2024 | 2023 | ||
£m | £m | ||
Group revenue | 5 | ||
Net rental income | 6 | ||
Profit on disposal of trading property | 7 | ||
(Loss)/profit on disposal of investment property | 8 | ( | |
(Expense)/income from financial interest in property assets | 20 | ( | |
Fees and other income | 9 | ||
Administrative expenses | ( | ( | |
Other expenses | ( | ( | |
Goodwill impairment | ( | ||
Impairment of inventories to net realisable value | 22 | ( | ( |
Operating profit | |||
Net valuation losses on investment property | 16 | ( | ( |
Hedge ineffectiveness under IFRS 9 | ( | ||
Finance costs | 12 | ( | ( |
Finance income | 12 | ||
Share of loss of associates after tax | 18 | ( | ( |
Share of loss of joint ventures after tax | 19 | ( | ( |
Profit before tax | 11 | ||
Tax charge | 13 | ( | ( |
Profit for the year attributable to the owners of the Company | |||
Basic earnings per share | 15 | ||
Diluted earnings per share | 15 |
2024 | 2023 | ||
£m | £m | ||
Profit for the year | 3 | ||
Items that will not be transferred to the consolidated income statement: | |||
Remeasurement of BPT Limited defined benefit pension scheme | 28 | ( | ( |
Items that may be or are reclassified to the consolidated income statement: | |||
Changes in fair value of cash flow hedges | ( | ( | |
Other comprehensive income and expense for the year before tax | ( | ( | |
Tax relating to components of other comprehensive income: | |||
Tax relating to items that will not be transferred to the consolidated income statement | 13 | ||
Tax relating to items that may be or are reclassified to the consolidated income statement | 13 | ||
Total tax relating to components of other comprehensive income | |||
Other comprehensive income and expense for the year after tax | ( | ( | |
Total comprehensive income and expense for the year attributable to the owners | |||
oftheCompany |
2024 | 2023 | ||
£m | £m | ||
ASSETS | |||
Non-current assets | |||
Investment property | 16 | ||
Property, plant and equipment | 17 | ||
Investment in associates | 18 | ||
Investment in joint ventures | 19 | ||
Financial interest in property assets | 20 | ||
Retirement benefits | 28 | ||
Deferred tax assets | 13 | ||
Intangible assets | 21 | ||
Current assets | |||
Inventories – trading property | 22 | ||
Investment property - held for sale | 16 | ||
Trade and other receivables | 23 | ||
Derivative financial instruments | 27 | ||
Current tax assets | |||
Cash and cash equivalents | 27 | ||
Total assets | |||
LIABILITIES | |||
Non-current liabilities | |||
Interest-bearing loans and borrowings | 26 | ||
Trade and other payables | 25 | ||
Provisions for other liabilities and charges | 24 | ||
Deferred tax liabilities | 13 | ||
Current liabilities | |||
Trade and other payables | 25 | ||
Provisions for other liabilities and charges | 24 | ||
Current tax liabilities | |||
Total liabilities | |||
NET ASSETS | |||
EQUITY | |||
Issued share capital | 29 | ||
Share premium account | |||
Merger reserve | 31 | ||
Capital redemption reserve | |||
Cash flow hedge reserve | 31 | ||
Retained earnings | 32 | ||
TOTAL EQUITY |
Issued | Share | Capital | Cash flow | |||||
share | premium | Merger | redemption | hedge | Retained | Total | ||
capital | account | reserve | reserve | reserve | earnings | equity | ||
£m | £m | £m | £m | £m | £m | £m | ||
Balance as at 1 October 2022 | ||||||||
Profit for the year | ||||||||
Other comprehensive loss fortheyear | ( | ( | ( | |||||
Total comprehensive income | ( | |||||||
Award of SAYE shares | ||||||||
Purchase of own shares | ( | ( | ||||||
Share-based payments charge | ||||||||
Dividends paid | ( | ( | ||||||
Total transactions with owners recorded | ||||||||
directlyin equity | ( | ( | ||||||
Balance as at 30 September 2023 | ||||||||
Profit for the year | 3 | |||||||
Other comprehensive loss fortheyear | ( | ( | ( | |||||
Total comprehensive income | ( | |||||||
Award of SAYE shares | 29 | |||||||
Purchase of own shares | 29 | ( | ( | |||||
Share-based payments charge | 30 | |||||||
Dividends paid | 14 | ( | ( | |||||
Total transactions with owners recorded | ||||||||
directlyin equity | ( | ( | ||||||
Balance as at 30September2024 |
2024 | 2023 | ||
£m | £m | ||
Cash flow from operating activities | |||
Profit for the year | |||
Depreciation and amortisation | 11 | ||
Goodwill impairment | |||
Net valuation losses on investment property | 16 | ||
Net finance costs | 12 | ||
Hedge ineffectiveness under IFRS 9 | |||
Share of loss of associates and joint ventures | 18, 19 | ||
Loss/(profit) on disposal of investment property | 8 | ( | |
Share-based payments charge | 30 | ||
Expense/(income) from financial interest in property assets | 20 | ( | |
Tax charge | 13 | ||
Cash generated from operating activities before changes in working capital | |||
(Increase)/decrease in trade and other receivables | ( | ||
increase in trade and other payables | |||
Increase in provisions for liabilities and charges | |||
Decrease in inventories | |||
Cash generated from operating activities | |||
Interest paid | ( | ( | |
Tax (paid)/received | ( | ||
Payments to defined benefit pension scheme | 28 | ( | |
Net cash inflow from operating activities | |||
Cash flow from investing activities | |||
Proceeds from sale of investment property | |||
Proceeds from financial interest in property assets | 20 | ||
Dividends received from associates | 18 | ||
Investment in joint ventures | 19 | ( | |
Loans advanced to joint ventures | 19 | ( | ( |
Acquisition of investment property | 16 | ( | ( |
Acquisition of property, plant and equipment and intangible assets | ( | ( | |
Net cash outflow from investing activities | ( | ( | |
Cash flow from financing activities | |||
Award of SAYE shares | 29 | ||
