Please see a selection of tables below showcasing our financial performance. These tables can all also be found in our Sanctuary Annual Report and Financial Statements 2021/2022 (PDF 5.1MB).
Statement of Comprehensive Income for the Year Ended 31 March 2022
| Group 2022 (£m) | Group 2021 (£m) | Association 2022 (£m) | Association 2021 (£m) | |
|---|---|---|---|---|
| Income Statement | ||||
|
Continuing operations |
|
|
|
|
|
Revenue |
812.5 |
765.4 |
454.8 |
437.0 |
|
Cost of sales |
(49.8) |
(30.0) |
(2.4) |
(1.2) |
|
Operating expenditure |
(593.6) |
(572.6) |
(344.3) |
(327.2) |
|
Other gains and losses |
6.4 |
5.2 |
4.2 |
4.3 |
|
Other income |
- |
- |
7.5 |
5.5 |
|
Share of profit of joint ventures |
3.1 |
2.1 |
- |
- |
|
Operating surplus |
178.6 |
170.1 |
119.8 |
118.4 |
|
Net gain from acquisitions |
2.3 |
4.5 |
- |
- |
|
Finance income |
2.2 |
2.9 |
6.1 |
6.4 |
|
Finance costs |
(124.5) |
(130.6) |
(87.4) |
(91.0) |
|
Surplus before tax |
58.6 |
46.9 |
38.5 |
33.8 |
|
Taxation |
(0.3) |
(0.2) |
- |
- |
|
Surplus for the year from continuing operations |
58.3 |
46.7 |
38.5 |
33.8 |
|
OTHER COMPREHENSIVE INCOME |
|
|
|
|
|
Items that will not be reclassified subsequently to income or expense: |
|
|
|
|
|
Remeasurement of defined benefit pension scheme liability |
44.3 |
(45.0) |
41.7 |
(46.8) |
|
Equity investments at fair value through other comprehensive income – net change in value |
(0.1) |
(0.1) |
(0.1) |
(0.1) |
|
Items that may be reclassified subsequently to income or expense: |
|
|
|
|
|
Cash flow hedges – changes in fair value |
3.1 |
(13.0) |
3.1 |
(13.0) |
|
Cost of hedging reserve – changes in fair value |
0.1 |
(1.7) |
0.1 |
(1.7) |
|
Other comprehensive income for the year |
47.4 |
(59.8) |
44.8 |
(61.6) |
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
105.7 |
(13.1) |
83.3 |
(27.8) |
There were no discontinued operations in either the current or previous financial years.
Statement of Financial Position as at 31 March 2022
| Group 31 March 2022 (£m) | Group 31 March 2021 (£m) | Association 31 March 2022 (£m) | Association 31 March 2021 (£m) | |
|---|---|---|---|---|
|
ASSETS |
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Intangible assets |
51.6 | 57.7 | 45.6 | 51.7 |
|
Property, plant and equipment |
3,794.6 | 3,664.5 | 2,548.9 | 2,537.3 |
|
Investment property |
248.0 | 247.7 | 155.2 | 151.2 |
|
Deferred tax assets |
4.7 | 4.9 | - |
- |
|
Derivative financial assets |
26.4 | 20.6 | 26.4 | 20.6 |
|
Investments in subsidiaries |
- |
- |
87.7 | 87.7 |
|
Equity accounted investments |
2.9 | 2.2 | - |
- |
|
Other investments |
17.9 | 24.4 | 17.7 | 24.3 |
|
Trade and other receivables |
33.8 | 42.0 | 49.5 | 137.5 |
|
|
4,179.9 | 4,064.0 | 2,931.0 | 3,010.3 |
|
Current assets: |
|
|
||
|
Trade and other receivables |
96.9 | 91.9 | 191.5 | 107.2 |
|
Inventory |
201.1 | 164.7 | 0.1 | 0.6 |
|
Assets classified as held for sale |
10.0 | 1.8 | 10.0 | 0.2 |
|
Cash and cash equivalents |
102.1 | 494.7 | 10.4 | 5.1 |
|
|
410.1 | 753.1 | 212.0 | 113.1 |
|
TOTAL ASSETS |
4,590.0 | 4,817.1 | 3,143.0 | 3,123.4 |
|
LIABILITIES |
|
|
||
|
Current liabilities: |
|
|
||
|
Trade and other payables |
216.2 | 195.1 | 116.2 | 90.9 |
|
Contract liabilities |
44.0 | 43.5 | 24.1 | 23.1 |
|
Current tax liabilities |
- |
- |
- | - |
|
