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"value": "-1900000",
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"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
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"value": "952300000",
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"fact-372": {
"value": "Notes to the consolidated financial statements
Taylor Wimpey plc Annual Report and Accounts 2022165
1. Significant accounting policies
Basis of preparation
The consolidated financial statements have been prepared on a
going concern basis and under the historical cost convention,
except as otherwise stated below.
The principal accounting policies adopted, which have been applied
consistently, except as otherwise stated, are set out below.
Adoption of new and revised standards
The Group has adopted and applied the following standards and
amendments in the year, which are relevant to its operations, none
of which had a material impact on the financial statements.
\u2013 IFRS 3 \u2018Business Combinations\u2019 (amendments) \u2013 references to the
Conceptual Framework
\u2013 IAS 37 \u2018Provisions, Contingent Liabilities and Contingent
Assets\u2019
(amend
ment) \u2013 cost of fulfilling a contract
\u2013 IAS 16 \u2018Property, Plant and Equipment\u2019 (amendment) \u2013 proceeds
before intended
use
\u2013 Annual
improvement in IFRS Standards 2018-2020
At the date of authorisation of these financial statements, the Group
has not applied the following new or revised standards and
interpretations that have been issued but are not yet effective:
\u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments)
\u2013
classification
of liabilities as current or non-curren
t
\u2013 I
AS 1 \u2018Presentation of Financial Statements\u2019 (amendments)
\u2013
d
isclosure of accounting policie
s
\u2013 IAS 12 \u2018Income Taxes\u2019 (amendments) \u2013 deferred tax related to
assets
and liabilities arising from a single
transaction
\u2013 IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and
Errors\u2019 (amendments) \u2013 definition of accounting estimates
The Directors do not expect that the adoption of the standards,
amendments and interpretations listed above will have a material
impact on the financial statements of the Group.
Going concern
Group forecasts have been prepared that have considered the
Group\u2019s current financial position and current market circumstances.
The forecasts prepared assess the performance of the Group over a
five year period. The forecasts were subject to sensitivity analysis
together with the likely effectiveness of mitigating actions.
The assessment considers sensitivity analysis on a series of
realistically possible, but severe and prolonged, changes to principal
assumptions. In determining these the Group has included macro-
economic and industry-wide projections as well as matters specific
to the Group.
The severe but plausible downside scenario reflects the aggregated
impact of sensitivities, taking account of a further decline in customer
confidence, disposable incomes, and mortgage availability than has
been experienced during the second half of 2022. To arrive at the
stress test the Group has drawn on experience gained managing the
business through previous economic downturns and the COVID-19
pandemic. As a result, the Group has stress tested the business
against the following severe but plausible downside scenario which
can be attributed back to the Group\u2019s Principal Risks that have been
identified as having the most impact on the longer-term prospects
and viability of the Group.
The impact of the Principal Risk \u201cNatural resources and climate
change\u201d is not deemed to be material within the forecast period, as
costs associated with the regulatory changes have been included in
the modelling (e.g. updates to Parts L&F of the building regulations in
England and Wales and Future Homes and Buildings Standard).
\u2013 Volume \u2013 a decline in total volumes of 30% from 2022, recoverin
g
by
the end of the forecast period
\u2013
Price \u2013 a reduction to current selling prices of 20%, recovering by
the end of the forecast period
\u2013 One-off costs \u2013 a one-off exceptional charge and cash cost
of
\u00a3150
million for an unanticipated event, change in Governme
nt
regulations or financial penalty has been included in 2023
Within
the scenario build costs are forecast to reduce with lower
volumes reducing pressure on the availability of materials and
resources and land cost remaining broadly flat as the possible
increase in availability due to lower volumes is offset by a restriction
in supply. An estimate for the cost of the Future Homes and
Buildings Standard has been assumed.
The mitigating actions considered in the model include a reduction
in land investment, a reduction in the level of production and work in
progress held and reducing our overhead base to reflect the lower
volumes. If this scenario were to occur, we also have a range
of additional options to maintain our financial strength, including:
a more severe reduction in land spend and work in progress, the
sale of assets, reducing the dividend, and or raising debt.
At 31 December 2022, the Group had a cash balance of \u00a3952
million and access to \u00a3550 million from a fully undrawn revolving
credit facility, which is expected to be replaced during the forecast
period, together totalling \u00a31,502 million. The combination of both
of these is sufficient to absorb the financial impact of each of the
risks modelled in the stress and sensitivity analysis, individually and
in aggregate.
Based on these forecasts, it is considered that there are sufficient
resources available for the Group to conduct its business, and meet
its liabilities as they fall due, for at least the next 12 months from the
date of these consolidated financial statements. Consequently the
consolidated financial statements have been prepared on a going
concern basis.
Basis of accounting
The consolidated financial statements have been prepared in
accordance with UK-adopted international accounting standards as
applied in conformity with the provisions of the Companies Act 2006.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiaries) made up to 31 December each year. Control is
achieved where the Company:
\u2013 has power over the
investee;
\u2013 governs
the financial and operating policies of the
investee;
\u2013 i
s exposed, or has rights, to variable return from its
involvement
with the investee; and
\u2013 has
the ability to use its power to affect its returns.
On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair value at the date of acquisition. Any excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair value of the identifiable net assets acquired (i.e. discount on acquisition) is credited to the income statement in the period of acquisition. The interest of non-controlling shareholders is stated at the non-controlling interest\u2019s proportion of the fair value of the assets and liabilities recognised. Subsequently, all comprehensive income is attributed to the owners and the non- controlling interests. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where a subsidiary is disposed of which constituted a major line of business, it is disclosed as a discontinued operation. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Joint ventures Undertakings are deemed to be a joint venture when the Group has joint control of the rights and assets of the undertaking via either voting rights or a formal agreement which includes that unanimous consent is required for strategic, financial and operating decisions. Joint ventures are consolidated under the equity accounting method. Loans to joint ventures form part of the Group\u2019s net investment and are assessed for recoverability on a periodic basis. On transfer of land and/or work in progress to joint ventures, the Group recognises only its share of any profits or losses. Joint operations arise where the Group has joint control of an operation but has rights to only its own assets and obligations related to the operation. These assets and obligations, and the Group\u2019s share of revenues and costs, are included in the Group\u2019s results. Joint ventures and joint operations are entered into to develop specific sites. Each arrangement is site or project specific and once the development or project is complete the arrangement is wound down. Segmental reporting The Group operates in the United Kingdom and Spain. The United Kingdom is split into five geographical operating segments, each managed by a Divisional Chair who sits on the Group Management Team. In addition, there are central operations covering the corporate functions and Strategic Land. The Group aggregates the UK operations into a single reporting segment on the basis that they share similar economic characteristics. In addition each Division builds and delivers residential homes, uses consistent methods of construction, sells homes to both private customers and local housing associations, follows a single UK sales process and operating framework, is subject to the same macro-economic factors including mortgage availability and has the same cost of capital arising from the utilisation of central banking and debt facilities. As a result, the Group has the following reporting segments: \u2013 United Kingdom \u2013 Spain Revenue Revenue is recognised when the performance obligation associated with the sale is completed. The transaction price comprises the fair value of the consideration received or receivable, net of value added tax, rebates and discounts and after eliminating sales within the Group. Revenue and profit are recognised as follows: a. Housing and land sales Revenue is recognised in the income statement when control is transferred to the customer. This is deemed to be when title of the property passes to the customer on legal completion and the performance obligation associated with the sale is completed. Revenue in respect of the sale of residential properties, whether under the Government\u2019s Help to Buy scheme or not, is recognised at the fair value of the consideration received or receivable on legal completion. b. Long term contracts Revenue arising on contracts which give the customer control over properties as they are constructed, and for which the Group has a right to payments for work performed, is recognised over time. Revenue and costs are recognised over time with reference to the stage of completion of the contract activity at the balance sheet date where the outcome of a long term contract can be estimated reliably. This is normally measured by surveys of work performed to date. Variations in contract work, claims and incentive payments are included to the extent that it is highly probable that they will result in revenue and they are capable of being reliably measured. When land is transferred at the start of a long term contract, revenue is not recognised until control has been transferred to the customer which includes legal title being passed to them. Where the outcome of a long term contract cannot be estimated reliably, contract revenue where recoverability is probable is recognised to the extent of contract costs incurred. The costs associated with fulfilling a contract are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. c. Part exchange In certain instances, property may be accepted in part consideration for a sale of a residential property. The fair value is established by independent surveyors, reduced for costs to sell. Proceeds generated from the subsequent sale of part exchange properties are recorded as other income and the cost as other expenses. The original sale is recorded in the normal way, with the fair value of the exchanged property replacing cash receipts. d. Cash incentives The transaction price may include cash incentives. These are considered to be a discount from the purchase price offered to the acquirer and are therefore accounted for as a reduction to revenue. Cost of sales The Group determines the value of inventory charged to cost of sales based on the total budgeted current cost of developing the site. Once the total expected costs of development are established, they are allocated to individual plots to achieve a consistent margin for the site. To the extent that additional costs or savings are identified, including experienced inflation, as the site progresses, these are recognised over the remaining plots unless they are specific to a particular plot, in which case they are recognised in the income statement at the point of sale. Positive contribution Positive contribution represents the net amount of previous impairments allocated to inventory on a plot that has subsequently resulted in a gross profit on completion. This is due to the combination of selling prices and costs, or product mix improvements exceeding market assumptions in the previous net realisable value (NRV) exercise. These amounts are stated before the allocation of overheads, which are excluded from the Group\u2019s NRV exercise. Exceptional items Exceptional items are defined as items of income or expenditure which, in the opinion of the Directors, are material or unusual in nature or of such significance that they require separate disclosure on the face of the income statement in accordance with IAS 1 \u2018Presentation of Financial Statements\u2019. Should these items be reversed, disclosure of this would also be as exceptional items. Finance income Interest income on bank deposits is recognised on an accruals basis. Also included in interest receivable are interest and interest- related payments the Group receives on other receivables. Finance costs Borrowing costs are recognised on an effective interest rate basis and are payable on the Group\u2019s borrowings and lease liabilities. Also included are the amortisation of fees associated with the arrangement of the financing. Finance charges, including premiums payable on settlement or redemption, and direct issue costs, are accounted for on an accruals basis in the income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Capitalised finance costs are held in other receivables and amortised over the period of the facility. Foreign currencies The individual financial statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies other than the functional currency are retranslated at the rates prevailing at the balance sheet date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Gains and losses arising on retranslation are included in the net profit or loss for the period. On consolidation, the assets and liabilities of the Group\u2019s overseas operation are translated at exchange rates prevailing at the balance sheet date. Income and expense items are translated at an appropriate average rate for the year. Exchange differences arising are recognised within other comprehensive income and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or expenses in the income statement in the period in which the operation is disposed of. The Group uses foreign currency borrowings to hedge its net investment exposure to certain overseas subsidiaries. Leases The Group as a lessee The Group assesses at inception whether a contract is, or contains, a lease. A lease exists if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group assessment includes whether: \u2013 the contract involves the use of an identified asset; \u2013 the Group has the right to obtain substantially all of the economic ben efits from the use of the asset throughout the contract period; and \u2013 the Group has the right to direct the use of the asset. At the commencement of a lease, the Group recognises a right-of- use asset along with a corresponding lease liability. The lease liability is initially measured at the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate. The lease term comprises the non- cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option based on operational needs and contractual terms. Subsequently, the lease liability is measured at amortised cost by increasing the carrying amount to reflect interest on the lease liability and reducing it by the lease payments made. The lease liability is remeasured when the Group changes its assessment of whether it will exercise an extension or termination option. Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date, estimated asset retirement obligations, lease incentives received and initial direct costs. Subsequently, right-of-use assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses, and are adjusted for certain remeasurements of the lease liability. Depreciation is calculated on a straight-line basis over the length of the lease. The Group has elected to apply exemptions for short term leases and leases for which the underlying asset is of low value. For these leases, payments are charged to the income statement on a straight-line basis over the term of the relevant lease. Right-of-use assets are presented within non-current assets on the face of the balance sheet, and lease liabilities are shown separately on the balance sheet in current liabilities and non-current liabilities depending on the length of the lease term. Intangible assets Brands Internally generated brands are not capitalised. Acquired brands are capitalised. Brands are stated at cost, less accumulated amortisation and any accumulated impairment losses. Brands are amortised over their estimated useful life on a straight-line basis. Software Costs that are directly associated with the acquisition or production of identifiable and unique software controlled by the Group, and that generate economic benefits beyond one year, are recognised as intangible assets. Software development costs recognised as assets are amortised on a straight-line basis over three to five years from the time of implementation and are stated at cost less accumulated amortisation and any accumulated impairment losses. Property, plant and equipment Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the balance sheet at cost less accumulated depreciation and any accumulated impairment losses. Freehold land is not depreciated. Buildings are depreciated over 50 years. Plant and equipment is stated at cost less depreciation. Depreciation is charged to expense the cost or valuation of assets over their estimated useful lives. Other assets are depreciated using the straight-line method, on the following bases: \u2013 Plant and equipment: 20-33% per annum \u2013 Leasehold improvements: over the term of the lease The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds, less any selling expenses, and the carrying amount of the asset. This difference is recognised in the income statement. Impairment of tangible and intangible assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments and the risks specific to the asset. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately in the income statement. Where an impairment loss subsequently reverses, due to a change in circumstances or in the estimates used to determine the asset\u2019s recoverable amount, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, so long as it does not exceed the original carrying value prior to the impairment being recognised. A reversal of an impairment loss is recognised as income immediately in the income statement. Financial instruments Financial assets Financial assets are initially recognised at fair value and subsequently classified into one of the following measurement categories: \u2013 Measured at amortised cost \u2013 Measured at fair value through profit or loss (FVTPL) \u2013 Measured at fair value through other comprehensive income (FVOCI) The classification of financial assets depends on the Group\u2019s business model for managing the asset and the contractual terms of the cash flows. Assets that are held for the collection of contractual cash flows that represent solely payments of principal and interest are measured at amortised cost, with any interest income recognised in the income statement using the effective interest rate method. Financial assets that do not meet the criteria to be measured at amortised cost are classified by the Group as measured at FVTPL. Fair value gains and losses on financial assets measured at FVTPL are recognised in the income statement and presented within net operating expenses. The Group currently has no financial assets measured at FVOCI. Trade and other receivables Trade and other receivables are measured at amortised cost, less any loss allowance. Shared equity loans Shared equity loans were provided to certain customers to facilitate a house purchase. The contractual cash flows on shared equity loans are linked to a national house price index. Under IFRS 9, financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Accordingly, shared equity loans are classified as FVTPL with fair value gains and losses arising on the remeasurement of the loan presented in the income statement within net operating expenses. Cash and cash equivalents Cash and cash equivalents comprise cash held by the Group and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value. Financial liabilities Financial liabilities are initially recognised at fair value and subsequently classified into one of the following measurement categories: \u2013 Measured at amortised cost \u2013 Measured at fair value through profit or loss (FVTPL) Non-derivative financial liabilities are measured at FVTPL when they are considered held for trading or designated as such on initial recognition. The Group has no non-derivative financial liabilities measured at FVTPL. Borrowings Borrowings are initially recognised at fair value, net of transaction costs incurred and subsequently measured at amortised cost. Trade and other payables Trade and other payables are measured at amortised cost. When the acquisition of land has deferred payment terms a land creditor is recognised. Payables are discounted to present value when repayment is due more than one year after initial recognition or the impact is material. Customer deposits Customer deposits, measured at amortised cost, are recorded as a liability on receipt and released to the income statement as revenue upon legal completion. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Parent Company are recorded as the proceeds are received, net of direct issue costs. Derivative financial instruments and hedge accounting The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to movements in exchange rates on translation of certain individual financial statements denominated in foreign currencies other than Sterling which is the functional currency of the Parent Company. Derivative financial instruments are measured at fair value. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of net investments in foreign operations are recognised directly in other comprehensive income and the ineffective portion, if any, is recognised immediately in the income statement. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the consolidated income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the foreign currency component of its carrying amount, are also recognised in the income statement. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued if the hedged item is sold or no longer qualifies for hedge accounting at which point any cumulative gain or loss on the hedging instrument accumulated in other comprehensive income is transferred to the income statement for the period. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. Inventories Inventories are initially stated at cost and held at the lower of this initial amount and net realisable value. Costs comprise direct materials and, where applicable, direct labour and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Land is recognised in inventory when the significant risks and rewards of ownership have been transferred to the Group. Non-refundable land option payments are initially recognised in inventory. They are reviewed regularly and written off to the income statement when it is probable that the option will not be exercised. Taxation The tax charge represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years, and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are also recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is measured on a non-discounted basis using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to other comprehensive income or equity, in which case the deferred tax is also dealt with in other comprehensive income or equity. Share-based payments The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will vest after adjusting for the effect of non- market vesting conditions. Employee benefits For defined benefit plans a finance charge is determined on the net defined benefit pension liability. The operating and financing costs of such plans are recognised separately in the income statement; service costs are spread systematically over the service period of employees, past service costs are recognised as an expense at the earlier of when the plan is amended or curtailment occurs, at the same time as which the entity will recognise related restructuring costs or termination benefits. Certain liability management costs and financing costs are recognised in the periods in which they arise. Actuarial gains and losses are recognised immediately in the statement of comprehensive income. The retirement benefit obligation recognised in the consolidated statement of financial position represents either the net deficit position of the scheme or, should the scheme be in an IAS 19 accounting surplus, the IFRIC 14 liability equal to the present value of future committed cash contributions. Payments to defined contribution schemes are charged as an expense as they fall due. 2. Critical accounting judgements and key sources of estimation uncertainty Preparation of the financial statements requires management to make significant judgements and estimates. Management has considered whether there are any such sources of estimation or accounting judgements in forming the financial statements and highlight the following areas. In identifying these areas, management have considered the size of the associated balance and the potential likelihood of changes due to macro-economic factors. Critical accounting judgements Management has not made any individual critical accounting judgements that are material to the Group. Key sources of estimation uncertainty Key sources of estimation uncertainty are those which present a significant risk of potential material misstatement to carrying amounts of assets or liabilities within the next financial year. Employee benefits The value of the defined benefit plan liabilities is determined by using various assumptions, including discount rate, future rates of inflation, growth, yields, returns on investments and mortality rates. As actual changes in these values may differ from those assumed, this is a key source of estimation uncertainty within the financial statements. Changes in these assumptions over time and differences to the actual outcome will be reflected in the statement of comprehensive income. Note 21 details the main assumptions in accounting for the Group\u2019s defined benefit pension scheme, along with sensitivities of the liabilities to changes in these assumptions. Other sources of estimation uncertainty Cost allocation In order to determine the profit that the Group is able to recognise on its developments in a specific period, the Group has to allocate site- wide development costs between units built in the current year and in future years. It also has to estimate costs to complete, including those driven by climate related regulation, and make estimates relating to future sales prices and margins on those developments and units. In making these assessments, there is a degree of inherent uncertainty. The Group has developed internal controls to assess and review carrying values and the appropriateness of estimates made. Cladding fire safety provision In 2018 the Group established an exceptional provision for the cost of replacing ACM on a small number of legacy developments, which was increased in 2020 to reflect the latest estimate of costs to complete the planned works. Following the guidance issued by RICS in 2021 the Group announced an additional \u00a3125.0 million provision to fund cladding fire safety improvements. In 2022 the Group signed up to the Government\u2019s Building Safety Pledge for Developers and recognised an additional provision of \u00a380.0 million. The Group estimates the provision based on the number of buildings that may require works under EWS1 requirements and the costs to carry out the identified works. In determining the total cost of works across a number of different buildings, management initially used internal QS estimates, which have increasingly been supported by externally sourced quotations, where available, both of which contain inherent estimation uncertainty, however it is not anticipated that any reasonable possible changes would lead to a material adjustment in the value of the provision. The scope of works may also be impacted by future industry guidance or regulations. 3. General information Taylor Wimpey plc is a public company limited by shares, incorporated and domiciled in the United Kingdom under the Companies Act and is registered in England and Wales. The Company\u2019s registered office is Taylor Wimpey plc, Gate House, Turnpike Road, High Wycombe, Buckinghamshire, HP12 3NR. The nature of the Group\u2019s operations and its principal activities are set out in the Strategic Report on pages 2 to 85. These financial statements are presented in pounds Sterling as the currency of the primary economic environment in which the Group operates. 4. Revenue
An analysis of the Group\u2019s continuing revenue is as follows:
2022
\u00a3m
2021
\u00a3m
Private sales 3,886.1 3,890.3
Partnership housing 476.4 363.1
Land & other 57.4 31.5
4,419.9 4,284.9
Other revenue includes income from the sale of commercial properties developed as part of larger residential developments. The Group\u2019s
revenue includes revenue from construction contracts that are recognised over time by reference to the stage of completion of the
contract with the customer. All other revenue is recognised at a point in time once control of the property is transferred to the customer.
2022
\u00a3m
2021
\u00a3m
Recognised at a point in time 3,983.1 3,939.2
Recognised over time 436.8 345.7
4,419.9 4,284.9
At 31 December 2022, the aggregate amount of the transaction price allocated to unsatisfied performance obligations on construction
contracts was \u00a3677.6 million (2021: \u00a3594.3 million), of which approximately half is expected to be recognised as revenue during 2023.
5. Operating segments
The Group operates in two countries, the United Kingdom and Spain, and has two reportable segments of those countries. Revenue in Spain
arises entirely on private sales.
The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in Note 1.
Segment information about these businesses is presented below:
2022 2021
UK
\u00a3m
Spain
\u00a3m
Total
\u00a3m
UK
\u00a3m
Spain
\u00a3m
Total
\u00a3m
Revenue
External sales 4,295.5 124.4 4,419.9 4,208.1 76.8 4,284.9
Result
Profit before joint ventures, finance costs and exceptional items 874.9 32.6 907.5 808.6 14.6 823.2
Share of results of joint ventures 15.9 \u2013 15.9 5.4 \u2013 5.4
Operating profit (Note 32) 890.8 32.6 923.4 814.0 14.6 828.6
Exceptional items (Note 6) (80.0) \u2013 (80.0) (125.0) \u2013 (125.0)
Profit before net finance costs 810.8 32.6 843.4 689.0 14.6 703.6
Net finance costs (15.5) (24.0)
Profit before taxation 827.9 679.6
axation charge (184.3) (124.1)
Profit for the year 643.6 555.5
2022 2021 UK \u00a3m Spain \u00a3m Total \u00a3m UK \u00a3m Spain \u00a3m Total \u00a3m A ssets and liabilities Segment operating assets 5,222.9 207.9 5,430.8 5,013.6 192.6 5,206.2 Joint ventures 74.0 \u2013 74.0 85.4 \u2013 85.4 Segment operating liabilities (1,767.2) (118.1) (1,885.3) (1,757.3) (83.7) (1,841.0) Net operating assets 3,529.7 89.8 3,619.5 3,341.7 108.9 3,450.6 Net current taxation (7.2) 0.2 Net deferred taxation (Note 14) 26.0 26.2 Net cash (Note 27) 863.8 837.0 Net assets 4,502.1 4,314.0 2022 2021 UK \u00a3m Spain \u00a3m Total \u00a3m UK \u00a3m Spain \u00a3m Total \u00a3m Other information Property, plant and equipment additions 1.6 0.1 1.7 2.4 0.1 2.5 Right-of-use asset additions 7.1 0.1 7.2 6.1 0.6 6.7 Software additions 0.4 \u2013 0.4 2.1 \u2013 2.1 Property, plant and equipment depreciation (4.2) (0.1) (4.3) (4.6) (0.1) (4.7) Right-of-use asset depreciation (7.2) (0.2) (7.4) (7.1) (0.2) (7.3) A mortisation of intangible assets (2.8) \u2013 (2.8) (3.6) \u2013 (3.6) 6. Net operating expenses and profit on ordinary activities before net finance costs Profit on ordinary activities before net finance costs for continuing operations has been arrived at after charging/(crediting): 2022 \u00a3m 2021 \u00a3m A dministration expenses 220.7 211.0 Other expenses 70.1 100.3 Other income (65.9) (107.5) Exceptional items 80.0 125.0 Net operating expenses 304.9 328.8 The majority of the other income and other expenses shown above relates to the income and associated costs arising on the sale of part exchange properties. These are shown gross with the comparatives updated to be disclosed on the same basis (grossing up each by \u00a387.2 million for 2021). Also included in other income and other expenses are profit/loss on the sale of property, plant and equipment, the revaluation of certain shared equity mortgage receivables and abortive land acquisition costs. During 2022 a positive contribution of \u00a31.4 million was recognised (2021: \u00a34.1 million). Exceptional items: 2022 \u00a3m 2021 \u00a3m Provision in relation to cladding fire safety 80.0 125.0 Exceptional items 80.0 125.0 Cladding fire safety In 2018 the Group established an exceptional provision for the cost of replacing ACM on a small number of legacy developments, which was increased in 2020 to reflect the latest estimate of costs to complete the planned works. Following the guidance issued by RICS in 2021 the Group announced an additional \u00a3125.0 million provision to fund cladding fire safety improvements and, in line with Group policy, recognised it as an exceptional item. In April 2022 the Group signed up to the Government\u2019s Building Safety Pledge for Developers, extending the period covered to all buildings constructed by the Group since 1992, as well as committing to reimburse any funds allocated or used for Taylor Wimpey buildings over 18 metres from the Building Safety Fund. In the year to 31 December 2022 the Group recognised an increase in the provision of \u00a380.0 million, as an exceptional expense. Profit on ordinary activities before net finance costs has been arrived at after charging: 2022 \u00a3m 2021 \u00a3m Cost of inventories recognised as an expense in cost of sales 3,155.7 3,135.0 Property, plant and equipment depreciation (Note 12) 4.3 4.7 Right-of-use asset depreciation (Note 19) 7.4 7.3 A mortisation of intangible assets (Note 11) 2.8 3.6 The remuneration paid to the Group\u2019s external auditors, is as follows: 2022 \u00a3m 2021 \u00a3m Fees payable for the audit of the Company\u2019s annual accounts and consolidated financial statements 0.2 0.2 Fees payable to the Company\u2019s auditors and its associates for other services to the Group: T he audit of the Company\u2019s subsidiaries pursuant to legislation 0.8 0.6 T otal audit fees 1.0 0.8 Other assurance services 0.1 0.1 T otal non-audit fees 0.1 0.1 T otal fees 1.1 0.9 Non-audit services in 2022 and 2021 predominantly relate to work undertaken as a result of PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience gained as part of the role. In 2022 and 2021 the fees relating to other assurance services primarily related to the review of the interim statements and also included \u00a32,000 for a subscription service providing factual updates and changes to applicable law, regulation or accounting and auditing standards. 7. Staff costs 2022 Number 2021 Number Monthly average number employed United Kingdom 5,140 5,271 Spain 96 87 5,236 5,358 2022 \u00a3m 2021 \u00a3m Remuneration Wages and salaries 290.0 278.0 Redundancy costs 0.4 0.4 Social security costs 31.8 28.9 Other pension costs 15.4 14.1 337.6 321.4 The information relating to Director and Senior Management remuneration required by the Companies Act 2006 and the Listing Rules of the Financial Conduct Authority is contained in Note 30 and pages 124 to 148 in the Directors\u2019 Remuneration Report. 8. Finance income and finance costs
Finance income
2022
\u00a3m
2021
\u00a3m
Interest receivable 8.6 2.4
8.6 2.4
Finance costs
2022
\u00a3m
2021
\u00a3m
Interest on bank and other loans (4.8) (5.0)
Foreign exchange loss \u2013 (0.8)
(4.8) (5.8)
Unwinding of discount on land creditors and other items (18.3) (19.2)
Interest on lease liabilities (Note 19) (0.4) (0.4)
Net interest on pension liability (Note 21) (0.6) (1.0)
(24.1) (26.4)
9. Taxation charge
Tax (charged)/credited in the income statement is analysed as follows:
2022
\u00a3m
2021
\u00a3m
Current tax:
UK: Current year (179.3) (122.0)
djustment in respect of prior years 0.5 2.3
Overseas: Current year (5.4) (2.5)
djustment in respect of prior years (0.5) (0.1)
(184.7) (122.3)
Deferred tax:
UK: Current year 0.4 (2.7)
djustment in respect of prior years (0.1) (0.3)
Overseas: Current year (1.7) 1.2
djustment in respect of prior years 1.8 \u2013
0.4 (1.8)
(184.3) (124.1)
Corporation tax is calculated at 22.0% (2021: 19.0%) of the estimated assessable profit for the year in the UK. This includes corporation tax
at the rate of 19.0% for the year and the new 4.0% residential property developer tax (RPDT) on profits arising from residential property
development activities. RPDT was enacted during the year with effect from 1 April 2022. Taxation outside the UK is calculated at the rates
prevailing in the respective jurisdictions. The tax charge for the year includes an exceptional credit of \u00a317.6 million (2021: \u00a323.8 million) relating
to the cladding fire safety provision.
The charge for the year can be reconciled to the profit per the income statement as follows:
2022
\u00a3m
2021
\u00a3m
Profit before tax 827.9 679.6
ax at the UK corporation tax rate of 22.0% (2021: 19.0%) (182.1) (129.1)
Net over provision in respect of prior years 1.7 1.9
Net impact of items that are not taxable or deductible (5.6) 2.6
Recognition of deferred tax asset relating to Spanish business 1.0 2.2
Other rate impacting adjustments 0.7 (1.7)
ax charge for the yea
(184.3) (124.1)
10. Earnings per share 2022 2021 Basic earnings per share 18.1p 15.3p Diluted earnings per share 18.0p 15.2p A djusted basic earnings per share 19.8p 18.0p A djusted diluted earnings per share 19.7p 18.0p Weighted average number of shares for basic earnings per share \u2013 million 3,564.8 3,639.3 Weighted average number of shares for diluted earnings per share \u2013 million 3,576.5 3,649.0 Adjusted basic and adjusted diluted earnings per share, which exclude the impact of exceptional items and any associated net tax amounts, are presented to provide a measure of the underlying performance of the Group. A reconciliation of earnings attributable to equity shareholders used for basic and diluted earnings per share to that used for adjusted earnings per share is shown below. 2022 \u00a3m 2021 \u00a3m Earnings for basic and diluted earnings per share 643.6 555.5 A djust for exceptional items (Note 6) 80.0 125.0 A djust for tax on exceptional items (17.6) (23.8) Earnings for adjusted basic and adjusted diluted earnings per share 706.0 656.7 2022 Million 2021 Million Weighted average number of shares for basic earnings per share 3,564.8 3,639.3 Dilution from share options 11.7 9.7 Weighted average number of shares for diluted earnings per share 3,576.5 3,649.0 11. Intangible assets Brands \u00a3m Software \u00a3m Total \u00a3m Cost A t 1 January 2021 140.2 22.1 162.3 A dditions \u2013 2.1 2.1 Disposals \u2013 (0.9) (0.9) A t 31 December 2021 140.2 23.3 163.5 A dditions \u2013 0.4 0.4 A t 31 December 2022 140.2 23.7 163.9 A ccumulated amortisation A t 1 January 2021 (140.2) (14.0) (154.2) Charge for the year \u2013 (3.6) (3.6) Disposals \u2013 0.9 0.9 A t 31 December 2021 (140.2) (16.7) (156.9) Charge for the year \u2013 (2.8) (2.8) A t 31 December 2022 (140.2) (19.5) (159.7) Carrying amount A t 31 December 2022 \u2013 4.2 4.2 A t 31 December 2021 \u2013 6.6 6.6 The amortisation of software is recognised within administration expenses in the income statement.12. Property, plant and equipment
Freehold land
and buildings
\u00a3m
Plant,
equipment
and leasehold
improvements
\u00a3m
Total
\u00a3m
Cost
t 1 January 2021 16.5 28.1 44.6
dditions \u2013 2.5 2.5
Disposals \u2013 (0.7) (0.7)
Exchange movements \u2013 (0.1) (0.1)
t 31 December 2021 16.5 29.8 46.3
dditions \u2013 1.7 1.7
Disposals (2.2) \u2013 (2.2)
Exchange movements \u2013 0.1 0.1
t 31 December 2022 14.3 31.6 45.9
ccumulated depreciation
t 1 January 2021 (3.2) (17.4) (20.6)
Charge for the year (0.9) (3.8) (4.7)
Disposals \u2013 0.7 0.7
Exchange movements \u2013 \u2013 \u2013
t 31 December 2021 (4.1) (20.5) (24.6)
Charge for the year (0.5) (3.8) (4.3)
Disposals 0.4 \u2013 0.4
Exchange movements \u2013 (0.1) (0.1)
t 31 December 2022 (4.2) (24.4) (28.6)
Carrying amount
t 31 December 2022 10.1 7.2 17.3
t 31 December 2021 12.4 9.3 21.7
13. Interests in joint ventures
2022
\u00a3m
2021
\u00a3m
Share of net assets 43.5 24.4
Loans to joint ventures 30.5 61.0
otal interests in joint ventures 74.0 85.4
Loans to joint ventures includes \u00a3(8.5) million (2021: \u00a3(6.3) million) relating to the Group\u2019s share of losses recognised under the equity method
in excess of the investment in ordinary shares.
The Group has five material (2021: five) joint ventures whose principal activity is residential housebuilding or development. The Group
considers a joint venture to be material when it is financially or strategically important to the Group.
The particulars of the material joint ventures for 2022 are as follows:
Joint venture Country of incorporation
Interest in the issued
ordinary share capital*
Greenwich Millennium Village Limited United Kingdom 50%
Chobham Manor Limited Liability Partnership United Kingdom 50%
Winstanley and York Road Regeneration LLP United Kingdom 50%
Whitehill & Bordon Development Company Phase 1a Limited United Kingdom 50%
Whitehill & Bordon Regeneration Company Limited United Kingdom 50%
* Interests held by subsidiary undertakings.
Further information on the particulars of joint ventures can be found on page 204.
The following two tables show summary financial information for the material joint ventures and in total for the immaterial joint ventures. Unless specifically indicated, this information represents 100% of the joint venture before intercompany eliminations. Greenwich Millennium Village 2022 \u00a3m Chobham Manor 2022 \u00a3m Winstanley and York Road Regeneration 2022 \u00a3m Whitehill & Bordon Development Company Phase 1a 2022 \u00a3m Whitehill & Bordon Regeneration Company 2022 \u00a3m Immaterial Joint Ventures 2022 \u00a3m Total 2022 \u00a3m Non-current assets \u2013 \u2013 4.4 0.5 41.0 0.6 46.5 Current assets excluding cash 54.8 7.8 70.9 8.6 6.5 21.4 170.0 Cash and cash equivalents 21.3 21.5 8.1 2.3 0.6 2.2 56.0 Current financial liabilities (13.3) (1.4) (5.3) (0.6) (10.7) (10.0) (41.3) Current other liabilities \u2013 \u2013 \u2013 (1.2) (0.2) \u2013 (1.4) Non-current financial liabilities* (8.2) (0.4) (95.1) (6.5) (33.8) (15.6) (159.6) Net assets/(liabilities) (100%) 54.6 27.5 (17.0) 3.1 3.4 (1.4) 70.2 Group share of net assets/(liabilities) 27.3 13.8 (8.5) 1.6 1.7 (0.9) 35.0 Loans to joint ventures \u2013 \u2013 37.4 \u2013 0.1 1.5 39.0 Total interests in joint ventures 27.3 13.8 28.9 1.6 1.8 0.6 74.0 Revenue 78.6 103.5 17.7 25.4 24.5 \u2013 249.7 Interest expense (0.4) \u2013 (5.0) (0.3) (0.2) (1.1) (7.0) Income tax (expense)/credit (3.3) \u2013 \u2013 (1.2) (0.2) 0.3 (4.4) Profit/(loss) for the year 13.9 17.3 (4.4) 5.2 0.7 (0.9) 31.8 Group share of profit/(loss) for the year 7.0 8.6 (2.2) 2.6 0.4 (0.5) 15.9 * Non-current financial liabilities include amounts owed to joint venture partners. Greenwich Millennium Village 2021 \u00a3m Chobham Manor 2021 \u00a3m Winstanley and York Road Regeneration 2021 \u00a3m Whitehill & Bordon Development Company Phase 1a 2021 \u00a3m Whitehill & Bordon Regeneration Company 2021 \u00a3m Immaterial Joint Ventures 2021 \u00a3m Total 2021 \u00a3m Non-current assets \u2013 \u2013 \u2013 \u2013 32.8 0.5 33.3 Current assets excluding cash 46.5 73.0 61.3 8.1 8.7 25.1 222.7 Cash and cash equivalents 22.4 37.1 2.6 1.2 2.1 2.0 67.4 Current financial liabilities (6.4) (43.6) (3.1) (5.4) (6.6) (18.5) (83.6) Current other liabilities (2.4) \u2013 \u2013 (0.8) (0.2) \u2013 (3.4) Non-current financial liabilities* (27.8) (56.3) (73.4) (0.3) (34.2) (8.4) (200.4) Net assets/(liabilities) (100%) 32.3 10.2 (12.6) 2.8 2.6 0.7 36.0 Group share of net assets/(liabilities) 16.2 5.1 (6.3) 1.4 1.3 0.4 18.1 Loans to joint ventures 7.5 27.4 31.4 \u2013 0.1 0.9 67.3 Total interests in joint ventures 23.7 32.5 25.1 1.4 1.4 1.3 85.4 Revenue 39.9 66.0 11.2 27.7 26.0 29.0 199.8 Interest (expense)/income (0.5) \u2013 (3.7) (0.6) 0.9 (0.5) (4.4) Income tax expense (1.7) \u2013 \u2013 (0.8) (0.2) (0.2) (2.9) Profit/(loss) for the year 7.2 4.6 (4.6) 3.2 0.6 (0.2) 10.8 Group share of profit/(loss) for the year 3.6 2.3 (2.3) 1.6 0.3 (0.1) 5.4 * Non-current financial liabilities include amounts owed to joint venture partners. During the current and prior year, no entity charged depreciation or amortisation. No entity had discontinued operations or items of other comprehensive income. 14. Deferred tax
Share-based
payments
\u00a3m
Capital
allowances
\u00a3m
Losses
\u00a3m
Retirement
benefit
obligations
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
t 1 January 2021 2.9 2.0 5.9 16.9 6.0 33.7
Credit/(charge) to income 0.9 0.4 1.2 (2.7) (1.6) (1.8)
Charge to other comprehensive income \u2013 \u2013 \u2013 (5.4) \u2013 (5.4)
Credit to statement of changes in equity 0.1 \u2013 \u2013 \u2013 \u2013 0.1
Foreign exchange \u2013 \u2013 (0.4) \u2013 \u2013 (0.4)
t 31 December 2021 3.9 2.4 6.7 8.8 4.4 26.2
(Charge)/credit to income (1.7) 0.4 1.0 (0.9) 1.6 0.4
Credit to other comprehensive income \u2013 \u2013 \u2013 0.7 \u2013 0.7
Charge to statement of changes in equity (1.6) \u2013 \u2013 \u2013 \u2013 (1.6)
Foreign exchange \u2013 \u2013 0.3 \u2013 \u2013 0.3
t 31 December 2022 0.6 2.8 8.0 8.6 6.0 26.0
Closing deferred tax on UK temporary differences has been calculated at the tax rates that are expected to apply (based on currently enacted
law) for the period when the asset is realised, or the liability is settled. Accordingly, the temporary differences have been calculated at rates
between 25% and 29% (2021: between 19% and 25%), depending on when the asset will unwind.
The net deferred tax balance is analysed into assets and liabilities as follows:
2022
\u00a3m
2021
\u00a3m
Deferred tax assets 27.4 27.6
Deferred tax liabilities (1.4) (1.4)
26.0 26.2
The new 4% residential property developer tax (RPDT) was enacted during the year effective from 1 April 2022 and the measurement of the
Group\u2019s UK net deferred tax asset at 31 December 2022 reflects this change. From 1 April 2023, the UK Corporation Tax rate is legislated to
increase to 25%. This increase in rate had been enacted before 31 December 2021 so has also been reflected in the measurement of the
Group\u2019s UK deferred tax asset in both years.
The Group has not recognised temporary differences relating to tax losses carried forward and other temporary differences amounting to \u00a32.4
million (2021: \u00a31.9 million) in the UK and \u00a323.8 million (2021: \u00a327.4 million) in Spain. The UK temporary differences have not been recognised
as they are predominantly non-trading in nature and insufficient certainty exists as to their future utilisation. The temporary differences in Spain
have not been recognised due to uncertainty of sufficient taxable profits in the future against which to utilise these amounts.
At the balance sheet date, the Group has unused UK capital losses of \u00a3269.5 million (2021: \u00a3269.5 million). No deferred tax asset has been
recognised in respect of the capital losses at 31 December 2022 (2021: \u00a3nil) because the Group does not believe that it is probable that these
capital losses will be utilised in the foreseeable future.
15. Inventories
2022
\u00a3m
2021
\u00a3m
Land 3,428.3 3,385.7
Development and construction costs 1,725.9 1,548.1
Part exchange and other 15.4 11.9
5,169.6 4,945.7
The markets in our core geographies, which are the primary drivers of our business, continue to trade positively. At 31 December 2022, the
Group completed a net realisable value assessment of inventory, considering each site individually and based on estimates of sales price,
costs to complete and costs to sell. At 31 December 2022 the provision held in the United Kingdom was \u00a316.0 million (2021: \u00a319.3 million)
and \u00a335.5 million in Spain (2021: \u00a335.5 million). The table below details the movements on the inventory provision recorded in the year.
2022
\u00a3m
2021
\u00a3m
1 January 54.8 64.4
Net utilised (5.1) (7.0)
Foreign exchange 1.8 (2.6)
31 December 51.5 54.8
16. Other financial assets
Trade and other receivables
Current Non-current
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
rade receivables 136.8 105.7 9.6 15.8
Other receivables 54.4 62.5 2.6 11.7
191.2 168.2 12.2 27.5
Included within trade receivables are mortgage receivables of \u00a310.2 million (2021: \u00a317.9 million), including shared equity loans. Shared equity
loans were provided to certain customers to facilitate their house purchase and are measured at fair value through profit or loss. Included
within trade receivables is \u00a334.5 million (2021: \u00a31.7 million) of contract assets arising on construction contracts.
Cash and cash equivalents
2022
\u00a3m
2021
\u00a3m
Cash and cash equivalents 952.3 921.0
\u00a310.7 million (2021: \u00a30.6 million) of cash and cash equivalents held in Spain from customer deposits can only be used for development
expenditure on the sites to which the deposits relate. Further information on financial assets can be found in Note 20.
17. Bank and other loans
2022
\u00a3m
2021
\u00a3m
\u20ac100.0 million 2.02% Senior Loan Notes 2023 88.5 84.0
88.5 84.0
2022
\u00a3m
2021
\u00a3m
mounts due for settlement within one yea
88.5 \u2013
mount due for settlement after one yea
\u2013 84.0
otal borrowings 88.5 84.0
Further information on loan facilities can be found in Note 20.
18. Trade and other payables
Current Non-current
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
rade payables 376.4 274.3 17.1 19.3
Land creditors 395.0 314.2 330.6 492.2
Social security and other taxes 9.6 8.8 \u2013 \u2013
Customer deposits 89.7 82.4 10.4 20.9
ccruals 230.8 189.6 \u2013 41.6
Deferred income 23.7 25.3 39.2 44.0
Other payables 5.6 7.3 10.0 11.3
1,130.8 901.9 407.3 629.3
Revenue recognised in the current year that was included in the customer deposit balance brought forward at the beginning of the period was
\u00a382.4 million (2021: \u00a382.8 million). Other payables include \u00a311.1 million (2021: \u00a313.9 million) of repayable grants.
Land creditors are denominated as follows:
2022
\u00a3m
2021
\u00a3m
Sterling 696.1 782.1
Euros 29.5 24.3
725.6 806.4
Land creditors of \u00a3493.0 million (2021: \u00a3523.1 million) are secured against land acquired for development.
Further information on financial liabilities can be found in Note 20.
19. Leases
The Group as a lessee
The Group\u2019s leases consist primarily of office premises and equipment.
Right-of-use assets:
Office
premises
\u00a3m
Equipment
\u00a3m
Total
\u00a3m
t 1 January 2022 17.6 8.9 26.5
t 31 December 2022 17.0 9.3 26.3
dditions during the year 2.6 4.6 7.2
Lease liabilities:
2022
\u00a3m
2021
\u00a3m
t 1 Januar
27.4 28.0
dditions 7.2 6.7
Disposals \u2013 (0.3)
Interest charge 0.4 0.4
Payments (8.0) (7.3)
Foreign exchange \u2013 (0.1)
t 31 Decembe
27.0 27.4
Current 7.3 7.0
Non-current 19.7 20.4
otal 27.0 27.4
mounts recognised in the income statemen
:
2022
\u00a3m
2021
\u00a3m
Depreciation charged on right-of-use office premises 3.2 3.1
Depreciation charged on right-of-use equipment 4.2 4.2
Interest on lease liabilities 0.4 0.4
otal 7.8 7.7
20. Financial instruments and fair value disclosures
Capital management
The Group\u2019s policy is to maintain a strong balance sheet and to have an appropriate funding structure. Shareholders\u2019 equity and term debt
are used to finance non-current assets and the medium to long term inventories. Revolving credit facilities are used to finance net current
assets, including development and construction costs. The Group\u2019s financing facilities contain the usual financial covenants including
minimum interest cover and maximum gearing. The Group met these requirements throughout the year and up to the date of the approval
of the financial statements. The Ordinary Dividend Policy is to return c.7.5% of net assets to shareholders annually, which will be at least
\u00a3250 million per annum, in two equal instalments.
Financial assets and financial liabilities
Categories of financial assets and financial liabilities are as follows:
Carrying value Fair value
Financial assets
Fair value
hierarchy
31 December
2022
\u00a3m
31 December
2021
\u00a3m
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Cash and cash equivalents a 952.3 921.0 952.3 921.0
Land receivables a 16.3 18.7 16.3 18.7
Other financial assets a 10.0 10.0 10.0 10.0
rade and other receivables a 136.4 105.0 136.4 105.0
Mortgage receivables b 10.2 17.9 10.2 17.9
1,125.2 1,072.6 1,125.2 1,072.6
a. The Directors consider the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements to approximate
their fair value.
b. Mortgage receivables relate to sales incentives, including shared equity loans and are measured at fair value through profit or loss. The fair value is established based on a
publicly available national house price index, being significant other observable inputs (level 2).
Land receivables and trade and other receivables are included in the balance sheet as trade and other receivables for current and non-current
amounts. Current and non-current trade and other receivables, as disclosed in Note 16, include \u00a340.5 million (2021: \u00a354.1 million) of non-
financial assets.
Carrying value Fair value
Financial liabilities
Fair value
hierarchy
31 December
2022
\u00a3m
31 December
2021
\u00a3m
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Bank and other loans a 88.5 84.0 87.2 84.8
Land creditors b 725.6 806.4 725.6 806.4
rade and other payables b 639.9 543.3 639.9 543.3
Lease liabilities b 27.0 27.4 27.0 27.4
1,481.0 1,461.1 1,479.7 1,461.9
a. The fair value of the \u20ac100 million fixed rate loan notes has been determined by reference to external interest rates and the Directors\u2019 assessment of the margin for credit
risk (level 2).
b. The Directors consider the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements to approximate
their fair value.
Current and non-current trade and other payables, as disclosed in Note 18, include \u00a3172.6 million (2021: \u00a3181.5 million) of non-financial liabilities.
The Group has designated the carrying value of \u20ac79.0 million of foreign currency borrowings (2021: \u20ac79.0 million) as a net investment hedge,
equating to \u00a369.9 million (2021: \u00a366.4 million).
The Group has no financial instruments with fair values that are determined by reference to significant unobservable inputs (level 3), nor have
there been any transfers of assets or liabilities between levels of the fair value hierarchy. There are no non-recurring fair value measurements.
Forward contracts have been entered into to offset the foreign exchange movements on intra-Group loans to buy/(sell) against Sterling: \u20ac30.5 million (2021: \u20ac9.5 million), equivalent to \u00a327.0 million (2021: \u00a38.0 million). The fair value of the forward contracts is not material as they were entered into on or near 31 December in each year and mature less than one month later, hence the value of the derivative is negligible. Market risk The Group\u2019s activities expose it to the financial risks of changes in both foreign currency exchange rates and interest rates. The Group aims to manage the exposure to these risks using fixed or variable rate borrowings, foreign currency borrowings and derivative financial instruments. (a) Interest rate risk management Th e Group can be exposed to interest rate risk as the Group borrows funds, when required, at variable interest rates. The exposure to variable rate borrowings can fluctuate during the year due to the seasonal nature of cash flows relating to housing sales and the less certain timing of land payments. Group policy is to manage the volatility risk of interest rates by a combination of fixed rate borrowings and interest rate swaps such that the sensitivity to potential changes in variable rates is within acceptable levels. Group policy does not allow the use of derivatives to speculate against changes to future interest rates and they are only used to manage exposure to volatility. Interest rate hedging using derivatives has not taken place in the current or previous year. This policy has not changed during the year. To measure the risk, variable rate borrowings and the expected interest cost for the year are forecast monthly and compared to budget using management\u2019s expectations of a possible change in interest rates. Interest expense volatility remained within acceptable limits throughout the year. Interest rate sensitivity The effect on both income and equity, based on exposure to non-derivative floating rate instruments and cash and cash equivalents at the balance sheet date, is shown in the table below. The Group does not currently have any outstanding interest rate derivatives. The 1.00% (2021: 0.25%) change represents a reasonably possible change in interest rates over the next financial year. The table assumes all other variables remain constant in accordance with IFRS 7. Income sensitivity 2022 \u00a3m Equity sensitivity 2022 \u00a3m Income sensitivity 2021 \u00a3m Equity sensitivity 2021 \u00a3m 1.00% (2021: 0.25%) increase in interest rates 9.5 9.5 2.3 2.3 Income sensitivity 2022 \u00a3m Equity sensitivity 2022 \u00a3m Income sensitivity 2021 \u00a3m Equity sensitivity 2021 \u00a3m 1.00% (2021: 0.25%) decrease in interest rates (9.5) (9.5) (2.3) (2.3) (b) Foreign currency risk management The Group\u2019s overseas activities expose it to the financial risks of changes in foreign currency exchange rates. Its Spanish subsidiary is the only foreign operation of the Group. The Group is not materially exposed to transaction risks as all Group companies conduct their business in their respective functional currencies. Group policy requires that transaction risks are hedged to the functional currency of the subsidiary using foreign currency borrowings or derivatives where appropriate. The Group is exposed to the translation risk from accounting for both the income and the net investment held in a functional currency other than Sterling. The net investment risk may be hedged using foreign currency borrowings and derivatives. Assets and liabilities denominated in non-functional currencies are retranslated each month using the latest exchange rates. Income is also measured monthly using the latest exchange rates and compared with a budget held at historical exchange rates. Other than the natural hedge provided by foreign currency borrowings, the translation risk of income is not hedged using derivatives. The policy is kept under periodic review and has not changed during the year. Hedge accounting Hedging activities are evaluated periodically to ensure that they are in line with Group policy. The Group has designated the carrying value of \u20ac79.0 million of foreign currency borrowings (2021: \u20ac79.0 million) held at the balance sheet date as a net investment hedge of part of the Group\u2019s investment in Euro denominated assets, equating to \u00a369.9 million (2021: \u00a366.4 million). The change in the carrying value of \u00a33.5 million (2021: \u00a34.8 million) of the borrowings designated as a net investment hedge offset the exchange movement on the foreign currency net investments and are presented in the statement of other comprehensive income. Foreign currency sensitivity The Group is exposed to the Euro due to its Spanish operations. The following table details how the Group\u2019s income and equity would increase/(decrease) on a before tax basis following a 10% (2021: 10%) change in the currency\u2019s value against Sterling, all other variables remaining constant. The 10% change represents a reasonably possible change in the specified Euro exchange rates in relation to Sterling. Income sensitivity 2022 \u00a3m Equity sensitivity 2022 \u00a3m Income sensitivity 2021 \u00a3m Equity sensitivity 2021 \u00a3m Euro weakens against Sterling (0.9) 5.5 (0.9) 5.1 Euro strengthens against Sterling 1.0 (6.8) 1.1 (6.2) Credit risk Credit risk is the risk of financial loss where counterparties are not able to meet their obligations. Group policy is that surplus cash, when not used to repay borrowings, is placed on deposit with the Group\u2019s main relationship banks and with other banks or money market funds based on a minimum credit rating and maximum exposure. There is no significant concentration of risk to any single counterparty. Land receivables arise from sales of surplus land on deferred terms. If the credit risk is not acceptable, then the deferred payment must have adequate security, either by an appropriate guarantee or a charge over the land. The fair value of any land held as security is considered by management to be sufficient in relation to the carrying amount of the receivable to which it relates. Trade and other receivables comprise mainly amounts receivable from various housing associations, other housebuilders and amounts in relation to Help to Buy. Management considers that the credit quality of the various receivables is good in respect of the amounts outstanding and therefore credit risk is considered to be low. There is no significant concentration of risk. Mortgage receivables, including shared equity loans, are in connection with various historical sales promotion schemes and are measured at fair value through profit or loss. The mortgages are secured by a second charge over the property with a low level of experienced credit losses due to non-payment. The carrying amount of financial assets, as detailed above, represents the Group\u2019s maximum exposure to credit risk at the reporting date assuming that any security held has no value. Liquidity risk Liquidity risk is the risk that the Group does not have sufficient financial resources available to meet its obligations as they fall due. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows, matching the expected cash flow timings of financial assets and liabilities with the use of cash and cash equivalents, borrowings, overdrafts and committed revolving credit facilities with a minimum of 12 months to maturity. Future borrowing requirements are forecast on a monthly basis and funding headroom is maintained above forecast peak requirements to meet unforeseen events. At 31 December 2022, the Group\u2019s borrowings and facilities had a range of maturities with an average life of 1.9 years (2021: 2.9 years). In addition to \u20ac100.0 million fixed term borrowings maturing June 2023, the Group has access to a committed revolving credit facility, expiring February 2025, and cash balances. In December 2022 the Group entered into an agreement to refinance the maturing \u20ac100.0 million fixed term borrowings commencing 27 June 2023 at a coupon of 5.08% maturing 27 June 2030. The borrowings and facilities contain financial covenants based on minimum tangible net worth, maximum gearing and minimum interest cover. At the balance sheet date, the total unused committed amount was \u00a3550.0 million (2021: \u00a3550.0 million) and cash and cash equivalents were \u00a3952.3 million (2021: \u00a3921.0 million). The maturity profile of the anticipated future cash flows including interest, using the latest applicable relevant rate, based on the earliest date on which the Group can be required to pay financial liabilities on an undiscounted basis, is as follows: Bank and other loans \u00a3m Land creditors \u00a3m Trade and other payables \u00a3m Lease liabilities \u00a3m Total \u00a3m On demand \u2013 \u2013 \u2013 \u2013 \u2013 Within one year 89.4 401.5 612.8 7.7 1,111.4 More than one year and less than two years \u2013 216.6 14.8 7.0 238.4 More than two years and less than five years \u2013 100.6 9.1 11.0 120.7 More than five years \u2013 31.0 3.2 2.6 36.8 31 December 2022 89.4 749.7 639.9 28.3 1,507.3 Bank and other loans \u00a3m Land creditors \u00a3m Trade and other payables \u00a3m Lease liabilities \u00a3m Total \u00a3m On demand \u2013 \u2013 \u2013 \u2013 \u2013 Within one year 1.7 320.8 471.0 7.4 800.9 More than one year and less than two years 84.9 312.2 48.4 6.3 451.8 More than two years and less than five years \u2013 181.5 15.8 12.1 209.4 More than five years \u2013 23.3 8.1 2.6 34.0 31 December 2021 86.6 837.8 543.3 28.4 1,496.1 21. Retirement benefit obligations
Total retirement benefit obligations of \u00a329.9 million (2021: \u00a337.3 million) comprise a defined benefit pension liability of \u00a329.6 million (2021:
\u00a337.0 million) and a post-retirement healthcare liability of \u00a30.3 million (2021: \u00a30.3 million).
The Group operates the Taylor Wimpey Pension Scheme (TWPS), a defined benefit pension scheme, which is closed to both new members
and to future accrual. The Group also operates defined contribution pension arrangements in the UK, which are available to new and existing
UK employees.
Defined contribution pension plan
A defined contribution plan is an arrangement under which the Group pays contributions to an independently administered fund or policy;
such contributions are based on a fixed percentage of employees\u2019 pay. The Group has no legal or constructive obligations to pay further
contributions to the fund/policy once the contributions have been paid. Employees\u2019 benefits are determined by the amount of contributions
paid by the Group and the employee, together with investment returns earned on the contributions arising from the performance of each
individual\u2019s chosen investments and the type of pension the employee chooses to buy at retirement. As a result, actuarial risk (that benefits
will be lower than expected) and investment risk (that invested assets will not perform in line with expectations) fall on the employee.
The Group\u2019s contributions are recognised as an employee benefit expense when they are due. Prepaid contributions are recognised as an
asset to the extent that a cash refund or a reduction in the future payments is available.
The Group\u2019s defined contribution plan, the Taylor Wimpey Personal Choice Plan (TWPCP), is offered to all new and existing monthly paid
employees and is provided by Scottish Widows. The People\u2019s Pension is used for auto enrolment purposes for all weekly paid employees and
those monthly paid employees not participating in the TWPCP. The People\u2019s Pension is provided by People\u2019s Partnership, one of the UK\u2019s
largest providers of financial benefits to construction industry employers and individuals.
The Group made contributions to its defined contribution arrangements of \u00a315.4 million in the year (2021: \u00a314.1 million), which is included in
the income statement charge.
Defined benefit pension scheme
The Group\u2019s defined benefit pension scheme in the UK is the TWPS. The TWPS is a funded defined benefit pension scheme which provides
benefits to beneficiaries in the form of a guaranteed level of pension payable for life. The level of benefits provided depends on an individual
member\u2019s length of service and their salary in the final years leading up to retirement or date of ceasing active accrual if earlier. Pension
payments are generally increased in line with inflation. The TWPS is closed to new members and future accrual.
The Group operates the TWPS under the UK regulatory framework. Benefits are paid to members from a Trustee-administered fund and the
Trustee is responsible for ensuring that the TWPS is well-managed and that members\u2019 benefits are secure. Scheme assets are held in trust.
The TWPS Trustee\u2019s other duties include managing the investment of scheme assets, administration of scheme benefits and exercising of
discretionary powers. The Group works closely with the Trustee to manage the TWPS. The Trustee of the TWPS owes fiduciary duties to the
TWPS\u2019 beneficiaries. The appointment of the Directors to the Trustee Board is determined by the TWPS trust documentation.
During 2020, the Group engaged with the TWPS Trustee on the triennial valuation of the TWPS with a reference date of 31 December 2019.
The table below sets out the key assumptions agreed as part of this valuation.
Assumptions
Discount rate (pre-retirement) 2.35% per annum above the yield on the nominal gilt yield curve. Illustrative rate of 3.51% using the
15-year spot rate from the curve
Discount rate (post-retirement) 0.50% per annum above the yield on the nominal gilt yield curve. Illustrative rate of 1.66% using the
15-y
ear spot rate from the curve
RPI inflation Implied inflation gilt yield curve. Illustrative rate of 3.40% using the 15-year spot rate from the curve
CPI inflation RPI less 0.8%. Illustrative rate of 2.60% using the 15-year spot rate from the curve
Mortality 104% of S3PxA tables, CMI_2019 improvements with 1.50% long term trend rate, a smoothing factor
of 7 and an initial addition parameter of 0.5%
The result of this valuation was a Technical Provisions deficit at 31 December 2019 of \u00a336.0 million. In March 2021, a new funding
arrangement was agreed with the TWPS Trustee that committed the Group to paying up to \u00a320.0 million per annum into an escrow account
between April 2021 and March 2024. The first six months of contributions (\u00a310.0 million) between 1 April 2021 and 30 September 2021 were
guaranteed. From 1 October 2021, payments into the escrow account are subject to a quarterly funding test with the first funding test having
an effective date of 30 September 2021. Contributions to the escrow are suspended should the TWPS Technical Provisions funding level at
any quarter-end be 100% or more and would restart only if the funding level subsequently falls below 98%. The funding test at 30 September
2021 showed a funding level of 103% and it has remained above 98% since then and therefore escrow payments were suspended on, and
from, 1 October 2021. The Group continues to contribute \u00a35.1 million per annum from the Pension Funding Partnership and \u00a32.0 million per
annum to cover scheme expenses.
The escrow account, over which the TWPS Trustee holds a fixed charge, is recognised in other financial assets and at 31 December 2022 was \u00a310.0 million (31 December 2021: \u00a310.0 million). Transfers out of the escrow account (either to the TWPS or the Group) are subject to the 2019 triennial funding arrangement entered into between the Group and the Trustee and as such the funds are restricted from use by the Group for other purposes and are therefore not classified as cash or cash equivalents. Interest earned by the escrow account is retained within the escrow account. On an IAS 19 accounting basis the underlying surplus in the TWPS at 31 December 2022 was \u00a376.6 million (2021: \u00a3149.9 million). The terms of the TWPS are such that the Group does not have an unconditional right to a refund of surplus. As a result, the Group recognised an adjustment to the underlying surplus in the TWPS on an IAS 19 accounting basis of \u00a3106.2 million (2021: \u00a3186.9 million), resulting in an IFRIC 14 deficit of \u00a329.6 million (2021: \u00a337.0 million), which represented the present value of future contributions under the funding plan. In 2013, the Group introduced a \u00a3100.0 million Pension Funding Partnership that utilises the Group\u2019s show homes, as well as six offices, in a sale and leaseback structure. This provides an additional \u00a35.1 million of annual funding for the TWPS. The assets held within the Pension Funding Partnership do not affect the IAS 19 figures (before IFRIC 14) as they remain assets of the Group, and are not assets of the TWPS. At 31 December 2022 there was \u00a375.2 million of property and \u00a339.8 million of cash held within the structure (2021: \u00a381.8 million of property and \u00a331.0 million of cash). The terms of the Funding Partnership are such that, should the TWPS be in a Technical Provisions deficit at 31 December 2028, then a bullet payment will be due to the TWPS equal to the lower of \u00a3100.0 million or the Technical Provisions deficit at that time. The Group continues to work closely with the Trustee in managing pension risks, including management of interest rate, inflation and longevity risks. The TWPS assets are approximately 96% (2021: 96%) hedged against changes in both interest rates and inflation expectations on the scheme\u2019s long term funding basis that is currently used for investment strategy purposes. The TWPS also benefits from a bulk annuity contract which covers some of the largest liabilities in the scheme, providing protection against interest rate, inflation and longevity risk. The weighted average duration of the defined benefit obligation at the end of the year is approximately 12 years (2021: approximately 16 years). Accounting assumptions The assumptions used in calculating the accounting costs and obligations of the TWPS, as detailed below, are set by the Directors after consultation with independent actuaries. The basis for these assumptions is prescribed by IAS 19 and they do not reflect the assumptions that may be used in future funding valuations of the TWPS. The discount rate used to determine the present value of the obligations is set by reference to market yields on high-quality corporate bonds with regard for the duration to the TWPS liabilities. The assumption for RPI inflation is set by reference to the Bank of England\u2019s implied inflation curve with regard to the duration of the TWPS liabilities, with appropriate adjustments to reflect distortions due to supply and demand for inflation-linked securities. CPI inflation is set by reference to RPI inflation as no CPI-linked bonds exist to render implied CPI inflation directly observable. The mortality assumption is based on 102% of S3PxA tables, CMI_2021 improvements with a 1.25% long term trend rate, a smoothing factor of 7, an initial addition parameter of 0.25% and a w2020 and w2021 parameter of 10%. The mortality assumption used in 2021 was 106% of S3PxA tables, CMI_2020 improvements with a 1.25% long term trend rate, a smoothing factor of 7, an initial addition parameter of 0.25% and a w2020 parameter of 15%. A ccounting valuation assumptions 2022 2021 A t 31 December: Discount rate for scheme liabilities 4.95% 1.85% General pay inflation n/a n/a Deferred pension increases 2.30% 2.50% Pension increases* 2.10%-3.65% 2.15%-3.70% * Pension increases depend on the section of the TWPS of which each member is a part. The current life expectancies (in years) underlying the value of the accrued liabilities for the TWPS are: 2022 2021 Life expectancy Male Female Male Female Member currently aged 65 87 89 86 89 Member currently aged 45 88 91 88 90 The table below shows the impact to the present value of scheme liabilities of movements in key assumptions, measured using the same method as the defined benefit scheme. A ssumption Change in assumption Impact on scheme liabilities Impact on scheme liabilities (%) Discount rate Decrease by 0.5% p.a. Increase by \u00a389m 5.3 Rate of inflation* Increase by 0.5% p.a. Increase by \u00a351m 3.0 Life expectancy Members live 1 year longer Increase by \u00a365m 3.9 * Assumed to affect deferred revaluation and pensioner increases in payment. The sensitivity of increasing life expectancy has been reduced by the medically underwritten buy-in. See the section on risks and risk management at the end of this note. 31 December 2022 Fair value of scheme assets of the TWPS Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Percentage of total scheme assets Equity (a) \u2013 38.3 \u2013 38.3 2.3% Diversified growth funds (b) \u2013 139.3 \u2013 139.3 8.5% Hedge funds (c) \u2013 \u2013 220.3 220.3 13.4% Property 0.1 \u2013 2.3 2.4 0.1% Multi-asset credit 32.5 152.1 \u2013 184.6 11.2% Direct lending 0.1 \u2013 142.5 142.6 8.7% Fixed income 6.0 172.2 \u2013 178.2 10.8% Liability driven investment (d) 165.0 428.8 \u2013 593.8 36.1% Insurance policies in respect of certain members \u2013 \u2013 142.0 142.0 8.6% Cash 4.8 \u2013 \u2013 4.8 0.3% 208.5 930.7 507.1 1,646.3 100.0% 31 December 2021 Fair value of scheme assets of the TWPS Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Percentage of total scheme assets Equity (a) \u2013 43.4 \u2013 43.4 1.7% Diversified growth funds (b) \u2013 357.8 \u2013 357.8 14.6% Hedge funds (c) \u2013 \u2013 189.8 189.8 7.8% Property 2.7 \u2013 6.7 9.4 0.4% Multi-asset credit 0.4 274.0 \u2013 274.4 11.2% Direct lending 1.3 \u2013 144.8 146.1 6.0% Fixed income 2.4 102.4 \u2013 104.8 4.3% Liability driven investment (d) (252.5) 1,376.6 \u2013 1,124.1 46.0% Insurance policies in respect of certain members \u2013 \u2013 191.0 191.0 7.8% Cash 4.5 \u2013 \u2013 4.5 0.2% (241.2) 2,154.2 532.3 2,445.3 100.0% (a) This amount relates to Volatility Controlled Equities (VCE). This fund has 2.5 \u2013 8x leverage exposure, with a target of 4x. The leverage at 31 December 2022 was 5.2x (31 December 2021: 2.6x). (b) This amount relates to the Scheme\u2019s Diversified Risk Premia (DRP) allocation. The leverage on the two funds in the DRP allocation at 31 December 2022 was 0.2x and 0.5x respectively (31 December 2021: 1.0x and -0.2x). (c) The leverage on this fund at 31 December 2022 was 0.7x (31 December 2021: 0.8x). (d) The bespoke Liability Driven Investment (LDI) fund is designed to protect the Scheme against movements in interest rates and inflation. The overall leverage on the LDI fund at 31 December 2022 was approximately 3.7x (31 December 2021: 3.1x). The value of the annuities held by the TWPS are set equal to the value of the liabilities which these annuities match. All other fair values are provided by the fund managers and collated by Northern Trust as custodian, who independently price the securities from their preferred vendor sources where the data is publicly available and rely on investment manager data where this information is not available. Where available, the fair values are quoted prices (e.g. listed equity). Unlisted investments (e.g. private equity) are included at values provided by the fund manager in accordance with relevant guidance. Other significant assets are valued based on observable inputs. There are no investments in respect of the Group\u2019s own securities. The table below details the movements in the TWPS pension liability and assets recorded through the income statement and other comprehensive income. 2022 2021 Present value of obligation \u00a3m Fair value of scheme assets \u00a3m Asset/(liability) recognised on balance sheet \u00a3m Present value of obligation \u00a3m Fair value of scheme assets \u00a3m Asset/(liability) recognised on balance sheet \u00a3m A t 1 Januar y (2,482.3) 2,445.3 (37.0) (2,493.4) 2,404.3 (89.1) A dministration expenses \u2013 (2.3) (2.3) \u2013 (2.2) (2.2) Interest (expense)/income (44.9) 44.3 (0.6) (31.7) 30.7 (1.0) Total amount recognised in income statement (44.9) 42.0 (2.9) (31.7) 28.5 (3.2) Remeasurement (loss)/gain on scheme assets \u2013 (746.1) (746.1) \u2013 102.9 102.9 Change in demographic assumptions (20.0) \u2013 (20.0) 29.3 \u2013 29.3 Change in financial assumptions 758.8 \u2013 758.8 131.6 \u2013 131.6 Experience loss (73.6) \u2013 (73.6) (39.0) \u2013 (39.0) A djustment to liabilities for IFRIC 14 84.1 \u2013 84.1 (186.9) \u2013 (186.9) Total remeasurements in other comprehensive income 749.3 (746.1) 3.2 (65.0) 102.9 37.9 Employer contributions \u2013 7.1 7.1 \u2013 17.4 17.4 Employee contributions \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Benefit payments 102.0 (102.0) \u2013 107.8 (107.8) \u2013 A t 31 December (1,675.9) 1,646.3 (29.6) (2,482.3) 2,445.3 (37.0) A ccounting valuation 2022 \u00a3m 2021 \u00a3m Fair value of scheme assets 1,646.3 2,445.3 Present value of scheme obligations (1,569.7) (2,295.4) Surplus in scheme 76.6 149.9 IFRIC 14 limitation on recognition of surplus (106.2) (186.9) Deficit after IFRIC 14 adjustment (29.6) (37.0) Risks and risk management The TWPS, in common with the majority of such defined benefit pension schemes in the UK, has a number of areas of risk. These areas of risk, and the ways in which the Group has sought to manage them, are set out in the table below. The risks are considered from both a funding perspective, which drives the cash commitments of the Group, and from an accounting perspective, i.e. the extent to which such risks affect the amounts recorded in the Group\u2019s financial statements. Although investment decisions in the UK are the responsibility of the TWPS Trustee, the Group takes an active interest to ensure that the pension scheme risks are managed efficiently. The Group has regular meetings with the Trustee to discuss investment performance, regulatory changes and proposals to actively manage the position of the TWPS. Risk Description A sset volatility T he TWPS strategy remains well diversified through its exposure to a range of asset classes, including volatilit y -controlled equities, commercial real estate debt, direct loans, fund of hedge funds, Government bonds and a broad spectrum of corporate bonds and other fixed income exposures. The TWPS invests across a number of managers to reduce manager concentration risk. T he TWPS does not target a specific asset allocation but instead bases its strategic asset allocation on the return objectives and risk constraints agreed upon by the Trustee. These were revisited and reviewed in 2021 to ensure they reflected the T WPS latest position. Given the TWPS\u2019 funding position, the Trustee reaffirmed the target date of 2025 to reach full funding on the long term funding objective basis. The TWPS risk budget was also reduced from a funding-ratio-at-risk measure of 7.5% to 6.0%. In response to the significant increases in bond yields over 2022, and in particular the volatile markets at the start of Q3, the Trustee decided to sell some of the TWPS\u2019 liquid assets in order to ensure sufficient collateral in support of the liability- hedging programme. This has led to short-term changes in the overall investment strategy which is reflected in the asset allocation at the end of the reporting period. The Company and Trustee are in ongoing discussions around how to rebalance the portfolio to meet the agreed expected return and risk budgets. Risk Description Changes in bond yields Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in bond and liability- matching derivatives offers a significant degree of matching, i.e. the movement in assets arising from changes in bond yields substantially matches the movement in the funding or accounting liabilities. In this way, the exposure to movements in bond yields is reduced. Investing in foreign currency To maintain appropriate diversification of investments within the TWPS assets and to take advantage of overseas investment returns, a proportion of the underlying investment portfolio is invested overseas. To balance the risk of investing in foreign currencies while having an obligation to settle benefits in Sterling, a currency hedging programme, using forward foreign exchange contracts, has been put in place to reduce the currency exposure of these overseas investments to the targeted level. Asset/liability mismatch In order to manage the TWPS\u2019 economic exposure to interest rates and inflation rates, a liability-hedging programme has been put in place. Derivatives are used to hedge changes in the TWPS\u2019 assets from changes in its liabilities, substantially reducing asset/liability mismatch risk. However, it is only possible to target matching of the assets with the liabilities assessed on one measure. Due to its relevance in driving Company contributions, the current policy is to assess the matching against the TWPS\u2019 long term funding basis. This can lead to a slight mis-match between the assets and the liabilities assessed on the Company\u2019s accounting basis, in particular if there is a change in corporate bond yield spreads. Liquidity The TWPS requires sufficient liquidity to meet benefit payments, and to ensure sufficient collateral to support the liability- hedging programme. Market volatility in Q3/Q4 2022 required use of TWPS\u2019 liquid assets to ensure sufficient collateral was maintained. Although the existing processes ensured sufficient liquidity throughout the volatility, these processes have been updated to provide further liquidity, and now include holding sufficient assets within the liability-hedging programme to cover the impact of a further 4.0% increase in yields. The manager of the liability-hedging programme also has direct access to further liquid assets to an overall buffer in excess of a 6.0% increase in yields, which is significantly in excess of the increase seen during the recent market turmoil. Across the portfolio, the TWPS has liquid assets which could be sold at short notice if required. In particular, 50% are managed in either segregated accounts or daily/weekly dealt pooled funds and can be realised within a few business days under normal market conditions, and 3% are invested in pooled funds with monthly redemption dates. Of the remaining assets, 30% could be redeemed within approximately six to nine months of notification in normal market conditions, and the rest are made up of illiquid assets including insurance policies, real estate and illiquid debt (which include commercial real estate debt and direct lending bonds). Life expectancy The majority of the TWPS obligations are to provide a pension forthe life of the member on retirement, so increases in life expectancy will result in an increase in the TWPS\u2019 liabilities. The inflation-linked nature of the majority of benefit payments from the TWPS increases the sensitivity of the liabilities to changes in life expectancy. During 2014, the Group reached agreement with Partnership Life Assurance Company Limited (now Just Group plc) to insure the benefits of 10% of members with the greatest anticipated liabilities through a medically underwritten buy-in. By insuring these members, the Group has removed more than 10% of longevity risk from the TWPS by significantly reducing the longevity risk in relation to a large proportion of the liabilities. Climate risk The TWPS Trustee recognises that climate change is a financial risk affecting the TWPS assets. The TWPS Trustee integrates the monitoring of appropriate climate risk metrics into its risk management framework and considers these metrics when making investment decisions. The TWPS Trustee requires its appointed investment managers to integrate climate change risks and opportunities into their investment processes as applied to the assets of the TWPS. 22. Provisions
Cladding fire
safety
\u00a3m
Leasehold
\u00a3m
Other
\u00a3m
Total
\u00a3m
t 1 January 2021 28.6 59.6 42.3 130.5
dditions
125.0 \u2013 19.8 144.8
Utilisation
(9.1) (6.0) (8.0) (23.1)
Released
\u2013 \u2013 (6.8) (6.8)
Foreign exchange
\u2013 \u2013 (0.3) (0.3)
t 31 December 2021
144.5 53.6 47.0 245.1
dditions 80.0 \u2013 23.9 103.9
Utilisation (15.8) (30.1) (7.6) (53.5)
Released \u2013 \u2013 (5.4) (5.4)
Foreign exchange \u2013 \u2013 0.2 0.2
t 31 December 2022 208.7 23.5 58.1 290.3
2022
\u00a3m
2021
\u00a3m
Current 106.7 125.4
Non-current 183.6 119.7
31 December 290.3 245.1
In 2018 the Group established an exceptional provision for the cost of replacing ACM on a small number of legacy developments, which was
increased by \u00a310.0 million in 2020 to reflect the latest estimate of costs to complete the planned works. Following the guidance issued by
RICS in 2021 the Group announced an additional \u00a3125.0 million provision to fund cladding fire safety improvements and in 2022 recognised a
further \u00a380.0 million (see Note 6). It is expected that around a fifth of the remaining provision will be utilised over the next 12 months.
In 2017 the Group launched an assistance scheme to help certain customers restructure their ground rent agreements with their freeholder
and established an associated provision of \u00a3130.0 million to fund this. Following the agreement of voluntary undertakings with the CMA the
Group expects that the majority of the remaining provision will be utilised within the next 12 months.
Other provisions consist of a remedial work provision covering various obligations on a limited number of sites across the Group. Other
provisions also include amounts for restructuring costs and legal claims and other contract-related costs associated with various matters
arising across the Group, the majority of which are anticipated to be settled within a three-year period; however, there is some uncertainty
regarding the timing of these outflows due to the nature of the claims and the length of time it can take to reach settlement.
23. Share capital
2022
\u00a3m
2021
\u00a3m
uthorised:
22,200,819,176 (2021: 22,200,819,176) ordinary shares of 1p each 222.0 222.0
1,158,299,201 (2021: 1,158,299,201) deferred ordinary shares of 24p each 278.0 278.0
500.0 500.0
Number of
ordinary shares
Number of deferred
ordinary shares
\u00a3m
Issued and fully paid:
31 December 2021 3,648,591,179 1,065,566,274 292.2
Shares issued in year 336,286 \u2013 \u2013
Shares cancelled in year (91,942,362) \u2013 (0.9)
31 December 2022 3,556,985,103 1,065,566,274 291.3
The Placing, Retail and Subscription shares placed rank pari passu in all respects with the existing ordinary shares of the Company, including, without limitation, the right to receive all dividends and other distributions declared, made or paid after the date of issue. During the year, the Company issued 0.3 million (2021: 3.2 million) ordinary shares to satisfy option exercises; and purchased 116,942,362 of its own ordinary shares, of which 25,000,000 were transferred to be held in treasury and the remainder cancelled. The average share price of the purchased shares was 128.27 pence for a total cost, including expenses, of \u00a3151.3 million. The Company has two classes of shares: \u2013 Ordinary shares of 1p, each of which carries the right to one vote at general meetings of the Company and such other rights and obligations as are set out in the Company\u2019s Articles of Association. \u2013 Deferred ordinary shares of 24p, which carry no voting rights and no entitlement to any dividend. The deferred ordinary shares were issued as part of a capital reorganisation in 2009 and have not subsequently changed. 24. Share premium 2022 \u00a3m 2021 \u00a3m A t 1 Januar y 777.5 773.1 Shares issued in year 0.4 4.4 A t 31 Decembe r 777.9 777.5 25. Other reserves Capital redemption reserve \u00a3m Translation reserve \u00a3m Other \u00a3m Total other reserves \u00a3m Balance at 1 January 2021 31.5 8.2 504.0 543.7 Exchange differences on translation of foreign operations \u2013 (6.9) \u2013 (6.9) Movement in fair value of hedging instruments \u2013 4.8 \u2013 4.8 Balance at 31 December 2021 31.5 6.1 504.0 541.6 Exchange differences on translation of foreign operations \u2013 6.6 \u2013 6.6 Movement in fair value of hedging instruments \u2013 (3.5) \u2013 (3.5) Shares repurchased and cancelled in year 0.9 \u2013 \u2013 0.9 Balance at 31 December 2022 32.4 9.2 504.0 545.6 Capital redemption reserve The capital redemption reserve arose on a redemption of the Company\u2019s shares and is not distributable. Translation reserve The translation reserve consists of exchange differences arising on the translation of overseas operations. It also includes changes in the fair value of hedging instruments where such instruments are designated and effective as hedges of investment in overseas operations. Other reserves \u00a3499.1 million of other reserves arose on the cash box placing that occurred in June 2020 and qualified for merger relief under Section 612 of the Companies Act 2006. 26. Own shares
\u00a3m
Balance at 1 January 2021 11.5
Shares acquired 4.2
Disposed of on exercise of options (1.1)
Balance at 31 December 2021 14.6
Shares acquired 33.8
Disposed of on exercise of options (5.3)
Balance at 31 December 2022 43.1
The own shares reserve represents the cost of shares in Taylor Wimpey plc purchased in the market, those held as treasury shares and those
held by the Taylor Wimpey Employee Share Ownership Trusts to satisfy options and conditional share awards under the Group\u2019s share plans.
Million shares 2022 2021
Ordinary shares held in trust and treasury for bonus, option and performance award plans 30.9 9.1
During the year, Taylor Wimpey plc purchased none of its own shares to be held in the ESOTs (2021: \u00a34.2 million) and purchased \u00a333.8 million
of its own shares to be held in treasury (2021: none). The market value of the shares held in the ESOT and treasury at 31 December 2022 was
\u00a331.4 million (2021: \u00a316.0 million) and their nominal value was \u00a30.4 million (2021: \u00a30.1 million). Dividends on these shares have been waived
except for a nominal aggregate amount in pence.
ESOTs are used to hold the Company\u2019s shares which have been acquired on the market. These shares and those held in treasury are used
to meet the valid exercise of options and/or vesting of conditional awards and/or award of shares under the Executive Incentive Scheme,
Bonus Deferral Plan, Performance Share Plan, Savings-Related Share Option Scheme and the matching award of shares under the Share
Incentive Plan.
The ESOTs\u2019 entire holding of shares and those held in treasury at 31 December 2022 were covered by outstanding options and conditional
awards over shares at that date.
27. Notes to the cash flow statement
Cash and cash equivalents comprise cash at bank and other short term highly liquid investments with an original maturity of three months or less.
Movement in net cash
Cash and cash
equivalents
\u00a3m
Bank and
other loans
\u00a3m
Total
net cash
\u00a3m
Balance at 1 January 2021 823.0 (103.6) 719.4
Net cash flow 99.9 12.7 112.6
Foreign exchange (1.9) 6.9 5.0
Balance at 31 December 2021 921.0 (84.0) 837.0
Net cash flow 28.7 \u2013 28.7
Foreign exchange 2.6 (4.5) (1.9)
Balance at 31 December 2022 952.3 (88.5) 863.8
For movements in lease liabilities in the year see Note 19. Inventory working capital movements in the cashflow statement include the related
movements in land debtors and land creditors.
28. Contingent liabilities and capital commitments
The Group in the normal course of business has given guarantees and entered into counter-indemnities in respect of bonds relating to
the Group\u2019s own contracts and has given guarantees in respect of the Group\u2019s share of certain contractual obligations of joint ventures.
The possibility of any outflow in settlement for these is considered to be remote.
The Group has entered into counter-indemnities in the normal course of business in respect of performance bonds.
Provision is made for the Directors\u2019 best estimate of all known legal claims and all legal actions in progress. The Group takes legal advice as to
the likelihood of success of claims and actions and no provision is made where the Directors consider, based on that advice, that the action is
unlikely to succeed.
The Group has no significant capital commitments at 31 December 2022 (2021: none).
