Please see a selection of tables below showcasing our financial performance. These tables can all also be found in our Sanctuary Group Annual Report and Financial Statements 2019/2020 (PDF 2.45MB)

Statement of Comprehensive Income for the Year Ended 31 March 2020

  Group 2020 (£m) Group 2019 (£m) Association 2020 (£m) Association 2019 (£m)

Continuing operations

 

 

 

 

Revenue

763.0

735.4

454.1

455.8

Cost of sales

(30.1)

(21.5)

(7.9)

(11.8)

Operating expenditure

(557.3)

(536.0)

(335.9)

(326.0)

Other gains and losses

6.2

22.7

5.8

21.3

Other income

-

-

19.8

14.4

Share of profit of joint ventures

4.4

3.1

-

-

Operating surplus

186.2

203.7

135.9

153.7

 

 

 

 

 

Finance income

3.6

3.5

7.2

7.0

Finance costs

(137.4)

(130.3)

(100.7)

(92.2)

Surplus before tax

52.4

76.9

42.4

68.5

 

 

 

 

 

Taxation

0.8

0.6

-

0.1

 

 

 

 

 

Surplus for the year from continuing operations               

53.2

77.5

42.4

68.6

 

 

 

 

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

Items that will not be reclassified subsequently to income or expense:

 

 

 

 

Remeasurement of defined benefit pension scheme liability

14.8

(0.3)

16.0

(0.6)

Equity investments at fair value through other comprehensive income – net change in value

(0.5)

(0.6)

(0.5)

(0.6)

Items that may be reclassified subsequently to income or expense:

 

 

 

 

Cash flow hedges – changes in fair value

16.3

3.7

16.3

3.8

Cost of hedging reserve – changes in fair value

(0.1)

0.1

(0.1)

0.1

Other comprehensive income for the year

30.5

2.9

31.7

2.7

 

 

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

83.7

80.4

74.1

71.3

 

 

 

 

 

There were no discontinued operations in either the current or previous financial years.

Statement of Financial Position as at 31 March 2020

  Group
31 March 2020 (£m)
Group
31 March 2019 (£m)
Association
31 March 2020 (£m)
Association
31 March 2019 (£m)

ASSETS

 

 

 

 

Non-current assets:

 

 

 

 

Intangible assets

62.0

64.3

56.0

58.7

Property, plant and equipment

3,559.0

3,359.5

2,527.5

2,481.8

Investment property

260.3

226.8

148.8

138.8

Deferred tax assets

5.1

4.3

-

-

Derivative financial assets

41.5

22.3

41.5

22.3

Investments in subsidiaries

-

-

87.9

67.6

Equity accounted investments

4.4

3.2

-

-

Other investments

24.3

27.0

24.1

26.8

Trade and other receivables

45.5

42.6

64.9

123.9

 

4,002.1

3,750.0

2,950.7

2,919.9

Current assets:

 

 

 

 

Trade and other receivables

83.2

75.5

177.4

90.1

Contract assets

0.3

0.3

0.3

0.3

Inventory

112.3

110.6

18.8

21.5

Assets classified as held for sale

0.2

1.3

0.2

-

Cash and cash equivalents

261.5

150.1

1.9

15.1

 

457.5

337.8

198.6

127.0

 

 

 

 

 

TOTAL ASSETS

4,459.6

4,087.8

3,149.3

3,046.9

 

 

 

 

 

LIABILITIES

 

 

 

 

Current liabilities:

 

 

 

 

Trade and other payables

155.4

147.7

77.7

81.3

Contract liabilities

30.8

26.8

19.7

17.3

Current tax liabilities

0.4

0.3

0.2

-

Loans and borrowings

47.9

74.7

40.3

38.9

Provisions

4.8

4.6

2.4

4.4

 

239.3

254.1

140.3

141.9

Non-current liabilities:

 

 

 

 

Trade and other payables

7.3

10.7

5.3

8.6

Loans and borrowings

3,057.8

2,736.2

1,789.3

1,739.0

Deferred tax liabilities

0.6

0.6

-

-

Derivative financial liabilities

3.5

3.4

-

-

Retirement benefit obligations

25.9

41.4

23.8

40.1

Provisions

3.8

3.7

-

0.8

 

3,098.9

2,796.0

1,818.4

1,788.5

 

 

 

 

 

TOTAL LIABILITIES

3,338.2

3,050.1

1,958.7

1,930.4

 

 

 

 

 

EQUITY

 

 

 

 

Equity attributable to owners of the parent:

 

 

 

 

Ordinary shares

-

-

-

-

Cash flow hedge reserve

17.7

1.4

17.6

1.3

Cost of hedging reserve

1.0

1.1

1.0

1.1

Revaluation reserve

0.1

1.2

0.1

1.2

Restricted reserves

2.2

0.2

2.2

0.2

Retained earnings

1,100.4

1,033.8

1,169.7

1,112.7

 

 

 

 

 

TOTAL EQUITY

1,121.4

1,037.7

1,190.6

1,116.5

 

