group cash investment policy relating to limits on the credit ratings of counterparties. The maximum exposure to cash and deposits, excluding tenant deposits, as at 31 December 2022 amounted to \u00a3122.6 million (2021: \u00a3341.7 million), including the Group\u2019s share of joint venture cash. The maximum fair value exposure to derivative financial instruments is \u00a38.8 million (2021: \u00a331.0 million). Gross carrying value and loss allowance of other receivables (excluding trade receivables) are set out in the table below: 2022 \u00a3m Restated 2021 \u00a3m Gross carrying amount Loss allowance Gross carrying amount Loss allowance Amounts receivable from joint ventures 114.6 (30.6) 106.4 (22.7) Other receivables 1 44.4 (1.9) 42.2 (2.3) 1. \u00a31.9 million (2021: \u00a32.3 million) loss allowance relates to the provision against tenant lease incentives. www.capitalandcounties.com 183 Notes to the accounts continued 24 Financial risk management continued Capital structure The Group seeks to enhance shareholder value both by investing in the business so as to improve the return on investment and by managing the capital structure appropriately. The Group uses a mix of equity, debt and other financial instruments, and aims to access both debt and equity capital markets efficiently. The key ratios used to monitor the capital structure of the Group are net debt to gross assets and the interest cover ratio. The Group aims not to exceed an underlying net debt to gross assets ratio of more than 40 per cent and to maintain interest cover above 125 per cent. These ratios are disclosed on a Group share basis in line with the reporting of this information internally to management. These metrics are discussed in the Financial Review on page 59. Net debt to gross assets 2022 \u00a3m Restated 2021 \u00a3m Total assets 2,352.0 2,808.5 Less: cash (122.6) (341.7) 2,229.4 2,466.8 Net debt (621.8) (599.3) 27.9% 24.3% Net debt 2022 \u00a3m Restated 2021 \u00a3m Borrowings, including lease liabilities (744.4) (941.0) Less: cash 122.6 341.7 (621.8) (599.3) Interest cover 2022 \u00a3m Restated 2021 \u00a3m Finance costs (27.2) (31.8) Finance income 2.6 0.4 (24.6) (31.4) Underlying operating profit 44.6 31.7 181.3% 101.0% The Covent Garden debt facilities have two principal financial covenants, being a loan to value ratio of up to 60 per cent and interest cover of at least 120 per cent. Loan to value is calculated based on total borrowings less cash divided by the market value of the portfolio. As at 31 December 2022 the loan to value is 21.0 per cent (2021: 14.8 per cent). Interest cover ratio is calculated based on net rental income less a fixed administration cost divided by net finance costs. For the year ended 31 December 2022 the interest cover ratio is 394.7 per cent (2021: 191.3 per cent) . 184 Capco Annual Report 2022 Financial Statements 24 Financial risk management continued Fair value estimation Financial instruments carried at fair value are required to be analysed by level depending on the valuation method adopted under IFRS 13. The different valuation levels are defined in note 14 \u2018Property portfolio\u2019. The table below present the Group\u2019s financial assets and liabilities recognised at fair value at 31 December 2022 and 31 December 2021. There were no transfers between levels during the year. 2022 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Financial assets at fair value through profit or loss Listed equity investment 356.9 \u2013 \u2013 356.9 596.4 \u2013 \u2013 596.4 Held for trading assets Derivative financial assets \u2013 12.1 \u2013 12.1 \u2013 1.1 \u2013 1.1 Total assets 356.9 12.1 \u2013 369.0 596.4 1.1 \u2013 597.5 Held for trading liabilities Derivative financial liabilities \u2013 (3.3) \u2013 (3.3) \u2013 (32.1) \u2013 (32.1) Total liabilities \u2013 (3.3) \u2013 (3.3) \u2013 (32.1) \u2013 (32.1) The fair values of derivative financial instruments are determined from observable market prices or estimated using appropriate yield curves at 31 December each year by discounting the future contractual cash flows to the net present values. Listed equity investments are carried at fair value on the balance sheet and representing Level 1 fair value measurement. The fair value of listed equity investments are based on quoted market prices traded in active markets. The fair values of the Group\u2019s cash and cash equivalents, other financial assets carried at amortised cost and other financial liabilities are not materially different from those at which they are carried in the consolidated financial statements. www.capitalandcounties.com 185 Notes to the accounts continued 25 Deferred tax The change in corporation tax rate referred to in note 11 \u2018Taxation\u2019 has been enacted for the purposes of IAS 12 \u2018Income Taxes\u2019 (\u201cIAS 12\u201d) and therefore has been reflected in these consolidated financial statements based on the expected timing of the realisation of deferred tax. Deferred tax on investment and development property is calculated under IAS 12 provisions on a disposals basis by reference to the properties\u2019 original tax base cost. Properties that fall within the Group\u2019s qualifying REIT activities will be outside the charge to UK corporation tax subject to certain conditions being met. The Group\u2019s recognised deferred tax position on investment and development property as calculated under IAS 12 is nil at 31 December 2022 (2021: nil). A disposal of the Group\u2019s trading properties at their market value as per note 14 \u2018Property portfolio\u2019, before utilisation of carried forward losses, would result in a corporation tax charge to the Group of \u00a31.3 million (19 per cent of \u00a37.1 million). Accelerated capital allowances \u00a3m Fair value of derivative financial instruments \u00a3m Other temporary differences \u00a3m Non-REIT group losses \u00a3m Total \u00a3m Provided deferred tax provision: At 1 January 2021 0.2 (2.3) (1.1) (3.6) (6.8) Recognised in income 0.1 2.2 (0.5) \u2013 1.8 Adjustment in respect of rate change \u2013 \u2013 \u2013 (1.1) (1.1) A t 31 December 2021 0.3 (0.1) (1.6) (4.7) (6.1) Recognised in income \u2013 \u2013 1.3 4.7 6.0 Recognised directly in equity \u2013 0.1 \u2013 \u2013 0.1 Adjustment in respect of rate change 0.1 \u2013 (0.1) \u2013 \u2013 A t 31 December 2022 0.4 \u2013 (0.4) \u2013 \u2013 Unrecognised deferred tax assets: At 1 January 2021 \u2013 (8.3) (8.3) Income statement items \u2013 (9.1) (9.1) At 31 December 2021 \u2013 (17.4) (17.4) Income statement items (0.3) (6.8) (7.1) A t 31 December 2022 (0.3) (24.2) (24.5) In accordance with the requirements of IAS 12, deferred tax assets are only recognised to the extent that the Group believes it is probable that future taxable profit will be available against which the deferred tax assets can be recovered. As a result of the application of this provision and due to uncertainty as to future non-REIT taxable activities, the Group has unwound all of the \u00a36.1 million deferred tax asset previously recognised in respect of trading losses carried forward and other temporary differences. As at 31 December 2022, the Group has unrecognised deferred tax assets of \u00a324.5 million in relation to \u00a396.9 million of gross losses carried forward within its residual business and \u00a31.2 million of other deductible temporary differences. 186 Capco Annual Report 2022 Financial Statements 26 Share capital and share premium Group and Company Issue type Transaction date Issue price (pence) Number of shares Share capital \u00a3m 1 Share premium \u00a3m At 1 January 2021 851,083,643 212.8 232.2 Scrip dividend \u2013 2021 interim September 176 153,071 \u2013 0.3 Share-based payment 2 35,958 \u2013 \u2013 At 31 December 2021 851,272,672 212.8 232.5 Reinstatement of void shares 3 November 113 1,468,393 0.4 \u2013 Share buyback 3 November 112 (1,468,393) (0.4) \u2013 Share-based payment 2 177,966 \u2013 \u2013 A t 31 December 2022 851,450,638 212.8 232.5 1. Nominal value of share capital of 25 pence per share. 2. In 2022 a total of 177,966 (2021: 35,958) new shares were issued to satisfy employee share scheme awards. 3. In 2020, the Company announced the repurchase for cancellation of 6.06 million of its ordinary shares of 25 pence each as part of a share buyback programme. As announced on 7 November 2022, as a result of an administrative issue, the purchase by the Company of 1,468,393 of its ordinary shares of 25 pence each on the Johannesburg Stock Exchange during the period from February 2020 to March 2020 as part of the buyback programme was void. To rectify this, the Company corrected its register of members by restoring 1,468,393 ordinary shares of 25 pence each to the UK register, with such shares admitted to trading on the main market of the London Stock Exchange and listed on the Johannesburg Stock Exchange on 8 November 2022. Shortly thereafter, the Company conducted an on-market share buyback of 1,468,393 ordinary shares of 25 pence each pursuant to the Company\u2019s general authority to repurchase shares, which completed on 14 November 2022. The purpose of the buyback programme was to restore the share capital of the Company to the same number of shares as were in issue prior to the correction of the register. The rectification was recorded as a reinstatement of the void shares and a subsequent buyback of the shares at the prevailing market value. 27 Capital commitments At 31 December 2022, the Group was contractually committed to \u00a31.7 million (31 December 2021: \u00a34.1 million) of future expenditure for the purchase, construction, development and enhancement of investment, development and trading property. The full amount is committed 2022 expenditure. The Group\u2019s share of joint venture capital commitments arising on LSJV amounts to \u00a30.8 million (2021: \u00a31.3 million). 28 Contingent liabilities The Group has contingent liabilities in respect of legislation, sustainability targets, legal claims, guarantees and warranties arising from the ordinary course of business. There are no contingent liabilities that require disclosure or recognition in the consolidated financial statements. www.capitalandcounties.com 187 Notes to the accounts continued 29 Cash flow information (a) Cash generated from operations Note 2022 \u00a3m Restated 2021 \u00a3m (Loss)/profit before tax (205.8) 35.5 Adjustments: Loss on revaluation and sale of investment and development property 7 0.8 4.1 Change in value of investments and other receivables 8 7.9 (11.6) Change in fair value of financial assets at fair value through profit or loss 16 239.5 (44.6) Depreciation 6 0.2 0.2 Amortisation of tenant lease incentives and other direct costs (2.6) 6.0 (Reversal of)/provision for expected credit loss (1.6) 7.6 Share-based payment 1 31 2.4 1.5 Finance income 9 (2.6) (0.5) Other finance income 9 (3.5) (8.1) Finance costs 10 27.2 31.7 Other finance costs 2 10 6.5 5.2 Change in fair value of derivative financial instruments 17 (39.8) 8.5 Change in working capital: Change in trade and other receivables 2.0 (4.7) Change in trade and other payables 2.9 (4.3) Cash generated from operations 33.5 26.5 1. Relates to the IFRS 2 \u2018Share-based payment\u2019 charge. Refer to note 31 \u2018Share-based payments\u2019 for further details. 2. Includes \u00a35.0 million make whole costs on the repayment of \u00a375.0 million private placement loan notes during the year. (b) Reconciliation of cash flows from financing activities The table below sets out the reconciliation of movements of liabilities to cash flows arising from financing activities: Note Long-term borrowings \u00a3m Short-term borrowings \u00a3m Derivative liability \u2013 exchangeable bond \u00a3m Total liabilities from financing activities \u00a3m Balance at 1 January 940.3 0.7 32.1 973.1 Cash flows from financing activities Repayment of revolving credit facility and secured loan 21 (200.0) \u2013 \u2013 (200.0) Total cash flows used in financing activities (200.0) \u2013 \u2013 (200.0) Non-cash movements from financing activities Amortisation 3.4 \u2013 \u2013 3.4 Changes in fair value \u2013 \u2013 (28.8) (28.8) Total non-cash flows from financing activities 3.4 \u2013 (28.8) (25.4) Balance at 31 December 743.7 0.7 3.3 747.7 188 Capco Annual Report 2022 Financial Statements 30 Related party transactions (a) Transactions with Directors Key management compensation 1 2022 \u00a3m 2021 \u00a3m Salaries and short-term employee benefits 4.7 3.9 Share-based payment 1.8 1.2 6.5 5.1 1. Key management comprises the Directors of the Company who have been determined to be the only individuals with authority and responsibility for planning, directing and controlling the activities of the Company. Anthony Steains, Senior Independent Director of Capital & Counties Properties PLC, entered into a short-term rental agreement with Capco Covent Garden Residential Limited, a Group subsidiary undertaking, in respect of an apartment on the Covent Garden estate. The short-term rental agreement ran from 23 June 2022 to 7 September 2022 and was conducted at a fair and reasonable market price. The total rent payable was \u00a320,763 (inclusive of utilities and services) and no amounts remained outstanding as at 31 December 2022. Where applicable, appropriate approval was provided. Share dealings No Director had any dealings in the shares of any Group company between 31 December 2022 and 28 February 2023, being a date not more than one month prior to the date of the notice convening the Annual General Meeting. Other than as disclosed in these consolidated financial statements, no Director of the Company had a material interest in any contract (other than service contracts), transaction or arrangement with any Group company during the year ended 31 December 2022. (b) Transactions between the Group and its joint ventures Transactions during the year between the Group and its joint ventures, which are related parties, are disclosed in notes 15 \u2018Investment in joint ventures\u2019, 18 \u2018Trade and other receivables\u2019 and 27 \u2018Capital commitments\u2019. During the year the Group received management fees of nil (2021: \u00a30.7 million) that were charged on an arm\u2019s length basis. Property purchased by Directors of the Company A related party of the Group, Lillie Square GP Limited, entered into the following related party transactions as defined by IAS 24 \u2018Related Party Disclosures\u2019: \u2013 Henry Staunton, Chairman of Capital & Counties Properties PLC, and Situl Jobanputra, Chief Financial Officer of Capital & Counties Properties PLC, either solely or together with family members, own apartments in the Lillie Square development. The disclosures in respect of these purchases were included in previous financial statements. In addition, Henry Staunton, together with a family member, owns a car park space in the Lillie Square development. \u2013 As owners of apartments and car park space in the Lillie Square development, the Directors are required to pay annual ground rent and insurance premium fees and bi-annual service charge fees. During 2022, \u00a317,774 had been paid to a related party of the Capco Group, Lillie Square GP Limited, in relation to these charges. A further \u00a3289 invoiced during the year was outstanding at 31 December 2022, as it was not yet due for payment. The above transactions with Directors were conducted at fair and reasonable market price based upon similar comparable transactions at that time. Where applicable, appropriate approval has been provided. Lillie Square GP Limited acts in the capacity of general partner to Lillie Square LP, a joint venture between the Group and KFI. www.capitalandcounties.com 189 Notes to the accounts continued 31 Share-based payments The Group operates a number of share-based payment schemes relating to employee benefits and incentives. All schemes are equity settled with the increase in equity measured by reference to the fair value of the Group\u2019s equity instruments at the grant date of the share awards. The corresponding expense is recognised on a straight-line basis over the vesting period based on Group estimates of the number of shares that are expected to vest. The total expense recognised in the consolidated statement of comprehensive income in respect of share-based payments for 2022 was \u00a32.3 million (2021: \u00a31.5 million). All options have a vesting period of three years and a maximum contractual life of 10 years. The fair value of share awards is determined by the market price of the shares at the grant date. Full details of the performance criteria, vesting outcomes and any additional holding periods for the performance share plan are set out within the Directors\u2019 Remuneration Report on pages 105 to 127. 1. Performance share plan Market value and nil cost options to subscribe for ordinary shares and conditional awards of free shares may be awarded under the Performance Share Plan (\u201cPSP\u201d). The Company may make a proportion of awards as HMRC approved market value options. Share options outstanding at 31 December 2022 were exercisable between nil pence and 242 pence and have a weighted average remaining contractual life of six years and are exercisable between 2023 and 2032. (a) Market value option awards 2022 2021 Number of market value options Weighted average exercise price (pence) Number of market value options Weighted average exercise price (pence) Outstanding at 1 January 691,022 216.5 605,884 231.6 Awarded during the year 183,587 164.9 188,170 168.0 Forfeited during the year (466,375) (234.4) (75,239) (238.4) Exercised during the year 1 \u2013 \u2013 (27,793) (157.7) Outstanding at 31 December 408,234 172.9 691,022 216.5 Exercisable at 31 December \u2013 \u2013 \u2013 1. The weighted average share price at the date of exercise of shares excerised during 2021 was 180.8 pence. (b) Nil cost option awards Number of nil cost options 2022 2021 Outstanding at 1 January 6,933,460 5,690,598 Awarded during the year 3,094,396 2,518,456 Forfeited/lapsed during the year (1,469,432) (1,275,594) Exercised during the year 1 (176,403) \u2013 Outstanding at 31 December 8,382,021 6,933,460 Exercisable at 31 December 87,275 189,970 1. The weighted average share price at the date of exercise was 102.8 pence. (c) Deferred share awards Number of deferred share awards 2022 2021 Outstanding at 1 January 2,147,386 1,948,215 Awarded during the year 1,148,190 890,188 Forfeited/lapsed during the year (664,618) (682,852) Exercised during the year 1 (1,563) (8,165) Outstanding at 31 December 2,629,395 2,147,386 1. The weighted average share price at the date of exercise was 169.7 pence (2021: 134.6 pence). 190 Capco Annual Report 2022 Financial Statements 31 Share-based payments continued 2. Fair value of share-based payment The fair value of share awards is calculated using the Black-Scholes option pricing model for the half that is subject to the total return performance condition and using the stochastic pricing model for the half that is subject to the total shareholder return performance condition. Inputs to the models for share awards during the year are as follows: Y ear of share award 2022 2021 2020 2019 Closing share price at grant date 133p 173p 209p 241p Exercise price 0 \u2013 242p 0 \u2013 188p 0 \u2013 201p 0 \u2013 241p Expected option life 3 \u2013 6.5 years 3 \u2013 6.5 years 3 \u2013 6.5 years 3 \u2013 6.5 years Risk-free rate (0.11)% 0.2 \u2013 0.5% 0.2 \u2013 0.3% 0.6 \u2013 0.8% Expected volatility 36% 32.3 \u2013 43.1% 26.8 \u2013 33.0% 23.7 \u2013 24.6% Expected dividend yield 1 0.8% 0.6% 0.7% 0.6% Average share price 141p 167p 162p 238p Value per option 158p 48 \u2013137p 40\u2013142p 26\u201387p 1. Expected dividend yield is based on public pronouncements about future dividend levels; all other measures are based on historical data. www.capitalandcounties.com 191 Notes to the accounts continued 32 Related undertakings The Company\u2019s subsidiaries and other related undertakings at 31 December 2022 are listed below. All Group entities are included in the consolidated financial statements. Unless otherwise stated, the Company holds 100 per cent of the voting rights and beneficial interests in the shares of the subsidiaries listed below. The share capital of each of the companies, where applicable, comprises ordinary shares unless otherwise stated. Registered address: Regal House, 14 James Street, London, WC2E 8BU Related undertakings 20 The Piazza Limited Capital & Counties Limited 2,3 20 The Piazza Management Limited 1 CG Treasury Limited 2 22 Southampton Street Limited Covent Garden (43 Management) Limited 1 22 Southampton Street Management Limited 1 Covent Garden (49 Wellington Street) Limited 34 Henrietta Street Limited Covent Garden Group Holdings Limited 34 Henrietta Street Management Company Limited 1 Covent Garden Holdings (No.1) Limited 1 C & C Management Services Limited 2 Covent Garden Holdings (No.2) Limited 1 C&C Properties UK Limited 2 Covent Garden Management Services Limited 2 Capco Covent Garden Limited 2 Floral Court Collection Management Limited 1 Capco Covent Garden Residential Limited Floral Court Limited Capco Group Treasury Limited 2 Innova Investment Partnership GP Limited (50%) 4 Capco Investment London Limited 2 Innova Investment Limited Partnership (50%) 4 Capco Investment London 2 Limited 2 Innova Investment Group Holdings GP Limited 1 Capco Investment London (No.1) Limited Innova Investment Group Holdings LP Capco Investment London (No.2) Limited Innova Investment Group Holdings Nominee Limited 1 Capco Investment London (No.3) Limited Innova Investment Management Limited 1 Capco Investment London (No.4) Limited Lillie Square Clubhouse Limited (50%) 1,4 Capco Investment London (No.5) Limited Lillie Square Developments Limited (50%) 4 Capco London Limited 1 Lillie Square GP Limited (50%) 4 Capital & Counties CG Limited Lillie Square LP (50%) 4 Capital & Counties CGP Lillie Square Management Limited (50%) 4 Capital & Counties CG Nominee Limited 1 Lillie Square Nominee Limited (50%) 1,4 1. Dormant entity. 2. Direct undertakings of the Company. 3. Ordinary and non-voting deferred shares. 4. Equity accounted joint ventures. Registered address: C/O Shepherd and Wedderburn LLP, 1 Exchange Crescent, Conference Square, Edinburgh, Scotland, EH3 8UL Related undertakings Capco Investment London (No.6) Limited 1,2 Capco Investment London (No.7) Scottish Limited Partnership 2 1. Direct undertaking of the Company. 2. Dormant entity. Registered address: 27 Esplanade, St Helier, Jersey, JE1 1SG Related undertakings Capital & Counties Properties (Jersey) 3 Limited 1 Capvestco Limited 1,2 Capvestco 2 Limited 1 Innova Investment Group Holdings LP Limited Capvestco 3 Limited 1 Innova Investment Holdings Limited 2 Capvestco 3 Holdings Limited Lillie Square LP Limited Capvestco Earls Court Limited 2 1. Direct undertakings of the Company. 2. Dormant entity. 192 Capco Annual Report 2022 Financial Statements 33 Events after the reporting date On 16 June 2022, Capco and Shaftesbury announced that they had reached an agreement on the terms of a recommended all-share merger to form the combined group. It is intended that the merger will be implemented by way of a scheme of arrangement of Shaftesbury, which, together with the Group\u2019s existing 25.2 per cent shareholding in Shaftesbury, will result, on completion, in the Group owning 100 per cent of the issued and to be issued share capital of Shaftesbury. As at the 31 December 2022 a number of conditions remained outstanding, including clearance from the Competition and Markets Authority (\u2018CMA\u2019). On 22 February 2023, the CMA confirmed that its intention not to make a Phase 2 CMA reference and that the decision has been issued on an unconditional basis. The remaining conditions of the merger include Shaftesbury implementing the scheme of arrangement by proceeding with obtaining the Court sanctions of the scheme, the scheme becoming effective, and admission of new Capco shares. Under the terms of the merger, once conditions have been satisfied, Capco will issue 3.356 new Capco shares for each Shaftesbury share held as at the Scheme Record Time. As a result, Shaftesbury shareholders (other than the holders of the existing Capco shareholding in Shaftesbury) will own approximately 53 per cent of the combined group and Capco shareholders will own approximately 47 per cent of the combined group, subject to satisfaction or, where applicable, waiver of the conditions to completion. Completion is expected to occur on 6 March 2023 upon issuance and admission of the new Capco shares and the court order sanctioning the scheme being delivered to the Registrar at Companies House. As set out in IFRS 3 \u2018Business Combinations\u2019, one of the combining entities is required to be identified as the acquirer and one as the acquiree. In a business combination effected primarily by exchanging equity interests, the acquirer is usually the entity that issues its equity interests. In some business combinations, commonly called \u2018reverse acquisitions\u2019, the issuing entity is the acquiree. The pertinent facts and circumstances of the merger have been reviewed and considered by management, and, at this stage, it is expected that Capital & Counties Properties PLC will be assessed as the acquirer for IFRS 3 accounting purposes. This is a balanced judgement, which requires various factors to be taken into account. It is the Directors\u2019 view that although Shaftesbury shareholders (excluding the existing Capco shareholding in Shaftesbury) will own approximately 53 per cent of the combined group, the expected balance of executive directors in the combined group, combined with the fact that Capco will be the entity issuing its equity interests and already holds a 25.2 per cent interest in Shaftesbury, will result in Capco being the acquirer for accounting purposes. Assuming the transaction proceeds, the financial effect of the merger will be dependent on the fair value of assets and liabilities at the future acquisition date and the Shaftesbury closing share price prior to its delisting. On 28 February 2023 the Group acquired the remaining interest in the Royal Opera House Arcade for \u00a312.9 million, including transaction costs. www.capitalandcounties.com 193",
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"value": "Notes to the accounts for the year ended 31 December 2022 1 Principal accounting policies General information Capital & Counties Properties PLC (the \u201cCompany\u201d) was incorporated and registered in England and Wales and domiciled in the United Kingdom on 3 February 2010 under the Companies Act 2006 as a public company limited by shares, registration number 7145051. The registered office of the Company is Regal House, 14 James Street, London, WC2E 8BU, United Kingdom. The principal activity of the Company is to act as the ultimate parent company of Capital & Counties Properties PLC Group (the \u201cGroup\u201d), whose principal activity is the investment, development and management of property. The Group\u2019s assets principally comprise investment and development property at Covent Garden. Basis of preparation The Group\u2019s consolidated financial statements are prepared in accordance with United Kingdom-adopted international accounting standards (\u201cUK-adopted IFRS\u201d or \u201cIFRS\u201d), and the applicable legal requirements of the Companies Act 2006. The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified for the revaluation of property, derivative financial instruments and equity investments held at fair value through profit or loss. All income, expenses and cash flows are generated from continuing operations. The Directors have taken advantage of the exemption offered by section 408 of the Companies Act 2006 not to present a separate income statement or statement of comprehensive income for the Company. The financial statements of the Company are set out on pages 194 to 200. In the current year, the Group has applied the below amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board that are effective for annual periods that begin on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these consolidated financial statements. Amendments to References to the Conceptual Framework in IFRS Standards: \u2013 IFRS 3 \u2018Business Combinations\u2019 (amendment) (Reference to the Conceptual Framework) \u2013 IAS 16 \u2018Property, Plant and Equipment\u2019 (amendment) (Proceeds before intended use) \u2013 IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 (amendment) (Onerous Contracts \u2013 Cost of Fulfilling a Contract) \u2013 Amendments to IFRS (Annual improvements cycle 2018-2020) At the date of approval of the consolidated financial statements the following standards and interpretations which have not been applied in these consolidated financial statements were in issue but not effective, and in some cases have not been adopted for use under UK-adopted international accounting standards: \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendment) (Classification of Liabilities as Current and Non-Current) \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 (amendment) (Disclosure of Accounting Policies) \u2013 IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates, and Errors\u2019 (amendment) (Definition of Accounting Estimates) \u2013 IAS 12 \u2018Income Taxes\u2019 (amendment) (Deferred Tax related to Assets and Liabilities arising from a Single Transaction) The Group has assessed the impact of these new standards and interpretations and does not anticipate any material impact on the consolidated financial statements. A summary of the Group\u2019s principal accounting policies, which have been applied consistently across the Group, is set out on the following pages. Changes in accounting policies Rent concessions During 2022, IFRIC finalised an agenda decision in regards to how a lessor should account for the forgiveness of lease payments under IFRS 9 \u2018Financial Instruments\u2019 (\u201cIFRS 9\u201d) and IFRS 16 \u2018Leases\u2019 (\u201cIFRS 16\u201d). The decision concluded that for any forgiveness of past due rent receivables, the lessor should apply the expected credit loss model under IFRS 9 and account for the forgiveness as an impairment in the consolidated statement of comprehensive income. Any directly attributable costs, including surrender premia and letting fees previously paid, continue to be held on balance sheet and are amortised over the life of the lease. On the other hand, any forgiveness of future rent receivables met the definition of a lease modification under IFRS 16, with the resulting impact accounted for by straight-lining the forgiveness over the remaining lease term in accordance with IFRS 16. On entering into a lease modification any directly attributable costs were derecognised. The Group had previously concluded that under IFRS there had been a policy choice to account for rent forgiveness of past due rent receivables either under IFRS 9 or IFRS 16. The Group elected to account for rent forgiveness of past due rent receivables as a lease modification under IFRS 16 and in addition the directly attributable costs associated with the leases were derecognised as non-underlying costs. The Group had applied this treatment since 2020 on the commencement of COVID-19 support measures. www.capitalandcounties.com 145 Notes to the accounts continued 1 Principal accounting policies continued Changes in accounting policies continued The agenda decision issued by IFRIC has required the Group to retrospectively reverse the accounting treatment followed under IFRS 16 and adopt the accounting treatment required under IFRS 9. This change in accounting policy has been applied retrospectively and comparative information in this Annual Report, including the opening retained earnings to reflect the impact of the 2020 rent forgiveness granted, has been restated. Overall impact of the restatement Gross profit has reduced by \u00a36.2 million in 2021. This included an additional \u00a37.6 million of expected credit loss, representing \u00a37.1 million rent forgiveness provided during the year as well as an additional \u00a30.5 million expected credit loss on the 31 December 2021 rent receivable balance. Retained earnings have increased by \u00a30.4 million as at 31 December 2021 based on the additional \u00a35.1 million loss in 2020 and \u00a35.5 million profit in 2021. For the year ended 31 December 2021, underlying earnings have been reduced by \u00a33.4 million (0.4 pence per share), to \u00a30.7 million (0.1 pence per share). The adjustment for lease modification expenses, impairment of tenant lease incentives and (loss)/gain on revaluation and sale of investment and development property are excluded from the underlying earnings calculation. Further details of the underlying earnings calculation is shown in note 3 \u2018Underlying earnings\u2019. As at 31 December 2021 tenant lease incentives, accounted for through prepayments and accrued income, have reduced by \u00a310.3 million cumulatively. The carrying value of investment property and the loss on revaluation of investment and development property as a result of the adjustment to tenant lease incentives, excluding letting fees, has been increased by \u00a311.1 million as at 31 December 2021. The impact on the consolidated balance sheet has been reflected on page 142 where the 31 December 2021 and 1 January 2021 restated position has been shown. The restated EPRA NTA as at 31 December 2021 is \u00a31,814.5 million (213.0 pence per share). The restatement adjustments are all non-cash and therefore there is no impact on the consolidated statement of cash flows. Impact on profit or loss Due to the materiality of the restatement in 2020 and 2021, reflecting the period during which COVID-19 concessions were provided, the impact of the restatement on the consolidated statement of comprehensive income for the each of the years ended 31 December 2020 and 2021 has been presented below: 31 December 2021 31 December 2020 Consolidated statement of comprehensive income Reported \u00a3m Adjustment \u00a3m Restated \u00a3m Reported \u00a3m Adjustment \u00a3m Restated \u00a3m Revenue 68.0 4.3 72.3 73.9 0.1 74.0 Costs (21.8) (10.5) (32.3) (58.0) (4.6) (62.6) Gross profit 46.2 (6.2) 40.0 15.9 (4.5) 11.4 Other income/(costs) 3.0 \u2013 3.0 (1.0) \u2013 (1.0) Administration expenses (22.8) \u2013 (22.8) (31.0) \u2013 (31.0) (Loss)/gain on revaluation and sale of investment and development property (15.8) 11.7 (4.1) (693.1) (0.6) (693.7) Change in value of investments and other receivables 11.6 \u2013 11.6 (28.2) \u2013 (28.2) Fair value gain on financial assets at fair value through profit or loss 44.6 \u2013 44.6 50.9 \u2013 50.9 Operating profit/(loss) 66.8 5.5 72.3 (686.5) (5.1) (691.6) Net finance costs (36.8) \u2013 (36.8) (18.2) \u2013 (18.2) Profit/(loss) before tax 30.0 5.5 35.5 (704.7) (5.1) (709.8) Taxation (0.7) \u2013 (0.7) 1.0 \u2013 1.0 Profit/(loss) for the year 29.3 5.5 34.8 (703.7) (5.1) (708.8) Basic and diluted earnings/(loss) per share (pence) 3.4 0.7 4.1 (82.6) (0.6) (83.2) W eighted average number of shares 851.3m 851.3m 852.2m 852.2m Underlying earnings/(loss) 4.1 (3.4) 0.7 (6.2) (12.5) (18.7) Underlying earnings/(loss) per share (pence) 0.5 (0.4) 0.1 (0.7) (1.5) (2.2) 146 Capco Annual Report 2022 Financial Statements 1 Principal accounting policies continued Changes in accounting policies continued The gross profit note has been provided to further show the impact of the change in accounting policy: 31 December 2021 31 December 2020 Reported \u00a3m Adjustment \u00a3m Restated \u00a3m Reported \u00a3m Adjustment \u00a3m Restated \u00a3m Rent receivable 55.6 6.9 62.5 59.1 6.5 65.6 Straight-lining of tenant lease incentives 1 7.1 (2.6) 4.5 9.7 (6.4) 3.3 Service charge income 5.3 \u2013 5.3 5.1 \u2013 5.1 Revenue 68.0 4.3 72.3 73.9 0.1 74.0 Expected credit loss 2 \u2013 (7.6) (7.6) (14.0) (12.9) (26.9) Property expenses (10.6) (0.1) (10.7) (11.1) (0.1) (11.2) Service charge expenses (5.3) \u2013 (5.3) (5.1) \u2013 (5.1) Lease modification expenses 3 (2.6) (3.8) (6.4) (16.7) 8.4 (8.3) Impairment of tenant lease incentives 4 (3.3) 1.0 (2.3) (11.1) \u2013 (11.1) Costs (21.8) (10.5) (32.3) (58.0) (4.6) (62.6) Gross profit 46.2 (6.2) 40.0 15.9 (4.5) 11.4 1. The adjustment to straight-lining of tenant lease incentives of \u00a32.6 million includes a reversal of the 2021 lease incentive income recorded for lease modifications, offset by an unwind of the 2020 lease modification incentives that have been reversed. 