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The financial statements on pages 73 to 95 were approved at a meeting of the Board of Directors held on 9 July 2026 and signed
on its behalf by:
Alastair Hughes
Chair and Director
Sanjay Patel
Director
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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 2026 comprise the Company and its
subsidiaries (together referred to as the \u2018Group\u2019).
New standard and interpretations
Except as noted below, 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.
IFRS 18 Presentation and Disclosure in Financial
Statements
The new standard IFRS 18 was issued in April 2024 and is
effective for annual reporting periods beginning on or after
1 January 2027 but earlier application is permitted. This new
standard replaces IAS 1 Presentation of Financial Statements
and amends IAS 7 Statement of Cash Flows. IFRS 18 introduces
three defined categories for income and expenses \u2013 operating,
investing and financing \u2013 to improve the structure of the
income statement, and requires all companies to provide
new defined subtotals, including operating profit. IFRS 18
will require disclosure of explanations of company-specific
measures that are related to the income statement, referred to
as management-defined performance measures. IFRS 18 sets
out enhanced guidance on how to organise information and
whether to provide it in the financial statements or in the notes.
The Company will apply IFRS 18 for annual reporting periods
beginning on 1 April 2027.
The Company is still assessing the impact of IFRS 18, which
has been issued but is not yet effective. While the presentation
of the Statement of Comprehensive Income will change on
implementation, the valuation and measurement of balances
will not be impacted. The Company will continue to assess the
impact of IFRS 18 as additional guidance is released prior to
implementation.
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 2026, property valuations would have
to fall by 29% before the relevant Canada Life Loan to Value
covenants were breached, and actual net rental income would
need to fall by 68% 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 42%, prior to the 60% LTV covenant being breached,
and based on projected net rents for the quarter to March
2026, a 15% fall in net income could be sustained prior to the
RBSI projected interest loan cover covenant of 200% being
breached.
These stress testing scenarios of 29%/42% declines in property
valuations and 68%/15% declines in net income are deemed to
be extremely unlikely.
Should these scenarios occur, management have various
actions available 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 \u00a318.5 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.
Management are progressing discussions with lenders to
explore refinancing opportunities.
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.
1 Material accounting policy information
(continued)
The Board and Investment Manager have considered the
impact of sustainability risk as a principal risk as set out on
page 47. 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 49.
The Directors have not identified any matters which would
cast significant doubt on the Group\u2019s ability to continue as a
going concern for a period of at least 12 months from the date
the Annual report and consolidated financial statements are
approved and have satisfied themselves that the Group has
adequate resources to continue in operational existence for
this period.
After due consideration, the Board believes that it is
appropriate to adopt the going concern basis in preparing the
financial statements.
Impact of the proposed acquisition of Picton Property
Income Limited
On 12 May 2026, SREIT announced an indicative all-share offer
under Rule 2.4 of the City Code on Takeovers and Mergers for
Picton Property Income Limited (\u201cPicton\u201d), to be undertaken
alongside LondonMetric Property Plc (\u201cLMP\u201d). Under the
proposed transaction, SREIT would acquire approximately 54%
of Picton\u2019s portfolio, funded through the issue of new SREIT
shares. The transaction remains indicative and non-binding
as at the date of approval of these financial statements, and is
subject to a number of pre-conditions, including the publication
of a firm offer announcement under Rule 2.7 of the City Code,
confirmatory due diligence, lender consents, and Board
approvals. Accordingly, there is no certainty at this stage that
the transaction will proceed to completion.
Notwithstanding this, the Board has also reviewed forecasts of
liquidity, cash flow and covenant compliance for the combined
group, assuming completion of the transaction and the
assumption of Picton\u2019s existing debt facilities. Under both a
base case and a severe-but-plausible downside scenario, the
combined group would maintain positive cash balances, retain
significant undrawn committed facility headroom, and remain
comfortably within covenant thresholds throughout the going
concern period.
Based on their analysis on a combined group basis, the
Directors are satisfied that there is a reasonable expectation
that the Group would continue to be able to meet its ongoing
and future commitments for at least 12 months from the date
of approval of the consolidated financial statements assuming
completion of the transaction. The going concern conclusion
is not reliant on the transaction completing, as the standalone
SREIT analysis set out above also supports the going concern
basis.
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
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.
1 Material accounting policy information
(continued)
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.
For the purposes of these financial statements, in order to
avoid double counting, the fair value reported in the financial
statements is:
\u2015 Reduced by the carrying amount of any accrued income
resulting from the spreading of lease incentives and/or
minimum lease payments
\u2015 In the case of investment property held under a lease,
increased by the carrying amount of any liability to the
head lessor that has been recognised in the statement of
financial position as a finance lease obligation
\u2015 Reduced by any properties reclassified as held for sale
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.
1 Material accounting policy information
(continued)
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. Surrender premiums
and dilapidations are recognised in line with individual lease
agreements when cash inflows are certain.
Lease incentives
When the Group provides incentives to its tenants, the cost of
incentives is recognised over the lease term, on a straight-line
basis, as a reduction of rental income. Where a rent incentive
fits the definition of a lease modification under IFRS 16, the
cost of incentives is recognised over the remaining lease term
starting from the effective date of the lease modification, on a
straight-line basis, as a reduction of rental income.
Impairment
Financial assets
Financial assets measured at amortised cost comprise trade
and other receivables that are held within a business model
whose objective is to collect contractual cash flows from the
leasing of investment properties and where the contractual
terms give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount
outstanding. These assets are initially recognised at fair value
and subsequently measured at amortised cost, less any
expected credit losses recognised in accordance with IFRS 9.
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.
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.
The Group considers a financial asset in default when
internal or external information indicates that the Group is
unlikely to receive the outstanding contractual amounts in
full before taking into account any credit enhancements held
by the Group. A financial asset is written off when there is no
reasonable expectation of recovering the contractual cash
flows.
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 rate 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.
