Additional Information Supplementary disclosures (unaudited) continued for the year ended 31 March 2021
Loan to value The loan to value (LTV) is calculated by taking the Group’s total borrowings, net of cash, as a percentage of the total portfolio value. 2021 £000 2020 £000
2019 £000
166,207 167,465 194,669
Total borrowings
Less: Cash and cash equivalents
(23,358) (23,567) (25,168) 142,849 143,898 169,501 682,410 664,615 685,335
Total net borrowings
Investment property valuation
Loan to value
20.9%
21.7% 24.7%
Cost ratio The cost ratio is based on historical information and provides shareholders with an indication of the likely level of cost of managing the Group. The cost ratio uses the annual recurring administrative expenses as a percentage of the average net asset value over the period. 2021 £000 2020 £000 2019 £000
5,388
Administrative expenses
5,563 5,842
Less: REIT conversion and restructuring costs Recurring administrative expenses Average net asset value over the year
–
–
(215)
5,388
5,563 5,627
514,574 511,868 497,304
Cost ratio
1.0%
1.1% 1.1%
130
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