2. A reversal of the rent forgiveness accounted for as lease modifications by reversing the income and asset position and accounting for the forgiveness as an expected credit loss in costs. This resulted in an additional expected credit loss for 2020 and 2021 of \u00a320.5 million. 3. For transactions where a modification has no longer occurred, a cumulative reversal of \u00a34.6 million of lease modification expenses to the balance sheet to be amortised over the remaining life of the lease. 4. Where tenant lease incentives related to lease modifications as a result of rent forgiveness had been impaired, a reversal of the impairment and subsequent adjustment to expected credit loss of \u00a31.0 million was recognised in costs during 2021. www.capitalandcounties.com 147 Notes to the accounts continued 1 Principal accounting policies continued Change in accounting policy continued Impact on balance sheet The below summary of trade and other receivables show the main impact on the consolidated balance sheet resulting from the adjustment to the expect credit loss provision and tenant lease incentives. Tenant lease incentives are included within non-current and current prepayments and accrued income. As at 31 December 2021 tenant lease incentives have reduced by \u00a310.3 million which reflects the cumulative reduction in rent free assets of \u00a313.3 million, offset by the write back of \u00a33.0 million of surrender premia and letting fees. The write back of surrender premia and letting fees reflect the directly attributable costs adjusted for when a lease modification has not occurred. The reduction in the tenant lease incentives balance is reflective of the reduction in lease incentive adjustments to revenue and the increased expected credit loss. 31 December 2021 31 December 2020 Reported \u00a3m Rent concession adjustment \u00a3m Tenant deposit adjustment \u00a3m Restated \u00a3m Reported \u00a3m Rent concession adjustment \u00a3m Tenant deposit adjustment \u00a3m Restated \u00a3m Non-current Other receivables \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1 Prepayments and accrued income 37.9 (12.0) \u2013 25.9 33.1 0.8 \u2013 33.9 Amounts receivable from joint ventures 82.9 \u2013 \u2013 82.9 85.0 \u2013 \u2013 85.0 Trade and other receivables 120.8 (12.0) \u2013 108.8 118.2 0.8 \u2013 119.0 Current Rent receivable 10.5 (0.5) \u2013 10.0 22.3 (6.1) \u2013 16.2 Other receivables 14.2 0.1 (12.1) 2.2 30.4 (0.1) (13.4) 16.9 Prepayments and accrued income 11.1 1.7 \u2013 12.8 12.4 0.8 \u2013 13.2 Amounts receivable from joint ventures 23.4 \u2013 \u2013 23.4 0.6 \u2013 \u2013 0.6 Trade and other receivables 59.2 1.3 (12.1) 48.4 65.7 (5.4) (13.4) 46.9 Total trade and other receivables 180.0 (10.7) (12.1) 157.2 183.9 (4.6) (13.4) 165.9 Tenant deposit adjustment The above summary also includes an adjustment to other receivables to reclassify tenant deposits totalling \u00a312.1 million in 2021 (2020: \u00a313.4 million) from other receivables to cash and cash equivalents. The Group previously disclosed tenant deposits as other receivables in the consolidated financial statements. Following the IFRIC agenda decision regarding Demand Deposits with Restrictions on Use arising from a Contract with a Third Party in April 2022, the Group has adopted the treatment set out in the IFRIC agenda decision, which concluded that the contractual restrictions on the use of the amounts held in the demand deposit do not change the nature of the deposit and that the Group can access those amounts on demand, therefore, the demand deposit should be included as a component of cash and cash equivalents in its consolidated statement of cash flows. This change in accounting treatment has been applied retrospectively and comparative information has been restated in the consolidated balance sheet and consolidated statement of cash flows. From an alternative performance measure perspective tenant deposits have been excluded from cash and available facilities and net debt calculations as it does not represent liquidity of the Group. Changes in fair value of derivative financial instruments Changes in the fair value of interest rate derivatives are split into interest (calculated as the accrued and realised cash flows) and other changes in fair value. Previously the Group\u2019s policy had been to present both the interest and the fair value components as change in fair value of derivative financial instruments under net finance income or costs in the consolidated statement of changes in comprehensive income. During the year the Group reviewed this presentation and in order to better reflect the Group\u2019s rationale for entering into interest rate hedging arrangements in accordance with the Group\u2019s risk management strategy, a change in accounting policy was made to re-present the interest from change in fair value of derivative financial instruments to other finance costs and income. As a result of the change in accounting policy comparative information has been re-presented and interest costs of \u00a33.4 million in the prior year were re-presented from change in fair value of derivative financial instruments to other finance costs. These costs were excluded from EPRA and underlying earnings in the prior year as they related to an early close out of interest rate derivatives during the COVID-19 pandemic. 148 Capco Annual Report 2022 Financial Statements 1 Principal accounting policies continued Going concern The Directors have considered the appropriateness of adopting the going concern basis in preparing the Company and consolidated financial statements. The Group\u2019s going concern assessment covers the period to 30 June 2024 (the \u201cgoing concern period\u201d), being at least 12 months from the date of authorisation of these consolidated financial statements. During 2022, there has been continued improvement in operational activity at Covent Garden. Trading remains resilient with strong recovery in footfall and customer sales in aggregate being ahead of 2019 levels. There is strong leasing demand across all uses delivering rental growth, vacancy remains low and rent collection patterns have normalised. There are, however, significant macroeconomic and political headwinds including the rising interest rate and inflationary environment, domestic political uncertainty, geopolitical risks, supply chain and labour market disruption. The West End and our unique portfolio of prime investments are not completely insulated, however they have demonstrated remarkable resilience. In preparing the assessment of going concern, the Board has considered projections of the Group\u2019s liquidity, committed capital expenditure, income, costs, cash flows and debt covenants. The Group has assessed a \u201csevere but plausible\u201d downside scenario which analyses the impact of deterioration in rent collection, vacancy levels and rental growth as well as increased costs and yield expansion over the going concern period. This includes the following key assumptions: \u2013 Substantial reduction in forecast net rental income due to a combination of extended voids and tenant failures focusing particularly on the retail, F&B and leisure sectors; \u2013 Declines in rental values along with a widening of valuation yields, resulting in reduced asset values The impact of climate change risk is expected to be very limited within the going concern period. Interruptions to trade from severe weather events are possible but would be consistent with the impact considered in the severe but plausible downside scenario. The Group\u2019s financial resources are expected to be sufficient to cover forecast property operating costs, administrative expenses, finance and other costs over the going concern period including in the severe but plausible downside scenario. The Covent Garden debt facilities have two principal financial covenants, being a loan to value ratio of up to 60 per cent and interest cover of at least 120 per cent. Each of these is tested as at or in respect of the six months ending 30 June and the 12 months ending 31 December. As at the year end, the Covent Garden Group had net debt of \u00a3366.1 million and a loan to value ratio of 21 per cent, which compares with a debt covenant level of 60 per cent. The interest cover ratio in relation to the Covent Garden debt for 2022 was 3.9 times, comfortably ahead of the covenant level of 1.2 times. The Covent Garden debt matures between August 2024 and 2037, with the revolving credit facility currently undrawn. The Group is projected to have sufficient cash reserves and undrawn facilities to meet debt maturities during the going concern period. All of the current drawn debt is at fixed rates and the \u00a3300 million revolving credit facility was undrawn at year end. The revolving credit facility has a maturity of September 2025 with a one-year extension option to September 2026 subject to lender consent. It is anticipated that the extension will be exercised or a similar form of financing will be put in place. \u00a395 million of private placement debt matures in the second half of 2024 and is expected to be funded through cash and undrawn facilities. The independent property valuation of Covent Garden could withstand a substantial valuation decline (approximately 50 per cent) during the going concern period before a breach of the loan to value covenant, before taking into account any mitigating actions which may be taken. There is projected to be significant headroom against the interest cover covenants under the severe but plausible downside scenario, with the ability to withstand a decline in net rental income of over 75 per cent during the going concern period before a breach of the interest cover covenant, without taking any mitigating actions. Based on their analysis, the Directors are satisfied that there is a reasonable expectation that each of the Company and Group will be able to meet its ongoing and future commitments for at least 12 months from the date of approval of the consolidated financial statements and have therefore resolved that the Company and Group\u2019s consolidated financial statements be prepared on a going concern basis. www.capitalandcounties.com 149 Notes to the accounts continued 1 Principal accounting policies continued Going concern continued Impact of the proposed merger On 16 June 2022, Capco announced its intention to merge with Shaftesbury PLC (\u201cShaftesbury\u201d) and the shareholder approval conditions were satisfied on 29 July 2022. Completion of the merger is subject to the satisfaction of a number of other conditions and it is expected that the transaction will be completed on 6 March 2023. It is intended that the merger will be effected by means of a court-sanctioned scheme of arrangement which will result in Capco owning 100 per cent of the issued share capital of Shaftesbury. The going concern assessment has therefore also been undertaken on the basis of the combined group assuming merger completion. Capco has also entered into a loan facility agreement of \u00a3576 million to cover potential repayment of Shaftesbury bonds on merger completion. This is currently undrawn. Under the terms of the Shaftesbury financing arrangements, holders of its secured mortgage bonds totalling \u00a3575 million have the ability to require payment in full or part following the change of control of Shaftesbury taking place. Shaftesbury\u2019s secured term loans totalling \u00a3385 million will remain in place. In preparing its assessment of going concern, using an approach consistent with that set out above, the Board reviewed a forecast of liquidity, cash flow and covenant compliance of the combined group. Under the severe-but-plausible downside scenario, the interest cover test has been assessed against SONIA rates in excess of current market expectations. Absent any mitigating actions which may be taken, the combined group has significant headroom against its financial covenants and estimates that the combined group could withstand a decrease in valuations from 31 December 2022 of over 40 per cent, and a decline in net rental income of approximately 50 per cent before breaching its loan-to-value and interest cover covenants. Having considered the debt facilities that the Group has put in place, the Board is satisfied that there is sufficient liquidity to fund potential debt repayments and for the combined group to remain compliant with its financing arrangements and meet its financial obligations as they fall due over the going concern period. The combined group anticipates retaining significant liquidity and that debt covenants will be satisfied, however in the severe but plausible downside scenario the interest cover covenant on one of the Shaftesbury term loans could be subject to a marginal breach. For this loan, throughout the going concern period the combined group has the ability to cure income shortfalls using cash deposits or additional assets with sufficient contractual income from its pool of unsecured properties. The Group has sufficient liquidity to satisfy this requirement. Based on their analysis in relation to the combined group assuming that the merger is completed, the Directors are satisfied that there is a reasonable expectation that the Group will be able to meet its ongoing and future commitments for at least 12 months from the date of approval of the consolidated financial statements and have therefore resolved that the consolidated financial statements be prepared on a going concern basis. Basis of consolidation These consolidated financial statements include the consolidation of the following limited partnerships: Capital & Counties CGP, Capco CGP 2012 LP (up until dissolution on 30 June 2021), CG Investments 2016 LP (up until dissolution on 30 June 2021) and Innova Investment Group Holdings LP. The members of these qualifying partnerships have taken advantage of exemptions available in Statutory Instrument 2008/569 and therefore will not produce consolidated financial statements at the partnership level or submit such annual reports to Companies House. The consolidated financial statements are prepared in British pounds sterling, which is also determined to be the functional currency of the Company. Subsidiaries Subsidiaries are fully consolidated from the date on which the Group has control, is exposed, or has rights to variable returns from its involvement with an entity and has the ability to affect those returns through its power over an entity. Subsidiaries cease to be consolidated from the date this control is lost. 150 Capco Annual Report 2022 Financial Statements 1 Principal accounting policies continued Critical accounting judgements and key sources of estimation and uncertainty The preparation of consolidated financial statements in accordance with IFRS requires the Directors to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, income and expenses from sources not readily apparent. Although these estimates and assumptions are based on management\u2019s best knowledge of the amount, historical experiences and other factors, actual results ultimately may differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. The significant areas of estimation and uncertainty are: Property valuation: The most significant area of estimation uncertainty in the consolidated financial statements is in respect of the valuation of the property portfolio, where external valuations are obtained. The fair value of the Group\u2019s investment, development and trading property at 31 December 2022 was determined by independent, appropriately qualified external valuers CBRE for the Covent Garden estate and JLL for Lillie Square. The valuations conform to the Royal Institution of Chartered Surveyors (\u201cRICS\u201d) Valuation Professional Standards. As various inputs used in the valuation calculations are based on assumptions, property valuations are inherently subjective and subject to a degree of uncertainty. The Group\u2019s external valuers have made a number of assumptions as outlined within note 14 \u2018Property Portfolio\u2019 in forming their opinion on the valuation of the Group\u2019s investment, development and trading properties and although these assumptions are in accordance with the RICS Valuation Professional Standards, if any prove to be incorrect, it may mean that the value of the Group\u2019s properties differs from their valuation reported in the consolidated financial statements, which could have a material effect on the Group\u2019s financial position. The key unobservable inputs used in the valuation models and a sensitivity analysis for each are disclosed on page 171. Other areas of estimation and uncertainty include the impairment of trade receivables. In the prior year, this was considered a critical estimate, however, based on strong operational performance, evidenced by rent collection rates of 99 per cent for the year and conclusion of tenant support measures implemented during the pandemic period, the Group no longer considers the estimation of expected credit loss a key area of estimation uncertainty. As at 31 December 2022 the rent receivables balance prior to impairment was \u00a312.0 million compared to \u00a321.4 million as at 31 December 2021. \u00a34.0 million (2021: \u00a311.4 million) has been provided against this balance as at 31 December 2022, which includes all arrears over one year and arrears under one year at a calculated expected credit loss. All tenants with significant financial issues are provided for in full. The Directors did not make any significant judgements in the preparation of these consolidated financial statements. Other less significant areas of judgement include REIT compliance, provisions, share-based payments, contingent liabilities and assessing the degree of control or influence the Group exercises over its investments, including its 25.2 per cent shareholding in Shaftesbury. Although the Group holds more than 20 per cent of the voting power, it has concluded that it does not exercise significant influence over Shaftesbury as it does not have representation on the Shaftesbury board, nor have there been any other areas where the Group has exercised significant influence, such as an exchange of managerial personnel. The Group has not provided any guarantees of indebtedness, nor extended any credit to Shaftesbury. On 16 June 2022, Capco announced its intention to merge with Shaftesbury and the shareholder approval conditions were satisfied on 29 July 2022 with clearance from the Competition and Markets Authority gained on 22 February 2023. Due to the restrictions imposed by the merger process there has been no additional control gained and as such the investment continues to be accounted for at fair value through profit and loss in accordance with IFRS 9. Operating segments Management has determined the operating segments with reference to reports on divisional financial performance and position that are regularly reviewed by the Executive Directors, who are deemed to be the chief operating decision makers. www.capitalandcounties.com 151 Notes to the accounts continued 1 Principal accounting policies continued Revenue recognition Rental income is recognised as revenue on a straight-line basis over the lease term. Tenant lease incentive payments, and in certain instances surrender premium payments which are directly linked to new leases, are amortised on a straight-line basis over the lease term as a reduction in net rental income. Surrender premiums received for early termination of leases are reflected in net rental income. A lease modification occurs when an existing lease is renegotiated for future rental periods. Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. On entering into a lease modification any initial direct costs associated with the lease, including surrender premia previously paid, are derecognised through costs in the year. When a concession is provided for rent receivables past due the concession is accounted for as an impairment through the expected credit loss model in accordance with IFRS 9. Contingent rents, being those lease payments that are not fixed at the inception of a lease, for example increases arising on rent reviews and turnover rent, are recorded as income in the periods in which they are earned. Service charge income in the ordinary course of business is recorded as income over time in the year in which the services are provided. Where revenue is obtained by the sale of property, it is recognised when the buyer obtains control of the property. This will normally take place on legal completion. Other income Other income includes management fees charged to joint ventures for services associated with the management of properties and other general expenses as defined by management agreements. These fees are recognised over time, using time elapsed as the input method which measures the benefit simultaneously received and consumed by the customer, over the period the services are provided. Dividend income is included in other income in the consolidated statement of comprehensive income and recognised when the right to receive payment is established. Income taxes Current tax is the amount payable on the taxable income for the year and any adjustment in respect of prior years. It is calculated using rates that have been enacted or substantially enacted by the balance sheet date. In accordance with IAS 12 \u2018Income Taxes\u2019, deferred tax is provided for using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax bases of those assets and liabilities. However, temporary differences are not recognised to the extent that they arise from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting nor taxable profit or loss; or are associated with investments in subsidiaries, joint ventures and associates where the timing of the reversal of the temporary difference can be controlled by the parent, venture or investor, respectively, and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that management believes it is probable that future taxable profit will be available against which the deferred tax assets can be recovered. Deferred tax assets and liabilities are only offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on either the same taxable group or different taxable entities where there is an intention to settle balances on a net basis. Tax is included in the consolidated statement of comprehensive income except when it relates to items recognised directly in equity, in which case the related tax is also recognised directly in equity. 152 Capco Annual Report 2022 Financial Statements 1 Principal accounting policies continued Share-based payment The cost of granting share options and other share-based remuneration to employees and Directors is recognised through the consolidated statement of comprehensive income with reference to the fair value of the instrument at the date of grant. The consolidated statement of comprehensive income is charged over the vesting period of the options with a corresponding increase in equity. An option pricing model is used applying assumptions around expected yields, forfeiture rates, exercise price and volatility. Upon eventual exercise, a reserves transfer occurs with no further charge reflected in the consolidated statement of comprehensive income. Own shares held in connection with employee share plans and other share-based payment arrangements are treated as treasury shares and deducted from equity. Investment and development property Investment and development property is owned or leased by the Group and held for long-term rental income and capital appreciation. The Group has chosen to use the fair value model. Property and any related obligations are initially recognised when the significant risks and rewards attached to the property have transferred to the Group. Payments made in respect of the future acquisition of investment and development property are initially recognised as prepayments until the recognition criteria outlined above have been met. Investment and development property is recorded at cost and subsequently revalued at the balance sheet date to fair value as determined by professionally qualified external valuers on the basis of market value. The fair value of property is arrived at by adjusting the market value as above for directly attributable tenant lease incentives and fixed head leases. Property held under leases is stated gross of the recognised lease liability. The valuation is based upon assumptions as outlined within the property portfolio note. These assumptions conform to the RICS Valuation Professional Standards. The cost of properties includes capitalised interest and other directly attributable outgoings, with the exception of properties and land where no development is imminent in which case no interest is included. Interest is capitalised (before tax relief) on the basis of the weighted average cost of debt outstanding until the date of practical completion. When the Group redevelops a property for continued future use, that property is classified as investment and development property during the redevelopment period and continues to be measured at fair value. Gains or losses arising from changes in the fair value of investment and development property are recognised in the consolidated statement of comprehensive income in the period in which they arise. Depreciation is not provided in respect of investment property including plant and equipment integral to such investment property. Investment and development properties cease to be recognised as investment and development property when they have been disposed of or when they cease to be held for the purpose of generating rental income or for capital appreciation. Disposals are recognised on completion. Gains or losses arising are recognised in the consolidated statement of comprehensive income. The gain on disposal is determined as the difference between the net sales proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period. A property ceases to be recognised as investment and development property and is transferred at its fair value to trading property when in the Directors\u2019 judgement, development commences with the intention of sale. Criteria considered in this assessment include the Board\u2019s stated intention, contractual commitments and physical, legal and financial viability. When the use of a property changes from trading property to investment and development property, the property is transferred at fair value with any resulting gain or loss recognised in the consolidated statement of comprehensive income. Trading property Trading property comprises those properties that in the Directors\u2019 view are not held for long-term rental income or capital appreciation and are expected to be disposed of within one year of the balance sheet date or to be developed with the intention to sell. Such property is constructed, acquired, or if transferred from investment and development property, transferred at fair value which is deemed to represent cost. Subsequently trading property is carried at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling costs. This approximates market value as determined by professionally qualified external valuers at the balance sheet date. Details of the valuation methodology are set out in note 14 \u2018Property Portfolio\u2019. The amount of any write down of trading property to market value is recognised as an expense in the period the write down occurs. Should a valuation uplift occur in a subsequent period, the amount of any reversal shall be recognised as a reduction in the previous write down in the period in which the uplift occurs. This may not exceed the property\u2019s cost. The sale of trading property is recognised as revenue when the buyer obtains control of the property. Total costs incurred in respect of trading property are recognised simultaneously as an expense. www.capitalandcounties.com 153 Notes to the accounts continued 1 Principal accounting policies continued Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. As a lessee the Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. As a lessor the Group classifies its leases as either operating or finance leases. A lease is classified as a finance lease if it transfers substantially all the risk and rewards incidental to ownership of the underlying asset, and classified as an operating lease if it does not. The Group accounts for a modification to an operating lease as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. Investment in joint ventures Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Investments in joint ventures are accounted for using the equity method. On initial recognition the investment is recognised at cost, and the carrying amount is subsequently increased or decreased to recognise the Group\u2019s share of the profit or loss of the joint venture after the date of acquisition. The Group\u2019s investment in joint ventures is presented separately on the balance sheet and the Group\u2019s share of the joint venture\u2019s post-tax profit or loss for the period is also presented separately in the consolidated statement of comprehensive income. Where there is an indication that the Group\u2019s investment in joint ventures may be impaired the Group evaluates the recoverable amount of its investment, being the higher of the joint venture\u2019s fair value less costs to sell and value in use. If the recoverable amount is lower than the carrying value an impairment loss is recognised in the consolidated statement of comprehensive income. If the Group\u2019s share of losses in a joint venture equals or exceeds its investment in the joint venture, the Group does not recognise further losses, unless it has legal or constructive obligations to make payments on behalf of the joint venture. Investments and other financial assets On initial recognition, a financial asset is classified as measured at amortised cost, fair value through other comprehensive income, or fair value through profit or loss. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. For assets measured at fair value through profit or loss, gains and losses will be recorded in profit or loss. Purchases and sales of financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the consolidated statement of comprehensive income. Financial assets at fair value through profit or loss comprise listed equity investments and include the Group\u2019s investment in Shaftesbury. The Group subsequently measures all equity investments at fair value. Changes in the fair value of financial assets at fair value through profit or loss are recognised in other gains or losses in the consolidated statement of comprehensive income. Financial assets at amortised costs include amounts receivable from joint ventures. Derivative financial instruments The Group uses non-traded derivative financial instruments to manage exposure to interest rate risk. They are initially recognised on the trade date at fair value and subsequently remeasured at fair value based on market price. 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. Instruments that have not been designated as qualifying for hedge accounting are classified as fair value through profit and loss. Changes in the fair value of these instruments are split into interest (calculated as the accrued and realised cash flows) and other changes in fair value. Interest is recognised in finance income or costs and changes in fair value are recognised in change in fair value of financial instruments in the consolidated statement of comprehensive income. 154 Capco Annual Report 2022 Financial Statements 1 Principal accounting policies continued Trade and other receivables Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost. The methodology for assessment of impairment is defined in the following paragraph. Impairment of financial assets The Group applies the IFRS 9 expected credit loss model in order to calculate a lifetime expected loss allowance for all financial assets. To measure the expected credit loss, receivables are reviewed on an individual contract basis. The expected loss rates are based on forward-looking information as well as historical evidence of collection. For rent receivables, all tenants are allocated a risk rating, as determined by management, and provided a rating of maximum, high, medium and low risk. The classification is developed by taking into consideration information on the tenant\u2019s credit rating, current financial position, historical trading performance, historical default rate and the operational performance of the business. In assessing the provision the Group identifies risk factors associated by sector (food and beverage, retail, office, leisure and residential) and the type of rent receivable outstanding (rent arrears, service charge, other). In determining the provision on a tenant by tenant basis, the Group considers both recent payment history and future expectations of the tenant\u2019s ability to pay or possible default in order to recognise an expected credit loss allowance. Based on sector and rent receivable type a provision is provided in addition to a full provision for maximum risk tenants or tenants with significant financial issues. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the original impairment was recognised, the impairment reversal is recognised in the consolidated statement of comprehensive income on a basis consistent with the original charge. Tenant lease incentives are impaired based on an assessment of tenant affordability. For amounts receivable from joint ventures, impairment is assessed by comparing the carrying amount of the loans and receivables to the discounted present value of the estimated future cash flows from the joint ventures. Cash and cash equivalents Cash and cash equivalents are recognised at fair value. Cash and cash equivalents comprise cash on hand, deposits held at call with financial institutions, and other short-term highly liquid investments with original maturities of three months or less. Following a decision by the IFRIC \u2018Demand Deposits with Restrictions on Use arising from a Contract with a Third Party\u2019, tenant deposits have been reclassified from other receivables to cash and cash equivalents. Details are set out in note 1 \u2018Changes in accounting policies\u2019. Comparatives have been restated to reflect this change. Trade and other payables Trade payables are obligations for goods or services acquired in the ordinary course of business. Trade and other payables are recognised at fair value and subsequently measured at amortised cost until settled. Borrowings Borrowings comprise bank loans (revolving credit facility and standby loan facility), loan notes (Private Placement loan notes) and compound financial instruments (exchangeable bonds). Bank loans and loan notes are ordinarily recognised initially at their net proceeds as an approximation of fair value. If the transaction price is not an approximation of fair value at initial recognition, the Group determines the fair value as evidenced by a quoted price in an active market for an identical instrument or based on a valuation technique that uses data from observable markets. Bank loans and loan notes are subsequently carried at amortised cost. Any transaction costs, premiums or discounts are capitalised and recognised over the contractual life of the loan using the effective interest rate method, or on a straight-line basis where it is impractical to do so. In the event of early repayment, transaction costs, premia or discounts paid or unamortised costs are recognised immediately in the consolidated statement of comprehensive income. Compound financial instruments issued by the Group comprise exchangeable bonds that are convertible into shares of another entity. The exchangeable bonds are bifurcated into a liability and embedded derivative option component on initial recognition. The carrying value of the liability at initial recognition is the difference between the fair value of the entire instrument as a whole and the embedded derivative\u2019s fair value. Any directly attributable transaction costs are allocated to each component in proportion to their initial carrying amounts. The issue costs apportioned to the embedded derivative are recognised immediately in the consolidated statement of comprehensive income. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. Any transaction costs apportioned to the liability are included in the carrying amount and recognised over the contractual life of the liability using the effective interest rate method. Interest related to the financial liability is recognised in the consolidated statement of comprehensive income. The embedded derivative is measured at fair value with the fair value adjustment accounted for in the consolidated statement of comprehensive income. www.capitalandcounties.com 155 1 Principal accounting policies continued Pensions The costs of the defined contribution scheme and the Group\u2019s personal pension plans are charged against profits or losses in the year in which they are incurred. Contingent liabilities and capital commitments Contingent liabilities are disclosed where there are present or possible obligations arising from past events, but the economic impact is uncertain in timing, occurrence or amount. A description of the nature and, where possible, an estimate of the financial effect of contingent liabilities are disclosed. Capital commitments are disclosed when the Group has a contractual future obligation which has not been provided for at the balance sheet date. Amounts are only provided for where such obligations are onerous. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. ",
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"value": "General information Capital & Counties Properties PLC (the \u201cCompany\u201d) was incorporated and registered in England and Wales and domiciled in the United Kingdom on 3 February 2010 under the Companies Act 2006 as a public company limited by shares, registration number 7145051. The registered office of the Company is Regal House, 14 James Street, London, WC2E 8BU, United Kingdom. The principal activity of the Company is to act as the ultimate parent company of Capital & Counties Properties PLC Group (the \u201cGroup\u201d), whose principal activity is the investment, development and management of property. The Group\u2019s assets principally comprise investment and development property at Covent Garden. ",
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"value": " England and Wales",
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"value": "Regal House, 14 James Street, London, WC2E 8BU, United Kingdom",
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"value": "The principal activity of the Company is to act as the ultimate parent company of Capital & Counties Properties PLC Group (the \u201cGroup\u201d), whose principal activity is the investment, development and management of property",
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"fact-327": {
"value": "Basis of preparation The Group\u2019s consolidated financial statements are prepared in accordance with United Kingdom-adopted international accounting standards (\u201cUK-adopted IFRS\u201d or \u201cIFRS\u201d), and the applicable legal requirements of the Companies Act 2006. The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified for the revaluation of property, derivative financial instruments and equity investments held at fair value through profit or loss. All income, expenses and cash flows are generated from continuing operations. The Directors have taken advantage of the exemption offered by section 408 of the Companies Act 2006 not to present a separate income statement or statement of comprehensive income for the Company. The financial statements of the Company are set out on pages 194 to 200. In the current year, the Group has applied the below amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board that are effective for annual periods that begin on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these consolidated financial statements. Amendments to References to the Conceptual Framework in IFRS Standards: \u2013 IFRS 3 \u2018Business Combinations\u2019 (amendment) (Reference to the Conceptual Framework) \u2013 IAS 16 \u2018Property, Plant and Equipment\u2019 (amendment) (Proceeds before intended use) \u2013 IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 (amendment) (Onerous Contracts \u2013 Cost of Fulfilling a Contract) \u2013 Amendments to IFRS (Annual improvements cycle 2018-2020) At the date of approval of the consolidated financial statements the following standards and interpretations which have not been applied in these consolidated financial statements were in issue but not effective, and in some cases have not been adopted for use under UK-adopted international accounting standards: \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendment) (Classification of Liabilities as Current and Non-Current) \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 (amendment) (Disclosure of Accounting Policies) \u2013 IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates, and Errors\u2019 (amendment) (Definition of Accounting Estimates) \u2013 IAS 12 \u2018Income Taxes\u2019 (amendment) (Deferred Tax related to Assets and Liabilities arising from a Single Transaction) The Group has assessed the impact of these new standards and interpretations and does not anticipate any material impact on the consolidated financial statements. A summary of the Group\u2019s principal accounting policies, which have been applied consistently across the Group, is set out on the following pages. ",
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"fact-328": {
"value": "Changes in accounting policies Rent concessions During 2022, IFRIC finalised an agenda decision in regards to how a lessor should account for the forgiveness of lease payments under IFRS 9 \u2018Financial Instruments\u2019 (\u201cIFRS 9\u201d) and IFRS 16 \u2018Leases\u2019 (\u201cIFRS 16\u201d). The decision concluded that for any forgiveness of past due rent receivables, the lessor should apply the expected credit loss model under IFRS 9 and account for the forgiveness as an impairment in the consolidated statement of comprehensive income. Any directly attributable costs, including surrender premia and letting fees previously paid, continue to be held on balance sheet and are amortised over the life of the lease. On the other hand, any forgiveness of future rent receivables met the definition of a lease modification under IFRS 16, with the resulting impact accounted for by straight-lining the forgiveness over the remaining lease term in accordance with IFRS 16. On entering into a lease modification any directly attributable costs were derecognised. The Group had previously concluded that under IFRS there had been a policy choice to account for rent forgiveness of past due rent receivables either under IFRS 9 or IFRS 16. The Group elected to account for rent forgiveness of past due rent receivables as a lease modification under IFRS 16 and in addition the directly attributable costs associated with the leases were derecognised as non-underlying costs. The Group had applied this treatment since 2020 on the commencement of COVID-19 support measures. 1 Principal accounting policies continued Changes in accounting policies continued The agenda decision issued by IFRIC has required the Group to retrospectively reverse the accounting treatment followed under IFRS 16 and adopt the accounting treatment required under IFRS 9. This change in accounting policy has been applied retrospectively and comparative information in this Annual Report, including the opening retained earnings to reflect the impact of the 2020 rent forgiveness granted, has been restated. Overall impact of the restatement Gross profit has reduced by \u00a36.2 million in 2021. This included an additional \u00a37.6 million of expected credit loss, representing \u00a37.1 million rent forgiveness provided during the year as well as an additional \u00a30.5 million expected credit loss on the 31 December 2021 rent receivable balance. Retained earnings have increased by \u00a30.4 million as at 31 December 2021 based on the additional \u00a35.1 million loss in 2020 and \u00a35.5 million profit in 2021. For the year ended 31 December 2021, underlying earnings have been reduced by \u00a33.4 million (0.4 pence per share), to \u00a30.7 million (0.1 pence per share). The adjustment for lease modification expenses, impairment of tenant lease incentives and (loss)/gain on revaluation and sale of investment and development property are excluded from the underlying earnings calculation. Further details of the underlying earnings calculation is shown in note 3 \u2018Underlying earnings\u2019. As at 31 December 2021 tenant lease incentives, accounted for through prepayments and accrued income, have reduced by \u00a310.3 million cumulatively. The carrying value of investment property and the loss on revaluation of investment and development property as a result of the adjustment to tenant lease incentives, excluding letting fees, has been increased by \u00a311.1 million as at 31 December 2021. The impact on the consolidated balance sheet has been reflected on page 142 where the 31 December 2021 and 1 January 2021 restated position has been shown. The restated EPRA NTA as at 31 December 2021 is \u00a31,814.5 million (213.0 pence per share). The restatement adjustments are all non-cash and therefore there is no impact on the consolidated statement of cash flows. Impact on profit or loss Due to the materiality of the restatement in 2020 and 2021, reflecting the period during which COVID-19 concessions were provided, the impact of the restatement on the consolidated statement of comprehensive income for the each of the years ended 31 December 2020 and 2021 has been presented below: 31 December 2021 31 December 2020 Consolidated statement of comprehensive income Reported \u00a3m Adjustment \u00a3m Restated \u00a3m Reported \u00a3m Adjustment \u00a3m Restated \u00a3m Revenue 68.0 4.3 72.3 73.9 0.1 74.0 Costs (21.8) (10.5) (32.3) (58.0) (4.6) (62.6) Gross profit 46.2 (6.2) 40.0 15.9 (4.5) 11.4 Other income/(costs) 3.0 \u2013 3.0 (1.0) \u2013 (1.0) Administration expenses (22.8) \u2013 (22.8) (31.0) \u2013 (31.0) (Loss)/gain on revaluation and sale of investment and development property (15.8) 11.7 (4.1) (693.1) (0.6) (693.7) Change in value of investments and other receivables 11.6 \u2013 11.6 (28.2) \u2013 (28.2) Fair value gain on financial assets at fair value through profit or loss 44.6 \u2013 44.6 50.9 \u2013 50.9 Operating profit/(loss) 66.8 5.5 72.3 (686.5) (5.1) (691.6) Net finance costs (36.8) \u2013 (36.8) (18.2) \u2013 (18.2) Profit/(loss) before tax 30.0 5.5 35.5 (704.7) (5.1) (709.8) Taxation (0.7) \u2013 (0.7) 1.0 \u2013 1.0 Profit/(loss) for the year 29.3 5.5 34.8 (703.7) (5.1) (708.8) Basic and diluted earnings/(loss) per share (pence) 3.4 0.7 4.1 (82.6) (0.6) (83.2) W eighted average number of shares 851.3m 851.3m 852.2m 852.2m Underlying earnings/(loss) 4.1 (3.4) 0.7 (6.2) (12.5) (18.7) Underlying earnings/(loss) per share (pence) 0.5 (0.4) 0.1 (0.7) (1.5) (2.2) 1 Principal accounting policies continued Changes in accounting policies continued The gross profit note has been provided to further show the impact of the change in accounting policy: 31 December 2021 31 December 2020 Reported \u00a3m Adjustment \u00a3m Restated \u00a3m Reported \u00a3m Adjustment \u00a3m Restated \u00a3m Rent receivable 55.6 6.9 62.5 59.1 6.5 65.6 Straight-lining of tenant lease incentives 1 7.1 (2.6) 4.5 9.7 (6.4) 3.3 Service charge income 5.3 \u2013 5.3 5.1 \u2013 5.1 Revenue 68.0 4.3 72.3 73.9 0.1 74.0 Expected credit loss 2 \u2013 (7.6) (7.6) (14.0) (12.9) (26.9) Property expenses (10.6) (0.1) (10.7) (11.1) (0.1) (11.2) Service charge expenses (5.3) \u2013 (5.3) (5.1) \u2013 (5.1) Lease modification expenses 3 (2.6) (3.8) (6.4) (16.7) 8.4 (8.3) Impairment of tenant lease incentives 4 (3.3) 1.0 (2.3) (11.1) \u2013 (11.1) Costs (21.8) (10.5) (32.3) (58.0) (4.6) (62.6) Gross profit 46.2 (6.2) 40.0 15.9 (4.5) 11.4 1. The adjustment to straight-lining of tenant lease incentives of \u00a32.6 million includes a reversal of the 2021 lease incentive income recorded for lease modifications, offset by an unwind of the 2020 lease modification incentives that have been reversed. 2. A reversal of the rent forgiveness accounted for as lease modifications by reversing the income and asset position and accounting for the forgiveness as an expected credit loss in costs. This resulted in an additional expected credit loss for 2020 and 2021 of \u00a320.5 million. 3. For transactions where a modification has no longer occurred, a cumulative reversal of \u00a34.6 million of lease modification expenses to the balance sheet to be amortised over the remaining life of the lease. 4. Where tenant lease incentives related to lease modifications as a result of rent forgiveness had been impaired, a reversal of the impairment and subsequent adjustment to expected credit loss of \u00a31.0 million was recognised in costs during 2021. 1 Principal accounting policies continued Change in accounting policy continued Impact on balance sheet The below summary of trade and other receivables show the main impact on the consolidated balance sheet resulting from the adjustment to the expect credit loss provision and tenant lease incentives. Tenant lease incentives are included within non-current and current prepayments and accrued income. As at 31 December 2021 tenant lease incentives have reduced by \u00a310.3 million which reflects the cumulative reduction in rent free assets of \u00a313.3 million, offset by the write back of \u00a33.0 million of surrender premia and letting fees. The write back of surrender premia and letting fees reflect the directly attributable costs adjusted for when a lease modification has not occurred. The reduction in the tenant lease incentives balance is reflective of the reduction in lease incentive adjustments to revenue and the increased expected credit loss. 31 December 2021 31 December 2020 Reported \u00a3m Rent concession adjustment \u00a3m Tenant deposit adjustment \u00a3m Restated \u00a3m Reported \u00a3m Rent concession adjustment \u00a3m Tenant deposit adjustment \u00a3m Restated \u00a3m Non-current Other receivables \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1 Prepayments and accrued income 37.9 (12.0) \u2013 25.9 33.1 0.8 \u2013 33.9 Amounts receivable from joint ventures 82.9 \u2013 \u2013 82.9 85.0 \u2013 \u2013 85.0 Trade and other receivables 120.8 (12.0) \u2013 108.8 118.2 0.8 \u2013 119.0 Current Rent receivable 10.5 (0.5) \u2013 10.0 22.3 (6.1) \u2013 16.2 Other receivables 14.2 0.1 (12.1) 2.2 30.4 (0.1) (13.4) 16.9 Prepayments and accrued income 11.1 1.7 \u2013 12.8 12.4 0.8 \u2013 13.2 Amounts receivable from joint ventures 23.4 \u2013 \u2013 23.4 0.6 \u2013 \u2013 0.6 Trade and other receivables 59.2 1.3 (12.1) 48.4 65.7 (5.4) (13.4) 46.9 Total trade and other receivables 180.0 (10.7) (12.1) 157.2 183.9 (4.6) (13.4) 165.9 Tenant deposit adjustment The above summary also includes an adjustment to other receivables to reclassify tenant deposits totalling \u00a312.1 million in 2021 (2020: \u00a313.4 million) from other receivables to cash and cash equivalents. The Group previously disclosed tenant deposits as other receivables in the consolidated financial statements. Following the IFRIC agenda decision regarding Demand Deposits with Restrictions on Use arising from a Contract with a Third Party in April 2022, the Group has adopted the treatment set out in the IFRIC agenda decision, which concluded that the contractual restrictions on the use of the amounts held in the demand deposit do not change the nature of the deposit and that the Group can access those amounts on demand, therefore, the demand deposit should be included as a component of cash and cash equivalents in its consolidated statement of cash flows. This change in accounting treatment has been applied retrospectively and comparative information has been restated in the consolidated balance sheet and consolidated statement of cash flows. From an alternative performance measure perspective tenant deposits have been excluded from cash and available facilities and net debt calculations as it does not represent liquidity of the Group. Changes in fair value of derivative financial instruments Changes in the fair value of interest rate derivatives are split into interest (calculated as the accrued and realised cash flows) and other changes in fair value. Previously the Group\u2019s policy had been to present both the interest and the fair value components as change in fair value of derivative financial instruments under net finance income or costs in the consolidated statement of changes in comprehensive income. During the year the Group reviewed this presentation and in order to better reflect the Group\u2019s rationale for entering into interest rate hedging arrangements in accordance with the Group\u2019s risk management strategy, a change in accounting policy was made to re-present the interest from change in fair value of derivative financial instruments to other finance costs and income. As a result of the change in accounting policy comparative information has been re-presented and interest costs of \u00a33.4 million in the prior year were re-presented from change in fair value of derivative financial instruments to other finance costs. These costs were excluded from EPRA and underlying earnings in the prior year as they related to an early close out of interest rate derivatives during the COVID-19 pandemic. ",
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"value": "Going concern The Directors have considered the appropriateness of adopting the going concern basis in preparing the Company and consolidated financial statements. The Group\u2019s going concern assessment covers the period to 30 June 2024 (the \u201cgoing concern period\u201d), being at least 12 months from the date of authorisation of these consolidated financial statements. During 2022, there has been continued improvement in operational activity at Covent Garden. Trading remains resilient with strong recovery in footfall and customer sales in aggregate being ahead of 2019 levels. There is strong leasing demand across all uses delivering rental growth, vacancy remains low and rent collection patterns have normalised. There are, however, significant macroeconomic and political headwinds including the rising interest rate and inflationary environment, domestic political uncertainty, geopolitical risks, supply chain and labour market disruption. The West End and our unique portfolio of prime investments are not completely insulated, however they have demonstrated remarkable resilience. In preparing the assessment of going concern, the Board has considered projections of the Group\u2019s liquidity, committed capital expenditure, income, costs, cash flows and debt covenants. The Group has assessed a \u201csevere but plausible\u201d downside scenario which analyses the impact of deterioration in rent collection, vacancy levels and rental growth as well as increased costs and yield expansion over the going concern period. This includes the following key assumptions: \u2013 Substantial reduction in forecast net rental income due to a combination of extended voids and tenant failures focusing particularly on the retail, F&B and leisure sectors; \u2013 Declines in rental values along with a widening of valuation yields, resulting in reduced asset values The impact of climate change risk is expected to be very limited within the going concern period. Interruptions to trade from severe weather events are possible but would be consistent with the impact considered in the severe but plausible downside scenario. The Group\u2019s financial resources are expected to be sufficient to cover forecast property operating costs, administrative expenses, finance and other costs over the going concern period including in the severe but plausible downside scenario. The Covent Garden debt facilities have two principal financial covenants, being a loan to value ratio of up to 60 per cent and interest cover of at least 120 per cent. Each of these is tested as at or in respect of the six months ending 30 June and the 12 months ending 31 December. As at the year end, the Covent Garden Group had net debt of \u00a3366.1 million and a loan to value ratio of 21 per cent, which compares with a debt covenant level of 60 per cent. The interest cover ratio in relation to the Covent Garden debt for 2022 was 3.9 times, comfortably ahead of the covenant level of 1.2 times. The Covent Garden debt matures between August 2024 and 2037, with the revolving credit facility currently undrawn. The Group is projected to have sufficient cash reserves and undrawn facilities to meet debt maturities during the going concern period. All of the current drawn debt is at fixed rates and the \u00a3300 million revolving credit facility was undrawn at year end. The revolving credit facility has a maturity of September 2025 with a one-year extension option to September 2026 subject to lender consent. It is anticipated that the extension will be exercised or a similar form of financing will be put in place. \u00a395 million of private placement debt matures in the second half of 2024 and is expected to be funded through cash and undrawn facilities. The independent property valuation of Covent Garden could withstand a substantial valuation decline (approximately 50 per cent) during the going concern period before a breach of the loan to value covenant, before taking into account any mitigating actions which may be taken. There is projected to be significant headroom against the interest cover covenants under the severe but plausible downside scenario, with the ability to withstand a decline in net rental income of over 75 per cent during the going concern period before a breach of the interest cover covenant, without taking any mitigating actions. Based on their analysis, the Directors are satisfied that there is a reasonable expectation that each of the Company and Group will be able to meet its ongoing and future commitments for at least 12 months from the date of approval of the consolidated financial statements and have therefore resolved that the Company and Group\u2019s consolidated financial statements be prepared on a going concern basis. 1 Principal accounting policies continued Going concern continued Impact of the proposed merger On 16 June 2022, Capco announced its intention to merge with Shaftesbury PLC (\u201cShaftesbury\u201d) and the shareholder approval conditions were satisfied on 29 July 2022. Completion of the merger is subject to the satisfaction of a number of other conditions and it is expected that the transaction will be completed on 6 March 2023. It is intended that the merger will be effected by means of a court-sanctioned scheme of arrangement which will result in Capco owning 100 per cent of the issued share capital of Shaftesbury. The going concern assessment has therefore also been undertaken on the basis of the combined group assuming merger completion. Capco has also entered into a loan facility agreement of \u00a3576 million to cover potential repayment of Shaftesbury bonds on merger completion. This is currently undrawn. Under the terms of the Shaftesbury financing arrangements, holders of its secured mortgage bonds totalling \u00a3575 million have the ability to require payment in full or part following the change of control of Shaftesbury taking place. Shaftesbury\u2019s secured term loans totalling \u00a3385 million will remain in place. In preparing its assessment of going concern, using an approach consistent with that set out above, the Board reviewed a forecast of liquidity, cash flow and covenant compliance of the combined group. Under the severe-but-plausible downside scenario, the interest cover test has been assessed against SONIA rates in excess of current market expectations. Absent any mitigating actions which may be taken, the combined group has significant headroom against its financial covenants and estimates that the combined group could withstand a decrease in valuations from 31 December 2022 of over 40 per cent, and a decline in net rental income of approximately 50 per cent before breaching its loan-to-value and interest cover covenants. Having considered the debt facilities that the Group has put in place, the Board is satisfied that there is sufficient liquidity to fund potential debt repayments and for the combined group to remain compliant with its financing arrangements and meet its financial obligations as they fall due over the going concern period. The combined group anticipates retaining significant liquidity and that debt covenants will be satisfied, however in the severe but plausible downside scenario the interest cover covenant on one of the Shaftesbury term loans could be subject to a marginal breach. For this loan, throughout the going concern period the combined group has the ability to cure income shortfalls using cash deposits or additional assets with sufficient contractual income from its pool of unsecured properties. The Group has sufficient liquidity to satisfy this requirement. Based on their analysis in relation to the combined group assuming that the merger is completed, the Directors are satisfied that there is a reasonable expectation that the Group will be able to meet its ongoing and future commitments for at least 12 months from the date of approval of the consolidated financial statements and have therefore resolved that the consolidated financial statements be prepared on a going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-330": {
