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Financial performance

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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

 

 

 

 

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

 

 

 

 

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:

 

 

 

 

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:

 

 

 

 

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

 

 

 

 

Current liabilities:

 

 

 

 

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:

 

 

 

 

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

 

 

 

 

Equity attributable to owners of the parent:

 

 

 

 

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

 

 

 

 

Surplus/(loss) for the year

(28.1)

196.0

102.7

(9.8)

Adjustments for:

 

 

 

 

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:

 

 

 

 

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

 

 

 

 

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

 

 

 

 

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