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"value": "Notes to the Accounts 1 Basis of preparation, significant accounting policies and accounting judgements The financial statements for the year ended 31 March 2023 have been prepared on the historical cost basis, except for the revaluation of properties, investments classified as fair value through profit or loss and derivatives. The financial statements are prepared in accordance with UK-adopted International Accounting Standards and the applicable legal requirements of the Companies Act 2006 (\u2018IFRS\u2019). In the current year the Group has adopted a number of minor amendments to standards effective in the year issued by the IASB, none of which have had a material impact on the Group. These include amendments to IAS 16, IAS 37, IFRS 3 and annual improvements to IFRS Standards 2018-2020. Several amendments to standards and interpretations have been issued but are not yet effective for the current accounting period. These include amendments to IAS 12, IAS 1 and IFRS Practice Statement 2. These have not yet been adopted by the Group. The amendments listed above did not have any impact on amounts recognised in prior years, and are not expected to significantly affect current and future years. In the current year the Group has adopted two Agenda Decisions issued by the IFRS Interpretations Committee, in respect of the accounting for rental concessions granted to tenants and tenant deposits. This has led to a change in the Group\u2019s accounting policies in these two respective areas. Further details on these changes have been disclosed later in this Note on pages 184 to 185. Going concern The financial statements are prepared on a going concern basis. The consolidated balance sheet shows that the Group is in a net current liability position, predominantly due to short term borrowings and overdrafts of \u00a3402m. The Group has access to \u00a31.8bn of undrawn facilities and cash, which provides the Directors with a reasonable expectation that the Group will be able to meet these current liabilities as they fall due. In making this assessment the Directors took into account forecast cash flows and covenant compliance, including stress testing through the impact of sensitivities as part of a \u2018severe but plausible downside scenario\u2019. Before factoring in any income receivable, the undrawn facilities and cash would also be sufficient to cover forecast capital expenditure, property operating costs, administrative expenses, maturing debt and interest over the next 12 months from the approval date of these financial statements. Having assessed the principal risks, the Directors believe that the Group is well placed to manage its financing and other business risks satisfactorily despite the uncertain economic climate and have a reasonable expectation that the Company and the Group have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. Accordingly, they believe the going concern basis is an appropriate one. See the full assessment of preparation on a going concern basis in the corporate governance section on page 118. Subsidiaries, joint ventures and associates The consolidated accounts include the accounts of The British Land Company PLC (\u2018British Land\u2019) and all subsidiaries (entities controlled by British Land). Control is assumed where British Land is exposed, or has the rights, to variable returns from its involvement with investees and has the ability to affect those returns through its power over those investees. The results of subsidiaries, joint ventures or associates acquired or disposed of during the year are included from the effective date of acquisition or up to the effective date of disposal. Accounting policies of subsidiaries, joint ventures or associates which differ from Group accounting policies are adjusted on consolidation. Business combinations are accounted for under the acquisition method. Any excess of the purchase price of business combinations over the fair value of the assets, liabilities and contingent liabilities acquired and resulting deferred tax thereon is recognised as goodwill. Any negative goodwill is credited to the income statement in the period of acquisition. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Joint ventures and associates are accounted for under the equity method, whereby the consolidated balance sheet incorporates the Group\u2019s share (investor\u2019s share) of the net assets of its joint ventures and associates. The consolidated income statement incorporates the Group\u2019s share of joint ventures and associate profits after tax. Their profits include revaluation movements on investment properties. Where joint ventures and associates generate losses after tax, these are recognised initially against the Group\u2019s equity investment. If the Group\u2019s equity investment is nil, these are subsequently then recognised against other long term interests, principally long term loans. Distributions and other receivables from joint ventures and associates are classed as cash flows from operating activities, except where they relate to a cash flow arising from a capital transaction, such as a property or investment disposal. In this case they are classed as cash flows from investing activities. Properties Properties are externally valued at the balance sheet date. Investment properties are recorded at valuation whereas trading properties are stated at the lower of cost and net realisable value. Any surplus or deficit arising on revaluing investment properties is recognised in the Capital and other column of the income statement. Notes to the Accounts continued 1 Basis of preparation, significant accounting policies and accounting judgements continued The cost of properties in the course of development includes attributable interest and other associated outgoings including attributable development personnel costs. Interest is calculated on the development expenditure by reference to specific borrowings, where relevant, and otherwise on the weighted average interest rate of The British Land Company PLC borrowings. Interest is not capitalised where no development activity is taking place. A property ceases to be treated as a development property on practical completion. Investment property disposals are recognised on completion. Profits and losses arising are recognised through the Capital and other column of the income statement. The profit on disposal is determined as the difference between the net sales proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period. Where properties are disposed into a joint venture owned by the Group, the subsequent profit recognised in the Capital and other column of the income statement is limited to the extent of the unrelated party\u2019s interest. Any subsequent loss is recognised in the Capital and other column of the income statement in full. Trading properties are initially recognised at the lower of cost and net realisable value. Trading property disposals are recognised in line with the Group\u2019s revenue accounting policies. Where investment properties are appropriated to trading properties, they are transferred at market value. If properties held for trading are appropriated to investment properties, they are transferred at book value. Transfers to or from an investment property occur when, and only when, there is evidence of change in use. Where a right-of-use asset meets the definition of investment property under IFRS 16 \u2018Leases\u2019, the right-of-use asset will initially be calculated as the present value of minimum lease payments under the lease and subsequently measured under the fair value model, based on discounted cash flows of net rental income earned under the lease. The Group leases out investment properties under operating leases with rents generally payable monthly or quarterly. The Group is exposed to changes in the residual value of properties at the end of current lease agreements, and mitigates this risk by actively managing its tenant mix in order to maximise the weighted average lease term, minimise vacancies across the portfolio and maximise exposure to tenants with strong financial characteristics. The Group also grants tenant incentives to encourage high quality tenants to remain in properties for longer lease terms. Tenant incentives, such as rent-free periods and cash contributions to tenant fit-out, and contracted rent increases are recognised as part of the investment property balance. The Group calculates the expected credit loss for tenant incentives and contracted rent increases based on lifetime expected credit losses under the IFRS 9 \u2018Financial Instruments\u2019 simplified approach. Surrender premia payable relating to investment properties are recognised in the income statement, through the Underlying column, except where the surrender premia payable are deemed to be unusual or significant by virtue of their size or nature, where they are recognised through the Capital and other column. Surrender premia payable relating to development properties are capitalised as a property addition providing they are a directly attributable and necessary development expense. Financial assets and liabilities Debtors and creditors are initially recognised at fair value and subsequently measured at amortised cost and discounted as appropriate. On initial recognition the Group calculates the expected credit loss for debtors based on lifetime expected credit losses under the IFRS 9 simplified approach. Other investments include investments classified as amortised cost and investments classified as fair value through profit or loss. Loans and receivables classified as amortised cost are measured using the effective interest method, less any impairment. Interest is recognised by applying the effective interest rate. Investments classified as fair value through profit or loss are initially recorded at fair value and are subsequently externally valued on the same basis at the balance sheet date. Any surplus or deficit arising on revaluing investments classified as fair value through profit or loss is recognised in the Capital and other column of the income statement. The lease liability associated with investment property which is held under a lease, is initially calculated as the present value of the minimum lease payments. The lease liability is subsequently measured at amortised cost, unwinding as finance lease interest accrues and lease payments are made. Debt instruments are stated at their fair value on issue. Finance charges including premia payable on settlement or redemption and direct issue costs are spread over the period to maturity, using the effective interest method. Exceptional finance charges incurred due to early redemption (including premia) are recognised in the income statement when they occur. As defined by IFRS 9, cash flow and fair value hedges are initially recognised at fair value at the date the derivative contracts are entered into, and subsequently remeasured at fair value. Changes in the fair value of derivatives that are designated and qualify as effective cash flow hedges are recognised directly through other comprehensive income as a movement in the hedging and translation reserve. Changes in the fair value of derivatives that are designated and qualify as effective fair value hedges are recorded in the Capital and other column of the income statement, along with any changes in the fair value of the hedged item that is attributable to the hedged risk. Any ineffective portion of all derivatives is recognised in the Capital and other column of the income statement. Changes in the fair value of derivatives that are not in a designated hedging relationship under IFRS 9 are recorded directly in the Capital and other column of the income statement. These derivatives are carried at fair value on the balance sheet. Cash equivalents include short-term deposits that are instruments with a maturity of less than three months, and tenant deposits. 1 Basis of preparation, significant accounting policies and accounting judgements continued Revenue Revenue comprises rental income and surrender premia, service charge income, management and performance fees and proceeds from the sale of trading properties. Rental income and surrender premia are recognised in accordance with IFRS 16. For leases where a single payment is received to cover both rent and service charge, the service charge component is separated out and reported as service charge income. Rental income, including fixed rental uplifts, from investment property leased out under an operating lease is recognised as revenue on a straight-line basis over the lease term. Tenant incentives, such as rent-free periods and cash contributions to tenant fit-out, are recognised on the same straight-line basis being an integral part of the net consideration for the use of the investment property. Any rent adjustments based on open market estimated rental values are recognised, based on management estimates, from the rent review date in relation to unsettled rent reviews. Contingent rents, being those lease payments that are not fixed at the inception of the lease, including for example turnover rents, are recognised in the period in which they are earned. Lease modifications are defined as a change in the scope of a lease, or the consideration of a lease, that was not part of the original terms and conditions of the lease. Modifications to operating leases the Group holds as a lessor are accounted for from the effective date of the modification. Modifications take into account any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. The revised remaining consideration under the modified lease is then recognised in rental income on a straight-line basis over the remaining lease term. Concessions granted to tenants for operating lease receivables where prior demanded lease payments have been reduced or waived for a specified period are accounted for as an expected credit loss. Concessions granted to tenants for future lease payments are accounted for as a lease modification. Concessions granted to tenants which allow the deferral of rent payments to the Group are not accounted for as lease modifications on the basis there is no change to the consideration or scope of the lease. Surrender premia for the early termination of a lease are recognised as revenue when the amounts become contractually due, net of dilapidations and non-recoverable outgoings relating to the lease concerned. The Group applies the five-step-model as required by IFRS 15 \u2018Revenue from Contracts with Customers\u2019 in recognising its service charge income, management and performance fees and proceeds from the sale of trading properties. Service charge income is recognised as revenue in the period to which it relates. Management fees are recognised as revenue in the period to which they relate and relate predominantly to the provision of asset management, property management, development management and administration services to joint ventures. Performance fees are recognised at the end of the performance period when the performance obligations are met, the fee amount can be estimated reliably and it is highly probable that the fee will be received. Performance fees are based on property valuations compared to external benchmarks at the end of the reporting period. Proceeds from the sale of trading properties are recognised when control has been transferred to the purchaser. This generally occurs on completion. Proceeds from the sale of trading properties are recognised as revenue in the Capital and other column of the income statement. All other revenue described above is recognised in the Underlying column of the income statement. Taxation Current tax is based on taxable profit for the year and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are not taxable (or tax deductible). Deferred tax is provided on items that may become taxable in the future, or which may be used to offset against taxable profits in the future, on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes, and the amounts used for taxation purposes on an undiscounted basis. On business combinations, the deferred tax effect of fair value adjustments is incorporated in the consolidated balance sheet. Deferred tax assets and liabilities are netted off against each other in the consolidated balance sheet when they relate to income taxes levied by the same tax authority on different taxable entities which intend to either current tax assets and liabilities on a net basis. Employee costs The fair value of equity-settled share-based payments to employees is determined at the date of grant and is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares or options that will eventually vest. For all schemes except the Group\u2019s Long-Term Incentive Plan and Save As You Earn schemes, the fair value of awards are equal to the market value at grant date. For options and performance shares granted under the Long-Term Incentive Plan, the fair values are determined by Monte Carlo and Black- Scholes models. A Black-Scholes model is used for the Save As You Earn schemes. Notes to the Accounts continued 1 Basis of preparation, significant accounting policies and accounting judgements continued Defined benefit pension scheme assets are measured using fair values. Pension scheme liabilities are measured using the projected unit credit method and discounted at the rate of return of a high quality corporate bond of equivalent term to the scheme liabilities. The net surplus (where recoverable by the Group) or deficit is recognised in full in the consolidated balance sheet. Any asset resulting from the calculation is limited to the present value of available refunds and reductions in future contributions to the plan. The current service cost and gains and losses on settlement and curtailments are charged to Underlying Profit. Actuarial gains and losses are recognised in full in the period in which they occur and are presented in the consolidated statement of comprehensive income. Contributions to the Group\u2019s defined contribution schemes are expensed on the basis of the contracted annual contribution. Government grants Government grants are recognised when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. A grant that relates to an investment or development property is deducted from the cost of the relevant property, thereby increasing the gain recognised on disposal or revaluation of the property. A grant that relates to an expense item is recognised as income on a systematic basis over the period(s) that the related costs are expensed. Critical accounting judgements and key sources of estimation uncertainty In applying the Group\u2019s accounting policies, the Directors are required to make critical accounting judgements and assess key sources of estimation uncertainty that affect the financial statements. Key sources of estimation uncertainty Valuation of investment, development and trading properties: The Group uses external professional valuers to determine the relevant amounts. The primary source of evidence for property valuations should be recent, comparable market transactions on an arm\u2019s length basis. However, the valuation of the Group\u2019s property portfolio is inherently subjective, as it is based upon valuer assumptions and estimations that form part of the key unobservable inputs of the valuation, which may prove to be inaccurate. Further details on the valuers\u2019 assumptions, estimates and associated key unobservable inputs sensitivity disclosures, have been provided in Note 10. Impairment provisioning of tenant debtors (including accrued income) and tenant incentives, which are presented within investment properties: The impact of Covid-19 gave rise to an increase in tenant debtors due from tenants along with higher loss rates, however these are continuing to decrease as the impact of the pandemic recedes. Consequently, for the year ended 31 March 2023 the impairment provisions calculated using the expected credit loss model under IFRS 9 against these balances are lower than in the prior year. See Note 13 for further details on the reduction of tenant debtors and associated provisions in the year. The key assumptions within the expected credit loss model include the tenants\u2019 credit risk rating and the related loss rates assumed for each risk rating depending on the historical experience collection rate and the ageing profile. Tenant risk ratings are determined by management, taking into consideration information available surrounding a tenant\u2019s credit rating, financial position and historical loss rates. Tenants are classified as being in Administration or Company Voluntary Arrangements, high, medium or low risk based on this information. The assigned loss rates for these risk categories are reviewed at each balance sheet date and are based on historical experience collection rates and future expectations of collection rates. The same key assumptions are applied in the expected credit loss model for tenant incentives, without the consideration of the ageing profile which is not relevant for these balances. Sensitivity disclosures have been provided relating to tenant debtor provisions in Note 13 and tenant incentive provisions in Note 10. Other sources of estimation uncertainty that would not result in a material movement in the carrying amount in the next financial year include the valuation of interest rate derivatives, the determination of share-based payments, the actuarial assumptions used in calculating the Group\u2019s retirement benefit obligations and taxation provisions. Critical accounting judgements The Directors have exercised critical judgement in respect of the joint control assessment of the Paddington Central Joint Venture which was entered into in the year. As part of the assessment, the Directors considered the Group\u2019s control over the Paddington Property Limited Partnership in respect of its 25% ownership. The Directors assessed the Group\u2019s power to direct the relevant activities of the Partnership through the partnership agreements, including reserved matters which require the unanimous consent of the Partners, and the Group\u2019s subsequent exposure to variable returns. Through this analysis, the Directors have been able to satisfactorily conclude that the Group has joint control over the Partnership and therefore has accounted for the Partnership as a joint venture using the equity method, in line with the Group\u2019s accounting policies. The following items are ongoing areas of accounting judgement, however, the Directors do not consider these accounting judgements to be critical and significant accounting judgement has not been required for any of these items in the current financial year. REIT status: British Land is a Real Estate Investment Trust (\u2018REIT\u2019) and does not pay tax on its property income or gains on property sales, provided that at least 90% of the Group\u2019s property income is distributed as a dividend to shareholders, which becomes taxable in their hands. In addition, the Group has to meet certain conditions such as ensuring the property rental business represents more than 75% of total profits and assets. Any potential or proposed changes to the REIT legislation are monitored and discussed with HMRC. It is management\u2019s intention that the Group will continue as a REIT for the foreseeable future. 1 Basis of preparation, significant accounting policies and accounting judgements continued Accounting for joint ventures: In accordance with IFRS 10 \u2018Consolidated Financial Statements\u2019, IFRS 11 \u2018Joint Arrangements\u2019 and IFRS 12 \u2018Disclosure of Interests in Other Entities\u2019, an assessment is required to determine the degree of control or influence the Group exercises and the form of any control to ensure that the financial statement treatment is appropriate. The assessment undertaken by management includes consideration of the structure, legal form, contractual terms and other facts and circumstances relating to the relevant entity. This assessment is updated annually and there have been no changes in the judgement reached in relation to the degree of control the Group exercises within the current or prior year. An assessment was performed for both the Paddington Central Joint Venture transaction that occurred in the current year, and the Canada Water Joint Venture transaction that occurred in the prior year (see Note 11). As previously disclosed, a critical accounting judgement was exercised in the assessment of the Paddington Central Joint Venture transaction. However, as part of the Canada Water Joint Venture transaction assessment, no critical accounting judgements were applied. Group shares in joint ventures resulting from this process are disclosed in Note 11 to the financial statements. Joint ventures are accounted for under the equity method, whereby the consolidated balance sheet incorporates the Group\u2019s share of the net assets of its joint ventures and associates. The consolidated income statement incorporates the Group\u2019s share of joint venture and associate profits after tax. Accounting for transactions: Property transactions are complex in nature and can be material to the financial statements. Judgements made in relation to transactions include whether an acquisition is a business combination or an asset; whether held for sale criteria have been met for transactions not yet completed; accounting for transaction costs and contingent consideration; and application of the concept of linked accounting. Management consider each transaction separately in order to determine the most appropriate accounting treatment, and, when considered necessary, seek independent advice. In this regard, management have considered the accounting of both the Paddington Central Joint Venture transaction in the year ended 31 March 2023 and the Canada Water Joint Venture transaction in the year ended 31 March 2022 (see Note 11). Consideration of climate change In preparing the financial statements, the impact of climate change has been considered, particularly in the context of the Task Force on Climate-related Financial Disclosures (TCFD) included within the Sustainability section of the Strategic Report and the Group\u2019s stated target of net zero carbon emissions by 2030 under the 2030 Sustainability Strategy. Whilst noting the Group\u2019s commitment to sustainability, there has not been a material impact on the financial reporting judgements and estimates arising from our considerations, which include physical climate and transitional risk assessments conducted by the Group. This is consistent with our assessment that climate change is not expected to have a material impact on the cash flows of the Group, including those included within the going concern and viability assessments in the medium term. Notwithstanding this, the following should be noted, which is relevant to understanding the impact of climate change on the financial statements: \u2013 As part of the Group\u2019s 2030 Sustainability Strategy, under which the Group\u2019s Transition Vehicle commits the expenditure of \u00a360 per tonne of embodied carbon within developments, the Group committed \u00a35m in the year to 31 March 2023 (2021/22: \u00a316m), with \u00a35m in the year to 31 March 2023 (2021/22: \u00a31m) spent to mitigate the impact of climate change on the standing portfolio, such as electrification of buildings, improved insulation and LED lights. As at 31 March 2023, \u00a315m remained committed to future mitigation capital expenditure (2021/22: \u00a315m) (see Note 22 for further details). \u2013 As part of the valuation process, the Group has discussed the impact of sustainability and Environmental, Social and Governance factors with the external valuers who value the investment and development properties of the Group. The physical climate and transitional risk analysis conducted by the Group has been shared with, and discussed with, the valuers as part of the six-monthly valuation process (see Note 10 for further details). As such, the impact of sustainability and Environmental, Social and Governance factors is considered as part of the valuation process, to the extent possible market participants would, and is included within the derived valuation as at the balance sheet date. The Group ensures that to the fullest extent possible, the four valuers are materially consistent in their application of the consideration of these factors on the property valuations. \u2013 The Group has purchased carbon credits in the year to offset the embodied carbon impact of developments \u2013 making our developments carbon neutral. The costs of purchasing these credits were capitalised as part of the cost of the development. The cost of purchasing these credits was \u00a31m for the year ended 31 March 2023 (2021/22: \u00a3nil). Notes to the Accounts continued 1 Basis of preparation, significant accounting policies and accounting judgements continued Change in accounting policies Rental concessions In October 2022, the IFRS Interpretations Committee (IFRIC) issued an Agenda Decision in relation to Lessor Forgiveness of Lease Payments (IFRS 9 and IFRS 16), giving clarification on the lessor accounting for concessions (or rental forgiveness) granted to tenants. Concessions granted to tenants consisted of reducing or waiving the rent for a specified period. The IFRIC clarified that concessions granted to tenants for rental debtors past their due date would fall under the scope of expected credit losses within IFRS 9. As such, the expected credit loss would be reflected in the income statement as part of the derecognition and provisioning of the rental debtor. Before the Agenda Decision, the Group treated concessions granted to tenants for rental debtors past their due date (predominantly in response to Covid-19), as a lease modification under IFRS 16, recognising the concession granted on a straight-line basis over the lease term. Following the Agenda Decision, the Group has retrospectively applied the accounting clarification to relevant concessions for the years ended 31 March 2021 and 2022. This includes restating the 2021 opening balances and the 2022 comparative balances as set out on the next page. No relevant concessions were granted in preceding financial years. As part of considering the Agenda Decision, the Group has reassessed the position of the tenant incentive provision on the consolidated balance sheet. Previously, this balance was accounted for as part of debtors. However, following the Agenda Decision, the Group has chosen to retrospectively represent the tenant incentive provision within investment property, as part of the overall concession accounting reassessment. As the associated concession tenant incentive provision was previously accounted for as part of debtors as opposed to investment property, the provision reduction on restatement leads to an increase in both net assets and profit as outlined below. Overall, for the year ended 31 March 2022, the profit on ordinary activities before taxation increases by \u00a35m from \u00a3958m to \u00a3963m. Within the consolidated income statement, the restatement has resulted in a change to the following balances: \u2013 Gross rental income; \u2013 Provisions for impairment of trade debtors and accrued income; \u2013 Provisions for impairment of tenant incentives and contracted rent increases; \u2013 Valuation movement; and \u2013 Joint venture result. In respect of the consolidated balance sheet, the restatement has resulted in the opening net assets of the Group as at 1 April 2021 increasing by \u00a330m from \u00a35,983m to \u00a36,013m. For the year ended 31 March 2022, subsequent to adjusting the opening balances, the net assets of the Group increased by \u00a35m to \u00a36,768m. Within the consolidated balance sheet, the restatement has resulted in a change to the following balances: \u2013 Tenant incentive movement and revaluation within investment property; \u2013 Debtors; and \u2013 Net investment in joint ventures. The quantitative impact on each balance has been outlined on the following page. Tenant deposits In April 2022, the IFRIC issued an Agenda Decision in relation to Demand Deposits with Contractual Restrictions in Use, clarifying that deposits of this nature meet the definition of cash and cash equivalents under IAS 7 \u2018Statement of Cash Flows\u2019 and should be disclosed as Tenant deposits within cash and cash equivalents. For the year ended 31 March 2022, the Group recognised \u00a34m of rental deposits within debtors and identified a further \u00a333m of service charge deposits not previously recognised on the Group\u2019s consolidated balance sheet, as both meeting the amended definition of a demand deposit. The service charge deposits were previously not recognised on the consolidated balance sheet due to contractual restrictions on the use of these deposits. The Group has amended its accounting policy accordingly and will recognise these balances on the consolidated balance sheet as part of cash and cash equivalents, with a restatement to the 31 March 2022 prior year comparative of \u00a337m. As part of this reassessment, the Group will also recognise service charge income and expense related cash flows within the consolidated statement of cash flows, within the income received from tenants and operating expenses paid to suppliers and employees of \u00a361m respectively, with a restatement to the year ended 31 March 2022 prior year comparative. 1 Basis of preparation, significant accounting policies and accounting judgements continued 31 March 2022 Published \u00a3m Opening balance restatement for rental concessions \u00a3m Rental concessions Restatement \u00a3m Tenant deposits Restatement \u00a3m 31 March 2022 Restated \u00a3m Consolidated income statement (extract) Revenue 410 \u2013 2 \u2013 412 Costs (129) \u2013 (4) \u2013 (133) Joint ventures 244 \u2013 3 \u2013 247 Valuation movement 471 \u2013 4 \u2013 475 Profit on ordinary activities before taxation 958 \u2013 5 \u2013 963 Consolidated balance sheet (extract) Investments in joint ventures 2,511 7 3 \u2013 2,521 Debtors 39 23 2 (4) 60 Cash and cash equivalents 74 \u2013 \u2013 37 111 Creditors (245) \u2013 \u2013 (33) (278 Retained earnings 4,959 30 5 \u20134,994 Net assets 6,733 30 5 \u2013 6,768 Consolidated statement of cash flows (extract) Income received from tenants 358 \u2013 \u2013 61 419 Operating expenses paid to suppliers and employees (140) \u2013 \u2013 (61) (201) Cash and cash equivalents at 1 April 154 \u2013 \u2013 37 191 Cash and cash equivalents at 31 March 74 \u2013 \u2013 37 111 Cash and cash equivalents consist of: Tenant deposits \u2013 \u2013 \u2013 37 37 Performance measures (Note 2) Underlying Profit (Table A) 251 \u2013 (4) \u2013 247 EPRA Net Tangible Assets 6,771 30 5 \u20136,806 pence pence pence pence pence Underlying diluted earnings per share 27.4 \u2013 (0.4) \u2013 27.0 EPRA Net Tangible Assets per share 727 4 (1) \u2013 730 2 Performance measures Earnings per share The Group measures financial performance with reference to underlying earnings per share, the European Public Real Estate Association (EPRA) earnings per share and IFRS earnings per share. The relevant earnings and weighted average number of shares (including dilution adjustments) for each performance measure are shown below, and a reconciliation between these is shown within the supplementary disclosures (Table B). EPRA earnings per share is calculated using EPRA earnings, which is the IFRS profit after taxation attributable to shareholders of the Company excluding investment and development property revaluations, gains/losses on investing and trading property disposals, changes in the fair value of financial instruments and associated close-out costs and their related taxation. Underlying earnings per share is calculated using Underlying Profit adjusted for underlying taxation (see Note 7), with the dilutive measure being the primary disclosure measure used. Underlying Profit is the pre-tax EPRA earnings measure, with additional Company adjustments for items which are considered to be unusual and/or significant by virtue of their size and nature. No Company adjustments were made in the current year to 31 March 2023. In the prior year to 31 March 2022, a \u00a329m surrender premium payment and a \u00a312m reclassification of foreign exchange differences were excluded from the calculation of Underlying Profit (see Note 3 and Note 6, respectively, for further details). There was no tax effect of these Company adjusted items. Notes to the Accounts continued 2 Performance measures continued Earnings per share 2023 Restated 1 2022 Relevant earnings \u00a3m Relevant number of shares million Earnings per share pence Relevant earnings \u00a3m Relevant number of shares million Earnings per share pence Underlying Underlying basic 263 927 28.4 251 927 27.1 Underlying diluted 263 930 28.3 251 930 27.0 EPRA EPRA basic 263 927 28.4 234 927 25.3 EPRA diluted 263 930 28.3 234 930 25.2 IFRS Basic (1,038) 927 (112.0) 963 927 103.8 Diluted (1,038) 927 (112.0) 963 930 103.5 1. Prior year comparatives have been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information. Net asset value The Group measures financial position with reference to EPRA Net Tangible Assets (NTA), Net Reinvestment Value (NRV) and Net Disposal Value (NDV). The net assets and number of shares for each performance measure are shown below. A reconciliation between IFRS net assets and the three EPRA net asset valuation metrics, and the relevant number of shares for each performance measure, is shown within the supplementary disclosures (Table B). EPRA NTA is a measure that is based on IFRS net assets excluding the mark-to-market on derivatives and related debt adjustments, the carrying value of intangibles, as well as deferred taxation on property and derivative valuations. The metric includes the valuation surplus on trading properties and is adjusted for the dilutive impact of share options. Net asset value per share 2023 Restated 1 2022 Relevant net assets \u00a3m Relevant number of shares million Net asset value per share pence Relevant net assets \u00a3m Relevant number of shares million Net asset value per share pence EPRA EPRA NTA 5,487 933 588 6,806 932 730 EPRA NRV 6,029 933 646 7,438 932 798 EPRA NDV 5,658 933 606 6,577 932 706 IFRS Basic 5,525 927 596 6,768 927 730 Diluted 5,525 933 592 6,768 932 726 1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. Total accounting return The Group also measures financial performance with reference to total accounting return. This is calculated as the movement in EPRA NTA per share and dividend paid in the year as a percentage of the EPRA NTA per share at the start of the year. 2023 Restated 1 2022 Movement in NTA per share pence Dividend per share paid pence Total accounting return Movement in NTA per share pence Dividend per share paid pence Total accounting return Total accounting return (142) 23.2 (16.3%) 78 16.96 14.6% 1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. 3 Revenue and costs 2023 Restated 1 2022 Underlying \u00a3m Capital and other \u00a3m Total \u00a3m Underlying \u00a3m Capital and other \u00a3m Total \u00a3m Rent receivable 306 \u2013 306 332 \u2013 332 Spreading of tenant incentives and contracted rent increases 15 \u2013 15 7 \u2013 7 Surrender premia 2 1 \u2013 1 1 (29) (28) Gross rental income 322 \u2013 322 340 (29) 311 Trading property sales proceeds \u2013 \u2013 \u2013 \u2013 9 9 Service charge income 59 \u2013 59 62 \u2013 62 Management and performance fees (from joint ventures) 13 \u2013 13 9 \u2013 9 Other fees and commissions 24 \u2013 24 21 \u2013 21 Revenue 418 \u2013 418 432 (20) 412 Trading property cost of sales \u2013 \u2013 \u2013 \u2013 (9) (9) Service charge expenses (50) \u2013 (50) (55) \u2013 (55) Property operating expenses (37) \u2013 (37) (54) \u2013 (54) Release (provisions) for impairment of trade debtors and accrued income 11 \u2013 11 (1) \u2013 (1) (Provisions) release for impairment of tenant incentives and contracted rent increases (2) \u2013 (2) 3 \u2013 3 Other fees and commissions expenses (19) \u2013 (19) (17) \u2013 (17) Costs (97) \u2013 (97) (124) (9)(133) 321 \u2013 321 308 (29)279 1. Prior year comparatives have been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information. 2. In the prior year, on 31 August 2021, the Group undertook a leasing transaction with two unrelated parties in relation to one of its investment properties. The transaction was commercially beneficial and resulted in an overall increase in the net assets of the Group. It involved a \u00a329m payment to one party for the surrender of an agreement for lease, with a subsequent premium of \u00a329m received for the grant of a new agreement for lease for the same property with another party, meaning the transaction was cash neutral. In line with the requirements of IFRS 16, and due to the unrelated parties in the transaction, the Group is required to account for the elements of the transaction separately, and as such an associated \u00a329m surrender premium payment was recognised in full through the income statement in the year. Owing to the unusual and significant size and nature of the payment and in line with the Group\u2019s accounting policies the payment has been included within the Capital and other column of the income statement. The premium recognised as deferred income on the balance sheet as at 31 March 2023 within other non-current liabilities was \u00a325m (2021/22: \u00a327m) (see Note 15). The cash element of net rental income (gross rental income less property operating expenses) recognised during the year ended 31 March 2023 from properties which were not subject to a security interest was \u00a3238m (2021/22: \u00a3232m). Property operating expenses relating to investment properties that did not generate any rental income were \u00a3nil (2021/22: \u00a3nil). Contingent rents of \u00a39m (2021/22: \u00a36m) that contain a variable lease payment were recognised in the year. Further detail on the provision for impairment of trade debtors, accrued income, tenant incentives and contracted rent increases is disclosed in Note 10 and Note 13. 4 Valuation movements on property 2023 \u00a3m Restated 1 2022 \u00a3m Consolidated income statement Revaluation of properties (798) 475 Revaluation of properties held by joint ventures accounted for using the equity method 2 (567) 167 (1,365) 642 1. Prior year comparative has been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information. 2. Comprises net valuation movement debit of \u00a3567m (2021/22: credit of \u00a3115m) and realisation of gain on disposal of assets into joint ventures of \u00a3nil (2021/22: credit of \u00a352m), disclosed in further detail in Note 11. Notes to the Accounts continued 5 Auditors\u2019 remuneration PricewaterhouseCoopers LLP 2023 \u00a3m 2022 \u00a3m Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts and consolidated financial statements 0.5 0.5 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s subsidiaries, pursuant to legislation 0.2 0.1 Total audit fees 0.7 0.6 Audit-related assurance services 0.2 0.2 Total audit and audit-related assurance services 0.9 0.8 Other fees \u2013 \u2013 Other services \u2013 \u2013 Total 0.9 0.8 6 Net financing income 2023 \u00a3m 2022 \u00a3m Underlying Financing charges Facilities and overdrafts (28) (20) Derivatives 28 29 Other loans (72) (68) Obligations under head leases (3) (3) (75) (62) Development interest capitalised 13 7 (62) (55) Financing income Deposits, securities and liquid investments 2 \u2013 2 \u2013 Net financing charges \u2013 Underlying (60) (55) Capital and other Financing charges Valuation movement on fair value hedge accounted derivatives 1 \u2013 (67) Valuation movement on fair value hedge accounted debt 1 \u2013 61 Valuation movement on non -hedge accounted derivatives \u2013 (1) \u2013 (7) Financing income Valuation movements on translation of foreign currency debt and investments 1 \u2013 Valuation movement on fair value hedge accounted derivatives 1 (27) \u2013 Valuation movement on fair value hedge accounted debt 1 33 \u2013 Reclassification of foreign exchange differences on disposal of subsidiary net investment from equity 2 \u2013 12 Valuation movement on non-hedge accounted derivatives 81 55 88 67 Net financing income \u2013 Capital and other 88 60 Net financing income Total financing income 90 67 Total financing charges (62) (62) Net financing income 28 5 1. The difference between valuation movement on designated fair value hedge accounted derivatives (hedging instruments) and the valuation movement on fair value hedge accounted debt (hedged item) represents hedge ineffectiveness for the year of a credit of \u00a36m (2021/22: a debit of \u00a36m). 2. \u00a3nil (2021/22: \u00a312m) has been reclassified from the hedging and translation reserve to the income statement, relating to cumulative foreign exchange gains on disposal of the net investment in a foreign subsidiary. Interest payable on unsecured bank loans and related interest rate derivatives was \u00a316m (2021/22: \u00a313m). Interest on development expenditure is capitalised at the Group\u2019s weighted average interest rate of 2.9% (2021/22: 2.4%). The weighted average interest rate on a proportionately consolidated basis at 31 March 2023 was 3.5% (2021/22: 2.9%). 7 Taxation 2023 \u00a3m Restated 1 2022 \u00a3m Taxation (expense) income Current taxation UnderlyingProfit Current period UK corporation taxation (2022/23: 19%; 2021/22: 19%) (2) (2) Underlying Profit adjustments in respect of prior periods 1 6 Total current Underlying Profit taxation (expense) income (1) 4 Capital and other profit Current period UK corporation taxation (2022/23: 19%; 2021/22: 19%) \u2013 \u2013 Capital and other profit adjustments in respect of prior periods \u2013 (2) Total current Capital and other profit taxation income (expense) \u2013 (2) Total current taxation (expense) income (1) 2 Deferred taxation on revaluation of derivatives (4) \u2013 Group total taxation (expense) income (5) 2 Attributable to joint ventures 2 \u2013 \u2013 Total taxation (expense) income (5) 2 Taxation reconciliation (Loss) profit on ordinary activities before taxation (1,034) 963 Less: Loss (profit) attributable to joint ventures 467 (247) Group (loss) profit on ordinary activities before taxation (567) 716 Taxation on loss (profit) on ordinary activities at UK corporation taxation rate of 19% (2021/22: 19%) 108 (136) Effects of: \u2013 REIT exempt income and (losses) gains (125) 126 \u2013 Taxation losses 15 9 \u2013 Deferred taxation on revaluation of derivatives (4) \u2013 \u2013 Adjustments in respect of prior years 1 3 Group total taxation (expense) income (5) 2 1. Prior year comparatives have been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information. 2. Current taxation expense of \u00a3nil (2021/22: \u00a3nil) and a deferred taxation expense of \u00a3nil (2021/22: \u00a3nil) arose on profits attributable to joint ventures. Taxation expense attributable to Underlying Profit for the year ended 31 March 2023 was \u00a31m (2021/22: \u00a34m income). Taxation expense attributable to Capital and other profit was \u00a3nil (2021/22: \u00a32m expense). Corporation tax receivable as at 31 March 2023 was \u00a32m (2021/22: \u00a33m receivable) as shown on the consolidated balance sheet. Deferred taxation expense on the revaluation of derivatives attributable to Capital and other profit was \u00a34m (2021/22: \u00a3nil). A REIT is required to pay Property Income Distributions (PIDs) of at least 90% of the taxable profits from its UK property rental business within 12 months of the end of each accounting period. Notes to the Accounts continued 8 Staff costs Staff costs (including Directors) 2023 \u00a3m 2022 \u00a3m Wages and salaries 62 59 Social security costs 8 8 Pension costs 5 5 Equity-settled share-based payments 7 7 82 79 The average monthly number of employees of the Company during the year was 356 (2021/22: 344). The average monthly number of Group employees, including those employed directly at the Group\u2019s properties and their costs recharged to tenants, was 647 (2021/22: 636). For the year ended 31 March 2023, the average monthly number of employees of the Company within each category of persons employed was as follows: Campuses: 39; Retail & Fulfilment: 33; Developments: 38; Storey: 7; Support Functions: 239. The average monthly number of employees of the Group within each category of persons employed was as follows: Campuses: 39; Retail & Fulfilment: 33; Developments: 38; Storey: 7; Support Functions: 239; Property Management: 291. For the year ended 31 March 2022, the average monthly number of employees of the Company within each category of persons employed was a follows: Campuses: 36; Retail & Fulfilment: 29; Developments: 41; Storey: 9; Support Functions: 229. The average monthly number of employees of the Group within each category of persons employed was as follows: Campuses: 36; Retail & Fulfilment: 29; Developments: 41; Storey: 9; Support Functions: 229; Property Management: 292. The Executive Directors and Non-Executive Directors are the key management personnel. Their emoluments are disclosed in the Remuneration Report on pages 141 to 159. Staff costs The Group\u2019s equity-settled share-based payments comprise the following: Scheme Fair value measure Long-Term Incentive Plan (LTIP) Monte Carlo model simulation and Black-Scholes option valuation models Restricted Share Plan (RSP) Market value atgrant date Sa ve As You Earn schemes (SAYE) Black -Scholes option valuation model The Group expenses an estimate of how many shares are likely to vest based on the market price at the date of grant, taking account of expected performance against the relevant performance targets and service periods, which are discussed in further detail in the Remuneration Report. During the year and the prior year the Group granted performance shares under its Long-Term Incentive Plan scheme. Performance conditions are measured over a three-year period and depending on the year of grant, are a weighted blend of Total Shareholder Return (TSR), Total Property Return (TPR), Total Accounting Return (TAR) and ESG measures (see Directors\u2019 Remuneration Report for details). For non-market-based performance conditions, the Group uses a Black-Scholes option valuation method to obtain fair values. For market-based performance conditions, a Monte Carlo model is used as this provides a more accurate fair value for these performance conditions. The key inputs used to obtain fair values for LTIP awards are shown below. 19 July 2022 22 June 2021 2 August 2021 1 September 2021 Awards with holding period Awards with no holding period Awards with holding period Awards with no holding period Awards with holding period Awards with no holding period Share price \u00a34.71 \u00a34.71 \u00a35.17 \u00a35.17 \u00a35.20 \u00a35.42 Exercise price \u00a30.00 \u00a30.00 \u00a30.00 \u00a30.00 \u00a30.00 \u00a30.00 Expected volatility 37.5% 37.5% 36.6% 36.6% 37.0% 37.4% Expected term (years) 3 3 3 3 3 3 Dividend yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Risk free interest rate 2.0% 2.0% 0.2% 0.2% 0.1% 0.2% Fair value \u2013 TSR Tranche FTSE 350 \u2013 \u2013 \u00a32.36 \u00a32.88 \u00a32.75 \u00a32.79 Fair value \u2013 TSR Tranche FTSE 100 \u2013 \u2013 \u00a32.42 \u00a32.95 \u00a33.01 \u00a33.20 Fair value \u2013 TPR and TAR Tranches \u00a33.81 \u00a34.71 \u00a34.24 \u00a35.17 \u00a34.26 \u00a35.42 Fair value \u2013 ESG Tranche \u00a33.81 \u00a34.71 \u2013 \u2013 \u2013 \u2013 Movements in shares and options are given in Note 20.9 Pensions
The British Land Group of Companies Pension Scheme (\u2018the scheme\u2019) is the principal defined benefit pension scheme in the Group.