1 Material accounting policy information
(continued) Basis of consolidation
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-250": { "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 2026 comprise the Company and its subsidiaries (together referred to as the \u2018Group\u2019)", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-4": { "value": "Schroder Real Estate Investment Trust Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-209": { "value": "Limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-210": { "value": "a closed-ended investment company", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-211": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-5": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-251": { "value": "New standard and interpretations Except as noted below, 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. IFRS 18 Presentation and Disclosure in Financial Statements The new standard IFRS 18 was issued in April 2024 and is effective for annual reporting periods beginning on or after 1 January 2027 but earlier application is permitted. This new standard replaces IAS 1 Presentation of Financial Statements and amends IAS 7 Statement of Cash Flows. IFRS 18 introduces three defined categories for income and expenses \u2013 operating, investing and financing \u2013 to improve the structure of the income statement, and requires all companies to provide new defined subtotals, including operating profit. IFRS 18 will require disclosure of explanations of company-specific measures that are related to the income statement, referred to as management-defined performance measures. IFRS 18 sets out enhanced guidance on how to organise information and whether to provide it in the financial statements or in the notes. The Company will apply IFRS 18 for annual reporting periods beginning on 1 April 2027. The Company is still assessing the impact of IFRS 18, which has been issued but is not yet effective. While the presentation of the Statement of Comprehensive Income will change on implementation, the valuation and measurement of balances will not be impacted. The Company will continue to assess the impact of IFRS 18 as additional guidance is released prior to implementation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-212": { "value": "New standard and interpretations Except as noted below, 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. IFRS 18 Presentation and Disclosure in Financial Statements The new standard IFRS 18 was issued in April 2024 and is effective for annual reporting periods beginning on or after 1 January 2027 but earlier application is permitted. This new standard replaces IAS 1 Presentation of Financial Statements and amends IAS 7 Statement of Cash Flows. IFRS 18 introduces three defined categories for income and expenses \u2013 operating, investing and financing \u2013 to improve the structure of the income statement, and requires all companies to provide new defined subtotals, including operating profit. IFRS 18 will require disclosure of explanations of company-specific measures that are related to the income statement, referred to as management-defined performance measures. IFRS 18 sets out enhanced guidance on how to organise information and whether to provide it in the financial statements or in the notes. The Company will apply IFRS 18 for annual reporting periods beginning on 1 April 2027. The Company is still assessing the impact of IFRS 18, which has been issued but is not yet effective. While the presentation of the Statement of Comprehensive Income will change on implementation, the valuation and measurement of balances will not be impacted. The Company will continue to assess the impact of IFRS 18 as additional guidance is released prior to implementation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-6": { "value": "New standard and interpretations Except as noted below, 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. IFRS 18 Presentation and Disclosure in Financial Statements The new standard IFRS 18 was issued in April 2024 and is effective for annual reporting periods beginning on or after 1 January 2027 but earlier application is permitted. This new standard replaces IAS 1 Presentation of Financial Statements and amends IAS 7 Statement of Cash Flows. IFRS 18 introduces three defined categories for income and expenses \u2013 operating, investing and financing \u2013 to improve the structure of the income statement, and requires all companies to provide new defined subtotals, including operating profit. IFRS 18 will require disclosure of explanations of company-specific measures that are related to the income statement, referred to as management-defined performance measures. IFRS 18 sets out enhanced guidance on how to organise information and whether to provide it in the financial statements or in the notes. The Company will apply IFRS 18 for annual reporting periods beginning on 1 April 2027. The Company is still assessing the impact of IFRS 18, which has been issued but is not yet effective. While the presentation of the Statement of Comprehensive Income will change on implementation, the valuation and measurement of balances will not be impacted. The Company will continue to assess the impact of IFRS 18 as additional guidance is released prior to implementation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-7": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-8": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-213": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-9": { "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 2026, property valuations would have to fall by 29% before the relevant Canada Life Loan to Value covenants were breached, and actual net rental income would need to fall by 68% 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 42%, prior to the 60% LTV covenant being breached, and based on projected net rents for the quarter to March 2026, a 15% fall in net income could be sustained prior to the RBSI projected interest loan cover covenant of 200% being breached. These stress testing scenarios of 29%/42% declines in property valuations and 68%/15% declines in net income are deemed to be extremely unlikely. Should these scenarios occur, management have various actions available 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 \u00a318.5 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. Management are progressing discussions with lenders to explore refinancing opportunities. 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 47. 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 49. The Directors have not identified any matters which would cast significant doubt on the Group\u2019s ability to continue as a going concern for a period of at least 12 months from the date the Annual report and consolidated financial statements are approved and have satisfied themselves that the Group has adequate resources to continue in operational existence for this period. After due consideration, the Board believes that it is appropriate to adopt the going concern basis in preparing the financial statements. Impact of the proposed acquisition of Picton Property Income Limited On 12 May 2026, SREIT announced an indicative all-share offer under Rule 2.4 of the City Code on Takeovers and Mergers for Picton Property Income Limited (\u201cPicton\u201d), to be undertaken alongside LondonMetric Property Plc (\u201cLMP\u201d). Under the proposed transaction, SREIT would acquire approximately 54% of Picton\u2019s portfolio, funded through the issue of new SREIT shares. The transaction remains indicative and non-binding as at the date of approval of these financial statements, and is subject to a number of pre-conditions, including the publication of a firm offer announcement under Rule 2.7 of the City Code, confirmatory due diligence, lender consents, and Board approvals. Accordingly, there is no certainty at this stage that the transaction will proceed to completion. Notwithstanding this, the Board has also reviewed forecasts of liquidity, cash flow and covenant compliance for the combined group, assuming completion of the transaction and the assumption of Picton\u2019s existing debt facilities. Under both a base case and a severe-but-plausible downside scenario, the combined group would maintain positive cash balances, retain significant undrawn committed facility headroom, and remain comfortably within covenant thresholds throughout the going concern period. Based on their analysis on a combined group basis, the Directors are satisfied that there is a reasonable expectation that the Group would continue to be able to meet its ongoing and future commitments for at least 12 months from the date of approval of the consolidated financial statements assuming completion of the transaction. The going concern conclusion is not reliant on the transaction completing, as the standalone SREIT analysis set out above also supports the going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-214": { "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 