Annual results for the year ended 31 March 2022

Companies

LXI Reit (LXI)

UK 100

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Alternative performance measures	31 March 2022	31 March 2021	Change
Total NAV return	18.2%	5.6%	+12.6 pts
EPRA NTA per share	142.6p	125.7p	+13.4%
Total shareholder return	23.3%	21.7%	+1.6 pts
Portfolio value¹	£1,544.4m	£938.4m	+64.6%
Loan to value	22%	23%	-1 pt.
Adjusted EPS	7.0p	7.5p	-6.7%
Dividend per share	6.0p	5.55p	+8.1%
Total expense ratio	1.0%	0.9%	+10 bps
IFRS performance measures	31 March 2022	31 March 2021	Change
Rental income	£58.5m	£42.8m	+36.7%
Operating profit before fair value changes²	£49.2m	£36.9m	+33.3%
Equity raised in the year	£354m	£125m	+183.2%
Earnings per share	22.8p	7.6p	+200.0%
Investment property at fair value	£1,499.1m	£887.5m	+68.9%
Total assets	£1,592.9m	£990.1m	+60.9%
Net assets	£1,300.7m	£781.4m	+66.5%
NAV per share	142.7p	125.7p	+13.5%

	31 March 2022	31 March 2021
Average NIY on acquisitions to date	5.5%	5.7%
Average geared IRR on disposals to date	24% pa	23% pa
Rents containing index-linked/fixed uplifts	96%	96%
Rents containing minimum uplifts	76%	69%
Average minimum uplift	2% pa	2% pa
WAULT to first break	21-years	21-years
EPC A or B on forward fundings	99%	98%
Triple-net leases	100%	100%
Portfolio let or pre-let	100%	100%
Property sectors	11	8
Separate tenants	>70	>50

LXI REIT Advisors Limited Simon Lee (Partner, Fund Manager) John White (Partner, Fund Manager) Freddie Brooks (CFO)	Via Maitland/amo

Peel Hunt LLP Luke Simpson/Liz Yong	020 7418 8900

J efferies International Ed Matthews/Tom Yeadon	020 7029 8000

Maitland/amo (Communications Adviser) James Benjamin	07747 113 930 lxireit-maitland@maitland.co.uk

Year ending 31 March	Annual	Five-yearly	Total*
2023	37%	5%	42%
2024	37%	8%	45%
2025	37%	8%	45%
2026	37%	19%	56%
2027	37%	11%	48%

Facility	Lender	Size	Interest rate	Expiry
Term loan	Scottish Widows	£55m	2.74% fixed	Dec 2033
Term loan	Scottish Widows	£40m	2.74% fixed	Dec 2033
Term loan	Scottish Widows	£75m	2.99% fixed	Dec 2033
RCF	Lloyds Bank and RBSi	£165m	1.55% margin	Aug 2024

