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 2022/2023 (PDF 4.25MB).
Statement of Comprehensive Income for the Year Ended 31 March 2023
| Group 2023 (£m) | Group 2022 (£m) | Association 2023 (£m) | Association 2022 (£m) | |
|---|---|---|---|---|
| Income Statement | ||||
|
Continuing operations |
|
|
||
|
Revenue |
943.8 |
812.5 |
474.8 |
454.8 |
|
Cost of sales |
(93.7) |
(49.8) |
(2.5) |
(2.4) |
|
Operating expenditure |
(665.6) |
(593.6) |
(377.9) |
(344.3) |
|
Other gains and losses |
10.9 |
6.4 |
7.5 |
4.2 |
|
Other income |
- |
- |
10.1 |
7.5 |
|
Share of profit of joint ventures |
4.2 |
3.1 |
- |
- |
|
Operating surplus |
199.6 |
178.6 |
112.0 |
119.8 |
|
Loss on cessation of defined benefit pension schemes |
(6.2) | - | (6.2) | - |
|
Net gain from acquisitions |
38.5 |
2.3 |
- |
- |
|
Finance income |
3.9 |
2.2 |
8.5 |
6.1 |
|
Finance costs |
(134.5) |
(124.5) |
(87.8) |
(87.4) |
|
Surplus before tax |
(134.5) |
58.6 |
(87.8) |
38.5 |
|
Taxation |
0.7 |
(0.3) |
- |
- |
|
Surplus for the year from continuing operations |
102.0 |
58.3 |
(20.2) |
38.5 |
|
OTHER COMPREHENSIVE INCOME |
|
|
||
|
Items that will not be reclassified subsequently to income or expense: |
|
|
||
|
Remeasurement of defined benefit pension scheme liability |
(2.1) |
44.3 |
0.8 |
41.7 |
|
Equity investments at fair value through other comprehensive income – net change in value |
(0.4) |
(0.1) |
(0.4) |
(0.1) |
|
Items that may be reclassified subsequently to income or expense: |
|
|
||
|
Cash flow hedges – changes in fair value |
2.0 |
3.1 |
2.0 |
3.1 |
|
Cost of hedging reserve – changes in fair value |
(0.4) |
0.1 |
(0.4) |
0.1 |
|
Other comprehensive income for the year |
(0.9) |
47.4 |
2.0 |
44.8 |
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
101.1 |
105.7 |
(18.2) |
83.3 |
There were no discontinued operations in either the current or previous financial years.
Statement of Financial Position as at 31 March 2023
| Group 31 March 2023 (£m) | Group 31 March 2022 (£m) | Association 31 March 2023 (£m | Association 31 March 2022 (£m) | |
|---|---|---|---|---|
|
ASSETS |
|
|
||
|
Non-current assets: |
|
|
||
|
Intangible assets |
55.2 | 51.6 | 43.8 | 45.6 |
|
Property, plant and equipment |
4,676.3 | 3,794.6 | 2,592.9 | 2,548.9 |
|
Investment property |
252.2 | 248.0 | 149.9 | 155.2 |
|
Deferred tax assets |
5.4 | 4.7 | - | - |
|
Derivative financial assets |
31.9 | 26.4 | 31.9 | 26.4 |
|
Investments in subsidiaries |
- | - | 87.7 | 87.7 |
|
Equity accounted investments |
4.5 | 2.9 | - | - |
|
Other investments |
17.1 | 17.9 | 15.9 | 17.7 |
|
Trade and other receivables |
32.5 | 33.8 | 59.1 | 49.5 |
|
|
5,075.1 | 4,179.9 | 2,981.2 | 2,931.0 |
|
Current assets: |
||||
|
Trade and other receivables |
140.3 | 96.9 | 150.8 | 191.5 |
|
Inventory |
239.1 | 201.1 | 1.9 | 0.1 |
|
Assets classified as held for sale |
0.4 | 10.0 |
0.4 |
10.0 |
|
Cash and cash equivalents |
