Good morning, everyone, and welcome to Assura's Annual Results Presentation. I'm joined today by Jayne, our CFO, and Patrick Lowther, our Head of Strategy and Markets. I will start with a brief overview before Jayne covers the strategic and financial report. Patrick will introduce some of the new and exciting areas we're moving into, then I will conclude with an outlook for the business. This is another good set of results for Assura. For me, it's my tenth. However, the difference this time and over the past two years has been the dizzying array of challenges we have faced. A once in a century pandemic, supply chains disrupted, the emerging impact of climate change, and now an inflationary surge to the backdrop of a major geopolitical crisis right here in Europe. In response to this deluge, our team has certainly had to adapt. We have continued improving the community health infrastructure for the NHS with strong and sustained growth in cash flows and dividends for our investors. I can honestly say our business model has never been required to be more resilient. However, not only have we demonstrated resilience, but against all the odds, we have continued to innovate and to explore and expand into new markets and geographies to cement our position as the leading developer in the sector. We have also achieved outstanding results in financing while taking a decisive lead in sustainability. In new markets, we have made progress in all the areas that we have been working towards, working with NHS trusts, mental health, primary care at scale, and independent sector providers. We have now added a further element with geographic expansion with our first transaction in the Republic of Ireland. We will expand on this new venture later. Patrick will also cover our success in embarking on a relationship with the West Midlands Ambulance Service University NHS Foundation Trust, a very different area of NHS infrastructure. In financing, we successfully raised GBP 300 million from our bond in July and GBP 185 million from our equity raise in November. In sustainability, we have made good progress towards achieving our SixbySix goals, which are now updated with the ambition to be fully net zero carbon by 2040. A highlight for the year was our first ever Sustainability Bond. This followed the success of our innovative Social Bond last year. The GBP 300 million 12-year bond was three times oversubscribed and achieved a rate of 1.625%, a testament to Jayne and her team. We followed this up in November with a GBP 185 million equity raise, where we saw strong support from our existing shareholders, as well as bringing a few new names onto the register. However, both these financings were made good by virtue of our deployment of the capital. The team has done an outstanding job with GBP 271 million invested at an average yield of 4.6% on a WALT of 19 years. This deployment covers all three of our key growth drivers, developments, acquisitions, and asset enhancements. In developments, we now have a record level of 17 schemes on site for a total cost of GBP 166 million and an immediate pipeline of GBP 158 million. Acquisitions have exceeded our target by more than 50%, with GBP 152 million invested in the second half. The investment team has also matched this effort by sourcing new opportunities of GBP 119 million. In asset enhancements, we have experienced greater delays than normal in securing NHS approvals. Notwithstanding this, the team has built a pipeline of 23 projects for a total spend of GBP 18 million. A key part of our progress over the year has been in adapting to the constantly and rapidly changing needs of the NHS in a number of key areas. First, working with trusts has enabled the delivery of services away from hospital sites to free up capacity. As Patrick will explain in more detail, we are on site in Northumbria with a training and clinical facility for the local trust. Second, mental health, where the need for access to services has never been greater. At the moment, these are being provided in largely inappropriate spaces. There is an excellent opportunity for us to use our specific skills and experience to deliver more suitable premises to better meet these needs. We have invested GBP 48 million across seven projects this year and continue to identify new opportunities. Third, primary care at scale is an area where we can help emerging GP networks in developing their estate strategies, meeting their property management needs, and developing new buildings or extending existing ones to support growth. We are working with the two leading GP networks and have six deals in the pipeline, many with associated asset enhancement opportunities. In addition, we continue to pursue partnerships with independent sector providers. The response to clearing the current backlog can only realistically be tackled through joint endeavor with the independent sector. For Ramsay Health Care, we have now completed our development in Preston and are building a new facility in Kettering. We have also just agreed terms for building a new cancer treatment centre for GenesisCare at the Royal Surrey County Hospital site. We can now add to our growth plans our geographic expansion into Ireland. We have been keenly monitoring this market for several years. We believe our unique development expertise, our sector knowledge, and our innovative approach to social impact and sustainability will work equally well in this new market. Following months of focused activity from Patrick and many meetings with the HSE, we are now confident of building on our first acquisition to create a meaningful pipeline over the next few years. Reflecting this range and volume of opportunities, we continue to strengthen our team, a team which has grown from 43 - 85 in my five years as CEO. We have brought