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-10": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-215": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-252": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-216": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-11": { "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. For the purposes of these financial statements, in order to avoid double counting, the fair value reported in the financial statements is: \u2015 Reduced by the carrying amount of any accrued income resulting from the spreading of lease incentives and/or minimum lease payments \u2015 In the case of investment property held under a lease, increased by the carrying amount of any liability to the head lessor that has been recognised in the statement of financial position as a finance lease obligation \u2015 Reduced by any properties reclassified as held for sale ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-12": { "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. Lease incentives When the Group provides incentives to its tenants, the cost of incentives is recognised over the lease term, on a straight-line basis, as a reduction of rental income. Where a rent incentive fits the definition of a lease modification under IFRS 16, the cost of incentives is recognised over the remaining lease term starting from the effective date of the lease modification, on a straight-line basis, as a reduction of rental income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-13": { "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 . Trade and other payables Trade and other payables are stated at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-253": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-217": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-218": { "value": "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-254": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-219": { "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 . Trade and other payables Trade and other payables are stated at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-255": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-256": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-14": { "value": "Share capital Ordinary shares, including treasury shares, are classified as equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-15": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-221": { "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. Surrender premiums and dilapidations are recognised in line with individual lease agreements when cash inflows are certain. ", "dimensions": { "concept": "srei:DescriptionOfAccountingPolicyForRentalIncome", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-16": { "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. Surrender premiums and dilapidations are recognised in line with individual lease agreements when cash inflows are certain. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-17": { "value": "Impairment Financial assets Financial assets measured at amortised cost comprise trade and other receivables that are held within a business model whose objective is to collect contractual cash flows from the leasing of investment properties and where the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These assets are initially recognised at fair value and subsequently measured at amortised cost, less any expected credit losses recognised in accordance with IFRS 9. 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. 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. The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-258": { "value": "Financial assets Financial assets measured at amortised cost comprise trade and other receivables that are held within a business model whose objective is to collect contractual cash flows from the leasing of investment properties and where the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These assets are initially recognised at fair value and subsequently measured at amortised cost, less any expected credit losses recognised in accordance with IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-259": { "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. 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. The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-18": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-257": { "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 rate basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-220": { "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 rate basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-19": { "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 rate basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-20": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-21": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-23": { "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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-222": { "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.
For the six month period to 30 September 2025 the fee was
calculated at 0.9% of the NAV of the Company in line with
the tiered fee structure set out in the table below. With effect
from 1 October 2025, a revised fee basis was agreed and was
calculated at 0.45% of the NAV of the Company, plus 0.45% of
the market capitalisation of the Company.
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 for the Management fee for the
six months to six months to
30 September 2025 31 March 2026
Percentage Percentage
per annum per annum
Percentage per of market Percentage per of market
NAV annum of NAV capitalisation annum of NAV capitalisation
<\u00a3500 million
0.90%
0.00%
0.45%
0.45%
\u00a3500 million - \u00a31 billion
0.80%
0.00%
0.40%
0.40%
\u00a31 billion+
0.70%
0.00%
0.35%
0.35%
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
\u00a3144,000 (2025: \u00a3151,000) has been accrued for the year to
31 March 2026. The total charge to the Consolidated Statement
of Comprehensive Income during the year was \u00a32,530,000
(2025: \u00a32,458,000). At the year end \u00a3675,000 (2025: \u00a3299,000)
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 \u00a3127,000 (2025:
\u00a3122,000).
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 2025 to 31 March 2026 were \u00a350,000 (2025: \u00a350,000)
net of VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-22": { "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. For the six month period to 30 September 2025 the fee was calculated at 0.9% of the NAV of the Company in line with the tiered fee structure set out in the table below. With effect from 1 October 2025, a revised fee basis was agreed and was calculated at 0.45% of the NAV of the Company, plus 0.45% of the market capitalisation of the Company. 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 for the Management fee for the
six months to six months to
30 September 2025 31 March 2026
Percentage Percentage
per annum per annum
Percentage per of market Percentage per of market
NAV annum of NAV capitalisation annum of NAV capitalisation
<\u00a3500 million
0.90%
0.00%
0.45%
0.45%
\u00a3500 million - \u00a31 billion
0.80%
0.00%
0.40%
0.40%
\u00a31 billion+
0.70%
0.00%
0.35%
0.35%
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 \u00a3144,000 (2025: \u00a3151,000) has been accrued for the year to 31 March 2026. The total charge to the Consolidated Statement of Comprehensive Income during the year was \u00a32,530,000 (2025: \u00a32,458,000). At the year end \u00a3675,000 (2025: \u00a3299,000) 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 \u00a3127,000 (2025: \u00a3122,000). 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 2025 to 31 March 2026 were \u00a350,000 (2025: \u00a350,000) net of VAT.", "dimensions": { "concept": "srei:DisclosureOfMaterialAgreements", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-223": { "value": "
3 Other income
31/03/2026 31/03/2025
Notes: \u00a3000 \u00a3000
Dilapidations, surrender premiums and all other miscellaneous income
1,558
484
1,558
484
4 Property operating expenses
31/03/2026 31/03/2025
Notes: \u00a3000 \u00a3000
Agents\u2019 fees
143
329
Repairs and maintenance
166
78
Advertising
89
68
Rates
623
648
Service charge, insurance and utilities on vacant units
2,450
1,434
Ground rent
90
68
Credit impairment losses, provisions and write backs
762
32
4,323
2,657
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-24": { "value": "3 Other income
31/03/2026 31/03/2025
Notes: \u00a3000 \u00a3000
Dilapidations, surrender premiums and all other miscellaneous income
1,558
484
1,558
484
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-25": { "value": "4 Property operating expenses
31/03/2026 31/03/2025
Notes: \u00a3000 \u00a3000
Agents\u2019 fees
143
329
Repairs and maintenance
166
78
Advertising
89
68
Rates
623
648
Service charge, insurance and utilities on vacant units
2,450
1,434
Ground rent
90
68
Credit impairment losses, provisions and write backs
762
32
4,323
2,657
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-224": { "value": "
5 Auditor\u2019s remuneration
Fees payable to Ernst and Young LLP for the audit of the Group and subsidiary annual accounts: \u00a3238,000 (2025: \u00a3209,000).
