Wynnstay Properties PLC
Annual Report and Financial Statements
for the year ended 25 March 2018
WYNNSTAY PROPERTIES PLC
Registered number: 00022473
ANNUAL REPORT
and
FINANCIAL STATEMENTS
YEAR ENDED 25TH MARCH 2018
CONTENTS
Directors and Advisers
Summary of Property Portfolio
Chairman’s Statement
Report of the Directors
Strategic Report
Report of the Auditors
Statement of Comprehensive Income
Statement of Financial Position
Statement of Cash Flows
Statement of Changes in Equity
Notes to the Financial Statements
Five Year Financial Review
Notice of Annual General Meeting
Biographies of the Directors
2
3
4
9
13
14
18
19
20
21
22
38
39
42
– 1 –
WYNNSTAY PROPERTIES PLC
(Company incorporated in the United Kingdom)
DIRECTORS
P.G.H. COLLINS C.B.E.
(Non-Executive Chairman)
C.P. WILLIAMS, B.Sc., M.B.A., M.R.I.C.S.
(Managing Director)
C.H. DELEVINGNE
(Non-Executive Director)
T. J. C. PARKER A.C.A.
(Finance Director & Secretary)
P. MATHER, B.Sc., F.R.I.C.S.
(Non-Executive Director)
C. M. TOLHURST, B.Sc., M.R.I.C.S., A.C.I.S.
(Non-Executive Director)
REGISTERED OFFICE
150 Aldersgate Street, London EC1A 4AB
AUDITORS
MOORE STEPHENS LLP
150 Aldersgate Street, London EC1A 4AB
SOLICITORS
FIELDFISHER LLP
Riverbank House, 2 Swan Lane, London EC4R 3TT
NOMINATED ADVISER & BROKER
PANMURE GORDON (UK) LIMITED
One New Change, London EC4M 9AF
VALUERS
BNP PARIBAS REAL ESTATE ADVISORY &
PROPERTY MANAGEMENT UK LIMITED
5 Aldermanbury Square, London EC2V 7BP
REGISTRARS
LINK ASSET SERVICES
65 Gresham Street, London EC2V 7NQ
BANKERS
C. HOARE & CO.
37 Fleet Street, London EC4P 4DQ
SVENSKA HANDELSBANKEN AB
5 Welbeck Street, London W1G 9YQ
– 2 –
WYNNSTAY PROPERTIES PLC
SUMMARY OF PROPERTY PORTFOLIO
AT 25TH MARCH 2018
Eastern Road
1 Industrial Unit
Quarry Wood Industrial Estate
18 Industrial Units
Crockford Lane
3 Industrial Units
Oakcroft Business Park
3 Industrial Units/Offices
High Street
Offices
Crown Close Industrial Estate
7 Industrial Units
Station Road
5 Industrial Units
Hertingfordbury Road
1 Industrial Unit
Trinity Street
Brooks Road
5 Industrial Units
2 Retail Units
1-4, Prospect Drive
4 Industrial Units
Beaver Industrial Estate
17 Industrial Units
North Street
1 Retail Unit
City Trading Estate
6 Industrial Units
Huntingdon Road
6 Industrial Units
St James’ Street
Offices
Bell Lane
4 Industrial Units
Aldershot
Aylesford
Basingstoke
Chessington
Cosham
Hailsham
Heathfield
Hertford
Ipswich
Lewes
Lichfield
Liphook
Midhurst
Norwich
St. Neots
Surbiton
Uckfield
Weston-super-Mare
Phillips Road
1 Retail Unit
All the above properties are Freehold.
– 3 –
WYNNSTAY PROPERTIES PLC
CHAIRMAN’S STATEMENT
I am delighted to be writing to you to report on another excellent year for Wynnstay.
Overview of financial performance
Wynnstay’s financial performance for the year may be summarised as follows:
• Property income
• Profit before movement in fair value of investment
properties, property sales and taxation
• Earnings per share
• Dividends per share, paid and proposed
• Net asset value per share
• Loan to value ratio
• Gearing ratio
Change
+7.6%
+15.1%
– 5.8%
+11.1%
+11.9%
2018
2017
£2,182,000
£2,028,000
£1,150,000
£999,000
97.1p
17.50p
754p
34.1%
43.1%
103.1p
15.75p
674p
38.4%
56.2%
Portfolio
Wynnstay’s portfolio is spread principally within the South and East of England, with a couple of recent
acquisitions located further afield. Following the disposals mentioned later in this statement, we have around 80
tenants occupying 86 separate properties in 18 locations.
With the number of disposals and the successful completion of lease renewals, rent reviews and new leases at
some of the smaller units in the portfolio, it has been an extremely busy year. Our management continues to focus
on being approachable and flexible to meet tenants’ needs, upgrading properties often jointly with existing tenants
or to attract new tenants and ensuring that when tenants vacate properties they are relet as quickly as possible.
Property rental income rose to just under £2.2 million and was significantly higher than last year (2017 - £2.0
million). This increase reflects a full contribution from the office premises in Surbiton where, as previously
reported, we negotiated a significant rent increase towards the end of the last financial year, together with the
benefit of other good rent increases negotiated during the current year, notably on our estates at Aylesford and
Liphook where tenant interest and demand remain strong.
At both these estates, we are planning to build additional units. I have previously advised of our successful
planning application to expand at Aylesford. After further investigations of the costs and options, we are close
to finalising our plans which include seeking a variation of the existing planning permission so that we have the
option, if we wish, to carry out the works in phases. At Liphook, as reported in my interim report in November
2017, we have recently acquired a small adjacent vacant site and are in the course of preparing and submitting a
planning application for two new units.
As envisaged in my statement last year, we have taken advantage of the present strong demand for smaller
commercial investments by disposing of high street retail shops in the portfolio with a view to reinvestment of
the proceeds in larger assets that offer better opportunities for growth. I reported on the sales of our high street
retail shops at Colchester and Gosport in the interim results in November 2017. Subsequently, in March 2018
we competed the sale of our high street shop at Shirley. These three properties had been in the portfolio for many
years. Given the attractive prices being realised for such premises, despite the uncertainties about the future of the
– 4 –
WYNNSTAY PROPERTIES PLC
CHAIRMAN’S STATEMENT (continued)
high street, and the anticipated lack of rental and capital growth, we considered that we should seek to invest the
proceeds elsewhere.
The net profit from the sale of the three high street premises is £210,000 and this is reflected in the accounts for
the year.
As previously reported, ownership of our principal tenants at Basingstoke changed hands during the year. The
new owner has now decided to adopt a different model for distributing the company’s products and to consolidate
operations on an existing site to the north of London. We are considering various options for refurbishment and
re-letting and/or sale whether as individual units or as a whole.
In my statement last year, I advised you of our plans, together with the adjoining owner, to sell our estate of five
industrial units in St Neots, which has been in the portfolio for many years and is located in an area of the town
that is now becoming predominantly residential in nature, to a development company subject to that company
securing planning permission for redevelopment of both holdings for housing. I am pleased to say that planning
permission has now been obtained and the developer is currently concluding formalities. Consequently, we have
been informed that their option to purchase is likely to be exercised shortly. As previously advised, we will retain,
at least for the time being, one self-contained unit adjacent to the main entrance to the St Neots’ estate.
After the end of the financial year, Carpetright plc, one of the two tenants at our Lewes premises, notified us that it
had entered into a creditors voluntary arrangement, would be surrendering its lease in September 2018 and, in the
meantime, would be paying a reduced rent. Whilst this news was unwelcome, it was not entirely unexpected given
the well-publicised difficulties facing certain multiple retail chains. We are already marketing the unit and I hope
that there will be further news by the time of our interim results in November.
Our tenants at Chessington recently told us that they intend to transfer their operations to their parent company’s
site in Crawley and would therefore wish to exercise the break clauses under the leases of two of their three units.
Following discussions, we have mutually agreed with the tenants to extend formally the date on which the breaks
will become effective to June 2019 to allow them time to organise vacation and reinstatement of the units. The
lease of the third unit runs until June 2021. We will begin marketing the units to be vacated early next calendar
year.
The disposals we have made, together with the loss of the tenant at Lewes, may result in our rental income
being lower in the current year than in the prior year. However, we are continually on the look out for attractive
opportunities to add to the portfolio and have explored a significant number of potential purchases over the course
of the year in a very competitive commercial property investment market, particularly in the light industrial / trade
counter sector.
Profits and costs
As a result of the continued tight control of property and administrative costs, profit before fair value movement,
profits on property sales and taxation for the year rose to just under £1.15m (2017 £1.0m).
Our property costs remained broadly at the same level as last year, although they include a greater proportion
of costs on the upgrading of properties that are generally reflected in better lease terms and increased rents. We
continue to focus on control of administrative costs, which were lower than in the prior year, partly due to the non-
recurring items arising in that year.
– 5 –
WYNNSTAY PROPERTIES PLC
CHAIRMAN’S STATEMENT (continued)
Portfolio Valuation
As at 25 March 2018, our Independent Valuers, BNP Paribas Real Estate, have undertaken the annual revaluation
of the company’s portfolio at £30,070,000 representing a revaluation surplus of £1,631,000. The revaluation
reflects the increased rental income, improved lease profile and enhanced covenants achieved by our active
management as well as positive conditions in the commercial property investment market.
As last year, it is pleasing to note that the increase in values, which has contributed to a 11.8% increase in net asset
value per share, was spread across most of the portfolio. The greater percentage increases were attributed to our
larger assets and to those where significant management activity has taken place.
Following the changes in the portfolio during the year, as at the year-end, the industrial sector within the portfolio
accounted for 66% by value, with the retail warehouse and office sectors comprising 12% and 19% respectively
and the remaining 3% being in our last remaining high street retail premises.
Finance, Borrowings and Gearing
At the year-end, we held net cash of £1.43 million. When the sale of St Neots is completed, our cash position
will be further strengthened. This will enable us to finance the developments at Aylesford and Liphook described
earlier as well as to fund new acquisitions.
Borrowings at the year-end were £10.24 million (2017 - £11.34 million) and net gearing at the year-end was
43.1% compared to 56.2% last year.
As previously reported, we have an excellent business relationship with Handelsbanken and they have indicated
that if we need additional borrowing to finance new acquisitions they are willing, in principle and without
commitment, to increase our facility to a maximum of £15 million.
Dividend
In the light of the excellent financial outcome of the year, the Board is recommending a total dividend for the
year of 17.5p per share (2017 – 15.75p), which represents an increase of 11.1%. An interim dividend of 6.5p
per share (2017 – 5.5p) was paid in December 2017. Accordingly, subject to approval of Shareholders at the
Annual General Meeting, a final dividend of 11.00p per share (2017 – 10.25p) will be paid on 20th July 2018 to
Shareholders on the register on 22nd June 2018.
The Board is delighted that Wynnstay’s financial performance has enabled Shareholders to be rewarded with
progressive and substantial dividend increases over the past five years.
Outlook
The present uncertainties over the terms of the UK’s exit from the European Union coupled with domestic
political uncertainties have clouded the economic outlook and led to slowing in domestic growth and consumer
spending. On the other hand, employment has continued to reach record levels.
After six successive years of capital, income and dividend growth and against a more uncertain political and
economic background, we remain confident of Wynnstay’s future as a niche property investment company.
However, we feel that it is appropriate to be cautious, avoiding over-expansion or over-paying for acquisitions,
and to take a measured approach in continuing to develop and build Wynnstay’s portfolio.
– 6 –
– 7 –
WYNNSTAY PROPERTIES PLC
CHAIRMAN’S STATEMENT (continued)
The continued growth of the UK domestic economy with its many successful small businesses is important to
the commercial property market. Reform of the present system of business rates and the heavy costs of property
transactions arising from recent increases in stamp duty are substantial impediments to the growth of small
businesses and need to be addressed.
Our Executive Management
The day-to-day responsibility for Wynnstay’s business rests with our experienced executive directors – Paul
Williams, our Managing Director, and Toby Parker, our Finance Director. In the light of the results achieved this
year, the non-executive Directors decided to award them each a cash bonus: in the case of Paul, £20,000 and in
the case of Toby, £4,000. The bonuses are reflected in the accounts for the last year. We use discretionary bonuses
as an additional incentive to align remuneration with shareholders interests. As mentioned in my statement last
year, Paul and Toby have expressed a wish to consider taking any future bonuses in the form of Wynnstay shares
and resolutions, in the same terms as those approved at last year’s meeting, to enable this will be proposed at the
Annual General Meeting.
Colleagues and Advisers
Our three non-executive directors, Charles Delevingne, Paul Mather and Caroline Tolhurst provide the benefit
of their long and diverse property and other experience. I would like to thank all the Directors, as well as our
advisers, for their contributions over the past year.
Unsolicited approaches to Shareholders
Every year I warn shareholders about unsolicited approaches, usually by telephone, about their shareholdings.
This year I have personally experienced such calls to my family and other shareholders have reported similar calls.
A recent Financial Conduct Authority report noted that “Even seasoned investors have been caught out, with the
biggest individual loss recorded by the police being £6m.”
As always, I would urge all shareholders to continue to be cautious. There is nothing that we can do to deter or
stop these approaches, or the use by callers of Wynnstay’s name or details of shareholdings. On Wynnstay’s
website (www.wynnstayproperties.co.uk), shareholders will also find a warning and a link to other information
about unsolicited approaches regarding shares on the Financial Conduct Authority’s website (www.fca.org.uk/
consumers/ scams).
Annual General Meeting
Our Annual General Meeting will be held on Tuesday 10th July 2018 commencing at 11.30. As last year, it is to
be held at the company’s registered office which is at our auditors, Moore Stephens LLP, 150 Aldersgate Street,
London EC1A 4AB. Coffee will be available from 11.00.
As always, I encourage all Shareholders to take the opportunity to come to London for the meeting so that they
can meet the Board and other Shareholders informally to discuss the Company’s affairs as well as to take part in
the formal business. Shareholders are asked to indicate by ticking the appropriate box on the enclosed proxy
form whether or not they intend to attend the meeting.
As at last year’s meeting and already noted above, the notice of meeting on page 36 includes, in addition to routine
business, two additional resolutions. These resolutions would give the Board authority, limited in both amount
(5% of share capital) and time (December 2019 at the latest) to issue shares, including shares held in Treasury,
– 7 –
WYNNSTAY PROPERTIES PLC
CHAIRMAN’S STATEMENT (continued)
and to do so without first offering them to existing shareholders. This authority is commonly sought in public
companies as it is a potentially useful additional way of financing part of the costs of an acquisition if this suits
the vendor. A specific reason for the authority in our case is that our Managing Director and Finance Director,
Paul Williams and Toby Parker, have expressed interest in receiving any future bonuses in shares. Although they
could seek to purchase shares in the market, our shares are often not readily available in the market so it is useful
for the Board to have the authority to issue shares directly to them. Whilst an acquisition of shares in this way
will not provide the tax benefits associated with a share incentive scheme, it is a sign of their confidence in and
commitment to the Company that they have expressed this interest in aligning their financial interests with those
of the Company and of all other shareholders.
Philip G.H. Collins
Chairman
14 June 2018
– 8 –
WYNNSTAY PROPERTIES PLC
REPORT OF THE DIRECTORS 2018
The Directors present their One Hundred and Thirty Second Annual Report, together with the audited
Financial Statements of the Company for the year ended 25th March 2018.
Please refer to the Strategic Report on page 13 for the activities and the likely future developments of the
Company and a discussion of the risks and uncertainties. Please refer to note 18 of the financial statements for
further disclosure of the financial risks.
Profit for the Year
The profit for the year after taxation amounted to £2,632,000 (2017: £2,797,000). Details of movements in
reserves are set out in the statement of changes in equity on page 21.
Dividends
The Directors have decided to recommend a final dividend of 11.0 pence per share for the year ended 25th March
2018 payable on 20th July 2018 to those shareholders on the register on 22nd June 2018. This dividend, together
with the interim dividend of 6.5 pence paid on 23rd December 2017, represents a total for the year of 17.5 pence
(2017: 15.75 pence).
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Strategic Report, the Directors’ Report and the financial
statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law
the Directors have elected to prepare the financial statements in accordance with IFRS as adopted by the
European Union and applicable law. The financial statements must, in accordance with IFRS as adopted by
the European Union, present fairly the financial position and performance of the Company; such references
in the UK Companies Act 2006 to such financial statements giving a true and fair view are references to their
achieving a fair presentation. Under Company law directors must not approve the financial statements unless
they are satisfied that they give a true and fair view. In preparing these financial statements, the directors are
required to:
•
•
•
•
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether the financial statements have been prepared in accordance with IFRS as adopted by the
European Union;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Company will continue in business.