"value": "Basis of consolidation These consolidated financial statements include the consolidation of the following limited partnerships: Capital & Counties CGP, Capco CGP 2012 LP (up until dissolution on 30 June 2021), CG Investments 2016 LP (up until dissolution on 30 June 2021) and Innova Investment Group Holdings LP. The members of these qualifying partnerships have taken advantage of exemptions available in Statutory Instrument 2008/569 and therefore will not produce consolidated financial statements at the partnership level or submit such annual reports to Companies House. The consolidated financial statements are prepared in British pounds sterling, which is also determined to be the functional currency of the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-331": {
"value": "Subsidiaries Subsidiaries are fully consolidated from the date on which the Group has control, is exposed, or has rights to variable returns from its involvement with an entity and has the ability to affect those returns through its power over an entity. Subsidiaries cease to be consolidated from the date this control is lost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-332": {
"value": "1 Principal accounting policies continued Critical accounting judgements and key sources of estimation and uncertainty The preparation of consolidated financial statements in accordance with IFRS requires the Directors to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, income and expenses from sources not readily apparent. Although these estimates and assumptions are based on management\u2019s best knowledge of the amount, historical experiences and other factors, actual results ultimately may differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. The significant areas of estimation and uncertainty are: Property valuation: The most significant area of estimation uncertainty in the consolidated financial statements is in respect of the valuation of the property portfolio, where external valuations are obtained. The fair value of the Group\u2019s investment, development and trading property at 31 December 2022 was determined by independent, appropriately qualified external valuers CBRE for the Covent Garden estate and JLL for Lillie Square. The valuations conform to the Royal Institution of Chartered Surveyors (\u201cRICS\u201d) Valuation Professional Standards. As various inputs used in the valuation calculations are based on assumptions, property valuations are inherently subjective and subject to a degree of uncertainty. The Group\u2019s external valuers have made a number of assumptions as outlined within note 14 \u2018Property Portfolio\u2019 in forming their opinion on the valuation of the Group\u2019s investment, development and trading properties and although these assumptions are in accordance with the RICS Valuation Professional Standards, if any prove to be incorrect, it may mean that the value of the Group\u2019s properties differs from their valuation reported in the consolidated financial statements, which could have a material effect on the Group\u2019s financial position. The key unobservable inputs used in the valuation models and a sensitivity analysis for each are disclosed on page 171. Other areas of estimation and uncertainty include the impairment of trade receivables. In the prior year, this was considered a critical estimate, however, based on strong operational performance, evidenced by rent collection rates of 99 per cent for the year and conclusion of tenant support measures implemented during the pandemic period, the Group no longer considers the estimation of expected credit loss a key area of estimation uncertainty. As at 31 December 2022 the rent receivables balance prior to impairment was \u00a312.0 million compared to \u00a321.4 million as at 31 December 2021. \u00a34.0 million (2021: \u00a311.4 million) has been provided against this balance as at 31 December 2022, which includes all arrears over one year and arrears under one year at a calculated expected credit loss. All tenants with significant financial issues are provided for in full. The Directors did not make any significant judgements in the preparation of these consolidated financial statements. Other less significant areas of judgement include REIT compliance, provisions, share-based payments, contingent liabilities and assessing the degree of control or influence the Group exercises over its investments, including its 25.2 per cent shareholding in Shaftesbury. Although the Group holds more than 20 per cent of the voting power, it has concluded that it does not exercise significant influence over Shaftesbury as it does not have representation on the Shaftesbury board, nor have there been any other areas where the Group has exercised significant influence, such as an exchange of managerial personnel. The Group has not provided any guarantees of indebtedness, nor extended any credit to Shaftesbury. On 16 June 2022, Capco announced its intention to merge with Shaftesbury and the shareholder approval conditions were satisfied on 29 July 2022 with clearance from the Competition and Markets Authority gained on 22 February 2023. Due to the restrictions imposed by the merger process there has been no additional control gained and as such the investment continues to be accounted for at fair value through profit and loss in accordance with IFRS 9. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-333": {
"value": "Operating segments Management has determined the operating segments with reference to reports on divisional financial performance and position that are regularly reviewed by the Executive Directors, who are deemed to be the chief operating decision makers. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-334": {
"value": "Revenue recognition Rental income is recognised as revenue on a straight-line basis over the lease term. Tenant lease incentive payments, and in certain instances surrender premium payments which are directly linked to new leases, are amortised on a straight-line basis over the lease term as a reduction in net rental income. Surrender premiums received for early termination of leases are reflected in net rental income. A lease modification occurs when an existing lease is renegotiated for future rental periods. Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. On entering into a lease modification any initial direct costs associated with the lease, including surrender premia previously paid, are derecognised through costs in the year. When a concession is provided for rent receivables past due the concession is accounted for as an impairment through the expected credit loss model in accordance with IFRS 9. Contingent rents, being those lease payments that are not fixed at the inception of a lease, for example increases arising on rent reviews and turnover rent, are recorded as income in the periods in which they are earned. Service charge income in the ordinary course of business is recorded as income over time in the year in which the services are provided. Where revenue is obtained by the sale of property, it is recognised when the buyer obtains control of the property. This will normally take place on legal completion. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-335": {
"value": "Other income Other income includes management fees charged to joint ventures for services associated with the management of properties and other general expenses as defined by management agreements. These fees are recognised over time, using time elapsed as the input method which measures the benefit simultaneously received and consumed by the customer, over the period the services are provided. Dividend income is included in other income in the consolidated statement of comprehensive income and recognised when the right to receive payment is established. ",
"dimensions": {
"concept": "capco:DescriptionOfAccountingPolicyForOtherIncome",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-336": {
"value": "Income taxes Current tax is the amount payable on the taxable income for the year and any adjustment in respect of prior years. It is calculated using rates that have been enacted or substantially enacted by the balance sheet date. In accordance with IAS 12 \u2018Income Taxes\u2019, deferred tax is provided for using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax bases of those assets and liabilities. However, temporary differences are not recognised to the extent that they arise from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting nor taxable profit or loss; or are associated with investments in subsidiaries, joint ventures and associates where the timing of the reversal of the temporary difference can be controlled by the parent, venture or investor, respectively, and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that management believes it is probable that future taxable profit will be available against which the deferred tax assets can be recovered. Deferred tax assets and liabilities are only offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on either the same taxable group or different taxable entities where there is an intention to settle balances on a net basis. Tax is included in the consolidated statement of comprehensive income except when it relates to items recognised directly in equity, in which case the related tax is also recognised directly in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "Income taxes Current tax is the amount payable on the taxable income for the year and any adjustment in respect of prior years. It is calculated using rates that have been enacted or substantially enacted by the balance sheet date. In accordance with IAS 12 \u2018Income Taxes\u2019, deferred tax is provided for using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax bases of those assets and liabilities. However, temporary differences are not recognised to the extent that they arise from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting nor taxable profit or loss; or are associated with investments in subsidiaries, joint ventures and associates where the timing of the reversal of the temporary difference can be controlled by the parent, venture or investor, respectively, and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that management believes it is probable that future taxable profit will be available against which the deferred tax assets can be recovered. Deferred tax assets and liabilities are only offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on either the same taxable group or different taxable entities where there is an intention to settle balances on a net basis. Tax is included in the consolidated statement of comprehensive income except when it relates to items recognised directly in equity, in which case the related tax is also recognised directly in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-337": {
"value": "Share-based payment The cost of granting share options and other share-based remuneration to employees and Directors is recognised through the consolidated statement of comprehensive income with reference to the fair value of the instrument at the date of grant. The consolidated statement of comprehensive income is charged over the vesting period of the options with a corresponding increase in equity. An option pricing model is used applying assumptions around expected yields, forfeiture rates, exercise price and volatility. Upon eventual exercise, a reserves transfer occurs with no further charge reflected in the consolidated statement of comprehensive income. Own shares held in connection with employee share plans and other share-based payment arrangements are treated as treasury shares and deducted from equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-338": {
"value": "Investment and development property Investment and development property is owned or leased by the Group and held for long-term rental income and capital appreciation. The Group has chosen to use the fair value model. Property and any related obligations are initially recognised when the significant risks and rewards attached to the property have transferred to the Group. Payments made in respect of the future acquisition of investment and development property are initially recognised as prepayments until the recognition criteria outlined above have been met. Investment and development property is recorded at cost and subsequently revalued at the balance sheet date to fair value as determined by professionally qualified external valuers on the basis of market value. The fair value of property is arrived at by adjusting the market value as above for directly attributable tenant lease incentives and fixed head leases. Property held under leases is stated gross of the recognised lease liability. The valuation is based upon assumptions as outlined within the property portfolio note. These assumptions conform to the RICS Valuation Professional Standards. The cost of properties includes capitalised interest and other directly attributable outgoings, with the exception of properties and land where no development is imminent in which case no interest is included. Interest is capitalised (before tax relief) on the basis of the weighted average cost of debt outstanding until the date of practical completion. When the Group redevelops a property for continued future use, that property is classified as investment and development property during the redevelopment period and continues to be measured at fair value. Gains or losses arising from changes in the fair value of investment and development property are recognised in the consolidated statement of comprehensive income in the period in which they arise. Depreciation is not provided in respect of investment property including plant and equipment integral to such investment property. Investment and development properties cease to be recognised as investment and development property when they have been disposed of or when they cease to be held for the purpose of generating rental income or for capital appreciation. Disposals are recognised on completion. Gains or losses arising are recognised in the consolidated statement of comprehensive income. The gain on disposal is determined as the difference between the net sales proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period. A property ceases to be recognised as investment and development property and is transferred at its fair value to trading property when in the Directors\u2019 judgement, development commences with the intention of sale. Criteria considered in this assessment include the Board\u2019s stated intention, contractual commitments and physical, legal and financial viability. When the use of a property changes from trading property to investment and development property, the property is transferred at fair value with any resulting gain or loss recognised in the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-339": {
"value": "Trading property Trading property comprises those properties that in the Directors\u2019 view are not held for long-term rental income or capital appreciation and are expected to be disposed of within one year of the balance sheet date or to be developed with the intention to sell. Such property is constructed, acquired, or if transferred from investment and development property, transferred at fair value which is deemed to represent cost. Subsequently trading property is carried at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling costs. This approximates market value as determined by professionally qualified external valuers at the balance sheet date. Details of the valuation methodology are set out in note 14 \u2018Property Portfolio\u2019. The amount of any write down of trading property to market value is recognised as an expense in the period the write down occurs. Should a valuation uplift occur in a subsequent period, the amount of any reversal shall be recognised as a reduction in the previous write down in the period in which the uplift occurs. This may not exceed the property\u2019s cost. The sale of trading property is recognised as revenue when the buyer obtains control of the property. Total costs incurred in respect of trading property are recognised simultaneously as an expense. ",
"dimensions": {
"concept": "capco:DescriptionOfAccountingPolicyForTradingProperty",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-340": {
"value": "Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. As a lessee the Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. As a lessor the Group classifies its leases as either operating or finance leases. A lease is classified as a finance lease if it transfers substantially all the risk and rewards incidental to ownership of the underlying asset, and classified as an operating lease if it does not. The Group accounts for a modification to an operating lease as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-341": {
"value": "Investment in joint ventures Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Investments in joint ventures are accounted for using the equity method. On initial recognition the investment is recognised at cost, and the carrying amount is subsequently increased or decreased to recognise the Group\u2019s share of the profit or loss of the joint venture after the date of acquisition. The Group\u2019s investment in joint ventures is presented separately on the balance sheet and the Group\u2019s share of the joint venture\u2019s post-tax profit or loss for the period is also presented separately in the consolidated statement of comprehensive income. Where there is an indication that the Group\u2019s investment in joint ventures may be impaired the Group evaluates the recoverable amount of its investment, being the higher of the joint venture\u2019s fair value less costs to sell and value in use. If the recoverable amount is lower than the carrying value an impairment loss is recognised in the consolidated statement of comprehensive income. If the Group\u2019s share of losses in a joint venture equals or exceeds its investment in the joint venture, the Group does not recognise further losses, unless it has legal or constructive obligations to make payments on behalf of the joint venture. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-342": {
"value": "Investments and other financial assets On initial recognition, a financial asset is classified as measured at amortised cost, fair value through other comprehensive income, or fair value through profit or loss. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. For assets measured at fair value through profit or loss, gains and losses will be recorded in profit or loss. Purchases and sales of financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the consolidated statement of comprehensive income. Financial assets at fair value through profit or loss comprise listed equity investments and include the Group\u2019s investment in Shaftesbury. The Group subsequently measures all equity investments at fair value. Changes in the fair value of financial assets at fair value through profit or loss are recognised in other gains or losses in the consolidated statement of comprehensive income. Financial assets at amortised costs include amounts receivable from joint ventures. ",
"dimensions": {
"concept": "capco:DescriptionOfAccountingPolicyForInvestmentsAndOtherFinancialAssets",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-343": {
"value": "Derivative financial instruments The Group uses non-traded derivative financial instruments to manage exposure to interest rate risk. They are initially recognised on the trade date at fair value and subsequently remeasured at fair value based on market price. 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. Instruments that have not been designated as qualifying for hedge accounting are classified as fair value through profit and loss. Changes in the fair value of these instruments are split into interest (calculated as the accrued and realised cash flows) and other changes in fair value. Interest is recognised in finance income or costs and changes in fair value are recognised in change in fair value of financial instruments in the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-344": {
"value": "Trade and other receivables Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost. The methodology for assessment of impairment is defined in the following paragraph. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-345": {
"value": "Impairment of financial assets The Group applies the IFRS 9 expected credit loss model in order to calculate a lifetime expected loss allowance for all financial assets. To measure the expected credit loss, receivables are reviewed on an individual contract basis. The expected loss rates are based on forward-looking information as well as historical evidence of collection. For rent receivables, all tenants are allocated a risk rating, as determined by management, and provided a rating of maximum, high, medium and low risk. The classification is developed by taking into consideration information on the tenant\u2019s credit rating, current financial position, historical trading performance, historical default rate and the operational performance of the business. In assessing the provision the Group identifies risk factors associated by sector (food and beverage, retail, office, leisure and residential) and the type of rent receivable outstanding (rent arrears, service charge, other). In determining the provision on a tenant by tenant basis, the Group considers both recent payment history and future expectations of the tenant\u2019s ability to pay or possible default in order to recognise an expected credit loss allowance. Based on sector and rent receivable type a provision is provided in addition to a full provision for maximum risk tenants or tenants with significant financial issues. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the original impairment was recognised, the impairment reversal is recognised in the consolidated statement of comprehensive income on a basis consistent with the original charge. Tenant lease incentives are impaired based on an assessment of tenant affordability. For amounts receivable from joint ventures, impairment is assessed by comparing the carrying amount of the loans and receivables to the discounted present value of the estimated future cash flows from the joint ventures. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-346": {
"value": "Cash and cash equivalents Cash and cash equivalents are recognised at fair value. Cash and cash equivalents comprise cash on hand, deposits held at call with financial institutions, and other short-term highly liquid investments with original maturities of three months or less. Following a decision by the IFRIC \u2018Demand Deposits with Restrictions on Use arising from a Contract with a Third Party\u2019, tenant deposits have been reclassified from other receivables to cash and cash equivalents. Details are set out in note 1 \u2018Changes in accounting policies\u2019. Comparatives have been restated to reflect this change. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-347": {
"value": "Trade and other payables Trade payables are obligations for goods or services acquired in the ordinary course of business. Trade and other payables are recognised at fair value and subsequently measured at amortised cost until settled. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-348": {
"value": "Borrowings Borrowings comprise bank loans (revolving credit facility and standby loan facility), loan notes (Private Placement loan notes) and compound financial instruments (exchangeable bonds). Bank loans and loan notes are ordinarily recognised initially at their net proceeds as an approximation of fair value. If the transaction price is not an approximation of fair value at initial recognition, the Group determines the fair value as evidenced by a quoted price in an active market for an identical instrument or based on a valuation technique that uses data from observable markets. Bank loans and loan notes are subsequently carried at amortised cost. Any transaction costs, premiums or discounts are capitalised and recognised over the contractual life of the loan using the effective interest rate method, or on a straight-line basis where it is impractical to do so. In the event of early repayment, transaction costs, premia or discounts paid or unamortised costs are recognised immediately in the consolidated statement of comprehensive income. Compound financial instruments issued by the Group comprise exchangeable bonds that are convertible into shares of another entity. The exchangeable bonds are bifurcated into a liability and embedded derivative option component on initial recognition. The carrying value of the liability at initial recognition is the difference between the fair value of the entire instrument as a whole and the embedded derivative\u2019s fair value. Any directly attributable transaction costs are allocated to each component in proportion to their initial carrying amounts. The issue costs apportioned to the embedded derivative are recognised immediately in the consolidated statement of comprehensive income. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. Any transaction costs apportioned to the liability are included in the carrying amount and recognised over the contractual life of the liability using the effective interest rate method. Interest related to the financial liability is recognised in the consolidated statement of comprehensive income. The embedded derivative is measured at fair value with the fair value adjustment accounted for in the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-349": {
"value": "Pensions The costs of the defined contribution scheme and the Group\u2019s personal pension plans are charged against profits or losses in the year in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-350": {
"value": "Contingent liabilities and capital commitments Contingent liabilities are disclosed where there are present or possible obligations arising from past events, but the economic impact is uncertain in timing, occurrence or amount. A description of the nature and, where possible, an estimate of the financial effect of contingent liabilities are disclosed. Capital commitments are disclosed when the Group has a contractual future obligation which has not been provided for at the balance sheet date. Amounts are only provided for where such obligations are onerous. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-351": {
"value": "Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-352": {
"value": "2 Segmental reporting Management has determined the operating segments based on reports reviewed by the Executive Directors, who are deemed to be the chief operating decision makers. The principal performance measures have been identified as net rental income, underlying earnings per share and net asset value. For management and reporting purposes the Group is organised into the following divisions: \u2013 Covent Garden; \u2013 Other, which comprises the Shaftesbury investment, the Group interest in Innova and GCP and other head office companies and investments; \u2013 Lillie Square which represents the Group\u2019s interests in the Lillie Square joint venture and a number of smaller properties in the adjacent area. Management information is reported to the chief operating decision makers on a Group share basis. Outlined below is the Group share by segment: Segment Group share Covent Garden 100% Other Investment in Shaftesbury 100% Innova 50% GCP 1 0% Other 100% Lillie Square Lillie Square joint venture 50% Lillie Square Holding Group 100% 1. GCP represented the Group\u2019s 50% interest in The Great Capital Partnership up until being dissolved on 6 April 2022. Subsequent to this the Group\u2019s ownership share in GCP is nil. Segmental reporting has been presented in line with management information and therefore consolidation adjustments are presented to reconcile segmental performance and position to the IFRS total. The Group\u2019s operating segments derive their revenue primarily from rental income from lessees and dividend income from investments. Unallocated expenses consist primarily of costs incurred centrally which are neither directly nor meaningfully attributable to individual segments. Segmental assets and segmental liabilities exclude loans between and investments in Group undertakings. Unallocated assets represents Group cash held outside of the Covent Garden group. The Group operates a central treasury function which manages and monitors the Group\u2019s finance income and costs and a portion of the Group\u2019s cash balances. 2 Segmental reporting continued Reportable segments 2022 Covent Garden \u00a3m Other \u00a3m Lillie Square \u00a3m Group total \u00a3m Consolidation adjustments \u00a3m IFRS total \u00a3m Rental income 74.1 \u2013 1.4 75.5 (1.4) 74.1 Proceeds from sale of trading property \u2013 \u2013 3.3 3.3 (3.3) \u2013 Revenue 74.1 \u2013 4.7 78.8 (4.7) 74.1 Rent receivable 61.5 \u2013 0.2 61.7 (0.2) 61.5 Straight-lining of tenant lease incentives 6.3 \u2013 \u2013 6.3 \u2013 6.3 Service charge income 6.3 \u2013 1.2 7.5 (1.2) 6.3 Rental income 74.1 \u2013 1.4 75.5 (1.4) 74.1 Property and service charge expenses (16.5) \u2013 (1.5) (18.0) 1.5 (16.5) Reversal of expected credit loss 1.6 \u2013 \u2013 1.6 \u2013 1.6 Impairment of tenant lease incentives (1.9) \u2013 \u2013 (1.9) \u2013 (1.9) Underlying net rental income/(expense) 57.3 \u2013 (0.1) 57.2 0.1 57.3 Gross profit/(loss) 57.3 \u2013 (0.1) 57.2 0.1 57.3 Other income \u2013 13.5 \u2013 13.5 \u2013 13.5 Profit on sale of trading property \u2013 \u2013 0.9 0.9 (0.9) \u2013 Write down of trading property \u2013 \u2013 (12.4) (12.4) 12.4 \u2013 Loss on revaluation and sale of investment and development property (0.8) \u2013 \u2013 (0.8) \u2013 (0.8) Change in value of investments and other receivables \u2013 \u2013 0.1 0.1 (8.0) (7.9) Change in fair value of financial assets at fair value through profit or loss \u2013 (239.5) \u2013 (239.5) \u2013 (239.5) Segment profit/(loss) 56.5 (226.0) (11.5) (181.0) 3.6 (177.4) Unallocated costs: Administration expenses (40.7) 0.1 (40.6) Operating loss (221.7) 3.7 (218.0) Net finance costs (24.6) \u2013 (24.6) Net other finance costs (6.5) 3.5 (3.0) Change in fair value of derivative financial instruments 39.8 \u2013 39.8 Loss before tax (213.0) 7.2 (205.8) Taxation (6.0) \u2013 (6.0) Loss for the year (219.0) 7.2 (211.8) Summary balance sheet Total segment assets 1,903.7 359.6 87.0 2,350.3 (0.8) 2,349.5 Total segment liabilities (513.3) (276.2) (0.9) (790.4) 0.8 (789.6) Segmental net assets 1,390.4 83.4 86.1 1,559.9 \u2013 1,559.9 Unallocated assets 1.7 \u2013 1.7 Net assets 1,561.6 \u2013 1,561.6 2 Segmental reporting continued Reportable segments Restated 2021 Covent Garden \u00a3m Other \u00a3m Lillie Square \u00a3m Group total \u00a3m Consolidation adjustments \u00a3m IFRS total \u00a3m Rental income 72.3 \u2013 2.0 74.3 (2.0) 72.3 Proceeds from sale of trading property \u2013 \u2013 24.7 24.7 (24.7) \u2013 Revenue 72.3 \u2013 26.7 99.0 (26.7) 72.3 Rent receivable 62.5 \u2013 0.2 62.7 (0.2) 62.5 Straight-lining of tenant lease incentives 4.5 \u2013 \u2013 4.5 \u2013 4.5 Service charge income 5.3 \u2013 1.8 7.1 (1.8) 5.3 Rental income 72.3 \u2013 2.0 74.3 (2.0) 72.3 Property and service charge expenses (16.0) \u2013 (1.8) (17.8) 1.8 (16.0) Provision for expected credit loss (7.6) \u2013 \u2013 (7.6) \u2013 (7.6) Underlying net rental income 48.7 \u2013 0.2 48.9 (0.2) 48.7 Lease modification and impairment of tenant lease incentives (8.7) \u2013 \u2013 (8.7) \u2013 (8.7) Gross profit 40.0 \u2013 0.2 40.2 (0.2) 40.0 Other income \u2013 2.7 \u2013 2.7 0.3 3.0 Profit on sale of trading property \u2013 \u2013 5.6 5.6 (5.6) \u2013 Write down of trading property \u2013 \u2013 (12.0) (12.0) 12.0 \u2013 Loss on revaluation and sale of investment and development property (4.0) \u2013 (0.1) (4.1) \u2013 (4.1) Change in value of investments and other receivables \u2013 (56.1) (0.5) (56.6) 68.2 11.6 Change in fair value of financial assets at fair value through profit or loss \u2013 44.6 \u2013 44.6 \u2013 44.6 Segment profit/(loss) 36.0 (8.8) (6.8) 20.4 74.7 95.1 Unallocated costs: Administration expenses (22.7) (0.1) (22.8) Operating (loss)/profit (2.3) 74.6 72.3 Net finance costs (31.4) 0.2 (31.2) Net other finance costs (4.5) 7.4 2.9 Change in fair value of derivative financial instruments (8.5) \u2013 (8.5) (Loss)/profit before tax (46.7) 82.2 35.5 Taxation (0.7) \u2013 (0.7) Loss for the year (47.4) 82.2 (34.8) Summary balance sheet Total segment assets 2,067.0 601.5 121.1 2,789.6 (9.6) 2,780.0 Total segment liabilities (585.6) (426.5) (2.3) (1,014.4) 2.3 (1,012.1) Segmental net assets 1,481.4 175.0 118.8 1,775.2 (7.3) 1,767.9 Unallocated assets 18.9 \u2013 18.9 Net assets 1,794.1 (7.3) 1,786.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-353": {
