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1 Principal accounting policies
General information
Shaftesbury Capital 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 Shaftesbury Capital PLC Group (the \u201cGroup\u201d), whose principal activity
is the investment and management of property.
The Group\u2019s assets principally comprise investment property within the West End of London, including Covent Garden, Carnaby,
Soho and Chinatown.
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 and derivative financial instruments.
All income, expenses and cash flows are generated from continuing operations and there is no material seasonal impact on the
Group\u2019s financial performance.
Going concern
The Directors have considered the appropriateness of adopting the going concern basis in preparing the consolidated financial
statements. The Group\u2019s going concern assessment covers the period to 30 June 2026 (the \u201cgoing concern period\u201d), being at least
12 months from the date of authorisation of these consolidated financial statements.
The core West End occupational market continues to demonstrate its enduring appeal, with excellent levels of leasing activity,
low vacancy and continued customer sales growth. There is good leasing demand across all uses, delivering rental income and
valuation growth.
While geopolitical risk remains elevated and there is macroeconomic volatility, the West End and the Group\u2019s unique portfolio
of prime investments have demonstrated remarkable resilience. The Group maintains a strong balance sheet with a focus on
resilience, flexibility and efficiency. There is significant headroom against debt covenants and access to significant liquidity.
In preparing the assessment of going concern, the Directors have considered projections of the Group\u2019s liquidity, committed
capital expenditure, income, costs, cash flows and debt covenants.
The Directors have assessed a base case and a downside scenario (being a \u201csevere but plausible\u201d scenario).
As at the year end, the Group had net debt of \u00a31.4 billion, an EPRA LTV ratio of 27 per cent and Group interest cover of 2.9 times.
The Group is projected to have sufficient cash reserves and undrawn facilities to meet debt maturities during the going concern
period. Drawn debt is at fixed rates or currently has interest rate protection in place. Interest rate hedging is in place which caps
SONIA exposure at 3.0 per cent on \u00a3250 million of notional value to December 2025. Further hedging arrangements will be put in
place as appropriate.
The Group\u2019s debt matures between March 2026 and 2037. Debt maturities during the going concern assessment period relate
to the \u00a3275 million exchangeable bond, which can be repaid or refinanced in both the base case and the downside scenario.
The Group\u2019s financial resources are expected to be sufficient to cover its commitments over the going concern period.
Relative to the Group\u2019s base case forecast, the downside scenario includes the following key assumptions:
\u2013 Substantial reduction in forecast rental income due to combination of extended voids and tenant failures;
\u2013 Elevated SONIA rates in excess of current market expectations; and
\u2013 Declines in rental values, along with a widening of valuation yields, resulting in reduced asset values.
The near-term impact of climate change risks within the going concern period have been considered in the downside scenario and are expected to be immaterial. Under the downside scenario, the Group is expected to remain in compliance with the loan-to-value and interest cover covenants of its individual financing arrangements. In addition to considering a downside scenario, the Board has also undertaken reverse stress testing, which indicates that the Group could withstand a decrease of approximately 45 per cent in income and valuations before breaching its debt financial covenants. Based on their analysis, 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 Group\u2019s consolidated financial statements be prepared on a going concern basis. 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 most significant area of estimation uncertainty is in respect of the valuation of the property portfolio where external valuations are obtained. The fair value of the Group\u2019s investment and trading property (trading property included within the Lillie Square joint venture) at 31 December 2024 was determined by independent, appropriately qualified external valuers CBRE and Cushman & Wakefield for the wholly-owned property portfolio, and JLL for the Lillie Square joint venture. 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 estimation uncertainty. The Group\u2019s external valuers have made a number of assumptions including, but not limited to, market yields, ERVs and void periods. These assumptions are in accordance with the RICS Valuation Professional Standards, however, if any prove to be incorrect, it may mean that the value of the Group\u2019s properties differs from their valuation reported in the financial statements, which could have a material effect on the Group\u2019s financial position. The key unobservable inputs used in the valuation models are those in respect of equivalent yields and ERV, which are summarised within note 12 \u2018Property portfolio\u2019 and additional information is provided on page 226. Further information on the approach taken by the valuers in valuing the property portfolio and a sensitivity analysis on equivalent yields and ERV, which are the most significant assumptions impacting the fair values, is set out in note 12 \u2018Property portfolio\u2019. Other areas of judgement and estimation in the financial statements (which are not considered critical) include REIT compliance, the impairment of and expected credit loss allowance on trade receivables, and share-based payments. New accounting policies 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 2024. \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendment) (Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants) \u2013 IFRS 16 \u2018Leases\u2019 (amendment) (Lease liability in a sale and leaseback) \u2013 IAS 7 \u2018Statement of cash flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (amendment) (Supplier finance arrangements) The adoption of the above amendments has not had a material impact on the amounts reported in the consolidated financial statements or on the disclosures apart from the amendments to IAS 1, which have resulted in additional disclosure in note 22, but have not had an impact on the classification of the Group\u2019s liabilities. At the date of approval of the consolidated financial statements the following new accounting standards and amendments to accounting standards were in issue but are not yet effective. These new standards and amendments have not been applied in these consolidated financial statements. \u2013 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendment) (Lack of Exchangeability) \u2013 IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (amendment) (Classification and Measurement of Financial Instruments) \u2013 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (new standard) The amendment to IAS 21 is effective for periods beginning on or after 1 January 2025 whilst the amendments to IFRS 9 and IFRS 7 are effective for annual periods beginning on or after 1 January 2026. The Group has assessed the impact of these amendments and does not anticipate any material impact on the consolidated financial statements. IFRS 18 is effective for annual periods beginning on or after 1 January 2027. The Group is assessing the impact of this new standard and the Group\u2019s financial reporting will be presented in accordance with this standard from 1 January 2027, in line with requirements. Basis of consolidation These consolidated financial statements include the consolidation of Capital & Counties CGP Limited Partnership. The members of this qualifying partnership 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. Business combinations The acquisition of subsidiaries is accounted for using the acquisition method (at the point the Group gains control over a business as defined by IFRS 3 \u2018Business Combinations\u2019). The cost of an acquisition is measured as the aggregate of the consideration transferred, which includes the cash paid and the aggregate of the fair values, at the date of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u2018Business Combinations\u2019 are recognised at their fair value at the acquisition date. Goodwill represents the excess of the cost of acquisition of a business combination over the fair value of the identifiable net assets of the business acquired at the date of acquisition. In the case that the fair value of the identifiable net assets acquired is greater than the total consideration paid, negative goodwill arises on the acquisition. The negative goodwill is recognised as a gain on bargain purchase in the consolidated income statement. Joint ventures and associates Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. When joint control is no longer demonstrated, but significant influence is, a previously accounted for joint venture is accounted for as an associate. Investments in joint ventures and associates 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 or associate after the date of acquisition. The Group\u2019s investments in joint ventures or associates are presented separately on the consolidated balance sheet and the Group\u2019s share of the joint ventures or associates\u2019 post-tax profit or loss for the period is also presented separately in the consolidated income statement. Where there is an indication that the Group\u2019s investment in a joint venture or associate may be impaired, the Group evaluates the recoverable amount of its investment, being the higher of the joint venture or associate\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 income statement. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses, unless it has legal or constructive obligations to make payments on behalf of the joint venture or associate. Dividends received or receivable from joint ventures or associates are recognised as a reduction in the carrying amount of the investment. Where the Group disposes of its entire interest in a joint venture or associate, a gain or loss is recognised in the consolidated income statement on the difference between the amount received on the sale of the joint venture or associate and the carrying value of the investment in joint venture or associate less costs of disposal. Revenue recognition Rental receivable arises from operating leases granted to customers and is recognised as revenue on a straight-line basis over the lease term. Tenant lease incentives, and in certain instances surrender premium payments which are directly linked to new leases, are amortised on a straight-line basis over the non-cancellable period of the lease, being the earlier of its expiry date or the date of the first break option as a reduction in net rental income. Surrender premiums received for early termination of leases are reflected in gross profit. 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. As the Group acts as a principal, service charge income and costs are shown gross in the financial statements. 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. 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 (except leases); 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 income statement except when it relates to items recognised directly in equity, in which case the related tax is also recognised directly in equity. Share-based payment The Group administers the following share-based remuneration to employees and Directors: Long-term incentive plan Long-term incentive awards will only vest and become exercisable upon achievement of performance targets, linked to the Group\u2019s total accounting return and total shareholder return, as well as being conditional upon continued employment with the Group. The fair value of the awards is determined using an option pricing model, which applies assumptions around expected yields, forfeiture rates, exercise price and volatility, at the grant date of the awards. Non-market vesting conditions are taken into account by adjusting the number of awards expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of awards that will eventually vest. Market vesting conditions are factored into the fair value of the awards granted. The cumulative expense is not adjusted for failure to meet a market vesting condition. The cost of granting share options to employees is charged to the consolidated income statement over the vesting period of the options with a corresponding increase in equity. Employer\u2019s National Insurance contributions are payable, on exercise, on the market value of the award and are accrued for within the share-based payments expense in the consolidated income statement. Upon eventual exercise, a reserves transfer occurs with no further charge reflected in the consolidated income statement. Deferred shares Executive Directors\u2019 annual bonuses may be deferred in Company shares or nil-cost options for three years under the long-term incentive plan without further performance conditions but subject to risk of forfeiture should an Executive Director leave the Company in certain circumstances. The Group accrues the cost of the non-cash bonus over the relevant period. Employer\u2019s National Insurance contributions are payable, on exercise, on the market value of the award and are accrued for within the share-based payments expense in the consolidated income statement. Upon eventual exercise, a reserves transfer occurs with no further charge reflected in the consolidated income statement. 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 property Investment 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 property are initially recognised as prepayments until the recognition criteria outlined above have been met. Investment 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, deferred letting fees 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. When the Group redevelops a property for continued future use, that property is classified as investment 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 property are recognised in the consolidated income statement 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 properties cease to be recognised as investment 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 income statement. The gain or loss 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. When the use of a property changes from trading property to investment property, the property is transferred at fair value with any resulting gain or loss recognised in the consolidated income statement. Investment property is classified as held for sale when the property has exchanged, though not yet completed. Transfers from investment property to investment property held for sale will occur at market value. The Group will subsequently determine the fair value of the property less costs to sell, and to the extent that the market value of the property exceeds the fair value of the property less costs to sell, an impairment loss will be recognised. Should an uplift occur in valuation in a subsequent period, a gain shall be recognised however, the gain recognised may not exceed the cumulative impairment loss recognised. 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 12 \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. Owner-occupied property Owner-occupied property comprises property held for use in the production or supply of goods or services or for administrative purposes. Transfers are made from investment property to owner-occupied property when there is a change in use of the property. The property is transferred and subsequently carried at market value, which is determined in the same manner as investment property. Revaluation gains are recognised in equity. A revaluation loss will reverse any previous revaluation gain recorded in equity with the residual recognised in profit or loss. Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. Group as a lessee The Group\u2019s leases predominately relate to head leases in relation to leasehold properties. At the commencement date of the lease, the Group recognises a right of use asset equal to the value of the lease liability and direct costs incurred, less any lease incentives received by the Group. The right of use asset is recognised within investment property. The lease liability is measured at the present value of lease payments over the lease term. The lease payments include fixed payments and variable lease payments that depend on an index or rate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments). The Group\u2019s lease liabilities are detailed in note 20. Short-term leases and leases of a low-value 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. Group as a lessor 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. Other financial assets The Group\u2019s other financial assets comprise of listed equity investments and amounts receivable from joint ventures and associates. Listed equity investments Listed equity investments are classified as financial assets at fair value through profit or loss. At initial recognition, the financial assets are measured at fair value, with transactions costs attributable to the acquisition, expensed in the consolidated income statement. The financial assets are subsequently carried in the consolidated balance sheet at fair value, with net changes in fair value recognised in the consolidated income statement. The purchase and sale of the financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset. The 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. Listed equity investments included the Group\u2019s investment in Shaftesbury PLC until the date of the all-share merger during the prior year. Amounts receivable from joint ventures and associates Amounts receivable from joint ventures and associates are classified as financial assets at amortised cost. At initial recognition, the Group measures the financial asset at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment review. The 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. 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 esulting 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 lows) and other changes in fair value. Interest is recognised in finance income or costs and changes in fair value are recognised n change in fair value of derivative financial instruments in the consolidated income statement. Trade and other receivables Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost. The methodology or assessment of impairment is defined in the following paragraph. mpairment 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 customers 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 customer\u2019s credit rating, current financial position, historical trading performance, historical default rate and the operational performance of the business. n assessing the provision the Group identifies risk factors associated by sector (retail, food and beverage, office and residential) and the type of rent receivable outstanding (rent arrears, service charge, other). In determining the provision on a customer by customer basis, the Group considers both recent payment history and future expectations of the customer\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 s made in addition to a full provision for maximum risk customers or customers with significant financial issues. f, 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 income statement on a basis consistent with the original charge. Tenant lease incentives are impaired based on an assessment of affordability. For amounts receivable from joint ventures and associates, 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 and associates. 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, certain tenant deposits and other short-term highly liquid investments with original maturities of three months or less. Tenant deposits held against tenants\u2019 rent payment obligations in bank accounts administered by the Group are classified as cash and cash equivalents. Tenant deposits held against tenants\u2019 rent payment obligations in bank accounts administered by the Group\u2019s managing agent are not included within the consolidated balance sheet. The Group holds cash on deposit as security for certain secured term loans and secured bank facilities, and where there are certain conditions restricting their use. Cash held on deposit which has conditions restricting its use and is not available on demand, iquid or readily convertible, is classified within other receivables. Trade and other payables Trade payables are obligations for goods or services acquired in the ordinary course of business. Trade and other payables are ecognised at fair value and subsequently measured at amortised cost until settled.
Borrowings
Borrowings comprise bank loans, secured loan facilities, loan notes and compound financial instruments.
Bank loans, secured loan facilities 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 and unamortised costs are recognised immediately in
the consolidated income statement.
Compound financial instruments issued by the Group comprise exchangeable bonds that are convertible into shares. The exchangeable
bonds were 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
income statement.
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.
When a facility has been modified an assessment of modification and extinguishment is performed reviewing both quantitative and
qualitative factors.
Interest related to the financial liability is recognised in the consolidated income statement. The embedded derivative is measured
at fair value with the fair value adjustment accounted for in the consolidated income statement.
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.
Own shares
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss
is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference
between the carrying amount and the consideration, if reissued, is recognised in the share premium.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-311": { "value": "General information Shaftesbury Capital 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 Shaftesbury Capital PLC Group (the \u201cGroup\u201d), whose principal activity is the investment and management of property. The Group\u2019s assets principally comprise investment property within the West End of London, including Covent Garden, Carnaby, Soho and Chinatown.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "Shaftesbury Capital PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-307": { "value": "Shaftesbury Capital PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-309": { "value": "Shaftesbury Capital PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Regal House, 14 James Street, London, WC2E 8BU, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-308": { "value": "Regal House, 14 James Street, London, WC2E 8BU, United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "The principal activity of the Company is to act as the ultimate parent company of Shaftesbury Capital PLC Group (the \u201cGroup\u201d), whose principal activity is the investment and management of property. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-312": { "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 and derivative financial instruments. All income, expenses and cash flows are generated from continuing operations and there is no material seasonal impact on the Group\u2019s financial performance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "value": "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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-313": { "value": "Going concern The Directors have considered the appropriateness of adopting the going concern basis in preparing the consolidated financial statements. The Group\u2019s going concern assessment covers the period to 30 June 2026 (the \u201cgoing concern period\u201d), being at least 12 months from the date of authorisation of these consolidated financial statements. The core West End occupational market continues to demonstrate its enduring appeal, with excellent levels of leasing activity, low vacancy and continued customer sales growth. There is good leasing demand across all uses, delivering rental income and valuation growth. While geopolitical risk remains elevated and there is macroeconomic volatility, the West End and the Group\u2019s unique portfolio of prime investments have demonstrated remarkable resilience. The Group maintains a strong balance sheet with a focus on resilience, flexibility and efficiency. There is significant headroom against debt covenants and access to significant liquidity. In preparing the assessment of going concern, the Directors have considered projections of the Group\u2019s liquidity, committed capital expenditure, income, costs, cash flows and debt covenants. The Directors have assessed a base case and a downside scenario (being a \u201csevere but plausible\u201d scenario). As at the year end, the Group had net debt of \u00a31.4 billion, an EPRA LTV ratio of 27 per cent and Group interest cover of 2.9 times. The Group is projected to have sufficient cash reserves and undrawn facilities to meet debt maturities during the going concern period. Drawn debt is at fixed rates or currently has interest rate protection in place. Interest rate hedging is in place which caps SONIA exposure at 3.0 per cent on \u00a3250 million of notional value to December 2025. Further hedging arrangements will be put in place as appropriate. The Group\u2019s debt matures between March 2026 and 2037. Debt maturities during the going concern assessment period relate to the \u00a3275 million exchangeable bond, which can be repaid or refinanced in both the base case and the downside scenario. The Group\u2019s financial resources are expected to be sufficient to cover its commitments over the going concern period. Relative to the Group\u2019s base case forecast, the downside scenario includes the following key assumptions: \u2013 Substantial reduction in forecast rental income due to combination of extended voids and tenant failures; \u2013 Elevated SONIA rates in excess of current market expectations; and \u2013 Declines in rental values, along with a widening of valuation yields, resulting in reduced asset values.
The near-term impact of climate change risks within the going concern period have been considered in the downside scenario and
are expected to be immaterial.
Under the downside scenario, the Group is expected to remain in compliance with the loan-to-value and interest cover covenants
of its individual financing arrangements.
In addition to considering a downside scenario, the Board has also undertaken reverse stress testing, which indicates that
the Group could withstand a decrease of approximately 45 per cent in income and valuations before breaching its debt
financial covenants.
Based on their analysis, 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 Group\u2019s consolidated financial statements be prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-314": { "value": "
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 most significant area of estimation uncertainty is in respect of the valuation of the property portfolio where external valuations
are obtained.
The fair value of the Group\u2019s investment and trading property (trading property included within the Lillie Square joint venture) at
31 December 2024 was determined by independent, appropriately qualified external valuers CBRE and Cushman & Wakefield for
the wholly-owned property portfolio, and JLL for the Lillie Square joint venture. 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 estimation uncertainty. The Group\u2019s external valuers have made a number of assumptions including, but
not limited to, market yields, ERVs and void periods. These assumptions are in accordance with the RICS Valuation Professional
Standards, however, if any prove to be incorrect, it may mean that the value of the Group\u2019s properties differs from their valuation
reported in the financial statements, which could have a material effect on the Group\u2019s financial position. The key unobservable
inputs used in the valuation models are those in respect of equivalent yields and ERV, which are summarised within note 12
\u2018Property portfolio\u2019 and additional information is provided on page 226. Further information on the approach taken by the valuers
in valuing the property portfolio and a sensitivity analysis on equivalent yields and ERV, which are the most significant assumptions
impacting the fair values, is set out in note 12 \u2018Property portfolio\u2019.
Other areas of judgement and estimation in the financial statements (which are not considered critical) include REIT compliance,
the impairment of and expected credit loss allowance on trade receivables, and share-based payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-315": { "value": "
New accounting policies
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 2024.
\u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendment) (Classification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants)
\u2013 IFRS 16 \u2018Leases\u2019 (amendment) (Lease liability in a sale and leaseback)
\u2013 IAS 7 \u2018Statement of cash flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (amendment) (Supplier finance arrangements)
The adoption of the above amendments has not had a material impact on the amounts reported in the consolidated financial
statements or on the disclosures apart from the amendments to IAS 1, which have resulted in additional disclosure in note 22,
but have not had an impact on the classification of the Group\u2019s liabilities.
At the date of approval of the consolidated financial statements the following new accounting standards and amendments to
accounting standards were in issue but are not yet effective. These new standards and amendments have not been applied in
these consolidated financial statements.
\u2013 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendment) (Lack of Exchangeability)
\u2013 IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (amendment) (Classification and Measurement of
Financial Instruments)
\u2013 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (new standard)
The amendment to IAS 21 is effective for periods beginning on or after 1 January 2025 whilst the amendments to IFRS 9 and IFRS 7
are effective for annual periods beginning on or after 1 January 2026. The Group has assessed the impact of these amendments
and does not anticipate any material impact on the consolidated financial statements.
IFRS 18 is effective for annual periods beginning on or after 1 January 2027. The Group is assessing the impact of this new
standard and the Group\u2019s financial reporting will be presented in accordance with this standard from 1 January 2027, in line
with requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "value": "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 2024. \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendment) (Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants) \u2013 IFRS 16 \u2018Leases\u2019 (amendment) (Lease liability in a sale and leaseback) \u2013 IAS 7 \u2018Statement of cash flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (amendment) (Supplier finance arrangements) The adoption of the above amendments has not had a material impact on the amounts reported in the consolidated financial statements or on the disclosures apart from the amendments to IAS 1, which have resulted in additional disclosure in note 22, but have not had an impact on the classification of the Group\u2019s liabilities. At the date of approval of the consolidated financial statements the following new accounting standards and amendments to accounting standards were in issue but are not yet effective. These new standards and amendments have not been applied in these consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "value": "\u2013 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendment) (Lack of Exchangeability) \u2013 IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (amendment) (Classification and Measurement of Financial Instruments) \u2013 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (new standard) The amendment to IAS 21 is effective for periods beginning on or after 1 January 2025 whilst the amendments to IFRS 9 and IFRS 7 are effective for annual periods beginning on or after 1 January 2026. The Group has assessed the impact of these amendments and does not anticipate any material impact on the consolidated financial statements. IFRS 18 is effective for annual periods beginning on or after 1 January 2027. The Group is assessing the impact of this new standard and the Group\u2019s financial reporting will be presented in accordance with this standard from 1 January 2027, in line with requirements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-316": { "value": "
Basis of consolidation
These consolidated financial statements include the consolidation of Capital & Counties CGP Limited Partnership. The members of
this qualifying partnership 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-317": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-318": { "value": "
Business combinations
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the Group gains control over a business
as defined by IFRS 3 \u2018Business Combinations\u2019).