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 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 hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information
included on the Company’s website. Legislation in the United Kingdom governing the preparation and
dissemination of the financial statements may differ from legislation in other jurisdictions.
– 9 –
WYNNSTAY PROPERTIES PLC
REPORT OF THE DIRECTORS 2018 (continued)
Directors
The Directors holding office during the financial year under review and their beneficial and non-beneficial
interests in the ordinary share capital of the Company at 25th March 2018 and 25th March 2017 are shown below:
Ordinary Shares of 25p
25.3.17
25.3.18
P.G.H. Collins
C.P. Williams
C.H. Delevingne
T.J. Nagle (Retired 13.07.2017)
T.J.C. Parker
Non-Executive Chairman
Managing Director
Non-Executive Director
Non-Executive Director
Finance Director and Secretary
850,836
10,212
5,000
13,000
17,583
850,836
10,212
5,000
13,000
15,583
The interests shown above in respect of Mr. P.G.H. Collins include non-beneficial interests of 229,596 shares at
25th March 2018 and 2017.
Mr. C.P. Williams and Mr T.J.C. Parker each have a service agreement with the Company. Under the respective
terms thereof, their employment is subject to six months’ notice of termination by either party.
In accordance with the Company’s Articles of Association, Mr C H Delevigne and Mr C P Williams retire by
rotation and, being eligible, offer themselves for re- election.
Brief biographies of each of the Directors appear on page 42.
Directors’ Emoluments
Directors’ emoluments for the year ended 25th March 2018 are set out below:-
P.G.H. Collins
C.P. Williams
C.H. Delevingne
T.J. Nagle
T.J.C.Parker
P. Mather
C.M. Tolhurst
Total 2018
Total 2017
Salaries
–
142,000
–
–
–
–
–
Fees
40,000
15,000
15,000
5,000
15,000
15,000
15,000
Pension
–
12,200
–
–
4,000
–
–
Benefits
–
3,485
–
–
–
–
–
Total
2018
40,000
172,685
15,000
5,000
19,000
15,000
15,000
Total
2017
40,000
170,144
15,000
15,000
20,000
–
–
£142,000
£120,000
£16,200
£3,485
£281,685
£140,360
£100,000
£16,536
£3,248
£260,144
The above figures include discretionary bonus payments determined by the Board to reflect performance
during the year of £20,000 (2017: £25,000) to Mr C.P.Williams and £4,000 (2017: £5,000) Mr T.J.C. Parker.
A company owned and controlled by Mr T.J.C. Parker, was paid a fee of £45,000 (2017: £43,697) for services
rendered during the year (see note 20).
Directors’ and Officers’ Liability Insurance
The Company has maintained Directors’ and Officers’ insurance as permitted by the Companies Act 2006.
– 10 –
10
WYNNSTAY PROPERTIES PLC
REPORT OF THE DIRECTORS 2018 (continued)
Substantial Interests
As at 13th June 2018, the Directors have been notified or are aware of the following interests, which are in
excess of three per cent of the issued ordinary share capital of the Company:
No. of Ordinary
Shares of 25p
Percentage of
Issued Share
Capital 2018
Percentage of
Issued Share
Capital 2017
Mr P.G.H. Collins
850,836
Mr D. Gibson
101,378
Mr G. Gibson
243,192
31.38%
3.73%
8.97%
31.38%
3.65%
8.97%
Corporate Governance
The Board of Directors is accountable to Shareholders for the good corporate governance of the Company
under the AIM rules for companies. The Company is not required to comply and therefore does not comply
with the UK Corporate Governance Code. However, the Board is aware of the best practice defined by the
Code and has adopted procedures to the extent considered appropriate.
• The Company is headed by an effective Board of Directors.
• There is a clear division of responsibilities in running the Board and running the Company’s business.
• In the financial year, the Board comprised two executive and four non-executive Directors, including the
Chairman.
• The Board receives and reviews on a regular basis financial and operating information appropriate to the
Directors being able to discharge their duties. An annual budget is approved by the Board and a revised forecast
is prepared at the half year stage. Cash flow and other financial performance indicators are monitored monthly
against budget.
• Directors submit themselves for re-election every three years by rotation in accordance with the Articles of
Association.
• The Board welcomes communication from the Company’s Shareholders and positively encourages their
attendance at the Annual General Meeting.
• The Board has appointed Caroline Tolhurst as Senior Independent Director who is available to shareholders if
they have concerns which contact through the normal channel of Chairman has failed to resolve or for which
such contact is inappropriate.
• In view of the current size of the Company and its Board the establishment of an audit committee or an internal
audit department would be inappropriate. However, the auditors have direct access to the non-executive
Chairman.
Remuneration Committee
The Board currently acts as the remuneration committee, with the non-executive Directors determining the
remuneration of the executive Directors, and the details of the Directors’ emoluments being set out on page
10 of this report. It is the Company’s policy that the remuneration of Directors should be commensurate with
services provided by them to the Company.
10
– 11 –
WYNNSTAY PROPERTIES PLC
REPORT OF THE DIRECTORS 2018 (continued)
Going Concern
The Directors have a reasonable expectation that the Company has adequate resources to continue in existence
for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the
financial statements.
Internal Control
The Directors are responsible for the Company’s system of internal financial control, which is designed
to provide reasonable, but not absolute, assurance against material misstatement or loss. In fulfilling these
responsibilities, the Board has reviewed the effectiveness of the system of internal financial control. The
Directors have established procedures for planning and budgeting and for monitoring, on a regular basis, the
performance of the Company.
Statement as to Disclosure of Information to Auditors
Each of the persons who are Directors at the time when this report is approved has confirmed that:
• so far as each Director is aware, there is no relevant audit information of which the Company’s auditors are
unaware; and
• each Director has taken all the steps that ought to have been taken as a Director, including making
appropriate enquiries of fellow Directors and the Company’s auditors for that purpose, in order to be aware
of any information needed by the Company’s auditors in connection with preparing their report and to
establish that the Company’s auditors are aware of that information.
Annual General Meeting
The Notice of the Annual General Meeting, to be held on Tuesday 10th July 2018, is set out on page 39.
By Order of the Board,
T.J.C. Parker
Secretary
14th June 2018
– 12 –
WYNNSTAY PROPERTIES PLC
STRATEGIC REPORT 2018
The Directors present their Strategic Report for the year ended 25th March 2018.
Principal Activity
The principal activity of the Company during the year continued to be that of Property Owners, Developers
and Managers.
Business Review, Performance Indicators and Risks
A review of the business for the year and of the future prospects of the Company is included in the
Chairman’s Statement on pages 4 to 8. The financial statements and notes are set out on pages 18 to 37.
The key performance indicators for the Company are those relating to the underlying movement in both rental
income and in the value of its property investments as set out below:
• Increase in rental income: 7.6% (2017: increase of 14.9%).
•
Increase in net asset value per share: 11.9% (2017: increase of 15.4%).
The Directors will continue to search for profitable investment opportunities, and make changes to enhance
the value of the portfolio as and when such opportunities arise.
The principal risks and uncertainties are those associated with the commercial property market, which is
cyclical by its nature and include changes in the supply and demand for space as well as the inherent risk
of tenant failure. In the latter case, the Company seeks to reduce this risk by requiring the payment of rent
deposits when considered appropriate and monitoring the income exposure to any tenant on a monthly basis.
Other risk factors include changes in legislation in respect of taxation and the obtaining of planning consents,
as well as those associated with financing and treasury management. The Company’s risk management
objectives can be found at note 18 of the financial statements.
This Strategic Report was approved by the Board and signed on its behalf by:
T.J.C. Parker
Director
14th June 2018
– 13 –
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF WYNNSTAY PROPERTIES PLC
Opinion
We have audited the financial statements of Wynnstay Properties PLC (the “Company”) for the year ended
25 March 2018 which comprise the Statement of Comprehensive Income, Statement of Financial Position,
Statement of Cash Flows, Statement of Changes in Equity and notes to the financial statements, including
a summary of significant accounting policies. The financial reporting framework that has been applied in
their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the
European Union.