Purchase of own shares | 29 | ( | ( |
Proceeds from new borrowings | |||
Payment of loan costs | ( | ( | |
Cash flows relating to new derivatives/settlement of derivatives | ( | ( | |
Repayment of borrowings | ( | ( | |
Dividends paid | 14 | ( | ( |
Net cash inflow from financing activities | |||
Net (decrease)/increase in cash and cash equivalents | ( | ||
Cash and cash equivalents at the beginning of the year | 27 | ||
Cash and cash equivalents at the end of the year | 27 |
% of properties for | |||||||
PRS | Reversionary | Other | Total | which external valuer | |||
Notes | £m | £m | £m | £m | Valuer | provides valuation | |
Trading property | 4.3 | 305.8 | 21.5 | 331.6 | |||
Investment property 1 | 3,011.9 | 16.4 | – | 3,028.3 | |||
Financial asset (CHARM) | – | 57.4 | – | 57.4 | |||
Total statutory book value | 3,016.2 | 379.6 | 21.5 | 3,417.3 | |||
Trading property | |||||||
Residential | (i) | 3.9 | 574.6 | – | 578.5 | Allsop LLP | 79% |
Developments | (ii) | – | – | 41.6 | 41.6 | CBRE Limited | 94% |
Total trading property | 3.9 | 574.6 | 41.6 | 620.1 | |||
Investment property | Allsop LLP / | ||||||
Residential | (i) | 670.9 | 16.4 | – | 687.3 | CBRE Limited | 100% |
Developments | (ii) | 42.1 | – | – | 42.1 | CBRE Limited | 83% |
New build PRS | (iii) | 1,936.7 | – | – | 1,936.7 | CBRE Limited | 100% |
Affordable housing | (iv) | 210.0 | – | – | 210.0 | Allsop LLP | 100% |
Tricomm Housing | (v) | 152.2 | – | – | 152.2 | Allsop LLP | 100% |
Total investment property | 3,011.9 | 16.4 | – | 3,028.3 | |||
Financial asset (CHARM) 2 | (vi) | – | 57.4 | – | 57.4 | Allsop LLP | 100% |
Total assets at market value | 3,015.8 | 648.4 | 41.6 | 3,705.8 | |||
Statutory book value | 3,016.2 | 379.6 | 21.5 | 3,417.3 | |||
Market value adjustment 3 | (0.4) | 268.8 | 20.1 | 288.5 | |||
Total assets at market value | 3,015.8 | 648.4 | 41.6 | 3,705.8 | |||
Net revaluation loss recognised in the income | |||||||
statement for wholly-owned properties | (32.5) | ||||||
Net revaluation loss relating to joint ventures | |||||||
and associates 4 | (vii) | (0.9) | |||||
Net revaluation loss recognised in the year 4 | (33.4) |
Increase | Decrease | ||||
Statement of | Statement of | ||||
Income | financial | Income | financial | ||
statement | position | statement | position | ||
impact | impact | impact | impact | ||
£m | £m | £m | £m | ||
Residential (trading property) | 10.0% change in house prices | ||||
(NRV provision impact) | 2.5 | 2.5 | (3.6) | (3.6) | |
Residential (investment property) 1 | 0.50% change in gross yield | (32.4) | (32.4) | 37.9 | 37.9 |
Residential (investment property) 1 | 5.0% change in net rental income | 22.8 | 22.8 | (22.8) | (22.8) |
Developments (investment property) 1 | 0.50% change in gross yield | (23.8) | (23.8) | 28.5 | 28.5 |
Developments (investment property) 1 | 5.0% change in net rental income | 14.5 | 14.5 | (14.5) | (14.5) |
New build PRS | 0.50% change in gross yield | (156.6) | (156.6) | 183.7 | 183.7 |
New build PRS | 5.0% change in net rental income | 106.5 | 106.5 | (106.5) | (106.5) |
Affordable housing | 0.50% change in gross yield | (20.3) | (20.3) | 25.1 | 25.1 |
Affordable housing | 5.0% change in net rental income | 10.7 | 10.7 | (10.7) | (10.7) |
Joint ventures and associates 2 | 0.50% change in gross yield | (1.1) | (1.1) | 1.3 | 1.3 |
Joint ventures and associates 2 | 5.0% change in net rental income | 0.7 | 0.7 | (0.7) | (0.7) |
Tricomm Housing | 10.0% change in house prices | 13.1 | 13.1 | (13.1) | (13.1) |
Tricomm Housing | 0.75% change in discount rate | (3.8) | (3.8) | 3.9 | 3.9 |
Financial asset (CHARM) | 10.0% change in house prices | 4.7 | 4.7 | (4.7) | (4.7) |
Financial asset (CHARM) | 0.75% change in discount rate | (2.3) | (2.3) | 2.4 | 2.4 |
2024 | 2023 | |||||||
Other | Adjusted | Other | Adjusted | |||||
£m | Statutory | Valuation | adjustments | earnings | Statutory | Valuation | adjustments | earnings |
Group revenue | 290.1 | – | – | 290.1 | 267.1 | – | – | 267.1 |
Net rental income | 110.1 | – | – | 110.1 | 96.5 | – | – | 96.5 |
Profit on disposal of trading property | 49.4 | – | – | 49.4 | 54.8 | (0.3) | – | 54.5 |
(Loss)/profit on disposal of investment | ||||||||
property | (5.8) | – | – | (5.8) | 3.3 | – | – | 3.3 |
(Expense)/income from financial interest | ||||||||
in property assets | (1.3) | 5.9 | – | 4.6 | 4.6 | 0.1 | – | 4.7 |
Fees and other income | 8.1 | – | – | 8.1 | 5.0 | – | – | 5.0 |
Administrative expenses | (35.3) | – | – | (35.3) | (33.5) | – | – | (33.5) |
Other expenses | (6.0) | – | 5.0 | (1.0) | (1.2) | – | – | (1.2) |
Goodwill impairment | – | – | – | – | (0.1) | 0.1 | – | – |
Impairment of inventories | ||||||||
to net realisable value | (0.1) | 0.1 | – | – | (1.0) | 1.0 | – | – |
Operating profit | 119.1 | 6.0 | 5.0 | 130.1 | 128.4 | 0.9 | – | 129.3 |
Net valuation losses | ||||||||
on investment property | (32.5) | 32.5 | – | – | (68.8) | 68.8 | – | – |
Hedge ineffectiveness under IFRS 9 | (6.6) | – | 6.6 | – | – | – | – | – |
Finance costs | (41.8) | – | – | (41.8) | (34.0) | – | – | (34.0) |
Finance income | 3.0 | – | – | 3.0 | 2.2 | – | – | 2.2 |
Share of loss of associates after tax | (0.4) | 0.9 | – | 0.5 | (0.1) | 0.5 | – | 0.4 |
Share of loss of joint ventures after tax | (0.2) | – | – | (0.2) | (0.3) | – | – | (0.3) |
Profit before tax | 40.6 | 39.4 | 11.6 | 91.6 | 27.4 | 70.2 | – | 97.6 |
Tax charge | (9.4) | (1.8) | ||||||
Profit for the year attributable to the owners of the Company | 31.2 | 25.6 | ||||||
Basic adjusted earnings per share | 9.3p | 10.3p | ||||||
Diluted adjusted earnings per share | 9.3p | 10.3p |
£m | PRS | Reversionary | Other | Total |
Group revenue | 150.3 | 112.5 | 27.3 | 290.1 |
Segment revenue – external | ||||