in the diverse talents of Apollo and GPI, as well as enriching our own team organically. It is now two years since we launched our SixbySix plans, and we have made real progress towards our twin goals of maximizing social impact while minimizing our impact on the environment. On sustainability, we committed to developing only net zero carbon buildings and having all our buildings with an EPC of B by 2026. We have continued to refine our plans, and working with our sustainability advisors, EVORA, we have now developed a strategy to be net zero by 2030 for our managed buildings and by 2040 for our whole portfolio. This is no small undertaking, and while the NHS shares our ambitions and has set itself the target of being the world's first net zero carbon health system by 2045, it will require our help in shaping and influencing its behaviors. In addition, we need to ensure the investment we are making in this is fairly reflected in rental values. To achieve this across our 645 assets will involve hundreds of improvement projects. Thanks to the relationships we have built up with individual surgeries, the capability of the team to design and deliver these projects, and our capital strength to fund them, we are in an ideal position to help the NHS to achieve its goals. Already in the three months to March, we have completed over 30 projects, and we expect to undertake substantially more this financial year, including trials for achieving net zero carbon on our refurbishments. In terms of social impact, we build the buildings where over 6.8 million patients access their community health needs. In order that these patients are confident and comfortable bringing their health concerns to their GPs, in addition to the bare essential structure, we are rigorous in exploring ways to improve the design and function of our buildings. This includes our ideas, such as the Designing for Everyone principles we pioneered in our scheme in Cinderford, which we are now rolling out on all our future developments. Our approach also extends to our work in the community, whether supporting social prescribing activities, providing outdoor spaces such as allotments, or the fantastic work done by the charities we support through the award-winning Assura Community Fund. This year, we passed the milestone of having distributed grants in excess of GBP 1 million. We are acutely aware that mental health services are under some of the greatest pressure in the NHS, and delays for receiving these sometimes life-saving treatments are both rising and alarming. COVID has added to the often unseen impacts on mental health, especially among the young. Reflecting this, more than 40% of the grants made have been to projects supporting young people's mental health. As a business based in Warrington in the Rugby League heartland, we are proud to be working with the Rugby League World Cup as their community health partner. We've used this partnership to engage in health projects, working through and with community rugby league clubs. A program of GBP 100,000 worth of grants has now been awarded to support these projects. This has impacted more than 6,000 people. They range from projects helping young people to build confidence and self-esteem, to summer holiday food programs, and schemes helping unemployed adults with long-term health conditions to build new skills. For us, an approach to social impact and sustainability that includes all our stakeholders, patients, doctors, our team, our suppliers, aligns us with the values and vision of the NHS and directly underpins our commercial success. This can be explicit, as in the success of the Sustainability Bond, or more subtle, as in securing a new mandate where a GP welcomes our commitment to investing in local skills and apprenticeships. This long-term partnership approach has enabled us to grow profits by 7% a year for the last six years. Now, I would like to hand over to Jayne to provide you with the financial and strategy update. Jayne? Thank you, Jonathan. Good morning, everybody. I am very pleased once more to be presenting Assura's year-end results, which I am happy to say in this post-COVID environment are excellent. A busy year has passed, a year in which we have continued our growth. It's been a story of identifying new assets, new relationships, and new territories, and has pushed boundaries for us. It has been a really exciting time. We have acquired GBP 234 million worth of acquisitions. GBP 37 million worth of developments have completed, and we have had GBP 15 million worth of disposals and continued a strong asset enhancement program. Much of this has been possible due to the continued support of our lenders and shareholders. In June, we raised GBP 300 million in our first Sustainability Bond at a fantastic 12-year fixed rate of 1.625%. Following this, in November, we asked our shareholders to support us with further equity of GBP 185 million. At the outset, we were able to present a very strong use of proceeds case and in return received an enthusiastic and generous response. I am pleased to say that we have deployed this capital ahead of our own expectations. With this in mind, let me take you through the last twelve months. Our property additions have given us net rental income growth of 13% to GBP 126.5 million. Our EPRA earnings have grown from 75.4- 86.2 million pounds, an increase of 14%. Our EPRA earnings per share increased by 11% to 3.1 pence for the year, and our dividend growth in the year was 4%. The value of our portfolio is now almost 2.8 billion GBP, and we've seen further yield compression of 10 basis points, bringing our Net Initial Yield to 4.48%, a valuation gain in the year of GBP 69 million. Our EPRA net tangible assets per share rose by 6% to 60.7 pence, and our loan to value is now 36%. Alongside these