Governance
Describe the Board's oversight of climate-related risks and opportunities.	Climate-related strategy has been a standing agenda point for the Board since May 2021. This facilitates reporting on a quarterly basis directly to the Company's Board of Directors on the implementation of the Group's climate risk strategy. In the previous year, the Board, along with the Investment Advisor, determined that climate-related strategy should be broadened and the integration of climate-related matters in the investment process should be better established. As such we have worked hard to further integrate climate-related risks into strategic and other decisions made. This has been achieved by updating the format of Board reporting on acquisitions to include climate-related matters that are aligned with our ESG policy. The acquisition process now also includes instructing decarbonisation reports for all assets that have EPC ratings lower than a B, with the aim of identifying specific risks and opportunities of potential assets. The Board oversees and monitors the ESG strategy and progress towards approved ESG goals and targets on a quarterly basis
Describe management's role in assessing and managing climate-related risks and opportunities	Representatives from the Investment Advisor and the Board of Directors came together to form the Company's Climate Risk Working Group (CRWG). This makes recommendations to the Board regarding climate-risk, including the current strategy which has been approved by the Board. The CRWG meets a minimum of once a quarter to assess implementation of the strategy and reports directly to the Board of Directors at each quarterly Board meeting.
Strategy
Describe the climate-related risks and opportunities identified by the organisation over the short, medium and longer-term	Short-term (12 months) - market shift in terms of stricter legislation e.g. the introduction in the UK of the potential new minimum energy efficiency standards (MEES) for commercial and domestic property in response to the UK committing to becoming net zero carbon by 2050. There is also a risk of physical damage to real estate as a result of immediate environment-related factors such as flood risks, which is likely to impact the long-term horizon due to changing climates. Medium-term (up to 3 years) - lower yields as a larger pool of capital is likely to chase the most energy efficient assets. This represents an opportunity for those best-in-class assets to achieve a 'green premium'. The Company's position (in terms of exposure to more energy efficient assets and strategy of forward funding new assets which tend to benefit from higher efficiency levels), puts the Group in a strong position to benefit from this. Conversely, the Group has certain assets that are comparatively less energy efficient and as such these assets are likely to see any potential purchasers taking a deduction for capex required to improve the performance of an asset and valuation yields widening over time. The impact of these 'green premiums' and 'brown discounts' will create greater polarity in valuations depending on the energy performance of an asset and is expected to be seen in the medium-term. There is a further risk that the Company's ability to grow through continued investment from existing and new shareholders is restricted because it is not aligned with their investment criteria or seen to be effectively managing climate-risk within the portfolio. This may also have a medium-term impact on share price and access to capital. Long-term (3+ years after which point leases and other material arrangements, such as long-term loans, are expected to expire) As we see an increase in 'green debt' issues (bonds and RCFs), we are seeing an increased preference for lenders toward products with 'green' parameters and a cheaper cost of debt for those instruments. Providers of finance for the Company may set specific climate risk related parameters for counterparties (by policy or by law) that will reduce the Company's access to capital if it does not meet the relevant criteria, or increase the Company's cost of debt. Over the long-term, as a result of climate-change, the built environment and the impact of climate-related factors such as changes in weather systems may significantly change. As such, the Group's assets may become more greatly exposed to physical risk for example from flooding or tropical cyclone remnants and therefore no longer be viable to tenants. Environmental due diligence is carried out on all new acquisitions to highlight any potential physical risk to the asset (e.g. flooding). To date, the fund has not acquired any asset with a considered 'high' physical risk, however as assets are owned for a longer period of time we recognise the need to re-asses this physical risk. Changes in legislation over the longer-term as well as factors such as the energy efficiency of real estate being incompatible with legislation and targets that impact the occupier, may result in our assets becoming unlettable or other costs, such as taxes or levies against assets that perform poorly in terms of climate impact. Net Zero reports are obtained for any assets that fall below a minimum standard to understand the feasibility and costs of future improvement works.
Describe the impact of climate-related risks and opportunities on the business model, strategy, and financial planning	Acquisitions - During the acquisition process, we look to assess the true cost of a potential purchase and how we can transition it to a net zero carbon pathway, including the eventual adoption of higher EPC standards. The Group have instructed Zero Carbon reports on all acquisitions with EPC ratings lower than a B. Financial planning (capital expenditure and allocation) - We are looking to include the cost of EPC improvements in our financial appraisals and forecasting. For example, we have instructed the first tranche of decarbonisation reports on high value assets with poor EPC ratings to determine the estimated capex costs of carrying out improvements. This will be factored into our financial planning as we are likely to have to share some of the capex costs with tenants. The Company Secretary, corporate lawyers and other third parties continue to keep the Company abreast with changes in legislation, enabling us to remain ahead of compliance and take a forward-view. Access to capital - Our climate risk strategy is designed to ensure we meet appropriate 'green' credentials so we can continue to access debt and partner with lenders at low cost. We are planning to manage the risk associated with access to capital by providing investors and other stakeholders with relevant and comparable ESG metrics and disclosures. The Investment Advisor communicates regularly with the Company's shareholders to understand their changing parameters and requirements and to ensure we continue to meet their expectations when it comes to sustainability and climate-related matters. These conversations have led us to evaluate the Company's own carbon footprint so we can determine a timeframe in which to become carbon neutral. This is separate to the impact of the underlying real estate which is outside of its control.
Describe the resilience of the organisation's strategy against different climate-related scenarios e.g., different impacts on infrastructure at higher future temperatures, including a 2⁰C or lower scenario.	We recognise that climate change does have an impact on our business, both directly and indirectly. As part of our strategic evolution, we are committed to transparently addressing the transitional and physical risks and opportunities which apply to our business. If average global temperatures increase by 2°C by the year 2100, there will be a higher likelihood of greater physical risk facing our assets. These physical impacts may include "acute" physical damage from variations in weather patterns (such as severe storms, floods, drought and over-heating) as well "chronic" impacts such as sea level rise. Although all of our leases are full repairing and insuring leases, meaning for the duration of the tenancy the tenant is responsible for all repair, we recognise potential financial impacts on our tenants could in turn impact the Group through tenant default or forced vacancy. Indeed, our tenants may be financially impacted by physical risks in the following ways: · Reduced revenue from decreased production capacity and increased business disruption (e.g. supply chain interruptions, damages to production sites, transport issues etc.) · Reduced revenue from lower sales · Write-offs of stock or assets (e.g. due to damage to buildings or equipment) · Increased costs required for health and safety or to repair damage · Increased insurance premiums on assets that are considered 'high' physical risk This will in turn have direct impacts on the Company. For example, assets that become difficult to rent or lay vacant due to tenant default may require rent-free periods or concessions. What's more, valuations are likely to be adversely affected for assets exposed to more frequent or extreme weather-related events. The Company mitigates this by maintaining strong relationships with its tenants to ensure both parties are informed of risks. It also continues to carry out appropriate due diligence on all new acquisitions so that potential risks are identified at an early stage; and the potential financial impact is considered in financial projections. To date, the Group has not acquired an asset classified as having a 'high' physical risk. However, we recognise the need to re-assess and monitor exposure to physical risks to reflect new climate science and forecasts.
Risk Management
Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation's overall risk management	Climate risk has been added to the Company's risk register. Responsibility for identifying, assessing and managing climate-related risks are delegated to the Climate Risk Working Group (CRWG) which reports directly to the Board. The CRWG continually evaluates key risks (which includes sustainability/climate change related risks), the effectiveness of existing controls and identifies where further mitigation measures might be required. For example, this approach led to the inclusion of climate considerations within the acquisition and due diligence process described earlier.
Metrics and Targets
Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process.	To enable our stakeholders to understand our climate impact and subsequent performance we are committed to enhancing our reporting to include an extensive range of metrics relating to energy, carbon, waste and water. These are grouped according to whether they relate to the: 1) underlying real estate portfolio and assets, or 2) operations of the Company and the Investment Advisor EPC ratings are the main metric used to assess the climate-related risks associated with the underlying real estate portfolio and assets. The CRWG regularly reviews the exposure to substandard EPC ratings to ensure we are on track to meet our goal of having the entire portfolio rated B or better by 2030. To better understand the impact of the business, as well as its underlying assets, we recently embarked on collecting data to enable reporting on scopes 1-3 emissions in line with EPRA's sBPR. This is a significant step towards gaining a better understanding of our emissions and carbon performance, so we can establish a science-based carbon neutral target within the next two years. As previously noted, the Company is also developing metrics to better align with other real estate businesses and is targeting a GRESB portfolio score in its September 2022 Interim Report.
Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks.	Later in this report, we provide disclosure of our Scope 1, 2 and selected Scope 3 emissions. We arrange our GHG emissions reporting in line with the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard. Our relevant emissions categories include fuel and energy related activities, business travel, water use and emissions from downstream leased assets (tenant emissions) where data is available. In the coming months we will be actively engaging with tenants to gather their energy use data to increase coverage of our Scope 3 emissions.
Describe the targets used by the organisation to manage climate related risks and opportunities and performance against targets.	We evaluate performance against the following long-term goals and targets to: · continue to integrate climate-related matters into the Company's investment process · develop a road map to deliver a science-based carbon neutral target for the business · provide investors and our wider stakeholder group with relevant and comparable disclosure relating to ESG matters · achieve EPC ratings on all assets of A or B by 2030 The CRWG's reviews progress against approved short-term actions needed to achieve each longer-term goal and adapts these to ensure continuous improvement.

			Consumption	tCo2e¹
2021	Scope 1 emissions	Scope 1	-	-
	Electricity Landlord (kWh)	Scope 2	60,005.68	8.20
	Electricity Office (kWh)	Scope 3	15,592.03	3.31
	Gas Office (kWh)	Scope 3	2,825.27	0.52
	Water Office (m3)	Scope 3	20.00	0.00
	Business Travel (miles)	Scope 3	19,295.00	5.12
	Electricity Tenants (kWh)	Scope 3	28,912,702.49	1,846.99
	Gas Tenants (kWh)	Scope 3	30,175,848.94	5,527.01
	Water Tenants (m3)	Scope 3	137,549.54	8.20
	Tenants' Other fuels (kWh)	Scope 3	1,650.00	0.39
	Total emissions for 2021			7,399.74

			Consumption	tCo2e¹
2020	Scope 1 emissions	Scope 1	-	-
	Electricity Landlord (kWh)	Scope 2	45,749.00	7.08
	Electricity Office (kWh)	Scope 3	13,347.44	3.11
	Gas Office (kWh)	Scope 3	1,454.95	0.27
	Water Office (m3)	Scope 3	19.24	0.01
	Business Travel (miles)	Scope 3	10,570.00	2.84
	Electricity Tenants (kWh)	Scope 3	21,811,373.96	4,424.88
	Gas Tenants (kWh)	Scope 3	28,592,526.52	5,257.31
	Water Tenants (m3)	Scope 3	149,495.16	51.43
	Tenants' Other fuels (kWh)	Scope 3	1,650.00	0.40
	Total emissions for 2020			9,747.33

2021 Building Energy Intensity (Portfolio)	464.01	kWh/m2/year
2021 Building Water Intensity (Portfolio)	1.08	m3/m2/year
2020 Building Energy Intensity (Portfolio)	395.36	kWh/m2/year
2020 Building Water Intensity (Portfolio)	1.17	m3/m2/year

2021 Building Energy Intensity (office only)	2,046.37	kWh/person/year
2021 Building Water Intensity (office only)	2.22	m3/person/year
2020 Building Energy Intensity (office only)	1,644.71	kWh/person/year
2020 Building Water Intensity (office only)	2.14	m3/person/year

Reporting period	The energy and carbon emissions data presented here is for the reporting period 01 January 2021 to 31 December 2021 and for the comparative period spanning 01 January 2020 to 31 December 2020.
Boundary (consolidation approach)	In calculating the Group's emissions, we have considered the emissions relevant to LXi REIT plc as well as LXi REIT Advisors, being the investment advisor. The Group's specialist Real Estate ESG consultant has recommended the adoption of an "operational control" reporting boundary. This means reporting on Scope 1 and Scope 2 emissions as standard and the voluntary reporting of certain Scope 3 emissions. Owing to the nature of the company ownership, LXi REIT plc does not have any Scope 1 emissions. We rely on our tenant partners to provide the necessary data to report on our Scope 3 emissions. There has been a limited response from our tenants in relation to our data requests during the year and therefore the emissions reported are not representative of our tenant-controlled portfolio and only represent 27% of the portfolio by area. This is the first year the Group have obtained emissions data and we expect going forward tenant engagement will improve, and Scope 3 reporting will become more representative of our portfolio.
Reporting method	We arrange our GHG emissions reporting in line with the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard. A number of assumptions and estimates have been made when collecting and reporting on the data. These include: • Data received by managing agents is considered landlord-controlled data • Business travel calculations assume a medium sized car for use before electric vehicles were obtained • Out of the data collected there was no district heating and cooling consumption data
Emissions factor source	Conversion factors used from HMRC: https://www.gov.uk/government/collections/government-conversion-factors-for-company-reporting

EPC rating	A	B	C	UC¹	A to C	D	E	F	G	D and below	NC²	Total
Total portfolio	17%	31%	28%	9%	85%	13%	2%	0%	0%	15%	0%	100%

Code	Performance Measure	GRI Standard and CRESD indicator code	Section in report / comment
Environmental Sustainability Performance Measures
Elec-Abs	Total electricity consumption	302-1	ESG report - Emissions section
Elec-LfL	Like-for-like total electricity consumption	302-1	ESG report - Emissions section
DH&C-Abs,	Total district heating & cooling consumption	302-1	Not applicable to the portfolio at this time
DH&C-LfL	Like-for-like total district heating & cooling consumption	302-1	Not applicable to the portfolio at this time
Fuel-Abs,	Total fuel consumption	302-1	ESG report - Emissions section. Based on calculations of usage by tenants only
Fuel-LfL	Like-for-like total fuel consumption	302-1	ESG report - Emissions section. Based on calculations of usage by tenants only
Energy-Int	Building energy intensity	CRE1	ESG report - Emissions section. Calculated for both the portfolio and for LXI REIT HQ only
GHG-Dir-Abs	Total direct greenhouse gas (GHG) emissions	305-1	ESG report - Emissions section
GHG-Indir-Abs	Total indirect greenhouse gas (GHG) emissions	305-2	ESG report - Emissions section. Calculated based on data disclosed from tenants and landlords only
GHG-Int	Greenhouse gas (GHG) emissions from intensity from building energy consumption	CRE3	Calculated based on provided data and floor area for the reporting years- in calcs
Water-Abs,	Total water consumption	303-1	ESG report - Emissions section
Water-LfL	Like-for-like total water consumption	303-1	ESG report - Emissions section
Water-Int	Building water intensity	CRE2	ESG report - Emissions section. Calculated for both the portfolio and for LXI REIT HQ only
Waste-Abs	Total weight of waste by disposal route	306-2	N/A - no data provided
Waste-LfL	Like-for-like total weight of waste by disposal route	306-2	N/A - no data provided however going forward we aim to improve our data collection to include this category of data
Cert-Tot	Type and number of sustainability certified assets	CRE8	ESG report - EPC section
Social Performance Measures
Diversity-Emp	Employee gender diversity	405-1	Corporate governance statement - Board diversity section
Diversity-Pay	Gender pay ratio	405-2	LXi REIT plc has no employees other than Non-Executive Directors. Director remuneration details can be found in the Directors' renumeration report
Emp-Training	Employee training and development	404-1	The Company has no employees
Emp-Dev	Employee performance appraisals	404-3	The Company has no employees
Emp-Turnover	New hires and turnover	401-1	The Company has no employees
H&S-Emp	Employee health and safety	403-2	The Company has no employees
H&S-Asset	Asset health and safety assessments	416-1	Not applicable due to the nature of the Group
H&S-Comp	Asset health and safety compliance	416-2	Not applicable due to the nature of the Group
Comty-Eng	Community engagement, impact assessments and development programs	413-1	ESG Report - tenant engagement/asset management initiatives (one of 13 of our landlord controlled sites (8%))
Governance Performance Measures
Gov-Board	Composition of the highest governance body	101-22	Corporate governance statement - Leadership. The Board of Directors is the highest governance body. Three females and three males sit on the Board.
Gov-Selec	Process for nominating and selecting the highest governance body	102-24	Corporate governance statement
Gov-CoI	Process for managing conflicts of interest	102-25	Corporate governance statement - Conflicts of interest

Tenant group	Contracted rent¹	Rental exposure¹
Travelodge	£4.7m	6%
Q-Park	£4.3m	5%
Sainsburys	£3.5m	4%
Bombardier	£3.5m	4%
Compass	£3.3m	4%
Dobbies	£3.1m	4%
Asda	£3.1m	4%
Premier Inn	£3.0m	4%
Capita	£2.9m	4%
Tesco	£2.8m	3%
Greene King	£2.6m	3%
Co-op	£2.5m	3%
Bupa	£2.1m	3%
Lidl	£2.0m	3%
Kids Foundation	£1.9m	2%
Cazoo	£1.8m	2%
Esken	£1.8m	2%
Aldi	£1.8m	2%
Priory	£1.8m	2%
Jurys Inn	£1.8m	2%
BT	£1.7m	2%
50 other tenants	<£1.5m	<2%
Total	£79.4m	100%

Sector	Contracted rent¹	Rental exposure¹	Estimated rental value (ERV)²	Contracted rent vs ERV
Foodstores & essentials	£19.7m	25%	£18.9m	4%
Industrial	£14.0m	18%	£14.6m	(4)%
Hotel	£10.4m	13%	£10.1m	3%
Healthcare	£6.3m	8%	£4.7m	34%
Car park	£4.3m	6%	£4.0m	8%
Garden Centre	£3.1m	4%	£3.1m	-%
Life Sciences	£2.9m	4%	£5.2m	(44)%
Drive-thru coffee	£2.8m	3%	£2.8m	-%
Pubs	£2.6m	3%	£2.0m	30%
Education	£1.9m	2%	£1.9m	-%
Other	£11.4m	14%	£11.3m	1%
Total	£79.4m	100%	£78.6m	1%

A	B	C	Total
70%	29%	1%	100%

Unexpired lease term to first break	Contracted rent¹	Rental exposure¹
More than 19-years (i.e. 20+)	£47.3m	60%
More than 14-years, fewer than 19-years	£20.8m	26%
More than 9-years, fewer than 14-years	£10.8m	14%
More than 5-years, fewer than 9-years	£0.3m	0%
Fewer than 5-years	£0.2m	0%
Total	£79.4m	100%

Location	Contracted rent¹	Rental exposure¹
South East	16.3m	20%
Yorkshire and the Humber	10.5m	13%
Scotland	£9.2m	12%
North East	£9.1m	11%
North West	£9.0m	11%
West Midlands	£8.7m	11%
South West	£5.4m	7%
East of England	£4.5m	6%
East Midlands	3.6m	5%
Wales	2.0m	3%
Northern Ireland	1.1m	1%
Total	£79.4m	100%

Measure and Definition	Purpose	Performance
1. EPRA Earnings Per Share	A key measure of a company's underlying operating results and an indication of the extent to which current dividend payments are supported by earnings.	6.1p (31 March 2021: 6.4p)
2. EPRA Net Tangible Assets ("NTA")	Assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax.	142.6p (31 March 2021: 125.7p)
3. EPRA Net Reinstatement Value ("NRV")	Assumes that entities never sell assets and aims to represent the value required to rebuild the entity.	153.7p (31 March 2021: 136.1p)
4. EPRA Net Disposal Value ( " NDV " )	Represents the shareholders' value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax.	143.7p (31 March 2021: 124.8p)
5. EPRA Net Initial Yield ("NIY")	EPRA NIY is annualised net rents on investment properties as a percentage of the investment property valuation, less purchaser's costs.	4.5% (31 March 2021: 4.9%)
6. EPRA 'Topped-Up' NIY	The 'topped-up' measure incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents).	6.6% (31 March 2021: 6.5%)
7. EPRA Vacancy	A 'pure' (%) measure of investment property space that is vacant, based on ERV.	0% (31 March 2021: 0%)
8. EPRA Cost Ratio	A key measure to enable meaningful measurement of the changes in a company's operating costs.	15.9% (31 March 2021: 13.8%)

Rental uplifts	Contracted rent¹	Rental exposure¹
RPI linked	£43.1m	54%
CPI linked	£15.4m	19%
Fixed uplifts	£17.8m	23%
Open market	£3.1m	4%
Total	£79.4m	100%

KPI and definition	Relevance to strategy	Performance		Result
KPI and definition	Relevance to strategy	2022	2021	Result
1. Total NAV return Total NAV return measures the change in the EPRA NTA and dividends during the period as a percentage of EPRA NTA at the start of the period. We are targeting a minimum of 8% per annum over the medium term.	Total NAV return measures the ultimate outcome of our strategy, which is to deliver value to our shareholders through our portfolio and to deliver a secure and growing income stream. A reconciliation of total NAV return is provided in the Additional Information section of the Company's Annual Report.	18.2%	5.6%	The current year result is significantly above the Group's medium-term minimum target of 8% per annum.
2. Dividend per share Dividends paid to shareholders and proposed in relation to a period.	The dividend reflects our ability to deliver a low risk but growing income stream from our portfolio and is a key element of our total NAV return.	6.00p	5.55p	During the year the Group targeted dividends on a quarterly basis and all dividend targets announced were met.
3 . EPRA Net Tangible Assets ("NTA") Assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax.	The NAV reflects our ability to grow the portfolio and to add value to it throughout the life cycle of our assets.	142.6p	125.7p	Increased EPRA NTA per share by 13.4%.
4. Loan to value The proportion of our total assets that is funded by borrowings. Our target maximum LTV is 35%.	The LTV measures the prudence of our financing strategy, balancing the additional returns and portfolio diversification that come with using debt against the need to successfully manage risk.	22%	23%	Below our medium term maximum target of 35% and LTV covenant of 50%.
5. Adjusted earnings per share Post-tax Adjusted earnings per share attributable to shareholders, which includes the licence fee receivable on our forward funded development assets treated under IFRS as discounts to investment property acquisitions.	The Adjusted earnings per share reflects our ability to generate income from our portfolio, which ultimately underpins our dividend payments. A reconciliation of Adjusted earnings is included in Note 24 to the consolidated financial statements.	7.0p	7.5p	Reflecting 1.16 times dividend cover.
6. Total expense ratio The ratio of total operating expenses, including management fees expressed as a percentage of the average net asset value.	The total expense ratio is a key measure of our operational excellence. Maintaining a low cost base supports our ability to pay dividends.	1.0%	0.9%	In line with our target.
7. Weighted average unexpired lease term The average unexpired lease term of the property portfolio weighted by annual passing rents. Our target WAULT is a minimum of 20 years.	The WAULT is a key measure of the quality of our portfolio. Long lease terms underpin the security and predictability of our income stream.	21 years	21 years	In line with our investment objective.
8. Percentage of contracted rents index-linked or fixed This takes the total value of contracted rents that contain rent reviews linked to inflation or fixed uplifts.	This measures the extent to which we are investing in line with our investment objective, to provide inflation-linked returns.	96%	96%	In line with our investment objective.