The cost of an acquisition is measured as the aggregate of the consideration transferred, which includes the cash paid and
the aggregate of the fair values, at the date of exchange, of other assets transferred, liabilities incurred or assumed, and equity
instruments issued by the Group in exchange for control of the acquiree, and the amount of any non-controlling interests in
the acquiree.
Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that
meet the conditions for recognition under IFRS 3 \u2018Business Combinations\u2019 are recognised at their fair value at the acquisition date.
Goodwill represents the excess of the cost of acquisition of a business combination over the fair value of the identifiable net assets
of the business acquired at the date of acquisition. In the case that the fair value of the identifiable net assets acquired is greater
than the total consideration paid, negative goodwill arises on the acquisition. The negative goodwill is recognised as a gain on
bargain purchase in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "value": "Business combinations The acquisition of subsidiaries is accounted for using the acquisition method (at the point the Group gains control over a business as defined by IFRS 3 \u2018Business Combinations\u2019). The cost of an acquisition is measured as the aggregate of the consideration transferred, which includes the cash paid and the aggregate of the fair values, at the date of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u2018Business Combinations\u2019 are recognised at their fair value at the acquisition date. Goodwill represents the excess of the cost of acquisition of a business combination over the fair value of the identifiable net assets of the business acquired at the date of acquisition. In the case that the fair value of the identifiable net assets acquired is greater than the total consideration paid, negative goodwill arises on the acquisition. The negative goodwill is recognised as a gain on bargain purchase in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-319": { "value": "
Joint ventures and associates
Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement.
Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case
where the Group holds between 20% and 50% of the voting rights.
When joint control is no longer demonstrated, but significant influence is, a previously accounted for joint venture is accounted for
as an associate.
Investments in joint ventures and associates 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 or associate after the date of acquisition.
The Group\u2019s investments in joint ventures or associates are presented separately on the consolidated balance sheet and the
Group\u2019s share of the joint ventures or associates\u2019 post-tax profit or loss for the period is also presented separately in the
consolidated income statement.
Where there is an indication that the Group\u2019s investment in a joint venture or associate may be impaired, the Group evaluates the
recoverable amount of its investment, being the higher of the joint venture or associate\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 income statement.
If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the
Group does not recognise further losses, unless it has legal or constructive obligations to make payments on behalf of the joint
venture or associate.
Dividends received or receivable from joint ventures or associates are recognised as a reduction in the carrying amount of
the investment.
Where the Group disposes of its entire interest in a joint venture or associate, a gain or loss is recognised in the consolidated
income statement on the difference between the amount received on the sale of the joint venture or associate and the carrying
value of the investment in joint venture or associate less costs of disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "value": "Joint ventures and associates Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. When joint control is no longer demonstrated, but significant influence is, a previously accounted for joint venture is accounted for as an associate. Investments in joint ventures and associates 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 or associate after the date of acquisition. The Group\u2019s investments in joint ventures or associates are presented separately on the consolidated balance sheet and the Group\u2019s share of the joint ventures or associates\u2019 post-tax profit or loss for the period is also presented separately in the consolidated income statement. Where there is an indication that the Group\u2019s investment in a joint venture or associate may be impaired, the Group evaluates the recoverable amount of its investment, being the higher of the joint venture or associate\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 income statement. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses, unless it has legal or constructive obligations to make payments on behalf of the joint venture or associate. Dividends received or receivable from joint ventures or associates are recognised as a reduction in the carrying amount of the investment. Where the Group disposes of its entire interest in a joint venture or associate, a gain or loss is recognised in the consolidated income statement on the difference between the amount received on the sale of the joint venture or associate and the carrying value of the investment in joint venture or associate less costs of disposal. Other financial assets The Group\u2019s other financial assets comprise of listed equity investments and amounts receivable from joint ventures and associates. Listed equity investments Listed equity investments are classified as financial assets at fair value through profit or loss. At initial recognition, the financial assets are measured at fair value, with transactions costs attributable to the acquisition, expensed in the consolidated income statement. The financial assets are subsequently carried in the consolidated balance sheet at fair value, with net changes in fair value recognised in the consolidated income statement. The purchase and sale of the financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset. The 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. Listed equity investments included the Group\u2019s investment in Shaftesbury PLC until the date of the all-share merger during the prior year. Amounts receivable from joint ventures and associates Amounts receivable from joint ventures and associates are classified as financial assets at amortised cost. At initial recognition, the Group measures the financial asset at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment review. The 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "value": "Joint ventures and associates Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. When joint control is no longer demonstrated, but significant influence is, a previously accounted for joint venture is accounted for as an associate. Investments in joint ventures and associates 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 or associate after the date of acquisition. The Group\u2019s investments in joint ventures or associates are presented separately on the consolidated balance sheet and the Group\u2019s share of the joint ventures or associates\u2019 post-tax profit or loss for the period is also presented separately in the consolidated income statement. Where there is an indication that the Group\u2019s investment in a joint venture or associate may be impaired, the Group evaluates the recoverable amount of its investment, being the higher of the joint venture or associate\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 income statement. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses, unless it has legal or constructive obligations to make payments on behalf of the joint venture or associate. Dividends received or receivable from joint ventures or associates are recognised as a reduction in the carrying amount of the investment. Where the Group disposes of its entire interest in a joint venture or associate, a gain or loss is recognised in the consolidated income statement on the difference between the amount received on the sale of the joint venture or associate and the carrying value of the investment in joint venture or associate less costs of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "value": "Joint ventures and associates Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. When joint control is no longer demonstrated, but significant influence is, a previously accounted for joint venture is accounted for as an associate. Investments in joint ventures and associates 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 or associate after the date of acquisition. The Group\u2019s investments in joint ventures or associates are presented separately on the consolidated balance sheet and the Group\u2019s share of the joint ventures or associates\u2019 post-tax profit or loss for the period is also presented separately in the consolidated income statement. Where there is an indication that the Group\u2019s investment in a joint venture or associate may be impaired, the Group evaluates the recoverable amount of its investment, being the higher of the joint venture or associate\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 income statement. If the Group\u2019s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses, unless it has legal or constructive obligations to make payments on behalf of the joint venture or associate. Dividends received or receivable from joint ventures or associates are recognised as a reduction in the carrying amount of the investment. Where the Group disposes of its entire interest in a joint venture or associate, a gain or loss is recognised in the consolidated income statement on the difference between the amount received on the sale of the joint venture or associate and the carrying value of the investment in joint venture or associate less costs of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-320": { "value": "
Revenue recognition
Rental receivable arises from operating leases granted to customers and is recognised as revenue on a straight-line basis over the
lease term.
Tenant lease incentives, and in certain instances surrender premium payments which are directly linked to new leases, are
amortised on a straight-line basis over the non-cancellable period of the lease, being the earlier of its expiry date or the date of the
first break option as a reduction in net rental income. Surrender premiums received for early termination of leases are reflected in
gross profit.
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. As the Group acts as a principal, service charge income and costs are shown gross in the financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-321": { "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.
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 (except leases); 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 income statement 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-363": { "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. 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 (except leases); 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 income statement 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-322": { "value": "
Share-based payment
The Group administers the following share-based remuneration to employees and Directors:
Long-term incentive plan
Long-term incentive awards will only vest and become exercisable upon achievement of performance targets, linked to the Group\u2019s
total accounting return and total shareholder return, as well as being conditional upon continued employment with the Group. The
fair value of the awards is determined using an option pricing model, which applies assumptions around expected yields, forfeiture
rates, exercise price and volatility, at the grant date of the awards. Non-market vesting conditions are taken into account by
adjusting the number of awards expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over
the vesting period is based on the number of awards that will eventually vest. Market vesting conditions are factored into the fair
value of the awards granted. The cumulative expense is not adjusted for failure to meet a market vesting condition.
The cost of granting share options to employees is charged to the consolidated income statement over the vesting period of
the options with a corresponding increase in equity. Employer\u2019s National Insurance contributions are payable, on exercise, on the
market value of the award and are accrued for within the share-based payments expense in the consolidated income statement.
Upon eventual exercise, a reserves transfer occurs with no further charge reflected in the consolidated income statement.
Deferred shares
Executive Directors\u2019 annual bonuses may be deferred in Company shares or nil-cost options for three years under the long-term
incentive plan without further performance conditions but subject to risk of forfeiture should an Executive Director leave the
Company in certain circumstances. The Group accrues the cost of the non-cash bonus over the relevant period. Employer\u2019s
National Insurance contributions are payable, on exercise, on the market value of the award and are accrued for within the
share-based payments expense in the consolidated income statement.
Upon eventual exercise, a reserves transfer occurs with no further charge reflected in the consolidated income statement.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-323": { "value": "
Investment property
Investment 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 property are initially recognised as prepayments until the recognition criteria outlined above have been met. Investment
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,
deferred letting fees 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.
When the Group redevelops a property for continued future use, that property is classified as investment 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 property are recognised in the consolidated income statement 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
properties cease to be recognised as investment 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 income statement. The gain
or loss 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.
When the use of a property changes from trading property to investment property, the property is transferred at fair value with
any resulting gain or loss recognised in the consolidated income statement.
Investment property is classified as held for sale when the property has exchanged, though not yet completed. Transfers from
investment property to investment property held for sale will occur at market value. The Group will subsequently determine the
fair value of the property less costs to sell, and to the extent that the market value of the property exceeds the fair value of the
property less costs to sell, an impairment loss will be recognised. Should an uplift occur in valuation in a subsequent period,
a gain shall be recognised however, the gain recognised may not exceed the cumulative impairment loss recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-324": { "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 12 \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": "shaftesburycapitalplc:DescriptionOfAccountingPolicyForTradingProperty", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-325": { "value": "
Owner-occupied property
Owner-occupied property comprises property held for use in the production or supply of goods or services or for administrative
purposes. Transfers are made from investment property to owner-occupied property when there is a change in use of the
property. The property is transferred and subsequently carried at market value, which is determined in the same manner as
investment property. Revaluation gains are recognised in equity. A revaluation loss will reverse any previous revaluation gain
recorded in equity with the residual recognised in profit or loss.
", "dimensions": { "concept": "shaftesburycapitalplc:DescriptionOfAccountingPolicyForOwnerOccupiedProperty", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-326": { "value": "
Leases
The Group assesses whether a contract is or contains a lease, at inception of the contract.
Group as a lessee
The Group\u2019s leases predominately relate to head leases in relation to leasehold properties. At the commencement date of the
lease, the Group recognises a right of use asset equal to the value of the lease liability and direct costs incurred, less any lease
incentives received by the Group. The right of use asset is recognised within investment property. The lease liability is measured at
the present value of lease payments over the lease term. The lease payments include fixed payments and variable lease payments
that depend on an index or rate.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date
when the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities
is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease
liabilities is remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g. changes to
future payments resulting from a change in an index or rate used to determine such lease payments).
The Group\u2019s lease liabilities are detailed in note 20.
Short-term leases and leases of a low-value
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.
Group as a lessor
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-327": { "value": "
Other financial assets
The Group\u2019s other financial assets comprise of listed equity investments and amounts receivable from joint ventures and associates.
Listed equity investments
Listed equity investments are classified as financial assets at fair value through profit or loss. At initial recognition, the financial
assets are measured at fair value, with transactions costs attributable to the acquisition, expensed in the consolidated income
statement. The financial assets are subsequently carried in the consolidated balance sheet at fair value, with net changes in fair
value recognised in the consolidated income statement.
The purchase and sale of the financial assets are recognised on trade date, being the date on which the Group commits to
purchase or sell the asset. The 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.
Listed equity investments included the Group\u2019s investment in Shaftesbury PLC until the date of the all-share merger during the
prior year.
Amounts receivable from joint ventures and associates
Amounts receivable from joint ventures and associates are classified as financial assets at amortised cost. At initial recognition,
the Group measures the financial asset at fair value plus transaction costs that are directly attributable to the acquisition of the
financial asset.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject
to impairment review. The 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.
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 derivative financial instruments in the consolidated income statement.
Borrowings Borrowings comprise bank loans, secured loan facilities, loan notes and compound financial instruments. Bank loans, secured loan facilities 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 and unamortised costs are recognised immediately in the consolidated income statement. Compound financial instruments issued by the Group comprise exchangeable bonds that are convertible into shares. The exchangeable bonds were 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 income statement. 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. When a facility has been modified an assessment of modification and extinguishment is performed reviewing both quantitative and qualitative factors. Interest related to the financial liability is recognised in the consolidated income statement. The embedded derivative is measured at fair value with the fair value adjustment accounted for in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "value": "Other financial assets The Group\u2019s other financial assets comprise of listed equity investments and amounts receivable from joint ventures and associates. Listed equity investments Listed equity investments are classified as financial assets at fair value through profit or loss. At initial recognition, the financial assets are measured at fair value, with transactions costs attributable to the acquisition, expensed in the consolidated income statement. The financial assets are subsequently carried in the consolidated balance sheet at fair value, with net changes in fair value recognised in the consolidated income statement. The purchase and sale of the financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset. The 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. Listed equity investments included the Group\u2019s investment in Shaftesbury PLC until the date of the all-share merger during the prior year. Amounts receivable from joint ventures and associates Amounts receivable from joint ventures and associates are classified as financial assets at amortised cost. At initial recognition, the Group measures the financial asset at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment review. The 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment review. The 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "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 derivative financial instruments in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "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 derivative financial instruments in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-328": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-329": { "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 customers 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 customer\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 (retail, food and beverage, office and residential)
and the type of rent receivable outstanding (rent arrears, service charge, other). In determining the provision on a customer by
customer basis, the Group considers both recent payment history and future expectations of the customer\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 made in addition to a full provision for maximum risk customers or customers 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 income statement
on a basis consistent with the original charge.
Tenant lease incentives are impaired based on an assessment of affordability.
For amounts receivable from joint ventures and associates, 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 and associates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "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 customers 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 customer\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 (retail, food and beverage, office and residential) and the type of rent receivable outstanding (rent arrears, service charge, other). In determining the provision on a customer by customer basis, the Group considers both recent payment history and future expectations of the customer\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 made in addition to a full provision for maximum risk customers or customers 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 income statement on a basis consistent with the original charge. Tenant lease incentives are impaired based on an assessment of affordability. For amounts receivable from joint ventures and associates, 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 and associates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-330": { "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, certain tenant deposits and other short-term highly liquid investments with original maturities of three
months or less.
Tenant deposits held against tenants\u2019 rent payment obligations in bank accounts administered by the Group are classified as cash
and cash equivalents. Tenant deposits held against tenants\u2019 rent payment obligations in bank accounts administered by the Group\u2019s
managing agent are not included within the consolidated balance sheet.
The Group holds cash on deposit as security for certain secured term loans and secured bank facilities, and where there are
certain conditions restricting their use. Cash held on deposit which has conditions restricting its use and is not available on demand,
liquid or readily convertible, is classified within other receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-331": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-367": { "value": "Borrowings Borrowings comprise bank loans, secured loan facilities, loan notes and compound financial instruments. Bank loans, secured loan facilities 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 and unamortised costs are recognised immediately in the consolidated income statement. Compound financial instruments issued by the Group comprise exchangeable bonds that are convertible into shares. The exchangeable bonds were 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 income statement. 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. When a facility has been modified an assessment of modification and extinguishment is performed reviewing both quantitative and qualitative factors. Interest related to the financial liability is recognised in the consolidated income statement. The embedded derivative is measured at fair value with the fair value adjustment accounted for in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-332": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-333": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-334": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-335": { "value": "Own shares Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in the share premium. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-336": { "value": "
2 Segmental reporting
IFRS 8 requires operating segments to be reported in a manner consistent with the internal financial reporting reviewed by the
chief operating decision maker. The chief operating decision maker of the Group is the Executive Committee, which consists of the
Chief Executive, Chief Financial Officer and the two Executive Directors. The information reviewed by the Executive Committee is
prepared on a basis consistent with these financial statements. That is, the information is provided and monitored at a Group level
and includes the IFRS reported results, EPRA and underlying measures.
In assessing the identification of operating segments, the Group considers the activities of the chief operating decision maker
including decision making authorities for allocation of resources and the information they regularly receive. This consideration
also factors that performance measures are set and only monitored at a single Group level. The Annual Report includes additional
operational information on the property portfolio grouped by village and use.
This information is used within certain levels of the business and is also considered useful for readers of the Annual Report but is
not used by the chief operating decision maker for monitoring performance or the allocation of resources.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-337": { "value": "
3 Performance measures
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. Details of all APMs used by the Group are set out in the APM section on page 218.
As is usual practice in the sector, the Group presents APMs for certain indicators, including earnings, earnings per share and
net tangible assets, making adjustments as set out by EPRA in its Best Practice Recommendations. These recommendations are
designed to make the financial statements of public real estate companies more comparable across Europe, enhancing the
transparency, comparability and coherence of the sector.
One of the key performance measures which the Group uses is underlying earnings. The underlying earnings measure reflects the
underlying financial performance of the Group\u2019s West End property rental business and is used for the calculation of dividends.
The measure aligns with the main principles of EPRA earnings. EPRA earnings excludes valuation movements on the wholly-owned,
joint venture and associate properties, profit or loss on disposal of investment properties and investments in associates, fair value
changes of financial instruments and listed investments, cost of early close out of debt, gain on bargain purchase and IFRS 3
merger-related transaction costs.
Following updated guidance issued by EPRA in 2024, EPRA earnings now also includes adjustments for certain non-operating and
exceptional items. The non-operating and exceptional items adjusted for by the Group in the current and prior year include the fair
value movements of the option component of the exchangeable bond, the unwinding of the IFRS 3 fair value of debt following the
completion of the all-share merger in March 2023 and merger-related integration and other non-underlying expenses incurred.
These costs are non-recurring as they relate to significant transactions outside the ongoing operations of the Group.
In calculating underlying earnings in both years, additional adjustments are made to exclude the financial performance of the Lillie
Square joint venture, associated tax adjustments and the interest receivable on the loan issued to the joint venture by the Group.
Lillie Square is not considered to be a core part of the operations of the Group and therefore its results are not included in
underlying earnings.
A summary of the number of shares, on a basic and diluted basis, in issue at the year end, and on a weighted average basis for the
year, is set out in the table below:
Number of shares
2024 2023
Weighted 2024 Weighted 2023
average In issue average In issue
million million million million
Ordinary shares
1,953.2
1,953.2
1,757.0
1,953.2
Own shares \u2013 employee benefit trust
(3.1)
(3.1)
(2.6)
(3.1)
Own shares \u2013 exchangeable bond
1
(128.4)
(128.4)
(105.5)
(128.4)
Number of shares \u2013 basic
2
1,821.7
1,821.7
1,648.9
1,821.7
Dilutive effect of contingently issuable share option awards
3
5.7
10.0
6.5
6.5
Dilutive effect of contingently issuable deferred share awards
3
0.7
1.6
0.6
0.6
Number of shares \u2013 diluted
4
1,828.1
1,833.3
1,656.0
1,828.8
1. Includes 127,008,786 shares held as collateral for the exchangeable bonds.
2. Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share.
3. Further information on these potential ordinary shares can be found in note 29 \u2018Share based payments\u2019.
4. Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings and net assets per share.
Earnings per share \u2013 IFRS
2024
2023
Basic earnings (\u00a3m)
252.1
750.4
Basic earnings per share (pence)
13.8p
45.5p
Diluted earnings per share (pence)
13.8p
45.3p
Earnings per share \u2013 EPRA and Underlying earnings
2024 2023
Note \u00a3m \u00a3m
Basic earnings
252.1
750.4
EPRA Group adjustments:
(Gain)/loss on revaluation and sale of investment property
6
(194.6)
65.0
Change in value of investments and other receivables
7
7.0
12.5
Change in fair value of financial instruments \u2013 interest rate derivatives
15
6.3
7.4
Change in fair value of financial assets at fair value through profit or loss
22
\u2013
(52.0)
Exceptional finance items \u2013 accelerated unwind of unamortised finance costs and interest on early close out of debt
1
9
1.0
26.8
Loss on sale of associate
1
14
4.0
\u2013
Gain on bargain purchase
31
\u2013
(805.5)
Merger-related transaction costs
5
\u2013
35.8
Deferred tax adjustments
10
\u2013
(0.1)
EPRA unusual items:
Merger-related integration costs and non-underlying administrative expenses
5
3.3
8.7
Other exceptional finance items
2
0.4
9.1
Impact of change in accounting policy on gross profit
3
\u2013
5.1
EPRA joint venture and associate adjustments:
Profit on sale and transfer of trading property
(1.5)
(5.1)
(Gain)/loss on revaluation of investment property
(3.0)
3.3
(Reversal of write down)/write down of trading property
(0.9)
6.6
Deferred tax adjustments
1.2
(0.1)
EPRA earnings
75.3
67.9
EPRA earnings per share (pence)
4
4.1
4.1
Underlying earnings adjustments:
Joint ventures adjustment \u2013 Lillie Square
5
(2.3)
(7.5)
Underlying earnings
73.0
60.4
Underlying earnings per share (pence)
6
4.0
3.7
1. Reflects the accelerated unwind of unamortised costs on the refinancing of the revolving credit facility. The 2023 amount comprises \u00a324.6 million unamortised fair value adjustment
that arose on completion of the merger which was accelerated on the early redemption of the Carnaby and Chinatown bonds in April 2023 and the unamortised costs on the loan
facility of \u00a32.2 million which was accelerated on early repayment during the prior year. The unwind of the remaining fair value balance on the Longmartin debt of \u00a31.4 million has been
recognised in the loss on sale of associate on sale of our 50 per cent share during the year.
2. Other exceptional finance items include the unwind of the fair value adjustments on the debt facilities acquired on merger of \u00a36.1 million (including our share of the fair value unwind
of the Longmartin debt of \u00a30.6 million up to date of disposal), offset by the fair value movement of the exchangeable bond option of \u00a35.4 million (31 December 2023: \u00a33.9 million) and
other non-underlying finance income of \u00a30.3 million. \u00a35.5 million (31 December 2023: \u00a34.5 million) of the unwind of the fair value of the debt is recorded through other finance costs
included in note 10 \u2018Finance costs\u2019 and \u00a30.6 million (31 December 2023: \u00a30.7 million) within the profit from Longmartin per note 14 \u2018Investments in joint ventures and associates\u2019.