excellent results, we are announcing a dividend increase of 5.4% to 3.12 pence per share. Our portfolio has grown to 645 properties with a value of 2.8 billion GBP. As the graph on the left shows, this is a compound annual growth rate of 16%, with an increase of 1.65 billion GBP since 2016. The rent roll chart on the right shows an increase in the year of GBP 40 million or 12%. As you can see, rent reviews and asset enhancements are responsible for GBP 2.2 million, developments for GBP 1.5 million, and our acquisitions have added GBP 11.2 million, while disposals have reduced our rent roll by GBP 0.9 million, taking it from GBP 121.7 million to GBP 135.7 million at the year-end. The scale we have achieved, along with our conservative balance sheet, enables us to finance our business at considerably lower cost. As you're aware, it's been our strategy over the past five years or so to maintain a lower leverage, therefore benefiting us with a lower cost of debt on an unsecured basis. We are pleased to be able to claim that our cost of debt is one of the lowest in the industry. If we take a moment to look at both of our recent debt raises, we raised GBP 300 million for 10 years at 1.5%. Then within nine months, we raised a further GBP 300 million for 12 years at 1.625%. Our scale yields multiple benefits to us. I've shown this chart before, but it highlights how we have gone from strength to strength throughout our growth. As you can see, whilst our portfolio yields have tightened, you can also see the gap between our Net Initial Yield and our average cost of debt has widened over the same period. At the 31st of March, our net debt stood at GBP 1 billion with a loan to value of 36%. Our weighted average interest rate has fallen from 2.47% to 2.3%, and our debt maturity is eight years. We've continued to develop our financing structure with the introduction of our first Sustainability Bond. The all-in rate of 1.625% for our bond was impressive. However, it is the underlying margin that has seen significant improvement from 128 basis points on our Social Bond to 85 basis points on this latest bond. This gives us a clear signal of how investors view the strength of our business. As we move to accomplishing our SixbySix target of maximizing our impact on society while minimizing our impact on the environment, we will also be adapting our financing in support of these targets. We have over GBP 360 million of cash and undrawn facilities available to us, ensuring we have significant firepower to continue with our growth plans. Our loan-to-value policy remains unchanged. We are happy to go above 40%, but would expect to bring it down over time. We have GBP 205 million of headroom before we reach 40% and GBP 485 million before we reach 45%. I'd like now to look at our rent reviews. We have completed over 300 in the year with an average uplift of 1.9%. We've had an increase of 2.7% on our RPI and fixed uplifts and 1.4% on our open market reviews. Getting through our open market rent reviews has been a challenge, as you can appreciate, over the last couple of years. However, we've managed to start clearing that backlog. The chart on the right shows how we are getting through the reviews with approximately GBP 38 million of our rent roll having been reviewed this year. This has given us an uplift of GBP 2.2 million on these rents, or 5.2% in absolute terms. Given how difficult I've said the reviews have been over the last two years, I thought I would take a moment to give you an idea of the process. From the rent review date, it typically takes 9-18 months to complete. We have rent review managers who focus solely with our agents to identify areas of rental growth and provide evidence from other medical centres to instigate the review. This evidence is based upon comparable buildings in the surrounding area, including new buildings. We've spoken many times about how our rent reviews have a linkage to construction cost inflation and how this takes time to flow through to rental growth. These new medical centres set the tone for the uplift, and we negotiate with the District Valuer for a fair market rent while also ensuring it is value for money for the taxpayer. Once the District Valuer has made their recommendation, the NHS will agree the rent, and it will be put into place. At the point the new rent is agreed, we will also settle any back rent that is due. If we feel that the District Valuer has not been fair in their assessment, then we do have the option to challenge the rent and take it to arbitration. However, this is not something we do that often. While this can be a long and drawn-out process at times, we are always able to capture any cash owed, and we work on hundreds of reviews at any one time. Let's just look now in a little more detail at that linkage to construction cost inflation and the impact that it has on our rent reviews. If we look at a recently agreed rent on a building in East Anglia at GBP 225sq mi, a previous development there several years ago attracted a rent of GBP 162sq mi with a build cost of GBP 2,000sq mi. Fast-forward to today, and the build costs have increased by around 75%. However, out of this, we have been able to capture an uplift in the rent of 40%. You will, of course, ask, why did we not capture that full 75% increase? The reason for that is the yield shift on our assets over that period. We've experienced a movement of 150 basis points in our portfolio Net Initial Yield, and that has had a direct impact on the uplift we received. However, 40% is still very healthy and sets new tone for rents in the area. Similarly, in South Wales, build costs have increased by 31% over a five-year period, and we have captured a 26% uplift in the rent. We are seeing pockets of this rental growth across a number of areas, and we are optimistic