In our opinion the financial statements:
• give a true and fair view of the state of the Company’s affairs as 25 March 2018 and of its profit for the
year then ended;
• have been properly prepared in accordance with IFRSs as adopted by the European Union; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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 audit opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to
report to you where:
•
•
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate, or
the directors have not disclosed in the financial statements any identified material uncertainties that
may cast significant doubt about the company’s ability to continue to adopt the going concern basis
of accounting for a period of at least twelve months from the date when the financial statements are
authorised for issue.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial statements of the current period and include the most significant assessed risks of material
misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the
overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
Valuation of investment properties
The Company holds investment properties which comprise properties owned by the Company held for rental
income. The Company’s investment property portfolio is valued at £30m at the end of the reporting period
– 14 –
– 15 –
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF WYNNSTAY PROPERTIES PLC
Investment properties are valued by independent external valuers, who were engaged by the directors. The
valuers performed their work in accordance with the Royal Institution of Chartered Surveyors (“RICS”)
Valuation – Professional Standards. The valuation of the investment property portfolio is inherently subjective
due to, among other factors, the individual nature of each property, current tenancy agreements, its location
and the expected future rentals for that particular property which are taken into account by the valuers in
determining a property’s valuation. Additionally, a number of assumptions were made in regard to the state
of the property, yields and estimated market rent together with anticipated void periods. The valuation of
investment properties requires significant judgement and there is therefore a risk that the properties are
incorrectly valued.
In this area our audit procedures were as follows:
• We obtained and reviewed the independent valuation reports and confirmed that the valuation approach
was in accordance with RICS standards.
• We compared investment yields and year on year movements in capital value by reference to published
benchmarks.
• An assessment of the valuers’ qualifications and expertise was performed and we held a discussion with
the valuers to gain a better understanding of their independence and quality control procedures and their
approach to valuation.
Revenue recognition
Revenue of the Company amounting to £2m was mainly derived from its principal activity, being the
management of its property portfolio. This income includes rental income which is based on tenancy
agreements with rentals payable quarterly. There is a risk that revenue is received or earned and not recorded
which presents a potential risk in terms of the completeness and accuracy of the revenue being recognised.
In addition, there is a risk that sales have completed prior to the year-end but are not recognised in the
accounts and also a further risk in terms of the cut off of this revenue.
Our approach to the audit of revenue was as follows:
• Rental income is based on tenancy agreements with rentals payable quarterly. We reconciled total rental
income to the individual tenancy agreements, including considering the effect of all rent reviews during the
year and compared the total rental income expected to the rental income recognised.
• We reviewed all completion statements to gain assurance that revenue from sale of properties was
recognised in the correct period.
Our application of materiality
We set certain thresholds for materiality. These helped us to determine the nature, timing and extent of our
audit procedures and to evaluate the effect of misstatements, both individually and on the financial statements
as a whole.
We determined the materiality for the financial statements as a whole to be £310,000, calculated with
reference to a benchmark of gross assets, which is a typical primary measure for users of the financial
statements of investment property companies, of which it represents approximately 1%. In addition, we set a
specific materiality level of £58,000 for items within underlying pre-tax profit calculated at 5% of profit before
tax adjusted for fair value movement on non-current assets.
– 15 –
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF WYNNSTAY PROPERTIES PLC
This is the threshold above which missing or incorrect information in financial statements is considered to
have an impact on the decision making of users.
We reported to the Board all potential adjustments in excess of £16,000 being approximately 5% of the
materiality for the financial statements as a whole.
An overview of the scope of our audit
We considered the risk of the financial statements being misstated or not prepared in accordance with the
underlying legislation or standards. We then directed our work toward areas of the financial statements which
we assessed as having the highest risk of containing material misstatements.
We tested and examined information using both analytical procedures and tests of detail, to the extent
necessary to provide us with a reasonable basis to draw conclusions. These procedures gave us the evidence
that we need for our opinion on the financial statements as a whole and, in particular, helped mitigate the risks
of material misstatement mentioned above.
We also documented and reviewed the systems, primarily to confirm that they form an adequate basis for the
preparation of the financial statements, but also to identify the controls operated to ensure the completeness
and accuracy of the data.
Other information
The directors are responsible for the other information. The other information comprises the information
included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such
material inconsistencies or apparent material misstatements, we are required to determine whether there is a
material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
•
•
the information given in the Strategic Report and the Directors’ Report for the financial year for which the
financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of
the audit, we have not identified material misstatements in the strategic report or the directors’ report.
– 16 –
– 17 –
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF WYNNSTAY PROPERTIES PLC
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
• adequate accounting records have not been kept by the company, or returns adequate for our audit have not
been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
•
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the directors’ responsibilities Statement set out on page 9, the directors are
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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations,
or have 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council’s website at: 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.
Paul Fenner (Senior Statutory Auditor)
for and on behalf of Moore Stephens LLP
Statutory Auditor
150 Aldersgate Street
London
EC1A 4AB
14 June 2018
– 17 –
STATEMENT OF COMPREHENSIVE INCOME FOR YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
Property Income
Property Costs
Administrative Costs
Movement in Fair Value of:
Investment Properties
Profit on Sale of Investment Property
Operating Income
Investment Income
Finance Costs
Income before Taxation
Taxation
Income after Taxation
Basic and diluted earnings per share
Notes
2
3
9
5
5
6
8
The company has no items of other comprehensive income.
2018
£’000
2,182
(148)
(520)
1,514
1,631
210
3,355
1
(365)
2,991
(359)
2,632
2017
£’000
2,028
(131)
(528)
1,369
2,199
–
3,568
3
(373)
3,198
(401)
2,797
97.1p
103.1p
– 18 –
WYNNSTAY PROPERTIES PLC
STATEMENT OF FINANCIAL POSITION 25TH MARCH 2018
2018
£’000
28,770
3
28,773
808
1,434
2,242
1,300
3,542
(1,075)
(211)
(1,286)
2,256
31,029
(10,240)
(346)
(10,586)
20,443
789
205
1,135
(1,570)
19,884
20,443
2017
£’000
29,515
3
29,518
455
1,075
1,530
–
1,530
(1,039)
(195)
(1,234)
296
29,814
(11,340)
(209)
(11,549)
18,265
789
205
1,135
(1,570)
17,706
18,265
Notes
9
12
13
9
14
15
16
17
Non Current Assets
Investment Properties
Investments
Current Assets
Accounts Receivable
Cash and Cash Equivalents
Non-current assets held for Sale
Current Liabilities
Accounts Payable
Income Taxes Payable
Net Current Assets
Total Assets Less Current Liabilities
Non-Current Liabilities
Bank Loans Payable
Deferred Tax Payable
Net Assets
Capital and Reserves
Share Capital
Capital Redemption Reserve
Share Premium Account
Treasury Shares
Retained Earnings
Approved by the Board and authorised for issue on 14th June 2018
P.G.H. Collins
Chairman
T.J.C. Parker
Finance Director
Registered number: 00022473
– 19 –
WYNNSTAY PROPERTIES PLC
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 25TH MARCH 2018
Cashflow from operating activities
Income before taxation
Adjusted for:
Amortisation of deferred finance costs
Increase in fair value of investment properties
Interest income
Interest expense
Profit on disposal of investment properties
Changes in:
Trade and other receivables
Trade and other payables
Cash generated from operations
Income taxes paid
Interest paid
2018
£’000
2,991
–
(1,631)
(1)
365
(210)
(353)
36
1,196
2017
£’000
3,198
28
(2,199)
(3)
373
–
(136)
99
1,360
(294)
(365)
(181)
(345)
Net cash from operating activities
537
834
Cashflow from investing activities
Interest and other income received
Purchase of investment properties
Sale of investment properties
Net cash from investing activities
Cashflow from financing activities
Dividends paid
Drawdown on bank loans
Repayment of bank loans
Net cash from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
– 20 –
1
(98)
1,386
1,289
(454)
–
(1,100)
(1,554)
359
1,075
1,434
3
(2,086)
–
(2,083)
(371)
1,312
–
941
(308)
1,383
1,075
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
YEAR ENDED 25TH MARCH 2018
Share
Capital
£ 000
789
–
–
Capital
Redemption
Reserve
Share
Premium
Account
Treasury
Shares
Retained
Earnings
£ 000
£ 000
£ 000
£ 000
Total
£ 000
205
1,135
(1,570)
17,706
18,265
–
–
–
–
–
–
2,632
(454)
2,632
(454)
Balance at 26th March 2017
Total comprehensive
income for the year
Dividends – note 7
Balance at 25th March 2018
789
205
1,135
(1,570)
19,884
20,443
YEAR ENDED 25TH MARCH 2017
Share
Capital
£ 000
Capital
Redemption
Reserve
Share
Premium
Account
Treasury
Shares
Retained
Earnings
£ 000
£ 000
£ 000
£ 000
Total
£ 000
Balance at 26th March 2016
789
205
1,135
(1,570)
15,280
15,839
Total comprehensive
income for the year
Dividends – note 7
–
–
–
–
–
–
–
–
2,797
(371)
2,797
(371)
Balance at 25th March 2017
789
205
1,135
(1,570)
17,706
18,265
– 21 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
1.