3. The \u00a35.1 million relates to the alignment of accounting policies on completion of the merger in the prior year. \u00a34.1 million of the adjustment was recognised through the straight lining
of tenant lease incentives and \u00a31.0 million in property expenses. Historically, the Group amortised tenant lease incentives and deferred letting fees on a straight-line basis over the
lease term to lease expiry as the assumption was that the lessees were reasonably certain not to exercise their option to break. This was amended in the prior year, such that all
lease incentives are amortised over the non-cancellable period of the lease. As a result, other receivables within the consolidated balance sheet at 31 December 2023 decreased by
\u00a35.1 million with a corresponding reduction to gross profit. The \u00a35.1 million reduction to gross profit had been adjusted for in order to reflect the true performance of the business
during 2023.
4. Prior year comparatives have been re-presented based on changes to EPRA earnings following the publication of updated EPRA Best Practice Recommendations Guidelines in
September 2024.
5. The Lillie Square joint venture is not considered part of the core underlying business of the Group and therefore its results are excluded from underlying earnings. The adjustment
includes \u00a33.8 million (31 December 2023: \u00a33.7 million) interest receivable by the Group on the interest-bearing loans issued to the joint venture, offset by \u00a31.5 million (31 December
2023: \u00a33.8 million) of adjustments made to EPRA earnings for profit on sale and transfer of trading property, loss on revaluation of investment property and reversal of write down
of trading property.
6. Had the all-share merger of Capital & Counties Properties PLC and Shaftesbury PLC completed on 1 January 2023, the underlying earnings of the Group would have been \u00a362.8 million
or 3.4 pence per share.
Net assets per share
2024
2023
EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
IFRS total equity
1
3,674.3
3,674.3
3,674.3
3,480.2
3,480.2
3,480.2
Unrecognised surplus on trading property \u2013 joint venture
0.1
0.1
0.1
1.7
1.7
1.7
Fair value of financial instruments \u2013 interest rate derivatives
2
(3.4)
(3.4)
\u2013
(9.7)
(9.7)
\u2013
Fair value adjustment of exchangeable bond
3
(0.4)
(0.4)
\u2013
2.0
2.0
\u2013
Real Estate Transfer Tax
333.1
\u2013
\u2013
332.2
\u2013
\u2013
Adjustment of fixed rate debt from carrying value to fair value
4
\u2013
\u2013
50.8
\u2013
\u2013
29.8
Deferred tax adjustments
0.5
0.5
\u2013
5.2
5.2
\u2013
NAV
4,004.2
3,671.1
3,725.2
3,811.6
3,479.4
3,511.7
NAV per share (pence)
218.4p
200.2p
203.2p
208.4p
190.3p
192.0p
1. IFRS total equity of 200.4 pence per share (31 December 2023: 190.3 pence per share).
2. This relates to the fair value of interest rate derivatives. Further details are disclosed within note 15 \u2018Derivative financial instruments\u2019.
3. Adjustment to remove the exchangeable bond option fair value and include the exchangeable bond liability at nominal value of \u00a3275 million.
4. Excludes fair value of exchangeable bond option component included under derivative liabilities as disclosed in note 15 \u2018Derivative financial instruments\u2019.
Headline earnings per share
Headline earnings per share is calculated in accordance with Circular 1/2023 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.
2024 2023
\u00a3m \u00a3m
Basic earnings
252.1
750.4
Group adjustments:
Gain on bargain purchase
\u2013
(805.5)
Loss on sale of associate
4.0
\u2013
(Gain)/loss on revaluation and sale of investment property
(194.6)
65.0
Headline earnings
61.5
9.9
Basic and diluted headline earnings per share (pence)
3.4p
0.6p
", "dimensions": { "concept": "shaftesburycapitalplc:DisclosureOfPerformanceMeasures", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-368": { "value": "Earnings per share \u2013 IFRS
2024
2023
Basic earnings (\u00a3m)
252.1
750.4
Basic earnings per share (pence)
13.8p
45.5p
Diluted earnings per share (pence)
13.8p
45.3p
Earnings per share \u2013 EPRA and Underlying earnings
2024 2023
Note \u00a3m \u00a3m
Basic earnings
252.1
750.4
EPRA Group adjustments:
(Gain)/loss on revaluation and sale of investment property
6
(194.6)
65.0
Change in value of investments and other receivables
7
7.0
12.5
Change in fair value of financial instruments \u2013 interest rate derivatives
15
6.3
7.4
Change in fair value of financial assets at fair value through profit or loss
22
\u2013
(52.0)
Exceptional finance items \u2013 accelerated unwind of unamortised finance costs and interest on early close out of debt
1
9
1.0
26.8
Loss on sale of associate
1
14
4.0
\u2013
Gain on bargain purchase
31
\u2013
(805.5)
Merger-related transaction costs
5
\u2013
35.8
Deferred tax adjustments
10
\u2013
(0.1)
EPRA unusual items:
Merger-related integration costs and non-underlying administrative expenses
5
3.3
8.7
Other exceptional finance items
2
0.4
9.1
Impact of change in accounting policy on gross profit
3
\u2013
5.1
EPRA joint venture and associate adjustments:
Profit on sale and transfer of trading property
(1.5)
(5.1)
(Gain)/loss on revaluation of investment property
(3.0)
3.3
(Reversal of write down)/write down of trading property
(0.9)
6.6
Deferred tax adjustments
1.2
(0.1)
EPRA earnings
75.3
67.9
EPRA earnings per share (pence)
4
4.1
4.1
Underlying earnings adjustments:
Joint ventures adjustment \u2013 Lillie Square
5
(2.3)
(7.5)
Underlying earnings
73.0
60.4
Underlying earnings per share (pence)
6
4.0
3.7
1. Reflects the accelerated unwind of unamortised costs on the refinancing of the revolving credit facility. The 2023 amount comprises \u00a324.6 million unamortised fair value adjustment that arose on completion of the merger which was accelerated on the early redemption of the Carnaby and Chinatown bonds in April 2023 and the unamortised costs on the loan facility of \u00a32.2 million which was accelerated on early repayment during the prior year. The unwind of the remaining fair value balance on the Longmartin debt of \u00a31.4 million has been recognised in the loss on sale of associate on sale of our 50 per cent share during the year. 2. Other exceptional finance items include the unwind of the fair value adjustments on the debt facilities acquired on merger of \u00a36.1 million (including our share of the fair value unwind of the Longmartin debt of \u00a30.6 million up to date of disposal), offset by the fair value movement of the exchangeable bond option of \u00a35.4 million (31 December 2023: \u00a33.9 million) and other non-underlying finance income of \u00a30.3 million. \u00a35.5 million (31 December 2023: \u00a34.5 million) of the unwind of the fair value of the debt is recorded through other finance costs included in note 10 \u2018Finance costs\u2019 and \u00a30.6 million (31 December 2023: \u00a30.7 million) within the profit from Longmartin per note 14 \u2018Investments in joint ventures and associates\u2019. 3. The \u00a35.1 million relates to the alignment of accounting policies on completion of the merger in the prior year. \u00a34.1 million of the adjustment was recognised through the straight lining of tenant lease incentives and \u00a31.0 million in property expenses. Historically, the Group amortised tenant lease incentives and deferred letting fees on a straight-line basis over the lease term to lease expiry as the assumption was that the lessees were reasonably certain not to exercise their option to break. This was amended in the prior year, such that all lease incentives are amortised over the non-cancellable period of the lease. As a result, other receivables within the consolidated balance sheet at 31 December 2023 decreased by \u00a35.1 million with a corresponding reduction to gross profit. The \u00a35.1 million reduction to gross profit had been adjusted for in order to reflect the true performance of the business during 2023. 4. Prior year comparatives have been re-presented based on changes to EPRA earnings following the publication of updated EPRA Best Practice Recommendations Guidelines in September 2024. 5. The Lillie Square joint venture is not considered part of the core underlying business of the Group and therefore its results are excluded from underlying earnings. The adjustment includes \u00a33.8 million (31 December 2023: \u00a33.7 million) interest receivable by the Group on the interest-bearing loans issued to the joint venture, offset by \u00a31.5 million (31 December 2023: \u00a33.8 million) of adjustments made to EPRA earnings for profit on sale and transfer of trading property, loss on revaluation of investment property and reversal of write down of trading property. 6. Had the all-share merger of Capital & Counties Properties PLC and Shaftesbury PLC completed on 1 January 2023, the underlying earnings of the Group would have been \u00a362.8 million or 3.4 pence per share. Net assets per share
2024
2023
EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
IFRS total equity
1
3,674.3
3,674.3
3,674.3
3,480.2
3,480.2
3,480.2
Unrecognised surplus on trading property \u2013 joint venture
0.1
0.1
0.1
1.7
1.7
1.7
Fair value of financial instruments \u2013 interest rate derivatives
2
(3.4)
(3.4)
\u2013
(9.7)
(9.7)
\u2013
Fair value adjustment of exchangeable bond
3
(0.4)
(0.4)
\u2013
2.0
2.0
\u2013
Real Estate Transfer Tax
333.1
\u2013
\u2013
332.2
\u2013
\u2013
Adjustment of fixed rate debt from carrying value to fair value
4
\u2013
\u2013
50.8
\u2013
\u2013
29.8
Deferred tax adjustments
0.5
0.5
\u2013
5.2
5.2
\u2013
NAV
4,004.2
3,671.1
3,725.2
3,811.6
3,479.4
3,511.7
NAV per share (pence)
218.4p
200.2p
203.2p
208.4p
190.3p
192.0p
1. IFRS total equity of 200.4 pence per share (31 December 2023: 190.3 pence per share). 2. This relates to the fair value of interest rate derivatives. Further details are disclosed within note 15 \u2018Derivative financial instruments\u2019. 3. Adjustment to remove the exchangeable bond option fair value and include the exchangeable bond liability at nominal value of \u00a3275 million. 4. Excludes fair value of exchangeable bond option component included under derivative liabilities as disclosed in note 15 \u2018Derivative financial instruments\u2019. Headline earnings per share Headline earnings per share is calculated in accordance with Circular 1/2023 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.
2024 2023
\u00a3m \u00a3m
Basic earnings
252.1
750.4
Group adjustments:
Gain on bargain purchase
\u2013
(805.5)
Loss on sale of associate
4.0
\u2013
(Gain)/loss on revaluation and sale of investment property
(194.6)
65.0
Headline earnings
61.5
9.9
Basic and diluted headline earnings per share (pence)
3.4p
0.6p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-338": { "value": "
4 Gross profit
All revenue has been generated from operations within the United Kingdom.
2024 2023
\u00a3m \u00a3m
Rental receivable
197.2
171.9
Straight-lining of tenant lease incentives
1
7.8
3.9
Service charge income
22.1
19.3
Revenue
227.1
195.1
Provision for expected credit loss
(3.9)
(2.0)
Property expenses
1
(33.1)
(31.1)
Service charge expenses
(22.1)
(19.3)
Tenant lease incentives loss allowance
(0.9)
(0.8)
Costs
(60.0)
(53.2)
Gross profit
167.1
141.9
1. Included in the prior year is a charge of \u00a35.1 million relating to the alignment of accounting policies on completion of the merger. \u00a34.1 million of the adjustment was recognised through
the straight lining of tenant lease incentives and \u00a31.0 million in property expenses.
", "dimensions": { "concept": "shaftesburycapitalplc:DisclosureOfGrossProfit", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-369": { "value": "4 Gross profit All revenue has been generated from operations within the United Kingdom.
2024 2023
\u00a3m \u00a3m
Rental receivable
197.2
171.9
Straight-lining of tenant lease incentives
1
7.8
3.9
Service charge income
22.1
19.3
Revenue
227.1
195.1
Provision for expected credit loss
(3.9)
(2.0)
Property expenses
1
(33.1)
(31.1)
Service charge expenses
(22.1)
(19.3)
Tenant lease incentives loss allowance
(0.9)
(0.8)
Costs
(60.0)
(53.2)
Gross profit
167.1
141.9
1. Included in the prior year is a charge of \u00a35.1 million relating to the alignment of accounting policies on completion of the merger. \u00a34.1 million of the adjustment was recognised through the straight lining of tenant lease incentives and \u00a31.0 million in property expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-339": { "value": "
5 Administration expenses
2024 2023
\u00a3m \u00a3m
Depreciation
0.3
0.4
Employee costs
23.0
25.1
Head office administration expenses
16.1
13.8
Merger-related transaction costs
1
\u2013
35.8
Merger-related integration costs and non-underlying administration expenses
3.3
8.7
Administration expenses
42.7
83.8
1. Costs relate to transaction fees and expenses in respect of the merger of Shaftesbury PLC and Capital & Counties Properties PLC during the prior year.
(a) Employee costs (including Executive Directors)
2024 2023
Note \u00a3m \u00a3m
Wages and salaries
16.3
19.9
Social security costs
2.1
2.6
Pension costs
1.5
1.5
Share-based payment
1
 29
3.1
1.1
Employee costs
23.0
25.1
1. Share-based payment charges are calculated based on the expected fair value of share awards as calculated using the Black-Scholes option pricing model. Details of the share option
schemes, and principal assumptions made at the last grant and measurement dates are set out in note 29 \u2018Share-based payments\u2019.
(b) Employee numbers
Average monthly number of people (including Executive Directors) employed
2024
2023
Total average headcount
98
105
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 138 to 161 form part of these consolidated financial statements.
(c) Auditors\u2019 remuneration
2024 2023
\u00a3m \u00a3m
Remuneration to the principal auditors in respect of audit fees:
Company and Group consolidated financial statements
1.0
1.1
Audit of the financial statements of the Company\u2019s subsidiaries
0.3
0.2
Audit of the financial statements of the Company\u2019s joint ventures and associates
\u2013
0.1
Fees related to the audit of the Company, subsidiaries, joint ventures and associates
1.3
1.4
Audit related assurance services including interim review
0.1
0.2
Total fees for audit and audit related services
1.4
1.6
The Group\u2019s auditors, PricewaterhouseCoopers LLP, have engaged on assignments in addition to their audit engagement duties
where their expertise and experience of the Group are important. 2024 non-audit fees, including the interim review, represented
10.0 per cent of the total audit fee (31 December 2023: 11.0 per cent). Further details on the Audit Committee\u2019s non-audit services
policy can be found on page 137.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "5 Administration expenses
2024 2023
\u00a3m \u00a3m
Depreciation
0.3
0.4
Employee costs
23.0
25.1
Head office administration expenses
16.1
13.8
Merger-related transaction costs
1
\u2013
35.8
Merger-related integration costs and non-underlying administration expenses
3.3
8.7
Administration expenses
42.7
83.8
1. Costs relate to transaction fees and expenses in respect of the merger of Shaftesbury PLC and Capital & Counties Properties PLC during the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "value": "5 Administration expenses
2024 2023
\u00a3m \u00a3m
Depreciation
0.3
0.4
Employee costs
23.0
25.1
Head office administration expenses
16.1
13.8
Merger-related transaction costs
1
\u2013
35.8
Merger-related integration costs and non-underlying administration expenses
3.3
8.7
Administration expenses
42.7
83.8
1. Costs relate to transaction fees and expenses in respect of the merger of Shaftesbury PLC and Capital & Counties Properties PLC during the prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-370": { "value": "5 Administration expenses
2024 2023
\u00a3m \u00a3m
Depreciation
0.3
0.4
Employee costs
23.0
25.1
Head office administration expenses
16.1
13.8
Merger-related transaction costs
1
\u2013
35.8
Merger-related integration costs and non-underlying administration expenses
3.3
8.7
Administration expenses
42.7
83.8
1. Costs relate to transaction fees and expenses in respect of the merger of Shaftesbury PLC and Capital & Counties Properties PLC during the prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-371": { "value": "(a) Employee costs (including Executive Directors)
2024 2023
Note \u00a3m \u00a3m
Wages and salaries
16.3
19.9
Social security costs
2.1
2.6
Pension costs
1.5
1.5
Share-based payment
1
 29
3.1
1.1
Employee costs
23.0
25.1
1. Share-based payment charges are calculated based on the expected fair value of share awards as calculated using the Black-Scholes option pricing model. Details of the share option schemes, and principal assumptions made at the last grant and measurement dates are set out in note 29 \u2018Share-based payments\u2019. (b) Employee numbers
Average monthly number of people (including Executive Directors) employed
2024
2023
Total average headcount
98
105
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 138 to 161 form part of these consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-372": { "value": "(c) Auditors\u2019 remuneration
2024 2023
\u00a3m \u00a3m
Remuneration to the principal auditors in respect of audit fees:
Company and Group consolidated financial statements
1.0
1.1
Audit of the financial statements of the Company\u2019s subsidiaries
0.3
0.2
Audit of the financial statements of the Company\u2019s joint ventures and associates
\u2013
0.1
Fees related to the audit of the Company, subsidiaries, joint ventures and associates
1.3
1.4
Audit related assurance services including interim review
0.1
0.2
Total fees for audit and audit related services
1.4
1.6
The Group\u2019s auditors, PricewaterhouseCoopers LLP, have engaged on assignments in addition to their audit engagement duties where their expertise and experience of the Group are important. 2024 non-audit fees, including the interim review, represented 10.0 per cent of the total audit fee (31 December 2023: 11.0 per cent). Further details on the Audit Committee\u2019s non-audit services policy can be found on page 137. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-340": { "value": "
6 Gain/(loss) on revaluation and sale of investment property
2024 2023
\u00a3m \u00a3m
Gain/(loss) on revaluation of investment property
202.9
(68.5)
(Loss)/profit on sale of investment property
(8.3)
3.5
Gain/(loss) on revaluation and sale of investment property
194.6
(65.0)
12 Property Portfolio
2024 2023
Note \u00a3m \u00a3m
At 1 January
4,740.2
1,715.1
Investment property acquired on merger at 6 March 2023 fair value
\u2013
3,141.0
Additions from acquisitions
84.9
17.4
Additions from subsequent expenditure
43.1
35.1
Disposals
(162.2)
(81.5)
Transfer to owner-occupied property
13
\u2013
(18.4)
Gain/(loss) on revaluation
6
202.9
(68.5)
Transfer to held for sale
1
(9.8)
-
Carrying value of investment property
4,899.1
4,740.2
Adjustment in respect of fixed head leases
(3.0)
(3.0)
Adjustment in respect of tenant lease incentives and deferred letting fees
16
47.5
37.9
Market value of investment property
4,943.6
4,775.1
1. Two properties had exchanged for sale at year end and were accordingly classified as held for sale. The sale of one property completed post year end with the other anticipated to
complete during the first quarter of 2025.
2024 2023
\u00a3m \u00a3m
The investment property valuation comprises:
Freehold properties
3,849.0
3,791.3
Leasehold properties
1,094.6
983.8
Market value of investment property
4,943.6
4,775.1
Market value of property portfolio
2024 2023
Note \u00a3m \u00a3m
Market value of investment property
4,943.6
4,775.1
Market value of investment property held for sale
9.8
\u2013
Market value of owner-occupied property
13
20.1
20.2
Market value of wholly-owned property portfolio
4,973.5
4,795.3
Revaluation gain/(loss) of property portfolio
2024 2023
Note \u00a3m \u00a3m
Revaluation gain/(loss) reported in consolidated income statement
6
202.9
(68.5)
Revaluation (loss)/gain reported in consolidated statement of comprehensive income
13
(0.1)
1.8
Total revaluation gain/(loss) of wholly-owned property portfolio
202.8
(66.7)
Valuation process
The fair value of the Group\u2019s wholly-owned investment property and owner-occupied property at 31 December 2024 was
determined by independent, appropriately qualified external valuers, CBRE and Cushman & Wakefield. 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 on 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 Committee reporting to the
Board on the outcome of each valuation round.
Net zero carbon and EPC compliance
We are committed to meeting our 2030 carbon reduction targets and have reset our Net Zero Carbon target to 2040 to align with
SBTi long-term carbon reduction requirements, achieving SBTi validation in January 2025. A key element in achieving this will come
from carbon efficiencies created through refurbishments of the Group\u2019s property portfolio.
During 2024, the Group\u2019s additions from subsequent expenditure were \u00a343.1 million (31 December 2023: \u00a335.1 million). Included
within the \u00a343.1 million total subsequent expenditure is work which related to enhancing the environmental performance of assets,
and design stage work aimed at delivering environmental enhancements.
We aim for 75 per cent of commercial units to have a \u201cB\u201d or above EPC compliance rating by 2027 and for all commercial units to
have a \u201cB\u201d or above and residential units a \u201cC\u201d or above rating by 2030. Any committed capital expenditure has been included in
note 25 \u2018Capital commitments\u2019.
Valuation techniques
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 use in arriving at its valuation.
The fair value of the Group\u2019s investment properties has primarily been determined using a market approach, which provides an
indication of value by comparing the subject asset with similar assets for which price information is available. The external valuers
use information provided by the Group, such as tenancy information and capital expenditure expectations. In deriving fair value,
the valuer also makes a series of assumptions, using professional judgement and market observations. These assumptions include,
but are not limited to, market yields, ERVs and void periods. The critical key assumptions are the equivalent yields and ERVs, as set
out within the table on the next page and within the Analysis of property portfolio on page 226. Equivalent yields are based on
current market prices, depending on, inter alia, the location, condition and use of the properties. ERVs are calculated using a
number of factors which include current rental income, market comparatives and local occupancy levels. Whilst there is market
evidence for the key inputs, and recent transaction prices for similar properties, there is still a significant element of estimation and
judgement. As a result of adjustments made to market observable data, these significant inputs are deemed unobservable.
Non-financial assets carried at fair value, as is the case for investment 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).
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 change, 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 properties held by the Group are classified as Level 3 in the current and prior year.