about the prospects for future rental growth. Before I hand you over to Patrick, I would like to close by saying we have once again demonstrated our consistent track record of growing our portfolio whilst maintaining our approach to capital discipline. We have been able to raise debt at very attractive rates. We have received excellent support from our shareholders. We have a strong pipeline of investment and development opportunities, and we have both the headroom and the firepower to deliver on our growth against a challenging economic backdrop. With that, I will now hand you over to Patrick. Patrick? Thank you, Jayne. Good morning, everyone. As we have heard from Jonathan and Jayne, activity has been widespread across the property teams. In just 12 months, we have added 47 buildings, supporting the healthcare needs of over 1 million more patients on top of the 6.8 million already served by our buildings. At the same time, while proactively managing the assets, we have recycled capital back into both the portfolio and new growth areas. Increasingly, our strategy to drive sustainable growth centres on leveraging our customer relationships to produce property solutions that solve challenges in the wider health system, relieving pressures on hospitals, the replacement of outdated infrastructure, and the support of a system which is required to respond and resolve the ever-increasing waiting lists, whereby approximately one in nine people are awaiting routine operations today. It is now more than ever the case that for the NHS, not just to survive, but actually to thrive, there is a growing role for a range of healthcare operators, both public and independent, to unite in driving patient outcomes and efficiencies. I would now like to come on to some of the ways in which we are playing our own part as this evolution takes place. The first and really topical example comes into play in those urgent life-threatening moments when we need the NHS to respond immediately, and that means, of course, we need an ambulance service. Our remarkable ambulance service have a target response rate of seven minutes. Sadly, as we have been constantly hearing, this time has been increasing, at times to unacceptable levels of hours, not minutes, with occasionally catastrophic results. As Jonathan mentioned, during the last 12 months, we formed a relationship with the West Midlands Ambulance Service University NHS Foundation Trust and are developing a highly specified and well-located modern facility which will replace their outdated infrastructure and help in generating faster response times. This will benefit a population of over 5.5 million. The building will also be one of 10 across the UK to house a hazardous response team, referred to by colleagues as the SAS of emergency teams, because these individuals are required to respond in the most disastrous of situations, including building collapse and nuclear incidents. With over 300 staff on-site, this will be the largest hub of its kind in the country, and I think is an excellent example of how we're expanding our knowledge base over a range of key local healthcare buildings, bridging our core primary care estate with the hospital sector and positioning us well for future opportunities. The way in which the NHS attracts, retains, and develops its staff to provide the highest level of patient care is a constant challenge, no more so than in Cramlington, where in partnership with the Northumbria Healthcare NHS Foundation Trust, we're developing a new 80,000 sq ft facility that will have the ability and scope to house a centre of training and true clinical excellence. It is the Trust's aspiration that somebody could join as an apprentice clinician and progress up to director level, developing high standards of clinical excellence on their journey and contributing to the consistent care of the area's 500,000 population. Now, this is vital at a point when the British Medical Association is referring to the fact that after years of significant under-investment, sites are still too small and without sufficient space for the training of new doctors and nurses. It was only in last week's press that again, they pointed out to the fact that in December, the NHS had 110,000 unfulfilled jobs, including 8,000 doctors and 40,000 nurses. A project like this also gives Assura an opportunity to create an impact that goes far beyond the bricks and mortar. For example, we're contributing GBP 200,000 to a nature reserve, which will be for the benefit and well-being of the Trust's hardworking staff. This is just one of an ever-widening range of projects planned in partnership with the Trust Community Engagement team. Coldharbour. Here, yet again, we confront the same challenges, this time working with one of London's busiest trusts, King's College Hospital. In December, we acquired a building that has enabled the Trust to in part move away from the same congested, outdated, and inefficient state to what you can see here on the video. The new building is equipped with clean and bright clinical and treatment areas to relieve pressures on A&E. A gym to support patients with their rehabilitation needs. Plenty of light and open office space, accommodating departments from a range of their different service provisions, including their excellent R&D team. It is investments on this scale, working with similar major healthcare providers, that will put Assura towards the front line in responding to their future requirements. The really vital role played by the independent sector in supporting the NHS was highlighted during COVID, with over 3 million patients treated at cost by the sector. We believe its ongoing support will be essential if we are to reduce the strain on our hospital system. With cancer care waiting times getting ever longer, the