"value": "3 Underlying earnings The Group has applied the European Securities and Markets Authority guidelines on alternative performance measures (\u201cAPMs\u201d) in these annual results. An APM is a financial measure of historical or future financial performance, position or cash flow of the Group which is not a measure defined or specified in IFRS. One of the key performance measures the Group uses is underlying earnings. The measure aligns with the main principles of the European Public Real Estate Association (\u201cEPRA\u201d) best practices recommendations for EPRA earnings which provides a measure of recurring income on a transparent and consistent basis to enable comparison between European property companies. Certain Group adjustments, such as adjusting for non-recurring costs, which are not removed from EPRA earnings, are made in order to calculate the Group underlying earnings. The Group considers the presentation of underlying earnings to be useful supplementary information as it represents the recurring, underlying performance of the business. Underlying earnings removes unrealised gains/losses and non-recurring items. Unrealised gains and losses that are excluded are net valuation gains/losses (including profits/losses on disposals), fair value changes and impairment charges. Non-recurring items that are excluded include net refinancing charges, costs of termination of derivative financial instruments and non-recurring income and costs including the proposed merger transaction costs. Taxation charges in relation to these items, which include tax adjustments relating to non-REIT group losses, are excluded. Net rental income as a component of underlying earnings remains an important alternative performance measure of the Group. Lease modification expenses and impairment of tenant lease incentives resulting from the Group providing rental support to its tenants during the COVID-19 pandemic were excluded from underlying earnings during the prior year. Given the scale of the rental support provided to tenants as a result of the COVID-19 pandemic, these non-cash expenses were material and at levels not experienced in the past nor expected to be incurred once tenant support measures required as a result of COVID-19 conclude. These costs recorded in rental expenses were excluded from underlying profit on that basis, as disclosed in the Group\u2019s APM policy. Tenant support measures required as a result of the COVID-19 pandemic have now been concluded and as such future impairments of tenant lease incentives have been included in underlying earnings with effect for 2022. Details of all APMs used by the Group are set out in the APM section on page 201. Internally, the Board focuses on and reviews information and reports prepared on a Group share basis, which includes the Group\u2019s share of joint ventures. Underlying earnings is reported on a Group share basis. 3 Underlying earnings continued The calculation of underlying earnings per share, reconciled to the IFRS (loss)/profit for the year, is set out below: Note 2022 \u00a3m Restated 2021 \u00a3m Rental income 75.5 74.3 Property and service charge expenses (18.0) (17.8) Impairment of tenant lease incentives 1 4 (1.9) \u2013 Reversal of/(provision for) expected credit loss 1.6 (7.6) Underlying net rental income 57.2 48.9 Other income 13.5 2.7 Underlying administration costs (26.1) (19.9) Underlying operating profit 44.6 31.7 Finance costs (27.2) (31.8) Finance income 2.6 0.4 Underlying net finance costs (24.6) (31.4) Underlying profit before tax 20.0 0.3 Taxation (1.4) 0.4 Underlying earnings 18.6 0.7 Underlying earnings per share (pence) 2.2 0.1 W eighted average number of shares in issue 13 851.3m 851.3m Underlying earnings 18.6 0.7 Reconciliation to IFRS: Lease modification expenses 4 \u2013 (6.4) Impairment of tenant lease incentives 1 4 \u2013 (2.3) Loss on revaluation and sale of investment and development property 7 (0.8) (4.1) Change in value of investments and other receivables 8 (7.9) 11.6 Non-underlying administration expenses 6 (14.6) (2.8) Other finance income 9 3.5 8.1 Other finance costs 10 (6.5) (5.2) Change in fair value of derivative financial instruments 17 39.8 (8.5) Change in fair value of financial assets at fair value through profit or loss 16 (239.5) 44.6 Taxation (4.6) (1.1) Other 0.2 0.2 (Loss)/profit for the year (211.8) 34.8 1. Due to the impact of COVID-19, lease modification expenses and impairment of tenant lease incentives of \u00a38.7 million have been excluded from underlying earnings for 2021. Tenant support measures required as a result of the COVID-19 pandemic have now been concluded and as such impairments of tenant lease incentives have been included in underlying earnings for 2022 onwards. ",
"dimensions": {
"concept": "capco:DisclosureOfUnderlyingEarnings",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-354": {
"value": "4 Gross profit 2022 \u00a3m Restated 2021 \u00a3m Rental receivable 61.5 62.5 Straight-lining of tenant lease incentives 6.3 4.5 Service charge income 6.3 5.3 Revenue 74.1 72.3 Reversal of/(provision for) expected credit loss 1.6 (7.6) Property expenses (10.2) (10.7) Service charge expenses (6.3) (5.3) Lease modification expenses \u2013 (6.4) Impairment of tenant lease incentives (1.9) (2.3) Costs (16.8) (32.3) Gross profit 57.3 40.0 All revenue has been generated from operations within the United Kingdom. ",
"dimensions": {
"concept": "capco:DisclosureOfGrossProfit",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-385": {
"value": "2022 \u00a3m Restated 2021 \u00a3m Rental receivable 61.5 62.5 Straight-lining of tenant lease incentives 6.3 4.5 Service charge income 6.3 5.3 Revenue 74.1 72.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-386": {
"value": "Reversal of/(provision for) expected credit loss 1.6 (7.6) Property expenses (10.2) (10.7) Service charge expenses (6.3) (5.3) Lease modification expenses \u2013 (6.4) Impairment of tenant lease incentives (1.9) (2.3) Costs (16.8) (32.3) Gross profit 57.3 40.0 All revenue has been generated from operations within the United Kingdom. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-355": {
"value": "5 Other income 2022 \u00a3m 2021 \u00a3m Dividend income 1 13.5 2.3 Management fee income 2 \u2013 0.7 Other income 13.5 3.0 1. Dividend income earned from the Group\u2019s investment in Shaftesbury. 2. Management fees charged to joint ventures for services associated with the management of properties and other general expenses as defined by management agreements. ",
"dimensions": {
"concept": "capco:DisclosueOfOtherIncome",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-356": {
"value": "6 Administration expenses Included within administration expenses in the consolidated statement of comprehensive income are: 2022 \u00a3m 2021 \u00a3m Depreciation 0.2 0.2 Other administration expenses 25.8 19.8 Non-underlying administration expenses 1 14.6 2.8 Total administration expenses 40.6 22.8 1. Non-underlying administration expenses totalled \u00a314.6 million (2021: \u00a32.8 million). Current period costs relate to transaction fees and expenses in respect of the proposed all- share merger with Shaftesbury. Prior period costs included \u00a31.8 million lease assignment costs in respect of the office building previously occupied by the Group, while the remainder of the costs related to legal and other costs incurred in respect of group restructurings and transactions. These costs have been classified as non-underlying as they do not represent the recurring, underlying performance of the Group. 6 Administration expenses continued (a) Employee costs 2022 \u00a3m 2021 \u00a3m Wages and salaries 12.4 9.3 Social security costs 2.0 1.1 Other pension costs 0.9 0.8 Share-based payment 1 31 2.4 1.6 Total employee costs 17.7 12.8 1. Includes \u00a30.1 million (2021: \u00a30.1 million) for national insurance on share options are due to changes in vesting and forfeiture assumptions. (b) Employee numbers A verage monthly number of people (including Executive Directors) employed 2022 2021 Total average headcount 67 69 The details of individual Directors\u2019 remuneration and pension benefits as set out in the tables contained in the Directors\u2019 Remuneration Report on pages 105 to 127 form part of these consolidated financial statements. Share-based payment charges are calculated based on the expected fair value of share awards as calculated using the Black-Scholes option pricing model. The Group recharges corporate head office costs based primarily on asset value to its operations. (c) Auditors\u2019 remuneration 2022 \u00a3m 2021 \u00a3m Remuneration to the principal auditors in respect of audit fees: Company and Group consolidated financial statements 0.5 0.3 Audit of the financial statements of the Company\u2019s subsidiaries 0.2 0.1 Fees related to the audit of the Company and its subsidiaries 0.7 0.4 Audit related assurance services including interim review 0.1 0.1 Total fees for audit and audit related services 0.8 0.5 The Group\u2019s auditors, PricewaterhouseCoopers LLP, are engaged on assignments in addition to their audit engagement duties where their expertise and experience of the Group are important. 2022 non-audit fees, including the interim review and agreed upon procedures, represented 11.0 per cent of the total fee (2021: 18.0 per cent). Further details on the Audit Committee\u2019s non-audit services policy can be found on page 101. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-387": {
"value": "(a) Employee costs 2022 \u00a3m 2021 \u00a3m Wages and salaries 12.4 9.3 Social security costs 2.0 1.1 Other pension costs 0.9 0.8 Share-based payment 1 31 2.4 1.6 Total employee costs 17.7 12.8 1. Includes \u00a30.1 million (2021: \u00a30.1 million) for national insurance on share options are due to changes in vesting and forfeiture assumptions. (b) Employee numbers A verage monthly number of people (including Executive Directors) employed 2022 2021 Total average headcount 67 69 The details of individual Directors\u2019 remuneration and pension benefits as set out in the tables contained in the Directors\u2019 Remuneration Report on pages 105 to 127 form part of these consolidated financial statements. Share-based payment charges are calculated based on the expected fair value of share awards as calculated using the Black-Scholes option pricing model. The Group recharges corporate head office costs based primarily on asset value to its operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "(a) Employee costs 2022 \u00a3m 2021 \u00a3m Wages and salaries 12.4 9.3 Social security costs 2.0 1.1 Other pension costs 0.9 0.8 Share-based payment 1 31 2.4 1.6 Total employee costs 17.7 12.8 1. Includes \u00a30.1 million (2021: \u00a30.1 million) for national insurance on share options are due to changes in vesting and forfeiture assumptions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-388": {
"value": "(c) Auditors\u2019 remuneration 2022 \u00a3m 2021 \u00a3m Remuneration to the principal auditors in respect of audit fees: Company and Group consolidated financial statements 0.5 0.3 Audit of the financial statements of the Company\u2019s subsidiaries 0.2 0.1 Fees related to the audit of the Company and its subsidiaries 0.7 0.4 Audit related assurance services including interim review 0.1 0.1 Total fees for audit and audit related services 0.8 0.5 The Group\u2019s auditors, PricewaterhouseCoopers LLP, are engaged on assignments in addition to their audit engagement duties where their expertise and experience of the Group are important. 2022 non-audit fees, including the interim review and agreed upon procedures, represented 11.0 per cent of the total fee (2021: 18.0 per cent). Further details on the Audit Committee\u2019s non-audit services policy can be found on page 101. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-357": {
"value": "7 Loss on revaluation and sale of investment and development property 2022 \u00a3m Restated 2021 \u00a3m (Loss)/gain on revaluation of investment and development property (0.8) 1.8 Loss on sale of investment and development property \u2013 (5.9) Loss on revaluation and sale of investment and development property (0.8) (4.1) ",
"dimensions": {
"concept": "capco:DisclosureOfLossOnRevaluationAndSaleOfInvestmentAndDevelopmentProperty",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-358": {
"value": "8 Change in value of investments and other receivables 2022 \u00a3m 2021 \u00a3m (Impairment)/write-back of investments and other receivables (7.9) 67.7 Waiver of joint venture loan \u2013 (56.1) Change in value of investments and other receivables (7.9) 11.6 8 Change in value of investments and other receivables continued The change in value of investments and other receivables relates to amounts receivable from the Lillie Square joint venture. The investment and other receivables in Lillie Square consist of the equity investment, interest bearing loans issued by the joint venture and a working capital facility. Due to the joint venture being in a net liability position, and incurring losses in the year, the equity investment is held at nil (2021: nil). As at the balance sheet date, prior to impairment, the Group held an interest bearing loan at \u00a386.4 million (2021: \u00a383.0 million) and working capital facility of \u00a328.2 million (2021: \u00a345.5 million). The reduction in working capital facility in the year reflects a repayment from the joint venture of \u00a317.5 million to each partner following property sales at the end of 2021. As required by IFRS 9, an impairment assessment was performed comparing the carrying amount of the interest bearing loans and working capital facility to the present value of the estimated future cash flows from the joint venture. The key assumptions made in the impairment assessment were the cash flows to be generated over the project life and the timing thereof. In terms of IFRS 9 requirements the Group applied a discount rate of 4.25 per cent (being the effective interest rate on the loan to the joint venture) to the cash flows which are in line with the strategic plan of the joint venture. As a result, the Group has booked an impairment of \u00a37.9 million during 2022 leading to a cumulative impairment of \u00a330.6 million (2021: \u00a322.7 million cumulative impairment). The cumulative impairment takes into consideration the losses from the joint venture. Factoring in the impairment, the interest bearing loan is held at a net book value of \u00a384.0 million (2021: \u00a382.9 million) and working capital facility at nil (2021: \u00a322.8 million). The balances are included within Trade and other receivables at the balance sheet date. Further details are set out in note 18 \u2018Trade and other receivables\u2019. In August 2021, deep discount bonds, with a nominal value of \u00a3276.1 million, which were issued by the joint venture to the Group and KFI in August 2012, were due to mature. Ahead of the bonds maturing, the Group and KFI waived a portion of the bonds and reduced the nominal redemption value to \u00a3163.0 million (Capco share \u00a381.5 million) which resulted in a write back of \u00a350.3 million of the previously impaired balance and the crystallisation of a debt waiver loss of \u00a356.1 million recognised in the prior year. ",
"dimensions": {
"concept": "capco:DisclosureOfChangeInValueOfInvestmentsAndOtherReceivables",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-359": {
"value": "9 Finance income 2022 \u00a3m 2021 \u00a3m Finance income: On deposits and other 1.4 0.5 On interest rate derivatives 1 1.2 \u2013 Finance income 2.6 0.5 Other finance income: On loan to joint venture 2 3.5 1.4 On deep discount bonds 2 \u2013 6.6 On deferred consideration \u2013 0.1 Other finance income 3.5 8.1 1. The Group earned interest on interest rate derivatives entered into to manage its exposure to interest rate risk. 2. The Group earned interest on the deep discount bonds issued by the Lillie Square joint venture up to their redemption on 31 July 2021. In the prior year, the Group and KFI each provided an interest bearing loan to the joint venture that was used to redeem the bonds. The interest earned on both these instruments are excluded from the calculation of underlying earnings as deep discount bonds and loans to joint ventures eliminate on a Group share basis due to the Lillie Square joint venture having the corresponding finance cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-360": {
"value": "10 Finance costs 2022 \u00a3m Restated 2021 \u00a3m On bank facilities and loan notes 18.2 22.8 On exchangeable bonds 1 8.3 8.2 On obligations under lease liabilities 0.7 0.7 Finance costs 27.2 31.7 Other finance costs: Non-underlying finance charges 2 6.5 5.2 Other finance costs 6.5 5.2 1. On 30 November 2020 the Group issued \u00a3275 million of secured exchangeable bonds maturing in March 2026. The net proceeds received from the issue of the exchangeable bonds have been split between the financial liability element and an option component. The debt component is accounted for at amortised cost and, after taking into account transaction costs, accrues interest at an effective interest rate of 3.1 per cent, of which 2 per cent (\u00a35.5 million) represent the cash coupon on the bond. 2. Non-underlying finance charges have been excluded from the calculation of underlying earnings as the charges relate to non-recurring costs in connection with the early repayment of \u00a375 million of private placement notes, the repayment of the \u00a3125 million secured loan and the cost of entering into the standby loan facility during the current period. Prior year costs related to non-recurring costs in connection with the re-financing of the Revolving Credit Facility, early settlement of interest rate derivatives and costs associated with debt covenant waivers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-361": {
"value": "11 Taxation 2022 \u00a3m 2021 \u00a3m Deferred income tax: On accelerated capital allowances 0.1 0.1 On fair value of derivative financial instruments \u2013 2.2 On Group losses 4.7 (1.1) On other temporary differences 1.2 (0.5) Deferred tax on losses 6.0 0.7 Total taxation charge in the consolidated statement of comprehensive income 1 6.0 0.7 Factors affecting the tax charge for the year The tax charge for the year is \u00a36.0 million (2021: \u00a30.7 million) against a loss before tax of \u00a3205.8 million (2021: \u00a335.5 million profit). A reconciliation against the standard rate of corporation tax in the United Kingdom (\u201cUK\u201d) is set out below: 2022 \u00a3m Restated 2021 \u00a3m (Loss)/profit before tax (205.8) 35.5 (Loss)/profit on ordinary activities multiplied by the standard rate in the UK of 19% (2021: 19%) (39.1) 6.7 Revaluation losses/(profits) attributable to REIT business 45.6 (8.8) Expenses disallowed 2.4 3.1 Non-taxable items (0.2) (0.5) REIT tax-exempt rental profits (8.3) 0.6 Other temporary differences not provided 0.9 0.7 Unwind deferred tax on prior period group losses 4.7 \u2013 Restatement of deferred income tax following change in corporation tax rate \u2013 (1.1) Total taxation charge in the consolidated statement of comprehensive income 1 6.0 0.7 1. Refer to note 25 \u2018Deferred tax\u2019 for further detail on deferred tax amount unwound for the year ended 31 December 2022. As a UK REIT, the Group is exempt from UK corporation tax on income and gains from qualifying activities. Non-qualifying activities are subject to UK corporation tax. As a UK REIT, Capco must distribute at least 90 per cent of the Group\u2019s income profits from its tax-exempt property rental business (calculated by reference to tax rather than accounting rules), and 100 per cent of the Group\u2019s UK REIT investment profits, by way of a dividend, which is known as a Property Income Distribution (\u201cPID\u201d). A corporation tax charge will arise for the Group at 19 per cent if the minimum PID requirement is not met within 12 months of the end of the period. Further details regarding the PID is set out in note 12 \u2018Dividends\u2019. The UK Budget announced on 3 March 2021 confirmed an increase in the main corporation tax rate from 19 to 25 per cent with effect from 1 April 2023. This change was substantively enacted on 24 May 2021 and no further amendments to the corporation tax rate have been enacted to date. ",
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"fact-362": {
"value": "12 Dividends Group and Company 2022 \u00a3m 2021 \u00a3m Ordinary shares Prior year final dividend of 1.0 pence per share (2021: nil pence) 8.5 \u2013 Interim dividend of 0.8 pence per share (2021: 0.5 pence) 6.8 4.3 Dividend expense 15.3 4.3 Bonus issue in lieu of cash dividends 1 \u2013 (0.3) Cash dividends paid 15.3 4.0 Second interim dividend of 1.7 pence per share (2021: 1.0 pence) 14.5 8.5 1. Adjustments for bonus issue arise from those shareholders who elect to receive their dividends in scrip form prior to the declaration of dividend which occurs at the Company\u2019s Annual General Meeting and shareholders who elect to receive their shares on an evergreen basis. These shares are treated as a bonus issue and allotted at nominal value. As a UK REIT, Capco must distribute at least 90 per cent of the Group\u2019s income profits from its tax-exempt property rental business, and 100 per cent of the Group\u2019s UK REIT investment profits, by way of a PID. These distributions can be subject to withholding tax at 20 per cent. Dividends from profits of the Group\u2019s taxable residual business are ordinary dividend and will be taxed as an ordinary dividend. A corporation tax charge would arise for the Group if the minimum PID requirement is not met within 12 months of the end of the period. On 8 July 2022, the Group paid a final dividend for 2021 of 1.0 pence per ordinary share split equally between a PID and non-PID. On 19 September 2022 for shares registered in South Africa and 20 September 2022 for shares registered in the UK, the Group paid an interim dividend for 2022 of 0.8 pence per ordinary share. The interim dividend was paid wholly as a PID. Together, these dividend payments fully settled the Group\u2019s PID requirement for the year ended 31 December 2021. On 30 January 2023, the Directors declared a second interim dividend of 1.7 pence per ordinary share (of which 0.7 pence per ordinary share will be paid as a PID and 1.0 pence per ordinary share as a non-PID), bringing the total dividend for 2022 to 2.5 pence per ordinary share. The second interim dividend will be paid on 20 March 2023 to all shareholders on the register on 3 March 2023. The payment will settle the PID requirement for the year ended 31 December 2022. ",
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"value": "13 Earnings per share and net assets per share (a) Weighted average number of ordinary shares 2022 m 2021 m Weighted average number of ordinary shares in issue 851.3 851.3 Adjustments: Dilutive effect of contingently issuable share option awards 1 0.8 0.5 Dilutive effect of contingently issuable deferred share awards 1 \u2013 0.1 A djusted, diluted weighted average number of ordinary shares in issue 852.1 851.9 1. The dilutive effect of contingently issuable share option awards were not included in the calculation of diluted earnings per share for the year ended 31 December 2022 because they are anti-dilutive. These options could potentially dilute basic earnings per share in the future. (b) Basic and diluted (loss)/earnings per share 2022 \u00a3m Restated 2021 \u00a3m (Loss)/earnings used for calculation of basic and diluted loss per share (211.8) 34.8 Basic and diluted (loss)/earnings per share (pence) (24.9) 4.1 EPRA Earnings per share is disclosed in table 1of the EPRA measures on page 203. (c) Headline (loss)/earnings per share Headline earnings per share is calculated in accordance with Circular 1/2021 issued by the South African Institute of Chartered Accountants, a requirement of the Group\u2019s Johannesburg Stock Exchange secondary listing. This measure is not a requirement of IFRS. 2022 Restated 2021 Loss \u00a3m Shares million Loss per share (pence) Earnings \u00a3m Shares million Earnings per share (pence) Basic (loss)/earnings (211.8) 851.3 (24.9) 34.8 851.3 4.1 Group adjustments: Loss on revaluation and sale of investment and development property 0.8 4.1 Headline (loss)/earnings (211.0) 851.3 (24.8) 38.9 851.3 4.6 Dilutive effect of contingently issuable share option awards 1 \u2013 0.8 \u2013 0.5 Dilutive effect of contingently issuable deferred share awards 1 \u2013 \u2013 \u2013 0.1 Diluted headline (loss)/earnings (211.0) 852.1 (24.8) 38.9 851.9 4.6 1. Further information on these potential ordinary shares can be found in note 31 \u2018Share-based payments\u2019. 13 Earnings per share and net assets per share continued (d) Closing number of ordinary shares 2022 m 2021 m Number of ordinary shares in issue 851.5 851.3 Adjustments: Dilutive effect of contingently issuable share option awards 0.8 0.5 Dilutive effect of contingently issuable deferred share awards \u2013 0.1 A djusted, diluted number of ordinary shares in issue 852.3 851.9 (e) Net assets per share EPRA NRV, NTA and NDV are alternative performance measures that are calculated in accordance with the Best Practices Recommendations of the EPRA to provide a transparent and consistent basis to enable comparison between European property companies. See Alternative Performance Measures and EPRA measures on pages 201 to 206 for further information. 2022 Restated 2021 EPRA NRV \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m EPRA NRV \u00a3m EPRA NTA \u00a3m EPRA NDV \u00a3m IFRS total equity 1 1,561.6 1,561.6 1,561.6 1,786.8 1,786.8 1,786.8 Diluted NAV 1,561.6 1,561.6 1,561.6 1,786.8 1,786.8 1,786.8 Group adjustments: Revaluation of other non-current assets 2 \u2013 \u2013 \u2013 7.3 7.3 7.3 Unrecognised surplus on trading property \u2013 joint venture 7.1 7.1 7.1 0.1 0.1 0.1 Diluted NAV at Fair Value 1,568.7 1,568.7 1,568.7 1,794.2 1,794.2 1,794.2 Fair value of derivative financial instruments 3 (12.1) (12.1) \u2013 (1.1) (1.1) \u2013 Fair value adjustment of exchangeable bond 4 (4.8) (4.8) \u2013 21.2 21.2 \u2013 Real Estate Transfer Tax 116.0 \u2013 \u2013 115.9 \u2013 \u2013 Excess fair value of debt over carrying value 5 \u2013 \u2013 (121.4) \u2013 \u2013 6.5 Deferred tax adjustments 0.4 0.4 \u2013 0.2 0.2 \u2013 NAV 1,668.2 1,552.2 1,447.3 1,930.4 1,814.5 1,800.7 Diluted number of shares 852.3 852.3 852.3 851.9 851.9 851.9 NAV per share (pence) 195.7 182.1 169.8 226.6 213.0 211.4 1. IFRS total equity of 183.2 pence per share (2021: 209.7 pence per share). 2. This relates to the impairment under IFRS 9 of amounts receivable from joint ventures compared to the Group\u2019s share of losses in the joint venture. 3. This relates to the fair value of interest rate derivatives. Further details are disclosed within note 17 \u2018Derivative financial instruments\u2019. 4. Adjustment to remove the exchangeable bond option fair value and include the exchangeable bond liability at nominal value of \u00a3275 million. 5. Excludes fair value of exchangeable bond option component included under derivative liabilities as disclosed in note 17 \u2018Derivative financial instruments\u2019. ",
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"fact-364": {