The following table sets out the key unobservable inputs used in the valuation models of the wholly-owned property portfolio:
2024 2023
Range Range
Key unobservable inputs (weighted average) (weighted average)
Estimated rental value per square foot per annum \u00a319\u2013\u00a3296 \u00a319\u2013\u00a3276
(\u00a392) (\u00a383)
Equivalent yield 2.9%\u20136.5% 2.4%\u20136.0%
(4.45%) (4.30%)
Sensitivity to changes in key assumptions
As noted in the critical accounting judgements and key sources of estimation and uncertainty section in note 1 \u2018Principal accounting
policies\u2019, the valuation of the Group\u2019s property portfolio is inherently subjective. As a result, the valuations are subject to a degree
of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or
low transaction flow in the commercial property market.
The sensitivity analysis below illustrates the impact on the fair value of the Group\u2019s properties, from changes in the key assumptions:
Change in ERV
\u201310%
\u20135%
+5%
+10%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
(Decrease)/increase in fair value
(402.2)
(202.7)
205.7
413.0
Change in Yield
\u201350bps
\u201325bps
+25bps
+50bps
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Increase/(decrease) in fair value
660.1
309.1
(273.0)
(523.2)
The table above shows movements in key assumptions in isolation. These key unobservable inputs are interdependent. 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.
At 31 December 2024, the Group was contractually committed to \u00a324.1 million (31 December 2023: \u00a324.8 million) of future
expenditure for the purchase, construction, refurbishment and enhancement of investment property. Refer to note 25 \u2018Capital
commitments\u2019 for further information on capital commitments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-341": { "value": "
7 Change in value of investments and other receivables
Included in the change in value of investments and other receivables are impairments in relation to amounts receivable from
the Lillie Square joint venture of \u00a35.2 million (31 December 2023: \u00a312.5 million) and other impairments of \u00a31.8 million
(31 December 2023: nil).
The investment and other receivables in Lillie Square consist of the equity investment, interest bearing loans 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
(31 December 2023: nil).
As at the balance sheet date, prior to impairment, the Group held an interest-bearing loan at \u00a389.9 million (31 December 2023:
\u00a390.1 million) and working capital facility of \u00a329.2 million (31 December 2023: \u00a329.0 million).
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 expected 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 \u00a35.2 million during 2024 leading to a cumulative impairment of \u00a348.3 million
(31 December 2023: \u00a343.1 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 \u00a370.7 million (31 December 2023: \u00a376.0 million)
and working capital facility at nil (31 December 2023: nil). The balances are included within Trade and other receivables at the
balance sheet date. Further details are set out in note 16 \u2018Trade and other receivables\u2019.
14 Investments in joint ventures and associates
Investments in joint ventures and associates are measured using the equity method. All the Group\u2019s joint ventures and associates
are held with other investors on a 50:50 basis. At 31 December 2024, investments comprised of Lillie Square joint venture (\u201cLSJV\u201d).
The Group disposed of its interest in the Longmartin associate (\u201cLongmartin\u201d) on 24 October 2024.
The table below reconciles the opening to closing carrying value of investments in joint ventures and associates as presented on
the consolidated balance sheet.
Longmartin LSJV Innova Total
Investments in joint ventures and associates \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
\u2013
\u2013
0.2
0.2
Investments in associate acquired at fair value on completion of merger
84.7
\u2013
\u2013
84.7
Share of profit/(loss) for the period
1
0.2
(7.6)
\u2013
(7.4)
Losses restricted
1
\u2013
7.6
\u2013
7.6
Dividend received
(1.5)
\u2013
\u2013
(1.5)
Disposal of joint venture
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2023
83.4
\u2013
\u2013
83.4
Share of profit/(loss) for the period
1
4.5
(1.8)
\u2013
2.7
Losses restricted
1
\u2013
1.8
\u2013
1.8
Dividend received
(1.2)
\u2013
\u2013
(1.2)
Disposal of associate
(86.7)
\u2013
\u2013
(86.7)
At 31 December 2024
\u2013
\u2013
\u2013
\u2013
1. The loss from the Lillie Square joint venture for the year of \u00a31.8 million (31 December 2023: \u00a37.6 million) has been restricted in accordance with the requirements of IAS 28. Restricted
losses represent the Group\u2019s share of losses from LSJV in the year of \u00a31.8 million (31 December 2023: \u00a37.6 million) allocated to the cumulative losses which exceed the Group\u2019s
investment in the joint venture. Cumulative losses of \u00a340.2 million have been restricted to date (31 December 2023: \u00a338.4 million) and as a result the carrying value of the investment
in LSJV is nil (31 December 2023: nil). The Group holds \u00a370.7 million (31 December 2023: \u00a376.0 million) of recoverable loans from LSJV within note 16 \u2018Trade and other receivables\u2019.
The profit from joint ventures and associates included within the consolidated income statement consists of our share of the Longmartin profit for the year of \u00a34.5 million (31 December
2023: \u00a30.2 million).
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 income statement and balance sheet of LSJV is presented below and overleaf.
Summarised income statement
2024 2023
\u00a3m \u00a3m
Revenue
3.6
7.3
Gross profit/(loss)
1.3
(0.5)
Gain/(loss) on revaluation, sale and transfer of investment and trading property
3.0
(7.5)
Administration expenses
(0.7)
(0.4)
Net finance costs
1
(7.1)
(6.8)
Loss for the year after taxation
(3.5)
(15.2)
1. Net finance costs include \u00a37.6 million (31 December 2023: \u00a37.4 million) interest payable on the interest-bearing loans issued to the joint venture by the Group and KFI. Finance income
receivable by the Group from LSJV of \u00a33.8 million (31 December 2023: \u00a33.7 million) is recognised in the consolidated income statement within other finance income.
2024 2023
Summarised balance sheet \u00a3m \u00a3m
Investment property
87.4
46.8
Other non-current assets
5.6
5.6
Non-current assets
93.0
52.4
Trading property
42.8
80.3
Other current assets
1.3
1.5
Cash and cash equivalents
9.7
15.9
Current assets
53.8
97.7
Amounts payable to joint venture partners
1
(224.8)
(224.9)
Other current liabilities
(2.1)
(1.7)
Current liabilities
(226.9)
(226.6)
Net liabilities
(80.1)
(76.5)
Carrying value of investment and trading property
130.2
127.1
Unrecognised surplus on trading property
2
0.3
3.3
Market value of investment and trading property
2
130.5
130.4
1. Amounts payable to joint venture partners include working capital facilities advanced by the Group and KFI of \u00a329.2 million (31 December 2023: \u00a329.0 million) and an interest-bearing
loan of \u00a3163.0 million (nominal value) advanced by the Group and KFI to the joint venture. The carrying value of the loan before impairment, including accrued interest was \u00a3179.8
million (31 December 2023: \u00a3180.2 million). Recoverable amounts receivable by the Group, net of impairments, are recognised on the consolidated balance sheet within non-current
trade and other receivables.
2. 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.
Longmartin
Longmartin was a joint venture arrangement with The Mercers\u2019 Company. Pursuant to the terms of the Longmartin investment,
the merger between Capital & Counties Properties PLC and Shaftesbury PLC during the prior year triggered the right for the
Mercers to acquire the Company\u2019s shares in the Longmartin investment. As a result of the Mercers duly exercising their option to
acquire the Company\u2019s shares in the Longmartin investment, a sale of the Company\u2019s entire interest in the investment was
concluded on 24 October 2024.
The total proceeds from the sale amounted to \u00a382.9 million, which comprised cash proceeds of \u00a382.5 million and a receivable of
\u00a30.4 million. In addition to the \u00a382.5 million cash received, the loan to associate balance of \u00a311.6 million was repaid on disposal.
The carrying value of the investment in associate immediately prior to disposal amounted to \u00a386.7 million. The loss on sale of
associate of \u00a34.0 million included transaction costs of \u00a30.2 million.
The summarised income statement of Longmartin up until the date of disposal, is presented below.
1 January 6 March
2024 to 24 2023 to 31
October December
2024 2023
Summarised income statement \u00a3m \u00a3m
Revenue
17.0
14.9
Gross profit
11.4
10.6
Administration expenses
(0.3)
(0.2)
Gain/(loss) on revaluation of investment property
7.8
(1.9)
Net finance costs
(6.6)
(7.5)
Taxation
(3.3)
(0.6)
Profit for the period after taxation
9.0
0.4
Dividends paid
2.4
3.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "value": "7 Change in value of investments and other receivables Included in the change in value of investments and other receivables are impairments in relation to amounts receivable from the Lillie Square joint venture of \u00a35.2 million (31 December 2023: \u00a312.5 million) and other impairments of \u00a31.8 million (31 December 2023: nil). The investment and other receivables in Lillie Square consist of the equity investment, interest bearing loans 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 (31 December 2023: nil). As at the balance sheet date, prior to impairment, the Group held an interest-bearing loan at \u00a389.9 million (31 December 2023: \u00a390.1 million) and working capital facility of \u00a329.2 million (31 December 2023: \u00a329.0 million). 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 expected 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 \u00a35.2 million during 2024 leading to a cumulative impairment of \u00a348.3 million (31 December 2023: \u00a343.1 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 \u00a370.7 million (31 December 2023: \u00a376.0 million) and working capital facility at nil (31 December 2023: nil). The balances are included within Trade and other receivables at the balance sheet date. Further details are set out in note 16 \u2018Trade and other receivables\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-342": { "value": "
8 Finance income
2024 2023
\u00a3m \u00a3m
Finance income:
On deposits and current accounts
5.0
6.3
On interest rate derivatives
9.8
9.3
Finance income
14.8
15.6
Other finance income:
On loans to joint ventures and associates
4.2
4.1
Non-underlying finance income
0.3
\u2013
Other finance income
4.5
4.1
9 Finance costs
2024 2023
\u00a3m \u00a3m
On bank facilities and loan notes
35.8
40.3
On exchangeable bonds
1
8.5
8.4
On mortgage bonds
\u2013
1.8
On secured loans
27.4
16.5
On obligations under lease liabilities
0.3
0.5
Finance costs
72.0
67.5
Other finance costs:
Non-underlying finance charges
2
6.5
31.3
Other finance costs
6.5
31.3
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) represents the cash coupon on the bond.
2. Non-underlying finance charges have been excluded from the calculation of underlying earnings as these are non-recurring costs and do not represent the underlying performance of
the business. Non-underlying finance charges include \u00a31.0 million (31 December 2023: \u00a32.2 million) for the accelerated amortisation on the refinancing of the revolving credit facility
during the year and \u00a35.5 million (31 December 2023: \u00a34.5 million) for the unwind of the fair value adjustment of debt on completion of merger. The prior year charge includes an
additional \u00a324.6 million in relation to the accelerated unwind of the finance costs on early redemption of the Chinatown and Carnaby bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "value": "8 Finance income
2024 2023
\u00a3m \u00a3m
Finance income:
On deposits and current accounts
5.0
6.3
On interest rate derivatives
9.8
9.3
Finance income
14.8
15.6
Other finance income:
On loans to joint ventures and associates
4.2
4.1
Non-underlying finance income
0.3
\u2013
Other finance income
4.5
4.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "value": "8 Finance income
2024 2023
\u00a3m \u00a3m
Finance income:
On deposits and current accounts
5.0
6.3
On interest rate derivatives
9.8
9.3
Finance income
14.8
15.6
Other finance income:
On loans to joint ventures and associates
4.2
4.1
Non-underlying finance income
0.3
\u2013
Other finance income
4.5
4.1
9 Finance costs
2024 2023
\u00a3m \u00a3m
On bank facilities and loan notes
35.8
40.3
On exchangeable bonds
1
8.5
8.4
On mortgage bonds
\u2013
1.8
On secured loans
27.4
16.5
On obligations under lease liabilities
0.3
0.5
Finance costs
72.0
67.5
Other finance costs:
Non-underlying finance charges
2
6.5
31.3
Other finance costs
6.5
31.3
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) represents the cash coupon on the bond. 2. Non-underlying finance charges have been excluded from the calculation of underlying earnings as these are non-recurring costs and do not represent the underlying performance of the business. Non-underlying finance charges include \u00a31.0 million (31 December 2023: \u00a32.2 million) for the accelerated amortisation on the refinancing of the revolving credit facility during the year and \u00a35.5 million (31 December 2023: \u00a34.5 million) for the unwind of the fair value adjustment of debt on completion of merger. The prior year charge includes an additional \u00a324.6 million in relation to the accelerated unwind of the finance costs on early redemption of the Chinatown and Carnaby bonds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-374": { "value": "8 Finance income
2024 2023
\u00a3m \u00a3m
Finance income:
On deposits and current accounts
5.0
6.3
On interest rate derivatives
9.8
9.3
Finance income
14.8
15.6
Other finance income:
On loans to joint ventures and associates
4.2
4.1
Non-underlying finance income
0.3
\u2013
Other finance income
4.5
4.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "9 Finance costs
2024 2023
\u00a3m \u00a3m
On bank facilities and loan notes
35.8
40.3
On exchangeable bonds
1
8.5
8.4
On mortgage bonds
\u2013
1.8
On secured loans
27.4
16.5
On obligations under lease liabilities
0.3
0.5
Finance costs
72.0
67.5
Other finance costs:
Non-underlying finance charges
2
6.5
31.3
Other finance costs
6.5
31.3
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) represents the cash coupon on the bond. 2. Non-underlying finance charges have been excluded from the calculation of underlying earnings as these are non-recurring costs and do not represent the underlying performance of the business. Non-underlying finance charges include \u00a31.0 million (31 December 2023: \u00a32.2 million) for the accelerated amortisation on the refinancing of the revolving credit facility during the year and \u00a35.5 million (31 December 2023: \u00a34.5 million) for the unwind of the fair value adjustment of debt on completion of merger. The prior year charge includes an additional \u00a324.6 million in relation to the accelerated unwind of the finance costs on early redemption of the Chinatown and Carnaby bonds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "value": "9 Finance costs
2024 2023
\u00a3m \u00a3m
On bank facilities and loan notes
35.8
40.3
On exchangeable bonds
1
8.5
8.4
On mortgage bonds
\u2013
1.8
On secured loans
27.4
16.5
On obligations under lease liabilities
0.3
0.5
Finance costs
72.0
67.5
Other finance costs:
Non-underlying finance charges
2
6.5
31.3
Other finance costs
6.5
31.3
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) represents the cash coupon on the bond. 2. Non-underlying finance charges have been excluded from the calculation of underlying earnings as these are non-recurring costs and do not represent the underlying performance of the business. Non-underlying finance charges include \u00a31.0 million (31 December 2023: \u00a32.2 million) for the accelerated amortisation on the refinancing of the revolving credit facility during the year and \u00a35.5 million (31 December 2023: \u00a34.5 million) for the unwind of the fair value adjustment of debt on completion of merger. The prior year charge includes an additional \u00a324.6 million in relation to the accelerated unwind of the finance costs on early redemption of the Chinatown and Carnaby bonds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-343": { "value": "10 Taxation
2024 2023
\u00a3m \u00a3m
Current income tax:
Current income tax charge
0.5
0.2
Adjustments in respect of previous years
(0.2)
\u2013
Current tax on profits
0.3
0.2
Deferred income tax:
On accelerated capital allowances
\u2013
0.1
On Group losses
0.9
(1.4)
On other temporary differences
(0.9)
1.3
Deferred tax on profits
\u2013
\u2013
Total taxation charge in the consolidated income statement
0.3
0.2
Factors affecting the tax charge for the year The tax charge for the year is \u00a30.3 million (31 December 2023: \u00a30.2 million) against a profit before tax of \u00a3252.4 million (31 December 2023: \u00a3750.6 million). A reconciliation against the standard rate of corporation tax in the United Kingdom (\u201cUK\u201d) is set out below:
2024 2023
\u00a3m \u00a3m
Profit before tax
252.4
750.6
Profit on ordinary activities multiplied by the standard rate in the UK of 25.0% (2023: 23.5%)
63.1
176.4
Revaluation (gains)/losses attributable to the REIT business
(50.8)
3.9
Expenses disallowed
2.8
18.4
Non-taxable items
(1.5)
(0.2)
Non-taxable items: Gain on bargain purchase
\u2013
(189.3)
REIT tax-exempt rental profits
(12.6)
(6.5)
Share of partnership loss
(0.1)
(1.0)
Other temporary differences not provided
1.3
(0.1)
Utilisation of losses not recognised for deferred tax
(1.7)
(1.4)
Adjustments in respect of previous years
(0.2)
\u2013
Total taxation charge in the consolidated income statement
0.3
0.2
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, the Group 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), 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 the main corporation tax rate 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 11 \u2018Dividends\u2019. The main corporation tax rate increased from 19 to 25 per cent with effect from 1 April 2023.
23 Deferred tax
The change in corporation tax rate referred to in note 10 \u2018Taxation\u2019 has been enacted for the purposes of IAS 12 \u2018Income Taxes\u2019
(\u2018IAS 12\u2019) 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 property is calculated under IAS 12 provisions on a disposals basis by reference to the property\u2019s
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 property as calculated
under IAS 12 is nil at 31 December 2024 (31 December 2023: nil).
Fair value of
Accelerated derivative Other Non-REIT
capital financial temporary group
allowances instruments differences losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provided deferred tax provision:
At 31 December 2022
0.4
\u2013
(0.4)
\u2013
\u2013
Consolidated income statement items
0.1
0.9
0.4
(1.4)
\u2013
At 31 December 2023
0.5
0.9
\u2013
(1.4)
\u2013
Consolidated income statement items
\u2013
(0.9)
\u2013
0.9
\u2013
At 31 December 2024
0.5
\u2013
\u2013
(0.5)
\u2013
Unrecognised deferred tax assets:
At 31 December 2022
\u2013
\u2013
(0.3)
(24.2)
(24.5)
Consolidated income statement items
\u2013
\u2013
(0.6)
2.8
2.2
At 31 December 2023
\u2013
\u2013
(0.9)
(21.4)
(22.3)
Consolidated income statement items
\u2013
(0.7)
(1.5)
(1.0)
(3.2)
At 31 December 2024
\u2013
(0.7)
(2.4)
(22.4)
(25.5)
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 profits will be available against which the deferred tax assets can be recovered. As at 31 December
2024, the Group has unrecognised deferred tax assets of \u00a325.5 million (31 December 2023: \u00a322.3 million) in relation to \u00a389.8 million
(31 December 2023: \u00a386.0 million) of gross losses carried forward within its residual business and \u00a312.4 million (31 December 2023:
\u00a33.5 million) of other deductible temporary differences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-344": { "value": "11 Dividends
Group and Company
PID
Non-PID
Date paid
2024
2023
Pence per share
\u00a3m
\u00a3m
Ordinary shares
For the year ended 31 December 2022:
Second interim dividend of 1.7 pence per share
0.7
1.0
20 March 2023
\u2013
14.5
For the year ended 31 December 2023:
Interim cash dividend of 1.5 pence per share
\u2013
1.5
18 September 2023
\u2013
29.3
Final dividend of 1.65 pence per share
0.65
1.0
31 May 2024
32.2
\u2013
For the year ended 31 December 2024:
Interim cash dividend of 1.7 pence per share
1.0
0.7
1 October 2024
33.2
\u2013
Dividend expense
1
65.4
43.8
1. Includes \u00a34.3 million (31 December 2023: \u00a31.9 million) paid to a controlled entity, Capco Investment London (No.7) Scottish Limited Partnership, in respect of 128,350,793 shares, of which 127,008,786 are held as collateral for the exchangeable bonds. The entity has provided an undertaking not to exercise its voting rights in respect of such ordinary shares but will receive the proposed dividend, all of which was retained by the Group following calculation of the dividend threshold test as set out in the exchangeable bond conditions. The Group\u2019s dividend expense recorded in the consolidated statement of cash flows is \u00a361.1 million (31 December 2023: \u00a341.9 million). As a UK REIT, Shaftesbury Capital is required to distribute at least 90 per cent of the Group\u2019s income profits from its tax-exempt property rental business, 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 dividends and will be taxed as an ordinary dividend. On 26 February 2025, the Directors proposed a final cash dividend for 2024 of 1.8 pence per ordinary share which will be paid wholly as a PID. The final cash dividend will be paid on 30 May 2025 to all shareholders on the register on 25 April 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "value": "0.018", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-345": { "value": "
13 Property, plant and equipment
Owner-
occupied
property Other Total
\u00a3m \u00a3m \u00a3m
Net carrying value at 1 January 2023
\u2013
0.6
0.6
Additions
\u2013
3.4
3.4
Property, plant and equipment acquired on merger at 6 March 2023 fair value
\u2013
0.2
0.2
Transfer from investment property
18.4
\u2013
18.4
Depreciation
\u2013
(0.4)
(0.4)
Revaluation
1.8
\u2013
1.8
Net carrying value at 31 December 2023
20.2
3.8
24.0
Additions
\u2013
2.3
2.3
Depreciation
1
\u2013
(0.7)
(0.7)
Revaluation
(0.1)
\u2013
(0.1)
Net carrying value at 31 December 2024
20.1
5.4
25.5
1. \u00a30.3 million of depreciation is recognised within note 5 \u2018Administration expenses\u2019 and \u00a30.4 million is recognised within note 4 \u2018Gross profit\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "value": "14 Investments in joint ventures and associates Investments in joint ventures and associates are measured using the equity method. All the Group\u2019s joint ventures and associates are held with other investors on a 50:50 basis. At 31 December 2024, investments comprised of Lillie Square joint venture (\u201cLSJV\u201d). The Group disposed of its interest in the Longmartin associate (\u201cLongmartin\u201d) on 24 October 2024. The table below reconciles the opening to closing carrying value of investments in joint ventures and associates as presented on the consolidated balance sheet.