Loans and borrowings |
34.4 | 336.2 | 25.2 | 29.1 |
|
Provisions |
8.9 | 10.9 | 1.9 | 4.6 |
|
|
303.5 | 585.7 | 167.4 | 147.7 |
|
Non-current liabilities: |
|
|
||
|
Trade and other payables |
3.3 | 4.4 | 2.6 | 3.8 |
|
Loans and borrowings |
3,040.5 | 3,041.1 | 1,703.0 | 1,740.5 |
|
Deferred tax liabilities |
0.5 |
0.6 |
- |
- |
|
Derivative financial liabilities |
1.5 |
2.8 |
- |
- |
|
Retirement benefit obligations |
21.6 | 69.1 | 23.9 | 68.6 |
|
Provisions |
5.1 | 5.1 | - |
- |
|
|
3,072.5 | 3,708.8 | 1,729.5 | 1,812.9 |
|
TOTAL LIABILITIES |
3,376.0 | 3,708.8 | 1,896.9 | 1,960.6 |
|
EQUITY |
|
|
||
|
Equity attributable to owners of the parent: |
|
|
||
|
Ordinary shares |
- |
- |
- |
|
|
Cash flow hedge reserve |
7.8 | 4.7 | 7.7 | 4.6 |
|
Cost of hedging reserve |
(0.6) |
(0.7) |
(0.6) | (0.7) |
|
Revaluation reserve |
- | (0.1) | - | (0.1) |
|
Restricted reserves |
4.8 |
4.8 |
4.6 | 4.6 |
|
Retained earnings |
1,202.0 | 1,099.6 | 1,234.4 | 1,154.4 |
|
TOTAL EQUITY |
1,214.0 | 1,108.3 | 1,246.1 | 1,162.8 |
|
TOTAL EQUITY AND LIABILITIES |
4,590.0 | 4,817.1 | 3,143.0 | 3,123.4 |
Statement of Changes in Equity for the Year Ended 31 March 2022
Group
| Share capital (£m) | Revenue reserve (£m) | Restricted reserves (£m) | Revaluation reserve (£m) | Cash flow hedge reserve (£m) | Cost of hedging reserve (£m) | Total equity (£m) | |
|---|---|---|---|---|---|---|---|
|
At 1 April 2020 |
- |
1,100.4 |
2.2 |
0.1 | 17.7 | 1.0 | 1,121.4 |
|
Surplus for the year |
- |
46.7 |
- |
- |
- |
- |
46.7 |
|
Other comprehensive income |
- |
(45.0) |
- |
(0.1) |
(13.0) |
(1.7) |
(59.8) |
|
Total comprehensive income |
- |
1.7 |
- | (0.1) | (13.0) | (1.7) | 13.1 |
|
Transfer of VRTB proceeds |
- |
(2.6) |
2.6 |
- |
- |
- |
- |
|
Transfer of gain on disposal of equity investments |
- |
0.1 |
- |
(0.1) |
- |
- |
- |
| Total transfers |
- |
(2.5) |
2.6 |
(0.1) |
- |
- |
- |
|
At 31 March 2021 |
- |
1,099.6 |
4.8 | (0.1) | 4.7 | (0.7) | 1,108.3 |
|
At 1 April 2021 |
- |
1,099.6 |
4.8 | (0.1) | 4.7 | (0.7) | 1,108.3 |
|
Surplus for the year |
- |
58.3 |
- |
- |
- |
- |
58.3 |
|
Other comprehensive income |
- |
44.3 |
- |
(0.1) |
3.1 |
0.1 |
47.4 |
|
Total comprehensive income |
- |
102.6 |
- |
(0.1) |
3.1 |
0.1 |
105.7 |
|
Transfer of VRTB proceeds |
- |
- |
- |
- |
- |
- |
- |
|
Transfer of gain on disposal of equity investments |
- |
(0.2) |
- |
0.2 |
- |
- |
- |
|
Total transfers |
- |
(0.2) |
- |
0.2 |
- |
- |
- |
|
At 31 March 2022 |
- |
1,202.0 |
4.8 |
- |
7.8 |
(0.6) |
1,214.0 |
Association
| Share capital (£m) | Revenue reserve (£m) | Restricted reserves (£m) | Revaluation reserve (£m) | Cash flow hedge reserve (£m) | Cost of hedging reserve (£m) | Total equity (£m) | |
|---|---|---|---|---|---|---|---|
|
At 1 April 2020 |
- |
1,169.7 |
2.2 |
0.1 |
17.6 |
1.0 | 1,190.6 |
|
Surplus for the year |
- |
33.8 |
- |
- |
- |
- |
33.8 |
|
Other comprehensive income |
- |
(46.8) |
- |
(0.1) |
(13.0) |
(1.7) |
(61.6) |
|
Total comprehensive income |
- |
(13.0) |
- |
(0.1) |
(13.0) |
(1.7) |
(27.8) |
|
Transfer of VRTB proceeds |
- |
(2.4) |
2.4 |
- |
- |
- |
- |
|
Transfer of gain on disposal of equity investments |
- |
0.1 |
- |
(0.1) |
- |
- |
- |
|
Total transfers |
- |
(2.3) |
2.4 |
(0.1) |
- |
- |
- |
|
At 31 March 2021 |
- |
1,154.4 |
4.6 |
(0.1) |
4.6 |
(0.7) |
1,162.8 |
|