Fees payable to Ernst and Young LLP for a non-audit service: \u00a320,000 (2025: \u00a320,000).
6 Other expenses
31/03/2026 31/03/2025
Notes: \u00a3000 \u00a3000
Professional fees
93
159
Other expenses
82
70
175
229
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 \u00a3197,850 (2025: \u00a3186,000), as set out in the Directors\u2019 Remuneration Report on pages 62 to 63.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-26": { "value": "5 Auditor\u2019s remuneration Fees payable to Ernst and Young LLP for the audit of the Group and subsidiary annual accounts: \u00a3238,000 (2025: \u00a3209,000). Fees payable to Ernst and Young LLP for a non-audit service: \u00a320,000 (2025: \u00a320,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-240": { "value": "6 Other expenses
31/03/2026 31/03/2025
Notes: \u00a3000 \u00a3000
Professional fees
93
159
Other expenses
82
70
175
229
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 \u00a3197,850 (2025: \u00a3186,000), as set out in the Directors\u2019 Remuneration Report on pages 62 to 63.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-27": { "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 \u00a3197,850 (2025: \u00a3186,000), as set out in the Directors\u2019 Remuneration Report on pages 62 to 63.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-29": { "value": "7 Taxation
31/03/2026 31/03/2025
Notes: \u00a3000 \u00a3000
Tax expense in the year
-
\u2013
Reconciliation of effective tax rate
Profit before tax
14,053
31,058
Effect of:
Tax using the UK corporation tax rate of 25% (2025: 25%)
3,513
7,764
Revaluation gain on investment property non-(taxable)/deductible
(1,472)
(4,058)
Revaluation (profit)/loss on financial instrument non-deductible
(5)
38
Share of capital loss of associates and joint ventures non-deductible
1,647
622
Loss/(profit) on the disposal of investment property non-taxable
441
(117)
UK REIT exemption
(4,124)
(4,249 )
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-28": { "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 \u00a314,053,000 (2025: profit of \u00a331,058,000) and the weighted average number of ordinary shares in issue during the year of 489,110,576 shares (2025: 489,110,576).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-30": { "value": "9 Dividends paid
Rate 31/03/2026
In respect of:
Ordinary shares
(pence) \u00a3000
Q/e 31 March 2025 (dividend paid 30 June 2025)
489.11 million
0.897
4,388
Q/e 30 June 2025 (dividend paid 29 August 2025)
489.11 million
0.897
4,387
Q/e 30 Sept 2025 (dividend paid 19 December 2025)
489.11 million
0.897
4,387
Q/e 31 Dec 2025 (dividend paid 27 March 2026)
489.11 million
0.897
4,387
3.588
17,549
Rate 31/03/2025
In respect of:
Ordinary shares
(pence) \u00a3000
Q/e 31 March 2024 (dividend paid 28 June 2024)
489.11 million
0.853
4,172
Q/e 30 June 2024 (dividend paid 25 August 2024)
489.11 million
0.853
4,172
Q/e 30 Sept 2024 (dividend paid 20 December 2024)
489.11 million
0.879
4,299
Q/e 31 Dec 2024 (dividend paid 28 March 2025)
489.11 million
0.897
4,388
3.482
17,031
A dividend for the quarter ended 31 March 2026 of 0.897 pence per share was approved and paid on the 26 June 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-225": { "value": "0.03588", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-226": { "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-31": { "value": "10 Investment property
Leasehold Freehold Total
\u00a3000 \u00a3000 \u00a3000
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
Additions
1,407
7,584
8,991
Disposal of assets held at fair value
-
(11,906)
(11,906)
Loss on the sale of assets
-
(1,763)
(1,763)
Fair value leasehold movement
(158)
-
(158)
Net unrealised valuation gain on investment property
(188)
