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 2023/2024 (PDF 20.6MB).
Comprehensive Income
|
Group 2024 (£m)
|
Group 2023 (£m) Restated |
Association 2024 (£m)
|
Association 2023 (£m) Restated |
|
|---|---|---|---|---|
| Income Statement | ||||
|
Continuing operations |
||||
|
Revenue |
1,085.4 | 943.8 | 524.8 | 474.8 |
|
Cost of sales |
(74.8) | (93.7) | (1.9) | (2.5) |
|
Operating expenditure |
(803.7) | (659.9) | (417.7) | (375.3) |
|
Other gains and losses |
7.6 | 10.9 | 5.2 | 7.5 |
|
Other income |
- | - | 5.3 | 10.1 |
|
Share of profit of joint ventures |
0.7 | 4.2 | - | - |
|
Operating surplus |
215.2 | 205.3 | 115.7 | 112.0 |
|
Gain/(Loss) on cessation of defined benefit pension schemes |
0.9 | (6.2) | 2.4 | (6.2) |
|
Net gain/(loss) from acquisitions |
162.7 | 21.1 | - | - |
|
Finance income |
6.3 | 3.9 | 11.8 | 8.5 |
|
Finance costs |
(171.8) | (135.6) | (98.2) | (87.8) |
|
Loss on refinancing |
(8.2) | - | (29.2) | - |
|
Gain/(loss) on fair value of investment property |
0.3 | (7.8) | (12.3) | (7.1) |
|
Gain on fair value of financial instruments |
1.6 | 1.1 | - | - |
|
Surplus before tax |
207.0 | 81.8 | (9.8) | (24.7) |
|
Taxation |
(0.3) | 0.7 | - | - |
|
Surplus for the year from continuing operations |
206.7 | 82.5 | (9.8) | (24.7) |
|
OTHER COMPREHENSIVE INCOME |
||||
|
Items that will not be reclassified subsequently to income or expense: |
||||
|
Remeasurement of defined benefit pension scheme liability |
(4.5) | (2.1) | (9.9) | 0.8 |
|
Equity investments at fair value through other comprehensive income – net change in value |
- | (0.4) | - | (0.4) |
|
Items that may be reclassified subsequently to income or expense: |
||||
|
Cash flow hedges – changes in fair value |
(5.7) | 5.7 | (5.7) | 5.7 |
|
Cash flow hedges – reclassified to Income Statement |
1.3 | (3.7) | 1.3 | (3.7) |
|
Cost of hedging reserve – changes in fair value |
0.7 | (0.4) | 0.7 | (0.4) |
|
Other comprehensive income for the year |
(8.2) | (0.9) | (13.6) | 2.0 |
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
198.5 | 81.6 | (23.4) | (22.7) |
There were no discontinued operations in either the current or previous financial years.
Financial Position
|
Group 31 March 2024 (£m)
|
Group 31 March 2023 (£m) Restated |
Group 1 April 2022 (£m) Restated |
Association 31 March 2024 (£m)
|
Association 31 March 2023 (£m) Restated |
Association 1 April 2022 (£m) Restated |
|
|---|---|---|---|---|---|---|
|
ASSETS |
|
|
||||
|
Non-current assets: |
|
|
||||
|
Intangible assets |
54.3 | 50.0 | 51.6 | 48.0 | 43.8 | 45.6 |
|
Property, plant and equipment |
5,064.2 | 4,672.4 | 3,796.5 | 2,663.2 | 2,592.9 | 2,554.1 |
|
Investment property |
588.5 | 564.1 | 559.3 | 574.9 | 383.4 | 388.0 |
|
Deferred tax assets |
5.2 | 5.4 | 4.7 | - | - | - |
|
Derivative financial assets |
26.8 | 31.9 | 26.4 | 26.8 | 31.9 | 26.4 |
|
Investments in subsidiaries |
- | - | - | 87.7 | 87.7 | 87.7 |
|
Equity accounted investments |
2.6 | 4.5 | 2.9 | - | - | - |
|
Other investments |
17.5 | 17.1 | 17.9 | 15.9 | 15.9 | 17.7 |
|
Trade and other receivables |
32.6 | 32.5 | 33.8 | 27.6 | 59.1 | 49.5 |
|
|
5,791.7 | 5,377.9 | 4,493.1 | 3,444.1 | 3,214.7 | 3,169.0 |
|
Current assets: |
||||||
|
Trade and other receivables |
153.7 | 140.3 | 96.9 | 108.5 | 150.8 | 191.5 |
|
Inventory |
209.5 | 232.1 | 201.1 | 1.9 | 1.9 | 0.1 |
|
Assets classified as held for sale |
7.2 | 0.4 | 10.0 | 0.4 |
0.4 |
10.0 |
|
Cash and cash equivalents |
144.3 | 180.1 | 102.1 | 124.4 | 4.9 | 10.4 |
|
|