The assets of the scheme are held in a trustee-administered fund and kept separate from those of the Company. It is not contracted
out of SERPS (State Earnings-Related Pension Scheme), it is not planned to admit new employees to the scheme and the scheme
closed to future accrual effective 1 September 2020.
The Group has two other small defined benefit pension schemes. There are also two Defined Contribution Pension Schemes.
Contributions to these schemes are at a flat rate of salary and are paid by the Company.
The total net pension cost charged for the year was \u00a35m (2021/22: \u00a35m), all of which relates to defined contribution plans.
The last full actuarial valuation of the scheme was performed by the scheme actuary, First Actuarial LLP, as at 31 March 2021. The
employer does not expect to make any payments during the year to 31 March 2024. The major assumptions used for the actuarial
valuation were:
% p.a.
% p.a.
% p.a.
% p.a.
% p.a.
The assumptions are that a member currently aged 60 will live on average for a further 28.0 years if they are male and for a further
29.8 years if they are female. For a member who retires in 2040 at age 60, the assumptions are that they will live on average for a
further 29.4 years after retirement if they are male and for a further 31.2 years after retirement if they are female.
Composition of scheme assets
\u00a3m
\u00a3m
97% of the scheme assets are quoted in an active market. All unquoted scheme assets sit within equities.
The amount included in the balance sheet arising from the Group\u2019s obligations in respect of its defined benefit schemes is as follows:
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of defined scheme obligations
Fair value of scheme assets
Amount recognised on the balance sheet
1. The net defined benefit asset must be measured at the lower of the surplus in the defined benefit schemes and the asset ceiling. The asset ceiling is the present
value of any economic benefits available in the form of refunds from the schemes or reductions to future contributions to the schemes. The asset ceiling of the
Group\u2019s defined benefit schemes is \u00a3nil (2021/22: \u00a3nil), therefore the surplus in the defined benefit schemes of \u00a330m (2021/22: \u00a353m) is irrecoverable.
The sensitivities of the defined benefit obligation in relation to the major actuarial assumptions used to measure scheme liabilities are
as follows:
Change in
assumption
Increase (decrease) in
defined scheme obligations
\u00a3m
\u00a3m
Notes to the Accounts continued 9 Pensions continued History of experience gains and losses 2023 \u00a3m 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m 2019 \u00a3m Total actuarial (loss) gain recognised in the consolidated statement of comprehensive income 1, 2 \u2013 \u2013 (13) \u2013 \u2013 Percentage of present value on scheme liabilities \u2013 \u2013(8.6%)(0.3%)0.1% 1. Movements stated after adjusting for irrecoverability of any surplus. 2. Cumulative loss recognised in the statement of comprehensive income is \u00a353m (2021/22: \u00a353m). Movements in the present value of defined benefit obligations were as follows: 2023 \u00a3m 2022 \u00a3m At 1 April (125) (152) Current service cost \u2013 \u2013 Curtailment gain \u2013 \u2013 Interest cost (3) (3) Actuarial gain (loss) Gain (loss) from change in financial assumptions 32 15 Gain on scheme liabilities arising from experience \u2013 \u2013 Benefits paid 9 15 At 31 March (87) (125) Movements in the fair value of the scheme assets were as follows: 2023 \u00a3m 2022 \u00a3m At 1 April 178 178 Interest income on scheme assets 5 3 Contributions by employer \u2013 \u2013 Actuarial (loss) gain (57) 12 Benefits paid (9) (15) At 31 March 117 178 Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below: Asset volatility The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this will create a deficit. The scheme holds a significant portion of growth assets (equities and diversified growth funds) which, although expected to outperform corporate bonds in the long term, create volatility and risk in the short term. The allocation to growth assets is monitored to ensure it remains appropriate given the scheme\u2019s long term objectives. Changes in bond yields A decrease in corporate bond yields will increase the value placed on the scheme\u2019s liabilities for accounting purposes, although this will be partially offset by an increase in the value of the scheme\u2019s bond holdings. Inflation risk The majority of the scheme\u2019s benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation). The majority of the assets are either unaffected by or only loosely correlated with inflation, meaning that an increase in inflation will also decrease the surplus. Life expectancy The majority of the scheme\u2019s obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the liabilities. 10 Property Property reconciliation for the year ended 31 March 2023 Campuses Level 3 \u00a3m Retail & Fulfilment Level 3 \u00a3m Developments Level 3 \u00a3m Investment and development properties Level 3 \u00a3m Trading properties \u00a3m Total \u00a3m Carrying value at 1 April 2022 3,477 2,850 705 7,032 18 7,050 Additions \u2013 property purchases \u2013 99 59 158 \u2013 158 \u2013 development expenditure \u2013 6 146 152 4 156 \u2013 capitalised interest and staff costs \u2013 \u2013 13 13 \u2013 13 \u2013 capital expenditure on asset management initiatives 18 43 1 62 \u2013 62 18 148 219 385 4 389 Disposals (929) (5) (11) (945) \u2013(945) Reclassifications (20) (31) 51 \u2013 \u2013 \u2013 Revaluations included in income statement (328) (339) (131) (798) \u2013(798) Movement in tenant incentives and contracted rent uplift balances 15 (12) \u2013 3 \u2013 3 Carrying value at 31 March 2023 2,233 2,611 833 5,677 22 5,699 Lease liabilities (Notes 14 and 15) 1 (102) Less valuation surplus on right-of-use assets 2 (9) Valuation surplus on trading properties 7 Group property portfolio valuation at 31 March 2023 5,595 Non-controlling interests (13) Group property portfolio valuation at 31 March 2023 attributable to shareholders 5,582 1. The \u00a324m difference between lease liabilities of \u00a3102m and \u00a3126m per Notes 14 and 15 relates to a \u00a324m lease liability where the right-of-use asset is classified as property, plant and equipment. 2. Relates to properties held under leasing agreements. The fair value of right-of-use assets is determined by calculating the present value of net rental cash flows over the term of the lease agreements. IFRS 16 right-of-use assets are not externally valued, their fair values are determined by management, and are therefore not included in the Group property portfolio valuation of \u00a35,595m above. Additions include capital expenditure in response to climate change, in line with our Sustainability Strategy to reduce both the embodied carbon in our developments and the operational carbon across the Group\u2019s standing property portfolio. For further details, refer to the Sustainability section of the Strategic Report on pages 70 to 103. On 19 July 2022, the Group entered into a Joint Venture Agreement with GIC in relation to the majority of the Paddington Central Campus, resulting in the disposal of \u00a3934m of investment and development properties and \u00a32m of property, plant and equipment with a resulting loss in the Capital and other column of the consolidated income statement of \u00a319m for the year ended 31 March 2023. Notes to the Accounts continued 10 Property continued Property reconciliation for the year ended 31 March 2022 (Restated 1 ) Campuses Level 3 \u00a3m Retail & Fulfilment Level 3 \u00a3m Developments Level 3 \u00a3m Investment and development properties Level 3 \u00a3m Trading properties \u00a3m Owner- occupied Level 3 \u00a3m Total \u00a3m Carrying value at 1 April 2021 3,465 2,139 722 6,326 26 26,354 Additions \u2013 property purchases 110 486 \u2013 596 \u2013 \u2013 596 \u2013 development expenditure 2 64 3 124 191 \u2013 \u2013 191 \u2013 capitalised interest and staff costs 2 \u2013 6 8 \u2013 \u2013 8 \u2013 capital expenditure on asset management initiatives 5 13 \u2013 18 \u2013 \u2013 18 \u2013 right-of-use assets 4 \u2013 \u2013 4 \u2013 \u2013 4 185 502 130 817 \u2013 \u2013 817 Disposals (501) (104) \u2013 (605) (8) (2)(615) Reclassifications 181 \u2013 (181) \u2013 \u2013 \u2013 \u2013 Revaluations included in income statement 126 315 34 475 \u2013 \u2013 475 Movement in tenant incentives and contracted rent uplift balances 21 (2) \u2013 19 \u2013 \u2013 19 Carrying value at 31 March 2022 3,477 2,850 705 7,032 18 \u20137,050 Lease liabilities (Notes 14 and 15) 3 (105) Less valuation surplus on right-of-use assets 4 (9) Valuation surplus on trading properties 8 Group property portfolio valuation at 31 March 202 2 6,944 Non-controlling interests (15) Group property portfolio valuation at 31 March 202 2 attributable to shareholders 6,929 1. Prior year comparatives have been restated for a change in accounting policy in respect of rental concessions. This restatement has resulted in an equal and opposite adjustment of \u00a34m to the \u2018Revaluations included in income statement\u2019 and \u2018Movement in tenant incentives and contracted rent uplift balances\u2019 lines. Refer to Note 1 for further information. 2. Development expenditure includes government grants received for the development of affordable and social housing of \u00a34m. 3. The \u00a326m difference between lease liabilities of \u00a3105m and \u00a3131m per Notes 14 and 15 relates to a \u00a326m lease liability where the right-of-use asset is classified as property, plant and equipment. 4. Relates to properties held under leasing agreements. The fair value of right-of-use assets is determined by calculating the present value of net rental cash flows over the term of the lease agreements. IFRS 16 right-of-use assets are not externally valued, their fair values are determined by management, and are therefore not included in the Group property portfolio valuation of \u00a36,944m above. In the prior year, the Group entered into a Joint Venture Agreement with AustralianSuper on 7 March 2022 in relation to the Canada Water Campus, resulting in the Group disposing of \u00a3474m of investment and development properties and a resulting gain in the Capital and other column of the consolidated income statement of \u00a344m for the year ended 31 March 2022. Property valuation The different valuation method levels are defined below: Level 1:Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: 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). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). These levels are specified in accordance with IFRS 13 \u2018Fair Value Measurement\u2019. Property valuations are inherently subjective as they are made on the basis of assumptions made by the valuer which may not prove to be accurate. For these reasons, and consistent with EPRA\u2019s guidance, we have classified the valuations of our property portfolio as Level 3 as defined by IFRS 13. The inputs to the valuations are defined as \u2018unobservable\u2019 by IFRS 13. These key unobservable inputs are net equivalent yield and estimated rental values for investment properties, and costs to complete for development properties. Further analysis and sensitivity disclosures of these key unobservable inputs have been included on the following pages. There were no transfers between levels in the year. The Group\u2019s total property portfolio was valued by external valuers on the basis of fair value, in accordance with the RICS Valuation \u2013 Global Standards 2022, published by The Royal Institution of Chartered Surveyors. 10 Property continued The information provided to the valuers, and the assumptions and valuation models used by the valuers, are reviewed by the property portfolio team, the Head of Real Estate, the Chief Financial Officer and the Chief Executive Officer. The valuers meet with the external auditor and also present directly to the Audit Committee at the interim and year-end review of results. Further details of the Audit Committee\u2019s responsibilities in relation to valuations can be found in the Report of the Audit Committee on pages 132 to 140. Investment properties, excluding properties held for development, are valued by adopting the \u2018investment method\u2019 of valuation. This approach involves applying capitalisation yields to current and future rental streams net of income voids arising from vacancies or rent-free periods and associated running costs. These capitalisation yields and future rental values are based on comparable property and leasing transactions in the market using the valuers\u2019 professional judgement and market observation. Other factors taken into account in the valuations include the tenure of the property, tenancy details and ground and structural conditions. In the case of ongoing developments, the approach applied is the \u2018residual method\u2019 of valuation, which is the investment method of valuation as described above, with a deduction for all costs necessary to complete the development, including a notional finance cost, together with a further allowance for remaining risk. Properties held for development are generally valued by adopting the higher of the residual method of valuation, allowing for all associated risks, or the investment method of valuation for the existing asset. The valuers of the Group\u2019s property portfolio have a working knowledge of the various ways that sustainability and Environmental, Social and Governance factors can impact value and have considered these, and how market participants are reflecting these in their pricing, in arriving at their Opinion of Value and resulting valuations as at the balance sheet date. These may be: \u2013 physical risks; \u2013 transition risks related to policy or legislation to achieve sustainability and Environmental, Social and Governance targets; and \u2013 risks reflecting the views and needs of market participants. The Group has shared recently conducted physical climate and transitional risk assessments with the valuers which they have reviewed and taken into consideration to the extent that current market participants would. Valuers observe, assess and monitor evidence from market activities, including market (investor) sentiment on issues such as longer term obsolescence and, where known, future Environmental, Social and Governance related risks and issues which may include, for example, the market\u2019s approach to capital expenditure required to maintain the utility of the asset. In the absence of reliable benchmarking data and indices for estimating costs, specialist advice on cost management may be required which is usually agreed with the valuer in the terms of engagement and without which reasonable estimates/assumptions may be needed to properly reflect market expectations in arriving at the Opinion of Value. Notes to the Accounts continued 10 Property continued A breakdown of valuations split between the Group and its share of joint ventures is shown below: 2023 2022 Group \u00a3m Joint ventures \u00a3m Total \u00a3m Group \u00a3m Joint ventures \u00a3m Total \u00a3m Knight Frank LLP 801 217 1,018 1,387 37 1,424 CBRE 1,492 471 1,963 1,906 448 2,354 Jones Lang LaSalle 2,972 556 3,528 3,330 638 3,968 Cushman & Wakefield 330 2,072 2,402 321 2,415 2,736 Total property portfolio valuation 5,595 3,316 8,911 6,944 3,538 10,482 Non-controlling interests (13) \u2013 (13) (15) \u2013 (15) Total property portfolio valuation attributable to shareholders 1 5,582 3,316 8,898 6,929 3,538 10,467 1. The total property portfolio valuation for joint ventures is \u00a33,316m (2021/22: \u00a33,538m), compared to the total investment and trading properties of \u00a33,334m (2021/22: \u00a33,545m) disclosed in Note 11. The \u00a33,316m (2021/22: \u00a33,545m) includes \u00a323m (2021/22: \u00a312m) of trading properties and excludes \u00a318m (2021/22: \u00a319m) of headleases, both at Group share. Information about fair value measurements using unobservable inputs (Level 3) for the year ended 31 March 2023 Investment Fair value at 31 March 2023 \u00a3m Valuation technique ERV per sq ft Equivalent yield Costs to complete per sq ft Min \u00a3 Max \u00a3 Average \u00a3 Min % Max % Average % Min \u00a3 Max \u00a3 Average \u00a3 Campuses 2,153 Investment methodology 9 141 58 4 7 5 \u2013 158 28 Retail & Fulfilment 2,580 Investment methodology 2 32 19 4 18 7 \u2013 44 6 Developments 833 Residual methodology 29 98 70 5 6 5 273 1,048 645 Total 5,566 Trading properties at fair value 29 Group property portfolio valuation 5,595 Information about fair value measurements using unobservable inputs (Level 3) for the year ended 31 March 2022 Investment Fair value at 31 March 2022 \u00a3m Valuation technique ERV per sq ft Equivalent yield Costs to complete per sq ft Min \u00a3 Max \u00a3 Average \u00a3 Min % Max % Average % Min \u00a3 Max \u00a3 Average \u00a3 Campuses 3,419 Investment methodology 9 159 56 3.4 6.8 4.4 \u2013 234 24 Retail & Fulfilment 2,794 Investment methodology 2 30 17 2.2 13.1 5.7 \u2013 36 7 Developments 705 Residual methodology 27 88 75 4.4 4.5 4.4 214 812 391 Total 6,918 Trading properties at fair value 26 Group property portfolio valuation 6,944 10 Property continued Information about the impact of changes in unobservable inputs (Level 3) on the fair value of the Group\u2019s property portfolio for the year ended 31 March 2023 Fair value at 31 March 2023 \u00a3m Impact on valuations Impact on valuations Impact on valuations +5% ERV \u00a3m -5% ERV \u00a3m -25bps NEY \u00a3m +25bps NEY \u00a3m -5% costs \u00a3m +5% costs \u00a3m Campuses 1 2,182 80 (80) 123 (112) \u2013 \u2013 Retail & Fulfilment 2,580 103 (101) 101 (96) \u2013 \u2013 Developments 833 88 (90) 104 (95) 36 (37) Group property portfolio valuation 5,595 271 (271) 328 (303) 36 (37) 1. Includes trading properties at fair value. Information about the impact of changes in unobservable inputs (Level 3) on the fair value of the Group\u2019s property portfolio for the year ended 31 March 2022 Fair value at 31 March 2022 \u00a3m Impact on valuations Impact on valuations Impact on valuations +5% ERV \u00a3m -5% ERV \u00a3m -25bps NEY \u00a3m +25bps NEY \u00a3m -5% costs \u00a3m +5% costs \u00a3m Campuses 1 3,445 130 (129) 223 (199) 3 (3) Retail & Fulfilment 2,794 115 (114) 144 (127) 2 (2) Developments 705 59 (59) 85 (76) 39 (38) Group property portfolio valuation 6,944 304 (302) 452(402) 44 (43) 1. Includes trading properties at fair value. All other factors being equal: \u2013 a higher equivalent yield or discount rate would lead to a decrease in the valuation of an asset; \u2013 an increase in the current or estimated future rental stream would have the effect of increasing the capital value; and \u2013 an increase in the costs to complete would lead to a decrease in the valuation of an asset. However, there are interrelationships between the unobservable inputs which are partially determined by market conditions, which would impact on these changes. Provisions for impairment of tenant incentives and contracted rent increases A provision of \u00a320m (2021/22: \u00a319m) has been made for impairment of tenant incentives and contracted rent uplift balances (contracted rents). The charge to the income statement in relation to write-offs and provisions for impairment for tenant incentives and contracted rents was \u00a32m (2021/22: credit of \u00a33m) (see Note 3). The Directors consider that the carrying amount of tenant incentives is approximate to their fair value. The tables below summarise tenant incentives and contracted rent increase balances and associated expected credit losses grouped by credit risk ratings. 2023 Campuses Retail & Fulfilment Total Credi t risk Tenant incentives 1 \u00a3m Provision \u00a3m Net tenant incentives \u00a3m Tenant incentives 1 \u00a3m Provision \u00a3m Net tenant incentives \u00a3m Tenant incentives 1 \u00a3m Provision \u00a3m Net tenant incentives \u00a3m Percentage provided 3 CVA 2 /Administration \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013100% High 2 (2) \u2013 18 (17) 1 20 (19) 195% Medium 3 \u2013 3 9 (1) 8 12 (1) 11 8% Low 79 \u2013 79 44 \u2013 44 123 \u2013 123 0% Total Group 84 (2) 82 71 (18) 53 155 (20) 135 13% Joint ventures 85 (8) 77 17 (4) 13 102 (12) 90 12% Total 169 (10) 159 88 (22) 66 257 (32) 225 12% 1. The tenant incentives balance includes contracted rent increases. 2. Company Voluntary Arrangements. 3. The percentage provided is calculated using the unrounded tenant incentive and provision balance. Notes to the Accounts continued 10 Property continued Restated 1 2022 Campuses Retail & Fulfilment Total Credi t risk Tenant incentives 2 \u00a3m Provision \u00a3m Net tenant incentives \u00a3m Tenant incentives 2 \u00a3m Provision \u00a3m Net tenant incentives \u00a3m Tenant incentives 2 \u00a3m Provision \u00a3m Net tenant incentives \u00a3m Percentage provided 4 CVA 3 /Administration \u2013 \u2013 \u2013 4 (4) \u2013 4 (4) \u2013100% High 1 (1) \u2013 15 (13) 2 16 (14) 288% Medium 1 \u2013 1 8 (1) 7 9 (1) 8 11% Low 83 \u2013 83 49 \u2013 49 132 \u2013 132 \u2013 Total Group 85 (1) 84 76 (18) 58 161 (19) 142 12% Joint ventures 76 (3) 73 20 (5) 15 96 (8) 88 8% Total 161 (4) 157 96 (23) 73 257 (27) 230 11% 1. Prior year comparatives have been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information. 2. The tenant incentives balance includes contracted rent increases. 3. Company Voluntary Arrangements. 4. The percentage provided is calculated using the unrounded tenant incentive and provision balance. The tenant incentive balance does not relate to amounts billed and therefore there is no concept of being past due. The expected credit losses are determined in line with the provisioning approach detailed in Note 1, with the key assumptions being the absolute probability of loss assumed for each credit risk rating and a tenant\u2019s assigned credit risk rating. A 10% increase/decrease in the loss rates assumed for each credit risk rating would result in a \u00a32m increase/decrease to provisions for impairment of tenant incentives (2021/22: \u00a32m). This sensitivity analysis has been performed on medium and high risk tenants and tenants in CVA or Administration only as the significant estimation uncertainty is wholly related to these. A 10% increase/decrease in the percentage share of high and low risk Retail & Fulfilment tenants\u2019 incentives only, i.e. assuming 10% of tenant incentives move from medium to high risk and 10% of tenant incentives move from low to medium risk and vice versa, would result in a \u00a32m increase/decrease in provisions for impairment of tenant incentives (2021/22: \u00a32m). A movement in the share of Campuses tenant incentives within each credit risk rating has not been considered as management believes there is less uncertainty associated to the assumption on Campuses tenants\u2019 credit risk ratings. A 10% increase or decrease represents management\u2019s assessment of the reasonable possible change in loss rates and movement in the percentage share of tenant incentives within each credit risk rating. The table below shows the movement in provisions for impairment of tenant incentives during the year ended 31 March 2023 on a Group and on a proportionally consolidated basis. Movement in provisions for impairment of tenant incentives (Restated 1 ) Group \u00a3m Proportionally consolidated \u00a3m Provisions for impairment of tenant incentives as at 1 April2022 19 27 Write -offs of tenant incentives (1) (2) Movement in provisions for impairment of tenant incentives 2 7 Total provision movement recognised in income statement 2 7 Provisions for impairment of tenant incentives as at 31 March 2023 20 32 1. Prior year comparatives have been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information. Additional property disclosures \u2013 including covenant information At 31 March 2023, the Group property portfolio valuation of \u00a35,595m (2021/22: \u00a36,944m) comprises freeholds of \u00a32,618m (2021/22: \u00a33,755m); virtual freeholds of \u00a3973m (2021/22: \u00a31,171m); long leaseholds of \u00a31,686m (2021/22: \u00a31,782m); and short leaseholds of \u00a3318m (2021/22: \u00a3236m). The historical cost of properties was \u00a34,519m (2021/22: \u00a35,020m). Cumulative interest capitalised against investment, development and trading properties amounts to \u00a3124m (2021/22: \u00a3111m). Properties valued at \u00a31,135m (2021/22: \u00a31,266m) were subject to a security interest and other properties of non-recourse companies amounted to \u00a3612m (2021/22: \u00a3649m), totalling \u00a31,747m (2021/22: \u00a31,915m). 10 Property continued Included within the property valuation is \u00a32m (2021/22: \u00a33m) in respect of accrued contracted rental uplift income and \u00a3153m (2021/22: \u00a3158m restated) in respect of other tenant incentives. The balance arises through the IFRS treatment of leases containing such arrangements, which requires the recognition of rental income on a straight-line basis over the lease term, with the difference between this and the cash receipt changing the carrying value of the property against which revaluations are measured. 11 Joint ventures Summary movement for the year of the investments in joint ventures Equity \u00a3m Loans \u00a3m Total \u00a3m At 1 April 2022 (Restated 1 ) 1,889 632 2,521 Additions 71 211 282 Disposals (39) 1 (38) Share of loss on ordinary activities after taxation 2 (410) (57) (467) Distributions and dividends: \u2013 Capital (30) \u2013 (30) \u2013 Revenue (72) \u2013 (72) Hedging and exchange movements 10 \u2013 10 At 31 March 2023 1,419 787 2,206 1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. 2. The share of losses on ordinary activities after taxation comprises equity accounted losses of \u00a3230m and IFRS 9 impairment charges against equity investments and loans of \u00a3237m, relating to Broadgate REIT Ltd (equity impairment of \u00a3129m), MSC Property Intermediate Holdings Ltd (loan impairment of \u00a349m, equity impairment \u00a34m), BL CW Upper Limited Partnership (equity impairment \u00a323m), BL West End Offices Ltd (equity impairment of \u00a313m), Paddington Property Investment Limited Partnership (equity impairment \u00a310m), WOSC Partners Limited Partnership (loan impairment of \u00a36m) and USS Joint Ventures (equity impairment of \u00a33m). In accordance with IFRS 9, management has assessed the recoverability of loans to joint ventures and assessed the carrying value of investments in joint ventures against the net asset value. Amounts due are expected to be recovered by a joint venture selling its properties and investments and settling financial assets, net of financial liabilities. The net asset value of a joint venture is considered to be a reasonable approximation of the available assets that could be realised to recover the amounts due and the requirement to recognise expected credit losses. The impairments recognised in each joint venture are attributable to the net valuation loss recognised in the year. On 19 July 2022, the Group entered into a new Joint Venture Agreement with GIC in relation to the majority of the Paddington Central Campus. The transaction value of the assets transferred by the Group on the formation of the joint venture at 100% was \u00a3934m of investment and development properties and \u00a32m of property, plant and equipment with a resulting loss in the Capital and other column of the consolidated income statement of \u00a319m for the year ended 31 March 2023. The Group owns 25% of this new joint venture while GIC owns the remaining 75% stake. The Group has recognised a share of the joint venture\u2019s loss of \u00a319m and share of net assets less shareholder loans of \u00a3107m in relation to this new joint venture for the year ended 31 March 2023. A critical accounting judgement has been exercised in relation to the joint control assessment of the Paddington Central Joint Venture as further outlined in Note 1. The Group received \u00a3686m of cash consideration in relation to the sale of the investment and development properties to the joint venture (net of transaction costs of \u00a39m), and subsequently a further \u00a3125m through a loan repayment from the newly formed joint venture, as a result of the joint venture obtaining external debt financing. The Group\u2019s investment into the Paddington Central Joint Venture is principally through a shareholder loan from the Group to the new joint venture. In the prior year, the Group entered into a Joint Venture Agreement with AustralianSuper on 7 March 2022 in relation to the Canada Water Campus. For the year ended 31 March 2022, the Group recognised a share of the joint venture\u2019s loss of \u00a36m in addition to the realisation of the gain on disposal of assets into the joint venture of \u00a352m. Therefore the Group had recognised a share of total comprehensive income of \u00a346m and share of net assets less shareholder loans of \u00a3294m in relation to this new joint venture in the prior year. Notes to the Accounts continued 11 Joint ventures continued The summarised income statements and balance sheets below and on the following page show 100% of the results, assets and liabilities of joint ventures. Where necessary, these have been restated to the Group\u2019s accounting policies. Joint ventures\u2019 summary financial statements for the year ended 31 March 2023 Broadgate REIT Ltd MSC Property Intermediate Holdings Ltd 5 WOSC Partners Limited Partnership 5 BL West End Offices Limited Partners Euro Bluebell LLP (GIC) Norges Bank Investment Management Norges Bank Investment Management Allianz SE Property sector City Offices Broadgate Shopping Centres Meadowhall West End Offices West End Offices Group share 50% 50% 25% 25% Summarised income statements Revenue 4 245 79 9 28 Costs (83) (20) (4) (9) 162 59 5 19 Administrative expenses (1) \u2013 \u2013 \u2013 Net interest payable (65) (26) \u2013 (5) Underlying Profit 96 33 5 14 Net valuation movement (809) (62) (17) (73) Capital financing (charges) income 5 \u2013 \u2013 \u2013 (Loss) profit on disposal of investment properties and investments \u2013 \u2013 \u2013 \u2013 (Loss) profit on ordinary activities before taxation (708) (29) (12) (59) Taxation \u2013 \u2013 \u2013 (6) (Loss) profit on ordinary activities after taxation (708) (29) (12) (65) Other comprehensive income 10 6 \u2013 5 Total comprehensive (expense) income (698) (23) (12) (60) British Land share of total comprehensive (expense) income (349) (11) (3) (12) British Land share of distributions payable (48) (4) \u2013 (1) Summarised balance sheets Investment and trading properties 4,142 702 134 464 Other non-current assets 32 \u2013 \u2013 19 Current assets 13 9 2 2 Cash and cash equivalents 175 39 5 11 Gross assets 4,362 750 141 496 Current liabilities (107) (47) (4) (8) Bank and securitised debt (1,567) (480) \u2013 (159) Loans from joint venture partners (995) (576) (209) (15) Other non-current liabilities \u2013 (4) (4) (14) Gross liabilities (2,669) (1,107) (217) (196) Net assets (liabilities) 1,693 (357) (76) 300 British Land share of net assets less shareholder loans 846 \u2013 \u2013 75 1. USS joint ventures include the Eden Walk Shopping Centre Unit Trust and the Fareham Property Partnership. 2. Hercules Unit Trust joint ventures includes 50% of the results of Deepdale Co-Ownership Trust, Fort Kinnaird Limited Partnership and Valentine Co-Ownership Trust and 41.25% of Birstall Co-Ownership Trust. The balance sheet shows 50% of the assets of these joint ventures. The interest in the Deepdale Co-Ownership Trust was disposed of on 30 November 2022. 3. Included in the column headed \u2018Other joint ventures\u2019 are contributions from the following: BL Goodman Limited Partnership, Bluebutton Property Management UK Limited, City of London Office Unit Trust and Reading Gate Retail Park Co-Ownership. 4. Revenue includes gross rental income at 100% share of \u00a3359m (2021/22: \u00a3290m). 