BASIS OF PREPARATION, ACCOUNTING POLICIES AND ESTIMATES
Wynnstay Properties Plc is a public limited company incorporated and domiciled in England and
Wales. The principal activity of the Company is property investment, development and management.
The Company’s ordinary shares are traded on the Alternative Investment Market. The Company’s
registered number is 00022473.
1.1 Basis of Preparation
The financial statements have been prepared in accordance with International Financial Reporting
Standards (“IFRS”) as adopted by the EU. The financial statements have been presented in Pounds
Sterling being the functional currency of the Company. The financial statements have been prepared
under the historical cost basis modified for the revaluation of investment properties and financial assets
measured at fair value through profit or loss, and investments.
(a) New Interpretations and Revised Standards Effective for the year ended 25th March 2018
The Directors have adopted all new and revised standards and interpretations issued by the
International Accounting Standards Board (“IASB”) and the International Financial Reporting
Interpretations Committee (“IFRIC”) of the IASB and adopted by the EU that are relevant to the
operations and effective for accounting periods beginning on or after 26th March 2017. The adoption
of these interpretations and revised standards had the following impact on the disclosures and
presentation of the financial statements:
IAS 40 Investment Property
The amendment to the standard clarifies that judgement is required over whether the acquisition of an
investment property is an acquisition of an asset or a business combination that falls within the scope
of IFRS 3. The amendment will prospectively impact the accounting treatment for the acquisition of
investment property which falls under the scope of business combinations.
The Company has evaluated its investment property acquisitions during the year ended 25th March
2018 and has not identified any transactions which fall within the scope of business combinations. The
investment properties acquired during the year are disclosed in note 9.
(b) Standards and Interpretations in Issue but not yet Effective
The International Accounting Standards Board (“IASB”) and International Financial Reporting
Interpretations Committee (“IFRIC”) have issued revisions to a number of existing standards and new
interpretations as well as a number of new standards with an effective date of implementation after the
date of these financial statements.
It is not anticipated that the adoption of these revised standards and interpretations will have a material
impact on the figures included in the financial statements in the period of initial application. The
following standards may have a minor impact:
– 22 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
IFRS 9: Financial Instruments
The standard makes substantial changes to the measurement of financial assets and financial liabilities
and derecognition of financial assets. There will only be three categories of financial assets whereby
financial assets are recognised at either fair value through profit and loss, fair value through other
comprehensive income or measured at amortised cost. On adoption of the standard, the Company will
have to re-determine the classification of its financial assets based on the business model for each
category of financial asset. This is not considered likely to give rise to any significant adjustments.
The principal change to the measurement of financial assets measured at amortised cost or fair value
through other comprehensive income is that impairments will be recognised on an expected loss basis
compared to the current incurred loss approach. As such, where there are expected to be credit losses
these are recognised in profit or loss. For financial assets measured at amortised cost the carrying
amount of the asset is reduced for the loss allowance. For financial assets measured at fair value
through other comprehensive income the loss allowance is recognised in other comprehensive income
and does not reduce the carrying amount of the financial asset.
Most financial liabilities will continue to be carried at amortised cost, however, some financial
liabilities will be required to be measured at fair value through profit or loss, for example derivative
financial instruments, with changes in the liabilities’ credit risk recognised in other comprehensive
income.
The standard is effective for periods beginning on or after 1 January 2018.
An impact assessment of the standard was carried out and it was concluded that it will have no material
effect.
IFRS 15 – Revenue from contracts with customers
The standard has been developed to provide a comprehensive set of principles in presenting the nature,
amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.
The standard is based around five steps in recognising revenue:
Identify the contract with the customer
Identify the performance obligations in the contract
Determine the transaction price
Allocate the transaction price
Recognise revenue when a performance obligation is satisfied
On application of the standard the disclosures are likely to increase. The standard includes principles
on disclosing the nature, amount, timing and uncertainty of revenue and cash flows arising from
contracts with customers, by providing qualitative and quantitative information.
The Company has carried out an assessment of the impact that the standard will have on its financial
statements, and concluded the effect is not considered to be material.
The standard is effective for periods beginning on or after 1 January 2018.
An impact assessment of the standard was carried out and it was concluded that it will have no material
effect.
– 23 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
IFRS 16 – Leases
The standard makes substantial changes to the recognition and measurement of leases by lessees.
On adoption of the standard, lessees, with certain exceptions for short term or low value leases,
will be required to recognise all leased assets on their Statement of Financial Position as ‘right-of-use
assets’ with a corresponding lease liability. This is likely to significantly increase the asset and liability
balances recognised in the Statement of Financial Position.
In addition to the re-measurements required, on application of the standard, the disclosures are likely
to increase. The standard includes principles on disclosing the nature, amount, timing and variability of
lease payments and cash flows, by providing qualitative and quantitative information.
The requirements for lessors are substantially unchanged although the disclosures are also likely to
increase.
The Company has not as yet evaluated the full extent of the impact that the standard will have on its
financial statements, however the effect is not considered likely to be material.
The standard is effective for periods beginning on or after 1 January 2019.
An impact assessment of the standard was carried out and it was concluded that it will have no material
effect.
– 24 –
– 25 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
1.2 ACCOUNTING POLICIES
Investment Properties
All the Company’s investment properties are revalued annually and stated at fair value at 25th March.
The aggregate of any resulting surpluses or deficits are taken to profit or loss.
Non-current assets are classified as held for sale if their carrying amount will be recovered through
a sale transaction rather than through continuing use. This condition is regarded as met only when
the sale is highly probable and the asset 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. Non-current assets classified as held for
sale are measured at the lower of the assets’ previous carrying amount and fair value less cost to sell.
Investment properties are recognised as acquisitions or disposals based on the date of contract
completion.
Depreciation
In accordance with IAS 40, freehold investment properties are included in the Statement of Financial
Position at fair value, and are not depreciated.
Other plant and equipment is recognised at cost and depreciated on a straight line basis calculated at
annual rates estimated to write off each asset over its useful life of 5 years.
Disposal of Investments
The gains and losses on the disposal of investment properties and other investments are included in
profit or loss in the year of disposal.
Property Income
Property income is recognised on a straight line basis over the period of the lease. Revenue is measured
at the fair value of the consideration receivable. All income is derived in the United Kingdom.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Current tax is the
expected tax payable on the taxable income for the year based on the tax rate enacted or substantially
enacted at the reporting date, and any adjustment to tax payable in respect of prior years. Taxable profit
differs from income before tax because it excludes items of income or expense that are deductible in
other years, and it further excludes items that are never taxable or deductible.
Deferred taxation is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the financial statements and the corresponding tax bases used
in the computation of taxable profits, and is accounted for using the statement of financial position
liability method. Deferred tax liabilities are recognised for all taxable temporary differences (including
unrealised gains on revaluation of investment properties) and deferred tax assets are recognised to
the extent that it is probable that taxable profits will be available against which deductible temporary
differences can be utilised.
– 25 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
The Company provides for deferred tax on investment properties by reference to the tax that would be
due on the sale of the investment properties. Deferred tax is calculated at the 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 to profit or loss, including deferred tax on the revaluation of investment property.
Trade and Other Accounts Receivable
Trade and other receivables are initially measured at fair value and subsequently measured at amortised
cost as reduced by appropriate allowances for estimated irrecoverable amounts. All receivables do not
carry any interest and are short term in nature.
Cash and Cash Equivalents
Cash comprises cash at bank and on demand deposits. Cash equivalents are short term (less than three
months from inception), repayable on demand and are subject to an insignificant risk of change in
value.
Trade and Other Accounts Payable
Trade and other payables are initially measured at fair value and subsequently measured at amortised
cost. All trade and other accounts payable are non-interest bearing.
Pensions
Pension contributions towards employees’ pension plans are charged to the statement of comprehensive
income as incurred. The pension scheme is a defined contribution scheme.
