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"value": "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 2027 (the \u201cgoing concern period\u201d), being at least 12 months from the date of authorisation of these consolidated financial statements. Our West End portfolio continues to demonstrate its enduring appeal with positive trends in footfall and sales, high occupancy and overall leasing activity levels well ahead of ERV. Occupational demand across all uses is delivering rental income valuation growth. While there continue to be macroeconomic uncertainties and geopolitical risks, our customers continue to recognise the exceptional features of London\u2019s West End. 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 year end, the Group had net debt of \u00a30.8 billion, an EPRA LTV ratio of 17 per cent and Group interest cover of 4.0 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. 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, and \u00a3162.5 million of private placement loan notes, both of which can be repaid through existing cash resources or undrawn facilities of approximately \u00a31.0 billion 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: Substantial reduction in forecast rental income due to a combination of extended voids and tenant failures; Elevated interest rates in excess of current market expectations; and 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 has been considered in the downside scenario and is expected to be immaterial. Under the downside scenario, the Group is expected to remain in compliance with all financial covenants of its debt arrangements. In addition to considering a downside scenario, the Board has undertaken reverse stress testing, which indicates that the Group could withstand a decrease of approximately 52 per cent in valuations and 49 per cent in income 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 2025 was determined by independent, appropriately qualified external valuers CBRE and Cushman & Wakefield for the property portfolio under management, 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 206. 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 accounting for non-controlling interest, 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 amendment to IFRS Standards and Interpretations issued by the International Accounting Standards Board that is effective for annual periods that begin on or after 1 January 2025. IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendment) (Lack of Exchangeability). The adoption of the above amendment has not had a material impact on the amounts reported in the consolidated financial statements or on the disclosures. 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. IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (amendment) (Classification and Measurement of Financial Instruments); IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (amendment) (Contracts Referencing Nature-dependent Electricity); IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (new standard). 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. Non-controlling interests are recognised on the basis of their proportionate share in the recognised amounts of a subsidiary\u2019s identifiable net assets. On the balance sheet, non-controlling interests are presented separately from the equity of the owners of the Parent. Profit or loss and total comprehensive income for the period attributable to non-controlling interests are presented separately in income and the statement of comprehensive income. 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 per cent and 50 per cent 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 payments
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 awards 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 predominantly 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 21 \u2018Lease liabilities\u2019. 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 risks and rewards incidental to ownership of the underlying asset, and classified as an operating lease if it does not. Other financial assets Other financial assets comprise amounts receivable from joint ventures and associates which 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 rate (\u201cEIR\u201d) 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. Trade and other receivables Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost. The methodology for assessment of impairment is defined in the following paragraph. Impairment of financial assets The Group applies the IFRS 9 expected credit loss model in order to calculate a lifetime expected loss allowance for all financial assets. To measure the expected credit loss, receivables are reviewed on an individual contract basis. The expected loss rates are based on forward-looking information as well as historical evidence of collection. For rent receivables, all 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 & 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. 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. 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. 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. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Shaftesbury Capital PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "Shaftesbury Capital PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "Shaftesbury Capital PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "Regal House, 14 James Street, London, WC2E 8BU, United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Regal House, 14 James Street, London, WC2E 8BU, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "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 2027 (the \u201cgoing concern period\u201d), being at least 12 months from the date of authorisation of these consolidated financial statements. Our West End portfolio continues to demonstrate its enduring appeal with positive trends in footfall and sales, high occupancy and overall leasing activity levels well ahead of ERV. Occupational demand across all uses is delivering rental income valuation growth. While there continue to be macroeconomic uncertainties and geopolitical risks, our customers continue to recognise the exceptional features of London\u2019s West End. 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 year end, the Group had net debt of \u00a30.8 billion, an EPRA LTV ratio of 17 per
cent and Group interest cover of 4.0 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.
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,
and \u00a3162.5 million of private placement loan notes, both of which can be repaid
through existing cash resources or undrawn facilities of approximately \u00a31.0 billion 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:
Substantial reduction in forecast rental income due to a combination of extended
voids and tenant failures;
Elevated interest rates in excess of current market expectations; and
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 has
been considered in the downside scenario and is expected to be immaterial.
Under the downside scenario, the Group is expected to remain in compliance with all
financial covenants of its debt arrangements.
In addition to considering a downside scenario, the Board has undertaken reverse
stress testing, which indicates that the Group could withstand a decrease of
approximately 52 per cent in valuations and 49 per cent in income 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "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 2025 was determined
by independent, appropriately qualified external valuers CBRE and Cushman &
Wakefield for the property portfolio under management, 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 206. 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 accounting for non-controlling interest, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "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 2025 was determined by independent, appropriately qualified external valuers CBRE and Cushman & Wakefield for the property portfolio under management, 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 206. 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 accounting for non-controlling interest, REIT compliance, the impairment of and expected credit loss allowance on trade receivables, and share-based payments. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "
New accounting policies
In the current year, the Group has applied the below amendment to IFRS Standards
and Interpretations issued by the International Accounting Standards Board that is
effective for annual periods that begin on or after 1 January 2025.
IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendment) (Lack of
Exchangeability).
The adoption of the above amendment has not had a material impact on the
amounts reported in the consolidated financial statements or on the disclosures.
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.
IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019
(amendment) (Classification and Measurement of Financial Instruments);
IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019
(amendment) (Contracts Referencing Nature-dependent Electricity);
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (new standard).
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "In the current year, the Group has applied the below amendment to IFRS Standards and Interpretations issued by the International Accounting Standards Board that is effective for annual periods that begin on or after 1 January 2025. IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendment) (Lack of Exchangeability). The adoption of the above amendment has not had a material impact on the amounts reported in the consolidated financial statements or on the disclosures. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": " IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (amendment) (Classification and Measurement of Financial Instruments); IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (amendment) (Contracts Referencing Nature-dependent Electricity); IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (new standard). 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "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.
Non-controlling interests are recognised on the basis of their proportionate share in
the recognised amounts of a subsidiary\u2019s identifiable net assets. On the balance
sheet, non-controlling interests are presented separately from the equity of the
owners of the Parent. Profit or loss and total comprehensive income for the period
attributable to non-controlling interests are presented separately in income and the
statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "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
per cent and 50 per cent 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "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 per cent and 50 per cent 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 Other financial assets comprise amounts receivable from joint ventures and associates which 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 rate (\u201cEIR\u201d) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "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 per cent and 50 per cent 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "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 per cent and 50 per cent 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "Share-based payments 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 awards 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "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": "shaftesbury:DescriptionOfAccountingPolicyForTradingProperty", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "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": "shaftesbury:DescriptionOfAccountingPolicyForOwnerOccupiedProperty", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "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 predominantly 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 21 \u2018Lease liabilities\u2019. 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 risks 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "Other financial assets Other financial assets comprise amounts receivable from joint ventures and associates which 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 rate (\u201cEIR\u201d) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "Other financial assets Other financial assets comprise amounts receivable from joint ventures and associates which 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 rate (\u201cEIR\u201d) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "
Financial assets at amortised cost are subsequently measured using the effective
interest rate (\u201cEIR\u201d) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "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 &
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "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 & 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "
2 Segmental reporting\u0203
The Group\u2019s operating segments are established on the basis of information evaluated and regularly reviewed in decisions on how to allocate resources and assess
performance by the chief operating decision maker (\u201cCODM\u201d). IFRS 8 requires operating segments to be reported in a manner consistent with the internal financial reporting
reviewed by the CODM. The Group has determined the CODM to be the Executive Committee.
The principal activity of the Group is the investment in property to earn income and generate long-term capital returns. The Group operates primarily within the West End of
London.
The performance of the Group is assessed based on the key performance indicators, which are the IFRS, EPRA and underlying performance measures.
Following completion of the long-term partnership with NBIM on 1 April 2025, the Group has reassessed the way it evaluates performance. Effective from 1 April 2025,
reporting on the performance of the Covent Garden segment is presented separately to the CODM. As such the Covent Garden segment has become a separate reporting
segment from 1 April 2025 with prior year comparatives presented by segment.
For the remainder of the portfolio there has been no change in the way information is reported to the CODM. The allocation of funding and management of overheads and
financing continues to be determined at an overall Group level as the Group continues to look to maximise the potential from investment opportunities across the whole of
the portfolio and investment opportunities continue to be assessed on a building-by-building basis.
The CODM reviews information on a segmental basis for gross profit and market value of property portfolio only. No other assets or liabilities are monitored by segment.
Gross profit
2025
2024
Covent Covent
Garden Other Total Garden Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
108.9
107.4
216.3
102.4
102.6
205.0
Costs
1
(20.3)
(18.3)
(38.6)
(20.4)
(17.5)
(37.9)
Gross profit per consolidated income statement
88.6
89.1
177.7
82.0
85.1
167.1
Attributable to non-controlling interest
(16.6)
\u2013
(16.6)
\u2013
\u2013
\u2013
Gross profit \u2013 Group share
72.0
89.1
161.1
82.0
85.1
167.1
1.
Revenue and costs exclude service charge income and expenses of \u00a322.6 million (31 December 2024: \u00a322.1 million).
Market value of property portfolio
2025
2024
Covent Covent
Garden Other Total Garden Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Market value of property portfolio under management
1
2,825.5
2,581.6
5,407.1
2,652.7
2,320.8
4,973.5
Attributable to non-controlling interest
(706.4)
\u2013
(706.4)
\u2013
\u2013
\u2013
Market value of property portfolio - Group share
2,119.1
2,581.6
4,700.7
2,652.7
2,320.8
4,973.5
1.
Refer to note 12 \u2018Property portfolio\u2019 for a reconciliation to the carrying value of the property portfolio as per the consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "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 199.
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
coherency of the sector.
A summary of the number of shares, on a basic and diluted basis, in issue at year
end, and on a weighted average basis for the year, is set out in the table below.
Number of shares
2025 2024
Weighted 2025 Weighted 2024
average In issue average In issue
million million million million
Ordinary shares
1,953.2
1,953.2
1,953.2
1,953.2
Own shares \u2013 Employee Benefit Trust
(3.1)
(3.1)
(3.1)
(3.1)
Own shares \u2013 exchangeable bonds
1
(128.4)
(128.4)
(128.4)
(128.4)
Number of shares \u2013 basic
2
1,821.7
1,821.7
1,821.7
1,821.7
Dilutive effect of contingently issuable share
option awards
3
14.2
18.4
5.7
10.0
Dilutive effect of contingently issuable
deferred share awards
3
1.5
2.2
0.7
1.6
Number of shares \u2013 diluted
4
1,837.4
1,842.3
1,828.1
1,833.3
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 30 \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
2025
\u00a3m
2024
\u00a3m
Basic earnings attributable to owners of the Parent 340.2 252.1
Basic earnings per share 18.7p 13.8p
Diluted earnings per share
18.5p 13.8p
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.
2025 2024
\u00a3m \u00a3m
Basic earnings attributable to owners of the Parent
340.2
252.1
Group adjustments:
Loss on sale of associate
\u2013
4.0
Loss on sale of investments and subsidiaries
6.7
\u2013
Gain on revaluation and sale of investment property
1
(286.1)
(194.6)
Headline earnings
60.8
61.5
Basic and diluted headline earnings per share (pence)
3.3p
3.4p
1.
Excludes gain on revaluation of investment property attributable to non-controlling interest of \u00a335.7 million (31
December 2024: nil)
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 and profit or loss on disposal of investment properties, fair value changes of financial instruments, cost of early close out of debt, certain allowable non-operating and exceptional items and the amounts allocated to non-controlling interest in respect of these. The non-operating and exceptional items adjusted for by the Group in the current and prior year include non-recurring corporate and transaction costs. These costs are considered non-recurring as they relate to significant transactions outside the ongoing operations of the Group. Other exceptional items adjusted for include the fair value movements of the option component of the exchangeable bond, and following the completion of the all-share merger in March 2023, the unwinding of the IFRS 3 fair value of debt. 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. Earnings per share \u2013 EPRA and Underlying
2025 2024
\u00a3m \u00a3m
Basic earnings
387.4
252.1
Basic earnings attributable to non-controlling interest
(47.2)
\u2013
Basic earnings attributable to owners of the Parent
340.2
252.1
EPRA Group adjustments:
Gain on revaluation and sale of investment property
1
(286.1)
(194.6)
Change in value of investments and other receivables
6.5
7.0
Change in fair value of financial instruments \u2013 interest
rate derivatives
3.5
6.3
Fair value acceleration and costs associated with early
close out of debt
4.1
1.0
Loss on sale of investments and subsidiaries
6.7
\u2013
Loss on sale of associate
\u2013
4.0
EPRA non-operating and exceptional items:
Non-underlying administration expenses
5.9
3.3
Change in fair value of financial instruments \u2013
exchangeable bond option
(0.5)
(5.4)
Other exceptional finance items
2
5.4
5.8
EPRA joint venture and associate adjustments:
Adjustments in respect of joint ventures and associate
2.9
(4.2)
EPRA earnings
88.6
75.3
EPRA earnings per share (pence)
4.9
4.1
Underlying earnings adjustments:
Joint ventures adjustment \u2013 Lillie Square
3
(6.7)
(2.3)
Underlying earnings
81.9
73.0
Underlying earnings per share (pence)
4.5
4.0
1. Excludes gain on revaluation of investment property attributable to non-controlling interest of \u00a335.7 million (31 December 2024: nil). 2. Other exceptional finance items consists of \u00a34.9 million (31 December 2024: \u00a36.1 million) IFRS 3 fair value of debt unwind, exceptional legal fees and non-underlying finance income of \u00a30.5 million (31 December 2024: \u00a30.3 million offset). 3. 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 2024: \u00a33.8 million) interest receivable by the Group on the interest-bearing loans issued to the joint venture and \u00a32.9 million (31 December 2024: \u00a31.5 million offset) of adjustments made to EPRA earnings for profit on sale and transfer of trading property, loss on revaluation of investment property and write down of trading property.