514.7 | 552.9 | 410.1 | 124.4 | 158.0 | 212.0 |
|
TOTAL ASSETS |
6,306.4 | 5,930.8 | 4,903.2 | 3,568.5 | 3,372.7 | 3,381.0 |
|
LIABILITIES |
||||||
|
Current liabilities: |
||||||
|
Trade and other payables |
360.5 | 340.2 | 216.2 | 149.7 | 127.6 | 116.2 |
|
Contract liabilities |
48.4 | 45.9 | 44.0 | 25.2 | 22.3 | 24.1 |
|
Current tax liabilities |
0.3 | 0.1 | - | - | - | - |
|
Loans and borrowings |
122.1 | 242.1 | 34.4 | 80.0 | 119.3 | 25.2 |
|
Provisions |
17.9 | 22.0 | 8.9 | 9.5 | 2.9 | 1.9 |
|
|
549.2 | 650.3 | 303.5 | 264.4 | 272.1 | 167.4 |
|
Non-current liabilities: |
||||||
|
Trade and other payables |
8.3 | 6.8 | 3.3 | 7.6 | 4.6 | 2.6 |
|
Loans and borrowings |
3,7953 | 3,516.6 | 3,040.5 | 1,828.0 | 1,610.0 | 1,703.0 |
|
Deferred tax liabilities |
0.6 | 0.6 | 0.5 | - | - | - |
|
Derivative financial liabilities |
0.3 | 0.4 | 1.5 | - | - | - |
|
Retirement benefit obligations |
37.0 | 29.0 | 21.6 | 29.8 | 24.6 | 23.9 |
|
Provisions |
108.4 | 118.3 | 5.1 | 0.7 | - | - |
|
|
3,949.9 | 3,671.7 | 3,072.5 | 1,866.1 | 1,639.2 | 1,729.5 |
|
TOTAL LIABILITIES |
4,499.1 | 4,322.0 | 3,376.0 | 2,130.5 | 1,911.3 | 1,896.9 |
|
EQUITY |
||||||
|
Equity attributable to owners of the parent: |
||||||
|
Ordinary shares |
- | - | - | - | - | - |
|
Cash flow hedge reserve |
5.4 | 9.8 | 7.8 | 5.3 | 9.7 | 7.7 |
|
Cost of hedging reserve |
(0.3) | (1.0) | (0.6) | (0.3) | (1.0) | (0.6) |
|
Revaluation reserve |
0.1 | 0.1 | - | 0.1 | 0.1 | - |
|
Restricted reserves |
5.1 | 4.9 | 4.8 | 4.9 | 4.7 | 4.6 |
|
Retained earnings |
1,797.0 | 1,595.0 | 1,515.2 | 1,428.0 | 1,447.9 | 1,472.4 |
|
TOTAL EQUITY |
1,807.3 | 1,608.8 | 1,527.2 | 1,438.0 | 1,461.4 | 1,484.1 |
|
TOTAL EQUITY AND LIABILITIES |
6,306.4 | 5,930.8 | 4,903.2 | 3,568.5 | 3,372.7 | 3,381.0 |
Changes in Equity
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 2022 (restated*) |
- |
1,515.2 |
4.8 | - | 7.8 | (0.6) | 1,527.2 |
|
Surplus for the year (restated) |
- |
82.5 |
- |
- |
- |
- |
82.5 |
|
Other comprehensive income |
- |
(2.1) |
- |
(0.4) |
2.0 |
(0.4) |
(0.9) |
|
Total comprehensive income |
- |
80.4 |
- |
(0.4) |
2.0 |
(0.4) |
81.6 |
|
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 (restated) |
- |
1,595.0 |
4.9 |
0.1 |
9.8 |
(1.0) |
1,608.8 |
|
At 1 April 2023 (restated) |
- |
1,595.0 |
4.9 | 0.1 | 9.8 | (1.0) | 1,608.8 |
|
Surplus for the year |
- |
206.7 |
- |
- |
- |
- |
206.7 |
|
Other comprehensive income |
- |
(4.5) |
- |
- |
(4.4) |
0.7 |
(8.2) |
|
Total comprehensive income |
- |
202.2 |
- |
- |
(4.4) |
0.7 |
198.5 |
|
Transfer of VRTB proceeds |
- |
(0.2) |
0.2 |
- |
- |
- |
- |
|
Transfer of loss on disposal of equity investments |
- |
- |
- |
- |
- |
- |
- |
|
Total transfers |
- |
(0.2) |
0.2 |
- |
- |
- |
- |
|
At 31 March 2024 |
- |
1,797.0 |
5.1 |
0.1 |
5.4 |
(0.3) |
1,807.3 |
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 2022 (restated*) |
- |
1,472.4 |
4.6 |
- |
7.7 |
(0.6) |
1,484.1 |
|
Deficit for the year (restated*) |
- |
(24.7) |
- |
- |
- |
- |
(24.7) |
|
Other comprehensive income |
- |
0.8 |
- |
(0.4) |
2.0 |
(0.4) |
2.0 |
|
Total comprehensive income |
- |
(23.9) |
- |
(0.4) |
2.0 |
(0.4) |
(22.7) |
|
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 (restated*) |
- |
1,447.9 |
4.7 |
0.1 |
9.7 |
(1.0) |
1,461.4 |
|
At 1 April 2023 (restated*) |
- |
1,447.9 |
4.7 |
0.1 |
9.7 |
(1.0) |
1,461.4 |
|
Deficit for the year |
- |
(9.8) |
- |
- |
- |
- |
(9.8) |
|
Other comprehensive income |
- |
(9.9) |
- |
- |
(4.4) |
0.7 |
(13.6) |
|
Total comprehensive income |