growing backlog of life-critical procedures has been well documented. We are now on site with the development in Guildford, which is in part due to a relationship we've been developing over the last two years with GenesisCare, a world leader in the field of cancer treatment. Here, GenesisCare will be working by way of an innovative agreement with the adjoining NHS Hospital Trust to treat patients in a facility which will be one of only three buildings in the UK to offer the next generation of cutting-edge treatment to patients. It is strong public and independent partnerships such as this in world-class facilities and set against rising demand that gives us a very secure footing when we come to underwrite similar acquisitions and developments in the future. Now, we've been following the progress in Ireland since 2018, when the Irish government announced a major overhaul of their hospital-centric system called Sláintecare. This program envisages substantial investment into the primary care infrastructure. We made the decision to enter the market last year with our acquisition of the Castlebar Primary Care Centre. This award-winning building was originally designed to relieve pressures on the local Mayo Hospital. The pressures have continued to grow, and it was only just last week that we received confirmation from the HSE, Ireland's equivalent of the NHS, that they now require an additional 30,000 sq ft, effectively doubling the size of the building, to relieve further pressures from the hospital associated with chronic illnesses, mental health, and diagnostics. While it's not possible to pinpoint just how many schemes will be ultimately delivered with the ebb and flow of the government's ambition, we are confident the opportunity is very real. Our success will be accelerated by the relationships we have started to develop on the ground. These relationships with local experts cover areas of development, design, and project management, and importantly, the ongoing management of our assets. I myself will be overseeing the entire project, and I firmly believe that over the coming years, Ireland will really complement our UK business, leveraging all our expertise and driving relatively higher index-linked income returns. Unlocking the power of innovation is a growing part of all businesses. Technology can be both friend and foe, and increasingly, our GPs have been working to find their own balance between virtual and in-person. Through our investment into Pi Labs, one of the leading Protech venture capital funds in Europe. We are increasingly given access and insight to entrepreneurial teams who are wrestling with some of our sector's key challenges. Over the last 12 months, we shortlisted three teams, supporting in scenarios such as how we might use technology to develop our net zero carbon strategy. The Qflow team are supporting us on a project aiming to give us a much deeper insight into how we use data to recycle waste as part of our growing development activity. With the team at Built-ID, we have trialed a new way of generating customer feedback, which has resulted in a trebling of responses compared with traditional surveys. This is still early days for us. However, we are determined to make the most of these relationships to fulfill the ever-growing need to find answers to processes through technology. In summary, there has really indeed been plenty of activity over the last 12 months, and the property teams have focused on carrying forward the momentum to really build on the achievements of the past year. Now I'd like to hand you back to Jonathan. Thank you. Thank you, Patrick. The fundamentals of our sector remain robust and have continued to attract new investment. As a result, we have continued to achieve valuation gains with our Net Initial Yield strengthened by a further 10 basis points to 4.48%. We continue to see opportunities and will selectively add further to our portfolio, though we are also likely to increase our capital recycling going forward. The aftereffects of the pandemic continue to linger across all areas of our lives, and in healthcare, this has led to a surge in health inequalities and waiting lists, which is having a detrimental impact on the nation's health, an impact that is felt even more strongly because of the years of under-investment in the UK's healthcare estate. This has been woefully understated and confirmed by survey after survey, and even by the NHS' own reports. It is five years now since the estate's review led by Sir Robert Naylor, which called for GBP 10 billion to be invested. As Sir Robert said at the time, "It will not be possible for the NHS to achieve its vision without changes in the estate." Five years on, we have barely even started. In fact, the fabric of much of the older estate has deteriorated to an even lower level. You may have read in last week's The Times a report on how many NHS hospitals have been allowed to crumble into disrepair, with ceilings collapsing and power cuts disrupting surgery. They reported that the number of clinical incidents linked to the failure to repair old buildings had tripled in the past five years. This is even despite the government having the Health Infrastructure Plan for 40 new hospitals. In primary care, there is no long-term investment plan, even though the fact is such a plan would arguably have the most transformative impact on the whole nation's physical and mental health. The current situation requires the delivery of new capacity, both in our hospitals and in the community. However, saying that, the community estate is unsuited and insufficient to meet this urgent need. This was brought into stark focus during COVID as older converted residential properties were not able to meet the new requirements for social distancing, for access controls, digital