Longmartin LSJV Innova Total
Investments in joint ventures and associates \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
\u2013
\u2013
0.2
0.2
Investments in associate acquired at fair value on completion of merger
84.7
\u2013
\u2013
84.7
Share of profit/(loss) for the period
1
0.2
(7.6)
\u2013
(7.4)
Losses restricted
1
\u2013
7.6
\u2013
7.6
Dividend received
(1.5)
\u2013
\u2013
(1.5)
Disposal of joint venture
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2023
83.4
\u2013
\u2013
83.4
Share of profit/(loss) for the period
1
4.5
(1.8)
\u2013
2.7
Losses restricted
1
\u2013
1.8
\u2013
1.8
Dividend received
(1.2)
\u2013
\u2013
(1.2)
Disposal of associate
(86.7)
\u2013
\u2013
(86.7)
At 31 December 2024
\u2013
\u2013
\u2013
\u2013
1. The loss from the Lillie Square joint venture for the year of \u00a31.8 million (31 December 2023: \u00a37.6 million) has been restricted in accordance with the requirements of IAS 28. Restricted losses represent the Group\u2019s share of losses from LSJV in the year of \u00a31.8 million (31 December 2023: \u00a37.6 million) allocated to the cumulative losses which exceed the Group\u2019s investment in the joint venture. Cumulative losses of \u00a340.2 million have been restricted to date (31 December 2023: \u00a338.4 million) and as a result the carrying value of the investment in LSJV is nil (31 December 2023: nil). The Group holds \u00a370.7 million (31 December 2023: \u00a376.0 million) of recoverable loans from LSJV within note 16 \u2018Trade and other receivables\u2019. The profit from joint ventures and associates included within the consolidated income statement consists of our share of the Longmartin profit for the year of \u00a34.5 million (31 December 2023: \u00a30.2 million). 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 income statement and balance sheet of LSJV is presented below and overleaf. Summarised income statement
2024 2023
\u00a3m \u00a3m
Revenue
3.6
7.3
Gross profit/(loss)
1.3
(0.5)
Gain/(loss) on revaluation, sale and transfer of investment and trading property
3.0
(7.5)
Administration expenses
(0.7)
(0.4)
Net finance costs
1
(7.1)
(6.8)
Loss for the year after taxation
(3.5)
(15.2)
1. Net finance costs include \u00a37.6 million (31 December 2023: \u00a37.4 million) interest payable on the interest-bearing loans issued to the joint venture by the Group and KFI. Finance income receivable by the Group from LSJV of \u00a33.8 million (31 December 2023: \u00a33.7 million) is recognised in the consolidated income statement within other finance income.
2024 2023
Summarised balance sheet \u00a3m \u00a3m
Investment property
87.4
46.8
Other non-current assets
5.6
5.6
Non-current assets
93.0
52.4
Trading property
42.8
80.3
Other current assets
1.3
1.5
Cash and cash equivalents
9.7
15.9
Current assets
53.8
97.7
Amounts payable to joint venture partners
1
(224.8)
(224.9)
Other current liabilities
(2.1)
(1.7)
Current liabilities
(226.9)
(226.6)
Net liabilities
(80.1)
(76.5)
Carrying value of investment and trading property
130.2
127.1
Unrecognised surplus on trading property
2
0.3
3.3
Market value of investment and trading property
2
130.5
130.4
1. Amounts payable to joint venture partners include working capital facilities advanced by the Group and KFI of \u00a329.2 million (31 December 2023: \u00a329.0 million) and an interest-bearing loan of \u00a3163.0 million (nominal value) advanced by the Group and KFI to the joint venture. The carrying value of the loan before impairment, including accrued interest was \u00a3179.8 million (31 December 2023: \u00a3180.2 million). Recoverable amounts receivable by the Group, net of impairments, are recognised on the consolidated balance sheet within non-current trade and other receivables. 2. 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. Longmartin Longmartin was a joint venture arrangement with The Mercers\u2019 Company. Pursuant to the terms of the Longmartin investment, the merger between Capital & Counties Properties PLC and Shaftesbury PLC during the prior year triggered the right for the Mercers to acquire the Company\u2019s shares in the Longmartin investment. As a result of the Mercers duly exercising their option to acquire the Company\u2019s shares in the Longmartin investment, a sale of the Company\u2019s entire interest in the investment was concluded on 24 October 2024. The total proceeds from the sale amounted to \u00a382.9 million, which comprised cash proceeds of \u00a382.5 million and a receivable of \u00a30.4 million. In addition to the \u00a382.5 million cash received, the loan to associate balance of \u00a311.6 million was repaid on disposal. The carrying value of the investment in associate immediately prior to disposal amounted to \u00a386.7 million. The loss on sale of associate of \u00a34.0 million included transaction costs of \u00a30.2 million. The summarised income statement of Longmartin up until the date of disposal, is presented below.
1 January 6 March
2024 to 24 2023 to 31
October December
2024 2023
Summarised income statement \u00a3m \u00a3m
Revenue
17.0
14.9
Gross profit
11.4
10.6
Administration expenses
(0.3)
(0.2)
Gain/(loss) on revaluation of investment property
7.8
(1.9)
Net finance costs
(6.6)
(7.5)
Taxation
(3.3)
(0.6)
Profit for the period after taxation
9.0
0.4
Dividends paid
2.4
3.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "value": "14 Investments in joint ventures and associates Investments in joint ventures and associates are measured using the equity method. All the Group\u2019s joint ventures and associates are held with other investors on a 50:50 basis. At 31 December 2024, investments comprised of Lillie Square joint venture (\u201cLSJV\u201d). The Group disposed of its interest in the Longmartin associate (\u201cLongmartin\u201d) on 24 October 2024. The table below reconciles the opening to closing carrying value of investments in joint ventures and associates as presented on the consolidated balance sheet.
Longmartin LSJV Innova Total
Investments in joint ventures and associates \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
\u2013
\u2013
0.2
0.2
Investments in associate acquired at fair value on completion of merger
84.7
\u2013
\u2013
84.7
Share of profit/(loss) for the period
1
0.2
(7.6)
\u2013
(7.4)
Losses restricted
1
\u2013
7.6
\u2013
7.6
Dividend received
(1.5)
\u2013
\u2013
(1.5)
Disposal of joint venture
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2023
83.4
\u2013
\u2013
83.4
Share of profit/(loss) for the period
1
4.5
(1.8)
\u2013
2.7
Losses restricted
1
\u2013
1.8
\u2013
1.8
Dividend received
(1.2)
\u2013
\u2013
(1.2)
Disposal of associate
(86.7)
\u2013
\u2013
(86.7)
At 31 December 2024
\u2013
\u2013
\u2013
\u2013
1. The loss from the Lillie Square joint venture for the year of \u00a31.8 million (31 December 2023: \u00a37.6 million) has been restricted in accordance with the requirements of IAS 28. Restricted losses represent the Group\u2019s share of losses from LSJV in the year of \u00a31.8 million (31 December 2023: \u00a37.6 million) allocated to the cumulative losses which exceed the Group\u2019s investment in the joint venture. Cumulative losses of \u00a340.2 million have been restricted to date (31 December 2023: \u00a338.4 million) and as a result the carrying value of the investment in LSJV is nil (31 December 2023: nil). The Group holds \u00a370.7 million (31 December 2023: \u00a376.0 million) of recoverable loans from LSJV within note 16 \u2018Trade and other receivables\u2019. The profit from joint ventures and associates included within the consolidated income statement consists of our share of the Longmartin profit for the year of \u00a34.5 million (31 December 2023: \u00a30.2 million). 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 income statement and balance sheet of LSJV is presented below and overleaf. Summarised income statement
2024 2023
\u00a3m \u00a3m
Revenue
3.6
7.3
Gross profit/(loss)
1.3
(0.5)
Gain/(loss) on revaluation, sale and transfer of investment and trading property
3.0
(7.5)
Administration expenses
(0.7)
(0.4)
Net finance costs
1
(7.1)
(6.8)
Loss for the year after taxation
(3.5)
(15.2)
1. Net finance costs include \u00a37.6 million (31 December 2023: \u00a37.4 million) interest payable on the interest-bearing loans issued to the joint venture by the Group and KFI. Finance income receivable by the Group from LSJV of \u00a33.8 million (31 December 2023: \u00a33.7 million) is recognised in the consolidated income statement within other finance income.
2024 2023
Summarised balance sheet \u00a3m \u00a3m
Investment property
87.4
46.8
Other non-current assets
5.6
5.6
Non-current assets
93.0
52.4
Trading property
42.8
80.3
Other current assets
1.3
1.5
Cash and cash equivalents
9.7
15.9
Current assets
53.8
97.7
Amounts payable to joint venture partners
1
(224.8)
(224.9)
Other current liabilities
(2.1)
(1.7)
Current liabilities
(226.9)
(226.6)
Net liabilities
(80.1)
(76.5)
Carrying value of investment and trading property
130.2
127.1
Unrecognised surplus on trading property
2
0.3
3.3
Market value of investment and trading property
2
130.5
130.4
1. Amounts payable to joint venture partners include working capital facilities advanced by the Group and KFI of \u00a329.2 million (31 December 2023: \u00a329.0 million) and an interest-bearing loan of \u00a3163.0 million (nominal value) advanced by the Group and KFI to the joint venture. The carrying value of the loan before impairment, including accrued interest was \u00a3179.8 million (31 December 2023: \u00a3180.2 million). Recoverable amounts receivable by the Group, net of impairments, are recognised on the consolidated balance sheet within non-current trade and other receivables. 2. 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. Longmartin Longmartin was a joint venture arrangement with The Mercers\u2019 Company. Pursuant to the terms of the Longmartin investment, the merger between Capital & Counties Properties PLC and Shaftesbury PLC during the prior year triggered the right for the Mercers to acquire the Company\u2019s shares in the Longmartin investment. As a result of the Mercers duly exercising their option to acquire the Company\u2019s shares in the Longmartin investment, a sale of the Company\u2019s entire interest in the investment was concluded on 24 October 2024. The total proceeds from the sale amounted to \u00a382.9 million, which comprised cash proceeds of \u00a382.5 million and a receivable of \u00a30.4 million. In addition to the \u00a382.5 million cash received, the loan to associate balance of \u00a311.6 million was repaid on disposal. The carrying value of the investment in associate immediately prior to disposal amounted to \u00a386.7 million. The loss on sale of associate of \u00a34.0 million included transaction costs of \u00a30.2 million. The summarised income statement of Longmartin up until the date of disposal, is presented below.
1 January 6 March
2024 to 24 2023 to 31
October December
2024 2023
Summarised income statement \u00a3m \u00a3m
Revenue
17.0
14.9
Gross profit
11.4
10.6
Administration expenses
(0.3)
(0.2)
Gain/(loss) on revaluation of investment property
7.8
(1.9)
Net finance costs
(6.6)
(7.5)
Taxation
(3.3)
(0.6)
Profit for the period after taxation
9.0
0.4
Dividends paid
2.4
3.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-346": { "value": "
15 Derivative financial instruments
2024 2023
Derivative financial assets \u00a3m \u00a3m
Non-current
Interest rate derivatives
\u2013
1.4
Current
Interest rate derivatives
3.4
8.3
Derivative financial assets
3.4
9.7
2024 2023
Derivative financial liabilities \u00a3m \u00a3m
Non-current
Derivative liability \u2013 exchangeable bonds
1
1.8
7.2
Derivative financial liabilities
1.8
7.2
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, representing the fair value of the embedded option to convert the financial liability into equity
of Shaftesbury Capital. 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:
2024 2023
Profit or loss \u00a3m \u00a3m
Fair value loss on interest rate derivatives
(6.3)
(7.4)
Fair value gain/(loss) on derivative liability \u2013 exchangeable bonds
5.4
(3.9)
Change in fair value of derivative financial instruments
(0.9)
(11.3)
19 Borrowings
2024
Carrying Fixed Floating Fair Nominal
value Secured Unsecured rate rate value value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current
Bank loans
269.9
\u2013
269.9
\u2013
269.9
269.9
275.0
Loan notes (USPPs)
379.3
\u2013
379.3
379.3
\u2013
341.0
380.0
Secured loans
545.8
545.8
\u2013
545.8
\u2013
544.8
584.8
Exchangeable bonds
1
272.8
272.8
\u2013
272.8
\u2013
263.1
275.0
1,467.8
818.6
649.2
1,197.9
269.9
1,418.8
1,514.8
Total borrowings
1,467.8
1,514.8
Cash, excluding tenant deposits
(109.8)
Net debt 1,405.0
1. Fair value of exchangeable bonds includes the fair value of the option component of \u00a31.8 million as disclosed in note 15 \u2018Derivative financial instruments\u2019.
2023
Carrying Fixed Floating Fair Nominal
value Secured Unsecured rate rate value value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current
Loan notes (USPPs)
94.9
\u2013
94.9
94.9
\u2013
93.0
95.0
94.9
\u2013
94.9
94.9
\u2013
93.0
95.0
Non-current
Bank loans
345.9
\u2013
345.9
\u2013
345.9
350.0
350.0
Loan notes (USPPs)
379.2
\u2013
379.2
379.2
\u2013
340.7
380.0
Secured loans
539.9
539.9
\u2013
539.9
\u2013
569.5
584.8
Exchangeable bonds
1
269.8
269.8
\u2013
269.8
\u2013
256.9
275.0
1,534.8
809.7
725.1
1,188.9
345.9
1,517.1
1,589.8
Total borrowings
1,629.7
1,684.8
Cash, excluding tenant deposits (185.7)
Net debt 1,499.1
1. Fair value of exchangeable bonds includes the fair value of the option component of \u00a37.2 million as disclosed in note 15 \u2018Derivative financial instruments\u2019.
\u00a3584.8 million (nominal value) of the Group\u2019s borrowings are secured by fixed charges over certain investment properties held by
subsidiaries, with a market value of \u00a31,681.1 million (31 December 2023: \u00a31,624.2 million), and by floating charges over the assets
of certain subsidiaries.
There are currently no restrictions on the remittance of income from investment properties.
Certain borrowing agreements contain financial and other covenants that, if contravened, could alter the repayment profile. Details
of financial covenants are included in note 22 \u2018Financial risk management\u2019. The Group has complied with the financial covenants of
all its borrowings during both years presented.
The Group has two revolving credit facilities totalling \u00a3450 million, which are undrawn at 31 December 2024.
Undrawn facilities and cash attributable to the Group, excluding tenant deposits, at 31 December 2024 were \u00a3559.8 million
(31 December 2023: \u00a3485.7 million).
The fair value of the Group\u2019s borrowings has been estimated using the market value for floating rate borrowings, which approximates
nominal value, and are classified as Level 2 fair values as defined by IFRS 13. The fair values of fixed rate borrowings have been
determined by using a discounted cash flow approach, using a current borrowing rate. The loans are classified as Level 3 fair value
measurements as defined by IFRS 13 due to the use of unobservable inputs, including own credit risk. The different valuation levels
are defined in note 12 \u2018Property portfolio\u2019.
2024
Current Non-current
borrowings borrowings
Analysis of movement in borrowings \u00a3m \u00a3m
Balance at 1 January
94.9
1,534.8
Borrowings drawn
\u2013
135.0
Borrowings repaid
(95.0)
(210.0)
Other net cash movements
\u2013
(3.5)
Other non-cash movements
0.1
11.5
Balance at 31 December
\u2013
1,467.8
2023
Current Non-current
borrowings borrowings
Analysis of movement in borrowings \u00a3m \u00a3m
Balance at 1 January
\u2013
738.3
Borrowings assumed on completion of merger
\u2013
889.0
Borrowings drawn
\u2013
1,124.0
Borrowings repaid
\u2013
(1,151.0)
Other net cash movements
\u2013
(12.3)
Other non-cash movements
94.9
(53.2)
Balance at 31 December
94.9
1,534.8
The maturity profile of gross debt is as follows:
2024 2023
\u00a3m \u00a3m
Wholly repayable in one year
\u2013
95.0
Wholly repayable in more than one year but not more than five years
982.3
887.5
Wholly repayable in more than five years
532.5
702.3
1,514.8
1,684.8
22 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, 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
2024
2023
Gain/(loss) Gain/(loss)
Carrying to income Carrying to income
value statement value statement
Note \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
15
3.4
(6.3)
9.7
(7.4)
Total held for trading assets
3.4
(6.3)
9.7
(7.4)
Cash and cash equivalents
17
124.0
\u2013
200.2
\u2013
Other financial assets
1
16
115.0
\u2013
113.2
\u2013
Total cash and other financial assets
239.0
\u2013
313.4
\u2013
Investment held at fair value through profit or loss
2
\u2013
\u2013
\u2013
52.0
Total investment held at fair value through profit or loss
\u2013
\u2013
\u2013
52.0
Derivative financial liabilities
15
(1.8)
5.4
(7.2)
(3.9)
Total held for trading liabilities
(1.8)
5.4
(7.2)
(3.9)
Borrowings
19
(1,467.8)
\u2013
(1,629.7)
\u2013
Lease liabilities
20
(3.0)
\u2013
(3.0)
\u2013
Other financial liabilities
3
18
(62.7)
\u2013
(78.5)
\u2013
Total borrowings and other financial liabilities
(1,533.5)
\u2013
(1,711.2)
\u2013
1. Includes rent receivable, amounts due from joint ventures and associates and other receivables. 2. \u00a352.0 million gain recognised in 2023 relates to the fair value movement on the 97 million Shaftesbury PLC shares held until completion of the all-share merger on 6 March 2023. 3. Includes trade and other payables (excluding rents in advance). 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 on the following pages. 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 derivatives 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. Group policy is to ensure that interest rate protection on Group external debt is greater than 25 per cent. 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. All of the Group\u2019s drawn debt is at fixed rates or currently has interest rate protection in place, taking into account \u00a3250 million of hedging which provides for a cap of 3.0 per cent and a floor of 2.0 per cent on SONIA exposure until the end of 2025, and interest on cash deposits. The derivative contracts require settlement of net interest receivable or payable every 90 days. The settlement dates coincide with the dates on which interest is payable on the underlying debt. 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 Decrease in Increase in Decrease in
interest rates interest rates interest rates interest rates
by 100 bps by 100 bps by 100 bps by 100 bps
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Effect on profit before tax (change in fair value of derivative financial instruments):
Increase/(decrease)
2.3
(2.1)
4.9
(4.6)
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 2024 (31 December 2023: 100 bps) to reflect current macroeconomic conditions. 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. 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 regularly monitor 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.
Liquidity risk
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 unsecured revolving credit facility of \u00a3300 million is not included for 2024
and 2023 and the unsecured revolving credit facility of \u00a3150 million is not included for 2024 as these facilities were undrawn as at
the respective balance sheet dates. Where interest payment obligations are based on a floating rate, the rates used are those
implied by the par yield curve.
2024
Carrying Within 1 yr Between 1-2 yrs Between 3-5 yrs Over 5 yrs
value (2025) (2026-2027) (2028-2029) (2030 onwards) Total
Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivatives
Loan notes
379.3
10.2
\u2013
16.2
212.5
10.6
85.0
7.6
82.5
44.6
380.0
Unsecured bank loans
1
269.9
20.2
\u2013
23.2
200.0
6.5
75.0
\u2013
\u2013
49.9
275.0
Secured loans
545.8
27.0
\u2013
54.0
\u2013
69.2
264.8
56.8
320.0
207.0
584.8
Exchangeable bonds
272.8
5.5
\u2013
2.7
275.0
\u2013
\u2013
\u2013
\u2013
8.2
275.0
Other payables
62.7
\u2013
62.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
62.7
Total non-derivatives
1,530.5
62.9
62.7
96.1
687.5
86.3
424.8
64.4
402.5
309.7
1,577.5
Derivatives
Interest rate derivatives
(3.4)
(3.4)
\u2013
-
\u2013
\u2013
\u2013
\u2013
\u2013
(3.4)
\u2013
Total derivatives
(3.4)
(3.4)
\u2013
-
\u2013
\u2013
\u2013
\u2013
\u2013
(3.4)
\u2013
2023
Carrying Within 1 yr Between 1-2 yrs Between 3-5 yrs Over 5 yrs
value (2024) (2025-2026) (2027-2028) (2029 onwards) Total
Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivatives
Loan notes
474.1
13.0
95.0
10.2
\u2013
16.2
212.5
18.1
167.5
57.6
475.0
Unsecured bank loans
1
345.9
25.0
\u2013
19.8
\u2013
17.2
350.0
\u2013
\u2013
62.0
350.0
Secured loans
539.9
27.1
\u2013
27.0
\u2013
54.0
\u2013
124.9
584.8
233.0
584.8
Exchangeable bonds
269.8
5.5
\u2013
5.5
\u2013
2.7
275.0
\u2013
\u2013
13.7
275.0
Other payables and tax liabilities
96.2
\u2013
96.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
96.2
Total non-derivatives
1,725.9
70.6
191.2
62.5
\u2013
90.1
837.5
143.0
752.3
366.3
1,781.0
Derivatives
Interest rate derivatives
(9.7)
(7.0)
\u2013
(1.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(8.2)
\u2013
Total derivatives
(9.7)
(7.0)
\u2013
(1.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(8.2)
\u2013
1. \u00a3150 million nominal value of the unsecured bank loans were repaid on 8 February 2024. The unsecured bank loan has an initial maturity in December 2026 with the option to extend
the tenor by a further two periods of one year each, subject to lender approval.
Contractual maturities reflect the expected maturities of financial instruments.
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.
Financial covenants
The Group has an unsecured revolving credit facility, loan notes, secured loans and an unsecured corporate loan facility that
contain loan covenants. Details of these loans are disclosed in note 19 \u2018Borrowings\u2019. A future breach of covenant may require
the Group to repay the facilities earlier than indicated in the above table. Details of the loan covenants are set out below:
31 December 2024
Nominal value as at 31 Carrying value at
December 2024 31 December 2024 LTV Interest cover
Maturity \u00a3m \u00a3m
covenant
2
covenant
2
Private placement loan notes
2026\u20132037
380.0
379.3
60%
1.20x
Exchangeable bond
2026
275.0
272.8
N/A
N/A
Unsecured term facilities
1
2027\u20132029
275.0
269.9
60%
1.20x
Secured term loans (Canada Life)
2029
134.8
128.5
60%
1.40x
Secured term loans (Aviva)
2030\u20132035
450.0
417.3
65%
1.35x
Unsecured revolving credit facility (undrawn)
1
2027
150.0
\u2013
60%
1.20x
Revolving credit facility (undrawn)
2028
300.0
\u2013
60%
1.20x
1. Additional requirements that Group unencumbered assets are equal to or exceed 1.5x of Group unsecured debt.
2. The covenants of the drawn loan balances are defined within the Glossary.
Under the terms of the debt agreements, the secured term loan covenants are calculated quarterly, and the covenants for the
remaining debt agreements are calculated at the end of each annual and interim reporting period. There are no indications that
the Group would have difficulties complying with the covenants when they will next be tested.
