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The Group commissions a valuation of land and buildings held for industrial and commercial use biannually which is carried out by a firm of professional valuers.

The valuation report has been used to inform the measurement of assets in these financial statements. The valuever exercises professional judgement in preparing the valuation and therefore, this is the best information available to the Group at 31 March 2026 and can be relied upon.

Details of valuation techniques used to determine fair value of land and buildings, including information on key unobservable inputs and the relationship between unobservable inputs to fair value that have been applied, are given in Note 10.

The fair value of financial instruments that are not traded in an active market is determined by using judgement and assumptions that are mainly based on external market conditions existing at the date of each Statement of Financial Position. The valuations are carried out internally and the group follows the International Private Equity and Venture Capital Valuation (“IPEV”) Guidance when determining fair value.

Details of valuation techniques used to determine fair value of financial assets, including information on key unobservable inputs and the relationship between unobservable inputs to fair value that have been applied, are given in Note 10.

The Group follows the guidance of IFRS 9 to determine, the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been significant increase in credit risk