Stakeholder	Why should we engage with them?	How we engage with them	Key themes and points of interests	Key Decision and actions taken
Investors	In order to better align the Company with that of its shareholders, paying particular attention to their aspirations and long-term goals	Through a number of shareholder meetings held throughout the year. Also, indirectly through the Company's website, Annual Report and Interim Report and at the AGM.	· High and rising dividend; · Growth of the Company; · Diversity of the Company's portfolio; · Environmental, social responsible ('ESG') investing	Following the many shareholder meetings the Board have taken the following actions: · Approved a dividend target that increased the dividend by 5% from the previous year; · Undertaken two fundraising exercises, raising a total of £354 million which increased the Company's size by a third; · The increased size of the Company has allowed the Company to diversify its portfolio of investments; · ESG has become a key consideration when considering each acquisition; · The Board approved a new enhanced ESG policy during the year which was created following consultation with the Company's shareholders.
Tenants	To help the Board develop a clear understanding of the challenges facing tenants and so that the Board can respond rapidly to the changing needs and demands of its tenants.	Extensive due diligence undertaken as part of tenant selection process; Regular communications with tenants are maintained throughout tenancy agreement especially during times of uncertainty (i.e. lockdown); Tenant and industry changing needs are monitored; The Board are focused on asset management initiatives to assist tenants in achieving the maximum value from each site and thereby, increasing each sites strategic importance to the tenant and in doing so increasing the security of the Company's revenue stream.	ESG has become of increasing importance to each client. The evolving business plans of the Company's tenants has identified the changing needs of the clients of each tenant, particularly the increase in online shopping.	In response to the changing needs of the Company's tenants, the Board has agreed, and the Investment Advisor has implemented, a number of initiatives to improve the environmental impact of certain of its sites where deemed appropriate, including: · Installing EV charging points; · Installing solar panels; · Improved EPC rating; · Taking measures to protect sites at risk from severe weather events e.g. flooding.
Key Service Providers	As an externally managed investment trust, the Company conducts all its business through its key service providers. In order to better align the Company's values with that of its key service providers. To ensure the challenges faced by the Company's key service providers are identified and considered by the Board.	The Board performs an annual evaluation of all of its key service providers to ensure inter alia that the Company's values remain aligned. The Board has regular interaction with the Investment Advisor, AIFM, Broker, Company Secretary, Administrator and Depositary and receives reports on the performance of the rest of the key service providers by the Investment Advisor and Company Secretary.	Lockdown continued to impact on each of the Company's service providers at the beginning of the year and each were able to demonstrate resilience. The restrictions have since been lifted; The conclusion of the annual evaluation of the Company's service providers did not raise any concerns.	No issues were identified during the year and the Board confirmed that they remained appropriate and that their appointment continue.
Society and the environment	To ensure that the Company's activities have a positive impact on communities and the environment.	The Board, via their Investment Advisor, seek to engage with its tenants and local communities to gain a greater understanding of their concerns and views.	The Board has become aware that there is strong focus on ESG matters at certain sites. Social concerns at certain sites are considered.	The Company has adopted an ESG policy and climate risk strategy that ensure that society and the environment are considered whilst implementing its investment strategy. The ESG policy is available on request from the Company Secretary and the Environmental, Social and Governance report is included in the Company's Annual Report. Other matters are detailed above under 'Tenants'. The Company invests in a number of care homes to meet the growing need for care services in the UK.
Lenders	To ensure the Company's lending needs continue to be met. To ensure the values of the Company's lenders are aligned with that of the Company's.	The Group works closely with lenders to maintain a constructive relationship through ongoing engagement. The Investment Advisor regularly discusses ongoing initiatives and portfolio matters with its lenders.	The Investment Advisor takes into account the terms of its loan agreements when implementing the investment strategy.	The Group uses conservative leverage to gear shareholder returns in line with the Company's borrowing policy.