Net rental income | 97.6 | 11.5 | 1.0 | 110.1 |
Profit on disposal of trading property | (1.3) | 48.1 | 2.6 | 49.4 |
Loss on disposal of investment property | (5.9) | 0.1 | – | (5.8) |
Income from financial interest in property assets | – | 4.6 | – | 4.6 |
Fees and other income | 7.5 | – | 0.6 | 8.1 |
Administrative expenses | – | – | (35.3) | (35.3) |
Other expenses | (0.4) | – | (0.6) | (1.0) |
Net finance costs | (31.3) | (6.6) | (0.9) | (38.8) |
Share of trading profit of joint ventures and associates after tax | 0.3 | – | – | 0.3 |
Adjusted earnings | 66.5 | 57.7 | (32.6) | 91.6 |
Valuation movements | (33.5) | (5.9) | – | (39.4) |
Other adjustments | (5.0) | – | (6.6) | (11.6) |
Profit before tax | 28.0 | 51.8 | (39.2) | 40.6 |
£m | PRS | Reversionary | Other | Total |
Adjusted earnings | 66.5 | 57.7 | (32.6) | 91.6 |
Profit on disposal of trading property | 1.3 | (48.1) | (2.6) | (49.4) |
Loss on disposal of investment property | 5.9 | (0.1) | – | 5.8 |
EPRA earnings | 73.7 | 9.5 | (35.2) | 48.0 |
£m | PRS | Reversionary | Other | Total |
Group revenue | 121.5 | 123.9 | 21.7 | 267.1 |
Segment revenue – external | ||||
Net rental income | 82.2 | 13.4 | 0.9 | 96.5 |
Profit on disposal of trading property | (0.5) | 54.2 | 0.8 | 54.5 |
Profit on disposal of investment property | 3.3 | – | – | 3.3 |
Income from financial interest in property assets | – | 4.7 | – | 4.7 |
Fees and other income | 4.6 | – | 0.4 | 5.0 |
Administrative expenses | – | – | (33.5) | (33.5) |
Other expenses | (1.2) | – | – | (1.2) |
Net finance costs | (24.9) | (6.3) | (0.6) | (31.8) |
Share of trading profit of joint ventures and associates after tax | 0.1 | – | – | 0.1 |
Adjusted earnings | 63.6 | 66.0 | (32.0) | 97.6 |
Valuation movements | (70.1) | (0.1) | – | (70.2) |
Other adjustments | – | – | – | – |
Profit before tax | (6.5) | 65.9 | (32.0) | 27.4 |
£m | PRS | Reversionary | Other | Total |
Adjusted earnings | 63.6 | 66.0 | (32.0) | 97.6 |
Profit on disposal of trading property | 0.5 | (54.2) | (0.8) | (54.5) |
Profit on disposal of investment property | (3.3) | – | – | (3.3) |
EPRA earnings | 60.8 | 11.8 | (32.8) | 39.8 |
£m | PRS | Reversionary | Other | Total | Pence per share |
Total segment net assets (statutory) | 1,757.6 | 117.5 | 18.6 | 1,893.7 | 255 |
Total segment net assets (EPRA NRV) | 1,873.5 | 386.9 | 35.5 | 2,295.9 | 309 |
Total segment net assets (EPRA NTA) | 1,870.3 | 319.1 | 28.7 | 2,218.1 | 298 |
Total segment net assets (EPRA NDV) | 1,757.3 | 319.1 | 118.5 | 2,194.9 | 295 |
Adjustments to | Adjustments to | Adjustments | |||||
market value, | deferred and | to derivatives, | |||||
Statutory | deferred tax | EPRA NRV | contingent tax | EPRA NTA | fixed rate debt | EPRA NDV | |
£m | balance sheet | and derivatives | balance sheet | and intangibles | balance sheet | and intangibles | balance sheet |
Investment property | 3,028.3 | – | 3,028.3 | – | 3,028.3 | – | 3,028.3 |
Investment in joint ventures and associates | 91.3 | – | 91.3 | – | 91.3 | – | 91.3 |
Financial interest in property assets | 57.4 | – | 57.4 | – | 57.4 | – | 57.4 |
Inventories – trading property | 331.6 | 288.5 | 620.1 | – | 620.1 | – | 620.1 |
Cash and cash equivalents | 93.2 | – | 93.2 | – | 93.2 | – | 93.2 |
Other assets | 140.9 | (3.2) | 137.7 | (1.8) | 135.9 | 21.1 | 157.0 |
Total assets | 3,742.7 | 285.3 | 4,028.0 | (1.8) | 4,026.2 | 21.1 | 4,047.3 |
Interest-bearing loans and borrowings | (1,592.9) | – | (1,592.9) | – | (1,592.9) | 98.1 | (1,494.8) |
Deferred and contingent tax liabilities | (121.5) | 116.9 | (4.6) | (76.0) | (80.6) | (142.4) | (223.0) |
Other liabilities | (134.6) | – | (134.6) | – | (134.6) | – | (134.6) |
Total liabilities | (1,849.0) | 116.9 | (1,732.1) | (76.0) | (1,808.1) | (44.3) | (1,852.4) |
Net assets | 1,893.7 | 402.2 | 2,295.9 | (77.8) | 2,218.1 | (23.2) | 2,194.9 |
£m | PRS | Reversionary | Other | Total |
EPRA NTA | ||||
Investment property 1 | 3,011.9 | 16.4 | – | 3,028.3 |
Investment in joint ventures and associates | 73.3 | – | 18.0 | 91.3 |
Financial interest in property assets | – | 57.4 | – | 57.4 |
Inventories – trading property | 3.9 | 574.6 | 41.6 | 620.1 |
Cash and cash equivalents | 75.4 | 15.9 | 1.9 | 93.2 |
Other assets | 67.2 | 6.7 | 62.0 | 135.9 |
Total segment EPRA NTA assets | 3,231.7 | 671.0 | 123.5 | 4,026.2 |
Interest-bearing loans and borrowings | (1,287.5) | (271.2) | (34.2) | (1,592.9) |
Deferred and contingent tax liabilities | (3.2) | (67.8) | (9.6) | (80.6) |
Other liabilities | (70.7) | (12.9) | (51.0) | (134.6) |
Total segment EPRA NTA liabilities | (1,361.4) | (351.9) | (94.8) | (1,808.1) |
Net EPRA NTA assets | 1,870.3 | 319.1 | 28.7 | 2,218.1 |
£m | PRS | Reversionary | Other | Total | Pence per share |
Total segment net assets (statutory) | 1,729.8 | 151.7 | 47.1 | 1,928.6 | 260 |
Total segment net assets (EPRA NRV) | 1,839.3 | 476.9 | 43.1 | 2,359.3 | 318 |
Total segment net assets (EPRA NTA) | 1,835.1 | 395.0 | 37.4 | 2,267.5 | 305 |
Total segment net assets (EPRA NDV) | 1,729.2 | 395.0 | 208.7 | 2,332.9 | 314 |
Adjustments to | Adjustments to | Adjustments | |||||
market value, | deferred and | to derivatives, | |||||
Statutory | deferred tax | EPRA NRV | contingent tax | EPRA NTA | fixed rate debt | EPRA NDV | |
£m | balance sheet | and derivatives | balance sheet | and intangibles | balance sheet | and intangibles | balance sheet |
Investment property | 2,948.9 | – | 2,948.9 | – | 2,948.9 | – | 2,948.9 |
Investment in joint ventures | |||||||
and associates | 91.0 | – | 91.0 | – | 91.0 | – | 91.0 |
Financial interest in property assets | 67.0 | – | 67.0 | – | 67.0 | – | 67.0 |
Inventories – trading property | 392.2 | 342.1 | 734.3 | – | 734.3 | – | 734.3 |
Cash and cash equivalents | 121.0 | – | 121.0 | – | 121.0 | – | 121.0 |