Net assets per share
2025
2024
EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equity attributable to owners of the Parent
1
3,954.2
3,954.2
3,954.2
3,674.3
3,674.3
3,674.3
Unrecognised surplus on trading property \u2013 joint venture
0.1
0.1
0.1
0.1
0.1
0.1
Fair value of financial instruments \u2013 interest rate derivatives
2
(1.6)
(1.6)
\u2013
(3.4)
(3.4)
\u2013
Fair value adjustment of exchangeable bonds
3
2.2
2.2
\u2013
(0.4)
(0.4)
\u2013
Real Estate Transfer Tax
316.1
\u2013
\u2013
333.1
\u2013
\u2013
Adjustment of fixed rate debt from carrying value to fair value
4
\u2013
\u2013
5.1
\u2013
\u2013
50.8
Deferred tax adjustments
\u2013
\u2013
\u2013
0.5
0.5
\u2013
NAV
4,271.0
3,954.9
3,959.4
4,004.2
3,671.1
3,725.2
NAV per share (pence)
231.8p
214.7p
214.9p
218.4p
200.2p
203.2p
1.
IFRS total equity attributable to owners of the Parent of 214.6 pence per share (31 December 2024: 200.4 pence per share).
2.
This relates to the fair value of interest rate derivatives. Further details are disclosed within note 16 \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 16 \u2018Derivative financial instruments\u2019.
", "dimensions": { "concept": "shaftesbury:DisclosureOfPerformanceMeasures", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "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 199. 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 coherency of the sector. A summary of the number of shares, on a basic and diluted basis, in issue at year end, and on a weighted average basis for the year, is set out in the table below. Number of shares
2025 2024
Weighted 2025 Weighted 2024
average In issue average In issue
million million million million
Ordinary shares
1,953.2
1,953.2
1,953.2
1,953.2
Own shares \u2013 Employee Benefit Trust
(3.1)
(3.1)
(3.1)
(3.1)
Own shares \u2013 exchangeable bonds
1
(128.4)
(128.4)
(128.4)
(128.4)
Number of shares \u2013 basic
2
1,821.7
1,821.7
1,821.7
1,821.7
Dilutive effect of contingently issuable share
option awards
3
14.2
18.4
5.7
10.0
Dilutive effect of contingently issuable
deferred share awards
3
1.5
2.2
0.7
1.6
Number of shares \u2013 diluted
4
1,837.4
1,842.3
1,828.1
1,833.3
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 30 \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 2025 \u00a3m 2024 \u00a3m Basic earnings attributable to owners of the Parent 340.2 252.1 Basic earnings per share 18.7p 13.8p Diluted earnings per share 18.5p 13.8p 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.
2025 2024
\u00a3m \u00a3m
Basic earnings attributable to owners of the Parent
340.2
252.1
Group adjustments:
Loss on sale of associate
\u2013
4.0
Loss on sale of investments and subsidiaries
6.7
\u2013
Gain on revaluation and sale of investment property
1
(286.1)
(194.6)
Headline earnings
60.8
61.5
Basic and diluted headline earnings per share (pence)
3.3p
3.4p
1. Excludes gain on revaluation of investment property attributable to non-controlling interest of \u00a335.7 million (31 December 2024: nil)
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 and profit or loss on disposal of investment
properties, fair value changes of financial instruments, cost of early close out of
debt, certain allowable non-operating and exceptional items and the amounts
allocated to non-controlling interest in respect of these.
The non-operating and exceptional items adjusted for by the Group in the current
and prior year include non-recurring corporate and transaction costs. These costs
are considered non-recurring as they relate to significant transactions outside the
ongoing operations of the Group. Other exceptional items adjusted for include the
fair value movements of the option component of the exchangeable bond, and
following the completion of the all-share merger in March 2023, the unwinding of the
IFRS 3 fair value of debt.
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.
Earnings per share \u2013 EPRA and Underlying
2025 2024
\u00a3m \u00a3m
Basic earnings
387.4
252.1
Basic earnings attributable to non-controlling interest
(47.2)
\u2013
Basic earnings attributable to owners of the Parent
340.2
252.1
EPRA Group adjustments:
Gain on revaluation and sale of investment property
1
(286.1)
(194.6)
Change in value of investments and other receivables
6.5
7.0
Change in fair value of financial instruments \u2013 interest
rate derivatives
3.5
6.3
Fair value acceleration and costs associated with early
close out of debt
4.1
1.0
Loss on sale of investments and subsidiaries
6.7
\u2013
Loss on sale of associate
\u2013
4.0
EPRA non-operating and exceptional items:
Non-underlying administration expenses
5.9
3.3
Change in fair value of financial instruments \u2013
exchangeable bond option
(0.5)
(5.4)
Other exceptional finance items
2
5.4
5.8
EPRA joint venture and associate adjustments:
Adjustments in respect of joint ventures and associate
2.9
(4.2)
EPRA earnings
88.6
75.3
EPRA earnings per share (pence)
4.9
4.1
Underlying earnings adjustments:
Joint ventures adjustment \u2013 Lillie Square
3
(6.7)
(2.3)
Underlying earnings
81.9
73.0
Underlying earnings per share (pence)
4.5
4.0
1.
Excludes gain on revaluation of investment property attributable to non-controlling interest of \u00a335.7 million (31
December 2024: nil).
2.
Other exceptional finance items consists of \u00a34.9 million (31 December 2024: \u00a36.1 million) IFRS 3 fair value of debt
unwind, exceptional legal fees and non-underlying finance income of \u00a30.5 million (31 December 2024: \u00a30.3 million
offset).
3.
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 2024: \u00a33.8 million)
interest receivable by the Group on the interest-bearing loans issued to the joint venture and \u00a32.9 million (31
December 2024: \u00a31.5 million offset) of adjustments made to EPRA earnings for profit on sale and transfer of trading
property, loss on revaluation of investment property and write down of trading property.
Net assets per share
2025
2024
EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equity attributable to owners of the Parent
1
3,954.2
3,954.2
3,954.2
3,674.3
3,674.3
3,674.3
Unrecognised surplus on trading property \u2013 joint venture
0.1
0.1
0.1
0.1
0.1
0.1
Fair value of financial instruments \u2013 interest rate derivatives
2
(1.6)
(1.6)
\u2013
(3.4)
(3.4)
\u2013
Fair value adjustment of exchangeable bonds
3
2.2
2.2
\u2013
(0.4)
(0.4)
\u2013
Real Estate Transfer Tax
316.1
\u2013
\u2013
333.1
\u2013
\u2013
Adjustment of fixed rate debt from carrying value to fair value
4
\u2013
\u2013
5.1
\u2013
\u2013
50.8
Deferred tax adjustments
\u2013
\u2013
\u2013
0.5
0.5
\u2013
NAV
4,271.0
3,954.9
3,959.4
4,004.2
3,671.1
3,725.2
NAV per share (pence)
231.8p
214.7p
214.9p
218.4p
200.2p
203.2p
1. IFRS total equity attributable to owners of the Parent of 214.6 pence per share (31 December 2024: 200.4 pence per share). 2. This relates to the fair value of interest rate derivatives. Further details are disclosed within note 16 \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 16 \u2018Derivative financial instruments\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "
4 Gross profit
All revenue has been generated from operations within the United Kingdom.
2025 2024
\u00a3m \u00a3m
Rental receivable
212.7
197.2
Straight-lining of tenant lease incentives
3.6
7.8
Service charge income
22.6
22.1
Revenue
238.9
227.1
Property expenses
(33.7)
(33.1)
Provision for expected credit loss
(3.3)
(3.9)
Tenant lease incentives written off
(1.6)
(0.9)
Service charge expenses
(22.6)
(22.1)
Costs
(61.2)
(60.0)
Gross profit
177.7
167.1
", "dimensions": { "concept": "shaftesbury:DisclosureOfGrossProfit", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "4 Gross profit All revenue has been generated from operations within the United Kingdom.
2025 2024
\u00a3m \u00a3m
Rental receivable
212.7
197.2
Straight-lining of tenant lease incentives
3.6
7.8
Service charge income
22.6
22.1
Revenue
238.9
227.1
Property expenses
(33.7)
(33.1)
Provision for expected credit loss
(3.3)
(3.9)
Tenant lease incentives written off
(1.6)
(0.9)
Service charge expenses
(22.6)
(22.1)
Costs
(61.2)
(60.0)
Gross profit
177.7
167.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "
5 Administration expenses
2025 2024
\u00a3m \u00a3m
Depreciation
0.2
0.3
Employee costs
28.4
23.0
Head office administration expenses
15.7
16.1
Non-underlying administration expenses
1
5.9
3.3
Administration expenses
50.2
42.7
1.
Non-underlying administration expenses relate to non-recurring corporate and transaction-related costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "5 Administration expenses
2025 2024
\u00a3m \u00a3m
Depreciation
0.2
0.3
Employee costs
28.4
23.0
Head office administration expenses
15.7
16.1
Non-underlying administration expenses
1
5.9
3.3
Administration expenses
50.2
42.7
1. Non-underlying administration expenses relate to non-recurring corporate and transaction-related costs. (a) Employee costs (including Executive Directors)
2025 2024
Note \u00a3m \u00a3m
Wages and salaries
16.7
16.3
Social security costs
2.4
2.1
Pension costs
1.6
1.5
Share-based payments
30
7.7
3.1
Employee costs
28.4
23.0
(b) Employee numbers
Average monthly number of people (including Executive Directors) employed
2025
2024
Total average headcount
101
98
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 123 to 147 form part of these consolidated financial statements. (c) Auditors\u2019 remuneration
2025 2024
\u00a3m \u00a3m
Remuneration to the principal auditors in respect of audit fees:
Company and Group consolidated financial statements
0.9
1.0
Audit of the financial statements of the Company\u2019s subsidiaries
0.3
0.3
Total audit fees
1.2
1.3
Audit related assurance services including interim review
0.1
0.1
Total fees for audit and audit related services
1.3
1.4
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. 2025 non-audit fees, including the interim review, represented 9.2 per cent of the total audit fee (31 December 2024: 10.0 per cent). Further details on the Audit Committee\u2019s non-audit services policy can be found on page 122.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "5 Administration expenses
2025 2024
\u00a3m \u00a3m
Depreciation
0.2
0.3
Employee costs
28.4
23.0
Head office administration expenses
15.7
16.1
Non-underlying administration expenses
1
5.9
3.3
Administration expenses
50.2
42.7
1. Non-underlying administration expenses relate to non-recurring corporate and transaction-related costs. (a) Employee costs (including Executive Directors)
2025 2024
Note \u00a3m \u00a3m
Wages and salaries
16.7
16.3
Social security costs
2.4
2.1
Pension costs
1.6
1.5
Share-based payments
30
7.7
3.1
Employee costs
28.4
23.0
(b) Employee numbers
Average monthly number of people (including Executive Directors) employed
2025
2024
Total average headcount
101
98
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 123 to 147 form part of these consolidated financial statements. (c) Auditors\u2019 remuneration
2025 2024
\u00a3m \u00a3m
Remuneration to the principal auditors in respect of audit fees:
Company and Group consolidated financial statements
0.9
1.0
Audit of the financial statements of the Company\u2019s subsidiaries
0.3
0.3
Total audit fees
1.2
1.3
Audit related assurance services including interim review
0.1
0.1
Total fees for audit and audit related services
1.3
1.4
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. 2025 non-audit fees, including the interim review, represented 9.2 per cent of the total audit fee (31 December 2024: 10.0 per cent). Further details on the Audit Committee\u2019s non-audit services policy can be found on page 122.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "5 Administration expenses
2025 2024
\u00a3m \u00a3m
Depreciation
0.2
0.3
Employee costs
28.4
23.0
Head office administration expenses
15.7
16.1
Non-underlying administration expenses
1
5.9
3.3
Administration expenses
50.2
42.7
1. Non-underlying administration expenses relate to non-recurring corporate and transaction-related costs. (a) Employee costs (including Executive Directors)
2025 2024
Note \u00a3m \u00a3m
Wages and salaries
16.7
16.3
Social security costs
2.4
2.1
Pension costs
1.6
1.5
Share-based payments
30
7.7
3.1
Employee costs
28.4
23.0
(b) Employee numbers
Average monthly number of people (including Executive Directors) employed
2025
2024
Total average headcount
101
98
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 123 to 147 form part of these consolidated financial statements. (c) Auditors\u2019 remuneration
2025 2024
\u00a3m \u00a3m
Remuneration to the principal auditors in respect of audit fees:
Company and Group consolidated financial statements
0.9
1.0
Audit of the financial statements of the Company\u2019s subsidiaries
0.3
0.3
Total audit fees
1.2
1.3
Audit related assurance services including interim review
0.1
0.1
Total fees for audit and audit related services
1.3
1.4
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. 2025 non-audit fees, including the interim review, represented 9.2 per cent of the total audit fee (31 December 2024: 10.0 per cent). Further details on the Audit Committee\u2019s non-audit services policy can be found on page 122.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "
(a) Employee costs (including Executive Directors)
2025 2024
Note \u00a3m \u00a3m
Wages and salaries
16.7
16.3
Social security costs
2.4
2.1
Pension costs
1.6
1.5
Share-based payments
30
7.7
3.1
Employee costs
28.4
23.0
(b) Employee numbers
Average monthly number of people (including Executive Directors) employed
2025
2024
Total average headcount
101
98
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 123 to 147 form
part of these consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
(c) Auditors\u2019 remuneration
2025 2024
\u00a3m \u00a3m
Remuneration to the principal auditors in respect of audit fees:
Company and Group consolidated financial statements
0.9
1.0
Audit of the financial statements of the Company\u2019s subsidiaries
0.3
0.3
Total audit fees
1.2
1.3
Audit related assurance services including interim review
0.1
0.1
Total fees for audit and audit related services
1.3
1.4
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. 2025 non-audit fees, including the interim review, represented 9.2
per cent of the total audit fee (31 December 2024: 10.0 per cent). Further details on
the Audit Committee\u2019s non-audit services policy can be found on page 122.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "
6 Gain on revaluation and sale of investment property
2025 2024
\u00a3m \u00a3m
Gain on revaluation of investment property
322.7
202.9
Loss on sale of investment property
(0.9)
(8.3)
Gain on revaluation and sale of investment property
321.8
194.6
12 Property portfolio
Carrying value of property portfolio
2025 2024
Note \u00a3m \u00a3m
Carrying value of investment property at 1 January
4,899.1
4,740.2
Carrying value of investment property held for sale at 1
January
9.8
\u2013
Carrying value at 1 January
4,908.9
4,740.2
Additions from acquisitions
85.4
84.9
Additions from subsequent expenditure
33.1
43.1
Disposals
1
(12.8)
(162.2)
Gain on revaluation
6
322.7
202.9
Transfer to held for sale
1
\u2013
(9.8)
Carrying value of investment property
5,337.3
4,899.1
Adjustment in respect of fixed head leases
(2.6)
(3.0)
Adjustment in respect of tenant lease incentives and
deferred letting fees
17
51.7
47.5
Market value of investment property
5,386.4
4,943.6
The investment property valuation comprises:
Freehold properties
4,248.6
3,849.0
Leasehold properties
1,137.8
1,094.6
Market value of investment property
5,386.4
4,943.6
1.