R isk	M itigant	P robability	I mpact
Macro economic challenges: The UK is experiencing historic price rises with the highest inflation rate in 40 years, and a slowing economy. The Bank of England has responded by successive interest rate increases which c ould lead to a sharp decline in economic activity, stock markets and possibly stagflation. A recessionary environment could impact real estate valuations. Continued high inflation may cause rents to exceed market levels and result in the softening of valuation yields. Where leases have capped rental uplifts, high inflation may cause rent reviews to cap out at maximum values, causing rental uplifts to fall behind inflation. Increasing interest rates may cause the company to find it difficult or costly to finance through debt in the future.	Inflation is monitored closely by the Board. The Group's portfolio rent reviews include a mix of fixed, upward only capped and collared uplifts as well as some uncapped rent reviews, to hedge against a variety of inflationary outcomes. The Group has borrowed on a fixed or capped rate basis or entered into hedging arrangements to mitigate the risk of movements in interest rates.	H igh	Moderate
Covid-19 global pandemic Covid-19 created considerable uncertainty for the economy, the real estate market and the investment sector. For the business, there was an increased risk of tenant default. However, in the first quarter of 2022 with evidence of reduced threat, lockdown and movement restrictions were lifted and there was a gradual reopening of business. The risk to the company from Covid-19 has been reduced considerably. Although still being monitored; as new strains may develop, and the longer term impact (including more permanent structural changes such as the trend toward working from home) is still uncertain, probability it has been downgraded from high to low.	The ongoing impact of Covid-19 is monitored. A general covenant review has been undertaken of all major tenants. Covenant reviews of all tenants over 2% of the portfolio are provided to the Board for quarterly review. The Board continues to review the impact of longer term structural changes on the Group's properties.	Low (from high)	Moderate (from high)
Geopolitical risk War in the Ukraine: Russia's invasion of the Ukraine in February 2022 has led to a surge in global energy and food prices. The extent and impact of military action, resulting sanctions and further market disruptions is difficult to predict which increases the uncertainty, and challenges of tenant operators as well as consumer confidence and financial markets. This could lead to a recession should the conflict move towards a broader regional or global one. Brexit: Following the UK's exit from the European Union, there continues to be political and economic uncertainty with some sectors experiencing significant shortages of labour and materials. The impact on the company is relatively uncertain as a change of regulatory compliance could still occur however, the probability has changed from moderate to low in the current year as there is less uncertainty with the passage of time.	The Board recognises that the level of uncertainty makes the risk difficult to mitigate fully. The strength of our tenant and guarantor group reduces the impact of economic uncertainty impacting our income and the portfolio is well positioned to withstand any downturn. The Group invests solely in UK properties.	High	Moderate
Property and real estate risks
Competition for properties The Group will face competition from other property investors. Competitors may have greater financial resources than the Group and a greater ability to borrow funds to acquire properties. Competition in the property market may also lead either to an oversupply of properties in the target market through over development or the price of existing properties being driven up through competing bids by potential purchasers.	The Board has set the overall investment objective and strategy of the Group. The Board reviews the performance of the Group against its investment objectives at quarterly Board meetings. The Investment Advisor monitors the Group's financial position and returns on an ongoing basis. The Investment Advisor has long standing relationships and an extensive track-record. The Group also has a wide range of available assets given (i) a multi sector approach and (ii) an ability to forward fund as well as invest in built assets. To date the Group has transacted the vast majority of deals on an 'off market' basis, avoiding competition.	Moderate	Moderate
Property valuation The Group invests in commercial properties. Property is inherently difficult to value due to the individual nature of each property. As a result, valuations are subject to uncertainty and there can be no assurance that the estimates resulting from the valuation process will reflect actual sales prices that could be realised by the Group in future. Such investments are generally illiquid; they may be difficult for the Group to sell and the price achieved on any realisation may be at a discount to the prevailing valuation of the relevant property. The Group's independent third-party valuer relies on the information provided by the Investment Advisor to produce its valuations. The valuer does not use source documents. An error in the information provided to the valuer could result in material error in the property valuation.	The Group only acquires properties with strong fundamentals that are of strategic importance to their tenants. The Group aims to hold assets for long-term income and embeds income growth into leases which contributes toward positive valuation movements. An experienced independent third party valuer has been appointed to carry out bi-annual property valuations. The performance of third party service providers is regularly reviewed by the Board. The valuer inspects each property at least once annually. The Investment Advisor agrees all information included in the valuation report back to source data each time the portfolio is valued. The data provided to the valuer is reviewed internally by the Directors of the Investment Advisor.	Low	Moderate to high
Tenant default risk Dividends payable by the Group will be dependent on the income from the properties it owns. Failure by one or more tenants to comply with their rental obligations could affect the ability of the company to pay dividends.	The Investment Advisor undertakes thorough due diligence before proposing investments to the Board for approval and only proposes assets let to strong tenants with proven operating track records who should be able to pay the rents as and when they are due. The Investment Advisor continues to monitor the credit worthiness of its tenant counterparties by quarterly reviews of operating performance and liquidity, as well as reviews of other online data including credit ratings and press. The Investment Advisor has regular communication with tenants to discuss the operating performance of its assets as well as at a corporate level. The Investment Advisor focusses on sectors that have a competitive tenant market and properties that demonstrate strong fundamentals such as low rents, low level of specification and strong trading performance at an asset level. These factors protect against the potential downside impact of tenant default as the property is attractive to alternative users.	Low	Moderate
Compliance risks
REIT status Failure to adhere to accounting, legal and regulatory requirements could result in material adverse consequences for the Group. If the Group fails to remain qualified as a REIT, the Group will be subject to UK corporation tax on some or all of its property rental income and chargeable gains, which would reduce the earnings and amounts available for distribution to shareholders.	The Investment Advisor monitors compliance with the REIT regime. The Group has appointed experienced third-party tax advisors with appropriate relevant experience to assist with tax compliance matters. Calculation of dividend is carried out by the Group's Administrator before review by the AIFM and Investment Advisor. The performance of third party service providers is regularly reviewed by the Management Engagement Committee and the Board. The Investment Advisor reports quarterly to the Board on the two financial metrics relevant to REIT compliance, being balance of business and distribution of profits.	Low	High
Operating within banking covenants The Group's borrowing facilities contain certain financial covenants relating to Loan to Value ratio and Interest Cover ratio, a breach of which would lead to a default on the loan. The Group must continue to operate within these financial covenants to avoid default.	The Group acquires property with a low loan to value ratio and there is significant headroom for valuation movements. The Investment Advisor and/or AIFM monitor compliance with the banking loan covenants. The Investment Advisor reports quarterly to the Board on the two financial covenant compliance.	Low	High
Other risks
Dependence on the Investment Advisor The Group relies on the Investment Advisor's services, market intelligence, relationships and expertise. To a large extent the Group's performance is reliant on the continued service of the Investment Advisor. A termination of the Investment Advisory Agreement would have an adverse impact on the Group's performance. An unexpectedly rapid growth in the Investment Advisor's assets under management might cause an adverse impact on the Group's performance.	The Board has executed a long-term Investment Advisory Agreement. securing the services of the Investment Advisor until 31 March 2025. A key man provision exists in the IA agreement relating to the co-Fund Managers. The Board meets regularly with the Investment Advisor to promote a positive working relationship and the performance of the Investment Advisory is monitored by the Management Engagement Committee. The Investment Advisory fee is a sliding scale % based on market capitalisation to align the Investment Advisor's interest with those of the shareholders. The Investment Advisor is committed to growing its own resource to adequately reflect any growth in AUM and this has been demonstrated by the recruitment of additional personnel where appropriate to support the continued effective management of assets. The Investment Advisor is also part of a wider group with over $15bn under management and adequate resources and expertise that may be relied upon from time to time. Some operational matters are subcontracted to this group as required and appropriate.	Low	High
Climate-related risks
Physical risk There is a risk of physical damage to real estate as a result of immediate environment-related factors such as flood risks, natural fires, etc. This risk is likely to change and evolve over time. In the long-term, volatile changes in the weather systems may deem the Group's properties no longer viable to tenants.	The Company obtains environmental surveys on all acquisitions, which address the short-term risk of climate related damage to group properties. The Investment Advisor's asset management team will continue to monitor the changing physical risk as it develops through regular site visits to the Group's assets.	Low	High
Property valuation As institutional property investors and owners increase their focus on climate risk, there is likely to become a larger pool of capital looking to invest in energy efficient assets. Although this represents an opportunity for those best-in-class assets to achieve a 'green premium', there is likely to be a dwindling pool of capital willing, and a wider yield demanded, to invest in assets that are less energy efficiency. The combined effect may result in greater polarisation of property values. The assets within the Group's portfolio that are less energy efficient may be exposed to downward pressure on valuation or increased pressure to invest in the improvement of individual assets. Given the unexpired lease terms across the portfolio, this trend may impact the residual values implicit in valuations and reduce tenant demand for these properties.	A Climate Risk working group (CRWG) has been created to develop a road map to an energy efficient property portfolio including an appropriate policy for minimum energy performance across the Group's assets. The working group covers both the Company and the Investment Advisor, who is the key service provider to the group. A short-term initiative has been sent to ascertain the carbon footprint that the Company has as a whole, and to establish its reporting boundaries and recommend a realistic goal for becoming carbon neutral. The Group is employing external experts to assess the work required and the cost of implementation. Allowance has been made in the Group's financial planning as it is likely to have to share some of the capex costs of meeting this target with tenants.	Moderate	High
Access to capital There is a risk that investor sentiment restricts the Company's ability to grow through continued investment from existing and new shareholders if investors do not see the Company as fitting within their own investment criteria or effectively managing climate-risk within the portfolio. This could potentially impact share price and access to capital. As we see an increase in 'green debt' issues (bonds and RCFs), we are seeing an increased preference for lenders toward products with 'green' parameters and a cheaper cost of debt for those instruments. Providers of finance for the Company may set specific climate risk related parameters for counterparties (by policy or by law) that will reduce the Company's access to capital if it does not meet the relevant criteria, or they may increase the Company's cost of debt.	The Company will manage the risk associated with access to capital through the implementation of relevant, transparent and comparable reporting to shareholders, investors and the wider stakeholder group. The investment advisor also regularly communicates with the Company's shareholders to discuss changing parameters and requirements for investment. The working group understands that shareholders will increase their focus on supply chain management and will want to invest in Companies that reflect a consistent ethos, particularly when it comes to sustainability and climate-related matters.	Moderate	High
Regulatory Risk Changes in legislation over the longer-term as well as other factors such as the energy efficiency of real estate being incompatible with legislation and targets that impact the occupier, may result in our assets becoming unlettable or other costs, such as taxes or fines being levied against assets that perform poorly in terms of climate impact.	The working group remains abreast of changes in legislation through the Company Secretary and corporate lawyers and other third parties. The Group's overall climate risk strategy is designed to ensure that the Company meets the appropriate 'green' credentials that will continue to allow it debt and to partner with low cost lenders.	Low	High

		Year ended 31 March 2022	Year ended 31 March 2021
	Note	£m	£m

Rental income	4	58.5	42.8

Administrative and other expenses	5	(9.3)	(5.9)

Operating profit before change in fair value and gain on disposal of investment property		49.2	36.9

Change in fair value of investment property	8	117.7	0.1
Gain on disposal of investment property	8	-	6.3
Change in fair value of financial instruments		1.2	-
Operating profit		168.1	43.3

Gain on refinancing		-	1.9
Finance costs	6	(6.8)	(5.3)
Profit before tax		161.3	39.9

Taxation	7	0.7	-

Profit and total comprehensive income attributable to shareholders		162.0	39.9

Earnings per share - basic and diluted	24	22.8p	7.6p

		31 March 2022	31 March 2021
	Note	£m	£m

Non-current assets
Investment property	8	1,480.1	887.5
Trade and other receivables	11	-	0.4
Total non-current assets		1,480.1	887.9

Current assets
Trade and other receivables	11	19.4	13.7
Assets held for sale	9	19.0	-
Deferred acquisition costs		0.7	1.4
Financial instruments		1.2	-
Cash and cash equivalents	12	72.5	87.1
Total current assets		112.8	102.2

Total assets		1,592.9	990.1

Current liabilities
Trade and other payables	13	38.6	18.3
Total current liabilities		38.6	18.3

Non-current liabilities
Bank borrowings	14	240.0	186.6
Trade and other payables	13	13.6	3.8
Total non-current liabilities		253.6	190.4

Total liabilities		292.2	208.7

Net assets		1,300.7	781.4

Equity
Share capital	15	9.1	6.2
Share premium reserve	16	940.0	544.5
Capital reduction reserve		21.0	62.1
Retained earnings		330.6	168.6
Total equity		1,300.7	781.4

Net asset value per share - basic and diluted	25	142.7p	125.7p

EPRA NTA per share	25	142.6p	125.7p

Year ended 31 March 2022		Share capital	Share premium reserve	Capital reduction reserve	Retained earnings	Total equity
	Note	£m	£m	£m	£m	£m

Balance at 1 April 2021		6.2	544.5	62.1	168.6	781.4

Profit and total comprehensive income attributable to shareholders		-	-	-	162.0	162.0

Transactions with owners
Issue of ordinary shares in the year	15,16	2.9	402.6	-	-	405.5
Share issue costs	16	-	(7.1)	-	-	(7.1)

Dividends paid in the year	17	-	-	(41.1)	-	(41.1)

Balance at 31 March 2022		9.1	940.0	21.0	330.6	1,300.7

Year ended 31 March 2021		Share capital	Share premium reserve	Capital reduction reserve	Retained earnings	Total equity
	Note	£m	£m	£m	£m	£m

Balance at 1 April 2020		5.2	423.2	90.9	128.7	648.0

Profit and total comprehensive income attributable to shareholders		-	-	-	39.9	39.9

Transactions with owners
Issue of ordinary shares in the year	15,16	1.0	124.0	-	-	125.0
Share issue costs	16	-	(2.7)	-	-	(2.7)

Dividends paid in the year	17	-	-	(28.8)	-	(28.8)