consultations, and infection control regimes. The seriousness of the state we are in is reflected in Assura's record levels of activity with 17 schemes underway. It's just that 17 schemes across a primary care estate of over 8,000 buildings is a drop in the ocean. Given the stark reality of what I have described, how best are we able to support the NHS in responding to these urgent challenges? Let's start with one obvious way, which is to increase capacity in community diagnostics and dedicated surgical units. We are ideally placed to support this through our existing buildings being expanded or adapted, or in delivering new facilities. As an example, we have just bought a building to serve as a dedicated surgical unit in Sheffield and are evaluating several more of these opportunities. Another way is responding to the needs in primary care. The government has now admitted it will fall well short of its plans to increase the GP workforce. In fact, the number of full-time equivalent GPs is falling as many take early retirement, and even newly qualified GPs are choosing to work part-time. We have always said that workforce is the key challenge facing primary care, and this remains the case. However, unfit and outdated workplaces only make the challenge of recruitment and retention harder. We recently conducted a YouGov poll, and this confirmed that 73% of NHS staff thought the age or condition of their building impacted their ability to clear the backlog in treatments. A more fundamental response is also underway by the NHS moving to integrated care systems, which will try to knit together the various strands of health and social care delivery to optimize efficiency and health outcomes. We are identifying ICS groups that are most advanced in their planning and are looking to work with them on delivering the improved premises. Against this challenging backdrop, the recent budget did increase funding for the NHS, and the Health and Social Care Levy makes it clear that this government sees further funding as a key priority and a political imperative. It is difficult to imagine any future government coming to a different conclusion. Becoming the leading community health care developer has been a key strategic priority for us for several years. I am pleased to report further progress in the year as we have expanded our capabilities into such varied new areas as the ambulance hub. We've also had our busiest year ever, with 17 schemes now on-site, and further strengthened our pipelines to an impressive GBP 522 million. It has also been a uniquely challenging year for the team as we have seen supply chain disruption, price volatility on key materials, and delays on essential service connections due to COVID. This has meant that some schemes have been delayed, and on average, we have lost 6-8 weeks on our planned completion timetables. The team has managed these challenges extremely well and will continue to closely monitor every scheme on a site-by-site basis. This will ensure we can respond promptly to any future disruption or delay. As I mentioned earlier, since the equity raise, we have outperformed our targets for deploying capital. The teams have continued to identify new opportunities, and we enter the new financial year with strong pipelines across the board. In developments, we have an immediate pipeline of 20 schemes for GBP 158 million, which we anticipate will start on site this year. In acquisitions, we have a pipeline of GBP 119 million we expect to complete in the next six months, and we continue to identify new opportunities. In asset enhancements, we enter the new year with a pipeline of 23 capital projects for a total spend of GBP 18 million. The benefits of these strong pipelines can be seen here as we illustrate the impact of all the various strands of activity we have within the business. Once completed, our total rent roll will increase to over GBP 167 million. Our strong development pipelines will add around GBP 20 million to our rent roll over several years. Our acquisition pipeline will add GBP 6 million in the near term, while a further GBP 5 million will come from our asset enhancement work and rental growth. In summary, as I'm sure you can imagine, we are pleased to have achieved such a successful year across all areas. We completed two major financings, deployed this capital ahead of our plans, made progress in new markets, and took decisive steps in our sustainability plans. However, as I have made clear, it has been an extremely challenging backdrop. The NHS is seemingly always strained to the limits of its capabilities from our ever-increasing healthcare demands. In the past two years, COVID has brought a new raft of challenges. They have faced, among other things, a desperate need for additional quality space to enable them to deliver their unique services to the standards they are accustomed to. There are times when the slow rate of progress makes the scale of the challenges seem overwhelming. However, we have learned that the only response is to meet this with increased determination, to broaden our ambition, and to expand our skills. We start the new financial year with strong pipelines, plans, and capabilities, and most importantly, the financial strength to deliver on these. We look forward to sustaining the momentum we have built in the year and in continuing to deliver for all our stakeholders. Now, before we move to questions, I would like to leave the final word to one of our customers, Dr. Russell Brown from Manor Park Medical Practice. My name is Dr. Russell Brown. I'm the senior partner at Manor Park Medical Centre. We've been working with Assura for the last few years to try and develop a new building. We've been working with Assura? We've been working with Assura because much as I'm a generalist, they are the