At 31 December 2024, two properties had exchanged for sale and were accordingly classified as held for sale. Both
transactions have subsequently completed and are included in the disposals value of \u00a312.8 million for the current
year.
Valuation process
The fair value of the Group\u2019s investment property and owner-occupied property at
31 December 2025 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.
A breakdown of the Group\u2019s property portfolio at market value is shown below:
2025 2024
Market value of property portfolio
Note
\u00a3m \u00a3m
Market value of investment property
5,386.4
4,943.6
Market value of investment property held for sale
\u2013
9.8
Market value of owner-occupied property
13
20.7
20.1
Market value of property portfolio under management
5,407.1
4,973.5
Market value of investment property attributable to non-
controlling interest
(706.4)
\u2013
Market value of property portfolio (Group share)
4,700.7
4,973.5
The gain/(loss) on revaluation of the Group\u2019s property portfolio is shown below:
2025 2024
Revaluation gain/(loss) of property portfolio
Note
\u00a3m \u00a3m
Revaluation gain reported in consolidated income
statement
6
322.7
202.9
Revaluation gain/(loss) reported in consolidated
statement of comprehensive income
13
0.6
(0.1)
Total revaluation gain of property portfolio under
management
323.3
202.8
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 206.
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 property portfolio under management:
2025 2024
Range Range
Key unobservable inputs (weighted average) (weighted average)
Estimated rental value per square foot per \u00a318-\u00a3323 \u00a319\u2013\u00a3296
annum (\u00a398) (\u00a392)
Equivalent yield 2.7%-6.8% 2.9%\u20136.5%
(4.43%) (4.45%)
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%
(Decrease)/increase in fair value (\u00a3m)
(436.3)
(219.9)
224.4
449.3
Change in Yield
\u201350bps
\u201325bps
+25bps
+50bps
Increase/(decrease) in fair value (\u00a3m)
588.4
273.2
(256.8)
(481.6)
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 2025, the Group was contractually committed to \u00a310.8 million
(31 December 2024: \u00a324.1 million) of future expenditure for the purchase,
refurbishment and enhancement of investment property. Refer to note 26 \u2018Capital
commitments\u2019 for further information on capital commitments.
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 Science Based Targets initiative (\u201cSBTi\u201d)
long-term carbon reduction targets. A key element in achieving this will come from
carbon efficiencies created through refurbishments of the Group\u2019s property
portfolio.
During 2025, the Group\u2019s additions from subsequent expenditure were \u00a333.1 million
(31 December 2024: \u00a343.1 million). Included within the \u00a333.1 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 commercial units to have a \u201cB\u201d or above and residential units a \u201cC\u201d or
above rating by 2030. We have already exceeded our interim target of 75 per cent
of commercial units having a \u201cB\u201d or above EPC.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 \u00a36.5 million
(31 December 2024: \u00a35.2 million). The prior year included other impairments of \u00a31.8
million.
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 2024: nil).
As at the balance sheet date, prior to impairment, the Group held an interest-bearing
loan of \u00a393.7 million (31 December 2024: \u00a389.9 million) and working capital facility of
\u00a329.3 million (31 December 2024: \u00a329.2 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 \u00a36.5 million during 2025 leading
to a cumulative impairment of \u00a354.8 million (31 December 2024: \u00a348.3 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
\u00a368.2 million (31 December 2024: \u00a370.7 million) and working capital facility at nil
(31 December 2024: nil). The balances are included within Trade and other
receivables at the balance sheet date.
14 Investments in joint ventures and associates
Investments in joint ventures and associates are measured using the equity method.
At 31 December 2025, investments comprised of Lillie Square joint venture (\u201cLSJV\u201d),
which is held with other investors on a 50:50 basis. The net profit from joint ventures
and associates of \u00a30.5 million included in the prior year consolidated income
statement consists of \u00a34.5 million share of profit from Longmartin, offset by a loss on
sale on its disposal in October 2024 of \u00a34.0 million.
The table below reconciles the opening to closing carrying value of investments as
presented in the consolidated balance sheet.
Longmartin LSJV Total
Investments in joint ventures and associates \u00a3m \u00a3m \u00a3m
At 1 January 2024
83.4
\u2013
83.4
Share of profit/(loss) for the period
1
4.5
(1.8)
2.7
Losses restricted for the year
1
\u2013
1.8
1.8
Dividend received
(1.2)
\u2013
(1.2)
Disposal of associate
(86.7)
\u2013
(86.7)
At 31 December 2024
\u2013
\u2013
\u2013
Share of loss for the year
1
\u2013
(6.5)
(6.5)
Losses restricted for the year
1
\u2013
6.5
6.5
At 31 December 2025
\u2013
\u2013
\u2013
1.
The loss from the Lillie Square joint venture for the year of \u00a36.5 million (31 December 2024: \u00a31.8 million) has been
restricted in accordance with the requirements of IAS 28. Cumulative losses of \u00a346.7 million (31 December 2024: \u00a340.2
million), which exceed the Group\u2019s investment in the joint venture, have been restricted to date, and as a result the carrying
value of the investment in LSJV is nil (31 December 2024: nil). The Group holds \u00a368.2 million (31 December 2024: \u00a370.7
million) of recoverable loans from LSJV within note 17 \u2018Trade and other receivables\u2019.
LSJV
LSJV was established as a joint venture arrangement with KFI 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 are presented below.
2025 2024
Summarised income statement \u00a3m \u00a3m
Revenue
4.3
3.6
Gross profit
1.5
1.3
(Loss)/gain on revaluation, sale and transfer of investment
and trading property
(5.8)
3.0
Administration expenses
(1.4)
(0.7)
Net finance costs
1
(7.3)
(7.1)
Loss for the year after taxation
(13.0)
(3.5)
1.
Net finance costs include \u00a37.6 million (31 December 2024: \u00a37.6 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 2024: \u00a33.8 million) is recognised in the consolidated income statement within other finance income.
2025 2024
Summarised balance sheet \u00a3m \u00a3m
Investment property
84.9
87.4
Other non-current assets
5.4
5.6
Non-current assets
90.3
93.0
Trading property
39.5
42.8
Other current assets
2.9
1.3
Cash and cash equivalents
11.4
9.7
Current assets
53.8
53.8
Amounts payable to joint venture partners
1
(232.6)
(224.8)
Other current liabilities
(4.5)
(2.1)
Current liabilities
(237.1)
(226.9)
Net liabilities
(93.0)
(80.1)
Carrying value of investment and trading property
124.4
130.2
Unrecognised surplus on trading property
2
0.3
0.3
Market value of investment and trading property
2
124.7
130.5
1.
Amounts payable to joint venture partners include working capital facilities of \u00a329.3 million (31 December 2024: \u00a329.2
million) advanced by the Group and an interest-bearing loan of \u00a3163.0 million (nominal value) advanced by the Group
and KFI. The carrying value of the loan before impairment, including accrued interest, was \u00a3187.4 million (31
December 2024: \u00a3179.8 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "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 \u00a36.5 million (31 December 2024: \u00a35.2 million). The prior year included other impairments of \u00a31.8 million. 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 2024: nil). As at the balance sheet date, prior to impairment, the Group held an interest-bearing loan of \u00a393.7 million (31 December 2024: \u00a389.9 million) and working capital facility of \u00a329.3 million (31 December 2024: \u00a329.2 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 \u00a36.5 million during 2025 leading to a cumulative impairment of \u00a354.8 million (31 December 2024: \u00a348.3 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 \u00a368.2 million (31 December 2024: \u00a370.7 million) and working capital facility at nil (31 December 2024: nil). The balances are included within Trade and other receivables at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "
8 Finance income
2025 2024
\u00a3m \u00a3m
Finance income:
On deposits and current accounts
17.3
5.0
On interest rate derivatives
3.2
9.8
Finance income
20.5
14.8
Other finance income:
On loans to joint ventures and associates
3.8
4.2
Non-underlying finance income
0.2
0.3
Other finance income
4.0
4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "8 Finance income
2025 2024
\u00a3m \u00a3m
Finance income:
On deposits and current accounts
17.3
5.0
On interest rate derivatives
3.2
9.8
Finance income
20.5
14.8
Other finance income:
On loans to joint ventures and associates
3.8
4.2
Non-underlying finance income
0.2
0.3
Other finance income
4.0
4.5
9 Finance costs
2025 2024
\u00a3m \u00a3m
On bank facilities and loan notes
29.8
35.8
On exchangeable bonds
1
8.6
8.5
On secured loans
25.1
27.4
On obligations under lease liabilities
0.3
0.3
Finance costs
63.8
72.0
Other finance costs:
Non-underlying finance charges
2
9.7
6.5
Other finance costs
9.7
6.5
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. These finance charges include \u00a34.9 million (31 December 2024: \u00a35.5 million) IFRS 3 fair value of debt unwind, \u00a32.7 million (31 December 2024: nil) accelerated fair value unwind and \u00a32.1 million (31 December 2024: \u00a31.0 million) costs associated with early close out of debt and exceptional legal fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "8 Finance income
2025 2024
\u00a3m \u00a3m
Finance income:
On deposits and current accounts
17.3
5.0
On interest rate derivatives
3.2
9.8
Finance income
20.5
14.8
Other finance income:
On loans to joint ventures and associates
3.8
4.2
Non-underlying finance income
0.2
0.3
Other finance income
4.0
4.5
9 Finance costs
2025 2024
\u00a3m \u00a3m
On bank facilities and loan notes
29.8
35.8
On exchangeable bonds
1
8.6
8.5
On secured loans
25.1
27.4
On obligations under lease liabilities
0.3
0.3
Finance costs
63.8
72.0
Other finance costs:
Non-underlying finance charges
2
9.7
6.5
Other finance costs
9.7
6.5
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. These finance charges include \u00a34.9 million (31 December 2024: \u00a35.5 million) IFRS 3 fair value of debt unwind, \u00a32.7 million (31 December 2024: nil) accelerated fair value unwind and \u00a32.1 million (31 December 2024: \u00a31.0 million) costs associated with early close out of debt and exceptional legal fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "8 Finance income
2025 2024
\u00a3m \u00a3m
Finance income:
On deposits and current accounts
17.3
5.0
On interest rate derivatives
3.2
9.8
Finance income
20.5
14.8
Other finance income:
On loans to joint ventures and associates
3.8
4.2
Non-underlying finance income
0.2
0.3
Other finance income
4.0
4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "
9 Finance costs
2025 2024
\u00a3m \u00a3m
On bank facilities and loan notes
29.8
35.8
On exchangeable bonds
1
8.6
8.5
On secured loans
25.1
27.4
On obligations under lease liabilities
0.3
0.3
Finance costs
63.8
72.0
Other finance costs:
Non-underlying finance charges
2
9.7
6.5
Other finance costs
9.7
6.5
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. These finance charges include \u00a34.9
million (31 December 2024: \u00a35.5 million) IFRS 3 fair value of debt unwind, \u00a32.7 million (31 December 2024: nil)
accelerated fair value unwind and \u00a32.1 million (31 December 2024: \u00a31.0 million) costs associated with early close out
of debt and exceptional legal fees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "9 Finance costs
2025 2024
\u00a3m \u00a3m
On bank facilities and loan notes
29.8
35.8
On exchangeable bonds
1
8.6
8.5
On secured loans
25.1
27.4
On obligations under lease liabilities
0.3
0.3
Finance costs
63.8
72.0
Other finance costs:
Non-underlying finance charges
2
9.7
6.5
Other finance costs
9.7
6.5
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. These finance charges include \u00a34.9 million (31 December 2024: \u00a35.5 million) IFRS 3 fair value of debt unwind, \u00a32.7 million (31 December 2024: nil) accelerated fair value unwind and \u00a32.1 million (31 December 2024: \u00a31.0 million) costs associated with early close out of debt and exceptional legal fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "
10 Taxation
2025 2024
\u00a3m \u00a3m
Current income tax:
Current income tax charge
\u2013
0.5
Adjustments in respect of previous years
(0.3)
(0.2)
Current tax on profits
(0.3)
0.3
Deferred income tax:
On accelerated capital allowances
(0.5)
\u2013
On Group losses
(1.6)
0.9
On other temporary differences
2.1
(0.9)
Deferred tax on profits
\u2013
\u2013
Total taxation (credit)/charge in the consolidated income statement
(0.3)
0.3
Factors affecting the tax charge for the year
The tax credit for the year is \u00a30.3 million (31 December 2024: \u00a30.3 million charge) against
a profit before tax of \u00a3387.1 million (31 December 2024: \u00a3252.4 million). A reconciliation
against the standard rate of corporation tax in the United Kingdom (\u201cUK\u201d) is set out below:
2025 2024
\u00a3m \u00a3m
Profit before tax
387.1
252.4
Profit on ordinary activities multiplied by the standard rate in the UK
of 25.0% (31 December 2024: 25.0%)
96.8
63.1
Revaluation gains attributable to the REIT business
(80.6)
(50.8)
Expenses disallowed
13.6
2.8
Non-taxable items
\u2013
(1.5)
REIT tax-exempt rental profits
(29.6)
(12.6)
Share of partnership loss
(1.5)
(0.1)
Other temporary differences not provided
1.3
1.3
Utilisation of losses not recognised for deferred tax
\u2013
(1.7)
Adjustments in respect of previous years
(0.3)
(0.2)
Total taxation (credit)/charge in the consolidated income statement
(0.3)
0.3
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), and 100 per cent of the Group's UK REIT investment
profits, by way of a dividend, which is known as a Property Income Distribution
(\u201cPID\u201d). A corporation tax charge will arise for the Group at 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 are set out in note 11 \u2018Dividends\u2019.
