41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 202
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
NOTES TO THE FINANCIAL STATEMENTS continued
Section 2: Results for the year continued
2.6 Audit fees
During the year, the Group obtained the following services from the Company’s auditor and its associates:
Fees payable to the Group’s auditors for the audit of the parent company and
consolidated financial statements
2022
£m
2021
£m
0.5
0.4
Fees payable to the Group’s auditors for other services to the Group:
– Audit of the financial statements of subsidiaries
0.1
0.1
Total audit fees payable to the Group’s auditors
0.6
0.5
Audit-related assurance services
0.1
0.1
Other services
Total non-audit fees
–
–
0.1
0.1
Non-audit fees in both 2022 and 2021 relate entirely to services provided in respect of the half year review.
Details on the Company’s policy on the use of the auditor for non-audit services is also set out in the Audit & Risk
Committee Statement on pages 119–124.
No services were provided pursuant to contingent fee arrangements.
Section 3: Asset management
The Group holds its property portfolio directly and through its joint ventures. The performance of the
property portfolio, whether wholly owned or in joint ventures, is the key factor that drives net asset value
(NAV), one of the Group’s key performance indicators. The following pages provide disclosures about the
Group’s investments in property assets and joint ventures and their performance over the year.
3.1 Wholly owned property assets
The Group’s wholly owned property portfolio is held in four groups on the balance sheet at the carrying values detailed below.
In the Group’s EPRA NTA all these groups are shown at market value, except where otherwise stated.
i) Investment property (owned)
These are assets that the Group intends to hold for a long period to earn rental income or capital appreciation. The assets
are measured at fair value in the balance sheet with changes in fair value taken to the income statement.
ii) Investment property (leased)
These are assets the Group sold to institutional investors and simultaneously leased back. These right-of-use assets are
measured at fair value in the balance sheet with changes in fair value taken to the income statement.
iii) Investment property (under development)
These are assets which are currently in the course of construction and which will be transferred to Investment property
on completion. The assets are initially recognised at cost and are subsequently measured at fair value in the balance sheet
with changes in fair value taken to the income statement.
iv) Investment property classified as held for sale
These are assets whose carrying amount will be recovered through a sale transaction rather than to hold for long-term
rental income or capital appreciation. This condition is regarded as met only when the sale is highly probable and the
investment property is available for immediate sale in its present condition. Management must be committed to the sale
which should be expected to qualify for recognition as a completed sale within one year from the date of classification.
The assets are measured at fair value in the balance sheet, with changes in fair value taken to the income statement.
They are presented as current assets in the IFRS balance sheet.