At 1 April 2021 |
- |
1,154.4 |
4.6 |
(0.1) |
4.6 |
(0.7) |
1,162.8 |
|
Surplus for the year |
- |
38.5 |
- |
- |
- |
- |
38.5 |
|
Other comprehensive income |
- |
41.7 |
- |
(0.1) |
3.1 |
0.1 |
44.8 |
|
Total comprehensive income |
- |
80.2 |
- |
(0.1) |
3.1 |
0.1 |
83.3 |
|
Transfer of VRTB proceeds |
- |
- |
- |
- |
- |
- |
- |
|
Transfer of loss on disposal of equity investments |
- |
(0.2) |
- |
0.2 |
- |
- |
- |
|
Total transfers |
- |
(0.2) |
|
0.2 |
- |
- |
- |
|
At 31 March 2022 |
- |
1,234.4 |
4.6 |
- |
7.7 |
(0.6) |
1,246.1 |
Statement of Cash Flows for the Year Ended 31 March 2022
| Group 2022 (£m) | Group 2021 (£m) | Association 2022 (£m) | Association 2021 (£m) | |
|---|---|---|---|---|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
Surplus for the year |
58.3 |
46.7 |
38.5 |
33.8 |
|
Adjustments for: |
|
|
||
|
Depreciation, amortisation and impairment |
78.1 |
78.6 |
58.6 |
57.7 |
|
Surplus on sale of property, plant and equipment |
(6.4) |
(5.0) |
(4.2) |
(4.1) |
|
Surplus on sale of investments |
- |
(0.2) |
- |
(0.2) |
|
Share of profits in joint venture |
(3.1) |
(2.1) |
- |
- |
|
Net gain from acquisitions |
(2.3) |
(4.5) |
- |
- |
|
Net finance costs |
122.3 |
127.7 |
81.3 |
84.6 |
|
Tax expense/(credit) |
0.3 |
0.2 |
- |
- |
|
|
188.9 |
194.7 |
135.7 |
138.0 |
|
Cash generated before working capital movements |
247.2 |
241.4 |
174.2 |
171.8 |
|
Changes in: |
|
|
||
|
Trade and other receivables |
0.1 |
(3.2) |
(4.5) |
16.3 |
|
Trade and other payables |
26.2 |
31.1 |
13.5 |
16.0 |
|
Inventories |
(36.4) |
(52.4) |
0.9 |
18.2 |
|
Retirement benefit obligations and provisions |
(9.9) |
1.6 |
(7.0) |
0.4 |
|
|
(20.0) |
(22.9) |
2.9 |
50.9 |
|
Cash generated from operating activities |
227.2 |
218.5 |
177.1 |
222.7 |
|
Interest paid |
(136.3) |
(135.7) |
(82.9) |
(85.9) |
|
Tax paid |
- |
(0.3) |
- |
- |
|
Net cash inflow from operating activities |
90.9 |
82.5 |
94.2 |
136.8 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
||
|
Interest received |
0.2 |
0.9 |
0.1 |
0.7 |
|
Proceeds from sale of property, plant and equipment |
18.8 |
11.6 |
11.9 |
9.5 |
|
Proceeds from sale of investments |
5.9 |
0.8 |
5.9 |
0.8 |
|
Acquisition and construction of property, plant and equipment, investment property and software |
(234.5) |
(185.5) |
(73.3) |
(72.4) |
|
Acquisition of subsidiaries and other business combinations, net of cash acquired (note 33) |
- |
(6.4) |
- |
- |
|
Acquisition of other investments |
(0.4) |
(0.8) |
(0.4) |
(0.9) |
|
Capital grants received |
19.0 |
53.4 |
- |
- |
|
Dividends received from joint ventures |
2.4 |
4.3 |
- |
- |
|
Loans to joint ventures |
8.4 |
3.8 |
8.4 |
3.8 |
|
Loans to other Group entities |
- |
- |
3.0 |
(20.7) |
|
Net cash outflow from investing activities |
(180.2) |
(117.9) |
(44.4) |
(79.2) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
||
|
Proceeds from loans and borrowings |
32.5 |
642.7 |
17.0 |
87.2 |
|
Repayment of borrowings |
(335.8) |
(374.1) |
(61.5) |
(141.6) |
|
Net cash flow from financing activities |
(303.3) |
268.6 |
(44.5) |
(54.4) |
|
Net increase/(decrease) in cash and cash equivalents |
(392.6) |
233.2 |
5.3 |
3.2 |
|
Cash and cash equivalents 1 April 2021 |
494.7 |
261.5 |
5.1 |
1.9 |
|
Cash and cash equivalents 31 March 2022 |
102.1 |
494.7 |
10.4 |
5.1 |