 

 

 

 

TOTAL EQUITY AND LIABILITIES

4,459.6

4,087.8

3,149.3

3,046.9

 

Statement of Changes in Equity for the Year Ended 31 March 2020

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 2018

-

959.6

0.2

1.8

(1.3)

-

960.3

Adjustment on initial application of IFRS 9

-

(2.1)

-

-

(1.0)

1.0

(2.1)

Adjustment on initial application of IFRS 15

-

(0.9)

-

-

-

-

(0.9)

Restated balance at 1 April 2018

-

956.6

0.2

1.8

(2.3)

1.0

957.3

 

 

 

 

 

 

 

 

Surplus for the year

-

77.5

-

-

-

-

77.5

Other comprehensive income

-

(0.3)

-

(0.6)

3.7

0.1

2.9

Total comprehensive income

-

77.2

-

(0.6)

3.7

0.1

80.4

 

 

 

 

 

 

 

 

At 31 March 2019

-

1,033.8

0.2

1.2

1.4

1.1

1,037.7

 

 

 

 

 

 

 

 

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

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 2018

-

1,045.8

0.2

1.8

(1.5)

-

1,046.3

Adjustment on initial application of IFRS 9

-

(1.1)

-

-

(1.0)

1.0

(1.1)

Restated balance at 1 April 2018

-

1,044.7

0.2

1.8

(2.5)

1.0

1,045.2

 

 

 

 

 

 

 

 

Surplus for the year

-

68.6

-

-

-

-

68.6

Other comprehensive income

-

(0.6)

-

(0.6)

3.8

0.1

2.7

Total comprehensive income

-

68.0

-

(0.6)

3.8

0.1

71.3

 

 

 

 

 

 

 

 

At 31 March 2019

-

1,112.7

0.2

1.2

1.3

1.1

1,116.5

 

 

 

 

 

 

 

 

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


Statement of Cash Flows for the Year Ended 31 March 2020

  Group 2020 (£m) Group 2019 (£m) Association 2020 (£m) Association 2019 (£m)

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

Surplus for the year

53.2

77.5

42.4

68.6

 

 

 

 

 

Adjustments for:

 

 

 

 

Depreciation, amortisation and impairment

73.0

67.3

58.3

53.8

Surplus on sale of property, plant and equipment

(6.2)

(22.1)

(5.8)

(20.7)

Surplus on sale of investments

-

(0.6)

-

(0.6)

Share of profits in joint venture

(4.4)

(3.1)

-

-

Net finance costs

133.8

126.8

93.5

85.2

Tax credit

(0.8)

(0.6)

-

(0.1)

 

195.4

167.7

146.0

117.6

 

 

 

 

 

Cash generated before working capital movements

248.6

245.2

188.4

186.2

 

 

 

 

 

Changes in:

 

 

 

 

Trade and other receivables

(5.5)

2.7

(18.0)

1.5

Trade and other payables

8.1

(9.2)

1.5

(20.1)

Inventories

(1.7)

(18.9)

2.6

5.9

Provisions

(5.3)

(4.6)

(5.1)

(1.1)

 

(4.4)

(30.0)

(19.0)

(13.8)

 

 

 

 

 

Cash generated from operating activities

244.2

215.2

169.4

172.4

 

 

 

 

 

Interest paid

(143.7)

(134.0)

(96.2)

(89.3)

Tax paid

-

-

 

-

 

 

 

 

 

Net cash inflow from operating activities

100.5

81.2

73.2

83.1

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

Interest received

1.2

1.0

0.7

0.7

Proceeds from sale of property, plant and equipment and investment property

19.7

40.4

16.9

34.7

Proceeds from sale of investments

3.3

8.3

3.3

8.3

Acquisition and construction of property, plant and equipment, investment property and software

(245.8)

(191.5)

(99.4)

(104.7)

Acquisition of subsidiaries and other business combinations, net of cash acquired (note 35)

(61.0)

-

(20.3)

-

Acquisition of other investments

(1.1)

(3.7)

(1.1)

(3.7)

Capital grants received

36.0

36.3

-

0.3

Dividends received from joint ventures

3.2

0.5

-

-

Loans to joint ventures

(2.5)

3.8

(2.5)

3.8

Loans to other Group entities

-

-

(7.2)

(24.5)

 

 

 

 

 

Net cash outflow from investing activities

(247.0)

(104.9)

(109.6)

(85.1)

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

Proceeds from loans and borrowings

485.0

167.0

193.0

114.0

Repayment of borrowings

(227.1)

(88.9)

(169.8)

(98.9)

 

 

 

 

 

Net cash flow from financing activities

257.9

78.1

23.2

15.1

 

 

 

 

 

Net increase/(decrease) in cash and cash equivalents

111.4

54.4

(13.2)

13.1

 

 

 

 

 

Cash and cash equivalents 1 April 2019

150.1

95.7

15.1

2.0

 

 

 

 

 

Cash and cash equivalents 31 March 2020

261.5

150.1

1.9

15.1