Borrowings
Interest rate borrowings are recognised at fair value, being proceeds received less any directly
attributable transaction costs. Borrowings are subsequently stated at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss
over the period of the borrowings using the effective interest method. Borrowings are classified as
current liabilities unless the Company has an unconditional right to defer settlement of the liability for
at least 12 months after the reporting date.
1.3
Key Sources of Estimation Uncertainty and Judgements
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that may affect the application of accounting policies and the reported amounts of assets
and liabilities, income and expenses.
Revisions to accounting estimates are recognised in the period in which the estimate is revised if the
revision affects only that period. The key sources of estimation uncertainty that have a significant risk
of causing material adjustment to the carrying amounts of assets and liabilities within the next financial
year are those relating to the fair value of investment properties which are revalued annually by the
Company’s independent valuers.
There are no other judgemental areas identified by management that could have a material effect on the
financial statements at the reporting date.
– 26 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
2. PROPERTY COSTS
Empty rates
Property management
Legal fees
Agents fees
3. ADMINISTRATIVE COSTS
Rents payable – operating lease rentals
General administration, including staff costs
Auditors’ remuneration: Audit fees
Tax services
4. STAFF COSTS
Staff costs, including Directors’ fees, during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
2018
£’000
4
114
118
22
8
148
2018
£’000
26
458
32
4
520
2018
£’000
266
31
16
313
2017
£’000
1
65
66
40
25
131
2017
£’000
25
465
32
6
528
2017
£’000
244
23
17
284
Further details of Directors’ emoluments, totaling £281,685 (2017: £260,144), are shown in the Directors’
Report on page 10. There are no other key management personnel.
The average number of employees, including Non-Executive Directors,
engaged wholly in management and administration was:
The number of Directors for whom the Company paid pension benefits
during the year was:
2018
No.
6
2
2017
No.
5
2
– 27 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
5. FINANCE COSTS (NET)
Interest payable on bank loans
Less: Bank interest receivable
6. TAXATION
(a) Analysis of the tax charge for the year:
UK Corporation tax at 19% (2017: 20%)
Overprovision in previous year
Total current tax charge
Deferred tax – temporary differences
Tax charge for the year
(b) Factors affecting the tax charge for the year:
Net Income before taxation
Current Year:
Corporation tax thereon at 19% (2017 - 20%)
Expenses not deductible for tax purposes
Excess of capital allowances over depreciation
Investment gain on fair value not taxable
Investment profit on disposal
Other timing differences
Overprovision in previous year
Current tax charge
7. DIVIDENDS
Final dividend paid in year of 10.25p per share
(2017: 8.2p per share)
Interim dividend paid in year of 6.5p per share
(2017: 5.5p per share)
2018
£’000
365
(1)
364
2018
£’000
222
–
222
137
359
2017
£’000
373
(3)
370
2017
£’000
195
–
195
206
401
2,991
3,198
569
3
–
(310)
(40)
–
–
222
2018
£’000
278
176
454
640
14
(2)
(440)
–
(16)
–
195
2017
£’000
222
149
371
The Board recommends the payment of a final dividend of 11.0 p per share, which will be recorded in the
Financial Statements for the year ending 25th March 2019.
– 28 –
5. FINANCE COSTS (NET)
Interest payable on bank loans
Less: Bank interest receivable
6. TAXATION
(a) Analysis of the tax charge for the year:
UK Corporation tax at 19% (2017: 20%)
Overprovision in previous year
Total current tax charge
Deferred tax – temporary differences
Tax charge for the year
(b) Factors affecting the tax charge for the year:
Net Income before taxation
Current Year:
Corporation tax thereon at 19% (2017 - 20%)
Expenses not deductible for tax purposes
Excess of capital allowances over depreciation
Investment gain on fair value not taxable
Investment profit on disposal
Other timing differences
Overprovision in previous year
Current tax charge
7. DIVIDENDS
2,991
3,198
2018
£’000
365
(1)
364
2018
£’000
222
–
222
137
359
569
(310)
(40)
3
–
–
–
222
2018
£’000
278
176
454
2017
£’000
373
(3)
370
2017
£’000
195
–
195
206
401
640
14
(2)
(440)
(16)
–
–
195
2017
£’000
222
149
371
Final dividend paid in year of 10.25p per share
(2017: 8.2p per share)
(2017: 5.5p per share)
Interim dividend paid in year of 6.5p per share
The Board recommends the payment of a final dividend of 11.0 p per share, which will be recorded in the
Financial Statements for the year ending 25th March 2019.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
8. EARNINGS PER SHARE
Basic earnings per share are calculated by dividing Income after Taxation attributable to Ordinary
Shareholders of £2,632,000 (2017: £2,797,000) by the weighted average number of 2,711,617 (2017:
2,711,617) ordinary shares in issue during the period excluding shares held as treasury. There are no
instruments in issue that would have the effect of diluting earnings per share.
9. PROPERTIES
Properties
Balance at 25th March 2017
Additions
Disposals
Revaluation Surplus
Assets held for Sale
Balance at 25th March 2018
2018
£’000
29,515
96
(1,172)
1,631
30,070
(1,300)
28,770
2017
£’000
25,230
2,086
–
2,199
29,515
–
29,515
The Company’s freehold investment properties are carried at fair value as at 25th March 2018. The fair
value of the properties has been calculated by independent valuers, BNP Paribas Real Estate, on the basis
of market value, defined as:
“The estimated amount for which a property should exchange on the date of valuation between a willing
buyer and a willing seller in an arm’s-length transaction, after proper marketing wherein the parties had each
acted knowledgeably, prudently and without compulsion.”
These recurring fair value measurements for non-financial assets use inputs that are not based on observable
market data, and therefore fall within level 3 of the fair value hierarchy.
The significant unobservable market data used is property yields which range from 5.51% to 8.02%, with an
average yield of 6.75% and an average weighted yield of 6.79% for the portfolio.
There have been no transfers between levels of the fair value hierarchy. Movements in the fair value are
recognised in profit or loss.
A 0.5% increase or decrease in the yield would result in a corresponding decrease or increase of
£2.23 million in the fair value movement through profit or loss.
– 29 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
10. OTHER PROPERTY, PLANT AND EQUIPMENT
Cost
Balance at 25th March 2017 and 25th March 2018
Depreciation
Balance at 25th March 2017
Charge for the Year
Balance at 25th March 2018
Net Book Values at 25th March 2017
and 25th March 2018
11. OPERATING LEASES RECEIVABLE
The following are the future minimum lease
payments receivable under non-cancellable
operating leases which expire:
Not later than one year
Between 2 and 5 years
Over 5 years
2018
£’000
2017
£’000
–
–
–
–
–
2018
£’000
1,870
3,913
123
5,906
47
47
–
47
–
2017
£’000
2,026
4,061
245
6,332
Rental income under operating leases recognised through profit or loss amounted to £2,182,000 (2017:
£2,028,000).
Typically, the properties were let for a term of between 5 and 10 years at a market rent with rent reviews
every 5 years. The above maturity analysis reflects future minimum lease payments receivable to the next
break clause in the operating lease. The properties are generally leased on terms where the tenant has the
responsibility for repairs and running costs for each individual unit with a service charge payable to cover
common services provided by the landlord on certain properties.
– 30 –
– 31 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
12. INVESTMENTS
Quoted investments
13. ACCOUNTS RECEIVABLE
Trade receivables
Other receivables
2018
£’000
3
2018
£’000
802
6
808
2017
£’000
3
2017
£’000
451
4
455
Trade receivables include an allowance for bad debts of £nil (2017: nil). Trade receivables of
£nil (2017: £10,000) are considered past due but not impaired.
14. ACCOUNTS PAYABLE
Trade payables
Other creditors
Accruals and deferred income
15. BANK LOANS PAYABLE
Non-current loan
2018
£’000
–
140
935
1,075
2018
£’000
10,240
10,240
2017
£’000
7
134
898
1,039
2017
£’000
11,340
11,340
In December 2016, a new five year facility comprising both a Fixed Rate Facility and a Revolving Credit
Facility was entered into providing a total credit facility of £11.34 million. Interest was charged at 3.35% per
annum for the Fixed Rate Facility of £10 million and 2.49% over 3 month LIBOR for the Revolving Credit
Facility of £0.24 million (2017: £1.34 million).
The loan is repayable in one instalment on 18 December 2021. The bank loan includes the following
financial covenants which were complied with during the year:
• Rental income shall not be less than 2.25 times the interest costs
• The bank loan shall at no time exceed 50% of the market value of the properties secured.