Credit risk
The Group\u2019s principal financial assets are trade and other receivables, amounts receivable from joint ventures and cash and cash
equivalents. Credit risk is the risk of financial loss if a customer or counterparty fails to meet an obligation under a contract. Credit
risk arises primarily from trade receivables relating to customers 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; customers are managed individually by asset managers, who
continuously monitor and work with customers, anticipating and wherever possible identifying and addressing risks prior to default.
Customers are managed through a large and diverse customer base to reduce the credit risk to the Group. Trade receivables
are less than one per cent of total assets at 31 December 2024 (31 December 2023: less than one per cent) and are \u00a317.9 million
as at 31 December 2024 (31 December 2023: \u00a318.4 million).
Prospective customers 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 2024 was \u00a336.4 million (31 December 2023: \u00a333.4 million). \u00a322.2 million (31 December 2023: \u00a318.9 million)
of the cash deposits held against customers\u2019 rent payment obligations are in bank accounts administered by the Group\u2019s
managing agents which are not included within the consolidated balance sheet.
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 customer by customer basis, the Group
considers both recent payment history and future expectations of the customer\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 consolidated balance sheet are net of impairment for doubtful receivables.
During the year, the loss allowance provision increased due to a limited number of customer administrations or anticipated failures
in early 2025.
Ageing of gross trade receivables and loss allowances were as follows:
2024 2023
\u00a3m \u00a3m
Gross Gross
carrying Loss carrying Loss
amount allowance amount allowance
Not yet due
\u2013
\u2013
0.5
\u2013
0-90 days
7.4
(1.1)
9.1
(1.3)
91-180 days
4.0
(1.3)
4.5
(0.7)
Over 180 days
6.5
(5.6)
4.3
(2.8)
Trade receivables
17.9
(8.0)
18.4
(4.8)
As at 31 December 2024 there is a provision for trade receivables of \u00a38.0 million (31 December 2023: \u00a34.8 million). The total
provision for the year is \u00a33.9 million (31 December 2023: \u00a32.0 million), as shown in note 4 \u2018Gross Profit\u2019, reflecting impairments
during the year and movements 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 customers from varying business sectors and the credit review process as noted above.
Amounts receivable from joint ventures:
Included within receivables, net of impairment is nil (31 December 2023: nil) working capital facility advanced to the Lillie Square
joint venture and an interest-bearing loan of \u00a370.7 million (31 December 2023: \u00a376.0 million). The carrying value of the investment
in the joint venture is nil (31 December 2023: 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 \u00a348.3 million
cumulatively. Details of the impairment are set out in note 7 \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 \u00a30.1 million (Group share) as at 31 December 2024. 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 function.
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 2024 amounted to \u00a3114.7 million (31 December 2023: \u00a3195.6 million), including the Group\u2019s share of joint venture
cash. The maximum fair value exposure to derivative financial instruments is \u00a31.8 million (31 December 2023: \u00a39.7 million).
Gross carrying value and loss allowance of other receivables (excluding trade receivables) are set out in the table below:
2024 2023
\u00a3m \u00a3m
Gross Gross
carrying Loss carrying Loss
amount allowance amount allowance
Amounts receivable from joint ventures and associates
1
119.0
(48.3)
130.7
(43.1)
Other receivables
2
90.4
(0.9)
58.5
(0.9)
1. Included within amounts receivable as at 31 December 2023 is an interest-bearing loan of \u00a311.6 million advanced to the Longmartin associate. The interest-bearing loan was settled on
disposal of Longmartin in the current year. Refer to note 14 \u2018Investments in joint ventures and associates\u2019 for further detail.
2. \u00a30.9 million (31 December 2023: \u00a30.9 million) loss allowance relates to the provision against tenant lease incentives.
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 loan-to-value and the interest cover ratio. The Group aims
not to exceed a loan-to-value ratio of more than 40 per cent and to maintain interest cover above 125 per cent. These ratios are
disclosed on the nominal value of debt and market value of investment properties. These metrics are discussed in the Financial
review on page 50.
2024 2023
Loan
-to-value
Note
\u00a3m \u00a3m
Debt at nominal value
19
1,514.8
1,684.8
Less: cash
17
(109.8)
(185.7)
Net debt (A)
19
1,405.0
1,499.1
Total property portfolio at market value (B)
12
4,973.5
4,795.3
Loan-to-value (A/B)
28.2%
31.3%
2024 2023
Interest cover
Note
\u00a3m \u00a3m
Finance costs
9
(72.0)
(67.5)
Finance income
8
14.8
15.6
Net finance costs (A)
(57.2)
(51.9)
Gross profit
1
4
167.1
147.0
Other income
\u2013
2.7
Underlying operating income (B)
167.1
149.7
Interest cover (B/A)
292.1%
288.4%
1. 2023 gross profit excludes a \u00a35.1 million charge relating to the alignment of accounting policies on completion of the merger.
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 12 \u2018Property portfolio\u2019.
The table below presents the Group\u2019s financial assets and liabilities recognised at fair value at 31 December 2024 and
31 December 2023. There were no transfers between levels during the year.
2024
2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Held for trading assets
Derivative financial assets
\u2013
3.4
\u2013
3.4
\u2013
9.7
\u2013
9.7
Total assets
\u2013
3.4
\u2013
3.4
\u2013
9.7
\u2013
9.7
Held for trading liabilities
Derivative financial liabilities
\u2013
(1.8)
-
(1.8)
\u2013
(7.2)
\u2013
(7.2)
Total liabilities
\u2013
(1.8)
-
(1.8)
\u2013
(7.2)
\u2013
(7.2)
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.
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:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "value": "15 Derivative financial instruments
2024 2023
Derivative financial assets \u00a3m \u00a3m
Non-current
Interest rate derivatives
\u2013
1.4
Current
Interest rate derivatives
3.4
8.3
Derivative financial assets
3.4
9.7
2024 2023
Derivative financial liabilities \u00a3m \u00a3m
Non-current
Derivative liability \u2013 exchangeable bonds
1
1.8
7.2
Derivative financial liabilities
1.8
7.2
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, representing the fair value of the embedded option to convert the financial liability into equity of Shaftesbury Capital. 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:
2024 2023
Profit or loss \u00a3m \u00a3m
Fair value loss on interest rate derivatives
(6.3)
(7.4)
Fair value gain/(loss) on derivative liability \u2013 exchangeable bonds
5.4
(3.9)
Change in fair value of derivative financial instruments
(0.9)
(11.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "value": "
16 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current
Prepayments and accrued income
1
39.9
28.5
Amounts receivable from joint ventures
2
70.7
76.0
Amounts receivable from associates
3
\u2013
11.6
Other receivables
4
29.1
\u2013
Trade and other receivables
139.7
116.1
Current
Rent receivable
5
9.9
13.6
Prepayments and accrued income
1
15.2
17.1
Other receivables
4
5.3
12.0
Trade and other receivables
30.4
42.7
1. Includes tenant lease incentives and deferred letting fees of \u00a347.5 million (31 December 2023: \u00a337.9 million).
2. Amounts receivable from joint ventures represents an interest-bearing loan of \u00a389.9 million (31 December 2023: \u00a390.1 million) provided to LSJV. The loan bears interest at 4.25 per
cent per annum and is repayable on demand. As it is not the intention of the Group to call on the loan in the next 12 months it has been presented as non-current. \u00a34.0 million of the
loan balance was repaid in the current year. The loan has been impaired by \u00a319.2 million (31 December 2023: \u00a314.1 million) to date. Included within current trade and other receivables
is working capital funding of \u00a329.2 million due from LSJV (31 December 2023: \u00a329.0 million) that has been fully impaired.
3. The amount receivable from associates in the prior year represented the loan of \u00a311.6 million provided to Longmartin, which was settled in the current year as part of the disposal
of Longmartin.
4. Other receivables include \u00a329.1 million (31 December 2023: \u00a37.0 million) of restricted cash held on deposit as security for the secured term loans and bank facilities with certain
conditions restricting the use.
5. Rent receivable is shown net of an expected credit loss provision of \u00a38.0 million (31 December 2023: \u00a34.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "value": "16 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current
Prepayments and accrued income
1
39.9
28.5
Amounts receivable from joint ventures
2
70.7
76.0
Amounts receivable from associates
3
\u2013
11.6
Other receivables
4
29.1
\u2013
Trade and other receivables
139.7
116.1
Current
Rent receivable
5
9.9
13.6
Prepayments and accrued income
1
15.2
17.1
Other receivables
4
5.3
12.0
Trade and other receivables
30.4
42.7
1. Includes tenant lease incentives and deferred letting fees of \u00a347.5 million (31 December 2023: \u00a337.9 million). 2. Amounts receivable from joint ventures represents an interest-bearing loan of \u00a389.9 million (31 December 2023: \u00a390.1 million) provided to LSJV. The loan bears interest at 4.25 per cent per annum and is repayable on demand. As it is not the intention of the Group to call on the loan in the next 12 months it has been presented as non-current. \u00a34.0 million of the loan balance was repaid in the current year. The loan has been impaired by \u00a319.2 million (31 December 2023: \u00a314.1 million) to date. Included within current trade and other receivables is working capital funding of \u00a329.2 million due from LSJV (31 December 2023: \u00a329.0 million) that has been fully impaired. 3. The amount receivable from associates in the prior year represented the loan of \u00a311.6 million provided to Longmartin, which was settled in the current year as part of the disposal of Longmartin. 4. Other receivables include \u00a329.1 million (31 December 2023: \u00a37.0 million) of restricted cash held on deposit as security for the secured term loans and bank facilities with certain conditions restricting the use. 5. Rent receivable is shown net of an expected credit loss provision of \u00a38.0 million (31 December 2023: \u00a34.8 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "value": "16 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current
Prepayments and accrued income
1
39.9
28.5
Amounts receivable from joint ventures
2
70.7
76.0
Amounts receivable from associates
3
\u2013
11.6
Other receivables
4
29.1
\u2013
Trade and other receivables
139.7
116.1
Current
Rent receivable
5
9.9
13.6
Prepayments and accrued income
1
15.2
17.1
Other receivables
4
5.3
12.0
Trade and other receivables
30.4
42.7
1. Includes tenant lease incentives and deferred letting fees of \u00a347.5 million (31 December 2023: \u00a337.9 million). 2. Amounts receivable from joint ventures represents an interest-bearing loan of \u00a389.9 million (31 December 2023: \u00a390.1 million) provided to LSJV. The loan bears interest at 4.25 per cent per annum and is repayable on demand. As it is not the intention of the Group to call on the loan in the next 12 months it has been presented as non-current. \u00a34.0 million of the loan balance was repaid in the current year. The loan has been impaired by \u00a319.2 million (31 December 2023: \u00a314.1 million) to date. Included within current trade and other receivables is working capital funding of \u00a329.2 million due from LSJV (31 December 2023: \u00a329.0 million) that has been fully impaired. 3. The amount receivable from associates in the prior year represented the loan of \u00a311.6 million provided to Longmartin, which was settled in the current year as part of the disposal of Longmartin. 4. Other receivables include \u00a329.1 million (31 December 2023: \u00a37.0 million) of restricted cash held on deposit as security for the secured term loans and bank facilities with certain conditions restricting the use. 5. Rent receivable is shown net of an expected credit loss provision of \u00a38.0 million (31 December 2023: \u00a34.8 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "value": "16 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current
Prepayments and accrued income
1
39.9
28.5
Amounts receivable from joint ventures
2
70.7
76.0
Amounts receivable from associates
3
\u2013
11.6
Other receivables
4
29.1
\u2013
Trade and other receivables
139.7
116.1
Current
Rent receivable
5
9.9
13.6
Prepayments and accrued income
1
15.2
17.1
Other receivables
4
5.3
12.0
Trade and other receivables
30.4
42.7
1. Includes tenant lease incentives and deferred letting fees of \u00a347.5 million (31 December 2023: \u00a337.9 million). 2. Amounts receivable from joint ventures represents an interest-bearing loan of \u00a389.9 million (31 December 2023: \u00a390.1 million) provided to LSJV. The loan bears interest at 4.25 per cent per annum and is repayable on demand. As it is not the intention of the Group to call on the loan in the next 12 months it has been presented as non-current. \u00a34.0 million of the loan balance was repaid in the current year. The loan has been impaired by \u00a319.2 million (31 December 2023: \u00a314.1 million) to date. Included within current trade and other receivables is working capital funding of \u00a329.2 million due from LSJV (31 December 2023: \u00a329.0 million) that has been fully impaired. 3. The amount receivable from associates in the prior year represented the loan of \u00a311.6 million provided to Longmartin, which was settled in the current year as part of the disposal of Longmartin. 4. Other receivables include \u00a329.1 million (31 December 2023: \u00a37.0 million) of restricted cash held on deposit as security for the secured term loans and bank facilities with certain conditions restricting the use. 5. Rent receivable is shown net of an expected credit loss provision of \u00a38.0 million (31 December 2023: \u00a34.8 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-347": { "value": "16 Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current
Prepayments and accrued income
1
39.9
28.5
Amounts receivable from joint ventures
2
70.7
76.0
Amounts receivable from associates
3
\u2013
11.6
Other receivables
4
29.1
\u2013
Trade and other receivables
139.7
116.1
Current
Rent receivable
5
9.9
13.6
Prepayments and accrued income
1
15.2
17.1
Other receivables
4
5.3
12.0
Trade and other receivables
30.4
42.7
1. Includes tenant lease incentives and deferred letting fees of \u00a347.5 million (31 December 2023: \u00a337.9 million). 2. Amounts receivable from joint ventures represents an interest-bearing loan of \u00a389.9 million (31 December 2023: \u00a390.1 million) provided to LSJV. The loan bears interest at 4.25 per cent per annum and is repayable on demand. As it is not the intention of the Group to call on the loan in the next 12 months it has been presented as non-current. \u00a34.0 million of the loan balance was repaid in the current year. The loan has been impaired by \u00a319.2 million (31 December 2023: \u00a314.1 million) to date. Included within current trade and other receivables is working capital funding of \u00a329.2 million due from LSJV (31 December 2023: \u00a329.0 million) that has been fully impaired. 3. The amount receivable from associates in the prior year represented the loan of \u00a311.6 million provided to Longmartin, which was settled in the current year as part of the disposal of Longmartin. 4. Other receivables include \u00a329.1 million (31 December 2023: \u00a37.0 million) of restricted cash held on deposit as security for the secured term loans and bank facilities with certain conditions restricting the use. 5. Rent receivable is shown net of an expected credit loss provision of \u00a38.0 million (31 December 2023: \u00a34.8 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-348": { "value": "
17 Cash and cash equivalents
2024 2023
\u00a3m \u00a3m
Cash at hand
11.7
10.4
Cash on short-term deposits
98.1
175.3
Cash
109.8
185.7
Tenant deposits
1
14.2
14.5
Cash and cash equivalents
124.0
200.2
1. Tenant deposits included above 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. The deposits are held in bank accounts administered by Group Treasury and therefore included within cash and cash equivalents in the consolidated balance sheet.
Cash deposits against tenants\u2019 rent payment obligations totalling \u00a322.2 million (31 December 2023: \u00a318.9 million) are held in bank accounts administered by the Group\u2019s managing
agents which are not included within the consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-349": { "value": "
18 Trade and other payables
2024 2023
\u00a3m \u00a3m
Rent in advance
22.1
17.7
Accruals
42.7
60.4
Other payables
14.9
10.4
Other taxes and social security
5.1
7.5
Trade and other payables
84.8
96.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "value": "18 Trade and other payables
2024 2023
\u00a3m \u00a3m
Rent in advance
22.1
17.7
Accruals
42.7
60.4
Other payables
14.9
10.4
Other taxes and social security
5.1
7.5
Trade and other payables
84.8
96.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "value": "18 Trade and other payables
2024 2023
\u00a3m \u00a3m
Rent in advance
22.1
17.7
Accruals
42.7
60.4
Other payables
14.9
10.4
Other taxes and social security
5.1
7.5
Trade and other payables
84.8
96.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "value": "19 Borrowings
2024
Carrying Fixed Floating Fair Nominal
value Secured Unsecured rate rate value value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current
Bank loans
269.9
\u2013
269.9
\u2013
269.9
269.9
275.0
Loan notes (USPPs)
379.3
\u2013
379.3
379.3
\u2013
341.0
380.0
Secured loans
545.8
545.8
\u2013
545.8
\u2013
544.8
584.8
Exchangeable bonds
1
272.8
272.8
\u2013
272.8
\u2013
263.1
275.0
1,467.8
818.6
649.2
1,197.9
269.9
1,418.8
1,514.8
Total borrowings
1,467.8
1,514.8
Cash, excluding tenant deposits
(109.8)
Net debt 1,405.0
1. Fair value of exchangeable bonds includes the fair value of the option component of \u00a31.8 million as disclosed in note 15 \u2018Derivative financial instruments\u2019.
2023
Carrying Fixed Floating Fair Nominal
value Secured Unsecured rate rate value value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current
Loan notes (USPPs)
94.9
\u2013
94.9
94.9
\u2013
93.0
95.0
94.9
\u2013
94.9
94.9
\u2013
93.0
95.0
Non-current
Bank loans
345.9
\u2013
345.9
\u2013
345.9
350.0
350.0
Loan notes (USPPs)
379.2
\u2013
379.2
379.2
\u2013
340.7
380.0
Secured loans
539.9
539.9
\u2013
539.9
\u2013
569.5
584.8
Exchangeable bonds
1
269.8
269.8
\u2013
269.8
\u2013
256.9
275.0
1,534.8
809.7
725.1
1,188.9
345.9
1,517.1
1,589.8
Total borrowings
1,629.7
1,684.8
Cash, excluding tenant deposits (185.7)
Net debt 1,499.1
1. Fair value of exchangeable bonds includes the fair value of the option component of \u00a37.2 million as disclosed in note 15 \u2018Derivative financial instruments\u2019. \u00a3584.8 million (nominal value) of the Group\u2019s borrowings are secured by fixed charges over certain investment properties held by subsidiaries, with a market value of \u00a31,681.1 million (31 December 2023: \u00a31,624.2 million), and by floating charges over the assets of certain subsidiaries. There are currently no restrictions on the remittance of income from investment properties. Certain borrowing agreements contain financial and other covenants that, if contravened, could alter the repayment profile. Details of financial covenants are included in note 22 \u2018Financial risk management\u2019. The Group has complied with the financial covenants of all its borrowings during both years presented. The Group has two revolving credit facilities totalling \u00a3450 million, which are undrawn at 31 December 2024. Undrawn facilities and cash attributable to the Group, excluding tenant deposits, at 31 December 2024 were \u00a3559.8 million (31 December 2023: \u00a3485.7 million). The fair value of the Group\u2019s borrowings has been estimated using the market value for floating rate borrowings, which approximates nominal value, and are classified as Level 2 fair values as defined by IFRS 13. The fair values of fixed rate borrowings have been determined by using a discounted cash flow approach, using a current borrowing rate. The loans are classified as Level 3 fair value measurements as defined by IFRS 13 due to the use of unobservable inputs, including own credit risk. The different valuation levels are defined in note 12 \u2018Property portfolio\u2019.
2024
Current Non-current
borrowings borrowings
Analysis of movement in borrowings \u00a3m \u00a3m
Balance at 1 January
94.9
1,534.8
Borrowings drawn
\u2013
135.0
Borrowings repaid
(95.0)
(210.0)
Other net cash movements
\u2013
(3.5)
Other non-cash movements
0.1
11.5
Balance at 31 December
\u2013
1,467.8
2023
Current Non-current
borrowings borrowings
Analysis of movement in borrowings \u00a3m \u00a3m
Balance at 1 January
\u2013
738.3
Borrowings assumed on completion of merger
\u2013
889.0
Borrowings drawn
\u2013
1,124.0
Borrowings repaid
\u2013
(1,151.0)
Other net cash movements
\u2013
(12.3)
Other non-cash movements
94.9
(53.2)
Balance at 31 December
94.9
1,534.8
The maturity profile of gross debt is as follows:
2024 2023
\u00a3m \u00a3m
Wholly repayable in one year
\u2013
95.0
Wholly repayable in more than one year but not more than five years
982.3
887.5
Wholly repayable in more than five years
532.5
702.3
1,514.8
1,684.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-350": { "value": "
20 Lease liabilities
Lease liabilities included within investment property
(a) Minimum lease payments under lease obligations
2024 2023
\u00a3m \u00a3m
Not later than one year
0.3
0.3
Later than one year and not later than five years
1.2
1.2
Later than five years
7.6
7.6
9.1
9.1
Future finance charges on lease liabilities
(6.1)
(6.1)
Total undiscounted lease liabilities
3.0
3.0
(b) Present value of minimum lease obligations
2024 2023
\u00a3m \u00a3m
Not later than one year
0.3
0.3
Later than one year and not later than five years
1.0
1.0
Later than five years
1.7
1.7
Present value of lease liabilities
3.0
3.0
Lease liabilities included under investment property are in respect of leasehold interests in investment 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 (31 December 2023: \u00a30.3 million).
These lease liabilities are effectively secured obligations, as the rights to the leased asset revert to the lessor in the event of default.
21 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 undiscounted minimum lease amounts receivable under non-cancellable operating leases are as follows:
2024
2023
1
\u00a3m \u00a3m
Within one year
165.8
159.5
Between one and two years
141.8
134.3
Between two and three years
120.8
111.5
Between three and four years
99.7
95.3
Between four and five years
75.3
77.8
Later than five years
353.7
329.2
Total undiscounted minimum lease receivables
957.1
907.6
1. The presentation of the 2023 balances has changed due to additional disaggregation of the maturity analysis of the lease payments.