5. In accordance with the Group\u2019s accounting policies detailed in Note 1, the Group recognises a nil equity investment in joint ventures in a net liability position at year end. BL CW Upper Limited Partnership Paddington Property Investment Limited Partnership 5 The SouthGate Limited Partnership USS joint ventures 1 Hercules Unit Trust joint ventures 2 Other joint ventures 3 Total 2023 Total Group share 2023 AustralianSuper Euro Emerald Private Limited (GIC) Aviva Investors Universities Superannuation Scheme Group PLC Canada Water Campus Paddington Central Campus Shopping Centres Shopping Centres Retail Parks 50% 25% 50% 50% Various 10 47 13 12 22 5 470 214 (6) (23) (5) (3) (3) \u2013 (156) (70) 4 24 8 9 19 5 314 144 (2) (1) \u2013 \u2013 \u2013 \u2013 (4) (1) \u2013 (13) (1) \u2013 \u2013 \u2013 (110) (51) 2 10 7 9 19 5 200 92 (133) (78) (5) (11) (16) (12) (1,216) (567) (1) 20 \u2013 \u2013 \u2013 \u2013 24 8 (2) \u2013 \u2013 \u2013 \u2013 \u2013 (2) \u2013 (134) (48) 2 (2) 3 (7) (994) (467) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (6) \u2013 (134) (48) 2 (2) 3 (7) (1,000) (467) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 21 10 (134) (48) 2 (2) 3 (7) (979) (457) (67) (12) 1 (1) 1 (4) (457) \u2013 \u2013 (3) (4) (39) (3) (102) 571 866 137 130 186 70 7,402 3,334 \u2013 23 \u2013 \u2013 \u2013 \u2013 74 26 10 7 2 2 1 3 74 20 42 19 7 8 12 3 321 152 623 915 146 140 199 76 7,848 3,532 (39) (25) (7) (6) (4) (4) (251) (113) (4) (510) \u2013 \u2013 \u2013 \u2013 (2,720) (1,192) \u2013 (429) \u2013 (31) \u2013 (68) (2,323) (1,001) (1) (1) (28) \u2013 \u2013 \u2013 (52) (21) (44) (965) (35) (37) (4) (72) (5,346)(2,327) 579 (50) 111 103 195 4 2,502 1,205 290 \u2013 56 52 98 2 1,419 The borrowings of joint ventures and their subsidiaries are non-recourse to the Group. All joint ventures are incorporated in the United Kingdom, with the exception of Broadgate REIT Limited, the Eden Walk Shopping Centre Unit Trust and the Hercules Unit Trust joint ventures which are incorporated in Jersey. These financial statements include the results and financial position of the Group\u2019s interest in the Fareham Property Partnership, the BL Goodman Limited Partnership and the Gibraltar Limited Partnership. Accordingly, advantage has been taken of the exemptions provided by Regulation 7 of the Partnership (Accounts) Regulations 2008 not to attach the partnership accounts to these financial statements. Notes to the Accounts continued 11 Joint ventures continued The summarised income statements and balance sheets below and on the following page show 100% of the results, assets and liabilities of joint ventures. Where necessary, these have been restated to the Group\u2019s accounting policies. Joint ventures\u2019 summary financial statements for the year ended 31 March 2022 (Restated 8 ) Broadgate REIT Ltd MSC Property Intermediate Holdings Ltd 5 WOSC Partners Limited Partnership 5 BL West End Offices Limited Partners Euro Bluebell LLP (GIC) Norges Bank Investment Management Norges Bank Investment Management Allianz SE Property sector City Offices Broadgate Shopping Centres Meadowhall West End Offices West End Offices Group share 50% 50% 25% 25% Summarised income statements Revenue 4 228 76 10 26 Costs (77) (19) (4) (7) 151 57 6 19 Administrative expenses (1) \u2013 \u2013 \u2013 Net interest payable (62) (27) \u2013 (5) Underlying Profit 88 30 6 14 Net valuation movement 220 (17) (16) 4 Capital financing (costs) income (13) \u2013 \u2013 9 Profit (loss) on disposal of investment properties and investments \u2013 \u2013 \u2013 \u2013 Profit (loss) on ordinary activities before taxation 295 13 (10) 27 Taxation \u2013 \u2013 \u2013 \u2013 Profit (loss) on ordinary activities after taxation 295 13 (10) 27 Other comprehensive income \u2013 3 \u2013 \u2013 Total comprehensive income (expense) 295 16 (10) 27 Realisation of gain on disposal of assets into joint ventures \u2013 \u2013 \u2013 \u2013 British Land share of total comprehensive income (expense) 148 8 (2) 7 British Land share of distributions payable 34 2 \u2013 4 Summarised balance sheets Investment and trading properties Other non -current assets 4,829 30 760 \u2013 149 \u2013 525 9 Current assets 11 13 3 1 Cash and cash equivalents 164 38 5 10 Gross assets 5,034 811 157 545 Current liabilities (116) (48) (5) (12) Bank and securitised debt (1,570) (517) \u2013 (159) Loans from joint venture partners (845) (523) (211) (15) Other non -current liabilities \u2013 (12) (4) (11) Gross liabilities (2,531) (1,100) (220) (197) Net assets (liabilities) 2,503 (289) (63) 348 British Land share of net assets less shareholder loans 1,251 \u2013 \u2013 87 1. USS joint ventures include the Eden Walk Shopping Centre Unit Trust and the Fareham Property Partnership. 2. Hercules Unit Trust joint ventures includes 50% of the results of Deepdale Co-Ownership Trust, Fort Kinnaird Limited Partnership and Valentine Co-Ownership Trust and 41.25% of Birstall Co-Ownership Trust. The balance sheet shows 50% of the assets of these joint ventures. 3. Included in the column headed \u2018Other joint ventures\u2019 are contributions from the following: BL Goodman Limited Partnership, Bluebutton Property Management UK Limited, City of London Office Unit Trust, BL Sainsbury\u2019s Superstores Limited and Reading Gate Retail Park Co-Ownership. The Reading Gate Retail Park Co- Ownership was acquired during the year ended 31 March 2022, with the Group acquiring a 50% share from Reassure Limited, and The National Farmers Union Mutual Insurance Society Limited owning the remaining 50% share. 4. Revenue includes gross rental income at 100% share of \u00a3290m (2020/21: \u00a3262m). 5. In accordance with the Group\u2019s accounting policies detailed in Note 1, the Group recognises a nil equity investment in joint ventures in a net liability position at year end. 6. The Group entered into a new Joint Venture Agreement with AustralianSuper on 7 March 2022 in relation to the Canada Water Campus. The transaction value of the assets transferred by the Group on formation of the joint venture at 100% was \u00a3580m. On disposal of the assets into the joint venture and in accordance with IAS 28 \u2018Investments in Associates and Joint Ventures\u2019, the Group recognised a gain of \u00a344m (net of transaction costs of \u00a39m) representing the gain realised to the extent of AustralianSuper\u2019s interest in the joint venture. At the disposal date, the remaining gain of \u00a352m relating to the Group\u2019s interest in the joint venture was unrealised and included within the Group\u2019s investment in the joint venture which was based on the carrying value of the assets transferred at the disposal date. As the assets transferred relate to investment property measured at fair value, this gain was subsequently realised and recognised when the joint venture remeasured these assets to fair value at 31 March 2022. The Group has also recognised its share of the joint venture\u2019s loss of \u00a36m compared to the joint venture\u2019s total loss of \u00a312m, from 7 March 2022 to 31 March 2022. BL CW Upper Limited Partnership 6 The SouthGate Limited Partnership USS joint ventures 1 Hercules Unit Trust joint ventures 2 Other joint ventures 3 Total 2022 Total Group share 2022 7 AustralianSuper Aviva Investors Universities Superannuation Scheme Group PLC Canada Water Campus Shopping Centres Shopping Centres Retail Parks 50% 50% 50% Various 1 13 12 26 2 394 190 (1) (4) (2) (5) \u2013 (119) (58) \u2013 9 10 21 2 275 132 \u2013 \u2013 \u2013 \u2013 \u2013 (1) (1) \u2013 (1) \u2013 \u2013 \u2013 (95) (47) \u2013 8 10 21 2 179 84 (12) (7) 8 22 15 217 115 \u2013 \u2013 \u2013 \u2013 \u2013 (4) (4) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (12) 1 18 43 17 392 195 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (12) 1 18 43 17 392 195 \u2013 \u2013 \u2013 \u2013 \u2013 3 1 (12) 1 18 43 17 395 196 52 \u2013 \u2013 \u2013 \u2013 52 52 46 1 10 22 8 248 \u2013 3 4 12 \u2013 59 565 139 140 261 83 7,451 3,545 \u2013 \u2013 \u2013 \u2013 \u2013 39 17 6 39 3 9 1 8 3 13 1 3 42 289 33 141 610 151 149 277 87 7,821 3,736 (23) (7) (7) (7) \u2013 (225) (110) \u2013 \u2013 \u2013 \u2013 \u2013 (2,246) (1,083) \u2013 \u2013 (31) \u2013 (71) (1,696) (792) \u2013 (28) \u2013 \u2013 \u2013 (55) (23) (23) (35) (38) (7) (71) (4,222) (2,008) 587 116 111 270 16 3,599 1,728 294 58 55 135 9 1,889 7. Total Group share of \u00a3248m comprises the Group\u2019s share of total comprehensive income of \u00a3196m and the realisation of gain on disposal of assets into joint ventures of \u00a352m. 8. Prior year comparative has been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. The borrowings of joint ventures and their subsidiaries are non-recourse to the Group. All joint ventures are incorporated in the United Kingdom, with the exception of Broadgate REIT Limited, the Eden Walk Shopping Centre Unit Trust and the Hercules Unit Trust joint ventures which are incorporated in Jersey. These financial statements include the results and financial position of the Group\u2019s interest in the Fareham Property Partnership, the BL Goodman Limited Partnership and the Gibraltar Limited Partnership. Accordingly, advantage has been taken of the exemptions provided by Regulation 7 of the Partnership (Accounts) Regulations 2008 not to attach the partnership accounts to these financial statements. Notes to the Accounts continued 11 Joint ventures continued Operating cash flows of joint ventures (Group share) 2023 \u00a3m Restated 1 2022 \u00a3m Income received from tenants 211 194 Operating expenses paid to suppliers and employees (73) (69) Cash generated from operations 138 125 Interest paid (47) (44) Interest received 1 \u2013 UK corporation tax (paid) received (2) 2 Cash inflow from operating activities 90 83 Cash inflow from operating activities deployed as: Surplus cash retained within joint ventures 17 26 Revenue distributions per consolidated statement of cash flows 73 57 Revenue distributions split between controlling and non-controlling interests Attributable to non-controlling interests \u2013 \u2013 Attributable to shareholders of the Company 73 57 1. Prior year comparatives have been restated for a change in accounting policy in respect of tenant deposits. The Income received from tenants and the Operating expenses paid to suppliers and employees have both been restated for the year ended 31 March 2022 by \u00a341m. Refer to Note 1 for further information. 12 Other investments 2023 2022 Fair value through profit or loss \u00a3m Amortised cost \u00a3m Intangible assets \u00a3m Total \u00a3m Fair value through profit or loss \u00a3m Amortised cost \u00a3m Intangible assets \u00a3m Total \u00a3m At 1 April 28 4 9 41 6 2 12 20 Additions 13 \u2013 2 15 14 2 2 18 Revaluation and foreign currency translation 7 \u2013 \u2013 7 8 \u2013 \u2013 8 A mortisation \u2013 (2) (3) (5) \u2013 \u2013 (5) (5) At 31 March 48 2 8 58 28 4 9 41 The amount included in the fair value through profit or loss relates to private equity/venture capital investments of \u00a348m (2021/22: \u00a328m) which are categorised as Level 3 in the fair value hierarchy. The fair values of private equity/venture capital investments are determined by the Directors. 13 Debtors 2023 \u00a3m Restated 1 2022 \u00a3m Trade and other debtors 22 49 Prepayments and accrued income 12 11 34 60 1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. Trade and other debtors are shown after deducting a provision for impairment against tenant debtors of \u00a327m (2021/22: \u00a347m). Accrued income is shown after deducting a provision for impairment of \u00a32m (2021/22: \u00a31m). The provision for impairment is calculated as an expected credit loss on trade and other debtors in accordance with IFRS 9 as set out in Note 1. The credit to the income statement for the year in relation to provisions for impairment of trade debtors and accrued income was \u00a311m (2021/22: \u00a37m credit), as disclosed in Note 3. The decrease in provisions for impairment of trade debtors and accrued income of \u00a318m (2021/22: \u00a315m decrease) is equal to the credit to the income statement of \u00a311m (2021/22: \u00a31m debit), and write-offs of trade debtors of \u00a37m (2021/22: \u00a38m). The Directors consider that the carrying amount of trade and other debtors is approximate to their fair value. Further details about the Group\u2019s credit risk management practices are disclosed in Note 17. The tables below summarise the ageing profile for tenant debtors and associated expected credit losses, grouped by credit risk rating. The expected credit losses are determined in line with the provisioning approach detailed in Note 1. Provisions for impairment of tenant debtors 31 March 2023 Percentage provided 1 Tenant debtors Provision Net tenant debtor Credit risk < 90 days \u00a3m 90 \u2013 182 days \u00a3m 183 \u2013 365 days \u00a3m > 365 days \u00a3m Total \u00a3m < 90 days \u00a3m 90 \u2013 182 days \u00a3m 183 \u2013 365 days \u00a3m > 365 days \u00a3m Total \u00a3m < 90 days \u00a3m 90 \u2013 182 days \u00a3m 183 \u2013 365 days \u00a3m > 365 days \u00a3m Total \u00a3m Total CVA / Administration \u2013 \u2013 \u2013 11 11 \u2013 \u2013 \u2013 (11) (11) \u2013 \u2013 \u2013 \u2013 \u2013 100% High 31149 (1) (1) (1) (4) (7) 2\u2013\u2013\u20132 78% Medium 11\u2013\u20132 (1) (1) \u2013\u2013(2) \u2013\u2013\u2013\u2013\u2013 100% Low 511411 (1) (1) (1) (4) (7) 4\u2013\u2013\u20134 64% Total Group 93219 33 (3) (3) (2) (19) (27) 6\u2013\u2013\u20136 82% Joint ventures 511411 (1) (1) (1) (4) (7) 4\u2013\u2013\u20134 64% Total 14 4323 44 (4) (4) (3) (23) (34) 10 \u2013\u2013\u201310 77% 1. The percentage provided is calculated using the unrounded tenant debtor and provision balance. 31 March 2022 Percentage provided 1 Tenant debtors Provision Net tenant debtor Credit risk < 90 days \u00a3m 90 \u2013 182 days \u00a3m 183 \u2013 365 days \u00a3m > 365 days \u00a3m Total \u00a3m < 90 days \u00a3m 90 \u2013 182 days \u00a3m 183 \u2013 365 days \u00a3m > 365 days \u00a3m Total \u00a3m < 90 days \u00a3m 90 \u2013 182 days \u00a3m 183 \u2013 365 days \u00a3m > 365 days \u00a3m Total \u00a3m Total CVA / Administration 2 2 5 17 26 (2) (2) (5) (17) (26) \u2013 \u2013 \u2013 \u2013 \u2013 100% High 31127 (2)(1) (1)(2)(6) 1\u2013\u2013\u20131 86% Medium 1\u2013135 \u2013\u2013(1)(3)(4) 1\u2013\u2013\u20131 80% Low 523515 (2) (1) (3) (5) (11) 31\u2013\u20134 73% Total Group 11 510 27 53 (6) (4) (10) (27) (47) 51\u2013\u20136 88% Joint ventures 722617 (3) (2) (2) (6) (13) 4\u2013 \u2013\u20134 76% Total 18 7 12 33 70 (9) (6) (12) (33) (60) 9 1 \u2013 \u2013 10 86% 1. The percentage provided is calculated using the unrounded tenant debtor and provision balance. Notes to the Accounts continued 13 Debtors continued Provisions for impairment of accrued income Accrued income relates to concessions offered to tenants in the form of the deferral of rental payments. Rental income relating to the year ended 31 March 2023, which has not yet been invoiced, is recognised on an accruals basis in accordance with the underlying lease. The gross accrued income as at 31 March 2023 was \u00a33m (2021/22: \u00a32m) with a provision of \u00a32m (2021/22: \u00a31m) leaving a net accrued income balance of \u00a31m (2021/22: \u00a31m). The percentage of gross accrued income provided for is 67% (2021/22: 57%). The table below summarises the movement in provisioning for impairment of tenant debtors and accrued income during the year ended 31 March 2023. Movement in provisionsfor impairment of tenant debtors and accrued income Group \u00a3m Proportionally consolidated \u00a3m Provisions for impairment of tenant debtors and accrued income as at 1 April 2022 47 61 Write-offs of tenant debtors (7) (12) Movement in provisions for impairment of tenant debtors (12) (15) Movement in provisions for impairment of accrued income 1 2 Total provision movement recognised in income statement (11) (13) Provisions for impairment of tenant debtors and accrued income as at 31 March 2023 29 36 Provisioning for impairment of trade debtors is considered to be a key source of estimation uncertainty at the balance sheet date and, as a result, we include sensitivity tables, below, to illustrate the impact of changes in assumptions on provisions for impairment of trade debtors and accrued income recognised at the balance sheet date. The key assumptions within the expected credit loss model include the loss rates assumed for each credit risk rating, ageing combination, historic experience collection rates and a tenant\u2019s assigned credit risk ratings. The sensitivity table, below, illustrates the impact on provisions as a result of firstly, changing the absolute loss rate percentages for each ageing and credit risk category and secondly, the impact of changing the percentage share of high and low risk debtors for Retail & Fulfilment tenants only, i.e. assuming 10% of debtors move from medium to high risk and 10% of debtors move from low to medium risk and vice versa. A 10% increase or decrease represents management\u2019s assessment of the reasonable possible change in loss rates. Provision at 31 March 2023 \u00a3m Impact on provisions Impact on provisions 10% increase in loss rates 1 \u00a3m 10% decrease in loss rates 1 \u00a3m 10% increase in % share of high risk tenant debtors 2 \u00a3m 10% decrease in % share of high risk tenant debtors 2 \u00a3m Provisions for impairment of tenant debtors 27 1 (1) 1 (1) Provisions for impairment of accrued income 2 \u2013 \u2013 \u2013 \u2013 Group total provision for impairment of tenant debtors and accrued income 29 1 (1) 1 (1) Provision at 31 March 2022 \u00a3m Impact on provisions Impact on provisions 10% increase in loss rates 1 \u00a3m 10% decrease in loss rates 1 \u00a3m 10% increase in % share of high risk tenant debtors 2 \u00a3m 10% decrease in % share of high risk tenant debtors 2 \u00a3m Provisions for impairment of tenant debtors 46 1 (1) 2 (2) Provisions for impairment of accrued income 1 \u2013 \u2013 \u2013 \u2013 Group total provision for impairment of tenant debtors and accrued income 47 1 (1) 2 (2) 1. This sensitivity analysis has been performed on high and low risk tenants and tenants in CVA or Administration only as the significant estimation uncertainty is wholly related to these. 2. This sensitivity analysis has been performed on Retail & Fulfilment tenants only. A movement in the share of Campuses tenant debtors within each credit risk rating has not been considered as management believes there is less uncertainty associated with the assumption on Campuses tenants\u2019 credit risk ratings. 14 Creditors 2023 \u00a3m Restated 1 2022 \u00a3m Trade creditors 113 74 Accruals 60 70 Deferred income 52 66 Other taxation and social security 25 25 Lease liabilities 6 6 Tenant deposits 26 37 282 278 1. Prior year comparatives have been restated for a change in accounting policy in respect of tenant deposits. Refer to Note 1 for further information. Trade creditors are interest-free and have settlement dates within one year. The Directors consider that the carrying amount of trade and other creditors is approximate to their fair value. 15 Other non-current liabilities 2023 \u00a3m 2022 \u00a3m Lease liabilities 120 125 Deferred income 25 27 145 152 Notes to the Accounts continued 16 Deferred tax The movement on deferred tax is as shown below: Deferred tax assets year ended 31 March 2023 1 April 2022 \u00a3m Debited to income \u00a3m Credited to equity \u00a3m 31 March 2023 \u00a3m Temporary differences \u2013 5 \u2013 5 Deferred tax liabilities year ended 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m Derivative revaluations \u2013 (9) \u2013 (9) Net deferred tax liabilities \u2013 (4) \u2013 (4) Deferred tax assets year ended 31 March 2022 1 April 2021 \u00a3m Debited to income \u00a3m Credited to equity \u00a3m 31 March 2022 \u00a3m Temporary differences \u2013 \u2013 \u2013 \u2013 Deferred tax liabilities year ended 31 March 2022 \u00a3m \u00a3m \u00a3m \u00a3m Derivative revaluations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Net deferred tax assets (liabilities) \u2013 \u2013 \u2013 \u2013 The following corporation tax rates have been substantively enacted: 19% effective from 1 April 2017 and 25% effective from 1 April 2023. The deferred tax assets and liabilities have been calculated at the tax rate effective in the period that the tax is expected to crystallise. At 31 March 2023 the Group had capital losses of \u00a3718m (2021/22: \u00a3720m) available to offset future capital gains giving rise to an unrecognised deferred tax asset calculated at 25% (2021/22: 19%) of \u00a3180m (2021/22: \u00a3137m). At 31 March 2023 the Group had UK revenue tax losses from previous years of \u00a3224m (2021/22: \u00a3247m) giving rise to an unrecognised deferred tax asset calculated at 25% (2021/22: 19%) of \u00a356m (2021/22: \u00a347m). The Group has recognised a net deferred tax liability on derivative revaluations of \u00a34m (2021/22: \u00a3nil). On a gross basis, to the extent that future matching taxable profits are expected to arise of \u00a39m in respect of derivative revaluations (2021/22: \u00a3nil), deferred tax assets of \u00a35m have been recognised (2021/22: \u00a3nil). Under the REIT regime development properties which are sold within three years of completion do not benefit from tax exemption. At 31 March 2023 the value of such properties is \u00a3827m (2021/22: \u00a31,429m) and if these properties were to be sold and no tax exemption was available the tax arising would be \u00a33m (2021/22: \u00a321m). 17 Net debt 7 Restated 2023 2022 Footnote \u00a3m \u00a3m Secured on the assets of the Group 5.264% First Mortgage Debenture Bonds 2035 325 347 5.0055% First Mortgage Amortising Debentures 2035 86 88 5.357% First Mortgage Debenture Bonds 2028 218 227 Bank loans 1 298 347 9271,009 Unsecured 4.766% Senior US Dollar Notes 2023 2 105 101 5.003% Senior US Dollar Notes 2026 2 65 66 3.81% Senior Notes 2026 97 102 3.97% Senior Notes 2026 97 103 2.375% Sterling Unsecured Bond 2029 299 298 4.16% Senior US Dollar Notes 2025 2 78 77 2.67% Senior Notes 2025 38 37 2.75% Senior Notes 2026 38 37 Floating Rate Senior Notes 2028 80 80 Floating Rate Senior Notes 2034 101 102 Facilities and overdrafts 342 604 1,340 1,607 Gross debt 32,2672,616 Interest rate and currency derivative liabilities 67 96 Interest rate and currency derivative assets (144) (97) Cash and cash equivalents 4,5,6 (125) (111) Total net debt 2,065 2,504 Net debt attributable to non-controlling interests 1 1 Net debt attributable to shareholders of the Company 2,066 2,505 Total net debt 2,065 2,504 Amounts payable under leases (Notes 14 and 15) 126 131 Total net debt (including lease liabilities) 2,191 2,635 Net debt attributable to non-controlling interests (including lease liabilities) 4 1 1 Net debt attributable to shareholders of the Company (including lease liabilities) 2,192 2,636 1. These are non-recourse borrowings with no recourse for repayment to other companies or assets in the Group. 2023 2022 \u00a3m \u00a3m Hercules Unit Trust 298 347 298 347 2. Principal and interest on these borrowings were fully hedged into Sterling at a floating rate at the time of issue. 3. The principal amount of gross debt at 31 March 2023 was \u00a32,250m (2021/22: \u00a32,562m). Included in this is the principal amount of secured borrowings and other borrowings of non-recourse companies of \u00a3933m. 4. Included in cash and cash equivalents is the cash and short term deposits of Hercules Unit Trust of \u00a337m, of which \u00a31m is the proportion not beneficially owned by the Group. 5. Cash and short term deposits not subject to a security interest amount to \u00a386m (2021/22: \u00a364m). 6. Cash and cash equivalents includes tenant deposits of \u00a326m (2021/22: \u00a337m). 7. Prior year comparatives have been restated for a change in accounting policy in respect of tenant deposits. Refer to Note 1 for further information. Notes to the Accounts continued 17 Net debt continued Maturity analysis of net debt 2023 \u00a3m Restated 1 2022 \u00a3m Repayable: within one year and on demand 402 189 Between: one and two years 6 279 two and five years 989 854 five and ten years 386 659 ten and fifteen years 484 485 fifteen and twenty years \u2013 150 1,8652,427 Gross debt 2,2672,616 Interest rate and currency derivatives (77) (1) Cash and cash equivalents (125) (111) Net debt 2,065 2,504 1. Prior year comparatives have been restated for a change in accounting policy in respect of tenant deposits. Refer to Note 1 for further information. Fair value and book value of net debt 2023 Restated 1 2022 Fair value \u00a3m Book value \u00a3m Difference \u00a3m Fair value \u00a3m Book value \u00a3m Difference \u00a3m Debentures and unsecured bonds 1,533 1,627 (94) 1,745 1,665 80 Bank debt and other floating rate debt 645 640 5 955 951 4 Gross debt 2,178 2,267 (89) 2,700 2,616 84 Interest rate and currency derivative liabilities 67 67 \u2013 96 96 \u2013 Interest rate and currency derivative assets (144) (144) \u2013 (97) (97) \u2013 Cash and cash equivalents (125)(125) \u2013 (111) (111) \u2013 Net debt 1,976 2,065 (89) 2,588 2,504 84 Net debt attributable tonon-controlling interests 1 1 \u2013 1 1 \u2013 Net debt attributable to shareholders of the Company 1,977 2,066 (89) 2,589 2,505 84 1. Prior year comparatives have been restated for a change in accounting policy in respect of tenant deposits. Refer to Note 1 for further information. The fair values of debentures and unsecured bonds have been established by obtaining quoted market prices from brokers. The bank debt and other floating rate debt has been valued assuming it could be renegotiated at contracted margins. The derivatives have been valued by calculating the present value of expected future cash flows, using appropriate market discount rates, by an independent treasury adviser. Short term debtors and creditors and other investments have been excluded from the disclosures on the basis that the fair value is equivalent to the book value. The fair value hierarchy level of debt held at amortised cost is Level 2 (as defined in Note 10). 17 Net debt continued Loan to Value (LTV) LTV is the ratio of principal amount of gross debt less cash, short term deposits and liquid investments to the aggregate value of properties and investments, excluding non-controlling interests. EPRA LTV has been disclosed in Table E. Group LTV 2023 \u00a3m Restated 1 2022 \u00a3m Group LTV 27.4% 26.2% Principal amount of gross debt 2,250 2,562 Less debt attributable to non-controlling interests \u2013 \u2013 Less cash and short term deposits (statement of cash flows) 2 (99) (74) Plus cash attributable to non-controlling interests 1 1 Total net debt for LTV calculation 2,152 2,489 Group property portfolio valuation (Note 10) 5,595 6,944 Investments in joint ventures (Note 11) 2,206 2,521 Other investments and property, plant and equipment (balance sheet) 3 61 46 Less property and investments attributable to non-controlling interests (13) (15) Total assets for LTV calculation 7,849 9,496 Proportionally consolidated LTV 2023 \u00a3m 2022 \u00a3m Proportionally consolidated LTV 36.0% 32.9% Principal amount of gross debt 3,448 3,648 Less debt attributable to non-controlling interests \u2013 \u2013 Less cash and short term deposits 4 (228)(191) Plus cash attributable to non -controlling interests 1 1 Total net debt for proportional LTV calculation 3,2213,458 Group property portfolio valuation (Note 10) 5,595 6,944 Share of property of joint ventures (Note 10) 3,316 3,538 Other investments and property, plant and equipment (balance sheet) 3 61 46 Less property attributable to non-controlling interests (13) (15) Total assets for proportional LTV calculation 8,959 10,513 1. Prior year comparatives have been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information. 2. Cash and short term deposits exclude tenant deposits of \u00a326m (2021/22: \u00a337m). 3. The \u00a319m (2021/22: \u00a322m) difference between other investments and plant, property and equipment per the balance sheet totalling \u00a380m (2021/22: \u00a368m), relates to a right-of-use asset recognised under a lease which is classified as property, plant and equipment which is not included within Total assets for the purposes of the LTV calculation. 4. Cash and short term deposits exclude tenant deposits of \u00a349m (2021/22: \u00a361m). Notes to the Accounts continued 17 Net debt continued Net Debt to EBITDA Net Debt to EBITDA is the ratio of principal amount of gross debt less cash, short term deposits and liquid investments to earnings before interest, tax, depreciation and amortisation (EBITDA). The Group ratio excludes non-recourse and joint venture borrowings and includes distributions and other receivables from non- recourse companies and joint ventures. Group Net Debt to EBITDA 2023 \u00a3m 2022 \u00a3m Group Net Debt to EBITDA 6.4x 7.9x Principal amount of gross debt 2,250 2,562 Less non-recourse borrowings (298) (347) Less cash and short term deposits (statement of cash flows) 1 (99) (74) Plus cash attributable to non-recourse companies 37 29 Total net debt for group Net Debt to EBITDA calculation 1,890 2,170 Underlying Profit (Table A) 264 247 Plus Net financing charges (Note 6) 60 55 Less Underlying Profit due to joint ventures and non-recourse companies 2 (144) (133) Plus distributions and other receivables from joint ventures and non-recourse companies 3 107 97 Plus depreciation and amortisation (Table A) 7 9 Total EBITDA for group Net Debt to EBITDA calculation 294 275 Proportionately consolidated Net Debt to EBITDA 2023 \u00a3m 2022 \u00a3m Proportionally consolidated Net Debt to EBITDA 8.4x 9.7x Principalamount of gross debt 3,448 3,648 Less cash and short term deposits 4 (228) (191) Plus cash attributable to non-controlling interests 1 1 Total net debt for proportional Net Debt to EBITDA calculation 3,2213,458 Underlying Profit (Table A) 264 247 Plus Net financing cha rges (Table A) 111 102 Plus depreciation and amortisation (Table A) 7 9 Total EBITDA for proportional Net Debt to EBITDA calculation 382 358 1. Cash and short term deposits exclude tenant deposits of \u00a326m (2021/22: \u00a337m). 2. Underlying Profit due to joint ventures \u00a392m (2021/22: \u00a384m) as disclosed in the consolidated income statement and Underlying Profit due to non-recourse companies \u00a352m (2021/22: \u00a349m). 3. Distributions and other receivables from joint ventures \u00a373m (2021/22 \u00a357m) as disclosed in the consolidated statement of cash flows and distributions and other receivables from non-recourse companies \u00a334m (2021/22: \u00a340m). 4. Cash and short term deposits exclude tenant deposits of \u00a349m (2021/22: \u00a361m). 17 Net debt continued British Land Unsecured Financial Covenants The two financial covenants applicable to the Group unsecured debt are shown below: 2023 \u00a3m Restated 1 2022 \u00a3m Net Borrowings not to exceed 175% of Adjusted Capital and Reserves 38% 36% Principal amount of gross debt 2,250 2,562 Less the relevant proportion of borrowings of the partly owned subsidiary/non-controlling interests \u2013 \u2013 Less cash and short term deposits (statement of cash flows) 2 (99) (74) Plus the relevant proportion of cash and deposits of the partly owned subsidiary/non-controlling interests 1 1 Net Borrowings 2,152 2,489 Share capital and reserves (balance sheet) 5,525 6,768 Trading property surpluses (Table A) 7 8 Exceptional refinancing charges (see below) 161 174 Fair value adjustments of financial instruments (Table A) (44) 46 Less reserves attributable to non-controlling interests (balance sheet) (13) (15) Adjusted Capital and Reserves 5,6366,981 In calculating Adjusted Capital and Reserves for the purpose of the unsecured debt financial covenants, there is an adjustment of \u00a3161m (2021/22: \u00a3174m) to reflect the cumulative net amortised exceptional items relating to the refinancings in the years ended 31 March 2005, 2006 and 2007. 2023 \u00a3m Restated 1 2022 \u00a3m Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets 32% 30% Principal amount of gross debt 2,250 2,562 Less cash and short term deposits not subject to a security interest (86) (64) Less principal amount of secured and non-recourse borrowings (933) (985) Net Unsecured Borrowings 1,231 1,513 Group property portfolio valuation (Note 10) 5,595 6,944 Investments in joint ventures and funds (Note 11) 2,206 2,521 Other investments and property, plant and equipment (balance sheet) 3 61 46 Less investments in joint ventures (2,206) (2,521) Less encumbered assets (Note 10) (1,747) (1,915) Unencumbered Assets 3,909 5,075 1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. 2. Cash and short term deposits exclude tenant deposits of \u00a326m (2021/22: \u00a347m). 3. The \u00a319m (2021/22: \u00a322m) difference between other investments and plant, property and equipment per the balance sheet totalling \u00a380m (2021/22: \u00a368m), relates to a right-of-use asset recognised under a lease which is classified as property, plant and equipment which is not included within Total assets for the purposes of the LTV calculation. Notes to the Accounts continued 17 Net debt continued Reconciliation of movement in Group net debt for the year ended 31 March 2023 Restated 1 2022 \u00a3m Cash flows \u00a3m Transfers 2 \u00a3m Foreign exchange \u00a3m Fair value \u00a3m Arrangement cost amortisation \u00a3m 2023 \u00a3m Short term borrowings 189 (190) 402 \u2013 \u2013 1 402 Long term borrowings 2,427 (123) (402) 20 (55) (2)1,865 Derivatives 3 (1) (12) \u2013 (20) (44) \u2013 (77) Total liabilities from financing activities 4 2,615 (325) \u2013 \u2013 (99) (1) 2,190 Cash and cash equivalents (111) (14) \u2013 \u2013 \u2013 \u2013(125) Net debt 2,504 (339) \u2013 \u2013 (99) (1) 2,065 Reconciliation of movement in Group net debt for the year ended 31 March 2022 2021 \u00a3m Restated 1 Cash flows \u00a3m Transfers 2 \u00a3m Foreign exchange \u00a3m Fair value \u00a3m Arrangement cost amortisation \u00a3m Restated 1 2022 \u00a3m Short term borrowings 161 (159) 189 \u2013 (4) 2 189 Long term borrowings 2,249 429 (189) 17 (76) (3) 2,427 Derivatives 5 (7) 7 \u2013 (17) 16 \u2013 (1) Total liabilities from financing activities 6 2,403 277 \u2013 \u2013 (64) (1)2,615 Cash and cash equivalents (154) 43 \u2013 \u2013 \u2013 \u2013 (111) Net debt 2,249 320 \u2013 \u2013 (64) (1)2,504 1. Prior year comparative has been restated for a change in accounting policy in respect of tenant deposits. Refer to Note 1 for further information. 2. Transfers comprises debt maturing from long term to short term borrowings. 3. Cash flows on derivatives include \u00a39m of net receipts on derivative interest. 4. Cash flows of \u00a3325m shown above represents net cash flows on capital payments in respect of interest rate derivatives of \u00a321m, decrease in bank and other borrowings of \u00a3637m and drawdowns on bank and other borrowings of \u00a3324m shown in the consolidated statement of cash flows, along with \u00a39m of net receipts on derivative interest. 5. Cash flows on derivatives include \u00a315m of net receipts on derivative interest. 