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 2025/2026 (PDF 14.5MB).
Comprehensive Income
Statement of comprehensive income for the year ended 31 March 2026
| Column | Group 2026 (£m) | Group 2025 (£m) | Association 2026 (£m) | Association 2025 (£m) |
|---|---|---|---|---|
| Income Statement |
|
|
|
|
| Continuing operations |
|
|
|
|
| Revenue | 1,216.6 | 1,179.3 | 656.7 | 589.7 |
| Cost of sales | (68.4) | (73.2) | (0.3) | (3.4) |
| Write down of development site | - | (15.0) | - | - |
| Operating expenditure | (918.0) | (883.1) | (511.6) | (467.3) |
| Other gains and losses | 8.6 | 6.6 | 5.5 | 5.0 |
| Other income | - | - | 12.2 | 16.0 |
| Share of profit of joint ventures | 0.4 | 1.1 | - | - |
| Operating surplus | 239.2 | 215.7 | 162.5 | 140.0 |
| Loss on cessation of defined benefit pension schemes | (4.6) | (7.5) | (4.6) | (9.0) |
| Net gain from acquisitions | - | - | - | 148.9 |
| Gain/(loss) on disposal groups | 7.6 | (3.1) | 7.6 | (3.1) |
| Finance income | 5.0 | 6.0 | 2.0 | 4.1 |
| Finance costs | (190.2) | (183.6) | (108.8) | (104.3) |
| Gain/(loss) on derecognition of leased assets | 0.3 | (10.8) | - | (10.8) |
| Loss on fair value of investment property | - | (60.4) | - | (60.1) |
| Loss on fair value of assets classified as held for sale | (8.0) | - | (17.7) | - |
| Gain on fair value of financial instruments | 12.0 | 14.0 | (0.1) | - |
| Surplus/(deficit) before tax | 61.3 | (29.7) | 40.9 | 105.7 |
| Taxation | (1.7) | 1.6 | - | - |
| Surplus/(Loss) for the year from continuing operations | 59.6 | (28.1) | 40.9 | 105.7 |
| OTHER COMPREHENSIVE INCOME |
|
|
|
|
| Items that will not be reclassified subsequently to income or expense: |
|
|
|
|
| Remeasurement of defined benefit pension scheme liability | (1.7) | 22.5 | (1.7) | 16.2 |
| Equity investments at fair value through other comprehensive income – net change in value | - | (0.1) | - | (0.1) |
| Items that may be reclassified subsequently to income or expense: |
|
|
|
|
| Cash flow hedges – changes in fair value | (1.9) | 0.7 | (1.7) | 0.5 |
| Cash flow hedges – reclassified to Income Statement | 1.5 | 1.3 | 1.5 | 1.3 |
| Cost of hedging reserve – changes in fair value | 0.2 | 0.3 | 0.2 | 0.3 |
| Other comprehensive income for the year | (1.9) | 24.7 | (1.7) | 18.2 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 57.7 | (3.4) | 39.2 | 123.9 |
There were no discontinued operations in either the current or previous financial years.
Financial Position
Statement of financial position as at 31 March 2026
| Column | Group 31 March 2026 (£m) | Group 31 March 2025 (£m) | Association 31 March 2026 (£m) | Association 31 March 2025 (£m) |
|---|---|---|---|---|
| ASSETS |
|
|
|
|
| Non-current assets: |
|
|
|
|
| Intangible assets | 75.0 | 64.0 | 69.2 | 57.0 |
| Property, plant and equipment | 5,177.3 | 5,060.0 | 3,004.4 | 2,921.6 |
| Investment property | 253.0 | 78.8 | 222.1 | 46.1 |
| Deferred tax assets | 5.5 | 7.5 | - | - |
| Derivative financial assets | 26.2 | 27.8 | 26.2 | 27.8 |
| Investments in subsidiaries | - | - | 87.7 | 87.7 |
| Equity accounted investments | 4.1 | 3.7 | 0.1 | - |
| Other investments | 17.2 | 17.0 | 16.2 | 15.9 |
| Trade and other receivables | 19.4 | 24.0 | 15.5 | 18.7 |
5,577.7 | 5,282.8 | 3,441.4 | 3,174.8 | |
| Current assets: |
|
|
|
|
| Trade and other receivables | 136.5 | 133.9 | 129.7 | 107.0 |
| Inventory | 79.3 | 155.3 | 2.5 | 4.8 |
| Assets classified as held for sale | 456.0 | 618.1 | 330.8 | 528.0 |
| Cash and cash equivalents | 137.0 | 159.6 | 15.3 | 25.5 |