Other assets | 102.2 | (33.7) | 68.5 | (1.0) | 67.5 | 45.9 | 113.4 |
Total assets | 3,722.3 | 308.4 | 4,030.7 | (1.0) | 4,029.7 | 45.9 | 4,075.6 |
Interest-bearing loans and borrowings | (1,533.5) | – | (1,533.5) | – | (1,533.5) | 182.1 | (1,351.4) |
Deferred and contingent tax liabilities | (122.3) | 122.3 | – | (90.8) | (90.8) | (162.6) | (253.4) |
Other liabilities | (137.9) | – | (137.9) | – | (137.9) | – | (137.9) |
Total liabilities | (1,793.7) | 122.3 | (1,671.4) | (90.8) | (1,762.2) | 19.5 | (1,742.7) |
Net assets | 1,928.6 | 430.7 | 2,359.3 | (91.8) | 2,267.5 | 65.4 | 2,332.9 |
£m | PRS | Reversionary | Other | Total |
EPRA NTA | ||||
Investment property | 2,928.9 | 20.0 | – | 2,948.9 |
Investment in joint ventures and associates | 72.8 | – | 18.2 | 91.0 |
Financial interest in property assets | – | 67.0 | – | 67.0 |
Inventories – trading property | 9.6 | 673.3 | 51.4 | 734.3 |
Cash and cash equivalents | 94.8 | 23.9 | 2.3 | 121.0 |
Other assets | 13.4 | 8.4 | 45.7 | 67.5 |
Total segment EPRA NTA assets | 3,119.5 | 792.6 | 117.6 | 4,029.7 |
Interest-bearing loans and borrowings | (1,201.3) | (303.1) | (29.1) | (1,533.5) |
Deferred and contingent tax liabilities | (4.2) | (81.9) | (4.7) | (90.8) |
Other liabilities | (78.9) | (12.6) | (46.4) | (137.9) |
Total segment EPRA NTA liabilities | (1,284.4) | (397.6) | (80.2) | (1,762.2) |
Net EPRA NTA assets | 1,835.1 | 395.0 | 37.4 | 2,267.5 |
2024 | 2023 | |
£m | £m | |
Gross rental income (Note 6) | 154.8 | 133.7 |
Gross proceeds from disposal of trading property (Note 7) | 127.2 | 128.4 |
Fees and other income (Note 9) | 8.1 | 5.0 |
290.1 | 267.1 |
2024 | 2023 | |
£m | £m | |
Gross rental income | 154.8 | 133.7 |
Property operating expenses | (44.7) | (37.2) |
110.1 | 96.5 |
2024 | 2023 | |
£m | £m | |
Gross proceeds from disposal of trading property | 127.2 | 128.4 |
Selling costs | (2.3) | (2.8) |
Net proceeds from disposal of trading property | 124.9 | 125.6 |
Carrying value of trading property sold (Note 22) | (75.5) | (70.8) |
49.4 | 54.8 |
2024 | 2023 | |
£m | £m | |
Gross proceeds from disposal of investment property | 147.1 | 65.3 |
Selling costs | (3.8) | (1.8) |
Net proceeds from disposal of investment property 1 | 143.3 | 63.5 |
Carrying value of investment property sold (Note 16) | (149.1) | (60.2) |
(5.8) | 3.3 |
2024 | 2023 | |
£m | £m | |
Property and asset management fee income | 2.6 | 3.2 |
Other sundry income | 5.5 | 1.8 |
8.1 | 5.0 |
2024 | 2023 | |
£m | £m | |
Wages and salaries | 24.8 | 23.3 |
Social security costs | 2.8 | 2.4 |
Other pension costs – defined contribution scheme (Note 28) | 1.7 | 1.5 |
Share-based payments (Note 30) | 2.8 | 2.4 |
32.1 | 29.6 |
2024 | 2023 | |
Number | Number | |
Operations | 248 | 235 |
Shared services | 105 | 107 |
Group | 13 | 15 |
366 | 357 |
2024 | 2023 | |
£’000 | £’000 | |
Aggregate Directors’ remuneration | 3,155 | 2,818 |
Aggregate amount of gains on exercise of share options | – | 5 |
Aggregate amount of money or assets received or receivable under scheme interests | 553 | 1,084 |
3,708 | 3,907 |
2024 | 2023 | |
£m | £m | |
Short-term employee benefits | 8.3 | 7.8 |
Post-employment benefits | 0.6 | 0.5 |
Share-based payments | 2.6 | 2.1 |
11.5 | 10.4 |
2024 | 2023 | |
£m | £m | |
Profit before tax is stated after charging: | ||
Depreciation of property, plant and equipment | 1.5 | 1.1 |
Amortisation of IT software | 0.1 | – |
Bad debt expense | 0.6 | 0.9 |
Operating lease payments | 0.1 | 0.2 |
Auditor’s remuneration (see below) | 0.7 | 0.6 |
2024 | 2023 | |
£’000 | £’000 | |
Services as auditor to the Company | 363 | 323 |
Services as auditor to Group subsidiaries | 250 | 223 |
Group audit fees | 613 | 546 |
Audit related assurance services | 67 | 58 |
Non-audit fees | 67 | 58 |
Total fees | 680 | 604 |
2024 | 2023 | |
£m | £m | |
Finance costs | ||
Bank loans and mortgages | 18.6 | 17.3 |
Non-bank financial institution | 8.4 | 8.4 |
Corporate bond | 22.9 | 22.6 |
Interest capitalised under IAS 23 | (11.6) | (17.5) |
Other finance costs | 3.5 | 3.2 |
41.8 | 34.0 | |
Finance income | ||
Interest receivable from joint ventures (Note 34) | (1.2) | (0.9) |
Other interest receivable | (1.8) | (1.3) |
(3.0) | (2.2) | |
Net finance costs | 38.8 | 31.8 |
2024 | 2023 | |
£m | £m | |
Current tax | ||
Corporation tax on profit | 14.5 | 18.9 |
Adjustments relating to prior years | (7.8) | (4.3) |
6.7 | 14.6 | |
Deferred tax | ||
Origination and reversal of temporary differences | (4.0) | (14.2) |
Adjustments relating to prior years | 6.7 | 1.4 |
2.7 | (12.8) | |
Total tax charge for the year | 9.4 | 1.8 |
2024 | 2023 | |
£m | £m | |
Profit before tax | 40.6 | 27.4 |
Income tax at a rate of 25.0% (2023: 22.0%) | 10.2 | 6.0 |
Expenses not deductible for tax purposes | 0.2 | 0.3 |
Share of joint ventures and associates after tax | 0.1 | 0.1 |
Effect of future tax rates over current tax rates | – | (1.7) |
Adjustment in respect of prior periods | (1.1) | (2.9) |
Amounts recognised in the income statement | 9.4 | 1.8 |
2024 | 2023 | |
£m | £m | |
Remeasurement of BPT Limited defined benefit pension scheme | (0.8) | (0.3) |
Fair value movement in cash flow hedges | (5.2) | (4.0) |
Amounts recognised in other comprehensive income | (6.0) | (4.3) |
2024 | 2023 | |
£m | £m | |
Deferred tax assets | ||
Short-term temporary differences | 6.1 | 3.7 |
6.1 | 3.7 | |
Deferred tax liabilities | ||
Trading property uplift to fair value on business combinations | (3.9) | (5.2) |
Investment property revaluation | (93.8) | (95.2) |
Short-term temporary differences | (21.9) | (13.2) |
Fair value movement in financial interest in property assets | (0.2) | (1.1) |
Actuarial gain on BPT Limited defined benefit pension scheme | (0.2) | (0.9) |