6. Cash flows of \u00a3277m shown above represents net cash flows on capital payments in respect of interest rate derivatives of \u00a38m, decrease in bank and other borrowings of \u00a3213m and drawdowns on bank and other borrowings of \u00a3483m shown in the consolidated statement of cash flows, along with \u00a315m of net receipts on derivative interest. Fair value hierarchy The table below provides an analysis of financial instruments carried at fair value, by the valuation method. The fair value hierarchy levels are defined in Note 10. 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Interest rate and currency derivative assets \u2013(144) \u2013(144) \u2013 (97) \u2013 (97) Other investments \u2013 fair value through profit or loss (Note 12) \u2013 \u2013 (48) (48) \u2013 \u2013 (28) (28) Assets \u2013(144) (48) (192) \u2013 (97)(28)(125) Interest rate and currency derivative liabilities \u2013 67 \u2013 67 \u2013 96 \u2013 96 Liabilities \u2013 67 \u2013 67 \u2013 96 \u2013 96 Total \u2013 (77) (48) (125) \u2013 (1)(28) (29) 17 Net debt continued Categories of financial instruments 2023 \u00a3m Restated 1 2022 \u00a3m Financial assets Amortised cost Cash and cash equivalents 125 111 Trade and other debtors (Note 13) 22 49 Other investments (Note 12) 2 4 Fair value through profit or loss Derivatives in designated fair value hedge accounting relationships 2,3 45 59 Derivatives not in designated hedge accounting relationships 99 38 Other investments (Note 12) 48 28 341 289 Financial liabilities Amortised cost Creditors (Note 14) (199) (157) Gross debt (2,267) (2,616) Lease liabilities (Notes 14 and 15) (126) (131) Fair value through profit or loss Derivatives not in designated hedge accounting relationships (50) (96) Derivatives in designated fair value hedge accounting relationships 2,3 (17) \u2013 (2,659) (3,000) Total (2,318)(2,711) 1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. 2. Derivative assets and liabilities in designated hedge accounting relationships sit within the derivative assets and derivative liabilities balances of the consolidated balance sheet. 3. The fair value of derivative assets in designated hedge accounting relationships represents the accumulated amount of fair value hedge adjustments on hedged items. Gains and losses on financial instruments, as classed above, are disclosed in Note 6 (net financing income), Note 13 (debtors), the consolidated income statement and the consolidated statement of comprehensive income. The Directors consider that the carrying amounts of other investments are approximate to their fair value, and that the carrying amounts are recoverable. Capital risk management The capital structure of the Group consists of net debt and equity attributable to the equity holders of The British Land Company PLC, comprising issued capital, reserves and retained earnings. Risks relating to capital structure are addressed within Managing risk in delivering our strategy on pages 46 to 60. The Group\u2019s objectives, policies and processes for managing debt are set out in the Financial policies and principles on pages 43 to 45. Interest rate risk management The Group uses interest rate swaps and caps to hedge exposure to the variability in cash flows on floating rate debt, such as revolving bank facilities, caused by movements in market rates of interest. The Group\u2019s objectives and processes for managing interest rate risk are set out in the Financial policies and principles on pages 43 to 45. At 31 March 2023, the fair value of these derivatives is a net liability of \u00a341m (2021/22: \u00a345m). Interest rate swaps with a fair value of \u00a3nil have been designated as cash flow hedges under IFRS 9. The ineffectiveness recognised in the income statement on cash flow hedges in the year ended 31 March 2023 was \u00a3nil (2021/22: \u00a3nil). Notes to the Accounts continued 17 Net debt continued The cash flows occur and are charged to profit and loss until the maturity of the hedged debt. The table below summarises variable rate debt hedged at 31 March. Variable rate debt hedged 2023 \u00a3m 2022 \u00a3m Outstanding: at one year 550 800 at two years 1,025 550 at five years 350 600 at ten years \u2013 250 Fair value hedged debt The Group uses interest rate swaps to hedge exposure on fixed rate financial liabilities caused by movements in market rates of interest. At 31 March 2023, the fair value of these derivatives is a net asset of \u00a318m (2021/22: \u00a338m). Interest rate swaps with a fair value asset of \u00a326m have been designated as fair value hedges under IFRS 9 (2021/22: asset of \u00a359m). The cross currency swaps of the 2023/2025/2026 US Private Placements fully hedge the foreign exchange exposure at an average floating rate of 159 basis points above SONIA. These have been designated as fair value hedges of the US Private Placements. Interest rate profile \u2013 including effect of derivatives 2023 \u00a3m 2022 \u00a3m Fixed or capped rate 2,1682,542 2,1682,542 All the debt is effectively Sterling denominated except for \u00a327m of USD debt of which \u00a327m is at a variable rate (2021/22: \u00a315m). At 31 March 2023 the weighted average interest rate of the Sterling fixed rate debt is 4.2% (2021/22: 4.2%). The weighted average period for which the rate is fixed is 7.3 years (2021/22: 8.3 years). Proportionally consolidated net debt at fixed or capped rates of interest 2023 2022 Spot basis 100% 100% Average over next five -year forecast period 76% 79% Sensitivity table \u2013 market rate movements 2023 2022 IncreaseDecrease Increase Decrease Movement in interest rates (bps) 1 373 (373) 67 (67) Impact on underlying annual profit (\u00a3m) \u2013 9 (4) 9 Movement in medium and long term swap rates (bps) 2 424 (424) 139 (139) Impact on cash flow hedge and non-hedge accounted derivative valuations (\u00a3m) 177 (210) 75 (72) 1. The movement used for sensitivity analysis represents the largest annual change in SONIA over the last 10 years. 2. This movement used for sensitivity analysis represents the largest annual change in the seven-year Sterling swap rate over the last 10 years. 17 Net debt continued Foreign currency risk management The Group\u2019s policy is to have no material unhedged net assets or liabilities denominated in foreign currencies. The currency risk on overseas investments may be hedged via foreign currency denominated borrowings and derivatives. The Group has adopted net investment hedging in accordance with IFRS 9 and therefore the portion of the gain or loss on any hedging instrument that is determined to be an effective hedge is recognised directly in equity. The ineffective portion of the gain or loss on any hedging instrument is recognised immediately in the income statement. The table below shows the carrying amounts of the Group\u2019s foreign currency denominated assets and liabilities. Provided contingent tax on overseas investments is not expected to occur it will be ignored for hedging purposes. Based on the 31 March 2023 position a 28% appreciation (largest annual change over the last 10 years) in the USD relative to Sterling would result in a \u00a33m change (2021/22: \u00a3nil) in reported profits. Assets 1 Liabilities 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m USD denominated 38 20 27 20 1. The USD denominated asset of \u00a338m is an other investment accounted for as fair value through profit of loss as disclosed in Note 12. The remaining \u00a310m other investment accounted for as fair value through profit or loss is a GBP denominated other investment. Credit risk management The Group\u2019s approach to credit risk management of counterparties is referred to in Financial policies and principles on pages 43 to 45 and the risks addressed within Managing risk in delivering our strategy on pages 46 to 60. The carrying amount of financial assets recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk without taking account of the value of any collateral obtained. Banks and financial institutions: Cash and cash equivalents at 31 March 2023 amounted to \u00a3125m (2021/22: \u00a3111m restated). Cash and cash equivalents were placed with financial institutions with BBB+ or better credit ratings. At 31 March 2023, the fair value of all interest rate derivative assets was \u00a3144m (2021/22: \u00a397m). At 31 March 2023, prior to taking into account any offset arrangements, the largest combined credit exposure to a single counterparty arising from money market deposits, liquid investments and derivatives was \u00a343m (2021/22: \u00a343m). This represents 0.5% (2021/22: 0.4%) of gross assets. The deposit exposures are with UK banks and UK branches of international banks. Trade debtors: Trade debtors are presented net of provisions for impairment for expected credit losses. Expected credit losses are calculated on initial recognition of trade debtors and subsequently in accordance with IFRS 9, taking into account historic and forward-looking information. See Note 13 for further details and credit risk related disclosures. Tenant incentives: Tenant incentives and the associated tenant incentive provisions for impairment for expected credit losses are both recognised within investment property. See Note 1 for further details on the presentation of tenant incentive provisions. Expected credit losses are calculated on initial recognition of tenant incentives and subsequently in accordance with IFRS 9, taking into account historic and forward-looking information. See Note 10 for further details and credit risk related disclosures. Liquidity risk management The Group\u2019s approach to liquidity risk management is discussed in Financial policies and principles on pages 43 to 45, and the risks addressed within Managing risk in delivering our strategy on pages 46 to 60. The following table presents a maturity profile of the contracted undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal flows. Where the interest payable is not fixed, the amount disclosed has been determined by reference to the projected interest rates implied by yield curves at the reporting date. For derivative financial instruments that settle on a net basis (e.g. interest rate swaps) the undiscounted net cash flows are shown and for derivatives that require gross settlement (e.g. cross currency swaps) the undiscounted gross cash flows are presented. Where payment obligations are in foreign currencies, the spot exchange rate ruling at the balance sheet date is used. Trade creditors and amounts owed to joint ventures, which are repayable within one year, have been excluded from the analysis. The Group expects to meet its financial liabilities through the various available liquidity sources, including a secure rental income profile, asset sales, undrawn committed borrowing facilities and, in the longer term, debt refinancings. Notes to the Accounts continued 17 Net debt continued Liquidity risk management continued The future aggregate minimum rentals receivable under non-cancellable operating leases are shown in the table on the following page. Income from joint ventures is not included. Additional liquidity will arise from letting space in properties under construction as well as from distributions received from joint ventures. 2023 Within one year \u00a3m Following year \u00a3m Three to five years \u00a3m Over five years \u00a3m Total \u00a3m Gross Debt 1 409 8 995 882 2,294 Interest on debt 100 84 195 199 578 Derivative payments 104 18 172 26 320 Lease liability payments 10 10 29 305 354 Total payments 623 120 1,391 1,412 3,546 Derivative receipts (172) (34) (179) (3) (388) Net payment 451 86 1,212 1,409 3,158 Operating leases with tenants 248 211 440 479 1,378 Liquidity (deficit) surplus (203) 125 (772) (930) (1,780) Cumulative liquidity (deficit) surplus (203) (78) (850) (1,780) 2022 Within one year \u00a3m Following year \u00a3m Three to five years \u00a3m Over five years \u00a3m Total \u00a3m Gross Debt 1 191 282 830 1,288 2,591 Interest on debt 89 87 195 227 598 Derivative payments 11 102 167 77 357 Head lease payments 9 10 29 325 373 Total payments 300 481 1,221 1,917 3,919 Derivative receipts (29) (136) (165) (5) (335) Net payment 271 345 1,056 1,912 3,584 Operating leases with tenants 282 239 490 470 1,481 Liquidity (deficit) surplus 11 (106)(566)(1,442) (2,103) Cumulative liquidity (deficit) surplus 11 (95) (661) (2,103) 1. Gross debt of \u00a32,267m (2021/22: \u00a32,616m) represents the total of \u00a32,294m (2021/22: \u00a32,591m), less unamortised issue costs of \u00a39m (2021/22: \u00a39m), less fair value adjustments to debt of \u00a318m (2021/22: plus fair value adjustments to debt of \u00a334m). Any short term liquidity gap between the net payments required and the rentals receivable can be met through other liquidity sources available to the Group, such as committed undrawn borrowing facilities. The Group currently holds cash and cash equivalents of \u00a3111m of which \u00a386m is not subject to a security interest (see footnote 5 to net debt table on page 209). Further liquidity can be achieved through sales of property assets or investments and financing activity. The Group\u2019s property portfolio is valued externally at \u00a35,595m (2021/22: \u00a36,944m) and the share of joint ventures\u2019 property is valued at \u00a33,316m (2021/22: \u00a33,538m). The committed undrawn borrowing facilities available to the Group are a further source of liquidity. The maturity profile of committed undrawn borrowing facilities is shown below. Maturity of committed undrawn borrowing facilities 2023 \u00a3m 2022 \u00a3m Maturity date: over five years 130 70 between four and five years 504 401 between three and four years 370 406 Total facilities available for more than three years 1,004 877 Between two and three years 555 360 Between one and two years 170 50 Within one year 50 \u2013 Total 1,7791,287 The undrawn facilities are comprised of British Land undrawn facilities of \u00a31,779m (2021/22: \u00a31,287m). 18 Leasing Operating leases with tenants The Group leases out all of its investment properties under operating leases with a weighted average lease length of six years (2021/22: six years). The future aggregate minimum rentals receivable under non-cancellable operating leases are as follows: 2023 \u00a3m 2022 \u00a3m Less than one year 248 282 Between one and two years 211 239 Between three and five years 440 490 Between six and ten years 320 349 Between eleven and fifteen years 97 74 Between sixteen and twenty years 41 30 After twenty years 21 17 Total 1,378 1,481 Lease commitments The Group\u2019s leasehold investment properties are typically under non-renewable leases without significant restrictions. Lease liabilities are payable in line with the disclosure below and no contingent rents were payable in either period. The lease payments mainly relate to head leases where the Group does not own the freehold of a property. 2023 2022 Minimum lease payments \u00a3m Interest \u00a3m Principal \u00a3m Minimum lease payments \u00a3m Interest \u00a3m Principal \u00a3m British Land Group Less than one year 10 4 6 9 3 6 Between one and two years 10 3 7 10 3 7 Between two and five years 29 7 22 29 8 21 More than five years 305 214 91 325 228 97 Total 354 228 126 373 242 131 Less future finance charges (228) (242) Present value of lease obligations 126 131 Notes to the Accounts continued 19 Dividends The final dividend payment for the six-month period ended 31 March 2023 will be 11.04p. Payment will be made on 28 July 2023 to shareholders on the register at close of business on 23 June 2023. The final dividend will be a Property Income Distribution and no SCRIP alternative will be offered. PID dividends are paid, as required by REIT legislation, after deduction of withholding tax at the basic rate (currently 20%), where appropriate. Certain classes of shareholders may be able to elect to receive dividends gross. Please refer to our website britishland.com/dividends for details. Payment date Dividend Pence per share 2023 \u00a3m 2022 \u00a3m Current year dividends 28.07.2023 2023 Final 11.04 06.01.2023 2023 Interim 11.60 107 22.64 Prior year dividends 29.07.2022 2022 Final 11.60 108 07.01.2022 2022 Interim 10.32 95 21.92 06.08.2021 2021 Final 6.64 62 Dividends disclosed in consolidated statement of changes in equity 215 157 Dividends settled in shares \u2013 \u2013 Dividends settled in cash 215 157 Timing difference relating to payment of withholding tax (2) (2) Dividends disclosed in consolidated statement of cash flows 213 155 20 Share capital and reserves 2023 2022 Number of ordinary shares in issue at 1 April 938,109,433 937,981,992 Share issues 225,544 127,441 At 31 March 938,334,977 938,109,433 Of the issued 25p ordinary shares, 7,376 shares were held in the ESOP trust (2021/22: 7,376), 11,266,245 shares were held as treasury shares (2021/22: 11,266,245) and 927,061,356 shares were in free issue (2021/22: 926,835,812). No treasury shares were acquired by the ESOP trust during the year. All issued shares are fully paid. Hedging and translation reserve The hedging and translation reserve comprises the effective portion of the cumulative net change in the fair value of cash flow and foreign currency hedging instruments, as well as all foreign exchange differences arising from the translation of the financial statements of foreign operations. The foreign exchange differences also include the translation of the liabilities that hedge the Company\u2019s net investment in a foreign subsidiary. In the prior year to 31 March 2022, \u00a312m was reclassified from the hedging and translation reserve to the income statement, relating to cumulative foreign exchange gains on disposal of the net investment in a foreign subsidiary. Revaluation reserve The revaluation reserve relates to investments in joint ventures. There were no transfers for the years ended 31 March 2023 and 31 March 2022. Merger reserve This comprises the premium on the share placing in March 2013. No share premium is recorded in the Company\u2019s financial statements, through the operation of the merger relief provisions of the Companies Act 2006. 20 Share capital and reserves continued At 31 March 2023, options over 1,250,386 ordinary shares were outstanding under employee share option plans. The options had a weighted average life of 1.9 years. Details of outstanding share options and shares awarded to employees including Executive Directors are set out below and on the following page: Exercise dates Date of grant At 31 March 2022 Granted Vested but not exercised Exercised/ Vested Lapsed At 31 March 2023 Exercise price (pence) From To Share options Sharesave Scheme 21.06.17 10,687 \u2013 \u2013 \u2013(10,687) \u2013508.00 01.09.22 01.03.23 29.06.18 21,362 \u2013 \u2013 \u2013(5,464) 15,898 549.00 01.09.23 01.03.24 18.06.19 101,262 \u2013 \u2013(37,446) (56,784) 7,032 435.00 01.09.22 01.03.23 18.06.19 9,238 \u2013 \u2013 \u2013(689) 8,549 435.00 01.09.24 01.03.25 07.07.20 408,215 \u2013 \u2013(7,737) (39,185) 361,293 336.00 01.09.23 01.03.24 07.07.20 324,256 \u2013 \u2013 \u2013(27,497)296,759 336.00 01.09.25 01.03.26 06.07.21 104,432 \u2013 \u2013(724) (14,396) 89,312 414.00 01.09.24 01.03.25 06.07.21 86,864 \u2013 \u2013 \u2013(11,228) 75,636 414.00 01.09.26 01.03.27 22.06.22 \u2013135,575 \u2013 \u2013(7,905) 127,670 421.00 01.09.25 01.03.26 22.06.22 \u201344,597 \u2013 \u2013(1,566) 43,031 421.00 01.09.27 01.03.28 1,066,316 180,172 \u2013(45,907) (175,401)1,025,180 Long-Term Incentive Plan \u2013 options vested, not exercised 14.09.12 42,225 \u2013 \u2013 \u2013(42,225) \u2013538.00 14.09.15 14.09.22 20.12.12 33,095 \u2013 \u2013 \u2013(33,095) \u2013563.00 20.12.15 20.12.22 05.08.13 108,588 \u2013 \u2013 \u2013 \u2013108,588 601.00 05.08.16 05.08.23 05.12.13 116,618 \u2013 \u2013 \u2013 \u2013116,618 600.00 05.12.16 05.12.23 300,526 \u2013 \u2013 \u2013(75,320) 225,206 Long-Term Incentive Plan \u2013 unvested options 26.06.18 83,942 \u2013 \u2013 \u2013(83,942) \u2013682.20 25.06.21 25.06.28 83,942 \u2013 \u2013 \u2013(83,942) \u2013 Total 1,450,784 180,172 \u2013(45,907) (334,663) 1,250,386 Weighted average exercise price of options (pence) 430 421 \u2013 418 505 409 Notes to the Accounts continued 20 Share capital and reserves continued Date of grant At 31 March 2022 Granted Exercised/ Vested Lapsed At 31 March 2023 Share price at grant date (pence) Vesting date Performance Shares Long-Term Incentive Plan 23.07.19 828,810 \u2013 \u2013(828,810) \u2013535.60 23.07.22 22.06.20 853,927 \u2013 \u2013(17,929) 835,998 408.90 22.06.23 22.06.21 888,644 \u2013 \u2013(31,822) 856,822 516.80 22.06.24 02.08.21 238,945 \u2013 \u2013 \u2013238,945 519.60 02.08.24 01.09.21 41,294 \u2013 \u2013 \u201341,294 542.00 01.09.24 19.07.21 19,612 \u2013(19,612) \u2013 \u2013482.50 13.05.22 19.07.21 9,403 \u2013(9,403) \u2013 \u2013482.50 21.05.22 19.07.21 44,273 \u2013 \u2013 \u201344,273 482.50 12.05.23 19.07.21 28,209 \u2013 \u2013 \u201328,209 482.50 12.05.24 19.07.21 9,403 \u2013 \u2013 \u20139,403 482.50 12.05.25 19.07.21 124,948 \u2013(107,705) (17,243) \u2013482.50 03.07.23 19.07.21 121,787 \u2013 \u2013 \u2013121,787 482.50 02.08.24 19.07.22 \u20131,848,874 \u2013 \u20131,848,874 470.70 19.07.25 3,209,255 1,848,874 (136,720) (895,804) 4,025,605 Restricted Share Plan 19.06.19 704,926 \u2013(680,880) (24,046) \u2013538.00 19.06.22 22.06.20 790,820 \u2013 \u2013(48,056)742,764 412.40 22.06.23 22.06.21 891,103 \u2013 \u2013(71,636) 819,467 516.80 22.06.24 19.07.22 \u2013712,005 \u2013(34,533) 677,472 470.70 19.07.25 29.07.22 \u201321,926 \u2013 \u201321,926 492.00 19.07.25 2,386,849 733,931 (680,880) (178,271) 2,261,629 Total 5,596,104 2,582,805 (817,600) (1,074,075) 6,287,234 Weighted average price of shares (pence) 489 471 529 523 471 21 Segment information The Group allocates resources to investment and asset management according to the sectors it expects to perform over the medium term, and reports under two operating segments, being Campuses and Retail & Fulfilment. From 1 April 2023 the Group intends to change the name of the Retail & Fulfilment operating segment to Retail & London Urban Logistics in line with our evolving strategy. There will be no changes in the allocation of segment results or assets as a consequence of this change. The relevant gross rental income, net rental income, operating result and property assets, being the measures of segment revenue, segment result and segment assets used by the management of the business, are set out on the following page. Management reviews the performance of the business principally on a proportionally consolidated basis, which includes the Group\u2019s share of joint ventures on a line-by-line basis and excludes non-controlling interests in the Group\u2019s subsidiaries. The chief operating decision maker for the purpose of segment information is the Executive Committee. Gross rental income is derived from the rental of buildings. Operating result is the net of net rental income, fee income and administrative expenses. No customer exceeded 10% of the Group\u2019s revenues in either year. 21 Segment information continued Segment result Campuses Retail & Fulfilment Unallocated Total 2023 \u00a3m Restated 1 2022 \u00a3m 2023 \u00a3m Restated 1 2022 \u00a3m 2023 \u00a3m Restated 1 2022 \u00a3m 2023 \u00a3m Restated 1 2022 \u00a3m Gross rental income British Land Group 115 143 205 195 \u2013 \u2013 320 338 Share of joint ventures 107 91 57 57 \u2013 \u2013 164 148 Total 222 234 262 252 \u2013 \u2013 484 486 Net rental income British Land Group 108 116 189 175 \u2013 \u2013 297 291 Share of joint ventures 89 76 51 51 \u2013 \u2013 140 127 Total 197 192 240 226 \u2013 \u2013 437 418 Operating result British Land Group 115 119 186 170 (55) (60) 246 229 Share of joint ventures 82 72 49 50 (2) (2) 129 120 Total 197 191 235 220 (57) (62) 375 349 Reconciliation to Underlying Profit 2023 \u00a3m Restated 1 2022 \u00a3m Operating result 375 349 Net financing charges (111) (102) Underlying Profit 264 247 Reconciliation to (loss) profit on ordinary activities before taxation Underlying Profit 264 247 Capital and other (1,299) 714 Underlying Profit attributable to non-controlling interests 1 2 Total (loss) profit on ordinary activities before taxation (1,034) 963 Reconciliation to Group revenue Gross rental income per operating segment result 484486 Less share of gross rental income of joint ventures (164)(148) Plus share of gross rental income attributable to non-controlling interests 2 2 Gross rental income (Note 3) 322 340 Trading property sales proceeds \u2013 9 Service charge income 59 62 Management and performance fees (from joint ventures) 13 9 Other fees and commissions 24 21 Surrender premium payable \u2013(29) Revenue (consolidated income statement) 418 412 1. Prior year comparative has been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information. A reconciliation between net financing income in the consolidated income statement and net financing charges of \u00a3111m (2021/22: \u00a3102m) in the segmental disclosures above can be found within Table A in the supplementary disclosures. Of the total revenues above, \u00a3nil (2021/22: \u00a3nil) was derived from outside the UK. Notes to the Accounts continued 21 Segment information continued Segment assets Campuses Retail & Fulfilment Total 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Property assets British Land Group 2,972 4,150 2,619 2,788 5,591 6,938 Share of joint ventures 2,687 2,826 629 712 3,316 3,538 Total 5,659 6,976 3,248 3,500 8,907 10,476 Reconciliation to net assets British Land Group 2023 \u00a3m Restated 1 2022 \u00a3m Property assets 8,907 10,476 Other non-current assets 141 104 Non-current assets 9,048 10,580 Other net current liabilities (384) (377) EPRA net debt (3,127) (3,397) Other non-current liabilities (50) \u2013 EPRA NTA (diluted) 5,487 6,806 Non-controlling interests 13 15 EPRA adjustments 25 (53) Net assets 5,525 6,768 1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. 22 Capital commitments The aggregate capital commitments to purchase, construct or develop investment property, for repairs, maintenance or enhancements, or for the purchase of investments which are contracted for but not provided, are set out below: 2023 \u00a3m 2022 \u00a3m British Land and subsidiaries 161 222 Share of joint ventures 332 332 493 554 As part of the Group\u2019s 2030 Sustainability Strategy published in 2020, the Group committed to a target of net zero carbon emissions by 2030, through offsetting any remaining emissions which have not been mitigated from that date. As part of this, the Group announced a transition vehicle, funded at a rate of \u00a360 per tonne of embodied carbon generated through its development programme. In relation to the transition vehicle commitment, as at 31 March 2023, the Group has committed to spend \u00a315m (2021/22: \u00a315m) on carbon mitigation activities on its standing portfolio. 23 Related party transactions Details of transactions with joint ventures are given in Notes 3, 6 and 11. During the year the Group recognised joint venture management fees of \u00a313m (2021/22: \u00a39m). Directors are the key management personnel and have the authority and responsibility for planning, directing and controlling the activities of the entity. Details of Directors\u2019 remuneration are given in the Remuneration Report on pages 141 to 159. Details of transactions with The British Land Group of Companies Pension Scheme, and other smaller pension schemes, are given in Note 9. 24 Contingent liabilities Group and joint ventures The Group and joint ventures have contingent liabilities in respect of legal claims, guarantees and warranties arising in the ordinary course of business. It is not anticipated that any material liabilities will arise from these contingent liabilities. 25 Subsidiaries with non-controlling interests In the prior year to 31 March 2022, the Group completed the acquisition of the remaining 21.9% units of Hercules Unit Trust that the Group did not already own for a consideration of \u00a338m. Whilst the transaction was completed on 5 July 2021, the Group obtained the risks and rewards of ownership of the 21.9% of Hercules Unit Trust on 1 April 2021 and therefore the change in ownership percentage and resulting non-controlling interests were reflected at this date in the financial statements. The book value of the net assets purchased at 1 April 2021 was \u00a340m and consequently \u00a340m has been transferred from non-controlling interests to shareholders equity. As a result, the remaining non-controlling interests in Group subsidiaries, relating to 12.5% of Speke Unit Trust, are no longer material to the Group and therefore no further disclosure is included with respect to the ongoing non-controlling interests. 26 Subsequent events There have been no significant subsequent events post the balance sheet date. Notes to the Accounts continued 27 Audit exemptions taken for subsidiaries The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of that Act. Entity Name Company Number 17-19 Bedford Street Limited 07398971 18-20 Craven Hill Gardens Limited 07667839 20 Brock Street Limited 07401697 Adamant Investment Corporation Limited 00225149 Aldgate Place (GP) Limited 07829315 B.L.Holdings Limited 00000529 Bayeast Property Co Limited 00635800 BF Propco (No 3) Limited 05270196 BF Propco (No 5) Limited 05270219 BF Properties (No 4) Ltd 05270289 BF Properties (No 5) Ltd 05270039 BL 5KS Holdings Limited 13398992 BL Aldgate Development Limited 05070564 BL Aldgate Holdings Limited 05876405 BL Bluebutton 2014 Limited 09048771 BL Broadgate Fragment 1 Limited 09400407 BL Broadgate Fragment 2 Limited 09400541 BL Broadgate Fragment 3 Limited 09400411 BL Broadgate Fragment 4 Limited 09400409 BL Broadgate Fragment 5 Limited 09400413 BL Broadgate Fragment 6 Limited 09400414 BL Broadway Investment Limited 10754763 BL Chess Limited 08548399 BL City Offices Holding Company Limited 06002147 BL CW Residential Holdings Limited 14178788 BL CW Upper LP Company Limited 10375411 BL Department Stores Holding Company Limited 06002135 BL Eden Walk Limited 10620935 BL Euston Tower Holding Company Limited 11612398 BL Goodman (LP) Limited 05056902 BL HC PH CRG LLP OC338244 BL HC PH LLP OC317199 BL HC Property Holdings Limited 06894046 BL High Street and Shopping Centres Holding Company Limited 06002148 BL Holdings 2010 Limited 07353966 BL Innovation Properties 2 Limited 05070554 BL Innovation Properties Limited 12293278 BL Intermediate Holding Company 2 Limited 12462158 BL Newport Limited 04967720 BL Office Holding Company Limited 05995028 BL Office Properties 3 Limited 14103029 BL Office (Non-City) Holding Company Limited 06002133 BL Osnaburgh St Residential Limited 06874523 BL Paddington Holding Company 2 Limited 11863746 BL Paddington Property 1 Limited 11863429 BL Paddington Property 2 Limited 11863540 BL Paddington Property 3 Limited 11863747 BL Paddington Property 4 Limited 11863835 BL Piccadilly Residential Limited 08707494 BL Residual Holding Company Limited 05995030 BL Retail Holding Company Limited 05995033 Entity Name Company Number BL Retail Indirect Investments Limited 12288466 BL Retail Properties 2 Limited 13349753 BL Retail Properties 3 Limited 04869976 BL Retail Warehousing Holding Company Limited 06002154 BL Shoreditch Development Limited 05326670 BL South Camb Limited 07555233 BL Superstores Holding Company Limited 06002143 BL Thanet Limited 13843760 BL West (Watling House) Limited 04067234 BL West End Investments Limited 07793483 BL Whiteley Limited 11253224 BL Whiteley Retail Limited 11254281 BLD (A) Limited 00467242 BLD (Ebury Gate) Limited 03863852 BLD Property Holdings Limited 00823907 BLSSP (PHC5) Limited 04104061 BLU Securities Limited 03323061 British Land (Joint Ventures) Limited 04682740 British Land Acquisitions Limited 05464168 British Land City Offices Limited 03946069 British Land Fund Management Limited 04450726 British Land In Town Retail Limited 03325066 British Land Industrial Limited 00643370 British Land Offices (Non -City) Limited 02740378 British Land Offices (Non -City) No.2 Limited 06849369 British Land Property Advisers Limited 02793828 British Land Superstores (Non Securitised) Number 2 Limited 06514283 Broadgate City Limited 01769078 Broadgate Properties Limited 01982350 Cavendish Geared Limited 02779045 City Residential Holdings Limited 06049158 Drake Circus Leisure Limited 09190208 Glenway L imited 05398994 Hempel Holdings Limited 05341380 Hempel Hotels Limited 02728455 Insistmetal 2 Limited 04181514 London and Henley (UK) Limited 03576158 Meadowhall Centre Limited 03918066 Meadowhall Centre (1999) Limited 02261117 Moorage(Property Developments) Limited 01185513 Osnaburgh Street Limited 05886735 Paddington 5KS GP Limited 13843749 Paddington 5KS Holdings Limited 13843365 Paddington 5KS Nominee 1 Limited 13843833 Paddington 5KS Nominee 2 Limited 13843828 Pillar CityLimited 04091078 Pillar Projects Limited 02444288 Pillar Property Group Limited 02570618 Plymouth Retail Limited 10368557 Project Sunrise Limited 01588407 27 Audit exemptions taken for subsidiaries continued
Regent\u2019s Place Holding 1 Limited
\u2019s Place Holding 2 Limited
\u2019s Place Holding Company Limited
Regents Place Management Company Limited
Teesside Leisure Park Limited
Wates City of London Properties Limited
The following partnerships are exempt from the requirements to prepare, publish and have audited individual accounts by virtue
of regulation 7 of The Partnerships (Accounts) Regulations 2008. The results of these partnerships are consolidated within these
Group accounts.
BL Chess No 1 Limited Partnership
BL Lancaster Limited Partnership
BL Shoreditch Limited Partnership
BL West End Offices Limited Partnership
Hercules Property Limited Partnership
Hereford Shopping Centre Limited Partnership
Paddington 5KS Investment Limited Partnership
Paddington 5KS Property Limited Partnership
Power Court Luton Limited Partnership
The Aldgate Place Limited Partnership
4 Valuation movements on property
2023
\u00a3m
Restated
2022
\u00a3m
Consolidated income statement
Revaluation of properties
Revaluation of properties held by joint ventures accounted for using the equity method
2
1. Prior year comparative has been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information.
2. Comprises net valuation movement debit of \u00a3567m (2021/22: credit of \u00a3115m) and realisation of gain on disposal of assets into joint ventures of \u00a3nil (2021/22:
credit of \u00a352m), disclosed in further detail in Note 11.
10 Property
Property reconciliation for the year ended 31 March 2023
Campuses
Level 3
Retail &
Fulfilment
Level 3
Level 3
development
properties
Level 3
Trading
properties
Total
\u00a3m
Carrying value at 1 April 2022
\u2013 property purchases
\u2013 development expenditure
\u2013 capitalised interest and staff costs
\u2013 capital expenditure on asset management initiatives
Revaluations included in income statement
Movement in tenant incentives and contracted rent uplift
balances
15 (12)
\u2013 3 \u2013 3
Carrying value at 31 March 2023
Lease liabilities (Notes 14 and 15)
1
Less valuation surplus on right-of-use assets
2
Valuation surplus on trading properties
Group property portfolio valuation at 31 March 2023
Non-controlling interests
Group property portfolio valuation at 31 March 2023
attributable to shareholders
5,582
1. The \u00a324m difference between lease liabilities of \u00a3102m and \u00a3126m per Notes 14 and 15 relates to a \u00a324m lease liability where the right-of-use asset is classified
as property, plant and equipment.
2. Relates to properties held under leasing agreements. The fair value of right-of-use assets is determined by calculating the present value of net rental cash flows
over the term of the lease agreements. IFRS 16 right-of-use assets are not externally valued, their fair values are determined by management, and are therefore
not included in the Group property portfolio valuation of \u00a35,595m above.
Additions include capital expenditure in response to climate change, in line with our Sustainability Strategy to reduce both the
embodied carbon in our developments and the operational carbon across the Group\u2019s standing property portfolio. For further
details, refer to the Sustainability section of the Strategic Report on pages 70 to 103.
On 19 July 2022, the Group entered into a Joint Venture Agreement with GIC in relation to the majority of the Paddington Central
Campus, resulting in the disposal of \u00a3934m of investment and development properties and \u00a32m of property, plant and equipment
with a resulting loss in the Capital and other column of the consolidated income statement of \u00a319m for the year ended
31 March 2023.
Property reconciliation for the year ended 31 March 2022 (Restated
1
)
Campuses
Level 3
\u00a3m
Retail &
Fulfilment
Level 3
\u00a3m
Developments
Level 3
\u00a3m
development
properties
Level 3
\u00a3m
Trading
properties
\u00a3m
Owner-
occupied
Level 3
\u00a3m
Total
\u00a3m
Carrying value at 1 April 2021
\u2013 property purchases
\u2013 development expenditure
2
\u2013 capitalised interest and staff costs
\u2013 capital expenditure on asset
management initiatives 5 13 \u2013 18 \u2013 \u2013 18
\u2013 right-of-use assets
Revaluations included in income statement
Movement in tenant incentives and contracted
rent uplift balances
21 (2)
\u2013 19 \u2013 \u2013 19
Carrying value at 31 March 2022
Lease liabilities (Notes 14 and 15)
3
Less valuation surplus on right-of-use assets
4
Valuation surplus on trading properties
Group property portfolio valuation at
31 March 202
2
6,944
Non-controlling interests
Group property portfolio valuation at
31 March 202
2 attributable to shareholders 6,929
1. Prior year comparatives have been restated for a change in accounting policy in respect of rental concessions. This restatement has resulted in an equal and
opposite adjustment of \u00a34m to the \u2018Revaluations included in income statement\u2019 and \u2018Movement in tenant incentives and contracted rent uplift balances\u2019 lines.
Refer to Note 1 for further information.
2. Development expenditure includes government grants received for the development of affordable and social housing of \u00a34m.
3. The \u00a326m difference between lease liabilities of \u00a3105m and \u00a3131m per Notes 14 and 15 relates to a \u00a326m lease liability where the right-of-use asset is classified as
property, plant and equipment.
4. Relates to properties held under leasing agreements. The fair value of right-of-use assets is determined by calculating the present value of net rental cash flows
over the term of the lease agreements. IFRS 16 right-of-use assets are not externally valued, their fair values are determined by management, and are therefore
not included in the Group property portfolio valuation of \u00a36,944m above.
In the prior year, the Group entered into a Joint Venture Agreement with AustralianSuper on 7 March 2022 in relation to the Canada
Water Campus, resulting in the Group disposing of \u00a3474m of investment and development properties and a resulting gain in the
Capital and other column of the consolidated income statement of \u00a344m for the year ended 31 March 2022.
Property valuation
The different valuation method levels are defined below:
Quoted prices (unadjusted) in active markets for identical assets or liabilities.
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).
Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
These levels are specified in accordance with IFRS 13 \u2018Fair Value Measurement\u2019. Property valuations are inherently subjective as they
are made on the basis of assumptions made by the valuer which may not prove to be accurate. For these reasons, and consistent
with EPRA\u2019s guidance, we have classified the valuations of our property portfolio as Level 3 as defined by IFRS 13. The inputs to the
valuations are defined as \u2018unobservable\u2019 by IFRS 13. These key unobservable inputs are net equivalent yield and estimated rental
values for investment properties, and costs to complete for development properties. Further analysis and sensitivity disclosures
of these key unobservable inputs have been included on the following pages. There were no transfers between levels in the year.
The Group\u2019s total property portfolio was valued by external valuers on the basis of fair value, in accordance with the RICS Valuation
\u2013 Global Standards 2022, published by The Royal Institution of Chartered Surveyors.
The information provided to the valuers, and the assumptions and valuation models used by the valuers, are reviewed by the
property portfolio team, the Head of Real Estate, the Chief Financial Officer and the Chief Executive Officer. The valuers meet with
the external auditor and also present directly to the Audit Committee at the interim and year-end review of results. Further details
of the Audit Committee\u2019s responsibilities in relation to valuations can be found in the Report of the Audit Committee on pages 132 to 140.
Investment properties, excluding properties held for development, are valued by adopting the \u2018investment method\u2019 of valuation.
This approach involves applying capitalisation yields to current and future rental streams net of income voids arising from vacancies
or rent-free periods and associated running costs. These capitalisation yields and future rental values are based on comparable
property and leasing transactions in the market using the valuers\u2019 professional judgement and market observation. Other factors
taken into account in the valuations include the tenure of the property, tenancy details and ground and structural conditions.
In the case of ongoing developments, the approach applied is the \u2018residual method\u2019 of valuation, which is the investment method of
valuation as described above, with a deduction for all costs necessary to complete the development, including a notional finance
cost, together with a further allowance for remaining risk. Properties held for development are generally valued by adopting
the higher of the residual method of valuation, allowing for all associated risks, or the investment method of valuation for the
existing asset.
The valuers of the Group\u2019s property portfolio have a working knowledge of the various ways that sustainability and Environmental,
Social and Governance factors can impact value and have considered these, and how market participants are reflecting these in
their pricing, in arriving at their Opinion of Value and resulting valuations as at the balance sheet date. These may be:
\u2013 physical risks;
\u2013 transition risks related to policy or legislation to achieve sustainability and Environmental, Social and Governance targets; and
\u2013 risks reflecting the views and needs of market participants.
The Group has shared recently conducted physical climate and transitional risk assessments with the valuers which they have
reviewed and taken into consideration to the extent that current market participants would.
Valuers observe, assess and monitor evidence from market activities, including market (investor) sentiment on issues such as
longer term obsolescence and, where known, future Environmental, Social and Governance related risks and issues which may
include, for example, the market\u2019s approach to capital expenditure required to maintain the utility of the asset. In the absence of
reliable benchmarking data and indices for estimating costs, specialist advice on cost management may be required which is usually
agreed with the valuer in the terms of engagement and without which reasonable estimates/assumptions may be needed to
properly reflect market expectations in arriving at the Opinion of Value.
A breakdown of valuations split between the Group and its share of joint ventures is shown below:
2023 2022
Group
\u00a3m
ventures
\u00a3m
Total
\u00a3m
Group
\u00a3m
ventures
\u00a3m
Total
\u00a3m
Total property portfolio valuation
Non-controlling interests
Total property portfolio valuation attributable to
shareholders
1
5,582 3,316 8,898 6,929 3,538 10,467
1. The total property portfolio valuation for joint ventures is \u00a33,316m (2021/22: \u00a33,538m), compared to the total investment and trading properties of \u00a33,334m
(2021/22: \u00a33,545m) disclosed in Note 11. The \u00a33,316m (2021/22: \u00a33,545m) includes \u00a323m (2021/22: \u00a312m) of trading properties and excludes \u00a318m (2021/22:
\u00a319m) of headleases, both at Group share.
Information about fair value measurements using unobservable inputs (Level 3) for the year ended 31 March 2023
Fair value at
31 March
2023
\u00a3m
Valuation
technique
ERV per sq ft Equivalent yield Costs to complete per sq ft
Min
\u00a3
Max
\u00a3
Average
\u00a3
Min
%
Max
%
Average
%
Min
\u00a3
Max
\u00a3
Average
\u00a3
2,153
methodology 9 141 58 4 7 5 \u2013 158 28
2,580
methodology 2 32 19 4 18 7 \u2013 44 6
833
methodology 29 98 70 5 6 5 273 1,048 645
Trading properties
at fair value
29
Group property
portfolio valuation
5,595
Information about fair value measurements using unobservable inputs (Level 3) for the year ended 31 March 2022
31 March
2022
\u00a3m
Valuation
technique
ERV per sq ft Equivalent yield Costs to complete per sq ft
Min
\u00a3
Max
\u00a3
Average
\u00a3
Min
%
Max
%
Average
%
Min
\u00a3
Max
\u00a3
Average
\u00a3
3,419
methodology 9 159 56 3.4 6.8 4.4 \u2013 234 24
2,794
methodology 2 30 17 2.2 13.1 5.7 \u2013 36 7
705
methodology 27 88 75 4.4 4.5 4.4 214 812 391
26
Group property
portfolio valuation
6,944
Information about the impact of changes in unobservable inputs (Level 3) on the fair value of the Group\u2019s property
portfolio for the year ended 31 March 2023
Fair value at
31 March 2023
\u00a3m
Impact on valuations Impact on valuations Impact on valuations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Group property portfolio valuation
1. Includes trading properties at fair value.
Information about the impact of changes in unobservable inputs (Level 3) on the fair value of the Group\u2019s property
portfolio for the year ended 31 March 2022
Fair value at
31 March 2022
\u00a3m
Impact on valuations Impact on valuations Impact on valuations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Group property portfolio valuation
1. Includes trading properties at fair value.
All other factors being equal:
\u2013 a higher equivalent yield or discount rate would lead to a decrease in the valuation of an asset;
\u2013 an increase in the current or estimated future rental stream would have the effect of increasing the capital value; and
\u2013 an increase in the costs to complete would lead to a decrease in the valuation of an asset.
However, there are interrelationships between the unobservable inputs which are partially determined by market conditions, which
would impact on these changes.
Provisions for impairment of tenant incentives and contracted rent increases
A provision of \u00a320m (2021/22: \u00a319m) has been made for impairment of tenant incentives and contracted rent uplift balances
(contracted rents). The charge to the income statement in relation to write-offs and provisions for impairment for tenant incentives
and contracted rents was \u00a32m (2021/22: credit of \u00a33m) (see Note 3). The Directors consider that the carrying amount of tenant
incentives is approximate to their fair value.
The tables below summarise tenant incentives and contracted rent increase balances and associated expected credit losses grouped
by credit risk ratings.
2023
Campuses Retail & Fulfilment Total
t risk
Tenant
incentives
1
\u00a3m
Provision
\u00a3m
Net tenant
incentives
\u00a3m
Tenant
incentives
1
\u00a3m
Provision
\u00a3m
Net tenant
incentives
\u00a3m
Tenant
incentives
1
\u00a3m
Provision
\u00a3m
Net tenant
incentives
\u00a3m
Percentage
provided
3
1. The tenant incentives balance includes contracted rent increases.
2. Company Voluntary Arrangements.
3. The percentage provided is calculated using the unrounded tenant incentive and provision balance.
2022
Campuses
Retail & Fulfilment Total
t risk
Tenant
incentives
2
\u00a3m
Provision
\u00a3m
Net tenant
incentives
\u00a3m
Tenant
incentives
2
\u00a3m
Provision
\u00a3m
Net tenant
incentives
\u00a3m
Tenant
incentives
2
\u00a3m
Provision
\u00a3m
Net tenant
incentives
\u00a3m
Percentage
provided
4
85
(1)
84 76 (18)
58 161 (19)
142 12%
1. Prior year comparatives have been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information.
2. The tenant incentives balance includes contracted rent increases.
3. Company Voluntary Arrangements.
4. The percentage provided is calculated using the unrounded tenant incentive and provision balance.
The tenant incentive balance does not relate to amounts billed and therefore there is no concept of being past due. The expected
credit losses are determined in line with the provisioning approach detailed in Note 1, with the key assumptions being the absolute
probability of loss assumed for each credit risk rating and a tenant\u2019s assigned credit risk rating. A 10% increase/decrease in the loss
rates assumed for each credit risk rating would result in a \u00a32m increase/decrease to provisions for impairment of tenant incentives
(2021/22: \u00a32m). This sensitivity analysis has been performed on medium and high risk tenants and tenants in CVA or Administration
only as the significant estimation uncertainty is wholly related to these.
A 10% increase/decrease in the percentage share of high and low risk Retail & Fulfilment tenants\u2019 incentives only, i.e. assuming 10%
of tenant incentives move from medium to high risk and 10% of tenant incentives move from low to medium risk and vice versa,
would result in a \u00a32m increase/decrease in provisions for impairment of tenant incentives (2021/22: \u00a32m). A movement in the
share of Campuses tenant incentives within each credit risk rating has not been considered as management believes there is
less uncertainty associated to the assumption on Campuses tenants\u2019 credit risk ratings. A 10% increase or decrease represents
management\u2019s assessment of the reasonable possible change in loss rates and movement in the percentage share of tenant
incentives within each credit risk rating.
The table below shows the movement in provisions for impairment of tenant incentives during the year ended 31 March 2023 on a
Group and on a proportionally consolidated basis.
Movement in provisions for impairment of tenant incentives
(Restated
1
)
Group
\u00a3m
Proportionally
consolidated
\u00a3m
Provisions for impairment of tenant incentives as at 1 April
2022
-offs of tenant incentives
Movement in provisions for impairment of tenant incentives
Total provision movement recognised in income statement
Provisions for impairment of tenant incentives as at 31 March 2023
1. Prior year comparatives have been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information.
Additional property disclosures \u2013 including covenant information
At 31 March 2023, the Group property portfolio valuation of \u00a35,595m (2021/22: \u00a36,944m) comprises freeholds of \u00a32,618m (2021/22:
\u00a33,755m); virtual freeholds of \u00a3973m (2021/22: \u00a31,171m); long leaseholds of \u00a31,686m (2021/22: \u00a31,782m); and short leaseholds of
\u00a3318m (2021/22: \u00a3236m). The historical cost of properties was \u00a34,519m (2021/22: \u00a35,020m).
Cumulative interest capitalised against investment, development and trading properties amounts to \u00a3124m (2021/22: \u00a3111m).
Properties valued at \u00a31,135m (2021/22: \u00a31,266m) were subject to a security interest and other properties of non-recourse companies
amounted to \u00a3612m (2021/22: \u00a3649m), totalling \u00a31,747m (2021/22: \u00a31,915m).
Included within the property valuation is \u00a32m (2021/22: \u00a33m) in respect of accrued contracted rental uplift income and \u00a3153m
(2021/22: \u00a3158m restated) in respect of other tenant incentives. The balance arises through the IFRS treatment of leases containing
such arrangements, which requires the recognition of rental income on a straight-line basis over the lease term, with the difference
between this and the cash receipt changing the carrying value of the property against which revaluations are measured.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-514": {
"value": "5 Auditors\u2019 remuneration PricewaterhouseCoopers LLP 2023 \u00a3m 2022 \u00a3m Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts and consolidated financial statements 0.5 0.5 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s subsidiaries, pursuant to legislation 0.2 0.1 Total audit fees 0.7 0.6 Audit-related assurance services 0.2 0.2 Total audit and audit-related assurance services 0.9 0.8 Other fees \u2013 \u2013 Other services \u2013 \u2013 Total 0.9 0.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-515": {
"value": "6 Net financing income 2023 \u00a3m 2022 \u00a3m Underlying Financing charges Facilities and overdrafts (28) (20) Derivatives 28 29 Other loans (72) (68) Obligations under head leases (3) (3) (75) (62) Development interest capitalised 13 7 (62) (55) Financing income Deposits, securities and liquid investments 2 \u2013 2 \u2013 Net financing charges \u2013 Underlying (60) (55) Capital and other Financing charges Valuation movement on fair value hedge accounted derivatives 1 \u2013 (67) Valuation movement on fair value hedge accounted debt 1 \u2013 61 Valuation movement on non -hedge accounted derivatives \u2013 (1) \u2013 (7) Financing income Valuation movements on translation of foreign currency debt and investments 1 \u2013 Valuation movement on fair value hedge accounted derivatives 1 (27) \u2013 Valuation movement on fair value hedge accounted debt 1 33 \u2013 Reclassification of foreign exchange differences on disposal of subsidiary net investment from equity 2 \u2013 12 Valuation movement on non-hedge accounted derivatives 81 55 88 67 Net financing income \u2013 Capital and other 88 60 Net financing income Total financing income 90 67 Total financing charges (62) (62) Net financing income 28 5 1. The difference between valuation movement on designated fair value hedge accounted derivatives (hedging instruments) and the valuation movement on fair value hedge accounted debt (hedged item) represents hedge ineffectiveness for the year of a credit of \u00a36m (2021/22: a debit of \u00a36m). 2. \u00a3nil (2021/22: \u00a312m) has been reclassified from the hedging and translation reserve to the income statement, relating to cumulative foreign exchange gains on disposal of the net investment in a foreign subsidiary. Interest payable on unsecured bank loans and related interest rate derivatives was \u00a316m (2021/22: \u00a313m). Interest on development expenditure is capitalised at the Group\u2019s weighted average interest rate of 2.9% (2021/22: 2.4%). The weighted average interest rate on a proportionately consolidated basis at 31 March 2023 was 3.5% (2021/22: 2.9%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-516": {
"value": "6 Net financing income 2023 \u00a3m 2022 \u00a3m Underlying Financing charges Facilities and overdrafts (28) (20) Derivatives 28 29 Other loans (72) (68) Obligations under head leases (3) (3) (75) (62) Development interest capitalised 13 7 (62) (55) Financing income Deposits, securities and liquid investments 2 \u2013 2 \u2013 Net financing charges \u2013 Underlying (60) (55) Capital and other Financing charges Valuation movement on fair value hedge accounted derivatives 1 \u2013 (67) Valuation movement on fair value hedge accounted debt 1 \u2013 61 Valuation movement on non -hedge accounted derivatives \u2013 (1) \u2013 (7) Financing income Valuation movements on translation of foreign currency debt and investments 1 \u2013 Valuation movement on fair value hedge accounted derivatives 1 (27) \u2013 Valuation movement on fair value hedge accounted debt 1 33 \u2013 Reclassification of foreign exchange differences on disposal of subsidiary net investment from equity 2 \u2013 12 Valuation movement on non-hedge accounted derivatives 81 55 88 67 Net financing income \u2013 Capital and other 88 60 Net financing income Total financing income 90 67 Total financing charges (62) (62) Net financing income 28 5 1. The difference between valuation movement on designated fair value hedge accounted derivatives (hedging instruments) and the valuation movement on fair value hedge accounted debt (hedged item) represents hedge ineffectiveness for the year of a credit of \u00a36m (2021/22: a debit of \u00a36m). 2. \u00a3nil (2021/22: \u00a312m) has been reclassified from the hedging and translation reserve to the income statement, relating to cumulative foreign exchange gains on disposal of the net investment in a foreign subsidiary. Interest payable on unsecured bank loans and related interest rate derivatives was \u00a316m (2021/22: \u00a313m). Interest on development expenditure is capitalised at the Group\u2019s weighted average interest rate of 2.9% (2021/22: 2.4%). The weighted average interest rate on a proportionately consolidated basis at 31 March 2023 was 3.5% (2021/22: 2.9%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-517": {
"value": "6 Net financing income 2023 \u00a3m 2022 \u00a3m Underlying Financing charges Facilities and overdrafts (28) (20) Derivatives 28 29 Other loans (72) (68) Obligations under head leases (3) (3) (75) (62) Development interest capitalised 13 7 (62) (55) Financing income Deposits, securities and liquid investments 2 \u2013 2 \u2013 Net financing charges \u2013 Underlying (60) (55) Capital and other Financing charges Valuation movement on fair value hedge accounted derivatives 1 \u2013 (67) Valuation movement on fair value hedge accounted debt 1 \u2013 61 Valuation movement on non -hedge accounted derivatives \u2013 (1) \u2013 (7) Financing income Valuation movements on translation of foreign currency debt and investments 1 \u2013 Valuation movement on fair value hedge accounted derivatives 1 (27) \u2013 Valuation movement on fair value hedge accounted debt 1 33 \u2013 Reclassification of foreign exchange differences on disposal of subsidiary net investment from equity 2 \u2013 12 Valuation movement on non-hedge accounted derivatives 81 55 88 67 Net financing income \u2013 Capital and other 88 60 Net financing income Total financing income 90 67 Total financing charges (62) (62) Net financing income 28 5 1. The difference between valuation movement on designated fair value hedge accounted derivatives (hedging instruments) and the valuation movement on fair value hedge accounted debt (hedged item) represents hedge ineffectiveness for the year of a credit of \u00a36m (2021/22: a debit of \u00a36m). 2. \u00a3nil (2021/22: \u00a312m) has been reclassified from the hedging and translation reserve to the income statement, relating to cumulative foreign exchange gains on disposal of the net investment in a foreign subsidiary. Interest payable on unsecured bank loans and related interest rate derivatives was \u00a316m (2021/22: \u00a313m). Interest on development expenditure is capitalised at the Group\u2019s weighted average interest rate of 2.9% (2021/22: 2.4%). The weighted average interest rate on a proportionately consolidated basis at 31 March 2023 was 3.5% (2021/22: 2.9%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-518": {
"value": "7 Taxation 2023 \u00a3m Restated 1 2022 \u00a3m Taxation (expense) income Current taxation Underlying Profit Current period UK corporation taxation (2022/23: 19%; 2021/22: 19%) (2) (2) Underlying Profit adjustments in respect of prior periods 1 6 Total current Underlying Profit taxation (expense) income (1) 4 Capital and other profit Current period UK corporation taxation (2022/23: 19%; 2021/22: 19%) \u2013 \u2013 Capital and other profit adjustments in respect of prior periods \u2013 (2) Total current Capital and other profit taxation income (expense) \u2013 (2) Total current taxation (expense) income (1) 2 Deferred taxation on revaluation of derivatives (4) \u2013 Group total taxation (expense) income (5) 2 Attributable to joint ventures 2 \u2013 \u2013 Total taxation (expense) income (5) 2 Taxation reconciliation (Loss) profit on ordinary activities before taxation (1,034) 963 Less: Loss (profit) attributable to joint ventures 467 (247) Group (loss) profit on ordinary activities before taxation (567) 716 Taxation on loss (profit) on ordinary activities at UK corporation taxation rate of 19% (2021/22: 19%) 108 (136) Effects of: \u2013 REIT exempt income and (losses) gains (125) 126 \u2013 Taxation losses 15 9 \u2013 Deferred taxation on revaluation of derivatives (4) \u2013 \u2013 Adjustments in respect of prior years 1 3 Group total taxation (expense) income (5) 2 1. Prior year comparatives have been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information. 2. Current taxation expense of \u00a3nil (2021/22: \u00a3nil) and a deferred taxation expense of \u00a3nil (2021/22: \u00a3nil) arose on profits attributable to joint ventures. Taxation expense attributable to Underlying Profit for the year ended 31 March 2023 was \u00a31m (2021/22: \u00a34m income). Taxation expense attributable to Capital and other profit was \u00a3nil (2021/22: \u00a32m expense). Corporation tax receivable as at 31 March 2023 was \u00a32m (2021/22: \u00a33m receivable) as shown on the consolidated balance sheet. Deferred taxation expense on the revaluation of derivatives attributable to Capital and other profit was \u00a34m (2021/22: \u00a3nil). A REIT is required to pay Property Income Distributions (PIDs) of at least 90% of the taxable profits from its UK property rental business within 12 months of the end of each accounting period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-519": {
"value": "8 Staff costs
Staff costs (including Directors)
\u00a3m
\u00a3m
Equity-settled share-based payments
The average monthly number of employees of the Company during the year was 356 (2021/22: 344). The average monthly number
of Group employees, including those employed directly at the Group\u2019s properties and their costs recharged to tenants, was 647
(2021/22: 636).
For the year ended 31 March 2023, the average monthly number of employees of the Company within each category of persons
employed was as follows: Campuses: 39; Retail & Fulfilment: 33; Developments: 38; Storey: 7; Support Functions: 239. The average
monthly number of employees of the Group within each category of persons employed was as follows: Campuses: 39; Retail &
Fulfilment: 33; Developments: 38; Storey: 7; Support Functions: 239; Property Management: 291.
For the year ended 31 March 2022, the average monthly number of employees of the Company within each category of persons
employed was a follows: Campuses: 36; Retail & Fulfilment: 29; Developments: 41; Storey: 9; Support Functions: 229. The average
monthly number of employees of the Group within each category of persons employed was as follows: Campuses: 36; Retail &
Fulfilment: 29; Developments: 41; Storey: 9; Support Functions: 229; Property Management: 292.
The Executive Directors and Non-Executive Directors are the key management personnel. Their emoluments are disclosed in the
Remuneration Report on pages 141 to 159.
Staff costs
The Group\u2019s equity-settled share-based payments comprise the following:
Long-Term Incentive Plan (LTIP)
Monte Carlo model simulation and Black-Scholes option valuation models
Restricted Share Plan (RSP)
grant date
ve As You Earn schemes (SAYE)
-Scholes option valuation model
The Group expenses an estimate of how many shares are likely to vest based on the market price at the date of grant, taking
account of expected performance against the relevant performance targets and service periods, which are discussed in further detail
in the Remuneration Report.
During the year and the prior year the Group granted performance shares under its Long-Term Incentive Plan scheme. Performance
conditions are measured over a three-year period and depending on the year of grant, are a weighted blend of Total Shareholder
Return (TSR), Total Property Return (TPR), Total Accounting Return (TAR) and ESG measures (see Directors\u2019 Remuneration Report
for details). For non-market-based performance conditions, the Group uses a Black-Scholes option valuation method to obtain fair
values. For market-based performance conditions, a Monte Carlo model is used as this provides a more accurate fair value for these
performance conditions. The key inputs used to obtain fair values for LTIP awards are shown below.