24 Deferred tax
The corporation tax rate referred to in note 10 \u2018Taxation\u2019 has been enacted for the
purposes of IAS 12 \u2018Income Taxes\u2019 (\u201cIAS 12\u201d) and therefore has been reflected in
these consolidated financial statements based on the expected timing of the
realisation of deferred tax.
Deferred tax on investment 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 2025 (31 December 2024: 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 1 January 2024
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
Consolidated income statement items
(0.5)
\u2013
2.1
(1.6)
\u2013
At 31 December 2025
\u2013
\u2013
2.1
(2.1)
\u2013
Unrecognised deferred tax assets:
At 1 January 2024
\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)
Consolidated income statement items
\u2013
0.7
(3.0)
(0.1)
(2.4)
At 31 December 2025
\u2013
\u2013
(5.4)
(22.5)
(27.9)
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
2025, the Group has unrecognised deferred tax assets of \u00a327.9 million (31 December
2024: \u00a325.5 million) in relation to \u00a389.7 million (31 December 2024: \u00a389.8 million) of gross
losses carried forward within its residual business and \u00a321.7 million (31 December 2024:
\u00a312.4 million) of other deductible temporary differences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "
11 Dividends
Group and Company
PID
Non-PID
Date paid
2025
2024
Pence per share
\u00a3m
\u00a3m
Ordinary shares
For the year ended 31 December 2023:
Final dividend of 1.65 pence per share
0.65
1.0
31 May 2024
\u2013
32.2
For the year ended 31 December 2024:
Interim dividend of 1.7 pence per share
1.0
0.7
1 October 2024
\u2013
33.2
Final dividend of 1.8 pence per share
1.8
\u2013
30 May 2025
35.2
\u2013
For the year ended 31 December 2025:
Interim dividend of 1.9 pence per share
1.5
0.4
1 October 2025
37.0
\u2013
Dividend expense
1
72.2
65.4
1.
Includes \u00a34.7 million (31 December 2024: \u00a34.3 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 has received its 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 \u00a366.7 million (31 December 2024: \u00a361.1 million), which includes a \u00a30.8
million adjustment for dividend withholding tax not yet paid at year end.
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, and 100 per
cent of the Group\u2019s UK REIT investment profits, by way of a PID.
These distributions can be subject to withholding tax at 20 per cent. Dividends from
profits of the Group\u2019s taxable residual business are ordinary dividends and will be
taxed as an ordinary dividend.
On 24 February 2026, the Directors proposed a final cash dividend for 2025 of 2.1
pence per ordinary share which will be paid wholly as a PID. The final cash dividend
will be paid on 22 May 2026 to all shareholders on the register on 24 April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "0.021", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-377": { "value": "
13 Property, plant and equipment
Owner
occupied
property Other Total
\u00a3m \u00a3m \u00a3m
Net carrying value at 1 January 2024
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
Depreciation
1
\u2013
(0.9)
(0.9)
Revaluation
0.6
\u2013
0.6
Net carrying value at 31 December 2025
20.7
4.5
25.2
1.
\u00a30.2 million (31 December 2024: \u00a30.3 million) of depreciation is recognised within note 5 \u2018Administration expenses\u2019 and
\u00a30.7 million (31 December 2024: \u00a30.4 million) is recognised within note 4 \u2018Gross profit\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "14 Investments in joint ventures and associates Investments in joint ventures and associates are measured using the equity method. At 31 December 2025, investments comprised of Lillie Square joint venture (\u201cLSJV\u201d), which is held with other investors on a 50:50 basis. The net profit from joint ventures and associates of \u00a30.5 million included in the prior year consolidated income statement consists of \u00a34.5 million share of profit from Longmartin, offset by a loss on sale on its disposal in October 2024 of \u00a34.0 million. The table below reconciles the opening to closing carrying value of investments as presented in the consolidated balance sheet.
Longmartin LSJV Total
Investments in joint ventures and associates \u00a3m \u00a3m \u00a3m
At 1 January 2024
83.4
\u2013
83.4
Share of profit/(loss) for the period
1
4.5
(1.8)
2.7
Losses restricted for the year
1
\u2013
1.8
1.8
Dividend received
(1.2)
\u2013
(1.2)
Disposal of associate
(86.7)
\u2013
(86.7)
At 31 December 2024
\u2013
\u2013
\u2013
Share of loss for the year
1
\u2013
(6.5)
(6.5)
Losses restricted for the year
1
\u2013
6.5
6.5
At 31 December 2025
\u2013
\u2013
\u2013
1. The loss from the Lillie Square joint venture for the year of \u00a36.5 million (31 December 2024: \u00a31.8 million) has been restricted in accordance with the requirements of IAS 28. Cumulative losses of \u00a346.7 million (31 December 2024: \u00a340.2 million), which exceed the Group\u2019s investment in the joint venture, have been restricted to date, and as a result the carrying value of the investment in LSJV is nil (31 December 2024: nil). The Group holds \u00a368.2 million (31 December 2024: \u00a370.7 million) of recoverable loans from LSJV within note 17 \u2018Trade and other receivables\u2019. LSJV LSJV was established as a joint venture arrangement with KFI 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 are presented below.
2025 2024
Summarised income statement \u00a3m \u00a3m
Revenue
4.3
3.6
Gross profit
1.5
1.3
(Loss)/gain on revaluation, sale and transfer of investment
and trading property
(5.8)
3.0
Administration expenses
(1.4)
(0.7)
Net finance costs
1
(7.3)
(7.1)
Loss for the year after taxation
(13.0)
(3.5)
1. Net finance costs include \u00a37.6 million (31 December 2024: \u00a37.6 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 2024: \u00a33.8 million) is recognised in the consolidated income statement within other finance income.
2025 2024
Summarised balance sheet \u00a3m \u00a3m
Investment property
84.9
87.4
Other non-current assets
5.4
5.6
Non-current assets
90.3
93.0
Trading property
39.5
42.8
Other current assets
2.9
1.3
Cash and cash equivalents
11.4
9.7
Current assets
53.8
53.8
Amounts payable to joint venture partners
1
(232.6)
(224.8)
Other current liabilities
(4.5)
(2.1)
Current liabilities
(237.1)
(226.9)
Net liabilities
(93.0)
(80.1)
Carrying value of investment and trading property
124.4
130.2
Unrecognised surplus on trading property
2
0.3
0.3
Market value of investment and trading property
2
124.7
130.5
1. Amounts payable to joint venture partners include working capital facilities of \u00a329.3 million (31 December 2024: \u00a329.2 million) advanced by the Group and an interest-bearing loan of \u00a3163.0 million (nominal value) advanced by the Group and KFI. The carrying value of the loan before impairment, including accrued interest, was \u00a3187.4 million (31 December 2024: \u00a3179.8 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "14 Investments in joint ventures and associates Investments in joint ventures and associates are measured using the equity method. At 31 December 2025, investments comprised of Lillie Square joint venture (\u201cLSJV\u201d), which is held with other investors on a 50:50 basis. The net profit from joint ventures and associates of \u00a30.5 million included in the prior year consolidated income statement consists of \u00a34.5 million share of profit from Longmartin, offset by a loss on sale on its disposal in October 2024 of \u00a34.0 million. The table below reconciles the opening to closing carrying value of investments as presented in the consolidated balance sheet.
Longmartin LSJV Total
Investments in joint ventures and associates \u00a3m \u00a3m \u00a3m
At 1 January 2024
83.4
\u2013
83.4
Share of profit/(loss) for the period
1
4.5
(1.8)
2.7
Losses restricted for the year
1
\u2013
1.8
1.8
Dividend received
(1.2)
\u2013
(1.2)
Disposal of associate
(86.7)
\u2013
(86.7)
At 31 December 2024
\u2013
\u2013
\u2013
Share of loss for the year
1
\u2013
(6.5)
(6.5)
Losses restricted for the year
1
\u2013
6.5
6.5
At 31 December 2025
\u2013
\u2013
\u2013
1. The loss from the Lillie Square joint venture for the year of \u00a36.5 million (31 December 2024: \u00a31.8 million) has been restricted in accordance with the requirements of IAS 28. Cumulative losses of \u00a346.7 million (31 December 2024: \u00a340.2 million), which exceed the Group\u2019s investment in the joint venture, have been restricted to date, and as a result the carrying value of the investment in LSJV is nil (31 December 2024: nil). The Group holds \u00a368.2 million (31 December 2024: \u00a370.7 million) of recoverable loans from LSJV within note 17 \u2018Trade and other receivables\u2019. LSJV LSJV was established as a joint venture arrangement with KFI 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 are presented below.
2025 2024
Summarised income statement \u00a3m \u00a3m
Revenue
4.3
3.6
Gross profit
1.5
1.3
(Loss)/gain on revaluation, sale and transfer of investment
and trading property
(5.8)
3.0
Administration expenses
(1.4)
(0.7)
Net finance costs
1
(7.3)
(7.1)
Loss for the year after taxation
(13.0)
(3.5)
1. Net finance costs include \u00a37.6 million (31 December 2024: \u00a37.6 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 2024: \u00a33.8 million) is recognised in the consolidated income statement within other finance income.
2025 2024
Summarised balance sheet \u00a3m \u00a3m
Investment property
84.9
87.4
Other non-current assets
5.4
5.6
Non-current assets
90.3
93.0
Trading property
39.5
42.8
Other current assets
2.9
1.3
Cash and cash equivalents
11.4
9.7
Current assets
53.8
53.8
Amounts payable to joint venture partners
1
(232.6)
(224.8)
Other current liabilities
(4.5)
(2.1)
Current liabilities
(237.1)
(226.9)
Net liabilities
(93.0)
(80.1)
Carrying value of investment and trading property
124.4
130.2
Unrecognised surplus on trading property
2
0.3
0.3
Market value of investment and trading property
2
124.7
130.5
1. Amounts payable to joint venture partners include working capital facilities of \u00a329.3 million (31 December 2024: \u00a329.2 million) advanced by the Group and an interest-bearing loan of \u00a3163.0 million (nominal value) advanced by the Group and KFI. The carrying value of the loan before impairment, including accrued interest, was \u00a3187.4 million (31 December 2024: \u00a3179.8 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "
15 Non-controlling interest
On 1 April 2025, NBIM Mary Limited, a subsidiary of Norges Bank Investment
Management, acquired a 25 per cent non-controlling interest in Covent Garden Real
Estate Holdings Limited (\u201cCovent Garden estate\u201d), a subsidiary of the Group, for a
cash consideration of \u00a3574.0 million. A loss on sale of \u00a36.7 million, including
transaction costs of \u00a36.1 million, has been recorded within the loss on sale of
investments and subsidiaries in the consolidated income statement.
The principal place of business of Covent Garden Real Estate Holdings Limited is
within the United Kingdom.
The accumulated non-controlling interest is presented below.
2025
\u00a3m
At 1 January
\u2013
Non-controlling interest\u2019s share of net assets acquired
574.6
Profit for the period attributable to non-controlling interest
47.2
Dividends paid to non-controlling interest
(7.9)
At 31 December
613.9
The summarised income statement, balance sheet and cash flow statement of the
Covent Garden estate are presented below.
1 April 2025 to
31 December
2025
Summarised income statement \u00a3m
Revenue
1
83.0
Costs
1
(16.5)
Gross profit
66.5
Gain on revaluation of investment property
142.6
Administration expenses
(13.1)
Net finance costs
(7.4)
Income tax
0.3
Profit for the period
188.9
1.
Revenue and costs exclude service charge income and expenses of \u00a38.2 million.
1 April 2025 to
31 December
2025
Summarised cash flow statement \u00a3m
Operating cash inflow after interest and tax
44.4
Purchase and development of investment property
(15.5)
Cash dividend paid
(31.6)
Net cash outflow
(2.7)
2025
Summarised balance sheet \u00a3m
Investment property
1
2,788.6
Other non-current assets
34.2
Non-current assets
2,822.8
Cash and cash equivalents
2
42.7
Other current assets
26.1
Current assets
68.8
Borrowings, including lease liabilities
3
(217.0)
Non-current liabilities
(217.0)
Borrowings, including lease liabilities
3
(162.7)
Other current liabilities
(56.4)
Current liabilities
(219.1)
Net assets
2,455.5
1.
The market value of investment property as at 31 December 2025 is \u00a32,825.5 million.
2.
Cash and cash equivalents includes \u00a315.5 million of tenant deposits which 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. In addition, cash deposits against tenants\u2019 rent payment obligations totalling \u00a37.0 million are held in bank
accounts administered by the Group\u2019s managing agents which are not included within the consolidated balance sheet.
3.
The nominal value of debt included within borrowings is \u00a3380.0 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "
16 Derivative financial instruments
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.
2025 2024
Derivative financial assets \u00a3m \u00a3m
Current
Interest rate derivatives
1.6
3.4
Derivative financial assets
1.6
3.4
2025 2024
Derivative financial liabilities \u00a3m \u00a3m
Non-current
Derivative liability \u2013 exchangeable bonds
1
\u2013
1.8
Current
Derivative liability \u2013 exchangeable bonds
1
1.3
\u2013
Derivative financial liabilities
1.3
1.8
During the year, the following movements on derivative financial instruments were
recognised in profit or loss:
2025 2024
Profit or loss \u00a3m \u00a3m
Fair value loss on interest rate derivatives
1
(3.5)
(6.3)
Fair value gain on derivative liability \u2013 exchangeable bonds
0.5
5.4
Change in fair value of derivative financial instruments
(3.0)
(0.9)
1.
Fair value loss on interest rate derivatives consists of \u00a33.4 million loss on derivatives which matured on 31 December
2025 and \u00a30.1 million loss on derivatives entered into on 30 December 2025. The derivatives entered into on 30
December 2025 had an upfront cost of \u00a31.7 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "16 Derivative financial instruments 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.
2025 2024
Derivative financial assets \u00a3m \u00a3m
Current
Interest rate derivatives
1.6
3.4
Derivative financial assets
1.6
3.4
2025 2024
Derivative financial liabilities \u00a3m \u00a3m
Non-current
Derivative liability \u2013 exchangeable bonds
1
\u2013
1.8
Current
Derivative liability \u2013 exchangeable bonds
1
1.3
\u2013
Derivative financial liabilities
1.3
1.8
During the year, the following movements on derivative financial instruments were recognised in profit or loss:
2025 2024
Profit or loss \u00a3m \u00a3m
Fair value loss on interest rate derivatives
1
(3.5)
(6.3)
Fair value gain on derivative liability \u2013 exchangeable bonds
0.5
5.4
Change in fair value of derivative financial instruments
(3.0)
(0.9)
1. Fair value loss on interest rate derivatives consists of \u00a33.4 million loss on derivatives which matured on 31 December 2025 and \u00a30.1 million loss on derivatives entered into on 30 December 2025. The derivatives entered into on 30 December 2025 had an upfront cost of \u00a31.7 million.
20 Borrowings
2025
Carrying Fixed Floating Fair Nominal
value Secured Unsecured rate rate value value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current
Loan notes
162.5
\u2013
162.5
162.5
\u2013
160.9
162.5
Exchangeable bonds
1
275.9
275.9
\u2013
275.9
\u2013
274.2
275.0
438.4
275.9
162.5
438.4
\u2013
435.1
437.5
Non-current
Bank loans
68.7
\u2013
68.7
\u2013
68.7
75.0
75.0
Loan notes
217.1
\u2013
217.1
217.1
\u2013
199.7
217.5
Secured loans
486.6
486.6
\u2013
486.6
\u2013
497.2
517.4
772.4
486.6
285.8
703.7
68.7
771.9
809.9
Total borrowings
1,210.8
1,247.4
Cash, excluding tenant deposits
(345.9)
Net debt
901.5
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
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 \u00a31.3 million (31 December 2024: \u00a31.8 million) as disclosed in note 16 \u2018Derivative financial instruments\u2019.
\u00a3517.4 million (31 December 2024: \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 \u00a31,686.4 million (31 December 2024: \u00a31,681.1
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 23 \u2018Financial risk management\u2019. The Group has complied with the
financial covenants of all its borrowings during both years presented.
The Group has three revolving credit facilities totalling \u00a3750 million, which are
undrawn at 31 December 2025.
Undrawn facilities and cash attributable to the Group, excluding tenant deposits, at
31 December 2025 were \u00a31,095.9 million (31 December 2024: \u00a3559.8 million).
The fair value of the Group\u2019s floating rate borrowings has been estimated using the
market rates, 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.
2025
Current Non-current
borrowings borrowings
Analysis of movement in borrowings \u00a3m \u00a3m
Balance at 1 January
\u2013
1,467.8
Borrowings drawn
\u2013
25.0
Borrowings repaid
\u2013
(292.4)
Other net cash movements
\u2013
(9.8)
Other non-cash movements
\u2013
20.2
Reclassification from non-current to current
438.4
(438.4)
Balance at 31 December
438.4
772.4
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
The maturity profile of gross debt is as follows:
2025 2024
\u00a3m \u00a3m
Wholly repayable in one year
437.5
\u2013
Wholly repayable in more than one year but not more than five years
407.4
982.3
Wholly repayable in more than five years
402.5
532.5
1,247.4
1,514.8
23 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
2025
2024
(Loss)/gain (Loss)/gain
Carrying to income Carrying to income
value statement value statement
Note \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
16
1.6
(3.5)
3.4
(6.3)
Fair value through profit and loss
1.6
(3.5)
3.4
(6.3)
Cash and cash equivalents
18
361.4
\u2013
124.0
\u2013
Other financial assets
1
17
95.4
\u2013
115.0
\u2013
Total cash and other financial
assets
456.8
\u2013
239.0
\u2013
Derivative financial liabilities
16
(1.3)
0.5
(1.8)
5.4
Fair value through profit and loss
(1.3)
0.5
(1.8)
5.4
Borrowings
20
(1,210.8)
\u2013
(1,467.8)
\u2013
Lease liabilities
21
(2.6)
\u2013
(3.0)
\u2013
Other financial liabilities
2
19
(70.5)
\u2013
(62.7)
\u2013
Total borrowings and other
financial liabilities
(1,283.9)
\u2013
(1,533.5)
\u2013
1.
Includes rent receivable, amounts due from joint ventures and associates and other receivables.
2.
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. Interest rate collars protect the Group by capping the
maximum interest rate payable at the collar\u2019s ceiling but forego the profitability of
interest rate falls below a certain floor.
The Group\u2019s 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 \u00a3300 million of hedging which provides for a
cap of 3.0 per cent on SONIA exposure until the end of 2026, 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
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Effect on profit before tax (change in fair
value of derivative financial instruments):
Increase/(decrease)
2.7
(1.5)
2.3
(2.1)
The sensitivity analysis above is a reasonable illustration of the possible effect from the changes in slope and shifts in the yield curve that may actually occur and represents management\u2019s assessment of possible changes in interest rates. 100 bps has been used in 2025 (31 December 2024: 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 rates and its ability to refinance. 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. 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 facilities totalling \u00a3750 million are not included for 2025 as these facilities were undrawn as at 31 December 2025. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve.
2025
Carrying Within 1 yr Between 1-2 yrs Between 3-5 yrs Over 5 yrs
value (2026) (2027-2028) (2029-2030)
(2031 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
379.6
10.2
162.5
10.6
100.0
5.9
35.0
7.6
82.5
34.3
380.0
Unsecured bank loans
68.7
7.0
\u2013
14.3
\u2013
6.8
75.0
\u2013
\u2013
28.1
75.0
Secured loans
486.6
24.0
\u2013
48.0
\u2013
40.8
197.4
56.7
320.0
169.5
517.4
Exchangeable bonds
275.9
2.7
275.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.7
275.0
Other payables
70.5
\u2013
70.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
70.5
Total non-derivatives
1,281.3
43.9
508.0
72.9
100.0
53.5
307.4
64.3
402.5
234.6
1,317.9
Derivatives
Interest rate derivatives
(1.6)
(1.6)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.6)
\u2013
Total derivatives
(1.6)
(1.6)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.6)
\u2013
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 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 D e r i v a t i v e s 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)
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 three unsecured revolving credit facilities, loan notes, secured loans, exchangeable bonds and an unsecured term loan that contain loan covenants. Details of
these loans are disclosed in note 20 \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 2025
Nominal value Carrying value LTV Interest cover
Maturity \u00a3m \u00a3m
covenant
2
covenant
2
Loan notes
2026\u20132037
380.0
379.6
60%
1.20x
Exchangeable bonds
2026
275.0
275.9
N/A
N/A
Unsecured term loan
1
2029
75.0
68.7
60%
1.20x
Secured term loan (Canada Life)
2029
67.4
65.0
60%
1.40x
Secured term loans (Aviva)
2030\u20132035
450.0
421.6
65%
1.35x
Unsecured revolving credit facilities (undrawn)
1
2029-2030
750.0
\u2013
60%
1.20x
1.
Additional covenants include that Group unencumbered assets are equal to or exceed 1.5x of Group unsecured debt, and subsidiary unencumbered assets are equal to or exceed 1.25x of the Company unsecured debt.
2.
The covenants of the drawn loan balances are defined within the Glossary.
Financial covenants
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 2025 (31 December 2024: less than one per cent) and
are \u00a318.2 million as at 31 December 2025 (31 December 2024: \u00a317.9 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 2025 was \u00a342.0 million (31 December 2024: \u00a336.4 million). \u00a326.5
million (31 December 2024: \u00a322.2 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 expected credit losses.
Ageing of gross trade receivables and loss allowances were as follows:
2025 2024
\u00a3m \u00a3m
Gross Gross
carrying Loss carrying Loss
amount allowance amount allowance
Not yet due
1.2
(0.1)
\u2013
\u2013
0-90 days
10.4
(1.7)
7.4
(1.1)
91-180 days
2.2
(0.9)
4.0
(1.3)
Over 180 days
4.4
(2.2)
6.5
(5.6)
Trade receivables
18.2
(4.9)
17.9
(8.0)
Set out below is the movement in the loss allowance of trade receivables:
2025 2024
\u00a3m \u00a3m
As at 1 January
(8.0)
(4.8)
Write-off
6.4
0.7
Provision for expected credit loss allowance
(3.3)
(3.9)
Loss allowance at 31 December
(4.9)
(8.0)
Aged customer balances over 90 days have declined following the write-off of trade
receivable balances resulting in a reduced loss allowance. \u00a36.4 million of the trade
receivable balances were written off due to the finalisation of customer
administrations during the year.
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.
Customer concentration risk is limited due to the large and diverse customer base,
with no one customer providing more than 10 per cent of the Group\u2019s rental income.
Amounts receivable from joint ventures:
Included within receivables, net of impairment is nil (31 December 2024: nil) working
capital facility advanced to the Lillie Square joint venture and an interest-bearing loan of
\u00a368.2 million (31 December 2024: \u00a370.7 million). The carrying value of the investment
in the joint venture is nil (31 December 2024: 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 \u00a354.8
million cumulatively. Details of the impairment are set out in note 7 \u2018Change in value
of investments and other receivables\u2019.
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 2025 amounted to \u00a3351.6 million (31 December 2024: \u00a3114.7 million),
including the Group\u2019s share of joint venture cash. The maximum fair value exposure
to derivative financial instruments is \u00a30.3 million (31 December 2024: \u00a31.6 million).
Gross carrying value and loss allowance of other receivables (excluding trade
receivables) are set out in the table below:
2025 2024
\u00a3m \u00a3m
Gross Gross
carrying Loss carrying Loss
amount allowance amount allowance
Amounts receivable from joint ventures
and associates
123.0
(54.8)
119.0
(48.3)
Other receivables
75.2
(1.6)
90.4
(0.9)
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 Group\u2019s financial assets and liabilities carried at fair value are derivative
financial instruments. 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 derivative financial instruments are reflected within
note 16 \u2018Derivative financial instruments\u2019 and are classified as Level 2 fair values as
defined by IFRS 13. There were no transfers between levels during the current and
prior year.
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.
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, reflecting debt
financial covenants, are loan-to-value and the interest cover ratios. 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 a Group share basis on the
nominal value of debt and market value of investment properties. In addition, net
debt to EBITDA is a useful indicator of balance sheet strength. This rate has
enhanced significantly during the year, reducing from 10.9 to 6.6 times. These
metrics are discussed in the Financial review on page 42.
2025 2024
Loan-to-value (Group share)
Note
\u00a3m \u00a3m
Debt at nominal value
20
1,247.4
1,514.8
Adjusted for non-controlling interest
1
(95.0)
\u2013
Debt at nominal value \u2013 Group share (A)
1,152.4
1,514.8
Cash
18
(345.9)
(109.8)
Adjusted for non-controlling interest
6.8
\u2013
Cash \u2013 Group share (B)
(339.1)
(109.8)
Net debt (C = A+B)
813.3
1,405.0
Total market value of property portfolio (Group share) (B)
12
4,700.7
4,973.5
Loan-to-value (C/B)
2
17.3%
28.2%
1.
Represents 25 per cent of \u00a3380 million, which is the nominal value of debt as per note 15 \u2018Non-controlling interest\u2019.
2.
Loan-to-value excludes amounts allocated to non-controlling interest and the Lillie Square joint venture.
2025 2024
Interest cover (Group share)
APM table
\u00a3m \u00a3m
Finance costs
Table 1
(61.6)
(72.0)
Finance income
Table 1
20.2
14.8
Net underlying finance costs (A)
(41.4)
(57.2)
Underlying operating income:
Gross profit
Table 1
161.1
167.1
Other income
Table 1
3.0
\u2013
Underlying operating income (B)
164.1
167.1
Interest cover (B/A)
1
396.4%
292.1%
1.
Interest cover excludes amounts allocated to non-controlling interest and the Lillie Square joint venture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "
17 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Non-current
Prepayments and accrued income
1
39.8
39.9
Amounts receivable from joint ventures
2
68.2
70.7
Other receivables
3
5.8
29.1
Trade and other receivables
113.8
139.7
Current
Rent receivable
4
13.3
9.9
Prepayments and accrued income
1
19.9
15.2
Other receivables
8.1
5.3
Trade and other receivables
41.3
30.4
1.
Includes tenant lease incentives and deferred letting fees of \u00a351.7 million (31 December 2024: \u00a347.5 million).
2.
Amounts receivable from joint ventures represents an interest-bearing loan of \u00a393.7 million (31 December 2024: \u00a389.9
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. The loan has
been impaired by \u00a325.5 million (31 December 2024: \u00a319.2 million) to date. Included within current trade and other
receivables is working capital of \u00a329.3 million (31 December 2024: \u00a329.2 million) due from LSJV that has been fully
impaired. Refer to note 7 \u2018Change in value of investments and other receivables\u2019 for further detail.
3.
Non-current other receivables include \u00a35.7 million (31 December 2024: \u00a329.1 million) of restricted cash held on
deposit as security for the secured debt with certain conditions restricting the use.
4.
Rent receivable is shown net of an expected credit loss provision of \u00a34.9 million (31 December 2024: \u00a38.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "17 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Non-current
Prepayments and accrued income
1
39.8
39.9
Amounts receivable from joint ventures
2
68.2
70.7
Other receivables
3
5.8
29.1
Trade and other receivables
113.8
139.7
Current
Rent receivable
4
13.3
9.9
Prepayments and accrued income
1
19.9
15.2
Other receivables
8.1
5.3
Trade and other receivables
41.3
30.4
1. Includes tenant lease incentives and deferred letting fees of \u00a351.7 million (31 December 2024: \u00a347.5 million). 2. Amounts receivable from joint ventures represents an interest-bearing loan of \u00a393.7 million (31 December 2024: \u00a389.9 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. The loan has been impaired by \u00a325.5 million (31 December 2024: \u00a319.2 million) to date. Included within current trade and other receivables is working capital of \u00a329.3 million (31 December 2024: \u00a329.2 million) due from LSJV that has been fully impaired. Refer to note 7 \u2018Change in value of investments and other receivables\u2019 for further detail. 3. Non-current other receivables include \u00a35.7 million (31 December 2024: \u00a329.1 million) of restricted cash held on deposit as security for the secured debt with certain conditions restricting the use. 4. Rent receivable is shown net of an expected credit loss provision of \u00a34.9 million (31 December 2024: \u00a38.0 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "17 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Non-current
Prepayments and accrued income
1
39.8
39.9
Amounts receivable from joint ventures
2
68.2
70.7
Other receivables
3
5.8
29.1
Trade and other receivables
113.8
139.7
Current
Rent receivable
4
13.3
9.9
Prepayments and accrued income
1
19.9
15.2
Other receivables
8.1
5.3
Trade and other receivables
41.3
30.4
1. Includes tenant lease incentives and deferred letting fees of \u00a351.7 million (31 December 2024: \u00a347.5 million). 2. Amounts receivable from joint ventures represents an interest-bearing loan of \u00a393.7 million (31 December 2024: \u00a389.9 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. The loan has been impaired by \u00a325.5 million (31 December 2024: \u00a319.2 million) to date. Included within current trade and other receivables is working capital of \u00a329.3 million (31 December 2024: \u00a329.2 million) due from LSJV that has been fully impaired. Refer to note 7 \u2018Change in value of investments and other receivables\u2019 for further detail. 3. Non-current other receivables include \u00a35.7 million (31 December 2024: \u00a329.1 million) of restricted cash held on deposit as security for the secured debt with certain conditions restricting the use. 4. Rent receivable is shown net of an expected credit loss provision of \u00a34.9 million (31 December 2024: \u00a38.0 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "17 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Non-current
Prepayments and accrued income
1
39.8
39.9
Amounts receivable from joint ventures
2
68.2
70.7
Other receivables
3
5.8
29.1
Trade and other receivables
113.8
139.7
Current
Rent receivable
4
13.3
9.9
Prepayments and accrued income
1
19.9
15.2
Other receivables
8.1
5.3
Trade and other receivables
41.3
30.4
1. Includes tenant lease incentives and deferred letting fees of \u00a351.7 million (31 December 2024: \u00a347.5 million). 2. Amounts receivable from joint ventures represents an interest-bearing loan of \u00a393.7 million (31 December 2024: \u00a389.9 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. The loan has been impaired by \u00a325.5 million (31 December 2024: \u00a319.2 million) to date. Included within current trade and other receivables is working capital of \u00a329.3 million (31 December 2024: \u00a329.2 million) due from LSJV that has been fully impaired. Refer to note 7 \u2018Change in value of investments and other receivables\u2019 for further detail. 3. Non-current other receivables include \u00a35.7 million (31 December 2024: \u00a329.1 million) of restricted cash held on deposit as security for the secured debt with certain conditions restricting the use. 4. Rent receivable is shown net of an expected credit loss provision of \u00a34.9 million (31 December 2024: \u00a38.0 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "17 Trade and other receivables
2025 2024
\u00a3m \u00a3m
Non-current
Prepayments and accrued income
1
39.8
39.9
Amounts receivable from joint ventures
2
68.2
70.7
Other receivables
3
5.8
29.1
Trade and other receivables
113.8
139.7
Current
Rent receivable
4
13.3
9.9
Prepayments and accrued income
1
19.9
15.2
Other receivables
8.1
5.3
Trade and other receivables
41.3
30.4
1. Includes tenant lease incentives and deferred letting fees of \u00a351.7 million (31 December 2024: \u00a347.5 million). 2. Amounts receivable from joint ventures represents an interest-bearing loan of \u00a393.7 million (31 December 2024: \u00a389.9 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. The loan has been impaired by \u00a325.5 million (31 December 2024: \u00a319.2 million) to date. Included within current trade and other receivables is working capital of \u00a329.3 million (31 December 2024: \u00a329.2 million) due from LSJV that has been fully impaired. Refer to note 7 \u2018Change in value of investments and other receivables\u2019 for further detail. 3. Non-current other receivables include \u00a35.7 million (31 December 2024: \u00a329.1 million) of restricted cash held on deposit as security for the secured debt with certain conditions restricting the use. 4. Rent receivable is shown net of an expected credit loss provision of \u00a34.9 million (31 December 2024: \u00a38.0 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "
18 Cash and cash equivalents
2025 2024
\u00a3m \u00a3m
Cash at hand
1.9
11.7
Cash on short-term deposits
344.0
98.1
Cash
345.9
109.8
Tenant deposits
1
15.5
14.2
Cash and cash equivalents
361.4
124.0
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 the Group and are therefore included within cash and cash equivalents
in the consolidated balance sheet. In addition, cash deposits against tenants\u2019 rent payment obligations totalling
\u00a326.5 million (31 December 2024: \u00a322.2 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "
19 Trade and other payables
2025 2024
\u00a3m \u00a3m
Rent in advance
27.6
22.1
Accruals
37.2
42.7
Other payables
24.0
14.9
Other taxes and social security
9.3
5.1
Trade and other payables
98.1
84.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "19 Trade and other payables
2025 2024
\u00a3m \u00a3m
Rent in advance
27.6
22.1
Accruals
37.2
42.7
Other payables
24.0
14.9
Other taxes and social security
9.3
5.1
Trade and other payables
98.1
84.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "19 Trade and other payables
2025 2024
\u00a3m \u00a3m
Rent in advance
27.6
22.1
Accruals
37.2
42.7
Other payables
24.0
14.9
Other taxes and social security
9.3
5.1
Trade and other payables
98.1
84.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "20 Borrowings
2025
Carrying Fixed Floating Fair Nominal
value Secured Unsecured rate rate value value
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current
Loan notes
162.5
\u2013
162.5
162.5
\u2013
160.9
162.5
Exchangeable bonds
1
275.9
275.9
\u2013
275.9
\u2013
274.2
275.0
438.4
275.9
162.5
438.4
\u2013
435.1
437.5
Non-current
Bank loans
68.7
\u2013
68.7
\u2013
68.7
75.0
75.0
Loan notes
217.1
\u2013
217.1
217.1
\u2013
199.7
217.5
Secured loans
486.6
486.6
\u2013
486.6
\u2013
497.2
517.4
772.4
486.6
285.8
703.7
68.7
771.9
809.9
Total borrowings
1,210.8
1,247.4
Cash, excluding tenant deposits
(345.9)
Net debt
901.5
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
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 \u00a31.3 million (31 December 2024: \u00a31.8 million) as disclosed in note 16 \u2018Derivative financial instruments\u2019. \u00a3517.4 million (31 December 2024: \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 \u00a31,686.4 million (31 December 2024: \u00a31,681.1 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 23 \u2018Financial risk management\u2019. The Group has complied with the financial covenants of all its borrowings during both years presented. The Group has three revolving credit facilities totalling \u00a3750 million, which are undrawn at 31 December 2025. Undrawn facilities and cash attributable to the Group, excluding tenant deposits, at 31 December 2025 were \u00a31,095.9 million (31 December 2024: \u00a3559.8 million). The fair value of the Group\u2019s floating rate borrowings has been estimated using the market rates, 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.
2025
Current Non-current
borrowings borrowings
Analysis of movement in borrowings \u00a3m \u00a3m
Balance at 1 January
\u2013
1,467.8
Borrowings drawn
\u2013
25.0
Borrowings repaid
\u2013
(292.4)
Other net cash movements
\u2013
(9.8)
Other non-cash movements
\u2013
20.2
Reclassification from non-current to current
438.4
(438.4)
Balance at 31 December
438.4
772.4
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
The maturity profile of gross debt is as follows:
2025 2024
\u00a3m \u00a3m
Wholly repayable in one year
437.5
\u2013
Wholly repayable in more than one year but not more than five years
407.4
982.3
Wholly repayable in more than five years
402.5
532.5
1,247.4
1,514.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "
21 Lease liabilities
Lease liabilities included within investment property
(a) Minimum lease payments under lease obligations
2025 2024
\u00a3m \u00a3m
Not later than one year
0.3
0.3
Later than one year and not later than five years
1.1
1.2
Later than five years
6.7
7.6
8.1
9.1
Future finance charges on lease liabilities
(5.5)
(6.1)
Total undiscounted lease liabilities
2.6
3.0
(b) Present value of minimum lease obligations
2025 2024
\u00a3m \u00a3m
Not later than one year
0.3
0.3
Later than one year and not later than five years
0.7
1.0
Later than five years
1.6
1.7
Present value of lease liabilities
2.6
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 2024: \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.
22 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:
2025 2024
\u00a3m \u00a3m
Within one year
170.6
165.8
Between one and two years
145.5
141.8
Between two and three years
119.7
120.8
Between three and four years
94.1
99.7
Between four and five years
70.9
75.3
Later than five years
327.0
353.7
Total undiscounted minimum lease receivables
927.8
957.1
The consolidated income statement includes nil (31 December 2024: \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.
Certain leases provide for the payment of variable rent, usually a portion of the
customer\u2019s turnover, in addition to the minimum lease payments above. \u00a35.0 million
variable rent has been included in the consolidated income statement during the year
(31 December 2024: \u00a34.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "23 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
2025
2024
(Loss)/gain (Loss)/gain
Carrying to income Carrying to income
value statement value statement
Note \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets
16
1.6
(3.5)
3.4
(6.3)
Fair value through profit and loss
1.6
(3.5)
3.4
(6.3)
Cash and cash equivalents
18
361.4
\u2013
124.0
\u2013
Other financial assets
1
17
95.4
\u2013
115.0
\u2013
Total cash and other financial
assets
456.8
\u2013
239.0
\u2013
Derivative financial liabilities
16
(1.3)
0.5
(1.8)
5.4
Fair value through profit and loss
(1.3)
0.5
(1.8)
5.4
Borrowings
20
(1,210.8)
\u2013
(1,467.8)
\u2013
Lease liabilities
21
(2.6)
\u2013
(3.0)
\u2013
Other financial liabilities
2
19
(70.5)
\u2013
(62.7)
\u2013
Total borrowings and other
financial liabilities
(1,283.9)
\u2013
(1,533.5)
\u2013
1. Includes rent receivable, amounts due from joint ventures and associates and other receivables. 2. 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. Interest rate collars protect the Group by capping the maximum interest rate payable at the collar\u2019s ceiling but forego the profitability of interest rate falls below a certain floor. The Group\u2019s 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 \u00a3300 million of hedging which provides for a cap of 3.0 per cent on SONIA exposure until the end of 2026, 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
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Effect on profit before tax (change in fair
value of derivative financial instruments):
Increase/(decrease)
2.7
(1.5)
2.3
(2.1)
The sensitivity analysis above is a reasonable illustration of the possible effect from the changes in slope and shifts in the yield curve that may actually occur and represents management\u2019s assessment of possible changes in interest rates. 100 bps has been used in 2025 (31 December 2024: 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 rates and its ability to refinance. 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. 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 facilities totalling \u00a3750 million are not included for 2025 as these facilities were undrawn as at 31 December 2025. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve.
2025
Carrying Within 1 yr Between 1-2 yrs Between 3-5 yrs Over 5 yrs
value (2026) (2027-2028) (2029-2030)
(2031 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
379.6
10.2
162.5
10.6
100.0
5.9
35.0
7.6
82.5
34.3
380.0
Unsecured bank loans
68.7
7.0
\u2013
14.3
\u2013
6.8
75.0
\u2013
\u2013
28.1
75.0
Secured loans
486.6
24.0
\u2013
48.0
\u2013
40.8
197.4
56.7
320.0
169.5
517.4
Exchangeable bonds
275.9
2.7
275.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.7
275.0
Other payables
70.5
\u2013
70.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
70.5
Total non-derivatives
1,281.3
43.9
508.0
72.9
100.0
53.5
307.4
64.3
402.5
234.6
1,317.9
Derivatives
Interest rate derivatives
(1.6)
(1.6)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.6)
\u2013
Total derivatives
(1.6)
(1.6)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.6)
\u2013
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 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 D e r i v a t i v e s 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) 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 three unsecured revolving credit facilities, loan notes, secured loans, exchangeable bonds and an unsecured term loan that contain loan covenants. Details of these loans are disclosed in note 20 \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 2025
Nominal value Carrying value LTV Interest cover
Maturity \u00a3m \u00a3m
covenant
2
covenant
2
Loan notes
2026\u20132037
380.0
379.6
60%
1.20x
Exchangeable bonds
2026
275.0
275.9
N/A
N/A
Unsecured term loan
1
2029
75.0
68.7
60%
1.20x
Secured term loan (Canada Life)
2029
67.4
65.0
60%
1.40x
Secured term loans (Aviva)
2030\u20132035
450.0
421.6
65%
1.35x
Unsecured revolving credit facilities (undrawn)
1
2029-2030
750.0
\u2013
60%
1.20x
1. Additional covenants include that Group unencumbered assets are equal to or exceed 1.5x of Group unsecured debt, and subsidiary unencumbered assets are equal to or exceed 1.25x of the Company unsecured debt. 2. The covenants of the drawn loan balances are defined within the Glossary. Financial covenants 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 2025 (31 December 2024: less than one per cent) and are \u00a318.2 million as at 31 December 2025 (31 December 2024: \u00a317.9 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 2025 was \u00a342.0 million (31 December 2024: \u00a336.4 million). \u00a326.5 million (31 December 2024: \u00a322.2 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 expected credit losses. Ageing of gross trade receivables and loss allowances were as follows:
2025 2024
\u00a3m \u00a3m
Gross Gross
carrying Loss carrying Loss
amount allowance amount allowance
Not yet due
1.2
(0.1)
\u2013
\u2013
0-90 days
10.4
(1.7)
7.4
(1.1)
91-180 days
2.2
(0.9)
4.0
(1.3)
Over 180 days
4.4
(2.2)
6.5
(5.6)
Trade receivables
18.2
(4.9)
17.9
(8.0)
Set out below is the movement in the loss allowance of trade receivables:
2025 2024
\u00a3m \u00a3m
As at 1 January
(8.0)
(4.8)
Write-off
6.4
0.7
Provision for expected credit loss allowance
(3.3)
(3.9)
Loss allowance at 31 December
(4.9)
(8.0)
Aged customer balances over 90 days have declined following the write-off of trade receivable balances resulting in a reduced loss allowance. \u00a36.4 million of the trade receivable balances were written off due to the finalisation of customer administrations during the year. 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. Customer concentration risk is limited due to the large and diverse customer base, with no one customer providing more than 10 per cent of the Group\u2019s rental income. Amounts receivable from joint ventures: Included within receivables, net of impairment is nil (31 December 2024: nil) working capital facility advanced to the Lillie Square joint venture and an interest-bearing loan of \u00a368.2 million (31 December 2024: \u00a370.7 million). The carrying value of the investment in the joint venture is nil (31 December 2024: 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 \u00a354.8 million cumulatively. Details of the impairment are set out in note 7 \u2018Change in value of investments and other receivables\u2019. 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 2025 amounted to \u00a3351.6 million (31 December 2024: \u00a3114.7 million), including the Group\u2019s share of joint venture cash. The maximum fair value exposure to derivative financial instruments is \u00a30.3 million (31 December 2024: \u00a31.6 million). Gross carrying value and loss allowance of other receivables (excluding trade receivables) are set out in the table below:
2025 2024
\u00a3m \u00a3m
Gross Gross
carrying Loss carrying Loss
amount allowance amount allowance
Amounts receivable from joint ventures
and associates
123.0
(54.8)
119.0
(48.3)
Other receivables
75.2
(1.6)
90.4
(0.9)
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 Group\u2019s financial assets and liabilities carried at fair value are derivative financial instruments. 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 derivative financial instruments are reflected within note 16 \u2018Derivative financial instruments\u2019 and are classified as Level 2 fair values as defined by IFRS 13. There were no transfers between levels during the current and prior year. 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. 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, reflecting debt financial covenants, are loan-to-value and the interest cover ratios. 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 a Group share basis on the nominal value of debt and market value of investment properties. In addition, net debt to EBITDA is a useful indicator of balance sheet strength. This rate has enhanced significantly during the year, reducing from 10.9 to 6.6 times. These metrics are discussed in the Financial review on page 42.
2025 2024
Loan-to-value (Group share)
Note
\u00a3m \u00a3m
Debt at nominal value
20
1,247.4
1,514.8
Adjusted for non-controlling interest
1
(95.0)
\u2013
Debt at nominal value \u2013 Group share (A)
1,152.4
1,514.8
Cash
18
(345.9)
(109.8)
Adjusted for non-controlling interest
6.8
\u2013
Cash \u2013 Group share (B)
(339.1)
(109.8)
Net debt (C = A+B)
813.3
1,405.0
Total market value of property portfolio (Group share) (B)
12
4,700.7
4,973.5
Loan-to-value (C/B)
2
17.3%
28.2%
1. Represents 25 per cent of \u00a3380 million, which is the nominal value of debt as per note 15 \u2018Non-controlling interest\u2019. 2. Loan-to-value excludes amounts allocated to non-controlling interest and the Lillie Square joint venture.
2025 2024
Interest cover (Group share)
APM table
\u00a3m \u00a3m
Finance costs
Table 1
(61.6)
(72.0)
Finance income
Table 1
20.2
14.8
Net underlying finance costs (A)
(41.4)
(57.2)
Underlying operating income:
Gross profit
Table 1
161.1
167.1
Other income
Table 1
3.0
\u2013
Underlying operating income (B)
164.1
167.1
Interest cover (B/A)
1
396.4%
292.1%
1. Interest cover excludes amounts allocated to non-controlling interest and the Lillie Square joint venture.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "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. Interest rate collars protect the Group by capping the maximum interest rate payable at the collar\u2019s ceiling but forego the profitability of interest rate falls below a certain floor. The Group\u2019s 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 \u00a3300 million of hedging which provides for a cap of 3.0 per cent on SONIA exposure until the end of 2026, 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
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Effect on profit before tax (change in fair
value of derivative financial instruments):
Increase/(decrease)
2.7
(1.5)
2.3
(2.1)
The sensitivity analysis above is a reasonable illustration of the possible effect from the changes in slope and shifts in the yield curve that may actually occur and represents management\u2019s assessment of possible changes in interest rates. 100 bps has been used in 2025 (31 December 2024: 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "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 rates and its ability to refinance. 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.
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 facilities totalling \u00a3750 million are not included for 2025 as these facilities were undrawn as at 31 December 2025. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve.
2025
Carrying Within 1 yr Between 1-2 yrs Between 3-5 yrs Over 5 yrs
value (2026) (2027-2028) (2029-2030)
(2031 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
379.6
10.2
162.5
10.6
100.0
5.9
35.0
7.6
82.5
34.3
380.0
Unsecured bank loans
68.7
7.0
\u2013
14.3
\u2013
6.8
75.0
\u2013
\u2013
28.1
75.0
Secured loans
486.6
24.0
\u2013
48.0
\u2013
40.8
197.4
56.7
320.0
169.5
517.4
Exchangeable bonds
275.9
2.7
275.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.7
275.0
Other payables
70.5
\u2013
70.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
70.5
Total non-derivatives
1,281.3
43.9
508.0
72.9
100.0
53.5
307.4
64.3
402.5
234.6
1,317.9
Derivatives
Interest rate derivatives
(1.6)
(1.6)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.6)
\u2013
Total derivatives
(1.6)
(1.6)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.6)
\u2013
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 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 D e r i v a t i v e s 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) 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 three unsecured revolving credit facilities, loan notes, secured loans, exchangeable bonds and an unsecured term loan that contain loan covenants. Details of these loans are disclosed in note 20 \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 2025
Nominal value Carrying value LTV Interest cover
Maturity \u00a3m \u00a3m
covenant
2
covenant
2
Loan notes
2026\u20132037
380.0
379.6
60%
1.20x
Exchangeable bonds
2026
275.0
275.9
N/A
N/A
Unsecured term loan
1
2029
75.0
68.7
60%
1.20x
Secured term loan (Canada Life)
2029
67.4
65.0
60%
1.40x
Secured term loans (Aviva)
2030\u20132035
450.0
421.6
65%
1.35x
Unsecured revolving credit facilities (undrawn)
1
2029-2030
750.0
\u2013
60%
1.20x
1. Additional covenants include that Group unencumbered assets are equal to or exceed 1.5x of Group unsecured debt, and subsidiary unencumbered assets are equal to or exceed 1.25x of the Company unsecured debt. 2. The covenants of the drawn loan balances are defined within the Glossary. Financial covenants 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "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 2025 (31 December 2024: less than one per cent) and are \u00a318.2 million as at 31 December 2025 (31 December 2024: \u00a317.9 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 2025 was \u00a342.0 million (31 December 2024: \u00a336.4 million). \u00a326.5 million (31 December 2024: \u00a322.2 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 expected credit losses. Ageing of gross trade receivables and loss allowances were as follows:
2025 2024
\u00a3m \u00a3m
Gross Gross
carrying Loss carrying Loss
amount allowance amount allowance
Not yet due
1.2
(0.1)
\u2013
\u2013
0-90 days
10.4
(1.7)
7.4
(1.1)
91-180 days
2.2
(0.9)
4.0
(1.3)
Over 180 days
4.4
(2.2)
6.5
(5.6)
Trade receivables
18.2
(4.9)
17.9
(8.0)
Set out below is the movement in the loss allowance of trade receivables:
2025 2024
\u00a3m \u00a3m
As at 1 January
(8.0)
(4.8)
Write-off
6.4
0.7
Provision for expected credit loss allowance
(3.3)
(3.9)
Loss allowance at 31 December
(4.9)
(8.0)
Aged customer balances over 90 days have declined following the write-off of trade receivable balances resulting in a reduced loss allowance. \u00a36.4 million of the trade receivable balances were written off due to the finalisation of customer administrations during the year. 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. Customer concentration risk is limited due to the large and diverse customer base, with no one customer providing more than 10 per cent of the Group\u2019s rental income. Amounts receivable from joint ventures: Included within receivables, net of impairment is nil (31 December 2024: nil) working capital facility advanced to the Lillie Square joint venture and an interest-bearing loan of \u00a368.2 million (31 December 2024: \u00a370.7 million). The carrying value of the investment in the joint venture is nil (31 December 2024: 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 \u00a354.8 million cumulatively. Details of the impairment are set out in note 7 \u2018Change in value of investments and other receivables\u2019. 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 2025 amounted to \u00a3351.6 million (31 December 2024: \u00a3114.7 million), including the Group\u2019s share of joint venture cash. The maximum fair value exposure to derivative financial instruments is \u00a30.3 million (31 December 2024: \u00a31.6 million). Gross carrying value and loss allowance of other receivables (excluding trade receivables) are set out in the table below:
2025 2024
\u00a3m \u00a3m
Gross Gross
carrying Loss carrying Loss
amount allowance amount allowance
Amounts receivable from joint ventures
and associates
123.0
(54.8)
119.0
(48.3)
Other receivables
75.2
(1.6)
90.4
(0.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "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 Group\u2019s financial assets and liabilities carried at fair value are derivative financial instruments. 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 derivative financial instruments are reflected within note 16 \u2018Derivative financial instruments\u2019 and are classified as Level 2 fair values as defined by IFRS 13. There were no transfers between levels during the current and prior year. 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:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "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 Group\u2019s financial assets and liabilities carried at fair value are derivative financial instruments. 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 derivative financial instruments are reflected within note 16 \u2018Derivative financial instruments\u2019 and are classified as Level 2 fair values as defined by IFRS 13. There were no transfers between levels during the current and prior year. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "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, reflecting debt financial covenants, are loan-to-value and the interest cover ratios. 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 a Group share basis on the nominal value of debt and market value of investment properties. In addition, net debt to EBITDA is a useful indicator of balance sheet strength. This rate has enhanced significantly during the year, reducing from 10.9 to 6.6 times. These metrics are discussed in the Financial review on page 42.
2025 2024
Loan-to-value (Group share)
Note
\u00a3m \u00a3m
Debt at nominal value
20
1,247.4
1,514.8
Adjusted for non-controlling interest
1
(95.0)
\u2013
Debt at nominal value \u2013 Group share (A)
1,152.4
1,514.8
Cash
18
(345.9)
(109.8)
Adjusted for non-controlling interest
6.8
\u2013
Cash \u2013 Group share (B)
(339.1)
(109.8)
Net debt (C = A+B)
813.3
1,405.0
Total market value of property portfolio (Group share) (B)
12
4,700.7
4,973.5
Loan-to-value (C/B)
2
17.3%
28.2%
1. Represents 25 per cent of \u00a3380 million, which is the nominal value of debt as per note 15 \u2018Non-controlling interest\u2019. 2. Loan-to-value excludes amounts allocated to non-controlling interest and the Lillie Square joint venture.
2025 2024
Interest cover (Group share)
APM table
\u00a3m \u00a3m
Finance costs
Table 1
(61.6)
(72.0)
Finance income
Table 1
20.2
14.8
Net underlying finance costs (A)
(41.4)
(57.2)
Underlying operating income:
Gross profit
Table 1
161.1
167.1
Other income
Table 1
3.0
\u2013
Underlying operating income (B)
164.1
167.1
Interest cover (B/A)
1
396.4%
292.1%
1. Interest cover excludes amounts allocated to non-controlling interest and the Lillie Square joint venture.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "24 Deferred tax The corporation tax rate referred to in note 10 \u2018Taxation\u2019 has been enacted for the purposes of IAS 12 \u2018Income Taxes\u2019 (\u201cIAS 12\u201d) and therefore has been reflected in these consolidated financial statements based on the expected timing of the realisation of deferred tax. Deferred tax on investment 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 2025 (31 December 2024: 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 1 January 2024
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
Consolidated income statement items
(0.5)
\u2013
2.1
(1.6)
\u2013
At 31 December 2025
\u2013
\u2013
2.1
(2.1)
\u2013
Unrecognised deferred tax assets:
At 1 January 2024
\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)
Consolidated income statement items
\u2013
0.7
(3.0)
(0.1)
(2.4)
At 31 December 2025
\u2013
\u2013
(5.4)
(22.5)
(27.9)
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 2025, the Group has unrecognised deferred tax assets of \u00a327.9 million (31 December 2024: \u00a325.5 million) in relation to \u00a389.7 million (31 December 2024: \u00a389.8 million) of gross losses carried forward within its residual business and \u00a321.7 million (31 December 2024: \u00a312.4 million) of other deductible temporary differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "24 Deferred tax The corporation tax rate referred to in note 10 \u2018Taxation\u2019 has been enacted for the purposes of IAS 12 \u2018Income Taxes\u2019 (\u201cIAS 12\u201d) and therefore has been reflected in these consolidated financial statements based on the expected timing of the realisation of deferred tax. Deferred tax on investment 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 2025 (31 December 2024: 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 1 January 2024
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
Consolidated income statement items
(0.5)
\u2013
2.1
(1.6)
\u2013
At 31 December 2025
\u2013
\u2013
2.1
(2.1)
\u2013
Unrecognised deferred tax assets:
At 1 January 2024
\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)
Consolidated income statement items
\u2013
0.7
(3.0)
(0.1)
(2.4)
At 31 December 2025
\u2013
\u2013
(5.4)
(22.5)
(27.9)
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 2025, the Group has unrecognised deferred tax assets of \u00a327.9 million (31 December 2024: \u00a325.5 million) in relation to \u00a389.7 million (31 December 2024: \u00a389.8 million) of gross losses carried forward within its residual business and \u00a321.7 million (31 December 2024: \u00a312.4 million) of other deductible temporary differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "
25 Share capital and share premium issued and fully paid
Group and Company
Issue Share Share
price Number capital premium
Issue type (pence) of shares
\u00a3m
1
\u00a3m
At 1 January 2024
1,953,170,495
488.2
232.5
Issued to satisfy employee share scheme awards
2
25
7,643
\u2013
\u2013
At 31 December 2024
1,953,178,138
488.2
232.5
At 31 December 2025
1,953,178,138
488.2
232.5
1.
Nominal value of share capital of 25 pence per share.
2.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "25 Share capital and share premium issued and fully paid Group and Company
Issue Share Share
price Number capital premium
Issue type (pence) of shares
\u00a3m
1
\u00a3m
At 1 January 2024
1,953,170,495
488.2
232.5
Issued to satisfy employee share scheme awards
2
25
7,643
\u2013
\u2013
At 31 December 2024
1,953,178,138
488.2
232.5
At 31 December 2025
1,953,178,138
488.2
232.5
1. Nominal value of share capital of 25 pence per share. 2. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "26 Capital commitments At 31 December 2025, the Group was contractually committed to \u00a310.8 million (31 December 2024: \u00a324.1 million) of future expenditure for the purchase, refurbishment and enhancement of investment property. The Group\u2019s share of joint venture capital commitments arising from LSJV amounts to nil (31 December 2024: nil). 27 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 in the current and prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "26 Capital commitments At 31 December 2025, the Group was contractually committed to \u00a310.8 million (31 December 2024: \u00a324.1 million) of future expenditure for the purchase, refurbishment and enhancement of investment property. The Group\u2019s share of joint venture capital commitments arising from LSJV amounts to nil (31 December 2024: nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "
27 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 in the current and prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "
28 Cash flow information
(a) Cash generated from operations
2025 2024
Note \u00a3m \u00a3m
Profit before tax
387.1
252.4
Adjustments:
Gain on revaluation and sale of investment property
1
(322.5)
(197.6)
Change in value of investments and other receivables
7
6.5
7.0
Depreciation
2
13
0.9
0.7
Amortisation of tenant lease incentives and other direct
costs
0.5
(5.6)
Provision for expected credit loss
4
3.3
3.9
Profit from joint ventures and associates
14
\u2013
(4.5)
Share-based payments expense
30
8.3
3.1
Finance income
8
(20.5)
(14.8)
Other finance income
8
(4.0)
(4.5)
Finance costs
9
63.8
72.0
Other finance costs
9
9.7
6.5
Change in fair value of derivative financial instruments
16
3.0
0.9
Loss on sale of associate
14
\u2013
4.0
Loss on sale of investments and subsidiaries
3
1.0
\u2013
Change in working capital:
Change in trade and other receivables
15.6
(4.6)
Change in trade and other payables
8.5
(10.2)
Cash generated from operations
161.2
108.7
1.
Included within the gain on revaluation and sale of investment property in the consolidated income statement is cash
transaction costs of \u00a30.7 million (31 December 2024: \u00a33.0 million) incurred on the disposal of property.
2.
\u00a30.2 million (31 December 2024: \u00a30.3 million) of depreciation is recognised within note 5 \u2018Administration expenses\u2019 and
\u00a30.7 million (31 December 2024: \u00a30.4 million) is recognised within note 4 \u2018Gross profit\u2019.
3.
Included within loss on sale of investments and subsidiaries in the consolidated income statement are cash
transaction costs of \u00a35.7 million.
(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 bonds activities
Note \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
1,534.8
94.9
7.2
1,636.9
Cash flows from financing activities
Repayment of bank loans
20
(210.0)
(95.0)
\u2013
(305.0)
Drawdown of revolving credit
facility and secured loan
20
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 at 31 December 2024
1,467.8
\u2013
1.8
1,469.6
Cash flows from financing
activities
Repayment of bank loans
20
(292.4)
\u2013
\u2013
(292.4)
Drawdown of revolving credit
facility and secured loan
20
25.0
\u2013
\u2013
25.0
Total cash flows used in financing
activities
(267.4)
\u2013
\u2013
(267.4)
Other movements
Transaction costs associated with
financing activities
(4.3)
\u2013
\u2013
(4.3)
Interest on exchangeable bonds
(5.5)
\u2013
\u2013
(5.5)
Amortisation and unwind of fair
value adjustment on debt
20.2
\u2013
(0.5)
19.7
Reclassification from non-current
to current
20
(438.4)
438.4
\u2013
\u2013
Total other movements
(428.0)
438.4
(0.5)
9.9
Balance as at 31 December 2025
772.4
438.4
1.3
1,212.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "
29 Related party transactions
(a) Transactions with Directors
2025 2024
Key management compensation
1
\u00a3m \u00a3m
Short-term employee benefits
3.3
3.4
Termination benefits
\u2013
0.7
Share-based payments
1.6
1.7
4.9
5.8
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 2025 and 24 February 2026, 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 2025.
(b) Transactions between the Group and its subsidiaries and joint ventures
On 1 April 2025, NBIM Mary Limited, a subsidiary of Norges Bank Investment
Management, acquired a 25 per cent non-controlling interest in Covent Garden Real
Estate Holdings Limited (\u201cCovent Garden estate\u201d), a subsidiary of the Group. Prior to
the transaction, NBIM already had a 23.5 per cent shareholding in the Group. Details
of the transaction are set out in note 15 \u2018Non-controlling interest\u2019.
Transactions during the year between the Group and its subsidiaries and joint
ventures, which are related parties, are disclosed in notes 14 \u2018Investments in joint
ventures and associates\u2019, 17 \u2018Trade and other receivables\u2019 and 26 \u2018Capital
commitments\u2019. During the year the Group received management fee income of
\u00a32.9 million (31 December 2024: nil) that was 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: 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. 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 2025, \u00a38,725 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.
31 Related undertakings
The Company\u2019s subsidiaries and other related undertakings at 31 December 2025
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: C/O Shepherd and Wedderburn LLP, 9 Haymarket Square,
Edinburgh, Scotland, EH3 8FY
Related undertakings
Capco Investment London (No.6) Capco Investment London (No.7) Scottish Limited
Limited
1,2
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
Capvestco Limited
1,2
Limited
1,2
Innova Investment Holdings Limited
Capvestco Earls Court Limited Lillie Square LP Limited
1.
Dormant entity.
2.
Direct undertakings of the Company.
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 (75%)
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
Lillie Square Clubhouse Limited (50%)
1,4
Limited
1
4
Lillie Square Developments Limited (50%)
C & C Management Services Limited
2
Lillie Square GP Limited (50%)
4
C&C Properties UK Limited
2
Lillie Square LP (50%)
4
Capco Covent Garden Limited
2
Lillie Square Management Limited (50%)
4
Capco Covent Garden Residential Limited
Lillie Square Nominee Limited (50%)
1,4
Capco Group Treasury Limited
2
 Shaftesbury AV Investment Limited
Capco London Limited
1
Shaftesbury AV Limited
Capital & Counties CG Limited Shaftesbury Carnaby Limited
Capital & Counties CGP
Shaftesbury Charlotte Street Limited
1
Capital & Counties CG Nominee Limited
1
 Shaftesbury Chinatown PLC
Capital & Counties Limited
2,3
 Shaftesbury CL Investment Limited
Carnaby Estate Holdings Limited
1
Shaftesbury CL Limited
Carnaby Investments Limited
1
Shaftesbury Covent Garden Limited
Carnaby Property Investments Limited
1
Shaftesbury Covent Garden Property
1
Investments Limited
1
Charlotte Street Estate Holdings Limited
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
Shaftesbury Limited
2
Covent Garden Holdings (No.2) Limited
Shaftesbury Soho Limited
Covent Garden Holdings (No.3) Limited
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "29 Related party transactions (a) Transactions with Directors
2025 2024
Key management compensation
1
\u00a3m \u00a3m
Short-term employee benefits
3.3
3.4
Termination benefits
\u2013
0.7
Share-based payments
1.6
1.7
4.9
5.8
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 2025 and 24 February 2026, 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 2025. (b) Transactions between the Group and its subsidiaries and joint ventures On 1 April 2025, NBIM Mary Limited, a subsidiary of Norges Bank Investment Management, acquired a 25 per cent non-controlling interest in Covent Garden Real Estate Holdings Limited (\u201cCovent Garden estate\u201d), a subsidiary of the Group. Prior to the transaction, NBIM already had a 23.5 per cent shareholding in the Group. Details of the transaction are set out in note 15 \u2018Non-controlling interest\u2019. Transactions during the year between the Group and its subsidiaries and joint ventures, which are related parties, are disclosed in notes 14 \u2018Investments in joint ventures and associates\u2019, 17 \u2018Trade and other receivables\u2019 and 26 \u2018Capital commitments\u2019. During the year the Group received management fee income of \u00a32.9 million (31 December 2024: nil) that was 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:
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.
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 2025,
\u00a38,725 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "
30 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 2025 was
\u00a38.3 million (31 December 2024: \u00a33.1 million). \u00a36.5 million (31 December 2024: \u00a33.1
million) of the charge relates to share-based payments expense and \u00a31.8 million (31
December 2024: nil) relates to National Insurance accrual. \u00a30.6 million (31 December
2024: nil) of the \u00a38.3 million has been recognised within non-underlying
administration expenses.
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 123 to 147.
1. Performance Share Plan
Nil-cost options, deferred bonuses and conditional awards 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 2025 have an exercise price of nil and a weighted average remaining contractual life of five years and are exercisable between 2026 and 2030. (a) Nil cost options and deferred bonus awards
Number of nil cost and
deferred bonus options
2025
2024
Outstanding at 1 January
11,906,773
6,476,714
Awarded during the year
5,729,674
5,430,059
Forfeited/lapsed during the year
(1,852,474)
\u2013
Outstanding at 31 December
15,783,973
11,906,773
Exercisable at 31 December
615,090
\u2013
(b) PSP conditional awards
Number of PSP conditional
awards
2025
2024
Outstanding at 1 January
5,534,484
3,230,147
Awarded during the year
2,850,906
2,899,064
Forfeited/lapsed during the year
(439,121)
(594,727)
Outstanding at 31 December
7,946,269
5,534,484
Exercisable at 31 December
44,119
\u2013
2. Fair value of share-based payments 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 granted during the years ended 31 December 2025 and 2024 are as follows:
2025
2024
Closing share price at grant date
126p
135p
Exercise price
0p-126p
0p\u2013135p
Expected option life
3-5 years
3-5 years
Risk-free rate
4.37%
3.24%
Expected volatility
1
28.6-26.1%
30.3\u201331.5%
Expected dividend yield
0%
0%
Fair value per option
54p-126p
79p\u2013135p
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "31 Related undertakings The Company\u2019s subsidiaries and other related undertakings at 31 December 2025 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: C/O Shepherd and Wedderburn LLP, 9 Haymarket Square, Edinburgh, Scotland, EH3 8FY
Related undertakings
Capco Investment London (No.6) Capco Investment London (No.7) Scottish Limited
Limited
1,2
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
Capvestco Limited
1,2
Limited
1,2
Innova Investment Holdings Limited
Capvestco Earls Court Limited Lillie Square LP Limited
1. Dormant entity. 2. Direct undertakings of the Company. 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 (75%)
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
Lillie Square Clubhouse Limited (50%)
1,4
Limited
1
4
Lillie Square Developments Limited (50%)
C & C Management Services Limited
2
Lillie Square GP Limited (50%)
4
C&C Properties UK Limited
2
Lillie Square LP (50%)
4
Capco Covent Garden Limited
2
Lillie Square Management Limited (50%)
4
Capco Covent Garden Residential Limited
Lillie Square Nominee Limited (50%)
1,4
Capco Group Treasury Limited
2
 Shaftesbury AV Investment Limited
Capco London Limited
1
Shaftesbury AV Limited
Capital & Counties CG Limited Shaftesbury Carnaby Limited
Capital & Counties CGP
Shaftesbury Charlotte Street Limited
1
Capital & Counties CG Nominee Limited
1
 Shaftesbury Chinatown PLC
Capital & Counties Limited
2,3
 Shaftesbury CL Investment Limited
Carnaby Estate Holdings Limited
1
Shaftesbury CL Limited
Carnaby Investments Limited
1
Shaftesbury Covent Garden Limited
Carnaby Property Investments Limited
1
Shaftesbury Covent Garden Property
1
Investments Limited
1
Charlotte Street Estate Holdings Limited
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
Shaftesbury Limited
2
Covent Garden Holdings (No.2) Limited
Shaftesbury Soho Limited
Covent Garden Holdings (No.3) Limited
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300TTXXZ1SHUI0D54", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }