Company registration number 04258255 (England and Wales)
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
COMPANY INFORMATION
Directors
Ms Caroline Roberts
(Appointed 30 April 2024)
Mr William Rumble
(Appointed 17 September 2024)
Company number
04258255
Registered office
6th Floor
One London Wall
London
EC2Y 5EB
Auditor
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 30
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report together with the audited financial statements for the period ended 31 March 2024.

Principal activities and review of the business

The principal activity of the Company and Group at the reporting date is investment in and leasing of care home assets.

Overview of operations

On 11 March 2020, the World Health Organization recognized the spread of COVID‑19 as a pandemic. The pandemic had a material impact on the underlying operations and cash flows of Aria Healthcare Group Limited (f/k/a Myriad Healthcare Limited), tenant, which resulted in a reduction in rental income collection by the Group. Due to the tenant’s prolonged struggles, the Group and the tenant completed a lease restructuring in 2022 which waived a significant amount of past due rental income, as well as lowered the future rental income to a more sustainable level. The results and conclusions regarding the impact of this on the going concern assessment are described in more detail in note 1.5 of the financial statements.

 

In line with the group's long term plans £18m program of improvements in it's investment property has been completed during the year. The improvements have underpinned development of the rental income returning the Group to a profit for the period and supported the financial stability of it's tenant, Aria Healthcare Group Limited.

The results and conclusions regarding the impact of this on the going concern assessment are described in more detail in note 1.5 of the financial statements.

 

Future Developments / PBSE

On 4 July 2024 the parent company acquired the Future Care Group, a business operating residential care homes in the UK. The group's loans were renegotiated at the time securing increased facilities for the larger group for up to five years.

As part of the subsequent restructuring both the company and it's tenant, Aria Healthcare Group Limited, became part of the Aria Holdco One (UK) Limited group.

Review of results
The key financial and other performance indicators during the year were as follows:
As shown on the Group's consolidated statement of comprehensive income on page 10, the Group's turnover amounted to £23,966,987 (2022  £12,697,001) whilst the Group generated a profit before tax of £1,919,983 (2022  loss of £180,422,999) for the year ended 31 March 2024

As shown in the Group's consolidated statement of financial position on page 11, net assets amounted to £98,023,667 (2022  £94,177,701).
Principal risks and uncertainties
Cash flow risk
Interest bearing liabilities are held at a fixed rate per annum plus the respective SONIA. The Group entered into an interest rate cap agreement against the liability that is bearing a variable rate which limits the Group's exposure.
Credit risk
The Group's principal financial assets are cash and trade receivables.
The Group's credit risk is primarily attributable to its trade receivables, which relate to rental income from one single tenant. The Group mitigates the risk of default from this tenant by monitoring whether rent is being paid in line with the agreed due dates, obtaining security deposits and identifying guarantors which are deemed creditworthy.
Due to the COVID19 pandemic impacting the operations of Aria Healthcare Group Limited, the Group and the tenant completed a lease restructuring in 2022 which waived a significant amount of past due rental income, as well as lowered the future rental income to a more sustainable level. As of the issuance date, the tenant is current on all contractual rental income payments.
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group primarily relies on external debt financing. Such financing is provided as required.

This report was approved by the board and signed on its behalf by:

Ms Caroline Roberts
Director
11 February 2025
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the period ended 31 March 2024.

Results and dividends

The profit for the year, after taxation, amounted to £1,236,449 (2022 ‑ loss of £155,768,999).

 

No ordinary dividends were paid. The directors do not recommend a payment of a further dividend.