"value": "14 Property portfolio (a) Investment and development property Property portfolio Tenure Covent Garden \u00a3m Other \u00a3m Total \u00a3m Freehold \u00a3m Leasehold \u00a3m Restated balance at 1 January 2021 1,793.1 2.1 1,795.2 1,035.1 760.1 Additions from subsequent expenditure 6.8 \u2013 6.8 5.2 1.6 Disposals (98.2) \u2013 (98.2) (93.4) (4.8) Gain/(loss) on revaluation 1.8 \u2013 1.8 4.8 (3.0) Restated balance at 31 December 2021 1, 703.5 2.1 1,705.6 951.7 753.9 Additions from subsequent expenditure 10.3 \u2013 10.3 5.5 4.8 Loss on revaluation (0.8) \u2013 (0.8) 2.6 (3.4) A t 31 December 2022 1,713.0 2.1 1,715.1 959.8 755.3 (b) Market value reconciliation of total property Covent Garden \u00a3m Other \u00a3m Total \u00a3m Carrying value of investment and development property at 31 December 2022 1,713.0 2.1 1,715.1 Adjustment in respect of fixed head leases (6.1) \u2013 (6.1) Adjustment in respect of tenant lease incentives 34.7 \u2013 34.7 Market value of investment and development property at 31 December 2022 1,741.6 2.1 1,743.7 Joint venture: Group share of carrying value of joint venture investment, development and trading property at 31 December 2022 \u2013 69.9 69.9 Group share of unrecognised surplus on joint venture trading property 1 \u2013 7.1 7.1 Market value of investment, development and trading property on a Group share basis at 31 December 2022 1,741.6 79.1 1,820.7 Covent Garden \u00a3m Other \u00a3m Total \u00a3m Carrying value of investment and development property at 31 December 2021 (restated) 1,703.5 2.1 1,705.6 Adjustment in respect of fixed head leases (6.1) \u2013 (6.1) Adjustment in respect of tenant lease incentives (restated) 31.1 \u2013 31.1 Market value of investment and development property at 31 December 2021 1,728.5 2.1 1,730.6 Joint venture: Group share of carrying value of joint venture investment, development and trading property at 31 December 2021 \u2013 84.0 84.0 Group share of unrecognised surplus on joint venture trading property 1 \u2013 0.1 0.1 Market value of investment, development and trading property on a Group share basis at 31 December 2021 1,728.5 86.2 1,814.7 1. The unrecognised surplus on trading property is shown for informational purposes only and is not a requirement of IFRS. Trading property continues to be measured at the lower of cost and net realisable value in the consolidated financial statements. 14 Property portfolio continued The fair value of the Group\u2019s investment, development and trading property at 31 December 2022 was determined by independent, appropriately qualified external valuers, CBRE for the Covent Garden estate and JLL for Lillie Square. The valuations conform to the Royal Institution of Chartered Surveyors (\u201cRICS\u201d) Valuation Professional Standards. Fees paid to valuers are based on fixed price contracts. Each year the Company appoints the external valuers. The valuers are selected based upon their knowledge, independence and reputation for valuing assets such as those held by the Group. Valuations are performed bi-annually and are performed consistently across all properties in the Group\u2019s portfolio. At each reporting date appropriately qualified employees of the Group verify all significant inputs and review computational outputs. Valuers submit and present summary reports to the Group\u2019s Audit Committee, with the Executive Directors reporting to the Board on the outcome of each valuation round. Valuations take into account tenure, lease terms and structural condition. The inputs underlying the valuations include market rent or business profitability, likely incentives offered to tenants, forecast growth rates, yields, discount rates, construction costs including any site specific costs (for example Section 106), professional fees, planning fees, developer\u2019s profit including contingencies, planning and construction timelines, lease re-gear costs, planning risk and sales prices based on known market transactions for similar properties or properties similar to those contemplated for development. As at 31 December 2022 all Covent Garden properties are valued under the income capitalisation technique. As highlighted within the Group\u2019s Net Zero Carbon Pathway published in December 2021, developments and refurbishments form a key element of the Group\u2019s 2030 Net Zero Carbon Commitment. During the year the Group\u2019s additions from subsequent expenditure was \u00a310.3 million (2021: \u00a36.8 million). This sum included both capital works which enhanced the environmental performance of assets, and design stage work to deliver environmental enhancements. While new ground up development forms a limited part of the Group activity, the design stage on refitting and refurbishment, particularly of heritage buildings, is equally important to deliver Whole Life Carbon efficiency. For further details, refer to the Responsibility section of the Strategic Report on pages 63 to 83. Valuations are based on what is determined to be the highest and best use. When considering the highest and best use a valuer will consider, on a property by property basis, its actual and potential uses which are physically, legally and financially viable. Where the highest and best use differs from the existing use, the valuer will consider the cost and the likelihood of achieving and implementing this change in arriving at its valuation. A number of the Group\u2019s properties, held within the Lillie Square joint venture, have been valued on the basis of their development potential. In respect of development valuations, the valuer ordinarily considers the gross development value of the completed scheme based upon assumptions of capital values, rental values and yields of the properties which would be created through the implementation of the development. Deductions are then made for anticipated costs, including an allowance for developer\u2019s profit, before arriving at a valuation. At 31 December 2022, the Group was contractually committed to \u00a31.7 million (2021: \u00a34.1 million) of future expenditure for the purchase, construction, development and enhancement of investment, development and trading property. Refer to note 27 \u2018Capital commitments\u2019 for further information on capital commitments. Non-financial assets carried at fair value, as is the case for investment and development property held by the Group, are required to be analysed by level depending on the valuation method adopted under IFRS 13 \u2018Fair Value Measurement\u2019 (\u201cIFRS 13\u201d). Trading property is exempt from IFRS 13 disclosure requirements. The different valuation levels are defined as: Level 1: valuation based on quoted market prices traded in active markets; Level 2: valuation based on inputs other than quoted prices included within Level 1 that maximise the use of observable data either directly or from market prices or indirectly derived from market prices; and Level 3: where one or more inputs to valuation are not based on observable market data. Valuations at this level are more subjective and therefore more closely managed, including sensitivity analysis of inputs to valuation models. When the degree of subjectivity or nature of the measurement inputs changes, consideration is given as to whether a transfer between fair value levels is deemed to have occurred. Unobservable data becoming observable market data would determine a transfer from Level 3 to Level 2. All investment and development properties held by the Group are classified as Level 3 in the current and prior year. 14 Property portfolio continued The following table sets out the valuation techniques used in the determination of market value of investment and development property on a property by property basis, as well as the key unobservable inputs used in the valuation models. Property portfolio Market value 2022 \u00a3m Market value 2021 \u00a3m Valuation technique Key unobservable inputs Range (weighted average) 2022 Range (weighted average) 2021 Covent Garden 1,741.6 1,728.5 Income capitalisation Estimated rental value per sq ft 1 per annum (\u201cp.a.\u201d) \u00a318-\u00a3250 (\u00a381) \u00a315\u2013\u00a3214 (\u00a376) Equivalent yield 1.9%-6.2% (4.1%) 1.8%\u20136.0% (3.9%) Other 2.1 2.1 Income capitalisation Estimated rental value per sq ft 1 p.a. \u00a330-\u00a338 (\u00a333) \u00a330\u2013\u00a338 (\u00a331) Equivalent yield 2.8%-3.7% (3.4%) 2.8%\u20133.7% (3.3%) A t 31 December 1,743.7 1,730.6 1. Estimated rental value and capital value are expressed per square foot on a net internal area basis. Sensitivity to changes in key assumptions Covent Garden properties are valued under the income capitalisation method and if all other factors remained equal, an increase in estimated rental value of five per cent would result in an increased asset valuation of \u00a373.0 million (2021: \u00a371.9 million). A decrease in the estimated rental value of five per cent would result in a decreased asset value of \u00a371.7 million (2021: \u00a371.0 million). Conversely, an increased equivalent yield of 25 basis points would result in a decreased asset valuation of \u00a3102.2 million (2021: \u00a3105.2 million). A decreased equivalent yield of 25 basis points would result in an increased asset valuation of \u00a3115.3 million (2021: \u00a3119.8 million). For Other properties valued under the income capitalisation method and if all other factors remained equal, an increase in estimated rental value of five per cent would result in an increased asset valuation of \u00a30.1 million (2021: \u00a30.1 million). A decrease in the estimated rental value of five per cent would result in a decreased asset value of \u00a30.1 million (2021: \u00a30.1 million). Conversely, an increased equivalent yield of 25 basis points would result in a decreased asset valuation of \u00a30.2 million (2021: \u00a30.2 million). A decreased equivalent yield of 25 basis points would result in an increased asset valuation of \u00a30.2 million (2021: \u00a30.2 million). These key unobservable inputs are interdependent, partially determined by market conditions. All other factors being equal, a higher equivalent yield would lead to a decrease in the valuation, and an increase in estimated rental value would increase the capital value, and vice versa. However, there are interrelationships between the key unobservable inputs which are partially determined by market conditions, which would impact these changes. ",
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"value": "15 Investment in joint ventures Investment in joint ventures is measured using the equity method. All joint ventures are held with other joint venture investors on a 50:50 basis. At 31 December 2022, joint ventures comprise the Lillie Square joint venture (\u201cLSJV\u201d) and Innova Investment (\u201cInnova\u201d). On 6 April 2022 The Great Capital Partnership (\u201cGCP\u201d) was dissolved. LSJV LSJV was established as a joint venture arrangement with the Kwok Family Interests (\u201cKFI\u201d) in August 2012. The joint venture was established to own, manage and develop land interests at Lillie Square. LSJV comprises Lillie Square LP, Lillie Square GP Limited, acting as general partner to the partnership, and its subsidiaries. All major decisions regarding LSJV are taken by the Board of Lillie Square GP Limited, through which the Group shares strategic control. The summarised statement of comprehensive income and balance sheet of LSJV are presented below. LSJV 2022 \u00a3m 2021 \u00a3m Summarised statement of comprehensive income Revenue 6.8 49.6 Net rental (expense)/income (0.3) 0.3 Proceeds from the sale of trading property 6.6 49.3 Profit on transfer of trading property to investment property 0.6 \u2013 Cost of sale of trading property (5.3) (37.8) Agent, selling and marketing fees (0.1) (0.1) Write down of trading property (24.7) (24.0) Administration expenses (0.2) (0.5) Net finance costs 1 (7.0) (11.3) Loss for the year after taxation (30.4) (24.1) 1. Net finance costs include \u00a37.0 million (2021: \u00a32.9 million) interest payable on the interest bearing loans issued to the joint venture by the Group and KFI. The prior year finance costs also included \u00a38.4 million of amortisation of deep discount bonds up to their redemption on 31 July 2021. Finance income receivable by the Group from LSJV of \u00a33.5 million (2021: \u00a38.0 million) is recognised in the consolidated statement of comprehensive income within other finance income. LSJV 2022 \u00a3m 2021 \u00a3m Summarised balance sheet Investment and development property 8.8 3.3 Trading property 131.0 164.8 Cash and cash equivalents 1 11.8 44.6 Other non-current assets 5.5 5.0 Other current assets 1.9 1.1 Amounts payable to joint venture partners 2 (217.5) (246.0) Other current liabilities (3.1) (4.0) Net liabilities (61.6) (31.2) Capital commitments 1.6 2.6 Carrying value of investment, development and trading property 139.8 168.0 Unrecognised surplus on trading property 3 14.2 0.1 Market value of investment, development and trading property 3 154.0 168.1 1. Prior year cash and cash equivalents included restricted cash of \u00a30.5 million relating to amounts received as property deposits that had not been available for use by LSJV until completion of building work. There was a corresponding liability of \u00a30.5 million within other current liabilities. 2. Amounts payable to joint venture partners include working capital facilities advanced by the Group and KFI of \u00a328.2 million (2021: \u00a345.5 million) and a \u00a3163.0 million loan advanced by the Group and KFI to the joint venture. The carrying value of the loan, including accrued interest was \u00a3172.9 million (2021: \u00a3165.9 million). Recoverable amounts receivable by the Group, net of impairments, are recognised on the consolidated balance sheet within non-current trade and other receivables. 3. The unrecognised surplus on trading property and the market value of LSJV\u2019s property portfolio are shown for informational purposes only and are not a requirement of IFRS. Trading property continues to be measured at the lower of cost and net realisable value. 15 Investment in joint ventures continued Innova On 29 June 2015, the Group acquired a 50 per cent interest in Innova, a joint venture arrangement with Network Rail Infrastructure Limited. The joint venture will explore opportunities for future redevelopments on and around significant railway station sites in London. Innova comprises Innova Investment Limited Partnership and Innova Investment GP Limited, acting as general partner to the partnership. All major decisions regarding Innova are taken by the Board of Innova Investment GP Limited, through which the Group shares strategic control. The summarised balance sheet of Innova is presented below. There was no movement through the statement of comprehensive income during the year. Innova 2022 \u00a3m 2021 \u00a3m Summarised balance sheet Cash and cash equivalents 0.4 0.9 Other current liabilities \u2013 (0.5) Net assets 0.4 0.4 Reconciliation of summarised financial information The table below reconciles the summarised joint venture financial information previously presented to the carrying value of investment in joint ventures as presented on the consolidated balance sheet. GCP \u00a3m LSJV \u00a3m Innova \u00a3m Total \u00a3m Net assets/(liabilities) of joint ventures at 31 December 2021 0.1 (31.2) 0.4 (30.7) Elimination of joint venture partners\u2019 interest \u2013 15.6 (0.2) 15.4 Cumulative losses restricted 1 \u2013 15.6 \u2013 15.6 Carrying value at 31 December 2021 0.1 \u2013 0.2 0.3 Net assets/(liabilities) of joint ventures at 31 December 2022 0.1 (61.6) 0.4 (61.1) Elimination of joint venture partners\u2019 interest \u2013 30.8 (0.2) 30.6 Cumulative losses restricted 1 \u2013 30.8 \u2013 30.8 Unwind of joint venture (0.1) \u2013 \u2013 (0.1) Carrying value at 31 December 2022 \u2013 \u2013 0.2 0.2 1. Cumulative losses restricted represent the Group\u2019s share of losses in LSJV which exceed the Group\u2019s investment in the joint venture. As a result the carrying value of the investment in LSJV is nil (2021: nil) in accordance with the requirements of IAS 28. Reconciliation of investment in joint ventures The table below reconciles the opening to closing carrying value of investment in joint ventures as presented on the consolidated balance sheet. Investment in joint ventures GCP \u00a3m LSJV \u00a3m Innova \u00a3m Total \u00a3m At 1 January 2021 0.1 \u2013 0.2 0.3 At 31 December 2021 0.1 \u2013 0.2 0.3 Loss for the year 1 \u2013 (15.2) \u2013 (15.2) Loss restricted 1 \u2013 15.2 \u2013 15.2 Unwind of joint venture (0.1) \u2013 \u2013 (0.1) A t 31 December 2022 \u2013 \u2013 0.2 0.2 1. The share of post-tax loss from joint ventures in the consolidated statement of comprehensive income of nil (2021: nil) comprises the loss for the year of \u00a315.2 million (2021: \u00a312.0 million) and loss restricted totalling \u00a315.2 million (2021: \u00a312.0 million). ",
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"fact-389": {
"value": "15 Investment in joint ventures Investment in joint ventures is measured using the equity method. All joint ventures are held with other joint venture investors on a 50:50 basis. At 31 December 2022, joint ventures comprise the Lillie Square joint venture (\u201cLSJV\u201d) and Innova Investment (\u201cInnova\u201d). On 6 April 2022 The Great Capital Partnership (\u201cGCP\u201d) was dissolved. LSJV LSJV was established as a joint venture arrangement with the Kwok Family Interests (\u201cKFI\u201d) in August 2012. The joint venture was established to own, manage and develop land interests at Lillie Square. LSJV comprises Lillie Square LP, Lillie Square GP Limited, acting as general partner to the partnership, and its subsidiaries. All major decisions regarding LSJV are taken by the Board of Lillie Square GP Limited, through which the Group shares strategic control. The summarised statement of comprehensive income and balance sheet of LSJV are presented below. LSJV 2022 \u00a3m 2021 \u00a3m Summarised statement of comprehensive income Revenue 6.8 49.6 Net rental (expense)/income (0.3) 0.3 Proceeds from the sale of trading property 6.6 49.3 Profit on transfer of trading property to investment property 0.6 \u2013 Cost of sale of trading property (5.3) (37.8) Agent, selling and marketing fees (0.1) (0.1) Write down of trading property (24.7) (24.0) Administration expenses (0.2) (0.5) Net finance costs 1 (7.0) (11.3) Loss for the year after taxation (30.4) (24.1) 1. Net finance costs include \u00a37.0 million (2021: \u00a32.9 million) interest payable on the interest bearing loans issued to the joint venture by the Group and KFI. The prior year finance costs also included \u00a38.4 million of amortisation of deep discount bonds up to their redemption on 31 July 2021. Finance income receivable by the Group from LSJV of \u00a33.5 million (2021: \u00a38.0 million) is recognised in the consolidated statement of comprehensive income within other finance income. LSJV 2022 \u00a3m 2021 \u00a3m Summarised balance sheet Investment and development property 8.8 3.3 Trading property 131.0 164.8 Cash and cash equivalents 1 11.8 44.6 Other non-current assets 5.5 5.0 Other current assets 1.9 1.1 Amounts payable to joint venture partners 2 (217.5) (246.0) Other current liabilities (3.1) (4.0) Net liabilities (61.6) (31.2) Capital commitments 1.6 2.6 Carrying value of investment, development and trading property 139.8 168.0 Unrecognised surplus on trading property 3 14.2 0.1 Market value of investment, development and trading property 3 154.0 168.1 1. Prior year cash and cash equivalents included restricted cash of \u00a30.5 million relating to amounts received as property deposits that had not been available for use by LSJV until completion of building work. There was a corresponding liability of \u00a30.5 million within other current liabilities. 2. Amounts payable to joint venture partners include working capital facilities advanced by the Group and KFI of \u00a328.2 million (2021: \u00a345.5 million) and a \u00a3163.0 million loan advanced by the Group and KFI to the joint venture. The carrying value of the loan, including accrued interest was \u00a3172.9 million (2021: \u00a3165.9 million). Recoverable amounts receivable by the Group, net of impairments, are recognised on the consolidated balance sheet within non-current trade and other receivables. 3. The unrecognised surplus on trading property and the market value of LSJV\u2019s property portfolio are shown for informational purposes only and are not a requirement of IFRS. Trading property continues to be measured at the lower of cost and net realisable value. 15 Investment in joint ventures continued Innova On 29 June 2015, the Group acquired a 50 per cent interest in Innova, a joint venture arrangement with Network Rail Infrastructure Limited. The joint venture will explore opportunities for future redevelopments on and around significant railway station sites in London. Innova comprises Innova Investment Limited Partnership and Innova Investment GP Limited, acting as general partner to the partnership. All major decisions regarding Innova are taken by the Board of Innova Investment GP Limited, through which the Group shares strategic control. The summarised balance sheet of Innova is presented below. There was no movement through the statement of comprehensive income during the year. Innova 2022 \u00a3m 2021 \u00a3m Summarised balance sheet Cash and cash equivalents 0.4 0.9 Other current liabilities \u2013 (0.5) Net assets 0.4 0.4 Reconciliation of summarised financial information The table below reconciles the summarised joint venture financial information previously presented to the carrying value of investment in joint ventures as presented on the consolidated balance sheet. GCP \u00a3m LSJV \u00a3m Innova \u00a3m Total \u00a3m Net assets/(liabilities) of joint ventures at 31 December 2021 0.1 (31.2) 0.4 (30.7) Elimination of joint venture partners\u2019 interest \u2013 15.6 (0.2) 15.4 Cumulative losses restricted 1 \u2013 15.6 \u2013 15.6 Carrying value at 31 December 2021 0.1 \u2013 0.2 0.3 Net assets/(liabilities) of joint ventures at 31 December 2022 0.1 (61.6) 0.4 (61.1) Elimination of joint venture partners\u2019 interest \u2013 30.8 (0.2) 30.6 Cumulative losses restricted 1 \u2013 30.8 \u2013 30.8 Unwind of joint venture (0.1) \u2013 \u2013 (0.1) Carrying value at 31 December 2022 \u2013 \u2013 0.2 0.2 1. Cumulative losses restricted represent the Group\u2019s share of losses in LSJV which exceed the Group\u2019s investment in the joint venture. As a result the carrying value of the investment in LSJV is nil (2021: nil) in accordance with the requirements of IAS 28. Reconciliation of investment in joint ventures The table below reconciles the opening to closing carrying value of investment in joint ventures as presented on the consolidated balance sheet. Investment in joint ventures GCP \u00a3m LSJV \u00a3m Innova \u00a3m Total \u00a3m At 1 January 2021 0.1 \u2013 0.2 0.3 At 31 December 2021 0.1 \u2013 0.2 0.3 Loss for the year 1 \u2013 (15.2) \u2013 (15.2) Loss restricted 1 \u2013 15.2 \u2013 15.2 Unwind of joint venture (0.1) \u2013 \u2013 (0.1) A t 31 December 2022 \u2013 \u2013 0.2 0.2 1. The share of post-tax loss from joint ventures in the consolidated statement of comprehensive income of nil (2021: nil) comprises the loss for the year of \u00a315.2 million (2021: \u00a312.0 million) and loss restricted totalling \u00a315.2 million (2021: \u00a312.0 million). ",
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"fact-366": {
"value": "16 Financial assets at fair value through profit or loss Financial assets mandatorily measured at fair value through profit or loss include the following: Non-current assets 2022 \u00a3m 2021 \u00a3m Listed equity securities 1 356.9 596.4 1. Listed e quity securities comp rise 97.0 million shares in Shaftesbury held at the 31 December 2022 closing shareprice of 368 penceper share (2021: 615 pence per share). During the year, the following was recognised in the consolidated statement of comprehensive income: Profit or loss 2022 \u00a3m 2021 \u00a3m Fair value (loss)/gain on financial assets at fair value through profit or loss (239.5) 44.6 ",
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"fact-367": {
"value": "17 Derivative financial instruments Derivative financial assets 2022 \u00a3m 2021 \u00a3m Non-current Interest rate derivatives 12.1 1.1 Derivative financial assets 12.1 1.1 Derivative financial liabilities 2022 \u00a3m 2021 \u00a3m Non-current Derivative liability \u2013 exchangeable bonds 1 3.3 32.1 Derivative financial liabilities 3.3 32.1 1. On 30 November 2020 the Group issued \u00a3275 million of secured exchangeable bonds maturing in March 2026. The notes are exchangeable into cash or ordinary shares of Shaftesbury. The net proceeds received from the issue of the exchangeable bonds have been split between the financial liability element and an option component, representing the fair value of the embedded option to convert the financial liability into equity of Shaftesbury. The debt component is accounted for at amortised cost at the effective interest rate method and the derivative liability is accounted for at fair value through profit or loss. During the year, the following movements on derivative financial instruments were recognised in profit or loss: Profit or loss 2022 \u00a3m Restated 2021 \u00a3m Fair value gain on interest rate derivatives 11.0 8.3 Fair value gain/(loss) on derivative liability \u2013 exchangeable bonds 28.8 (16.8) Change in fair value of derivative financial instruments 39.8 (8.5) ",
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"fact-368": {
"value": "18 Trade and other receivables 2022 \u00a3m Restated 2021 \u00a3m Non-current Prepayments and accrued income 1 31.6 25.9 Amounts receivable from joint ventures 2 84.0 82.9 Trade and other receivables 115.6 108.8 Current Rent receivable 3 8.0 10.0 Other receivables 2.6 2.2 Prepayments and accrued income 1 10.2 12.8 Amounts receivable from joint ventures 2 \u2013 23.4 Trade and other receivables 20.8 48.4 1. Includes tenant lease incentives, comprising surrender premia paid and incentives offered to tenants, of \u00a334.7 million (2021: \u00a331.1 million). 2. Non-current amounts receivable from joint ventures of \u00a384.0 million (2021: \u00a382.9 million) relate to an interest bearing loan of \u00a386.4 million (2021: \u00a382.9 million) that the Group and KFI provided to the joint venture. The loan has been impaired by \u00a32.4 million (2021: nil). The loan bears interest at 4.25 per cent per annum and is repayable on demand, however it is not the intention of the Group to call on the loan in the next 12 months and therefore it has been presented as non-current. Current amounts receivable from joint ventures include working capital funding advanced to Lillie Square joint venture from the Group of \u00a328.2 million (2021: \u00a345.5 million) which has been impaired by \u00a328.2 million (2021: \u00a322.7 million). 3. Rent receivable is shown net of expected credit loss provision of \u00a34.0 million (2021: \u00a311.4 million). ",
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"fact-369": {
"value": "19 Cash and cash equivalents 2022 \u00a3m Restated 2021 \u00a3m Cash at hand 2.1 1.9 Cash on short-term deposits 114.4 317.1 Cash 116.5 319.0 Tenant deposits 1 13.4 12.1 Cash and cash equivalents 129.9 331.1 1. Tenant deposits included above and in the consolidated statement of cash flows relate to cash held on deposit as security against tenant rent payments which are subject to certain restrictions and therefore not available for general use by the Group. Cash and cash equivalents have been restated as at 31 December 2021 to include tenant deposits previously included in Trade and other receivables following clarification by IFRIC \u2018Demand Deposits with Restrictions on Use arising from a Contract with a Third Party\u2019. Details of the restatement are set out in note 1 \u2018Changes in accounting policies\u2019. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-370": {
"value": "20 Trade and other payables 2022 \u00a3m 2021 \u00a3m Rent in advance 15.4 13.6 Accruals 10.4 9.3 Other payables 14.7 13.6 Other taxes and social security 1.4 2.5 Trade and other payables 41.9 39.0 ",
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"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-371": {
"value": "21 Borrowings, including lease liabilities 2022 Carrying value \u00a3m Secured \u00a3m Unsecured \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Fair value \u00a3m Nominal value \u00a3m Current Lease liability obligations 0.7 0.7 \u2013 0.7 \u2013 0.7 0.7 Borrowings, including lease liabilities 0.7 0.7 \u2013 0.7 \u2013 0.7 0.7 Non-current Bank loans (2.5) \u2013 (2.5) \u2013 (2.5) \u2013 \u2013 Loan notes 473.9 \u2013 473.9 473.9 \u2013 393.4 475.0 Exchangeable bonds 266.9 266.9 \u2013 266.9 \u2013 228.9 275.0 Borrowings 738.3 266.9 471.4 740.8 (2.5) 622.3 750.0 Lease liability obligations 5.4 5.4 \u2013 5.4 \u2013 5.4 5.4 Borrowings, including lease liabilities 743.7 272.3 471.4 746.2 (2.5) 627.7 755.4 Total borrowings, including lease liabilities 744.4 2021 Carrying value \u00a3m Secured \u00a3m Unsecured \u00a3m Fixed rate \u00a3m Floating rate \u00a3m Fair value \u00a3m Nominal value \u00a3m Current Lease liability obligations 0.7 0.7 \u2013 0.7 \u2013 0.7 0.7 Borrowings, including lease liabilities 0.7 0.7 \u2013 0.7 \u2013 0.7 0.7 Non-current Bank loans 122.4 124.0 (1.6) \u2013 122.4 125.0 125.0 Loan notes 548.4 \u2013 548.4 548.4 \u2013 554.1 550.0 Exchangeable bonds 264.1 264.1 \u2013 264.1 \u2013 259.1 275.0 Borrowings 934.9 388.1 546.8 812.5 122.4 938.2 950.0 Lease liability obligations 5.4 5.4 \u2013 5.4 \u2013 5.4 5.4 Borrowings, including lease liabilities 940.3 393.5 546.8 817.9 122.4 943.6 955.4 Total borrowings, including lease liabilities 941.0 On 28 February 2022, the Group prepaid \u00a375 million of private placement loan notes, consisting of \u00a337.5 million loan notes that were set to mature on 16 December 2024 with an interest rate of 3.63 per cent and \u00a337.5 million loan notes that were set to mature on 16 December 2026 with an interest rate of 3.68 per cent. On 20 June 2022, the Group repaid the \u00a3125 million secured loan. The Group holds a \u00a3300 million revolving credit facility, which is undrawn at 31 December 2022. The facility had an initial three year term, which was extended for a further one year period to September 2025. The facility has a further one year option to extend, subject to lender consent. On 16 June 2022, the Group entered into a \u00a3576 million standby loan facility in connection with the proposed merger with Shaftesbury. Shaftesbury has two secured mortgage bonds totalling \u00a3575 million, each of which contain change of control provisions which will be triggered by the merger. The Group has entered into the new facility to provide funding certainty in the event that the Shaftesbury mortgage bond holders exercise their redemption right in respect of the bonds following completion of the merger. The facility remains undrawn as at 31 December 2022. The term of the \u00a3576 million loan facility is 24 months, which may be extended for a further six months at the option of the Group, subject to the satisfaction of the extension requirements as outlined in the facility. There is subsequently a further six month extension option available which requires lender approval. The market value of investment and development property secured as collateral against borrowings at 31 December 2022 was nil (2021: nil). Undrawn facilities and cash attributable to the Group, excluding tenant deposits, at 31 December 2022 were \u00a3416.5 million (2021: \u00a3619.0 million). The fair value of the Group\u2019s borrowings have been estimated using the market value for floating rate borrowings, which approximates nominal value, and discounted cash flow approach for fixed rate borrowings, representing Level 2 fair value measurements as defined by IFRS 13. The different valuation levels are defined in note 14 \u2018Property portfolio\u2019.The lease liability obligations are in respect of leasehold interests in investment and development property. Details of these leases are set out in note 22 \u2018Lease liabilities\u2019. 21 Borrowings, including lease liabilities continued 2022 Current borrowings \u00a3m Non-current borrowings \u00a3m Analysis of movement in borrowings, including lease liabilities Balance at 1 January 0.7 940.3 Borrowings repaid \u2013 (200.0) Other net cash movements \u2013 (7.1) Other non-cash movements \u2013 10.5 Balance at 31 December 0.7 743.7 2021 Current borrowings \u00a3m Non-current borrowings \u00a3m Analysis of movement in borrowings, including lease liabilities Balance at 1 January 1.6 1,079.0 Borrowings repaid \u2013 (140.0) Other net cash movements (0.2) (8.4) Other non-cash movements (0.7) 9.7 Balance at 31 December 0.7 940.3 The maturity profile of gross debt (excluding lease liabilities) is as follows: 2022 \u00a3m 2021 \u00a3m Wholly repayable in more than one year but not more than two years \u2013 125.0 Wholly repayable in more than two years but not more than five years 582.5 607.5 Wholly repayable in more than five years 167.5 217.5 750.0 950.0 Certain borrowing agreements contain financial and other covenants that, if contravened, could alter the repayment profile. Details of financial covenants are included in the Other Information section on page 209. ",
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"value": "22 Lease liabilities Lease liabilities included within investment and development property (a) Minimum lease payments under lease obligations 2022 \u00a3m 2021 \u00a3m Not later than one year 0.7 0.7 Later than one year and not later than five years 2.9 2.9 Later than five years 18.0 18.0 21.6 21.6 Future finance charges on lease liabilities (15.5) (15.5) Present value of lease liability 6.1 6.1 (b) Present value of minimum lease obligations 2022 \u00a3m 2021 \u00a3m Not later than one year 0.7 0.7 Later than one year and not later than five years 2.3 2.3 Later than five years 3.1 3.1 6.1 6.1 Lease liabilities included under investment and development property are in respect of leasehold interests in investment and development property. Certain leases provide for payment of contingent rent, usually a proportion of rental income in addition to the minimum lease payments above. \u00a30.3 million contingent rent has been paid during the year (2021: \u00a30.5 million). These lease liabilities are effectively secured obligations, as the rights to the leased asset revert to the lessor in the event of default.",
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"value": "23 Operating leases The Group earns rental income by leasing its investment property to tenants under operating leases. In the United Kingdom standard commercial leases vary considerably between markets and locations but typically are for a term of five to fifteen years at market rent with provisions to review every five years. The Group is exposed to changes in the residual value of properties at the end of the current leases. This residual value risk is mitigated through the implementation of active asset management initiatives which aim to ensure the Group enters into new leasing deals prior to the expiry of current leases. The Group also offers lease incentives to encourage high quality tenants to remain in properties for longer lease terms. Expectations about the future residual values are reflected in the fair value of the properties. The future minimum lease amounts receivable under non-cancellable operating leases are as follows: 2022 \u00a3m 2021 \u00a3m Not later than one year 57.0 53.7 Later than one year and not later than five years 176.3 174.0 Later than five years 212.0 233.1 445.3 460.8 The consolidated statement of comprehensive income includes nil (2021: \u00a30.1 million) recognised in respect of expected increased rent resulting from outstanding reviews where the actual rent will only be determined on settlement of the rent review. ",