Fair value movement in derivative financial instruments | (1.5) | (6.7) |
(121.5) | (122.3) | |
Total deferred tax | (115.4) | (118.6) |
2024 | 2023 | |
£m | £m | |
Ordinary dividends on equity shares: | ||
Final dividend for the year ended 30 September 2022 – 3.89p per share | – | 28.8 |
Interim dividend for the year ended 30 September 2023 – 2.28p per share | – | 16.9 |
Final dividend for the year ended 30 September 2023 – 4.37p per share | 32.2 | – |
Interim dividend for the year ended 30 September 2024 – 2.54p per share | 18.8 | – |
51.0 | 45.7 |
30 September 2024 | 30 September 2023 | |||||
Weighted | Weighted | |||||
average | average | |||||
Profit for | number of | Earnings | Profit for | number of | Earnings | |
the year | shares | per share | the year | shares | per share | |
£m | (millions) | (pence) | £m | (millions) | (pence) | |
Basic earnings per share | ||||||
Profit attributable to equity holders | 31.2 | 738.2 | 4.2 | 25.6 | 739.9 | 3.5 |
Effect of potentially dilutive securities | ||||||
Share options and contingent shares | – | 3.3 | – | – | 2.5 | – |
Diluted earnings per share | ||||||
Profit attributable to equity holders | 31.2 | 741.5 | 4.2 | 25.6 | 742.4 | 3.5 |
2024 | 2023 | |
£m | £m | |
Opening balance | 2,948.9 | 2,775.9 |
Acquisitions | 85.9 | 9.8 |
Capital expenditure – completed assets | 13.9 | 20.4 |
Capital expenditure – assets under construction | 161.2 | 271.8 |
Total additions | 261.0 | 302.0 |
Disposals (Note 8) | (149.1) | (60.2) |
Net valuation losses on investment properties 1 | (32.5) | (68.8) |
Reclassifications to investment property - held for sale | (31.5) | – |
Closing balance | 2,996.8 | 2,948.9 |
2024 | 2023 | |
£m | £m | |
Opening balance | 15.8 | 16.7 |
Share of loss for the year | (0.4) | (0.1) |
Dividends paid in the year | (0.5) | (0.8) |
Closing balance | 14.9 | 15.8 |
% of ordinary share | |||
capital held | Country of incorporation | Accounting period end | |
Vesta LP | 20.0 | UK | 30 September |
£m | Vesta LP |
Net rental income and other income | 2.7 |
Administration and other expenses | (0.5) |
Operating profit | 2.2 |
Revaluation loss on investment property | (4.5) |
Loss before tax | (2.3) |
Ta x | – |
Loss after tax | (2.3) |
£m | Vesta LP |
Investment property | 72.7 |
Current assets | 3.2 |
Total assets | 75.9 |
Current liabilities | (1.2) |
Non-current liabilities | (72.5) |
Total liabilities | (73.7) |
Net assets | 2.2 |
£m | Vesta LP |
Net rental income and other income | 2.3 |
Administration and other expenses | (0.5) |
Operating profit | 1.8 |
Revaluation gains on investment property | (2.5) |
Profit before tax | (0.7) |
Ta x | – |
Profit after tax | (0.7) |
£m | Vesta LP |
Investment property | 77.0 |
Current assets | 3.0 |
Total assets | 80.0 |
Current liabilities | (1.2) |
Non-current liabilities | (72.5) |
Total liabilities | (73.7) |
Net assets | 6.3 |
2024 | 2023 | |
£m | £m | |
Opening balance | 75.2 | 38.5 |
Share of loss for the year | (0.2) | (0.3) |
Further investment 1 | – | 34.0 |
Loans advanced to joint ventures | 1.4 | 3.0 |
Closing balance | 76.4 | 75.2 |
% of ordinary share | |||
capital held | Country of incorporation | Accounting period end | |
Connected Living London (BTR) Limited | 51 | UK | 30 September |
Curzon Park Limited | 50 | UK | 31 March |
Lewisham Grainger Holdings LLP | 50 | UK | 30 September |
Connected | Lewisham | |||
Living London | Curzon Park | Grainger | ||
£m | (BTR) Limited | Limited | Holdings LLP | Total |
Administration and other expenses | (0.2) | (0.1) | (0.1) | (0.4) |
Loss before tax | (0.2) | (0.1) | (0.1) | (0.4) |
Ta x | – | – | – | – |
Loss after tax | (0.2) | (0.1) | (0.1) | (0.4) |
Investment property | 90.5 | – | 11.8 | 102.3 |
Current assets | 2.6 | 36.6 | – | 39.2 |
Total assets | 93.1 | 36.6 | 11.8 | 141.5 |
Current liabilities | (0.8) | (36.8) | (12.1) | (49.7) |
Net assets | 92.3 | (0.2) | (0.3) | 91.8 |
Connected | Lewisham | ||||
Living London | Curzon Park | Grainger | |||
£m | (BTR) Limited | Limited | Holdings LLP | Total | |
Administration and other expenses | (0.4) | (0.1) | (0.1) | (0.6) | |
Loss before tax | (0.4) | (0.1) | (0.1) | (0.6) | |
Ta x | – | – | – | – | |
Loss after tax | (0.4) | (0.1) | (0.1) | (0.6) | |
2023 | Summarised statement of financial position | ||||
Investment property | 88.5 | – | 10.2 | 98.7 | |
Current assets | 6.8 | 36.6 | – | 43.4 | |
Total assets | 95.3 | 36.6 | 10.2 | 142.1 | |
Current liabilities | (2.8) | (36.6) | (10.5) | (49.9) | |
Net assets | 92.5 | – | (0.3) | 92.2 |
2024 | 2023 | |
£m | £m | |
Opening balance | 67.0 | 69.1 |
Cash received from the instrument | (8.3) | (6.7) |
Amounts taken to income statement | (1.3) | 4.6 |
Closing balance | 57.4 | 67.0 |
2024 | 2023 | |
£m | £m | |
Opening balance | 392.2 | 453.8 |
Additions | 15.0 | 10.2 |
Disposals (Note 7) | (75.5) | (70.8) |
Impairment of inventories to net realisable value | (0.1) | (1.0) |
Closing balance | 331.6 | 392.2 |
2024 | 2023 | |
£m | £m | |
Carrying value of trading property sold (Note 7) | 75.5 | 70.8 |
Impairment of inventories to net realisable value | 0.1 | 1.0 |
2024 | 2023 | |
£m | £m | |
Rent and other tenant receivables | 4.8 | 3.0 |
Deduct: Provision for impairment | (1.5) | (1.5) |
Rent and other tenant receivables – net | 3.3 | 1.5 |
Restricted deposits | 63.3 | 10.2 |
Other receivables | 19.3 | 17.9 |
Prepayments | 5.0 | 4.4 |
Closing balance | 90.9 | 34.0 |
2024 | 2023 | |
£m | £m | |
Current provisions for other liabilities and charges | ||
Opening balance | 8.6 | 8.6 |
Additions | 5.0 | 0.3 |
Utilisation | (0.4) | (0.3) |
13.2 | 8.6 | |
Non-current provisions for other liabilities and charges | ||
Opening balance | 1.1 | 1.1 |
Utilisation | (0.1) | – |
