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 2020/2021 (PDF 3.6MB).
Statement of Comprehensive Income for the Year Ended 31 March 2021
| Group 2021 (£m) | Group 2020 (£m) | Association 2021 (£m) | Association 2020 (£m) | |
|---|---|---|---|---|
| Income Statement | ||||
|
Continuing operations |
|
|
|
|
|
Revenue |
765.4 |
763.0 |
437.0 |
454.1 |
|
Cost of sales |
(30.0) |
(30.1) |
(1.2) |
(7.9) |
|
Operating expenditure |
(572.6) |
(557.3) |
(327.2) |
(335.9) |
|
Other gains and losses |
5.2 |
6.2 |
4.3 |
5.8 |
|
Other income |
- |
- |
5.5 |
19.8 |
|
Share of profit of joint ventures |
2.1 |
4.4 |
- |
- |
|
Operating surplus |
170.1 |
186.2 |
118.4 |
135.9 |
|
Net gain from acquisitions |
4.5 |
- |
- |
- |
|
Finance income |
2.9 |
3.6 |
6.4 |
7.2 |
|
Finance costs |
(130.6) |
(137.4) |
(91.0) |
(100.7) |
|
Surplus before tax |
46.9 |
52.4 |
33.8 |
42.4 |
|
Taxation |
(0.2) |
0.8 |
- |
- |
|
Surplus for the year from continuing operations |
46.7 |
53.2 |
33.8 |
42.4 |
|
OTHER COMPREHENSIVE INCOME |
|
|
|
|
|
Items that will not be reclassified subsequently to income or expense: |
|
|
|
|
|
Remeasurement of defined benefit pension scheme liability |
(45.0) |
14.8 |
(46.8) |
16.0 |
|
Equity investments at fair value through other comprehensive income – net change in value |
(0.1) |
(0.5) |
(0.1) |
(0.5) |
|
Items that may be reclassified subsequently to income or expense: |
|
|
|
|
|
Cash flow hedges – changes in fair value |
(13.0) |
16.3 |
(13.0) |
16.3 |
|
Cost of hedging reserve – changes in fair value |
(1.7) |
(0.1) |
(1.7) |
(0.1) |
|
Other comprehensive income for the year |
(59.8) |
30.5 |
(61.6) |
31.7 |
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(13.1) |
83.7 |
(27.8) |
74.1 |
There were no discontinued operations in either the current or previous financial years.
Statement of Financial Position as at 31 March 2021
| Group 31 March 2021 (£m) | Group 31 March 2020 (£m) | Association 31 March 2021 (£m) | Association 31 March 2020 (£m) | |
|---|---|---|---|---|
|
ASSETS |
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Intangible assets |
57.7 | 62.0 | 51.7 | 56.0 |
|
Property, plant and equipment |
3,664.5 | 3,559.0 | 2,537.3 | 2,527.5 |
|
Investment property |
247.7 | 260.3 | 151.2 | 148.8 |
|
Deferred tax assets |
4.9 | 5.1 | - |
- |
|
Derivative financial assets |
20.6 | 41.5 | 20.6 | 41.5 |
|
Investments in subsidiaries |
- |
- |
87.7 | 87.9 |
|
Equity accounted investments |
2.2 | 4.4 | - |
- |
|
Other investments |
24.4 | 24.3 | 24.3 | 24.1 |
|
Trade and other receivables |
42.0 | 45.5 | 137.5 | 64.9 |
|
|
4,064.0 | 4,002.1 | 3,010.3 | 2,950.7 |
|
Current assets: |
|
|
||
|
Trade and other receivables |
91.9 | 83.2 | 107.2 | 177.4 |
|
Contract assets |
- |
0.3 |
- | 0.3 |
|
Inventory |
164.7 | 112.3 | 0.6 | 18.8 |
|
Assets classified as held for sale |
1.8 | 0.2 | 0.2 | 0.2 |
|
Cash and cash equivalents |
494.7 | 261.5 | 5.1 | 1.9 |
|
|
753.1 | 457.5 | 113.1 | 198.6 |
|
TOTAL ASSETS |
4,817.1 | 4,459.6 | 3,123.4 | 3,149.3 |
|
LIABILITIES |
|
|
||
|
Current liabilities: |
|
|
||
|
Trade and other payables |
195.1 | 155.4 | 90.9 | 77.7 |
|
Contract liabilities |
43.5 | 30.8 | 23.1 | 19.7 |
|
Current tax liabilities |
- |
0.4 |
- | 0.2 |
|
Loans and borrowings |
336.2 | 47.9 | 29.1 | 40.3 |
|
Provisions |
10.9 | 4.8 | 4.6 | 2.4 |
|
|
585.7 | 239.3 | 147.7 | 140.3 |
|
Non-current liabilities: |
|
|
||
|
Trade and other payables |
4.4 | 7.3 | 3.8 | 5.3 |
|
Loans and borrowings |
3,041.1 | 3,057.8 | 1,740.5 | 1,789.3 |
|
Deferred tax liabilities |
0.6 |
0.6 |
- |
- |
|
Derivative financial liabilities |
2.8 |
3.5 |
- |
- |
|
Retirement benefit obligations |
69.1 | 25.9 | 68.6 | 23.8 |
|
Provisions |
5.1 | 3.8 | - |
- |
|
|
3,123.1 | 3,098.9 | 1,812.9 | 1,818.4 |
|
TOTAL LIABILITIES |
3,708.8 | 3,338.2 | 1,960.6 | 1,958.7 |
|
EQUITY |
|
|
||
|
Equity attributable to owners of the parent: |
|
|
||
|
Ordinary shares |
- |
- |
- |
|
|
Cash flow hedge reserve |
4.7 | 17.7 | 4.6 | 17.6 |
|
Cost of hedging reserve |
(0.7) |
1.0 |
(0.7) | 1.0 |
|
Revaluation reserve |
(0.1) | 0.1 | (0.1) | 0.1 |
|
Restricted reserves |
4.8 |
2.2 |
4.6 | 2.2 |
|
Retained earnings |
1,099.6 | 1,100.4 | 1,154.4 | 1,169.7 |
|
TOTAL EQUITY |
1,108.3 | 1,121.4 | 1,162.8 | 1,190.6 |
|
TOTAL EQUITY AND LIABILITIES |
4,817.1 | 4,459.6 | 3,123.4 | 3,149.3 |
Statement of Changes in Equity for the Year Ended 31 March 2021
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 2019 |
- |
1,033.8 |
0.2 |
1.2 | 1.4 | 1.1 | 1,037.7 |
|
Surplus for the year |
- |
53.2 |
- |
- |
- |
- |
53.2 |
|
Other comprehensive income |
- |
14.8 |
- |
(0.5) |
16.3 |
(0.1) |
30.5 |
|
Total comprehensive income |
- |
68.0 |
- | (0.5) | 16.3 | (0.1) | 83.7 |
| Transfer of VRTB proceeds |
- |
(2.0) |
2.0 |
- |
- |
- |
- |
| Transfer of gain on disposal of equity investments |
- |
0.6 |
- |
(0.6) |
- |
- |
- |
| Total transfers |
- |
(1.4) |
2.0 |
(0.6) |
- |
- |
- |
|
At 31 March 2020 |
- |
1,100.4 |
2.2 | 0.1 | 17.7 | 1.0 | 1,121.4 |
|
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 |
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 2019 |
- |
1,112.7 |
0.2 |
1.2 |
1.3 |
1.1 | 1,116.5 |
|
Surplus for the year |
- |
42.4 |
- |
- |
- |
- |
42.4 |
|
Other comprehensive income |
- |
16.0 |
- |
(0.5) |
16.3 |
(0.1) |
31.7 |
|
Total comprehensive income |
- |
58.4 |
- |
(0.5) |
16.3 |
(0.1) |
74.1 |
| Transfer of VRTB proceeds |
- |
(2.0) |
2.0 |
- |
- |
- |
- |
| Transfer of gain on disposal of equity investments |
- |
0.6 |
- |
(0.6) |
- |
- |
- |
| Total transfers |
- |
(1.4) |
2.0 |
(0.6) |
- |
- |
- |
|
At 31 March 2020 |
- |
1,169.7 |
2.2 |
0.1 |
17.6 |
1.0 |
1,190.6 |
|
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 |
Statement of Cash Flows for the Year Ended 31 March 2021
| Group 2021 (£m) | Group 2020 (£m) | Association 2021 (£m) | Association 2020 (£m) | |
|---|---|---|---|---|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
Surplus for the year |
46.7 |
53.2 |
33.8 |
42.4 |
|
Adjustments for: |
|
|
||
|
Depreciation, amortisation and impairment |
78.6 |
73.0 |
57.7 |
58.3 |
|
Surplus on sale of property, plant and equipment |
(5.0) |
(6.2) |
(4.1) |
(5.8) |
|
Surplus on sale of investments |
(0.2) |
- |
0.2 |
- |
|
Share of profits in joint venture |
(2.1) |
(4.4) |
- |
- |
|
Net gain from acquisitions |
(4.5) |
- |
- |
- |
|
Net finance costs |
127.7 |
133.8 |
84.6 |
93.5 |
|
Tax expense/(credit) |
0.2 |
(0.8) |
- |
- |
|
|
194.7 |
195.4 |
138.0 |
146.0 |
|
Cash generated before working capital movements |
241.4 |
248.6 |
171.8 |
188.4 |
|
Changes in: |
|
|
||
|
Trade and other receivables |
(3.2) |
(5.5) |
16.3 |
(18.0) |
|
Trade and other payables |
31.1 |
8.1 |
16.0 |
1.5 |
|
Inventories |
(52.4) |
(1.7) |
18.2 |
2.6 |
|
Provisions |
1.6 |
(5.3) |
0.4 |
(5.1) |
|
|
(22.9) |
(4.4) |
50.9 |
(19.0) |
|
Cash generated from operating activities |
218.5 |
244.2 |
222.7 |
169.4 |
|
Interest paid |
(135.7) |
(143.7) |
(85.9) |
(96.2) |
|
Tax paid |
(0.3) |
- |
- |
- |
|
Net cash inflow from operating activities |
82.5 |
100.5 |
136.8 |
73.2 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
||
|
Interest received |
0.9 |
1.2 |
0.7 |
0.7 |
|
Proceeds from sale of property, plant and equipment |
11.6 |
19.7 |
9.5 |
16.9 |
|
Proceeds from sale of investments |
0.8 |
3.3 |
0.8 |
3.3 |
|
Acquisition and construction of property, plant and equipment, investment property and software |
(185.5) |
(245.8) |
(72.4) |
(99.4) |
|
Acquisition of subsidiaries and other business combinations, net of cash acquired (note 33) |
(6.4) |
(61.0) |
- |
(20.3) |
|
Acquisition of other investments |
(0.8) |
(1.1) |
(0.9) |
(1.1) |
|
Capital grants received |
53.4 |
36.0 |
- |
- |
|
Dividends received from joint ventures |
4.3 |
3.2 |
- |
- |
|
Loans to joint ventures |
3.8 |
(2.5) |
3.8 |
(2.5) |
|
Loans to other Group entities |
- |
- |
(20.7) |
(7.2) |
|
Net cash outflow from investing activities |
(117.9) |
(247.0) |
(79.2) |
(109.6) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
||
|
Proceeds from loans and borrowings |
642.7 |
485.0 |
87.2 |
193.0 |
|
Repayment of borrowings |
(374.1) |
(227.1) |
(141.6) |
(169.8) |
|
Net cash flow from financing activities |
268.6 |
257.9 |
(54.4) |
23.2 |
|
Net increase/(decrease) in cash and cash equivalents |
233.2 |
111.4 |
3.2 |
(13.2) |
|
Cash and cash equivalents 1 April 2020 |
261.5 |
150.1 |
1.9 |
15.1 |
|
Cash and cash equivalents 31 March 2021 |
494.7 |
261.5 |
5.1 |
1.9 |