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"value": "24 Financial risk management The Group\u2019s financial risk management strategy seeks to set financial limits for treasury activity to ensure they are in line with the risk appetite of the Group. The Group is exposed to a variety of risks arising from the Group\u2019s operations: market risk (including interest rate risk and price risk), liquidity risk and credit risk. The following table sets out each class of financial asset and financial liability as at 31 December: Categories of financial instruments 2022 Restated 2021 Note Carrying value \u00a3m Gain/(loss) to profit or loss \u00a3m Carrying value \u00a3m Gain/(loss) to profit or loss \u00a3m Derivative financial assets 17 12.1 11.0 1.1 8.3 Total held for trading assets 12.1 11.0 1.1 8.3 Cash and cash equivalents 19 129.9 331.1 Other financial assets 1 94.6 118.5 Total cash and other financial assets 224.5 449.6 Investment held at fair value through profit or loss 16 356.9 (239.5) 596.4 44.6 Total investment held at fair value through profit or loss 356.9 (239.5) 596.4 44.6 Derivative financial liabilities 17 (3.3) 28.8 (32.1) (16.8) Total held for trading liabilities (3.3) 28.8 (32.1) (16.8) Borrowings, including lease liability 21 (744.4) (941.0) Other financial liabilities 2 (26.5) (25.4) Total borrowings and other financial liabilities (770.9) (966.4) 1. Includes rent receivable, amounts due from joint ventures, tax assets and other receivables. 2. Includes trade and other payables (excluding rents in advance). 24 Financial risk management continued The majority of the Group\u2019s financial risk management is carried out by the Group\u2019s treasury function under policies approved by the Board of Directors. The policies for managing each of these risks and the principal effects of these policies on the results for the year are summarised below. Market risk Interest rate risk Interest rate risk comprises both cash flow and fair value risks. Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Fair value risk is the risk that the fair value of financial instruments will fluctuate as a result of changes in market interest rates. The Group\u2019s interest rate risk arises from borrowings issued at variable rates that expose the Group to cash flow interest rate risk, whereas borrowings issued at fixed interest rates expose the Group to fair value interest rate risk. It is Group policy, and often a requirement of our lenders, to eliminate substantially all short and medium-term exposure to interest rate fluctuations in order to establish certainty over medium-term cash flows by using fixed interest rate derivatives. Interest rate swaps have the economic effect of converting borrowings from floating to fixed rates. Interest rate caps protect the Group by capping the maximum interest rate payable at the caps ceiling. Interest rate collars protect the Group by capping the maximum interest rate payable at the collar\u2019s ceiling but sacrifice the profitability of interest rate falls below a certain floor. The table below shows the effects of derivative contracts on the drawn external borrowings profile of the Group. The table is calculated on a Group share basis in line with the reporting of this information internally to management. Fixed/Capped 2022 \u00a3m Floating 2022 \u00a3m Fixed/Capped 2021 \u00a3m Floating 2021 \u00a3m Nominal value of Group borrowings excluding lease liability 750.0 \u2013 825.0 125.0 Derivative impact (nominal value of derivative contracts) \u2013 \u2013 125.0 (125.0) Borrowings profile net of derivative impact 750.0 \u2013 950.0 \u2013 Interest rate protection 100% 100% Group policy is to ensure that interest rate protection on Group external debt is greater than 25 per cent. During 2021, the Group replaced LIBOR with SONIA as the pricing benchmark on the secured bank loan, RCF and hedging arrangements. The Group has entered into various non-traded derivative instruments to manage its exposure to interest rate risk. These derivatives have not been designated as hedging instruments and therefore they are classified as financial derivatives at fair value through profit or loss. Interest rate derivatives are currently in place for \u00a3200 million of notional value through to December 2024 capped at 1.23 per cent. The sensitivity analysis below illustrates the impact of a 100 basis point (\u201cbps\u201d) shift, upwards and downwards, in the level of interest rates on the movement in fair value of interest rate derivatives entered into by the Group. Increase in interest rates by 100 bps 2022 \u00a3m Decrease in interest rates by 100 bps 2022 \u00a3m Increase in interest rates by 50 bps 2021 \u00a3m Decrease in interest rates by 50 bps 2021 \u00a3m Effect on profit before tax (change in fair value of derivative financial instruments): Increase/(decrease) 3.5 (3.5) 2.1 (2.1) The sensitivity analysis above is a reasonable illustration of the possible effect from the changes in slope and shifts in the yield curve that may actually occur and represents management\u2019s assessment of possible changes in interest rates. 100 bps has been used in 2022 (2021: 50 bps) to reflect current macroeconomic conditions of increasing costs. The fixed rate derivative financial instruments are matched by floating rate debt, therefore such a movement would have a very limited effect on Group cash flow overall. 24 Financial risk management continued Price risk The Group is exposed to price risk in respect of its investment in listed property securities. The Group limits its exposure to equity price risk by only investing in securities that are listed on a recognised stock exchange and where the Directors are satisfied with the overall strategies implemented by such companies. The primary goal of the Group\u2019s investment in equity securities is to hold the investments for the long-term. Management is assisted by external advisers in this regard. Certain investments are designated as at fair value through profit or loss because their performance is actively monitored and they are managed on a fair value basis. The effect of a one per cent change to the share price of the listed investments will have the following impact on the 31 December consolidated statement of comprehensive income: Change in fair value of financial assets at fair value through profit or loss 1% increase in share price 2022 \u00a3m 1% decrease in share price 2022 \u00a3m 1% increase in share price 2021 \u00a3m 1% decrease in share price 2021 \u00a3m Effect on profit before tax: Increase/(decrease) 3.6 (3.6) 6.0 (6.0) Liquidity risk Liquidity risk is managed to ensure that the Group is able to meet future payment obligations when financial liabilities fall due. The Group\u2019s policy is to seek to minimise its exposure to liquidity risk by managing its exposure to interest rate risk and to refinancing risk. The Group seeks to achieve an appropriate balance between a number of factors, including tenor and costs. Liquidity analysis is intended to provide sufficient headroom to meet the Group\u2019s operational requirements and investment commitments. The Group\u2019s policy also includes maintaining adequate cash, as well as maintaining adequate committed and undrawn facilities. A key factor in ensuring existing facilities remain available to the Group is the borrowing entity\u2019s ability to meet the relevant facility\u2019s financial covenants. The Group has a process to monitor regularly both current and projected compliance with the financial covenants. The Group regularly reviews the maturity profile of its financial liabilities and will seek to avoid concentrations of maturities through the regular replacement of facilities and by staggering maturity dates. Refinancing risk may be reduced by reborrowing prior to the contracted maturity date, effectively switching liquidity risk for market risk. This is subject to credit facilities being available at the time of the desired refinancing. The tables below set out the maturity analysis of the Group\u2019s financial liabilities based on the undiscounted contractual obligations to make payments of interest and to repay principal. The RCF and standby loan facility are not included for 2022 as these facilities are undrawn as at 31 December 2022. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve. Group 2022 Carrying value 1 yr Between 1-2 yrs Between 2-5 yrs Over 5 yrs Total \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Loan notes 473.9 13.0 \u2013 13.0 95.0 26.5 212.5 18.1 167.5 70.6 475.0 Exchangeable bonds 266.9 5.5 \u2013 5.5 \u2013 8.2 275.0 \u2013 \u2013 19.2 275.0 Lease liabilities 6.1 \u2013 0.7 \u2013 \u2013 \u2013 2.3 \u2013 3.1 \u2013 6.1 Other payables 26.5 \u2013 26.5 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 26.5 773.4 18.5 27.2 18.5 95.0 34.7 489.8 18.1 170.6 89.8 782.6 24 Financial risk management continued Liquidity risk continued Group 2021 Carrying value 1 yr Between 1-2 yrs Between 2-5 yrs Over 5 yrs Total \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Bank loans 122.4 5.6 \u2013 6.1 125.0 1.2 \u2013 \u2013 \u2013 12.9 125.0 Loan notes 548.4 15.7 \u2013 15.7 \u2013 38.9 332.5 24.1 217.5 94.4 550.0 Exchangeable bonds 264.1 5.5 \u2013 5.5 \u2013 13.8 275.0 \u2013 \u2013 24.8 275.0 Lease liabilities 6.1 \u2013 0.7 \u2013 \u2013 \u2013 2.3 \u2013 3.1 \u2013 6.1 Other payables 25.4 \u2013 25.4 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 25.4 966.4 26.8 26.1 27.3 125.0 53.9 609.8 24.1 220.6 132.1 981.5 Contractual maturities reflect the expected maturities of financial instruments. As disclosed in note 21 \u2018Borrowings\u2019, the Group has an unsecured revolving credit facility, loan notes and a standby loan facility that contain loan covenants. A future breach of covenant may require the Group to repay the facilities earlier than indicated in the above table. Details of the non- recourse loan covenants are set out on page 209 \u2018Financial covenants\u2019. Under the various debt agreements, covenants are monitored on a regular basis and regularly reviewed by management to ensure compliance with the agreement. The interest payments on variable interest rate loans and bonds issued in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on derivative instruments may be different from the amount in the above table as interest rates change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts based on the current drawn facility balances. Credit risk The Group\u2019s principal financial assets are trade and other receivables, amounts receivable from joint ventures, listed equity investments and cash and cash equivalents. Credit risk is the risk of financial loss if a tenant or counterparty fails to meet an obligation under a contract. Credit risk arises primarily from trade receivables relating to tenants but also from the Group\u2019s undrawn commitments and holdings of assets such as cash deposits and loans with counterparties. The carrying value of financial assets recorded in the consolidated financial statements represents the Group\u2019s maximum exposure to credit risk without taking into account the value of any deposits or guarantees obtained. Trade and other receivables: Credit risk associated with trade receivables is actively managed; tenants are managed individually by asset managers, who continuously monitor and work with tenants, anticipating and wherever possible identifying and addressing risks prior to default. Tenants are managed through a large and diverse tenant base to reduce the credit risk to the Group. Trade receivables are less than one per cent of total assets at 31 December 2022 (2021: less than one per cent) and have reduced to \u00a312.0 million as at 31 December 2022 (2021: \u00a321.4 million). Prospective tenants are assessed through an internally conducted review process, by obtaining credit ratings and reviewing financial information. As a result, deposits or guarantees may be obtained. The amount of deposits held as collateral at 31 December 2022 was \u00a313.4 million (2021: \u00a312.1 million). During the year tenant default risk, and as such credit risk, has reduced due to improved trading conditions. All COVID-19 support, provided on a case-by-case basis, concluded with no further support expected. Rent receivable balances are provided against by applying the IFRS 9 expected credit loss model which uses a lifetime expected loss allowance. In assessing the provision the Group identifies risk factors associated by sector and the type of rent receivable outstanding (rent arrears, service charge, other). In determining the provision on a tenant by tenant basis, the Group considers both recent payment history and future expectations of the tenant\u2019s ability to pay or possible default in order to recognise an expected credit loss allowance. Trade receivable balances are written off when there is no reasonable expectation of recovery or when a rent concession is provided for past due rent. Indicators that there is no reasonable recovery include the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. The amounts of trade receivables presented in the balance sheet are net of impairment for doubtful receivables. 24 Financial risk management continued Credit risk continued Ageing of gross trade receivables and loss allowances were as follows: 2022 \u00a3m Restated 2021 \u00a3m Gross carrying amount Loss allowance Gross carrying amount Loss allowance Not yet due 0.4 (0.1) 0.6 (0.3) 0-90 days 6.1 (0.6) 6.5 (1.4) 91-180 days 0.6 (0.3) 5.1 (0.7) Over 180 days 4.9 (3.0) 9.2 (9.0) Trade receivables 12.0 (4.0) 21.4 (11.4) As at 31 December 2022 there is a provision for trade receivables of \u00a34.0 million (2021: \u00a311.4 million). The total credit for the year is \u00a31.6 million (2021: a charge of \u00a37.6 million), as shown in note 4 \u2018Gross Profit\u2019, reflecting impairments during the year and movement in the provision. As the Group operates predominantly in central London, it is subject to some geographical concentration risk. However, this is mitigated by the extensive range of tenants from varying business sectors and the credit review process as noted above. Amounts receivable from joint ventures: Included within receivables, net of impairment is \u00a3nil (2021: \u00a322.8 million) working capital facility advanced to the Lillie Square joint venture and an interest bearing loan of \u00a384.0 million (2021: \u00a382.9 million). The carrying value of the investment in the joint venture is nil (2021: nil) as the Group\u2019s share of losses exceeds the cost of its investment. Total funding advanced to the joint venture, including the working capital facility and an interest bearing loan has been impaired by \u00a330.6 million cumulatively. Details of the impairment are set out in note 8 \u2018Change in value of investments and other receivables\u2019. The Lillie Square joint venture is in a net liability position due to carrying trading property at the lower of cost and net realisable value and the amortisation of the previously issued deep discount bonds. However, based on a market valuation undertaken by the Group\u2019s valuers JLL, there is an unrecognised surplus of \u00a37.1 million (Group share) as at 31 December 2022. This surplus will only be evidenced on sale of trading property when significant risks and rewards have transferred to the buyer. Therefore, while Lillie Square demonstrates positive pricing evidence commercially and funding provided is not deemed to be at risk of default, for reporting purposes the Group is required to allocate losses against amounts advanced to the joint venture, to the extent that losses do not exceed the investment, until the unrecognised surplus on trading property is realised through sale. Cash, deposits and derivative financial instruments: The credit risk relating to cash, deposits and derivative financial instruments is actively managed by the Group\u2019s treasury fucntion. Relationships are maintained with a number of institutional counterparties, ensuring compliance with Group cash investment policy relating to limits on the credit ratings of counterparties. The maximum exposure to cash and deposits, excluding tenant deposits, as at 31 December 2022 amounted to \u00a3122.6 million (2021: \u00a3341.7 million), including the Group\u2019s share of joint venture cash. The maximum fair value exposure to derivative financial instruments is \u00a38.8 million (2021: \u00a331.0 million). Gross carrying value and loss allowance of other receivables (excluding trade receivables) are set out in the table below: 2022 \u00a3m Restated 2021 \u00a3m Gross carrying amount Loss allowance Gross carrying amount Loss allowance Amounts receivable from joint ventures 114.6 (30.6) 106.4 (22.7) Other receivables 1 44.4 (1.9) 42.2 (2.3) 1. \u00a31.9 million (2021: \u00a32.3 million) loss allowance relates to the provision against tenant lease incentives. 24 Financial risk management continued Capital structure The Group seeks to enhance shareholder value both by investing in the business so as to improve the return on investment and by managing the capital structure appropriately. The Group uses a mix of equity, debt and other financial instruments, and aims to access both debt and equity capital markets efficiently. The key ratios used to monitor the capital structure of the Group are net debt to gross assets and the interest cover ratio. The Group aims not to exceed an underlying net debt to gross assets ratio of more than 40 per cent and to maintain interest cover above 125 per cent. These ratios are disclosed on a Group share basis in line with the reporting of this information internally to management. These metrics are discussed in the Financial Review on page 59. Net debt to gross assets 2022 \u00a3m Restated 2021 \u00a3m Total assets 2,352.0 2,808.5 Less: cash (122.6) (341.7) 2,229.4 2,466.8 Net debt (621.8) (599.3) 27.9% 24.3% Net debt 2022 \u00a3m Restated 2021 \u00a3m Borrowings, including lease liabilities (744.4) (941.0) Less: cash 122.6 341.7 (621.8) (599.3) Interest cover 2022 \u00a3m Restated 2021 \u00a3m Finance costs (27.2) (31.8) Finance income 2.6 0.4 (24.6) (31.4) Underlying operating profit 44.6 31.7 181.3% 101.0% The Covent Garden debt facilities have two principal financial covenants, being a loan to value ratio of up to 60 per cent and interest cover of at least 120 per cent. Loan to value is calculated based on total borrowings less cash divided by the market value of the portfolio. As at 31 December 2022 the loan to value is 21.0 per cent (2021: 14.8 per cent). Interest cover ratio is calculated based on net rental income less a fixed administration cost divided by net finance costs. For the year ended 31 December 2022 the interest cover ratio is 394.7 per cent (2021: 191.3 per cent) . 24 Financial risk management continued Fair value estimation Financial instruments carried at fair value are required to be analysed by level depending on the valuation method adopted under IFRS 13. The different valuation levels are defined in note 14 \u2018Property portfolio\u2019. The table below present the Group\u2019s financial assets and liabilities recognised at fair value at 31 December 2022 and 31 December 2021. There were no transfers between levels during the year. 2022 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Financial assets at fair value through profit or loss Listed equity investment 356.9 \u2013 \u2013 356.9 596.4 \u2013 \u2013 596.4 Held for trading assets Derivative financial assets \u2013 12.1 \u2013 12.1 \u2013 1.1 \u2013 1.1 Total assets 356.9 12.1 \u2013 369.0 596.4 1.1 \u2013 597.5 Held for trading liabilities Derivative financial liabilities \u2013 (3.3) \u2013 (3.3) \u2013 (32.1) \u2013 (32.1) Total liabilities \u2013 (3.3) \u2013 (3.3) \u2013 (32.1) \u2013 (32.1) The fair values of derivative financial instruments are determined from observable market prices or estimated using appropriate yield curves at 31 December each year by discounting the future contractual cash flows to the net present values. Listed equity investments are carried at fair value on the balance sheet and representing Level 1 fair value measurement. The fair value of listed equity investments are based on quoted market prices traded in active markets. The fair values of the Group\u2019s cash and cash equivalents, other financial assets carried at amortised cost and other financial liabilities are not materially different from those at which they are carried in the consolidated financial statements. ",
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"fact-390": {
"value": "Market risk Interest rate risk Interest rate risk comprises both cash flow and fair value risks. Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Fair value risk is the risk that the fair value of financial instruments will fluctuate as a result of changes in market interest rates. The Group\u2019s interest rate risk arises from borrowings issued at variable rates that expose the Group to cash flow interest rate risk, whereas borrowings issued at fixed interest rates expose the Group to fair value interest rate risk. It is Group policy, and often a requirement of our lenders, to eliminate substantially all short and medium-term exposure to interest rate fluctuations in order to establish certainty over medium-term cash flows by using fixed interest rate derivatives. Interest rate swaps have the economic effect of converting borrowings from floating to fixed rates. Interest rate caps protect the Group by capping the maximum interest rate payable at the caps ceiling. Interest rate collars protect the Group by capping the maximum interest rate payable at the collar\u2019s ceiling but sacrifice the profitability of interest rate falls below a certain floor. The table below shows the effects of derivative contracts on the drawn external borrowings profile of the Group. The table is calculated on a Group share basis in line with the reporting of this information internally to management. Fixed/Capped 2022 \u00a3m Floating 2022 \u00a3m Fixed/Capped 2021 \u00a3m Floating 2021 \u00a3m Nominal value of Group borrowings excluding lease liability 750.0 \u2013 825.0 125.0 Derivative impact (nominal value of derivative contracts) \u2013 \u2013 125.0 (125.0) Borrowings profile net of derivative impact 750.0 \u2013 950.0 \u2013 Interest rate protection 100% 100% Group policy is to ensure that interest rate protection on Group external debt is greater than 25 per cent. During 2021, the Group replaced LIBOR with SONIA as the pricing benchmark on the secured bank loan, RCF and hedging arrangements. The Group has entered into various non-traded derivative instruments to manage its exposure to interest rate risk. These derivatives have not been designated as hedging instruments and therefore they are classified as financial derivatives at fair value through profit or loss. Interest rate derivatives are currently in place for \u00a3200 million of notional value through to December 2024 capped at 1.23 per cent. The sensitivity analysis below illustrates the impact of a 100 basis point (\u201cbps\u201d) shift, upwards and downwards, in the level of interest rates on the movement in fair value of interest rate derivatives entered into by the Group. Increase in interest rates by 100 bps 2022 \u00a3m Decrease in interest rates by 100 bps 2022 \u00a3m Increase in interest rates by 50 bps 2021 \u00a3m Decrease in interest rates by 50 bps 2021 \u00a3m Effect on profit before tax (change in fair value of derivative financial instruments): Increase/(decrease) 3.5 (3.5) 2.1 (2.1) The sensitivity analysis above is a reasonable illustration of the possible effect from the changes in slope and shifts in the yield curve that may actually occur and represents management\u2019s assessment of possible changes in interest rates. 100 bps has been used in 2022 (2021: 50 bps) to reflect current macroeconomic conditions of increasing costs. The fixed rate derivative financial instruments are matched by floating rate debt, therefore such a movement would have a very limited effect on Group cash flow overall. Price risk The Group is exposed to price risk in respect of its investment in listed property securities. The Group limits its exposure to equity price risk by only investing in securities that are listed on a recognised stock exchange and where the Directors are satisfied with the overall strategies implemented by such companies. The primary goal of the Group\u2019s investment in equity securities is to hold the investments for the long-term. Management is assisted by external advisers in this regard. Certain investments are designated as at fair value through profit or loss because their performance is actively monitored and they are managed on a fair value basis. The effect of a one per cent change to the share price of the listed investments will have the following impact on the 31 December consolidated statement of comprehensive income: Change in fair value of financial assets at fair value through profit or loss 1% increase in share price 2022 \u00a3m 1% decrease in share price 2022 \u00a3m 1% increase in share price 2021 \u00a3m 1% decrease in share price 2021 \u00a3m Effect on profit before tax: Increase/(decrease) 3.6 (3.6) 6.0 (6.0) ",
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"fact-391": {
"value": "Liquidity risk Liquidity risk is managed to ensure that the Group is able to meet future payment obligations when financial liabilities fall due. The Group\u2019s policy is to seek to minimise its exposure to liquidity risk by managing its exposure to interest rate risk and to refinancing risk. The Group seeks to achieve an appropriate balance between a number of factors, including tenor and costs. Liquidity analysis is intended to provide sufficient headroom to meet the Group\u2019s operational requirements and investment commitments. The Group\u2019s policy also includes maintaining adequate cash, as well as maintaining adequate committed and undrawn facilities. A key factor in ensuring existing facilities remain available to the Group is the borrowing entity\u2019s ability to meet the relevant facility\u2019s financial covenants. The Group has a process to monitor regularly both current and projected compliance with the financial covenants. The Group regularly reviews the maturity profile of its financial liabilities and will seek to avoid concentrations of maturities through the regular replacement of facilities and by staggering maturity dates. Refinancing risk may be reduced by reborrowing prior to the contracted maturity date, effectively switching liquidity risk for market risk. This is subject to credit facilities being available at the time of the desired refinancing. The tables below set out the maturity analysis of the Group\u2019s financial liabilities based on the undiscounted contractual obligations to make payments of interest and to repay principal. The RCF and standby loan facility are not included for 2022 as these facilities are undrawn as at 31 December 2022. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve. Group 2022 Carrying value 1 yr Between 1-2 yrs Between 2-5 yrs Over 5 yrs Total \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Loan notes 473.9 13.0 \u2013 13.0 95.0 26.5 212.5 18.1 167.5 70.6 475.0 Exchangeable bonds 266.9 5.5 \u2013 5.5 \u2013 8.2 275.0 \u2013 \u2013 19.2 275.0 Lease liabilities 6.1 \u2013 0.7 \u2013 \u2013 \u2013 2.3 \u2013 3.1 \u2013 6.1 Other payables 26.5 \u2013 26.5 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 26.5 773.4 18.5 27.2 18.5 95.0 34.7 489.8 18.1 170.6 89.8 782.6 Liquidity risk continued Group 2021 Carrying value 1 yr Between 1-2 yrs Between 2-5 yrs Over 5 yrs Total \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Interest \u00a3m Principal \u00a3m Bank loans 122.4 5.6 \u2013 6.1 125.0 1.2 \u2013 \u2013 \u2013 12.9 125.0 Loan notes 548.4 15.7 \u2013 15.7 \u2013 38.9 332.5 24.1 217.5 94.4 550.0 Exchangeable bonds 264.1 5.5 \u2013 5.5 \u2013 13.8 275.0 \u2013 \u2013 24.8 275.0 Lease liabilities 6.1 \u2013 0.7 \u2013 \u2013 \u2013 2.3 \u2013 3.1 \u2013 6.1 Other payables 25.4 \u2013 25.4 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 25.4 966.4 26.8 26.1 27.3 125.0 53.9 609.8 24.1 220.6 132.1 981.5 Contractual maturities reflect the expected maturities of financial instruments. As disclosed in note 21 \u2018Borrowings\u2019, the Group has an unsecured revolving credit facility, loan notes and a standby loan facility that contain loan covenants. A future breach of covenant may require the Group to repay the facilities earlier than indicated in the above table. Details of the non- recourse loan covenants are set out on page 209 \u2018Financial covenants\u2019. Under the various debt agreements, covenants are monitored on a regular basis and regularly reviewed by management to ensure compliance with the agreement. The interest payments on variable interest rate loans and bonds issued in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on derivative instruments may be different from the amount in the above table as interest rates change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts based on the current drawn facility balances. ",
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"fact-392": {
"value": "Credit risk The Group\u2019s principal financial assets are trade and other receivables, amounts receivable from joint ventures, listed equity investments and cash and cash equivalents. Credit risk is the risk of financial loss if a tenant or counterparty fails to meet an obligation under a contract. Credit risk arises primarily from trade receivables relating to tenants but also from the Group\u2019s undrawn commitments and holdings of assets such as cash deposits and loans with counterparties. The carrying value of financial assets recorded in the consolidated financial statements represents the Group\u2019s maximum exposure to credit risk without taking into account the value of any deposits or guarantees obtained. Trade and other receivables: Credit risk associated with trade receivables is actively managed; tenants are managed individually by asset managers, who continuously monitor and work with tenants, anticipating and wherever possible identifying and addressing risks prior to default. Tenants are managed through a large and diverse tenant base to reduce the credit risk to the Group. Trade receivables are less than one per cent of total assets at 31 December 2022 (2021: less than one per cent) and have reduced to \u00a312.0 million as at 31 December 2022 (2021: \u00a321.4 million). Prospective tenants are assessed through an internally conducted review process, by obtaining credit ratings and reviewing financial information. As a result, deposits or guarantees may be obtained. The amount of deposits held as collateral at 31 December 2022 was \u00a313.4 million (2021: \u00a312.1 million). During the year tenant default risk, and as such credit risk, has reduced due to improved trading conditions. All COVID-19 support, provided on a case-by-case basis, concluded with no further support expected. Rent receivable balances are provided against by applying the IFRS 9 expected credit loss model which uses a lifetime expected loss allowance. In assessing the provision the Group identifies risk factors associated by sector and the type of rent receivable outstanding (rent arrears, service charge, other). In determining the provision on a tenant by tenant basis, the Group considers both recent payment history and future expectations of the tenant\u2019s ability to pay or possible default in order to recognise an expected credit loss allowance. Trade receivable balances are written off when there is no reasonable expectation of recovery or when a rent concession is provided for past due rent. Indicators that there is no reasonable recovery include the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. The amounts of trade receivables presented in the balance sheet are net of impairment for doubtful receivables. Credit risk continued Ageing of gross trade receivables and loss allowances were as follows: 2022 \u00a3m Restated 2021 \u00a3m Gross carrying amount Loss allowance Gross carrying amount Loss allowance Not yet due 0.4 (0.1) 0.6 (0.3) 0-90 days 6.1 (0.6) 6.5 (1.4) 91-180 days 0.6 (0.3) 5.1 (0.7) Over 180 days 4.9 (3.0) 9.2 (9.0) Trade receivables 12.0 (4.0) 21.4 (11.4) As at 31 December 2022 there is a provision for trade receivables of \u00a34.0 million (2021: \u00a311.4 million). The total credit for the year is \u00a31.6 million (2021: a charge of \u00a37.6 million), as shown in note 4 \u2018Gross Profit\u2019, reflecting impairments during the year and movement in the provision. As the Group operates predominantly in central London, it is subject to some geographical concentration risk. However, this is mitigated by the extensive range of tenants from varying business sectors and the credit review process as noted above. Amounts receivable from joint ventures: Included within receivables, net of impairment is \u00a3nil (2021: \u00a322.8 million) working capital facility advanced to the Lillie Square joint venture and an interest bearing loan of \u00a384.0 million (2021: \u00a382.9 million). The carrying value of the investment in the joint venture is nil (2021: nil) as the Group\u2019s share of losses exceeds the cost of its investment. Total funding advanced to the joint venture, including the working capital facility and an interest bearing loan has been impaired by \u00a330.6 million cumulatively. Details of the impairment are set out in note 8 \u2018Change in value of investments and other receivables\u2019. The Lillie Square joint venture is in a net liability position due to carrying trading property at the lower of cost and net realisable value and the amortisation of the previously issued deep discount bonds. However, based on a market valuation undertaken by the Group\u2019s valuers JLL, there is an unrecognised surplus of \u00a37.1 million (Group share) as at 31 December 2022. This surplus will only be evidenced on sale of trading property when significant risks and rewards have transferred to the buyer. Therefore, while Lillie Square demonstrates positive pricing evidence commercially and funding provided is not deemed to be at risk of default, for reporting purposes the Group is required to allocate losses against amounts advanced to the joint venture, to the extent that losses do not exceed the investment, until the unrecognised surplus on trading property is realised through sale. Cash, deposits and derivative financial instruments: The credit risk relating to cash, deposits and derivative financial instruments is actively managed by the Group\u2019s treasury fucntion. Relationships are maintained with a number of institutional counterparties, ensuring compliance with Group cash investment policy relating to limits on the credit ratings of counterparties. The maximum exposure to cash and deposits, excluding tenant deposits, as at 31 December 2022 amounted to \u00a3122.6 million (2021: \u00a3341.7 million), including the Group\u2019s share of joint venture cash. The maximum fair value exposure to derivative financial instruments is \u00a38.8 million (2021: \u00a331.0 million). Gross carrying value and loss allowance of other receivables (excluding trade receivables) are set out in the table below: 2022 \u00a3m Restated 2021 \u00a3m Gross carrying amount Loss allowance Gross carrying amount Loss allowance Amounts receivable from joint ventures 114.6 (30.6) 106.4 (22.7) Other receivables 1 44.4 (1.9) 42.2 (2.3) 1. \u00a31.9 million (2021: \u00a32.3 million) loss allowance relates to the provision against tenant lease incentives. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-393": {