6,076
5,888
Carrying value as at 31 March 2026
27,029
378,821
405,850
The balance above includes
Leasehold Freehold Total
\u00a3000 \u00a3000 \u00a3000
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
Investment property
25,679
378,821
404,500
Fair value leasehold adjustment
1,350
-
1,350
Carrying value as at 31 March 2026
27,029
378,821
405,850
1 A reclassification was made in the prior year to correct for properties previously disclosed as leasehold in error.
31/03/2026 31/03/2025
\u00a3000 \u00a3000
Fair value as estimated by the external valuer
413,535
413,310
Less: properties reclassified as held for sale
-
(1,100)
Add: lease liabilities recognised separately
1,350
1,508
Less: lease incentive balance included in trade and other receivables
(9,035)
(8,920)
Carrying value for financial reporting purposes
405,850
404,798
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). 10 Investment property (continued) The properties have been valued individually and not as part of a portfolio. 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 \u00a39.0 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 2026
Retail
(incl. retail
31 March 2026
Industrial
1
warehouse)
1
Office
1
Other
1
Total
Fair value (\u00a3\u2019000)
250,335
87,375
57,725
18,100
413,535
Area (\u2018000 sq ft)
2,276
394
312
198
3,180
Net passing rent per square foot per annum
Range
\u00a32.36 \u2013 \u00a319.53
\u00a34.27 \u2013 \u00a386.11
\u00a38.47 \u2013 \u00a332.93
\u00a33.89 \u2013 \u00a321.66
\u00a32.36 \u2013 \u00a386.11
Weighted average
\u00a36.30
\u00a313.20
\u00a315.81
\u00a35.94
\u00a38.06
Gross ERV per square foot per annum
Range
\u00a32.50 \u2013 \u00a320.08
\u00a34.00 \u2013 \u00a386.11
\u00a38.47 \u2013 \u00a335.95
\u00a31.00 \u2013 \u00a321.50
\u00a31.00 \u2013 \u00a386.11
Weighted average
\u00a38.04
\u00a316.99
\u00a323.35
\u00a38.28
\u00a310.67
Net initial yield
1
Range
0.00% \u2013 10.87%
0.00% \u2013 28.44%
0.00% \u2013 33.18%
0.00% \u2013 9.68%
0.00% \u2013 33.18%
Weighted average
5.22%
5.50%
7.32%
6.02%
5.62%
Equivalent yield
Range
5.79% \u2013 8.60%
6.16% \u2013 12.17%
8.11% \u2013 13.92%
6.17% \u2013 10.12%
5.79% \u2013 13.92%
Weighted average
6.78%
7.29%
10.51%
8.69%
7.55%
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)
1
Office
1
Other
1
Total
Fair value (\u00a3\u2019000)
243,310
92,625
58,900
18,475
413,310
Area (\u2018000 sq ft)
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 10 Investment property (continued) 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 2026
Industrial Retail Office Other All sectors
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Increase in ERV by 5%
10,653
3,019
2,601
207
16,480
Decrease in ERV by 5%
(10,631)
(2,959)
(2,584)
(207)
(16,381)
Increase in net initial yield by 0.25%
(9,792)
(3,187)
(1,699)
(632)
(15,310)
Decrease in net initial yield by 0.25%
10,587
3,439
1,854
590
16,470
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-227": { "value": "
11 Investment in joint ventures
\u00a3000
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
Purchase of further units in City Tower Unit Trust
250
Purchase of further units in Store Unit Trust
1,043
Share of operating profit of joint venture
3,035
Distributions received from joint venture
(3,035)
Valuation loss on joint venture
(6,586)
Closing balance as at 31 March 2026
60,429
11 Investment in joint ventures (continued)
Summarised joint venture financial information for the year ended 31 March 2026
Store Street Unit
City Tower Unit Trust Trust Total
31/03/2026 31/03/2026 31/03/2026
\u00a3000 \u00a3000 \u00a3000
Non-current assets - Investment property
93,100
75,600
168,700
Current assets
1,385
2,794
4,179
Total liabilities
1
(2,599)
(3,480)
(6,079)
Revenues for the year
9,129
4,044
13,173
Total profit (excluding valuation movement)
4,934
3,602
8,536
Net asset value attributable to the Group
22,972
37,457
60,429
Share of profit (excluding valuation movement) in joint ventures
1,234
1,801
3,035
Summarised joint venture financial information 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 valuation movement)
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) in joint ventures
1,697
1,882
3,579
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 Schroder Capital UK Real Estate Fund and Immobilien Europa Direkt.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-32": { "value": "11 Investment in joint ventures
\u00a3000
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
Purchase of further units in City Tower Unit Trust
250
Purchase of further units in Store Unit Trust
1,043
Share of operating profit of joint venture
3,035
Distributions received from joint venture
(3,035)
Valuation loss on joint venture
(6,586)
Closing balance as at 31 March 2026
60,429
11 Investment in joint ventures (continued) Summarised joint venture financial information for the year ended 31 March 2026
Store Street Unit
City Tower Unit Trust Trust Total
31/03/2026 31/03/2026 31/03/2026
\u00a3000 \u00a3000 \u00a3000
Non-current assets - Investment property
93,100
75,600
168,700
Current assets
1,385
2,794
4,179
Total liabilities
1
(2,599)
(3,480)
(6,079)
Revenues for the year
9,129
4,044
13,173
Total profit (excluding valuation movement)
4,934
3,602
8,536
Net asset value attributable to the Group
22,972
37,457
60,429
Share of profit (excluding valuation movement) in joint ventures
1,234
1,801
3,035
Summarised joint venture financial information 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 valuation movement)
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) in joint ventures
1,697
1,882
3,579
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 Schroder Capital UK Real Estate Fund and Immobilien Europa Direkt. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-228": { "value": "
12 Trade and other receivables
31/03/2026 31/03/2025
\u00a3000 \u00a3000
Rent receivable
4,095
4,727
Sundry debtors and prepayments
7,416
7,816
Lease incentives
1
9,035
8,920
20,546
21,463
1 refer to lease incentive policy section in Note 1.
As at 31 March 2026, total bad debt provisions of \u00a30.9 million (2025: \u00a30.3 million) had been recognised against rent receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-229": { "value": "
13 Cash and cash equivalents
As at 31 March 2026 the Group held \u00a311.0 million (2025: \u00a33.7 million) of cash in bank. No other deposits exist.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-33": { "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 (2025: 565,664,749) of which 76,554,173 Ordinary shares are held in treasury (2025: 76,554,173). The total number of voting rights of the Company was 489,110,576 (2025: 489,110,576) as at the financial year end. Treasury share reserve 76,554,173 (2025: 76,554,173) ordinary shares, which represent 13.5% (2025: 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-230": { "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 (2025: 565,664,749)
of which 76,554,173 Ordinary shares are held in treasury
(2025: 76,554,173). The total number of voting rights of the
Company was 489,110,576 (2025: 489,110,576) as at the
financial year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-231": { "value": "
Treasury share reserve
76,554,173 (2025: 76,554,173) ordinary shares, which represent
13.5% (2025: 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-241": { "value": "Treasury share reserve 76,554,173 (2025: 76,554,173) ordinary shares, which represent 13.5% (2025: 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-34": { "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.
31/03/2026 31/03/2025
\u00a3000 \u00a3000
Non-current liabilities
Loan facilities
186,085
181,085
Unamortised arrangement fees
(228)
(474)
185,857
180,611
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 2026 Interest Payment Date, the Canada Life interest cover ratio was 585% (2025: 510%) against a covenant of 185%; the forecast interest cover ratio was 451% (2025: 484%) against a covenant of 185%; and the Loan to Value ratio was 46.1% (2025: 47.0%) 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 2026 contained properties valued at \u00a3273.15 million (2025: \u00a3275.54 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 2026, a sum of \u00a356.5m was drawn down (31 March 2025: \u00a351.5m). 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 2026 Interest Payment Date, the RBSI projected interest cover ratio was 236% (2025: 255%) against a covenant of 200% and the Loan to Value ratio was 34.5% (2025: 31.2%) against a covenant of 60%. The RBSI facility has a first charge security over certain property assets which at 31 March 2026 contained properties valued at \u00a3163.66 million (2025: \u00a3165.0 million). 15 Interest-bearing loans and borrowings (continued) A reconciliation of financing movements for the year is presented below split into cash and non-cash items:
31/03/2026
\u00a3000
Loan balance brought forward as at 31 March 2025
180,611
Drawdown on RBSI RCF (cash)
5,000
Repayment of RBSI RCF (cash)
-
Non-cash amortisation of arrangement fees
246
Loan balance carried forward as at 31 March 2026
185,857
31/03/2025
\u00a3000
Loan balance brought forward as at 31 March 2024
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 as at 31 March 2025
180,611
Financing costs for the year ended 31 March 2026 totalling \u00a36.67m (2025: \u00a36.59m) is comprised of cash loan interest payments of \u00a36.46m (2025: \u00a36.76m), non-cash reduction in accrued loan interest of \u00a30.04m (2025: \u00a30.42m), and non-cash amortisation of loan arrangement fees of \u00a30.25m (2025: \u00a30.25m).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-262": { "value": "
Financing costs for the year ended 31 March 2026 totalling \u00a36.67m (2025: \u00a36.59m) is comprised of cash loan interest payments of
\u00a36.46m (2025: \u00a36.76m), non-cash reduction in accrued loan interest of \u00a30.04m (2025: \u00a30.42m), and non-cash amortisation of loan
arrangement fees of \u00a30.25m (2025: \u00a30.25m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-260": { "value": "Financing costs for the year ended 31 March 2026 totalling \u00a36.67m (2025: \u00a36.59m) is comprised of cash loan interest payments of \u00a36.46m (2025: \u00a36.76m), non-cash reduction in accrued loan interest of \u00a30.04m (2025: \u00a30.42m), and non-cash amortisation of loan arrangement fees of \u00a30.25m (2025: \u00a30.25m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-242": { "value": "Financing costs for the year ended 31 March 2026 totalling \u00a36.67m (2025: \u00a36.59m) is comprised of cash loan interest payments of \u00a36.46m (2025: \u00a36.76m), non-cash reduction in accrued loan interest of \u00a30.04m (2025: \u00a30.42m), and non-cash amortisation of loan arrangement fees of \u00a30.25m (2025: \u00a30.25m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-232": { "value": "Financing costs for the year ended 31 March 2026 totalling \u00a36.67m (2025: \u00a36.59m) is comprised of cash loan interest payments of \u00a36.46m (2025: \u00a36.76m), non-cash reduction in accrued loan interest of \u00a30.04m (2025: \u00a30.42m), and non-cash amortisation of loan arrangement fees of \u00a30.25m (2025: \u00a30.25m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-35": { "value": "16 Trade and other payables
31/03/2026 31/03/2025
\u00a3000 \u00a3000
Deferred income
5,301
5,814
Rental deposits
3,069
2,551
Interest payable
1,326
1,358
Other trade payables and accruals
3,104
3,650
12,800
13,373
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-36": { "value": "17 NAV per Ordinary Share The number of ordinary shares in issue was 489,110,576 as at 31 March 2026 (2025: 489,110,576). The NAV per Ordinary Share is based on the net assets of \u00a3297,881,000 (2025: \u00a3301,377,000) and 489,110,576 (2025: 489,110,576) ordinary shares in issue as at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-233": { "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.
18 Financial instruments, properties and associated
risks (continued)
Market price risk (continued)
The Group is exposed to market price risk arising from
macroeconomic and geopolitical uncertainty, including
ongoing international conflicts. These developments have
contributed to increased volatility in financial markets
and may adversely impact property valuations and capital
market conditions. The Manager is closely monitoring these
developments. 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 Poors).
The maximum exposure to credit risk for rent receivables at the reporting date by type of sector was:
31/03/2026 31/03/2025
Carrying Carrying
amount \u00a3000 amount \u00a3000
Office
391
375
Industrial
3,234
3,193
Retail, leisure and other
1,078
925
4,703
4,493
1 Rental receivable of \u00a33.6m per Note 12 excluding credit impairment losses of 0.9m and other tenant receivables of \u00a30.1m. 2025: Rental receivable of \u00a34.7m per Note 12 excluding
credit impairment losses of \u00a30.3m and other tenant receivables of \u00a30.5m.
Rent receivables which are past their due date were:
31/03/2026 31/03/2025
Carrying Carrying
amount \u00a3000 amount \u00a3000
0-30 days
2,561
2,893
31-60 days
201
59
61-90 days
111
90
91 days plus
1,830
1,451
4,703
4,493
1 Rental receivable of \u00a33.6m per Note 12 excluding bad debt provisions of \u00a30.9m and other tenant receivables of \u00a30.1m. 2025: Rental receivable of \u00a34.7m per Note 12 excluding bad
debt provisions of \u00a30.3m and other tenant receivables of \u00a30.5m.
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 2026
total provisions of \u00a30.89 million (2025: \u00a30.33 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.