19 July 2022 22 June 2021 2 August 2021 1 September 2021
holding
period
no holding
period
holding
period
no holding
period
holding
period
no holding
period
Fair value \u2013 TSR Tranche FTSE 350
Fair value \u2013 TSR Tranche FTSE 100
Fair value \u2013 TPR and TAR Tranches
Fair value \u2013 ESG Tranche
Movements in shares and options are given in Note 20.
",
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"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-520": {
"value": "9 Pensions The British Land Group of Companies Pension Scheme (\u2018the scheme\u2019) is the principal defined benefit pension scheme in the Group. The assets of the scheme are held in a trustee-administered fund and kept separate from those of the Company. It is not contracted out of SERPS (State Earnings-Related Pension Scheme), it is not planned to admit new employees to the scheme and the scheme closed to future accrual effective 1 September 2020. The Group has two other small defined benefit pension schemes. There are also two Defined Contribution Pension Schemes. Contributions to these schemes are at a flat rate of salary and are paid by the Company. The total net pension cost charged for the year was \u00a35m (2021/22: \u00a35m), all of which relates to defined contribution plans. The last full actuarial valuation of the scheme was performed by the scheme actuary, First Actuarial LLP, as at 31 March 2021. The employer does not expect to make any payments during the year to 31 March 2024. The major assumptions used for the actuarial valuation were: 2023 % p.a. 2022 % p.a. 2021 % p.a. 2020 % p.a. 2019 % p.a. Discount rate 4.7 2.7 2.0 2.3 2.4 Salary inflation \u2013 \u2013 \u2013 3.9 4.8 Pensions increase 3.4 3.7 3.4 2.5 3.3 Price inflation 3.5 3.9 3.5 2.5 3.4 The assumptions are that a member currently aged 60 will live on average for a further 28.0 years if they are male and for a further 29.8 years if they are female. For a member who retires in 2040 at age 60, the assumptions are that they will live on average for a further 29.4 years after retirement if they are male and for a further 31.2 years after retirement if they are female. Composition of scheme assets 2023 \u00a3m 2022 \u00a3m Equities 25 37 Diversified growth funds 4 20 Other assets 88 121 Total scheme assets 117 178 97% of the scheme assets are quoted in an active market. All unquoted scheme assets sit within equities. The amount included in the balance sheet arising from the Group\u2019s obligations in respect of its defined benefit schemes is as follows: 2023 \u00a3m 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m 2019 \u00a3m Present value of defined scheme obligations (87) (125) (152) (131) (147) Fair value of scheme assets 117 178 178 161 160 Irrecoverable surplus 1 (30) (53) (26) (30) (13) Amount recognised on the balance sheet \u2013 \u2013 \u2013 \u2013 \u2013 1. The net defined benefit asset must be measured at the lower of the surplus in the defined benefit schemes and the asset ceiling. The asset ceiling is the present value of any economic benefits available in the form of refunds from the schemes or reductions to future contributions to the schemes. The asset ceiling of the Group\u2019s defined benefit schemes is \u00a3nil (2021/22: \u00a3nil), therefore the surplus in the defined benefit schemes of \u00a330m (2021/22: \u00a353m) is irrecoverable. The sensitivities of the defined benefit obligation in relation to the major actuarial assumptions used to measure scheme liabilities are as follows: Assumption Change in assumption Increase (decrease) in defined scheme obligations 2023 \u00a3m 2022 \u00a3m Discount rate +0.5% (6) (8) Salary inflation +0.5% \u2013 \u2013 RPI inflation +0.5% 5 7 Assumed life expectancy +1 year 3 4History of experience gains and losses 2023 \u00a3m 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m 2019 \u00a3m Total actuarial (loss) gain recognised in the consolidated statement of comprehensive income 1, 2 \u2013 \u2013 (13) \u2013 \u2013 Percentage of present value on scheme liabilities \u2013 \u2013 (8.6%) (0.3%) 0.1% 1. Movements stated after adjusting for irrecoverability of any surplus. 2. Cumulative loss recognised in the statement of comprehensive income is \u00a353m (2021/22: \u00a353m). Movements in the present value of defined benefit obligations were as follows: 2023 \u00a3m 2022 \u00a3m At 1 April (125) (152) Current service cost \u2013 \u2013 Curtailment gain \u2013 \u2013 Interest cost (3) (3) Actuarial gain (loss) Gain (loss) from change in financial assumptions 32 15 Gain on scheme liabilities arising from experience \u2013 \u2013 Benefits paid 9 15 At 31 March (87) (125) Movements in the fair value of the scheme assets were as follows: 2023 \u00a3m 2022 \u00a3m At 1 April 178 178 Interest income on scheme assets 5 3 Contributions by employer \u2013 \u2013 Actuarial (loss) gain (57) 12 Benefits paid (9) (15) At 31 March 117 178 Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below: Asset volatility The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this will create a deficit. The scheme holds a significant portion of growth assets (equities and diversified growth funds) which, although expected to outperform corporate bonds in the long term, create volatility and risk in the short term. The allocation to growth assets is monitored to ensure it remains appropriate given the scheme\u2019s long term objectives. Changes in bond yields A decrease in corporate bond yields will increase the value placed on the scheme\u2019s liabilities for accounting purposes, although this will be partially offset by an increase in the value of the scheme\u2019s bond holdings. Inflation risk The majority of the scheme\u2019s benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation). The majority of the assets are either unaffected by or only loosely correlated with inflation, meaning that an increase in inflation will also decrease the surplus. Life expectancy The majority of the scheme\u2019s obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-521": {
"value": "11 Joint ventures Summary movement for the year of the investments in joint ventures Equity \u00a3m Loans \u00a3m Total \u00a3m At 1 April 2022 (Restated 1 ) 1,889 632 2,521 Additions 71 211 282 Disposals (39) 1 (38) Share of loss on ordinary activities after taxation 2 (410) (57) (467) Distributions and dividends: \u2013 Capital (30) \u2013 (30) \u2013 Revenue (72) \u2013 (72) Hedging and exchange movements 10 \u2013 10 At 31 March 2023 1,419 787 2,206 1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. 2. The share of losses on ordinary activities after taxation comprises equity accounted losses of \u00a3230m and IFRS 9 impairment charges against equity investments and loans of \u00a3237m, relating to Broadgate REIT Ltd (equity impairment of \u00a3129m), MSC Property Intermediate Holdings Ltd (loan impairment of \u00a349m, equity impairment \u00a34m), BL CW Upper Limited Partnership (equity impairment \u00a323m), BL West End Offices Ltd (equity impairment of \u00a313m), Paddington Property Investment Limited Partnership (equity impairment \u00a310m), WOSC Partners Limited Partnership (loan impairment of \u00a36m) and USS Joint Ventures (equity impairment of \u00a33m). In accordance with IFRS 9, management has assessed the recoverability of loans to joint ventures and assessed the carrying value of investments in joint ventures against the net asset value. Amounts due are expected to be recovered by a joint venture selling its properties and investments and settling financial assets, net of financial liabilities. The net asset value of a joint venture is considered to be a reasonable approximation of the available assets that could be realised to recover the amounts due and the requirement to recognise expected credit losses. The impairments recognised in each joint venture are attributable to the net valuation loss recognised in the year. On 19 July 2022, the Group entered into a new Joint Venture Agreement with GIC in relation to the majority of the Paddington Central Campus. The transaction value of the assets transferred by the Group on the formation of the joint venture at 100% was \u00a3934m of investment and development properties and \u00a32m of property, plant and equipment with a resulting loss in the Capital and other column of the consolidated income statement of \u00a319m for the year ended 31 March 2023. The Group owns 25% of this new joint venture while GIC owns the remaining 75% stake. The Group has recognised a share of the joint venture\u2019s loss of \u00a319m and share of net assets less shareholder loans of \u00a3107m in relation to this new joint venture for the year ended 31 March 2023. A critical accounting judgement has been exercised in relation to the joint control assessment of the Paddington Central Joint Venture as further outlined in Note 1. The Group received \u00a3686m of cash consideration in relation to the sale of the investment and development properties to the joint venture (net of transaction costs of \u00a39m), and subsequently a further \u00a3125m through a loan repayment from the newly formed joint venture, as a result of the joint venture obtaining external debt financing. The Group\u2019s investment into the Paddington Central Joint Venture is principally through a shareholder loan from the Group to the new joint venture. In the prior year, the Group entered into a Joint Venture Agreement with AustralianSuper on 7 March 2022 in relation to the Canada Water Campus. For the year ended 31 March 2022, the Group recognised a share of the joint venture\u2019s loss of \u00a36m in addition to the realisation of the gain on disposal of assets into the joint venture of \u00a352m. Therefore the Group had recognised a share of total comprehensive income of \u00a346m and share of net assets less shareholder loans of \u00a3294m in relation to this new joint venture in the prior year. The summarised income statements and balance sheets below and on the following page show 100% of the results, assets and liabilities of joint ventures. Where necessary, these have been restated to the Group\u2019s accounting policies. Joint ventures\u2019 summary financial statements for the year ended 31 March 2023 Broadgate REIT Ltd MSC Property Intermediate Holdings Ltd 5 WOSC Partners Limited Partnership 5 BL West End Offices Limited Partners Euro Bluebell LLP (GIC) Norges Bank Investment Management Norges Bank Investment Management Allianz SE Property sector City Offices Broadgate Shopping Centres Meadowhall West End Offices West End Offices Group share 50% 50% 25% 25% Summarised income statements Revenue 4 245 79 9 28 Costs (83) (20) (4) (9) 162 59 5 19 Administrative expenses (1) \u2013 \u2013 \u2013 Net interest payable (65) (26) \u2013 (5) Underlying Profit 96 33 5 14 Net valuation movement (809) (62) (17) (73) Capital financing (charges) income 5 \u2013 \u2013 \u2013 (Loss) profit on disposal of investment properties and investments \u2013 \u2013 \u2013 \u2013 (Loss) profit on ordinary activities before taxation (708) (29) (12) (59) Taxation \u2013 \u2013 \u2013 (6) (Loss) profit on ordinary activities after taxation (708) (29) (12) (65) Other comprehensive income 10 6 \u2013 5 Total comprehensive (expense) income (698) (23) (12) (60) British Land share of total comprehensive (expense) income (349) (11) (3) (12) British Land share of distributions payable (48) (4) \u2013 (1) Summarised balance sheets Investment and trading properties 4,142 702 134 464 Other non-current assets 32 \u2013 \u2013 19 Current assets 13 9 2 2 Cash and cash equivalents 175 39 5 11 Gross assets 4,362 750 141 496 Current liabilities (107) (47) (4) (8) Bank and securitised debt (1,567) (480) \u2013 (159) Loans from joint venture partners (995) (576) (209) (15) Other non-current liabilities \u2013 (4) (4) (14) Gross liabilities (2,669) (1,107) (217) (196) Net assets (liabilities) 1,693 (357) (76) 300 British Land share of net assets less shareholder loans 846 \u2013 \u2013 75 1. USS joint ventures include the Eden Walk Shopping Centre Unit Trust and the Fareham Property Partnership. 2. Hercules Unit Trust joint ventures includes 50% of the results of Deepdale Co-Ownership Trust, Fort Kinnaird Limited Partnership and Valentine Co-Ownership Trust and 41.25% of Birstall Co-Ownership Trust. The balance sheet shows 50% of the assets of these joint ventures. The interest in the Deepdale Co-Ownership Trust was disposed of on 30 November 2022. 3. Included in the column headed \u2018Other joint ventures\u2019 are contributions from the following: BL Goodman Limited Partnership, Bluebutton Property Management UK Limited, City of London Office Unit Trust and Reading Gate Retail Park Co-Ownership. 4. Revenue includes gross rental income at 100% share of \u00a3359m (2021/22: \u00a3290m). 5. In accordance with the Group\u2019s accounting policies detailed in Note 1, the Group recognises a nil equity investment in joint ventures in a net liability position at year end. BL CW Upper Limited Partnership Paddington Property Investment Limited Partnership 5 The SouthGate Limited Partnership USS joint ventures 1 Hercules Unit Trust joint ventures 2 Other joint ventures 3 Total 2023 Total Group share 2023 AustralianSuper Euro Emerald Private Limited (GIC) Aviva Investors Universities Superannuation Scheme Group PLC Canada Water Campus Paddington Central Campus Shopping Centres Shopping Centres Retail Parks 50% 25% 50% 50% Various 10 47 13 12 22 5 470 214 (6) (23) (5) (3) (3) \u2013 (156) (70) 4 24 8 9 19 5 314 144 (2) (1) \u2013 \u2013 \u2013 \u2013 (4) (1) \u2013 (13) (1) \u2013 \u2013 \u2013 (110) (51) 2 10 7 9 19 5 200 92 (133) (78) (5) (11) (16) (12) (1,216) (567) (1) 20 \u2013 \u2013 \u2013 \u2013 24 8 (2) \u2013 \u2013 \u2013 \u2013 \u2013 (2) \u2013 (134) (48) 2 (2) 3 (7) (994) (467) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (6) \u2013 (134) (48) 2 (2) 3 (7) (1,000) (467) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 21 10 (134) (48) 2 (2) 3 (7) (979) (457) (67) (12) 1 (1) 1 (4) (457) \u2013 \u2013 (3) (4) (39) (3) (102) 571 866 137 130 186 70 7,402 3,334 \u2013 23 \u2013 \u2013 \u2013 \u2013 74 26 10 7 2 2 1 3 74 20 42 19 7 8 12 3 321 152 623 915 146 140 199 76 7,848 3,532 (39) (25) (7) (6) (4) (4) (251) (113) (4) (510) \u2013 \u2013 \u2013 \u2013 (2,720) (1,192) \u2013 (429) \u2013 (31) \u2013 (68) (2,323) (1,001) (1) (1) (28) \u2013 \u2013 \u2013 (52) (21) (44) (965) (35) (37) (4) (72) (5,346) (2,327) 579 (50) 111 103 195 4 2,502 1,205 290 \u2013 56 52 98 2 1,419 The borrowings of joint ventures and their subsidiaries are non-recourse to the Group. All joint ventures are incorporated in the United Kingdom, with the exception of Broadgate REIT Limited, the Eden Walk Shopping Centre Unit Trust and the Hercules Unit Trust joint ventures which are incorporated in Jersey. These financial statements include the results and financial position of the Group\u2019s interest in the Fareham Property Partnership, the BL Goodman Limited Partnership and the Gibraltar Limited Partnership. Accordingly, advantage has been taken of the exemptions provided by Regulation 7 of the Partnership (Accounts) Regulations 2008 not to attach the partnership accounts to these financial statements. The summarised income statements and balance sheets below and on the following page show 100% of the results, assets and liabilities of joint ventures. Where necessary, these have been restated to the Group\u2019s accounting policies. Joint ventures\u2019 summary financial statements for the year ended 31 March 2022 (Restated 8 ) Broadgate REIT Ltd MSC Property Intermediate Holdings Ltd 5 WOSC Partners Limited Partnership 5 BL West End Offices Limited Partners Euro Bluebell LLP (GIC) Norges Bank Investment Management Norges Bank Investment Management Allianz SE Property sector City Offices Broadgate Shopping Centres Meadowhall West End Offices West End Offices Group share 50% 50% 25% 25% Summarised income statements Revenue 4 228 76 10 26 Costs (77) (19) (4) (7) 151 57 6 19 Administrative expenses (1) \u2013 \u2013 \u2013 Net interest payable (62) (27) \u2013 (5) Underlying Profit 88 30 6 14 Net valuation movement 220 (17) (16) 4 Capital financing (costs) income (13) \u2013 \u2013 9 Profit (loss) on disposal of investment properties and investments \u2013 \u2013 \u2013 \u2013 Profit (loss) on ordinary activities before taxation 295 13 (10) 27 Taxation \u2013 \u2013 \u2013 \u2013 Profit (loss) on ordinary activities after taxation 295 13 (10) 27 Other comprehensive income \u2013 3 \u2013 \u2013 Total comprehensive income (expense) 295 16 (10) 27 Realisation of gain on disposal of assets into joint ventures \u2013 \u2013 \u2013 \u2013 British Land share of total comprehensive income (expense) 148 8 (2) 7 British Land share of distributions payable 34 2 \u2013 4 Summarised balance sheets Investment and trading properties Other non -current assets 4,829 30 760 \u2013 149 \u2013 525 9 Current assets 11 13 3 1 Cash and cash equivalents 164 38 5 10 Gross assets 5,034 811 157 545 Current liabilities (116) (48) (5) (12) Bank and securitised debt (1,570) (517) \u2013 (159) Loans from joint venture partners (845) (523) (211) (15) Other non -current liabilities \u2013 (12) (4) (11) Gross liabilities (2,531) (1,100) (220) (197) Net assets (liabilities) 2,503 (289) (63) 348 British Land share of net assets less shareholder loans 1,251 \u2013 \u2013 87 1. USS joint ventures include the Eden Walk Shopping Centre Unit Trust and the Fareham Property Partnership. 2. Hercules Unit Trust joint ventures includes 50% of the results of Deepdale Co-Ownership Trust, Fort Kinnaird Limited Partnership and Valentine Co-Ownership Trust and 41.25% of Birstall Co-Ownership Trust. The balance sheet shows 50% of the assets of these joint ventures. 3. Included in the column headed \u2018Other joint ventures\u2019 are contributions from the following: BL Goodman Limited Partnership, Bluebutton Property Management UK Limited, City of London Office Unit Trust, BL Sainsbury\u2019s Superstores Limited and Reading Gate Retail Park Co-Ownership. The Reading Gate Retail Park Co- Ownership was acquired during the year ended 31 March 2022, with the Group acquiring a 50% share from Reassure Limited, and The National Farmers Union Mutual Insurance Society Limited owning the remaining 50% share. 4. Revenue includes gross rental income at 100% share of \u00a3290m (2020/21: \u00a3262m). 5. In accordance with the Group\u2019s accounting policies detailed in Note 1, the Group recognises a nil equity investment in joint ventures in a net liability position at year end. 6. The Group entered into a new Joint Venture Agreement with AustralianSuper on 7 March 2022 in relation to the Canada Water Campus. The transaction value of the assets transferred by the Group on formation of the joint venture at 100% was \u00a3580m. On disposal of the assets into the joint venture and in accordance with IAS 28 \u2018Investments in Associates and Joint Ventures\u2019, the Group recognised a gain of \u00a344m (net of transaction costs of \u00a39m) representing the gain realised to the extent of AustralianSuper\u2019s interest in the joint venture. At the disposal date, the remaining gain of \u00a352m relating to the Group\u2019s interest in the joint venture was unrealised and included within the Group\u2019s investment in the joint venture which was based on the carrying value of the assets transferred at the disposal date. As the assets transferred relate to investment property measured at fair value, this gain was subsequently realised and recognised when the joint venture remeasured these assets to fair value at 31 March 2022. The Group has also recognised its share of the joint venture\u2019s loss of \u00a36m compared to the joint venture\u2019s total loss of \u00a312m, from 7 March 2022 to 31 March 2022. BL CW Upper Limited Partnership 6 The SouthGate Limited Partnership USS joint ventures 1 Hercules Unit Trust joint ventures 2 Other joint ventures 3 Total 2022 Total Group share 2022 7 AustralianSuper Aviva Investors Universities Superannuation Scheme Group PLC Canada Water Campus Shopping Centres Shopping Centres Retail Parks 50% 50% 50% Various 1 13 12 26 2 394 190 (1) (4) (2) (5) \u2013 (119) (58) \u2013 9 10 21 2 275 132 \u2013 \u2013 \u2013 \u2013 \u2013 (1) (1) \u2013 (1) \u2013 \u2013 \u2013 (95) (47) \u2013 8 10 21 2 179 84 (12) (7) 8 22 15 217 115 \u2013 \u2013 \u2013 \u2013 \u2013 (4) (4) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (12) 1 18 43 17 392 195 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (12) 1 18 43 17 392 195 \u2013 \u2013 \u2013 \u2013 \u2013 3 1 (12) 1 18 43 17 395 196 52 \u2013 \u2013 \u2013 \u2013 52 52 46 1 10 22 8 248 \u2013 3 4 12 \u2013 59 565 139 140 261 83 7,451 3,545 \u2013 \u2013 \u2013 \u2013 \u2013 39 17 6 39 3 9 1 8 3 13 1 3 42 289 33 141 610 151 149 277 87 7,821 3,736 (23) (7) (7) (7) \u2013 (225) (110) \u2013 \u2013 \u2013 \u2013 \u2013 (2,246) (1,083) \u2013 \u2013 (31) \u2013 (71) (1,696) (792) \u2013 (28) \u2013 \u2013 \u2013 (55) (23) (23) (35) (38) (7) (71) (4,222) (2,008) 587 116 111 270 16 3,599 1,728 294 58 55 135 9 1,889 7. Total Group share of \u00a3248m comprises the Group\u2019s share of total comprehensive income of \u00a3196m and the realisation of gain on disposal of assets into joint ventures of \u00a352m. 8. Prior year comparative has been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. The borrowings of joint ventures and their subsidiaries are non-recourse to the Group. All joint ventures are incorporated in the United Kingdom, with the exception of Broadgate REIT Limited, the Eden Walk Shopping Centre Unit Trust and the Hercules Unit Trust joint ventures which are incorporated in Jersey. These financial statements include the results and financial position of the Group\u2019s interest in the Fareham Property Partnership, the BL Goodman Limited Partnership and the Gibraltar Limited Partnership. Accordingly, advantage has been taken of the exemptions provided by Regulation 7 of the Partnership (Accounts) Regulations 2008 not to attach the partnership accounts to these financial statements. Operating cash flows of joint ventures (Group share) 2023 \u00a3m Restated 1 2022 \u00a3m Income received from tenants 211 194 Operating expenses paid to suppliers and employees (73) (69) Cash generated from operations 138 125 Interest paid (47) (44) Interest received 1 \u2013 UK corporation tax (paid) received (2) 2 Cash inflow from operating activities 90 83 Cash inflow from operating activities deployed as: Surplus cash retained within joint ventures 17 26 Revenue distributions per consolidated statement of cash flows 73 57 Revenue distributions split between controlling and non-controlling interests Attributable to non-controlling interests \u2013 \u2013 Attributable to shareholders of the Company 73 57 1. Prior year comparatives have been restated for a change in accounting policy in respect of tenant deposits. The Income received from tenants and the Operating expenses paid to suppliers and employees have both been restated for the year ended 31 March 2022 by \u00a341m. Refer to Note 1 for further information. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-522": {
"value": "12 Other investments 2023 2022 Fair value through profit or loss \u00a3m Amortised cost \u00a3m Intangible assets \u00a3m Total \u00a3m Fair value through profit or loss \u00a3m Amortised cost \u00a3m Intangible assets \u00a3m Total \u00a3m At 1 April 28 4 9 41 6 2 12 20 Additions 13 \u2013 2 15 14 2 2 18 Revaluation and foreign currency translation 7 \u2013 \u2013 7 8 \u2013 \u2013 8 A mortisation \u2013 (2) (3) (5) \u2013 \u2013 (5) (5) At 31 March 48 2 8 58 28 4 9 41 The amount included in the fair value through profit or loss relates to private equity/venture capital investments of \u00a348m (2021/22: \u00a328m) which are categorised as Level 3 in the fair value hierarchy. The fair values of private equity/venture capital investments are determined by the Directors. ",
"dimensions": {
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"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-523": {
"value": "13 Debtors
2023
\u00a3m
2022
\u00a3m
Prepayments and accrued income
1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further
information.
Trade and other debtors are shown after deducting a provision for impairment against tenant debtors of \u00a327m (2021/22: \u00a347m).
Accrued income is shown after deducting a provision for impairment of \u00a32m (2021/22: \u00a31m). The provision for impairment is
calculated as an expected credit loss on trade and other debtors in accordance with IFRS 9 as set out in Note 1.
The credit to the income statement for the year in relation to provisions for impairment of trade debtors and accrued income was
\u00a311m (2021/22: \u00a37m credit), as disclosed in Note 3.
The decrease in provisions for impairment of trade debtors and accrued income of \u00a318m (2021/22: \u00a315m decrease) is equal to the
credit to the income statement of \u00a311m (2021/22: \u00a31m debit), and write-offs of trade debtors of \u00a37m (2021/22: \u00a38m).
The Directors consider that the carrying amount of trade and other debtors is approximate to their fair value. Further details about
the Group\u2019s credit risk management practices are disclosed in Note 17.
The tables below summarise the ageing profile for tenant debtors and associated expected credit losses, grouped by credit risk
rating. The expected credit losses are determined in line with the provisioning approach detailed in Note 1.
Provisions for impairment of tenant debtors
31 March 2023
Percentage
provided
1
Tenant debtors Provision Net tenant debtor
< 90
days
\u00a3m
90 \u2013
182
days
\u00a3m
183 \u2013
365
days
\u00a3m
days
\u00a3m
Total
\u00a3m
< 90
days
\u00a3m
90 \u2013
182
days
\u00a3m
183 \u2013
365
days
\u00a3m
> 365
days
\u00a3m
Total
\u00a3m
< 90
days
\u00a3m
90 \u2013
182
days
\u00a3m
183 \u2013
365
days
\u00a3m
> 365
days
\u00a3m
Total
\u00a3m
Total
\u2013 \u2013 \u2013 11 11 \u2013 \u2013 \u2013 (11)
(11)
\u2013 \u2013 \u2013 \u2013 \u2013 100%
1. The percentage provided is calculated using the unrounded tenant debtor and provision balance.
31 March 2022
Percentage
provided
1
Tenant debtors
Provision Net tenant debtor
< 90
days
182
days
365
days
> 365
days
Total
< 90
days
182
days
365
days
> 365
days
Total
< 90
days
182
days
365
days
> 365
days
Total
Total
2 2 5 17 26 (2)
(2)
(5)
(17)
(26)
\u2013 \u2013 \u2013 \u2013 \u2013 100%
18 7 12 33 70 (9)
(6)
(12)
(33)
(60)
9 1 \u2013 \u2013 10 86%
1. The percentage provided is calculated using the unrounded tenant debtor and provision balance.
Provisions for impairment of accrued income
Accrued income relates to concessions offered to tenants in the form of the deferral of rental payments. Rental income relating to
the year ended 31 March 2023, which has not yet been invoiced, is recognised on an accruals basis in accordance with the underlying
lease. The gross accrued income as at 31 March 2023 was \u00a33m (2021/22: \u00a32m) with a provision of \u00a32m (2021/22: \u00a31m) leaving a net
accrued income balance of \u00a31m (2021/22: \u00a31m). The percentage of gross accrued income provided for is 67% (2021/22: 57%).
The table below summarises the movement in provisioning for impairment of tenant debtors and accrued income during the year
ended 31 March 2023.
for impairment of tenant debtors and accrued income
Group
\u00a3m
consolidated
\u00a3m
Provisions for impairment of tenant debtors and accrued income as at 1 April 2022
Write-offs of tenant debtors
Movement in provisions for impairment of tenant debtors
Movement in provisions for impairment of accrued income
Total provision movement recognised in income statement
Provisions for impairment of tenant debtors and accrued income as at 31 March 2023
Provisioning for impairment of trade debtors is considered to be a key source of estimation uncertainty at the balance sheet date
and, as a result, we include sensitivity tables, below, to illustrate the impact of changes in assumptions on provisions for impairment
of trade debtors and accrued income recognised at the balance sheet date.
The key assumptions within the expected credit loss model include the loss rates assumed for each credit risk rating, ageing
combination, historic experience collection rates and a tenant\u2019s assigned credit risk ratings. The sensitivity table, below, illustrates the
impact on provisions as a result of firstly, changing the absolute loss rate percentages for each ageing and credit risk category and
secondly, the impact of changing the percentage share of high and low risk debtors for Retail & Fulfilment tenants only, i.e. assuming
10% of debtors move from medium to high risk and 10% of debtors move from low to medium risk and vice versa. A 10% increase or
decrease represents management\u2019s assessment of the reasonable possible change in loss rates.
Provision at
31 March 2023
\u00a3m
Impact on provisions Impact on provisions
10% increase in
loss rates
1
\u00a3m
10% decrease in
loss rates
1
\u00a3m
share of high risk
tenant debtors
2
\u00a3m
share of high risk
tenant debtors
2
\u00a3m
Provisions for impairment of tenant debtors
Provisions for impairment of accrued income
Group total provision for impairment of tenant
debtors and accrued income
29
1 (1)
1 (1)
Provision at
31 March 2022
\u00a3m
Impact on provisions Impact on provisions
10% increase in
loss rates
1
\u00a3m
10% decrease in
loss rates
1
\u00a3m
10% increase in %
share of high risk
tenant debtors
2
\u00a3m
10% decrease in %
share of high risk
tenant debtors
2
\u00a3m
Provisions for impairment of tenant debtors
46
1 (1)
2 (2)
Provisions for impairment of accrued income
1
\u2013 \u2013
\u2013 \u2013
Group total provision for impairment of tenant
debtors and accrued income
47
1 (1)
2 (2)
1. This sensitivity analysis has been performed on high and low risk tenants and tenants in CVA or Administration only as the significant estimation uncertainty is
wholly related to these.
2. This sensitivity analysis has been performed on Retail & Fulfilment tenants only. A movement in the share of Campuses tenant debtors within each credit risk
rating has not been considered as management believes there is less uncertainty associated with the assumption on Campuses tenants\u2019 credit risk ratings.