"value": "Capital structure The Group seeks to enhance shareholder value both by investing in the business so as to improve the return on investment and by managing the capital structure appropriately. The Group uses a mix of equity, debt and other financial instruments, and aims to access both debt and equity capital markets efficiently. The key ratios used to monitor the capital structure of the Group are net debt to gross assets and the interest cover ratio. The Group aims not to exceed an underlying net debt to gross assets ratio of more than 40 per cent and to maintain interest cover above 125 per cent. These ratios are disclosed on a Group share basis in line with the reporting of this information internally to management. These metrics are discussed in the Financial Review on page 59. Net debt to gross assets 2022 \u00a3m Restated 2021 \u00a3m Total assets 2,352.0 2,808.5 Less: cash (122.6) (341.7) 2,229.4 2,466.8 Net debt (621.8) (599.3) 27.9% 24.3% Net debt 2022 \u00a3m Restated 2021 \u00a3m Borrowings, including lease liabilities (744.4) (941.0) Less: cash 122.6 341.7 (621.8) (599.3) Interest cover 2022 \u00a3m Restated 2021 \u00a3m Finance costs (27.2) (31.8) Finance income 2.6 0.4 (24.6) (31.4) Underlying operating profit 44.6 31.7 181.3% 101.0% The Covent Garden debt facilities have two principal financial covenants, being a loan to value ratio of up to 60 per cent and interest cover of at least 120 per cent. Loan to value is calculated based on total borrowings less cash divided by the market value of the portfolio. As at 31 December 2022 the loan to value is 21.0 per cent (2021: 14.8 per cent). Interest cover ratio is calculated based on net rental income less a fixed administration cost divided by net finance costs. For the year ended 31 December 2022 the interest cover ratio is 394.7 per cent (2021: 191.3 per cent) ",
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"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-394": {
"value": "Fair value estimation Financial instruments carried at fair value are required to be analysed by level depending on the valuation method adopted under IFRS 13. The different valuation levels are defined in note 14 \u2018Property portfolio\u2019. The table below present the Group\u2019s financial assets and liabilities recognised at fair value at 31 December 2022 and 31 December 2021. There were no transfers between levels during the year. 2022 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Financial assets at fair value through profit or loss Listed equity investment 356.9 \u2013 \u2013 356.9 596.4 \u2013 \u2013 596.4 Held for trading assets Derivative financial assets \u2013 12.1 \u2013 12.1 \u2013 1.1 \u2013 1.1 Total assets 356.9 12.1 \u2013 369.0 596.4 1.1 \u2013 597.5 Held for trading liabilities Derivative financial liabilities \u2013 (3.3) \u2013 (3.3) \u2013 (32.1) \u2013 (32.1) Total liabilities \u2013 (3.3) \u2013 (3.3) \u2013 (32.1) \u2013 (32.1) The fair values of derivative financial instruments are determined from observable market prices or estimated using appropriate yield curves at 31 December each year by discounting the future contractual cash flows to the net present values. Listed equity investments are carried at fair value on the balance sheet and representing Level 1 fair value measurement. The fair value of listed equity investments are based on quoted market prices traded in active markets. The fair values of the Group\u2019s cash and cash equivalents, other financial assets carried at amortised cost and other financial liabilities are not materially different from those at which they are carried in the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-375": {
"value": "25 Deferred tax The change in corporation tax rate referred to in note 11 \u2018Taxation\u2019 has been enacted for the purposes of IAS 12 \u2018Income Taxes\u2019 (\u201cIAS 12\u201d) and therefore has been reflected in these consolidated financial statements based on the expected timing of the realisation of deferred tax. Deferred tax on investment and development property is calculated under IAS 12 provisions on a disposals basis by reference to the properties\u2019 original tax base cost. Properties that fall within the Group\u2019s qualifying REIT activities will be outside the charge to UK corporation tax subject to certain conditions being met. The Group\u2019s recognised deferred tax position on investment and development property as calculated under IAS 12 is nil at 31 December 2022 (2021: nil). A disposal of the Group\u2019s trading properties at their market value as per note 14 \u2018Property portfolio\u2019, before utilisation of carried forward losses, would result in a corporation tax charge to the Group of \u00a31.3 million (19 per cent of \u00a37.1 million). Accelerated capital allowances \u00a3m Fair value of derivative financial instruments \u00a3m Other temporary differences \u00a3m Non-REIT group losses \u00a3m Total \u00a3m Provided deferred tax provision: At 1 January 2021 0.2 (2.3) (1.1) (3.6) (6.8) Recognised in income 0.1 2.2 (0.5) \u2013 1.8 Adjustment in respect of rate change \u2013 \u2013 \u2013 (1.1) (1.1) A t 31 December 2021 0.3 (0.1) (1.6) (4.7) (6.1) Recognised in income \u2013 \u2013 1.3 4.7 6.0 Recognised directly in equity \u2013 0.1 \u2013 \u2013 0.1 Adjustment in respect of rate change 0.1 \u2013 (0.1) \u2013 \u2013 A t 31 December 2022 0.4 \u2013 (0.4) \u2013 \u2013 Unrecognised deferred tax assets: At 1 January 2021 \u2013 (8.3) (8.3) Income statement items \u2013 (9.1) (9.1) At 31 December 2021 \u2013 (17.4) (17.4) Income statement items (0.3) (6.8) (7.1) A t 31 December 2022 (0.3) (24.2) (24.5) In accordance with the requirements of IAS 12, deferred tax assets are only recognised to the extent that the Group believes it is probable that future taxable profit will be available against which the deferred tax assets can be recovered. As a result of the application of this provision and due to uncertainty as to future non-REIT taxable activities, the Group has unwound all of the \u00a36.1 million deferred tax asset previously recognised in respect of trading losses carried forward and other temporary differences. As at 31 December 2022, the Group has unrecognised deferred tax assets of \u00a324.5 million in relation to \u00a396.9 million of gross losses carried forward within its residual business and \u00a31.2 million of other deductible temporary differences. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "26 Share capital and share premium Group and Company Issue type Transaction date Issue price (pence) Number of shares Share capital \u00a3m 1 Share premium \u00a3m At 1 January 2021 851,083,643 212.8 232.2 Scrip dividend \u2013 2021 interim September 176 153,071 \u2013 0.3 Share-based payment 2 35,958 \u2013 \u2013 At 31 December 2021 851,272,672 212.8 232.5 Reinstatement of void shares 3 November 113 1,468,393 0.4 \u2013 Share buyback 3 November 112 (1,468,393) (0.4) \u2013 Share-based payment 2 177,966 \u2013 \u2013 A t 31 December 2022 851,450,638 212.8 232.5 1. Nominal value of share capital of 25 pence per share. 2. In 2022 a total of 177,966 (2021: 35,958) new shares were issued to satisfy employee share scheme awards. 3. In 2020, the Company announced the repurchase for cancellation of 6.06 million of its ordinary shares of 25 pence each as part of a share buyback programme. As announced on 7 November 2022, as a result of an administrative issue, the purchase by the Company of 1,468,393 of its ordinary shares of 25 pence each on the Johannesburg Stock Exchange during the period from February 2020 to March 2020 as part of the buyback programme was void. To rectify this, the Company corrected its register of members by restoring 1,468,393 ordinary shares of 25 pence each to the UK register, with such shares admitted to trading on the main market of the London Stock Exchange and listed on the Johannesburg Stock Exchange on 8 November 2022. Shortly thereafter, the Company conducted an on-market share buyback of 1,468,393 ordinary shares of 25 pence each pursuant to the Company\u2019s general authority to repurchase shares, which completed on 14 November 2022. The purpose of the buyback programme was to restore the share capital of the Company to the same number of shares as were in issue prior to the correction of the register. The rectification was recorded as a reinstatement of the void shares and a subsequent buyback of the shares at the prevailing market value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "26 Share capital and share premium Group and Company Issue type Transaction date Issue price (pence) Number of shares Share capital \u00a3m 1 Share premium \u00a3m At 1 January 2021 851,083,643 212.8 232.2 Scrip dividend \u2013 2021 interim September 176 153,071 \u2013 0.3 Share-based payment 2 35,958 \u2013 \u2013 At 31 December 2021 851,272,672 212.8 232.5 Reinstatement of void shares 3 November 113 1,468,393 0.4 \u2013 Share buyback 3 November 112 (1,468,393) (0.4) \u2013 Share-based payment 2 177,966 \u2013 \u2013 A t 31 December 2022 851,450,638 212.8 232.5 1. Nominal value of share capital of 25 pence per share. 2. In 2022 a total of 177,966 (2021: 35,958) new shares were issued to satisfy employee share scheme awards. 3. In 2020, the Company announced the repurchase for cancellation of 6.06 million of its ordinary shares of 25 pence each as part of a share buyback programme. As announced on 7 November 2022, as a result of an administrative issue, the purchase by the Company of 1,468,393 of its ordinary shares of 25 pence each on the Johannesburg Stock Exchange during the period from February 2020 to March 2020 as part of the buyback programme was void. To rectify this, the Company corrected its register of members by restoring 1,468,393 ordinary shares of 25 pence each to the UK register, with such shares admitted to trading on the main market of the London Stock Exchange and listed on the Johannesburg Stock Exchange on 8 November 2022. Shortly thereafter, the Company conducted an on-market share buyback of 1,468,393 ordinary shares of 25 pence each pursuant to the Company\u2019s general authority to repurchase shares, which completed on 14 November 2022. The purpose of the buyback programme was to restore the share capital of the Company to the same number of shares as were in issue prior to the correction of the register. The rectification was recorded as a reinstatement of the void shares and a subsequent buyback of the shares at the prevailing market value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "27 Capital commitments At 31 December 2022, the Group was contractually committed to \u00a31.7 million (31 December 2021: \u00a34.1 million) of future expenditure for the purchase, construction, development and enhancement of investment, development and trading property. The full amount is committed 2022 expenditure. The Group\u2019s share of joint venture capital commitments arising on LSJV amounts to \u00a30.8 million (2021: \u00a31.3 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-378": {
"value": "28 Contingent liabilities The Group has contingent liabilities in respect of legislation, sustainability targets, legal claims, guarantees and warranties arising from the ordinary course of business. There are no contingent liabilities that require disclosure or recognition in the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-379": {
"value": "29 Cash flow information (a) Cash generated from operations Note 2022 \u00a3m Restated 2021 \u00a3m (Loss)/profit before tax (205.8) 35.5 Adjustments: Loss on revaluation and sale of investment and development property 7 0.8 4.1 Change in value of investments and other receivables 8 7.9 (11.6) Change in fair value of financial assets at fair value through profit or loss 16 239.5 (44.6) Depreciation 6 0.2 0.2 Amortisation of tenant lease incentives and other direct costs (2.6) 6.0 (Reversal of)/provision for expected credit loss (1.6) 7.6 Share-based payment 1 31 2.4 1.5 Finance income 9 (2.6) (0.5) Other finance income 9 (3.5) (8.1) Finance costs 10 27.2 31.7 Other finance costs 2 10 6.5 5.2 Change in fair value of derivative financial instruments 17 (39.8) 8.5 Change in working capital: Change in trade and other receivables 2.0 (4.7) Change in trade and other payables 2.9 (4.3) Cash generated from operations 33.5 26.5 1. Relates to the IFRS 2 \u2018Share-based payment\u2019 charge. Refer to note 31 \u2018Share-based payments\u2019 for further details. 2. Includes \u00a35.0 million make whole costs on the repayment of \u00a375.0 million private placement loan notes during the year. (b) Reconciliation of cash flows from financing activities The table below sets out the reconciliation of movements of liabilities to cash flows arising from financing activities: Note Long-term borrowings \u00a3m Short-term borrowings \u00a3m Derivative liability \u2013 exchangeable bond \u00a3m Total liabilities from financing activities \u00a3m Balance at 1 January 940.3 0.7 32.1 973.1 Cash flows from financing activities Repayment of revolving credit facility and secured loan 21 (200.0) \u2013 \u2013 (200.0) Total cash flows used in financing activities (200.0) \u2013 \u2013 (200.0) Non-cash movements from financing activities Amortisation 3.4 \u2013 \u2013 3.4 Changes in fair value \u2013 \u2013 (28.8) (28.8) Total non-cash flows from financing activities 3.4 \u2013 (28.8) (25.4) Balance at 31 December 743.7 0.7 3.3 747.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-380": {
"value": "30 Related party transactions (a) Transactions with Directors Key management compensation 1 2022 \u00a3m 2021 \u00a3m Salaries and short-term employee benefits 4.7 3.9 Share-based payment 1.8 1.2 6.5 5.1 1. Key management comprises the Directors of the Company who have been determined to be the only individuals with authority and responsibility for planning, directing and controlling the activities of the Company. Anthony Steains, Senior Independent Director of Capital & Counties Properties PLC, entered into a short-term rental agreement with Capco Covent Garden Residential Limited, a Group subsidiary undertaking, in respect of an apartment on the Covent Garden estate. The short-term rental agreement ran from 23 June 2022 to 7 September 2022 and was conducted at a fair and reasonable market price. The total rent payable was \u00a320,763 (inclusive of utilities and services) and no amounts remained outstanding as at 31 December 2022. Where applicable, appropriate approval was provided. Share dealings No Director had any dealings in the shares of any Group company between 31 December 2022 and 28 February 2023, being a date not more than one month prior to the date of the notice convening the Annual General Meeting. Other than as disclosed in these consolidated financial statements, no Director of the Company had a material interest in any contract (other than service contracts), transaction or arrangement with any Group company during the year ended 31 December 2022. (b) Transactions between the Group and its joint ventures Transactions during the year between the Group and its joint ventures, which are related parties, are disclosed in notes 15 \u2018Investment in joint ventures\u2019, 18 \u2018Trade and other receivables\u2019 and 27 \u2018Capital commitments\u2019. During the year the Group received management fees of nil (2021: \u00a30.7 million) that were charged on an arm\u2019s length basis. Property purchased by Directors of the Company A related party of the Group, Lillie Square GP Limited, entered into the following related party transactions as defined by IAS 24 \u2018Related Party Disclosures\u2019: \u2013 Henry Staunton, Chairman of Capital & Counties Properties PLC, and Situl Jobanputra, Chief Financial Officer of Capital & Counties Properties PLC, either solely or together with family members, own apartments in the Lillie Square development. The disclosures in respect of these purchases were included in previous financial statements. In addition, Henry Staunton, together with a family member, owns a car park space in the Lillie Square development. \u2013 As owners of apartments and car park space in the Lillie Square development, the Directors are required to pay annual ground rent and insurance premium fees and bi-annual service charge fees. During 2022, \u00a317,774 had been paid to a related party of the Capco Group, Lillie Square GP Limited, in relation to these charges. A further \u00a3289 invoiced during the year was outstanding at 31 December 2022, as it was not yet due for payment. The above transactions with Directors were conducted at fair and reasonable market price based upon similar comparable transactions at that time. Where applicable, appropriate approval has been provided. Lillie Square GP Limited acts in the capacity of general partner to Lillie Square LP, a joint venture between the Group and KFI. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-381": {
"value": "31 Share-based payments The Group operates a number of share-based payment schemes relating to employee benefits and incentives. All schemes are equity settled with the increase in equity measured by reference to the fair value of the Group\u2019s equity instruments at the grant date of the share awards. The corresponding expense is recognised on a straight-line basis over the vesting period based on Group estimates of the number of shares that are expected to vest. The total expense recognised in the consolidated statement of comprehensive income in respect of share-based payments for 2022 was \u00a32.3 million (2021: \u00a31.5 million). All options have a vesting period of three years and a maximum contractual life of 10 years. The fair value of share awards is determined by the market price of the shares at the grant date. Full details of the performance criteria, vesting outcomes and any additional holding periods for the performance share plan are set out within the Directors\u2019 Remuneration Report on pages 105 to 127. 1. Performance share plan Market value and nil cost options to subscribe for ordinary shares and conditional awards of free shares may be awarded under the Performance Share Plan (\u201cPSP\u201d). The Company may make a proportion of awards as HMRC approved market value options. Share options outstanding at 31 December 2022 were exercisable between nil pence and 242 pence and have a weighted average remaining contractual life of six years and are exercisable between 2023 and 2032. (a) Market value option awards 2022 2021 Number of market value options Weighted average exercise price (pence) Number of market value options Weighted average exercise price (pence) Outstanding at 1 January 691,022 216.5 605,884 231.6 Awarded during the year 183,587 164.9 188,170 168.0 Forfeited during the year (466,375) (234.4) (75,239) (238.4) Exercised during the year 1 \u2013 \u2013 (27,793) (157.7) Outstanding at 31 December 408,234 172.9 691,022 216.5 Exercisable at 31 December \u2013 \u2013 \u2013 1. The weighted average share price at the date of exercise of shares excerised during 2021 was 180.8 pence. (b) Nil cost option awards Number of nil cost options 2022 2021 Outstanding at 1 January 6,933,460 5,690,598 Awarded during the year 3,094,396 2,518,456 Forfeited/lapsed during the year (1,469,432) (1,275,594) Exercised during the year 1 (176,403) \u2013 Outstanding at 31 December 8,382,021 6,933,460 Exercisable at 31 December 87,275 189,970 1. The weighted average share price at the date of exercise was 102.8 pence. (c) Deferred share awards Number of deferred share awards 2022 2021 Outstanding at 1 January 2,147,386 1,948,215 Awarded during the year 1,148,190 890,188 Forfeited/lapsed during the year (664,618) (682,852) Exercised during the year 1 (1,563) (8,165) Outstanding at 31 December 2,629,395 2,147,386 1. The weighted average share price at the date of exercise was 169.7 pence (2021: 134.6 pence). 31 Share-based payments continued 2. Fair value of share-based payment The fair value of share awards is calculated using the Black-Scholes option pricing model for the half that is subject to the total return performance condition and using the stochastic pricing model for the half that is subject to the total shareholder return performance condition. Inputs to the models for share awards during the year are as follows: Y ear of share award 2022 2021 2020 2019 Closing share price at grant date 133p 173p 209p 241p Exercise price 0 \u2013 242p 0 \u2013 188p 0 \u2013 201p 0 \u2013 241p Expected option life 3 \u2013 6.5 years 3 \u2013 6.5 years 3 \u2013 6.5 years 3 \u2013 6.5 years Risk-free rate (0.11)% 0.2 \u2013 0.5% 0.2 \u2013 0.3% 0.6 \u2013 0.8% Expected volatility 36% 32.3 \u2013 43.1% 26.8 \u2013 33.0% 23.7 \u2013 24.6% Expected dividend yield 1 0.8% 0.6% 0.7% 0.6% Average share price 141p 167p 162p 238p Value per option 158p 48 \u2013137p 40\u2013142p 26\u201387p 1. Expected dividend yield is based on public pronouncements about future dividend levels; all other measures are based on historical data. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-396": {
"value": "32 Related undertakings The Company\u2019s subsidiaries and other related undertakings at 31 December 2022 are listed below. All Group entities are included in the consolidated financial statements. Unless otherwise stated, the Company holds 100 per cent of the voting rights and beneficial interests in the shares of the subsidiaries listed below. The share capital of each of the companies, where applicable, comprises ordinary shares unless otherwise stated. Registered address: Regal House, 14 James Street, London, WC2E 8BU Related undertakings 20 The Piazza Limited Capital & Counties Limited 2,3 20 The Piazza Management Limited 1 CG Treasury Limited 2 22 Southampton Street Limited Covent Garden (43 Management) Limited 1 22 Southampton Street Management Limited 1 Covent Garden (49 Wellington Street) Limited 34 Henrietta Street Limited Covent Garden Group Holdings Limited 34 Henrietta Street Management Company Limited 1 Covent Garden Holdings (No.1) Limited 1 C & C Management Services Limited 2 Covent Garden Holdings (No.2) Limited 1 C&C Properties UK Limited 2 Covent Garden Management Services Limited 2 Capco Covent Garden Limited 2 Floral Court Collection Management Limited 1 Capco Covent Garden Residential Limited Floral Court Limited Capco Group Treasury Limited 2 Innova Investment Partnership GP Limited (50%) 4 Capco Investment London Limited 2 Innova Investment Limited Partnership (50%) 4 Capco Investment London 2 Limited 2 Innova Investment Group Holdings GP Limited 1 Capco Investment London (No.1) Limited Innova Investment Group Holdings LP Capco Investment London (No.2) Limited Innova Investment Group Holdings Nominee Limited 1 Capco Investment London (No.3) Limited Innova Investment Management Limited 1 Capco Investment London (No.4) Limited Lillie Square Clubhouse Limited (50%) 1,4 Capco Investment London (No.5) Limited Lillie Square Developments Limited (50%) 4 Capco London Limited 1 Lillie Square GP Limited (50%) 4 Capital & Counties CG Limited Lillie Square LP (50%) 4 Capital & Counties CGP Lillie Square Management Limited (50%) 4 Capital & Counties CG Nominee Limited 1 Lillie Square Nominee Limited (50%) 1,4 1. Dormant entity. 2. Direct undertakings of the Company. 3. Ordinary and non-voting deferred shares. 4. Equity accounted joint ventures. Registered address: C/O Shepherd and Wedderburn LLP, 1 Exchange Crescent, Conference Square, Edinburgh, Scotland, EH3 8UL Related undertakings Capco Investment London (No.6) Limited 1,2 Capco Investment London (No.7) Scottish Limited Partnership 2 1. Direct undertaking of the Company. 2. Dormant entity. Registered address: 27 Esplanade, St Helier, Jersey, JE1 1SG Related undertakings Capital & Counties Properties (Jersey) 3 Limited 1 Capvestco Limited 1,2 Capvestco 2 Limited 1 Innova Investment Group Holdings LP Limited Capvestco 3 Limited 1 Innova Investment Holdings Limited 2 Capvestco 3 Holdings Limited Lillie Square LP Limited Capvestco Earls Court Limited 2 1. Direct undertakings of the Company. 2. Dormant entity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-382": {
"value": "32 Related undertakings The Company\u2019s subsidiaries and other related undertakings at 31 December 2022 are listed below. All Group entities are included in the consolidated financial statements. Unless otherwise stated, the Company holds 100 per cent of the voting rights and beneficial interests in the shares of the subsidiaries listed below. The share capital of each of the companies, where applicable, comprises ordinary shares unless otherwise stated. Registered address: Regal House, 14 James Street, London, WC2E 8BU Related undertakings 20 The Piazza Limited Capital & Counties Limited 2,3 20 The Piazza Management Limited 1 CG Treasury Limited 2 22 Southampton Street Limited Covent Garden (43 Management) Limited 1 22 Southampton Street Management Limited 1 Covent Garden (49 Wellington Street) Limited 34 Henrietta Street Limited Covent Garden Group Holdings Limited 34 Henrietta Street Management Company Limited 1 Covent Garden Holdings (No.1) Limited 1 C & C Management Services Limited 2 Covent Garden Holdings (No.2) Limited 1 C&C Properties UK Limited 2 Covent Garden Management Services Limited 2 Capco Covent Garden Limited 2 Floral Court Collection Management Limited 1 Capco Covent Garden Residential Limited Floral Court Limited Capco Group Treasury Limited 2 Innova Investment Partnership GP Limited (50%) 4 Capco Investment London Limited 2 Innova Investment Limited Partnership (50%) 4 Capco Investment London 2 Limited 2 Innova Investment Group Holdings GP Limited 1 Capco Investment London (No.1) Limited Innova Investment Group Holdings LP Capco Investment London (No.2) Limited Innova Investment Group Holdings Nominee Limited 1 Capco Investment London (No.3) Limited Innova Investment Management Limited 1 Capco Investment London (No.4) Limited Lillie Square Clubhouse Limited (50%) 1,4 Capco Investment London (No.5) Limited Lillie Square Developments Limited (50%) 4 Capco London Limited 1 Lillie Square GP Limited (50%) 4 Capital & Counties CG Limited Lillie Square LP (50%) 4 Capital & Counties CGP Lillie Square Management Limited (50%) 4 Capital & Counties CG Nominee Limited 1 Lillie Square Nominee Limited (50%) 1,4 1. Dormant entity. 2. Direct undertakings of the Company. 3. Ordinary and non-voting deferred shares. 4. Equity accounted joint ventures. Registered address: C/O Shepherd and Wedderburn LLP, 1 Exchange Crescent, Conference Square, Edinburgh, Scotland, EH3 8UL Related undertakings Capco Investment London (No.6) Limited 1,2 Capco Investment London (No.7) Scottish Limited Partnership 2 1. Direct undertaking of the Company. 2. Dormant entity. Registered address: 27 Esplanade, St Helier, Jersey, JE1 1SG Related undertakings Capital & Counties Properties (Jersey) 3 Limited 1 Capvestco Limited 1,2 Capvestco 2 Limited 1 Innova Investment Group Holdings LP Limited Capvestco 3 Limited 1 Innova Investment Holdings Limited 2 Capvestco 3 Holdings Limited Lillie Square LP Limited Capvestco Earls Court Limited 2 1. Direct undertakings of the Company. 2. Dormant entity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-383": {
"value": "33 Events after the reporting date On 16 June 2022, Capco and Shaftesbury announced that they had reached an agreement on the terms of a recommended all-share merger to form the combined group. It is intended that the merger will be implemented by way of a scheme of arrangement of Shaftesbury, which, together with the Group\u2019s existing 25.2 per cent shareholding in Shaftesbury, will result, on completion, in the Group owning 100 per cent of the issued and to be issued share capital of Shaftesbury. As at the 31 December 2022 a number of conditions remained outstanding, including clearance from the Competition and Markets Authority (\u2018CMA\u2019). On 22 February 2023, the CMA confirmed that its intention not to make a Phase 2 CMA reference and that the decision has been issued on an unconditional basis. The remaining conditions of the merger include Shaftesbury implementing the scheme of arrangement by proceeding with obtaining the Court sanctions of the scheme, the scheme becoming effective, and admission of new Capco shares. Under the terms of the merger, once conditions have been satisfied, Capco will issue 3.356 new Capco shares for each Shaftesbury share held as at the Scheme Record Time. As a result, Shaftesbury shareholders (other than the holders of the existing Capco shareholding in Shaftesbury) will own approximately 53 per cent of the combined group and Capco shareholders will own approximately 47 per cent of the combined group, subject to satisfaction or, where applicable, waiver of the conditions to completion. Completion is expected to occur on 6 March 2023 upon issuance and admission of the new Capco shares and the court order sanctioning the scheme being delivered to the Registrar at Companies House. As set out in IFRS 3 \u2018Business Combinations\u2019, one of the combining entities is required to be identified as the acquirer and one as the acquiree. In a business combination effected primarily by exchanging equity interests, the acquirer is usually the entity that issues its equity interests. In some business combinations, commonly called \u2018reverse acquisitions\u2019, the issuing entity is the acquiree. The pertinent facts and circumstances of the merger have been reviewed and considered by management, and, at this stage, it is expected that Capital & Counties Properties PLC will be assessed as the acquirer for IFRS 3 accounting purposes. This is a balanced judgement, which requires various factors to be taken into account. It is the Directors\u2019 view that although Shaftesbury shareholders (excluding the existing Capco shareholding in Shaftesbury) will own approximately 53 per cent of the combined group, the expected balance of executive directors in the combined group, combined with the fact that Capco will be the entity issuing its equity interests and already holds a 25.2 per cent interest in Shaftesbury, will result in Capco being the acquirer for accounting purposes. Assuming the transaction proceeds, the financial effect of the merger will be dependent on the fair value of assets and liabilities at the future acquisition date and the Shaftesbury closing share price prior to its delisting. On 28 February 2023 the Group acquired the remaining interest in the Royal Opera House Arcade for \u00a312.9 million, including transaction costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300TTXXZ1SHUI0D54",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}