1.0 | 1.1 | |
Total provisions for other liabilities and charges | 14.2 | 9.7 |
2024 | 2023 | |
£m | £m | |
Current liabilities | ||
Deposits received | 12.8 | 10.7 |
Trade payables | 19.0 | 15.9 |
Lease liabilities (Note 35) | 0.7 | 0.2 |
Tax and social security costs | 4.9 | 3.0 |
Accruals | 64.5 | 81.9 |
Deferred income | 12.2 | 9.0 |
114.1 | 120.7 | |
Non-current liabilities | ||
Lease liabilities (Note 35) | 6.3 | 6.9 |
6.3 | 6.9 | |
Total trade and other payables | 120.4 | 127.6 |
2024 | 2023 | |
£m | £m | |
Non-current liabilities | ||
Bank loans – Pounds Sterling | 548.2 | 490.1 |
Bank loans – Euros | 0.8 | 0.9 |
Non-bank financial institution | 347.9 | 347.3 |
Corporate bonds | 696.0 | 695.2 |
1,592.9 | 1,533.5 | |
Closing balance | 1,592.9 | 1,533.5 |
2024 | 2023 | |||||||
Derivatives used for | Derivatives used for | |||||||
hedging the liabilities | hedging the liabilities | |||||||
from financing | from financing | |||||||
activities | activities | |||||||
Loans and | Interest | Loans and | Interest | |||||
£m | borrowings | payable | Assets | Liabilities | borrowings | payable | Assets | Liabilities |
Opening balance | 1,533.5 | 9.3 | 45.3 | – | 1,357.6 | 9.0 | 56.5 | – |
Changes from financing cash flows | ||||||||
Proceeds from loans and borrowings | 244.0 | – | – | – | 330.0 | – | – | – |
Repayment of borrowings | (185.0) | – | – | – | (155.0) | – | – | – |
Transaction costs related to loans, borrowings and derivatives | (2.8) | – | 1.9 | – | (2.3) | – | 4.9 | – |
Total changes from financing cash flows | 56.2 | – | 1.9 | – | 172.7 | – | 4.9 | – |
Other changes | ||||||||
Gross interest accrued | – | 52.7 | – | – | – | 47.2 | – | – |
Gross interest paid | – | (52.6) | – | – | – | (46.9) | – | – |
Amortisation of borrowing costs net of premiums | 3.2 | – | – | – | 3.2 | – | – | – |
Hedge ineffectiveness under IFRS 9 | – | – | (6.6) | – | – | – | – | – |
Changes in fair value of derivatives through hedging reserve | – | – | (20.8) | – | – | – | (16.1) | – |
Total other changes | 3.2 | 0.1 | (27.4) | – | 3.2 | 0.3 | (16.1) | – |
Closing balance | 1,592.9 | 9.4 | 19.8 | – | 1,533.5 | 9.3 | 45.3 | – |
2024 | |||||||
Loans and | Assets at | ||||||
receivables/ | fair value | ||||||
cash and | through | Derivatives | |||||
cash | profit and | used for | Other financial | Total book | Fair value | ||
£m | equivalents | loss | hedging | assets | value | adjustment | Fair value |
Non-current assets | |||||||
Financial interest in property assets | – | 57.4 | – | – | 57.4 | – | 57.4 |
Current assets | |||||||
Trade and other receivables | |||||||
excluding prepayments | 85.9 | – | – | – | 85.9 | – | 85.9 |
Cash and cash equivalents | 93.2 | – | – | – | 93.2 | – | 93.2 |
Derivative financial instruments | – | – | 19.8 | – | 19.8 | – | 19.8 |
Total financial assets | 179.1 | 57.4 | 19.8 | – | 256.3 | – | 256.3 |
Loans and | Liabilities at | ||||||
receivables/ | fair value | Other financial | |||||
cash and | through | Derivatives | liabilities at | ||||
cash | profit and | used for | amortised | Total book | Fair value | ||
£m | equivalents | loss | hedging | cost | value | adjustment | Fair value |
Non-current liabilities | |||||||
Trade and other payables | – | – | – | 6.3 | 6.3 | – | 6.3 |
Interest-bearing loans and borrowings | – | – | – | 1,592.9 | 1,592.9 | (98.1) | 1,494.8 |
Current liabilities | |||||||
Trade and other payables | – | – | – | 114.1 | 114.1 | – | 114.1 |
Total financial liabilities | – | – | – | 1,713.3 | 1,713.3 | (98.1) | 1,615.2 |
Net financial assets/(liabilities) | 179.1 | 57.4 | 19.8 | (1,713.3) | (1,457.0) | 98.1 | (1,358.9) |
2023 | |||||||
Loans and | Assets at | ||||||
receivables/ | fair value | Other | |||||
cash and | through | Derivatives | financial | ||||
cash | profit and | used for | Total book | Fair value | |||
£m | equivalents | loss | hedging | assets | value | adjustment | Fair value |
Non-current assets | |||||||
Financial interest in property assets | – | 67.0 | – | – | 67.0 | – | 67.0 |
Current assets | |||||||
Trade and other receivables | |||||||
excluding prepayments | 29.6 | – | – | – | 29.6 | – | 29.6 |
Cash and cash equivalents | 121.0 | – | – | – | 121.0 | – | 121.0 |
Derivative financial instruments | – | – | 45.3 | – | 45.3 | – | 45.3 |
Total financial assets | 150.6 | 67.0 | 45.3 | – | 262.9 | – | 262.9 |
Loans and | Liabilities at | Other | |||||
receivables/ | fair value | financial | |||||
cash and | through | Derivatives | liabilities at | ||||
cash | profit and | used for | amortised | Total book | Fair value | ||
£m | equivalents | loss | hedging | cost | value | adjustment | Fair value |
Non-current liabilities | |||||||
Trade and other payables | – | – | – | 6.9 | 6.9 | – | 6.9 |
Interest-bearing loans and borrowings | – | – | – | 1,533.5 | 1,533.5 | (182.1) | 1,351.4 |
Current liabilities | |||||||
Trade and other payables | – | – | – | 120.7 | 120.7 | – | 120.7 |
Total financial liabilities | – | – | – | 1,661.1 | 1,661.1 | (182.1) | 1,479.0 |
Net financial assets/(liabilities) | 150.6 | 67.0 | 45.3 | (1,661.1) | (1,398.2) | 182.1 | (1,216.1) |
2024 | 2023 | |
£m | £m | |
Pounds Sterling | 92.4 | 120.0 |
Euros | 0.8 | 1.0 |
93.2 | 121.0 |
Between | Between | ||||
Less than | 1 and | 2 and | More than | ||
£m | 1 year | 2 years | 5 years | 5 years | Total |
At 30 September 2024 | |||||
Interest-bearing loans and borrowings (Note 26) | – | 75.0 | 1,167.9 | 350.0 | 1,592.9 |
Interest on borrowings | 64.1 | 58.9 | 151.0 | 10.5 | 284.5 |
Interest on derivatives | (11.3) | (5.2) | (5.6) | – | (22.1) |
Trade and other payables | 114.1 | 0.9 | 1.7 | 3.7 | 120.4 |
At 30 September 2023 | |||||
Interest-bearing loans and borrowings (Note 26) | – | – | 944.5 | 589.0 | 1,533.5 |