180.1 | 102.1 | 4.9 | 10.4 |
|
|
559.9 | 410.1 | 158.0 | 212.0 |
|
TOTAL ASSETS |
5,635.0 | 4,590.0 | 3,139.2 | 3,143.0 |
|
LIABILITIES |
||||
|
Current liabilities: |
||||
|
Trade and other payables |
340.2 | 216.2 | 127.6 | 116.2 |
|
Contract liabilities |
45.9 | 44.0 | 22.3 | 24.1 |
|
Current tax liabilities |
0.1 | - | - | - |
|
Loans and borrowings |
242.1 | 34.4 | 119.3 | 25.2 |
|
Provisions |
22.0 | 8.9 | 2.9 | 1.9 |
|
|
650.3 | 303.5 | 272.1 | 167.4 |
|
Non-current liabilities: |
||||
|
Trade and other payables |
6.8 | 3.3 | 4.6 | 2.6 |
|
Loans and borrowings |
3,516.6 | 3,040.5 | 1,610.0 | 1,703.0 |
|
Deferred tax liabilities |
0.6 | 0.5 | - | - |
|
Derivative financial liabilities |
0.4 | 1.5 | - | - |
|
Retirement benefit obligations |
29.0 | 21.6 | 24.6 | 23.9 |
|
Provisions |
116.2 | 5.1 | - | - |
|
|
3,669.6 | 3,072.5 | 1,639.2 | 1,729.5 |
|
TOTAL LIABILITIES |
4,319.9 | 3,376.0 | 1,911.3 | 1,896.9 |
|
EQUITY |
||||
|
Equity attributable to owners of the parent: |
||||
|
Ordinary shares |
- | - | - | - |
|
Cash flow hedge reserve |
9.8 | 7.8 | 9.7 | 7.7 |
|
Cost of hedging reserve |
(1.0) | (0.6) | (1.0) | (0.6) |
|
Revaluation reserve |
0.1 | - | 0.1 | - |
|
Restricted reserves |
4.9 | 4.8 | 4.7 | 4.6 |
|
Retained earnings |
1,301.3 | 1,202.0 | 1,214.4 | 1,234.4 |
|
TOTAL EQUITY |
1,315.1 | 1,214.0 | 1,227.9 | 1,246.1 |
|
TOTAL EQUITY AND LIABILITIES |
5,635.0 | 4,590.0 | 3,139.2 | 3,143.0 |
Statement of Changes in Equity for the Year Ended 31 March 2023
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 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 |
|
At 1 April 2022 |
- |
1,202.0 |
4.8 | - | 7.8 | (0.6) | 1,214.0 |
|
Surplus for the year |
- |
102.0 |
- |
- |
- |
- |
102.0 |
|
Other comprehensive income |
- |
(2.1) |
- |
(0.4) |
2.0 |
(0.4) |
(0.9) |
|
Total comprehensive income |
- |
99.9 |
- |
(0.4) |
2.0 |
(0.4) |
101.1 |
|
Transfer of VRTB proceeds |
- |
(0.1) |
0.1 |
- |
- |
- |
- |
|
Transfer of loss on disposal of equity investments |
- |
(0.5) |
- |
0.5 |
- |
- |
- |
|
Total transfers |
- |
(0.6) |
0.1 |
0.5 |
- |
- |
- |
|
At 31 March 2023 |
- |
1,301.3 |
4.9 |
0.1 |
9.8 |
(1.0) |
1,315.1 |
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 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 gain 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 |
|
At 1 April 2022 |
- |
1,154.4 |
4.6 |
(0.1) |
4.6 |
(0.7) |
1,162.8 |
|
Deficit for the year |
- |
(20.2) |
- |
- |
- |
- |
(20.2) |
|
Other comprehensive income |
- |
0.8 |
- |
(0.4) |
2.0 |
(0.4) |
(18.2) |
|
Total comprehensive income |
- |
(19.4) |
- |
(0.4) |
2.0 |
(0.4) |
(18.2) |
|
Transfer of VRTB proceeds |
- |
(0.1) |
0.1 |
- |
- |
- |
- |
|
Transfer of loss on disposal of equity investments |
- |
(0.5) |
- |
0.5 |
- |
- |
- |
|
Total transfers |
- |
(0.6) |
0.1 |
0.5 |
- |
- |
- |
|
At 31 March 2023 |
- |
1,214.4 |
4.7 |
0.1 |
9.7 |
(1.0) |
1,2227.9 |