The consolidated income statement includes \u00a30.4 million (31 December 2023: \u00a30.4 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "22 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, 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
2024
2023
Gain/(loss) Gain/(loss)
Carrying to income Carrying to income
value statement value statement
Note \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
15
3.4
(6.3)
9.7
(7.4)
Total held for trading assets
3.4
(6.3)
9.7
(7.4)
Cash and cash equivalents
17
124.0
\u2013
200.2
\u2013
Other financial assets
1
16
115.0
\u2013
113.2
\u2013
Total cash and other financial assets
239.0
\u2013
313.4
\u2013
Investment held at fair value through profit or loss
2
\u2013
\u2013
\u2013
52.0
Total investment held at fair value through profit or loss
\u2013
\u2013
\u2013
52.0
Derivative financial liabilities
15
(1.8)
5.4
(7.2)
(3.9)
Total held for trading liabilities
(1.8)
5.4
(7.2)
(3.9)
Borrowings
19
(1,467.8)
\u2013
(1,629.7)
\u2013
Lease liabilities
20
(3.0)
\u2013
(3.0)
\u2013
Other financial liabilities
3
18
(62.7)
\u2013
(78.5)
\u2013
Total borrowings and other financial liabilities
(1,533.5)
\u2013
(1,711.2)
\u2013
1. Includes rent receivable, amounts due from joint ventures and associates and other receivables. 2. \u00a352.0 million gain recognised in 2023 relates to the fair value movement on the 97 million Shaftesbury PLC shares held until completion of the all-share merger on 6 March 2023. 3. Includes trade and other payables (excluding rents in advance). 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 on the following pages.
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
derivatives 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.
Group policy is to ensure that interest rate protection on Group external debt is greater than 25 per cent.
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.
All of the Group\u2019s drawn debt is at fixed rates or currently has interest rate protection in place, taking into account \u00a3250 million of
hedging which provides for a cap of 3.0 per cent and a floor of 2.0 per cent on SONIA exposure until the end of 2025, and interest
on cash deposits.
The derivative contracts require settlement of net interest receivable or payable every 90 days. The settlement dates coincide with
the dates on which interest is payable on the underlying debt.
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 Decrease in Increase in Decrease in
interest rates interest rates interest rates interest rates
by 100 bps by 100 bps by 100 bps by 100 bps
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Effect on profit before tax (change in fair value of derivative financial instruments):
Increase/(decrease)
2.3
(2.1)
4.9
(4.6)
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
2024 (31 December 2023: 100 bps) to reflect current macroeconomic conditions. 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.
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 regularly monitor 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.
Liquidity risk 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 unsecured revolving credit facility of \u00a3300 million is not included for 2024 and 2023 and the unsecured revolving credit facility of \u00a3150 million is not included for 2024 as these facilities were undrawn as at the respective balance sheet dates. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve.
2024
Carrying Within 1 yr Between 1-2 yrs Between 3-5 yrs Over 5 yrs
value (2025) (2026-2027) (2028-2029) (2030 onwards) Total
Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivatives
Loan notes
379.3
10.2
\u2013
16.2
212.5
10.6
85.0
7.6
82.5
44.6
380.0
Unsecured bank loans
1
269.9
20.2
\u2013
23.2
200.0
6.5
75.0
\u2013
\u2013
49.9
275.0
Secured loans
545.8
27.0
\u2013
54.0
\u2013
69.2
264.8
56.8
320.0
207.0
584.8
Exchangeable bonds
272.8
5.5
\u2013
2.7
275.0
\u2013
\u2013
\u2013
\u2013
8.2
275.0
Other payables
62.7
\u2013
62.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
62.7
Total non-derivatives
1,530.5
62.9
62.7
96.1
687.5
86.3
424.8
64.4
402.5
309.7
1,577.5
Derivatives
Interest rate derivatives
(3.4)
(3.4)
\u2013
-
\u2013
\u2013
\u2013
\u2013
\u2013
(3.4)
\u2013
Total derivatives
(3.4)
(3.4)
\u2013
-
\u2013
\u2013
\u2013
\u2013
\u2013
(3.4)
\u2013
2023
Carrying Within 1 yr Between 1-2 yrs Between 3-5 yrs Over 5 yrs
value (2024) (2025-2026) (2027-2028) (2029 onwards) Total
Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivatives
Loan notes
474.1
13.0
95.0
10.2
\u2013
16.2
212.5
18.1
167.5
57.6
475.0
Unsecured bank loans
1
345.9
25.0
\u2013
19.8
\u2013
17.2
350.0
\u2013
\u2013
62.0
350.0
Secured loans
539.9
27.1
\u2013
27.0
\u2013
54.0
\u2013
124.9
584.8
233.0
584.8
Exchangeable bonds
269.8
5.5
\u2013
5.5
\u2013
2.7
275.0
\u2013
\u2013
13.7
275.0
Other payables and tax liabilities
96.2
\u2013
96.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
96.2
Total non-derivatives
1,725.9
70.6
191.2
62.5
\u2013
90.1
837.5
143.0
752.3
366.3
1,781.0
Derivatives
Interest rate derivatives
(9.7)
(7.0)
\u2013
(1.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(8.2)
\u2013
Total derivatives
(9.7)
(7.0)
\u2013
(1.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(8.2)
\u2013
1. \u00a3150 million nominal value of the unsecured bank loans were repaid on 8 February 2024. The unsecured bank loan has an initial maturity in December 2026 with the option to extend the tenor by a further two periods of one year each, subject to lender approval. Contractual maturities reflect the expected maturities of financial instruments. 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. Financial covenants The Group has an unsecured revolving credit facility, loan notes, secured loans and an unsecured corporate loan facility that contain loan covenants. Details of these loans are disclosed in note 19 \u2018Borrowings\u2019. A future breach of covenant may require the Group to repay the facilities earlier than indicated in the above table. Details of the loan covenants are set out below:
31 December 2024
Nominal value as at 31 Carrying value at
December 2024 31 December 2024 LTV Interest cover
Maturity \u00a3m \u00a3m
covenant
2
covenant
2
Private placement loan notes
2026\u20132037
380.0
379.3
60%
1.20x
Exchangeable bond
2026
275.0
272.8
N/A
N/A
Unsecured term facilities
1
2027\u20132029
275.0
269.9
60%
1.20x
Secured term loans (Canada Life)
2029
134.8
128.5
60%
1.40x
Secured term loans (Aviva)
2030\u20132035
450.0
417.3
65%
1.35x
Unsecured revolving credit facility (undrawn)
1
2027
150.0
\u2013
60%
1.20x
Revolving credit facility (undrawn)
2028
300.0
\u2013
60%
1.20x
1. Additional requirements that Group unencumbered assets are equal to or exceed 1.5x of Group unsecured debt. 2. The covenants of the drawn loan balances are defined within the Glossary. Under the terms of the debt agreements, the secured term loan covenants are calculated quarterly, and the covenants for the remaining debt agreements are calculated at the end of each annual and interim reporting period. There are no indications that the Group would have difficulties complying with the covenants when they will next be tested. Credit risk The Group\u2019s principal financial assets are trade and other receivables, amounts receivable from joint ventures and cash and cash equivalents. Credit risk is the risk of financial loss if a customer or counterparty fails to meet an obligation under a contract. Credit risk arises primarily from trade receivables relating to customers 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; customers are managed individually by asset managers, who continuously monitor and work with customers, anticipating and wherever possible identifying and addressing risks prior to default. Customers are managed through a large and diverse customer base to reduce the credit risk to the Group. Trade receivables are less than one per cent of total assets at 31 December 2024 (31 December 2023: less than one per cent) and are \u00a317.9 million as at 31 December 2024 (31 December 2023: \u00a318.4 million). Prospective customers 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 2024 was \u00a336.4 million (31 December 2023: \u00a333.4 million). \u00a322.2 million (31 December 2023: \u00a318.9 million) of the cash deposits held against customers\u2019 rent payment obligations are in bank accounts administered by the Group\u2019s managing agents which are not included within the consolidated balance sheet. 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 customer by customer basis, the Group considers both recent payment history and future expectations of the customer\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 consolidated balance sheet are net of impairment for doubtful receivables. During the year, the loss allowance provision increased due to a limited number of customer administrations or anticipated failures in early 2025. Ageing of gross trade receivables and loss allowances were as follows:
2024 2023
\u00a3m \u00a3m
Gross Gross
carrying Loss carrying Loss
amount allowance amount allowance
Not yet due
\u2013
\u2013
0.5
\u2013
0-90 days
7.4
(1.1)
9.1
(1.3)
91-180 days
4.0
(1.3)
4.5
(0.7)
Over 180 days
6.5
(5.6)
4.3
(2.8)
Trade receivables
17.9
(8.0)
18.4
(4.8)
As at 31 December 2024 there is a provision for trade receivables of \u00a38.0 million (31 December 2023: \u00a34.8 million). The total provision for the year is \u00a33.9 million (31 December 2023: \u00a32.0 million), as shown in note 4 \u2018Gross Profit\u2019, reflecting impairments during the year and movements 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 customers from varying business sectors and the credit review process as noted above. Amounts receivable from joint ventures: Included within receivables, net of impairment is nil (31 December 2023: nil) working capital facility advanced to the Lillie Square joint venture and an interest-bearing loan of \u00a370.7 million (31 December 2023: \u00a376.0 million). The carrying value of the investment in the joint venture is nil (31 December 2023: 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 \u00a348.3 million cumulatively. Details of the impairment are set out in note 7 \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 \u00a30.1 million (Group share) as at 31 December 2024. 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 function. 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 2024 amounted to \u00a3114.7 million (31 December 2023: \u00a3195.6 million), including the Group\u2019s share of joint venture cash. The maximum fair value exposure to derivative financial instruments is \u00a31.8 million (31 December 2023: \u00a39.7 million). Gross carrying value and loss allowance of other receivables (excluding trade receivables) are set out in the table below:
2024 2023
\u00a3m \u00a3m
Gross Gross
carrying Loss carrying Loss
amount allowance amount allowance
Amounts receivable from joint ventures and associates
1
119.0
(48.3)
130.7
(43.1)
Other receivables
2
90.4
(0.9)
58.5
(0.9)
1. Included within amounts receivable as at 31 December 2023 is an interest-bearing loan of \u00a311.6 million advanced to the Longmartin associate. The interest-bearing loan was settled on disposal of Longmartin in the current year. Refer to note 14 \u2018Investments in joint ventures and associates\u2019 for further detail. 2. \u00a30.9 million (31 December 2023: \u00a30.9 million) loss allowance relates to the provision against tenant lease incentives. 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 loan-to-value and the interest cover ratio. The Group aims not to exceed a loan-to-value ratio of more than 40 per cent and to maintain interest cover above 125 per cent. These ratios are disclosed on the nominal value of debt and market value of investment properties. These metrics are discussed in the Financial review on page 50.
2024 2023
Loan
-to-value
Note
\u00a3m \u00a3m
Debt at nominal value
19
1,514.8
1,684.8
Less: cash
17
(109.8)
(185.7)
Net debt (A)
19
1,405.0
1,499.1
Total property portfolio at market value (B)
12
4,973.5
4,795.3
Loan-to-value (A/B)
28.2%
31.3%
2024 2023
Interest cover
Note
\u00a3m \u00a3m
Finance costs
9
(72.0)
(67.5)
Finance income
8
14.8
15.6
Net finance costs (A)
(57.2)
(51.9)
Gross profit
1
4
167.1
147.0
Other income
\u2013
2.7
Underlying operating income (B)
167.1
149.7
Interest cover (B/A)
292.1%
288.4%
1. 2023 gross profit excludes a \u00a35.1 million charge relating to the alignment of accounting policies on completion of the merger. 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 12 \u2018Property portfolio\u2019. The table below presents the Group\u2019s financial assets and liabilities recognised at fair value at 31 December 2024 and 31 December 2023. There were no transfers between levels during the year.
2024
2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Held for trading assets
Derivative financial assets
\u2013
3.4
\u2013
3.4
\u2013
9.7
\u2013
9.7
Total assets
\u2013
3.4
\u2013
3.4
\u2013
9.7
\u2013
9.7
Held for trading liabilities
Derivative financial liabilities
\u2013
(1.8)
-
(1.8)
\u2013
(7.2)
\u2013
(7.2)
Total liabilities
\u2013
(1.8)
-
(1.8)
\u2013
(7.2)
\u2013
(7.2)
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. 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:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "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 derivatives 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. Group policy is to ensure that interest rate protection on Group external debt is greater than 25 per cent. 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. All of the Group\u2019s drawn debt is at fixed rates or currently has interest rate protection in place, taking into account \u00a3250 million of hedging which provides for a cap of 3.0 per cent and a floor of 2.0 per cent on SONIA exposure until the end of 2025, and interest on cash deposits. The derivative contracts require settlement of net interest receivable or payable every 90 days. The settlement dates coincide with the dates on which interest is payable on the underlying debt. 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 Decrease in Increase in Decrease in
interest rates interest rates interest rates interest rates
by 100 bps by 100 bps by 100 bps by 100 bps
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Effect on profit before tax (change in fair value of derivative financial instruments):
Increase/(decrease)
2.3
(2.1)
4.9
(4.6)
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 2024 (31 December 2023: 100 bps) to reflect current macroeconomic conditions. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "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 regularly monitor 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. Liquidity risk 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 unsecured revolving credit facility of \u00a3300 million is not included for 2024 and 2023 and the unsecured revolving credit facility of \u00a3150 million is not included for 2024 as these facilities were undrawn as at the respective balance sheet dates. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve.
2024
Carrying Within 1 yr Between 1-2 yrs Between 3-5 yrs Over 5 yrs
value (2025) (2026-2027) (2028-2029) (2030 onwards) Total
Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivatives
Loan notes
379.3
10.2
\u2013
16.2
212.5
10.6
85.0
7.6
82.5
44.6
380.0
Unsecured bank loans
1
269.9
20.2
\u2013
23.2
200.0
6.5
75.0
\u2013
\u2013
49.9
275.0
Secured loans
545.8
27.0
\u2013
54.0
\u2013
69.2
264.8
56.8
320.0
207.0
584.8
Exchangeable bonds
272.8
5.5
\u2013
2.7
275.0
\u2013
\u2013
\u2013
\u2013
8.2
275.0
Other payables
62.7
\u2013
62.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
62.7
Total non-derivatives
1,530.5
62.9
62.7
96.1
687.5
86.3
424.8
64.4
402.5
309.7
1,577.5
Derivatives
Interest rate derivatives
(3.4)
(3.4)
\u2013
-
\u2013
\u2013
\u2013
\u2013
\u2013
(3.4)
\u2013
Total derivatives
(3.4)
(3.4)
\u2013
-
\u2013
\u2013
\u2013
\u2013
\u2013
(3.4)
\u2013
2023
Carrying Within 1 yr Between 1-2 yrs Between 3-5 yrs Over 5 yrs
value (2024) (2025-2026) (2027-2028) (2029 onwards) Total
Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivatives
Loan notes
474.1
13.0
95.0
10.2
\u2013
16.2
212.5
18.1
167.5
57.6
475.0
Unsecured bank loans
1
345.9
25.0
\u2013
19.8
\u2013
17.2
350.0
\u2013
\u2013
62.0
350.0
Secured loans
539.9
27.1
\u2013
27.0
\u2013
54.0
\u2013
124.9
584.8
233.0
584.8
Exchangeable bonds
269.8
5.5
\u2013
5.5
\u2013
2.7
275.0
\u2013
\u2013
13.7
275.0
Other payables and tax liabilities
96.2
\u2013
96.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
96.2
Total non-derivatives
1,725.9
70.6
191.2
62.5
\u2013
90.1
837.5
143.0
752.3
366.3
1,781.0
Derivatives
Interest rate derivatives
(9.7)
(7.0)
\u2013
(1.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(8.2)
\u2013
Total derivatives
(9.7)
(7.0)
\u2013
(1.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(8.2)
\u2013
1. \u00a3150 million nominal value of the unsecured bank loans were repaid on 8 February 2024. The unsecured bank loan has an initial maturity in December 2026 with the option to extend the tenor by a further two periods of one year each, subject to lender approval. Contractual maturities reflect the expected maturities of financial instruments. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "value": "Credit risk The Group\u2019s principal financial assets are trade and other receivables, amounts receivable from joint ventures and cash and cash equivalents. Credit risk is the risk of financial loss if a customer or counterparty fails to meet an obligation under a contract. Credit risk arises primarily from trade receivables relating to customers 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; customers are managed individually by asset managers, who continuously monitor and work with customers, anticipating and wherever possible identifying and addressing risks prior to default. Customers are managed through a large and diverse customer base to reduce the credit risk to the Group. Trade receivables are less than one per cent of total assets at 31 December 2024 (31 December 2023: less than one per cent) and are \u00a317.9 million as at 31 December 2024 (31 December 2023: \u00a318.4 million). Prospective customers 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 2024 was \u00a336.4 million (31 December 2023: \u00a333.4 million). \u00a322.2 million (31 December 2023: \u00a318.9 million) of the cash deposits held against customers\u2019 rent payment obligations are in bank accounts administered by the Group\u2019s managing agents which are not included within the consolidated balance sheet. 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 customer by customer basis, the Group considers both recent payment history and future expectations of the customer\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 consolidated balance sheet are net of impairment for doubtful receivables. During the year, the loss allowance provision increased due to a limited number of customer administrations or anticipated failures in early 2025. Ageing of gross trade receivables and loss allowances were as follows:
2024 2023
\u00a3m \u00a3m
Gross Gross
carrying Loss carrying Loss
amount allowance amount allowance
Not yet due
\u2013
\u2013
0.5
\u2013
0-90 days
7.4
(1.1)
9.1
(1.3)
91-180 days
4.0
(1.3)
4.5
(0.7)
Over 180 days
6.5
(5.6)
4.3
(2.8)
Trade receivables
17.9
(8.0)
18.4
(4.8)
As at 31 December 2024 there is a provision for trade receivables of \u00a38.0 million (31 December 2023: \u00a34.8 million). The total provision for the year is \u00a33.9 million (31 December 2023: \u00a32.0 million), as shown in note 4 \u2018Gross Profit\u2019, reflecting impairments during the year and movements 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 customers from varying business sectors and the credit review process as noted above. Amounts receivable from joint ventures: Included within receivables, net of impairment is nil (31 December 2023: nil) working capital facility advanced to the Lillie Square joint venture and an interest-bearing loan of \u00a370.7 million (31 December 2023: \u00a376.0 million). The carrying value of the investment in the joint venture is nil (31 December 2023: 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 \u00a348.3 million cumulatively. Details of the impairment are set out in note 7 \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 \u00a30.1 million (Group share) as at 31 December 2024. 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 function. 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 2024 amounted to \u00a3114.7 million (31 December 2023: \u00a3195.6 million), including the Group\u2019s share of joint venture cash. The maximum fair value exposure to derivative financial instruments is \u00a31.8 million (31 December 2023: \u00a39.7 million). Gross carrying value and loss allowance of other receivables (excluding trade receivables) are set out in the table below:
2024 2023
\u00a3m \u00a3m
Gross Gross
carrying Loss carrying Loss
amount allowance amount allowance
Amounts receivable from joint ventures and associates
1
119.0
(48.3)
130.7
(43.1)
Other receivables
2
90.4
(0.9)
58.5
(0.9)
1. Included within amounts receivable as at 31 December 2023 is an interest-bearing loan of \u00a311.6 million advanced to the Longmartin associate. The interest-bearing loan was settled on disposal of Longmartin in the current year. Refer to note 14 \u2018Investments in joint ventures and associates\u2019 for further detail. 2. \u00a30.9 million (31 December 2023: \u00a30.9 million) loss allowance relates to the provision against tenant lease incentives. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "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 loan-to-value and the interest cover ratio. The Group aims not to exceed a loan-to-value ratio of more than 40 per cent and to maintain interest cover above 125 per cent. These ratios are disclosed on the nominal value of debt and market value of investment properties. These metrics are discussed in the Financial review on page 50.
2024 2023
Loan
-to-value
Note
\u00a3m \u00a3m
Debt at nominal value
19
1,514.8
1,684.8
Less: cash
17
(109.8)
(185.7)
Net debt (A)
19
1,405.0
1,499.1
Total property portfolio at market value (B)
12
4,973.5
4,795.3
Loan-to-value (A/B)
28.2%
31.3%
2024 2023
Interest cover
Note
\u00a3m \u00a3m
Finance costs
9
(72.0)
(67.5)
Finance income
8
14.8
15.6
Net finance costs (A)
(57.2)
(51.9)
Gross profit
1
4
167.1
147.0
Other income
\u2013
2.7
Underlying operating income (B)
167.1
149.7
Interest cover (B/A)
292.1%
288.4%
1. 2023 gross profit excludes a \u00a35.1 million charge relating to the alignment of accounting policies on completion of the merger. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "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 12 \u2018Property portfolio\u2019. The table below presents the Group\u2019s financial assets and liabilities recognised at fair value at 31 December 2024 and 31 December 2023. There were no transfers between levels during the year.
2024
2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Held for trading assets
Derivative financial assets
\u2013
3.4
\u2013
3.4
\u2013
9.7
\u2013
9.7
Total assets
\u2013
3.4
\u2013
3.4
\u2013
9.7
\u2013
9.7
Held for trading liabilities
Derivative financial liabilities
\u2013
(1.8)
-
(1.8)
\u2013
(7.2)
\u2013
(7.2)
Total liabilities
\u2013
(1.8)
-
(1.8)
\u2013
(7.2)
\u2013
(7.2)
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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "value": "23 Deferred tax The change in corporation tax rate referred to in note 10 \u2018Taxation\u2019 has been enacted for the purposes of IAS 12 \u2018Income Taxes\u2019 (\u2018IAS 12\u2019) 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 property is calculated under IAS 12 provisions on a disposals basis by reference to the property\u2019s 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 property as calculated under IAS 12 is nil at 31 December 2024 (31 December 2023: nil).