18 Financial instruments, properties and associated
risks (continued)
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 2026 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial liabilities
Interest-bearing loans and borrowings and
interest
2
185,857
225,544
3,142
63,464
9,680
149,258
Leasehold liability
1,350
10,831
49
49
294
10,439
Trade and other payables
7,499
7,499
4,430
-
-
3,069
Total financial liabilities
194,706
243,874
7,621
63,513
9,974
162,766
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
interest
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
1 The maturity analysis of financial liabilities are based on undiscounted contractual cashflows.
2 Assumes that the \u00a356.5 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 2026 the fair
value of the Group\u2019s \u00a3129.6 million loan with Canada Life was
\u00a3110.9 million (2025: \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 \u00a356.5m
(2025: \u00a351.5 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 \u00a3110,000 based on the cash balance as at 31 March
2026.
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 RBSI revolving credit facility had a drawn balance of
\u00a356.5 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 \u00a3255,000 (assuming that the loan principal drawn remained
the same).
The Group is progressing discussions with lenders on
refinancing opportunities for this facility given its upcoming
expiry in June 2027.
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 (2025: nil).
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 3
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
2026, the fair value of the Group\u2019s interest bearing loans
and borrowings was \u00a3186.1 million (2025: \u00a3181.1 million).
The loans are measured at amortised cost in the financial
statements.
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
31/03/2026 31/03/2025
\u00a3000 \u00a3000
Debt
Fixed-rate loan facility
129,585
129,585
Floating rate loan facility
1
56,500
51,500
186,085
181,085
Equity
Called-up share capital
181,989
181,989
Reserves
115,892
119,388
297,881
301,377
Total debt and equity
483,966
482,462
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 2026 was \u00a375.0 million (2025: \u00a375.0 million)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-37": { "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. 18 Financial instruments, properties and associated risks (continued) Market price risk (continued) The Group is exposed to market price risk arising from macroeconomic and geopolitical uncertainty, including ongoing international conflicts. These developments have contributed to increased volatility in financial markets and may adversely impact property valuations and capital market conditions. The Manager is closely monitoring these developments. 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 Poors). The maximum exposure to credit risk for rent receivables at the reporting date by type of sector was:
31/03/2026 31/03/2025
Carrying Carrying
amount \u00a3000 amount \u00a3000
Office
391
375
Industrial
3,234
3,193
Retail, leisure and other
1,078
925
4,703
4,493
1 Rental receivable of \u00a33.6m per Note 12 excluding credit impairment losses of 0.9m and other tenant receivables of \u00a30.1m. 2025: Rental receivable of \u00a34.7m per Note 12 excluding credit impairment losses of \u00a30.3m and other tenant receivables of \u00a30.5m. Rent receivables which are past their due date were:
31/03/2026 31/03/2025
Carrying Carrying
amount \u00a3000 amount \u00a3000
0-30 days
2,561
2,893
31-60 days
201
59
61-90 days
111
90
91 days plus
1,830
1,451
4,703
4,493
1 Rental receivable of \u00a33.6m per Note 12 excluding bad debt provisions of \u00a30.9m and other tenant receivables of \u00a30.1m. 2025: Rental receivable of \u00a34.7m per Note 12 excluding bad debt provisions of \u00a30.3m and other tenant receivables of \u00a30.5m. 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 2026 total provisions of \u00a30.89 million (2025: \u00a30.33 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. 18 Financial instruments, properties and associated risks (continued) 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 2026 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial liabilities
Interest-bearing loans and borrowings and
interest
2
185,857
225,544
3,142
63,464
9,680
149,258
Leasehold liability
1,350
10,831
49
49
294
10,439
Trade and other payables
7,499
7,499
4,430
-
-
3,069
Total financial liabilities
194,706
243,874
7,621
63,513
9,974
162,766
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
interest
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
1 The maturity analysis of financial liabilities are based on undiscounted contractual cashflows. 2 Assumes that the \u00a356.5 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 2026 the fair value of the Group\u2019s \u00a3129.6 million loan with Canada Life was \u00a3110.9 million (2025: \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 \u00a356.5m (2025: \u00a351.5 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 \u00a3110,000 based on the cash balance as at 31 March 2026. 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 RBSI revolving credit facility had a drawn balance of \u00a356.5 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 \u00a3255,000 (assuming that the loan principal drawn remained the same). The Group is progressing discussions with lenders on refinancing opportunities for this facility given its upcoming expiry in June 2027. 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 (2025: nil). 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 3 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 2026, the fair value of the Group\u2019s interest bearing loans and borrowings was \u00a3186.1 million (2025: \u00a3181.1 million). The loans are measured at amortised cost in the financial statements. 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
31/03/2026 31/03/2025
\u00a3000 \u00a3000
Debt
Fixed-rate loan facility
129,585
129,585
Floating rate loan facility
1
56,500
51,500
186,085
181,085
Equity
Called-up share capital
181,989
181,989
Reserves
115,892
119,388
297,881
301,377
Total debt and equity
483,966
482,462
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 2026 was \u00a375.0 million (2025: \u00a375.0 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-243": { "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. Market price risk (continued) The Group is exposed to market price risk arising from macroeconomic and geopolitical uncertainty, including ongoing international conflicts. These developments have contributed to increased volatility in financial markets and may adversely impact property valuations and capital market conditions. The Manager is closely monitoring these developments. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-244": { "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 Poors). The maximum exposure to credit risk for rent receivables at the reporting date by type of sector was:
31/03/2026 31/03/2025
Carrying Carrying
amount \u00a3000 amount \u00a3000
Office
391
375
Industrial
3,234
3,193
Retail, leisure and other
1,078
925
4,703
4,493
1 Rental receivable of \u00a33.6m per Note 12 excluding credit impairment losses of 0.9m and other tenant receivables of \u00a30.1m. 2025: Rental receivable of \u00a34.7m per Note 12 excluding credit impairment losses of \u00a30.3m and other tenant receivables of \u00a30.5m. Rent receivables which are past their due date were:
31/03/2026 31/03/2025
Carrying Carrying
amount \u00a3000 amount \u00a3000
0-30 days
2,561
2,893
31-60 days
201
59
61-90 days
111
90
91 days plus
1,830
1,451
4,703
4,493
1 Rental receivable of \u00a33.6m per Note 12 excluding bad debt provisions of \u00a30.9m and other tenant receivables of \u00a30.1m. 2025: Rental receivable of \u00a34.7m per Note 12 excluding bad debt provisions of \u00a30.3m and other tenant receivables of \u00a30.5m. 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 2026 total provisions of \u00a30.89 million (2025: \u00a30.33 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-245": { "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 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 2026 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial liabilities