Interest on borrowings | 66.2 | 63.6 | 172.7 | 25.2 | 327.7 |
Interest on derivatives | (20.9) | (11.6) | (18.5) | (0.2) | (51.2) |
Trade and other payables | 120.7 | 1.2 | 0.7 | 5.0 | 127.6 |
2024 | 2023 | |
£m | £m | |
Expiring: | ||
Between one and two years | – | – |
Between two and five years | 436.8 | 415.8 |
Over five years | – | – |
436.8 | 415.8 |
2024 | 2023 | |||
£m | Assets | Liabilities | Assets | Liabilities |
Level 3 | ||||
CHARM | 57.4 | – | 67.0 | – |
Investment property 1 | 3,028.3 | – | 2,948.9 | – |
3,085.7 | – | 3,015.9 | – | |
Level 2 | ||||
Interest rate swaps – in cash flow hedge accounting relationships | 19.8 | – | 45.3 | – |
19.8 | – | 45.3 | – |
2024 | 2023 | |
Assets – Level 3 | £m | £m |
Opening balance | 3,015.9 | 2,845.0 |
Amounts taken to income statement | (33.8) | (64.2) |
Other movements | 103.6 | 235.1 |
Closing balance | 3,085.7 | 3,015.9 |
2024 | 2023 | |||||
£m | Accounting basis | Classification if fair valued | Book value | Fair value | Book value | Fair value |
Inventories – trading property | Lower of cost and net | |||||
realisable value | Level 3 | 331.6 | 620.1 | 392.2 | 734.3 | |
Corporate bonds | Amortised cost | Level 1 | 700.0 | 632.8 | 700.0 | 576.4 |
Non-bank loans | Amortised cost | Level 3 | 350.0 | 319.1 | 350.0 | 291.6 |
2024 | 2023 | |
£m | £m | |
Hedged debt maturing: | ||
Within one year | – | – |
Between one and two years | – | – |
Between two and five years | 476.6 | 387.4 |
Over five years | – | 40.0 |
476.6 | 427.4 |
2024 | 2023 | |||||||||
Weighted | Weighted | |||||||||
average | average | |||||||||
interest | Average | Gross debt | interest | Average | Gross debt | |||||
rate | maturity | Sterling | Euros | total | rate | maturity | Sterling | Euros | total | |
% | years 1 | £m | £m | £m | % | years | £m | £m | £m | |
Fixed rate | 3.1 | 4.4 | 1,050.0 | – | 1,050.0 | 3.1 | 5.4 | 1,050.0 | – | 1,050.0 |
Hedged rate | 3.2 | 4.8 | 476.6 | – | 476.6 | 2.8 | 4.9 | 427.4 | – | 427.4 |
Variable rate | 6.9 | 4.8 | 80.7 | 0.8 | 81.5 | 7.2 | 4.9 | 70.9 | 0.9 | 71.8 |
3.3 | 4.5 | 1,607.3 | 0.8 | 1,608.1 | 3.2 | 5.2 | 1,548.3 | 0.9 | 1,549.2 |
2024 | 2023 | |
% | % | |
Discount rate | 5.0 | 5.6 |
Retail Price Index (‘RPI’) inflation | 3.3 | 3.5 |
Consumer Prices Index (‘CPI’) inflation | 2.6 | 2.8 |
Rate of increase of pensions in payment | 5.0 | 5.0 |
2024 | 2023 | |
Mortality tables for pensioners | S3PA base tables CMI 2023 mortality | S3PA base tables CMI 2022 mortality projections |
projections 1.25% p.a. long-term rate | 1.25% p.a. long-term rate | |
Mortality tables for non-pensioners | As for pensioners | As for pensioners |
30 September 2024 | 30 September 2023 | |||
Male | Female | Male | Female | |
Life expectancy for a current 60-year-old (years) | 86 | 89 | 86 | 89 |
Life expectancy at age 60 for an individual aged 45 (years) | 87 | 90 | 87 | 90 |
30 September 2024 | 30 September 2023 | |||
Market value | % of total | Market value | % of total | |
£m | scheme assets | £m | scheme assets | |
Bonds | 1.0 | 4 | 24.0 | 84 |
Cash | 5.5 | 20 | 2.6 | 9 |
Insurance policies | 20.5 | 76 | 2.0 | 7 |
Total value of assets | 27.0 | 100 | 28.6 | 100 |
The actual return on assets over the year was: | 0.2 | 0.7 |
2024 | 2023 | |
£m | £m | |
Market value of scheme assets at the start of the year | 28.6 | 28.8 |
Interest income | 1.5 | 1.5 |
Employer contributions | – | 0.3 |
Administration expenses paid | (0.5) | – |
Actuarial return on assets less interest | (1.3) | (0.8) |
Benefits paid | (1.3) | (1.2) |
Market value of scheme assets at the end of the year | 27.0 | 28.6 |
2024 | 2023 | |
£m | £m | |
Value of defined benefit obligation at the start of the year | 19.0 | 19.0 |
Interest on pension scheme liabilities | 1.0 | 0.9 |
Remeasurement of changes in financial assumptions | 1.8 | 0.3 |
Benefits paid | (1.3) | (1.2) |
Value of defined benefit obligation at the end of the year | 20.5 | 19.0 |
2024 | 2023 | |
£m | £m | |
Actuarial return on assets less interest | (1.3) | (0.8) |
Remeasurement of defined benefit obligation | (1.8) | (0.3) |
(3.1) | (1.1) |
2024 | 2023 | ||
£m | £m | ||
Allotted, called-up and fully paid: | |||
743,109,586 | (2023: 743,042,056) ordinary shares of 5p each | 37.2 | 37.2 |
Nominal value | ||
Number | £’000 | |
At 30 September 2022 | 742,921,734 | 37,146 |
Options exercised under the SAYE scheme (Note 30) | 120,322 | 6 |
At 30 September 2023 | 743,042,056 | 37,152 |
Options exercised under the SAYE scheme (Note 30) | 67,530 | 3 |
At 30 September 2024 | 743,109,586 | 37,155 |
LTIP | DBSP | DBP | EDBP | SAYE | |||
11 | |||||||
11 | December | ||||||
December | 2023 | 28 June | 28 June | ||||
2023 | Non- | 11 | 11 | 11 | 2024 | 2024 | |
Market- | market- | December | December | December | 3-year | 5-year | |
Award date | based | based | 2023 | 2023 | 2023 | scheme | scheme |
Number of shares on grant | 379,127 | 884,629 | – | – | – | 125,193 | 43,924 |
Exercise price (£) | – | – | – | – | – | 2.00 | 2.00 |
Vesting period from date of grant (years) | 3 | 3 | 3 | 1-3 | 1-5 | 3 | 5 |
Exercise period after vesting (years) | 7 | 7 | 3 | 3 | 3 | – | – |
Share price at grant (£) | 2.65 | 2.65 | 2.65 | 2.65 | 2.65 | 2.44 | 2.44 |
Expected risk free rate (%) | 4.2 | 4.2 | N/A | N/A | N/A | 4.1 | 4.0 |
Expected dividend yield (%) | N/A | N/A | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 |
Expected volatility (%) | 24.5 | 24.5 | N/A | N/A | N/A | 26.6 | 25.2 |
Fair value (£) | 1.31 | 2.65 | 2.65 | 2.65 | 2.65 | 0.65 | 0.69 |
Opening | Awards | Awards | Awards | Closing | |
Awards | balance | granted | vested | lapsed | balance |
LTIP | |||||
6 February 2020 | 274,231 | – | – | – | 274,231 |
10 December 2020 | 490,967 | – | (16,885) | (335,108) | 138,974 |