Future development
The directors aim to maintain the management policies which will result in the Group's steady growth over the foreseeable future as property prices increase over time where the Group's investment properties are maintained to a high standard of repair.
Going concern
After performing their assessment and making appropriate enquiries, the directors have a reasonable expectation that the group will remain a going concern for the foreseeable future and accordingly, the financial statements have been prepared on a going concern basis. The results and conclusions of the going concern assessment are described in more detail in note 2.2 of the financial statements.
Fixed assets
The Group's fixed assets are regarded as investment property since these are held with a long term view to capital appreciation and rental income. As at 31 March 2024, the aggregate value of the Group's investment property was
£258 million (2022: £239 million).
Directors

The directors who held office during the period and up to the date of signature of the financial statements was as follows:

Mr J Gart
(Appointed 25 July 2023 and resigned 17 September 2024)
Mr M Lam
(Resigned 30 April 2024)
Ms Caroline Roberts
(Appointed 30 April 2024)
Joel Landau
(Appointed 20 July 2023 and resigned 25 July 2023)
Paul Womble
(Appointed 28 February 2023 and resigned 25 July 2023)
Federico Lacour Aregerich
(Resigned 20 July 2023)
Mr William Rumble
(Appointed 17 September 2024)
Principal risks and uncertainties
The Group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
The Group does not use derivative financial instruments for speculative purposes. The principal business risks have been outlined below:
Cash flow risk

Interest bearing liabilities are held at a fixed rate per annum plus the respective SONIA. The Group's parent company, GA HC REIT ll CH U.K. Senior Housing Portfolio Limited, entered into an interest rate cap agreement against this liability which limits the Group's exposure.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group primarily relies on intercompany financing. Such financing is provided as required.

GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
Credit risk

The Group's principal financial assets are bank balances and cash, and trade receivables.

 

The Group's credit risk is primarily attributable to its trade receivables, which relate to rental income from one single tenant. The Group mitigates the risk of default from this tenant by monitoring whether rent is being paid in line with the agreed due dates, obtaining security deposits and identifying guarantors which are deemed creditworthy.

Statement of director's responsibilities

The directors are responsible for preparing the Group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the directors have elected to prepare the Group and Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the group for that period.

 

In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

 

 

 

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
On behalf of the board
Ms Caroline Roberts
Director
11 February 2025
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
- 6 -
Opinion

We have audited the financial statements of GA HC REIT II CH U.K. Senior Housing Portfolio Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
- 8 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
- 9 -
Sarah Wilson FCA (Senior Statutory Auditor)
For and on behalf of Gravita II LLP
26 February 2025
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 10 -
Period
Year
ended
ended
31 March
31 December
2024
2022
Notes
£
£
Turnover
3
23,966,987
12,697,001
Administrative expenses
(3,939,351)
(12,811,000)
Other operating expenses
-
(167,541,000)
Operating profit/(loss)
20,027,636
(167,654,999)
Interest payable and similar expenses
6
(15,933,674)
(12,768,000)
Amounts written off investments
7
(2,175,779)
-
Profit/(loss) before taxation
1,918,183
(180,422,999)
Tax on profit/(loss)
8
(681,734)
24,654,000
Profit/(loss) for the financial period
19
1,236,449
(155,768,999)
Profit/(loss) for the financial period is all attributable to the owners of the parent company.
The Group Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 11 -
31 March 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,805,515
-
0
Investment property
10
255,308,530
239,325,000
257,114,045
239,325,000
Current assets
Debtors
13
9,620,402
3,703,987
Cash at bank and in hand
3,774,847
24,318,715
13,395,249
28,022,702
Creditors: amounts falling due within one year
14
(167,636,570)
(168,578,001)
Net current liabilities
(154,241,321)
(140,555,299)
Total assets less current liabilities
102,872,724
98,769,701
Provisions for liabilities
Deferred tax liability
16
4,849,057
4,592,000
(4,849,057)
(4,592,000)
Net assets
98,023,667
94,177,701
Capital and reserves
Called up share capital
17
25,849,800
25,849,800
Share premium account
18
999,900
999,900
Profit and loss reserves
19
71,173,967
67,328,001
Total equity
98,023,667
94,177,701