specialists. They help us navigate the local structures and procedures with local government and planning regulations, which is something I've had no experience of doing. They have the experience of both building and managing facilities, which means that I can get on with what I'm good at, which is providing high-quality local health services in buildings which are fit for the future. Thank you, everybody. We'll now move on to the questions. I'll just take you through the questions we received today. Please do carry on to submit your questions online, and we will do everything we can to get through all of them. The first question is from Alexander from PGIM. You have GBP 240 million of cash versus GBP 40 million last year. When do you expect to return to a normal level of cash, and is GBP 40 million a normal level? Your stated LTV policy is 40%-50%. Would you be comfortable moving into that range? Jayne, would you be comfortable taking that question, please? Yeah, no problem at all. Thank you, Alexander. In terms of our cash, we actually look at our overall liquidity position. So you'll see we have cash and available facilities at the moment of GBP 369 million. Now, a lot of that is to do with timing of our equity raise, but also our GBP 300 million bond raise that we did back last summer. We don't actually set a normal or a target range. It's just as the markets are open and as needs are required for the business, but we would expect to spend that money, and then we'll go back out over time. In terms of our LTV policy, as I stated in the presentation, we are happy to go over 40%. We would expect to bring that over time. Just to clarify, to 40% from where we are now, we have GBP 205 million of headroom, and to 45%, we have GBP 485 million worth of headroom. Plenty of firepower to meet all of our pipeline needs at this moment. Great. Thank you, Jayne. Next question is from Hugh from Liberum. Are you currently going through the mentioned arbitration process on rents with any District Valuers? I'll just quickly respond to that. We've got one live arbitration case at the moment, and we will selectively take further ones to dispute where necessary to push through the right rents. The second half of the question is, could you remind us where covenant levels are in relation to the LTV? Perhaps, Jayne, if you could take that one. Absolutely. In terms of our LTV, our banking facilities, the LTV covenant is set at 60%. In terms of our bonds, this is set slightly wider at 65%, and we're currently at 36% on our LTV. Great. Thank you. Thank you, Jayne. Next question is, Andrew from Shore Capital, and it's in relation to Ireland. Can you please outline how the healthcare funding model works in Ireland compared with the GMS system used with GPs in the UK? And also, how long are the typical leases likely to be in Ireland? Patrick, can I ask you to respond to those? Great. Thanks. Good question. As we know in the UK, the NHS have a universal system of healthcare, free at the point of delivery. In Ireland, it's slightly different. They've, I think about 40% who actually pay for their health care. There's a subtle difference there. In terms of the assets that we're investing in, and the pipeline we're looking to build, a lot of these assets are effectively driven by the value of the state lease. In the UK, as you might be aware, our leases are with doctors and their partnerships, and ultimately that drives up to 100% of the value. In Ireland, it's slightly different. The doctors are in probably 10% of the space, quite often paying a very, very low rent to support the overall development, whereas the HSE take probably about north of 80% of the demise space and the income, and therefore we're valuing the government-backed income very sort of implicitly in that instance. Thanks, Patrick. Next question is from Edoardo. Actually, it's a few questions here from Edoardo from Green Street. What is the risk of seeing construction costs increase further among your on-site projects? Edoardo, the response to that is we all of our current live projects have fixed price contracts with the contractors. We are effectively shielded from from any short-term construction cost increases. Clearly, on new schemes, as we're entering into new negotiations, those levels of costs are obviously significantly higher. In that case, what we then look to do is to secure increased rents from the NHS to compensate for us. If we weren't able to do that, we wouldn't go ahead with the project. The next question is, what ongoing yields on costs are you expecting on average? Our guidance hasn't changed on this. We've been able to maintain yields at our normal levels on developments, and we will look to continue to do so. The last question is, within your RPI linked portfolio, the 35% have caps. What's the typical cap? Typically, it will be at 4%. Moving on. The next question is from Charlotte, from Panmure Gordon. Previously you've said that Ireland doesn't make sense, as you would need a presence on the ground there. What's changed, and are you finding less attractive acquisition opportunities in the U.K.? Perhaps I'll take the second half of that question, and then I'll ask Patrick to explain the experience of how we're delivering schemes on the ground. In terms of the overall approach, and is this a reflection on a lack of opportunity? Yeah, short answer is absolutely not. As you'll see from our development pipeline, it's the strongest it's ever been. Our acquisition pipeline was very strong at year-end as well. We continue to see lots of opportunities for investment in the UK, and we've mentioned some new areas that we're looking at. Mental health, primary care at scale, working with the independent sector. All of those things are UK-based. Ireland is just one of those additional growth opportunities