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 2024/2025 (PDF 4.65MB).
Comprehensive Income
Statement of comprehensive income for the year ended 31 March 2025
Group 2025 (£m)
| Group 2024 (£m) Restated | Association 2025 (£m)
| Association 2024 (£m) Restated | |
---|---|---|---|---|
Income Statement | ||||
Continuing operations | ||||
Revenue | 1,179.3 | 1,085.4 | 589.7 | 524.8 |
Cost of sales | (73.2) | (74.8) | (3.4) | (1.9) |
Operating expenditure | (883.1) | (803.7) | (467.3) | (417.7) |
Other gains and losses | 6.6 | 7.6 | 5.0 | 5.2 |
Other income | - | - | 16.0 | 5.3 |
Share of profit of joint ventures | 1.1 | 0.7 | - | - |
Operating surplus | 215.7 | 215.2 | 140.0 | 115.7 |
Gain/(Loss) on cessation of defined benefit pension schemes | (7.5) | 0.9 | (9.0) | 2.4 |
Net gain/(loss) from acquisitions | - | 152.0 | 148.9 | - |
Finance income | 6.0 | 6.3 | 4.1 | 11.8 |
Finance costs | (183.6) | (171.8) | (104.3) | (98.2) |
Loss on refinancing | (10.8) | (8.2) | (10.8) | (29.2) |
Gain/(loss) on fair value of investment property | (60.4) | 0.3 | (60.1) | (12.3) |
Gain on fair value of financial instruments | 14.0 | 1.6 |
| - |
Surplus before tax | (29.7) | 196.3 | 105.7 | (9.8) |
Taxation | 1.6 | (0.3) |
| - |
Surplus/(Loss) for the year from continuing operations | (28.1) | 196.0 | 105.7 | (9.8) |
OTHER COMPREHENSIVE INCOME |
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Items that will not be reclassified subsequently to income or expense: |
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Remeasurement of defined benefit pension scheme liability | 22.5 | (4.5) | 16.2 | (9.9) |
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: |
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Cash flow hedges – changes in fair value | 0.7 | (5.7) | 0.5 | (5.7) |
Cash flow hedges – reclassified to Income Statement | 1.3 | 1.3 | 1.3 | 1.3 |
Cost of hedging reserve – changes in fair value | 0.3 | 0.7 | 0.3 | 0.7 |
Other comprehensive income for the year | 24.7 | (8.2) | 18.2 | (13.6) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (3.4) | 187.8 | 123.9 | (23.4) |
There were no discontinued operations in either the current or previous financial years.
Financial Position
Statement of financial position as at 31 March 2025
Group 31 March 2025 (£m)
| Group 31 March 2024 (£m) Restated | Association 31 March 2025 (£m)
| Association 31 March 2024 (£m)
| |
---|---|---|---|---|
ASSETS | ||||
Non-current assets: | ||||
Intangible assets | 64.0 | 54.3 | 57.0 | 48.0 |
Property, plant and equipment | 5,060.0 | 5,055.6 | 2,921.6 | 2,663.2 |
Investment property | 78.8 | 588.5 | 46.1 | 574.9 |
Deferred tax assets | 7.5 | 5.2 | - | - |
Derivative financial assets | 27.8 | 26.8 | 27.8 | 26.8 |
Investments in subsidiaries | - | - | 87.7 | 87.7 |
Equity accounted investments | 3.7 | 2.6 | - | - |
Other investments | 17.0 | 17.5 | 15.9 | 15.9 |
Trade and other receivables | 24.0 | 32.6 | 18.7 | 27.6 |
5,282.8 | 5,783.1 | 3,174.8 | 3,444.1 | |
Current assets: |
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|
Trade and other receivables | 133.9 | 155.9 | 107.0 | 108.5 |
Inventory | 155.3 | 209.3 | 4.8 | 1.9 |