Fair value of
Accelerated derivative Other Non-REIT
capital financial temporary group
allowances instruments differences losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provided deferred tax provision:
At 31 December 2022
0.4
\u2013
(0.4)
\u2013
\u2013
Consolidated income statement items
0.1
0.9
0.4
(1.4)
\u2013
At 31 December 2023
0.5
0.9
\u2013
(1.4)
\u2013
Consolidated income statement items
\u2013
(0.9)
\u2013
0.9
\u2013
At 31 December 2024
0.5
\u2013
\u2013
(0.5)
\u2013
Unrecognised deferred tax assets:
At 31 December 2022
\u2013
\u2013
(0.3)
(24.2)
(24.5)
Consolidated income statement items
\u2013
\u2013
(0.6)
2.8
2.2
At 31 December 2023
\u2013
\u2013
(0.9)
(21.4)
(22.3)
Consolidated income statement items
\u2013
(0.7)
(1.5)
(1.0)
(3.2)
At 31 December 2024
\u2013
(0.7)
(2.4)
(22.4)
(25.5)
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 profits will be available against which the deferred tax assets can be recovered. As at 31 December 2024, the Group has unrecognised deferred tax assets of \u00a325.5 million (31 December 2023: \u00a322.3 million) in relation to \u00a389.8 million (31 December 2023: \u00a386.0 million) of gross losses carried forward within its residual business and \u00a312.4 million (31 December 2023: \u00a33.5 million) of other deductible temporary differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "value": "23 Deferred tax The change in corporation tax rate referred to in note 10 \u2018Taxation\u2019 has been enacted for the purposes of IAS 12 \u2018Income Taxes\u2019 (\u2018IAS 12\u2019) 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 property is calculated under IAS 12 provisions on a disposals basis by reference to the property\u2019s 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 property as calculated under IAS 12 is nil at 31 December 2024 (31 December 2023: nil).
Fair value of
Accelerated derivative Other Non-REIT
capital financial temporary group
allowances instruments differences losses Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Provided deferred tax provision:
At 31 December 2022
0.4
\u2013
(0.4)
\u2013
\u2013
Consolidated income statement items
0.1
0.9
0.4
(1.4)
\u2013
At 31 December 2023
0.5
0.9
\u2013
(1.4)
\u2013
Consolidated income statement items
\u2013
(0.9)
\u2013
0.9
\u2013
At 31 December 2024
0.5
\u2013
\u2013
(0.5)
\u2013
Unrecognised deferred tax assets:
At 31 December 2022
\u2013
\u2013
(0.3)
(24.2)
(24.5)
Consolidated income statement items
\u2013
\u2013
(0.6)
2.8
2.2
At 31 December 2023
\u2013
\u2013
(0.9)
(21.4)
(22.3)
Consolidated income statement items
\u2013
(0.7)
(1.5)
(1.0)
(3.2)
At 31 December 2024
\u2013
(0.7)
(2.4)
(22.4)
(25.5)
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 profits will be available against which the deferred tax assets can be recovered. As at 31 December 2024, the Group has unrecognised deferred tax assets of \u00a325.5 million (31 December 2023: \u00a322.3 million) in relation to \u00a389.8 million (31 December 2023: \u00a386.0 million) of gross losses carried forward within its residual business and \u00a312.4 million (31 December 2023: \u00a33.5 million) of other deductible temporary differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-351": { "value": "
24 Share capital and share premium
Group and Company
Issue Share Share
Transaction price Number capital premium
Issue type date (pence) of shares
\u00a3m
1
\u00a3m
At 1 January 2023
851,450,638
212.8
232.5
Issued to satisfy employee share scheme awards
March
25
6,170,629
1.5
\u2013
Issued on completion of all-share merger
2
March
25
1,095,549,228
273.9
\u2013
At 31 December 2023
1,953,170,495
488.2
232.5
Issued to satisfy employee share scheme awards
3
June
25
7,643
\u2013
\u2013
At 31 December 2024
1,953,178,138
488.2
232.5
1. Nominal value of share capital of 25 pence per share.
2. On completion of the all-share merger on 6 March 2023, 1,095,549,228 new shares were issued (including 128,350,793 shares issued to a Shaftesbury Capital controlled entity in
respect of secured shares previously held as collateral for the exchangeable bonds).
3. On 10 June 2024, 7,643 new shares were issued to satisfy employee share scheme awards.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "value": "24 Share capital and share premium Group and Company
Issue Share Share
Transaction price Number capital premium
Issue type date (pence) of shares
\u00a3m
1
\u00a3m
At 1 January 2023
851,450,638
212.8
232.5
Issued to satisfy employee share scheme awards
March
25
6,170,629
1.5
\u2013
Issued on completion of all-share merger
2
March
25
1,095,549,228
273.9
\u2013
At 31 December 2023
1,953,170,495
488.2
232.5
Issued to satisfy employee share scheme awards
3
June
25
7,643
\u2013
\u2013
At 31 December 2024
1,953,178,138
488.2
232.5
1. Nominal value of share capital of 25 pence per share. 2. On completion of the all-share merger on 6 March 2023, 1,095,549,228 new shares were issued (including 128,350,793 shares issued to a Shaftesbury Capital controlled entity in respect of secured shares previously held as collateral for the exchangeable bonds). 3. On 10 June 2024, 7,643 new shares were issued to satisfy employee share scheme awards.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "25 Capital commitments At 31 December 2024, the Group was contractually committed to \u00a324.1 million (31 December 2023: \u00a324.8 million) of future expenditure for the purchase, construction, refurbishment and enhancement of investment property. The Group\u2019s share of joint venture capital commitments arising on LSJV amounts to nil (31 December 2023: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-352": { "value": "25 Capital commitments At 31 December 2024, the Group was contractually committed to \u00a324.1 million (31 December 2023: \u00a324.8 million) of future expenditure for the purchase, construction, refurbishment and enhancement of investment property. The Group\u2019s share of joint venture capital commitments arising on LSJV amounts to nil (31 December 2023: nil). 26 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:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "value": "
26 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "value": "
27 Cash flow information
(a) Cash generated from operations
2024 2023
Note \u00a3m \u00a3m
Profit before tax
252.4
750.6
Adjustments:
(Gain)/loss on revaluation and sale of investment property
1
(197.6)
65.0
Gain on bargain purchase
31
\u2013
(805.5)
Change in value of investments and other receivables
7
7.0
12.5
Change in fair value of financial assets at fair value through profit or loss
22
\u2013
(52.0)
Depreciation
2
13
0.7
0.4
Amortisation of tenant lease incentives and other direct costs
(5.6)
0.1
Provision for expected credit loss
3.9
2.0
Profit from joint ventures and associates
14
(4.5)
(0.2)
Share-based payment
29
3.1
7.9
Finance income
8
(14.8)
(15.6)
Other finance income
8
(4.5)
(4.1)
Finance costs
9
72.0
67.5
Other finance costs
9
6.5
31.3
Change in fair value of derivative financial instruments
15
0.9
11.3
Loss on sale of associate
14
4.0
\u2013
Change in working capital:
Change in trade and other receivables
(4.6)
(27.1)
Change in trade and other payables
(10.2)
(14.3)
Cash generated from operations
108.7
29.8
1. Included within the gain on revaluation and sale of investment property in the consolidated income statement is cash transaction costs of \u00a33.0 million incurred on the disposal
of property.
2. \u00a30.3 million of depreciation is recognised within note 5 \u2018Administration expenses\u2019 and \u00a30.4 million is recognised within note 4 \u2018Gross profit\u2019.
(b) Reconciliation of cash flows from financing activities
The table below sets out the reconciliation of the movements in borrowings to cash flows arising from financing activities:
Derivative
liability \u2013 Total liabilities
Long-term Short-term exchangeable from financing
borrowings borrowings bond activities
Note \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2023
738.4
\u2013
3.3
741.7
Cash flows from financing activities
Repayment of bank loans
19
(1,151.0)
\u2013
\u2013
(1,151.0)
Drawdown of revolving credit facility and secured loan
19
1,126.0
\u2013
\u2013
1,126.0
Total cash flows used in financing activities
(25.0)
\u2013
\u2013
(25.0)
Other movements
Debt acquired on completion of merger
889.0
\u2013
\u2013
889.0
Reclassification from long-term to short-term at year end
19
(94.9)
94.9
\u2013
\u2013
Amortisation
27.3
\u2013
\u2013
27.3
Changes in fair value
15
\u2013
\u2013
3.9
3.9
Total other movements
821.4
94.9
3.9
920.2
Balance at 31 December 2023
1,534.8
94.9
7.2
1,636.9
Cash flows from financing activities
Repayment of bank loans
(210.0)
(95.0)
\u2013
(305.0)
Drawdown of revolving credit facility and secured loan
135.0
\u2013
\u2013
135.0
Total cash flows used in financing activities
(75.0)
(95.0)
\u2013
(170.0)
Other movements
Transaction costs associated with financing activities
(3.5)
\u2013
\u2013
(3.5)
Amortisation and unwind of fair value adjustment on debt
11.5
0.1
(5.4)
6.2
Total other movements
8.0
0.1
(5.4)
2.7
Balance as at 31 December 2024
1,467.8
\u2013
1.8
1,469.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "value": "
28 Related party transactions
(a) Transactions with Directors
2024 2023
Key management compensation
1
\u00a3m \u00a3m
Short-term employee benefits
3.4
5.3
Post-employment pension
\u2013
\u2013
Termination benefits
0.7
\u2013
Share-based payment
1.7
0.7
5.8
6.0
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 Group.
Share dealings
No Director had any dealings in the shares of any Group company between 31 December 2024 and 26 February 2025, 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 2024.
(b) Transactions between the Group and its joint ventures and associates
Transactions during the year between the Group and its joint ventures and associates, which are related parties, are disclosed in
notes 14 \u2018Investment in joint ventures and associates\u2019, 16 \u2018Trade and other receivables\u2019 and 25 \u2018Capital commitments\u2019. During the
year the Group received management fees of nil (31 December 2023: \u00a30.1 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 transaction as defined by IAS 24
\u2018Related Party Disclosures\u2019:
\u2013 Situl Jobanputra, Chief Financial Officer of Shaftesbury Capital, and a family member own an apartment in the Lillie Square
development. The disclosures in respect of this purchase were included in previous financial statements.
\u2013 Owners of apartments in the Lillie Square development are required to pay annual ground rent, insurance premium fees,
maintenance work fees and bi-annual service charge fees, which for Directors are related party transactions. During 2024,
\u00a37,962.78 had been paid to a related party of the Shaftesbury Capital Group, Lillie Square GP Limited, in relation to these charges.
Transactions with Directors are conducted at fair and reasonable market prices 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.
30 Related undertakings
The Company\u2019s subsidiaries and other related undertakings at 31 December 2024 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
Covent Garden Management Services Limited
1,2
20 The Piazza Management Limited
1
Covent Garden Real Estate Holdings Limited
1,6
22 Southampton Street Limited
Floral Court Collection Management Limited
1
22 Southampton Street Management Limited
1
 Floral Court Limited
34 Henrietta Street Limited
Innova Investment Management Limited
1
34 Henrietta Street Management Company Limited
1
Lillie Square Clubhouse Limited (50%)
1,4
C & C Management Services Limited
2
Lillie Square Developments Limited (50%)
4
C&C Properties UK Limited
2
Lillie Square GP Limited (50%)
4
Capco Covent Garden Limited
2
Lillie Square LP (50%)
4
Capco Covent Garden Residential Limited
Lillie Square Management Limited (50%)
4
Capco Group Treasury Limited
2
Lillie Square Nominee Limited (50%)
1,4
Capco London Limited
1
Shaftesbury AV Investment Limited
Capital & Counties CG Limited Shaftesbury AV Limited
Capital & Counties CGP Shaftesbury Carnaby PLC
Capital & Counties CG Nominee Limited
1
Shaftesbury Charlotte Street Limited
1
Capital & Counties Limited
2,3
 Shaftesbury Chinatown PLC
Carnaby Estate Holdings Limited
1
Shaftesbury CL Investment Limited
Carnaby Investments Limited
1
 Shaftesbury CL Limited
Carnaby Property Investments Limited
1
 Shaftesbury Covent Garden Limited
Charlotte Street Estate Holdings Limited
1
Shaftesbury Covent Garden Property Investments Limited
1
Chinatown Estate Holdings Limited
1
Shaftesbury Investments 2 Limited
1
Chinatown London Ltd
1
Shaftesbury Investments 4 Limited
1
Chinatown Property Investments Limited
1
Shaftesbury Investments 6 Limited
1
Covent Garden Estate Holdings Limited
1
Shaftesbury Investments 7 Limited
1
Covent Garden (43 Management) Limited
1
Shaftesbury Investments 8 Limited
1
Covent Garden (49 Wellington Street) Limited
Shaftesbury Investments 9 Limited
1
Covent Garden Group Holdings Limited
Shaftesbury Investments 10 Limited
1
Covent Garden Holdings (No.1) Limited
1
Shaftesbury PLC
2
Covent Garden Holdings (No.2) Limited
1
 Shaftesbury Soho Limited
Covent Garden Holdings (No.3) Limited
5
Shaftesbury West End Limited
1
1. Dormant entity.
2. Direct undertakings of the Company.
3. Ordinary and non-voting deferred shares.
4. Equity accounted joint ventures and associates.
5. With effect from 20 January 2024, the company changed its name from CG Treasury Limited to Covent Garden Holdings (No.3) Limited and ceased to be a direct undertaking of
the Company.
6. Incorporated on 15 November 2024.
Registered address: C/O Shepherd and Wedderburn LLP, 9 Haymarket Square, Edinburgh, Scotland, EH3 8FY
Related undertakings
Capco Investment London (No.6) Limited
1,2
Capco Investment London (No.7) Scottish Limited Partnership
2
1. Dormant entity.
2. Direct undertakings of the Company.
Registered address: 27 Esplanade, St Helier, Jersey, JE1 1SG
Related undertakings
Capital & Counties Properties (Jersey) 3 Limited
1,2
 Innova Investment Holdings Limited
Capvestco Earls Court Limited Lillie Square LP Limited
Capvestco Limited
1,2
1. Dormant entity.
2. Direct undertakings of the Company.
Registered address: 28 Esplanade, St Helier, Jersey, JE2 3QA
Related undertaking
Covent Garden Unit Trust
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "value": "28 Related party transactions (a) Transactions with Directors
2024 2023
Key management compensation
1
\u00a3m \u00a3m
Short-term employee benefits
3.4
5.3
Post-employment pension
\u2013
\u2013
Termination benefits
0.7
\u2013
Share-based payment
1.7
0.7
5.8
6.0
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 Group. Share dealings No Director had any dealings in the shares of any Group company between 31 December 2024 and 26 February 2025, 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 2024. (b) Transactions between the Group and its joint ventures and associates Transactions during the year between the Group and its joint ventures and associates, which are related parties, are disclosed in notes 14 \u2018Investment in joint ventures and associates\u2019, 16 \u2018Trade and other receivables\u2019 and 25 \u2018Capital commitments\u2019. During the year the Group received management fees of nil (31 December 2023: \u00a30.1 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 transaction as defined by IAS 24 \u2018Related Party Disclosures\u2019: \u2013 Situl Jobanputra, Chief Financial Officer of Shaftesbury Capital, and a family member own an apartment in the Lillie Square development. The disclosures in respect of this purchase were included in previous financial statements. \u2013 Owners of apartments in the Lillie Square development are required to pay annual ground rent, insurance premium fees, maintenance work fees and bi-annual service charge fees, which for Directors are related party transactions. During 2024, \u00a37,962.78 had been paid to a related party of the Shaftesbury Capital Group, Lillie Square GP Limited, in relation to these charges. Transactions with Directors are conducted at fair and reasonable market prices 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-355": { "value": "
29 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 income statement in
respect of share-based payments for 2024 was \u00a33.1 million (31 December 2023: \u00a37.9 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 138 to 161.
1. Performance share plan
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 2024 have an exercise price of nil and a weighted average remaining contractual life of
five years and are exercisable between 2026 and 2029.
(a) Nil cost option awards
Number of nil cost options
2024
2023
Outstanding at 1 January
6,476,714
8,382,021
Awarded during the year
5,430,059
7,409,650
Forfeited/lapsed during the year
\u2013
(4,543,139)
Exercised during the year
1
\u2013
(4,771,818)
Outstanding at 31 December
11,906,773
6,476,714
Exercisable at 31 December
\u2013
\u2013
1. The weighted average share price at the date of exercise in the prior year was 124.5 pence.
(b) Deferred share awards
Number of deferred
share awards
2024
2023
Outstanding at 1 January
3,230,147
2,629,395
Awarded during the year
2,899,064
3,571,056
Forfeited/lapsed during the year
(594,727)
(1,571,493)
Exercised during the year
1
\u2013
(1,398,811)
Outstanding at 31 December
5,534,484
3,230,147
Exercisable at 31 December
\u2013
\u2013
1. The weighted average share price at the date of exercise in the prior year was 124.5 pence.
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:
Year of share award
2024
2023
Closing share price at grant date
135p
113p
Exercise price
0p\u2013135p
0p\u2013113p
Expected option life
3-5 years
3\u20135 years
Risk-free rate
3.24%
3.25%
Expected volatility
1
30.33\u201331.46%
30.16\u201337.04%
Expected dividend yield
0%
0%
Fair value per option
79p\u2013135p
73p\u2013113p
1. Expected volatility is a measure of an amount by which the share price is expected to fluctuate during the period. Volatility is calculated by determining the movement in share price
over the period commensurate with the holding period immediately prior to the grant date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "value": "30 Related undertakings The Company\u2019s subsidiaries and other related undertakings at 31 December 2024 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
Covent Garden Management Services Limited
1,2
20 The Piazza Management Limited
1
Covent Garden Real Estate Holdings Limited
1,6
22 Southampton Street Limited
Floral Court Collection Management Limited
1
22 Southampton Street Management Limited
1
 Floral Court Limited
34 Henrietta Street Limited
Innova Investment Management Limited
1
34 Henrietta Street Management Company Limited
1
Lillie Square Clubhouse Limited (50%)
1,4
C & C Management Services Limited
2
Lillie Square Developments Limited (50%)
4
C&C Properties UK Limited
2
Lillie Square GP Limited (50%)
4
Capco Covent Garden Limited
2
Lillie Square LP (50%)
4
Capco Covent Garden Residential Limited
Lillie Square Management Limited (50%)
4
Capco Group Treasury Limited
2
Lillie Square Nominee Limited (50%)
1,4
Capco London Limited
1
Shaftesbury AV Investment Limited
Capital & Counties CG Limited Shaftesbury AV Limited
Capital & Counties CGP Shaftesbury Carnaby PLC
Capital & Counties CG Nominee Limited
1
Shaftesbury Charlotte Street Limited
1
Capital & Counties Limited
2,3
 Shaftesbury Chinatown PLC
Carnaby Estate Holdings Limited
1
Shaftesbury CL Investment Limited
Carnaby Investments Limited
1
 Shaftesbury CL Limited
Carnaby Property Investments Limited
1
 Shaftesbury Covent Garden Limited
Charlotte Street Estate Holdings Limited
1
Shaftesbury Covent Garden Property Investments Limited
1
Chinatown Estate Holdings Limited
1
Shaftesbury Investments 2 Limited
1
Chinatown London Ltd
1
Shaftesbury Investments 4 Limited
1
Chinatown Property Investments Limited
1
Shaftesbury Investments 6 Limited
1
Covent Garden Estate Holdings Limited
1
Shaftesbury Investments 7 Limited
1
Covent Garden (43 Management) Limited
1
Shaftesbury Investments 8 Limited
1
Covent Garden (49 Wellington Street) Limited
Shaftesbury Investments 9 Limited
1
Covent Garden Group Holdings Limited
Shaftesbury Investments 10 Limited
1
Covent Garden Holdings (No.1) Limited
1
Shaftesbury PLC
2
Covent Garden Holdings (No.2) Limited
1
 Shaftesbury Soho Limited
Covent Garden Holdings (No.3) Limited
5
Shaftesbury West End Limited
1
1. Dormant entity. 2. Direct undertakings of the Company. 3. Ordinary and non-voting deferred shares. 4. Equity accounted joint ventures and associates. 5. With effect from 20 January 2024, the company changed its name from CG Treasury Limited to Covent Garden Holdings (No.3) Limited and ceased to be a direct undertaking of the Company. 6. Incorporated on 15 November 2024. Registered address: C/O Shepherd and Wedderburn LLP, 9 Haymarket Square, Edinburgh, Scotland, EH3 8FY
Related undertakings
Capco Investment London (No.6) Limited
1,2
Capco Investment London (No.7) Scottish Limited Partnership
2
1. Dormant entity. 2. Direct undertakings of the Company. Registered address: 27 Esplanade, St Helier, Jersey, JE1 1SG
Related undertakings
Capital & Counties Properties (Jersey) 3 Limited
1,2
 Innova Investment Holdings Limited
Capvestco Earls Court Limited Lillie Square LP Limited
Capvestco Limited
1,2
1. Dormant entity. 2. Direct undertakings of the Company. Registered address: 28 Esplanade, St Helier, Jersey, JE2 3QA
Related undertaking
Covent Garden Unit Trust
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "value": "31 Gain on bargain purchase In the prior year, on 6 March 2023, the all-share merger between Capital & Counties Properties PLC (now called Shaftesbury Capital PLC) and Shaftesbury PLC, was completed. The merger was effected through the issuance of shares, which had a fair value of \u00a31,612.9 million on completion date (including the fair value of the 25.2 per cent that the Group already owned). The fair value of the net identifiable assets acquired on completion amounted to \u00a32,418.4 million, resulting in a gain on bargain purchase of \u00a3805.5 million. During the prior year \u00a335.8 million of transaction costs in connection with the all-share merger were incurred. These costs were recorded within administrative expenses in the consolidated income statement. Shaftesbury PLC contributed \u00a3121.9 million to revenue and reduced profit before tax by \u00a364.3 million for the year ended 31 December 2023. Had the merger taken place at the beginning of the 2023 financial year, it is estimated that the Group\u2019s reported revenue would have increased by \u00a324.9 million and profit before tax would have declined by \u00a31.7 million. The Group\u2019s reported underlying earnings before tax would have increased by \u00a35.0 million.", "dimensions": { "concept": "shaftesburycapitalplc:DisclosureOfGainOnBargainPurchase", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-357": { "value": "
32 Events after the reporting date
In January 2025, the Group completed on the disposal of an investment property for \u00a33.0 million (before costs). The property was
classified as held for sale as at 31 December 2024. In February 2025, the Group acquired an investment property for \u00a36.0 million
(before costs).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }