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1 Material accounting policy information
Schroder Real Estate Investment Trust Limited (the \u2018Company\u2019)
is a closed-ended investment company registered in Guernsey.
The consolidated financial statements of the Company for the
year ended 31 March 2025 comprise the Company and its
subsidiaries (together referred to as the \u2018Group\u2019).
New standard and interpretations
The Company is satisfied that there are no standards that are
published, and not yet effective, that will have a material effect
on the accounts.
Statement of compliance
The financial statements have been prepared in accordance
with International Financial Reporting Standards (\u2018IFRS\u2019) issued
by the International Accounting Standards Board (the \u2018IASB\u2019),
and interpretations issued by the International Financial
Reporting Interpretations Committee.
The financial statements give a true and fair view and are
in compliance with The Companies (Guernsey) Law, 2008,
applicable legal and regulatory requirements and the Listing
Rules of the UK Listing Authority.
Basis of preparation
The financial statements are presented in pound sterling, which
is the Company\u2019s functional currency, rounded to the nearest
thousand. They are prepared on the historical cost basis except
that investment properties and derivative financial instruments
are stated at their fair value.
The accounting policies have been consistently applied to the
results, assets, liabilities and cash flows of the entities included
in the consolidated financial statements and are consistent with
those of the previous year.
Going concern
The Directors have examined significant areas of possible
financial risk including liquidity (with a view to both cash held
and undrawn debt facilities); the rates of both rent and service
charge collections from tenants; have considered potential falls
in property valuations; have reviewed cash flow forecasts; have
analysed forward-looking compliance with third-party debt
covenants and in particular the Loan to Value covenant and
interest cover ratios; and have considered the Group\u2019s ongoing
tax compliance with the REIT regime.
Overall, after utilising available cash, excluding the cash
undrawn against the RBSI facility and uncharged properties
and units in Joint Ventures, and based on the reporting
period to 31 March 2025, property valuations would have
to fall by 28% before the relevant Canada Life Loan to Value
covenants were breached, and actual net rental income would
need to fall by 64% before the interest cover covenants were
breached. The Directors are of the opinion that neither of the
aforementioned loan covenants are likely to be breached.
Furthermore, the properties charged to RBSI could fall in value
by 52%, prior to the 65% LTV covenant being breached, and
based on projected net rents for the quarter to March 2025,
a 22% fall in net income could be sustained prior to the
RBS projected interest loan cover covenant of 200% being
breached.
These stress testing scenarios of 28%/52% declines in property
valuations and 64%/22% declines in net income are deemed to
be extremely unlikely.
Should these scenarios occur, management have various
actions avaliable which include, but are not limited to, adding
additional assets or excess cash into the security pool and
selling assets to reduce LTV.
As at the financial year end, the undrawn capacity of the \u00a375.0
million RBSI facility was \u00a323.5 million. This facility is an efficient
and flexible source of funding due to its ability to be repaid and
redrawn as often as required and matures in June 2027.
Regarding the Canada Life loan of \u00a3129.6 million, fifty per
cent matures in 2032 and fifty per cent matures in 2039
respectively.
The Board and Investment Manager also continue to closely
monitor ongoing changing macroeconomic and geopolitical
environments on the Group.
The Board and Investment Manager have considered the
impact of sustainability risk as a principal risk as set out on
page 43. In line with IFRS, investment properties are valued
at fair value based on open market valuations as described in
Note 10. The assessment of the open market valuation includes
consideration of environmental matters and the condition
of each property. The investment properties continue to be
monitored by the Investment Manager and key considerations
include EPC ratings and their impact on the properties\u2019
forecast compliance with minimum energy efficiency standard
regulation. Having assessed the impact of climate change on
the Group, the Directors concluded that it is not expected to
have a significant impact on the Group\u2019s going concern or
viability assessment as described on page 46.
The Directors have not identified any matters which would cast
significant doubt on the Group\u2019s ability to continue as a going
concern for the period to 30 June 2026 and have satisfied
themselves that the Group has adequate resources to continue
in operational existence for this period to 30 June 2026.
After due consideration, the Board believes that it is
appropriate to adopt the going concern basis in preparing the
financial statements.
Use of estimates and judgements
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and
assumptions that affect the application of policies and
Use of estimates and judgements the reported amounts of assets and liabilities, income and expenses. These estimates, and associated assumptions, are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Under its lease agreements with tenants, the Company is required to provide or procure the provision of certain services (such as cleaning, maintenance of common areas and landscaping) for its investment property. The Company engages a property manager who is responsible for instructing, overseeing and invoicing these services to tenants and the Company does not exercise control over these services prior to them being provided to tenants. As such, the Company considers itself to be an agent in these arrangements and recognises the income and expense on a net basis within property operating expenses. Further estimates made in preparing these financial statements relate to the carrying value of investment properties, including those within joint ventures, which are stated at fair value. The Group uses external professional valuers to determine the relevant amounts. Judgements made by management in the application of IFRS that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are disclosed in note 18. Another estimate is the amount of expected credit losses as per IFRS 9 from rent demanded during the period which has not yet been collected. On initial recognition the Group calculates the expected credit loss for debtors based on the lifetime expected credit losses under the IFRS 9 simplified approach. Management considers aged debtors\u2019 analyses, the strength of tenant covenants, macroeconomic factors and any rental deposits held. Management has considered rental debtors on a quarterly basis and made provisions and write offs where it has been deemed that these amounts are potentially irrecoverable. Basis of consolidation Subsidiaries The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries drawn up to 31 March each year. Subsidiaries are those entities controlled by the Company. Control exists where the investor has the following; \u2015 power over the investee; \u2015 exposure, or rights, to variable returns from its involvement with the investee; and \u2015 the ability to use its power over the entity to affect the amount of the investor\u2019s returns. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Where properties are acquired by the Group through corporate acquisitions, but the acquisition does not meet the definition of a business combination, the acquisition has been treated as an asset acquisition. Joint ventures Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. The consolidated financial statements include the Group\u2019s share of profit or loss of jointly controlled entities on an equity accounted basis. When the Group\u2019s share of losses exceeds its interest in an entity, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or is making payments on behalf of an entity. Transactions eliminated on consolidation Intra-group balances, and any gains and losses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Gains arising from transactions with joint ventures are eliminated to the extent of the Group\u2019s interest in the entity. Losses are eliminated in the same way as gains but only to the extent that there is no evidence of impairment. Investment property Investment property is land and buildings held to earn rental income together with the potential for capital growth. Acquisitions and disposals are recognised on the unconditional exchange of contracts. Acquisitions are initially recognised at cost, being the fair value of the consideration given, including transaction costs associated with the investment property. After initial recognition, investment properties are measured at fair value, with unrealised gains and losses recognised in the Statement of Comprehensive Income. Realised gains and losses on the disposal of properties are recognised in the Statement of Comprehensive Income in relation to their sale price, sale costs and the carrying value brought forward from the prior financial year. Fair value is based on the market valuations of the properties as provided by a firm of independent chartered surveyors at the reporting date. Market valuations are carried out on a quarterly basis. As disclosed in note 19, the Group leases out all owned properties on operating leases. A property held under an operating lease is classified and accounted for as an investment property where the Group holds it to earn rentals, capital appreciation, or both. Any such property leased under an operating lease is classified as an investment property and carried at fair value. Leases For any material leases for which the Group is a lessee, the leasehold interest is measured at fair value and included in investment properties with the corresponding liability being shown as a non-current liability. The fair value is calculated as the present value of the future lease payments. Financial instruments Derivative financial instruments This comprises the interest rate collar which is recognised at a fair value assessed by an independent third party. Non-derivative financial instruments Financial assets Non-derivative financial instruments comprise trade and other receivables and cash and cash equivalents. These are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest rate method less any impairment losses. Cash and cash equivalents Cash at bank, and short-term deposits that are held to maturity, are carried at cost. Cash and cash equivalents are defined as cash in hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash in hand and short- term deposits at banks with an initial term of no more than three months. Financial liabilities Non-derivative financial liabilities comprise loans and borrowings and trade and other payables. Loans and borrowings Borrowings are recognised initially at fair value of the consideration received, less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Statement of Comprehensive Income over the period of the borrowings on an effective interest basis. Trade and other payables Trade and other payables are stated at amortised cost. Share capital Ordinary shares, including treasury shares, are classified as equity. Dividends Dividends are recognised in the period in which they are paid. A final dividend will be paid following the period end. Rental income Rental income from investment properties is recognised on a straight-line basis over the term of ongoing leases and is shown gross of any UK income tax. Lease incentives are spread evenly over the lease term. Surrender premiums and dilapidations are recognised in line with individual lease agreements when cash inflows are certain. Impairment Financial assets Financial assets at amortised cost are subject to impairment. The Group\u2019s significant financial assets that are subject to IFRS 9\u2019s expected credit loss model are trade receivables from the leasing of investment properties. The credit risk associated with unpaid rent has increased in recent years due to macroeconomic factors and the Company has undertaken a detailed analysis over the recoverability of expected rents. Deferred income has been closely monitored and any rents deemed irrecoverable discussed by management. Non-financial assets The carrying amounts of the Group\u2019s non-financial assets, being the investment in joint ventures, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to that asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u2018cash- generating unit\u2019). An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the statement of comprehensive income. Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.
Finance costs
Finance costs comprise interest expenses on borrowings that
are recognised in the Statement of Comprehensive Income.
Attributable transaction costs incurred in establishing the
Group\u2019s credit facilities are deducted from the fair value
of borrowings on initial recognition and are amortised
over the lifetime of the facilities through the Statement of
Comprehensive Income. Finance costs are accounted for on an
effective interest basis.
Expenses
All expenses are accounted for on an accruals basis and
the Company does not capitalise overheads and operating
expenses. The costs recharged to occupiers of the
properties are presented net of the service charge income as
management consider that the property agent acts as principal
in this respect.
Taxation
SREIT elected to be treated as a UK real estate investment trust
(\u2018REIT\u2019). The UK REIT rules exempt the profits of SREIT and its
subsidiaries\u2019 (the \u2018Group\u2019) UK property rental business from
corporation tax. Gains on UK properties are also exempt from
tax, provided they are not held for trading or sold in the three
years after completion of development. The Group is otherwise
subject to corporation tax.
As a REIT, SREIT is required to pay Property Income
Distributions equal to at least 90% of the Group\u2019s exempted
net income. To retain UK REIT status there are a number of
conditions to be met in respect of the principal company of
the Group, the Group\u2019s qualifying activity and its balance of
business. The Group continues to meet these conditions.
Segmental reporting
The Directors are of the opinion that the Group is engaged in
a single segment of business, being property investment, and
in one geographical area, the United Kingdom. There is no
one tenant that represents more than 10% of group revenues.
SREIM acts as advisor to the Board, who then may make
management decisions following their recommendations. As
such the Board of Directors are considered to be the chief
operating decision maker. A set of consolidated IFRS financial
information is provided to the Board on a quarterly basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-190": { "value": "Schroder Real Estate Investment Trust Limited (the \u2018Company\u2019) is a closed-ended investment company registered in Guernsey. The consolidated financial statements of the Company for the year ended 31 March 2025 comprise the Company and its subsidiaries (together referred to as the \u2018Group\u2019). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-2": { "value": "Schroder Real Estate Investment Trust Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-183": { "value": "Limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-3": { "value": "investment company", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-4": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-184": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-253": { "value": "New standard and interpretations The Company is satisfied that there are no standards that are published, and not yet effective, that will have a material effect on the accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-229": { "value": "New standard and interpretations The Company is satisfied that there are no standards that are published, and not yet effective, that will have a material effect on the accounts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-191": { "value": "New standard and interpretations The Company is satisfied that there are no standards that are published, and not yet effective, that will have a material effect on the accounts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-192": { "value": "Statement of compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (\u2018IFRS\u2019) issued by the International Accounting Standards Board (the \u2018IASB\u2019), and interpretations issued by the International Financial Reporting Interpretations Committee. The financial statements give a true and fair view and are in compliance with The Companies (Guernsey) Law, 2008, applicable legal and regulatory requirements and the Listing Rules of the UK Listing Authority. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-193": { "value": "Basis of preparation The financial statements are presented in pound sterling, which is the Company\u2019s functional currency, rounded to the nearest thousand. They are prepared on the historical cost basis except that investment properties and derivative financial instruments are stated at their fair value. The accounting policies have been consistently applied to the results, assets, liabilities and cash flows of the entities included in the consolidated financial statements and are consistent with those of the previous year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-230": { "value": "The financial statements are presented in pound sterling, which is the Company\u2019s functional currency, rounded to the nearest thousand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-194": { "value": "Going concern The Directors have examined significant areas of possible financial risk including liquidity (with a view to both cash held and undrawn debt facilities); the rates of both rent and service charge collections from tenants; have considered potential falls in property valuations; have reviewed cash flow forecasts; have analysed forward-looking compliance with third-party debt covenants and in particular the Loan to Value covenant and interest cover ratios; and have considered the Group\u2019s ongoing tax compliance with the REIT regime. Overall, after utilising available cash, excluding the cash undrawn against the RBSI facility and uncharged properties and units in Joint Ventures, and based on the reporting period to 31 March 2025, property valuations would have to fall by 28% before the relevant Canada Life Loan to Value covenants were breached, and actual net rental income would need to fall by 64% before the interest cover covenants were breached. The Directors are of the opinion that neither of the aforementioned loan covenants are likely to be breached. Furthermore, the properties charged to RBSI could fall in value by 52%, prior to the 65% LTV covenant being breached, and based on projected net rents for the quarter to March 2025, a 22% fall in net income could be sustained prior to the RBS projected interest loan cover covenant of 200% being breached. These stress testing scenarios of 28%/52% declines in property valuations and 64%/22% declines in net income are deemed to be extremely unlikely. Should these scenarios occur, management have various actions avaliable which include, but are not limited to, adding additional assets or excess cash into the security pool and selling assets to reduce LTV. As at the financial year end, the undrawn capacity of the \u00a375.0 million RBSI facility was \u00a323.5 million. This facility is an efficient and flexible source of funding due to its ability to be repaid and redrawn as often as required and matures in June 2027. Regarding the Canada Life loan of \u00a3129.6 million, fifty per cent matures in 2032 and fifty per cent matures in 2039 respectively. The Board and Investment Manager also continue to closely monitor ongoing changing macroeconomic and geopolitical environments on the Group. The Board and Investment Manager have considered the impact of sustainability risk as a principal risk as set out on page 43. In line with IFRS, investment properties are valued at fair value based on open market valuations as described in Note 10. The assessment of the open market valuation includes consideration of environmental matters and the condition of each property. The investment properties continue to be monitored by the Investment Manager and key considerations include EPC ratings and their impact on the properties\u2019 forecast compliance with minimum energy efficiency standard regulation. Having assessed the impact of climate change on the Group, the Directors concluded that it is not expected to have a significant impact on the Group\u2019s going concern or viability assessment as described on page 46. The Directors have not identified any matters which would cast significant doubt on the Group\u2019s ability to continue as a going concern for the period to 30 June 2026 and have satisfied themselves that the Group has adequate resources to continue in operational existence for this period to 30 June 2026. After due consideration, the Board believes that it is appropriate to adopt the going concern basis in preparing the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-195": { "value": "Use of estimates and judgements The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and
Use of estimates and judgements
the reported amounts of assets and liabilities, income and
expenses. These estimates, and associated assumptions, are
based on historical experience and various other factors that
are believed to be reasonable under the circumstances, the
results of which form the basis of making judgements about
the carrying values of assets and liabilities that are not readily
apparent from other sources.
Actual results may differ from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period
in which the estimates are revised and in any future periods
affected.
Under its lease agreements with tenants, the Company
is required to provide or procure the provision of certain
services (such as cleaning, maintenance of common areas
and landscaping) for its investment property. The Company
engages a property manager who is responsible for
instructing, overseeing and invoicing these services to tenants
and the Company does not exercise control over these services
prior to them being provided to tenants. As such, the Company
considers itself to be an agent in these arrangements and
recognises the income and expense on a net basis within
property operating expenses.
Further estimates made in preparing these financial statements
relate to the carrying value of investment properties, including
those within joint ventures, which are stated at fair value. The
Group uses external professional valuers to determine the
relevant amounts. Judgements made by management in the
application of IFRS that have a significant effect on the financial
statements and estimates with a significant risk of material
adjustment in the next year are disclosed in note 18.
Another estimate is the amount of expected credit losses
as per IFRS 9 from rent demanded during the period which
has not yet been collected. On initial recognition the Group
calculates the expected credit loss for debtors based on the
lifetime expected credit losses under the IFRS 9 simplified
approach. Management considers aged debtors\u2019 analyses,
the strength of tenant covenants, macroeconomic factors
and any rental deposits held. Management has considered
rental debtors on a quarterly basis and made provisions and
write offs where it has been deemed that these amounts are
potentially irrecoverable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-196": { "value": "
Basis of consolidation
Subsidiaries
The consolidated financial statements comprise the financial
statements of the Company and all of its subsidiaries drawn
up to 31 March each year. Subsidiaries are those entities controlled by the Company. Control exists where the investor has the following; \u2015 power over the investee; \u2015 exposure, or rights, to variable returns from its involvement with the investee; and \u2015 the ability to use its power over the entity to affect the amount of the investor\u2019s returns. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Where properties are acquired by the Group through corporate acquisitions, but the acquisition does not meet the definition of a business combination, the acquisition has been treated as an asset acquisition. Joint ventures Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. The consolidated financial statements include the Group\u2019s share of profit or loss of jointly controlled entities on an equity accounted basis. When the Group\u2019s share of losses exceeds its interest in an entity, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or is making payments on behalf of an entity. Transactions eliminated on consolidation Intra-group balances, and any gains and losses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Gains arising from transactions with joint ventures are eliminated to the extent of the Group\u2019s interest in the entity. Losses are eliminated in the same way as gains but only to the extent that there is no evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-232": { "value": "Subsidiaries The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries drawn
up to 31 March each year. Subsidiaries are those entities
controlled by the Company. Control exists where the investor
has the following;
\u2015 power over the investee;
\u2015 exposure, or rights, to variable returns from its
involvement with the investee; and
\u2015 the ability to use its power over the entity to affect the
amount of the investor\u2019s returns.
The financial statements of subsidiaries are included in
the consolidated financial statements from the date that
control commences until the date that control ceases. Where
properties are acquired by the Group through corporate
acquisitions, but the acquisition does not meet the definition of
a business combination, the acquisition has been treated as an
asset acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-231": { "value": "
Joint ventures
Joint ventures are those entities over whose activities the
Group has joint control, established by contractual agreement.
The consolidated financial statements include the Group\u2019s
share of profit or loss of jointly controlled entities on an equity
accounted basis. When the Group\u2019s share of losses exceeds its
interest in an entity, the Group\u2019s carrying amount is reduced
to nil and recognition of further losses is discontinued except
to the extent that the Group has incurred legal or constructive
obligations or is making payments on behalf of an entity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-254": { "value": "Joint ventures Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. The consolidated financial statements include the Group\u2019s share of profit or loss of jointly controlled entities on an equity accounted basis. When the Group\u2019s share of losses exceeds its interest in an entity, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or is making payments on behalf of an entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-197": { "value": "
Investment property
Investment property is land and buildings held to earn rental
income together with the potential for capital growth.
Acquisitions and disposals are recognised on the unconditional
exchange of contracts. Acquisitions are initially recognised at
cost, being the fair value of the consideration given, including
transaction costs associated with the investment property.
After initial recognition, investment properties are measured
at fair value, with unrealised gains and losses recognised
in the Statement of Comprehensive Income. Realised gains
and losses on the disposal of properties are recognised in
the Statement of Comprehensive Income in relation to their
sale price, sale costs and the carrying value brought forward
from the prior financial year. Fair value is based on the
market valuations of the properties as provided by a firm of
independent chartered surveyors at the reporting date. Market
valuations are carried out on a quarterly basis.
As disclosed in note 19, the Group leases out all owned
properties on operating leases. A property held under
an operating lease is classified and accounted for as an
investment property where the Group holds it to earn rentals,
capital appreciation, or both. Any such property leased under
an operating lease is classified as an investment property and
carried at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-198": { "value": "
Leases
For any material leases for which the Group is a lessee, the
leasehold interest is measured at fair value and included in
investment properties with the corresponding liability being
shown as a non-current liability. The fair value is calculated as
the present value of the future lease payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-203": { "value": "Financial instruments Derivative financial instruments This comprises the interest rate collar which is recognised at a fair value assessed by an independent third party. Non-derivative financial instruments Financial assets Non-derivative financial instruments comprise trade and other receivables and cash and cash equivalents. These are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest rate method less any impairment losses. Cash and cash equivalents Cash at bank, and short-term deposits that are held to maturity, are carried at cost. Cash and cash equivalents are defined as cash in hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash in hand and short- term deposits at banks with an initial term of no more than three months. Financial liabilities Non-derivative financial liabilities comprise loans and borrowings and trade and other payables. Loans and borrowings Borrowings are recognised initially at fair value of the consideration received, less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Statement of Comprehensive Income over the period of the borrowings on an effective interest basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-233": { "value": "
Derivative financial instruments
This comprises the interest rate collar which is recognised at a
fair value assessed by an independent third party.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-255": { "value": "Derivative financial instruments This comprises the interest rate collar which is recognised at a fair value assessed by an independent third party. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-234": { "value": "
Non-derivative financial instruments
Financial assets
Non-derivative financial instruments comprise trade and
other receivables and cash and cash equivalents. These are
recognised initially at fair value plus any directly attributable
transaction costs. Subsequent to initial recognition they are
measured at amortised cost using the effective interest rate
method less any impairment losses.
Cash and cash equivalents
Cash at bank, and short-term deposits that are held to
maturity, are carried at cost. Cash and cash equivalents are
defined as cash in hand, demand deposits and short-term,
highly liquid investments readily convertible to known amounts
of cash and subject to insignificant risk of changes in value. For
the purposes of the Consolidated Statement of Cash Flows,
cash and cash equivalents consist of cash in hand and short-
term deposits at banks with an initial term of no more than
three months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-256": { "value": "Cash and cash equivalents Cash at bank, and short-term deposits that are held to maturity, are carried at cost. Cash and cash equivalents are defined as cash in hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash in hand and short- term deposits at banks with an initial term of no more than three months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-237": { "value": "Financial liabilities Non-derivative financial liabilities comprise loans and borrowings and trade and other payables. Loans and borrowings Borrowings are recognised initially at fair value of the consideration received, less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Statement of Comprehensive Income over the period of the borrowings on an effective interest basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-257": { "value": "
Loans and borrowings
Borrowings are recognised initially at fair value of the
consideration received, less attributable transaction costs.
Subsequent to initial recognition, interest-bearing borrowings
are stated at amortised cost with any difference between cost
and redemption value being recognised in the Statement of
Comprehensive Income over the period of the borrowings on
an effective interest basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-199": { "value": "
Trade and other payables
Trade and other payables are stated at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-200": { "value": "
Share capital
Ordinary shares, including treasury shares, are classified as
equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-201": { "value": "
Dividends
Dividends are recognised in the period in which they are paid.
A final dividend will be paid following the period end.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-202": { "value": "
Rental income
Rental income from investment properties is recognised on
a straight-line basis over the term of ongoing leases and is
shown gross of any UK income tax. Lease incentives are spread
evenly over the lease term.
Surrender premiums and dilapidations are recognised in line
with individual lease agreements when cash inflows are certain.
", "dimensions": { "concept": "schroderreitlimited:DescriptionOfAccountingPolicyForRentalIncome", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-204": { "value": "Impairment Financial assets Financial assets at amortised cost are subject to impairment. The Group\u2019s significant financial assets that are subject to IFRS 9\u2019s expected credit loss model are trade receivables from the leasing of investment properties. The credit risk associated with unpaid rent has increased in recent years due to macroeconomic factors and the Company has undertaken a detailed analysis over the recoverability of expected rents. Deferred income has been closely monitored and any rents deemed irrecoverable discussed by management. Non-financial assets The carrying amounts of the Group\u2019s non-financial assets, being the investment in joint ventures, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to that asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u2018cash- generating unit\u2019). An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-235": { "value": "
Financial assets
Financial assets at amortised cost are subject to impairment.
The Group\u2019s significant financial assets that are subject to
IFRS 9\u2019s expected credit loss model are trade receivables
from the leasing of investment properties. The credit risk
associated with unpaid rent has increased in recent years due
to macroeconomic factors and the Company has undertaken
a detailed analysis over the recoverability of expected rents.
Deferred income has been closely monitored and any rents
deemed irrecoverable discussed by management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-236": { "value": "
Non-financial assets
The carrying amounts of the Group\u2019s non-financial assets,
being the investment in joint ventures, are reviewed at each
reporting date to determine whether there is any indication
of impairment. If any such indication exists, then the asset\u2019s
recoverable amount is estimated.
The recoverable amount of an asset or cash-generating unit is
the greater of its value in use and its fair value less costs to sell.
In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of
money and the risks specific to that asset.
For the purpose of impairment testing, assets are grouped
together into the smallest group of assets that generates cash
inflows from continuing use that are largely independent of
the cash inflows of other assets or groups of assets (the \u2018cash-
generating unit\u2019).
An impairment loss is recognised if the carrying amount of
an asset or its cash-generating unit exceeds its estimated
recoverable amount. Impairment losses are recognised in the
statement of comprehensive income.
Provisions
A provision is recognised in the Consolidated Statement of
Financial Position when the Group has a legal or constructive
obligation as a result of a past event and it is probable that
an outflow of economic benefits will be required to settle the
obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-205": { "value": "Provisions A provision is recognised in the Consolidated Statement of Financial Position when the Group has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-258": { "value": "Finance costs Finance costs comprise interest expenses on borrowings that are recognised in the Statement of Comprehensive Income. Attributable transaction costs incurred in establishing the Group\u2019s credit facilities are deducted from the fair value of borrowings on initial recognition and are amortised over the lifetime of the facilities through the Statement of Comprehensive Income. Finance costs are accounted for on an effective interest basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-238": { "value": "Finance costs Finance costs comprise interest expenses on borrowings that are recognised in the Statement of Comprehensive Income. Attributable transaction costs incurred in establishing the Group\u2019s credit facilities are deducted from the fair value of borrowings on initial recognition and are amortised over the lifetime of the facilities through the Statement of Comprehensive Income. Finance costs are accounted for on an effective interest basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-206": { "value": "Finance costs Finance costs comprise interest expenses on borrowings that are recognised in the Statement of Comprehensive Income. Attributable transaction costs incurred in establishing the Group\u2019s credit facilities are deducted from the fair value of borrowings on initial recognition and are amortised over the lifetime of the facilities through the Statement of Comprehensive Income. Finance costs are accounted for on an effective interest basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-207": { "value": "Expenses All expenses are accounted for on an accruals basis and the Company does not capitalise overheads and operating expenses. The costs recharged to occupiers of the properties are presented net of the service charge income as management consider that the property agent acts as principal in this respect. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-208": { "value": "Taxation SREIT elected to be treated as a UK real estate investment trust (\u2018REIT\u2019). The UK REIT rules exempt the profits of SREIT and its subsidiaries\u2019 (the \u2018Group\u2019) UK property rental business from corporation tax. Gains on UK properties are also exempt from tax, provided they are not held for trading or sold in the three years after completion of development. The Group is otherwise subject to corporation tax. As a REIT, SREIT is required to pay Property Income Distributions equal to at least 90% of the Group\u2019s exempted net income. To retain UK REIT status there are a number of conditions to be met in respect of the principal company of the Group, the Group\u2019s qualifying activity and its balance of business. The Group continues to meet these conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-209": { "value": "Segmental reporting The Directors are of the opinion that the Group is engaged in a single segment of business, being property investment, and in one geographical area, the United Kingdom. There is no one tenant that represents more than 10% of group revenues. SREIM acts as advisor to the Board, who then may make management decisions following their recommendations. As such the Board of Directors are considered to be the chief operating decision maker. A set of consolidated IFRS financial information is provided to the Board on a quarterly basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-210": { "value": "
2 Material agreements
SREIM is the Investment Manager to the Company. The
Investment Manager is entitled to a fee, together with
reasonable expenses incurred in the performance of its duties.
The current fee is payable monthly in arrears at one twelfth of
the aggregate of 0.9% of the NAV of the Company (where NAV
is less than \u00a3500 million).
The Investment Management Agreement can be terminated
by either party on not less than twelve months written notice
or on immediate notice in the event of certain breaches of its
terms or the insolvency of either party.
The tiered fee structure is as follows:
Tiered fee structure
Management fee
percentage per annum
NAV of NAV
<\u00a3500 million
0.9%
\u00a3500 million - \u00a31 billion
0.8%
\u00a31 billion+
0.7%
The fee covers all of the appointed services of the Investment
Manager and there are standard provisions for the
reimbursement of expenses. Additional fees can be agreed for
out-of-scope services on an ad hoc basis.
With effect from the financial year ending 31 March 2025, the
Company shall pay to the Investment Manager an additional
management fee equal to 0.05 per cent of Net Asset Value per
annum if:
a the Manager has delivered the sustainability-related key
performance indicators contained within the Investment
Policy, as may be amended from time to time, to the
satisfaction of the Board (acting reasonably); and
b the 12-month income return from the underlying Property
Portfolio, to be calculated by MSCI, is ahead of the MSCI
Benchmark.
In respect of the above additional management fee, a total of
\u00a3151,000 has been accrued for the year to 31 March 2025.
The total charge to the Consolidated Statement of
Comprehensive Income during the year was \u00a32,458,000
(2024: \u00a32,350,000). At the year end \u00a3149,000 (2024: \u00a3500,000)
was outstanding.
Langham Hall (Guernsey) Limited and Langham Hall
UK Depositary LLP provide Administration, Designated
Manager and Depositary services to the Group respectively.
Administration fees during the year were \u00a3122,000 (2024:
\u00a3116,000).
Schroder Investment Management Limited provides company
secretarial services to the Company with an annual fee equal to
\u00a350,000 (net of VAT). Company secretarial fees for the period
1 April 2024 to 31 March 2025 were \u00a350,000 (2024: \u00a350,000)
net of VAT.
", "dimensions": { "concept": "schroderreitlimited:DisclosureOfMaterialAgreements", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-211": { "value": "
3 Other income
31/03/2025 31/03/2024
Notes: \u00a3000 \u00a3000
Dilapidations, surrender premiums and all other miscellaneous income
484
1,504
484
1,504
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-239": { "value": "3 Other income
31/03/2025 31/03/2024
Notes: \u00a3000 \u00a3000
Dilapidations, surrender premiums and all other miscellaneous income
484
1,504
484
1,504
4 Property operating expenses
31/03/2025 31/03/2024
Notes: \u00a3000 \u00a3000
Agents\u2019 fees
329
147
Repairs and maintenance
78
67
Advertising
68
38
Rates
648
290
Service charge, insurance and utilities on vacant units
1,434
1,492
Ground rent
68
113
Bad debt write offs, provisions and write backs
32
7
2,657
2,154
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-212": { "value": "4 Property operating expenses
31/03/2025 31/03/2024
Notes: \u00a3000 \u00a3000
Agents\u2019 fees
329
147
Repairs and maintenance
78
67
Advertising
68
38
Rates
648
290
Service charge, insurance and utilities on vacant units
1,434
1,492
Ground rent
68
113
Bad debt write offs, provisions and write backs
32
7
2,657
2,154
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-213": { "value": "
5 Auditor\u2019s remuneration
Fees payable to the Ernst and Young LLP for the audit of the Group and subsidiary annual accounts: \u00a3209,000 (2024: \u00a3197,000).
Fees payable to the Ernst and Young LLP for a non-audit service: \u00a320,000 (2024: Nil).
6 Other expenses
31/03/2025 31/03/2024
Notes: \u00a3000 \u00a3000
Professional fees
159
204
Other expenses
70
72
229
276
Directors\u2019 fees
Directors are the only officers of the Company and there are no other key personnel. The Directors\u2019 annual remuneration for
services to the Group was \u00a3186,000 (2024: \u00a3183,750), as set out in the Directors\u2019 Remuneration Report on pages 59 and 60.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-240": { "value": "5 Auditor\u2019s remuneration Fees payable to the Ernst and Young LLP for the audit of the Group and subsidiary annual accounts: \u00a3209,000 (2024: \u00a3197,000). Fees payable to the Ernst and Young LLP for a non-audit service: \u00a320,000 (2024: Nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-241": { "value": "Directors\u2019 fees Directors are the only officers of the Company and there are no other key personnel. The Directors\u2019 annual remuneration for services to the Group was \u00a3186,000 (2024: \u00a3183,750), as set out in the Directors\u2019 Remuneration Report on pages 59 and 60.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-214": { "value": "
7 Taxation
31/03/2025 31/03/2024
Notes: \u00a3000 \u00a3000
Tax expense in the year
\u2013
\u2013
Reconciliation of effective tax rate
Profit before tax
31,058
3,017
Effect of:
Tax using the UK corporation tax rate of 25% (2024:\ue00325%)
7,764
754
Revaluation (gain)/loss on investment property non-(taxable)/deductible
(4,058)
2,011
Revaluation loss on financial instrument non-deductible
38
137
Share of capital loss of associates and joint ventures non-deductible
622
1,265
Profit on the disposal of investment property non-taxable
(117)
(50)
Profit on disposal of financial instrument non-taxable
-
(47)
UK REIT exemption
(4,249 )
(4,070)
Current tax expense in the year
\u2013
\u2013
SREIT elected to be treated as a UK real estate investment trust
(\u2018REIT\u2019). The UK REIT rules exempt the profits of SREIT and its
subsidiaries\u2019 (the \u2018Group\u2019) UK property rental business from
corporation tax. Gains on UK properties are also exempt from
tax, provided they are not held for trading or sold in the three
years after completion of development. The Group is otherwise
subject to corporation tax.
As a REIT, SREIT is required to pay Property Income
Distributions equal to at least 90% of the Group\u2019s exempted
net income. To retain UK REIT status there are a number of
conditions to be met in respect of the principal company of
the Group, the Group\u2019s qualifying activity and its balance of
business. The Group continues to meet these conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-215": { "value": "
8 Basic and diluted earnings per share
The basic and diluted earnings per share for the Group are
based on the profit for the year of \u00a331,058,000 (2024: profit
of \u00a33,017,000) and the weighted average number of ordinary
shares in issue during the year of 489,110,576 shares
(2024: 489,110,576).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-216": { "value": "
9 Dividends paid
Rate 31/03/2025
In respect of:
Ordinary shares
(pence) \u00a3000
Q/e 31 March 2024 (dividend\ue003paid\ue00328\ue003June\ue0032024)
489.11 million
0.853
4,172
Q/e 30 June 2024 (dividend\ue003paid\ue00325\ue003August\ue0032024)
489.11 million
0.853
4,172
Q/e 30 Sept 2024 (dividend\ue003paid\ue00320\ue003December\ue0032024)
489.11 million
0.879
4,299
Q/e 31 Dec 2024 (dividend\ue003paid\ue00328\ue003March\ue0032025)
489.11 million
0.897
4,388
3.482
17,031
Rate 31/03/2024
In respect of:
Ordinary shares
(pence) \u00a3000
Q/e 31 March 2023 (dividend\ue003paid\ue00330\ue003June\ue0032023)
489.11 million
0.836
4,089
Q/e 30 June 2023 (dividend\ue003paid\ue00325\ue003August\ue0032023)
489.11 million
0.836
4,089
Q/e 30 Sept 2023 (dividend\ue003paid\ue00322\ue003December\ue0032023)
489.11 million
0.836
4,089
Q/e 31 Dec 2023 (dividend\ue003paid\ue00328\ue003March\ue0032024)
489.11 million
0.836
4,089
3.344
16,356
A dividend for the quarter ended 31 March 2025 of 0.897 pence per share was approved and will be paid on the 30 June 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-242": { "value": "0.03482", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-217": { "value": "
10 Investment property
Leasehold Freehold Total
\u00a3000 \u00a3000 \u00a3000
Carrying value as at 31 March 2023
35,413
352,617
388,030
Additions
720
7,570
8,290
Disposal of assets held at fair value
\u2013
(3,763)
(3,763)
Gain on the sale of assets
\u2013
199
199
Fair value leasehold movement
(106)
\u2013
(106)
Net unrealised valuation loss on investment property
(2,949)
(5,095)
(8,044)
Carrying value as at 31 March 2024
33,078
351,528
384,606
Additions
136
5,953
6,089
Reclassification of property from leasehold to freehold
1
(8,792)
8,792
\u2013
Reclassification to held for sale
\u2013
(1,100)
(1,100)
Disposal of assets held at fair value
\u2013
(1,444)
(1,444)
Gain on the sale of assets
-
469
469
Fair value leasehold movement
(54)
\u2013
(54)
Net unrealised valuation gain on investment property
1,600
14,632
16,232
Carrying value as at 31 March 2025
25,968
378,830
404,798
The balance above includes
Leasehold Freehold Total
\u00a3000 \u00a3000 \u00a3000
Investment property
31,516
351,528
383,044
Fair value leasehold adjustment
1,562
\u2013
1,562
Carrying value as at 31 March 2024
33,078
351,528
384,606
Investment property
24,460
379,930
404,390
Reclassification to held for sale
-
(1,100)
(1,100)
Fair value leasehold adjustment
1,508
\u2013
1,508
Carrying value as at 31 March 2025
25,968
378,830
404,798
1 A reclassification was made in the year to correct for properties previously disclosed as leasehold in error. The prior year comparative figures have not been restated as
the reclassification was not deemed qualitatively material.
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Fair value as estimated by the external valuer
413,310
391,475
Less: properties reclassified as held for sale
(1,100)
\u2013
Add: lease liabilities recognised separately
1,508
1,562
Less: lease incentive balance included in trade and other receivables
(8,920)
(8,431)
Carrying value for financial reporting purposes
404,798
384,606
The fair value of investment property has been determined
by CBRE, a firm of independent chartered surveyors, who are
registered independent appraisers (note 18). The valuation has
been undertaken in accordance with the current RICS Valuation
\u2013 Global Standards, which incorporates the International
Valuation Standards, issued by the Royal Institution of
Chartered Surveyors (the \u2018Red Book\u2019).
The properties have been valued on the basis of \u201cFair Value\u201d in
accordance with the RICS Valuation \u2013 Professional Standards
VPS4(7.1) Fair Value and VPGA1 Valuations for Inclusion in
Financial Statements which adopt the definition of Fair Value
used by the International Accounting Standards Board.
The valuation has been undertaken using appropriate valuation
methodology and the Valuer\u2019s professional judgement. The
Valuer\u2019s opinion of Fair Value was primarily derived using
recent comparable market transactions on arm\u2019s length terms,
where available, and appropriate valuation techniques (The
Investment Method).
The properties have been valued individually and not as part of
a portfolio.
The investment property at Truro has been transferred to
investment properties held for sale and is held within current
assets at the carrying value of \u00a31.1 million. The sale completed
on 12 May 2025 at an agreed sale price of \u00a31.2 million.
As highlighted within the Group\u2019s investment strategy
on page 10, developments and refurbishments form a
key element of the Group\u2019s commitment to sustainability.
During the year the Group has spent \u00a36.1 million on capital
expenditure. This sum included both capital works which, in
some cases, enhanced the environmental performance of the
assets amongst other key strategies.
The primary focus has been on optimising earnings across the
existing portfolio through an extensive asset management and
targeted capital expenditure programme, targeting growth
areas and sustainability improvements.
All investment properties are categorised as Level 3 fair values
as they use significant unobservable inputs. There have not
been any transfers between Levels during the year. Investment
properties have been classed according to their real estate
sector. Information on these significant unobservable inputs
per class of investment property is disclosed below:
Quantitative information about fair value measurement using unobservable inputs (Level 3) as at 31 March 2025
Retail
(incl. retail
31 March 2025
Industrial
1
warehouse)
Office
Other
Total
Fair value (\u00a3\u2019000)
243,310
92,625
58,900
18,475
413,310
Area (\u2018000\ue003sq\ue003ft)
2,372
421
343
198
3,334
Net passing rent psf per annum
Range
\u00a32.36 \u2013 \u00a319.46
\u00a34.27 \u2013 \u00a386.11
\u00a38.47 \u2013 \u00a332.93
\u00a31.05 \u2013 \u00a321.66
\u00a31.05 \u2013 \u00a386.11
Weighted average
\u00a35.71
\u00a313.40
\u00a317.29
\u00a37.91
\u00a37.81
Gross ERV psf per annum
Range
\u00a32.50 \u2013 \u00a319.50
\u00a34.00 \u2013 \u00a386.11
\u00a38.47 \u2013 \u00a334.00
\u00a32.00 \u2013 \u00a321.50
\u00a32.00 \u2013 \u00a386.11
Weighted average
\u00a37.68
\u00a317.60
\u00a322.52
\u00a38.48
\u00a311.43
Net initial yield
1
Range
1.91% \u2013 8.60%
0.00% \u2013 12.08%
0.00% \u2013 15.25%
6.55% \u2013 9.69%
0.00% \u2013 15.25%
Weighted average
5.26%
5.49%
7.95%
7.75%
5.77%
Equivalent yield
Range
5.77% \u2013 9.39%
5.56% \u2013 12.23%
8.16% \u2013 12.05%
6.81% \u2013 10.13%
5.56% \u2013 12.23%
Weighted average
6.61%
6.99%
10.04%
8.38%
7.33%
1 Yields based on rents receivable after deduction of head rents but gross of non-recoverables.
Quantitative information about fair value measurement using unobservable inputs (Level 3) as at 31 March 2024
Retail
(incl. retail
31 March 2024
Industrial
1
warehouse)
Office
Other
Total
Fair value (\u00a3\u2019000)
229,750
83,775
59,225
18,725
391,475
Area (\u2018000\ue003sq\ue003ft)
2,400
446
358
198
3,402
Net passing rent per square foot per annum
Range
\u00a32.36 \u2013 \u00a319.46
\u00a32.99 \u2013 \u00a376.75
\u00a36.99 \u2013 \u00a332.93
\u00a31.05 \u2013 \u00a326.70
\u00a31.05 \u2013 \u00a376.75
Weighted average
\u00a35.22
\u00a313.86
\u00a315.37
\u00a37.95
\u00a37.58
Gross ERV per square foot per annum
Range
\u00a32.50 \u2013 \u00a319.25
\u00a34.00 \u2013 \u00a380.50
\u00a38.47 \u2013 \u00a334.00
\u00a32.00 \u2013 \u00a325.00
\u00a32.00 \u2013 \u00a380.50
Weighted average
\u00a37.25
\u00a315.66
\u00a320.58
\u00a38.51
\u00a39.83
Net initial yield
1
Range
0.00% \u2013 8.18%
0.00% \u2013 11.87%
0.00% \u2013 13.19%
6.55% \u2013 9.45%
0.00% \u2013 13.19%
Weighted average
4.99%
6.73%
7.71%
7.68%
5.93%
Equivalent\ue003yield
Range
5.98% \u2013 9.35%
6.43% \u2013 12.24%
8.03% \u2013 14.00%
6.80% \u2013 9.94%
5.95% \u2013 14.00%
Weighted average
6.93%
7.73%
10.19%
8.78%
7.75%
1 Yields based on rents receivable after deduction of head rents but gross of non-recoverables.
Sensitivity of measurement to variations in the significant unobservable inputs
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy of the
Group\u2019s property portfolio, together with the impact of significant movements in these inputs on the fair value measurement, are
shown below:
Impact on fair value measurement of Impact on fair value measurement of
Unobservable input significant increase in input significant decrease in input
Passing rent
Increase
Decrease
Gross ERV
Increase
Decrease
Net initial yield
Decrease
Increase
Equivalent yield
Decrease
Increase
There are interrelationships between the yields and rental values as they are partially determined by market rate conditions.
The sensitivity of the valuation to changes in the most significant inputs per class of investment property are shown below:
Estimated movement in fair value of investment properties at 31 March 2025
Industrial Retail Office Other All sectors
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Increase in ERV by 5%
10,476
3,421
2,659
403
16,959
Decrease in ERV by 5%
(10,432 )
(3,291)
(2,661)
(403)
(16,787)
Increase in net initial yield by 0.25%
(9,503)
(3,490)
(1,665)
(548)
(15,206)
Decrease in net initial yield by 0.25%
10,278
3,772
1,957
585
16,592
Estimated movement in fair value of investment properties at 31 March 2024
Industrial Retail Office Other All sectors
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Increase in ERV by 5%
10,122
2,788
2,726
183
15,819
Decrease in ERV by 5%
(10,101)
(2,603)
(2,720)
(189)
(15,613)
Increase in net initial yield by 0.25%
(8,886)
(2,950)
(1,828)
(604)
(14,268)
Decrease in net initial yield by 0.25%
9,773
3,209
2,367
645
15,994
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-218": { "value": "
11 Investment in joint ventures
\u00a3000
Closing balance as at 31 March 2023
72,187
Purchase of further units in City Tower Unit Trust
187
Purchase of further units in Store Unit Trust
50
Share of operating profit of joint venture
3,057
Distributions received from joint venture
(3,057)
Valuation loss on joint venture
(5,058)
Closing balance as at 31 March 2024
67,366
Purchase of further units in City Tower Unit Trust
388
Purchase of further units in Store Unit Trust
457
Share of operating profit of joint venture
3,579
Distributions received from joint venture
(3,579)
Valuation loss on joint venture
(2,489)
Closing balance as at 31 March 2025
65,722
Summarised joint venture financial information not adjusted for the Group\u2019s share for the year ended 31 March 2025
Store Street Unit
City Tower Unit Trust Trust Total
31/03/2025 31/03/2025 31/03/2025
\u00a3000 \u00a3000 \u00a3000
Non-current assets - Investment property
113,100
76,750
189,850
Current assets
660
1,065
1,725
Total liabilities
1
(2,775)
(1,864)
(4,639)
Revenues for the year
10,425
4,233
14,658
Total profit (excluding\ue003valuation\ue003movement)\ue003
6,788
3,762
10,550
Net asset value attributable to the Group
27,746
37,976
65,722
Share of profit (excluding valuation movement)\ue003in\ue003ioint\ue003ventures
1,697
1,882
3,579
Summarised joint venture financial information not adjusted for the Group\u2019s share for the year ended 31 March 2024
Store Street Unit
City Tower Unit Trust Trust Total
31/03/2024 31/03/2024 31/03/2024
\u00a3000 \u00a3000 \u00a3000
Non-current assets - Investment property
117,600
76,750 194,350
Current assets
1,069
404
1,473
Total liabilities
1
(2,524)
(494)
(3,018)
Revenues for the year
10,182
3,870
14,052
Total profit (excluding\ue003valuation\ue003movement)\ue003
5,814
3,206
9,020
Net asset value attributable to the Group
29,036
38,330
67,366
Share of profit (excluding valuation movement)\ue003in\ue003ioint\ue003ventures
1,454
1,603
3,057
1 Liabilities are non-recourse to the Group.
The Company owns 25% of City Tower Unit Trust and 50% of Store Unit Trust. The remaining units in the City Tower and Store Unit
Trusts are owned by other Schroders\u2019 funds.
The fair value of investment property owned by the two Joint Ventures has been determined by CBRE, who are registered
independent appraisers. The two valuations were undertaken on the same basis as that described under Note 10: Investment
Property.
21 List of subsidiary and joint venture undertakings
The companies listed below are those which were part of the Group as at 31 March 2025:
Country of Principal Ultimate
Undertaking
Category
incorporation Activities ownership
SREIT No.2 Limited
Subsidiary
Guernsey
Property ownership with external finance
100%
SREIT Holding (No.2)\ue003Limited
Subsidiary
Guernsey
Holding Company
100%
SREIT Holding Company Limited
Subsidiary
Guernsey
Holding Company with external finance
100%
SREIT Property Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (Portergate)\ue003Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (Uxbridge)\ue003Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (City\ue003Tower)\ue003Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Store)\ue003Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Bedford)\ue003Limited
Subsidiary
Guernsey
Property ownership
100%
City Tower Unit Trust
Joint Venture
Jersey
Property ownership
25%
Store Unit Trust
Joint Venture
Jersey
Property ownership
50%
The registered addresses for all wholly-owned entities are
the same as that of the parent company and can be found on
page 141.
The registered address for both Joint Venture entities is 47
Esplanade, St Helier, Jersey, JE1 0BD, Channel Islands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-243": { "value": "11 Investment in joint ventures
\u00a3000
Closing balance as at 31 March 2023
72,187
Purchase of further units in City Tower Unit Trust
187
Purchase of further units in Store Unit Trust
50
Share of operating profit of joint venture
3,057
Distributions received from joint venture
(3,057)
Valuation loss on joint venture
(5,058)
Closing balance as at 31 March 2024
67,366
Purchase of further units in City Tower Unit Trust
388
Purchase of further units in Store Unit Trust
457
Share of operating profit of joint venture
3,579
Distributions received from joint venture
(3,579)
Valuation loss on joint venture
(2,489)
Closing balance as at 31 March 2025
65,722
Summarised joint venture financial information not adjusted for the Group\u2019s share for the year ended 31 March 2025
Store Street Unit
City Tower Unit Trust Trust Total
31/03/2025 31/03/2025 31/03/2025
\u00a3000 \u00a3000 \u00a3000
Non-current assets - Investment property
113,100
76,750
189,850
Current assets
660
1,065
1,725
Total liabilities
1
(2,775)
(1,864)
(4,639)
Revenues for the year
10,425
4,233
14,658
Total profit (excluding\ue003valuation\ue003movement)\ue003
6,788
3,762
10,550
Net asset value attributable to the Group
27,746
37,976
65,722
Share of profit (excluding valuation movement)\ue003in\ue003ioint\ue003ventures
1,697
1,882
3,579
Summarised joint venture financial information not adjusted for the Group\u2019s share for the year ended 31 March 2024
Store Street Unit
City Tower Unit Trust Trust Total
31/03/2024 31/03/2024 31/03/2024
\u00a3000 \u00a3000 \u00a3000
Non-current assets - Investment property
117,600
76,750 194,350
Current assets
1,069
404
1,473
Total liabilities
1
(2,524)
(494)
(3,018)
Revenues for the year
10,182
3,870
14,052
Total profit (excluding\ue003valuation\ue003movement)\ue003
5,814
3,206
9,020
Net asset value attributable to the Group
29,036
38,330
67,366
Share of profit (excluding valuation movement)\ue003in\ue003ioint\ue003ventures
1,454
1,603
3,057
1 Liabilities are non-recourse to the Group. The Company owns 25% of City Tower Unit Trust and 50% of Store Unit Trust. The remaining units in the City Tower and Store Unit Trusts are owned by other Schroders\u2019 funds. The fair value of investment property owned by the two Joint Ventures has been determined by CBRE, who are registered independent appraisers. The two valuations were undertaken on the same basis as that described under Note 10: Investment Property. 21 List of subsidiary and joint venture undertakings The companies listed below are those which were part of the Group as at 31 March 2025:
Country of Principal Ultimate
Undertaking
Category
incorporation Activities ownership
SREIT No.2 Limited
Subsidiary
Guernsey
Property ownership with external finance
100%
SREIT Holding (No.2)\ue003Limited
Subsidiary
Guernsey
Holding Company
100%
SREIT Holding Company Limited
Subsidiary
Guernsey
Holding Company with external finance
100%
SREIT Property Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (Portergate)\ue003Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (Uxbridge)\ue003Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (City\ue003Tower)\ue003Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Store)\ue003Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Bedford)\ue003Limited
Subsidiary
Guernsey
Property ownership
100%
City Tower Unit Trust
Joint Venture
Jersey
Property ownership
25%
Store Unit Trust
Joint Venture
Jersey
Property ownership
50%
The registered addresses for all wholly-owned entities are the same as that of the parent company and can be found on page 141. The registered address for both Joint Venture entities is 47 Esplanade, St Helier, Jersey, JE1 0BD, Channel Islands.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-219": { "value": "
12 Trade and other receivables
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Rent receivable
4,727
3,172
Sundry debtors and prepayments
7,816
8,234
Lease incentives
8,920
8,431
21,463
19,837
As at 31 March 2025, total bad debt provisions of \u00a30.3 million (2024: \u00a30.4 million) had been recognised against rent receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-259": { "value": "12 Trade and other receivables
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Rent receivable
4,727
3,172
Sundry debtors and prepayments
7,816
8,234
Lease incentives
8,920
8,431
21,463
19,837
As at 31 March 2025, total bad debt provisions of \u00a30.3 million (2024: \u00a30.4 million) had been recognised against rent receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-244": { "value": "12 Trade and other receivables
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Rent receivable
4,727
3,172
Sundry debtors and prepayments
7,816
8,234
Lease incentives
8,920
8,431
21,463
19,837
As at 31 March 2025, total bad debt provisions of \u00a30.3 million (2024: \u00a30.4 million) had been recognised against rent receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-220": { "value": "
13 Cash and cash equivalents
As at 31 March 2025 the Group held \u00a33.7 million (2024: \u00a36.0 million) in cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-221": { "value": "
14 Issued capital and reserves
Share capital
The share capital of the Company is represented by an
unlimited number of ordinary shares of no par value.
As at the date of this Report, the Company has
565,664,749 ordinary shares in issue (2024: 565,664,749)
of which 76,554,173 Ordinary shares are held in treasury
(2024: 76,554,173). The total number of voting rights of the
Company was 489,110,576 (2024: 489,110,576) as at the
financial year end.
Treasury share reserve
76,554,173 (2024: 76,554,173) ordinary shares, which represent
13.5% (2024: 13.5%) of the Company\u2019s total issued share
capital, were held in treasury as at the financial year end.
Revenue reserve
This reserve represents an accumulated amount of the Group\u2019s
prior earnings net of dividends.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-245": { "value": "Share capital The share capital of the Company is represented by an unlimited number of ordinary shares of no par value. As at the date of this Report, the Company has 565,664,749 ordinary shares in issue (2024: 565,664,749) of which 76,554,173 Ordinary shares are held in treasury (2024: 76,554,173). The total number of voting rights of the Company was 489,110,576 (2024: 489,110,576) as at the financial year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-260": { "value": "Treasury share reserve 76,554,173 (2024: 76,554,173) ordinary shares, which represent 13.5% (2024: 13.5%) of the Company\u2019s total issued share capital, were held in treasury as at the financial year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-246": { "value": "Treasury share reserve 76,554,173 (2024: 76,554,173) ordinary shares, which represent 13.5% (2024: 13.5%) of the Company\u2019s total issued share capital, were held in treasury as at the financial year end. Revenue reserve This reserve represents an accumulated amount of the Group\u2019s prior earnings net of dividends.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-222": { "value": "
15 Interest-bearing loans and borrowings
This note provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings. For more
information about the Group\u2019s exposure to interest rate risk, see note 18.
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Non-current liabilities
Loan facilities
181,085
176,585
Unamortised arrangement fees
( 4 7 4 )
(719)
180,611
175,866
The Group has in place a \u00a3129.6 million loan facility with
Canada Life. This has been in place since 16 April 2013 and has
been refinanced several times, most recently in October 2019.
The loan is split into two equal tranches of \u00a364.8 million as
follows:
\u2015 Facility A matures in October 2032 and attracts an interest
rate of 2.36%; and
\u2015 Facility B matures in October 2039 and attracts an interest
rate of 2.62%.
As at the April 2025 Interest Payment Date, the Canada
Life interest cover ratio was 510% (2024: 497%) against a
covenant of 185%; the forecast interest cover ratio was 484%
(2024: 482%) against a covenant of 185%; and the Loan to
Value ratio was 47.0% (2024: 49.4%) against a covenant of 65%.
The Canada Life facility has a first charge of security over all
the property assets in the ring-fenced security pool which at
31 March 2025 contained properties valued at \u00a3275.54 million
(2024: \u00a3262.24 million). Various restraints apply during the
term of the loan although the facility has been designed to
provide significant operational flexibility.
The Group also has a revolving credit facility with RBSI most
recently refinanced in June 2022, with a five-year term which
runs to June 2027, and the maximum amount able to be
drawn is \u00a375.0m. The facility carries an interest rate of a
1.65% margin, plus three-month SONIA rate, with a 0.64%
non-utilisation fee. As at 31 March 2025, a sum of \u00a351.5m was
drawn down (31 March 2024: \u00a347.0m).
In June 2023 the Group also completed on the acquisition of an
interest rate collar from RBSI, which has a floor of 3.25% and
a cap of 4.25%; which will expire on 6 June 2027; and which is
attributable to \u00a330.5 million of the loan drawn sum of the RBSI
revolving credit facility. Further details are disclosed in note 20.
As at the April 2025 Interest Payment Date, the RBSI projected
interest cover ratio was 255% (2024: 231%) against a covenant
of 200% and the Loan to Value ratio was 31.2% (2024: 29.8%)
against a covenant of 65%.
The RBSI facility has a first charge security over certain property
assets which at 31 March 2025 contained properties valued at
\u00a3165.0 million (2024: \u00a3157.6 million).
A reconciliation of financing movements for the year is presented below split into cash and non-cash items:
31/03/2025
\u00a3000
Loan balance brought forward
175,866
Drawdown on RBSI RCF (cash)
4,500
Repayment of RBSI RCF (cash)
\u2013
Non-cash amortisation of arrangement fees
245
Loan balance carried forward
180,611
31/03/2024
\u00a3000
Loan balance brought forward
176,933
Drawdown on RBSI RCF (cash)
1,000
Repayment of RBSI RCF (cash)
(2,300)
Non-cash amortisation of arrangement fees
233
Loan balance carried forward
175,866
18 Financial instruments, properties and associated risks Financial risk factors The Group holds cash and liquid resources as well as having debtors and creditors that arise directly from its operations. The Group uses interest rate derivative contracts, the details of which are in note 20, when required to limit exposure to interest rate risks, but does not have any other derivative instruments. The main risks arising from the Group\u2019s financial instruments and properties are market price risk, credit risk, liquidity risk and interest rate risk. The Group has no exposure to foreign currency exchange risk. The Board regularly reviews and agrees policies for managing each of these risks and these are summarised below: Market price risk Rental income, and the market value for properties, are generally affected by overall conditions in the economy, such as changes in gross domestic product, employment trends, inflation and changes in interest rates. Changes in gross domestic product may also impact employment levels, which in turn may impact the demand for premises. Furthermore, movements in interest rates may also affect the cost of financing for real estate companies. Both rental income and property values may also be affected by other factors specific to the real estate market such as competition from other property owners; the perceptions of prospective tenants of the attractiveness, convenience and safety of properties; the inability to collect rents because of bankruptcy or the insolvency of tenants; the periodic need to renovate, repair and re-lease space and the costs thereof; and the costs of maintenance and insurance, and increased operating costs.
In April 2025, the United States of America (USA) initiated
sweeping tariff arrangements against their global trading
partners. This has heightened macroeconomic uncertainty,
with potential for escalating trade policy responses from USA
trade counterpart countries, and significant impact to global
trade. As at the date of approval of the financial statements,
the Manager is closely monitoring these changes in global
trade policy, however, the Group\u2019s primary exposure to the UK
commercial property sector means it is anticipated to have low
impact to key fundamentals and valuations.
The Directors monitor the market value of investment
properties by having independent valuations carried out
quarterly by a firm of independent chartered surveyors.
Note 10 sets out the sensitivity analysis on the market price
risk. Concentration risk, based on industry and geography, is
set out in the tables on page 15. Included in market price risk is
interest rate risk which is discussed further below.
Credit risk
Credit risk is the risk that an issuer or counterparty will be
unable or unwilling to meet a commitment that it has entered
into with the Group. In the event of default by an occupational
tenant, the Group will suffer a rental income shortfall and
incur additional costs, including legal expenses, in maintaining,
insuring and re-letting the property.
The Investment Manager reviews reports prepared by Dun &
Bradstreet, or other sources, to assess the credit quality of
the Group\u2019s tenants and aims to ensure there is no excessive
concentration of risk and that the impact of any default by a
tenant is minimised.
In respect of credit risk arising from other financial assets,
which comprise cash and cash equivalents, exposure to credit
risk arises from default of the counterparty with a maximum
exposure equal to the carrying amounts of these instruments.
In order to mitigate such risks, cash is maintained with major
international financial institutions with high quality credit
ratings. During the year, and at the reporting date, the Group
maintained a relationship with branches and subsidiaries of
HSBC. HSBC has a credit rating of A- (provided by Standard
and Poor).
The maximum exposure to credit risk for rent receivables at the reporting date by type of sector was:
31/03/2025 31/03/2024
Carrying Carrying\ue003
amount \u00a3000 amount \u00a3000
Office
375
279
Industrial
3,193
2,190
Retail, leisure and other
925
779
4,493
1
3,248
1 Rental receivable of \u00a34.7m per note 12 excluding bad debt provisions of \u00a30.3m and other tenant receivables of \u00a30.5m. 2024: Rental receivable of \u00a33.2m per note 12 excluding bad debt provisions of \u00a30.4m and other tenant receivables of \u00a30.4m. Rent receivables which are past their due date were:
31/03/2025 31/03/2024
Carrying Carrying\ue003
amount \u00a3000 amount \u00a3000
0-30 days
2,893
1,916
31-60 days
59
143
61-90 days
90
122
91 days plus
1,451
1,067
4,493
1
3,248
1 Rental receivable of \u00a34.7m per note 12 excluding bad debt provisions of \u00a30.3m and other tenant receivables of \u00a30.5m. 2024: Rental receivable of \u00a33.2m per note 12 excluding bad debt provisions of \u00a30.4m and other tenant receivables of \u00a30.4m. Management has considered rental debtors on a quarterly basis and made provisions where it has been deemed that these amounts may be unrecoverable. As at 31 March 2025 total provisions of \u00a30.33 million (2024: \u00a30.36 million) were recognised and rental debtors are shown net of this provision in the Consolidated Statement of Financial Position. On initial recognition the Group calculates the expected credit loss for debtors based on the lifetime expected credit losses under the IFRS 9 simplified approach. Management considers aged debtors\u2019 analyses, the strength of tenant covenants, macroeconomic factors and any rental deposits held.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulties
in meeting obligations associated with its financial obligations.
The Group\u2019s investments comprise UK commercial property.
Property and property-related assets are inherently difficult
to value due to the individual nature of each property. As a
result, valuations are subject to substantial uncertainty. There
is no assurance that the estimates resulting from the valuation
process will reflect the actual sale price even where such sales
occur shortly after the valuation date. Investments in property
are relatively illiquid. However, the Group has tried to mitigate
this risk by investing in properties that it considers to be of
good quality.
In certain circumstances, the terms of the Group\u2019s debt
facilities entitle the lender to require early repayment and in
such circumstances the Group\u2019s ability to maintain dividend
levels and the net asset value could be adversely affected. The
Investment Manager prepares cash flows on a rolling basis to
ensure the Group can meet future liabilities as and when they
fall due.
The following table indicates the maturity analysis of the financial liabilities
1
Carrying Expected 6 months 6 months \u2013 2 \u2013 5 More than
amount cash flows or less 2 years years 5 years
As at 31 March 2025 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial liabilities
Interest-bearing loans and borrowings and\ue003
interest
2
180,611
224,024
3,198
3,198
65,143
152,485
Leasehold liability
1,508
11,369
51
51
306
10,961
Trade and other payables
7,178
7,178
4,627
\u2013
\u2013
2,551
Total financial liabilities
189,297
242,571
7,876
3,249
65,449
165,997
Carrying Expected 6 months 6 months \u2013 2 \u2013 5 More than
amount cash flows or less 2 years years 5 years
As at 31 March 2024 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial liabilities
Interest-bearing loans and borrowings and\ue003
interest
1
175,866
226,102
3,226
9,679
60,713
152,484
Leasehold liability
1,562
11,533
51
154
307
11,021
Trade and other payables
7,729
7,729
5,594
\u2013
\u2013
2,135
Total financial liabilities
185,157
245,364
8,871
9,833
61,020
165,640
1 The maturity analysis of financial liabilities are based on undiscounted contractual cashflows.
2 Assumes that the \u00a351.5 million RBS revolving credit facility is repaid in 2027.
Interest rate risk
Exposure to market risk for changes in interest rates relates
primarily to the Group\u2019s long-term debt obligations and to
interest earned on cash balances. As interest on the Group\u2019s
long-term debt obligations is payable on a fixed-rate basis, the
Group is not exposed to near-term interest rate risk in relation
to its Canada Life loan facility. As at 31 March 2025 the fair
value of the Group\u2019s \u00a3129.6 million loan with Canada Life was
\u00a3111.1 million (2024: \u00a3111.1 million).
The RBSI revolving credit facility is a low-margin and flexible
source of funding with a margin of 1.65%, plus 3-month SONIA
rate and it is considered by management that the carrying
value of the loan is equal to its fair value (sum of \u00a351.5m
(2024: \u00a347.0 million) drawn as at the year end). In order to
assist with mitigating interest rate risk on the RBSI facility, in
June 2023 the Group acquired an interest rate collar from RBSI,
which has a floor of 3.25% and a cap of 4.25%; which will expire
on 6 June 2027; and which is attributable to \u00a330.5 million of the
loan drawn sum.
A 1% increase or decrease in short-term interest rates would
increase or decrease the bank interest annual income, and
equity by \u00a337,000 based on the cash balance as at 31 March
2025.
The Canada Life loan is fixed-rate, as above, and thus a 1%
increase or decrease in interest rates would not impact the
loan interest payable by the Fund.
The RBS revolving credit facility had a drawn balance of
\u00a351.5 million as at the year end and an interest rate collar in
place for \u00a330.5 million of the drawn sum. A 1% increase in
interest rates would thereby increase the finance costs payable
by \u00a3210,000 (assuming that the loan principal drawn remained
the same).
Fair values
The fair values of financial assets and liabilities are not
materially different from their carrying values, unless
disclosed below, in the financial statements.
The fair value hierarchy levels are as follows:
\u2015 Level 1 \u2013 quoted prices (unadjusted) in active markets for
identical assets and liabilities;
\u2015 Level 2 \u2013 inputs other than quoted prices included within
level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices);
and
\u2015 Level 3 \u2013 inputs for the assets or liability that are not based
on observable market data (unobservable inputs).
There have been no transfers between Levels 1, 2 and 3 during
the year (2024: none).
The following summarises the main methods and assumptions
used in estimating the fair values of financial instruments and
investment property:
Investment property \u2013 level 3
Fair value is based on valuations provided by an independent
firm of chartered surveyors and registered appraisers. These
values were determined after having taken into consideration
recent market transactions for similar properties in similar
locations to the investment properties held by the Group.
The fair value hierarchy of investment property is level 3. See
Note 10 for further details.
Interest-bearing loans and borrowings \u2013 level 2
Fair values are based on the present value of future cash
flows discounted at a market rate of interest. Issue costs are
amortised over the period of the borrowings. As at 31 March
2025, the fair value of the Group\u2019s \u00a3129.6 million loan with
Canada Life was \u00a3111.1 million (2024: \u00a3111.1 million).
Financial Instruments - Level 2
The Group\u2019s interest rate collar is recognised at its fair value
via valuations provided by an independent firm, Chatham
Financial. Fair values of derivatives are based on current
market conditions such as the current SONIA rate compared
to the terms of the derivative agreements.
Capital management
The Board\u2019s policy is to maintain a strong capital base to
maintain investor, creditor and market confidence and to
sustain future development of the business.
The objective is to ensure that it will continue as a going
concern and to maximise the return to its equity shareholders
through an appropriate level of gearing. The Company\u2019s
capital management process ensures it meets its financial
covenants in its borrowing arrangements. Breaches in
meeting the financial covenants could permit the lenders
to immediately accelerate the repayment of loans and
borrowings. The Company monitors as part of its quarterly
board meetings that it will adhere to specific leverage, interest
cover and rental cover ratios. There have been no breaches
in the financial covenants of any loans and borrowings during
the financial year.
The Company\u2019s debt and capital structure comprises the following
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Debt
Fixed-rate loan facility
129,585
129,585
Floating rate loan facility
1
51,500
47,000
181,085
176,585
Equity
Called-up share capital
181,989
181,989
Reserves
119,388
105,361
301,377
287,350
Total debt and equity
482,462
463,935
There were no changes in the Group\u2019s approach to capital management during the year.
1 This amount refers to the amount drawn. The total facility as at 31 March 2025 was \u00a375.0 million (2024: \u00a375.0 million)
20 Interest rate derivative contracts
In June 2023 the Group disposed of its interest cap, which had
been due to expire in July 2023, and which was attributable to
\u00a330.5 million of the drawn loan sum of the RBSI revolving credit
facility, for a sum of \u00a30.19 million. This had previously been
carried at a nil fair value and thus there was a gain on disposal
of \u00a30.19 million recognised in the financial year.
In June 2023 the Group completed on the acquisition of an
interest rate collar from RBSI, which has a floor of 3.25% and
a cap of 4.25%; which will expire on 6 June 2027; and which
is attributable to \u00a330.5 million of the drawn loan sum of the
RBSI revolving credit facility. The cost to acquire this financial
instrument was \u00a30.77 million, including fees, and as at the
31 March 2025 it had a deemed fair value of \u00a30.07 million
(2024: \u00a30.2 million) with an unrealised loss of \u00a30.15 million
(2024: \u00a30.57 million) being recognised in the financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-247": { "value": "15 Interest-bearing loans and borrowings This note provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings. For more information about the Group\u2019s exposure to interest rate risk, see note 18.
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Non-current liabilities
Loan facilities
181,085
176,585
Unamortised arrangement fees
( 4 7 4 )
(719)
180,611
175,866
The Group has in place a \u00a3129.6 million loan facility with Canada Life. This has been in place since 16 April 2013 and has been refinanced several times, most recently in October 2019. The loan is split into two equal tranches of \u00a364.8 million as follows: \u2015 Facility A matures in October 2032 and attracts an interest rate of 2.36%; and \u2015 Facility B matures in October 2039 and attracts an interest rate of 2.62%. As at the April 2025 Interest Payment Date, the Canada Life interest cover ratio was 510% (2024: 497%) against a covenant of 185%; the forecast interest cover ratio was 484% (2024: 482%) against a covenant of 185%; and the Loan to Value ratio was 47.0% (2024: 49.4%) against a covenant of 65%. The Canada Life facility has a first charge of security over all the property assets in the ring-fenced security pool which at 31 March 2025 contained properties valued at \u00a3275.54 million (2024: \u00a3262.24 million). Various restraints apply during the term of the loan although the facility has been designed to provide significant operational flexibility. The Group also has a revolving credit facility with RBSI most recently refinanced in June 2022, with a five-year term which runs to June 2027, and the maximum amount able to be drawn is \u00a375.0m. The facility carries an interest rate of a 1.65% margin, plus three-month SONIA rate, with a 0.64% non-utilisation fee. As at 31 March 2025, a sum of \u00a351.5m was drawn down (31 March 2024: \u00a347.0m). In June 2023 the Group also completed on the acquisition of an interest rate collar from RBSI, which has a floor of 3.25% and a cap of 4.25%; which will expire on 6 June 2027; and which is attributable to \u00a330.5 million of the loan drawn sum of the RBSI revolving credit facility. Further details are disclosed in note 20. As at the April 2025 Interest Payment Date, the RBSI projected interest cover ratio was 255% (2024: 231%) against a covenant of 200% and the Loan to Value ratio was 31.2% (2024: 29.8%) against a covenant of 65%. The RBSI facility has a first charge security over certain property assets which at 31 March 2025 contained properties valued at \u00a3165.0 million (2024: \u00a3157.6 million). A reconciliation of financing movements for the year is presented below split into cash and non-cash items:
31/03/2025
\u00a3000
Loan balance brought forward
175,866
Drawdown on RBSI RCF (cash)
4,500
Repayment of RBSI RCF (cash)
\u2013
Non-cash amortisation of arrangement fees
245
Loan balance carried forward
180,611
31/03/2024
\u00a3000
Loan balance brought forward
176,933
Drawdown on RBSI RCF (cash)
1,000
Repayment of RBSI RCF (cash)
(2,300)
Non-cash amortisation of arrangement fees
233
Loan balance carried forward
175,866
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-223": { "value": "
16 Trade and other payables
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Deferred income
5,814
4,952
Rental deposits
2,551
2,442
Interest payable
1,358
1,328
Other trade payables and accruals
3,650
4,533
13,373
13,255
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-268": { "value": "16 Trade and other payables
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Deferred income
5,814
4,952
Rental deposits
2,551
2,442
Interest payable
1,358
1,328
Other trade payables and accruals
3,650
4,533
13,373
13,255
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-261": { "value": "16 Trade and other payables
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Deferred income
5,814
4,952
Rental deposits
2,551
2,442
Interest payable
1,358
1,328
Other trade payables and accruals
3,650
4,533
13,373
13,255
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-248": { "value": "16 Trade and other payables
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Deferred income
5,814
4,952
Rental deposits
2,551
2,442
Interest payable
1,358
1,328
Other trade payables and accruals
3,650
4,533
13,373
13,255
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-224": { "value": "
17 NAV per Ordinary Share
The number of ordinary shares in issue was 489,110,576 as at 31 March 2025 (2024: 489,110,576). The NAV per Ordinary Share is
based on the net assets of \u00a3301,377,000 (2024: \u00a3287,350,000) and 489,110,576 (2024: 489,110,576) ordinary shares in issue as at
the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-249": { "value": "
18 Financial instruments, properties and
associated risks
Financial risk factors
The Group holds cash and liquid resources as well as having
debtors and creditors that arise directly from its operations.
The Group uses interest rate derivative contracts, the details
of which are in note 20, when required to limit exposure to
interest rate risks, but does not have any other derivative
instruments.
The main risks arising from the Group\u2019s financial instruments
and properties are market price risk, credit risk, liquidity risk
and interest rate risk. The Group has no exposure to foreign
currency exchange risk. The Board regularly reviews and
agrees policies for managing each of these risks and these are
summarised below:
Market price risk Rental income, and the market value for properties, are generally affected by overall conditions in the economy, such as changes in gross domestic product, employment trends, inflation and changes in interest rates. Changes in gross domestic product may also impact employment levels, which in turn may impact the demand for premises. Furthermore, movements in interest rates may also affect the cost of financing for real estate companies. Both rental income and property values may also be affected by other factors specific to the real estate market such as competition from other property owners; the perceptions of prospective tenants of the attractiveness, convenience and safety of properties; the inability to collect rents because of bankruptcy or the insolvency of tenants; the periodic need to renovate, repair and re-lease space and the costs thereof; and the costs of maintenance and insurance, and increased operating costs. In April 2025, the United States of America (USA) initiated sweeping tariff arrangements against their global trading partners. This has heightened macroeconomic uncertainty, with potential for escalating trade policy responses from USA trade counterpart countries, and significant impact to global trade. As at the date of approval of the financial statements, the Manager is closely monitoring these changes in global trade policy, however, the Group\u2019s primary exposure to the UK commercial property sector means it is anticipated to have low impact to key fundamentals and valuations. The Directors monitor the market value of investment properties by having independent valuations carried out quarterly by a firm of independent chartered surveyors. Note 10 sets out the sensitivity analysis on the market price risk. Concentration risk, based on industry and geography, is set out in the tables on page 15. Included in market price risk is interest rate risk which is discussed further below. Credit risk Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the Group. In the event of default by an occupational tenant, the Group will suffer a rental income shortfall and incur additional costs, including legal expenses, in maintaining, insuring and re-letting the property. The Investment Manager reviews reports prepared by Dun & Bradstreet, or other sources, to assess the credit quality of the Group\u2019s tenants and aims to ensure there is no excessive concentration of risk and that the impact of any default by a tenant is minimised. In respect of credit risk arising from other financial assets, which comprise cash and cash equivalents, exposure to credit risk arises from default of the counterparty with a maximum exposure equal to the carrying amounts of these instruments. In order to mitigate such risks, cash is maintained with major international financial institutions with high quality credit ratings. During the year, and at the reporting date, the Group maintained a relationship with branches and subsidiaries of HSBC. HSBC has a credit rating of A- (provided by Standard and Poor). The maximum exposure to credit risk for rent receivables at the reporting date by type of sector was:
31/03/2025 31/03/2024
Carrying Carrying\ue003
amount \u00a3000 amount \u00a3000
Office
375
279
Industrial
3,193
2,190
Retail, leisure and other
925
779
4,493
1
3,248
1 Rental receivable of \u00a34.7m per note 12 excluding bad debt provisions of \u00a30.3m and other tenant receivables of \u00a30.5m. 2024: Rental receivable of \u00a33.2m per note 12 excluding bad debt provisions of \u00a30.4m and other tenant receivables of \u00a30.4m. Rent receivables which are past their due date were:
31/03/2025 31/03/2024
Carrying Carrying\ue003
amount \u00a3000 amount \u00a3000
0-30 days
2,893
1,916
31-60 days
59
143
61-90 days
90
122
91 days plus
1,451
1,067
4,493
1
3,248
1 Rental receivable of \u00a34.7m per note 12 excluding bad debt provisions of \u00a30.3m and other tenant receivables of \u00a30.5m. 2024: Rental receivable of \u00a33.2m per note 12 excluding bad debt provisions of \u00a30.4m and other tenant receivables of \u00a30.4m. Management has considered rental debtors on a quarterly basis and made provisions where it has been deemed that these amounts may be unrecoverable. As at 31 March 2025 total provisions of \u00a30.33 million (2024: \u00a30.36 million) were recognised and rental debtors are shown net of this provision in the Consolidated Statement of Financial Position. On initial recognition the Group calculates the expected credit loss for debtors based on the lifetime expected credit losses under the IFRS 9 simplified approach. Management considers aged debtors\u2019 analyses, the strength of tenant covenants, macroeconomic factors and any rental deposits held. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in meeting obligations associated with its financial obligations. The Group\u2019s investments comprise UK commercial property. Property and property-related assets are inherently difficult to value due to the individual nature of each property. As a result, valuations are subject to substantial uncertainty. There is no assurance that the estimates resulting from the valuation process will reflect the actual sale price even where such sales occur shortly after the valuation date. Investments in property are relatively illiquid. However, the Group has tried to mitigate this risk by investing in properties that it considers to be of good quality. In certain circumstances, the terms of the Group\u2019s debt facilities entitle the lender to require early repayment and in such circumstances the Group\u2019s ability to maintain dividend levels and the net asset value could be adversely affected. The Investment Manager prepares cash flows on a rolling basis to ensure the Group can meet future liabilities as and when they fall due. The following table indicates the maturity analysis of the financial liabilities1
Carrying Expected 6 months 6 months \u2013 2 \u2013 5 More than
amount cash flows or less 2 years years 5 years
As at 31 March 2025 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial liabilities
Interest-bearing loans and borrowings and\ue003
interest
2
180,611
224,024
3,198
3,198
65,143
152,485
Leasehold liability
1,508
11,369
51
51
306
10,961
Trade and other payables
7,178
7,178
4,627
\u2013
\u2013
2,551
Total financial liabilities
189,297
242,571
7,876
3,249
65,449
165,997
Carrying Expected 6 months 6 months \u2013 2 \u2013 5 More than
amount cash flows or less 2 years years 5 years
As at 31 March 2024 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial liabilities
Interest-bearing loans and borrowings and\ue003
interest
1
175,866
226,102
3,226
9,679
60,713
152,484
Leasehold liability
1,562
11,533
51
154
307
11,021
Trade and other payables
7,729
7,729
5,594
\u2013
\u2013
2,135
Total financial liabilities
185,157
245,364
8,871
9,833
61,020
165,640
1 The maturity analysis of financial liabilities are based on undiscounted contractual cashflows. 2 Assumes that the \u00a351.5 million RBS revolving credit facility is repaid in 2027. Interest rate risk Exposure to market risk for changes in interest rates relates primarily to the Group\u2019s long-term debt obligations and to interest earned on cash balances. As interest on the Group\u2019s long-term debt obligations is payable on a fixed-rate basis, the Group is not exposed to near-term interest rate risk in relation to its Canada Life loan facility. As at 31 March 2025 the fair value of the Group\u2019s \u00a3129.6 million loan with Canada Life was \u00a3111.1 million (2024: \u00a3111.1 million). The RBSI revolving credit facility is a low-margin and flexible source of funding with a margin of 1.65%, plus 3-month SONIA rate and it is considered by management that the carrying value of the loan is equal to its fair value (sum of \u00a351.5m (2024: \u00a347.0 million) drawn as at the year end). In order to assist with mitigating interest rate risk on the RBSI facility, in June 2023 the Group acquired an interest rate collar from RBSI, which has a floor of 3.25% and a cap of 4.25%; which will expire on 6 June 2027; and which is attributable to \u00a330.5 million of the loan drawn sum. A 1% increase or decrease in short-term interest rates would increase or decrease the bank interest annual income, and equity by \u00a337,000 based on the cash balance as at 31 March 2025. The Canada Life loan is fixed-rate, as above, and thus a 1% increase or decrease in interest rates would not impact the loan interest payable by the Fund. The RBS revolving credit facility had a drawn balance of \u00a351.5 million as at the year end and an interest rate collar in place for \u00a330.5 million of the drawn sum. A 1% increase in interest rates would thereby increase the finance costs payable by \u00a3210,000 (assuming that the loan principal drawn remained the same). Fair values The fair values of financial assets and liabilities are not materially different from their carrying values, unless disclosed below, in the financial statements. The fair value hierarchy levels are as follows: \u2015 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities; \u2015 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2015 Level 3 \u2013 inputs for the assets or liability that are not based on observable market data (unobservable inputs). There have been no transfers between Levels 1, 2 and 3 during the year (2024: none). The following summarises the main methods and assumptions used in estimating the fair values of financial instruments and investment property: Investment property \u2013 level 3 Fair value is based on valuations provided by an independent firm of chartered surveyors and registered appraisers. These values were determined after having taken into consideration recent market transactions for similar properties in similar locations to the investment properties held by the Group. The fair value hierarchy of investment property is level 3. See Note 10 for further details. Interest-bearing loans and borrowings \u2013 level 2 Fair values are based on the present value of future cash flows discounted at a market rate of interest. Issue costs are amortised over the period of the borrowings. As at 31 March 2025, the fair value of the Group\u2019s \u00a3129.6 million loan with Canada Life was \u00a3111.1 million (2024: \u00a3111.1 million). Financial Instruments - Level 2 The Group\u2019s interest rate collar is recognised at its fair value via valuations provided by an independent firm, Chatham Financial. Fair values of derivatives are based on current market conditions such as the current SONIA rate compared to the terms of the derivative agreements. Capital management The Board\u2019s policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future development of the business. The objective is to ensure that it will continue as a going concern and to maximise the return to its equity shareholders through an appropriate level of gearing. The Company\u2019s capital management process ensures it meets its financial covenants in its borrowing arrangements. Breaches in meeting the financial covenants could permit the lenders to immediately accelerate the repayment of loans and borrowings. The Company monitors as part of its quarterly board meetings that it will adhere to specific leverage, interest cover and rental cover ratios. There have been no breaches in the financial covenants of any loans and borrowings during the financial year. The Company\u2019s debt and capital structure comprises the following
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Debt
Fixed-rate loan facility
129,585
129,585
Floating rate loan facility
1
51,500
47,000
181,085
176,585
Equity
Called-up share capital
181,989
181,989
Reserves
119,388
105,361
301,377
287,350
Total debt and equity
482,462
463,935
There were no changes in the Group\u2019s approach to capital management during the year. 1 This amount refers to the amount drawn. The total facility as at 31 March 2025 was \u00a375.0 million (2024: \u00a375.0 million) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-262": { "value": "
Market price risk
Rental income, and the market value for properties, are
generally affected by overall conditions in the economy, such
as changes in gross domestic product, employment trends,
inflation and changes in interest rates. Changes in gross
domestic product may also impact employment levels, which
in turn may impact the demand for premises. Furthermore,
movements in interest rates may also affect the cost of
financing for real estate companies. Both rental income and
property values may also be affected by other factors specific
to the real estate market such as competition from other
property owners; the perceptions of prospective tenants
of the attractiveness, convenience and safety of properties;
the inability to collect rents because of bankruptcy or the
insolvency of tenants; the periodic need to renovate, repair
and re-lease space and the costs thereof; and the costs of
maintenance and insurance, and increased operating costs.
In April 2025, the United States of America (USA) initiated sweeping tariff arrangements against their global trading partners. This has heightened macroeconomic uncertainty, with potential for escalating trade policy responses from USA trade counterpart countries, and significant impact to global trade. As at the date of approval of the financial statements, the Manager is closely monitoring these changes in global trade policy, however, the Group\u2019s primary exposure to the UK commercial property sector means it is anticipated to have low impact to key fundamentals and valuations. The Directors monitor the market value of investment properties by having independent valuations carried out quarterly by a firm of independent chartered surveyors. Note 10 sets out the sensitivity analysis on the market price risk. Concentration risk, based on industry and geography, is set out in the tables on page 15. Included in market price risk is interest rate risk which is discussed further below. Interest rate risk Exposure to market risk for changes in interest rates relates primarily to the Group\u2019s long-term debt obligations and to interest earned on cash balances. As interest on the Group\u2019s long-term debt obligations is payable on a fixed-rate basis, the Group is not exposed to near-term interest rate risk in relation to its Canada Life loan facility. As at 31 March 2025 the fair value of the Group\u2019s \u00a3129.6 million loan with Canada Life was \u00a3111.1 million (2024: \u00a3111.1 million). The RBSI revolving credit facility is a low-margin and flexible source of funding with a margin of 1.65%, plus 3-month SONIA rate and it is considered by management that the carrying value of the loan is equal to its fair value (sum of \u00a351.5m (2024: \u00a347.0 million) drawn as at the year end). In order to assist with mitigating interest rate risk on the RBSI facility, in June 2023 the Group acquired an interest rate collar from RBSI, which has a floor of 3.25% and a cap of 4.25%; which will expire on 6 June 2027; and which is attributable to \u00a330.5 million of the loan drawn sum. A 1% increase or decrease in short-term interest rates would increase or decrease the bank interest annual income, and equity by \u00a337,000 based on the cash balance as at 31 March 2025. The Canada Life loan is fixed-rate, as above, and thus a 1% increase or decrease in interest rates would not impact the loan interest payable by the Fund. The RBS revolving credit facility had a drawn balance of \u00a351.5 million as at the year end and an interest rate collar in place for \u00a330.5 million of the drawn sum. A 1% increase in interest rates would thereby increase the finance costs payable by \u00a3210,000 (assuming that the loan principal drawn remained the same). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-263": { "value": "Credit risk Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the Group. In the event of default by an occupational tenant, the Group will suffer a rental income shortfall and incur additional costs, including legal expenses, in maintaining, insuring and re-letting the property. The Investment Manager reviews reports prepared by Dun & Bradstreet, or other sources, to assess the credit quality of the Group\u2019s tenants and aims to ensure there is no excessive concentration of risk and that the impact of any default by a tenant is minimised. In respect of credit risk arising from other financial assets, which comprise cash and cash equivalents, exposure to credit risk arises from default of the counterparty with a maximum exposure equal to the carrying amounts of these instruments. In order to mitigate such risks, cash is maintained with major international financial institutions with high quality credit ratings. During the year, and at the reporting date, the Group maintained a relationship with branches and subsidiaries of HSBC. HSBC has a credit rating of A- (provided by Standard and Poor).
The maximum exposure to credit risk for rent receivables at the reporting date by type of sector was:
31/03/2025 31/03/2024
Carrying Carrying\ue003
amount \u00a3000 amount \u00a3000
Office
375
279
Industrial
3,193
2,190
Retail, leisure and other
925
779
4,493
1
3,248
1 Rental receivable of \u00a34.7m per note 12 excluding bad debt provisions of \u00a30.3m and other tenant receivables of \u00a30.5m. 2024: Rental receivable of \u00a33.2m per note 12
excluding bad debt provisions of \u00a30.4m and other tenant receivables of \u00a30.4m.
Rent receivables which are past their due date were:
31/03/2025 31/03/2024
Carrying Carrying\ue003
amount \u00a3000 amount \u00a3000
0-30 days
2,893
1,916
31-60 days
59
143
61-90 days
90
122
91 days plus
1,451
1,067
4,493
1
3,248
1 Rental receivable of \u00a34.7m per note 12 excluding bad debt provisions of \u00a30.3m and other tenant receivables of \u00a30.5m. 2024: Rental receivable of \u00a33.2m per note 12
excluding bad debt provisions of \u00a30.4m and other tenant receivables of \u00a30.4m.
Management has considered rental debtors on a quarterly
basis and made provisions where it has been deemed that
these amounts may be unrecoverable. As at 31 March 2025
total provisions of \u00a30.33 million (2024: \u00a30.36 million) were
recognised and rental debtors are shown net of this provision
in the Consolidated Statement of Financial Position.
On initial recognition the Group calculates the expected credit
loss for debtors based on the lifetime expected credit losses
under the IFRS 9 simplified approach. Management considers
aged debtors\u2019 analyses, the strength of tenant covenants,
macroeconomic factors and any rental deposits held.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-264": { "value": "Liquidity risk Liquidity risk is the risk that the Group will encounter difficulties in meeting obligations associated with its financial obligations. The Group\u2019s investments comprise UK commercial property. Property and property-related assets are inherently difficult to value due to the individual nature of each property. As a result, valuations are subject to substantial uncertainty. There is no assurance that the estimates resulting from the valuation process will reflect the actual sale price even where such sales occur shortly after the valuation date. Investments in property are relatively illiquid. However, the Group has tried to mitigate this risk by investing in properties that it considers to be of good quality. In certain circumstances, the terms of the Group\u2019s debt facilities entitle the lender to require early repayment and in such circumstances the Group\u2019s ability to maintain dividend levels and the net asset value could be adversely affected. The Investment Manager prepares cash flows on a rolling basis to ensure the Group can meet future liabilities as and when they fall due. The following table indicates the maturity analysis of the financial liabilities1
Carrying Expected 6 months 6 months \u2013 2 \u2013 5 More than
amount cash flows or less 2 years years 5 years
As at 31 March 2025 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial liabilities
Interest-bearing loans and borrowings and\ue003
interest
2
180,611
224,024
3,198
3,198
65,143
152,485
Leasehold liability
1,508
11,369
51
51
306
10,961
Trade and other payables
7,178
7,178
4,627
\u2013
\u2013
2,551
Total financial liabilities
189,297
242,571
7,876
3,249
65,449
165,997
Carrying Expected 6 months 6 months \u2013 2 \u2013 5 More than
amount cash flows or less 2 years years 5 years
As at 31 March 2024 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial liabilities
Interest-bearing loans and borrowings and\ue003
interest
1
175,866
226,102
3,226
9,679
60,713
152,484
Leasehold liability
1,562
11,533
51
154
307
11,021
Trade and other payables
7,729
7,729
5,594
\u2013
\u2013
2,135
Total financial liabilities
185,157
245,364
8,871
9,833
61,020
165,640
1 The maturity analysis of financial liabilities are based on undiscounted contractual cashflows. 2 Assumes that the \u00a351.5 million RBS revolving credit facility is repaid in 2027. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-269": { "value": "Fair values The fair values of financial assets and liabilities are not materially different from their carrying values, unless disclosed below, in the financial statements. The fair value hierarchy levels are as follows: \u2015 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities; \u2015 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2015 Level 3 \u2013 inputs for the assets or liability that are not based on observable market data (unobservable inputs). There have been no transfers between Levels 1, 2 and 3 during the year (2024: none). The following summarises the main methods and assumptions used in estimating the fair values of financial instruments and investment property: Investment property \u2013 level 3 Fair value is based on valuations provided by an independent firm of chartered surveyors and registered appraisers. These values were determined after having taken into consideration recent market transactions for similar properties in similar locations to the investment properties held by the Group. The fair value hierarchy of investment property is level 3. See Note 10 for further details. Interest-bearing loans and borrowings \u2013 level 2 Fair values are based on the present value of future cash flows discounted at a market rate of interest. Issue costs are amortised over the period of the borrowings. As at 31 March 2025, the fair value of the Group\u2019s \u00a3129.6 million loan with Canada Life was \u00a3111.1 million (2024: \u00a3111.1 million). Financial Instruments - Level 2 The Group\u2019s interest rate collar is recognised at its fair value via valuations provided by an independent firm, Chatham Financial. Fair values of derivatives are based on current market conditions such as the current SONIA rate compared to the terms of the derivative agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-265": { "value": "Fair values The fair values of financial assets and liabilities are not materially different from their carrying values, unless disclosed below, in the financial statements. The fair value hierarchy levels are as follows: \u2015 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities; \u2015 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2015 Level 3 \u2013 inputs for the assets or liability that are not based on observable market data (unobservable inputs). There have been no transfers between Levels 1, 2 and 3 during the year (2024: none). The following summarises the main methods and assumptions used in estimating the fair values of financial instruments and investment property: Investment property \u2013 level 3 Fair value is based on valuations provided by an independent firm of chartered surveyors and registered appraisers. These values were determined after having taken into consideration recent market transactions for similar properties in similar locations to the investment properties held by the Group. The fair value hierarchy of investment property is level 3. See Note 10 for further details. Interest-bearing loans and borrowings \u2013 level 2 Fair values are based on the present value of future cash flows discounted at a market rate of interest. Issue costs are amortised over the period of the borrowings. As at 31 March 2025, the fair value of the Group\u2019s \u00a3129.6 million loan with Canada Life was \u00a3111.1 million (2024: \u00a3111.1 million). Financial Instruments - Level 2 The Group\u2019s interest rate collar is recognised at its fair value via valuations provided by an independent firm, Chatham Financial. Fair values of derivatives are based on current market conditions such as the current SONIA rate compared to the terms of the derivative agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-266": { "value": "Capital management The Board\u2019s policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future development of the business. The objective is to ensure that it will continue as a going concern and to maximise the return to its equity shareholders through an appropriate level of gearing. The Company\u2019s capital management process ensures it meets its financial covenants in its borrowing arrangements. Breaches in meeting the financial covenants could permit the lenders to immediately accelerate the repayment of loans and borrowings. The Company monitors as part of its quarterly board meetings that it will adhere to specific leverage, interest cover and rental cover ratios. There have been no breaches in the financial covenants of any loans and borrowings during the financial year. The Company\u2019s debt and capital structure comprises the following
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Debt
Fixed-rate loan facility
129,585
129,585
Floating rate loan facility
1
51,500
47,000
181,085
176,585
Equity
Called-up share capital
181,989
181,989
Reserves
119,388
105,361
301,377
287,350
Total debt and equity
482,462
463,935
There were no changes in the Group\u2019s approach to capital management during the year. 1 This amount refers to the amount drawn. The total facility as at 31 March 2025 was \u00a375.0 million (2024: \u00a375.0 million) ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-225": { "value": "
19 Operating leases
The Group leases out its investment property under operating leases. At 31 March 2025 the future minimum lease receipts under
non-cancellable leases are as follows:
31/03/2025 31/03/2024
\u00a3000 \u00a3000
Less than one year
25,356
23,400
Between one and five years
72,621
68,798
More than five years
59,156
54,918
157,134
147,116
The total above comprises the total contracted rent receivable as at 31 March 2025.
The Group has entered into leases on its property portfolio. The commercial property leases typically have lease terms between
5 and 15 years and include clauses to enable periodic upward revision of the rental charge according to prevailing market
conditions. Some leases contain options to break before the end of the lease term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-250": { "value": "20 Interest rate derivative contracts In June 2023 the Group disposed of its interest cap, which had been due to expire in July 2023, and which was attributable to \u00a330.5 million of the drawn loan sum of the RBSI revolving credit facility, for a sum of \u00a30.19 million. This had previously been carried at a nil fair value and thus there was a gain on disposal of \u00a30.19 million recognised in the financial year. In June 2023 the Group completed on the acquisition of an interest rate collar from RBSI, which has a floor of 3.25% and a cap of 4.25%; which will expire on 6 June 2027; and which is attributable to \u00a330.5 million of the drawn loan sum of the RBSI revolving credit facility. The cost to acquire this financial instrument was \u00a30.77 million, including fees, and as at the 31 March 2025 it had a deemed fair value of \u00a30.07 million (2024: \u00a30.2 million) with an unrealised loss of \u00a30.15 million (2024: \u00a30.57 million) being recognised in the financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-270": { "value": "21 List of subsidiary and joint venture undertakings The companies listed below are those which were part of the Group as at 31 March 2025:
Country of Principal Ultimate
Undertaking
Category
incorporation Activities ownership
SREIT No.2 Limited
Subsidiary
Guernsey
Property ownership with external finance
100%
SREIT Holding (No.2)\ue003Limited
Subsidiary
Guernsey
Holding Company
100%
SREIT Holding Company Limited
Subsidiary
Guernsey
Holding Company with external finance
100%
SREIT Property Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (Portergate)\ue003Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (Uxbridge)\ue003Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (City\ue003Tower)\ue003Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Store)\ue003Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Bedford)\ue003Limited
Subsidiary
Guernsey
Property ownership
100%
City Tower Unit Trust
Joint Venture
Jersey
Property ownership
25%
Store Unit Trust
Joint Venture
Jersey
Property ownership
50%
The registered addresses for all wholly-owned entities are the same as that of the parent company and can be found on page 141. The registered address for both Joint Venture entities is 47 Esplanade, St Helier, Jersey, JE1 0BD, Channel Islands.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-267": { "value": "21 List of subsidiary and joint venture undertakings The companies listed below are those which were part of the Group as at 31 March 2025:
Country of Principal Ultimate
Undertaking
Category
incorporation Activities ownership
SREIT No.2 Limited
Subsidiary
Guernsey
Property ownership with external finance
100%
SREIT Holding (No.2)\ue003Limited
Subsidiary
Guernsey
Holding Company
100%
SREIT Holding Company Limited
Subsidiary
Guernsey
Holding Company with external finance
100%
SREIT Property Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (Portergate)\ue003Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (Uxbridge)\ue003Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (City\ue003Tower)\ue003Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Store)\ue003Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Bedford)\ue003Limited
Subsidiary
Guernsey
Property ownership
100%
City Tower Unit Trust
Joint Venture
Jersey
Property ownership
25%
Store Unit Trust
Joint Venture
Jersey
Property ownership
50%
The registered addresses for all wholly-owned entities are the same as that of the parent company and can be found on page 141. The registered address for both Joint Venture entities is 47 Esplanade, St Helier, Jersey, JE1 0BD, Channel Islands.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-226": { "value": "
22 Related party transactions
Material agreements and transactions with the Investment
Manager are disclosed in note 2. Transactions with regard to
joint ventures are disclosed in note 11. Transactions with the
directors are shown in the directors\u2019 remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-251": { "value": "22 Related party transactions Material agreements and transactions with the Investment Manager are disclosed in note 2. Transactions with regard to joint ventures are disclosed in note 11. Transactions with the directors are shown in the directors\u2019 remuneration report.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-227": { "value": "
23 Capital commitments
As at 31 March 2025 the Group had capital commitments of \u00a38.3 million (2024: \u00a38.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-252": { "value": "23 Capital commitments As at 31 March 2025 the Group had capital commitments of \u00a38.3 million (2024: \u00a38.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-228": { "value": "
24 Post balance sheet events
On 12 May 2025, the Group sold its Truro asset for a sales price of \u00a31.2 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-5": { "value": "1 London Wall Place, London EC2Y 5AU, United Kingdom ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }