Financial performance

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