for us. In terms of the experience on the ground, Patrick is the one who's been taking the lead, so perhaps you can share some of your experiences, Patrick. Thanks, Jonathan. I think, to some extent, Ireland is a sort of natural evolution of the expertise we've been developing in the UK. In the first instance, we see the opportunity more in a sort of forward funding capacity. We are backing developers, we're backing experienced parties with a track record of delivery. Therefore our challenge is finding those best-in-class counter parties across a range design, planning, and contractors. That's why I've been spending a lot of time over there to try and build up a rapport with a short list of parties. I think going forwards in that sort of arm's length capacity, it enables us to use obviously oversight that we've applied in the UK with some of our development activity to manage from afar. If at the right time we decide to increase our risk in Ireland and the opportunities to have more of a direct foothold in the market are evident, then we could change that strategy. Thanks. Thanks, Patrick. A further question from Charlotte. What is the split of forward funding in-house developments on the pipelines and what uplift on yields are you expecting on each? Perhaps, Jayne, if I could ask you to take that one. Yep, no problem. Charlotte, in terms of our on-site schemes, 10 of them are in-house and seven of them are forward fund. For the immediate pipeline, where we expect to be on site within the next 12 months, 19 are in-house with one forward fund. On the extended pipeline, 19 are in-house and seven of them are forward fund. A really good split, bringing in our expertise with all of the acquisitions we've made over the last few years. In terms of the uplifts on the yields, Jonathan covered that earlier. We do, as you know, expect to make higher yields on those in-house developments. The forward funds are a little bit tighter 'cause that market is quite competitive. Those yields and those uplifts are smaller. Thank you. Thanks, Jayne. Next question is from Anna, from Morgan Stanley. What are your prospects for your cost of financing, and how do you think it might impact your acquisition and development pipeline? Jayne, perhaps if I can ask you to cover off the, those questions. Yeah, no problem. In terms of our cost of financing, as we've made you aware, we have GBP 369 million of cash and available facilities. All of our debt is fixed with an eight-year maturity. In the short term, we don't expect any impact in terms of cost of financing affecting our immediate acquisition and development pipelines. Great. Thank you, Jayne. The next question is from Kenneth from Barclays. Assura has moved to slightly different properties, although still lots of overlap exists between your expertise. Are the rent review processes in such properties similar? Are they mostly OMR or index linked? I'll respond to that. In terms of the rent review processes, clearly primary care at scale is exactly the same as our current market. In terms of the independent sector, then we tend to find that those are RPI or CPI-linked leases. Ireland has exclusively CPI linked leases. In terms of the NHS, again, those are indexed, typically index-linked and typically linked to RPI. Much more index-linked income in general from some of these other areas. As you say, very similar in terms of expertise and the skills required to deliver on those. But just with slightly different Mm-hmm. The next question is from Mike, from Cohen & Steers. Your yield on cost is just above your Net Initial Yield at 4.6%. What is the yield on cost split on developments and forward funding projects? What cost inflation do you assume on the immediate extended pipeline? I'll take that question, Mike. Yes, in terms of our year to date, we delivered GBP 271 million at a yield on cost of 4.6%, but that was with an average lease length of 19 years versus our portfolio average of 12. Excellent business from our perspective in terms of increasing the quality and strength of the portfolio. In terms of developments and forward funding, well, Jayne already covered that. As you know, on developments, we target up to 100 basis points pick up in the yield. On forward funding, it's more competitive, so more like a 15-25 range. In terms of cost inflation, what are we seeing at the moment? It's fair to say, Mike, it's a very fast-moving picture. We're very fortunate that our schemes are geographically diverse. And so we don't have a concentration in any one particular market. Every scheme is slightly different. But we're definitely seeing high single-digit inflation on our live schemes at the moment, on what we're looking at on top of the significant inflation that we've had over the past 12-18 months. Really this is a very dynamic picture. The way we're responding to this is each case, where we're seeing cost increases, we're then going back to the NHS and seeking a commensurate increase in the rents to compensate for the increases in the costs. A lot of those conversations are live and commercially sensitive, so I can't give you too many details. Rest assured that in the absence of a successful outcome in terms of the rental level, we're perfectly able to walk away. We don't have any contractual commitments or obligations on completing the scheme. We will make sure that we secure the right level of rent before proceeding. That completes the list of questions that we've had submitted to date. That means it just remains for me to say a thank you to everyone for taking the time to join the presentation today, for the quality of your questions, and we very much look forward to seeing you all again soon. Thank you very much for your time and we'll look forward to seeing you next results presentation, hopefully face-to-face next time.