- |
(19.7) |
- |
- |
(4.4) |
0.7 |
(23.4) |
|
Transfer of VRTB proceeds |
- |
(0.2) |
0.2 |
- |
- |
- |
- |
|
Transfer of loss on disposal of equity investments |
- |
- |
- |
- |
- |
- |
- |
|
Total transfers |
- |
(0.2) |
0.2 |
- |
- |
- |
- |
|
At 31 March 2024 |
- |
1,428.0 |
4.9 |
0.1 |
5.3 |
(0.3) |
1,438.0 |
Cash Flows
|
Group 2024 (£m)
|
Group 2023 (£m) Restated |
Association 2024 (£m)
|
Association 2023 (£m) Restated |
|
|---|---|---|---|---|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
||||
|
Surplus/(loss) for the year |
206.7 | 82.5 | (9.8) | (24.7) |
|
Adjustments for: |
||||
|
Depreciation, amortisation and impairment |
83.9 | 74.0 | 55.1 | 59.0 |
|
Surplus on sale of property, plant and equipment |
(7.6) | (10.8) | (5.2) | (7.4) |
|
Surplus on sale of investments |
- | (0.1) | - | (0.1) |
|
Provision for amounts due from subsidiary undertakings |
- | - | - | 46.7 |
|
Share of profits in joint venture |
(0.7) | (4.2) | - | - |
|
Loss on refinancing arrangements |
8.2 | - | 29.2 | - |
|
(Gain)/Loss on cessation of defined benefit pension schemes |
(0.9) | 6.2 | (2.4) | 6.2 |
|
(Gain)/loss on fair value of investment property |
(0.3) | 7.8 | 12.3 | 7.1 |
|
Gain on fair value of financial instruments |
(1.6) | (1.1) | - | - |
|
Net gain/(loss) from acquisitions |
(163.1) | (25.3) | - | - |
|
Net finance costs |
165.5 | 131.7 | 86.4 | 79.3 |
|
Tax expense/(credit) |
0.3 | (0.7) | - | - |
|
|
83.7 | 177.5 | 175.4 | 190.8 |
|
Cash generated before working capital movements |
290.4 | 260.0 | 165.6 | 166.1 |
|
Changes in: |
||||
|
Trade and other receivables |
(14.2) | (5.7) | 8.3 | (10.2) |
|
Trade and other payables |
1.2 | 20.6 | 24.4 | 20.0 |
|
Inventories |
23.9 | 28.4 | (0.1) | (1.7) |
|
Retirement benefit obligations and provisions |
(14.7) | (13.4) | 4.2 | (4.4) |
|
|
(3.8) | 29.9 | 36.8 | 3.7 |
|
Cash generated from operating activities |
286.6 | 289.9 | 202.4 | 169.8 |
|
Interest paid |
(170.8) | (131.0) | (83.6) | (77.6) |
|
Lease interest payments |
(11.1) | (11.9) | (5.6) | (3.1) |
|
Net cash inflow from operating activities |
104.7 | 147.0 | 113.2 | 89.1 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
||||
|
Interest received |
5.1 | 1.1 | 3.4 | 0.1 |
|
Proceeds from sale of property, plant and equipment |
17.9 | 33.7 | 9.7 | 26.6 |
|
Proceeds from sale of investments |
- | 4.0 | - | 4.0 |
|
Acquisition and construction of property, plant and equipment, investment property and software |
(327.7) | (248.5) | (254.2) | (123.4) |
|
Acquisition of subsidiaries and other business combinations, net of cash acquired |
3.5 | 59.8 | (0.2) | - |
|
Acquisition of other investments |
(0.2) | (2.1) | - | (2.6) |
|
Capital grants received |
50.9 | 46.6 | 8.5 | 9.1 |
|
Dividends received from joint ventures |
2.5 | 4.4 | - | - |
|
Loans to joint ventures |
1.3 | 13.6 | 1.4 | 13.6 |
|
Loans to other Group entities |
- | - | 39.6 | (17.5) |
|
Net cash outflow from investing activities |
(246.7) | (87.4) | (191.8) | (90.1) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
||||
|
Proceeds from loans and borrowings |
357.0 | 212.8 | 351.0 | 45.0 |
|
Repayment of borrowings |
(245.8) | (192.2) | (261.3) | (47.6) |
|
Net cash flow from financing activities |
106.2 | 18.4 | 87.3 | (4.5) |
|
Net increase/(decrease) in cash and cash equivalents |
(35.8) | 78.0 | 8.7 | (5.5) |
|
Cash and cash equivalents 1 April 2023 |
180.1 | 102.1 | 4.9 | 10.4 |
|
Cash and cash equivalents 31 March 2024 |
144.3 | 180.1 | 13.6 | 4.9 |