808.8 | 1,066.9 | 478.3 | 665.3 | |
| TOTAL ASSETS | 6,386.5 | 6,349.7 | 3,919.7 | 3,840.1 |
| LIABILITIES |
|
|
|
|
| Current liabilities: |
|
|
|
|
| Trade and other payables | 366.5 | 359.8 | 183.4 | 178.1 |
| Contract liabilities | 64.1 | 67.0 | 34.0 | 31.8 |
| Current tax liabilities | 0.5 | 0.5 | - | - |
| Loans and borrowings | 70.9 | 150.1 | 55.0 | 91.8 |
| Liabilities classified as held for sale | 1.0 | 104.1 | 56.6 | 108.3 |
| Provisions | 23.3 | 24.1 | 1.1 | 5.7 |
526.3 | 705.6 | 330.1 | 415.7 | |
| Non-current liabilities: |
|
|
|
|
| Trade and other payables | 13.4 | 9.4 | 6.2 | 8.8 |
| Loans and borrowings | 3,917.9 | 3,751.5 | 1,958.5 | 1,828.7 |
| Deferred tax liabilities | 0.4 | 0..7 | - | - |
| Derivative financial liabilities | 0.1 | 0.2 | - | - |
| Retirement benefit obligations | 23.1 | 25.0 | 23.1 | 25.0 |
| Provisions | 54.4 | 64.1 | 0.7 | - |
4,009.3 | 3,850.9 | 1,988.5 | 1,862.5 | |
| TOTAL LIABILITIES | 4,535.6 | 4,556.5 | 2,318.6 | 2,278.2 |
| EQUITY |
|
|
|
|
| Equity attributable to owners of the parent: |
|
|
|
|
| Ordinary shares | - | - | - | - |
| Cash flow hedge reserve | 7.0 | 7.4 | 6.9 | 7.1 |
| Cost of hedging reserve | 0.2 | - | 0.2 | - |
| Revaluation reserve | - | - | - | - |
| Restricted reserves | 5.6 | 5.4 | 5.4 | 5.2 |
| Retained earnings | 1,838.1 | 1,780.4 | 1,588.6 | 1,549.6 |
| TOTAL EQUITY | 1,850.9 | 1,793.2 | 1,601.1 | 1,561.9 |
| TOTAL EQUITY AND LIABILITIES | 6,386.5 | 6,349.7 | 3,919.7 | 3,840.1 |
Changes in Equity
Statement for the Year Ending 31 March 2026
Group
| Column | Ordinary shares (£m) | Retained earnings (£m) | Restricted reserves (£m) | Revaluation reserve (£m) | Cash flow hedge reserve (£m) | Cost of hedging reserve (£m) | Total equity (£m) |
|---|---|---|---|---|---|---|---|
| At 1 April 2024 | - | 1,786.3 | 5.1 | 0.1 | 5.4 | (0.3) | 1,796.6 |
| Deficit for the year | - | (28.1) | - | - | - | - | (28.1) |
| Other comprehensive income/(expense) | - | 22.5 | - | (0.1) | 2.0 | 0.3 | 24.7 |
| Total comprehensive income | - | (5.6) | - | (0.1) | 2.0 | 0.3 | (3.4) |
| Transfer of VRTB proceeds | - | (0.3) | 0.3 | - | - | - | - |
| Total transfers | - | (0.3) | 0.3 | - | - | - | - |
| At 31 March 2025 | - | 1,780.4 | 5.4 | - | 7.4 | - | 1,793.2 |
| At 1 April 2025 | - | 1,780.4 | 5.4 | - | 7.4 | - | 1,793.2 |
| Surplus for the year | - | 59.6 | - | - | - | - | 59.6 |
| Other comprehensive income/(expense) | - |
| - | - | (0.4) | 0.2 | (1.9) |
| Total comprehensive income | - | 57.9 | - | - | (0.4) | 0.2 | 57.7 |
| Transfer of VRTB proceeds | - | (0.2) | 0.2 | - | - | - | - |
| Total transfers | - | (0.2) | 0.2 | - | - | - | - |
| At 31 March 2026 | - | 1,838.1 | 5.6 | - | 7.0 | 0.2 | 1,850.9 |
Association
| Column | Ordinary shares (£m) | Retained earnings (£m) | Restricted reserves (£m) | Revaluation reserve (£m) | Cash flow hedge reserve (£m) | Cost of hedging reserve (£m) | Total equity (£m) |
|---|---|---|---|---|---|---|---|
| At 1 April 2024 | - | 1,428.0 | 4.9 | 0.1 | 5.3 | (0.3) | 1,438.0 |
| Deficit for the year | - | 105.7 | - | - | - | - | 105.7 |
| Other comprehensive income/(expense) | - | 16.2 | - | (0.1) | 1.8 | 0.3 | 18.2 |
| Total comprehensive income | - | 121.9 | - | (0.1) | 1.8 | 0.3 | 123.9 |
| Transfer of VRTB proceeds | - | (0.3) | 0.3 | - | - | - | - |
| Total transfers | - | (0.3) | 0.3 | - | - | - | - |
| At 31 March 2025 | - | 1,549.6 | 5.2 | - | 7.1 | - | 1,561.9 |
| At 1 April 2025 | - | 1,549.6 | 5.2 | - | 7.1 | - | 1,561.9 |
| Surplus for the year | - | 40.9 | - | - | - | - | 40.9 |