Balance at 31 March 2021		6.2	544.5	62.1	168.6	781.4

	Year ended 31 March 2022	Year ended 31 March 2021
	£m	£m

Rental income from investment property	48.6	34.4
Accretion of tenant lease incentives (Note 8)	9.9	8.4
	58.5	42.8

	Year ended 31 March 2022	Year ended 31 March 2021
	£m	£m

Investment advisory fees (Note 20)	7.1	4.4
Legal and professional fees	0.5	0.5
Other administrative costs	0.6	0.3
Corporate administration fees	0.3	0.3
Fees paid to the Company's Independent Auditor	0.2	0.2
Directors' fees (Note 20)	0.3	0.3
Recruitment fees	0.2	-
Advertising & Marketing	0.1	0.1
Expected credit loss movement	-	(0.2)
	9.3	5.9

	Year ended 31 March 2022	Year ended 31 March 2021
	£m	£m

Interest payable on bank borrowings	5.4	4.6
Amortisation of loan arrangement fees	1.2	0.7
Leasehold interest	0.2	-
	6.8	5.3

	Year ended 31 March 2022	Year ended 31 March 2021
	£m	£m

Current tax	0.7	-
Total current tax	0.7	-

Origination and reversal of temporary differences	-	-
Total deferred tax	-	-

Tax credit	0.7	-

	Investment property long leasehold		Investment property freehold		Investment property in course of construction		Total
	£m		£m		£m		£m

Year ended 31 March 2022
Balance at 1 April 2021	147.4		636.0		104.1		887.5
Property acquisitions	49.3		375.3		70.4		495.0
Licence fee receivable (Note 24)	-		-		(3.6)		(3.6)
Tenant lease incentives (Note 4)	2.1		7.3		0.5		9.9
Tenant lease contributions	-		0.9		-		0.9
Property disposals	-		(8.3)		-		(8.3)
Change in fair value	16.4		77.1		24.2		117.7
Assets transferred to held for sale	-		(19.0)		-		(19.0)
Transfers of completed property	115.8		24.1		(139.9)		-
Balance at 31 March 2022	331.0		1,093.4		55.7		1,480.1

Year ended 31 March 2021
Balance at 1 April 2020	107.3	592.3		110.1		809.7
Property acquisitions	12.8	62.0		87.3		162.1
Licence fee receivable (Note 24)	-	-		(3.5)		(3.5)
Tenant lease incentives (Note 4)	1.0	5.6		1.8		8.4
Property disposals	(0.6)	(88.7)		-		(89.3)
Change in fair value	(1.2)	(8.1)		9.4		0.1
Transfers of completed property	28.1	72.9		(101.0)		-
Balance at 31 March 2021	147.4	636.0		104.1		887.5

Valuation	Quoted prices in active markets (Level 1)	Significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
	£m	£m	£m	£m
31 March 2022	-	-	1,499.1	1,499.1
31 March 2021	-	-	887.5	887.5

Sector	Passing rent pa 31 March 2022¹	Passing rent pa range¹	Valuation 31 March 2022¹	Valuation yield range¹
	£m	£m	£m	%
Foodstores and essentials	16.3	0.1 - 2.7	386.3	3.3 - 7.5
Industrial	13.8	0.2 - 3.5	352.4	3.0 - 6.8
Hotel	10.4	0.1 - 1.8	212.6	4.1 - 6.5
Healthcare	6.3	0.0 - 1.0	110.4	5.0 - 6.4
Car parks	4.3	0.0 - 1.1	82.4	4.0 - 5.3
Garden Centre	2.1	0.3 - 0.9	43.3	4.6 - 4.6
Life sciences	2.9	2.9 - 2.9	59.8	4.5 - 4.5
Drive-thru coffee	2.5	0.0 - 0.1	38.6	4.0 - 5.8
Pubs	2.6	0.1 - 0.4	41.3	5.5 - 6.2
Education	1.9	0.0 - 0.1	34.8	5.0 - 5.0
Other	11.4	0.0 - 1.8	182.5	4.0 - 9.5
Portfolio	74.5	0.0 - 3.5	1,544.4	3.0 - 9.5
Sector	Passing rent pa 31 March 2021	Passing rent pa range	Valuation 31 March 2021	Valuation yield range
	£m	£m	£m	%
Foodstores and essentials	10.6	0.0 - 0.9	209.4	3.3 - 7.3
Industrial	10.4	0.2 - 3.5	240.6	3.5 - 5.2
Hotel	10.0	0.1 - 1.8	178.4	4.5 - 6.5
Healthcare	6.1	0.0 - 1.0	106.0	5.2 - 6.2
Car parks	3.8	0.1 - 1.1	70.9	4.0 - 5.5
Pubs	2.7	0.1 - 0.3	37.4	6.5 - 6.9
Drive-thru coffee	1.9	0.0 - 0.1	35.7	4.2 - 6.0
Other	3.8	0.0 - 1.4	60.0	5.0 - 10.0
Portfolio	49.3	0.0 - 3.5	938.4	3.3 - 10.0

Valuation	-5% in passing rent	+5% in passing rent	+25bps in net initial yield	-25bps in net initial yield
	£m	£m	£m	£m
31 March 2022	(60.8)	60.8	(64.9)	72.7
31 March 2021	(46.9)	46.9	(45.3)	50.2

	31 March 2022	31 March 2021
	£m	£m

Consideration received	8.3	96.4
Less:
Carrying value	(8.3)	(89.3)
Selling costs	-	(0.8)
Gain on disposal of investment property	-	6.3
Add:
Change in fair value recognised in previous periods	2.1	2.0
Realised gain on disposal of investment property	2.1	8.3

Bank borrowings	Book value	Fair value
	£m	£m
31 March 2022	240.0	237.1
31 March 2021	186.6	197.6

	31 March 2022	31 March 2021
	£m	£m

Recoverable VAT	5.7	3.7
Licence fee receivable	5.3	3.1
Rent receivable	8.0	6.7
Prepayments and other receivables	0.4	0.2
Amounts due within one year	19.4	13.7

Rent receivable	-	0.4
Amounts due in more than one year	-	0.4

	31 March 2022	31 March 2021
	£000	£000

30 days or fewer	13.0	9.3
31 to 60 days	0.1	-
61 to 90 days	0.1	-
91 days or more	0.1	0.5
Over one year	-	0.4
	13.3	10.2