Assets classified as held for sale | 618.1 | 7.2 | 528.0 | 0.4 |
Cash and cash equivalents | 159.6 | 141.9 | 25.5 | 124.4 |
1,066.9 | 514.3 | 665.3 | 124.4 | |
TOTAL ASSETS | 6,349.7 | 6,306.4 | 3,840.1 | 3,568.5 |
LIABILITIES |
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Current liabilities: |
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Trade and other payables | 359.8 | 361.1 | 178.1 | 149.7 |
Contract liabilities | 67.0 | 48.4 | 31.8 | 25.2 |
Current tax liabilities | 0.5 | 0.3 | - | - |
Loans and borrowings | 150.1 | 122.1 | 91.8 | 80.0 |
Liabilities classified as held for sale | 104.1 | - | 108.3 | - |
Provisions | 24.1 | 17.9 | 5.7 | 9.5 |
705.6 | 549.8 | 415.7 | 264.4 | |
Non-current liabilities: |
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|
|
Trade and other payables | 9.4 | 8.3 | 8.8 | 7.6 |
Loans and borrowings | 3,751.5 | 3,795.3 | 1,828.7 | 1,828.0 |
Deferred tax liabilities | 0..7 | 0.6 | - | - |
Derivative financial liabilities | 0.2 | 0.3 | - | - |
Retirement benefit obligations | 25.0 | 37.0 | 25.0 | 29.8 |
Provisions | 64.1 | 109.5 | - | 0.7 |
3,850.9 | 3,951.0 | 1,862.5 | 1,866.1 | |
TOTAL LIABILITIES | 4,556.5 | 4,500.8 | 2,278.2 | 2,130.5 |
EQUITY |
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Equity attributable to owners of the parent: |
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Ordinary shares | - | - | - | - |
Cash flow hedge reserve | 7.4 | 5.4 | 7.1 | 5.3 |
Cost of hedging reserve | - | (0.3) | - | (0.3) |
Revaluation reserve | - | 0.1 | - | 0.1 |
Restricted reserves | 5.4 | 5.1 | 5.2 | 4.9 |
Retained earnings | 1,780.4 | 1,786.3 | 1,549.6 | 1,428.0 |
TOTAL EQUITY | 1,793.2 | 1,796.6 | 1,561.9 | 1,438.0 |
TOTAL EQUITY AND LIABILITIES | 6,349.7 | 6,297.4 | 3,840.1 | 3,568.5 |
Changes in Equity
Statement for the Year Ending 31 March 2025
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 2023 (restated) | - | 1,595.0 | 4.9 | 0.1 | 9.8 | (1.0) | 1,608.8 |
Surplus for the year | - | 196.0 | - | - | - | - | 196.0 |
Other comprehensive income | - | (4.5) | - | - | (4.4) | 0.7 | (8.2) |
Total comprehensive income | - | 191.5 | - | - | (4.4) | 0.7 | 187.8 |
Transfer of VRTB proceeds | - | (0.2) | 0.2 | - | - | - | - |
Total transfers | - | (0.2) | 0.2 | - | - | - | - |
At 31 March 2024 (restatated) | - | 1,786.3 | 5.1 | 0.1 | 5.4 | (0.3) | 1,796.6 |
At 1 April 2024 (restated) | - | 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 | - | 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 |
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 2023 | - | 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 | - | - | - | - |
Total transfers | - | (0.2) | 0.2 | - | - | - | - |
At 31 March 2024 | - | 1,428.0 | 4.9 | 0.1 | 5.3 | (0.3) | 1,438.0 |
At 1 April 2024 | - | 1,428.0 | 4.9 | 0.1 | 5.3 | (0.3) | 1,438.0 |
Surplus for the year | - | 105.7 | - | - | - | - | 105.7 |
Other comprehensive income | - | 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 |
Cash Flows
Statement for the Year Ending 31 March 2025
Group 2025 (£m)
| Group 2024 (£m) Restated | Association 2025 (£m)
| Association 2024 (£m)
| |
---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES |
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Surplus/(loss) for the year | (28.1) | 196.0 | 102.7 | (9.8) |
Adjustments for: |
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Depreciation, amortisation and impairment | 102.8 | 83.9 | 62.8 | 55.1 |
Surplus on sale of property, plant and equipment | (6.6) | (7.6) | (5.0) | (5.2) |
Share of profits in joint venture | (1.1) | (0.7) | - | - |
Loss on refinancing arrangements | 10.8 | 8.2 | 10.8 | 29.2 |
Loss on disposal groups | 3.1 | - | 3.1 | - |
(Gain)/Loss on cessation of defined benefit pension schemes | 7.5 | (0.9) | 9.0 | (2.4) |
(Gain)/loss on fair value of investment property | 60.4 | (0.3) | 60.1 | 12.3 |
Gain on fair value of financial instruments | (14.0) | (1.6) | - | - |
Net gain/(loss) from acquisitions | - | (152.4) | (148.9_ | - |
Net finance costs | 177.6 | 165.5 | 100.2 | 86.4 |
Taxation | (1.6) | 0.3 | - | - |
338.9 | 94.4 | 92.1 | 175.4 | |
Cash generated before working capital movements | 310.8 | 290.4 | 197.8 | 165.6 |
Changes in: |
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Trade and other receivables | 7.8 | (14.2) | (43.7) | 8.3 |
Trade and other payables | 53.9 | 1.2 | 28.6 | 24.4 |
Inventories | 36.2 | 23.9 | (2.4) | (0.1) |
Retirement benefit obligations and provisions | (38.5) | (14.7) | (5.8) | 4.2 |
59.4 | (3.8) | (18.5) | 36.8 | |
Cash generated from operating activities | 370.2 | 286.6 | 179.3 | 202.4 |
Interest paid | (187.5) | (170.8) | (91.7) | (83.6) |
Lease interest payments | (8.7) | (11.1) | (7.8) | (5.6) |
Net cash inflow from operating activities | 174.0 | 104.7 | 79.8 | 113.2 |
CASH FLOWS FROM INVESTING ACTIVITIES |
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Interest received | 6.3 | 5.1 | 3.0 | 3.4 |
Proceeds from sale of property, plant and equipment | 17.2 | 17.9 | 11.9 | 9.7 |
Acquisition and construction of property, plant and equipment, investment property and software | (313.4) | (327.7) | (182.4) | (254.2) |
Acquisition of subsidiaries and other business combinations, net of cash acquired | - | 1.1 | - | (0.2) |
Acquisition of other investments | 0.3 | (0.2) | - | - |
Capital grants received | 61.2 | 50.9 | 18.0 | 8.5 |
Capital grants repaid | (35.0) | - | - | - |
Dividends received from joint ventures | - | 2.5 | - | - |
Loans to joint ventures | 9.8 | 1.3 | 5.1 | 1.4 |
Loans to other Group entities | - | - | 32.4 | 39.6 |
Net cash accquired in transfer of engagements | - | - | 1.7 | - |
Net cash outflow from investing activities | (253.6) | (246.7) | (110.3) | (191.8) |
CASH FLOWS FROM FINANCING ACTIVITIES |
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Proceeds from loans and borrowings | 480.00 | 357.0 | 338.0 | 351.0 |
Repayment of borrowings | (378.4) | (245.8) | (291.3) | (261.3) |
Repayment of leases | (4.3) | (5.0) | (4.3) | (2.4) |
Net cash flow from financing activities | 97.3 | 106.2 | 42.4 | 87.3 |
Net increase/(decrease) in cash and cash equivalents | 17.7 | (38.2) | 11.9 | 8.7 |
Cash and cash equivalents 1 April 2024 | 141.9 | 180.1 | 13.6 | 4.9 |
Cash and cash equivalents 31 March 2025 | 159.6 | 141.9 | 25.5 | 13.6 |