| Other comprehensive income/(expense) | - | (1.7) | - | - | (0.2) | 0.2 | (1.7) |
| Total comprehensive income | - | 39.2 | - | - | (0.2) | 0.2 | 39.2 |
| Transfer of VRTB proceeds | - | (0.2) | 0.2 | - | - | - | - |
| Total transfers | - | (0.2) | 0.2 | - | - | - | - |
| At 31 March 2026 | - | 1,588.6 | 5.4 | - | 6.9 | 0.2 | 1,601.1 |
Cash Flows
Statement for the Year Ending 31 March 2026
| Column | Group 2026 (£m) | Group 2025 (£m) | Association 2026 (£m) | Association 2025 (£m) |
|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
| Surplus/(deficit) for the year | 59.6 | (28.1) | 40.9 | 102.7 |
| Adjustments for: |
|
|
|
|
| Depreciation, amortisation and impairment | 99.0 | 102.8 | 67.2 | 62.8 |
| Surplus on sale of property, plant and equipment | (8.4) | (6.6) | (5.3) | (5.0) |
| Share of profits in joint venture | (0.4) | (1.1) | - | - |
| Gain on sale of investments | (0.2) | - | (0.2) | - |
| (Gain)/loss on derecognition of leased assets | (0.3) | 10.8 | - | 10.8 |
| (Gain)/loss on disposal groups | (7.6) | 3.1 | (7.6) | 3.1 |
| Loss on cessation of defined benefit pension schemes | 4.6 | 7.5 | 4.6 | 9.0 |
| Loss on fair value of investment property | - | 60.4 | - | 60.1 |
| (Gain)/loss on fair value of financial instruments | (12.0) | (14.0) | 0.1 | - |
| Net gain/(loss) from acquisitions | - | - | - | (148.9) |
| Net finance costs | 185.2 | 177.6 | 106.8 | 100.2 |
| Taxation | 1.7 | (1.6) | - | - |
269.6 | 338.9 | 183.3 | 92.1 | |
| Cash generated before working capital movements | 329.2 | 310.8 | 224.2 | 197.8 |
| Changes in: |
|
|
|
|
| Trade and other receivables | (4.4) | 12.4 | (24.2) | (43.8) |
| Trade and other payables | (4.3) | 53.9 | (12.2) | 28.6 |
| Inventories | 44.8 | 36.2 | 0.3 | 2.4 |
| Retirement benefit obligations and provisions | (18.1) | (38.5) | (8.0) | (5.8) |
18.0 | 64.0 | (44.1) | (18.5) | |
| Cash generated from operating activities | 347.2 | 374.8 | 180.1 | 179.2 |
| Interest paid | (188.8) | (187.5) | (101.6) | (91.7) |
| Lease interest payments | (7.2) | (8.7) | (8.0) | (7.8) |
| Net cash inflow from operating activities | 151.2 | 178.6 | 70.5 | 79.8 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
| Interest received | 3.7 | 6.3 | 2.0 | 3.0 |
| Proceeds from sale of property, plant and equipment | 38.4 | 17.2 | 30.2 | 11.9 |
| Acquisition and construction of property, plant and equipment, investment property and software | (355.1) | (313.4) | (198.8) | (182.4) |
| Acquisition of other investments | (0.2) | 0.3 | (0.3) | - |
| Capital grants received | 88.3 | 61.2 | 43.7 | 18.0 |
| Capital grants repaid | - | (35.0) | - | - |
| Dividends received from joint ventures | - | - | (0.1) | - |
| Loans to joint ventures | 1.8 | 5.2 | 1.9 | 5.2 |
| Loans to other Group entities | - | - | - | 32.4 |
| Net cash acquired in transfer of engagements | - | - | - | 1.7 |
| Net cash outflow from investing activities | (222.9) | (258.2) | (121.2) | (110.2) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
| Proceeds from loans and borrowings | 292.0 | 480.00 | 195.0 | 338.0 |
| Repayment of borrowings | (240.7) | (378.4) | (151.6) | (291.3) |
| Repayment of leases | (2.2) | (4.3) | (2.9) | (4.3) |
| Net cash flow from financing activities | 49.1 | 97.3 | 40.5 | 42.4 |
| Net (decrease)/increase in cash and cash equivalents | (22.6) | 17.7 | (10.2) | 11.9 |
| Cash and cash equivalents 1 April 2025 | 159.6 | 141.9 | 25.5 | 13.6 |
| Cash and cash equivalents 31 March 2026 | 137.0 | 159.6 | 15.3 | 25.5 |