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
11 February 2025
Ms Caroline Roberts
Director
Company registration number 04258255 (England and Wales)
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 12 -
31 March 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,674,429
-
0
Investment property
10
181,271,403
166,654,269
Investments
11
53,997,752
53,997,752
236,943,584
220,652,021
Current assets
Debtors
13
7,500,938
3,708,341
Cash at bank and in hand
3,774,847
24,318,715
11,275,785
28,027,056
Creditors: amounts falling due within one year
14
(166,019,509)
(167,437,947)
Net current liabilities
(154,743,724)
(139,410,891)
Total assets less current liabilities
82,199,860
81,241,130
Provisions for liabilities
Deferred tax liability
16
4,301,909
3,842,152
(4,301,909)
(3,842,152)
Net assets
77,897,951
77,398,978
Capital and reserves
Called up share capital
17
25,849,800
25,849,800
Share premium account
18
999,900
999,900
Profit and loss reserves
19
51,048,251
50,549,278
Total equity
77,897,951
77,398,978

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £5,052,181 (2022 - £136,714,487 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
11 February 2025
Ms Caroline Roberts
Director
Company registration number 04258255 (England and Wales)
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
25,849,800
999,900
151,094,000
177,943,700
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
(155,768,999)
(155,768,999)
Capital Contributions
-
-
72,570,000
72,570,000
Distribution
-
-
(567,000)
(567,000)
Balance at 31 December 2022
25,849,800
999,900
67,328,001
94,177,701
Period ended 31 March 2024:
Profit and total comprehensive income
-
-
1,236,449
1,236,449
Distribution
-
-
2,609,517
2,609,517
Balance at 31 March 2024
25,849,800
999,900
71,173,967
98,023,667
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
25,849,800
999,900
114,726,639
141,576,339
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(136,714,487)
(136,714,487)
Capital contributions
-
-
73,104,070
73,104,070
Distributions
-
-
(566,944)
(566,944)
Balance at 31 December 2022
25,849,800
999,900
50,549,278
77,398,978
Period ended 31 March 2024:
Profit and total comprehensive income
-
-
(5,052,182)
(5,052,182)
Capital contributions
-
-
8,138,156
8,138,156
Distributions
-
-
(2,587,001)
(2,587,001)
Balance at 31 March 2024
25,849,800
999,900
51,048,251
77,897,951
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
- 15 -
2024
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
15,856,023
10,401,000
Income taxes paid
(40,106)
(342,000)
Net cash inflow from operating activities
15,815,917
10,059,000
Investing activities
Purchase of interest rate cap
(121,000)
(4,185,000)
Purchase of tangible fixed assets
(2,256,893)
-
Purchase of investment property
(15,983,530)
-
Net cash used in investing activities
(18,361,423)
(4,185,000)
Financing activities
Repayment of bank loans
(2,578,125)
(3,783,000)
Distributions/contributions
2,609,517
3,241,000
Repayment of financing costs
-
(2,784,000)
Interest paid
(18,030,039)
(12,018,000)
Net cash used in financing activities
(17,998,647)
(15,344,000)
Net decrease in cash and cash equivalents
(20,544,153)
(9,470,000)
Cash and cash equivalents at beginning of period
24,319,000
33,789,000
Cash and cash equivalents at end of period
3,774,847
24,319,000
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 16 -
1
Accounting policies
Company information

GA HC REIT II CH U.K. Senior Housing Portfolio Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6th Floor, One London Wall, London, EC2Y 5EB.

 

The group consists of GA HC REIT II CH U.K. Senior Housing Portfolio Limited and all of its subsidiaries.