29. Share-based payments Equity-settled share option plan Details of equity-settled share-based payment arrangements are set out in the Directors\u2019 Remuneration Report on pages 124 to 148. The tables below show the movements in the schemes in the year as well as their weighted average exercise price (WAEP). 2022 2021 Sharesave (SAYE): Options WAEP (in \u00a3) Options WAEP (in \u00a3) Outstanding at the beginning of the year 24,020,334 1.11 28,381,982 1.10 Granted during the year 15,785,250 0.83 3,544,980 1.42 Forfeited during the year (9,591,033) 1.11 (4,732,096) 1.10 Exercised during the year (805,811) 1.30 (3,174,532) 1.39 Outstanding at the end of the year 29,408,740 0.95 24,020,334 1.11 Exercisable at the end of the year 2,245,075 1.24 1,189,180 1.31 The remaining Sharesave options outstanding at 31 December 2022 had a range of exercise prices from \u00a30.83 to \u00a31.59 (2021: \u00a30.97 to \u00a31.59) and a weighted average remaining contractual life of 3.03 years (2021: 2.89 years). 2022 2021 Share Incentive Plan (SIP): Options WAEP (in \u00a3) Options WAEP (in \u00a3) Outstanding at the beginning of the year 6,496,507 \u2013 6,722,389 \u2013 Granted during the year 2,012,970 \u2013 1,440,388 \u2013 Forfeited during the year (713,665) \u2013 (811,540) \u2013 Exercised during the year (507,114) \u2013 (854,730) \u2013 Outstanding at the end of the year 7,288,698 \u2013 6,496,507 \u2013 Exercisable at the end of the year 3,288,991 \u2013 2,891,221 \u2013 The table above represents shares that are granted to employees on a matching basis; when the employee joins the scheme, purchased shares are matched on a 1:1 basis and these awards do not expire. 2022 2021 Performance Share Plan (PSP): Options WAEP (in \u00a3) Options WAEP (in \u00a3) Outstanding at the beginning of the year 15,731,848 \u2013 20,116,944 \u2013 Granted during the year 1,891,265 \u2013 1,967,813 \u2013 Forfeited during the year (5,700,993) \u2013 (5,995,692) \u2013 Exercised during the year (1,378,843) \u2013 (357,217) \u2013 Outstanding at the end of the year 10,543,277 \u2013 15,731,848 \u2013 Exercisable at the end of the year \u2013 \u2013 \u2013 \u2013 The conditional awards outstanding at 31 December 2022 had a weighted average remaining contractual life of 1.24 years (2021: 1.35 years). The average share price at the date of exercise across all options exercised during the period was \u00a31.32 (2021: \u00a31.68). For share plans granted during the current and preceding year, the fair value of the awards at the grant date was determined as follows: Share awards with no market conditions Share awards with market conditions 2022 2021 2022 2021 Model Binomial Binomial Monte Carlo Monte Carlo Weighted average share price \u00a30.93 \u00a31.61 \u00a31.30 \u00a31.79 Weighted average exercise price \u00a30.77 \u00a31.07 Nil Nil Expected volatility 41% 41% 42% 41% Expected life 3/5 years 3/5 years 3 years 3 years Risk-free rate 4.2% 0.5% 1.46% 0.1% Expected dividend yield 4.24% 4.36% 0.0% 0.0% Weighted average fair value of options granted in year \u00a30.34 \u00a30.73 \u00a30.72 \u00a30.95 Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the expected term. The expected life used in the model was based on historical exercise patterns. The Group recognised a share-based payment expense of \u00a314.1 million in the year (2021: \u00a313.3 million), which was composed of \u00a314.0 million in relation to equity settled schemes and \u00a30.1 million in relation to cash settled elements (2021: \u00a313.2 million and \u00a30.1 million). 30. Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. The pension schemes of the Group are related parties. Arrangements between the Group and its pension schemes are disclosed in Note 21. Transactions between the Group and its joint ventures are disclosed below. The Group has loans with joint ventures that are detailed in Note 13. Trading transactions During the year, Group sales to joint ventures totalled \u00a317.2 million (2021: \u00a322.9 million) and purchases totalled \u00a35.4 million (2021: \u00a324.2 million). Interest received from joint ventures was \u00a31.8 million (2021: \u00a31.7 million). At 31 December 2022 receivables from joint ventures were \u00a340.5 million (31 December 2021: \u00a369.0 million) and payables were \u00a30.9 million (31 December 2021: \u00a30.7 million). Remuneration of key management personnel The key management personnel of the Group are the members of the Group Management Team (GMT) as presented on pages 92 to 93. The remuneration information for the Executive Directors is set out in the Remuneration Report on page 136. The aggregate compensation for the other members of the GMT is as follows: 2022 \u00a3m 2021 \u00a3m Short term employee benefits 4.2 4.6 Post-employment benefits 0.3 0.3 T otal (excluding share-based payments charge) 4.5 4.9 In addition to the amounts above, a share-based payment charge of \u00a32.1 million (2021: \u00a31.7 million) related to share options held by members of the GMT. 31. Dividends 2022 \u00a3m 2021 \u00a3m Proposed Interim dividend 2022: 4.62p (2021: 4.14p) per ordinary share of 1p each 162.9 150.8 Final dividend 2022: 4.78p (2021: 4.44p) per ordinary share of 1p each 169.0 162.0 331.9 312.8 A mounts recognised as distributions to equity holders Paid Final dividend 2021: 4.44p (2020: 4.14p) per ordinary share of 1p each 160.9 150.7 Interim dividend 2022: 4.62p (2021: 4.14p) per ordinary share of 1p each 162.9 150.8 323.8 301.5 The Directors recommend a final dividend for the year ended 31 December 2022 of 4.78 pence per share (2021: 4.44 pence per share) subject to shareholder approval at the Annual General Meeting, with an equivalent final dividend charge of c.\u00a3169.0 million based on the number of shares in issue at the end of the year (2021: \u00a3160.9 million). The final dividend will be paid on 12 May 2023 to all shareholders registered at the close of business on 31 March 2023. In accordance with IAS 10 \u2018Events after the Reporting Period\u2019, the proposed final dividend has not been accrued as a liability at 31 December 2022. 32. Alternative performance measures The Group uses a number of alternative performance measures (APMs) which are not defined within UK-adopted international accounting standards. The Directors use these measures in order to assess the underlying operational performance of the Group and, as such, these measures should be considered alongside statutory measures. The following APMs are referred to throughout the year end results. Profit before taxation and exceptional items and profit for the period before exceptional items The Directors consider the removal of exceptional items from the reported results provides more clarity on the performance of the Group. They are reconciled to profit before tax and profit for the period on the face of the consolidated income statement. Operating profit and operating profit margin Throughout the Annual Report and Accounts operating profit is used as one of the main measures of performance. Operating profit is defined as profit on ordinary activities before net finance costs, exceptional items and tax, after share of results of joint ventures. The Directors consider this to be an important measure of the underlying performance of the Group. Operating profit margin is calculated as operating profit divided by total revenue. 2022 2021 Profit on ordinary activities before net finance costs (\u00a3m) 827.5 698.2 Adjusted for: Share of results of joint ventures (\u00a3m) (Note 13) 15.9 5.4 Exceptional items (\u00a3m) (Note 6) 80.0 125.0 Operating profit (\u00a3m) 923.4 828.6 Revenue (\u00a3m) (Note 4) 4,419.9 4,284.9 Operating profit margin 20.9% 19.3% Net operating assets Net operating assets is defined as basic net assets less net cash, excluding net taxation balances and accrued dividends. Average net operating assets is the average of the opening and closing net operating assets of the 12-month period. With return on net operating assets, the Directors consider this to be an important measure of the underlying operating efficiency and performance of the Group. 2022 2021 2020 Basic net assets (\u00a3m) 4,502.1 4,314.0 4,016.8 Adjusted for: Cash (\u00a3m) (Note 16) (952.3) (921.0) (823.0) Borrowings (\u00a3m) (Note 17) 88.5 84.0 103.6 Net taxation (\u00a3m) (18.8) (26.4) (32.6) Accrued dividends (\u00a3m) \u2013 \u2013 \u2013 Net operating assets (\u00a3m) 3,619.5 3,450.6 3,264.8 A verage basic net assets (\u00a3m) 4,408.1 4,165.4 Average net operating assets (\u00a3m) 3,535.1 3,357.7 Return on net operating assets Return on net operating assets is defined as rolling 12-month operating profit divided by the average of opening and closing net operating assets. The Directors consider this to be an important measure of the underlying operating efficiency and performance of the Group. 2022 2021 Operating profit (\u00a3m) 923.4 828.6 A verage net operating assets (\u00a3m) 3,535.1 3,357.7 Return on net operating assets 26.1% 24.7% Tangible net assets per share This is calculated as net assets before any accrued dividends, excluding goodwill and intangible assets, divided by the number of ordinary shares in issue at the end of the period. The Directors consider this to be a good measure of the value intrinsic within each ordinary share. 2022 2021 Basic net assets (\u00a3m) 4,502.1 4,314.0 Adjusted for: Intangible assets (\u00a3m) (Note 11) (4.2) (6.6) Tangible net assets (\u00a3m) 4,497.9 4,307.4 Ordinary shares in issue (millions) 3,557.0 3,648.6 Tangible net assets per share (pence) 126.5 118.1 Adjusted basic and diluted earnings per share This is calculated as earnings attributed to shareholders of the Parent, excluding exceptional items and tax on exceptional items, divided by the weighted average number of shares in issue during the period. The Directors consider this provides an important measure of the underlying earnings capacity of the Group. Note 10 shows a reconciliation from basic and diluted earnings per share to adjusted basic and diluted earnings per share. Net operating asset turn This is defined as 12-month rolling total revenue divided by the average of opening and closing net operating assets. The Directors consider this to be a good indicator of how efficiently the Group is utilising its assets to generate value for shareholders. 2022 2021 Revenue (\u00a3m) (Note 4) 4,419.9 4,284.9 A verage net operating assets (\u00a3m) 3,535.1 3,357.7 Net operating asset turn 1.25 1.28 Net cash Net cash is defined as total cash less total borrowings (bank and other loans). This is considered by the Directors to be the best indicator of the financing position of the Group. This is reconciled in Note 27. Cash conversion This is defined as cash generated from operations, which excludes payments relating to exceptional charges, divided by operating profit on a rolling 12-month basis. The Directors consider this measure to be a good indication of how efficiently the Group is turning profit into cash. 2022 2021 Cash generated from operations (\u00a3m) 705.0 574.7 Operating profit (\u00a3m) 923.4 828.6 Cash conversion 76.3% 69.4% Adjusted gearing This is defined as adjusted net debt divided by basic net assets. The Directors consider this to be a more representative measure of the Group\u2019s gearing levels. Adjusted net debt is defined as net cash less land creditors. 2022 2021 Cash (\u00a3m) (Note 16) 952.3 921.0 Loans (\u00a3m) (Note 17) (88.5) (84.0) Net cash (\u00a3m) 863.8 837.0 Land creditors (\u00a3m) (Note 18) (725.6) (806.4) A djusted net debt (\u00a3m) 138.2 30.6 Basic net assets (\u00a3m) 4,502.1 4,314.0 A djusted gearing (3.1)% (0.7)% 33. Post balance sheet events There were no material subsequent events affecting the Group after 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-373": {
"value": "1. Significant accounting policies Basis of preparation The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, except as otherwise stated below. The principal accounting policies adopted, which have been applied consistently, except as otherwise stated, are set out below. Adoption of new and revised standards The Group has adopted and applied the following standards and amendments in the year, which are relevant to its operations, none of which had a material impact on the financial statements. \u2013 IFRS 3 \u2018Business Combinations\u2019 (amendments) \u2013 references to the Conceptual Framework \u2013 IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 (amendment) \u2013 cost of fulfilling a contract \u2013 IAS 16 \u2018Property, Plant and Equipment\u2019 (amendment) \u2013 proceeds before intended use \u2013 Annual improvement in IFRS Standards 2018-2020 At the date of authorisation of these financial statements, the Group has not applied the following new or revised standards and interpretations that have been issued but are not yet effective: \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments) \u2013 classification of liabilities as current or non-current \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments) \u2013 disclosure of accounting policie s \u2013 IAS 12 \u2018Income Taxes\u2019 (amendments) \u2013 deferred tax related to assets and liabilities arising from a single transaction \u2013 IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019 (amendments) \u2013 definition of accounting estimates The Directors do not expect that the adoption of the standards, amendments and interpretations listed above will have a material impact on the financial statements of the Group. Going concern Group forecasts have been prepared that have considered the Group\u2019s current financial position and current market circumstances. The forecasts prepared assess the performance of the Group over a five year period. The forecasts were subject to sensitivity analysis together with the likely effectiveness of mitigating actions. The assessment considers sensitivity analysis on a series of realistically possible, but severe and prolonged, changes to principal assumptions. In determining these the Group has included macro- economic and industry-wide projections as well as matters specific to the Group. The severe but plausible downside scenario reflects the aggregated impact of sensitivities, taking account of a further decline in customer confidence, disposable incomes, and mortgage availability than has been experienced during the second half of 2022. To arrive at the stress test the Group has drawn on experience gained managing the business through previous economic downturns and the COVID-19 pandemic. As a result, the Group has stress tested the business against the following severe but plausible downside scenario which can be attributed back to the Group\u2019s Principal Risks that have been identified as having the most impact on the longer-term prospects and viability of the Group. The impact of the Principal Risk \u201cNatural resources and climate change\u201d is not deemed to be material within the forecast period, as costs associated with the regulatory changes have been included in the modelling (e.g. updates to Parts L&F of the building regulations in England and Wales and Future Homes and Buildings Standard). \u2013 Volume \u2013 a decline in total volumes of 30% from 2022, recoverin g by the end of the forecast period \u2013 Price \u2013 a reduction to current selling prices of 20%, recovering by the end of the forecast period \u2013 One-off costs \u2013 a one-off exceptional charge and cash cost of \u00a3150 million for an unanticipated event, change in Governme nt regulations or financial penalty has been included in 2023 Within the scenario build costs are forecast to reduce with lower volumes reducing pressure on the availability of materials and resources and land cost remaining broadly flat as the possible increase in availability due to lower volumes is offset by a restriction in supply. An estimate for the cost of the Future Homes and Buildings Standard has been assumed. The mitigating actions considered in the model include a reduction in land investment, a reduction in the level of production and work in progress held and reducing our overhead base to reflect the lower volumes. If this scenario were to occur, we also have a range of additional options to maintain our financial strength, including: a more severe reduction in land spend and work in progress, the sale of assets, reducing the dividend, and or raising debt. At 31 December 2022, the Group had a cash balance of \u00a3952 million and access to \u00a3550 million from a fully undrawn revolving credit facility, which is expected to be replaced during the forecast period, together totalling \u00a31,502 million. The combination of both of these is sufficient to absorb the financial impact of each of the risks modelled in the stress and sensitivity analysis, individually and in aggregate. Based on these forecasts, it is considered that there are sufficient resources available for the Group to conduct its business, and meet its liabilities as they fall due, for at least the next 12 months from the date of these consolidated financial statements. Consequently the consolidated financial statements have been prepared on a going concern basis. Basis of accounting The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards as applied in conformity with the provisions of the Companies Act 2006. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company: \u2013 has power over the investee; \u2013 governs the financial and operating policies of the investee; \u2013 i s exposed, or has rights, to variable return from its involvement with the investee; and \u2013 has the ability to use its power to affect its returns. On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair value at the date of acquisition. Any excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair value of the identifiable net assets acquired (i.e. discount on acquisition) is credited to the income statement in the period of acquisition. The interest of non-controlling shareholders is stated at the non-controlling interest\u2019s proportion of the fair value of the assets and liabilities recognised. Subsequently, all comprehensive income is attributed to the owners and the non- controlling interests. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where a subsidiary is disposed of which constituted a major line of business, it is disclosed as a discontinued operation. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Joint ventures Undertakings are deemed to be a joint venture when the Group has joint control of the rights and assets of the undertaking via either voting rights or a formal agreement which includes that unanimous consent is required for strategic, financial and operating decisions. Joint ventures are consolidated under the equity accounting method. Loans to joint ventures form part of the Group\u2019s net investment and are assessed for recoverability on a periodic basis. On transfer of land and/or work in progress to joint ventures, the Group recognises only its share of any profits or losses. Joint operations arise where the Group has joint control of an operation but has rights to only its own assets and obligations related to the operation. These assets and obligations, and the Group\u2019s share of revenues and costs, are included in the Group\u2019s results. Joint ventures and joint operations are entered into to develop specific sites. Each arrangement is site or project specific and once the development or project is complete the arrangement is wound down. Segmental reporting The Group operates in the United Kingdom and Spain. The United Kingdom is split into five geographical operating segments, each managed by a Divisional Chair who sits on the Group Management Team. In addition, there are central operations covering the corporate functions and Strategic Land. The Group aggregates the UK operations into a single reporting segment on the basis that they share similar economic characteristics. In addition each Division builds and delivers residential homes, uses consistent methods of construction, sells homes to both private customers and local housing associations, follows a single UK sales process and operating framework, is subject to the same macro-economic factors including mortgage availability and has the same cost of capital arising from the utilisation of central banking and debt facilities. As a result, the Group has the following reporting segments: \u2013 United Kingdom \u2013 Spain Revenue Revenue is recognised when the performance obligation associated with the sale is completed. The transaction price comprises the fair value of the consideration received or receivable, net of value added tax, rebates and discounts and after eliminating sales within the Group. Revenue and profit are recognised as follows: a. Housing and land sales Revenue is recognised in the income statement when control is transferred to the customer. This is deemed to be when title of the property passes to the customer on legal completion and the performance obligation associated with the sale is completed. Revenue in respect of the sale of residential properties, whether under the Government\u2019s Help to Buy scheme or not, is recognised at the fair value of the consideration received or receivable on legal completion. b. Long term contracts Revenue arising on contracts which give the customer control over properties as they are constructed, and for which the Group has a right to payments for work performed, is recognised over time. Revenue and costs are recognised over time with reference to the stage of completion of the contract activity at the balance sheet date where the outcome of a long term contract can be estimated reliably. This is normally measured by surveys of work performed to date. Variations in contract work, claims and incentive payments are included to the extent that it is highly probable that they will result in revenue and they are capable of being reliably measured. When land is transferred at the start of a long term contract, revenue is not recognised until control has been transferred to the customer which includes legal title being passed to them. Where the outcome of a long term contract cannot be estimated reliably, contract revenue where recoverability is probable is recognised to the extent of contract costs incurred. The costs associated with fulfilling a contract are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. c. Part exchange In certain instances, property may be accepted in part consideration for a sale of a residential property. The fair value is established by independent surveyors, reduced for costs to sell. Proceeds generated from the subsequent sale of part exchange properties are recorded as other income and the cost as other expenses. The original sale is recorded in the normal way, with the fair value of the exchanged property replacing cash receipts. d. Cash incentives The transaction price may include cash incentives. These are considered to be a discount from the purchase price offered to the acquirer and are therefore accounted for as a reduction to revenue. Cost of sales The Group determines the value of inventory charged to cost of sales based on the total budgeted current cost of developing the site. Once the total expected costs of development are established, they are allocated to individual plots to achieve a consistent margin for the site. To the extent that additional costs or savings are identified, including experienced inflation, as the site progresses, these are recognised over the remaining plots unless they are specific to a particular plot, in which case they are recognised in the income statement at the point of sale. Positive contribution Positive contribution represents the net amount of previous impairments allocated to inventory on a plot that has subsequently resulted in a gross profit on completion. This is due to the combination of selling prices and costs, or product mix improvements exceeding market assumptions in the previous net realisable value (NRV) exercise. These amounts are stated before the allocation of overheads, which are excluded from the Group\u2019s NRV exercise. Exceptional items Exceptional items are defined as items of income or expenditure which, in the opinion of the Directors, are material or unusual in nature or of such significance that they require separate disclosure on the face of the income statement in accordance with IAS 1 \u2018Presentation of Financial Statements\u2019. Should these items be reversed, disclosure of this would also be as exceptional items. Finance income Interest income on bank deposits is recognised on an accruals basis. Also included in interest receivable are interest and interest- related payments the Group receives on other receivables. Finance costs Borrowing costs are recognised on an effective interest rate basis and are payable on the Group\u2019s borrowings and lease liabilities. Also included are the amortisation of fees associated with the arrangement of the financing. Finance charges, including premiums payable on settlement or redemption, and direct issue costs, are accounted for on an accruals basis in the income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Capitalised finance costs are held in other receivables and amortised over the period of the facility. Foreign currencies The individual financial statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies other than the functional currency are retranslated at the rates prevailing at the balance sheet date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Gains and losses arising on retranslation are included in the net profit or loss for the period. On consolidation, the assets and liabilities of the Group\u2019s overseas operation are translated at exchange rates prevailing at the balance sheet date. Income and expense items are translated at an appropriate average rate for the year. Exchange differences arising are recognised within other comprehensive income and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or expenses in the income statement in the period in which the operation is disposed of. The Group uses foreign currency borrowings to hedge its net investment exposure to certain overseas subsidiaries. Leases The Group as a lessee The Group assesses at inception whether a contract is, or contains, a lease. A lease exists if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group assessment includes whether: \u2013 the contract involves the use of an identified asset; \u2013 the Group has the right to obtain substantially all of the economic ben efits from the use of the asset throughout the contract period; and \u2013 the Group has the right to direct the use of the asset. At the commencement of a lease, the Group recognises a right-of- use asset along with a corresponding lease liability. The lease liability is initially measured at the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate. The lease term comprises the non- cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option based on operational needs and contractual terms. Subsequently, the lease liability is measured at amortised cost by increasing the carrying amount to reflect interest on the lease liability and reducing it by the lease payments made. The lease liability is remeasured when the Group changes its assessment of whether it will exercise an extension or termination option. Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date, estimated asset retirement obligations, lease incentives received and initial direct costs. Subsequently, right-of-use assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses, and are adjusted for certain remeasurements of the lease liability. Depreciation is calculated on a straight-line basis over the length of the lease. The Group has elected to apply exemptions for short term leases and leases for which the underlying asset is of low value. For these leases, payments are charged to the income statement on a straight-line basis over the term of the relevant lease. Right-of-use assets are presented within non-current assets on the face of the balance sheet, and lease liabilities are shown separately on the balance sheet in current liabilities and non-current liabilities depending on the length of the lease term. Intangible assets Brands Internally generated brands are not capitalised. Acquired brands are capitalised. Brands are stated at cost, less accumulated amortisation and any accumulated impairment losses. Brands are amortised over their estimated useful life on a straight-line basis. Software Costs that are directly associated with the acquisition or production of identifiable and unique software controlled by the Group, and that generate economic benefits beyond one year, are recognised as intangible assets. Software development costs recognised as assets are amortised on a straight-line basis over three to five years from the time of implementation and are stated at cost less accumulated amortisation and any accumulated impairment losses. Property, plant and equipment Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the balance sheet at cost less accumulated depreciation and any accumulated impairment losses. Freehold land is not depreciated. Buildings are depreciated over 50 years. Plant and equipment is stated at cost less depreciation. Depreciation is charged to expense the cost or valuation of assets over their estimated useful lives. Other assets are depreciated using the straight-line method, on the following bases: \u2013 Plant and equipment: 20-33% per annum \u2013 Leasehold improvements: over the term of the lease The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds, less any selling expenses, and the carrying amount of the asset. This difference is recognised in the income statement. Impairment of tangible and intangible assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments and the risks specific to the asset. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately in the income statement. Where an impairment loss subsequently reverses, due to a change in circumstances or in the estimates used to determine the asset\u2019s recoverable amount, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, so long as it does not exceed the original carrying value prior to the impairment being recognised. A reversal of an impairment loss is recognised as income immediately in the income statement. Financial instruments Financial assets Financial assets are initially recognised at fair value and subsequently classified into one of the following measurement categories: \u2013 Measured at amortised cost \u2013 Measured at fair value through profit or loss (FVTPL) \u2013 Measured at fair value through other comprehensive income (FVOCI) The classification of financial assets depends on the Group\u2019s business model for managing the asset and the contractual terms of the cash flows. Assets that are held for the collection of contractual cash flows that represent solely payments of principal and interest are measured at amortised cost, with any interest income recognised in the income statement using the effective interest rate method. Financial assets that do not meet the criteria to be measured at amortised cost are classified by the Group as measured at FVTPL. Fair value gains and losses on financial assets measured at FVTPL are recognised in the income statement and presented within net operating expenses. The Group currently has no financial assets measured at FVOCI. Trade and other receivables Trade and other receivables are measured at amortised cost, less any loss allowance. Shared equity loans Shared equity loans were provided to certain customers to facilitate a house purchase. The contractual cash flows on shared equity loans are linked to a national house price index. Under IFRS 9, financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Accordingly, shared equity loans are classified as FVTPL with fair value gains and losses arising on the remeasurement of the loan presented in the income statement within net operating expenses. Cash and cash equivalents Cash and cash equivalents comprise cash held by the Group and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value. Financial liabilities Financial liabilities are initially recognised at fair value and subsequently classified into one of the following measurement categories: \u2013 Measured at amortised cost \u2013 Measured at fair value through profit or loss (FVTPL) Non-derivative financial liabilities are measured at FVTPL when they are considered held for trading or designated as such on initial recognition. The Group has no non-derivative financial liabilities measured at FVTPL. Borrowings Borrowings are initially recognised at fair value, net of transaction costs incurred and subsequently measured at amortised cost. Trade and other payables Trade and other payables are measured at amortised cost. When the acquisition of land has deferred payment terms a land creditor is recognised. Payables are discounted to present value when repayment is due more than one year after initial recognition or the impact is material. Customer deposits Customer deposits, measured at amortised cost, are recorded as a liability on receipt and released to the income statement as revenue upon legal completion. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Parent Company are recorded as the proceeds are received, net of direct issue costs. 1. Significant accounting policies c
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Derivative financial instruments and hedge accounting
The Group uses foreign currency borrowings and derivatives to
hedge its net investment exposure to movements in exchange rates
on translation of certain individual financial statements denominated
in foreign currencies other than Sterling which is the functional
currency of the Parent Company.
Derivative financial instruments are measured at fair value. Changes
in the fair value of derivative financial instruments that are designated
and effective as hedges of net investments in foreign operations are
recognised directly in other comprehensive income and the ineffective
portion, if any, is recognised immediately in the income statement.
For an effective hedge of an exposure to changes in fair value, the
hedged item is adjusted for changes in fair value attributable to the
risk being hedged with the corresponding entry in the consolidated
income statement. Gains or losses from remeasuring the derivative,
or for non-derivatives the foreign currency component of its carrying
amount, are also recognised in the income statement.
Changes in the fair value of derivative financial instruments that do
not qualify for hedge accounting are recognised in the income
statement as they arise.
Hedge accounting is discontinued if the hedged item is sold or no
longer qualifies for hedge accounting at which point any cumulative
gain or loss on the hedging instrument accumulated in other
comprehensive income is transferred to the income statement
for the period.
Provisions
Provisions are recognised when the Group has a present legal or
constructive obligation as a result of a past event, and it is probable
that the Group will be required to settle that obligation. Provisions are
measured at the Directors\u2019 best estimate of the expenditure required
to settle the obligation at the balance sheet date and are discounted
to present value where the effect is material.
Inventories
Inventories are initially stated at cost and held at the lower of this
initial amount and net realisable value. Costs comprise direct
materials and, where applicable, direct labour and those overheads
that have been incurred in bringing the inventories to their present
location and condition. Net realisable value represents the estimated
selling price less all estimated costs of completion and costs to be
incurred in marketing, selling and distribution. Land is recognised in
inventory when the significant risks and rewards of ownership have
been transferred to the Group.
Non-refundable land option payments are initially recognised in
inventory. They are reviewed regularly and written off to the income
statement when it is probable that the option will not be exercised.
Taxation
The tax charge represents the sum of the tax currently payable and
deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Taxable profit differs from profit before tax as reported in the income
statement because it excludes items of income or expense that are
taxable or deductible in other years, and it further excludes items
that are never taxable or deductible. The Group\u2019s liability for current
tax is calculated using tax rates that have been enacted or
substantively enacted at the balance sheet date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities in
the financial statements and the corresponding tax bases used in the
computation of taxable profit. Deferred tax liabilities are generally
recognised for all taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that taxable
profits will be available against which deductible temporary
differences can be utilised.
Such assets and liabilities are not recognised if the temporary
difference arises from goodwill or from the initial recognition
(other than in a business combination) of other assets and liabilities
in a transaction that affects neither the taxable profit nor the
accounting profit.
Deferred tax liabilities are also recognised for taxable temporary
differences arising on investments in subsidiaries and interests in
joint ventures, except where the Group is able to control the reversal
of the temporary difference and it is probable that the temporary
difference will not reverse in the foreseeable future.
Deferred tax is measured on a non-discounted basis using the tax
rates and laws that have been enacted or substantively enacted by
the balance sheet date.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or
part of the asset to be recovered. Deferred tax is charged or credited
to the income statement, except when it relates to items charged or
credited directly to other comprehensive income or equity, in which
case the deferred tax is also dealt with in other comprehensive
income or equity.
Share-based payments
The Group issues equity-settled share-based payments to certain
employees. Equity-settled share-based payments are measured at
fair value at the date of grant. The fair value is expensed on a
straight-line basis over the vesting period, based on the Group\u2019s
estimate of shares that will vest after adjusting for the effect of non-
market vesting conditions.
Employee benefits
For defined benefit plans a finance charge is determined on the net
defined benefit pension liability. The operating and financing costs
of such plans are recognised separately in the income statement;
service costs are spread systematically over the service period of
employees, past service costs are recognised as an expense at the
earlier of when the plan is amended or curtailment occurs, at the
same time as which the entity will recognise related restructuring
costs or termination benefits. Certain liability management costs and
financing costs are recognised in the periods in which they arise.
Actuarial gains and losses are recognised immediately in the
statement of comprehensive income.
The retirement benefit obligation recognised in the consolidated
statement of financial position represents either the net deficit
position of the scheme or, should the scheme be in an IAS 19
accounting surplus, the IFRIC 14 liability equal to the present value
of future committed cash contributions.
Payments to defined contribution schemes are charged as an
expense as they fall due.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-374": {
"value": "Basis of preparation The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, except as otherwise stated below. The principal accounting policies adopted, which have been applied consistently, except as otherwise stated, are set out below. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "Adoption of new and revised standards The Group has adopted and applied the following standards and amendments in the year, which are relevant to its operations, none of which had a material impact on the financial statements. \u2013 IFRS 3 \u2018Business Combinations\u2019 (amendments) \u2013 references to the Conceptual Framework \u2013 IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 (amendment) \u2013 cost of fulfilling a contract \u2013 IAS 16 \u2018Property, Plant and Equipment\u2019 (amendment) \u2013 proceeds before intended use \u2013 Annual improvement in IFRS Standards 2018-2020 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-375": {
"value": "Adoption of new and revised standards The Group has adopted and applied the following standards and amendments in the year, which are relevant to its operations, none of which had a material impact on the financial statements. \u2013 IFRS 3 \u2018Business Combinations\u2019 (amendments) \u2013 references to the Conceptual Framework \u2013 IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 (amendment) \u2013 cost of fulfilling a contract \u2013 IAS 16 \u2018Property, Plant and Equipment\u2019 (amendment) \u2013 proceeds before intended use \u2013 Annual improvement in IFRS Standards 2018-2020 At the date of authorisation of these financial statements, the Group has not applied the following new or revised standards and interpretations that have been issued but are not yet effective: \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments) \u2013 classification of liabilities as current or non-current \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments) \u2013 disclosure of accounting policie s \u2013 IAS 12 \u2018Income Taxes\u2019 (amendments) \u2013 deferred tax related to assets and liabilities arising from a single transaction \u2013 IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019 (amendments) \u2013 definition of accounting estimates The Directors do not expect that the adoption of the standards, amendments and interpretations listed above will have a material impact on the financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "At the date of authorisation of these financial statements, the Group has not applied the following new or revised standards and interpretations that have been issued but are not yet effective: \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments) \u2013 classification of liabilities as current or non-current \u2013 IAS 1 \u2018Presentation of Financial Statements\u2019 (amendments) \u2013 disclosure of accounting policie s \u2013 IAS 12 \u2018Income Taxes\u2019 (amendments) \u2013 deferred tax related to assets and liabilities arising from a single transaction \u2013 IAS 8 \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019 (amendments) \u2013 definition of accounting estimates The Directors do not expect that the adoption of the standards, amendments and interpretations listed above will have a material impact on the financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "Going concern Group forecasts have been prepared that have considered the Group\u2019s current financial position and current market circumstances. The forecasts prepared assess the performance of the Group over a five year period. The forecasts were subject to sensitivity analysis together with the likely effectiveness of mitigating actions. The assessment considers sensitivity analysis on a series of realistically possible, but severe and prolonged, changes to principal assumptions. In determining these the Group has included macro- economic and industry-wide projections as well as matters specific to the Group. The severe but plausible downside scenario reflects the aggregated impact of sensitivities, taking account of a further decline in customer confidence, disposable incomes, and mortgage availability than has been experienced during the second half of 2022. To arrive at the stress test the Group has drawn on experience gained managing the business through previous economic downturns and the COVID-19 pandemic. As a result, the Group has stress tested the business against the following severe but plausible downside scenario which can be attributed back to the Group\u2019s Principal Risks that have been identified as having the most impact on the longer-term prospects and viability of the Group. The impact of the Principal Risk \u201cNatural resources and climate change\u201d is not deemed to be material within the forecast period, as costs associated with the regulatory changes have been included in the modelling (e.g. updates to Parts L&F of the building regulations in England and Wales and Future Homes and Buildings Standard). \u2013 Volume \u2013 a decline in total volumes of 30% from 2022, recoverin g by the end of the forecast period \u2013 Price \u2013 a reduction to current selling prices of 20%, recovering by the end of the forecast period \u2013 One-off costs \u2013 a one-off exceptional charge and cash cost of \u00a3150 million for an unanticipated event, change in Governme nt regulations or financial penalty has been included in 2023 Within the scenario build costs are forecast to reduce with lower volumes reducing pressure on the availability of materials and resources and land cost remaining broadly flat as the possible increase in availability due to lower volumes is offset by a restriction in supply. An estimate for the cost of the Future Homes and Buildings Standard has been assumed. The mitigating actions considered in the model include a reduction in land investment, a reduction in the level of production and work in progress held and reducing our overhead base to reflect the lower volumes. If this scenario were to occur, we also have a range of additional options to maintain our financial strength, including: a more severe reduction in land spend and work in progress, the sale of assets, reducing the dividend, and or raising debt. At 31 December 2022, the Group had a cash balance of \u00a3952 million and access to \u00a3550 million from a fully undrawn revolving credit facility, which is expected to be replaced during the forecast period, together totalling \u00a31,502 million. The combination of both of these is sufficient to absorb the financial impact of each of the risks modelled in the stress and sensitivity analysis, individually and in aggregate. Based on these forecasts, it is considered that there are sufficient resources available for the Group to conduct its business, and meet its liabilities as they fall due, for at least the next 12 months from the date of these consolidated financial statements. Consequently the consolidated financial statements have been prepared on a going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "Basis of accounting The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards as applied in conformity with the provisions of the Companies Act 2006. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-378": {
"value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company: \u2013 has power over the investee; \u2013 governs the financial and operating policies of the investee; \u2013 i s exposed, or has rights, to variable return from its involvement with the investee; and \u2013 has the ability to use its power to affect its returns. On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair value at the date of acquisition. Any excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair value of the identifiable net assets acquired (i.e. discount on acquisition) is credited to the income statement in the period of acquisition. The interest of non-controlling shareholders is stated at the non-controlling interest\u2019s proportion of the fair value of the assets and liabilities recognised. Subsequently, all comprehensive income is attributed to the owners and the non- controlling interests. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where a subsidiary is disposed of which constituted a major line of business, it is disclosed as a discontinued operation. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-379": {
"value": "Joint ventures Undertakings are deemed to be a joint venture when the Group has joint control of the rights and assets of the undertaking via either voting rights or a formal agreement which includes that unanimous consent is required for strategic, financial and operating decisions. Joint ventures are consolidated under the equity accounting method. Loans to joint ventures form part of the Group\u2019s net investment and are assessed for recoverability on a periodic basis. On transfer of land and/or work in progress to joint ventures, the Group recognises only its share of any profits or losses. Joint operations arise where the Group has joint control of an operation but has rights to only its own assets and obligations related to the operation. These assets and obligations, and the Group\u2019s share of revenues and costs, are included in the Group\u2019s results. Joint ventures and joint operations are entered into to develop specific sites. Each arrangement is site or project specific and once the development or project is complete the arrangement is wound down. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-380": {
"value": "Segmental reporting The Group operates in the United Kingdom and Spain. The United Kingdom is split into five geographical operating segments, each managed by a Divisional Chair who sits on the Group Management Team. In addition, there are central operations covering the corporate functions and Strategic Land. The Group aggregates the UK operations into a single reporting segment on the basis that they share similar economic characteristics. In addition each Division builds and delivers residential homes, uses consistent methods of construction, sells homes to both private customers and local housing associations, follows a single UK sales process and operating framework, is subject to the same macro-economic factors including mortgage availability and has the same cost of capital arising from the utilisation of central banking and debt facilities. As a result, the Group has the following reporting segments: \u2013 United Kingdom \u2013 Spain ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-381": {
"value": "Revenue Revenue is recognised when the performance obligation associated with the sale is completed. The transaction price comprises the fair value of the consideration received or receivable, net of value added tax, rebates and discounts and after eliminating sales within the Group. Revenue and profit are recognised as follows: a. Housing and land sales Revenue is recognised in the income statement when control is transferred to the customer. This is deemed to be when title of the property passes to the customer on legal completion and the performance obligation associated with the sale is completed. Revenue in respect of the sale of residential properties, whether under the Government\u2019s Help to Buy scheme or not, is recognised at the fair value of the consideration received or receivable on legal completion. b. Long term contracts Revenue arising on contracts which give the customer control over properties as they are constructed, and for which the Group has a right to payments for work performed, is recognised over time. Revenue and costs are recognised over time with reference to the stage of completion of the contract activity at the balance sheet date where the outcome of a long term contract can be estimated reliably. This is normally measured by surveys of work performed to date. Variations in contract work, claims and incentive payments are included to the extent that it is highly probable that they will result in revenue and they are capable of being reliably measured. When land is transferred at the start of a long term contract, revenue is not recognised until control has been transferred to the customer which includes legal title being passed to them. Where the outcome of a long term contract cannot be estimated reliably, contract revenue where recoverability is probable is recognised to the extent of contract costs incurred. The costs associated with fulfilling a contract are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. c. Part exchange In certain instances, property may be accepted in part consideration for a sale of a residential property. The fair value is established by independent surveyors, reduced for costs to sell. Proceeds generated from the subsequent sale of part exchange properties are recorded as other income and the cost as other expenses. The original sale is recorded in the normal way, with the fair value of the exchanged property replacing cash receipts. d. Cash incentives The transaction price may include cash incentives. These are considered to be a discount from the purchase price offered to the acquirer and are therefore accounted for as a reduction to revenue. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-382": {
"value": "Cost of sales The Group determines the value of inventory charged to cost of sales based on the total budgeted current cost of developing the site. Once the total expected costs of development are established, they are allocated to individual plots to achieve a consistent margin for the site. To the extent that additional costs or savings are identified, including experienced inflation, as the site progresses, these are recognised over the remaining plots unless they are specific to a particular plot, in which case they are recognised in the income statement at the point of sale. ",
"dimensions": {
"concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForCostOfSales",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "Positive contribution Positive contribution represents the net amount of previous impairments allocated to inventory on a plot that has subsequently resulted in a gross profit on completion. This is due to the combination of selling prices and costs, or product mix improvements exceeding market assumptions in the previous net realisable value (NRV) exercise. These amounts are stated before the allocation of overheads, which are excluded from the Group\u2019s NRV exercise. ",
"dimensions": {
"concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForPositiveContribution",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "Exceptional items Exceptional items are defined as items of income or expenditure which, in the opinion of the Directors, are material or unusual in nature or of such significance that they require separate disclosure on the face of the income statement in accordance with IAS 1 \u2018Presentation of Financial Statements\u2019. Should these items be reversed, disclosure of this would also be as exceptional items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-385": {
"value": "Finance income Interest income on bank deposits is recognised on an accruals basis. Also included in interest receivable are interest and interest- related payments the Group receives on other receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-386": {
"value": "Finance costs Borrowing costs are recognised on an effective interest rate basis and are payable on the Group\u2019s borrowings and lease liabilities. Also included are the amortisation of fees associated with the arrangement of the financing. Finance charges, including premiums payable on settlement or redemption, and direct issue costs, are accounted for on an accruals basis in the income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Capitalised finance costs are held in other receivables and amortised over the period of the facility. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-387": {
"value": "Foreign currencies The individual financial statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies other than the functional currency are retranslated at the rates prevailing at the balance sheet date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Gains and losses arising on retranslation are included in the net profit or loss for the period. On consolidation, the assets and liabilities of the Group\u2019s overseas operation are translated at exchange rates prevailing at the balance sheet date. Income and expense items are translated at an appropriate average rate for the year. Exchange differences arising are recognised within other comprehensive income and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or expenses in the income statement in the period in which the operation is disposed of. The Group uses foreign currency borrowings to hedge its net investment exposure to certain overseas subsidiaries. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-388": {
"value": "Leases The Group as a lessee The Group assesses at inception whether a contract is, or contains, a lease. A lease exists if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group assessment includes whether: \u2013 the contract involves the use of an identified asset; \u2013 the Group has the right to obtain substantially all of the economic ben efits from the use of the asset throughout the contract period; and \u2013 the Group has the right to direct the use of the asset. At the commencement of a lease, the Group recognises a right-of- use asset along with a corresponding lease liability. The lease liability is initially measured at the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate. The lease term comprises the non- cancellable period of the contract, together with periods covered by an option to extend the lease where the Group is reasonably certain to exercise that option based on operational needs and contractual terms. Subsequently, the lease liability is measured at amortised cost by increasing the carrying amount to reflect interest on the lease liability and reducing it by the lease payments made. The lease liability is remeasured when the Group changes its assessment of whether it will exercise an extension or termination option. Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date, estimated asset retirement obligations, lease incentives received and initial direct costs. Subsequently, right-of-use assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses, and are adjusted for certain remeasurements of the lease liability. Depreciation is calculated on a straight-line basis over the length of the lease. The Group has elected to apply exemptions for short term leases and leases for which the underlying asset is of low value. For these leases, payments are charged to the income statement on a straight-line basis over the term of the relevant lease. Right-of-use assets are presented within non-current assets on the face of the balance sheet, and lease liabilities are shown separately on the balance sheet in current liabilities and non-current liabilities depending on the length of the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-389": {
"value": "Intangible assets Brands Internally generated brands are not capitalised. Acquired brands are capitalised. Brands are stated at cost, less accumulated amortisation and any accumulated impairment losses. Brands are amortised over their estimated useful life on a straight-line basis. Software Costs that are directly associated with the acquisition or production of identifiable and unique software controlled by the Group, and that generate economic benefits beyond one year, are recognised as intangible assets. Software development costs recognised as assets are amortised on a straight-line basis over three to five years from the time of implementation and are stated at cost less accumulated amortisation and any accumulated impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-390": {
"value": "Property, plant and equipment Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the balance sheet at cost less accumulated depreciation and any accumulated impairment losses. Freehold land is not depreciated. Buildings are depreciated over 50 years. Plant and equipment is stated at cost less depreciation. Depreciation is charged to expense the cost or valuation of assets over their estimated useful lives. Other assets are depreciated using the straight-line method, on the following bases: \u2013 Plant and equipment: 20-33% per annum \u2013 Leasehold improvements: over the term of the lease The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds, less any selling expenses, and the carrying amount of the asset. This difference is recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-391": {
"value": "Impairment of tangible and intangible assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments and the risks specific to the asset. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately in the income statement. Where an impairment loss subsequently reverses, due to a change in circumstances or in the estimates used to determine the asset\u2019s recoverable amount, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, so long as it does not exceed the original carrying value prior to the impairment being recognised. A reversal of an impairment loss is recognised as income immediately in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-392": {
"value": "Financial instruments Financial assets Financial assets are initially recognised at fair value and subsequently classified into one of the following measurement categories: \u2013 Measured at amortised cost \u2013 Measured at fair value through profit or loss (FVTPL) \u2013 Measured at fair value through other comprehensive income (FVOCI) The classification of financial assets depends on the Group\u2019s business model for managing the asset and the contractual terms of the cash flows. Assets that are held for the collection of contractual cash flows that represent solely payments of principal and interest are measured at amortised cost, with any interest income recognised in the income statement using the effective interest rate method. Financial assets that do not meet the criteria to be measured at amortised cost are classified by the Group as measured at FVTPL. Fair value gains and losses on financial assets measured at FVTPL are recognised in the income statement and presented within net operating expenses. The Group currently has no financial assets measured at FVOCI. Trade and other receivables Trade and other receivables are measured at amortised cost, less any loss allowance. Shared equity loans Shared equity loans were provided to certain customers to facilitate a house purchase. The contractual cash flows on shared equity loans are linked to a national house price index. Under IFRS 9, financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Accordingly, shared equity loans are classified as FVTPL with fair value gains and losses arising on the remeasurement of the loan presented in the income statement within net operating expenses. Cash and cash equivalents Cash and cash equivalents comprise cash held by the Group and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value. Financial liabilities Financial liabilities are initially recognised at fair value and subsequently classified into one of the following measurement categories: \u2013 Measured at amortised cost \u2013 Measured at fair value through profit or loss (FVTPL) Non-derivative financial liabilities are measured at FVTPL when they are considered held for trading or designated as such on initial recognition. The Group has no non-derivative financial liabilities measured at FVTPL. Borrowings Borrowings are initially recognised at fair value, net of transaction costs incurred and subsequently measured at amortised cost. Trade and other payables Trade and other payables are measured at amortised cost. When the acquisition of land has deferred payment terms a land creditor is recognised. Payables are discounted to present value when repayment is due more than one year after initial recognition or the impact is material. Customer deposits Customer deposits, measured at amortised cost, are recorded as a liability on receipt and released to the income statement as revenue upon legal completion. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Parent Company are recorded as the proceeds are received, net of direct issue costs. Derivative financial instruments and hedge accounting The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to movements in exchange rates on translation of certain individual financial statements denominated in foreign currencies other than Sterling which is the functional currency of the Parent Company. Derivative financial instruments are measured at fair value. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of net investments in foreign operations are recognised directly in other comprehensive income and the ineffective portion, if any, is recognised immediately in the income statement. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the consolidated income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the foreign currency component of its carrying amount, are also recognised in the income statement. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued if the hedged item is sold or no longer qualifies for hedge accounting at which point any cumulative gain or loss on the hedging instrument accumulated in other comprehensive income is transferred to the income statement for the period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "Financial assets Financial assets are initially recognised at fair value and subsequently classified into one of the following measurement categories: \u2013 Measured at amortised cost \u2013 Measured at fair value through profit or loss (FVTPL) \u2013 Measured at fair value through other comprehensive income (FVOCI) The classification of financial assets depends on the Group\u2019s business model for managing the asset and the contractual terms of the cash flows. Assets that are held for the collection of contractual cash flows that represent solely payments of principal and interest are measured at amortised cost, with any interest income recognised in the income statement using the effective interest rate method. Financial assets that do not meet the criteria to be measured at amortised cost are classified by the Group as measured at FVTPL. Fair value gains and losses on financial assets measured at FVTPL are recognised in the income statement and presented within net operating expenses. The Group currently has no financial assets measured at FVOCI. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "Trade and other receivables Trade and other receivables are measured at amortised cost, less any loss allowance. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "Shared equity loans Shared equity loans were provided to certain customers to facilitate a house purchase. The contractual cash flows on shared equity loans are linked to a national house price index. Under IFRS 9, financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Accordingly, shared equity loans are classified as FVTPL with fair value gains and losses arising on the remeasurement of the loan presented in the income statement within net operating expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash held by the Group and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-437": {
"value": "Financial liabilities Financial liabilities are initially recognised at fair value and subsequently classified into one of the following measurement categories: \u2013 Measured at amortised cost \u2013 Measured at fair value through profit or loss (FVTPL) Non-derivative financial liabilities are measured at FVTPL when they are considered held for trading or designated as such on initial recognition. The Group has no non-derivative financial liabilities measured at FVTPL. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "Borrowings Borrowings are initially recognised at fair value, net of transaction costs incurred and subsequently measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "Trade and other payables Trade and other payables are measured at amortised cost. When the acquisition of land has deferred payment terms a land creditor is recognised. Payables are discounted to present value when repayment is due more than one year after initial recognition or the impact is material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "Customer deposits Customer deposits, measured at amortised cost, are recorded as a liability on receipt and released to the income statement as revenue upon legal completion. ",
"dimensions": {
"concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForCustomerDeposits",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Parent Company are recorded as the proceeds are received, net of direct issue costs. ",
"dimensions": {
"concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForEquityInstruments",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "Derivative financial instruments and hedge accounting The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to movements in exchange rates on translation of certain individual financial statements denominated in foreign currencies other than Sterling which is the functional currency of the Parent Company. Derivative financial instruments are measured at fair value. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of net investments in foreign operations are recognised directly in other comprehensive income and the ineffective portion, if any, is recognised immediately in the income statement. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the consolidated income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the foreign currency component of its carrying amount, are also recognised in the income statement. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued if the hedged item is sold or no longer qualifies for hedge accounting at which point any cumulative gain or loss on the hedging instrument accumulated in other comprehensive income is transferred to the income statement for the period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "Inventories Inventories are initially stated at cost and held at the lower of this initial amount and net realisable value. Costs comprise direct materials and, where applicable, direct labour and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Land is recognised in inventory when the significant risks and rewards of ownership have been transferred to the Group. Non-refundable land option payments are initially recognised in inventory. They are reviewed regularly and written off to the income statement when it is probable that the option will not be exercised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-393": {
"value": "Taxation The tax charge represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years, and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are also recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is measured on a non-discounted basis using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to other comprehensive income or equity, in which case the deferred tax is also dealt with in other comprehensive income or equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years, and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ",
"dimensions": {
"concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForCurrentTax",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are also recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is measured on a non-discounted basis using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to other comprehensive income or equity, in which case the deferred tax is also dealt with in other comprehensive income or equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "Share-based payments The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will vest after adjusting for the effect of non- market vesting conditions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "Employee benefits For defined benefit plans a finance charge is determined on the net defined benefit pension liability. The operating and financing costs of such plans are recognised separately in the income statement; service costs are spread systematically over the service period of employees, past service costs are recognised as an expense at the earlier of when the plan is amended or curtailment occurs, at the same time as which the entity will recognise related restructuring costs or termination benefits. Certain liability management costs and financing costs are recognised in the periods in which they arise. Actuarial gains and losses are recognised immediately in the statement of comprehensive income. The retirement benefit obligation recognised in the consolidated statement of financial position represents either the net deficit position of the scheme or, should the scheme be in an IAS 19 accounting surplus, the IFRIC 14 liability equal to the present value of future committed cash contributions. Payments to defined contribution schemes are charged as an expense as they fall due.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "2. Critical accounting judgements and key sources of estimation uncertainty Preparation of the financial statements requires management to make significant judgements and estimates. Management has considered whether there are any such sources of estimation or accounting judgements in forming the financial statements and highlight the following areas. In identifying these areas, management have considered the size of the associated balance and the potential likelihood of changes due to macro-economic factors. Critical accounting judgements Management has not made any individual critical accounting judgements that are material to the Group. Key sources of estimation uncertainty Key sources of estimation uncertainty are those which present a significant risk of potential material misstatement to carrying amounts of assets or liabilities within the next financial year. Employee benefits The value of the defined benefit plan liabilities is determined by using various assumptions, including discount rate, future rates of inflation, growth, yields, returns on investments and mortality rates. As actual changes in these values may differ from those assumed, this is a key source of estimation uncertainty within the financial statements. Changes in these assumptions over time and differences to the actual outcome will be reflected in the statement of comprehensive income. Note 21 details the main assumptions in accounting for the Group\u2019s defined benefit pension scheme, along with sensitivities of the liabilities to changes in these assumptions. Other sources of estimation uncertainty Cost allocation In order to determine the profit that the Group is able to recognise on its developments in a specific period, the Group has to allocate site- wide development costs between units built in the current year and in future years. It also has to estimate costs to complete, including those driven by climate related regulation, and make estimates relating to future sales prices and margins on those developments and units. In making these assessments, there is a degree of inherent uncertainty. The Group has developed internal controls to assess and review carrying values and the appropriateness of estimates made. Cladding fire safety provision In 2018 the Group established an exceptional provision for the cost of replacing ACM on a small number of legacy developments, which was increased in 2020 to reflect the latest estimate of costs to complete the planned works. Following the guidance issued by RICS in 2021 the Group announced an additional \u00a3125.0 million provision to fund cladding fire safety improvements. In 2022 the Group signed up to the Government\u2019s Building Safety Pledge for Developers and recognised an additional provision of \u00a380.0 million. The Group estimates the provision based on the number of buildings that may require works under EWS1 requirements and the costs to carry out the identified works. In determining the total cost of works across a number of different buildings, management initially used internal QS estimates, which have increasingly been supported by externally sourced quotations, where available, both of which contain inherent estimation uncertainty, however it is not anticipated that any reasonable possible changes would lead to a material adjustment in the value of the provision. The scope of works may also be impacted by future industry guidance or regulations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "3. General information Taylor Wimpey plc is a public company limited by shares, incorporated and domiciled in the United Kingdom under the Companies Act and is registered in England and Wales. The Company\u2019s registered office is Taylor Wimpey plc, Gate House, Turnpike Road, High Wycombe, Buckinghamshire, HP12 3NR. The nature of the Group\u2019s operations and its principal activities are set out in the Strategic Report on pages 2 to 85. These financial statements are presented in pounds Sterling as the currency of the primary economic environment in which the Group operates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-370": {
"value": "Taylor Wimpey plc is a public company limited by shares, ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-2": {
"value": "Taylor Wimpey plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "Taylor Wimpey plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": "public company limited by shares",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-371": {
"value": "incorporated and domiciled in the United Kingdom under the ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-4": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "Taylor Wimpey plc, Gate House, Turnpike Road, High Wycombe, Buckinghamshire, HP12 3NR",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "These financial statements are presented in pounds Sterling as the currency of the primary economic environment in which the Group operates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "4. Revenue An analysis of the Group\u2019s continuing revenue is as follows: 2022 \u00a3m 2021 \u00a3m Private sales 3,886.1 3,890.3 Partnership housing 476.4 363.1 Land & other 57.4 31.5 4,419.9 4,284.9 Other revenue includes income from the sale of commercial properties developed as part of larger residential developments. The Group\u2019s revenue includes revenue from construction contracts that are recognised over time by reference to the stage of completion of the contract with the customer. All other revenue is recognised at a point in time once control of the property is transferred to the customer. 2022 \u00a3m 2021 \u00a3m Recognised at a point in time 3,983.1 3,939.2 Recognised over time 436.8 345.7 4,419.9 4,284.9 At 31 December 2022, the aggregate amount of the transaction price allocated to unsatisfied performance obligations on construction contracts was \u00a3677.6 million (2021: \u00a3594.3 million), of which approximately half is expected to be recognised as revenue during 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-401": {
"value": "5. Operating segments The Group operates in two countries, the United Kingdom and Spain, and has two reportable segments of those countries. Revenue in Spain arises entirely on private sales. The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in Note 1. Segment information about these businesses is presented below: 2022 2021 UK \u00a3m Spain \u00a3m Total \u00a3m UK \u00a3m Spain \u00a3m Total \u00a3m Revenue External sales 4,295.5 124.4 4,419.9 4,208.1 76.8 4,284.9 Result Profit before joint ventures, finance costs and exceptional items 874.9 32.6 907.5 808.6 14.6 823.2 Share of results of joint ventures 15.9 \u2013 15.9 5.4 \u2013 5.4 Operating profit (Note 32) 890.8 32.6 923.4 814.0 14.6 828.6 Exceptional items (Note 6) (80.0) \u2013 (80.0) (125.0) \u2013 (125.0) Profit before net finance costs 810.8 32.6 843.4 689.0 14.6 703.6 Net finance costs (15.5) (24.0) Profit before taxation 827.9 679.6 T axation charge (184.3) (124.1) Profit for the year 643.6 555.5 2022 2021 UK \u00a3m Spain \u00a3m Total \u00a3m UK \u00a3m Spain \u00a3m Total \u00a3m A ssets and liabilities Segment operating assets 5,222.9 207.9 5,430.8 5,013.6 192.6 5,206.2 Joint ventures 74.0 \u2013 74.0 85.4 \u2013 85.4 Segment operating liabilities (1,767.2) (118.1) (1,885.3) (1,757.3) (83.7) (1,841.0) Net operating assets 3,529.7 89.8 3,619.5 3,341.7 108.9 3,450.6 Net current taxation (7.2) 0.2 Net deferred taxation (Note 14) 26.0 26.2 Net cash (Note 27) 863.8 837.0 Net assets 4,502.1 4,314.0 2022 2021 UK \u00a3m Spain \u00a3m Total \u00a3m UK \u00a3m Spain \u00a3m Total \u00a3m Other information Property, plant and equipment additions 1.6 0.1 1.7 2.4 0.1 2.5 Right-of-use asset additions 7.1 0.1 7.2 6.1 0.6 6.7 Software additions 0.4 \u2013 0.4 2.1 \u2013 2.1 Property, plant and equipment depreciation (4.2) (0.1) (4.3) (4.6) (0.1) (4.7) Right-of-use asset depreciation (7.2) (0.2) (7.4) (7.1) (0.2) (7.3) A mortisation of intangible assets (2.8) \u2013 (2.8) (3.6) \u2013 (3.6) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "6. Net operating expenses and profit on ordinary activities before net finance costs Profit on ordinary activities before net finance costs for continuing operations has been arrived at after charging/(crediting): 2022 \u00a3m 2021 \u00a3m A dministration expenses 220.7 211.0 Other expenses 70.1 100.3 Other income (65.9) (107.5) Exceptional items 80.0 125.0 Net operating expenses 304.9 328.8 The majority of the other income and other expenses shown above relates to the income and associated costs arising on the sale of part exchange properties. These are shown gross with the comparatives updated to be disclosed on the same basis (grossing up each by \u00a387.2 million for 2021). Also included in other income and other expenses are profit/loss on the sale of property, plant and equipment, the revaluation of certain shared equity mortgage receivables and abortive land acquisition costs. During 2022 a positive contribution of \u00a31.4 million was recognised (2021: \u00a34.1 million). Exceptional items: 2022 \u00a3m 2021 \u00a3m Provision in relation to cladding fire safety 80.0 125.0 Exceptional items 80.0 125.0 Cladding fire safety In 2018 the Group established an exceptional provision for the cost of replacing ACM on a small number of legacy developments, which was increased in 2020 to reflect the latest estimate of costs to complete the planned works. Following the guidance issued by RICS in 2021 the Group announced an additional \u00a3125.0 million provision to fund cladding fire safety improvements and, in line with Group policy, recognised it as an exceptional item. In April 2022 the Group signed up to the Government\u2019s Building Safety Pledge for Developers, extending the period covered to all buildings constructed by the Group since 1992, as well as committing to reimburse any funds allocated or used for Taylor Wimpey buildings over 18 metres from the Building Safety Fund. In the year to 31 December 2022 the Group recognised an increase in the provision of \u00a380.0 million, as an exceptional expense. Profit on ordinary activities before net finance costs has been arrived at after charging: 2022 \u00a3m 2021 \u00a3m Cost of inventories recognised as an expense in cost of sales 3,155.7 3,135.0 Property, plant and equipment depreciation (Note 12) 4.3 4.7 Right-of-use asset depreciation (Note 19) 7.4 7.3 A mortisation of intangible assets (Note 11) 2.8 3.6 The remuneration paid to the Group\u2019s external auditors, is as follows: 2022 \u00a3m 2021 \u00a3m Fees payable for the audit of the Company\u2019s annual accounts and consolidated financial statements 0.2 0.2 Fees payable to the Company\u2019s auditors and its associates for other services to the Group: T he audit of the Company\u2019s subsidiaries pursuant to legislation 0.8 0.6 T otal audit fees 1.0 0.8 Other assurance services 0.1 0.1 T otal non-audit fees 0.1 0.1 T otal fees 1.1 0.9 Non-audit services in 2022 and 2021 predominantly relate to work undertaken as a result of PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience gained as part of the role. In 2022 and 2021 the fees relating to other assurance services primarily related to the review of the interim statements and also included \u00a32,000 for a subscription service providing factual updates and changes to applicable law, regulation or accounting and auditing standards. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "The remuneration paid to the Group\u2019s external auditors, is as follows: 2022 \u00a3m 2021 \u00a3m Fees payable for the audit of the Company\u2019s annual accounts and consolidated financial statements 0.2 0.2 Fees payable to the Company\u2019s auditors and its associates for other services to the Group: T he audit of the Company\u2019s subsidiaries pursuant to legislation 0.8 0.6 T otal audit fees 1.0 0.8 Other assurance services 0.1 0.1 T otal non-audit fees 0.1 0.1 T otal fees 1.1 0.9 Non-audit services in 2022 and 2021 predominantly relate to work undertaken as a result of PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience gained as part of the role. In 2022 and 2021 the fees relating to other assurance services primarily related to the review of the interim statements and also included \u00a32,000 for a subscription service providing factual updates and changes to applicable law, regulation or accounting and auditing standards. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-403": {
"value": "7. Staff costs 2022 Number 2021 Number Monthly average number employed United Kingdom 5,140 5,271 Spain 96 87 5,236 5,358 2022 \u00a3m 2021 \u00a3m Remuneration Wages and salaries 290.0 278.0 Redundancy costs 0.4 0.4 Social security costs 31.8 28.9 Other pension costs 15.4 14.1 337.6 321.4 The information relating to Director and Senior Management remuneration required by the Companies Act 2006 and the Listing Rules of the Financial Conduct Authority is contained in Note 30 and pages 124 to 148 in the Directors\u2019 Remuneration Report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "8. Finance income and finance costs Finance income 2022 \u00a3m 2021 \u00a3m Interest receivable 8.6 2.4 8.6 2.4 Finance costs 2022 \u00a3m 2021 \u00a3m Interest on bank and other loans (4.8) (5.0) Foreign exchange loss \u2013 (0.8) (4.8) (5.8) Unwinding of discount on land creditors and other items (18.3) (19.2) Interest on lease liabilities (Note 19) (0.4) (0.4) Net interest on pension liability (Note 21) (0.6) (1.0) (24.1) (26.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "Finance income 2022 \u00a3m 2021 \u00a3m Interest receivable 8.6 2.4 8.6 2.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-447": {
"value": "Finance costs 2022 \u00a3m 2021 \u00a3m Interest on bank and other loans (4.8) (5.0) Foreign exchange loss \u2013 (0.8) (4.8) (5.8) Unwinding of discount on land creditors and other items (18.3) (19.2) Interest on lease liabilities (Note 19) (0.4) (0.4) Net interest on pension liability (Note 21) (0.6) (1.0) (24.1) (26.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-405": {
"value": "9. Taxation charge Tax (charged)/credited in the income statement is analysed as follows: 2022 \u00a3m 2021 \u00a3m Current tax: UK: Current year (179.3) (122.0) A djustment in respect of prior years 0.5 2.3 Overseas: Current year (5.4) (2.5) A djustment in respect of prior years (0.5) (0.1) (184.7) (122.3) Deferred tax: UK: Current year 0.4 (2.7) A djustment in respect of prior years (0.1) (0.3) Overseas: Current year (1.7) 1.2 A djustment in respect of prior years 1.8 \u2013 0.4 (1.8) (184.3) (124.1) Corporation tax is calculated at 22.0% (2021: 19.0%) of the estimated assessable profit for the year in the UK. This includes corporation tax at the rate of 19.0% for the year and the new 4.0% residential property developer tax (RPDT) on profits arising from residential property development activities. RPDT was enacted during the year with effect from 1 April 2022. Taxation outside the UK is calculated at the rates prevailing in the respective jurisdictions. The tax charge for the year includes an exceptional credit of \u00a317.6 million (2021: \u00a323.8 million) relating to the cladding fire safety provision. The charge for the year can be reconciled to the profit per the income statement as follows: 2022 \u00a3m 2021 \u00a3m Profit before tax 827.9 679.6 T ax at the UK corporation tax rate of 22.0% (2021: 19.0%) (182.1) (129.1) Net over provision in respect of prior years 1.7 1.9 Net impact of items that are not taxable or deductible (5.6) 2.6 Recognition of deferred tax asset relating to Spanish business 1.0 2.2 Other rate impacting adjustments 0.7 (1.7) T ax charge for the yea r (184.3) (124.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "10. Earnings per share 2022 2021 Basic earnings per share 18.1p 15.3p Diluted earnings per share 18.0p 15.2p A djusted basic earnings per share 19.8p 18.0p A djusted diluted earnings per share 19.7p 18.0p Weighted average number of shares for basic earnings per share \u2013 million 3,564.8 3,639.3 Weighted average number of shares for diluted earnings per share \u2013 million 3,576.5 3,649.0 Adjusted basic and adjusted diluted earnings per share, which exclude the impact of exceptional items and any associated net tax amounts, are presented to provide a measure of the underlying performance of the Group. A reconciliation of earnings attributable to equity shareholders used for basic and diluted earnings per share to that used for adjusted earnings per share is shown below. 2022 \u00a3m 2021 \u00a3m Earnings for basic and diluted earnings per share 643.6 555.5 A djust for exceptional items (Note 6) 80.0 125.0 A djust for tax on exceptional items (17.6) (23.8) Earnings for adjusted basic and adjusted diluted earnings per share 706.0 656.7 2022 Million 2021 Million Weighted average number of shares for basic earnings per share 3,564.8 3,639.3 Dilution from share options 11.7 9.7 Weighted average number of shares for diluted earnings per share 3,576.5 3,649.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "11. Intangible assets Brands \u00a3m Software \u00a3m Total \u00a3m Cost A t 1 January 2021 140.2 22.1 162.3 A dditions \u2013 2.1 2.1 Disposals \u2013 (0.9) (0.9) A t 31 December 2021 140.2 23.3 163.5 A dditions \u2013 0.4 0.4 A t 31 December 2022 140.2 23.7 163.9 A ccumulated amortisation A t 1 January 2021 (140.2) (14.0) (154.2) Charge for the year \u2013 (3.6) (3.6) Disposals \u2013 0.9 0.9 A t 31 December 2021 (140.2) (16.7) (156.9) Charge for the year \u2013 (2.8) (2.8) A t 31 December 2022 (140.2) (19.5) (159.7) Carrying amount A t 31 December 2022 \u2013 4.2 4.2 A t 31 December 2021 \u2013 6.6 6.6 The amortisation of software is recognised within administration expenses in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "12. Property, plant and equipment Freehold land and buildings \u00a3m Plant, equipment and leasehold improvements \u00a3m Total \u00a3m Cost A t 1 January 2021 16.5 28.1 44.6 A dditions \u2013 2.5 2.5 Disposals \u2013 (0.7) (0.7) Exchange movements \u2013 (0.1) (0.1) A t 31 December 2021 16.5 29.8 46.3 A dditions \u2013 1.7 1.7 Disposals (2.2) \u2013 (2.2) Exchange movements \u2013 0.1 0.1 A t 31 December 2022 14.3 31.6 45.9 A ccumulated depreciation A t 1 January 2021 (3.2) (17.4) (20.6) Charge for the year (0.9) (3.8) (4.7) Disposals \u2013 0.7 0.7 Exchange movements \u2013 \u2013 \u2013 A t 31 December 2021 (4.1) (20.5) (24.6) Charge for the year (0.5) (3.8) (4.3) Disposals 0.4 \u2013 0.4 Exchange movements \u2013 (0.1) (0.1) A t 31 December 2022 (4.2) (24.4) (28.6) Carrying amount A t 31 December 2022 10.1 7.2 17.3 A t 31 December 2021 12.4 9.3 21.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "13. Interests in joint ventures 2022 \u00a3m 2021 \u00a3m Share of net assets 43.5 24.4 Loans to joint ventures 30.5 61.0 T otal interests in joint ventures 74.0 85.4 Loans to joint ventures includes \u00a3(8.5) million (2021: \u00a3(6.3) million) relating to the Group\u2019s share of losses recognised under the equity method in excess of the investment in ordinary shares. The Group has five material (2021: five) joint ventures whose principal activity is residential housebuilding or development. The Group considers a joint venture to be material when it is financially or strategically important to the Group. The particulars of the material joint ventures for 2022 are as follows: Joint venture Country of incorporation Interest in the issued ordinary share capital* Greenwich Millennium Village Limited United Kingdom 50% Chobham Manor Limited Liability Partnership United Kingdom 50% Winstanley and York Road Regeneration LLP United Kingdom 50% Whitehill & Bordon Development Company Phase 1a Limited United Kingdom 50% Whitehill & Bordon Regeneration Company Limited United Kingdom 50% * Interests held by subsidiary undertakings. Further information on the particulars of joint ventures can be found on page 204. The following two tables show summary financial information for the material joint ventures and in total for the immaterial joint ventures. Unless specifically indicated, this information represents 100% of the joint venture before intercompany eliminations. Greenwich Millennium Village 2022 \u00a3m Chobham Manor 2022 \u00a3m Winstanley and York Road Regeneration 2022 \u00a3m Whitehill & Bordon Development Company Phase 1a 2022 \u00a3m Whitehill & Bordon Regeneration Company 2022 \u00a3m Immaterial Joint Ventures 2022 \u00a3m Total 2022 \u00a3m Non-current assets \u2013 \u2013 4.4 0.5 41.0 0.6 46.5 Current assets excluding cash 54.8 7.8 70.9 8.6 6.5 21.4 170.0 Cash and cash equivalents 21.3 21.5 8.1 2.3 0.6 2.2 56.0 Current financial liabilities (13.3) (1.4) (5.3) (0.6) (10.7) (10.0) (41.3) Current other liabilities \u2013 \u2013 \u2013 (1.2) (0.2) \u2013 (1.4) Non-current financial liabilities* (8.2) (0.4) (95.1) (6.5) (33.8) (15.6) (159.6) Net assets/(liabilities) (100%) 54.6 27.5 (17.0) 3.1 3.4 (1.4) 70.2 Group share of net assets/(liabilities) 27.3 13.8 (8.5) 1.6 1.7 (0.9) 35.0 Loans to joint ventures \u2013 \u2013 37.4 \u2013 0.1 1.5 39.0 Total interests in joint ventures 27.3 13.8 28.9 1.6 1.8 0.6 74.0 Revenue 78.6 103.5 17.7 25.4 24.5 \u2013 249.7 Interest expense (0.4) \u2013 (5.0) (0.3) (0.2) (1.1) (7.0) Income tax (expense)/credit (3.3) \u2013 \u2013 (1.2) (0.2) 0.3 (4.4) Profit/(loss) for the year 13.9 17.3 (4.4) 5.2 0.7 (0.9) 31.8 Group share of profit/(loss) for the year 7.0 8.6 (2.2) 2.6 0.4 (0.5) 15.9 * Non-current financial liabilities include amounts owed to joint venture partners. Greenwich Millennium Village 2021 \u00a3m Chobham Manor 2021 \u00a3m Winstanley and York Road Regeneration 2021 \u00a3m Whitehill & Bordon Development Company Phase 1a 2021 \u00a3m Whitehill & Bordon Regeneration Company 2021 \u00a3m Immaterial Joint Ventures 2021 \u00a3m Total 2021 \u00a3m Non-current assets \u2013 \u2013 \u2013 \u2013 32.8 0.5 33.3 Current assets excluding cash 46.5 73.0 61.3 8.1 8.7 25.1 222.7 Cash and cash equivalents 22.4 37.1 2.6 1.2 2.1 2.0 67.4 Current financial liabilities (6.4) (43.6) (3.1) (5.4) (6.6) (18.5) (83.6) Current other liabilities (2.4) \u2013 \u2013 (0.8) (0.2) \u2013 (3.4) Non-current financial liabilities* (27.8) (56.3) (73.4) (0.3) (34.2) (8.4) (200.4) Net assets/(liabilities) (100%) 32.3 10.2 (12.6) 2.8 2.6 0.7 36.0 Group share of net assets/(liabilities) 16.2 5.1 (6.3) 1.4 1.3 0.4 18.1 Loans to joint ventures 7.5 27.4 31.4 \u2013 0.1 0.9 67.3 Total interests in joint ventures 23.7 32.5 25.1 1.4 1.4 1.3 85.4 Revenue 39.9 66.0 11.2 27.7 26.0 29.0 199.8 Interest (expense)/income (0.5) \u2013 (3.7) (0.6) 0.9 (0.5) (4.4) Income tax expense (1.7) \u2013 \u2013 (0.8) (0.2) (0.2) (2.9) Profit/(loss) for the year 7.2 4.6 (4.6) 3.2 0.6 (0.2) 10.8 Group share of profit/(loss) for the year 3.6 2.3 (2.3) 1.6 0.3 (0.1) 5.4 * Non-current financial liabilities include amounts owed to joint venture partners. During the current and prior year, no entity charged depreciation or amortisation. No entity had discontinued operations or items of other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "14. Deferred tax Share-based payments \u00a3m Capital allowances \u00a3m Losses \u00a3m Retirement benefit obligations \u00a3m Other temporary differences \u00a3m Total \u00a3m A t 1 January 2021 2.9 2.0 5.9 16.9 6.0 33.7 Credit/(charge) to income 0.9 0.4 1.2 (2.7) (1.6) (1.8) Charge to other comprehensive income \u2013 \u2013 \u2013 (5.4) \u2013 (5.4) Credit to statement of changes in equity 0.1 \u2013 \u2013 \u2013 \u2013 0.1 Foreign exchange \u2013 \u2013 (0.4) \u2013 \u2013 (0.4) A t 31 December 2021 3.9 2.4 6.7 8.8 4.4 26.2 (Charge)/credit to income (1.7) 0.4 1.0 (0.9) 1.6 0.4 Credit to other comprehensive income \u2013 \u2013 \u2013 0.7 \u2013 0.7 Charge to statement of changes in equity (1.6) \u2013 \u2013 \u2013 \u2013 (1.6) Foreign exchange \u2013 \u2013 0.3 \u2013 \u2013 0.3 A t 31 December 2022 0.6 2.8 8.0 8.6 6.0 26.0 Closing deferred tax on UK temporary differences has been calculated at the tax rates that are expected to apply (based on currently enacted law) for the period when the asset is realised, or the liability is settled. Accordingly, the temporary differences have been calculated at rates between 25% and 29% (2021: between 19% and 25%), depending on when the asset will unwind. The net deferred tax balance is analysed into assets and liabilities as follows: 2022 \u00a3m 2021 \u00a3m Deferred tax assets 27.4 27.6 Deferred tax liabilities (1.4) (1.4) 26.0 26.2 The new 4% residential property developer tax (RPDT) was enacted during the year effective from 1 April 2022 and the measurement of the Group\u2019s UK net deferred tax asset at 31 December 2022 reflects this change. From 1 April 2023, the UK Corporation Tax rate is legislated to increase to 25%. This increase in rate had been enacted before 31 December 2021 so has also been reflected in the measurement of the Group\u2019s UK deferred tax asset in both years. The Group has not recognised temporary differences relating to tax losses carried forward and other temporary differences amounting to \u00a32.4 million (2021: \u00a31.9 million) in the UK and \u00a323.8 million (2021: \u00a327.4 million) in Spain. The UK temporary differences have not been recognised as they are predominantly non-trading in nature and insufficient certainty exists as to their future utilisation. The temporary differences in Spain have not been recognised due to uncertainty of sufficient taxable profits in the future against which to utilise these amounts. At the balance sheet date, the Group has unused UK capital losses of \u00a3269.5 million (2021: \u00a3269.5 million). No deferred tax asset has been recognised in respect of the capital losses at 31 December 2022 (2021: \u00a3nil) because the Group does not believe that it is probable that these capital losses will be utilised in the foreseeable future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "15. Inventories 2022 \u00a3m 2021 \u00a3m Land 3,428.3 3,385.7 Development and construction costs 1,725.9 1,548.1 Part exchange and other 15.4 11.9 5,169.6 4,945.7 The markets in our core geographies, which are the primary drivers of our business, continue to trade positively. At 31 December 2022, the Group completed a net realisable value assessment of inventory, considering each site individually and based on estimates of sales price, costs to complete and costs to sell. At 31 December 2022 the provision held in the United Kingdom was \u00a316.0 million (2021: \u00a319.3 million) and \u00a335.5 million in Spain (2021: \u00a335.5 million). The table below details the movements on the inventory provision recorded in the year. 2022 \u00a3m 2021 \u00a3m 1 January 54.8 64.4 Net utilised (5.1) (7.0) Foreign exchange 1.8 (2.6) 31 December 51.5 54.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "16. Other financial assets Trade and other receivables Current Non-current 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m T rade receivables 136.8 105.7 9.6 15.8 Other receivables 54.4 62.5 2.6 11.7 191.2 168.2 12.2 27.5 Included within trade receivables are mortgage receivables of \u00a310.2 million (2021: \u00a317.9 million), including shared equity loans. Shared equity loans were provided to certain customers to facilitate their house purchase and are measured at fair value through profit or loss. Included within trade receivables is \u00a334.5 million (2021: \u00a31.7 million) of contract assets arising on construction contracts. Cash and cash equivalents 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents 952.3 921.0 \u00a310.7 million (2021: \u00a30.6 million) of cash and cash equivalents held in Spain from customer deposits can only be used for development expenditure on the sites to which the deposits relate. Further information on financial assets can be found in Note 20. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-448": {
"value": "Trade and other receivables Current Non-current 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m T rade receivables 136.8 105.7 9.6 15.8 Other receivables 54.4 62.5 2.6 11.7 191.2 168.2 12.2 27.5 Included within trade receivables are mortgage receivables of \u00a310.2 million (2021: \u00a317.9 million), including shared equity loans. Shared equity loans were provided to certain customers to facilitate their house purchase and are measured at fair value through profit or loss. Included within trade receivables is \u00a334.5 million (2021: \u00a31.7 million) of contract assets arising on construction contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-449": {
"value": "Cash and cash equivalents 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents 952.3 921.0 \u00a310.7 million (2021: \u00a30.6 million) of cash and cash equivalents held in Spain from customer deposits can only be used for development expenditure on the sites to which the deposits relate. Further information on financial assets can be found in Note 20. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "17. Bank and other loans 2022 \u00a3m 2021 \u00a3m \u20ac100.0 million 2.02% Senior Loan Notes 2023 88.5 84.0 88.5 84.0 2022 \u00a3m 2021 \u00a3m A mounts due for settlement within one yea r 88.5 \u2013 A mount due for settlement after one yea r \u2013 84.0 T otal borrowings 88.5 84.0 Further information on loan facilities can be found in Note 20. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "18. Trade and other payables Current Non-current 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m T rade payables 376.4 274.3 17.1 19.3 Land creditors 395.0 314.2 330.6 492.2 Social security and other taxes 9.6 8.8 \u2013 \u2013 Customer deposits 89.7 82.4 10.4 20.9 A ccruals 230.8 189.6 \u2013 41.6 Deferred income 23.7 25.3 39.2 44.0 Other payables 5.6 7.3 10.0 11.3 1,130.8 901.9 407.3 629.3 Revenue recognised in the current year that was included in the customer deposit balance brought forward at the beginning of the period was \u00a382.4 million (2021: \u00a382.8 million). Other payables include \u00a311.1 million (2021: \u00a313.9 million) of repayable grants. Land creditors are denominated as follows: 2022 \u00a3m 2021 \u00a3m Sterling 696.1 782.1 Euros 29.5 24.3 725.6 806.4 Land creditors of \u00a3493.0 million (2021: \u00a3523.1 million) are secured against land acquired for development. Further information on financial liabilities can be found in Note 20.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "19. Leases The Group as a lessee The Group\u2019s leases consist primarily of office premises and equipment. Right-of-use assets: Office premises \u00a3m Equipment \u00a3m Total \u00a3m A t 1 January 2022 17.6 8.9 26.5 A t 31 December 2022 17.0 9.3 26.3 A dditions during the year 2.6 4.6 7.2 Lease liabilities: 2022 \u00a3m 2021 \u00a3m A t 1 Januar y 27.4 28.0 A dditions 7.2 6.7 Disposals \u2013 (0.3) Interest charge 0.4 0.4 Payments (8.0) (7.3) Foreign exchange \u2013 (0.1) A t 31 Decembe r 27.0 27.4 Current 7.3 7.0 Non-current 19.7 20.4 T otal 27.0 27.4 A mounts recognised in the income statemen t : 2022 \u00a3m 2021 \u00a3m Depreciation charged on right-of-use office premises 3.2 3.1 Depreciation charged on right-of-use equipment 4.2 4.2 Interest on lease liabilities 0.4 0.4 T otal 7.8 7.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "20. Financial instruments and fair value disclosures Capital management The Group\u2019s policy is to maintain a strong balance sheet and to have an appropriate funding structure. Shareholders\u2019 equity and term debt are used to finance non-current assets and the medium to long term inventories. Revolving credit facilities are used to finance net current assets, including development and construction costs. The Group\u2019s financing facilities contain the usual financial covenants including minimum interest cover and maximum gearing. The Group met these requirements throughout the year and up to the date of the approval of the financial statements. The Ordinary Dividend Policy is to return c.7.5% of net assets to shareholders annually, which will be at least \u00a3250 million per annum, in two equal instalments. Financial assets and financial liabilities Categories of financial assets and financial liabilities are as follows: Carrying value Fair value Financial assets Fair value hierarchy 31 December 2022 \u00a3m 31 December 2021 \u00a3m 31 December 2022 \u00a3m 31 December 2021 \u00a3m Cash and cash equivalents a 952.3 921.0 952.3 921.0 Land receivables a 16.3 18.7 16.3 18.7 Other financial assets a 10.0 10.0 10.0 10.0 T rade and other receivables a 136.4 105.0 136.4 105.0 Mortgage receivables b 10.2 17.9 10.2 17.9 1,125.2 1,072.6 1,125.2 1,072.6 a. The Directors consider the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements to approximate their fair value. b. Mortgage receivables relate to sales incentives, including shared equity loans and are measured at fair value through profit or loss. The fair value is established based on a publicly available national house price index, being significant other observable inputs (level 2). Land receivables and trade and other receivables are included in the balance sheet as trade and other receivables for current and non-current amounts. Current and non-current trade and other receivables, as disclosed in Note 16, include \u00a340.5 million (2021: \u00a354.1 million) of non- financial assets. Carrying value Fair value Financial liabilities Fair value hierarchy 31 December 2022 \u00a3m 31 December 2021 \u00a3m 31 December 2022 \u00a3m 31 December 2021 \u00a3m Bank and other loans a 88.5 84.0 87.2 84.8 Land creditors b 725.6 806.4 725.6 806.4 T rade and other payables b 639.9 543.3 639.9 543.3 Lease liabilities b 27.0 27.4 27.0 27.4 1,481.0 1,461.1 1,479.7 1,461.9 a. The fair value of the \u20ac100 million fixed rate loan notes has been determined by reference to external interest rates and the Directors\u2019 assessment of the margin for credit risk (level 2). b. The Directors consider the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements to approximate their fair value. Current and non-current trade and other payables, as disclosed in Note 18, include \u00a3172.6 million (2021: \u00a3181.5 million) of non-financial liabilities. The Group has designated the carrying value of \u20ac79.0 million of foreign currency borrowings (2021: \u20ac79.0 million) as a net investment hedge, equating to \u00a369.9 million (2021: \u00a366.4 million). The Group has no financial instruments with fair values that are determined by reference to significant unobservable inputs (level 3), nor have there been any transfers of assets or liabilities between levels of the fair value hierarchy. There are no non-recurring fair value measurements. Forward contracts have been entered into to offset the foreign exchange movements on intra-Group loans to buy/(sell) against Sterling: \u20ac30.5 million (2021: \u20ac9.5 million), equivalent to \u00a327.0 million (2021: \u00a38.0 million). The fair value of the forward contracts is not material as they were entered into on or near 31 December in each year and mature less than one month later, hence the value of the derivative is negligible. Market risk The Group\u2019s activities expose it to the financial risks of changes in both foreign currency exchange rates and interest rates. The Group aims to manage the exposure to these risks using fixed or variable rate borrowings, foreign currency borrowings and derivative financial instruments. (a) Interest rate risk management Th e Group can be exposed to interest rate risk as the Group borrows funds, when required, at variable interest rates. The exposure to variable rate borrowings can fluctuate during the year due to the seasonal nature of cash flows relating to housing sales and the less certain timing of land payments. Group policy is to manage the volatility risk of interest rates by a combination of fixed rate borrowings and interest rate swaps such that the sensitivity to potential changes in variable rates is within acceptable levels. Group policy does not allow the use of derivatives to speculate against changes to future interest rates and they are only used to manage exposure to volatility. Interest rate hedging using derivatives has not taken place in the current or previous year. This policy has not changed during the year. To measure the risk, variable rate borrowings and the expected interest cost for the year are forecast monthly and compared to budget using management\u2019s expectations of a possible change in interest rates. Interest expense volatility remained within acceptable limits throughout the year. Interest rate sensitivity The effect on both income and equity, based on exposure to non-derivative floating rate instruments and cash and cash equivalents at the balance sheet date, is shown in the table below. The Group does not currently have any outstanding interest rate derivatives. The 1.00% (2021: 0.25%) change represents a reasonably possible change in interest rates over the next financial year. The table assumes all other variables remain constant in accordance with IFRS 7. Income sensitivity 2022 \u00a3m Equity sensitivity 2022 \u00a3m Income sensitivity 2021 \u00a3m Equity sensitivity 2021 \u00a3m 1.00% (2021: 0.25%) increase in interest rates 9.5 9.5 2.3 2.3 Income sensitivity 2022 \u00a3m Equity sensitivity 2022 \u00a3m Income sensitivity 2021 \u00a3m Equity sensitivity 2021 \u00a3m 1.00% (2021: 0.25%) decrease in interest rates (9.5) (9.5) (2.3) (2.3) (b) Foreign currency risk management The Group\u2019s overseas activities expose it to the financial risks of changes in foreign currency exchange rates. Its Spanish subsidiary is the only foreign operation of the Group. The Group is not materially exposed to transaction risks as all Group companies conduct their business in their respective functional currencies. Group policy requires that transaction risks are hedged to the functional currency of the subsidiary using foreign currency borrowings or derivatives where appropriate. The Group is exposed to the translation risk from accounting for both the income and the net investment held in a functional currency other than Sterling. The net investment risk may be hedged using foreign currency borrowings and derivatives. Assets and liabilities denominated in non-functional currencies are retranslated each month using the latest exchange rates. Income is also measured monthly using the latest exchange rates and compared with a budget held at historical exchange rates. Other than the natural hedge provided by foreign currency borrowings, the translation risk of income is not hedged using derivatives. The policy is kept under periodic review and has not changed during the year. Hedge accounting Hedging activities are evaluated periodically to ensure that they are in line with Group policy. The Group has designated the carrying value of \u20ac79.0 million of foreign currency borrowings (2021: \u20ac79.0 million) held at the balance sheet date as a net investment hedge of part of the Group\u2019s investment in Euro denominated assets, equating to \u00a369.9 million (2021: \u00a366.4 million). The change in the carrying value of \u00a33.5 million (2021: \u00a34.8 million) of the borrowings designated as a net investment hedge offset the exchange movement on the foreign currency net investments and are presented in the statement of other comprehensive income. Foreign currency sensitivity The Group is exposed to the Euro due to its Spanish operations. The following table details how the Group\u2019s income and equity would increase/(decrease) on a before tax basis following a 10% (2021: 10%) change in the currency\u2019s value against Sterling, all other variables remaining constant. The 10% change represents a reasonably possible change in the specified Euro exchange rates in relation to Sterling. Income sensitivity 2022 \u00a3m Equity sensitivity 2022 \u00a3m Income sensitivity 2021 \u00a3m Equity sensitivity 2021 \u00a3m Euro weakens against Sterling (0.9) 5.5 (0.9) 5.1 Euro strengthens against Sterling 1.0 (6.8) 1.1 (6.2) Credit risk Credit risk is the risk of financial loss where counterparties are not able to meet their obligations. Group policy is that surplus cash, when not used to repay borrowings, is placed on deposit with the Group\u2019s main relationship banks and with other banks or money market funds based on a minimum credit rating and maximum exposure. There is no significant concentration of risk to any single counterparty. Land receivables arise from sales of surplus land on deferred terms. If the credit risk is not acceptable, then the deferred payment must have adequate security, either by an appropriate guarantee or a charge over the land. The fair value of any land held as security is considered by management to be sufficient in relation to the carrying amount of the receivable to which it relates. Trade and other receivables comprise mainly amounts receivable from various housing associations, other housebuilders and amounts in relation to Help to Buy. Management considers that the credit quality of the various receivables is good in respect of the amounts outstanding and therefore credit risk is considered to be low. There is no significant concentration of risk. Mortgage receivables, including shared equity loans, are in connection with various historical sales promotion schemes and are measured at fair value through profit or loss. The mortgages are secured by a second charge over the property with a low level of experienced credit losses due to non-payment. The carrying amount of financial assets, as detailed above, represents the Group\u2019s maximum exposure to credit risk at the reporting date assuming that any security held has no value. Liquidity risk Liquidity risk is the risk that the Group does not have sufficient financial resources available to meet its obligations as they fall due. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows, matching the expected cash flow timings of financial assets and liabilities with the use of cash and cash equivalents, borrowings, overdrafts and committed revolving credit facilities with a minimum of 12 months to maturity. Future borrowing requirements are forecast on a monthly basis and funding headroom is maintained above forecast peak requirements to meet unforeseen events. At 31 December 2022, the Group\u2019s borrowings and facilities had a range of maturities with an average life of 1.9 years (2021: 2.9 years). In addition to \u20ac100.0 million fixed term borrowings maturing June 2023, the Group has access to a committed revolving credit facility, expiring February 2025, and cash balances. In December 2022 the Group entered into an agreement to refinance the maturing \u20ac100.0 million fixed term borrowings commencing 27 June 2023 at a coupon of 5.08% maturing 27 June 2030. The borrowings and facilities contain financial covenants based on minimum tangible net worth, maximum gearing and minimum interest cover. At the balance sheet date, the total unused committed amount was \u00a3550.0 million (2021: \u00a3550.0 million) and cash and cash equivalents were \u00a3952.3 million (2021: \u00a3921.0 million). The maturity profile of the anticipated future cash flows including interest, using the latest applicable relevant rate, based on the earliest date on which the Group can be required to pay financial liabilities on an undiscounted basis, is as follows: Bank and other loans \u00a3m Land creditors \u00a3m Trade and other payables \u00a3m Lease liabilities \u00a3m Total \u00a3m On demand \u2013 \u2013 \u2013 \u2013 \u2013 Within one year 89.4 401.5 612.8 7.7 1,111.4 More than one year and less than two years \u2013 216.6 14.8 7.0 238.4 More than two years and less than five years \u2013 100.6 9.1 11.0 120.7 More than five years \u2013 31.0 3.2 2.6 36.8 31 December 2022 89.4 749.7 639.9 28.3 1,507.3 Bank and other loans \u00a3m Land creditors \u00a3m Trade and other payables \u00a3m Lease liabilities \u00a3m Total \u00a3m On demand \u2013 \u2013 \u2013 \u2013 \u2013 Within one year 1.7 320.8 471.0 7.4 800.9 More than one year and less than two years 84.9 312.2 48.4 6.3 451.8 More than two years and less than five years \u2013 181.5 15.8 12.1 209.4 More than five years \u2013 23.3 8.1 2.6 34.0 31 December 2021 86.6 837.8 543.3 28.4 1,496.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-450": {
"value": "Capital management The Group\u2019s policy is to maintain a strong balance sheet and to have an appropriate funding structure. Shareholders\u2019 equity and term debt are used to finance non-current assets and the medium to long term inventories. Revolving credit facilities are used to finance net current assets, including development and construction costs. The Group\u2019s financing facilities contain the usual financial covenants including minimum interest cover and maximum gearing. The Group met these requirements throughout the year and up to the date of the approval of the financial statements. The Ordinary Dividend Policy is to return c.7.5% of net assets to shareholders annually, which will be at least \u00a3250 million per annum, in two equal instalments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-451": {
"value": "Financial assets and financial liabilities Categories of financial assets and financial liabilities are as follows: Carrying value Fair value Financial assets Fair value hierarchy 31 December 2022 \u00a3m 31 December 2021 \u00a3m 31 December 2022 \u00a3m 31 December 2021 \u00a3m Cash and cash equivalents a 952.3 921.0 952.3 921.0 Land receivables a 16.3 18.7 16.3 18.7 Other financial assets a 10.0 10.0 10.0 10.0 T rade and other receivables a 136.4 105.0 136.4 105.0 Mortgage receivables b 10.2 17.9 10.2 17.9 1,125.2 1,072.6 1,125.2 1,072.6 a. The Directors consider the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements to approximate their fair value. b. Mortgage receivables relate to sales incentives, including shared equity loans and are measured at fair value through profit or loss. The fair value is established based on a publicly available national house price index, being significant other observable inputs (level 2). Land receivables and trade and other receivables are included in the balance sheet as trade and other receivables for current and non-current amounts. Current and non-current trade and other receivables, as disclosed in Note 16, include \u00a340.5 million (2021: \u00a354.1 million) of non- financial assets. Carrying value Fair value Financial liabilities Fair value hierarchy 31 December 2022 \u00a3m 31 December 2021 \u00a3m 31 December 2022 \u00a3m 31 December 2021 \u00a3m Bank and other loans a 88.5 84.0 87.2 84.8 Land creditors b 725.6 806.4 725.6 806.4 T rade and other payables b 639.9 543.3 639.9 543.3 Lease liabilities b 27.0 27.4 27.0 27.4 1,481.0 1,461.1 1,479.7 1,461.9 a. The fair value of the \u20ac100 million fixed rate loan notes has been determined by reference to external interest rates and the Directors\u2019 assessment of the margin for credit risk (level 2). b. The Directors consider the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements to approximate their fair value. Current and non-current trade and other payables, as disclosed in Note 18, include \u00a3172.6 million (2021: \u00a3181.5 million) of non-financial liabilities. The Group has designated the carrying value of \u20ac79.0 million of foreign currency borrowings (2021: \u20ac79.0 million) as a net investment hedge, equating to \u00a369.9 million (2021: \u00a366.4 million). The Group has no financial instruments with fair values that are determined by reference to significant unobservable inputs (level 3), nor have there been any transfers of assets or liabilities between levels of the fair value hierarchy. There are no non-recurring fair value measurements. Forward contracts have been entered into to offset the foreign exchange movements on intra-Group loans to buy/(sell) against Sterling: \u20ac30.5 million (2021: \u20ac9.5 million), equivalent to \u00a327.0 million (2021: \u00a38.0 million). The fair value of the forward contracts is not material as they were entered into on or near 31 December in each year and mature less than one month later, hence the value of the derivative is negligible. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-452": {
"value": "Market risk The Group\u2019s activities expose it to the financial risks of changes in both foreign currency exchange rates and interest rates. The Group aims to manage the exposure to these risks using fixed or variable rate borrowings, foreign currency borrowings and derivative financial instruments. (a) Interest rate risk management Th e Group can be exposed to interest rate risk as the Group borrows funds, when required, at variable interest rates. The exposure to variable rate borrowings can fluctuate during the year due to the seasonal nature of cash flows relating to housing sales and the less certain timing of land payments. Group policy is to manage the volatility risk of interest rates by a combination of fixed rate borrowings and interest rate swaps such that the sensitivity to potential changes in variable rates is within acceptable levels. Group policy does not allow the use of derivatives to speculate against changes to future interest rates and they are only used to manage exposure to volatility. Interest rate hedging using derivatives has not taken place in the current or previous year. This policy has not changed during the year. To measure the risk, variable rate borrowings and the expected interest cost for the year are forecast monthly and compared to budget using management\u2019s expectations of a possible change in interest rates. Interest expense volatility remained within acceptable limits throughout the year. Interest rate sensitivity The effect on both income and equity, based on exposure to non-derivative floating rate instruments and cash and cash equivalents at the balance sheet date, is shown in the table below. The Group does not currently have any outstanding interest rate derivatives. The 1.00% (2021: 0.25%) change represents a reasonably possible change in interest rates over the next financial year. The table assumes all other variables remain constant in accordance with IFRS 7. Income sensitivity 2022 \u00a3m Equity sensitivity 2022 \u00a3m Income sensitivity 2021 \u00a3m Equity sensitivity 2021 \u00a3m 1.00% (2021: 0.25%) increase in interest rates 9.5 9.5 2.3 2.3 Income sensitivity 2022 \u00a3m Equity sensitivity 2022 \u00a3m Income sensitivity 2021 \u00a3m Equity sensitivity 2021 \u00a3m 1.00% (2021: 0.25%) decrease in interest rates (9.5) (9.5) (2.3) (2.3) (b) Foreign currency risk management The Group\u2019s overseas activities expose it to the financial risks of changes in foreign currency exchange rates. Its Spanish subsidiary is the only foreign operation of the Group. The Group is not materially exposed to transaction risks as all Group companies conduct their business in their respective functional currencies. Group policy requires that transaction risks are hedged to the functional currency of the subsidiary using foreign currency borrowings or derivatives where appropriate. The Group is exposed to the translation risk from accounting for both the income and the net investment held in a functional currency other than Sterling. The net investment risk may be hedged using foreign currency borrowings and derivatives. Assets and liabilities denominated in non-functional currencies are retranslated each month using the latest exchange rates. Income is also measured monthly using the latest exchange rates and compared with a budget held at historical exchange rates. Other than the natural hedge provided by foreign currency borrowings, the translation risk of income is not hedged using derivatives. The policy is kept under periodic review and has not changed during the year. Hedge accounting Hedging activities are evaluated periodically to ensure that they are in line with Group policy. The Group has designated the carrying value of \u20ac79.0 million of foreign currency borrowings (2021: \u20ac79.0 million) held at the balance sheet date as a net investment hedge of part of the Group\u2019s investment in Euro denominated assets, equating to \u00a369.9 million (2021: \u00a366.4 million). The change in the carrying value of \u00a33.5 million (2021: \u00a34.8 million) of the borrowings designated as a net investment hedge offset the exchange movement on the foreign currency net investments and are presented in the statement of other comprehensive income. Foreign currency sensitivity The Group is exposed to the Euro due to its Spanish operations. The following table details how the Group\u2019s income and equity would increase/(decrease) on a before tax basis following a 10% (2021: 10%) change in the currency\u2019s value against Sterling, all other variables remaining constant. The 10% change represents a reasonably possible change in the specified Euro exchange rates in relation to Sterling. Income sensitivity 2022 \u00a3m Equity sensitivity 2022 \u00a3m Income sensitivity 2021 \u00a3m Equity sensitivity 2021 \u00a3m Euro weakens against Sterling (0.9) 5.5 (0.9) 5.1 Euro strengthens against Sterling 1.0 (6.8) 1.1 (6.2) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-453": {
"value": "Credit risk Credit risk is the risk of financial loss where counterparties are not able to meet their obligations. Group policy is that surplus cash, when not used to repay borrowings, is placed on deposit with the Group\u2019s main relationship banks and with other banks or money market funds based on a minimum credit rating and maximum exposure. There is no significant concentration of risk to any single counterparty. Land receivables arise from sales of surplus land on deferred terms. If the credit risk is not acceptable, then the deferred payment must have adequate security, either by an appropriate guarantee or a charge over the land. The fair value of any land held as security is considered by management to be sufficient in relation to the carrying amount of the receivable to which it relates. Trade and other receivables comprise mainly amounts receivable from various housing associations, other housebuilders and amounts in relation to Help to Buy. Management considers that the credit quality of the various receivables is good in respect of the amounts outstanding and therefore credit risk is considered to be low. There is no significant concentration of risk. Mortgage receivables, including shared equity loans, are in connection with various historical sales promotion schemes and are measured at fair value through profit or loss. The mortgages are secured by a second charge over the property with a low level of experienced credit losses due to non-payment. The carrying amount of financial assets, as detailed above, represents the Group\u2019s maximum exposure to credit risk at the reporting date assuming that any security held has no value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "Liquidity risk Liquidity risk is the risk that the Group does not have sufficient financial resources available to meet its obligations as they fall due. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows, matching the expected cash flow timings of financial assets and liabilities with the use of cash and cash equivalents, borrowings, overdrafts and committed revolving credit facilities with a minimum of 12 months to maturity. Future borrowing requirements are forecast on a monthly basis and funding headroom is maintained above forecast peak requirements to meet unforeseen events. At 31 December 2022, the Group\u2019s borrowings and facilities had a range of maturities with an average life of 1.9 years (2021: 2.9 years). In addition to \u20ac100.0 million fixed term borrowings maturing June 2023, the Group has access to a committed revolving credit facility, expiring February 2025, and cash balances. In December 2022 the Group entered into an agreement to refinance the maturing \u20ac100.0 million fixed term borrowings commencing 27 June 2023 at a coupon of 5.08% maturing 27 June 2030. The borrowings and facilities contain financial covenants based on minimum tangible net worth, maximum gearing and minimum interest cover. At the balance sheet date, the total unused committed amount was \u00a3550.0 million (2021: \u00a3550.0 million) and cash and cash equivalents were \u00a3952.3 million (2021: \u00a3921.0 million). The maturity profile of the anticipated future cash flows including interest, using the latest applicable relevant rate, based on the earliest date on which the Group can be required to pay financial liabilities on an undiscounted basis, is as follows: Bank and other loans \u00a3m Land creditors \u00a3m Trade and other payables \u00a3m Lease liabilities \u00a3m Total \u00a3m On demand \u2013 \u2013 \u2013 \u2013 \u2013 Within one year 89.4 401.5 612.8 7.7 1,111.4 More than one year and less than two years \u2013 216.6 14.8 7.0 238.4 More than two years and less than five years \u2013 100.6 9.1 11.0 120.7 More than five years \u2013 31.0 3.2 2.6 36.8 31 December 2022 89.4 749.7 639.9 28.3 1,507.3 Bank and other loans \u00a3m Land creditors \u00a3m Trade and other payables \u00a3m Lease liabilities \u00a3m Total \u00a3m On demand \u2013 \u2013 \u2013 \u2013 \u2013 Within one year 1.7 320.8 471.0 7.4 800.9 More than one year and less than two years 84.9 312.2 48.4 6.3 451.8 More than two years and less than five years \u2013 181.5 15.8 12.1 209.4 More than five years \u2013 23.3 8.1 2.6 34.0 31 December 2021 86.6 837.8 543.3 28.4 1,496.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "21. Retirement benefit obligations Total retirement benefit obligations of \u00a329.9 million (2021: \u00a337.3 million) comprise a defined benefit pension liability of \u00a329.6 million (2021: \u00a337.0 million) and a post-retirement healthcare liability of \u00a30.3 million (2021: \u00a30.3 million). The Group operates the Taylor Wimpey Pension Scheme (TWPS), a defined benefit pension scheme, which is closed to both new members and to future accrual. The Group also operates defined contribution pension arrangements in the UK, which are available to new and existing UK employees. Defined contribution pension plan A defined contribution plan is an arrangement under which the Group pays contributions to an independently administered fund or policy; such contributions are based on a fixed percentage of employees\u2019 pay. The Group has no legal or constructive obligations to pay further contributions to the fund/policy once the contributions have been paid. Employees\u2019 benefits are determined by the amount of contributions paid by the Group and the employee, together with investment returns earned on the contributions arising from the performance of each individual\u2019s chosen investments and the type of pension the employee chooses to buy at retirement. As a result, actuarial risk (that benefits will be lower than expected) and investment risk (that invested assets will not perform in line with expectations) fall on the employee. The Group\u2019s contributions are recognised as an employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. The Group\u2019s defined contribution plan, the Taylor Wimpey Personal Choice Plan (TWPCP), is offered to all new and existing monthly paid employees and is provided by Scottish Widows. The People\u2019s Pension is used for auto enrolment purposes for all weekly paid employees and those monthly paid employees not participating in the TWPCP. The People\u2019s Pension is provided by People\u2019s Partnership, one of the UK\u2019s largest providers of financial benefits to construction industry employers and individuals. The Group made contributions to its defined contribution arrangements of \u00a315.4 million in the year (2021: \u00a314.1 million), which is included in the income statement charge. Defined benefit pension scheme The Group\u2019s defined benefit pension scheme in the UK is the TWPS. The TWPS is a funded defined benefit pension scheme which provides benefits to beneficiaries in the form of a guaranteed level of pension payable for life. The level of benefits provided depends on an individual member\u2019s length of service and their salary in the final years leading up to retirement or date of ceasing active accrual if earlier. Pension payments are generally increased in line with inflation. The TWPS is closed to new members and future accrual. The Group operates the TWPS under the UK regulatory framework. Benefits are paid to members from a Trustee-administered fund and the Trustee is responsible for ensuring that the TWPS is well-managed and that members\u2019 benefits are secure. Scheme assets are held in trust. The TWPS Trustee\u2019s other duties include managing the investment of scheme assets, administration of scheme benefits and exercising of discretionary powers. The Group works closely with the Trustee to manage the TWPS. The Trustee of the TWPS owes fiduciary duties to the TWPS\u2019 beneficiaries. The appointment of the Directors to the Trustee Board is determined by the TWPS trust documentation. During 2020, the Group engaged with the TWPS Trustee on the triennial valuation of the TWPS with a reference date of 31 December 2019. The table below sets out the key assumptions agreed as part of this valuation. Assumptions Discount rate (pre-retirement) 2.35% per annum above the yield on the nominal gilt yield curve. Illustrative rate of 3.51% using the 15-year spot rate from the curve Discount rate (post-retirement) 0.50% per annum above the yield on the nominal gilt yield curve. Illustrative rate of 1.66% using the 15-y ear spot rate from the curve RPI inflation Implied inflation gilt yield curve. Illustrative rate of 3.40% using the 15-year spot rate from the curve CPI inflation RPI less 0.8%. Illustrative rate of 2.60% using the 15-year spot rate from the curve Mortality 104% of S3PxA tables, CMI_2019 improvements with 1.50% long term trend rate, a smoothing factor of 7 and an initial addition parameter of 0.5% The result of this valuation was a Technical Provisions deficit at 31 December 2019 of \u00a336.0 million. In March 2021, a new funding arrangement was agreed with the TWPS Trustee that committed the Group to paying up to \u00a320.0 million per annum into an escrow account between April 2021 and March 2024. The first six months of contributions (\u00a310.0 million) between 1 April 2021 and 30 September 2021 were guaranteed. From 1 October 2021, payments into the escrow account are subject to a quarterly funding test with the first funding test having an effective date of 30 September 2021. Contributions to the escrow are suspended should the TWPS Technical Provisions funding level at any quarter-end be 100% or more and would restart only if the funding level subsequently falls below 98%. The funding test at 30 September 2021 showed a funding level of 103% and it has remained above 98% since then and therefore escrow payments were suspended on, and from, 1 October 2021. The Group continues to contribute \u00a35.1 million per annum from the Pension Funding Partnership and \u00a32.0 million per annum to cover scheme expenses. The escrow account, over which the TWPS Trustee holds a fixed charge, is recognised in other financial assets and at 31 December 2022 was \u00a310.0 million (31 December 2021: \u00a310.0 million). Transfers out of the escrow account (either to the TWPS or the Group) are subject to the 2019 triennial funding arrangement entered into between the Group and the Trustee and as such the funds are restricted from use by the Group for other purposes and are therefore not classified as cash or cash equivalents. Interest earned by the escrow account is retained within the escrow account. On an IAS 19 accounting basis the underlying surplus in the TWPS at 31 December 2022 was \u00a376.6 million (2021: \u00a3149.9 million). The terms of the TWPS are such that the Group does not have an unconditional right to a refund of surplus. As a result, the Group recognised an adjustment to the underlying surplus in the TWPS on an IAS 19 accounting basis of \u00a3106.2 million (2021: \u00a3186.9 million), resulting in an IFRIC 14 deficit of \u00a329.6 million (2021: \u00a337.0 million), which represented the present value of future contributions under the funding plan. In 2013, the Group introduced a \u00a3100.0 million Pension Funding Partnership that utilises the Group\u2019s show homes, as well as six offices, in a sale and leaseback structure. This provides an additional \u00a35.1 million of annual funding for the TWPS. The assets held within the Pension Funding Partnership do not affect the IAS 19 figures (before IFRIC 14) as they remain assets of the Group, and are not assets of the TWPS. At 31 December 2022 there was \u00a375.2 million of property and \u00a339.8 million of cash held within the structure (2021: \u00a381.8 million of property and \u00a331.0 million of cash). The terms of the Funding Partnership are such that, should the TWPS be in a Technical Provisions deficit at 31 December 2028, then a bullet payment will be due to the TWPS equal to the lower of \u00a3100.0 million or the Technical Provisions deficit at that time. The Group continues to work closely with the Trustee in managing pension risks, including management of interest rate, inflation and longevity risks. The TWPS assets are approximately 96% (2021: 96%) hedged against changes in both interest rates and inflation expectations on the scheme\u2019s long term funding basis that is currently used for investment strategy purposes. The TWPS also benefits from a bulk annuity contract which covers some of the largest liabilities in the scheme, providing protection against interest rate, inflation and longevity risk. The weighted average duration of the defined benefit obligation at the end of the year is approximately 12 years (2021: approximately 16 years). Accounting assumptions The assumptions used in calculating the accounting costs and obligations of the TWPS, as detailed below, are set by the Directors after consultation with independent actuaries. The basis for these assumptions is prescribed by IAS 19 and they do not reflect the assumptions that may be used in future funding valuations of the TWPS. The discount rate used to determine the present value of the obligations is set by reference to market yields on high-quality corporate bonds with regard for the duration to the TWPS liabilities. The assumption for RPI inflation is set by reference to the Bank of England\u2019s implied inflation curve with regard to the duration of the TWPS liabilities, with appropriate adjustments to reflect distortions due to supply and demand for inflation-linked securities. CPI inflation is set by reference to RPI inflation as no CPI-linked bonds exist to render implied CPI inflation directly observable. The mortality assumption is based on 102% of S3PxA tables, CMI_2021 improvements with a 1.25% long term trend rate, a smoothing factor of 7, an initial addition parameter of 0.25% and a w2020 and w2021 parameter of 10%. The mortality assumption used in 2021 was 106% of S3PxA tables, CMI_2020 improvements with a 1.25% long term trend rate, a smoothing factor of 7, an initial addition parameter of 0.25% and a w2020 parameter of 15%. A ccounting valuation assumptions 2022 2021 A t 31 December: Discount rate for scheme liabilities 4.95% 1.85% General pay inflation n/a n/a Deferred pension increases 2.30% 2.50% Pension increases* 2.10%-3.65% 2.15%-3.70% * Pension increases depend on the section of the TWPS of which each member is a part. The current life expectancies (in years) underlying the value of the accrued liabilities for the TWPS are: 2022 2021 Life expectancy Male Female Male Female Member currently aged 65 87 89 86 89 Member currently aged 45 88 91 88 90 The table below shows the impact to the present value of scheme liabilities of movements in key assumptions, measured using the same method as the defined benefit scheme. A ssumption Change in assumption Impact on scheme liabilities Impact on scheme liabilities (%) Discount rate Decrease by 0.5% p.a. Increase by \u00a389m 5.3 Rate of inflation* Increase by 0.5% p.a. Increase by \u00a351m 3.0 Life expectancy Members live 1 year longer Increase by \u00a365m 3.9 * Assumed to affect deferred revaluation and pensioner increases in payment. The sensitivity of increasing life expectancy has been reduced by the medically underwritten buy-in. See the section on risks and risk management at the end of this note. 31 December 2022 Fair value of scheme assets of the TWPS Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Percentage of total scheme assets Equity (a) \u2013 38.3 \u2013 38.3 2.3% Diversified growth funds (b) \u2013 139.3 \u2013 139.3 8.5% Hedge funds (c) \u2013 \u2013 220.3 220.3 13.4% Property 0.1 \u2013 2.3 2.4 0.1% Multi-asset credit 32.5 152.1 \u2013 184.6 11.2% Direct lending 0.1 \u2013 142.5 142.6 8.7% Fixed income 6.0 172.2 \u2013 178.2 10.8% Liability driven investment (d) 165.0 428.8 \u2013 593.8 36.1% Insurance policies in respect of certain members \u2013 \u2013 142.0 142.0 8.6% Cash 4.8 \u2013 \u2013 4.8 0.3% 208.5 930.7 507.1 1,646.3 100.0% 31 December 2021 Fair value of scheme assets of the TWPS Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Percentage of total scheme assets Equity (a) \u2013 43.4 \u2013 43.4 1.7% Diversified growth funds (b) \u2013 357.8 \u2013 357.8 14.6% Hedge funds (c) \u2013 \u2013 189.8 189.8 7.8% Property 2.7 \u2013 6.7 9.4 0.4% Multi-asset credit 0.4 274.0 \u2013 274.4 11.2% Direct lending 1.3 \u2013 144.8 146.1 6.0% Fixed income 2.4 102.4 \u2013 104.8 4.3% Liability driven investment (d) (252.5) 1,376.6 \u2013 1,124.1 46.0% Insurance policies in respect of certain members \u2013 \u2013 191.0 191.0 7.8% Cash 4.5 \u2013 \u2013 4.5 0.2% (241.2) 2,154.2 532.3 2,445.3 100.0% (a) This amount relates to Volatility Controlled Equities (VCE). This fund has 2.5 \u2013 8x leverage exposure, with a target of 4x. The leverage at 31 December 2022 was 5.2x (31 December 2021: 2.6x). (b) This amount relates to the Scheme\u2019s Diversified Risk Premia (DRP) allocation. The leverage on the two funds in the DRP allocation at 31 December 2022 was 0.2x and 0.5x respectively (31 December 2021: 1.0x and -0.2x). (c) The leverage on this fund at 31 December 2022 was 0.7x (31 December 2021: 0.8x). (d) The bespoke Liability Driven Investment (LDI) fund is designed to protect the Scheme against movements in interest rates and inflation. The overall leverage on the LDI fund at 31 December 2022 was approximately 3.7x (31 December 2021: 3.1x). The value of the annuities held by the TWPS are set equal to the value of the liabilities which these annuities match. All other fair values are provided by the fund managers and collated by Northern Trust as custodian, who independently price the securities from their preferred vendor sources where the data is publicly available and rely on investment manager data where this information is not available. Where available, the fair values are quoted prices (e.g. listed equity). Unlisted investments (e.g. private equity) are included at values provided by the fund manager in accordance with relevant guidance. Other significant assets are valued based on observable inputs. There are no investments in respect of the Group\u2019s own securities. The table below details the movements in the TWPS pension liability and assets recorded through the income statement and other comprehensive income. 2022 2021 Present value of obligation \u00a3m Fair value of scheme assets \u00a3m Asset/(liability) recognised on balance sheet \u00a3m Present value of obligation \u00a3m Fair value of scheme assets \u00a3m Asset/(liability) recognised on balance sheet \u00a3m A t 1 Januar y (2,482.3) 2,445.3 (37.0) (2,493.4) 2,404.3 (89.1) A dministration expenses \u2013 (2.3) (2.3) \u2013 (2.2) (2.2) Interest (expense)/income (44.9) 44.3 (0.6) (31.7) 30.7 (1.0) Total amount recognised in income statement (44.9) 42.0 (2.9) (31.7) 28.5 (3.2) Remeasurement (loss)/gain on scheme assets \u2013 (746.1) (746.1) \u2013 102.9 102.9 Change in demographic assumptions (20.0) \u2013 (20.0) 29.3 \u2013 29.3 Change in financial assumptions 758.8 \u2013 758.8 131.6 \u2013 131.6 Experience loss (73.6) \u2013 (73.6) (39.0) \u2013 (39.0) A djustment to liabilities for IFRIC 14 84.1 \u2013 84.1 (186.9) \u2013 (186.9) Total remeasurements in other comprehensive income 749.3 (746.1) 3.2 (65.0) 102.9 37.9 Employer contributions \u2013 7.1 7.1 \u2013 17.4 17.4 Employee contributions \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Benefit payments 102.0 (102.0) \u2013 107.8 (107.8) \u2013 A t 31 December (1,675.9) 1,646.3 (29.6) (2,482.3) 2,445.3 (37.0) A ccounting valuation 2022 \u00a3m 2021 \u00a3m Fair value of scheme assets 1,646.3 2,445.3 Present value of scheme obligations (1,569.7) (2,295.4) Surplus in scheme 76.6 149.9 IFRIC 14 limitation on recognition of surplus (106.2) (186.9) Deficit after IFRIC 14 adjustment (29.6) (37.0) Risks and risk management The TWPS, in common with the majority of such defined benefit pension schemes in the UK, has a number of areas of risk. These areas of risk, and the ways in which the Group has sought to manage them, are set out in the table below. The risks are considered from both a funding perspective, which drives the cash commitments of the Group, and from an accounting perspective, i.e. the extent to which such risks affect the amounts recorded in the Group\u2019s financial statements. Although investment decisions in the UK are the responsibility of the TWPS Trustee, the Group takes an active interest to ensure that the pension scheme risks are managed efficiently. The Group has regular meetings with the Trustee to discuss investment performance, regulatory changes and proposals to actively manage the position of the TWPS. Risk Description A sset volatility T he TWPS strategy remains well diversified through its exposure to a range of asset classes, including volatilit y -controlled equities, commercial real estate debt, direct loans, fund of hedge funds, Government bonds and a broad spectrum of corporate bonds and other fixed income exposures. The TWPS invests across a number of managers to reduce manager concentration risk. T he TWPS does not target a specific asset allocation but instead bases its strategic asset allocation on the return objectives and risk constraints agreed upon by the Trustee. These were revisited and reviewed in 2021 to ensure they reflected the T WPS latest position. Given the TWPS\u2019 funding position, the Trustee reaffirmed the target date of 2025 to reach full funding on the long term funding objective basis. The TWPS risk budget was also reduced from a funding-ratio-at-risk measure of 7.5% to 6.0%. In response to the significant increases in bond yields over 2022, and in particular the volatile markets at the start of Q3, the Trustee decided to sell some of the TWPS\u2019 liquid assets in order to ensure sufficient collateral in support of the liability- hedging programme. This has led to short-term changes in the overall investment strategy which is reflected in the asset allocation at the end of the reporting period. The Company and Trustee are in ongoing discussions around how to rebalance the portfolio to meet the agreed expected return and risk budgets. Risk Description Changes in bond yields Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in bond and liability- matching derivatives offers a significant degree of matching, i.e. the movement in assets arising from changes in bond yields substantially matches the movement in the funding or accounting liabilities. In this way, the exposure to movements in bond yields is reduced. Investing in foreign currency To maintain appropriate diversification of investments within the TWPS assets and to take advantage of overseas investment returns, a proportion of the underlying investment portfolio is invested overseas. To balance the risk of investing in foreign currencies while having an obligation to settle benefits in Sterling, a currency hedging programme, using forward foreign exchange contracts, has been put in place to reduce the currency exposure of these overseas investments to the targeted level. Asset/liability mismatch In order to manage the TWPS\u2019 economic exposure to interest rates and inflation rates, a liability-hedging programme has been put in place. Derivatives are used to hedge changes in the TWPS\u2019 assets from changes in its liabilities, substantially reducing asset/liability mismatch risk. However, it is only possible to target matching of the assets with the liabilities assessed on one measure. Due to its relevance in driving Company contributions, the current policy is to assess the matching against the TWPS\u2019 long term funding basis. This can lead to a slight mis-match between the assets and the liabilities assessed on the Company\u2019s accounting basis, in particular if there is a change in corporate bond yield spreads. Liquidity The TWPS requires sufficient liquidity to meet benefit payments, and to ensure sufficient collateral to support the liability- hedging programme. Market volatility in Q3/Q4 2022 required use of TWPS\u2019 liquid assets to ensure sufficient collateral was maintained. Although the existing processes ensured sufficient liquidity throughout the volatility, these processes have been updated to provide further liquidity, and now include holding sufficient assets within the liability-hedging programme to cover the impact of a further 4.0% increase in yields. The manager of the liability-hedging programme also has direct access to further liquid assets to an overall buffer in excess of a 6.0% increase in yields, which is significantly in excess of the increase seen during the recent market turmoil. Across the portfolio, the TWPS has liquid assets which could be sold at short notice if required. In particular, 50% are managed in either segregated accounts or daily/weekly dealt pooled funds and can be realised within a few business days under normal market conditions, and 3% are invested in pooled funds with monthly redemption dates. Of the remaining assets, 30% could be redeemed within approximately six to nine months of notification in normal market conditions, and the rest are made up of illiquid assets including insurance policies, real estate and illiquid debt (which include commercial real estate debt and direct lending bonds). Life expectancy The majority of the TWPS obligations are to provide a pension forthe life of the member on retirement, so increases in life expectancy will result in an increase in the TWPS\u2019 liabilities. The inflation-linked nature of the majority of benefit payments from the TWPS increases the sensitivity of the liabilities to changes in life expectancy. During 2014, the Group reached agreement with Partnership Life Assurance Company Limited (now Just Group plc) to insure the benefits of 10% of members with the greatest anticipated liabilities through a medically underwritten buy-in. By insuring these members, the Group has removed more than 10% of longevity risk from the TWPS by significantly reducing the longevity risk in relation to a large proportion of the liabilities. Climate risk The TWPS Trustee recognises that climate change is a financial risk affecting the TWPS assets. The TWPS Trustee integrates the monitoring of appropriate climate risk metrics into its risk management framework and considers these metrics when making investment decisions. The TWPS Trustee requires its appointed investment managers to integrate climate change risks and opportunities into their investment processes as applied to the assets of the TWPS. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-455": {
"value": "Defined contribution pension plan A defined contribution plan is an arrangement under which the Group pays contributions to an independently administered fund or policy; such contributions are based on a fixed percentage of employees\u2019 pay. The Group has no legal or constructive obligations to pay further contributions to the fund/policy once the contributions have been paid. Employees\u2019 benefits are determined by the amount of contributions paid by the Group and the employee, together with investment returns earned on the contributions arising from the performance of each individual\u2019s chosen investments and the type of pension the employee chooses to buy at retirement. As a result, actuarial risk (that benefits will be lower than expected) and investment risk (that invested assets will not perform in line with expectations) fall on the employee. The Group\u2019s contributions are recognised as an employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. The Group\u2019s defined contribution plan, the Taylor Wimpey Personal Choice Plan (TWPCP), is offered to all new and existing monthly paid employees and is provided by Scottish Widows. The People\u2019s Pension is used for auto enrolment purposes for all weekly paid employees and those monthly paid employees not participating in the TWPCP. The People\u2019s Pension is provided by People\u2019s Partnership, one of the UK\u2019s largest providers of financial benefits to construction industry employers and individuals. The Group made contributions to its defined contribution arrangements of \u00a315.4 million in the year (2021: \u00a314.1 million), which is included in the income statement charge. ",
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"fact-456": {
"value": "Defined benefit pension scheme The Group\u2019s defined benefit pension scheme in the UK is the TWPS. The TWPS is a funded defined benefit pension scheme which provides benefits to beneficiaries in the form of a guaranteed level of pension payable for life. The level of benefits provided depends on an individual member\u2019s length of service and their salary in the final years leading up to retirement or date of ceasing active accrual if earlier. Pension payments are generally increased in line with inflation. The TWPS is closed to new members and future accrual. The Group operates the TWPS under the UK regulatory framework. Benefits are paid to members from a Trustee-administered fund and the Trustee is responsible for ensuring that the TWPS is well-managed and that members\u2019 benefits are secure. Scheme assets are held in trust. The TWPS Trustee\u2019s other duties include managing the investment of scheme assets, administration of scheme benefits and exercising of discretionary powers. The Group works closely with the Trustee to manage the TWPS. The Trustee of the TWPS owes fiduciary duties to the TWPS\u2019 beneficiaries. The appointment of the Directors to the Trustee Board is determined by the TWPS trust documentation. During 2020, the Group engaged with the TWPS Trustee on the triennial valuation of the TWPS with a reference date of 31 December 2019. The table below sets out the key assumptions agreed as part of this valuation. Assumptions Discount rate (pre-retirement) 2.35% per annum above the yield on the nominal gilt yield curve. Illustrative rate of 3.51% using the 15-year spot rate from the curve Discount rate (post-retirement) 0.50% per annum above the yield on the nominal gilt yield curve. Illustrative rate of 1.66% using the 15-y ear spot rate from the curve RPI inflation Implied inflation gilt yield curve. Illustrative rate of 3.40% using the 15-year spot rate from the curve CPI inflation RPI less 0.8%. Illustrative rate of 2.60% using the 15-year spot rate from the curve Mortality 104% of S3PxA tables, CMI_2019 improvements with 1.50% long term trend rate, a smoothing factor of 7 and an initial addition parameter of 0.5% The result of this valuation was a Technical Provisions deficit at 31 December 2019 of \u00a336.0 million. In March 2021, a new funding arrangement was agreed with the TWPS Trustee that committed the Group to paying up to \u00a320.0 million per annum into an escrow account between April 2021 and March 2024. The first six months of contributions (\u00a310.0 million) between 1 April 2021 and 30 September 2021 were guaranteed. From 1 October 2021, payments into the escrow account are subject to a quarterly funding test with the first funding test having an effective date of 30 September 2021. Contributions to the escrow are suspended should the TWPS Technical Provisions funding level at any quarter-end be 100% or more and would restart only if the funding level subsequently falls below 98%. The funding test at 30 September 2021 showed a funding level of 103% and it has remained above 98% since then and therefore escrow payments were suspended on, and from, 1 October 2021. The Group continues to contribute \u00a35.1 million per annum from the Pension Funding Partnership and \u00a32.0 million per annum to cover scheme expenses.The escrow account, over which the TWPS Trustee holds a fixed charge, is recognised in other financial assets and at 31 December 2022 was \u00a310.0 million (31 December 2021: \u00a310.0 million). Transfers out of the escrow account (either to the TWPS or the Group) are subject to the 2019 triennial funding arrangement entered into between the Group and the Trustee and as such the funds are restricted from use by the Group for other purposes and are therefore not classified as cash or cash equivalents. Interest earned by the escrow account is retained within the escrow account. On an IAS 19 accounting basis the underlying surplus in the TWPS at 31 December 2022 was \u00a376.6 million (2021: \u00a3149.9 million). The terms of the TWPS are such that the Group does not have an unconditional right to a refund of surplus. As a result, the Group recognised an adjustment to the underlying surplus in the TWPS on an IAS 19 accounting basis of \u00a3106.2 million (2021: \u00a3186.9 million), resulting in an IFRIC 14 deficit of \u00a329.6 million (2021: \u00a337.0 million), which represented the present value of future contributions under the funding plan. In 2013, the Group introduced a \u00a3100.0 million Pension Funding Partnership that utilises the Group\u2019s show homes, as well as six offices, in a sale and leaseback structure. This provides an additional \u00a35.1 million of annual funding for the TWPS. The assets held within the Pension Funding Partnership do not affect the IAS 19 figures (before IFRIC 14) as they remain assets of the Group, and are not assets of the TWPS. At 31 December 2022 there was \u00a375.2 million of property and \u00a339.8 million of cash held within the structure (2021: \u00a381.8 million of property and \u00a331.0 million of cash). The terms of the Funding Partnership are such that, should the TWPS be in a Technical Provisions deficit at 31 December 2028, then a bullet payment will be due to the TWPS equal to the lower of \u00a3100.0 million or the Technical Provisions deficit at that time. The Group continues to work closely with the Trustee in managing pension risks, including management of interest rate, inflation and longevity risks. The TWPS assets are approximately 96% (2021: 96%) hedged against changes in both interest rates and inflation expectations on the scheme\u2019s long term funding basis that is currently used for investment strategy purposes. The TWPS also benefits from a bulk annuity contract which covers some of the largest liabilities in the scheme, providing protection against interest rate, inflation and longevity risk. The weighted average duration of the defined benefit obligation at the end of the year is approximately 12 years (2021: approximately 16 years). Accounting assumptions The assumptions used in calculating the accounting costs and obligations of the TWPS, as detailed below, are set by the Directors after consultation with independent actuaries. The basis for these assumptions is prescribed by IAS 19 and they do not reflect the assumptions that may be used in future funding valuations of the TWPS. The discount rate used to determine the present value of the obligations is set by reference to market yields on high-quality corporate bonds with regard for the duration to the TWPS liabilities. The assumption for RPI inflation is set by reference to the Bank of England\u2019s implied inflation curve with regard to the duration of the TWPS liabilities, with appropriate adjustments to reflect distortions due to supply and demand for inflation-linked securities. CPI inflation is set by reference to RPI inflation as no CPI-linked bonds exist to render implied CPI inflation directly observable. The mortality assumption is based on 102% of S3PxA tables, CMI_2021 improvements with a 1.25% long term trend rate, a smoothing factor of 7, an initial addition parameter of 0.25% and a w2020 and w2021 parameter of 10%. The mortality assumption used in 2021 was 106% of S3PxA tables, CMI_2020 improvements with a 1.25% long term trend rate, a smoothing factor of 7, an initial addition parameter of 0.25% and a w2020 parameter of 15%. A ccounting valuation assumptions 2022 2021 A t 31 December: Discount rate for scheme liabilities 4.95% 1.85% General pay inflation n/a n/a Deferred pension increases 2.30% 2.50% Pension increases* 2.10%-3.65% 2.15%-3.70% * Pension increases depend on the section of the TWPS of which each member is a part. The current life expectancies (in years) underlying the value of the accrued liabilities for the TWPS are: 2022 2021 Life expectancy Male Female Male Female Member currently aged 65 87 89 86 89 Member currently aged 45 88 91 88 90 The table below shows the impact to the present value of scheme liabilities of movements in key assumptions, measured using the same method as the defined benefit scheme. A ssumption Change in assumption Impact on scheme liabilities Impact on scheme liabilities (%) Discount rate Decrease by 0.5% p.a. Increase by \u00a389m 5.3 Rate of inflation* Increase by 0.5% p.a. Increase by \u00a351m 3.0 Life expectancy Members live 1 year longer Increase by \u00a365m 3.9 * Assumed to affect deferred revaluation and pensioner increases in payment. The sensitivity of increasing life expectancy has been reduced by the medically underwritten buy-in. See the section on risks and risk management at the end of this note. 31 December 2022 Fair value of scheme assets of the TWPS Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Percentage of total scheme assets Equity (a) \u2013 38.3 \u2013 38.3 2.3% Diversified growth funds (b) \u2013 139.3 \u2013 139.3 8.5% Hedge funds (c) \u2013 \u2013 220.3 220.3 13.4% Property 0.1 \u2013 2.3 2.4 0.1% Multi-asset credit 32.5 152.1 \u2013 184.6 11.2% Direct lending 0.1 \u2013 142.5 142.6 8.7% Fixed income 6.0 172.2 \u2013 178.2 10.8% Liability driven investment (d) 165.0 428.8 \u2013 593.8 36.1% Insurance policies in respect of certain members \u2013 \u2013 142.0 142.0 8.6% Cash 4.8 \u2013 \u2013 4.8 0.3% 208.5 930.7 507.1 1,646.3 100.0% 31 December 2021 Fair value of scheme assets of the TWPS Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Percentage of total scheme assets Equity (a) \u2013 43.4 \u2013 43.4 1.7% Diversified growth funds (b) \u2013 357.8 \u2013 357.8 14.6% Hedge funds (c) \u2013 \u2013 189.8 189.8 7.8% Property 2.7 \u2013 6.7 9.4 0.4% Multi-asset credit 0.4 274.0 \u2013 274.4 11.2% Direct lending 1.3 \u2013 144.8 146.1 6.0% Fixed income 2.4 102.4 \u2013 104.8 4.3% Liability driven investment (d) (252.5) 1,376.6 \u2013 1,124.1 46.0% Insurance policies in respect of certain members \u2013 \u2013 191.0 191.0 7.8% Cash 4.5 \u2013 \u2013 4.5 0.2% (241.2) 2,154.2 532.3 2,445.3 100.0% (a) This amount relates to Volatility Controlled Equities (VCE). This fund has 2.5 \u2013 8x leverage exposure, with a target of 4x. The leverage at 31 December 2022 was 5.2x (31 December 2021: 2.6x). (b) This amount relates to the Scheme\u2019s Diversified Risk Premia (DRP) allocation. The leverage on the two funds in the DRP allocation at 31 December 2022 was 0.2x and 0.5x respectively (31 December 2021: 1.0x and -0.2x). (c) The leverage on this fund at 31 December 2022 was 0.7x (31 December 2021: 0.8x). (d) The bespoke Liability Driven Investment (LDI) fund is designed to protect the Scheme against movements in interest rates and inflation. The overall leverage on the LDI fund at 31 December 2022 was approximately 3.7x (31 December 2021: 3.1x). The value of the annuities held by the TWPS are set equal to the value of the liabilities which these annuities match. All other fair values are provided by the fund managers and collated by Northern Trust as custodian, who independently price the securities from their preferred vendor sources where the data is publicly available and rely on investment manager data where this information is not available. Where available, the fair values are quoted prices (e.g. listed equity). Unlisted investments (e.g. private equity) are included at values provided by the fund manager in accordance with relevant guidance. Other significant assets are valued based on observable inputs. There are no investments in respect of the Group\u2019s own securities. The table below details the movements in the TWPS pension liability and assets recorded through the income statement and other comprehensive income. 2022 2021 Present value of obligation \u00a3m Fair value of scheme assets \u00a3m Asset/(liability) recognised on balance sheet \u00a3m Present value of obligation \u00a3m Fair value of scheme assets \u00a3m Asset/(liability) recognised on balance sheet \u00a3m A t 1 Januar y (2,482.3) 2,445.3 (37.0) (2,493.4) 2,404.3 (89.1) A dministration expenses \u2013 (2.3) (2.3) \u2013 (2.2) (2.2) Interest (expense)/income (44.9) 44.3 (0.6) (31.7) 30.7 (1.0) Total amount recognised in income statement (44.9) 42.0 (2.9) (31.7) 28.5 (3.2) Remeasurement (loss)/gain on scheme assets \u2013 (746.1) (746.1) \u2013 102.9 102.9 Change in demographic assumptions (20.0) \u2013 (20.0) 29.3 \u2013 29.3 Change in financial assumptions 758.8 \u2013 758.8 131.6 \u2013 131.6 Experience loss (73.6) \u2013 (73.6) (39.0) \u2013 (39.0) A djustment to liabilities for IFRIC 14 84.1 \u2013 84.1 (186.9) \u2013 (186.9) Total remeasurements in other comprehensive income 749.3 (746.1) 3.2 (65.0) 102.9 37.9 Employer contributions \u2013 7.1 7.1 \u2013 17.4 17.4 Employee contributions \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Benefit payments 102.0 (102.0) \u2013 107.8 (107.8) \u2013 A t 31 December (1,675.9) 1,646.3 (29.6) (2,482.3) 2,445.3 (37.0) A ccounting valuation 2022 \u00a3m 2021 \u00a3m Fair value of scheme assets 1,646.3 2,445.3 Present value of scheme obligations (1,569.7) (2,295.4) Surplus in scheme 76.6 149.9 IFRIC 14 limitation on recognition of surplus (106.2) (186.9) Deficit after IFRIC 14 adjustment (29.6) (37.0) Risks and risk management The TWPS, in common with the majority of such defined benefit pension schemes in the UK, has a number of areas of risk. These areas of risk, and the ways in which the Group has sought to manage them, are set out in the table below. The risks are considered from both a funding perspective, which drives the cash commitments of the Group, and from an accounting perspective, i.e. the extent to which such risks affect the amounts recorded in the Group\u2019s financial statements. Although investment decisions in the UK are the responsibility of the TWPS Trustee, the Group takes an active interest to ensure that the pension scheme risks are managed efficiently. The Group has regular meetings with the Trustee to discuss investment performance, regulatory changes and proposals to actively manage the position of the TWPS. Risk Description A sset volatility T he TWPS strategy remains well diversified through its exposure to a range of asset classes, including volatilit y -controlled equities, commercial real estate debt, direct loans, fund of hedge funds, Government bonds and a broad spectrum of corporate bonds and other fixed income exposures. The TWPS invests across a number of managers to reduce manager concentration risk. T he TWPS does not target a specific asset allocation but instead bases its strategic asset allocation on the return objectives and risk constraints agreed upon by the Trustee. These were revisited and reviewed in 2021 to ensure they reflected the T WPS latest position. Given the TWPS\u2019 funding position, the Trustee reaffirmed the target date of 2025 to reach full funding on the long term funding objective basis. The TWPS risk budget was also reduced from a funding-ratio-at-risk measure of 7.5% to 6.0%. In response to the significant increases in bond yields over 2022, and in particular the volatile markets at the start of Q3, the Trustee decided to sell some of the TWPS\u2019 liquid assets in order to ensure sufficient collateral in support of the liability- hedging programme. This has led to short-term changes in the overall investment strategy which is reflected in the asset allocation at the end of the reporting period. The Company and Trustee are in ongoing discussions around how to rebalance the portfolio to meet the agreed expected return and risk budgets. Risk Description Changes in bond yields Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in bond and liability- matching derivatives offers a significant degree of matching, i.e. the movement in assets arising from changes in bond yields substantially matches the movement in the funding or accounting liabilities. In this way, the exposure to movements in bond yields is reduced. Investing in foreign currency To maintain appropriate diversification of investments within the TWPS assets and to take advantage of overseas investment returns, a proportion of the underlying investment portfolio is invested overseas. To balance the risk of investing in foreign currencies while having an obligation to settle benefits in Sterling, a currency hedging programme, using forward foreign exchange contracts, has been put in place to reduce the currency exposure of these overseas investments to the targeted level. Asset/liability mismatch In order to manage the TWPS\u2019 economic exposure to interest rates and inflation rates, a liability-hedging programme has been put in place. Derivatives are used to hedge changes in the TWPS\u2019 assets from changes in its liabilities, substantially reducing asset/liability mismatch risk. However, it is only possible to target matching of the assets with the liabilities assessed on one measure. Due to its relevance in driving Company contributions, the current policy is to assess the matching against the TWPS\u2019 long term funding basis. This can lead to a slight mis-match between the assets and the liabilities assessed on the Company\u2019s accounting basis, in particular if there is a change in corporate bond yield spreads. Liquidity The TWPS requires sufficient liquidity to meet benefit payments, and to ensure sufficient collateral to support the liability- hedging programme. Market volatility in Q3/Q4 2022 required use of TWPS\u2019 liquid assets to ensure sufficient collateral was maintained. Although the existing processes ensured sufficient liquidity throughout the volatility, these processes have been updated to provide further liquidity, and now include holding sufficient assets within the liability-hedging programme to cover the impact of a further 4.0% increase in yields. The manager of the liability-hedging programme also has direct access to further liquid assets to an overall buffer in excess of a 6.0% increase in yields, which is significantly in excess of the increase seen during the recent market turmoil. Across the portfolio, the TWPS has liquid assets which could be sold at short notice if required. In particular, 50% are managed in either segregated accounts or daily/weekly dealt pooled funds and can be realised within a few business days under normal market conditions, and 3% are invested in pooled funds with monthly redemption dates. Of the remaining assets, 30% could be redeemed within approximately six to nine months of notification in normal market conditions, and the rest are made up of illiquid assets including insurance policies, real estate and illiquid debt (which include commercial real estate debt and direct lending bonds). Life expectancy The majority of the TWPS obligations are to provide a pension forthe life of the member on retirement, so increases in life expectancy will result in an increase in the TWPS\u2019 liabilities. The inflation-linked nature of the majority of benefit payments from the TWPS increases the sensitivity of the liabilities to changes in life expectancy. During 2014, the Group reached agreement with Partnership Life Assurance Company Limited (now Just Group plc) to insure the benefits of 10% of members with the greatest anticipated liabilities through a medically underwritten buy-in. By insuring these members, the Group has removed more than 10% of longevity risk from the TWPS by significantly reducing the longevity risk in relation to a large proportion of the liabilities. Climate risk The TWPS Trustee recognises that climate change is a financial risk affecting the TWPS assets. The TWPS Trustee integrates the monitoring of appropriate climate risk metrics into its risk management framework and considers these metrics when making investment decisions. The TWPS Trustee requires its appointed investment managers to integrate climate change risks and opportunities into their investment processes as applied to the assets of the TWPS.",
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},
"fact-418": {
"value": "22. Provisions Cladding fire safety \u00a3m Leasehold \u00a3m Other \u00a3m Total \u00a3m A t 1 January 2021 28.6 59.6 42.3 130.5 A dditions 125.0 \u2013 19.8 144.8 Utilisation (9.1) (6.0) (8.0) (23.1) Released \u2013 \u2013 (6.8) (6.8) Foreign exchange \u2013 \u2013 (0.3) (0.3) A t 31 December 2021 144.5 53.6 47.0 245.1 A dditions 80.0 \u2013 23.9 103.9 Utilisation (15.8) (30.1) (7.6) (53.5) Released \u2013 \u2013 (5.4) (5.4) Foreign exchange \u2013 \u2013 0.2 0.2 A t 31 December 2022 208.7 23.5 58.1 290.3 2022 \u00a3m 2021 \u00a3m Current 106.7 125.4 Non-current 183.6 119.7 31 December 290.3 245.1 In 2018 the Group established an exceptional provision for the cost of replacing ACM on a small number of legacy developments, which was increased by \u00a310.0 million in 2020 to reflect the latest estimate of costs to complete the planned works. Following the guidance issued by RICS in 2021 the Group announced an additional \u00a3125.0 million provision to fund cladding fire safety improvements and in 2022 recognised a further \u00a380.0 million (see Note 6). It is expected that around a fifth of the remaining provision will be utilised over the next 12 months. In 2017 the Group launched an assistance scheme to help certain customers restructure their ground rent agreements with their freeholder and established an associated provision of \u00a3130.0 million to fund this. Following the agreement of voluntary undertakings with the CMA the Group expects that the majority of the remaining provision will be utilised within the next 12 months. Other provisions consist of a remedial work provision covering various obligations on a limited number of sites across the Group. Other provisions also include amounts for restructuring costs and legal claims and other contract-related costs associated with various matters arising across the Group, the majority of which are anticipated to be settled within a three-year period; however, there is some uncertainty regarding the timing of these outflows due to the nature of the claims and the length of time it can take to reach settlement. ",
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"fact-419": {
"value": "23. Share capital 2022 \u00a3m 2021 \u00a3m A uthorised: 22,200,819,176 (2021: 22,200,819,176) ordinary shares of 1p each 222.0 222.0 1,158,299,201 (2021: 1,158,299,201) deferred ordinary shares of 24p each 278.0 278.0 500.0 500.0 Number of ordinary shares Number of deferred ordinary shares \u00a3m Issued and fully paid: 31 December 2021 3,648,591,179 1,065,566,274 292.2 Shares issued in year 336,286 \u2013 \u2013 Shares cancelled in year (91,942,362) \u2013 (0.9) 31 December 2022 3,556,985,103 1,065,566,274 291.3 The Placing, Retail and Subscription shares placed rank pari passu in all respects with the existing ordinary shares of the Company, including, without limitation, the right to receive all dividends and other distributions declared, made or paid after the date of issue. During the year, the Company issued 0.3 million (2021: 3.2 million) ordinary shares to satisfy option exercises; and purchased 116,942,362 of its own ordinary shares, of which 25,000,000 were transferred to be held in treasury and the remainder cancelled. The average share price of the purchased shares was 128.27 pence for a total cost, including expenses, of \u00a3151.3 million. The Company has two classes of shares: \u2013 Ordinary shares of 1p, each of which carries the right to one vote at general meetings of the Company and such other rights and obligations as are set out in the Company\u2019s Articles of Association. \u2013 Deferred ordinary shares of 24p, which carry no voting rights and no entitlement to any dividend. The deferred ordinary shares were issued as part of a capital reorganisation in 2009 and have not subsequently changed. ",
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},
"fact-420": {
"value": "24. Share premium 2022 \u00a3m 2021 \u00a3m A t 1 Januar y 777.5 773.1 Shares issued in year 0.4 4.4 A t 31 Decembe r 777.9 777.5 ",
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},
"fact-421": {
"value": "25. Other reserves Capital redemption reserve \u00a3m Translation reserve \u00a3m Other \u00a3m Total other reserves \u00a3m Balance at 1 January 2021 31.5 8.2 504.0 543.7 Exchange differences on translation of foreign operations \u2013 (6.9) \u2013 (6.9) Movement in fair value of hedging instruments \u2013 4.8 \u2013 4.8 Balance at 31 December 2021 31.5 6.1 504.0 541.6 Exchange differences on translation of foreign operations \u2013 6.6 \u2013 6.6 Movement in fair value of hedging instruments \u2013 (3.5) \u2013 (3.5) Shares repurchased and cancelled in year 0.9 \u2013 \u2013 0.9 Balance at 31 December 2022 32.4 9.2 504.0 545.6 Capital redemption reserve The capital redemption reserve arose on a redemption of the Company\u2019s shares and is not distributable. Translation reserve The translation reserve consists of exchange differences arising on the translation of overseas operations. It also includes changes in the fair value of hedging instruments where such instruments are designated and effective as hedges of investment in overseas operations. Other reserves \u00a3499.1 million of other reserves arose on the cash box placing that occurred in June 2020 and qualified for merger relief under Section 612 of the Companies Act 2006. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-422": {
"value": "26. Own shares \u00a3m Balance at 1 January 2021 11.5 Shares acquired 4.2 Disposed of on exercise of options (1.1) Balance at 31 December 2021 14.6 Shares acquired 33.8 Disposed of on exercise of options (5.3) Balance at 31 December 2022 43.1 The own shares reserve represents the cost of shares in Taylor Wimpey plc purchased in the market, those held as treasury shares and those held by the Taylor Wimpey Employee Share Ownership Trusts to satisfy options and conditional share awards under the Group\u2019s share plans. Million shares 2022 2021 Ordinary shares held in trust and treasury for bonus, option and performance award plans 30.9 9.1 During the year, Taylor Wimpey plc purchased none of its own shares to be held in the ESOTs (2021: \u00a34.2 million) and purchased \u00a333.8 million of its own shares to be held in treasury (2021: none). The market value of the shares held in the ESOT and treasury at 31 December 2022 was \u00a331.4 million (2021: \u00a316.0 million) and their nominal value was \u00a30.4 million (2021: \u00a30.1 million). Dividends on these shares have been waived except for a nominal aggregate amount in pence. ESOTs are used to hold the Company\u2019s shares which have been acquired on the market. These shares and those held in treasury are used to meet the valid exercise of options and/or vesting of conditional awards and/or award of shares under the Executive Incentive Scheme, Bonus Deferral Plan, Performance Share Plan, Savings-Related Share Option Scheme and the matching award of shares under the Share Incentive Plan. The ESOTs\u2019 entire holding of shares and those held in treasury at 31 December 2022 were covered by outstanding options and conditional awards over shares at that date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "27. Notes to the cash flow statement Cash and cash equivalents comprise cash at bank and other short term highly liquid investments with an original maturity of three months or less. Movement in net cash Cash and cash equivalents \u00a3m Bank and other loans \u00a3m Total net cash \u00a3m Balance at 1 January 2021 823.0 (103.6) 719.4 Net cash flow 99.9 12.7 112.6 Foreign exchange (1.9) 6.9 5.0 Balance at 31 December 2021 921.0 (84.0) 837.0 Net cash flow 28.7 \u2013 28.7 Foreign exchange 2.6 (4.5) (1.9) Balance at 31 December 2022 952.3 (88.5) 863.8 For movements in lease liabilities in the year see Note 19. Inventory working capital movements in the cashflow statement include the related movements in land debtors and land creditors. ",
"dimensions": {
"concept": "taylorwimpeyplc:DisclosureOfMovementInNetCash",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "28. Contingent liabilities and capital commitments The Group in the normal course of business has given guarantees and entered into counter-indemnities in respect of bonds relating to the Group\u2019s own contracts and has given guarantees in respect of the Group\u2019s share of certain contractual obligations of joint ventures. The possibility of any outflow in settlement for these is considered to be remote. The Group has entered into counter-indemnities in the normal course of business in respect of performance bonds. Provision is made for the Directors\u2019 best estimate of all known legal claims and all legal actions in progress. The Group takes legal advice as to the likelihood of success of claims and actions and no provision is made where the Directors consider, based on that advice, that the action is unlikely to succeed. The Group has no significant capital commitments at 31 December 2022 (2021: none). ",
"dimensions": {
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"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "28. Contingent liabilities and capital commitments The Group in the normal course of business has given guarantees and entered into counter-indemnities in respect of bonds relating to the Group\u2019s own contracts and has given guarantees in respect of the Group\u2019s share of certain contractual obligations of joint ventures. The possibility of any outflow in settlement for these is considered to be remote. The Group has entered into counter-indemnities in the normal course of business in respect of performance bonds. Provision is made for the Directors\u2019 best estimate of all known legal claims and all legal actions in progress. The Group takes legal advice as to the likelihood of success of claims and actions and no provision is made where the Directors consider, based on that advice, that the action is unlikely to succeed. The Group has no significant capital commitments at 31 December 2022 (2021: none). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "28. Contingent liabilities and capital commitments The Group in the normal course of business has given guarantees and entered into counter-indemnities in respect of bonds relating to the Group\u2019s own contracts and has given guarantees in respect of the Group\u2019s share of certain contractual obligations of joint ventures. The possibility of any outflow in settlement for these is considered to be remote. The Group has entered into counter-indemnities in the normal course of business in respect of performance bonds. Provision is made for the Directors\u2019 best estimate of all known legal claims and all legal actions in progress. The Group takes legal advice as to the likelihood of success of claims and actions and no provision is made where the Directors consider, based on that advice, that the action is unlikely to succeed. The Group has no significant capital commitments at 31 December 2022 (2021: none). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "29. Share-based payments Equity-settled share option plan Details of equity-settled share-based payment arrangements are set out in the Directors\u2019 Remuneration Report on pages 124 to 148. The tables below show the movements in the schemes in the year as well as their weighted average exercise price (WAEP). 2022 2021 Sharesave (SAYE): Options WAEP (in \u00a3) Options WAEP (in \u00a3) Outstanding at the beginning of the year 24,020,334 1.11 28,381,982 1.10 Granted during the year 15,785,250 0.83 3,544,980 1.42 Forfeited during the year (9,591,033) 1.11 (4,732,096) 1.10 Exercised during the year (805,811) 1.30 (3,174,532) 1.39 Outstanding at the end of the year 29,408,740 0.95 24,020,334 1.11 Exercisable at the end of the year 2,245,075 1.24 1,189,180 1.31 The remaining Sharesave options outstanding at 31 December 2022 had a range of exercise prices from \u00a30.83 to \u00a31.59 (2021: \u00a30.97 to \u00a31.59) and a weighted average remaining contractual life of 3.03 years (2021: 2.89 years). 2022 2021 Share Incentive Plan (SIP): Options WAEP (in \u00a3) Options WAEP (in \u00a3) Outstanding at the beginning of the year 6,496,507 \u2013 6,722,389 \u2013 Granted during the year 2,012,970 \u2013 1,440,388 \u2013 Forfeited during the year (713,665) \u2013 (811,540) \u2013 Exercised during the year (507,114) \u2013 (854,730) \u2013 Outstanding at the end of the year 7,288,698 \u2013 6,496,507 \u2013 Exercisable at the end of the year 3,288,991 \u2013 2,891,221 \u2013 The table above represents shares that are granted to employees on a matching basis; when the employee joins the scheme, purchased shares are matched on a 1:1 basis and these awards do not expire. 2022 2021 Performance Share Plan (PSP): Options WAEP (in \u00a3) Options WAEP (in \u00a3) Outstanding at the beginning of the year 15,731,848 \u2013 20,116,944 \u2013 Granted during the year 1,891,265 \u2013 1,967,813 \u2013 Forfeited during the year (5,700,993) \u2013 (5,995,692) \u2013 Exercised during the year (1,378,843) \u2013 (357,217) \u2013 Outstanding at the end of the year 10,543,277 \u2013 15,731,848 \u2013 Exercisable at the end of the year \u2013 \u2013 \u2013 \u2013 The conditional awards outstanding at 31 December 2022 had a weighted average remaining contractual life of 1.24 years (2021: 1.35 years). The average share price at the date of exercise across all options exercised during the period was \u00a31.32 (2021: \u00a31.68). For share plans granted during the current and preceding year, the fair value of the awards at the grant date was determined as follows: Share awards with no market conditions Share awards with market conditions 2022 2021 2022 2021 Model Binomial Binomial Monte Carlo Monte Carlo Weighted average share price \u00a30.93 \u00a31.61 \u00a31.30 \u00a31.79 Weighted average exercise price \u00a30.77 \u00a31.07 Nil Nil Expected volatility 41% 41% 42% 41% Expected life 3/5 years 3/5 years 3 years 3 years Risk-free rate 4.2% 0.5% 1.46% 0.1% Expected dividend yield 4.24% 4.36% 0.0% 0.0% Weighted average fair value of options granted in year \u00a30.34 \u00a30.73 \u00a30.72 \u00a30.95 Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the expected term. The expected life used in the model was based on historical exercise patterns. The Group recognised a share-based payment expense of \u00a314.1 million in the year (2021: \u00a313.3 million), which was composed of \u00a314.0 million in relation to equity settled schemes and \u00a30.1 million in relation to cash settled elements (2021: \u00a313.2 million and \u00a30.1 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "30. Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. The pension schemes of the Group are related parties. Arrangements between the Group and its pension schemes are disclosed in Note 21. Transactions between the Group and its joint ventures are disclosed below. The Group has loans with joint ventures that are detailed in Note 13. Trading transactions During the year, Group sales to joint ventures totalled \u00a317.2 million (2021: \u00a322.9 million) and purchases totalled \u00a35.4 million (2021: \u00a324.2 million). Interest received from joint ventures was \u00a31.8 million (2021: \u00a31.7 million). At 31 December 2022 receivables from joint ventures were \u00a340.5 million (31 December 2021: \u00a369.0 million) and payables were \u00a30.9 million (31 December 2021: \u00a30.7 million). Remuneration of key management personnel The key management personnel of the Group are the members of the Group Management Team (GMT) as presented on pages 92 to 93. The remuneration information for the Executive Directors is set out in the Remuneration Report on page 136. The aggregate compensation for the other members of the GMT is as follows: 2022 \u00a3m 2021 \u00a3m Short term employee benefits 4.2 4.6 Post-employment benefits 0.3 0.3 T otal (excluding share-based payments charge) 4.5 4.9 In addition to the amounts above, a share-based payment charge of \u00a32.1 million (2021: \u00a31.7 million) related to share options held by members of the GMT. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "31. Dividends 2022 \u00a3m 2021 \u00a3m Proposed Interim dividend 2022: 4.62p (2021: 4.14p) per ordinary share of 1p each 162.9 150.8 Final dividend 2022: 4.78p (2021: 4.44p) per ordinary share of 1p each 169.0 162.0 331.9 312.8 A mounts recognised as distributions to equity holders Paid Final dividend 2021: 4.44p (2020: 4.14p) per ordinary share of 1p each 160.9 150.7 Interim dividend 2022: 4.62p (2021: 4.14p) per ordinary share of 1p each 162.9 150.8 323.8 301.5 The Directors recommend a final dividend for the year ended 31 December 2022 of 4.78 pence per share (2021: 4.44 pence per share) subject to shareholder approval at the Annual General Meeting, with an equivalent final dividend charge of c.\u00a3169.0 million based on the number of shares in issue at the end of the year (2021: \u00a3160.9 million). The final dividend will be paid on 12 May 2023 to all shareholders registered at the close of business on 31 March 2023. In accordance with IAS 10 \u2018Events after the Reporting Period\u2019, the proposed final dividend has not been accrued as a liability at 31 December 2022. ",
"dimensions": {
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"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-428": {
"value": "32. Alternative performance measures The Group uses a number of alternative performance measures (APMs) which are not defined within UK-adopted international accounting standards. The Directors use these measures in order to assess the underlying operational performance of the Group and, as such, these measures should be considered alongside statutory measures. The following APMs are referred to throughout the year end results. Profit before taxation and exceptional items and profit for the period before exceptional items The Directors consider the removal of exceptional items from the reported results provides more clarity on the performance of the Group. They are reconciled to profit before tax and profit for the period on the face of the consolidated income statement. Operating profit and operating profit margin Throughout the Annual Report and Accounts operating profit is used as one of the main measures of performance. Operating profit is defined as profit on ordinary activities before net finance costs, exceptional items and tax, after share of results of joint ventures. The Directors consider this to be an important measure of the underlying performance of the Group. Operating profit margin is calculated as operating profit divided by total revenue. 2022 2021 Profit on ordinary activities before net finance costs (\u00a3m) 827.5 698.2 Adjusted for: Share of results of joint ventures (\u00a3m) (Note 13) 15.9 5.4 Exceptional items (\u00a3m) (Note 6) 80.0 125.0 Operating profit (\u00a3m) 923.4 828.6 Revenue (\u00a3m) (Note 4) 4,419.9 4,284.9 Operating profit margin 20.9% 19.3% Net operating assets Net operating assets is defined as basic net assets less net cash, excluding net taxation balances and accrued dividends. Average net operating assets is the average of the opening and closing net operating assets of the 12-month period. With return on net operating assets, the Directors consider this to be an important measure of the underlying operating efficiency and performance of the Group. 2022 2021 2020 Basic net assets (\u00a3m) 4,502.1 4,314.0 4,016.8 Adjusted for: Cash (\u00a3m) (Note 16) (952.3) (921.0) (823.0) Borrowings (\u00a3m) (Note 17) 88.5 84.0 103.6 Net taxation (\u00a3m) (18.8) (26.4) (32.6) Accrued dividends (\u00a3m) \u2013 \u2013 \u2013 Net operating assets (\u00a3m) 3,619.5 3,450.6 3,264.8 A verage basic net assets (\u00a3m) 4,408.1 4,165.4 Average net operating assets (\u00a3m) 3,535.1 3,357.7 Return on net operating assets Return on net operating assets is defined as rolling 12-month operating profit divided by the average of opening and closing net operating assets. The Directors consider this to be an important measure of the underlying operating efficiency and performance of the Group. 2022 2021 Operating profit (\u00a3m) 923.4 828.6 A verage net operating assets (\u00a3m) 3,535.1 3,357.7 Return on net operating assets 26.1% 24.7% Tangible net assets per share This is calculated as net assets before any accrued dividends, excluding goodwill and intangible assets, divided by the number of ordinary shares in issue at the end of the period. The Directors consider this to be a good measure of the value intrinsic within each ordinary share. 2022 2021 Basic net assets (\u00a3m) 4,502.1 4,314.0 Adjusted for: Intangible assets (\u00a3m) (Note 11) (4.2) (6.6) Tangible net assets (\u00a3m) 4,497.9 4,307.4 Ordinary shares in issue (millions) 3,557.0 3,648.6 Tangible net assets per share (pence) 126.5 118.1 Adjusted basic and diluted earnings per share This is calculated as earnings attributed to shareholders of the Parent, excluding exceptional items and tax on exceptional items, divided by the weighted average number of shares in issue during the period. The Directors consider this provides an important measure of the underlying earnings capacity of the Group. Note 10 shows a reconciliation from basic and diluted earnings per share to adjusted basic and diluted earnings per share. Net operating asset turn This is defined as 12-month rolling total revenue divided by the average of opening and closing net operating assets. The Directors consider this to be a good indicator of how efficiently the Group is utilising its assets to generate value for shareholders. 2022 2021 Revenue (\u00a3m) (Note 4) 4,419.9 4,284.9 A verage net operating assets (\u00a3m) 3,535.1 3,357.7 Net operating asset turn 1.25 1.28 Net cash Net cash is defined as total cash less total borrowings (bank and other loans). This is considered by the Directors to be the best indicator of the financing position of the Group. This is reconciled in Note 27. Cash conversion This is defined as cash generated from operations, which excludes payments relating to exceptional charges, divided by operating profit on a rolling 12-month basis. The Directors consider this measure to be a good indication of how efficiently the Group is turning profit into cash. 2022 2021 Cash generated from operations (\u00a3m) 705.0 574.7 Operating profit (\u00a3m) 923.4 828.6 Cash conversion 76.3% 69.4% Adjusted gearing This is defined as adjusted net debt divided by basic net assets. The Directors consider this to be a more representative measure of the Group\u2019s gearing levels. Adjusted net debt is defined as net cash less land creditors. 2022 2021 Cash (\u00a3m) (Note 16) 952.3 921.0 Loans (\u00a3m) (Note 17) (88.5) (84.0) Net cash (\u00a3m) 863.8 837.0 Land creditors (\u00a3m) (Note 18) (725.6) (806.4) A djusted net debt (\u00a3m) 138.2 30.6 Basic net assets (\u00a3m) 4,502.1 4,314.0 A djusted gearing (3.1)% (0.7)% ",
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"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-429": {
"value": "33. Post balance sheet events There were no material subsequent events affecting the Group after 31 December 2022.",
"dimensions": {
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"language": "en",
"entity": "scheme:21380089BTRXTD8S3R66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}