",
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"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-524": {
"value": "14 Creditors 2023 \u00a3m Restated 1 2022 \u00a3m Trade creditors 113 74 Accruals 60 70 Deferred income 52 66 Other taxation and social security 25 25 Lease liabilities 6 6 Tenant deposits 26 37 282 278 1. Prior year comparatives have been restated for a change in accounting policy in respect of tenant deposits. Refer to Note 1 for further information. Trade creditors are interest-free and have settlement dates within one year. The Directors consider that the carrying amount of trade and other creditors is approximate to their fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-525": {
"value": "15 Other non-current liabilities 2023 \u00a3m 2022 \u00a3m Lease liabilities 120 125 Deferred income 25 27 145 152 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-526": {
"value": "16 Deferred tax The movement on deferred tax is as shown below: Deferred tax assets year ended 31 March 2023 1 April 2022 \u00a3m Debited to income \u00a3m Credited to equity \u00a3m 31 March 2023 \u00a3m Temporary differences \u2013 5 \u2013 5 Deferred tax liabilities year ended 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m Derivative revaluations \u2013 (9) \u2013 (9) Net deferred tax liabilities \u2013 (4) \u2013 (4) Deferred tax assets year ended 31 March 2022 1 April 2021 \u00a3m Debited to income \u00a3m Credited to equity \u00a3m 31 March 2022 \u00a3m Temporary differences \u2013 \u2013 \u2013 \u2013 Deferred tax liabilities year ended 31 March 2022 \u00a3m \u00a3m \u00a3m \u00a3m Derivative revaluations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Net deferred tax assets (liabilities) \u2013 \u2013 \u2013 \u2013 The following corporation tax rates have been substantively enacted: 19% effective from 1 April 2017 and 25% effective from 1 April 2023. The deferred tax assets and liabilities have been calculated at the tax rate effective in the period that the tax is expected to crystallise. At 31 March 2023 the Group had capital losses of \u00a3718m (2021/22: \u00a3720m) available to offset future capital gains giving rise to an unrecognised deferred tax asset calculated at 25% (2021/22: 19%) of \u00a3180m (2021/22: \u00a3137m). At 31 March 2023 the Group had UK revenue tax losses from previous years of \u00a3224m (2021/22: \u00a3247m) giving rise to an unrecognised deferred tax asset calculated at 25% (2021/22: 19%) of \u00a356m (2021/22: \u00a347m). The Group has recognised a net deferred tax liability on derivative revaluations of \u00a34m (2021/22: \u00a3nil). On a gross basis, to the extent that future matching taxable profits are expected to arise of \u00a39m in respect of derivative revaluations (2021/22: \u00a3nil), deferred tax assets of \u00a35m have been recognised (2021/22: \u00a3nil). Under the REIT regime development properties which are sold within three years of completion do not benefit from tax exemption. At 31 March 2023 the value of such properties is \u00a3827m (2021/22: \u00a31,429m) and if these properties were to be sold and no tax exemption was available the tax arising would be \u00a33m (2021/22: \u00a321m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
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"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-527": {
"value": "17 Net debt 7 Restated 2023 2022 Footnote \u00a3m \u00a3m 1 April 2022 \u00a3m Debited to income \u00a3m Credited to equity \u00a3m 31 March 2023 \u00a3m Secured on the assets of the Group 5.264% First Mortgage Debenture Bonds 2035 325 347 5.0055% First Mortgage Amortising Debentures 2035 86 88 Temporary differences \u2013 5 \u2013 5 5.357% First Mortgage Debenture Bonds 2028 218 227 Bank loans 1 298 347 Deferred tax liabilities year ended 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m 927 1,009 Derivative revaluations \u2013 (9) \u2013 (9) Unsecured 4.766% Senior US Dollar Notes 2023 2 105 101 Net deferred tax liabilities \u2013 (4) \u2013 (4) 5.003% Senior US Dollar Notes 2026 2 65 66 3.81% Senior Notes 2026 97 102 Deferred tax assets year ended 31 March 2022 3.97% Senior Notes 2026 97 103 1 April 2021 \u00a3m Debited to income \u00a3m Credited to equity \u00a3m 31 March 2022 \u00a3m 2.375% Sterling Unsecured Bond 2029 299 298 4.16% Senior US Dollar Notes 2025 2 78 77 2.67% Senior Notes 2025 38 37 Temporary differences \u2013 \u2013 \u2013 \u2013 2.75% Senior Notes 2026 38 37 Deferred tax liabilities year ended 31 March 2022 Floating Rate Senior Notes 2028 80 80 \u00a3m \u00a3m \u00a3m \u00a3m Floating Rate Senior Notes 2034 101 102 Derivative revaluations \u2013 \u2013 \u2013 \u2013 Facilities and overdrafts 342 604 \u2013 \u2013 \u2013 \u2013 1,340 1,607 Net deferred tax assets (liabilities) \u2013 \u2013 \u2013 \u2013 Gross debt 3 2,267 2,616 Interest rate and currency derivative liabilities 67 96 The following corporation tax rates have been substantively enacted: 19% effective from 1 April 2017 and 25% effective from 1 April 2023. The deferred tax assets and liabilities have been calculated at the tax rate effective in the period that the tax is expected to crystallise. At 31 March 2023 the Group had capital losses of \u00a3718m (2021/22: \u00a3720m) available to offset future capital gains giving rise to an unrecognised deferred tax asset calculated at 25% (2021/22: 19%) of \u00a3180m (2021/22: \u00a3137m). At 31 March 2023 the Group had UK revenue tax losses from previous years of \u00a3224m (2021/22: \u00a3247m) giving rise to an unrecognised deferred tax asset calculated at 25% (2021/22: 19%) of \u00a356m (2021/22: \u00a347m). The Group has recognised a net deferred tax liability on derivative revaluations of \u00a34m (2021/22: \u00a3nil). On a gross basis, to the extent that future matching taxable profits are expected to arise of \u00a39m in respect of derivative revaluations (2021/22: \u00a3nil), deferred tax assets of \u00a35m have been recognised (2021/22: \u00a3nil). Under the REIT regime development properties which are sold within three years of completion do not benefit from tax exemption. At 31 March 2023 the value of such properties is \u00a3827m (2021/22: \u00a31,429m) and if these properties were to be sold and no tax exemption was available the tax arising would be \u00a33m (2021/22: \u00a321m). Interest rate and currency derivative assets (144) (97) Cash and cash equivalents 4,5,6 (125) (111) Total net debt 2,065 2,504 Net debt attributable to non-controlling interests 1 1 Net debt attributable to shareholders of the Company 2,066 2,505 Total net debt 2,065 2,504 Amounts payable under leases (Notes 14 and 15) 126 131 Total net debt (including lease liabilities) 2,191 2,635 Net debt attributable to non-controlling interests (including lease liabilities) 4 1 1 Net debt attributable to shareholders of the Company (including lease liabilities) 2,192 2,636 1. These are non-recourse borrowings with no recourse for repayment to other companies or assets in the Group. 2023 2022 \u00a3m \u00a3m Hercules Unit Trust 298 347 298 347 2. Principal and interest on these borrowings were fully hedged into Sterling at a floating rate at the time of issue. 3. The principal amount of gross debt at 31 March 2023 was \u00a32,250m (2021/22: \u00a32,562m). Included in this is the principal amount of secured borrowings and other borrowings of non-recourse companies of \u00a3933m. 4. Included in cash and cash equivalents is the cash and short term deposits of Hercules Unit Trust of \u00a337m, of which \u00a31m is the proportion not beneficially owned by the Group. 5. Cash and short term deposits not subject to a security interest amount to \u00a386m (2021/22: \u00a364m). 6. Cash and cash equivalents includes tenant deposits of \u00a326m (2021/22: \u00a337m). 7. Prior year comparatives have been restated for a change in accounting policy in respect of tenant deposits. Refer to Note 1 for further information. Maturity analysis of net debt 2023 \u00a3m Restated 1 2022 \u00a3m Repayable: within one year and on demand 402 189 Between: one and two years 6 279 two and five years 989 854 five and ten years 386 659 ten and fifteen years 484 485 fifteen and twenty years \u2013 150 1,865 2,427 Gross debt 2,267 2,616 Interest rate and currency derivatives (77) (1) Cash and cash equivalents (125) (111) Net debt 2,065 2,504 1. Prior year comparatives have been restated for a change in accounting policy in respect of tenant deposits. Refer to Note 1 for further information. Fair value and book value of net debt 2023 Restated 1 2022 Fair value \u00a3m Book value \u00a3m Difference \u00a3m Fair value \u00a3m Book value \u00a3m Difference \u00a3m Debentures and unsecured bonds 1,533 1,627 (94) 1,745 1,665 80 Bank debt and other floating rate debt 645 640 5 955 951 4 Gross debt 2,178 2,267 (89) 2,700 2,616 84 Interest rate and currency derivative liabilities 67 67 \u2013 96 96 \u2013 Interest rate and currency derivative assets (144) (144) \u2013 (97) (97) \u2013 Cash and cash equivalents (125) (125) \u2013 (111) (111) \u2013 Net debt 1,976 2,065 (89) 2,588 2,504 84 Net debt attributable to non-controlling interests 1 1 \u2013 1 1 \u2013 Net debt attributable to shareholders of the Company 1,977 2,066 (89) 2,589 2,505 84 1. Prior year comparatives have been restated for a change in accounting policy in respect of tenant deposits. Refer to Note 1 for further information. The fair values of debentures and unsecured bonds have been established by obtaining quoted market prices from brokers. The bank debt and other floating rate debt has been valued assuming it could be renegotiated at contracted margins. The derivatives have been valued by calculating the present value of expected future cash flows, using appropriate market discount rates, by an independent treasury adviser. Short term debtors and creditors and other investments have been excluded from the disclosures on the basis that the fair value is equivalent to the book value. The fair value hierarchy level of debt held at amortised cost is Level 2 (as defined in Note 10). Loan to Value (LTV) LTV is the ratio of principal amount of gross debt less cash, short term deposits and liquid investments to the aggregate value of properties and investments, excluding non-controlling interests. EPRA LTV has been disclosed in Table E. Group LTV 2023 \u00a3m Restated 1 2022 \u00a3m Group LTV 27.4% 26.2% Principal amount of gross debt 2,250 2,562 Less debt attributable to non-controlling interests \u2013 \u2013 Less cash and short term deposits (statement of cash flows) 2 (99) (74) Plus cash attributable to non-controlling interests 1 1 Total net debt for LTV calculation 2,152 2,489 Group property portfolio valuation (Note 10) 5,595 6,944 Investments in joint ventures (Note 11) 2,206 2,521 Other investments and property, plant and equipment (balance sheet) 3 61 46 Less property and investments attributable to non-controlling interests (13) (15) Total assets for LTV calculation 7,849 9,496 Proportionally consolidated LTV 2023 \u00a3m 2022 \u00a3m Proportionally consolidated LTV 36.0% 32.9% Principal amount of gross debt 3,448 3,648 Less debt attributable to non-controlling interests \u2013 \u2013 Less cash and short term deposits 4 (228) (191) Plus cash attributable to non -controlling interests 1 1 Total net debt for proportional LTV calculation 3,221 3,458 Group property portfolio valuation (Note 10) 5,595 6,944 Share of property of joint ventures (Note 10) 3,316 3,538 Other investments and property, plant and equipment (balance sheet) 3 61 46 Less property attributable to non-controlling interests (13) (15) Total assets for proportional LTV calculation 8,959 10,513 1. Prior year comparatives have been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information. 2. Cash and short term deposits exclude tenant deposits of \u00a326m (2021/22: \u00a337m). 3. The \u00a319m (2021/22: \u00a322m) difference between other investments and plant, property and equipment per the balance sheet totalling \u00a380m (2021/22: \u00a368m), relates to a right-of-use asset recognised under a lease which is classified as property, plant and equipment which is not included within Total assets for the purposes of the LTV calculation. 4. Cash and short term deposits exclude tenant deposits of \u00a349m (2021/22: \u00a361m). Net Debt to EBITDA Net Debt to EBITDA is the ratio of principal amount of gross debt less cash, short term deposits and liquid investments to earnings before interest, tax, depreciation and amortisation (EBITDA). The Group ratio excludes non-recourse and joint venture borrowings and includes distributions and other receivables from non- recourse companies and joint ventures. Group Net Debt to EBITDA 2023 \u00a3m 2022 \u00a3m Group Net Debt to EBITDA 6.4x 7.9x Principal amount of gross debt 2,250 2,562 Less non-recourse borrowings (298) (347) Less cash and short term deposits (statement of cash flows) 1 (99) (74) Plus cash attributable to non-recourse companies 37 29 Total net debt for group Net Debt to EBITDA calculation 1,890 2,170 Underlying Profit (Table A) 264 247 Plus Net financing charges (Note 6) 60 55 Less Underlying Profit due to joint ventures and non-recourse companies 2 (144) (133) Plus distributions and other receivables from joint ventures and non-recourse companies 3 107 97 Plus depreciation and amortisation (Table A) 7 9 Total EBITDA for group Net Debt to EBITDA calculation 294 275 Proportionately consolidated Net Debt to EBITDA 2023 \u00a3m 2022 \u00a3m Proportionally consolidated Net Debt to EBITDA 8.4x 9.7x Principal amount of gross debt 3,448 3,648 Less cash and short term deposits 4 (228) (191) Plus cash attributable to non-controlling interests 1 1 Total net debt for proportional Net Debt to EBITDA calculation 3,221 3,458 Underlying Profit (Table A) 264 247 Plus Net financing cha rges (Table A) 111 102 Plus depreciation and amortisation (Table A) 7 9 Total EBITDA for proportional Net Debt to EBITDA calculation 382 358 1. Cash and short term deposits exclude tenant deposits of \u00a326m (2021/22: \u00a337m). 2. Underlying Profit due to joint ventures \u00a392m (2021/22: \u00a384m) as disclosed in the consolidated income statement and Underlying Profit due to non-recourse companies \u00a352m (2021/22: \u00a349m). 3. Distributions and other receivables from joint ventures \u00a373m (2021/22 \u00a357m) as disclosed in the consolidated statement of cash flows and distributions and other receivables from non-recourse companies \u00a334m (2021/22: \u00a340m). 4. Cash and short term deposits exclude tenant deposits of \u00a349m (2021/22: \u00a361m). British Land Unsecured Financial Covenants The two financial covenants applicable to the Group unsecured debt are shown below: 2023 \u00a3m Restated 1 2022 \u00a3m Net Borrowings not to exceed 175% of Adjusted Capital and Reserves 38% 36% Principal amount of gross debt 2,250 2,562 Less the relevant proportion of borrowings of the partly owned subsidiary/non-controlling interests \u2013 \u2013 Less cash and short term deposits (statement of cash flows) 2 (99) (74) Plus the relevant proportion of cash and deposits of the partly owned subsidiary/non-controlling interests 1 1 Net Borrowings 2,152 2,489 Share capital and reserves (balance sheet) 5,525 6,768 Trading property surpluses (Table A) 7 8 Exceptional refinancing charges (see below) 161 174 Fair value adjustments of financial instruments (Table A) (44) 46 Less reserves attributable to non-controlling interests (balance sheet) (13) (15) Adjusted Capital and Reserves 5,636 6,981 In calculating Adjusted Capital and Reserves for the purpose of the unsecured debt financial covenants, there is an adjustment of \u00a3161m (2021/22: \u00a3174m) to reflect the cumulative net amortised exceptional items relating to the refinancings in the years ended 31 March 2005, 2006 and 2007. 2023 \u00a3m Restated 1 2022 \u00a3m Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets 32% 30% Principal amount of gross debt 2,250 2,562 Less cash and short term deposits not subject to a security interest (86) (64) Less principal amount of secured and non-recourse borrowings (933) (985) Net Unsecured Borrowings 1,231 1,513 Group property portfolio valuation (Note 10) 5,595 6,944 Investments in joint ventures and funds (Note 11) 2,206 2,521 Other investments and property, plant and equipment (balance sheet) 3 61 46 Less investments in joint ventures (2,206) (2,521) Less encumbered assets (Note 10) (1,747) (1,915) Unencumbered Assets 3,909 5,075 1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. 2. Cash and short term deposits exclude tenant deposits of \u00a326m (2021/22: \u00a347m). 3. The \u00a319m (2021/22: \u00a322m) difference between other investments and plant, property and equipment per the balance sheet totalling \u00a380m (2021/22: \u00a368m), relates to a right-of-use asset recognised under a lease which is classified as property, plant and equipment which is not included within Total assets for the purposes of the LTV calculation. Reconciliation of movement in Group net debt for the year ended 31 March 2023 Restated 1 2022 \u00a3m Cash flows \u00a3m Transfers 2 \u00a3m Foreign exchange \u00a3m Fair value \u00a3m Arrangement cost amortisation \u00a3m 2023 \u00a3m Short term borrowings 189 (190) 402 \u2013 \u2013 1 402 Long term borrowings 2,427 (123) (402) 20 (55) (2) 1,865 Derivatives 3 (1) (12) \u2013 (20) (44) \u2013 (77) Total liabilities from financing activities 4 2,615 (325) \u2013 \u2013 (99) (1) 2,190 Cash and cash equivalents (111) (14) \u2013 \u2013 \u2013 \u2013 (125) Net debt 2,504 (339) \u2013 \u2013 (99) (1) 2,065 Reconciliation of movement in Group net debt for the year ended 31 March 2022 2021 \u00a3m Restated 1 Cash flows \u00a3m Transfers 2 \u00a3m Foreign exchange \u00a3m Fair value \u00a3m Arrangement cost amortisation \u00a3m Restated 1 2022 \u00a3m Short term borrowings 161 (159) 189 \u2013 (4) 2 189 Long term borrowings 2,249 429 (189) 17 (76) (3) 2,427 Derivatives 5 (7) 7 \u2013 (17) 16 \u2013 (1) Total liabilities from financing activities 6 2,403 277 \u2013 \u2013 (64) (1) 2,615 Cash and cash equivalents (154) 43 \u2013 \u2013 \u2013 \u2013 (111) Net debt 2,249 320 \u2013 \u2013 (64) (1) 2,504 1. Prior year comparative has been restated for a change in accounting policy in respect of tenant deposits. Refer to Note 1 for further information. 2. Transfers comprises debt maturing from long term to short term borrowings. 3. Cash flows on derivatives include \u00a39m of net receipts on derivative interest. 4. Cash flows of \u00a3325m shown above represents net cash flows on capital payments in respect of interest rate derivatives of \u00a321m, decrease in bank and other borrowings of \u00a3637m and drawdowns on bank and other borrowings of \u00a3324m shown in the consolidated statement of cash flows, along with \u00a39m of net receipts on derivative interest. 5. Cash flows on derivatives include \u00a315m of net receipts on derivative interest. 6. Cash flows of \u00a3277m shown above represents net cash flows on capital payments in respect of interest rate derivatives of \u00a38m, decrease in bank and other borrowings of \u00a3213m and drawdowns on bank and other borrowings of \u00a3483m shown in the consolidated statement of cash flows, along with \u00a315m of net receipts on derivative interest. Fair value hierarchy The table below provides an analysis of financial instruments carried at fair value, by the valuation method. The fair value hierarchy levels are defined in Note 10. 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Interest rate and currency derivative assets \u2013 (144) \u2013 (144) \u2013 (97) \u2013 (97) Other investments \u2013 fair value through profit or loss (Note 12) \u2013 \u2013 (48) (48) \u2013 \u2013 (28) (28) Assets \u2013 (144) (48) (192) \u2013 (97) (28) (125) Interest rate and currency derivative liabilities \u2013 67 \u2013 67 \u2013 96 \u2013 96 Liabilities \u2013 67 \u2013 67 \u2013 96 \u2013 96 Total \u2013 (77) (48) (125) \u2013 (1) (28) (29) Categories of financial instruments 2023 \u00a3m Restated 1 2022 \u00a3m Financial assets Amortised cost Cash and cash equivalents 125 111 Trade and other debtors (Note 13) 22 49 Other investments (Note 12) 2 4 Fair value through profit or loss Derivatives in designated fair value hedge accounting relationships 2,3 45 59 Derivatives not in designated hedge accounting relationships 99 38 Other investments (Note 12) 48 28 341 289 Financial liabilities Amortised cost Creditors (Note 14) (199) (157) Gross debt (2,267) (2,616) Lease liabilities (Notes 14 and 15) (126) (131) Fair value through profit or loss Derivatives not in designated hedge accounting relationships (50) (96) Derivatives in designated fair value hedge accounting relationships 2,3 (17) \u2013 (2,659) (3,000) Total (2,318) (2,711) 1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. 2. Derivative assets and liabilities in designated hedge accounting relationships sit within the derivative assets and derivative liabilities balances of the consolidated balance sheet. 3. The fair value of derivative assets in designated hedge accounting relationships represents the accumulated amount of fair value hedge adjustments on hedged items. Gains and losses on financial instruments, as classed above, are disclosed in Note 6 (net financing income), Note 13 (debtors), the consolidated income statement and the consolidated statement of comprehensive income. The Directors consider that the carrying amounts of other investments are approximate to their fair value, and that the carrying amounts are recoverable. Capital risk management The capital structure of the Group consists of net debt and equity attributable to the equity holders of The British Land Company PLC, comprising issued capital, reserves and retained earnings. Risks relating to capital structure are addressed within Managing risk in delivering our strategy on pages 46 to 60. The Group\u2019s objectives, policies and processes for managing debt are set out in the Financial policies and principles on pages 43 to 45. Interest rate risk management The Group uses interest rate swaps and caps to hedge exposure to the variability in cash flows on floating rate debt, such as revolving bank facilities, caused by movements in market rates of interest. The Group\u2019s objectives and processes for managing interest rate risk are set out in the Financial policies and principles on pages 43 to 45. At 31 March 2023, the fair value of these derivatives is a net liability of \u00a341m (2021/22: \u00a345m). Interest rate swaps with a fair value of \u00a3nil have been designated as cash flow hedges under IFRS 9. The ineffectiveness recognised in the income statement on cash flow hedges in the year ended 31 March 2023 was \u00a3nil (2021/22: \u00a3nil). The cash flows occur and are charged to profit and loss until the maturity of the hedged debt. The table below summarises variable rate debt hedged at 31 March. Variable rate debt hedged 2023 \u00a3m 2022 \u00a3m Outstanding: at one year 550 800 at two years 1,025 550 at five years 350 600 at ten years \u2013 250 Fair value hedged debt The Group uses interest rate swaps to hedge exposure on fixed rate financial liabilities caused by movements in market rates of interest. At 31 March 2023, the fair value of these derivatives is a net asset of \u00a318m (2021/22: \u00a338m). Interest rate swaps with a fair value asset of \u00a326m have been designated as fair value hedges under IFRS 9 (2021/22: asset of \u00a359m). The cross currency swaps of the 2023/2025/2026 US Private Placements fully hedge the foreign exchange exposure at an average floating rate of 159 basis points above SONIA. These have been designated as fair value hedges of the US Private Placements. Interest rate profile \u2013 including effect of derivatives 2023 \u00a3m 2022 \u00a3m Fixed or capped rate 2,168 2,542 2,168 2,542 All the debt is effectively Sterling denominated except for \u00a327m of USD debt of which \u00a327m is at a variable rate (2021/22: \u00a315m). At 31 March 2023 the weighted average interest rate of the Sterling fixed rate debt is 4.2% (2021/22: 4.2%). The weighted average period for which the rate is fixed is 7.3 years (2021/22: 8.3 years). Proportionally consolidated net debt at fixed or capped rates of interest 2023 2022 Spot basis 100% 100% Average over next five -year forecast period 76% 79% Sensitivity table \u2013 market rate movements 2023 2022 Increase Decrease Increase Decrease Movement in interest rates (bps) 1 373 (373) 67 (67) Impact on underlying annual profit (\u00a3m) \u2013 9 (4) 9 Movement in medium and long term swap rates (bps) 2 424 (424) 139 (139) Impact on cash flow hedge and non-hedge accounted derivative valuations (\u00a3m) 177 (210) 75 (72) 1. The movement used for sensitivity analysis represents the largest annual change in SONIA over the last 10 years. 2. This movement used for sensitivity analysis represents the largest annual change in the seven-year Sterling swap rate over the last 10 years. Foreign currency risk management The Group\u2019s policy is to have no material unhedged net assets or liabilities denominated in foreign currencies. The currency risk on overseas investments may be hedged via foreign currency denominated borrowings and derivatives. The Group has adopted net investment hedging in accordance with IFRS 9 and therefore the portion of the gain or loss on any hedging instrument that is determined to be an effective hedge is recognised directly in equity. The ineffective portion of the gain or loss on any hedging instrument is recognised immediately in the income statement. The table below shows the carrying amounts of the Group\u2019s foreign currency denominated assets and liabilities. Provided contingent tax on overseas investments is not expected to occur it will be ignored for hedging purposes. Based on the 31 March 2023 position a 28% appreciation (largest annual change over the last 10 years) in the USD relative to Sterling would result in a \u00a33m change (2021/22: \u00a3nil) in reported profits. Assets 1 Liabilities 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m USD denominated 38 20 27 20 1. The USD denominated asset of \u00a338m is an other investment accounted for as fair value through profit of loss as disclosed in Note 12. The remaining \u00a310m other investment accounted for as fair value through profit or loss is a GBP denominated other investment. Credit risk management The Group\u2019s approach to credit risk management of counterparties is referred to in Financial policies and principles on pages 43 to 45 and the risks addressed within Managing risk in delivering our strategy on pages 46 to 60. The carrying amount of financial assets recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk without taking account of the value of any collateral obtained. Banks and financial institutions: Cash and cash equivalents at 31 March 2023 amounted to \u00a3125m (2021/22: \u00a3111m restated). Cash and cash equivalents were placed with financial institutions with BBB+ or better credit ratings. At 31 March 2023, the fair value of all interest rate derivative assets was \u00a3144m (2021/22: \u00a397m). At 31 March 2023, prior to taking into account any offset arrangements, the largest combined credit exposure to a single counterparty arising from money market deposits, liquid investments and derivatives was \u00a343m (2021/22: \u00a343m). This represents 0.5% (2021/22: 0.4%) of gross assets. The deposit exposures are with UK banks and UK branches of international banks. Trade debtors: Trade debtors are presented net of provisions for impairment for expected credit losses. Expected credit losses are calculated on initial recognition of trade debtors and subsequently in accordance with IFRS 9, taking into account historic and forward-looking information. See Note 13 for further details and credit risk related disclosures. Tenant incentives: Tenant incentives and the associated tenant incentive provisions for impairment for expected credit losses are both recognised within investment property. See Note 1 for further details on the presentation of tenant incentive provisions. Expected credit losses are calculated on initial recognition of tenant incentives and subsequently in accordance with IFRS 9, taking into account historic and forward-looking information. See Note 10 for further details and credit risk related disclosures. Liquidity risk management The Group\u2019s approach to liquidity risk management is discussed in Financial policies and principles on pages 43 to 45, and the risks addressed within Managing risk in delivering our strategy on pages 46 to 60. The following table presents a maturity profile of the contracted undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal flows. Where the interest payable is not fixed, the amount disclosed has been determined by reference to the projected interest rates implied by yield curves at the reporting date. For derivative financial instruments that settle on a net basis (e.g. interest rate swaps) the undiscounted net cash flows are shown and for derivatives that require gross settlement (e.g. cross currency swaps) the undiscounted gross cash flows are presented. Where payment obligations are in foreign currencies, the spot exchange rate ruling at the balance sheet date is used. Trade creditors and amounts owed to joint ventures, which are repayable within one year, have been excluded from the analysis. The Group expects to meet its financial liabilities through the various available liquidity sources, including a secure rental income profile, asset sales, undrawn committed borrowing facilities and, in the longer term, debt refinancings. Liquidity risk management continued The future aggregate minimum rentals receivable under non-cancellable operating leases are shown in the table on the following page. Income from joint ventures is not included. Additional liquidity will arise from letting space in properties under construction as well as from distributions received from joint ventures. 2023 Within one year \u00a3m Following year \u00a3m Three to five years \u00a3m Over five years \u00a3m Total \u00a3m Gross Debt 1 409 8 995 882 2,294 Interest on debt 100 84 195 199 578 Derivative payments 104 18 172 26 320 Lease liability payments 10 10 29 305 354 Total payments 623 120 1,391 1,412 3,546 Derivative receipts (172) (34) (179) (3) (388) Net payment 451 86 1,212 1,409 3,158 Operating leases with tenants 248 211 440 479 1,378 Liquidity (deficit) surplus (203) 125 (772) (930) (1,780) Cumulative liquidity (deficit) surplus (203) (78) (850) (1,780) 2022 Within one year \u00a3m Following year \u00a3m Three to five years \u00a3m Over five years \u00a3m Total \u00a3m Gross Debt 1 191 282 830 1,288 2,591 Interest on debt 89 87 195 227 598 Derivative payments 11 102 167 77 357 Head lease payments 9 10 29 325 373 Total payments 300 481 1,221 1,917 3,919 Derivative receipts (29) (136) (165) (5) (335) Net payment 271 345 1,056 1,912 3,584 Operating leases with tenants 282 239 490 470 1,481 Liquidity (deficit) surplus 11 (106) (566) (1,442) (2,103) Cumulative liquidity (deficit) surplus 11 (95) (661) (2,103) 1. Gross debt of \u00a32,267m (2021/22: \u00a32,616m) represents the total of \u00a32,294m (2021/22: \u00a32,591m), less unamortised issue costs of \u00a39m (2021/22: \u00a39m), less fair value adjustments to debt of \u00a318m (2021/22: plus fair value adjustments to debt of \u00a334m). Any short term liquidity gap between the net payments required and the rentals receivable can be met through other liquidity sources available to the Group, such as committed undrawn borrowing facilities. The Group currently holds cash and cash equivalents of \u00a3111m of which \u00a386m is not subject to a security interest (see footnote 5 to net debt table on page 209). Further liquidity can be achieved through sales of property assets or investments and financing activity. The Group\u2019s property portfolio is valued externally at \u00a35,595m (2021/22: \u00a36,944m) and the share of joint ventures\u2019 property is valued at \u00a33,316m (2021/22: \u00a33,538m). The committed undrawn borrowing facilities available to the Group are a further source of liquidity. The maturity profile of committed undrawn borrowing facilities is shown below. Maturity of committed undrawn borrowing facilities 2023 \u00a3m 2022 \u00a3m Maturity date: over five years 130 70 between four and five years 504 401 between three and four years 370 406 Total facilities available for more than three years 1,004 877 Between two and three years 555 360 Between one and two years 170 50 Within one year 50 \u2013 Total 1,779 1,287 The undrawn facilities are comprised of British Land undrawn facilities of \u00a31,779m (2021/22: \u00a31,287m). ",
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"value": "Fair value hierarchy The table below provides an analysis of financial instruments carried at fair value, by the valuation method. The fair value hierarchy levels are defined in Note 10. 2023 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Interest rate and currency derivative assets \u2013 (144) \u2013 (144) \u2013 (97) \u2013 (97) Other investments \u2013 fair value through profit or loss (Note 12) \u2013 \u2013 (48) (48) \u2013 \u2013 (28) (28) Assets \u2013 (144) (48) (192) \u2013 (97) (28) (125) Interest rate and currency derivative liabilities \u2013 67 \u2013 67 \u2013 96 \u2013 96 Liabilities \u2013 67 \u2013 67 \u2013 96 \u2013 96 Total \u2013 (77) (48) (125) \u2013 (1) (28) (29) Categories of financial instruments 2023 \u00a3m Restated 1 2022 \u00a3m Financial assets Amortised cost Cash and cash equivalents 125 111 Trade and other debtors (Note 13) 22 49 Other investments (Note 12) 2 4 Fair value through profit or loss Derivatives in designated fair value hedge accounting relationships 2,3 45 59 Derivatives not in designated hedge accounting relationships 99 38 Other investments (Note 12) 48 28 341 289 Financial liabilities Amortised cost Creditors (Note 14) (199) (157) Gross debt (2,267) (2,616) Lease liabilities (Notes 14 and 15) (126) (131) Fair value through profit or loss Derivatives not in designated hedge accounting relationships (50) (96) Derivatives in designated fair value hedge accounting relationships 2,3 (17) \u2013 (2,659) (3,000) Total (2,318) (2,711) 1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. 2. Derivative assets and liabilities in designated hedge accounting relationships sit within the derivative assets and derivative liabilities balances of the consolidated balance sheet. 3. The fair value of derivative assets in designated hedge accounting relationships represents the accumulated amount of fair value hedge adjustments on hedged items. Gains and losses on financial instruments, as classed above, are disclosed in Note 6 (net financing income), Note 13 (debtors), the consolidated income statement and the consolidated statement of comprehensive income. The Directors consider that the carrying amounts of other investments are approximate to their fair value, and that the carrying amounts are recoverable. ",
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"value": "Capital risk management The capital structure of the Group consists of net debt and equity attributable to the equity holders of The British Land Company PLC, comprising issued capital, reserves and retained earnings. Risks relating to capital structure are addressed within Managing risk in delivering our strategy on pages 46 to 60. The Group\u2019s objectives, policies and processes for managing debt are set out in the Financial policies and principles on pages 43 to 45. ",
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},
"fact-530": {
"value": "Interest rate risk management The Group uses interest rate swaps and caps to hedge exposure to the variability in cash flows on floating rate debt, such as revolving bank facilities, caused by movements in market rates of interest. The Group\u2019s objectives and processes for managing interest rate risk are set out in the Financial policies and principles on pages 43 to 45. At 31 March 2023, the fair value of these derivatives is a net liability of \u00a341m (2021/22: \u00a345m). Interest rate swaps with a fair value of \u00a3nil have been designated as cash flow hedges under IFRS 9. The ineffectiveness recognised in the income statement on cash flow hedges in the year ended 31 March 2023 was \u00a3nil (2021/22: \u00a3nil). The cash flows occur and are charged to profit and loss until the maturity of the hedged debt. The table below summarises variable rate debt hedged at 31 March. Variable rate debt hedged 2023 \u00a3m 2022 \u00a3m Outstanding: at one year 550 800 at two years 1,025 550 at five years 350 600 at ten years \u2013 250 Fair value hedged debt The Group uses interest rate swaps to hedge exposure on fixed rate financial liabilities caused by movements in market rates of interest. At 31 March 2023, the fair value of these derivatives is a net asset of \u00a318m (2021/22: \u00a338m). Interest rate swaps with a fair value asset of \u00a326m have been designated as fair value hedges under IFRS 9 (2021/22: asset of \u00a359m). The cross currency swaps of the 2023/2025/2026 US Private Placements fully hedge the foreign exchange exposure at an average floating rate of 159 basis points above SONIA. These have been designated as fair value hedges of the US Private Placements. Interest rate profile \u2013 including effect of derivatives 2023 \u00a3m 2022 \u00a3m Fixed or capped rate 2,168 2,542 2,168 2,542 All the debt is effectively Sterling denominated except for \u00a327m of USD debt of which \u00a327m is at a variable rate (2021/22: \u00a315m). At 31 March 2023 the weighted average interest rate of the Sterling fixed rate debt is 4.2% (2021/22: 4.2%). The weighted average period for which the rate is fixed is 7.3 years (2021/22: 8.3 years). Proportionally consolidated net debt at fixed or capped rates of interest 2023 2022 Spot basis 100% 100% Average over next five -year forecast period 76% 79% Sensitivity table \u2013 market rate movements 2023 2022 Increase Decrease Increase Decrease Movement in interest rates (bps) 1 373 (373) 67 (67) Impact on underlying annual profit (\u00a3m) \u2013 9 (4) 9 Movement in medium and long term swap rates (bps) 2 424 (424) 139 (139) Impact on cash flow hedge and non-hedge accounted derivative valuations (\u00a3m) 177 (210) 75 (72) 1. The movement used for sensitivity analysis represents the largest annual change in SONIA over the last 10 years. 2. This movement used for sensitivity analysis represents the largest annual change in the seven-year Sterling swap rate over the last 10 years. ",
"dimensions": {
"concept": "britishland:DisclosureOfInterestRateRiskManagement",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-531": {
"value": "Foreign currency risk management The Group\u2019s policy is to have no material unhedged net assets or liabilities denominated in foreign currencies. The currency risk on overseas investments may be hedged via foreign currency denominated borrowings and derivatives. The Group has adopted net investment hedging in accordance with IFRS 9 and therefore the portion of the gain or loss on any hedging instrument that is determined to be an effective hedge is recognised directly in equity. The ineffective portion of the gain or loss on any hedging instrument is recognised immediately in the income statement. The table below shows the carrying amounts of the Group\u2019s foreign currency denominated assets and liabilities. Provided contingent tax on overseas investments is not expected to occur it will be ignored for hedging purposes. Based on the 31 March 2023 position a 28% appreciation (largest annual change over the last 10 years) in the USD relative to Sterling would result in a \u00a33m change (2021/22: \u00a3nil) in reported profits. Assets 1 Liabilities 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m USD denominated 38 20 27 20 1. The USD denominated asset of \u00a338m is an other investment accounted for as fair value through profit of loss as disclosed in Note 12. The remaining \u00a310m other investment accounted for as fair value through profit or loss is a GBP denominated other investment. ",
"dimensions": {
"concept": "britishland:DisclosureOfForeignCurrencyRiskManagement",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-532": {
"value": "Credit risk management The Group\u2019s approach to credit risk management of counterparties is referred to in Financial policies and principles on pages 43 to 45 and the risks addressed within Managing risk in delivering our strategy on pages 46 to 60. The carrying amount of financial assets recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk without taking account of the value of any collateral obtained. Banks and financial institutions: Cash and cash equivalents at 31 March 2023 amounted to \u00a3125m (2021/22: \u00a3111m restated). Cash and cash equivalents were placed with financial institutions with BBB+ or better credit ratings. At 31 March 2023, the fair value of all interest rate derivative assets was \u00a3144m (2021/22: \u00a397m). At 31 March 2023, prior to taking into account any offset arrangements, the largest combined credit exposure to a single counterparty arising from money market deposits, liquid investments and derivatives was \u00a343m (2021/22: \u00a343m). This represents 0.5% (2021/22: 0.4%) of gross assets. The deposit exposures are with UK banks and UK branches of international banks. Trade debtors: Trade debtors are presented net of provisions for impairment for expected credit losses. Expected credit losses are calculated on initial recognition of trade debtors and subsequently in accordance with IFRS 9, taking into account historic and forward-looking information. See Note 13 for further details and credit risk related disclosures. Tenant incentives: Tenant incentives and the associated tenant incentive provisions for impairment for expected credit losses are both recognised within investment property. See Note 1 for further details on the presentation of tenant incentive provisions. Expected credit losses are calculated on initial recognition of tenant incentives and subsequently in accordance with IFRS 9, taking into account historic and forward-looking information. See Note 10 for further details and credit risk related disclosures. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-533": {
"value": "Liquidity risk management The Group\u2019s approach to liquidity risk management is discussed in Financial policies and principles on pages 43 to 45, and the risks addressed within Managing risk in delivering our strategy on pages 46 to 60. The following table presents a maturity profile of the contracted undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal flows. Where the interest payable is not fixed, the amount disclosed has been determined by reference to the projected interest rates implied by yield curves at the reporting date. For derivative financial instruments that settle on a net basis (e.g. interest rate swaps) the undiscounted net cash flows are shown and for derivatives that require gross settlement (e.g. cross currency swaps) the undiscounted gross cash flows are presented. Where payment obligations are in foreign currencies, the spot exchange rate ruling at the balance sheet date is used. Trade creditors and amounts owed to joint ventures, which are repayable within one year, have been excluded from the analysis. The Group expects to meet its financial liabilities through the various available liquidity sources, including a secure rental income profile, asset sales, undrawn committed borrowing facilities and, in the longer term, debt refinancings. The future aggregate minimum rentals receivable under non-cancellable operating leases are shown in the table on the following page. Income from joint ventures is not included. Additional liquidity will arise from letting space in properties under construction as well as from distributions received from joint ventures. 2023 Within one year \u00a3m Following year \u00a3m Three to five years \u00a3m Over five years \u00a3m Total \u00a3m Gross Debt 1 409 8 995 882 2,294 Interest on debt 100 84 195 199 578 Derivative payments 104 18 172 26 320 Lease liability payments 10 10 29 305 354 Total payments 623 120 1,391 1,412 3,546 Derivative receipts (172) (34) (179) (3) (388) Net payment 451 86 1,212 1,409 3,158 Operating leases with tenants 248 211 440 479 1,378 Liquidity (deficit) surplus (203) 125 (772) (930) (1,780) Cumulative liquidity (deficit) surplus (203) (78) (850) (1,780) 2022 Within one year \u00a3m Following year \u00a3m Three to five years \u00a3m Over five years \u00a3m Total \u00a3m Gross Debt 1 191 282 830 1,288 2,591 Interest on debt 89 87 195 227 598 Derivative payments 11 102 167 77 357 Head lease payments 9 10 29 325 373 Total payments 300 481 1,221 1,917 3,919 Derivative receipts (29) (136) (165) (5) (335) Net payment 271 345 1,056 1,912 3,584 Operating leases with tenants 282 239 490 470 1,481 Liquidity (deficit) surplus 11 (106) (566) (1,442) (2,103) Cumulative liquidity (deficit) surplus 11 (95) (661) (2,103) 1. Gross debt of \u00a32,267m (2021/22: \u00a32,616m) represents the total of \u00a32,294m (2021/22: \u00a32,591m), less unamortised issue costs of \u00a39m (2021/22: \u00a39m), less fair value adjustments to debt of \u00a318m (2021/22: plus fair value adjustments to debt of \u00a334m). Any short term liquidity gap between the net payments required and the rentals receivable can be met through other liquidity sources available to the Group, such as committed undrawn borrowing facilities. The Group currently holds cash and cash equivalents of \u00a3111m of which \u00a386m is not subject to a security interest (see footnote 5 to net debt table on page 209). Further liquidity can be achieved through sales of property assets or investments and financing activity. The Group\u2019s property portfolio is valued externally at \u00a35,595m (2021/22: \u00a36,944m) and the share of joint ventures\u2019 property is valued at \u00a33,316m (2021/22: \u00a33,538m). The committed undrawn borrowing facilities available to the Group are a further source of liquidity. The maturity profile of committed undrawn borrowing facilities is shown below. Maturity of committed undrawn borrowing facilities 2023 \u00a3m 2022 \u00a3m Maturity date: over five years 130 70 between four and five years 504 401 between three and four years 370 406 Total facilities available for more than three years 1,004 877 Between two and three years 555 360 Between one and two years 170 50 Within one year 50 \u2013 Total 1,779 1,287 The undrawn facilities are comprised of British Land undrawn facilities of \u00a31,779m (2021/22: \u00a31,287m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-534": {
"value": "18 Leasing Operating leases with tenants The Group leases out all of its investment properties under operating leases with a weighted average lease length of six years (2021/22: six years). The future aggregate minimum rentals receivable under non-cancellable operating leases are as follows: 2023 \u00a3m 2022 \u00a3m Less than one year 248 282 Between one and two years 211 239 Between three and five years 440 490 Between six and ten years 320 349 Between eleven and fifteen years 97 74 Between sixteen and twenty years 41 30 After twenty years 21 17 Total 1,378 1,481 Lease commitments The Group\u2019s leasehold investment properties are typically under non-renewable leases without significant restrictions. Lease liabilities are payable in line with the disclosure below and no contingent rents were payable in either period. The lease payments mainly relate to head leases where the Group does not own the freehold of a property. 2023 2022 Minimum lease payments \u00a3m Interest \u00a3m Principal \u00a3m Minimum lease payments \u00a3m Interest \u00a3m Principal \u00a3m British Land Group Less than one year 10 4 6 9 3 6 Between one and two years 10 3 7 10 3 7 Between two and five years 29 7 22 29 8 21 More than five years 305 214 91 325 228 97 Total 354 228 126 373 242 131 Less future finance charges (228) (242) Present value of lease obligations 126 131 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-535": {
"value": "Operating leases with tenants The Group leases out all of its investment properties under operating leases with a weighted average lease length of six years (2021/22: six years). The future aggregate minimum rentals receivable under non-cancellable operating leases are as follows: 2023 \u00a3m 2022 \u00a3m Less than one year 248 282 Between one and two years 211 239 Between three and five years 440 490 Between six and ten years 320 349 Between eleven and fifteen years 97 74 Between sixteen and twenty years 41 30 After twenty years 21 17 Total 1,378 1,481 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-536": {
"value": "19 Dividends The final dividend payment for the six-month period ended 31 March 2023 will be 11.04p. Payment will be made on 28 July 2023 to shareholders on the register at close of business on 23 June 2023. The final dividend will be a Property Income Distribution and no SCRIP alternative will be offered. PID dividends are paid, as required by REIT legislation, after deduction of withholding tax at the basic rate (currently 20%), where appropriate. Certain classes of shareholders may be able to elect to receive dividends gross. Please refer to our website britishland.com/dividends for details. Payment date Dividend Pence per share 2023 \u00a3m 2022 \u00a3m Current year dividends 28.07.2023 2023 Final 11.04 06.01.2023 2023 Interim 11.60 107 22.64 Prior year dividends 29.07.2022 2022 Final 11.60 108 07.01.2022 2022 Interim 10.32 95 21.92 06.08.2021 2021 Final 6.64 62 Dividends disclosed in consolidated statement of changes in equity 215 157 Dividends settled in shares \u2013 \u2013 Dividends settled in cash 215 157 Timing difference relating to payment of withholding tax (2) (2) Dividends disclosed in consolidated statement of cash flows 213 155 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-537": {
"value": "20 Share capital and reserves 2023 2022 Number of ordinary shares in issue at 1 April 938,109,433 937,981,992 Share issues 225,544 127,441 At 31 March 938,334,977 938,109,433 Of the issued 25p ordinary shares, 7,376 shares were held in the ESOP trust (2021/22: 7,376), 11,266,245 shares were held as treasury shares (2021/22: 11,266,245) and 927,061,356 shares were in free issue (2021/22: 926,835,812). No treasury shares were acquired by the ESOP trust during the year. All issued shares are fully paid. Hedging and translation reserve The hedging and translation reserve comprises the effective portion of the cumulative net change in the fair value of cash flow and foreign currency hedging instruments, as well as all foreign exchange differences arising from the translation of the financial statements of foreign operations. The foreign exchange differences also include the translation of the liabilities that hedge the Company\u2019s net investment in a foreign subsidiary. In the prior year to 31 March 2022, \u00a312m was reclassified from the hedging and translation reserve to the income statement, relating to cumulative foreign exchange gains on disposal of the net investment in a foreign subsidiary. Revaluation reserve The revaluation reserve relates to investments in joint ventures. There were no transfers for the years ended 31 March 2023 and 31 March 2022. Merger reserve This comprises the premium on the share placing in March 2013. No share premium is recorded in the Company\u2019s financial statements, through the operation of the merger relief provisions of the Companies Act 2006. At 31 March 2023, options over 1,250,386 ordinary shares were outstanding under employee share option plans. The options had a weighted average life of 1.9 years. Details of outstanding share options and shares awarded to employees including Executive Directors are set out below and on the following page: Exercise dates Date of grant At 31 March 2022 Granted Vested but not exercised Exercised/ Vested Lapsed At 31 March 2023 Exercise price (pence) From To Share options Sharesave Scheme 21.06.17 10,687 \u2013 \u2013 \u2013 (10,687) \u2013 508.00 01.09.22 01.03.23 29.06.18 21,362 \u2013 \u2013 \u2013 (5,464) 15,898 549.00 01.09.23 01.03.24 18.06.19 101,262 \u2013 \u2013 (37,446) (56,784) 7,032 435.00 01.09.22 01.03.23 18.06.19 9,238 \u2013 \u2013 \u2013 (689) 8,549 435.00 01.09.24 01.03.25 07.07.20 408,215 \u2013 \u2013 (7,737) (39,185) 361,293 336.00 01.09.23 01.03.24 07.07.20 324,256 \u2013 \u2013 \u2013 (27,497) 296,759 336.00 01.09.25 01.03.26 06.07.21 104,432 \u2013 \u2013 (724) (14,396) 89,312 414.00 01.09.24 01.03.25 06.07.21 86,864 \u2013 \u2013 \u2013 (11,228) 75,636 414.00 01.09.26 01.03.27 22.06.22 \u2013 135,575 \u2013 \u2013 (7,905) 127,670 421.00 01.09.25 01.03.26 22.06.22 \u2013 44,597 \u2013 \u2013 (1,566) 43,031 421.00 01.09.27 01.03.28 1,066,316 180,172 \u2013 (45,907) (175,401) 1,025,180 Long-Term Incentive Plan \u2013 options vested, not exercised 14.09.12 42,225 \u2013 \u2013 \u2013 (42,225) \u2013 538.00 14.09.15 14.09.22 20.12.12 33,095 \u2013 \u2013 \u2013 (33,095) \u2013 563.00 20.12.15 20.12.22 05.08.13 108,588 \u2013 \u2013 \u2013 \u2013 108,588 601.00 05.08.16 05.08.23 05.12.13 116,618 \u2013 \u2013 \u2013 \u2013 116,618 600.00 05.12.16 05.12.23 300,526 \u2013 \u2013 \u2013 (75,320) 225,206 Long-Term Incentive Plan \u2013 unvested options 26.06.18 83,942 \u2013 \u2013 \u2013 (83,942) \u2013 682.20 25.06.21 25.06.28 83,942 \u2013 \u2013 \u2013 (83,942) \u2013 Total 1,450,784 180,172 \u2013 (45,907) (334,663) 1,250,386 Weighted average exercise price of options (pence) 430 421 \u2013 418 505 409 Date of grant At 31 March 2022 Granted Exercised/ Vested Lapsed At 31 March 2023 Share price at grant date (pence) Vesting date Performance Shares Long-Term Incentive Plan 23.07.19 828,810 \u2013 \u2013 (828,810) \u2013 535.60 23.07.22 22.06.20 853,927 \u2013 \u2013 (17,929) 835,998 408.90 22.06.23 22.06.21 888,644 \u2013 \u2013 (31,822) 856,822 516.80 22.06.24 02.08.21 238,945 \u2013 \u2013 \u2013 238,945 519.60 02.08.24 01.09.21 41,294 \u2013 \u2013 \u2013 41,294 542.00 01.09.24 19.07.21 19,612 \u2013 (19,612) \u2013 \u2013 482.50 13.05.22 19.07.21 9,403 \u2013 (9,403) \u2013 \u2013 482.50 21.05.22 19.07.21 44,273 \u2013 \u2013 \u2013 44,273 482.50 12.05.23 19.07.21 28,209 \u2013 \u2013 \u2013 28,209 482.50 12.05.24 19.07.21 9,403 \u2013 \u2013 \u2013 9,403 482.50 12.05.25 19.07.21 124,948 \u2013 (107,705) (17,243) \u2013 482.50 03.07.23 19.07.21 121,787 \u2013 \u2013 \u2013 121,787 482.50 02.08.24 19.07.22 \u2013 1,848,874 \u2013 \u2013 1,848,874 470.70 19.07.25 3,209,255 1,848,874 (136,720) (895,804) 4,025,605 Restricted Share Plan 19.06.19 704,926 \u2013 (680,880) (24,046) \u2013 538.00 19.06.22 22.06.20 790,820 \u2013 \u2013 (48,056) 742,764 412.40 22.06.23 22.06.21 891,103 \u2013 \u2013 (71,636) 819,467 516.80 22.06.24 19.07.22 \u2013 712,005 \u2013 (34,533) 677,472 470.70 19.07.25 29.07.22 \u2013 21,926 \u2013 \u2013 21,926 492.00 19.07.25 2,386,849 733,931 (680,880) (178,271) 2,261,629 Total 5,596,104 2,582,805 (817,600) (1,074,075) 6,287,234 Weighted average price of shares (pence) 489 471 529 523 471 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-538": {
"value": "2023 2022 Number of ordinary shares in issue at 1 April 938,109,433 937,981,992 Share issues 225,544 127,441 At 31 March 938,334,977 938,109,433 Of the issued 25p ordinary shares, 7,376 shares were held in the ESOP trust (2021/22: 7,376), 11,266,245 shares were held as treasury shares (2021/22: 11,266,245) and 927,061,356 shares were in free issue (2021/22: 926,835,812). No treasury shares were acquired by the ESOP trust during the year. All issued shares are fully paid. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-539": {
"value": "Hedging and translation reserve The hedging and translation reserve comprises the effective portion of the cumulative net change in the fair value of cash flow and foreign currency hedging instruments, as well as all foreign exchange differences arising from the translation of the financial statements of foreign operations. The foreign exchange differences also include the translation of the liabilities that hedge the Company\u2019s net investment in a foreign subsidiary. In the prior year to 31 March 2022, \u00a312m was reclassified from the hedging and translation reserve to the income statement, relating to cumulative foreign exchange gains on disposal of the net investment in a foreign subsidiary. Revaluation reserve The revaluation reserve relates to investments in joint ventures. There were no transfers for the years ended 31 March 2023 and 31 March 2022. Merger reserve This comprises the premium on the share placing in March 2013. No share premium is recorded in the Company\u2019s financial statements, through the operation of the merger relief provisions of the Companies Act 2006. At 31 March 2023, options over 1,250,386 ordinary shares were outstanding under employee share option plans. The options had a weighted average life of 1.9 years. Details of outstanding share options and shares awarded to employees including Executive Directors are set out below and on the following page: Exercise dates Date of grant At 31 March 2022 Granted Vested but not exercised Exercised/ Vested Lapsed At 31 March 2023 Exercise price (pence) From To Share options Sharesave Scheme 21.06.17 10,687 \u2013 \u2013 \u2013 (10,687) \u2013 508.00 01.09.22 01.03.23 29.06.18 21,362 \u2013 \u2013 \u2013 (5,464) 15,898 549.00 01.09.23 01.03.24 18.06.19 101,262 \u2013 \u2013 (37,446) (56,784) 7,032 435.00 01.09.22 01.03.23 18.06.19 9,238 \u2013 \u2013 \u2013 (689) 8,549 435.00 01.09.24 01.03.25 07.07.20 408,215 \u2013 \u2013 (7,737) (39,185) 361,293 336.00 01.09.23 01.03.24 07.07.20 324,256 \u2013 \u2013 \u2013 (27,497) 296,759 336.00 01.09.25 01.03.26 06.07.21 104,432 \u2013 \u2013 (724) (14,396) 89,312 414.00 01.09.24 01.03.25 06.07.21 86,864 \u2013 \u2013 \u2013 (11,228) 75,636 414.00 01.09.26 01.03.27 22.06.22 \u2013 135,575 \u2013 \u2013 (7,905) 127,670 421.00 01.09.25 01.03.26 22.06.22 \u2013 44,597 \u2013 \u2013 (1,566) 43,031 421.00 01.09.27 01.03.28 1,066,316 180,172 \u2013 (45,907) (175,401) 1,025,180 Long-Term Incentive Plan \u2013 options vested, not exercised 14.09.12 42,225 \u2013 \u2013 \u2013 (42,225) \u2013 538.00 14.09.15 14.09.22 20.12.12 33,095 \u2013 \u2013 \u2013 (33,095) \u2013 563.00 20.12.15 20.12.22 05.08.13 108,588 \u2013 \u2013 \u2013 \u2013 108,588 601.00 05.08.16 05.08.23 05.12.13 116,618 \u2013 \u2013 \u2013 \u2013 116,618 600.00 05.12.16 05.12.23 300,526 \u2013 \u2013 \u2013 (75,320) 225,206 Long-Term Incentive Plan \u2013 unvested options 26.06.18 83,942 \u2013 \u2013 \u2013 (83,942) \u2013 682.20 25.06.21 25.06.28 83,942 \u2013 \u2013 \u2013 (83,942) \u2013 Total 1,450,784 180,172 \u2013 (45,907) (334,663) 1,250,386 Weighted average exercise price of options (pence) 430 421 \u2013 418 505 409 Date of grant At 31 March 2022 Granted Exercised/ Vested Lapsed At 31 March 2023 Share price at grant date (pence) Vesting date Performance Shares Long-Term Incentive Plan 23.07.19 828,810 \u2013 \u2013 (828,810) \u2013 535.60 23.07.22 22.06.20 853,927 \u2013 \u2013 (17,929) 835,998 408.90 22.06.23 22.06.21 888,644 \u2013 \u2013 (31,822) 856,822 516.80 22.06.24 02.08.21 238,945 \u2013 \u2013 \u2013 238,945 519.60 02.08.24 01.09.21 41,294 \u2013 \u2013 \u2013 41,294 542.00 01.09.24 19.07.21 19,612 \u2013 (19,612) \u2013 \u2013 482.50 13.05.22 19.07.21 9,403 \u2013 (9,403) \u2013 \u2013 482.50 21.05.22 19.07.21 44,273 \u2013 \u2013 \u2013 44,273 482.50 12.05.23 19.07.21 28,209 \u2013 \u2013 \u2013 28,209 482.50 12.05.24 19.07.21 9,403 \u2013 \u2013 \u2013 9,403 482.50 12.05.25 19.07.21 124,948 \u2013 (107,705) (17,243) \u2013 482.50 03.07.23 19.07.21 121,787 \u2013 \u2013 \u2013 121,787 482.50 02.08.24 19.07.22 \u2013 1,848,874 \u2013 \u2013 1,848,874 470.70 19.07.25 3,209,255 1,848,874 (136,720) (895,804) 4,025,605 Restricted Share Plan 19.06.19 704,926 \u2013 (680,880) (24,046) \u2013 538.00 19.06.22 22.06.20 790,820 \u2013 \u2013 (48,056) 742,764 412.40 22.06.23 22.06.21 891,103 \u2013 \u2013 (71,636) 819,467 516.80 22.06.24 19.07.22 \u2013 712,005 \u2013 (34,533) 677,472 470.70 19.07.25 29.07.22 \u2013 21,926 \u2013 \u2013 21,926 492.00 19.07.25 2,386,849 733,931 (680,880) (178,271) 2,261,629 Total 5,596,104 2,582,805 (817,600) (1,074,075) 6,287,234 Weighted average price of shares (pence) 489 471 529 523 471 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-540": {
"value": "21 Segment information
The Group allocates resources to investment and asset management according to the sectors it expects to perform over the
medium term, and reports under two operating segments, being Campuses and Retail & Fulfilment. From 1 April 2023 the Group
intends to change the name of the Retail & Fulfilment operating segment to Retail & London Urban Logistics in line with our evolving
strategy. There will be no changes in the allocation of segment results or assets as a consequence of this change.
The relevant gross rental income, net rental income, operating result and property assets, being the measures of segment revenue,
segment result and segment assets used by the management of the business, are set out on the following page. Management
reviews the performance of the business principally on a proportionally consolidated basis, which includes the Group\u2019s share of joint
ventures on a line-by-line basis and excludes non-controlling interests in the Group\u2019s subsidiaries. The chief operating decision maker
for the purpose of segment information is the Executive Committee.
Gross rental income is derived from the rental of buildings. Operating result is the net of net rental income, fee income and
administrative expenses. No customer exceeded 10% of the Group\u2019s revenues in either year.
Segment result
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
192
226
\u2013
418
191
220
(62)
349
Reconciliation to Underlying Profit
2023
\u00a3m
Restated
1
2022
\u00a3m
Reconciliation to (loss) profit on ordinary activities before taxation
Underlying Profit attributable to non-controlling interests
Total (loss) profit on ordinary activities before taxation
Reconciliation to Group revenue
Gross rental income per operating segment result
Less share of gross rental income of joint ventures
Plus share of gross rental income attributable to non-controlling interests
Gross rental income (Note 3)
340
Trading property sales proceeds
Management and performance fees (from joint ventures)
Other fees and commissions
Surrender premium payable
Revenue (consolidated income statement)
412
1. Prior year comparative has been restated for a change in accounting policy in respect of rental concessions. Refer to Note 1 for further information.
A reconciliation between net financing income in the consolidated income statement and net financing charges of \u00a3111m (2021/22:
\u00a3102m) in the segmental disclosures above can be found within Table A in the supplementary disclosures. Of the total revenues
above, \u00a3nil (2021/22: \u00a3nil) was derived from outside the UK.
Segment assets Campuses Retail & Fulfilment Total 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Property assets British Land Group 2,972 4,150 2,619 2,788 5,591 6,938 Share of joint ventures 2,687 2,826 629 712 3,316 3,538 Total 5,659 6,976 3,248 3,500 8,907 10,476 Reconciliation to net assets British Land Group 2023 \u00a3m Restated 1 2022 \u00a3m Property assets 8,907 10,476 Other non-current assets 141 104 Non-current assets 9,048 10,580 Other net current liabilities (384) (377) EPRA net debt (3,127) (3,397) Other non-current liabilities (50) \u2013 EPRA NTA (diluted) 5,487 6,806 Non-controlling interests 13 15 EPRA adjustments 25 (53) Net assets 5,525 6,768 1. Prior year comparatives have been restated for a change in accounting policies in respect of rental concessions and tenant deposits. Refer to Note 1 for further information. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-541": {
"value": "22 Capital commitments The aggregate capital commitments to purchase, construct or develop investment property, for repairs, maintenance or enhancements, or for the purchase of investments which are contracted for but not provided, are set out below: 2023 \u00a3m 2022 \u00a3m British Land and subsidiaries 161 222 Share of joint ventures 332 332 493 554 As part of the Group\u2019s 2030 Sustainability Strategy published in 2020, the Group committed to a target of net zero carbon emissions by 2030, through offsetting any remaining emissions which have not been mitigated from that date. As part of this, the Group announced a transition vehicle, funded at a rate of \u00a360 per tonne of embodied carbon generated through its development programme. In relation to the transition vehicle commitment, as at 31 March 2023, the Group has committed to spend \u00a315m (2021/22: \u00a315m) on carbon mitigation activities on its standing portfolio. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-542": {
"value": "23 Related party transactions Details of transactions with joint ventures are given in Notes 3, 6 and 11. During the year the Group recognised joint venture management fees of \u00a313m (2021/22: \u00a39m). Directors are the key management personnel and have the authority and responsibility for planning, directing and controlling the activities of the entity. Details of Directors\u2019 remuneration are given in the Remuneration Report on pages 141 to 159. Details of transactions with The British Land Group of Companies Pension Scheme, and other smaller pension schemes, are given in Note 9. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-543": {
"value": "24 Contingent liabilities Group and joint ventures The Group and joint ventures have contingent liabilities in respect of legal claims, guarantees and warranties arising in the ordinary course of business. It is not anticipated that any material liabilities will arise from these contingent liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-544": {
"value": "25 Subsidiaries with non-controlling interests In the prior year to 31 March 2022, the Group completed the acquisition of the remaining 21.9% units of Hercules Unit Trust that the Group did not already own for a consideration of \u00a338m. Whilst the transaction was completed on 5 July 2021, the Group obtained the risks and rewards of ownership of the 21.9% of Hercules Unit Trust on 1 April 2021 and therefore the change in ownership percentage and resulting non-controlling interests were reflected at this date in the financial statements. The book value of the net assets purchased at 1 April 2021 was \u00a340m and consequently \u00a340m has been transferred from non-controlling interests to shareholders equity. As a result, the remaining non-controlling interests in Group subsidiaries, relating to 12.5% of Speke Unit Trust, are no longer material to the Group and therefore no further disclosure is included with respect to the ongoing non-controlling interests. 27 Audit exemptions taken for subsidiaries The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of that Act. Entity Name Company Number 17-19 Bedford Street Limited 07398971 18-20 Craven Hill Gardens Limited 07667839 20 Brock Street Limited 07401697 Adamant Investment Corporation Limited 00225149 Aldgate Place (GP) Limited 07829315 B.L.Holdings Limited 00000529 Bayeast Property Co Limited 00635800 BF Propco (No 3) Limited 05270196 BF Propco (No 5) Limited 05270219 BF Properties (No 4) Ltd 05270289 BF Properties (No 5) Ltd 05270039 BL 5KS Holdings Limited 13398992 BL Aldgate Development Limited 05070564 BL Aldgate Holdings Limited 05876405 BL Bluebutton 2014 Limited 09048771 BL Broadgate Fragment 1 Limited 09400407 BL Broadgate Fragment 2 Limited 09400541 BL Broadgate Fragment 3 Limited 09400411 BL Broadgate Fragment 4 Limited 09400409 BL Broadgate Fragment 5 Limited 09400413 BL Broadgate Fragment 6 Limited 09400414 BL Broadway Investment Limited 10754763 BL Chess Limited 08548399 BL City Offices Holding Company Limited 06002147 BL CW Residential Holdings Limited 14178788 BL CW Upper LP Company Limited 10375411 BL Department Stores Holding Company Limited 06002135 BL Eden Walk Limited 10620935 BL Euston Tower Holding Company Limited 11612398 BL Goodman (LP) Limited 05056902 BL HC PH CRG LLP OC338244 BL HC PH LLP OC317199 BL HC Property Holdings Limited 06894046 BL High Street and Shopping Centres Holding Company Limited 06002148 BL Holdings 2010 Limited 07353966 BL Innovation Properties 2 Limited 05070554 BL Innovation Properties Limited 12293278 BL Intermediate Holding Company 2 Limited 12462158 BL Newport Limited 04967720 BL Office Holding Company Limited 05995028 BL Office Properties 3 Limited 14103029 BL Office (Non-City) Holding Company Limited 06002133 BL Osnaburgh St Residential Limited 06874523 BL Paddington Holding Company 2 Limited 11863746 BL Paddington Property 1 Limited 11863429 BL Paddington Property 2 Limited 11863540 BL Paddington Property 3 Limited 11863747 BL Paddington Property 4 Limited 11863835 BL Piccadilly Residential Limited 08707494 BL Residual Holding Company Limited 05995030 BL Retail Holding Company Limited 05995033 Entity Name Company Number BL Retail Indirect Investments Limited 12288466 BL Retail Properties 2 Limited 13349753 BL Retail Properties 3 Limited 04869976 BL Retail Warehousing Holding Company Limited 06002154 BL Shoreditch Development Limited 05326670 BL South Camb Limited 07555233 BL Superstores Holding Company Limited 06002143 BL Thanet Limited 13843760 BL West (Watling House) Limited 04067234 BL West End Investments Limited 07793483 BL Whiteley Limited 11253224 BL Whiteley Retail Limited 11254281 BLD (A) Limited 00467242 BLD (Ebury Gate) Limited 03863852 BLD Property Holdings Limited 00823907 BLSSP (PHC5) Limited 04104061 BLU Securities Limited 03323061 British Land (Joint Ventures) Limited 04682740 British Land Acquisitions Limited 05464168 British Land City Offices Limited 03946069 British Land Fund Management Limited 04450726 British Land In Town Retail Limited 03325066 British Land Industrial Limited 00643370 British Land Offices (Non -City) Limited 02740378 British Land Offices (Non -City) No.2 Limited 06849369 British Land Property Advisers Limited 02793828 British Land Superstores (Non Securitised) Number 2 Limited 06514283 Broadgate City Limited 01769078 Broadgate Properties Limited 01982350 Cavendish Geared Limited 02779045 City Residential Holdings Limited 06049158 Drake Circus Leisure Limited 09190208 Glenway L imited 05398994 Hempel Holdings Limited 05341380 Hempel Hotels Limited 02728455 Insistmetal 2 Limited 04181514 London and Henley (UK) Limited 03576158 Meadowhall Centre Limited 03918066 Meadowhall Centre (1999) Limited 02261117 Moorage (Property Developments) Limited 01185513 Osnaburgh Street Limited 05886735 Paddington 5KS GP Limited 13843749 Paddington 5KS Holdings Limited 13843365 Paddington 5KS Nominee 1 Limited 13843833 Paddington 5KS Nominee 2 Limited 13843828 Pillar City Limited 04091078 Pillar Projects Limited 02444288 Pillar Property Group Limited 02570618 Plymouth Retail Limited 10368557 Project Sunrise Limited 01588407 Entity Name Company Number Regent\u2019s Place Holding 1 Limited 11864369 Regent \u2019s Place Holding 2 Limited 11864307 Regent \u2019s Place Holding Company Limited 10068705 Regents Place Management Company Limited 07136724 TBL Holdings Limited 03837311 Entity Name Company Number TBL Properties Limited 03863190 Teesside Leisure Park Limited 02672136 Topside Street Limited 11253428 Wates City of London Properties Limited 01788526 The following partnerships are exempt from the requirements to prepare, publish and have audited individual accounts by virtue of regulation 7 of The Partnerships (Accounts) Regulations 2008. The results of these partnerships are consolidated within these Group accounts. Name BL Chess No 1 Limited Partnership BL Lancaster Limited Partnership BL Shoreditch Limited Partnership BL West End Offices Limited Partnership Hercules Property Limited Partnership Name Hereford Shopping Centre Limited Partnership Paddington 5KS Investment Limited Partnership Paddington 5KS Property Limited Partnership Power Court Luton Limited Partnership The Aldgate Place Limited Partnership",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-545": {
"value": "25 Subsidiaries with non-controlling interests In the prior year to 31 March 2022, the Group completed the acquisition of the remaining 21.9% units of Hercules Unit Trust that the Group did not already own for a consideration of \u00a338m. Whilst the transaction was completed on 5 July 2021, the Group obtained the risks and rewards of ownership of the 21.9% of Hercules Unit Trust on 1 April 2021 and therefore the change in ownership percentage and resulting non-controlling interests were reflected at this date in the financial statements. The book value of the net assets purchased at 1 April 2021 was \u00a340m and consequently \u00a340m has been transferred from non-controlling interests to shareholders equity. As a result, the remaining non-controlling interests in Group subsidiaries, relating to 12.5% of Speke Unit Trust, are no longer material to the Group and therefore no further disclosure is included with respect to the ongoing non-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-546": {
"value": "26 Subsequent events There have been no significant subsequent events post the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-547": {
"value": "York House 45 Seymour Street London W1H 7LX",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:RV5B68J2GV3QGMRPW209",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}