– 31 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
15. BANK LOANS PAYABLE (Continued)
The borrowing facility is secured by fixed charges over the freehold land and buildings owned by the
Company, which at the year end had a combined value of £30,070,000 (2017: £29,515,000). The undrawn
element of the borrowing facility available at 25th March 2018 was £1,100,000 (2017: nil).
16. DEFERRED TAX
A deferred tax liability of £346,000 has been recognised in respect of the investment properties (2017: £209,000).
17. SHARE CAPITAL
Authorised
2018
£’000
2017
£’000
8,000,000 Ordinary Shares of 25p each:
2,000
2,000
Allotted, Called Up and Fully Paid
3,155,267 Ordinary shares of 25p each
789
789
All shares rank equally in respect of Shareholder rights.
In March 2010, the company acquired 443,650 Ordinary shares of Wynnstay Properties Plc from Channel
Hotels and Properties Ltd at a price of £3.50 per share. These shares, representing in excess of 14% of the
total shares in issue, are held in Treasury.
– 32 –
– 33 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
18. FINANCIAL INSTRUMENTS
The objective of the Company’s policies is to manage the Company’s financial risk, secure cost effective
funding for the Company’s operations and minimise the adverse effects of fluctuations in the financial
markets on the value of the Company’s financial assets and liabilities, on reported profitability and on the
cash flows of the Company.
At 25th March 2018 the Company’s financial instruments comprised borrowings, cash and cash equivalents,
short term receivables and short term payables. The main purpose of these financial instruments was to raise
finance for the Company’s operations. Throughout the period under review, the Company has not traded in
any other financial instruments. The Board reviews and agrees policies for managing each of these risks and
they are summarised below:
Credit Risk
The risk of financial loss due to a counterparty’s failure to honour its obligations arises principally in
connection with property leases and the investment of surplus cash.
Tenant rent payments are monitored regularly and appropriate action is taken to recover monies owed or, if
necessary, to terminate the lease. Funds are invested and loan transactions contracted only with banks and
financial institutions with a high credit rating.
The Company has no significant concentration of credit risk associated with trading counterparties
(considered to be over 5% of net assets) with exposure spread over a large number of tenancies.
Concentration of credit risk exists to the extent that at 25th March 2018 and 2017, current account and short
term deposits were held with two financial institutions, Svenska Handelsbanken AB and C Hoare & Co.
Maximum exposure to credit risk on cash and cash equivalents at 25th March 2018 was £1,434,000 (2017:
£1,075,000).
Currency Risk
As all of the Company’s assets and liabilities are denominated in Pounds Sterling, there is no exposure to
currency risk.
Interest Rate Risk
The Company is exposed to cash flow interest rate risk as it currently borrows at both floating and fixed
interest rates. The Company monitors and manages its interest rate exposure on a periodic basis but does
not take out financial instruments to mitigate the risk. The Company finances its operations through a
combination of retained profits and bank borrowings.
Liquidity Risk
The Company seeks to manage liquidity risk to ensure sufficient funds are available to meet the requirements
of the business and to invest cash assets safely and profitably. The Board regularly reviews available cash to
ensure there are sufficient resources for working capital requirements.
– 33 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
18. FINANCIAL INSTRUMENTS (Continued)
Interest Rate Sensitivity
Financial instruments affected by interest rate risk include loan borrowings and cash deposits. The analysis
below shows the sensitivity of the statement of comprehensive income and equity to a 0.5% change in
interest rates:
0.5% decrease
in interest rates
0.5% increase
in interest rates
Impact on interest payable - gain/(loss)
Impact on interest receivable - (loss)/gain
Total impact on pre tax profit and equity
2018
£'000
1
(7)
(6)
2017
£'000
7
(5)
2
2018
£'000
(1)
7
6
The net exposure of the Company to interest rate fluctuations was as follows:
Floating rate borrowings (bank loans)
Less: cash and cash equivalents
2018
£'000
(240)
1,434
1,194
2017
£'000
(7)
5
(2)
2017
£'000
(1,340)
1,075
(265)
Fair Value of Financial Instruments
Except as detailed in the following table, management consider the carrying amounts of financial assets and
financial liabilities recognised at amortised cost approximate to their fair value.
Interest bearing borrowings (note 15)
2018
Book Value
£’000
(10,240)
2018
Fair Value
£’000
(10,240)
2017
Book Value
£’000
(11,340)
2017
Fair Value
£’000
(11,340)
Total
(10,240)
(10,240)
(11,340)
(11,340)
– 34 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
18. FINANCIAL INSTRUMENTS (Continued)
Categories of Financial Instruments
Financial assets:
Quoted investments
Loans and receivables
Cash and cash equivalents
Total financial assets
Non-financial assets
Total assets
Financial liabilities at amortised cost
Total liabilities
Shareholders’ equity
Total shareholders’ equity and liabilities
2018
£’000
3
808
1,434
2,246
30,070
32,316
2017
£’000
3
455
1,075
1,533
29,515
31,048
11,509
12,574
11,873
20,443
32,316
12,783
18,265
31,048
The only financial instruments measured subsequent to initial recognition at fair value as at 25th March are
quoted investments. These are included in level 1 in the IFRS 7 hierarchy as they are based on quoted prices
in active markets.
Capital Management
The primary objectives of the Company’s capital management are:
•
•
to safeguard the Company’s ability to continue as a going concern, so that it can continue to provide returns
for shareholders: and
to enable the Company to respond quickly to changes in market conditions and to take advantage of
opportunities.
Capital comprises Shareholders’ equity plus net borrowings. The Company monitors capital using loan to value
and gearing ratios. The former is calculated by reference to total net debt as a percentage of the year end valuation
of the investment property portfolio. Gearing ratio is the percentage of net borrowings divided by Shareholders’
equity. Net borrowings comprise total borrowings less cash and cash equivalents. The Company’s policy is that
the net loan to value ratio should not exceed 50% and the gearing ratio should not exceed 100%.
Net borrowings and overdraft
Cash and cash equivalents
Net borrowings
Shareholders’ equity
Investment properties
Loan to value ratio
Net borrowings to value ratio
Gearing ratio
– 35 –
2018
£'000
10,240
(1,434)
8,806
20,443
30,070
34.1%
29.3%
43.1%
2017
£'000
11,340
(1,075)
10,265
18,265
29,515
38.4%
34.7%
56.2%
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
19. COMMITMENTS UNDER OPERATING LEASES
Future rental commitments at 25th March 2018 under non-cancellable operating leases are as follows:-
Within one year
Between two to five years
2018
£’000
25
29
54
2017
£’000
28
28
56
20. RELATED PARTY TRANSACTIONS
The Company has entered into an agreement with T.J.C.P. Consultants Ltd, a company owned and controlled
by T.J.C. Parker which during the year was paid £45,000 (2017: £43,697). There were no other related party
transactions other than with the Directors, which have been disclosed under Directors’ Emoluments in the
Directors’ Report on page 10.
– 36 –
– 37 –
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25TH MARCH 2018
WYNNSTAY PROPERTIES PLC
21. SEGMENTAL REPORTING
Industrial
Retail
Office
Total
2018
2017
2018
2017
2018
2017
2018
2017
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
1,618
1,153
1,298
1,145
162
20
465
24
402
458
265
2,182
1,030
1,631
2,028
2,199
Rental Income
Profit on investment
property at fair value
Total income and gain
2,771
2,443
182
489
860
1,295
3,813
4,227
Property expenses
(148)
(131)
–
–
–
–
(148)
(131)
Segment profit/(loss)
2,573
2,312
182
489
860
1,295
3,665
4,096
Unallocated corporate
expenses
Profit on sale of
investment property
Operating income
Interest expense (all relating
to property loans)
Interest income and
other income
Income before taxation
–
–
210
–
–
–
210
–
(521)
(528)
3,354
3,568
(365)
(373)
1
3
2,991
3,198
Other information
Industrial
Retail
Office
Total
2018
2017
2018
2017
2018
2017
2018
2017
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Segment assets
19,735
18,483
4,760
5,915
5,575
5,118
30,070
29,515
Segment assets held
as security
19,735
18,483
4,760
5,915
5,575
5,118
30,070
29,515
– 37 –
WYNNSTAY PROPERTIES PLC
FIVE YEAR FINANCIAL REVIEW
Years Ended 25th March:
2018
£’000
2017
£’000
STATEMENT OF COMPREHENSIVE INCOME
Property Income
Profit before movement in fair value of
investment properties and taxation
Income before Taxation
Income after Taxation
2,182
1,150
2,991
2,632
2,028
999
3,198
2,797
IFRS
2016
£’000
1,778
878
1,951
1,796
2015
£’000
2014
£’000
1,663
899
2,429
2,219
1,609
1,011
1,181
946
STATEMENT OF FINANCIAL POSITION
Investment Properties
Equity Shareholders’ Funds
30,070
20,443
29,515
18,265
25,230
15,839
21,780
14,390
18,515
12,499
PER SHARE
Basic earnings
Dividends paid and proposed
Net Asset Value
97.1p
17.5p
754p
103.1p
15.75p
674p
66.2p
13.2p
584p
81.8p
12.3p
531p
34.9p
11.8p
461p
– 38 –
WYNNSTAY PROPERTIES PLC
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the one hundred and thirty second ANNUAL GENERAL MEETING
of the Members of Wynnstay Properties PLC will be held at Moore Stephens LLP, 150, Aldersgate Street,
London EC1A 4AB on Tuesday, 10th July 2018, at 11.30 a.m.. The business of the meeting will be to consider
and, if thought fit, to pass the following ordinary and special resolutions.