1.1
Reporting period

The accounting period is 15 months. The accounting period was extended to bring it into alignment with other companies within the group. The current period financial information is therefore not entirely comparable with the comparatives.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company GA HC REIT II CH U.K. Senior Housing Portfolio Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised to the extent that is it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the rents receivable. Any lease incentives granted to tenants are spread over the period ending on the lease expiry date.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The material area for which estimation has been applied is considered to be in the valuation for the investment property. The fair value of the Investment Property in the accounts is taken as the directors assessment of the fair value of the Investment Property based on a historic 3rd party valuation and the director's understanding of changes in market conditions in the period since.

GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 21 -
3
Turnover

The whole of the turnover is attributable to the principal activity of the business and arose within the United Kingdom.

.

4
Auditor's remuneration
2024
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
30,000
118,000
Audit of the financial statements of the company's subsidiaries
126,500
-
156,500
118,000
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2024
2022
2024
2022
Number
Number
Number
Number
2
2
2
2
6
Interest payable and similar expenses
2024
2022
£
£
Interest on bank overdrafts and loans
15,933,674
12,768,000
7
Amounts written off investments
2024
2022
£
£
Fair value gains/(losses) on financial instruments
Loss on interest rate cap
(2,175,779)
-
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 22 -
8
Taxation
2024
2022
£
£
Current tax
UK corporation tax on profits for the current period
846,744
-
0
Adjustments in respect of prior periods
(364,667)
(30,000)
Total UK current tax
482,077
(30,000)
Foreign current tax on profits for the current period
34,926
215,000
Total current tax
517,003
185,000
Deferred tax
Origination and reversal of timing differences
164,731
(24,839,000)
Total tax charge/(credit)
681,734
(24,654,000)

The actual charge/(credit) for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2024
2022
£
£
Profit/(loss) before taxation
1,918,183
(180,422,999)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.82% (2022: 19.00%)
456,911
(34,280,370)
Tax effect of expenses that are not deductible in determining taxable profit
1,320,348
726,000
Gains not taxable
(1,978,051)
786,000
Tax effect of utilisation of tax losses not previously recognised
1,302,008
-
0
Adjustments in respect of prior years
(372,654)
(198,630)
Effect of overseas tax rates
(47,516)
245,000
Tax penalties
688
-
0
Adjustment to brought forward deferred tax re rate change
-
(5,944,000)
CIR restriction
-
12,471,000
Investment revaluations not taxable
-
1,541,000
Taxation charge/(credit)
681,734
(24,654,000)
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 23 -
9
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 January 2023
-
0
Additions
2,256,893
At 31 March 2024
2,256,893
Depreciation and impairment
At 1 January 2023
-
0
Depreciation charged in the period
451,378
At 31 March 2024
451,378
Carrying amount
At 31 March 2024
1,805,515
Company
Fixtures and fittings
£
Cost
At 1 January 2023
-
0
Additions
2,093,036
At 31 March 2024
2,093,036
Depreciation and impairment
At 1 January 2023
-
0
Depreciation charged in the period
418,607
At 31 March 2024
418,607
Carrying amount
At 31 March 2024
1,674,429
10
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2023
239,325,001
166,654,269
Additions
15,983,529
14,617,134
At 31 March 2024
255,308,530
181,271,403
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
10
Investment property
(Continued)
- 24 -

Investment property comprises of multiple properties throughout the group. The fair value of investment properties is the directors' assessment, based on an external valuation carried out in October 2022 by Knight Frank Estate Agents, who are not connected with the company. In the directors opinion the value of properties as at the year end has not materially changed since this formal valuation.

The investment properties are pledged as security to the wider group.

11
Fixed asset investments
Group
Company
2024
2022
2024
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
53,997,752
53,997,752
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 March 2024
53,997,752
Carrying amount
At 31 March 2024
53,997,752
At 31 December 2022
53,997,752
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 25 -
12
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
GA HC REIT II CH U.K L'Hermitage Limited
3rd Floor, 44 Esplanade, St Helier, Jersey, JE4 9WG
Investment in care home assets
Ordinary
100.00
-
GA HC REIT II CH U.K. Walstead Limited
6th Floor 1 London Wall, London, EC2Y 5EB
Investment in care home assets
Ordinary
100.00
-
Home of Compassion (Thames Ditton) Limited
6th Floor 1 London Wall, London, EC2Y 5EB
Investment in care home assets
Ordinary
100.00
-
Bawtree House (Sutton) Limited
6th Floor 1 London Wall, London, EC2Y 5EB
Investment in care home assets
Ordinary
100.00
-
Ivy Place (Norwich) Limited
6th Floor 1 London Wall, London, EC2Y 5EB
Investment in and leasing of care home assets
Ordinary
-
100.00
Ivy Road (Norwich) Limited
6th Floor 1 London Wall, London, EC2Y 5EB
Investment in and leasing of care home assets
Ordinary
100.00
-
Southlands Court (Bexhill) Limited
6th Floor 1 London Wall, London, EC2Y 5EB
Investment in care home assets
Ordinary
100.00
-
Caring Homes (Towcester) Limited
6th Floor 1 London Wall, London, EC2Y 5EB
Holding company
Ordinary
100.00
-
Caring Homes (Ware) Limited
6th Floor 1 London Wall, London, EC2Y 5EB
Investment in care home assets
Ordinary
100.00
-
Westlin Water Lane Limited
6th Floor 1 London Wall, London, EC2Y 5EB
Investment in and leasing of care home assets
Ordinary
-
100.00
13
Debtors
Group
Company
2024
2022
2024
2022
Amounts falling due within one year:
£
£
£
£
Corporation tax recoverable
1,624,428
1,624,428
1,624,428
1,624,428
Interest rate cap
19,857
2,074,636
19,857
2,074,636
Other debtors
7,883,791
4,923
5,856,653
9,277
9,528,076
3,703,987
7,500,938
3,708,341
Deferred tax asset (note 16)
1,870
-
0
-
0
-
0
9,529,946
3,703,987
7,500,938
3,708,341
Amounts falling due after more than one year:
Deferred tax asset (note 16)
90,456
-
0
-
0
-
0
Total debtors
9,620,402
3,703,987
7,500,938
3,708,341
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 26 -
14
Creditors: amounts falling due within one year
Group
Company
2024
2022
2024
2022
Notes
£
£
£
£
Bank loans
15
162,421,875
165,000,000
162,421,875
165,000,000
Trade creditors
2,904
(31,504)
1,797
-
0
Amounts owed to group undertakings
125,000
-
0
125,000
-
0
Corporation tax payable
1,624,897
1,148,000
-
0
-
0
Other taxation and social security
4,395
-
4,395
-
Other creditors
463,670
8,001
496,223
9,051
Accruals and deferred income
2,993,829
2,453,504
2,970,219
2,428,896
167,636,570
168,578,001
166,019,509
167,437,947

Bank loans included in amounts falling due within one year have a maturity date of 18 October 2024. Arrangements were made at this date for the refinancing of this debt.

15
Loans and overdrafts
Group
Company
2024
2022
2024
2022
£
£
£
£
Bank loans
162,421,875
165,000,000
162,421,875
165,000,000
Payable within one year
162,421,875
165,000,000
162,421,875
165,000,000

The long-term loans are secured by fixed charges over the investment properties.

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2022
2024
2022
Group
£
£
£
£
Accelerated capital allowances
4,851,682
3,917,000
-
-
Fixed asset timing differences
-
-
90,456
-
Short term timing differences
(2,625)
(146,000)
-
-
Capital gains
-
821,000
1,870
-
4,849,057
4,592,000
92,326
-
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
16
Deferred taxation
(Continued)
- 27 -
Liabilities
Liabilities
Assets
Assets
2024
2022
2024
2022
Company
£
£
£
£
Accelerated capital allowances
4,304,534
3,849,140
-
-
Tax losses
(2,625)
(6,988)
-
-
4,301,909
3,842,152
-
-
Group
Company
2024
2024
Movements in the period:
£
£
Liability at 1 January 2023
4,592,000
3,842,152
Charge to profit or loss
164,731
459,757
Liability at 31 March 2024
4,756,731
4,301,909
17
Share capital
Group and company
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,849,800
25,849,800
25,849,800
25,849,800
18
Share premium account
Group
Company
2024
2022
2024
2022
£
£
£
£
At the beginning and end of the period
999,900
999,900
999,900
999,900

Amount subscribed for share capital in excess of nominal value.

GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 28 -
19
Profit and loss reserves
Group
Company
2024
2022
2024
2022
£
£
£
£
At the beginning of the period
67,328,001
151,094,000
50,549,278
114,726,639
Profit/(loss) for the period
1,236,449
(155,768,999)
(5,052,182)
(136,714,487)
Contributions/Distributions
2,609,517
72,003,000
5,551,155
72,537,126
At the end of the period
71,173,967
67,328,001
51,048,251
50,549,278
20
Operating lease commitments
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2022
2024
2022
£
£
£
£
Within one year
18,666,666
12,500,000
13,211,211
8,846,793
Between two and five years
80,000,000
98,166,665
56,619,472
69,476,812
In over five years
111,666,667
116,666,669
79,031,347
82,570,063
210,333,333
227,333,334
148,862,030
160,893,668
21
Events after the reporting date

On 4 July 2024 a newly formed group entity (Olympus Bidco Limited) acquired the Future Care Group, a business operating residential care homes in the UK. The group's loans were renegotiated at the time securing increased facilities for the larger group for up to five years. As part of the subsequent restructuring both the company and it's tenant, Aria Healthcare Group Limited, became part of the Aria Holdco One (UK) Limited group.

22
Related party transactions

The company has taken advantage of the exemption conferred by Financial Reporting Standard 102 Section 33 'Related Party Disclosures' paragraph 33.1A not to disclose transactions with certain group companies on the grounds that the subsidiary party to the transactions are wholly owned members of the group.

GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 29 -
23
Controlling party

The Company's immediate parent undertaking is GA HC REIT II CH U.K. SH Acquisition Limited by virtue of its 100% shareholding.

The ultimate parent undertaking is CH SPV Holdings (Cayman) LTD, which is registered in the Cayman Islands.

There is no ultimate controlling party.

The smallest group of undertakings for which group financial statements will be drawn up is that headed by GA HC REIT II CH U.K. Senior Housing Portfolio Limited.

The largest group of undertakings for which group financial statements will be drawn up is that headed by GA HC REIT II U.K. Propco MB Ltd, the indirect parent of GA HC REIT II CH U.K. Senior Housing Portfolio Limited.

 

 

 

 

 

24
Cash generated from group operations
2024
2022
£
£
Profit/(loss) for the period after tax
1,236,449
(155,769,000)
Adjustments for:
Taxation charged/(credited)
681,734
(24,654,000)
Finance costs
18,030,039
12,768,000
Other finance costs
-
0
3,783,000
Lease straight line income
-
(597,000)
Fair value (gain)/loss on investment properties
-
0
167,541,000
Amortisation and impairment of intangible assets
1,761,911
-
Depreciation and impairment of tangible fixed assets
451,378
-
Other gains and losses
2,175,779
2,162,000
Increase in provisions
-
4,174,000
Movements in working capital:
(Increase)/decrease in debtors
(9,640,779)
9,668,000
Increase/(decrease) in creditors
1,159,512
(8,675,000)
Cash generated from operations
15,856,023
10,401,000
GA HC REIT II CH U.K. SENIOR HOUSING PORTFOLIO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 30 -
25
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
24,318,715
(20,543,868)
3,774,847
Borrowings excluding overdrafts
(165,000,000)
2,578,125
(162,421,875)
(140,681,285)
(17,965,743)
(158,647,028)
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