Statement of Cash Flows for the Year Ended 31 March 2023
| Group 2023 (£m) | Group 2022 (£m) | Association 2023 (£m) | Association 2022 (£m) | |
|---|---|---|---|---|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
||
|
Surplus for the year |
102.0 | 58.3 | (20.2) | 38.5 |
|
Adjustments for: |
||||
|
Depreciation, amortisation and impairment |
80.2 | 78.1 | 61.6 | 58.6 |
|
Surplus on sale of property, plant and equipment |
(10.8) | (6.4) | (7.4) | (4.2) |
|
Surplus on sale of investments |
(0.1) | - | (0.1) | - |
|
Provision for amounts due from subsidiary undertakings |
- | - | 46.7 | - |
|
Share of profits in joint venture |
(4.2) | (3.1) | - | - |
|
Loss on cessation of defined benefit pension schemes |
6.2 | - | 6.2 | - |
|
Net gain from acquisitions |
(42.7) | (2.3) | - | - |
|
Net finance costs |
130.6 | 122.3 | 79.3 | 81.3 |
|
Tax expense/(credit) |
(0.7) | 0.3 | - | - |
|
|
158.5 | 188.9 | 186.3 | 135.7 |
|
Cash generated before working capital movements |
260.5 | 247.2 | 166.1 | 174.2 |
|
Changes in: |
||||
|
Trade and other receivables |
(6.2) | 0.1 | (10.2) | (4.5) |
|
Trade and other payables |
17.9 | 26.2 | 7.4 | 13.5 |
|
Inventories |
26.0 | (36.4) | (1.7) | 0.9 |
|
Retirement benefit obligations and provisions |
(13.4) | (9.9) | (4.4) | (7.0) |
|
|
24.3 | (20.0) | (8.9) | 2.9 |
|
Cash generated from operating activities |
284.8 | 227.2 | 157.2 | 177.1 |
|
Interest paid |
(142.9) | (136.3) | (80.7) | (82.9) |
|
Tax paid |
- | - | - | - |
|
Net cash inflow from operating activities |
141.9 | 90.9 | 76.5 | 94.2 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
||||
|
Interest received |
1.1 | 0.2 | 0.1 | 0.1 |
|
Proceeds from sale of property, plant and equipment |
33.7 | 18.8 | 26.6 | 11.9 |
|
Proceeds from sale of investments |
4.0 | 5.9 | 4.0 | 5.9 |
|
Acquisition and construction of property, plant and equipment, investment property and software |
(243.5) | (234.5) | (110.8) | (73.3) |
|
Acquisition of subsidiaries and other business combinations, net of cash acquired (note 33) |
59.9 | - | - | - |
|
Acquisition of other investments |
(2.1) | (0.4) | (2.6) | (0.4) |
|
Capital grants received |
46.6 | 19.0 | 9.1 | - |
|
Dividends received from joint ventures |
4.4 | 2.4 | - | - |
|
Loans to joint ventures |
13.6 | 8.4 | 13.6 | 8.4 |
|
Loans to other Group entities |
- | - | (17.5) | 3.0 |
|
Net cash outflow from investing activities |
(82.3) | (180.2) | (77.5) | (44.4) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
||||
|
Proceeds from loans and borrowings |
212.8 | 32.5 | 45.0 | 17.0 |
|
Repayment of borrowings |
(194.4) | (335.8) | (49.5) | (61.5) |
|
Net cash flow from financing activities |
18.4 | (303.3) | (4.5) | (44.5) |
|
Net increase/(decrease) in cash and cash equivalents |
78.0 | (392.6) | (5.5) | 5.3 |
|
Cash and cash equivalents 1 April 2021 |
102.1 | 494.7 | 10.4 | 5.1 |
|
Cash and cash equivalents 31 March 2022 |
180.1 | 102.1 | 4.9 | 10.4 |