ORDINARY RESOLUTIONS
1 To receive the Report of the Directors and the Financial Statements for the year ended 25th March 2018.
2 To declare a final dividend for the year ended 25th March 2018 of 11.0 pence per ordinary share.
3 To fix the remuneration of the Directors.
4 To reappoint Moore Stephens LLP as auditors of the Company, to hold office from the conclusion of the
annual general meeting until the conclusion of the next annual general meeting of the Company and to
authorise the Directors to determine their remuneration.
5 To re-elect Charles Delevingne as a Director of the Company, who retires and offers himself for
re-election.
6 To re-elect Paul Williams as a Director of the Company, who retires and offers himself for re-election.
7 That the Directors of the Company are generally and unconditionally authorised for the purposes of
section 551 of the Companies Act 2006 (the “Act”), in substitution for all previous authorisations, to
exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe
for or convert any security into shares in the Company (“Rights”) up to an aggregate nominal amount
of £39,440.75, and this authorisation shall, unless previously revoked by resolution of the Company,
expire on 31 December 2019 or, if earlier, at the conclusion of the annual general meeting of the
Company to be held in 2019. The Company may, at any time before such expiry, make offers or enter into
agreements which would or might require shares to be allotted or Rights to be granted after such expiry
and the Directors may allot shares or grant Rights in pursuance of any such offer or agreement as if this
authorisation had not expired.
– 39 –
WYNNSTAY PROPERTIES PLC
NOTICE OF ANNUAL GENERAL MEETING
SPECIAL RESOLUTION
8 That the Directors of the Company are empowered (i) pursuant to section 570 of the Act to allot equity
securities (within the meaning of section 560 of the Act) for cash pursuant to the authorisation conferred
by Resolution 7 above and (ii) pursuant to section 573 of the Act to allot equity securities (within the
meaning of section 560(3) of the Act), in each case as if section 561 of the Act did not apply to the
allotment, provided that this power shall be limited to:
(a) The allotment of equity securities in connection with an offer of, or invitation to apply for, equity
securities made (i) to holders of ordinary shares in the Company in proportion (as nearly as many
as practicable) to the respective number of ordinary shares held by them on the record date for such
offer and (ii) to holders of other equity securities as may be required by the rights attached to those
securities or, if the Directors consider it desirable, as may be permitted by such rights, but subject in
each case to such exclusions or other arrangements as the Directors may deem necessary or expedient
in relation to treasury shares, fractional entitlements, record dates or legal or practical problems in or
under the laws of any territory or the requirements of any regulatory body or stock exchange; and
(b) The allotment (otherwise than pursuant to paragraph (a) above) of further equity securities up to any
aggregate nominal amount of £39,440.75,
and this power shall, unless previously revoked by resolution of the Company, expire on 31 December
2019 or, if earlier, at the conclusion of the annual general meeting of the Company to be held in 2019. The
Company may, at any time before the expiry of this power, make offers or enter into agreements which
would or might require equity securities to be allotted after such expiry and the Directors may allot equity
securities in pursuance of any such offer or agreement as if this power had not expired.
Registered Office:
150 Aldersgate Street
London EC1A 4AB
By Order of the Board,
T. J. C. Parker
Secretary
14th June 2018
– 40 –
WYNNSTAY PROPERTIES PLC
NOTICE OF ANNUAL GENERAL MEETING
Notes:
1. A Member entitled to attend and vote at the Meeting may appoint one or more proxies to attend, speak and
vote in their stead. The proxy need not be a Member of the Company. To be effective, completed forms
of proxy and the power of attorney or other authority (if any) under which they are signed or a copy of
that power or authority certified notarially or in accordance with the Powers of Attorney Act 1971 must
be lodged at the office of the Company’s registrars, Link Asset Services, 65 Gresham Street, London
EC2V 7NQ at least 48 hours before the time appointed for the Meeting. A form of proxy is enclosed.
2. Completion and return of a form of proxy will not preclude a member from attending and voting at the
3.
meeting in person should he wish to do so.
In the case of joint shareholders, the vote of the senior who tenders a vote, whether in person (including
by corporate representative) or by proxy, shall be accepted to the exclusion of the votes of the other joint
shareholders. Seniority is determined by the order in which the names of the joint holders appear in the
Company’s register of members.
4. The Company, pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, specifies that
only those shareholders registered in the register of members of the Company as at 11.30 a.m. on 9th July
2018 shall be entitled to attend or vote at the Annual General Meeting in respect of the number of ordinary
shares registered in their name at that time. Changes to entries on the relevant register of securities after
11.30 a.m. on 9th July 2018 shall be disregarded in determining the rights of any person to attend or vote
at the meeting.
5. Copies of the service agreements under which Directors of the Company are employed by the Company
will be available for inspection at the Company’s registered office during normal business hours on any
weekday from the date of this Notice until the date of the Annual General Meeting and for 15 minutes
prior to and during the Meeting.
– 41 –
WYNNSTAY PROPERTIES PLC
BIOGRAPHIES OF THE DIRECTORS
Philip G.H. Collins (Non-Executive Chairman) aged 70, is a Solicitor and was Chairman of the Office of
Fair Trading from 2005 to 2014. He was formerly a partner in an international firm based in the City where he
specialised in E.U. law, with particular emphasis on competition issues. Previously, after practising for some
years in the corporate and commercial field, he was seconded for a period to work as Chief Legal Adviser in
an industrial group. Appointed a Director of Wynnstay Properties in 1988 and elected Chairman in October
1998.
Paul Williams (Managing Director) aged 60 is a Chartered Surveyor and holds a Degree in Land
Management as well as an MBA. He has spent his entire career in commercial property including a fourteen
year period with MEPC where he held a number of senior positions. Paul has also worked for Lloyds TSB,
Legal & General, GE Pensions and Credit Suisse Asset Management and joined Wynnstay Properties as
Managing Director in February 2006.
Charles H. Delevingne (Non-Executive) aged 68. After spending his early career as a partner with prominent
estate agencies, in 1981 he founded Harvey White Properties Limited, a substantial private commercial
property investment company. Appointed a Director of Wynnstay Properties in June 2002.
Toby J. C. Parker (Finance Director and Company Secretary) aged 63, is a Chartered Accountant who has
worked for a number of small and medium sized companies in a varied number of business sectors both in the
UK and abroad. Appointed a Director of Wynnstay Properties in August 2007.
Paul Mather (Non-Executive) aged 63 is a Chartered Surveyor who has spent his career focused on active
asset management of commercial portfolios and developments in central London. He was a senior director at
BNP Paribas Real Estate for 13 years and group portfolio manager for Greycoat PLC for 17 years. Appointed
a director of Wynnstay Properties in March 2017.
Caroline M. Tolhurst (Non-Executive) aged 56, is a Chartered Surveyor and a Chartered Secretary with 30
years’ experience in property and investment sectors. She was Company Secretary at Grosvenor Limited and
NewRiver Retail Limited and compliance officer for Knight Frank LLP’s regulated businesses. She is also a
Board member and Committee Chair at A2Dominion Housing Group Limited and LocatED Property Limited.
Appointed a director of Wynnstay Properties in March 2017.
– 42 –
– 43 –
4