11 October 2021 1 | 518,664 | – | – | (185,644) | 333,020 |
16 December 2021 | 828,407 | – | – | – | 828,407 |
28 September 2022 | 61,712 | – | – | – | 61,712 |
12 December 2022 | 1,264,686 | – | – | – | 1,264,686 |
11 December 2023 | – | 1,263,756 | – | – | 1,263,756 |
Total | 3,438,667 | 1,263,756 | (16,885) | (520,752) | 4,164,786 |
Opening | Awards | Awards | Awards | Closing | |
Awards | balance | granted | exercised | lapsed | balance |
DBSP | |||||
1 December 2019 | 16,429 | – | – | – | 16,429 |
10 December 2020 | 61,313 | – | (17,916) | – | 43,397 |
16 December 2021 | 95,314 | – | – | – | 95,314 |
12 December 2022 | 218,255 | – | – | – | 218,255 |
11 December 2023 | – | 231,858 | – | – | 231,858 |
DBP | |||||
10 December 2020 | 34,298 | – | (32,303) | (1,995) | – |
16 December 2021 | 40,800 | – | (3,112) | (5,718) | 31,970 |
12 December 2022 | 65,177 | – | (2,244) | (10,914) | 52,019 |
11 December 2023 | – | 62,939 | – | (6,699) | 56,240 |
EDBP | |||||
21 December 2017 | 8,218 | – | – | – | 8,218 |
17 December 2018 | 59,166 | – | (52,136) | – | 7,030 |
17 December 2019 | 42,700 | – | – | – | 42,700 |
10 December 2020 | 50,108 | – | – | – | 50,108 |
16 December 2021 | 17,864 | – | – | – | 17,864 |
12 December 2022 | 28,764 | – | (884) | (4,420) | 23,460 |
11 December 2023 | – | 29,422 | – | (9,082) | 20,340 |
Total | 738,406 | 324,219 | (108,595) | (38,828) | 915,202 |
Awards | |||||||
Exercise price | Exercise | Opening | Awards | Awards | lapsed/ | Closing | |
(pence) 1 | period | balance | granted | exercised | cancelled | balance | |
SAYE | |||||||
2019 | 193.0 | 2022-25 | 40,413 | – | (32,642) | – | 7,771 |
2020 | 245.0 | 2023-26 | 92,993 | – | (21,739) | (32,075) | 39,179 |
2021 | 234.0 | 2024-27 | 70,646 | – | (13,149) | (5,383) | 52,114 |
2022 | 248.0 | 2025-28 | 93,624 | – | – | (27,938) | 65,686 |
2023 | 203.0 | 2026-29 | 516,667 | – | – | (94,363) | 422,304 |
2024 | 200.0 | 2027-29 | – | 169,117 | – | – | 169,117 |
814,343 | 169,117 | (67,530) | (159,759) | 756,171 | |||
Weighted average exercise price (pence per share) | 215.2 | 203.0 | 217.7 | 220.3 | 210.4 |
Companies House | |
Company | registered number |
Atlantic Metropolitan (U.K.) Limited | 01628078 |
BPT (Bradford Property Trust) Limited | 00252992 |
BPT (Residential Investments) Limited | 00359346 |
BPT Limited | 00229269 |
Bromley Property Holdings Limited | 04132693 |
Bromley Property Investments Limited | 04066391 |
Crossco (No. 103) Limited | 02929000 |
Derwent Developments (Curzon) Limited | 05887266 |
Derwent Developments Limited | 01899218 |
Faside Estates Limited | SC019680 |
Globe Brothers Estates Limited | 00242985 |
Grainger (Hallsville Block D1) Limited | 12170837 |
Grainger (Hallsville Residential) Limited | 14669820 |
Grainger (Hallsville) Limited | 11834099 |
Grainger (Hornsey) Limited | 04810257 |
Grainger Asset Management Limited | 04417232 |
Grainger Bradley Limited | 08324941 |
Grainger Development Management Limited | 03146573 |
Grainger Developments Limited | 06061419 |
Grainger Employees Limited | 05019636 |
Grainger Europe Limited | 05299283 |
Grainger Finance (Tricomm) Limited | 08451352 |
Grainger Homes (Gateshead) Limited | 05651808 |
Grainger Homes Limited | 04125751 |
Companies House | |
Company | registered number |
Grainger Housing & Developments Limited | 02018842 |
Grainger Invest No.1 Limited Liability Partnership | OC312947 |
Grainger Invest No.2 Limited Liability Partnership | OC317919 |
Grainger Kensington & Chelsea Limited | 08151345 |
Grainger Maidenhead Limited | 03709575 |
Grainger Newbury Limited | 03904336 |
Grainger OCCC Limited | 07557656 |
Grainger Properties Limited | 03910945 |
Grainger RAMP Limited | 07560835 |
Grainger Real Estate Limited | 04170173 |
Grainger Residential Management Limited | 04974627 |
Grainger PRS Limited | 05789357 |
Grainger Seven Sisters Limited | 06111428 |
Grainger Treasury Property Investments Limited | LP01184 6 |
Partnership | |
Grainger Tribe Limited | 11055318 |
Greit Limited | 05788577 |
GRIP UK Property Developments Limited | 10626824 |
Margrave Estates Limited | 00332564 |
MREF III Newcastle Operations Limited | 10606762 |
PHA Limited | 06734419 |
Portland House Holdings Limited | 02421236 |
Warren Court Limited | 03109104 |
West Waterlooville Developments Limited | 03047254 |
2024 | 2023 | |||
Fees | Year end | Fees | Year end | |
£’000 | recognised | balance | recognised | balance |
Connected Living London (BTR) Limited | 735 | 870 | 1,455 | 480 |
Lewisham Grainger Holdings LLP | 226 | 513 | 307 | 368 |
Vesta LP | 811 | 214 | 838 | 227 |
1,772 | 1,597 | 2,600 | 1,075 |
2024 | 2023 | |||||
Year end | Year end | |||||
Interest | loan | Interest | Interest | loan | Interest | |
recognised | balance | rate | recognised | balance | rate | |
£’000 | £m | % | £’000 | £m | % | |
Curzon Park Limited | – | 18.1 | Nil | – | 18.1 | Nil |
Lewisham Grainger Holdings LLP | 1,196 | 11.5 | 11.0 | 871 | 10.2 | 11.2 |
Vesta LP | - | 14.5 | Nil | – | 14.5 | Nil |
1,196 | 44.1 | 871 | 42.8 |
2024 | 2023 | |
£m | £m | |
Operating lease payments due: | ||
Not later than one year | 42.4 | 32.2 |
Greater than one year but less than two years | 3.4 | 2.4 |
Greater than two years but less than three years | 2.8 | 2.0 |
Greater than three years but less than four years | 2.4 | 1.7 |
Greater than four years but less than five years | 1.8 | 1.4 |
Greater than five years | 68.7 | 70.2 |
121.5 | 109.9 |
2024 | 2023 | |
£m | £m | |
Operating lease payments due: | ||
Not later than one year | 0.7 | 0.2 |
Later than one year and not later than five years | 2.5 | 1.9 |
Later than five years | 3.8 | 5.0 |
7.0 | 7.1 |
2024 | 2023 | |
£m | £m | |
Wholly-owned Group subsidiaries | 303.7 | 397.8 |
303.7 | 397.8 |