Interest-bearing loans and borrowings and
interest
2
185,857
225,544
3,142
63,464
9,680
149,258
Leasehold liability
1,350
10,831
49
49
294
10,439
Trade and other payables
7,499
7,499
4,430
-
-
3,069
Total financial liabilities
194,706
243,874
7,621
63,513
9,974
162,766
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
interest
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
1 The maturity analysis of financial liabilities are based on undiscounted contractual cashflows. 2 Assumes that the \u00a356.5 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 2026 the fair value of the Group\u2019s \u00a3129.6 million loan with Canada Life was \u00a3110.9 million (2025: \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 \u00a356.5m (2025: \u00a351.5 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 \u00a3110,000 based on the cash balance as at 31 March 2026. 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 RBSI revolving credit facility had a drawn balance of \u00a356.5 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 \u00a3255,000 (assuming that the loan principal drawn remained the same). The Group is progressing discussions with lenders on refinancing opportunities for this facility given its upcoming expiry in June 2027. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-261": { "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 (2025: nil). 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 3 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 2026, the fair value of the Group\u2019s interest bearing loans and borrowings was \u00a3186.1 million (2025: \u00a3181.1 million). The loans are measured at amortised cost in the financial statements. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-246": { "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 (2025: nil). 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 3 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 2026, the fair value of the Group\u2019s interest bearing loans and borrowings was \u00a3186.1 million (2025: \u00a3181.1 million). The loans are measured at amortised cost in the financial statements. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-247": { "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
31/03/2026 31/03/2025
\u00a3000 \u00a3000
Debt
Fixed-rate loan facility
129,585
129,585
Floating rate loan facility
1
56,500
51,500
186,085
181,085
Equity
Called-up share capital
181,989
181,989
Reserves
115,892
119,388
297,881
301,377
Total debt and equity
483,966
482,462
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 2026 was \u00a375.0 million (2025: \u00a375.0 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-38": { "value": "19 Operating leases The Group leases out its investment property under operating leases. At 31 March 2026 the future minimum lease receipts under non-cancellable leases are as follows:
31/03/2026 31/03/2025
\u00a3000 \u00a3000
Less than one year
24,882
25,356
Between one and five years
71,856
72,621
More than five years
56,686
59,156
153,424
157,133
The total above comprises the total contracted rent receivable as at 31 March 2026. 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 and this may incur penalties for both the tenant and landlord depending on the terms of the lease contracts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-39": { "value": "20 Interest rate derivative contracts 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 2026 it had a deemed fair value of \u00a30.08 million (2025: \u00a30.07 million) with an unrealised gain of \u00a30.01 million (2025: loss of \u00a30.15 million) being recognised in the financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-248": { "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 2026:
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) Limited
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) Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (Uxbridge) Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (City Tower) Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Store) Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Bedford) Limited
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 the
inside back cover.
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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-40": { "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 2026:
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) Limited
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) Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (Uxbridge) Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (City Tower) Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Store) Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Bedford) Limited
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 the inside back cover. 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": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-249": { "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 note 6. Transaction with depositors, administrators and Company secretary are disclosed in Note 2", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-41": { "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 note 6. Transaction with depositors, administrators and Company secretary are disclosed in Note 2", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-234": { "value": "23 Capital commitments As at 31 March 2026 the Group had capital commitments of \u00a35.2 million (2025: \u00a38.3 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-42": { "value": "23 Capital commitments As at 31 March 2026 the Group had capital commitments of \u00a35.2 million (2025: \u00a38.3 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-43": { "value": "24 Post balance sheet events On 12 May 2026, SREIT announced an indicative all-share offer under Rule 2.4 of the City Code on Takeovers and Mergers for Picton Property Income Limited (\u201cPicton\u201d), to be undertaken alongside LondonMetric Property Plc (\u201cLMP\u201d). Under the proposed transaction, SREIT would acquire approximately 54% of Picton\u2019s portfolio, with LMP acquiring the remaining portfolio. The split of Picton\u2019s portfolio between SREIT and LMP has been determined by reference to Picton\u2019s debt facilities and the corporate entities that hold the assets charged to each facility. The proposed consideration would be satisfied through the issue of new SREIT and LMP shares to Picton shareholders, with no material cash consideration payable by SREIT. As part of the transaction, SREIT would assume Picton\u2019s existing debt facilities associated with the assets it acquires. The transaction remains indicative and non-binding as at the date of approval of these financial statements, and is subject to a number of pre-conditions, including the publication of a firm offer announcement under Rule 2.7 of the City Code, confirmatory due diligence, lender consents, court sanction of a scheme of arrangement, and Board and shareholder approvals. There is therefore no certainty at this stage that the transaction will proceed to completion, and control of any Picton assets would not pass to SREIT until completion. Given the transaction had not completed or become unconditional under Rule 2.7 of the City Code, at the date of approval of these financial statements, an estimate of the financial effect cannot reliably be made. The accounting treatment and financial effect, if the transaction proceeds, will be determined at completion based on the facts and circumstances at that time, including the fair value of the assets and liabilities acquired and the SREIT closing share price at admission of the new shares. No other significant events have occurred between the balance sheet date and the date of approval of these financial statements that would require adjustment to, or disclosure in, the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-1": { "value": "2nd Floor, Dorey Court Elizabeth Avenue St Peter Port Guernsey GY1 2HT", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300ZIJJTMTIIQJP67", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }